Tractor Supply (TSCO) 10-Q 9 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Oct. 28, 2023
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. 30, 2023
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 Common Stock, Shares Outstanding		108,114,204
Entity Central Index Key	0000916365
Current Fiscal Year End Date	--12-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 24, 2022
Current assets:
Cash and cash equivalents	$ 421,693	$ 202,502	$ 211,241
Inventories	2,834,247	2,709,597	2,678,193
Prepaid expenses and other current assets	278,174	245,676	211,941
Income taxes receivable	0	0	8,430
Total current assets	3,534,114	3,157,775	3,109,805
Property and equipment, net	2,273,646	2,083,616	1,843,324
Operating lease right-of-use assets	3,084,947	2,953,801	2,803,798
Goodwill and other intangible assets	267,329	253,262	55,520
Other assets	44,978	41,536	99,281
Total assets	9,205,014	8,489,990	7,911,728
Current liabilities:
Accounts payable	1,412,186	1,398,288	1,219,593
Accrued employee compensation	49,957	120,302	80,390
Other accrued expenses	454,513	498,575	453,747
Current portion of long-term debt	0	0	0
Current portion of finance lease liabilities	3,304	3,179	3,140
Current portion of operating lease liabilities	365,189	346,397	333,388
Income taxes payable	33,647	9,471	4,942
Total current liabilities	2,318,796	2,376,212	2,095,200
Long-term debt	1,728,255	1,164,056	1,077,926
Finance lease liabilities, less current portion	32,156	34,651	35,460
Operating lease liabilities, less current portion	2,848,385	2,721,877	2,608,832
Deferred Income Tax Liabilities, Net	30,006	30,775	39,540
Other long-term liabilities	136,285	120,003	113,625
Total liabilities	7,093,883	6,447,574	5,970,583
Stockholders’ equity:
Preferred stock	0	0	0
Common stock	1,418	1,415	1,414
Additional paid-in capital	1,302,268	1,261,283	1,236,161
Treasury stock	(5,347,302)	(4,855,909)	(4,763,862)
Accumulated other comprehensive income	9,292	11,275	12,298
Retained earnings	6,145,455	5,624,352	5,455,134
Total stockholders’ equity	2,111,131	2,042,416	1,941,145
Total liabilities and stockholders’ equity	$ 9,205,014	$ 8,489,990	$ 7,911,728

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022	Sep. 24, 2022
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	177,288,000	176,876,000	176,771,000
Common Stock, Shares, Outstanding	108,474,000	110,251,000	110,587,000
Treasury Stock, Common, Shares	68,814,000	66,625,000	66,184,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Income Statement [Abstract]
Net sales	$ 3,411,980	$ 3,270,804	$ 10,895,900	$ 10,198,342
Cost of merchandise sold	2,161,501	2,104,989	6,960,744	6,589,763
Gross profit	1,250,479	1,165,815	3,935,156	3,608,579
Selling, general and administrative expenses	819,311	772,167	2,500,704	2,284,604
Depreciation and amortization	90,263	87,236	289,775	248,242
Operating income	340,905	306,412	1,144,677	1,075,733
Interest expense, net	9,539	6,226	34,562	20,392
Income before income taxes	331,366	300,186	1,110,115	1,055,341
Income tax expense	76,365	66,049	250,792	237,499
Net income	$ 255,001	$ 234,137	$ 859,323	$ 817,842
Net income per share – basic	$ 2.34	$ 2.11	$ 7.85	$ 7.32
Net income per share – diluted	$ 2.33	$ 2.10	$ 7.81	$ 7.27
Weighted average shares outstanding:
Basic	108,774	110,861	109,415	111,660
Diluted	109,342	111,560	110,055	112,461
Dividends declared per common share outstanding	$ 1.03	$ 0.92	$ 3.09	$ 2.76

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 255,001	$ 234,137	$ 859,323	$ 817,842
Change in fair value of interest rate swaps, net of taxes	(924)	3,150	(1,983)	10,953
Total other comprehensive (loss) / income	(924)	3,150	(1,983)	10,953
Total comprehensive income	$ 254,077	$ 237,287	$ 857,340	$ 828,795
Weighted average number of shares outstanding, basic	108,774	110,861	109,415	111,660
Earnings Per Share, Basic	$ 2.34	$ 2.11	$ 7.85	$ 7.32
Antidilutive securities excluded from computation of earnings per share, amount	200	100	200	100
Weighted average number of shares outstanding, diluted	109,342	111,560	110,055	112,461
Net income per share, diluted (in dollars per share)	$ 2.33	$ 2.10	$ 7.81	$ 7.27

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, Common	Accum. Other Comp. Income (Loss)	Retained Earnings
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)
Treasury Stock, Value, Acquired, Cost Method	(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)
Dividends paid	(307,951)
Change in fair value of interest rate swaps, net of taxes	10,953
Net income	817,842
Repurchase of common stock	(608,016)
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)
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
Repurchase of common stock	(188,210)			(188,210)
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)
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
Repurchase of common stock	(123,626)			(123,626)
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 Dec. 31, 2022		110,251
Beginning balance, Stockholders' equity at Dec. 31, 2022	2,042,416	$ 1,415	1,261,283	(4,855,909)	11,275	5,624,352
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuance under stock award plans & ESPP (in shares)		275
Common stock issuance under stock award plans & ESPP	8,623	$ 2	8,621
Share-based compensation	14,514		14,514
Repurchase of shares to satisfy tax obligations	(21,643)		(21,643)
Repurchase of common stock, shares (in shares)		(866)
Treasury Stock, Value, Acquired, Cost Method	(197,168)			(197,168)
Dividends paid	(113,447)					(113,447)
Change in fair value of interest rate swaps, net of taxes	(1,837)				(1,837)
Net income	183,088					183,088
Ending balance, shares outstanding (in shares) at Apr. 01, 2023		109,660
Ending balance, Stockholders' equity at Apr. 01, 2023	1,914,546	$ 1,417	1,262,775	(5,053,077)	9,438	5,693,993
Beginning balance, shares outstanding (in shares) at Dec. 31, 2022		110,251
Beginning balance, Stockholders' equity at Dec. 31, 2022	2,042,416	$ 1,415	1,261,283	(4,855,909)	11,275	5,624,352
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of shares to satisfy tax obligations	(24,015)
Dividends paid	(338,219)
Change in fair value of interest rate swaps, net of taxes	(1,983)
Net income	859,323
Repurchase of common stock	(480,407)
Ending balance, shares outstanding (in shares) at Sep. 30, 2023		108,474
Ending balance, Stockholders' equity at Sep. 30, 2023	2,111,131	$ 1,418	1,302,268	(5,347,302)	9,292	6,145,455
Beginning balance, shares outstanding (in shares) at Apr. 01, 2023		109,660
Beginning balance, Stockholders' equity at Apr. 01, 2023	1,914,546	$ 1,417	1,262,775	(5,053,077)	9,438	5,693,993
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuance under stock award plans & ESPP (in shares)		90
Common stock issuance under stock award plans & ESPP	6,629	$ 1	6,628
Share-based compensation	15,665		15,665
Repurchase of shares to satisfy tax obligations	(1,479)		(1,479)
Repurchase of common stock, shares (in shares)		(692)
Dividends paid	(112,774)					(112,774)
Change in fair value of interest rate swaps, net of taxes	778				778
Net income	421,234					421,234
Repurchase of common stock	(157,447)			(157,447)
Ending balance, shares outstanding (in shares) at Jul. 01, 2023		109,058
Ending balance, Stockholders' equity at Jul. 01, 2023	2,087,152	$ 1,418	1,283,589	(5,210,524)	10,216	6,002,453
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuance under stock award plans & ESPP (in shares)		48
Common stock issuance under stock award plans & ESPP	4,601	$ 0	4,601
Share-based compensation	14,971		14,971
Repurchase of shares to satisfy tax obligations	(893)		(893)
Repurchase of common stock, shares (in shares)		(632)
Dividends paid	(111,999)					(111,999)
Change in fair value of interest rate swaps, net of taxes	(924)				(924)
Net income	255,001					255,001
Repurchase of common stock	(136,778)			(136,778)
Ending balance, shares outstanding (in shares) at Sep. 30, 2023		108,474
Ending balance, Stockholders' equity at Sep. 30, 2023	$ 2,111,131	$ 1,418	$ 1,302,268	$ (5,347,302)	$ 9,292	$ 6,145,455

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022
Cash flows from operating activities:
Net income	$ 859,323	$ 817,842
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	289,775	248,242
(Gain)/loss on disposition of property and equipment	(27,460)	1,453
Share-based compensation expense	45,150	38,531
Deferred income taxes	8,082	41,977
Change in assets and liabilities:
Inventories	(147,521)	(487,001)
Prepaid expenses and other current assets	(28,647)	(47,823)
Accounts payable	13,554	63,963
Accrued employee compensation	(73,019)	(29,228)
Other accrued expenses	(53,795)	(40,241)
Income taxes	24,176	13,612
Other	28,308	5,003
Net cash provided by operating activities	937,926	626,330
Cash flows from investing activities:
Capital expenditures	(526,723)	(451,154)
Proceeds from sale of property and equipment	57,801	169
Proceeds from Orscheln acquisition net working capital settlement	4,310	0
Proceeds from sale of Orscheln corporate headquarters and distribution center	10,000	0
Net cash used in investing activities	(454,612)	(450,985)
Cash flows from financing activities:
Borrowings under debt facilities	1,767,000	120,000
Repayments under debt facilities	(1,195,000)	(30,000)
Debt discounts and issuance costs	(9,729)	0
Principal payments under finance lease liabilities	(3,606)	(3,288)
Repurchase of shares to satisfy tax obligations	(24,015)	(28,376)
Repurchase of common stock	(480,407)	(608,016)
Net proceeds from issuance of common stock	19,853	15,497
Cash dividends paid to stockholders	(338,219)	(307,951)
Net cash used in financing activities	(264,123)	(842,134)
Net increase/(decrease) in cash and cash equivalents	219,191	(666,789)
Cash and cash equivalents at beginning of period	202,502	878,030
Cash and cash equivalents at end of period	421,693	211,241
Cash paid during the period for:
Interest	29,011	16,130
Income taxes	215,637	184,887
Supplemental disclosures of non-cash activities:
Non-cash accruals for property and equipment	20,359	43,984
Increase of operating lease assets and liabilities from new or modified leases	481,177	264,318
Increase of finance lease assets and liabilities from new or modified leases	$ 450	$ 5,143

General

General	9 Months Ended
	Sep. 30, 2023
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. On October 12, 2022, the Company completed the acquisition of Orscheln Farm and Home, LLC (“Orscheln” or “Orscheln Farm and Home”) and will convert the 81 acquired Orscheln stores to Tractor Supply stores by the end of fiscal 2023. At September 30, 2023, the Company operated a total of 2,393 retail stores in 49 states (2,198 Tractor Supply and Orscheln retail stores and 195 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 . Basis of Presentation The accompanying interim unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “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 31, 2022. The results of operations for our interim periods are not necessarily indicative of results for the full fiscal year. Recently Adopted Accounting Pronouncements In September 2022, the Financial Accounting Standard Board issued Accounting Standards Update (“ASU”) 2022-04, “Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations”. The ASU requires disclosure about an entity’s use of supplier finance programs, including the key terms of the program, amount of obligations outstanding at the end of the reporting period, and a rollforward of activity within the program during the period. The Company adopted this ASU in fiscal 2023, except for the disclosure of rollforward activity, which is effective on a prospective basis beginning in fiscal 2024. Supplier Finance Program The Company has an agreement with a third-party financial institution that allows certain participating suppliers the ability to finance payment obligations from the Company. The third-party financial institution has separate arrangements with the Company’s suppliers and provides them with the option to request early payment for invoices confirmed by the Company. The Company does not determine the terms or conditions of the arrangement between the third-party and its suppliers and receives no compensation from the third-party financial institution. The Company’s obligation to its suppliers, including amounts due and scheduled payment dates, are not impacted by the suppliers’ decisions to finance amounts under the arrangement. The Company’s outstanding payment obligations under the supplier finance program, which are included in accounts payable Sale-leaseback Transactions In the third quarter of fiscal 2023, the Company completed its strategically planned sale-leaseback of 10 Tractor Supply store locations, resulting in proceeds of $55.8 million and a gain of $27.0 million. The Company intends to lease those properties for 15 years, with renewal options thereafter. The transactions met the accounting criteria for sale-leaseback treatment, and the resulting leases were accounted for as operating leases.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2023
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 credit card 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 credit card receivables, and trade payables approximate current fair value at each balance sheet date. As described in further detail in Note 6 to the Condensed Consolidated Financial Statements, the Company had $1.75 billion, $1.18 billion and $1.09 billion in borrowings under its debt facilities at September 30, 2023, December 31, 2022 and September 24, 2022, respectively. The fair value of the Company’s $150 million 3.70% Senior Notes due 2029 (the “3.70% Senior Notes”) and the borrowings under the Company’s revolving credit facility (the “Revolving Credit Facility”) were determined based on market interest rates (Level 2 inputs). The carrying value of borrowings in the 3.70% Senior Notes and the Revolving Credit Facility approximate fair value for each period reported. The fair value of the Company’s $650 million 1.750% Senior Notes due 2030 (the “1.75% Senior Notes”) and $750 million 5.250% Senior Notes due 2033 (the “5.25% Senior Notes”) are 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 and the 5.25% Senior Notes, net of discounts, were as follows (in thousands): September 30, 2023 December 31, 2022 September 24, 2022 Carrying Value Fair Value Carrying Value Fair Value Carrying Value Fair Value 1.75% Senior Notes $ 640,252 $ 495,027 $ 639,220 $ 500,065 $ 638,876 $ 492,902 5.25% Senior Notes $ 740,636 $ 708,675 $ — $ — $ — $ — 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 30, 2023 December 31, 2022 September 24, 2022 Interest rate swap assets (Level 2) $ 12,477 $ 15,146 $ 16,537

Share Based Compensation

Share Based Compensation	9 Months Ended
	Sep. 30, 2023
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 30, 2023. Share-based compensation expense was $15.0 million and $13.7 million for the third quarter of fiscal 2023 and 2022, respectively, and $45.2 million and $38.5 million for the first nine months of fiscal 2023 and 2022, respectively. Stock Options The following table summarizes information concerning stock option grants during the first nine months of fiscal 2023: Fiscal Nine Months Ended September 30, 2023 Stock options granted 123,414 Weighted average exercise price $ 232.57 Weighted average grant date fair value per option $ 60.10 As of September 30, 2023, total unrecognized compensation expense related to non-vested stock options was approximately $9.7 million with a remaining weighted average expense recognition period of 2.0 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 2023: Fiscal Nine Months Ended September 30, 2023 Restricted Stock Unit Activity Awards granted 221,718 Weighted average grant date fair value per share $ 224.45 Performance-Based Restricted Share Unit Activity Awards granted (a) 53,450 Weighted average grant date fair value per share - awards granted $ 237.69 Performance adjustment (b) 50,411 Weighted average grant date fair value per share - performance adjustment $ 85.82 (a) Assumes 100% target level achievement of the relative performance targets. (b) Shares adjusted for performance-based restricted share unit awards settled during the first three months of fiscal 2023 based on actual achievement of performance targets. In the first nine months of fiscal 2023, 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 30, 2023, total unrecognized compensation expense related to non-vested restricted stock units and non-vested performance-based restricted share units was approximately $78.7 million with a remaining weighted average expense recognition period of 2.0 years.

Business Combinations and Asset

Business Combinations and Asset Acquisitions	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Business Combination Disclosure [Text Block]	Acquisition of Orscheln Farm and Home, LLC and Related Divestitures On October 12, 2022, the Company completed its acquisition of Orscheln, which expands the Company's footprint in the U.S. Midwest. Pursuant to the agreement governing the acquisition, the Company acquired 100% of the equity interest in Orscheln, inclusive of 166 Orscheln stores, the Orscheln corporate headquarters, and the Orscheln distribution center. The total purchase consideration was $393.4 million, exclusive of cash acquired. The acquisition was financed with cash-on-hand and Revolving Credit Facility borrowings under the 2022 Senior Credit Facility (as defined below). In order to obtain regulatory approval for the Orscheln acquisition, the Federal Trade Commission required the Company to divest of 85 stores, which were sold to two buyers, Bomgaars Supply, Inc. (“Bomgaars”) (73 stores) and Buchheit Enterprises, Inc. (12 stores), on October 12, 2022, concurrently with the closing of the acquisition. Net proceeds from the store divestitures were $69.4 million. In addition, the Company sold the Orscheln corporate headquarters and distribution center to Bomgaars for $10.0 million in the third quarter of fiscal 2023. The purchase consideration and fair value of Orscheln’s net assets acquired on October 12, 2022 are shown below. The assets and liabilities of the 85 divested stores, along with the Orscheln corporate headquarters and the Orscheln distribution center, are shown as held for sale in the fair value of assets acquired and liabilities assumed. (in thousands) Amounts Recognized as of Acquisition Date Measurement Period Adjustments Amounts Recognized as of September 30, 2023 Fair value of assets acquired Cash and cash equivalents $ 6,935 $ — $ 6,935 Accounts receivable 277 — 277 Inventories 168,663 (22,871) 145,792 Prepaid expenses and other current assets 7,222 304 7,526 Property and equipment 13,328 1,804 15,132 Lease right of use assets 82,755 — 82,755 Deferred income taxes 18,481 8,852 27,333 Assets held for sale 173,554 — 173,554 Other assets 160 (14) 146 Less: liabilities assumed Accounts payable 80,323 344 80,667 Accrued liabilities 20,291 6,108 26,399 Short-term lease liabilities 5,986 — 5,986 Long-term lease liabilities 70,626 — 70,626 Liabilities held for sale 94,190 — 94,190 Goodwill 197,742 14,067 211,810 Total fair value of considerations transferred $ 397,700 $ (4,310) $ 393,390 Note: Amounts may not sum to totals due to rounding.

Net Income Per Share

Net Income Per Share	9 Months Ended
	Sep. 30, 2023
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 30, 2023 September 24, 2022 Income Shares Per Share Income Shares Per Share Basic net income per share: $ 255,001 108,774 $ 2.34 $ 234,137 110,861 $ 2.11 Dilutive effect of share-based awards — 568 (0.01) — 699 (0.01) Diluted net income per share: $ 255,001 109,342 $ 2.33 $ 234,137 111,560 $ 2.10 Fiscal Nine Months Ended September 30, 2023 September 24, 2022 Income Shares Per Share Income Shares Per Share Basic net income per share: $ 859,323 109,415 $ 7.85 $ 817,842 111,660 $ 7.32 Dilutive effect of share-based awards — 640 (0.04) — 801 (0.05) Diluted net income per share: $ 859,323 110,055 $ 7.81 $ 817,842 112,461 $ 7.27

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt: The following table summarizes the Company’s outstanding debt as of the dates indicated (in millions): September 30, December 31, September 24, 5.25% Senior Notes $ 750.0 $ — $ — 1.75% Senior Notes 650.0 650.0 650.0 3.70% Senior Notes (a) 150.0 150.0 150.0 Senior credit facilities: November 2020 Term Loan — — 200.0 Revolving Credit Facility (b) 200.0 378.0 90.0 Total outstanding borrowings 1,750.0 1,178.0 1,090.0 Less: unamortized debt discounts and issuance costs (21.7) (13.9) (12.1) Total debt 1,728.3 1,164.1 1,077.9 Less: current portion of long-term debt — — — Long-term debt $ 1,728.3 $ 1,164.1 $ 1,077.9 Outstanding letters of credit $ 58.2 $ 52.6 $ 55.8 (a) Also referred to herein as the “Note Purchase Facility,” referring to the Note Purchase and Private Shelf Agreement dated as of August 14, 2017 by and among the Company, PGIM, Inc. and the noteholders party thereto, as amended through November 2, 2022, under which the notes were purchased. (b) Outstanding balances as of September 30, 2023 and December 31, 2022 represent amounts drawn under the credit facility (the “2022 Senior Credit Facility”) entered into on September 30, 2022. Outstanding balance as of September 24, 2022 represents amounts drawn under the previous senior credit facility. Borrowings under the Company’s Revolving Credit Facility bore interest either at the bank’s base rate (8.500% at September 30, 2023) plus an additional amount ranging from 0.000% to 0.250% (0.000% at September 30, 2023) or at adjusted Secured Overnight Financing Rate (5.319% at September 30, 2023) plus an additional amount ranging from 0.750% to 1.250% (1.000% at September 30, 2023), 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 Revolving Credit Facility ranging from 0.080% to 0.150% per annum (0.100% at September 30, 2023), 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 its debt. The interest rate swap agreement will mature on March 18, 2025, and the notional amount of the agreement is fixed at $200.0 million. 5.25% Senior Notes On May 5, 2023, the Company completed the sale of $750 million aggregate principal amount of its 5.25% Senior Notes. The entire principal amount of the 5.25% Senior Notes is due in full on May 15, 2033. Interest is payable semi-annually in arrears on each May 15 and November 15. The terms of the 5.25% Senior Notes are governed by an indenture dated as of October 30, 2020 between the Company and Regions Bank, as trustee, as amended and supplemented by a second supplemental indenture dated as of May 5, 2023 (the “Second Supplemental Indenture”) between the Company and Regions Bank, as trustee. The 5.25% Senior Notes are senior unsecured debt obligations of the Company and rank equally with the Company’s other senior unsecured liabilities and senior to any future subordinated indebtedness of the Company. The 5.25% Senior Notes are subject to customary covenants restricting the Company’s ability, subject to certain exceptions, to incur debt secured by liens, to enter into sale and leaseback transactions or to merge or consolidate with another entity or sell substantially all of its assets to another person. At any time prior to February 15, 2033 (three months prior to the maturity date of the 5.25% Senior Notes), the Company has the right, at its option, to redeem the 5.25% Senior Notes, in whole or in part, at any time and from time to time, by paying the greater of 100% of the principal amount of the 5.25% Senior Notes to be redeemed, or the sum of the present values of the remaining scheduled payments of principal and interest through the par call date, plus, in each case, accrued and unpaid interest to, but not including, the date of redemption. In addition, on or after February 15, 2033, the Company has the right, at its option, to redeem the 5.25% Senior Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the 5.25% Senior Notes to be redeemed, plus accrued and unpaid interest to, but not including, the date of redemption. If a Change of Control Triggering Event (as defined in the Second Supplemental Indenture) occurs, unless the Company has exercised its right to redeem the 5.25% Senior Notes, holders of the 5.25% Senior Notes may require the Company to repurchase all or any part of such holder’s 5.25% Senior Notes at a purchase price of 101% of the principal amount, plus accrued and unpaid interest, if any, on such 5.25% Senior Notes to, but not including, the purchase date. Upon the occurrence of an event of default with respect to the 5.25% Senior Notes, which includes payment defaults, defaults in the performance of certain covenants, cross defaults, and bankruptcy and insolvency related defaults, the Company’s obligations under the 5.25% Senior Notes may be accelerated, in which case the entire principal amount of the 5.25% Senior Notes would be due and payable immediately. Covenants and Default Provisions of the Debt Agreements As of September 30, 2023, the 2022 Senior Credit Facility and the Note Purchase Facility (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 2.00 to 1.00 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 4.00 to 1.00 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 30, 2023, 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 Facility, upon an event of default or change of control, a whole payment may become due and payable. The Note Purchase Facility also requires that, in the event the Company amends its 2022 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 Facility or that are similar to those contained in the Note Purchase Facility but which contain percentages, amounts, formulas, or grace periods that are more restrictive than those set forth in the Note Purchase Facility or are otherwise more beneficial to the lenders thereunder, the Note Purchase Facility shall be automatically amended to include such additional or amended covenants and/or default provisions.

Capital Stock and Dividends

Capital Stock and Dividends	9 Months Ended
	Sep. 30, 2023
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 2023 and fiscal 2022, the Company's Board of Directors declared the following cash dividends: Date Declared Dividend Amount Record Date Date Paid August 9, 2023 $ 1.03 August 28, 2023 September 12, 2023 May 10, 2023 $ 1.03 May 30, 2023 June 13, 2023 February 8, 2023 $ 1.03 February 27, 2023 March 14, 2023 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 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 8, 2023, the Company’s Board of Directors declared a quarterly cash dividend of $1.03 per share of the Company’s outstanding common stock. The dividend will be paid on December 12, 2023, to stockholders of record as of the close of business on November 27, 2023.

Treasury Stock

Treasury Stock	9 Months Ended
	Sep. 30, 2023
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 of the program, which has been increased from time to time, is currently $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 30, 2023, the Company had remaining authorization under the share repurchase program of $1.16 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 30, 2023 and September 24, 2022, respectively (in thousands, except per share amounts): Fiscal Three Months Ended Fiscal Nine Months Ended September 30, September 24, September 30, September 24, Total number of shares repurchased 632 638 2,190 2,938 Average price paid per share $ 214.45 $ 193.70 $ 222.20 $ 206.95 Total cost of share repurchases (a) $ 136,778 $ 123,626 $ 491,394 $ 608,016

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes:The Company’s effective income tax rate was 23.0% in the third quarter of fiscal 2023 compared to 22.0% in the third quarter of fiscal 2022. The Company’s effective income tax rate was 22.6% in the first nine months of fiscal 2023 compared to 22.5% in the first nine months of fiscal 2022. The increase in the effective income tax rate in the first three and nine months of fiscal 2023 compared to the corresponding periods in fiscal 2022 was driven primarily by state audit settlements and decreased state tax credits.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies: Construction and Real Estate Commitments As of September 30, 2023, the Company had contractual commitments of approximately $48.4 million related to the construction and onboarding of new distribution centers. Letters of Credit At September 30, 2023, the Company had $58.2 million in outstanding letters of credit. Litigation In March 2023, U.S. Customs and Border Protection (“U.S. Customs”) sent the Company a notice that proposed to classify certain of our imports from China as subject to anti-dumping and countervailing (“AD/CV”) duties. We have responded to U.S. Customs outlining the reasons for our position that these imports are not subject to AD/CV duties. The Company currently expects this matter will be resolved without material adverse effect on its consolidated financial position, results of operations or cash flows. However, this matter is subject to inherent uncertainties and management’s view of this matter may change in the future.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2023
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 of our major product categories during the fiscal three and nine months ended September 30, 2023 and September 24, 2022: Fiscal Three Months Ended Fiscal Nine Months Ended Product Category September 30, September 24, September 30, September 24, Livestock, Equine & Agriculture (a) 29 % 30 % 29 % 29 % Companion Animal (b) 26 24 25 23 Seasonal & Recreation (c) 20 21 22 23 Truck, Tool & Hardware (d) 17 17 16 16 Clothing, Gift & Décor (e) 8 8 8 9 Total 100 % 100 % 100 % 100 %

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Sep. 24, 2022	Jun. 25, 2022	Mar. 26, 2022	Sep. 30, 2023	Sep. 24, 2022
Pay vs Performance Disclosure
Net income	$ 255,001	$ 421,234	$ 183,088	$ 234,137	$ 396,478	$ 187,227	$ 859,323	$ 817,842

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Fair Value Measures and Disclos

Fair Value Measures and Disclosures (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Long-Term Debt Instruments	The carrying value and the fair value of the 1.75% Senior Notes and the 5.25% Senior Notes, net of discounts, were as follows (in thousands): September 30, 2023 December 31, 2022 September 24, 2022 Carrying Value Fair Value Carrying Value Fair Value Carrying Value Fair Value 1.75% Senior Notes $ 640,252 $ 495,027 $ 639,220 $ 500,065 $ 638,876 $ 492,902 5.25% Senior Notes $ 740,636 $ 708,675 $ — $ — $ — $ —
Schedule of Derivative Instruments	The fair value of the interest rate swap, excluding accrued interest, was as follows (in thousands): Fair Value Measurements at September 30, 2023 December 31, 2022 September 24, 2022 Interest rate swap assets (Level 2) $ 12,477 $ 15,146 $ 16,537

Share Based Compensation (Table

Share Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
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 2023: Fiscal Nine Months Ended September 30, 2023 Stock options granted 123,414 Weighted average exercise price $ 232.57 Weighted average grant date fair value per option $ 60.10
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 2023: Fiscal Nine Months Ended September 30, 2023 Restricted Stock Unit Activity Awards granted 221,718 Weighted average grant date fair value per share $ 224.45 Performance-Based Restricted Share Unit Activity Awards granted (a) 53,450 Weighted average grant date fair value per share - awards granted $ 237.69 Performance adjustment (b) 50,411 Weighted average grant date fair value per share - performance adjustment $ 85.82 (a) Assumes 100% target level achievement of the relative performance targets. (b) Shares adjusted for performance-based restricted share unit awards settled during the first three months of fiscal 2023 based on actual achievement of performance targets.

Business Combinations and Ass_2

Business Combinations and Asset Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions, by Acquisition	(in thousands) Amounts Recognized as of Acquisition Date Measurement Period Adjustments Amounts Recognized as of September 30, 2023 Fair value of assets acquired Cash and cash equivalents $ 6,935 $ — $ 6,935 Accounts receivable 277 — 277 Inventories 168,663 (22,871) 145,792 Prepaid expenses and other current assets 7,222 304 7,526 Property and equipment 13,328 1,804 15,132 Lease right of use assets 82,755 — 82,755 Deferred income taxes 18,481 8,852 27,333 Assets held for sale 173,554 — 173,554 Other assets 160 (14) 146 Less: liabilities assumed Accounts payable 80,323 344 80,667 Accrued liabilities 20,291 6,108 26,399 Short-term lease liabilities 5,986 — 5,986 Long-term lease liabilities 70,626 — 70,626 Liabilities held for sale 94,190 — 94,190 Goodwill 197,742 14,067 211,810 Total fair value of considerations transferred $ 397,700 $ (4,310) $ 393,390

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
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 30, 2023 September 24, 2022 Income Shares Per Share Income Shares Per Share Basic net income per share: $ 255,001 108,774 $ 2.34 $ 234,137 110,861 $ 2.11 Dilutive effect of share-based awards — 568 (0.01) — 699 (0.01) Diluted net income per share: $ 255,001 109,342 $ 2.33 $ 234,137 111,560 $ 2.10 Fiscal Nine Months Ended September 30, 2023 September 24, 2022 Income Shares Per Share Income Shares Per Share Basic net income per share: $ 859,323 109,415 $ 7.85 $ 817,842 111,660 $ 7.32 Dilutive effect of share-based awards — 640 (0.04) — 801 (0.05) Diluted net income per share: $ 859,323 110,055 $ 7.81 $ 817,842 112,461 $ 7.27

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Outstanding Debt	The following table summarizes the Company’s outstanding debt as of the dates indicated (in millions): September 30, December 31, September 24, 5.25% Senior Notes $ 750.0 $ — $ — 1.75% Senior Notes 650.0 650.0 650.0 3.70% Senior Notes (a) 150.0 150.0 150.0 Senior credit facilities: November 2020 Term Loan — — 200.0 Revolving Credit Facility (b) 200.0 378.0 90.0 Total outstanding borrowings 1,750.0 1,178.0 1,090.0 Less: unamortized debt discounts and issuance costs (21.7) (13.9) (12.1) Total debt 1,728.3 1,164.1 1,077.9 Less: current portion of long-term debt — — — Long-term debt $ 1,728.3 $ 1,164.1 $ 1,077.9 Outstanding letters of credit $ 58.2 $ 52.6 $ 55.8 (a) Also referred to herein as the “Note Purchase Facility,” referring to the Note Purchase and Private Shelf Agreement dated as of August 14, 2017 by and among the Company, PGIM, Inc. and the noteholders party thereto, as amended through November 2, 2022, under which the notes were purchased. (b) Outstanding balances as of September 30, 2023 and December 31, 2022 represent amounts drawn under the credit facility (the “2022 Senior Credit Facility”) entered into on September 30, 2022. Outstanding balance as of September 24, 2022 represents amounts drawn under the previous senior credit facility.

Capital Stock and Dividends (Ta

Capital Stock and Dividends (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Dividends Payable	During the first nine months of fiscal 2023 and fiscal 2022, the Company's Board of Directors declared the following cash dividends: Date Declared Dividend Amount Record Date Date Paid August 9, 2023 $ 1.03 August 28, 2023 September 12, 2023 May 10, 2023 $ 1.03 May 30, 2023 June 13, 2023 February 8, 2023 $ 1.03 February 27, 2023 March 14, 2023 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

Treasury Stock Treasury Stock (

Treasury Stock Treasury Stock (Tables)	9 Months Ended
	Sep. 30, 2023
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 30, 2023 and September 24, 2022, respectively (in thousands, except per share amounts): Fiscal Three Months Ended Fiscal Nine Months Ended September 30, September 24, September 30, September 24, Total number of shares repurchased 632 638 2,190 2,938 Average price paid per share $ 214.45 $ 193.70 $ 222.20 $ 206.95 Total cost of share repurchases (a) $ 136,778 $ 123,626 $ 491,394 $ 608,016

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Major Product Category	The following table indicates the percentage of net sales represented by each of our major product categories during the fiscal three and nine months ended September 30, 2023 and September 24, 2022: Fiscal Three Months Ended Fiscal Nine Months Ended Product Category September 30, September 24, September 30, September 24, Livestock, Equine & Agriculture (a) 29 % 30 % 29 % 29 % Companion Animal (b) 26 24 25 23 Seasonal & Recreation (c) 20 21 22 23 Truck, Tool & Hardware (d) 17 17 16 16 Clothing, Gift & Décor (e) 8 8 8 9 Total 100 % 100 % 100 % 100 %

General (Details)

General (Details) $ in Millions	3 Months Ended
	Sep. 30, 2023 USD ($) store state	Dec. 31, 2022 USD ($)	Sep. 24, 2022 USD ($)
Nature of business [Abstract]
Supplier Finance Program, Obligation | $	$ 57.8	$ 24.2	$ 65.3
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]	Accounts Payable, Current	Accounts Payable, Current	Accounts Payable, Current
Proceeds from Sale Leaseback Transactions | $	$ 55.8
Sale and Leaseback Transaction, Gain (Loss), Net | $	$ 27
Lessor, Operating Lease, Term of Contract	15 years
Parent Company [Member]
Nature of business [Abstract]
Number of rural lifestyle retail stores operated by the company | store	2,393
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 | store	2,198
Petsense stores [Member]
Nature of business [Abstract]
Number of rural lifestyle retail stores operated by the company | store	195

Fair Value of Financial Instr_2

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	May 05, 2023	Dec. 31, 2022	Sep. 24, 2022
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Unsecured Debt	$ 1,750		$ 1,178	$ 1,090
3.70% Senior Notes | Senior Notes
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term Debt	150		150	150
1.75% Senior Notes | Senior Notes
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term Debt	650		650	650
5.25% Senior Notes | Senior Notes
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term Debt	$ 750	$ 750	$ 0	$ 0

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 24, 2022
1.75% Senior Notes
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Senior Notes	$ 640,252	$ 639,220	$ 638,876
Long-term Debt, Fair Value	495,027	500,065	492,902
5.25% Senior Notes
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Senior Notes	740,636	0	0
Long-term Debt, Fair Value	$ 708,675	$ 0	$ 0

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Interest Rate Swaps (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 24, 2022
Fair Value Disclosures [Abstract]
Cash Flow Hedge Derivative Instrument Assets at Fair Value	$ 12,477	$ 15,146	$ 16,537

Share Based Compensation (Detai

Share Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
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	$ 15,000	$ 13,700	$ 45,150	$ 38,531
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted			123,414
Weighted average exercise price			$ 232.57
Weighted average fair value per option			$ 60.10
Total unrecognized compensation expense	9,700		$ 9,700
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition			2 years
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted			221,718
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted			53,450
Performance Shares [Member] | Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted			50,411
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	$ 78,700		$ 78,700
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			$ 224.45
Performance-Based Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value per share			237.69
Performance-Based Restricted Share Units | Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value per share			$ 85.82

Business Combinations and Ass_3

Business Combinations and Asset Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Oct. 12, 2022	Sep. 30, 2023
Business Acquisition [Line Items]
Business acquisition, goodwill, expected tax deductible amount		$ 130,300
Orscheln Farm and Home, LLC
Business Acquisition [Line Items]
Business Combination, Consideration Transferred	$ 393,400
Goodwill		$ 211,810
Orscheln Stores
Business Acquisition [Line Items]
Disposal Group, Including Discontinued Operation, Consideration	69,400
Orscheln Distribution Center and Headquarters
Business Acquisition [Line Items]
Disposal Group, Including Discontinued Operation, Consideration	$ 10,000

Business Combinations and Ass_4

Business Combinations and Asset Acquisitions (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Oct. 12, 2022
Business Acquisition [Line Items]
Cash and cash equivalents	$ 6,935
Accounts receivable	277
Inventories	145,792
Prepaid expenses and other current assets	7,526
Property and equipment	15,132
Lease right of use assets	82,755
Deferred income taxes	27,333
Assets held for sale	173,554
Other assets	146
Accounts payable	80,667
Accrued liabilities	26,399
Short-term lease liabilities	5,986
Long-term lease liabilities	70,626
Liabilities held for sale	94,190
Total fair value of considerations transferred	393,390
Previously Reported
Business Acquisition [Line Items]
Cash and cash equivalents		$ 6,935
Accounts receivable		277
Inventories		168,663
Prepaid expenses and other current assets		7,222
Property and equipment		13,328
Lease right of use assets		82,755
Deferred income taxes		18,481
Assets held for sale		173,554
Other assets		160
Accounts payable		80,323
Accrued liabilities		20,291
Short-term lease liabilities		5,986
Long-term lease liabilities		70,626
Liabilities held for sale		94,190
Total fair value of considerations transferred		397,700
Revision of Prior Period, Adjustment
Business Acquisition [Line Items]
Cash and cash equivalents	0
Accounts receivable	0
Inventories	(22,871)
Prepaid expenses and other current assets	304
Property and equipment	1,804
Lease right of use assets	0
Deferred income taxes	8,852
Assets held for sale	0
Other assets	(14)
Accounts payable	344
Accrued liabilities	6,108
Short-term lease liabilities	0
Long-term lease liabilities	0
Liabilities held for sale	0
Total fair value of considerations transferred	4,310
Orscheln Farm and Home, LLC
Business Acquisition [Line Items]
Goodwill	211,810
Orscheln Farm and Home, LLC | Previously Reported
Business Acquisition [Line Items]
Goodwill		$ 197,742
Orscheln Farm and Home, LLC | Revision of Prior Period, Adjustment
Business Acquisition [Line Items]
Goodwill	$ 14,067

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. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Sep. 24, 2022	Jun. 25, 2022	Mar. 26, 2022	Sep. 30, 2023	Sep. 24, 2022
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)	568			699			640	801
Dilutive stock options and restricted stock units outstanding , per share	$ 0.01			$ 0.01			$ 0.04	$ 0.05
Net income	$ 255,001	$ 421,234	$ 183,088	$ 234,137	$ 396,478	$ 187,227	$ 859,323	$ 817,842
Antidilutive securities excluded from computation of earnings per share, amount	200			100			200	100
Earnings Per Share, Basic [Abstract]
Net income	$ 255,001	421,234	183,088	$ 234,137	396,478	187,227	$ 859,323	$ 817,842
Weighted average number of shares outstanding, basic	108,774			110,861			109,415	111,660
Net income per share – basic	$ 2.34			$ 2.11			$ 7.85	$ 7.32
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)	568			699			640	801
Dilutive stock options and restricted stock units outstanding, per share (in dollars per share)	$ (0.01)			$ (0.01)			$ (0.04)	$ (0.05)
Net income	$ 255,001	$ 421,234	$ 183,088	$ 234,137	$ 396,478	$ 187,227	$ 859,323	$ 817,842
Weighted average number of shares outstanding, diluted	109,342			111,560			110,055	112,461
Net income per share, diluted (in dollars per share)	$ 2.33			$ 2.10			$ 7.81	$ 7.27
Antidilutive securities excluded from computation of earnings per share, amount	200			100			200	100

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	May 05, 2023	Dec. 31, 2022	Sep. 24, 2022
Debt Instrument [Line Items]
Unsecured Debt	$ 1,750,000		$ 1,178,000	$ 1,090,000
Unamortized Debt Issuance Costs	(21,700)		(13,900)	(12,100)
Unsecured debt, net of debt issuance costs	1,728,300		1,164,100	1,077,900
Unsecured Debt, Current	0		0	0
Letters of Credit Outstanding, Amount	58,200		52,600	55,800
Long-term debt	1,728,255		1,164,056	1,077,926
Revolving Credit Facility
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Month-end Outstanding Amount	200,000		378,000
Revolving Credit Facility
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Month-end Outstanding Amount				90,000
5.25% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Long-term Debt	750,000	$ 750,000	0	0
1.75% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Long-term Debt	650,000		650,000	650,000
3.70% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Long-term Debt	150,000		150,000	150,000
November 2020 Term Loan
Debt Instrument [Line Items]
Notional Amount, Current	$ 0		$ 0	$ 200,000

Debt (Details)

Debt (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	May 05, 2023	Dec. 31, 2022	Sep. 24, 2022
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0%
Debt Instrument, Basis Spread on Variable Rate, Minimum	0.75%
Debt Instrument, Basis Spread on Variable Rate LIBOR Plus, Maximum	1.25%
Debt Instrument, Basis Spread on Variable Rate LIBOR Plus	1%
Debt Instrument, Basis Spread on Variable Rate Revolver	0.10%
Amount of incremental credit facility which will result in modification of debt covenants	100 million
5.25% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Long-term Debt	$ 750	$ 750	$ 0	$ 0
Debt Instrument, Interest Rate, Stated Percentage - June 2017 Term Loan		5.25%
Interest Rate Swap
Debt Instrument [Line Items]
Interest Rate Swap, Beginning Notional Amount	$ 200
Number of Financial Covenants [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant Description	two
Fixed Charge Coverage Ratio Minimum Requirement [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant Description	2.00
Leverage Ratio Maximum Requirement [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant Description	4.00
Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0%
Commitment fee for unused capacity	0.08%
Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.25%
Commitment fee for unused capacity	0.15%
Base Rate
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate at Period End	8.50%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Credit Facility
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate at Period End	5.319%

Capital Stock - Narrative (Deta

Capital Stock - Narrative (Details) - $ / shares							3 Months Ended		9 Months Ended
	Aug. 09, 2023	May 10, 2023	Feb. 08, 2023	Aug. 04, 2022	May 10, 2022	Jan. 26, 2022	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022	Dec. 31, 2022
Equity [Abstract]
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	$ 1.03	$ 1.03	$ 1.03	$ 0.92	$ 0.92	$ 0.92	$ 1.03	$ 0.92	$ 3.09	$ 2.76

Capital Stock and Dividends (De

Capital Stock and Dividends (Details) - $ / shares							3 Months Ended		9 Months Ended
	Aug. 09, 2023	May 10, 2023	Feb. 08, 2023	Aug. 04, 2022	May 10, 2022	Jan. 26, 2022	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Equity [Abstract]
Common Stock, Dividends, Per Share, Declared	$ 1.03	$ 1.03	$ 1.03	$ 0.92	$ 0.92	$ 0.92	$ 1.03	$ 0.92	$ 3.09	$ 2.76

Treasury Stock - Narrative (Det

Treasury Stock - Narrative (Details) $ in Millions	Sep. 30, 2023 USD ($)
Equity [Abstract]
Remaining authorization under the share repurchase program	$ 1,160
Stock Repurchase Program, Authorized Amount	$ 6,500

Treasury Stock (Details)

Treasury Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Equity [Abstract]
Total number of shares repurchased	632	638	2,190	2,938
Average price paid per share	$ 214.45	$ 193.70	$ 222.20	$ 206.95
Stock Repurchased During Period, Value	$ 136,778	$ 123,626	$ 491,394	$ 608,016

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	23%	22%	22.60%	22.50%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022	Sep. 24, 2022
Commitments and Contingencies Disclosure [Abstract]
Contractual Obligation	$ 48.4
Letters of Credit Outstanding, Amount	$ 58.2	$ 52.6	$ 55.8

Segment Reporting (Details)

Segment Reporting (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Livestock, Equine & Agriculture
Revenue from External Customer [Line Items]
Percentage of sales	29%	30%	29%	29%
Seasonal & Recreation
Revenue from External Customer [Line Items]
Percentage of sales	20%	21%	22%	23%
Companion Animal
Revenue from External Customer [Line Items]
Percentage of sales	26%	24%	25%	23%
Truck, Tool, & Hardware
Revenue from External Customer [Line Items]
Percentage of sales	17%	17%	16%	16%
Clothing, Gift, & Décor
Revenue from External Customer [Line Items]
Percentage of sales	8%	8%	8%	9%
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. 30, 2023 segment
Segment Reporting [Abstract]
Number of Reportable Segments	1