Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
Jan. 03, 2015 | Feb. 26, 2015 | Jul. 11, 2014 | |
Document Information [Line Items] | |||
Entity Registrant Name | Advance Auto Parts Inc | ||
Entity Central Index Key | 1158449 | ||
Current Fiscal Year End Date | -2 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 3-Jan-15 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 73,140,749 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | No | ||
Entity Public Float | $9,680,305,678 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $104,671 | $1,112,471 |
Receivables, net | 579,825 | 277,595 |
Inventories, net | 3,936,955 | 2,556,557 |
Other current assets | 119,589 | 42,761 |
Total current assets | 4,741,040 | 3,989,384 |
Property and equipment, net of accumulated depreciation | 1,432,030 | 1,283,970 |
Assets held for sale | 615 | 2,064 |
Goodwill | 995,426 | 199,835 |
Intangible assets, net | 748,125 | 49,872 |
Other assets, net | 45,122 | 39,649 |
Assets, Total | 7,962,358 | 5,564,774 |
Current liabilities: | ||
Current portion of long-term debt | 582 | 916 |
Accounts payable | 3,095,365 | 2,180,614 |
Accrued expenses | 520,673 | 428,625 |
Other current liabilities | 126,446 | 154,630 |
Total current liabilities | 3,743,066 | 2,764,785 |
Long-term debt | 1,636,311 | 1,052,668 |
Other long-term liabilities | 580,069 | 231,116 |
Commitments and Contingencies | ||
Stockholders' equity: | ||
Preferred stock, nonvoting, $0.0001 par value | 0 | 0 |
Common stock, voting, $0.0001 par value | 7 | 7 |
Additional paid-in capital | 562,945 | 531,293 |
Treasury stock, at cost | -113,044 | -107,890 |
Accumulated other comprehensive income (loss) | -12,337 | 3,683 |
Retained earnings | 1,565,341 | 1,089,112 |
Total stockholders' equity | 2,002,912 | 1,516,205 |
Liabilities and Stockholders' Equity, Total | $7,962,358 | $5,564,774 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Accumulated Depreciation, Property and Equipment | $1,372,359 | $1,255,474 |
Preferred stock, non-voting, par value | $0.00 | $0.00 |
Preferred Stock, Shares Authorized | 10,000 | 10,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common stock, voting, par value | $0.00 | $0.00 |
Common Stock, Shares Authorized | 200,000 | 200,000 |
Common Stock, Shares, Issued | 74,493 | 74,224 |
Common Stock, Shares, Outstanding | 73,074 | 72,840 |
Treasury Stock, Shares | 1,419 | 1,384 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 03, 2015 | Oct. 04, 2014 | Jul. 12, 2014 | Dec. 28, 2013 | Oct. 05, 2013 | Jul. 13, 2013 | Apr. 19, 2014 | Apr. 20, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Net sales | $2,237,209 | $2,289,456 | $2,347,697 | $1,408,813 | $1,520,144 | $1,549,553 | $2,969,499 | $2,015,304 | $9,843,861 | $6,493,814 | $6,205,003 |
Cost of sales, including purchasing and warehousing costs | 5,390,248 | 3,241,668 | 3,106,967 | ||||||||
Gross profit | 1,003,941 | 1,034,442 | 1,062,108 | 701,777 | 762,940 | 779,223 | 1,353,122 | 1,008,206 | 4,453,613 | 3,252,146 | 3,098,036 |
Selling, general and administrative expenses | 3,601,903 | 2,591,828 | 2,440,721 | ||||||||
Operating income | 851,710 | 660,318 | 657,315 | ||||||||
Interest expense | -73,408 | -36,618 | -33,841 | ||||||||
Other income, net | 3,092 | 2,698 | 600 | ||||||||
Total other, net | -70,316 | -33,920 | -33,241 | ||||||||
Income before provision for income taxes | 781,394 | 626,398 | 624,074 | ||||||||
Provision for income taxes | 287,569 | 234,640 | 236,404 | ||||||||
Net income | $84,434 | $122,177 | $139,488 | $49,267 | $103,830 | $116,871 | $147,726 | $121,790 | $493,825 | $391,758 | $387,670 |
Basic earnings per common share | $1.15 | $1.67 | $1.91 | $0.68 | $1.42 | $1.60 | $2.02 | $1.66 | $6.75 | $5.36 | $5.29 |
Diluted earnings per common share | $1.15 | $1.66 | $1.89 | $0.67 | $1.42 | $1.59 | $2.01 | $1.65 | $6.71 | $5.32 | $5.22 |
Dividends declared per common share | $0.24 | $0.24 | $0.24 | ||||||||
Weighted average common shares outstanding | 72,932 | 72,930 | 73,091 | ||||||||
Weighted average common shares outstanding - assuming dilution | 73,414 | 73,414 | 74,062 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Net income | $493,825 | $391,758 | $387,670 |
Changes in net unrecognized other postretirement benefit costs, net of tax | -752 | -438 | -391 |
Postretirement benefit plan amendment | 0 | 1,454 | 0 |
Unrealized gain (loss) on hedge arrangements, net of tax | 0 | 0 | 254 |
Currency translation adjustments | -15,268 | 0 | 0 |
Total other comprehensive income (loss) | -16,020 | 1,016 | -137 |
Comprehensive income | $477,805 | $392,774 | $387,533 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Changes in net unrecognized other postretirement benefit costs, tax | $483 | $503 | $252 |
Postretirement benefit plan amendment, tax | 0 | 904 | 0 |
Unrealized gain (loss) on hedge arrangement, tax | $0 | $0 | $163 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock, at cost [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] |
In Thousands | |||||||
Balance at Dec. 31, 2011 | $847,914 | $0 | $11 | $500,237 | ($1,644,767) | $2,804 | $1,989,629 |
Balance (in shares) at Dec. 31, 2011 | 0 | 106,537 | 33,738 | ||||
Net income | 387,670 | 387,670 | |||||
Total other comprehensive income (loss), | -137 | -137 | |||||
Issuance of shares upon the exercise of stock options and stock appreciation rights | 5,720 | 5,720 | |||||
Issuance of shares upon the exercise of stock options and stock appreciation rights (in shares) | 900 | ||||||
Tax withholdings related to the exercise of stock appreciation rights | -26,677 | -26,677 | |||||
Tax benefit from share-based compensation | 22,924 | 22,924 | |||||
Restricted stock and restricted stock units vested | 0 | ||||||
Restricted stock and restricted stock units vested (in shares) | -2 | ||||||
Share-based compensation | 15,236 | 15,236 | |||||
Stock issued under employee stock purchase plan | 2,266 | 2,266 | |||||
Stock issued under employee stock purchase plan (in shares) | 34 | ||||||
Repurchase of common stock | -27,095 | -27,095 | |||||
Repurchase of common stock (in shares) | 348 | ||||||
Retirement of treasury stock | 0 | -4 | 1,644,767 | -1,644,763 | |||
Retirement of treasury stock (in shares) | -33,738 | -33,738 | |||||
Cash dividends | -17,636 | -17,636 | |||||
Other | 509 | 509 | |||||
Balance at Dec. 29, 2012 | 1,210,694 | 0 | 7 | 520,215 | -27,095 | 2,667 | 714,900 |
Balance (in shares) at Dec. 29, 2012 | 0 | 73,731 | 348 | ||||
Net income | 391,758 | 391,758 | |||||
Total other comprehensive income (loss), | 1,016 | 1,016 | |||||
Issuance of shares upon the exercise of stock options and stock appreciation rights | 1,903 | 1,903 | |||||
Issuance of shares upon the exercise of stock options and stock appreciation rights (in shares) | 480 | ||||||
Tax withholdings related to the exercise of stock appreciation rights | -21,856 | -21,856 | |||||
Tax benefit from share-based compensation | 16,132 | 16,132 | |||||
Restricted stock and restricted stock units vested | 0 | ||||||
Restricted stock and restricted stock units vested (in shares) | -10 | ||||||
Share-based compensation | 13,191 | 13,191 | |||||
Stock issued under employee stock purchase plan | 1,679 | 1,679 | |||||
Stock issued under employee stock purchase plan (in shares) | 23 | ||||||
Repurchase of common stock | -80,795 | -80,795 | |||||
Repurchase of common stock (in shares) | 1,036 | ||||||
Cash dividends | -17,546 | -17,546 | |||||
Other | 29 | 29 | |||||
Balance at Dec. 28, 2013 | 1,516,205 | 0 | 7 | 531,293 | -107,890 | 3,683 | 1,089,112 |
Balance (in shares) at Dec. 28, 2013 | 72,840 | 0 | 74,224 | 1,384 | |||
Net income | 493,825 | 493,825 | |||||
Total other comprehensive income (loss), | -16,020 | -16,020 | |||||
Issuance of shares upon the exercise of stock options and stock appreciation rights | 1,874 | 1,874 | |||||
Issuance of shares upon the exercise of stock options and stock appreciation rights (in shares) | 162 | ||||||
Tax withholdings related to the exercise of stock appreciation rights | -7,102 | -7,102 | |||||
Tax benefit from share-based compensation | 10,471 | 10,471 | |||||
Restricted stock and restricted stock units vested | 0 | ||||||
Restricted stock and restricted stock units vested (in shares) | 68 | ||||||
Share-based compensation | 21,705 | 21,705 | |||||
Stock issued under employee stock purchase plan | 4,660 | 4,660 | |||||
Stock issued under employee stock purchase plan (in shares) | 39 | ||||||
Repurchase of common stock | -5,154 | -5,154 | |||||
Repurchase of common stock (in shares) | 35 | ||||||
Cash dividends | -17,596 | -17,596 | |||||
Other | 44 | 44 | |||||
Balance at Jan. 03, 2015 | $2,002,912 | $0 | $7 | $562,945 | ($113,044) | ($12,337) | $1,565,341 |
Balance (in shares) at Jan. 03, 2015 | 73,074 | 0 | 74,493 | 1,419 |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | ||
Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | |
Statement of Stockholders' Equity (Parenthetical) [Abstract] | |||
Dividends declared per common share | $0.24 | $0.24 | $0.24 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Cash flows from operating activities: | |||
Net income | $493,825 | $391,758 | $387,670 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 284,693 | 207,795 | 189,544 |
Share-based compensation | 21,705 | 13,191 | 15,236 |
Loss on property and equipment, net | 13,281 | 1,599 | 2,699 |
Other | 2,631 | 1,679 | 1,582 |
Provision (benefit) for deferred income taxes | 48,468 | -2,237 | 26,893 |
Excess tax benefit from share-based compensation | -10,487 | -16,320 | -23,099 |
Net Increase Decrease in Operating Capital, net of effect from acquisition of businesses | |||
Receivables, net | -48,209 | -32,428 | -89,482 |
Inventories, net | -227,657 | -203,513 | -260,298 |
Other assets | -63,482 | 11,011 | 8,213 |
Accounts payable | 216,412 | 113,497 | 376,631 |
Accrued expenses | -28,862 | 63,346 | 40,936 |
Other liabilities | 6,673 | -4,128 | 8,756 |
Net cash provided by operating activities | 708,991 | 545,250 | 685,281 |
Cash flows from investing activities: | |||
Purchases of property and equipment | -228,446 | -195,757 | -271,182 |
Business acquisitions, net of cash acquired | -2,060,783 | -186,137 | -8,369 |
Sale of certain assets of acquired business | 0 | 19,042 | 0 |
Proceeds from sales of property and equipment | 992 | 745 | 6,573 |
Net Cash (used in) provided by Investing Activities | -2,288,237 | -362,107 | -272,978 |
Cash flows from financing activities: | |||
Increase (decrease) in bank overdrafts | 16,219 | -2,926 | -7,459 |
Issuance of senior unsecured notes | 0 | 448,605 | 299,904 |
Payment of debt related costs | 0 | -8,815 | -2,942 |
Borrowings under credit facilities | 2,238,200 | 0 | 58,500 |
Payments on credit facilities | -1,654,800 | 0 | -173,500 |
Dividends paid | -17,580 | -17,574 | -17,596 |
Proceeds from the issuance of common stock, primarily exercise of stock options | 6,578 | 3,611 | 8,495 |
Tax withholdings related to the exercise of stock appreciation rights | -7,102 | -21,856 | -26,677 |
Excess tax benefit from share-based compensation | 10,487 | 16,320 | 23,099 |
Repurchase of common stock | -5,154 | -80,795 | -27,095 |
Contingent consideration related to previous business acquisition | -10,047 | -4,726 | -10,911 |
Other | -890 | -627 | 4,089 |
Net cash provided by (used in) financing activities | 575,911 | 331,217 | 127,907 |
Effect of exchange rate changes on cash | -4,465 | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | -1,007,800 | 514,360 | 540,210 |
Cash and cash equivalents, beginning of period | 1,112,471 | 598,111 | 57,901 |
Cash and cash equivalents, end of period | 104,671 | 1,112,471 | 598,111 |
Supplemental cash flow information: | |||
Interest paid | 71,109 | 34,735 | 27,250 |
Income tax payments | 268,624 | 219,424 | 162,677 |
Non-cash transactions: | |||
Accrued purchases of property and equipment | 28,877 | 20,714 | 26,142 |
Retirement of common stock | 0 | 0 | 1,644,767 |
Changes in other comprehensive income from post retirement benefits | -752 | 1,016 | -137 |
Declared but unpaid cash dividends | $4,384 | $4,368 | $4,396 |
Organization_and_Description_o
Organization and Description of Business | 12 Months Ended |
Jan. 03, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business: |
Advance Auto Parts, Inc. (“Advance”) conducts all of its operations through its wholly owned subsidiary, Advance Stores Company, Incorporated (“Stores”), and its subsidiaries (collectively, the “Company”), all of which are 100% owned. As of January 3, 2015, the Company's operations are comprised of 5,261 stores and 111 distribution branches, which operate in the United States, Canada, Puerto Rico and the U.S. Virgin Islands primarily under the trade names “Advance Auto Parts,” "Carquest," "Autopart International" and "Worldpac." As further described in Note 4, the "Carquest" and "Worldpac" brands were acquired on January 2, 2014 as part of the acquisition of General Parts International, Inc. ("GPI"). The Company serves both do-it-for-me, or Commercial, and do-it-yourself, or DIY, customers and offers a broad selection of brand name, original equipment manufacturer ("OEM") and proprietary automotive replacement parts, accessories, and maintenance items primarily for domestic and imported cars and light trucks. The Company offers delivery service to its Commercial customers’ places of business, including independent garages, service stations and auto dealers, utilizing a fleet of vehicles to deliver product from its 4,981 store locations with delivery service. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||
Jan. 03, 2015 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies: | |||||||||||
Accounting Period | ||||||||||||
The Company’s fiscal year ends on the Saturday nearest the end of December. Fiscal year 2014 contained 53 weeks and fiscal years 2013 and 2012 each contained 52 weeks. The additional week of operations for Fiscal 2014 was included in the Company's fourth quarter. All references herein for the years 2014, 2013 and 2012 represent the fiscal years ended January 3, 2015, December 28, 2013 and December 29, 2012, respectively. | ||||||||||||
Principles of Consolidation | ||||||||||||
The consolidated financial statements include the accounts of Advance and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. | ||||||||||||
Use of Estimates | ||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. | ||||||||||||
Cash, Cash Equivalents and Bank Overdrafts | ||||||||||||
Cash and cash equivalents consist of cash in banks and money market funds with original maturities of three months or less. Included in cash equivalents are credit card and debit card receivables from banks, which generally settle within two to four business days. Credit and debit card receivables included in Cash and cash equivalents as of January 3, 2015 and December 28, 2013 were $28,843 and $28,828, respectively. Bank overdrafts consist of outstanding checks not yet presented to a bank for settlement, net of cash held in accounts with right of offset. Bank overdrafts of $22,015 and $5,796 are included in Other current liabilities as of January 3, 2015 and December 28, 2013, respectively. | ||||||||||||
Receivables | ||||||||||||
Receivables, net consist primarily of receivables from Commercial customers and vendors. The Company grants credit to certain Commercial customers who meet the Company’s pre-established credit requirements. The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of the Company’s Commercial customers to make required payments. The Company considers the following factors when determining if collection is reasonably assured: customer creditworthiness, past transaction history with the customer, current economic and industry trends and changes in customer payment terms. Concentrations of credit risk with respect to these receivables are limited because the Company’s customer base consists of a large number of small customers, spreading the credit risk across a broad base. The Company also controls this credit risk through credit approvals, credit limits and accounts receivable and credit monitoring procedures. | ||||||||||||
The Company’s vendor receivables are established as it receives concessions from its vendors through a variety of programs and arrangements, including allowances for new stores and warranties, volume purchase rebates and co-operative advertising. Amounts receivable from vendors also include amounts due to the Company for changeover merchandise and product returns. The Company regularly reviews vendor receivables for collectibility and assesses the need for a reserve for uncollectible amounts based on an evaluation of the vendors’ financial positions and corresponding abilities to meet financial obligations. The Company’s allowance for doubtful accounts related to vendor receivables is not significant. | ||||||||||||
Inventory | ||||||||||||
Inventory amounts are stated at the lower of cost or market. The cost of the Company’s merchandise inventory is primarily determined using the last-in, first-out (“LIFO”) method. Under the LIFO method, the Company’s cost of sales reflects the costs of the most recently purchased inventories, while the inventory carrying balance represents the costs relating to prices paid in prior years. | ||||||||||||
Vendor Incentives | ||||||||||||
The Company receives incentives in the form of reductions to amounts owed and/or payments from vendors related to cooperative advertising allowances, volume rebates and other promotional considerations. Many of these incentives are under long-term agreements in excess of one year, while others are negotiated on an annual basis or less (short-term). Cooperative advertising allowances provided as a reimbursement of specific, incremental and identifiable costs incurred to promote a vendor’s products are included as an offset to selling, general and administrative expenses, or SG&A, when the cost is incurred. Volume rebates and cooperative advertising allowances not meeting the requirements for offset in SG&A are recorded initially as a reduction to inventory as they are earned based on inventory purchases. These deferred amounts are included as a reduction to cost of sales as the inventory is sold. Total deferred vendor incentives included as a reduction of Inventory was $179,785 and $111,304 as of January 3, 2015 and December 28, 2013, respectively. | ||||||||||||
Similarly, the Company recognizes other promotional incentives earned under long-term agreements not specifically related to volume of purchases as a reduction to cost of sales. However, these incentives are not deferred as a reduction of inventory and are recognized based on the cumulative net purchases as a percentage of total estimated net purchases over the life of the agreement. Short-term incentives (terms less than one year) are generally recognized as a reduction to cost of sales over the duration of any short-term agreements. | ||||||||||||
Amounts received or receivable from vendors that are not yet earned are reflected as deferred revenue in the accompanying consolidated balance sheets. Management’s estimate of the portion of deferred revenue that will be realized within one year of the balance sheet date has been included in Other current liabilities in the accompanying consolidated balance sheets. Earned amounts that are receivable from vendors are included in Receivables and Other assets on the accompanying consolidated balance sheets. | ||||||||||||
Advertising Costs | ||||||||||||
The Company expenses advertising costs as incurred. Advertising expense, net of vendor promotional funds, was $96,463, $69,116 and $83,871 in 2014, 2013 and 2012, respectively. Vendor promotional funds, which reduced advertising expense, amounted to $21,814 and $18,622 and $11,445 in 2014, 2013 and 2012, respectively. | ||||||||||||
Preopening Expenses | ||||||||||||
Preopening expenses, which consist primarily of payroll and occupancy costs related to the opening of new stores, are expensed as incurred. | ||||||||||||
Income Taxes | ||||||||||||
The Company accounts for income taxes under the asset and liability method which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under the asset and liability method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period of the enactment date. | ||||||||||||
The Company recognizes tax benefits and/or tax liabilities for uncertain income tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step requires the Company to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as the Company must determine the probability of various possible outcomes. | ||||||||||||
The Company reevaluates these uncertain tax positions on a quarterly basis or when new information becomes available to management. The reevaluations are based on many factors, including but not limited to, changes in facts or circumstances, changes in tax law, successfully settled issues under audit, expirations due to statutes of limitations, and new federal or state audit activity. Any change in either the Company’s recognition or measurement could result in the recognition of a tax benefit or an increase to the tax accrual. | ||||||||||||
The Company also follows guidance provided on other items relevant to the accounting for income taxes throughout the year, as applicable, including derecognition of benefits, classification, interest and penalties, accounting in interim periods, disclosure and transition. Refer to Note 15, Income Taxes, for a further discussion of income taxes. | ||||||||||||
Self-Insurance | ||||||||||||
The Company is self-insured for general and automobile liability, workers’ compensation and health care claims of its employees, or Team Members, while maintaining stop-loss coverage with third-party insurers to limit its total liability exposure. Expenses associated with these liabilities are calculated for (i) claims filed, (ii) claims incurred but not yet reported and (iii) projected future claims using actuarial methods followed in the insurance industry as well as the Company’s historical claims experience. The Company includes the current and long-term portions of its self-insurance reserves in Accrued expenses and Other long-term liabilities, respectively. | ||||||||||||
The following table presents changes in the Company’s total self-insurance reserves: | ||||||||||||
January 3, 2015 | December 28, 2013 | December 29, 2012 | ||||||||||
Self-insurance reserves, beginning of period | $ | 98,475 | $ | 94,548 | $ | 98,944 | ||||||
Additions to self-insurance reserves | 159,752 | 120,782 | 105,670 | |||||||||
Acquired reserves | 41,673 | 4,195 | — | |||||||||
Reserves utilized | (162,867 | ) | (121,050 | ) | (110,066 | ) | ||||||
Self-insurance reserves, end of period | $ | 137,033 | $ | 98,475 | $ | 94,548 | ||||||
Warranty Liabilities | ||||||||||||
The warranty obligation on the majority of merchandise sold by the Company with a manufacturer's warranty is the responsibility of the Company’s vendors. However, the Company has an obligation to provide customers free replacement of certain merchandise or merchandise at a prorated cost if under a warranty and not covered by the manufacturer. Merchandise sold with warranty coverage by the Company primarily includes batteries but may also include other parts such as brakes and shocks. The Company estimates its warranty obligation at the time of sale based on the historical return experience, sales level and cost of the respective product sold. To the extent vendors provide upfront allowances in lieu of accepting the obligation for warranty claims and the allowance is in excess of the related warranty expense, the excess is recorded as a reduction to cost of sales. | ||||||||||||
Revenue Recognition | ||||||||||||
The Company recognizes revenue at the time the sale is made, at which time the Company’s walk-in customers take immediate possession of the merchandise or same-day delivery is made to the Company’s commercial delivery customers, which include certain independently-owned store locations. For e-commerce sales, revenue is recognized either at the time of pick-up at one of the Company’s store locations or at the time of shipment depending on the customer’s order designation. Sales are recorded net of discounts and rebates, sales taxes and estimated returns and allowances. The Company estimates the reduction to sales and cost of sales for returns based on current sales levels and the Company’s historical return experience. The Company’s reserve for sales returns and allowances was not material as of January 3, 2015 and December 28, 2013. | ||||||||||||
Share-Based Payments | ||||||||||||
The Company provides share-based compensation to its Team Members and Board of Directors. The Company is required to exercise judgment and make estimates when determining the (i) fair value of each award granted and (ii) projected number of awards expected to vest. The Company calculates the fair value of all share-based awards at the date of grant and uses the straight-line method to amortize this fair value as compensation cost over the requisite service period. | ||||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||
The Company’s accounting policy for derivative financial instruments is based on whether the instruments meet the criteria for designation as cash flow or fair value hedges. The criteria for designating a derivative as a hedge include the assessment of the instrument’s effectiveness in risk reduction, matching of the derivative instrument to its underlying transaction and the probability that the underlying transaction will occur. For derivatives with cash flow hedge designation, the Company would recognize the after-tax gain or loss from the effective portion of the hedge as a component of Accumulated other income (loss) and reclassify it into earnings in the same period or periods in which the hedged transaction affected earnings, and within the same income statement line item as the impact of the hedged transaction. For derivatives with fair value hedge accounting designation, the Company would recognize gains or losses from the change in the fair value of these derivatives, as well as the offsetting change in the fair value of the underlying hedged item, in earnings. Previously, the Company has utilized treasury rate locks designated as cash flow hedges to lock interest rates in anticipation of debt issuances. The Company had no derivative instruments outstanding as of January 3, 2015 and December 28, 2013. | ||||||||||||
Foreign Currency Translation | ||||||||||||
The assets and liabilities of the Company's Canadian operations are translated into U.S. dollars at current exchange rates, and revenues, expenses and cash flows are translated at average exchange rates for the fiscal year. Resulting translation adjustments are reflected as a separate component in the Consolidated Statements of Comprehensive Income. Gains and losses from foreign currency transactions, which are included in Other income, net, have not been significant for any of the periods presented. | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Comprehensive income (loss) is a measure that reports all changes in equity resulting from transactions and other economic events during the period. The changes in accumulated other comprehensive income refer to revenues, expenses, gains, and losses that are included in other comprehensive income but excluded from net income. | ||||||||||||
The Company’s Accumulated other comprehensive income (loss) is comprised of foreign currency translation gains (losses), the net unrealized gain associated with the Company's postretirement benefit plan and the unamortized portion of the previously recorded unrecognized gains on interest rate swaps and forward treasury rate locks. | ||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||
Goodwill is the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations accounted for under the purchase method. The Company tests goodwill and indefinite-lived intangible assets for impairment annually as of the first day of the fiscal fourth quarter, or when indications of potential impairment exist. These indicators would include a significant change in operating performance, the business climate, legal factors, competition, or a planned sale or disposition of a significant portion of the business, among other factors. The Company reviews finite-lived intangible assets for impairment in accordance with its policy for the valuation of long-lived assets. | ||||||||||||
Valuation of Long-Lived Assets | ||||||||||||
The Company evaluates the recoverability of its long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset might not be recoverable and exceeds its fair value. | ||||||||||||
Significant factors, which would trigger an impairment review, include the following: | ||||||||||||
• | Significant decrease in the market price of a long-lived asset (asset group); | |||||||||||
• | Significant changes in how assets are used or are planned to be used; | |||||||||||
• | Significant adverse change in legal factors or business climate, including adverse regulatory action; | |||||||||||
• | Significant negative industry trends; | |||||||||||
• | An accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset (asset group); | |||||||||||
• | Significant changes in technology; | |||||||||||
• | A current-period operating or cash flow loss combined with a history of operating or cash flow losses, or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset (asset group); or | |||||||||||
• | A current expectation that, more likely than not, a long-lived asset (asset group) will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. | |||||||||||
When such an event occurs, the Company estimates the undiscounted future cash flows expected to result from the use of the long-lived asset (asset group) and its eventual disposition. These impairment evaluations involve estimates of asset useful lives and future cash flows. If the undiscounted expected future cash flows are less than the carrying amount of the asset and the carrying amount of the asset exceeds its fair value, an impairment loss is recognized. When an impairment loss is recognized, the carrying amount of the asset is reduced to its estimated fair value based on quoted market prices or other valuation techniques (e.g., discounted cash flow analysis). In 2014, the Company recognized impairment losses of $11,819 on various store and corporate assets. The remaining fair value of these assets was not significant. There were no material impairment losses in 2013 or 2012. | ||||||||||||
Earnings per Share | ||||||||||||
The Company uses the two-class method to calculate earnings per share. Under the two-class method, unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are considered participating securities and are included in the computation of earnings per share. Certain of the Company’s shares granted to Team Members in the form of restricted stock and restricted stock units are considered participating securities. | ||||||||||||
Accordingly, earnings per share is computed by dividing net income attributable to the Company’s common shareholders by the weighted-average common shares outstanding during the period. The two-class method is an earnings allocation formula that determines income per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. Diluted income per common share reflects the more dilutive earnings per share amount calculated using the treasury stock method or the two-class method. | ||||||||||||
Basic earnings per share of common stock has been computed based on the weighted-average number of common shares outstanding during the period, which is reduced by stock held in treasury and shares of nonvested restricted stock. Diluted earnings per share is calculated by including the effect of dilutive securities. Diluted earnings per share of common stock reflects the weighted-average number of shares of common stock outstanding, outstanding deferred stock units and the impact of outstanding stock options and stock appreciation rights (collectively “share-based awards”). Share-based awards containing performance conditions are included in the dilution impact as those conditions are met. | ||||||||||||
Lease Accounting | ||||||||||||
The Company leases certain store locations, distribution centers, office spaces, equipment and vehicles. The total amount of minimum rent is expensed on a straight-line basis over the initial term of the lease unless external economic factors exist such that renewals are reasonably assured, in which case the Company would include the renewal period in its amortization period. In those instances, the renewal period would be included in the lease term for purposes of establishing an amortization period and determining if such lease qualified as a capital or operating lease. In addition to minimum fixed rental payments, some leases provide for contingent facility rentals. Differences between the calculated rent expense and cash payments are recorded as a liability within the Accrued expenses and Other long-term liabilities captions in the accompanying consolidated balance sheets, based on the terms of the lease. Deferred rent was $60,275 and $50,638 as of January 3, 2015 and December 28, 2013, respectively. Contingent facility rentals are determined on the basis of a percentage of sales in excess of stipulated minimums for certain store facilities as defined in the individual lease agreements. Most of the leases provide that the Company pay taxes, maintenance, insurance and certain other expenses applicable to the leased premises. Management expects that in the normal course of business leases that expire will be renewed or replaced by other leases. | ||||||||||||
Property and Equipment | ||||||||||||
Property and equipment are stated at cost, less accumulated depreciation, or at fair value at acquisition if acquired through a business combination. Expenditures for maintenance and repairs are charged directly to expense when incurred; major improvements are capitalized. When items are sold or retired, the related cost and accumulated depreciation are removed from the account balances, with any gain or loss reflected in the consolidated statements of operations. | ||||||||||||
Depreciation of land improvements, buildings, furniture, fixtures and equipment, and vehicles is provided over the estimated useful lives of the respective assets using the straight-line method. Depreciation of building and leasehold improvements is provided over the shorter of the original useful lives of the respective assets or the term of the lease using the straight-line method. | ||||||||||||
Closed Store Liabilities and Exit Activities | ||||||||||||
The Company continually reviews the operating performance of its existing store locations and closes or relocates certain stores identified as underperforming or delivering strategically or financially unacceptable results. Expenses accrued pertaining to closed store exit activities are included in the Company’s closed store liabilities, within Accrued expenses and Other long-term liabilities in the accompanying consolidated balance sheets, and recognized in SG&A in the accompanying consolidated statements of operations at the time the facilities actually close. Closed store liabilities include the present value of the remaining lease obligations and management’s estimate of future costs of insurance, property tax and common area maintenance expenses (reduced by the present value of estimated revenues from subleases and lease buyouts). | ||||||||||||
From time to time closed store liability estimates require revisions, primarily due to changes in assumptions associated with revenue from subleases. The effect of accretion and changes in estimates for our closed store liabilities are included in SG&A in the accompanying consolidated statements of operations at the time the changes in estimates are made. | ||||||||||||
Employees receiving severance benefits as the result of a store closing or other restructuring activity are required to render service until they are terminated in order to receive benefits. The severance is recognized in SG&A in the accompanying consolidated statements of operations over the related service period. Other restructuring costs, including costs to relocate employees, are recognized in the period in which the liability is incurred. | ||||||||||||
The Company also evaluates and determines if the results from the closure of store locations should be reported as discontinued operations based on the elimination of the operations and associated cash flows from the Company’s ongoing operations. Operations and associated cash flows transferred to another store in the local market are not considered eliminated in the evaluation of discontinued operations. | ||||||||||||
Cost of Sales and Selling, General and Administrative Expenses | ||||||||||||
The following table identifies the primary costs classified in each major expense category: | ||||||||||||
Cost of Sales | SG&A | |||||||||||
Ÿ | Total cost of merchandise sold including: | Ÿ | Payroll and benefit costs for store and corporate | |||||||||
- | Freight expenses associated with moving | Team Members; | ||||||||||
merchandise inventories from our vendors to | Ÿ | Occupancy costs of store and corporate facilities; | ||||||||||
our distribution center, | Ÿ | Depreciation and amortization related to store and | ||||||||||
- | Vendor incentives, and | corporate assets; | ||||||||||
- | Cash discounts on payments to vendors; | Ÿ | Advertising; | |||||||||
Ÿ | Inventory shrinkage; | Ÿ | Costs associated with our Commercial delivery | |||||||||
Ÿ | Defective merchandise and warranty costs; | program, including payroll and benefit costs, | ||||||||||
Ÿ | Costs associated with operating our distribution | and transportation expenses associated with moving | ||||||||||
network, including payroll and benefit costs, | merchandise inventories from our stores and branches to | |||||||||||
occupancy costs and depreciation; and | our customer locations; | |||||||||||
Ÿ | Freight and other handling costs associated with | Ÿ | Self-insurance costs; | |||||||||
moving merchandise inventories through our | Ÿ | Professional services; | ||||||||||
supply chain | Ÿ | Other administrative costs, such as credit card | ||||||||||
- | From our distribution centers to our store and | service fees, supplies, travel and lodging; | ||||||||||
branch locations and customers, and | Ÿ | Closed store expense; | ||||||||||
- | From certain of our larger stores which stock a | Ÿ | Impairment charges; | |||||||||
wider variety and greater supply of inventory (“HUB | Ÿ | GPI acquisition-related expenses and integration costs; | ||||||||||
stores”) to our stores after the customer has | and | |||||||||||
special-ordered the merchandise. | Ÿ | BWP acquisition-related expenses and integration costs. | ||||||||||
New Accounting Pronouncements | ||||||||||||
In August 2014, the Financial Accounting Standard Board, or FASB, issued Accounting Standard Update, or ASU, 2014-15 “Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern." This new standard requires management to perform interim and annual assessments of an entity's ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity's ability to continue as a going concern. This ASU is effective for annual periods ending after December 15, 2016, and interim periods thereafter; earlier adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company's consolidated financial condition, results of operations or cash flows. | ||||||||||||
In June 2014, the FASB, issued ASU 2014-12 “Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period." The amendments in this ASU require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015; earlier adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company's consolidated financial condition, results of operations or cash flows. | ||||||||||||
In May 2014, the FASB issued ASU 2014-09 "Revenue from Contracts with Customers." This ASU is a comprehensive new revenue recognition model that expands disclosure requirements and requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. This ASU is effective for annual reporting periods beginning after December 15, 2016 and early adoption is not permitted. Accordingly, the Company will adopt this ASU on January 1, 2017. We are currently evaluating the impact of the adoption of this guidance on the Company's consolidated financial condition, results of operations and cash flows. | ||||||||||||
In April 2014, the FASB issued ASU No. 2014-08 "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of Equity", which amends the definition of a discontinued operation in Accounting Standards Codification, or ASC, 205-20 and requires entities to provide additional disclosures about discontinued operations as well as disposal transactions that do not meet the discontinued operations criteria. The new guidance changes the definition of a discontinued operation and requires discontinued operations treatment for disposals of a component or group of components that represents a strategic shift that has or will have a major impact on an entity’s operations or financial results. The ASU is effective prospectively for all disposals (except disposals classified as held for sale before the adoption date) or components initially classified as held for sale in periods beginning on or after December 15, 2014; earlier adoption is permitted. The adoption of this guidance affects prospective presentation of disposals and therefore, is not expected to have a material impact on the Company's consolidated financial condition, results of operations or cash flows. | ||||||||||||
In July 2013, the FASB issued ASU No. 2013-11 “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” Under ASU 2013-11 an entity is required to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in its financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. If a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. ASU 2013-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this guidance affects presentation only and, therefore, had no material impact on the Company's consolidated financial condition, results of operations or cash flows. |
Inventories_net
Inventories, net | 12 Months Ended | |||||||||||
Jan. 03, 2015 | ||||||||||||
Inventory, Net [Abstract] | ||||||||||||
Inventories, net | Inventories, net: | |||||||||||
Merchandise Inventory | ||||||||||||
The Company used the LIFO method of accounting for approximately 88% of inventories at January 3, 2015 and 95% at December 28, 2013. Under LIFO, the Company’s cost of sales reflects the costs of the most recently purchased inventories, while the inventory carrying balance represents the costs for inventories purchased in 2014 and prior years. As a result of utilizing LIFO, the Company recorded an increase to cost of sales of $8,930 in 2014 and a reduction to cost of sales of $5,572 and $24,087 in 2013 and 2012, respectively. The Company’s overall costs to acquire inventory for the same or similar products have generally decreased historically as the Company has been able to leverage its continued growth and execution of merchandise strategies. The increase in cost of sales for 2014 was the result of an increase in supply chain costs. | ||||||||||||
Product Cores | ||||||||||||
The remaining inventories are comprised of product cores, the non-consumable portion of certain parts and batteries and the inventory of certain subsidiaries, which are valued under the first-in, first-out (“FIFO”) method. Product cores are included as part of the Company’s merchandise costs and are either passed on to the customer or returned to the vendor. Because product cores are not subject to frequent cost changes like the Company’s other merchandise inventory, there is no material difference when applying either the LIFO or FIFO valuation method. | ||||||||||||
Inventory Overhead Costs | ||||||||||||
Purchasing and warehousing costs included in inventory as of January 3, 2015 and December 28, 2013, were $321,856 and $161,519, respectively. | ||||||||||||
Inventory Balance and Inventory Reserves | ||||||||||||
Inventory balances at the end of 2014 and 2013 were as follows: | ||||||||||||
January 3, | December 28, | |||||||||||
2015 | 2013 | |||||||||||
Inventories at FIFO, net | $ | 3,814,123 | $ | 2,424,795 | ||||||||
Adjustments to state inventories at LIFO | 122,832 | 131,762 | ||||||||||
Inventories at LIFO, net | $ | 3,936,955 | $ | 2,556,557 | ||||||||
Inventory quantities are tracked through a perpetual inventory system. The Company completes physical inventories and other targeted inventory counts in its store locations to ensure the accuracy of the perpetual inventory quantities of both merchandise and core inventory in these locations. In its distribution centers and branches, the Company uses a cycle counting program to ensure the accuracy of the perpetual inventory quantities of both merchandise and product core inventory. Reserves for estimated shrink are established based on the results of physical inventories conducted by the Company with the assistance of an independent third party in substantially all of the Company’s stores over the course of the year, other targeted inventory counts in its stores, results from recent cycle counts in its distribution facilities and historical and current loss trends. | ||||||||||||
The Company also establishes reserves for potentially excess and obsolete inventories based on (i) current inventory levels, (ii) the historical analysis of product sales and (iii) current market conditions. The Company has return rights with many of its vendors and the majority of excess inventory is returned to its vendors for full credit. In certain situations, the Company establishes reserves when less than full credit is expected from a vendor or when liquidating product will result in retail prices below recorded costs. | ||||||||||||
The following table presents changes in the Company’s inventory reserves for years ended January 3, 2015, December 28, 2013 and December 29, 2012: | ||||||||||||
January 3, | December 28, | December 29, | ||||||||||
2015 | 2013 | 2012 | ||||||||||
Inventory reserves, beginning of period | $ | 37,523 | $ | 31,418 | $ | 30,786 | ||||||
Additions to inventory reserves | 92,773 | 65,466 | 72,852 | |||||||||
Reserves utilized | (80,857 | ) | (59,361 | ) | (72,220 | ) | ||||||
Inventory reserves, end of period | $ | 49,439 | $ | 37,523 | $ | 31,418 | ||||||
Acquisitions
Acquisitions | 12 Months Ended | ||||
Jan. 03, 2015 | |||||
Business Combinations [Abstract] | |||||
Acquisitions | Acquisitions: | ||||
General Parts International, Inc. | |||||
On January 2, 2014, the Company acquired GPI in an all-cash transaction. GPI, formerly a privately-held company, is a leading distributor and supplier of original equipment and aftermarket replacement products for Commercial markets operating under the Carquest and Worldpac brands. As of the acquisition date, GPI operated 1,233 Carquest stores and 103 Worldpac branches located in 45 states and Canada and serviced approximately 1,400 independently-owned Carquest stores. The Company believes the acquisition of GPI will allow the Company to expand its geographic presence, Commercial capabilities and overall scale to better serve customers. | |||||
The Company acquired all of GPI's assets and liabilities as a result of the transaction. Under the terms of the agreement, the Company acquired all of the outstanding stock of GPI for a purchase price of $2,080,804 (subject to adjustment for certain closing items) consisting of $1,307,991 in cash to GPI's shareholders, the repayment of $694,301 of GPI debt and $78,512 in make-whole fees and transaction-related expenses paid by the Company on GPI's behalf. The Company funded the purchase price with cash on-hand, $700,000 from a term loan and $306,046 from a revolving credit facility. Refer to Note 8, Long-Term Debt, for a more detailed description of this debt. The Company recognized $26,970 of acquisition-related costs during 2013, which was included in SG&A expenses and interest expense. The Company recognized no acquisition-related costs during Fiscal 2014, as all of these costs were recognized during Fiscal 2013. The Company has included the financial results of GPI in its consolidated financial statements commencing January 2, 2014. GPI contributed sales of $3,040,493 and net income of $58,535 during 2014. The net income reflects amortization related to the acquired intangible assets and integration expenses. | |||||
The Company placed $200,881 of the total purchase price in escrow to secure indemnification obligations of the sellers relating to the accuracy of representations and warranties and the satisfaction of covenants. Half of the escrow funds will be disbursed to the Sellers on July 2, 2015 and the remaining amounts distributed on January 2, 2017, after deducting for any claims indemnified from escrow. At the acquisition date, the Company recognized a net indemnification asset of $4,283 with respect to liabilities for which it intends to make a claim from escrow. According to the agreement, the Company will be indemnified, for the escrow term of three years, against losses incurred relating to taxes owed by GPI for periods prior to June 30, 2013. | |||||
Purchase Price Allocation | |||||
The following table summarizes the consideration paid for GPI and the amounts of the assets acquired and liabilities assumed as of the acquisition date: | |||||
Total Consideration | $ | 2,080,804 | |||
Recognized amounts of identifiable assets acquired and liabilities assumed | |||||
Cash and cash equivalents | $ | 25,176 | |||
Receivables | 255,997 | ||||
Inventory | 1,159,886 | ||||
Other current assets | 118,871 | ||||
Property, plant and equipment | 162,545 | ||||
Intangible assets | 756,571 | ||||
Other assets | 1,741 | ||||
Accounts payable | (704,006 | ) | |||
Accrued and other current liabilities | (136,784 | ) | |||
Long-term liabilities | (356,584 | ) | |||
Total identifiable net assets | 1,283,413 | ||||
Goodwill | 797,391 | ||||
Total acquired net assets | $ | 2,080,804 | |||
The Company completed the valuation of the assets acquired and liabilities assumed in the third quarter of 2014. Due to the nature of GPI's business, the assets acquired and liabilities assumed as part of this acquisition are similar in nature to those of the Company. The goodwill of $797,391 arising from the acquisition consists largely of the anticipated synergies and economies of scale from the combined companies and the overall strategic importance of GPI to the Company. The goodwill attributable to the acquisition will not be amortizable or deductible for tax purposes. For additional information regarding goodwill and intangible assets acquired, see Note 6, Goodwill and Intangible Assets. | |||||
The Company recorded an asset associated with favorable leases of $56,465 and a liability associated with unfavorable leases of $48,604, which are included in intangible assets and other long-term liabilities, respectively. Favorable and unfavorable lease assets and liabilities will be amortized to rent expense over their expected lives, which approximates the period of time that the favorable or unfavorable lease terms will be in effect. The fair value of financial assets acquired included receivables of $255,997 primarily from Commercial customers and vendors. The gross amount due was $269,006, of which $13,009 was expected to be uncollectible. | |||||
Unaudited Pro Forma Financial Information | |||||
The following unaudited consolidated pro forma financial information combines the respective measure of the Company for Fiscal 2013 and GPI for the twelve months ended December 31, 2013. The pro forma financial information has been prepared by adjusting the historical data to give effect to the acquisition as if it had occurred on December 30, 2012 (the first day of the Company's fiscal 2013). | |||||
December 28, | |||||
2013 | |||||
(52 weeks) | |||||
Pro forma: | |||||
Net sales | $ | 9,456,405 | |||
Net income | $ | 428,562 | |||
Basic earnings per share | $ | 5.88 | |||
Diluted earnings per share | $ | 5.84 | |||
The unaudited consolidated pro forma financial information was prepared in accordance with the acquisition method of accounting under existing standards and is not necessarily indicative of the results of operations that would have occurred if the acquisition had been completed on the date indicated, nor is it indicative of the future operating results of the Company. | |||||
The unaudited pro forma results have been adjusted with respect to certain aspects of the acquisition to reflect: | |||||
• | additional amortization expense that would have been recognized assuming fair value adjustments to the existing GPI assets acquired and liabilities assumed, including favorable and unfavorable lease values and other intangible assets; | ||||
• | adjustment of interest expense to reflect the additional borrowings of the Company in conjunction with the acquisition and removal of GPI historical debt; | ||||
• | elimination of the GPI recognition of a deferred gain in 2013 of $6,385 for the twelve months ended December 31, 2013 from a sale leaseback transaction as the deferred values were subsequently removed in purchase accounting; and | ||||
• | elimination of acquisition-related transaction fees incurred by the Company of $26,970 for the fifty-two weeks ended December 28, 2013. | ||||
The unaudited pro forma results do not reflect future events that either have occurred or may occur after the acquisition, including, but not limited to, the anticipated realization of ongoing savings from operating synergies in subsequent periods. They also do not give effect to certain charges that the Company expects to incur in connection with the integration of GPI, including, but not limited to, additional professional fees, employee integration costs, potential asset impairments, and accelerated depreciation and amortization. | |||||
B.W.P. Distributors, Inc. | |||||
On December 31, 2012, the Company acquired B.W.P. Distributors, Inc. ("BWP") in an all-cash transaction. BWP, formerly a privately-held company, supplied, marketed and distributed automotive aftermarket parts and products principally to Commercial customers. Prior to the acquisition, BWP operated or supplied 216 locations in the northeastern U.S. The Company believes this acquisition will enable the Company to continue its expansion in the competitive Northeast, which is a strategic growth area for the Company due to the large population and overall size of the market, and to gain valuable information to apply to its existing operations as a result of BWP's expertise in Commercial. The amount of acquired goodwill reflects this strategic importance to the Company. | |||||
Concurrent with the closing of the acquisition, the Company transferred one distribution center and BWP's rights to distribute to 92 independently owned locations to an affiliate of GPI. As a result, the Company began operating the 124 BWP company-owned stores and two remaining BWP distribution centers as of the closing date. The Company has included the financial results of BWP in its consolidated financial statements commencing December 31, 2012 (Fiscal 2013). Pro forma results of operations related to the acquisition of BWP are not presented as BWP's results are not material to the Company's consolidated statements of operations. | |||||
Under the terms of the agreement, the Company acquired the net assets in exchange for a purchase price of $187,109. Following the closing of the acquisition, the Company sold certain of the acquired assets for $16,798 related to the transfer of operations to GPI. The Company recognized $123,446 of goodwill upon the acquisition, which is expected to be deductible for income tax purposes. | |||||
Other | |||||
The Company also acquired nine stores during 2014 with an aggregate purchase price of $5,155. The results of these stores are not material to the Company's consolidated financial statements. |
Exit_Activities_and_Impairment
Exit Activities and Impairment | 12 Months Ended | |||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||||
Exit Activities and Impairment | Exit Activities and Impairment: | |||||||||||||||||
Office Consolidations | ||||||||||||||||||
In June 2014, the Company approved plans to relocate operations from its Minneapolis, Minnesota and Campbell, California offices to other existing offices of the Company, including its offices in Newark, California, Roanoke, Virginia and Raleigh, North Carolina, and to close its Minneapolis and Campbell offices. The Company also expects to relocate various functions between its existing offices in Roanoke and Raleigh. The Company anticipates that the relocations and office closings will be substantially completed by the end of 2015. | ||||||||||||||||||
In connection with these relocations and office closings, the Company plans to relocate some employees and terminate the employment of others. The Board of Directors of the Company approved this action in order to take advantage of synergies following the acquisition of GPI and to capitalize on the strength of existing locations and organizational experience. The Company estimates that it will incur restructuring costs of approximately $28,800 under these plans through the end of 2015. Substantially all of these costs are expected to be cash expenditures. This estimate includes approximately $11,200 of employee severance costs and $17,600 of relocation costs. | ||||||||||||||||||
Employees receiving severance/outplacement benefits will be required to render service until they are terminated in order to receive the benefits. Therefore, the severance/outplacement benefits will be recognized over the related service periods. During 2014, the Company recognized $6,731 of severance/outplacement benefits under these restructuring plans and other severance related to the acquisition of GPI. Other restructuring costs, including costs to relocate employees, will be recognized in the period in which the liability is incurred. During 2014, the Company recognized $7,053 of relocation costs. | ||||||||||||||||||
Integration of Carquest stores | ||||||||||||||||||
The Company also approved plans in June 2014 to begin consolidating its Carquest stores acquired on January 2, 2014. As of January 3, 2015, 98 Carquest stores had been consolidated into existing Advance Auto Parts stores and 10 Carquest stores had been converted to the Advance Auto Parts format. Plans are in place to consolidate or convert the remaining Carquest stores over the next few years. In addition, the Company will continue to consolidate or convert the remaining Carquest named stores that were acquired with BWP on December 31, 2012, 34 of which were consolidated and 19 were converted during 2014. The Company estimates that the total exit costs to be incurred as a result of consolidations and conversions during Fiscal 2015 will be approximately $5,500, consisting primarily of closed store lease obligations. | ||||||||||||||||||
Contract termination costs, such as those associated with leases on closed stores will be recognized at the cease-use date. Closed lease liabilities include the present value of the remaining lease obligations and management’s estimate of future costs of insurance, property tax and common area maintenance (reduced by the present value of estimated revenues from subleases and lease buyouts). The Company’s closed store lease obligations at January 3, 2015 included $5,812 related to the consolidations of Carquest stores during 2014. | ||||||||||||||||||
Other Exit Activities | ||||||||||||||||||
In August 2014, the Company approved plans to consolidate 33 of its 40 Autoparts International ("AI") stores located in Florida into Advance Auto Parts stores by the end of 2015. Eleven of these stores were consolidated in 2014. The Company also plans to convert the remaining 7 AI stores in Florida to Advance Auto Parts stores by the end of 2015. The total exit costs associated with the AI consolidations is expected to be immaterial. | ||||||||||||||||||
Total Restructuring Liabilities | ||||||||||||||||||
A summary of the Company’s restructuring liabilities, which are recorded in accrued expenses (current portion) and long-term liabilities (long-term portion) in the accompanying condensed consolidated balance sheet, are presented in the following table: | ||||||||||||||||||
Closed Store Lease Obligations | Severance | Relocation and Other Exit Costs | Total | |||||||||||||||
For the year ended January 3, 2015: | ||||||||||||||||||
Balance, December 28, 2013 | $ | 11,212 | $ | — | $ | — | $ | 11,212 | ||||||||||
Reserves acquired with GPI | 3,455 | — | — | 3,455 | ||||||||||||||
Reserves established | 11,138 | 8,038 | 7,053 | 26,229 | ||||||||||||||
Change in estimates | 1,053 | (1,307 | ) | — | (254 | ) | ||||||||||||
Cash payments | (7,588 | ) | (927 | ) | (5,237 | ) | (13,752 | ) | ||||||||||
Balance, January 3, 2015 | $ | 19,270 | $ | 5,804 | $ | 1,816 | $ | 26,890 | ||||||||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Jan. 03, 2015 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets: | ||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||
The following table reflects the carrying amount of goodwill and the changes in goodwill carrying amounts. | |||||||||||||||||||||||||
January 3, | December 28, | ||||||||||||||||||||||||
2015 | 2013 | ||||||||||||||||||||||||
(53 weeks ended) | (52 weeks ended) | ||||||||||||||||||||||||
Goodwill, beginning of period | $ | 199,835 | $ | 76,389 | |||||||||||||||||||||
Acquisitions | 798,043 | 123,446 | |||||||||||||||||||||||
Changes in foreign currency exchange rates | (2,452 | ) | — | ||||||||||||||||||||||
Goodwill, end of period | $ | 995,426 | $ | 199,835 | |||||||||||||||||||||
As discussed in Note 4, Acquisitions, on January 2, 2014, the Company acquired GPI in an all-cash transaction which resulted in the addition of $797,391 of goodwill. During 2014, the Company also added $652 of goodwill associated with the acquisition of nine stores. On December 31, 2012, the Company acquired BWP in an all-cash transaction which resulted in the addition of $123,446 of goodwill. | |||||||||||||||||||||||||
Intangible Assets Other Than Goodwill | |||||||||||||||||||||||||
In 2014, the Company recorded an increase to intangible assets of $757,453 related to the acquisition of GPI and nine stores. The increase included customer relationships of $330,293 which will be amortized over 12 years, non-competes totaling $50,695 which will be amortized over 5 years and favorable leases of $56,465 which will be amortized over the life of the leases at a weighted average of 4.5 years. The increase also includes indefinite-lived intangibles of $320,000 from acquired brands. | |||||||||||||||||||||||||
In 2013, the Company recorded a net increase to intangible assets of $29,001 related to the acquisition of BWP. The net increase included customer relationships of $23,801 which will be amortized over 12 years and other intangible assets of $5,200 which will be amortized over a weighted average of 3.4 years. The increases in intangible assets are presented net of the sale of certain BWP customer relationships subsequent to the acquisition which reduced intangible assets by $2,244. | |||||||||||||||||||||||||
Amortization expense was $56,499, $7,974 and $3,635 for 2014, 2013 and 2012, respectively. The gross carrying amounts and accumulated amortization of acquired intangible assets as of January 3, 2015 and December 28, 2013 are comprised of the following: | |||||||||||||||||||||||||
January 3, 2015 | December 28, 2013 | ||||||||||||||||||||||||
Gross Carrying Amount | Accumulated | Net | Gross Carrying Amount | Accumulated | Net | ||||||||||||||||||||
Amortization | Amortization | ||||||||||||||||||||||||
Amortized intangible assets: | |||||||||||||||||||||||||
Customer relationships | $ | 362,483 | $ | (40,609 | ) | $ | 321,874 | $ | 33,601 | $ | (10,309 | ) | $ | 23,292 | |||||||||||
Acquired technology | 8,850 | (8,569 | ) | 281 | 8,850 | (6,381 | ) | 2,469 | |||||||||||||||||
Favorable leases | 56,342 | (11,939 | ) | 44,403 | — | — | — | ||||||||||||||||||
Non-compete and other | 56,780 | (14,596 | ) | 42,184 | 6,085 | (2,524 | ) | 3,561 | |||||||||||||||||
484,455 | (75,713 | ) | 408,742 | 48,536 | (19,214 | ) | 29,322 | ||||||||||||||||||
Unamortized intangible assets: | |||||||||||||||||||||||||
Brands, trademark and tradenames | 339,383 | — | 339,383 | 20,550 | — | 20,550 | |||||||||||||||||||
Total intangible assets | $ | 823,838 | $ | (75,713 | ) | $ | 748,125 | $ | 69,086 | $ | (19,214 | ) | $ | 49,872 | |||||||||||
Future Amortization Expense | |||||||||||||||||||||||||
The table below shows expected amortization expense for the next five years for acquired intangible assets recorded as of January 3, 2015: | |||||||||||||||||||||||||
Fiscal Year | Amount | ||||||||||||||||||||||||
2015 | $ | 52,115 | |||||||||||||||||||||||
2016 | 48,312 | ||||||||||||||||||||||||
2017 | 45,959 | ||||||||||||||||||||||||
2018 | 42,948 | ||||||||||||||||||||||||
2019 | 32,187 | ||||||||||||||||||||||||
Thereafter | 187,221 | ||||||||||||||||||||||||
Receivables_net
Receivables, net | 12 Months Ended | ||||||||
Jan. 03, 2015 | |||||||||
Receivables [Abstract] | |||||||||
Receivables, net | Receivables, net: | ||||||||
Receivables consist of the following: | |||||||||
January 3, | December 28, | ||||||||
2015 | 2013 | ||||||||
Trade | $ | 360,922 | $ | 145,670 | |||||
Vendor | 222,476 | 138,336 | |||||||
Other | 12,579 | 6,884 | |||||||
Total receivables | 595,977 | 290,890 | |||||||
Less: Allowance for doubtful accounts | (16,152 | ) | (13,295 | ) | |||||
Receivables, net | $ | 579,825 | $ | 277,595 | |||||
Longterm_Debt
Long-term Debt | 12 Months Ended | |||||||
Jan. 03, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Long-term Debt | Long-term Debt: | |||||||
Long-term debt consists of the following: | ||||||||
January 3, 2015 | December 28, 2013 | |||||||
Revolving facility at variable interest rates (2.45% and 1.47% at January 3, 2015 and December 28, 2013, respectively) due December 5, 2018 | $ | 93,400 | $ | — | ||||
Term loan at variable interest rates (1.72% and 1.67% at January 3, 2015 and December 28, 2013, respectively) due January 2, 2019 | 490,000 | — | ||||||
5.75% Senior Unsecured Notes (net of unamortized discount of $746 and $865 at January 3, 2015 and December 28, 2013, respectively) due May 1, 2020 | 299,254 | 299,135 | ||||||
4.50% Senior Unsecured Notes (net of unamortized discount of $72 and $80 at January 3, 2015 and December 28, 2013, respectively) due January 15, 2022 | 299,928 | 299,920 | ||||||
4.50% Senior Unsecured Notes (net of unamortized discount of $1,271 and $1,387 at January 3, 2015 and December 28, 2013) due December 1, 2023 | 448,729 | 448,613 | ||||||
Other | 5,582 | 5,916 | ||||||
1,636,893 | 1,053,584 | |||||||
Less: Current portion of long-term debt | (582 | ) | (916 | ) | ||||
Long-term debt, excluding current portion | $ | 1,636,311 | $ | 1,052,668 | ||||
Bank Debt | ||||||||
On December 5, 2013, the Company entered into a new credit agreement (the "2013 Credit Agreement") which provides a $700,000 unsecured term loan and a $1,000,000 unsecured revolving credit facility with Advance Stores, as Borrower, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent. This revolving credit facility replaced the revolver under the Company’s former Credit Agreement dated as of May 27, 2011 with Advance Stores, as Borrower, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent (the “2011 Credit Agreement”). Upon execution of the 2013 Credit Agreement, the lenders’ commitments under the 2011 Credit Agreement were terminated and the liabilities of the Company and its subsidiaries with respect to their obligations under the 2011 Credit Agreement were discharged. The new revolving credit facility also provides for the issuance of letters of credit with a sub-limit of $300,000 and swingline loans in an amount not to exceed $50,000. The Company may request, subject to agreement by one or more lenders, that the total revolving commitment be increased by an amount not to exceed $250,000 by those respective lenders (up to a total commitment of $1,250,000) during the term of the 2013 Credit Agreement. Voluntary prepayments and voluntary reductions of the revolving balance are permitted in whole or in part, at the Company’s option, in minimum principal amounts as specified in the 2013 Credit Agreement. Under the terms of the 2013 Credit Agreement, the revolving credit facility terminates in December 2018 and the term loan matures in January 2019. | ||||||||
As of January 3, 2015, under the 2013 Credit Agreement, the Company had outstanding borrowings of $93,400 under the revolver and $490,000 under the term loan. As of January 3, 2015, the Company also had letters of credit outstanding of $124,334, which reduced the availability under the revolver to $782,266. The letters of credit generally have a term of one year or less and primarily serve as collateral for the Company’s self-insurance policies. | ||||||||
The interest rate on borrowings under the revolving credit facility is based, at the Company’s option, on adjusted LIBOR, plus a margin, or an alternate base rate, plus a margin. The current margin is 1.30% and 0.30% per annum for the adjusted LIBOR and alternate base rate borrowings, respectively. A facility fee is charged on the total amount of the revolving credit facility, payable in arrears. The current facility fee rate is 0.20% per annum. Under the terms of the 2013 Credit Agreement, the interest rate and facility fee are subject to change based on the Company’s credit rating. | ||||||||
The interest rate on the term loan is based, at the Company’s option, on adjusted LIBOR, plus a margin, or an alternate base rate, plus a margin. The current margin is 1.50% and 0.50% per annum for the adjusted LIBOR and alternate base rate borrowings, respectively. Under the terms of the term loan, the interest rate is subject to change based on the Company’s credit rating. | ||||||||
The 2013 Credit Agreement contains customary covenants restricting the ability of: (a) subsidiaries of Advance Stores to, among other things, create, incur or assume additional debt: (b) Advance Stores and its subsidiaries to, among other things, (i) incur liens, (ii) make loans and investments, (iii) guarantee obligations, and (iv) change the nature of its business conducted by itself and its subsidiaries; (c) Advance, Advance Stores and their subsidiaries to, among other things (i) engage in certain mergers, acquisitions, asset sales and liquidations, (ii) enter into certain hedging arrangements, (iii) enter into restrictive agreements limiting its ability to incur liens on any of its property or assets, pay distributions, repay loans, or guarantee indebtedness of its subsidiaries and (iv) engage in sale-leaseback transactions; and (d) Advance, among other things, to change its holding company status. Advance and Advance Stores are required to comply with financial covenants with respect to a maximum leverage ratio and a minimum consolidated coverage ratio. The 2013 Credit Agreement also provides for customary events of default, including non-payment defaults, covenant defaults and cross-defaults to Advance Stores’ other material indebtedness. The Company was in compliance with its covenants with respect to the 2013 Credit Agreement at January 3, 2015 and December 28, 2013. | ||||||||
Senior Unsecured Notes | ||||||||
The Company issued 4.50% senior unsecured notes in December 2013 at 99.69% of the principal amount of $450,000 which are due December 1, 2023 (the “2023 Notes”). The 2023 Notes bear interest at a rate of 4.50% per year payable semi-annually in arrears on June 1 and December 1 of each year. The net proceeds from the offering of these notes were approximately $445,200, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. | ||||||||
The Company previously issued 4.50% senior unsecured notes in January 2012 at 99.968% of the principal amount of $300,000, which are due January 15, 2022 (the “2022 Notes”). The 2022 Notes bear interest at a rate of 4.50% per year payable semi-annually in arrears on January 15 and July 15 of each year. The Company also previously issued 5.75% senior unsecured notes in April 2010 at 99.587% of the principal amount of $300,000, which are due May 1, 2020 (the “2020 Notes” or collectively with the 2023 Notes and the 2022 Notes, “the Notes”). The 2020 Notes bear interest at a rate of 5.75% per year payable semi-annually in arrears on May 1 and November 1 of each year. Advance served as the issuer of the Notes with certain of Advance’s domestic subsidiaries currently serving as subsidiary guarantors. The terms of the Notes are governed by an indenture (as amended, supplemented, waived or otherwise modified, the “Indenture”) among the Company, the subsidiary guarantors from time to time party thereto and Wells Fargo Bank, National Association, as Trustee. | ||||||||
The Company may redeem some or all of the Notes at any time or from time to time, at the redemption price described in the Indenture. In addition, in the event of a Change of Control Triggering Event (as defined in the Indenture for the Notes), the Company will be required to offer to repurchase the Notes at a price equal to 101% of the principal amount thereof, plus accrued and unpaid interest to the repurchase date. The Notes are currently fully and unconditionally guaranteed, jointly and severally, on an unsubordinated and unsecured basis by each of the subsidiary guarantors. The Company will be permitted to release guarantees without the consent of holders of the Notes under the circumstances described in the Indenture: (i) upon the release of the guarantee of the Company’s other debt that resulted in the affected subsidiary becoming a guarantor of this debt; (ii) upon the sale or other disposition of all or substantially all of the stock or assets of the subsidiary guarantor; or (iii) upon the Company’s exercise of its legal or covenant defeasance option. | ||||||||
The Indenture contains customary provisions for events of default including for: (i) failure to pay principal or interest when due and payable; (ii) failure to comply with covenants or agreements in the Indenture or the Notes and failure to cure or obtain a waiver of such default upon notice; (iii) a default under any debt for money borrowed by the Company or any of its subsidiaries that results in acceleration of the maturity of such debt, or failure to pay any such debt within any applicable grace period after final stated maturity, in an aggregate amount greater than $25,000 without such debt having been discharged or acceleration having been rescinded or annulled within 10 days after receipt by the Company of notice of the default by the Trustee or holders of not less than 25% in aggregate principal amount of the Notes then outstanding; and (iv) events of bankruptcy, insolvency or reorganization affecting the Company and certain of its subsidiaries. In the case of an event of default, the principal amount of the Notes plus accrued and unpaid interest may be accelerated. The Indenture also contains covenants limiting the ability of the Company and its subsidiaries to incur debt secured by liens and to enter into sale and lease-back transactions. | ||||||||
Future Payments | ||||||||
As of January 3, 2015, the aggregate future annual maturities of long-term debt instruments are as follows: | ||||||||
Fiscal | Amount | |||||||
Year | ||||||||
2015 | $ | 582 | ||||||
2016 | — | |||||||
2017 | 35,000 | |||||||
2018 | 163,400 | |||||||
2019 | 385,000 | |||||||
Thereafter | 1,052,911 | |||||||
$ | 1,636,893 | |||||||
Debt Guarantees | ||||||||
The Company is a guarantor of loans made by banks to various independently-owned Carquest stores that are customers of the Company ("Independents") totaling $33,606 as of January 3, 2015. The Company has concluded that some of these guarantees meet the definition of a variable interest in a variable interest entity. However, the Company does not have the power to direct the activities that most significantly affect the economic performance of the Independents and therefore is not the primary beneficiary of these stores. Upon entering into a relationship with certain Independents, the Company guaranteed the debt of those stores to aid in the procurement of business loans. These loans are collateralized by security agreements on merchandise inventory and other assets of the borrowers. The approximate value of the inventory collateralized in these agreements is $71,997 as of January 3, 2015. The Company believes that the likelihood of performance under these guarantees is remote, and any fair value attributable to these guarantees would be very minimal. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Jan. 03, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements | Fair Value Measurements: | |||||||||||||||
The Company’s financial assets and liabilities measured at fair value are grouped in three levels. The levels prioritize the inputs used to measure the fair value of these assets or liabilities. These levels are: | ||||||||||||||||
• | Level 1 – Unadjusted quoted prices that are available in active markets for identical assets or liabilities at the measurement date. | |||||||||||||||
• | Level 2 – Inputs other than quoted prices that are observable for assets and liabilities at the measurement date, either directly or indirectly. These inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are less active, and inputs other than quoted prices that are observable for the asset or liability or corroborated by other observable market data. | |||||||||||||||
• | Level 3 – Unobservable inputs for assets or liabilities that are not able to be corroborated by observable market data and reflect the use of a reporting entity’s own assumptions. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions. | |||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||||||||||||||||
The fair value hierarchy requires the use of observable market data when available. In instances where inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been categorized based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. | ||||||||||||||||
The following table sets forth the Company’s financial liabilities that were measured at fair value on a recurring basis as of January 3, 2015 and December 28, 2013: | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||
Fair Value | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||||
Identical Assets | Inputs | |||||||||||||||
As of December 28, 2013: | ||||||||||||||||
Contingent consideration related to business acquisitions | $ | 9,475 | $ | — | $ | — | $ | 9,475 | ||||||||
The fair value of the contingent consideration, which was recorded in Accrued expenses as of December 28, 2013, was based on various estimates including the Company’s estimate of the probability of achieving the targets and the time value of money. During 2014, the contingent consideration previously recognized at fair value was paid. | ||||||||||||||||
The carrying amount of the Company’s cash and cash equivalents, accounts receivable, bank overdrafts, accounts payable, accrued expenses and the current portion of long term debt approximate their fair values due to the relatively short term nature of these instruments. The fair value of the Company’s senior unsecured notes was determined using Level 2 inputs based on quoted market prices and the Company believes that the carrying value of its other long-term debt and certain long-term liabilities approximate fair value. | ||||||||||||||||
The carrying value and fair value of the Company’s long-term debt, excluding the current portion, as of January 3, 2015 and December 28, 2013, respectively, are as follows: | ||||||||||||||||
January 3, | December 28, | |||||||||||||||
2015 | 2013 | |||||||||||||||
Carrying Value | $ | 1,636,311 | $ | 1,052,668 | ||||||||||||
Fair Value | $ | 1,728,000 | $ | 1,086,000 | ||||||||||||
Non-Financial Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | ||||||||||||||||
Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (e.g., when there is evidence of impairment). At January 3, 2015, the Company had no significant fair value measurements of non-financial assets or liabilities subsequent to initial recognition. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||||||
Jan. 03, 2015 | ||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||
Property and Equipment | Property and Equipment: | |||||||||||
Property and equipment consists of the following: | ||||||||||||
Original | January 3, | December 28, | ||||||||||
Useful Lives | 2015 | 2013 | ||||||||||
Land and land improvements | 0 - 10 years | $ | 438,638 | $ | 418,207 | |||||||
Buildings | 30 - 40 years | 460,187 | 445,820 | |||||||||
Building and leasehold improvements | 3 - 30 years | 394,259 | 336,685 | |||||||||
Furniture, fixtures and equipment | 3 - 20 years | 1,402,563 | 1,244,456 | |||||||||
Vehicles | 2 - 13 years | 37,051 | 18,291 | |||||||||
Construction in progress | 71,691 | 75,985 | ||||||||||
2,804,389 | 2,539,444 | |||||||||||
Less - Accumulated depreciation | (1,372,359 | ) | (1,255,474 | ) | ||||||||
Property and equipment, net | $ | 1,432,030 | $ | 1,283,970 | ||||||||
Depreciation expense was $235,040, $199,821 and $185,909 for 2014, 2013 and 2012, respectively. The Company capitalized approximately $11,436, $11,534 and $10,026 incurred for the development of internal use computer software during 2014, 2013 and 2012, respectively. These costs are included in the furniture, fixtures and equipment category above and are depreciated on the straight-line method over three to five years. |
Accrued_Expenses
Accrued Expenses | 12 Months Ended | ||||||||||||
Jan. 03, 2015 | |||||||||||||
Payables and Accruals [Abstract] | |||||||||||||
Accrued Expenses | Accrued Expenses: | ||||||||||||
Accrued expenses consist of the following: | |||||||||||||
January 3, | December 28, | ||||||||||||
2015 | 2013 | ||||||||||||
Payroll and related benefits | $ | 116,198 | $ | 101,576 | |||||||||
Warranty reserves | 47,972 | 39,512 | |||||||||||
Capital expenditures | 29,780 | 20,714 | |||||||||||
Self-insurance reserves | 58,899 | 45,504 | |||||||||||
Taxes payable | 87,473 | 82,179 | |||||||||||
Other | 180,351 | 139,140 | |||||||||||
Total accrued expenses | $ | 520,673 | $ | 428,625 | |||||||||
The following table presents changes in the Company’s warranty reserves: | |||||||||||||
January 3, | December 28, | December 29, | |||||||||||
2015 | 2013 | 2012 | |||||||||||
Warranty reserves, beginning of period | $ | 39,512 | $ | 38,425 | $ | 38,847 | |||||||
Reserves acquired with GPI | 4,490 | — | — | ||||||||||
Additions to warranty reserves | 52,306 | 42,380 | 40,766 | ||||||||||
Reserves utilized | (48,336 | ) | (41,293 | ) | (41,188 | ) | |||||||
Warranty reserves, end of period | $ | 47,972 | $ | 39,512 | $ | 38,425 | |||||||
Other_Current_and_Longterm_Lia
Other Current and Long-term Liabilities | 12 Months Ended | ||||||||
Jan. 03, 2015 | |||||||||
Other Liabilities Disclosure [Abstract] | |||||||||
Other Current and Long-Term Liabilities | Other Current and Long-term Liabilities: | ||||||||
Other current liabilities consist of the following: | |||||||||
January 3, | December 28, | ||||||||
2015 | 2013 | ||||||||
Deferred income taxes | $ | 89,173 | $ | 135,754 | |||||
Other | 37,273 | 18,876 | |||||||
Total other current liabilities | $ | 126,446 | $ | 154,630 | |||||
Other long-term liabilities consist of the following: | |||||||||
January 3, | December 28, | ||||||||
2015 | 2013 | ||||||||
Deferred income taxes | $ | 360,903 | $ | 91,957 | |||||
Self-insurance reserves | 78,134 | 52,971 | |||||||
Deferred rent | 55,153 | 47,851 | |||||||
Unfavorable leases | 45,259 | — | |||||||
Other | 40,620 | 38,337 | |||||||
Total other long-term liabilities | $ | 580,069 | $ | 231,116 | |||||
Stock_Repurchases
Stock Repurchases | 12 Months Ended |
Jan. 03, 2015 | |
Stock Repurchases: [Abstract] | |
Stock Repurchases | Stock Repurchases: |
The Company’s stock repurchase program allows it to repurchase its common stock on the open market or in privately negotiated transactions from time to time in accordance with the requirements of the SEC. The Company’s $500,000 stock repurchase program in place as of January 3, 2015 was authorized by its Board of Directors on May 14, 2012. | |
During 2014, the Company repurchased no shares of its common stock under its stock repurchase program. The Company had $415,092 remaining under its stock repurchase program as of January 3, 2015. During 2013, the Company repurchased 998 shares of its common stock at an aggregate cost of $77,293, or an average price of $77.47 per share under its stock repurchase program. | |
The Company repurchased 35 shares of its common stock at an aggregate cost of $5,154, or an average price of $148.85 per share, in connection with the net settlement of shares issued as a result of the vesting of restricted stock and restricted stock units during 2014. The Company repurchased 38 shares of its common stock at an aggregate cost of $3,502, or an average price of $91.78 per share, in connection with the net settlement of shares issued as a result of the vesting of restricted stock and restricted stock units during 2013. |
Earnings_per_Share
Earnings per Share | 12 Months Ended | ||||||||||||
Jan. 03, 2015 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share | Earnings per Share: | ||||||||||||
Certain of the Company’s shares granted to Team Members in the form of restricted stock and restricted stock units are considered participating securities which require the use of the two-class method for the computation of basic and diluted earnings per share. For 2014, 2013 and 2012, earnings of $1,555, $895 and $870, respectively, were allocated to the participating securities. | |||||||||||||
Diluted earnings per share are calculated by including the effect of dilutive securities. Share-based awards to purchase approximately 13, 75 and 221 shares of common stock that had an exercise price in excess of the average market price of the common stock during 2014, 2013 and 2012, respectively, were not included in the calculation of diluted earnings per share because they are anti-dilutive. | |||||||||||||
The following table illustrates the computation of basic and diluted earnings per share for 2014, 2013 and 2012, respectively: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator | |||||||||||||
Net income applicable to common shares | $ | 493,825 | $ | 391,758 | $ | 387,670 | |||||||
Participating securities’ share in earnings | (1,555 | ) | (895 | ) | (870 | ) | |||||||
Net income applicable to common shares | $ | 492,270 | $ | 390,863 | $ | 386,800 | |||||||
Denominator | |||||||||||||
Basic weighted average common shares | 72,932 | 72,930 | 73,091 | ||||||||||
Dilutive impact of share-based awards | 482 | 484 | 971 | ||||||||||
Diluted weighted average common shares | 73,414 | 73,414 | 74,062 | ||||||||||
Basic earnings per common share | |||||||||||||
Net income applicable to common stockholders | $ | 6.75 | $ | 5.36 | $ | 5.29 | |||||||
Diluted earnings per common share | |||||||||||||
Net income applicable to common stockholders | $ | 6.71 | $ | 5.32 | $ | 5.22 | |||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Jan. 03, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | Income Taxes: | ||||||||||||
Provision for Income Taxes | |||||||||||||
Provision for income taxes for 2014, 2013 and 2012 consists of the following: | |||||||||||||
Current | Deferred | Total | |||||||||||
2014 | |||||||||||||
Federal | $ | 204,743 | $ | 45,389 | $ | 250,132 | |||||||
State | 19,359 | 4,830 | 24,189 | ||||||||||
Foreign | 14,999 | (1,751 | ) | 13,248 | |||||||||
$ | 239,101 | $ | 48,468 | $ | 287,569 | ||||||||
2013 | |||||||||||||
Federal | $ | 202,784 | $ | (1,898 | ) | $ | 200,886 | ||||||
State | 25,287 | (339 | ) | 24,948 | |||||||||
Foreign | 8,806 | — | 8,806 | ||||||||||
$ | 236,877 | $ | (2,237 | ) | $ | 234,640 | |||||||
2012 | |||||||||||||
Federal | $ | 185,564 | $ | 21,940 | $ | 207,504 | |||||||
State | 20,116 | 4,953 | 25,069 | ||||||||||
Foreign | 3,831 | — | 3,831 | ||||||||||
$ | 209,511 | $ | 26,893 | $ | 236,404 | ||||||||
The provision for income taxes differed from the amount computed by applying the federal statutory income tax | |||||||||||||
rate due to: | |||||||||||||
January 3, 2015 | December 28, 2013 | December 29, 2012 | |||||||||||
Income before provision for income taxes at statutory U.S. federal income tax rate (35%) | $ | 273,488 | $ | 219,239 | $ | 218,426 | |||||||
State income taxes, net of federal income tax benefit | 15,723 | 16,216 | 16,295 | ||||||||||
Other, net | (1,642 | ) | (815 | ) | 1,683 | ||||||||
$ | 287,569 | $ | 234,640 | $ | 236,404 | ||||||||
Deferred Income Tax Assets(Liabilities) | |||||||||||||
Deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred income taxes reflect the net income tax effect of temporary differences between the basis of assets and liabilities for financial reporting purposes and for income tax reporting purposes. Net deferred income tax balances are comprised of the following: | |||||||||||||
January 3, | December 28, | ||||||||||||
2015 | 2013 | ||||||||||||
Deferred income tax assets | $ | 151,997 | $ | 101,979 | |||||||||
Valuation allowance | (5,084 | ) | (1,557 | ) | |||||||||
Deferred income tax liabilities | (593,264 | ) | (321,778 | ) | |||||||||
Net deferred income tax liabilities | $ | (446,351 | ) | $ | (221,356 | ) | |||||||
As of January 3, 2015 and December 28, 2013, the Company had deferred income tax assets of $1,297 and $2,207 from federal net operating losses, or NOLs, of $3,705 and $6,307, and deferred income tax assets of $6,847 and $2,130 from state NOLs of $165,849 and $40,440, respectively. These NOLs may be used to reduce future taxable income and expire periodically through Fiscal 2034. Due to uncertainties related to the realization of certain deferred tax assets for NOLs in certain jurisdictions, the Company recorded a valuation allowance of $5,084 and $1,557 as of both January 3, 2015 and December 28, 2013. The amount of deferred income tax assets realizable, however, could change in the future if projections of future taxable income change. As of January 3, 2015 and December 28, 2013, the Company had cumulative net deferred income tax liabilities of $446,351 and $221,356, respectively. | |||||||||||||
The Company has not recorded deferred taxes when earnings from foreign operations are considered to be indefinitely invested outside of the U.S. These accumulated net earnings relate to certain ongoing operations for multiple years and were approximately $108,000 as of January 3, 2015. It is not practicable to determine the income tax liability that would be payable if such earnings were repatriated. | |||||||||||||
Temporary differences which give rise to significant deferred income tax assets (liabilities) are as follows: | |||||||||||||
January 3, | December 28, | ||||||||||||
2015 | 2013 | ||||||||||||
Current deferred income tax assets (liabilities): | |||||||||||||
Inventory valuation differences | $ | (156,703 | ) | $ | (178,201 | ) | |||||||
Accrued medical and workers compensation | 14,250 | 9,370 | |||||||||||
Accrued expenses not currently deductible for tax | 48,684 | 28,501 | |||||||||||
Other, net | 5,119 | 5,612 | |||||||||||
Total current deferred income tax assets (liabilities) | $ | (88,650 | ) | $ | (134,718 | ) | |||||||
Long-term deferred income tax assets (liabilities): | |||||||||||||
Property and equipment | $ | (181,511 | ) | $ | (143,577 | ) | |||||||
Share-based compensation | 13,721 | 10,733 | |||||||||||
Accrued medical and workers compensation | 30,424 | 20,532 | |||||||||||
Net operating loss carryforwards | 7,233 | 3,426 | |||||||||||
Straight-line rent | 21,431 | 20,784 | |||||||||||
Intangible assets | (255,050 | ) | (10,961 | ) | |||||||||
Other, net | 6,051 | 12,425 | |||||||||||
Total long-term deferred income tax assets (liabilities) | $ | (357,701 | ) | $ | (86,638 | ) | |||||||
These amounts are recorded in Other current liabilities and Other long-term liabilities in the accompanying consolidated balance sheets, as appropriate. | |||||||||||||
Unrecognized Tax Benefits | |||||||||||||
The following table lists each category and summarizes the activity of the Company’s gross unrecognized tax benefits for the fiscal years ended January 3, 2015, December 28, 2013 and December 29, 2012: | |||||||||||||
January 3, | December 28, | December 29, | |||||||||||
2015 | 2013 | 2012 | |||||||||||
Unrecognized tax benefits, beginning of period | $ | 18,458 | $ | 16,708 | $ | 24,711 | |||||||
Increases related to prior period tax positions | — | — | 702 | ||||||||||
Decreases related to prior period tax positions | (4,841 | ) | (1,313 | ) | (9,629 | ) | |||||||
Increases related to current period tax positions | 4,329 | 3,678 | 3,985 | ||||||||||
Settlements | (2,345 | ) | — | (1,111 | ) | ||||||||
Expiration of statute of limitations | (1,568 | ) | (615 | ) | (1,950 | ) | |||||||
Unrecognized tax benefits, end of period | $ | 14,033 | $ | 18,458 | $ | 16,708 | |||||||
As of January 3, 2015, December 28, 2013 and December 29, 2012, the entire amount of unrecognized tax benefits, if recognized, would reduce the Company’s annual effective tax rate. | |||||||||||||
The Company provides for potential interest and penalties associated with uncertain tax positions as a part of income tax expense. During 2014, the Company recognized a benefit from interest and penalties related to uncertain tax positions of $3,684. During 2013, the Company recorded potential interest and penalties of $818. During 2012 the Company recognized a benefit from interest and penalties related to uncertain tax positions of $754. As of January 3, 2015, the Company had recorded a liability for potential interest and penalties of $1,759 and $138, respectively. As of December 28, 2013, the Company had recorded a liability for potential interest and penalties of $5,767 and $316, respectively. The Company has not provided for any penalties associated with tax contingencies unless considered probable of assessment. The Company does not expect its unrecognized tax benefits to change significantly over the next 12 months. | |||||||||||||
During the next 12 months, it is possible the Company could conclude on approximately $1,000 to $2,000 of the contingencies associated with unrecognized tax uncertainties due mainly to the conclusion of audits and the expiration of statutes of limitations. The majority of these resolutions would be achieved through the completion of current income tax examinations. | |||||||||||||
The Company files a U.S. federal income tax return and income tax returns in various states and foreign jurisdictions. The U.S. Internal Revenue Service has completed exams of the U.S. federal income tax returns for years 2007 and prior. With few exceptions, the Company is no longer subject to state and local or non-U.S. income tax examinations by tax authorities for years before 2008. |
Lease_Commitments
Lease Commitments | 12 Months Ended | ||||||||||||
Jan. 03, 2015 | |||||||||||||
Leases [Abstract] | |||||||||||||
Lease Commitments | Lease Commitments: | ||||||||||||
Initial terms for facility leases are typically 10 to 15 years, with renewal options at five year intervals, and may include rent escalation clauses. As of January 3, 2015, future minimum lease payments due under non-cancelable operating leases with lease terms extending through the year 2059 are as follows: | |||||||||||||
Fiscal Year | Amount | ||||||||||||
2015 | $ | 460,655 | |||||||||||
2016 | 439,530 | ||||||||||||
2017 | 402,581 | ||||||||||||
2018 | 363,154 | ||||||||||||
2019 | 317,982 | ||||||||||||
Thereafter | 1,262,623 | ||||||||||||
$ | 3,246,525 | ||||||||||||
The Company anticipates its future minimum lease payments will be partially off-set by future minimum sub-lease income. As of January 3, 2015 and December 28, 2013, future minimum sub-lease income to be received under non-cancelable operating leases is $20,289 and $29,950, respectively. | |||||||||||||
Net Rent Expense | |||||||||||||
Net rent expense for 2014, 2013 and 2012 was as follows: | |||||||||||||
January 3, 2015 | December 28, 2013 | December 29, 2012 | |||||||||||
Minimum facility rentals | $ | 463,345 | $ | 328,581 | $ | 300,552 | |||||||
Contingency facility rentals | 488 | 578 | 907 | ||||||||||
Equipment rentals | 8,230 | 5,333 | 5,027 | ||||||||||
Vehicle rentals | 53,300 | 29,100 | 18,401 | ||||||||||
525,363 | 363,592 | 324,887 | |||||||||||
Less: Sub-lease income | (9,966 | ) | (5,983 | ) | (4,600 | ) | |||||||
$ | 515,397 | $ | 357,609 | $ | 320,287 | ||||||||
Contingencies
Contingencies | 12 Months Ended |
Jan. 03, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies: |
In the case of all known contingencies, the Company accrues for an obligation, including estimated legal costs, when it is probable and the amount is reasonably estimable. As facts concerning contingencies become known to the Company, the Company reassesses its position with respect to accrued liabilities and other potential exposures. Estimates that are particularly sensitive to future change include legal matters, which are subject to change as events evolve and as additional information becomes available during the administrative and litigation process. | |
The Company’s Western Auto subsidiary, together with other defendants including, but not limited to, automobile manufacturers, automotive parts manufacturers and other retailers, has been named as a defendant in lawsuits alleging injury as a result of exposure to asbestos-containing products. The Company and some of its other subsidiaries also have been named as a defendant in many asbestos-related lawsuits. The automotive products at issue in these lawsuits are primarily brake parts. The plaintiffs have alleged that these products contained asbestos and were manufactured, distributed and/or sold by the various defendants. Many of the cases pending against the Company or its subsidiaries are in the early stages of litigation. The damages claimed against the defendants in some of these proceedings are substantial. Additionally, many of the suppliers and manufacturers of asbestos and asbestos-containing products have dissolved or declared bankruptcy, which will limit plaintiffs’ ability to recover monetary damages from those entities. Although the Company and its subsidiaries diligently defend against these claims, the Company may enter into discussions regarding settlement of these and other lawsuits, and may enter into settlement agreements, if it believes settlement is in the best interests of the Company’s shareholders. The Company believes that many of these claims are at least partially covered by insurance. Based on discovery to date, the Company does not believe the cases currently pending will have a material adverse effect on the Company’s operating results, financial position or liquidity. However, if the Company and/or a subsidiary were to incur an adverse verdict in one or more of these claims and was ordered to pay substantial damages that were not covered by insurance, these claims could have a material adverse effect on its operating results, financial position and liquidity. Historically, our asbestos claims have been inconsistent in fact patterns alleged and number and have been immaterial. Furthermore, the outcome of such legal matters is uncertain and the Company's liability, if any, could vary widely. As a result, we are unable to estimate a possible range of loss with respect to unasserted asbestos claims that may be filed against the Company or any subsidiary in the future. If the number of claims filed against the Company or any of its subsidiaries alleging injury as a result of exposure to asbestos-containing products increases substantially, the costs associated with concluding these claims, including damages resulting from any adverse verdicts, could have a material adverse effect on its operating results, financial position or liquidity in future periods. | |
The Company is involved in various types of legal proceedings arising from claims of employment discrimination or other types of employment matters as a result of claims by current and former Team Members. The damages claimed against the Company in some of these proceedings are substantial. Because of the uncertainty of the outcome of such legal matters and because the Company’s liability, if any, could vary widely, including the size of any damages awarded if plaintiffs are successful in litigation or any negotiated settlement, the Company cannot reasonably estimate the possible loss or range of loss which may arise. The Company is also involved in various other claims and legal proceedings arising in the normal course of business. Although the final outcome of these legal matters cannot be determined, based on the facts presently known, it is management’s opinion that the final outcome of such claims and lawsuits will not have a material adverse effect on the Company’s financial position, results of operations or liquidity. |
Benefit_Plans
Benefit Plans | 12 Months Ended |
Jan. 03, 2015 | |
Postemployment Benefits [Abstract] | |
Benefit Plans | Benefit Plans: |
401(k) Plan | |
The Company maintains a defined contribution benefit plan, which covers substantially all Team Members after one year of service and who have attained the age of 21. The plan allows for Team Member salary deferrals, which are matched at the Company’s discretion. During 2014, GPI also maintained its existing defined contribution plan which allowed for GPI Team Member salary deferrals and discretionary fixed and profit sharing contributions by the Company. The GPI plan was merged into the Advance Auto Part plan at the beginning of fiscal 2015. Company contributions to these plans were $15,208, $10,850 and $10,255 in 2014, 2013 and 2012, respectively. | |
Deferred Compensation | |
The Company maintains a non-qualified deferred compensation plan for certain Team Members. This plan provides for a minimum and maximum deferral percentage of the Team Member’s base salary and bonus, as determined by the Retirement Plan Committee. The Company establishes and maintains a deferred compensation liability for this plan. As of January 3, 2015 and December 28, 2013, these liabilities were $16,487 and $14,835, respectively. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | |||||||||||||
Jan. 03, 2015 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Share-Based Compensation | Share-Based Compensation: | |||||||||||||
Overview | ||||||||||||||
The Company grants share-based compensation awards to its Team Members and members of its Board of Directors as provided for under the Company’s 2014 Long-Term Incentive Plan, or 2014 LTIP, which was approved by the Company's shareholders on May 14, 2014. Prior to May 14, 2014 the Company granted share-based compensation awards to its Team Members under the 2004 Long-Term Incentive Plan, which expired following the approval of the 2014 LTIP. The Company currently grants share-based compensation in the form of stock appreciation rights (“SARs”), restricted stock units ("RSUs") and deferred stock units (“DSUs”). At January 3, 2015, the Company also had outstanding restricted stock granted prior to the transition to RSUs in 2012. | ||||||||||||||
At January 3, 2015, there were 4,822 shares of common stock available for future issuance under the 2014 Plan based on management’s current estimate of the probable vesting outcome for performance-based awards. The Company issues new shares of common stock upon exercise of stock options and SARs. Availability is determined net of forfeitures and shares withheld for payment of taxes due. Availability also includes shares which became available for reissuance in connection with the exercise of SARs. | ||||||||||||||
General Terms of Awards | ||||||||||||||
The Company’s grants generally include both a time-based service portion and a performance-based portion, which collectively represent the target award. | ||||||||||||||
Time-Vested Awards | ||||||||||||||
The Company's outstanding time-vested awards consist of SARs, RSUs and restricted stock. The SARs generally vest over a three-year period in equal annual installments beginning on the first anniversary of the grant date. All SARs granted are non-qualified, terminate on the seventh anniversary of the grant date, and contain no post-vesting restrictions other than normal trading black-out periods prescribed by the Company’s corporate governance policies. | ||||||||||||||
The RSU and restricted stock grants generally vest over a three-year period in equal annual installments beginning on the first anniversary of the grant date. During the vesting period, holders of RSUs and restricted stock are entitled to receive dividends or in the case of RSUs, dividend equivalents, while holders of restricted stock are also entitled to voting rights. For restricted stock, the Company's shares are considered outstanding at the date of grant, but are restricted until they vest and cannot be sold by the recipient until the restriction has lapsed at the end of the respective vesting period. | ||||||||||||||
Performance-Based Awards | ||||||||||||||
The Company's outstanding performance-based awards consist of SARs and RSUs. Performance awards may vest following a three-year period subject to the Company’s achievement of certain financial goals as specified in the grant agreements. Depending on the Company’s results during the three-year performance period, the actual number of awards vesting at the end of the period may range from 75% to 200% of the target award (50% to 200% for certain officers). Prior to the December 2013 grant, the target award for purposes of applying the performance multiple was defined as the total award including the time-based and performance-based portions. Beginning with the December 2013 grant the target award for purposes of applying the performance multiples is defined solely as the performance portion of the award granted. The performance RSUs do not have dividend equivalent rights or voting rights until the shares are earned and issued following the applicable performance period. | ||||||||||||||
Share-Based Compensation Expense & Cash Flows | ||||||||||||||
Total share-based compensation expense and cash received included in the Company’s consolidated statements of operations and consolidated statements of cash flows, including the related income tax benefits, for 2014, 2013 and 2012 are as follows: | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Share-based compensation expense | $ | 21,705 | $ | 13,191 | $ | 15,236 | ||||||||
Deferred income tax benefit | 8,013 | 4,991 | 5,774 | |||||||||||
Proceeds from the issuance of common stock, primarily exercise of stock options | 6,578 | 3,611 | 8,495 | |||||||||||
Tax withholdings related to the exercise of stock appreciation rights | (7,102 | ) | (21,856 | ) | (26,677 | ) | ||||||||
Excess tax benefit from share-based compensation | 10,487 | 16,320 | 23,099 | |||||||||||
As of January 3, 2015, there was $43,979 of unrecognized compensation expense related to all share-based awards that was expected to be recognized over a weighted average period of 1.6 years. Expense related to the issuance of share-based compensation is included in SG&A in the accompanying consolidated statements of operations. Expense is recognized net of forfeitures, which are estimated based on historical experience. | ||||||||||||||
The fair value of each SAR was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: | ||||||||||||||
Black-Scholes Option Valuation Assumptions | 2014 | 2013 | 2012 | |||||||||||
Risk-free interest rate (1) | 1.2 | % | 1.1 | % | 0.5 | % | ||||||||
Expected dividend yield | 0.2 | % | 0.3 | % | 0.3 | % | ||||||||
Expected stock price volatility (2) | 27 | % | 26.9 | % | 33.2 | % | ||||||||
Expected life of awards (in months) (3) | 49 | 49 | 49 | |||||||||||
(1) | The risk-free interest rate is based on the U.S. Treasury constant maturity interest rate having term consistent with the expected life of the award. | |||||||||||||
(2) | Expected volatility is determined using a blend of historical and implied volatility. | |||||||||||||
(3) | The expected life of the Company's awards represents the estimated period of time until exercise and is based on historical experience of previously granted awards. | |||||||||||||
Time-Based Share Awards | ||||||||||||||
Stock Options | ||||||||||||||
At December 28, 2013 the Company had 45 options outstanding with a weighted-average exercise price of $41.64. All of the outstanding options were exercised during 2014 and had an aggregate intrinsic value on the date of exercise of $3,747. | ||||||||||||||
Stock Appreciation Rights | ||||||||||||||
The following table summarizes the time-vested SARs activity for 2014: | ||||||||||||||
Number of Awards | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | |||||||||||
Outstanding at December 28, 2013 | 1,090 | $ | 61.79 | |||||||||||
Granted | — | — | ||||||||||||
Exercised | (243 | ) | 54.88 | |||||||||||
Forfeited | (21 | ) | 67.71 | |||||||||||
Outstanding at January 3, 2015 | 826 | $ | 63.68 | 3.54 | $ | 78,332 | ||||||||
Vested and expected to vest | 823 | $ | 63.64 | 3.54 | $ | 78,107 | ||||||||
Outstanding and exercisable | 714 | $ | 61.92 | 3.32 | $ | 69,033 | ||||||||
The weighted average fair value of time-vested SARs granted during 2013 and 2012 was $18.55 and $19.25 per share, respectively. No time-vested SARs were granted in 2014. The aggregate intrinsic value reflected in the table above and in the table below is based on the Company’s closing stock price of $158.56 as of the last trading day of Fiscal 2014. The aggregate intrinsic value, defined as the amount by which the market price of the stock on the date of exercise exceeded the exercise price, of SARs exercised during 2014, 2013 and 2012 was $18,975, $36,998 and $37,477, respectively. | ||||||||||||||
Restricted Stock Units and Restricted Stock | ||||||||||||||
The following table summarizes the RSU and restricted stock activity for the fiscal year ended January 3, 2015: | ||||||||||||||
Number of Awards | Weighted-Average Grant Date Fair Value | |||||||||||||
Nonvested at December 28, 2013 | 210 | $ | 91.44 | |||||||||||
Granted | 190 | 139.43 | ||||||||||||
Vested | (94 | ) | 87.93 | |||||||||||
Forfeited | (23 | ) | 103.75 | |||||||||||
Nonvested at January 3, 2015 | 283 | $ | 123.89 | |||||||||||
The fair value of each RSU and restricted stock award is determined based on the market price of the Company’s common stock on the date of grant. The weighted average fair value of RSUs and restricted shares granted during 2014, 2013 and 2012 was $139.43, $102.19 and $75.26 per share, respectively. The total grant date fair value of RSUs and restricted shares vested during 2014, 2013 and 2012 was $8,293, $5,035 and $4,734, respectively. | ||||||||||||||
Performance-Based Awards | ||||||||||||||
The number of performance-based awards outstanding are reflected in the following tables based on the number of awards that the Company believed were probable of vesting. Performance-based awards granted during 2014 are presented at the target level, as achievement of the target level was deemed probable as of the grant date. The change in units based on performance represents the change in the number of previously granted awards expected to vest based on the Company's updated probability assessment at January 3, 2015. | ||||||||||||||
Compensation expense for performance-based awards of $6,161, $1,141, and $3,267 in 2014, 2013 and 2012, respectively, was determined based on management’s estimate of the probable vesting outcome. | ||||||||||||||
Performance-Based SARs | ||||||||||||||
The following table summarizes the performance-based SARs activity for 2014: | ||||||||||||||
Number of Awards | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | |||||||||||
Outstanding at December 28, 2013 | 520 | $ | 78.21 | |||||||||||
Granted | 303 | 141.57 | ||||||||||||
Change in units based on performance | (48 | ) | 90.57 | |||||||||||
Exercised | (39 | ) | 35.18 | |||||||||||
Forfeited | (107 | ) | 68.97 | |||||||||||
Outstanding at January 3, 2015 | 629 | $ | 112.01 | 5.47 | $ | 29,285 | ||||||||
Vested and expected to vest | 533 | $ | 108.17 | 4.97 | $ | 26,864 | ||||||||
Outstanding and exercisable | 92 | $ | 36.91 | 1.84 | $ | 11,152 | ||||||||
The weighted average fair value of performance-based SARs granted during 2014, 2013 and 2012 was $32.41, $23.72 and $19.23 per share, respectively. The aggregate intrinsic value of performance-based SARs exercised during 2014, 2013 and 2012 was $3,814, $14,257 and $34,020, respectively. As of January 3, 2015, the maximum potential payout under the Company’s currently outstanding performance-based SAR awards was 2,167 units. | ||||||||||||||
Performance-Based Restricted Stock Units | ||||||||||||||
The following table summarizes the performance-based RSUs activity for 2014: | ||||||||||||||
Number of Awards | Weighted-Average Grant Date Fair Value | |||||||||||||
Nonvested at December 28, 2013 | 182 | $ | 75.36 | |||||||||||
Granted | 19 | 123.32 | ||||||||||||
Change in units based on performance | 6 | 104.87 | ||||||||||||
Vested | (2 | ) | 74.43 | |||||||||||
Forfeited | (10 | ) | 76.09 | |||||||||||
Nonvested at January 3, 2015 | 195 | $ | 81.98 | |||||||||||
The fair value of each performance-based RSU is determined based on the market price of the Company’s common stock on the date of grant. The weighted average fair value of performance-based RSUs granted during 2014, 2013 and 2012 was $123.32, $77.47 and $75.20 per share, respectively. The total grant date fair value of performance-based restricted stock vested during 2014, 2013 and 2012 was $142, $1,290 and $4,858, respectively. As of January 3, 2015, the maximum potential payout under the Company’s currently outstanding performance-based RSUs was 462 shares. | ||||||||||||||
Deferred Stock Units | ||||||||||||||
The Company grants share-based awards annually to its Board of Directors in connection with its annual meeting of stockholders. These awards are granted in the form of DSUs as provided for in the Advance Auto Parts, Inc. Deferred Stock Unit Plan for Non-Employee Directors and Selected Executives, or the DSU Plan. Each DSU is equivalent to one share of common stock of the Company. The DSUs granted in 2014 fully vest after one year of board service and are distributed in common shares after the director’s service on the Board ends. Additionally, the DSU Plan provides for the deferral of compensation earned in the form of (i) an annual retainer for directors, and (ii) wages for certain highly compensated Team Members of the Company. These DSUs are settled in common stock with the participants at a future date, or over a specified time period, as elected by the participants in accordance with the DSU Plan. | ||||||||||||||
The Company granted 7 DSUs in 2014. The weighted average fair value of DSUs granted during 2014, 2013 and 2012 was $122.80, $83.63, and $69.82, respectively. The DSUs are awarded at a price equal to the market price of the Company’s underlying stock on the date of the grant. For 2014, 2013 and 2012, respectively, the Company recognized a total of $862, $840, and $960 on a pre-tax basis, in compensation expense for these DSU grants. | ||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||
The Company also offers an employee stock purchase plan (ESPP). Under the ESPP, eligible Team Members may elect salary deferrals to purchase the Company’s common stock at a discount to its fair market value on the date of purchase. During 2012, the Company increased this discount from 5% to 10%. There are annual limitations on the amounts a Team Member may elect of either $25 per Team Member or 10% of compensation, whichever is less. Under the plan, Team Members acquired 39, 23 and 34 shares in 2014, 2013 and 2012, respectively. As of January 3, 2015, there were 1,100 shares available to be issued under the plan. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income Loss | 12 Months Ended | ||||||||||||||||
Jan. 03, 2015 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss): | ||||||||||||||||
Comprehensive income is computed as net earnings plus certain other items that are recorded directly to stockholders’ equity during the accounting period. In addition to net earnings, comprehensive income also includes changes in unrealized gains or losses on hedge arrangements, postretirement plan benefits and foreign currency translation gains (losses), net of tax. Accumulated other comprehensive income (loss), net of tax, for 2014, 2013 and 2012 consisted of the following: | |||||||||||||||||
Unrealized Gain | Unrealized Gain (Loss) | Currency | Accumulated | ||||||||||||||
(Loss) on Hedging | on Postretirement | Translation | Other | ||||||||||||||
Arrangements | Plan | Comprehensive | |||||||||||||||
Income (Loss) | |||||||||||||||||
Balance, December 31, 2011 | $ | (254 | ) | $ | 3,058 | $ | — | $ | 2,804 | ||||||||
Fiscal 2012 activity | 254 | (391 | ) | — | (137 | ) | |||||||||||
Balance, December 29, 2012 | $ | — | $ | 2,667 | $ | — | $ | 2,667 | |||||||||
Fiscal 2013 activity | — | 1,016 | — | 1,016 | |||||||||||||
Balance, December 28, 2013 | $ | — | $ | 3,683 | $ | — | $ | 3,683 | |||||||||
Fiscal 2014 activity | — | (752 | ) | (15,268 | ) | (16,020 | ) | ||||||||||
Balance, January 3, 2015 | $ | — | $ | 2,931 | $ | (15,268 | ) | $ | (12,337 | ) | |||||||
Segment_and_Related_Informatio
Segment and Related Information | 12 Months Ended | |||||||||
Jan. 03, 2015 | ||||||||||
Segment Reporting [Abstract] | ||||||||||
Segment and Related Information | Segment and Related Information: | |||||||||
As a result of the acquisition of GPI on January 2, 2014, which is described in Note 4, Acquisitions, the Company reevaluated the composition of its reportable segments. Based on this analysis, the Company determined that it operates as a single reportable segment. As of January 3, 2015, the Company's operations are comprised of 5,261 stores and 111 distribution branches, which operate in the United States, Canada, Puerto Rico and the U.S. Virgin Islands primarily under the trade names “Advance Auto Parts,” "Carquest," "Autopart International" and "Worldpac." These locations offer a broad selection of brand name, OEM and proprietary automotive replacement parts, accessories, and maintenance items primarily for domestic and imported cars and light trucks. While the mix of Commercial and DIY customers varies among the four store brands, all of the locations serve customers through similar distribution channels. The Company has begun implementation of its multi-year plan to fully integrate the Carquest company-operated stores and overall operations into Advance Auto Parts and to eventually integrate the availability of all of the Company's product offerings throughout the entire chain. | ||||||||||
The Company's Advance Auto Parts operations are currently comprised of three geographic areas. Each of the Advance Auto Parts geographic areas, in addition to Carquest and Worldpac, are individually considered operating segments which are aggregated into one reportable segment. Effective Q1 2015, the Company's three geographic areas expanded to five areas, inclusive of the Carquest operations, making Carquest no longer an operating segment. Included in the Company's overall store operations are sales generated from its e-commerce platforms. The Company's e-commerce platforms, primarily consisting of its online websites and Commercial ordering platforms, are part of its integrated operating approach of serving its Commercial and DIY customers. Through the Company's online ordering platforms, Commercial customers can conveniently place orders with a designated store location for delivery to their places of business or pick-up. The Company's online websites allow its DIY customers to pick up merchandise at a conveniently located store location or have their purchases shipped directly to them. The majority of the Company's online DIY sales are picked up at store locations. | ||||||||||
The following table summarizes financial information for each of the Company’s product groups for the years ended January 3, 2015, December 28, 2013 and December 29, 2012, respectively. | ||||||||||
2014 | 2013 | 2012 | ||||||||
Percentage of Sales, by Product Group | ||||||||||
Parts and Batteries | 69 | % | 67 | % | 65 | % | ||||
Accessories | 13 | % | 14 | % | 14 | % | ||||
Chemicals | 8 | % | 10 | % | 10 | % | ||||
Oil | 8 | % | 9 | % | 10 | % | ||||
Other | 2 | % | — | % | 1 | % | ||||
Total | 100 | % | 100 | % | 100 | % |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Statements (Notes) | 12 Months Ended | |||||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||||
Condensed Consolidating Financial Statements [Abstract] | ||||||||||||||||||||
Condensed Consolidating Financial Statements | Condensed Consolidating Financial Statements: | |||||||||||||||||||
Certain 100% wholly-owned domestic subsidiaries of Advance, including its Material Subsidiaries (as defined in the 2013 Credit Agreement), serve as guarantors of Advance's senior unsecured notes ("Guarantor Subsidiaries"). The subsidiary guarantees related to Advance's senior unsecured notes are full and unconditional and joint and several, and there are no restrictions on the ability of Advance to obtain funds from its Guarantor Subsidiaries. Certain of Advance's wholly-owned subsidiaries, including all of its foreign subsidiaries, do not serve as guarantors of Advance's senior unsecured notes ("Non-Guarantor Subsidiaries"). Beginning in January 2014, the Non-Guarantor Subsidiaries, which were previously minor, no longer qualified as minor as defined by SEC regulations. Accordingly, we present below the condensed consolidating financial information for the Guarantor Subsidiaries and Non-Guarantor Subsidiaries. Investments in subsidiaries of the Company are required to be presented under the equity method, even though all such subsidiaries meet the requirements to be consolidated under GAAP. | ||||||||||||||||||||
Set forth below are condensed consolidating financial statements presenting the financial position, results of operations, and cash flows of (i) Advance, (ii) the Guarantor Subsidiaries, (iii) the Non-Guarantor Subsidiaries, and (iv) the eliminations necessary to arrive at consolidated information for the Company. The statement of operations eliminations relate primarily to the sale of inventory from a Non-Guarantor Subsidiary to a Guarantor Subsidiary. The balance sheet eliminations relate primarily to the elimination of intercompany receivables and payables and subsidiary investment accounts. | ||||||||||||||||||||
The following tables present condensed consolidating balance sheets as of January 3, 2015 and condensed consolidating statements of operations, comprehensive income and cash flows for the year ended January 3, 2015, and should be read in conjunction with the consolidated financial statements herein. | ||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||
As of January 3, 2015 | ||||||||||||||||||||
Advance Auto Parts, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Assets | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 9 | $ | 65,345 | $ | 39,326 | $ | (9 | ) | $ | 104,671 | |||||||||
Receivables, net | — | 549,151 | 30,674 | — | 579,825 | |||||||||||||||
Inventories, net | — | 3,771,816 | 165,139 | — | 3,936,955 | |||||||||||||||
Other current assets | 4,102 | 113,003 | 3,383 | (899 | ) | 119,589 | ||||||||||||||
Total current assets | 4,111 | 4,499,315 | 238,522 | (908 | ) | 4,741,040 | ||||||||||||||
Property and equipment, net of accumulated depreciation | 2 | 1,421,325 | 10,703 | — | 1,432,030 | |||||||||||||||
Assets held for sale | — | 615 | — | — | 615 | |||||||||||||||
Goodwill | — | 940,817 | 54,609 | — | 995,426 | |||||||||||||||
Intangible assets, net | — | 689,745 | 58,380 | — | 748,125 | |||||||||||||||
Other assets, net | 12,963 | 36,762 | 683 | (5,286 | ) | 45,122 | ||||||||||||||
Investment in subsidiaries | 2,057,761 | 280,014 | — | (2,337,775 | ) | — | ||||||||||||||
Intercompany note receivable | 1,047,911 | — | — | (1,047,911 | ) | — | ||||||||||||||
Due from intercompany, net | — | — | 211,908 | (211,908 | ) | — | ||||||||||||||
$ | 3,122,748 | $ | 7,868,593 | $ | 574,805 | $ | (3,603,788 | ) | $ | 7,962,358 | ||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 582 | $ | — | $ | — | $ | 582 | ||||||||||
Accounts payable | — | 2,845,043 | 250,322 | — | 3,095,365 | |||||||||||||||
Accrued expenses | 4,884 | 498,505 | 17,284 | — | 520,673 | |||||||||||||||
Other current liabilities | — | 115,497 | 11,857 | (908 | ) | 126,446 | ||||||||||||||
Total current liabilities | 4,884 | 3,459,627 | 279,463 | (908 | ) | 3,743,066 | ||||||||||||||
Long-term debt | 1,047,911 | 588,400 | — | — | 1,636,311 | |||||||||||||||
Other long-term liabilities | — | 570,027 | 15,328 | (5,286 | ) | 580,069 | ||||||||||||||
Intercompany note payable | — | 1,047,911 | — | (1,047,911 | ) | — | ||||||||||||||
Due to intercompany, net | 67,041 | 144,867 | — | (211,908 | ) | — | ||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Stockholders' equity | 2,002,912 | 2,057,761 | 280,014 | (2,337,775 | ) | 2,002,912 | ||||||||||||||
$ | 3,122,748 | $ | 7,868,593 | $ | 574,805 | $ | (3,603,788 | ) | $ | 7,962,358 | ||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||
For Fiscal 2014 | ||||||||||||||||||||
Advance Auto Parts, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Net sales | $ | — | $ | 9,530,953 | $ | 527,595 | $ | (214,687 | ) | $ | 9,843,861 | |||||||||
Cost of sales, including purchasing and warehousing costs | — | 5,231,421 | 373,514 | (214,687 | ) | 5,390,248 | ||||||||||||||
Gross profit | — | 4,299,532 | 154,081 | — | 4,453,613 | |||||||||||||||
Selling, general and administrative expenses | 14,504 | 3,541,370 | 102,370 | (56,341 | ) | 3,601,903 | ||||||||||||||
Operating (loss) income | (14,504 | ) | 758,162 | 51,711 | 56,341 | 851,710 | ||||||||||||||
Other, net: | ||||||||||||||||||||
Interest expense | (52,946 | ) | (20,334 | ) | (128 | ) | — | (73,408 | ) | |||||||||||
Other income (expense), net | 67,470 | (9,140 | ) | 1,103 | (56,341 | ) | 3,092 | |||||||||||||
Total other, net | 14,524 | (29,474 | ) | 975 | (56,341 | ) | (70,316 | ) | ||||||||||||
Income before provision for income taxes | 20 | 728,688 | 52,686 | — | 781,394 | |||||||||||||||
Provision for income taxes | 296 | 277,769 | 9,504 | — | 287,569 | |||||||||||||||
(Loss) income before equity in earnings of subsidiaries | (276 | ) | 450,919 | 43,182 | — | 493,825 | ||||||||||||||
Equity in earnings of subsidiaries | 494,101 | 43,182 | — | (537,283 | ) | — | ||||||||||||||
Net income | $ | 493,825 | $ | 494,101 | $ | 43,182 | $ | (537,283 | ) | $ | 493,825 | |||||||||
Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||
For Fiscal 2014 | ||||||||||||||||||||
Advance Auto Parts, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Net income | $ | 493,825 | $ | 494,101 | $ | 43,182 | $ | (537,283 | ) | $ | 493,825 | |||||||||
Other comprehensive loss: | ||||||||||||||||||||
Changes in net unrecognized other postretirement benefit costs | — | (752 | ) | — | — | (752 | ) | |||||||||||||
Currency translation | — | — | (15,268 | ) | — | (15,268 | ) | |||||||||||||
Equity in other comprehensive loss of subsidiaries | (16,020 | ) | (15,268 | ) | — | 31,288 | — | |||||||||||||
Other comprehensive loss | (16,020 | ) | (16,020 | ) | (15,268 | ) | 31,288 | (16,020 | ) | |||||||||||
Comprehensive income | $ | 477,805 | $ | 478,081 | $ | 27,914 | $ | (505,995 | ) | $ | 477,805 | |||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
For Fiscal 2014 | ||||||||||||||||||||
Advance Auto Parts, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Net cash provided by operating activities | $ | — | $ | 666,566 | $ | 42,425 | $ | — | $ | 708,991 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchases of property and equipment | — | (224,894 | ) | (3,552 | ) | — | (228,446 | ) | ||||||||||||
Business acquisitions, net of cash acquired | — | (2,059,987 | ) | (796 | ) | — | (2,060,783 | ) | ||||||||||||
Proceeds from sales of property and equipment | — | 974 | 18 | — | 992 | |||||||||||||||
Net cash used in investing activities | — | (2,283,907 | ) | (4,330 | ) | — | (2,288,237 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Increase in bank overdrafts | — | 16,228 | — | (9 | ) | 16,219 | ||||||||||||||
Borrowings under credit facilities | — | 2,238,200 | — | — | 2,238,200 | |||||||||||||||
Payments on credit facilities | — | (1,654,800 | ) | — | — | (1,654,800 | ) | |||||||||||||
Dividends paid | — | (17,580 | ) | — | — | (17,580 | ) | |||||||||||||
Proceeds from the issuance of common stock, primarily exercise of stock options | — | 6,578 | — | — | 6,578 | |||||||||||||||
Tax withholdings related to the exercise of stock appreciation rights | — | (7,102 | ) | — | — | (7,102 | ) | |||||||||||||
Excess tax benefit from share-based compensation | — | 10,487 | — | — | 10,487 | |||||||||||||||
Repurchase of common stock | — | (5,154 | ) | — | — | (5,154 | ) | |||||||||||||
Contingent consideration related to business acquisitions | — | (10,047 | ) | — | — | (10,047 | ) | |||||||||||||
Other | — | (890 | ) | — | — | (890 | ) | |||||||||||||
Net cash provided by financing activities | — | 575,920 | — | (9 | ) | 575,911 | ||||||||||||||
Effect of exchange rate changes on cash | — | — | (4,465 | ) | — | (4,465 | ) | |||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (1,041,421 | ) | 33,630 | (9 | ) | (1,007,800 | ) | ||||||||||||
Cash and cash equivalents, beginning of period | 9 | 1,106,766 | 5,696 | — | 1,112,471 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 9 | $ | 65,345 | $ | 39,326 | $ | (9 | ) | $ | 104,671 | |||||||||
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Jan. 03, 2015 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (unaudited): | ||||||||||||||||
The following table summarizes quarterly financial data for Fiscal 2014 and 2013: | |||||||||||||||||
2014 | First | Second | Third | Fourth | |||||||||||||
(16 weeks) | (12 weeks) | (12 weeks) | (13 weeks) | ||||||||||||||
Net sales | $ | 2,969,499 | $ | 2,347,697 | $ | 2,289,456 | $ | 2,237,209 | |||||||||
Gross profit | 1,353,122 | 1,062,108 | 1,034,442 | 1,003,941 | |||||||||||||
Net income | 147,726 | 139,488 | 122,177 | 84,434 | |||||||||||||
Basic earnings per share | 2.02 | 1.91 | 1.67 | 1.15 | |||||||||||||
Diluted earnings per share | 2.01 | 1.89 | 1.66 | 1.15 | |||||||||||||
2013 | First | Second | Third | Fourth | |||||||||||||
(16 weeks) | (12 weeks) | (12 weeks) | (12 weeks) | ||||||||||||||
Net sales | $ | 2,015,304 | $ | 1,549,553 | $ | 1,520,144 | $ | 1,408,813 | |||||||||
Gross profit | 1,008,206 | 779,223 | 762,940 | 701,777 | |||||||||||||
Net income | 121,790 | 116,871 | 103,830 | 49,267 | |||||||||||||
Basic earnings per share | 1.66 | 1.6 | 1.42 | 0.68 | |||||||||||||
Diluted earnings per share | 1.65 | 1.59 | 1.42 | 0.67 | |||||||||||||
Note: Quarterly and year-to-date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not be equal to the per share amount for the year. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||||
Schedule II Valuation and Qualifying Accounts | ADVANCE AUTO PARTS, INC. | |||||||||||||||||||||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||
Allowance for doubtful accounts receivable: | Balance at | Charges to | Deductions | Other | Balance at | |||||||||||||||||
Beginning | Expenses | End of | ||||||||||||||||||||
of Period | Period | |||||||||||||||||||||
December 29, 2012 | $ | 4,056 | $ | 4,127 | $ | (2,264 | ) | (1) | $ | — | $ | 5,919 | ||||||||||
December 28, 2013 | 5,919 | 11,955 | (4,995 | ) | (1) | 416 | (2) | 13,295 | ||||||||||||||
January 3, 2015 | 13,295 | 17,182 | (14,325 | ) | (1) | — | 16,152 | |||||||||||||||
(1) | Accounts written off during the period. These amounts did not impact the Company’s statement of operations for any year presented. | |||||||||||||||||||||
(2) | Reserves assumed in the acquisition of B.W.P. Distributors, Inc. | |||||||||||||||||||||
Note: Other valuation and qualifying accounts have not been reported in this schedule because they are either not applicable or because the information has been included elsewhere in this report. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||
Jan. 03, 2015 | ||||||
Accounting Policies [Abstract] | ||||||
Accounting Period [Policy Text Block] | Accounting Period | |||||
The Company’s fiscal year ends on the Saturday nearest the end of December. Fiscal year 2014 contained 53 weeks and fiscal years 2013 and 2012 each contained 52 weeks. The additional week of operations for Fiscal 2014 was included in the Company's fourth quarter. All references herein for the years 2014, 2013 and 2012 represent the fiscal years ended January 3, 2015, December 28, 2013 and December 29, 2012, respectively. | ||||||
Principles of Consolidation [Policy Text Block] | Principles of Consolidation | |||||
The consolidated financial statements include the accounts of Advance and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. | ||||||
Use of Estimates, Policy [Policy Text Block] | Use of Estimates | |||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. | ||||||
Cash, Cash Equivalents and Bank Overdrafts [Policy Text Block] | Cash, Cash Equivalents and Bank Overdrafts | |||||
Cash and cash equivalents consist of cash in banks and money market funds with original maturities of three months or less. Included in cash equivalents are credit card and debit card receivables from banks, which generally settle within two to four business days. Credit and debit card receivables included in Cash and cash equivalents as of January 3, 2015 and December 28, 2013 were $28,843 and $28,828, respectively. Bank overdrafts consist of outstanding checks not yet presented to a bank for settlement, net of cash held in accounts with right of offset. Bank overdrafts of $22,015 and $5,796 are included in Other current liabilities as of January 3, 2015 and December 28, 2013, respectively. | ||||||
Receivables, Policy [Policy Text Block] | Receivables | |||||
Receivables, net consist primarily of receivables from Commercial customers and vendors. The Company grants credit to certain Commercial customers who meet the Company’s pre-established credit requirements. The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of the Company’s Commercial customers to make required payments. The Company considers the following factors when determining if collection is reasonably assured: customer creditworthiness, past transaction history with the customer, current economic and industry trends and changes in customer payment terms. Concentrations of credit risk with respect to these receivables are limited because the Company’s customer base consists of a large number of small customers, spreading the credit risk across a broad base. The Company also controls this credit risk through credit approvals, credit limits and accounts receivable and credit monitoring procedures. | ||||||
The Company’s vendor receivables are established as it receives concessions from its vendors through a variety of programs and arrangements, including allowances for new stores and warranties, volume purchase rebates and co-operative advertising. Amounts receivable from vendors also include amounts due to the Company for changeover merchandise and product returns. The Company regularly reviews vendor receivables for collectibility and assesses the need for a reserve for uncollectible amounts based on an evaluation of the vendors’ financial positions and corresponding abilities to meet financial obligations. The Company’s allowance for doubtful accounts related to vendor receivables is not significant. | ||||||
Inventory, Policy [Policy Text Block] | Inventory | |||||
Inventory amounts are stated at the lower of cost or market. The cost of the Company’s merchandise inventory is primarily determined using the last-in, first-out (“LIFO”) method. Under the LIFO method, the Company’s cost of sales reflects the costs of the most recently purchased inventories, while the inventory carrying balance represents the costs relating to prices paid in prior years. | ||||||
Vendor Incentives [Policy Text Block] | Vendor Incentives | |||||
The Company receives incentives in the form of reductions to amounts owed and/or payments from vendors related to cooperative advertising allowances, volume rebates and other promotional considerations. Many of these incentives are under long-term agreements in excess of one year, while others are negotiated on an annual basis or less (short-term). Cooperative advertising allowances provided as a reimbursement of specific, incremental and identifiable costs incurred to promote a vendor’s products are included as an offset to selling, general and administrative expenses, or SG&A, when the cost is incurred. Volume rebates and cooperative advertising allowances not meeting the requirements for offset in SG&A are recorded initially as a reduction to inventory as they are earned based on inventory purchases. These deferred amounts are included as a reduction to cost of sales as the inventory is sold. Total deferred vendor incentives included as a reduction of Inventory was $179,785 and $111,304 as of January 3, 2015 and December 28, 2013, respectively. | ||||||
Similarly, the Company recognizes other promotional incentives earned under long-term agreements not specifically related to volume of purchases as a reduction to cost of sales. However, these incentives are not deferred as a reduction of inventory and are recognized based on the cumulative net purchases as a percentage of total estimated net purchases over the life of the agreement. Short-term incentives (terms less than one year) are generally recognized as a reduction to cost of sales over the duration of any short-term agreements. | ||||||
Amounts received or receivable from vendors that are not yet earned are reflected as deferred revenue in the accompanying consolidated balance sheets. Management’s estimate of the portion of deferred revenue that will be realized within one year of the balance sheet date has been included in Other current liabilities in the accompanying consolidated balance sheets. Earned amounts that are receivable from vendors are included in Receivables and Other assets on the accompanying consolidated balance sheets. | ||||||
Advertising Costs, Policy [Policy Text Block] | Advertising Costs | |||||
The Company expenses advertising costs as incurred. Advertising expense, net of vendor promotional funds, was $96,463, $69,116 and $83,871 in 2014, 2013 and 2012, respectively. Vendor promotional funds, which reduced advertising expense, amounted to $21,814 and $18,622 and $11,445 in 2014, 2013 and 2012, respectively. | ||||||
Preopening Expenses [Policy Text Block] | Preopening Expenses | |||||
Preopening expenses, which consist primarily of payroll and occupancy costs related to the opening of new stores, are expensed as incurred. | ||||||
Income Taxes [Policy Text Block] | Income Taxes | |||||
The Company accounts for income taxes under the asset and liability method which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under the asset and liability method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period of the enactment date. | ||||||
The Company recognizes tax benefits and/or tax liabilities for uncertain income tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step requires the Company to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as the Company must determine the probability of various possible outcomes. | ||||||
The Company reevaluates these uncertain tax positions on a quarterly basis or when new information becomes available to management. The reevaluations are based on many factors, including but not limited to, changes in facts or circumstances, changes in tax law, successfully settled issues under audit, expirations due to statutes of limitations, and new federal or state audit activity. Any change in either the Company’s recognition or measurement could result in the recognition of a tax benefit or an increase to the tax accrual. | ||||||
The Company also follows guidance provided on other items relevant to the accounting for income taxes throughout the year, as applicable, including derecognition of benefits, classification, interest and penalties, accounting in interim periods, disclosure and transition. Refer to Note 15, Income Taxes, for a further discussion of income taxes. | ||||||
Self-Insurance [Policy Text Block] | Self-Insurance | |||||
The Company is self-insured for general and automobile liability, workers’ compensation and health care claims of its employees, or Team Members, while maintaining stop-loss coverage with third-party insurers to limit its total liability exposure. Expenses associated with these liabilities are calculated for (i) claims filed, (ii) claims incurred but not yet reported and (iii) projected future claims using actuarial methods followed in the insurance industry as well as the Company’s historical claims experience. The Company includes the current and long-term portions of its self-insurance reserves in Accrued expenses and Other long-term liabilities, respectively. | ||||||
Warranty Liabilities [Policy Text Block] | Warranty Liabilities | |||||
The warranty obligation on the majority of merchandise sold by the Company with a manufacturer's warranty is the responsibility of the Company’s vendors. However, the Company has an obligation to provide customers free replacement of certain merchandise or merchandise at a prorated cost if under a warranty and not covered by the manufacturer. Merchandise sold with warranty coverage by the Company primarily includes batteries but may also include other parts such as brakes and shocks. The Company estimates its warranty obligation at the time of sale based on the historical return experience, sales level and cost of the respective product sold. To the extent vendors provide upfront allowances in lieu of accepting the obligation for warranty claims and the allowance is in excess of the related warranty expense, the excess is recorded as a reduction to cost of sales. | ||||||
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition | |||||
The Company recognizes revenue at the time the sale is made, at which time the Company’s walk-in customers take immediate possession of the merchandise or same-day delivery is made to the Company’s commercial delivery customers, which include certain independently-owned store locations. For e-commerce sales, revenue is recognized either at the time of pick-up at one of the Company’s store locations or at the time of shipment depending on the customer’s order designation. Sales are recorded net of discounts and rebates, sales taxes and estimated returns and allowances. The Company estimates the reduction to sales and cost of sales for returns based on current sales levels and the Company’s historical return experience. The Company’s reserve for sales returns and allowances was not material as of January 3, 2015 and December 28, 2013. | ||||||
Share-Based Payments [Policy Text Block] | Share-Based Payments | |||||
The Company provides share-based compensation to its Team Members and Board of Directors. The Company is required to exercise judgment and make estimates when determining the (i) fair value of each award granted and (ii) projected number of awards expected to vest. The Company calculates the fair value of all share-based awards at the date of grant and uses the straight-line method to amortize this fair value as compensation cost over the requisite service period. | ||||||
Derivatives Instruments and Hedging Activities [Policy Text Block] | Derivative Instruments and Hedging Activities | |||||
The Company’s accounting policy for derivative financial instruments is based on whether the instruments meet the criteria for designation as cash flow or fair value hedges. The criteria for designating a derivative as a hedge include the assessment of the instrument’s effectiveness in risk reduction, matching of the derivative instrument to its underlying transaction and the probability that the underlying transaction will occur. For derivatives with cash flow hedge designation, the Company would recognize the after-tax gain or loss from the effective portion of the hedge as a component of Accumulated other income (loss) and reclassify it into earnings in the same period or periods in which the hedged transaction affected earnings, and within the same income statement line item as the impact of the hedged transaction. For derivatives with fair value hedge accounting designation, the Company would recognize gains or losses from the change in the fair value of these derivatives, as well as the offsetting change in the fair value of the underlying hedged item, in earnings. | ||||||
Foreign Currency Translation [Policy Text Block] | Foreign Currency Translation | |||||
The assets and liabilities of the Company's Canadian operations are translated into U.S. dollars at current exchange rates, and revenues, expenses and cash flows are translated at average exchange rates for the fiscal year. Resulting translation adjustments are reflected as a separate component in the Consolidated Statements of Comprehensive Income. Gains and losses from foreign currency transactions, which are included in Other income, net, have not been significant for any of the periods presented. | ||||||
Accumulated Other Comprehensive Income (Loss) [Policy Text Block] | Accumulated Other Comprehensive Income (Loss) | |||||
Comprehensive income (loss) is a measure that reports all changes in equity resulting from transactions and other economic events during the period. The changes in accumulated other comprehensive income refer to revenues, expenses, gains, and losses that are included in other comprehensive income but excluded from net income. | ||||||
The Company’s Accumulated other comprehensive income (loss) is comprised of foreign currency translation gains (losses), the net unrealized gain associated with the Company's postretirement benefit plan and the unamortized portion of the previously recorded unrecognized gains on interest rate swaps and forward treasury rate locks. | ||||||
Goodwill and Other Intangible Assets [Policy Text Block] | Goodwill and Other Intangible Assets | |||||
Goodwill is the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations accounted for under the purchase method. The Company tests goodwill and indefinite-lived intangible assets for impairment annually as of the first day of the fiscal fourth quarter, or when indications of potential impairment exist. These indicators would include a significant change in operating performance, the business climate, legal factors, competition, or a planned sale or disposition of a significant portion of the business, among other factors. The Company reviews finite-lived intangible assets for impairment in accordance with its policy for the valuation of long-lived assets. | ||||||
Valuation of Long-Lived Assets [Policy Text Block] | Valuation of Long-Lived Assets | |||||
The Company evaluates the recoverability of its long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset might not be recoverable and exceeds its fair value. | ||||||
Significant factors, which would trigger an impairment review, include the following: | ||||||
• | Significant decrease in the market price of a long-lived asset (asset group); | |||||
• | Significant changes in how assets are used or are planned to be used; | |||||
• | Significant adverse change in legal factors or business climate, including adverse regulatory action; | |||||
• | Significant negative industry trends; | |||||
• | An accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset (asset group); | |||||
• | Significant changes in technology; | |||||
• | A current-period operating or cash flow loss combined with a history of operating or cash flow losses, or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset (asset group); or | |||||
• | A current expectation that, more likely than not, a long-lived asset (asset group) will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. | |||||
When such an event occurs, the Company estimates the undiscounted future cash flows expected to result from the use of the long-lived asset (asset group) and its eventual disposition. These impairment evaluations involve estimates of asset useful lives and future cash flows. If the undiscounted expected future cash flows are less than the carrying amount of the asset and the carrying amount of the asset exceeds its fair value, an impairment loss is recognized. When an impairment loss is recognized, the carrying amount of the asset is reduced to its estimated fair value based on quoted market prices or other valuation techniques (e.g., discounted cash flow analysis). | ||||||
Earnings per Share [Policy Text Block] | Earnings per Share | |||||
The Company uses the two-class method to calculate earnings per share. Under the two-class method, unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are considered participating securities and are included in the computation of earnings per share. Certain of the Company’s shares granted to Team Members in the form of restricted stock and restricted stock units are considered participating securities. | ||||||
Accordingly, earnings per share is computed by dividing net income attributable to the Company’s common shareholders by the weighted-average common shares outstanding during the period. The two-class method is an earnings allocation formula that determines income per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. Diluted income per common share reflects the more dilutive earnings per share amount calculated using the treasury stock method or the two-class method. | ||||||
Basic earnings per share of common stock has been computed based on the weighted-average number of common shares outstanding during the period, which is reduced by stock held in treasury and shares of nonvested restricted stock. Diluted earnings per share is calculated by including the effect of dilutive securities. Diluted earnings per share of common stock reflects the weighted-average number of shares of common stock outstanding, outstanding deferred stock units and the impact of outstanding stock options and stock appreciation rights (collectively “share-based awards”). Share-based awards containing performance conditions are included in the dilution impact as those conditions are met. | ||||||
Lease Accounting [Policy Text Block] | Lease Accounting | |||||
The Company leases certain store locations, distribution centers, office spaces, equipment and vehicles. The total amount of minimum rent is expensed on a straight-line basis over the initial term of the lease unless external economic factors exist such that renewals are reasonably assured, in which case the Company would include the renewal period in its amortization period. In those instances, the renewal period would be included in the lease term for purposes of establishing an amortization period and determining if such lease qualified as a capital or operating lease. In addition to minimum fixed rental payments, some leases provide for contingent facility rentals. Differences between the calculated rent expense and cash payments are recorded as a liability within the Accrued expenses and Other long-term liabilities captions in the accompanying consolidated balance sheets, based on the terms of the lease. Deferred rent was $60,275 and $50,638 as of January 3, 2015 and December 28, 2013, respectively. Contingent facility rentals are determined on the basis of a percentage of sales in excess of stipulated minimums for certain store facilities as defined in the individual lease agreements. Most of the leases provide that the Company pay taxes, maintenance, insurance and certain other expenses applicable to the leased premises. Management expects that in the normal course of business leases that expire will be renewed or replaced by other leases. | ||||||
Property and Equipment [Policy Text Block] | Property and Equipment | |||||
Property and equipment are stated at cost, less accumulated depreciation, or at fair value at acquisition if acquired through a business combination. Expenditures for maintenance and repairs are charged directly to expense when incurred; major improvements are capitalized. When items are sold or retired, the related cost and accumulated depreciation are removed from the account balances, with any gain or loss reflected in the consolidated statements of operations. | ||||||
Depreciation of land improvements, buildings, furniture, fixtures and equipment, and vehicles is provided over the estimated useful lives of the respective assets using the straight-line method. Depreciation of building and leasehold improvements is provided over the shorter of the original useful lives of the respective assets or the term of the lease using the straight-line method. | ||||||
Closed Store Liabilities and Exit Activities [Policy Text Block] | Closed Store Liabilities and Exit Activities | |||||
The Company continually reviews the operating performance of its existing store locations and closes or relocates certain stores identified as underperforming or delivering strategically or financially unacceptable results. Expenses accrued pertaining to closed store exit activities are included in the Company’s closed store liabilities, within Accrued expenses and Other long-term liabilities in the accompanying consolidated balance sheets, and recognized in SG&A in the accompanying consolidated statements of operations at the time the facilities actually close. Closed store liabilities include the present value of the remaining lease obligations and management’s estimate of future costs of insurance, property tax and common area maintenance expenses (reduced by the present value of estimated revenues from subleases and lease buyouts). | ||||||
From time to time closed store liability estimates require revisions, primarily due to changes in assumptions associated with revenue from subleases. The effect of accretion and changes in estimates for our closed store liabilities are included in SG&A in the accompanying consolidated statements of operations at the time the changes in estimates are made. | ||||||
Employees receiving severance benefits as the result of a store closing or other restructuring activity are required to render service until they are terminated in order to receive benefits. The severance is recognized in SG&A in the accompanying consolidated statements of operations over the related service period. Other restructuring costs, including costs to relocate employees, are recognized in the period in which the liability is incurred. | ||||||
The Company also evaluates and determines if the results from the closure of store locations should be reported as discontinued operations based on the elimination of the operations and associated cash flows from the Company’s ongoing operations. Operations and associated cash flows transferred to another store in the local market are not considered eliminated in the evaluation of discontinued operations. | ||||||
Cost of Sales and Selling, General and Administrative Expenses [Policy Text Block] | Cost of Sales and Selling, General and Administrative Expenses | |||||
The following table identifies the primary costs classified in each major expense category: | ||||||
Cost of Sales | ||||||
Ÿ | Total cost of merchandise sold including: | |||||
- | Freight expenses associated with moving | |||||
merchandise inventories from our vendors to | ||||||
our distribution center, | ||||||
- | Vendor incentives, and | |||||
- | Cash discounts on payments to vendors; | |||||
Ÿ | Inventory shrinkage; | |||||
Ÿ | Defective merchandise and warranty costs; | |||||
Ÿ | Costs associated with operating our distribution | |||||
network, including payroll and benefit costs, | ||||||
occupancy costs and depreciation; and | ||||||
Ÿ | Freight and other handling costs associated with | |||||
moving merchandise inventories through our | ||||||
supply chain | ||||||
- | From our distribution centers to our store and | |||||
branch locations and customers, and | ||||||
- | From certain of our larger stores which stock a | |||||
wider variety and greater supply of inventory (“HUB | ||||||
stores”) to our stores after the customer has | ||||||
special-ordered the merchandise. | ||||||
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Cost of Sales and Selling, General and Administrative Expenses | |||||
The following table identifies the primary costs classified in each major expense category: | ||||||
SG&A | ||||||
Ÿ | Payroll and benefit costs for store and corporate | |||||
Team Members; | ||||||
Ÿ | Occupancy costs of store and corporate facilities; | |||||
Ÿ | Depreciation and amortization related to store and | |||||
corporate assets; | ||||||
Ÿ | Advertising; | |||||
Ÿ | Costs associated with our Commercial delivery | |||||
program, including payroll and benefit costs, | ||||||
and transportation expenses associated with moving | ||||||
merchandise inventories from our stores and branches to | ||||||
our customer locations; | ||||||
Ÿ | Self-insurance costs; | |||||
Ÿ | Professional services; | |||||
Ÿ | Other administrative costs, such as credit card | |||||
service fees, supplies, travel and lodging; | ||||||
Ÿ | Closed store expense; | |||||
Ÿ | Impairment charges; | |||||
Ÿ | GPI acquisition-related expenses and integration costs; | |||||
and | ||||||
Ÿ | BWP acquisition-related expenses and integration costs. | |||||
New Accounting Pronouncements [Policy Text Block] | New Accounting Pronouncements | |||||
In August 2014, the Financial Accounting Standard Board, or FASB, issued Accounting Standard Update, or ASU, 2014-15 “Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern." This new standard requires management to perform interim and annual assessments of an entity's ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity's ability to continue as a going concern. This ASU is effective for annual periods ending after December 15, 2016, and interim periods thereafter; earlier adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company's consolidated financial condition, results of operations or cash flows. | ||||||
In June 2014, the FASB, issued ASU 2014-12 “Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period." The amendments in this ASU require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015; earlier adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company's consolidated financial condition, results of operations or cash flows. | ||||||
In May 2014, the FASB issued ASU 2014-09 "Revenue from Contracts with Customers." This ASU is a comprehensive new revenue recognition model that expands disclosure requirements and requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. This ASU is effective for annual reporting periods beginning after December 15, 2016 and early adoption is not permitted. Accordingly, the Company will adopt this ASU on January 1, 2017. We are currently evaluating the impact of the adoption of this guidance on the Company's consolidated financial condition, results of operations and cash flows. | ||||||
In April 2014, the FASB issued ASU No. 2014-08 "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of Equity", which amends the definition of a discontinued operation in Accounting Standards Codification, or ASC, 205-20 and requires entities to provide additional disclosures about discontinued operations as well as disposal transactions that do not meet the discontinued operations criteria. The new guidance changes the definition of a discontinued operation and requires discontinued operations treatment for disposals of a component or group of components that represents a strategic shift that has or will have a major impact on an entity’s operations or financial results. The ASU is effective prospectively for all disposals (except disposals classified as held for sale before the adoption date) or components initially classified as held for sale in periods beginning on or after December 15, 2014; earlier adoption is permitted. The adoption of this guidance affects prospective presentation of disposals and therefore, is not expected to have a material impact on the Company's consolidated financial condition, results of operations or cash flows. | ||||||
In July 2013, the FASB issued ASU No. 2013-11 “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” Under ASU 2013-11 an entity is required to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, in its financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. If a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. ASU 2013-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this guidance affects presentation only and, therefore, had no material impact on the Company's consolidated financial condition, results of operations or cash flows. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Jan. 03, 2015 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Self-insurance reserves [Table Text Block] | The following table presents changes in the Company’s total self-insurance reserves: | |||||||||||
January 3, 2015 | December 28, 2013 | December 29, 2012 | ||||||||||
Self-insurance reserves, beginning of period | $ | 98,475 | $ | 94,548 | $ | 98,944 | ||||||
Additions to self-insurance reserves | 159,752 | 120,782 | 105,670 | |||||||||
Acquired reserves | 41,673 | 4,195 | — | |||||||||
Reserves utilized | (162,867 | ) | (121,050 | ) | (110,066 | ) | ||||||
Self-insurance reserves, end of period | $ | 137,033 | $ | 98,475 | $ | 94,548 | ||||||
Inventories_net_Tables
Inventories, net (Tables) | 12 Months Ended | |||||||||||
Jan. 03, 2015 | ||||||||||||
Inventory, Net [Abstract] | ||||||||||||
Schedule of Inventory, Current [Table Text Block] | Inventory balances at the end of 2014 and 2013 were as follows: | |||||||||||
January 3, | December 28, | |||||||||||
2015 | 2013 | |||||||||||
Inventories at FIFO, net | $ | 3,814,123 | $ | 2,424,795 | ||||||||
Adjustments to state inventories at LIFO | 122,832 | 131,762 | ||||||||||
Inventories at LIFO, net | $ | 3,936,955 | $ | 2,556,557 | ||||||||
Inventory Reserves [Table Text Block] | The following table presents changes in the Company’s inventory reserves for years ended January 3, 2015, December 28, 2013 and December 29, 2012: | |||||||||||
January 3, | December 28, | December 29, | ||||||||||
2015 | 2013 | 2012 | ||||||||||
Inventory reserves, beginning of period | $ | 37,523 | $ | 31,418 | $ | 30,786 | ||||||
Additions to inventory reserves | 92,773 | 65,466 | 72,852 | |||||||||
Reserves utilized | (80,857 | ) | (59,361 | ) | (72,220 | ) | ||||||
Inventory reserves, end of period | $ | 49,439 | $ | 37,523 | $ | 31,418 | ||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||
Jan. 03, 2015 | |||||
Business Combinations [Abstract] | |||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the consideration paid for GPI and the amounts of the assets acquired and liabilities assumed as of the acquisition date: | ||||
Total Consideration | $ | 2,080,804 | |||
Recognized amounts of identifiable assets acquired and liabilities assumed | |||||
Cash and cash equivalents | $ | 25,176 | |||
Receivables | 255,997 | ||||
Inventory | 1,159,886 | ||||
Other current assets | 118,871 | ||||
Property, plant and equipment | 162,545 | ||||
Intangible assets | 756,571 | ||||
Other assets | 1,741 | ||||
Accounts payable | (704,006 | ) | |||
Accrued and other current liabilities | (136,784 | ) | |||
Long-term liabilities | (356,584 | ) | |||
Total identifiable net assets | 1,283,413 | ||||
Goodwill | 797,391 | ||||
Total acquired net assets | $ | 2,080,804 | |||
Business Acquisition, Pro Forma Information [Table Text Block] | The following unaudited consolidated pro forma financial information combines the respective measure of the Company for Fiscal 2013 and GPI for the twelve months ended December 31, 2013. The pro forma financial information has been prepared by adjusting the historical data to give effect to the acquisition as if it had occurred on December 30, 2012 (the first day of the Company's fiscal 2013). | ||||
December 28, | |||||
2013 | |||||
(52 weeks) | |||||
Pro forma: | |||||
Net sales | $ | 9,456,405 | |||
Net income | $ | 428,562 | |||
Basic earnings per share | $ | 5.88 | |||
Diluted earnings per share | $ | 5.84 | |||
Exit_Activities_and_Impairment1
Exit Activities and Impairment (Tables) | 12 Months Ended | |||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | A summary of the Company’s restructuring liabilities, which are recorded in accrued expenses (current portion) and long-term liabilities (long-term portion) in the accompanying condensed consolidated balance sheet, are presented in the following table: | |||||||||||||||||
Closed Store Lease Obligations | Severance | Relocation and Other Exit Costs | Total | |||||||||||||||
For the year ended January 3, 2015: | ||||||||||||||||||
Balance, December 28, 2013 | $ | 11,212 | $ | — | $ | — | $ | 11,212 | ||||||||||
Reserves acquired with GPI | 3,455 | — | — | 3,455 | ||||||||||||||
Reserves established | 11,138 | 8,038 | 7,053 | 26,229 | ||||||||||||||
Change in estimates | 1,053 | (1,307 | ) | — | (254 | ) | ||||||||||||
Cash payments | (7,588 | ) | (927 | ) | (5,237 | ) | (13,752 | ) | ||||||||||
Balance, January 3, 2015 | $ | 19,270 | $ | 5,804 | $ | 1,816 | $ | 26,890 | ||||||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Jan. 03, 2015 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | Goodwill | ||||||||||||||||||||||||
The following table reflects the carrying amount of goodwill and the changes in goodwill carrying amounts. | |||||||||||||||||||||||||
January 3, | December 28, | ||||||||||||||||||||||||
2015 | 2013 | ||||||||||||||||||||||||
(53 weeks ended) | (52 weeks ended) | ||||||||||||||||||||||||
Goodwill, beginning of period | $ | 199,835 | $ | 76,389 | |||||||||||||||||||||
Acquisitions | 798,043 | 123,446 | |||||||||||||||||||||||
Changes in foreign currency exchange rates | (2,452 | ) | — | ||||||||||||||||||||||
Goodwill, end of period | $ | 995,426 | $ | 199,835 | |||||||||||||||||||||
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | The gross carrying amounts and accumulated amortization of acquired intangible assets as of January 3, 2015 and December 28, 2013 are comprised of the following: | ||||||||||||||||||||||||
January 3, 2015 | December 28, 2013 | ||||||||||||||||||||||||
Gross Carrying Amount | Accumulated | Net | Gross Carrying Amount | Accumulated | Net | ||||||||||||||||||||
Amortization | Amortization | ||||||||||||||||||||||||
Amortized intangible assets: | |||||||||||||||||||||||||
Customer relationships | $ | 362,483 | $ | (40,609 | ) | $ | 321,874 | $ | 33,601 | $ | (10,309 | ) | $ | 23,292 | |||||||||||
Acquired technology | 8,850 | (8,569 | ) | 281 | 8,850 | (6,381 | ) | 2,469 | |||||||||||||||||
Favorable leases | 56,342 | (11,939 | ) | 44,403 | — | — | — | ||||||||||||||||||
Non-compete and other | 56,780 | (14,596 | ) | 42,184 | 6,085 | (2,524 | ) | 3,561 | |||||||||||||||||
484,455 | (75,713 | ) | 408,742 | 48,536 | (19,214 | ) | 29,322 | ||||||||||||||||||
Unamortized intangible assets: | |||||||||||||||||||||||||
Brands, trademark and tradenames | 339,383 | — | 339,383 | 20,550 | — | 20,550 | |||||||||||||||||||
Total intangible assets | $ | 823,838 | $ | (75,713 | ) | $ | 748,125 | $ | 69,086 | $ | (19,214 | ) | $ | 49,872 | |||||||||||
Schedule of Expected Amortization Expense [Table Text Block] | The table below shows expected amortization expense for the next five years for acquired intangible assets recorded as of January 3, 2015: | ||||||||||||||||||||||||
Fiscal Year | Amount | ||||||||||||||||||||||||
2015 | $ | 52,115 | |||||||||||||||||||||||
2016 | 48,312 | ||||||||||||||||||||||||
2017 | 45,959 | ||||||||||||||||||||||||
2018 | 42,948 | ||||||||||||||||||||||||
2019 | 32,187 | ||||||||||||||||||||||||
Thereafter | 187,221 | ||||||||||||||||||||||||
Receivables_net_Tables
Receivables, net (Tables) | 12 Months Ended | ||||||||
Jan. 03, 2015 | |||||||||
Receivables [Abstract] | |||||||||
Schedule of Accounts Receivable [Table Text Block] | Receivables consist of the following: | ||||||||
January 3, | December 28, | ||||||||
2015 | 2013 | ||||||||
Trade | $ | 360,922 | $ | 145,670 | |||||
Vendor | 222,476 | 138,336 | |||||||
Other | 12,579 | 6,884 | |||||||
Total receivables | 595,977 | 290,890 | |||||||
Less: Allowance for doubtful accounts | (16,152 | ) | (13,295 | ) | |||||
Receivables, net | $ | 579,825 | $ | 277,595 | |||||
Longterm_Debt_Tables
Long-term Debt (Tables) | 12 Months Ended | |||||||
Jan. 03, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of Debt [Table Text Block] | Long-term debt consists of the following: | |||||||
January 3, 2015 | December 28, 2013 | |||||||
Revolving facility at variable interest rates (2.45% and 1.47% at January 3, 2015 and December 28, 2013, respectively) due December 5, 2018 | $ | 93,400 | $ | — | ||||
Term loan at variable interest rates (1.72% and 1.67% at January 3, 2015 and December 28, 2013, respectively) due January 2, 2019 | 490,000 | — | ||||||
5.75% Senior Unsecured Notes (net of unamortized discount of $746 and $865 at January 3, 2015 and December 28, 2013, respectively) due May 1, 2020 | 299,254 | 299,135 | ||||||
4.50% Senior Unsecured Notes (net of unamortized discount of $72 and $80 at January 3, 2015 and December 28, 2013, respectively) due January 15, 2022 | 299,928 | 299,920 | ||||||
4.50% Senior Unsecured Notes (net of unamortized discount of $1,271 and $1,387 at January 3, 2015 and December 28, 2013) due December 1, 2023 | 448,729 | 448,613 | ||||||
Other | 5,582 | 5,916 | ||||||
1,636,893 | 1,053,584 | |||||||
Less: Current portion of long-term debt | (582 | ) | (916 | ) | ||||
Long-term debt, excluding current portion | $ | 1,636,311 | $ | 1,052,668 | ||||
Debt Instrument Redemption [Table Text Block] | The Company may redeem some or all of the Notes at any time or from time to time, at the redemption price described in the Indenture. In addition, in the event of a Change of Control Triggering Event (as defined in the Indenture for the Notes), the Company will be required to offer to repurchase the Notes at a price equal to 101% of the principal amount thereof, plus accrued and unpaid interest to the repurchase date. The Notes are currently fully and unconditionally guaranteed, jointly and severally, on an unsubordinated and unsecured basis by each of the subsidiary guarantors. The Company will be permitted to release guarantees without the consent of holders of the Notes under the circumstances described in the Indenture: (i) upon the release of the guarantee of the Company’s other debt that resulted in the affected subsidiary becoming a guarantor of this debt; (ii) upon the sale or other disposition of all or substantially all of the stock or assets of the subsidiary guarantor; or (iii) upon the Company’s exercise of its legal or covenant defeasance option. | |||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | As of January 3, 2015, the aggregate future annual maturities of long-term debt instruments are as follows: | |||||||
Fiscal | Amount | |||||||
Year | ||||||||
2015 | $ | 582 | ||||||
2016 | — | |||||||
2017 | 35,000 | |||||||
2018 | 163,400 | |||||||
2019 | 385,000 | |||||||
Thereafter | 1,052,911 | |||||||
$ | 1,636,893 | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Jan. 03, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | The following table sets forth the Company’s financial liabilities that were measured at fair value on a recurring basis as of January 3, 2015 and December 28, 2013: | |||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||
Fair Value | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets for | Observable Inputs | Unobservable | ||||||||||||||
Identical Assets | Inputs | |||||||||||||||
As of December 28, 2013: | ||||||||||||||||
Contingent consideration related to business acquisitions | $ | 9,475 | $ | — | $ | — | $ | 9,475 | ||||||||
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | The carrying value and fair value of the Company’s long-term debt, excluding the current portion, as of January 3, 2015 and December 28, 2013, respectively, are as follows: | |||||||||||||||
January 3, | December 28, | |||||||||||||||
2015 | 2013 | |||||||||||||||
Carrying Value | $ | 1,636,311 | $ | 1,052,668 | ||||||||||||
Fair Value | $ | 1,728,000 | $ | 1,086,000 | ||||||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||||||
Jan. 03, 2015 | ||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||
Property, Plant and Equipment [Table Text Block] | ||||||||||||
Property and equipment consists of the following: | ||||||||||||
Original | January 3, | December 28, | ||||||||||
Useful Lives | 2015 | 2013 | ||||||||||
Land and land improvements | 0 - 10 years | $ | 438,638 | $ | 418,207 | |||||||
Buildings | 30 - 40 years | 460,187 | 445,820 | |||||||||
Building and leasehold improvements | 3 - 30 years | 394,259 | 336,685 | |||||||||
Furniture, fixtures and equipment | 3 - 20 years | 1,402,563 | 1,244,456 | |||||||||
Vehicles | 2 - 13 years | 37,051 | 18,291 | |||||||||
Construction in progress | 71,691 | 75,985 | ||||||||||
2,804,389 | 2,539,444 | |||||||||||
Less - Accumulated depreciation | (1,372,359 | ) | (1,255,474 | ) | ||||||||
Property and equipment, net | $ | 1,432,030 | $ | 1,283,970 | ||||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | ||||||||||||
Jan. 03, 2015 | |||||||||||||
Payables and Accruals [Abstract] | |||||||||||||
Schedule of Accrued Liabilities [Table Text Block] | Accrued expenses consist of the following: | ||||||||||||
January 3, | December 28, | ||||||||||||
2015 | 2013 | ||||||||||||
Payroll and related benefits | $ | 116,198 | $ | 101,576 | |||||||||
Warranty reserves | 47,972 | 39,512 | |||||||||||
Capital expenditures | 29,780 | 20,714 | |||||||||||
Self-insurance reserves | 58,899 | 45,504 | |||||||||||
Taxes payable | 87,473 | 82,179 | |||||||||||
Other | 180,351 | 139,140 | |||||||||||
Total accrued expenses | $ | 520,673 | $ | 428,625 | |||||||||
Schedule of Product Warranty Liability [Table Text Block] | The following table presents changes in the Company’s warranty reserves: | ||||||||||||
January 3, | December 28, | December 29, | |||||||||||
2015 | 2013 | 2012 | |||||||||||
Warranty reserves, beginning of period | $ | 39,512 | $ | 38,425 | $ | 38,847 | |||||||
Reserves acquired with GPI | 4,490 | — | — | ||||||||||
Additions to warranty reserves | 52,306 | 42,380 | 40,766 | ||||||||||
Reserves utilized | (48,336 | ) | (41,293 | ) | (41,188 | ) | |||||||
Warranty reserves, end of period | $ | 47,972 | $ | 39,512 | $ | 38,425 | |||||||
Other_Current_and_Longterm_Lia1
Other Current and Long-term Liabilities (Tables) | 12 Months Ended | ||||||||
Jan. 03, 2015 | |||||||||
Other Liabilities Disclosure [Abstract] | |||||||||
Other Current Liabilities [Table Text Block] | Other current liabilities consist of the following: | ||||||||
January 3, | December 28, | ||||||||
2015 | 2013 | ||||||||
Deferred income taxes | $ | 89,173 | $ | 135,754 | |||||
Other | 37,273 | 18,876 | |||||||
Total other current liabilities | $ | 126,446 | $ | 154,630 | |||||
Other Noncurrent Liabilities [Table Text Block] | Other long-term liabilities consist of the following: | ||||||||
January 3, | December 28, | ||||||||
2015 | 2013 | ||||||||
Deferred income taxes | $ | 360,903 | $ | 91,957 | |||||
Self-insurance reserves | 78,134 | 52,971 | |||||||
Deferred rent | 55,153 | 47,851 | |||||||
Unfavorable leases | 45,259 | — | |||||||
Other | 40,620 | 38,337 | |||||||
Total other long-term liabilities | $ | 580,069 | $ | 231,116 | |||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 12 Months Ended | ||||||||||||
Jan. 03, 2015 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table illustrates the computation of basic and diluted earnings per share for 2014, 2013 and 2012, respectively: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator | |||||||||||||
Net income applicable to common shares | $ | 493,825 | $ | 391,758 | $ | 387,670 | |||||||
Participating securities’ share in earnings | (1,555 | ) | (895 | ) | (870 | ) | |||||||
Net income applicable to common shares | $ | 492,270 | $ | 390,863 | $ | 386,800 | |||||||
Denominator | |||||||||||||
Basic weighted average common shares | 72,932 | 72,930 | 73,091 | ||||||||||
Dilutive impact of share-based awards | 482 | 484 | 971 | ||||||||||
Diluted weighted average common shares | 73,414 | 73,414 | 74,062 | ||||||||||
Basic earnings per common share | |||||||||||||
Net income applicable to common stockholders | $ | 6.75 | $ | 5.36 | $ | 5.29 | |||||||
Diluted earnings per common share | |||||||||||||
Net income applicable to common stockholders | $ | 6.71 | $ | 5.32 | $ | 5.22 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Jan. 03, 2015 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Provision for income taxes current and deferred [Table Text Block] | Provision for income taxes for 2014, 2013 and 2012 consists of the following: | ||||||||||||
Current | Deferred | Total | |||||||||||
2014 | |||||||||||||
Federal | $ | 204,743 | $ | 45,389 | $ | 250,132 | |||||||
State | 19,359 | 4,830 | 24,189 | ||||||||||
Foreign | 14,999 | (1,751 | ) | 13,248 | |||||||||
$ | 239,101 | $ | 48,468 | $ | 287,569 | ||||||||
2013 | |||||||||||||
Federal | $ | 202,784 | $ | (1,898 | ) | $ | 200,886 | ||||||
State | 25,287 | (339 | ) | 24,948 | |||||||||
Foreign | 8,806 | — | 8,806 | ||||||||||
$ | 236,877 | $ | (2,237 | ) | $ | 234,640 | |||||||
2012 | |||||||||||||
Federal | $ | 185,564 | $ | 21,940 | $ | 207,504 | |||||||
State | 20,116 | 4,953 | 25,069 | ||||||||||
Foreign | 3,831 | — | 3,831 | ||||||||||
$ | 209,511 | $ | 26,893 | $ | 236,404 | ||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The provision for income taxes differed from the amount computed by applying the federal statutory income tax | ||||||||||||
rate due to: | |||||||||||||
January 3, 2015 | December 28, 2013 | December 29, 2012 | |||||||||||
Income before provision for income taxes at statutory U.S. federal income tax rate (35%) | $ | 273,488 | $ | 219,239 | $ | 218,426 | |||||||
State income taxes, net of federal income tax benefit | 15,723 | 16,216 | 16,295 | ||||||||||
Other, net | (1,642 | ) | (815 | ) | 1,683 | ||||||||
$ | 287,569 | $ | 234,640 | $ | 236,404 | ||||||||
Net deferred income tax liabilities [Table Text Block] | Deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred income taxes reflect the net income tax effect of temporary differences between the basis of assets and liabilities for financial reporting purposes and for income tax reporting purposes. Net deferred income tax balances are comprised of the following: | ||||||||||||
January 3, | December 28, | ||||||||||||
2015 | 2013 | ||||||||||||
Deferred income tax assets | $ | 151,997 | $ | 101,979 | |||||||||
Valuation allowance | (5,084 | ) | (1,557 | ) | |||||||||
Deferred income tax liabilities | (593,264 | ) | (321,778 | ) | |||||||||
Net deferred income tax liabilities | $ | (446,351 | ) | $ | (221,356 | ) | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Temporary differences which give rise to significant deferred income tax assets (liabilities) are as follows: | ||||||||||||
January 3, | December 28, | ||||||||||||
2015 | 2013 | ||||||||||||
Current deferred income tax assets (liabilities): | |||||||||||||
Inventory valuation differences | $ | (156,703 | ) | $ | (178,201 | ) | |||||||
Accrued medical and workers compensation | 14,250 | 9,370 | |||||||||||
Accrued expenses not currently deductible for tax | 48,684 | 28,501 | |||||||||||
Other, net | 5,119 | 5,612 | |||||||||||
Total current deferred income tax assets (liabilities) | $ | (88,650 | ) | $ | (134,718 | ) | |||||||
Long-term deferred income tax assets (liabilities): | |||||||||||||
Property and equipment | $ | (181,511 | ) | $ | (143,577 | ) | |||||||
Share-based compensation | 13,721 | 10,733 | |||||||||||
Accrued medical and workers compensation | 30,424 | 20,532 | |||||||||||
Net operating loss carryforwards | 7,233 | 3,426 | |||||||||||
Straight-line rent | 21,431 | 20,784 | |||||||||||
Intangible assets | (255,050 | ) | (10,961 | ) | |||||||||
Other, net | 6,051 | 12,425 | |||||||||||
Total long-term deferred income tax assets (liabilities) | $ | (357,701 | ) | $ | (86,638 | ) | |||||||
Unrecognized tax benefits [Table Text Block] | The following table lists each category and summarizes the activity of the Company’s gross unrecognized tax benefits for the fiscal years ended January 3, 2015, December 28, 2013 and December 29, 2012: | ||||||||||||
January 3, | December 28, | December 29, | |||||||||||
2015 | 2013 | 2012 | |||||||||||
Unrecognized tax benefits, beginning of period | $ | 18,458 | $ | 16,708 | $ | 24,711 | |||||||
Increases related to prior period tax positions | — | — | 702 | ||||||||||
Decreases related to prior period tax positions | (4,841 | ) | (1,313 | ) | (9,629 | ) | |||||||
Increases related to current period tax positions | 4,329 | 3,678 | 3,985 | ||||||||||
Settlements | (2,345 | ) | — | (1,111 | ) | ||||||||
Expiration of statute of limitations | (1,568 | ) | (615 | ) | (1,950 | ) | |||||||
Unrecognized tax benefits, end of period | $ | 14,033 | $ | 18,458 | $ | 16,708 | |||||||
Lease_Commitments_Tables
Lease Commitments (Tables) | 12 Months Ended | ||||||||||||
Jan. 03, 2015 | |||||||||||||
Leases [Abstract] | |||||||||||||
Schedule of Future Minimum Lease Payments for Operating Leases [Table Text Block] | As of January 3, 2015, future minimum lease payments due under non-cancelable operating leases with lease terms extending through the year 2059 are as follows: | ||||||||||||
Fiscal Year | Amount | ||||||||||||
2015 | $ | 460,655 | |||||||||||
2016 | 439,530 | ||||||||||||
2017 | 402,581 | ||||||||||||
2018 | 363,154 | ||||||||||||
2019 | 317,982 | ||||||||||||
Thereafter | 1,262,623 | ||||||||||||
$ | 3,246,525 | ||||||||||||
Schedule of Rent Expense [Table Text Block] | Net rent expense for 2014, 2013 and 2012 was as follows: | ||||||||||||
January 3, 2015 | December 28, 2013 | December 29, 2012 | |||||||||||
Minimum facility rentals | $ | 463,345 | $ | 328,581 | $ | 300,552 | |||||||
Contingency facility rentals | 488 | 578 | 907 | ||||||||||
Equipment rentals | 8,230 | 5,333 | 5,027 | ||||||||||
Vehicle rentals | 53,300 | 29,100 | 18,401 | ||||||||||
525,363 | 363,592 | 324,887 | |||||||||||
Less: Sub-lease income | (9,966 | ) | (5,983 | ) | (4,600 | ) | |||||||
$ | 515,397 | $ | 357,609 | $ | 320,287 | ||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | |||||||||||||
Jan. 03, 2015 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Share based compensation expense related to cash flow [Table Text Block] | Total share-based compensation expense and cash received included in the Company’s consolidated statements of operations and consolidated statements of cash flows, including the related income tax benefits, for 2014, 2013 and 2012 are as follows: | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Share-based compensation expense | $ | 21,705 | $ | 13,191 | $ | 15,236 | ||||||||
Deferred income tax benefit | 8,013 | 4,991 | 5,774 | |||||||||||
Proceeds from the issuance of common stock, primarily exercise of stock options | 6,578 | 3,611 | 8,495 | |||||||||||
Tax withholdings related to the exercise of stock appreciation rights | (7,102 | ) | (21,856 | ) | (26,677 | ) | ||||||||
Excess tax benefit from share-based compensation | 10,487 | 16,320 | 23,099 | |||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The fair value of each SAR was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: | |||||||||||||
Black-Scholes Option Valuation Assumptions | 2014 | 2013 | 2012 | |||||||||||
Risk-free interest rate (1) | 1.2 | % | 1.1 | % | 0.5 | % | ||||||||
Expected dividend yield | 0.2 | % | 0.3 | % | 0.3 | % | ||||||||
Expected stock price volatility (2) | 27 | % | 26.9 | % | 33.2 | % | ||||||||
Expected life of awards (in months) (3) | 49 | 49 | 49 | |||||||||||
(1) | The risk-free interest rate is based on the U.S. Treasury constant maturity interest rate having term consistent with the expected life of the award. | |||||||||||||
(2) | Expected volatility is determined using a blend of historical and implied volatility. | |||||||||||||
(3) | The expected life of the Company's awards represents the estimated period of time until exercise and is based on historical experience of previously granted awards. | |||||||||||||
Time-Based Stock Appreciation Rights Award Activity [Table Text Block] | The following table summarizes the time-vested SARs activity for 2014: | |||||||||||||
Number of Awards | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | |||||||||||
Outstanding at December 28, 2013 | 1,090 | $ | 61.79 | |||||||||||
Granted | — | — | ||||||||||||
Exercised | (243 | ) | 54.88 | |||||||||||
Forfeited | (21 | ) | 67.71 | |||||||||||
Outstanding at January 3, 2015 | 826 | $ | 63.68 | 3.54 | $ | 78,332 | ||||||||
Vested and expected to vest | 823 | $ | 63.64 | 3.54 | $ | 78,107 | ||||||||
Outstanding and exercisable | 714 | $ | 61.92 | 3.32 | $ | 69,033 | ||||||||
Time-Based Restricted Stock and Restricted Stock Units Activity [Table Text Block] | The following table summarizes the RSU and restricted stock activity for the fiscal year ended January 3, 2015: | |||||||||||||
Number of Awards | Weighted-Average Grant Date Fair Value | |||||||||||||
Nonvested at December 28, 2013 | 210 | $ | 91.44 | |||||||||||
Granted | 190 | 139.43 | ||||||||||||
Vested | (94 | ) | 87.93 | |||||||||||
Forfeited | (23 | ) | 103.75 | |||||||||||
Nonvested at January 3, 2015 | 283 | $ | 123.89 | |||||||||||
Performance-Based Stock Appreciation Rights, Activity [Table Text Block] | The following table summarizes the performance-based SARs activity for 2014: | |||||||||||||
Number of Awards | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | |||||||||||
Outstanding at December 28, 2013 | 520 | $ | 78.21 | |||||||||||
Granted | 303 | 141.57 | ||||||||||||
Change in units based on performance | (48 | ) | 90.57 | |||||||||||
Exercised | (39 | ) | 35.18 | |||||||||||
Forfeited | (107 | ) | 68.97 | |||||||||||
Outstanding at January 3, 2015 | 629 | $ | 112.01 | 5.47 | $ | 29,285 | ||||||||
Vested and expected to vest | 533 | $ | 108.17 | 4.97 | $ | 26,864 | ||||||||
Outstanding and exercisable | 92 | $ | 36.91 | 1.84 | $ | 11,152 | ||||||||
Performance-Based Restricted Stock, Activity [Table Text Block] | The following table summarizes the performance-based RSUs activity for 2014: | |||||||||||||
Number of Awards | Weighted-Average Grant Date Fair Value | |||||||||||||
Nonvested at December 28, 2013 | 182 | $ | 75.36 | |||||||||||
Granted | 19 | 123.32 | ||||||||||||
Change in units based on performance | 6 | 104.87 | ||||||||||||
Vested | (2 | ) | 74.43 | |||||||||||
Forfeited | (10 | ) | 76.09 | |||||||||||
Nonvested at January 3, 2015 | 195 | $ | 81.98 | |||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income Loss (Tables) | 12 Months Ended | ||||||||||||||||
Jan. 03, 2015 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated other comprehensive income (loss), net of tax, for 2014, 2013 and 2012 consisted of the following: | ||||||||||||||||
Unrealized Gain | Unrealized Gain (Loss) | Currency | Accumulated | ||||||||||||||
(Loss) on Hedging | on Postretirement | Translation | Other | ||||||||||||||
Arrangements | Plan | Comprehensive | |||||||||||||||
Income (Loss) | |||||||||||||||||
Balance, December 31, 2011 | $ | (254 | ) | $ | 3,058 | $ | — | $ | 2,804 | ||||||||
Fiscal 2012 activity | 254 | (391 | ) | — | (137 | ) | |||||||||||
Balance, December 29, 2012 | $ | — | $ | 2,667 | $ | — | $ | 2,667 | |||||||||
Fiscal 2013 activity | — | 1,016 | — | 1,016 | |||||||||||||
Balance, December 28, 2013 | $ | — | $ | 3,683 | $ | — | $ | 3,683 | |||||||||
Fiscal 2014 activity | — | (752 | ) | (15,268 | ) | (16,020 | ) | ||||||||||
Balance, January 3, 2015 | $ | — | $ | 2,931 | $ | (15,268 | ) | $ | (12,337 | ) | |||||||
Segment_and_Related_Informatio1
Segment and Related Information (Tables) | 12 Months Ended | |||||||||
Jan. 03, 2015 | ||||||||||
Segment Reporting [Abstract] | ||||||||||
Revenue from External Customers by Products and Services [Table Text Block] | The following table summarizes financial information for each of the Company’s product groups for the years ended January 3, 2015, December 28, 2013 and December 29, 2012, respectively. | |||||||||
2014 | 2013 | 2012 | ||||||||
Percentage of Sales, by Product Group | ||||||||||
Parts and Batteries | 69 | % | 67 | % | 65 | % | ||||
Accessories | 13 | % | 14 | % | 14 | % | ||||
Chemicals | 8 | % | 10 | % | 10 | % | ||||
Oil | 8 | % | 9 | % | 10 | % | ||||
Other | 2 | % | — | % | 1 | % | ||||
Total | 100 | % | 100 | % | 100 | % |
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Statements (Tables) | 12 Months Ended | |||||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||||
Condensed Consolidating Financial Statements [Abstract] | ||||||||||||||||||||
Condensed Balance Sheet [Table Text Block] | Condensed Consolidating Balance Sheets | |||||||||||||||||||
As of January 3, 2015 | ||||||||||||||||||||
Advance Auto Parts, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Assets | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 9 | $ | 65,345 | $ | 39,326 | $ | (9 | ) | $ | 104,671 | |||||||||
Receivables, net | — | 549,151 | 30,674 | — | 579,825 | |||||||||||||||
Inventories, net | — | 3,771,816 | 165,139 | — | 3,936,955 | |||||||||||||||
Other current assets | 4,102 | 113,003 | 3,383 | (899 | ) | 119,589 | ||||||||||||||
Total current assets | 4,111 | 4,499,315 | 238,522 | (908 | ) | 4,741,040 | ||||||||||||||
Property and equipment, net of accumulated depreciation | 2 | 1,421,325 | 10,703 | — | 1,432,030 | |||||||||||||||
Assets held for sale | — | 615 | — | — | 615 | |||||||||||||||
Goodwill | — | 940,817 | 54,609 | — | 995,426 | |||||||||||||||
Intangible assets, net | — | 689,745 | 58,380 | — | 748,125 | |||||||||||||||
Other assets, net | 12,963 | 36,762 | 683 | (5,286 | ) | 45,122 | ||||||||||||||
Investment in subsidiaries | 2,057,761 | 280,014 | — | (2,337,775 | ) | — | ||||||||||||||
Intercompany note receivable | 1,047,911 | — | — | (1,047,911 | ) | — | ||||||||||||||
Due from intercompany, net | — | — | 211,908 | (211,908 | ) | — | ||||||||||||||
$ | 3,122,748 | $ | 7,868,593 | $ | 574,805 | $ | (3,603,788 | ) | $ | 7,962,358 | ||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 582 | $ | — | $ | — | $ | 582 | ||||||||||
Accounts payable | — | 2,845,043 | 250,322 | — | 3,095,365 | |||||||||||||||
Accrued expenses | 4,884 | 498,505 | 17,284 | — | 520,673 | |||||||||||||||
Other current liabilities | — | 115,497 | 11,857 | (908 | ) | 126,446 | ||||||||||||||
Total current liabilities | 4,884 | 3,459,627 | 279,463 | (908 | ) | 3,743,066 | ||||||||||||||
Long-term debt | 1,047,911 | 588,400 | — | — | 1,636,311 | |||||||||||||||
Other long-term liabilities | — | 570,027 | 15,328 | (5,286 | ) | 580,069 | ||||||||||||||
Intercompany note payable | — | 1,047,911 | — | (1,047,911 | ) | — | ||||||||||||||
Due to intercompany, net | 67,041 | 144,867 | — | (211,908 | ) | — | ||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Stockholders' equity | 2,002,912 | 2,057,761 | 280,014 | (2,337,775 | ) | 2,002,912 | ||||||||||||||
$ | 3,122,748 | $ | 7,868,593 | $ | 574,805 | $ | (3,603,788 | ) | $ | 7,962,358 | ||||||||||
Condensed Income Statement [Table Text Block] | Condensed Consolidating Statements of Operations | |||||||||||||||||||
For Fiscal 2014 | ||||||||||||||||||||
Advance Auto Parts, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Net sales | $ | — | $ | 9,530,953 | $ | 527,595 | $ | (214,687 | ) | $ | 9,843,861 | |||||||||
Cost of sales, including purchasing and warehousing costs | — | 5,231,421 | 373,514 | (214,687 | ) | 5,390,248 | ||||||||||||||
Gross profit | — | 4,299,532 | 154,081 | — | 4,453,613 | |||||||||||||||
Selling, general and administrative expenses | 14,504 | 3,541,370 | 102,370 | (56,341 | ) | 3,601,903 | ||||||||||||||
Operating (loss) income | (14,504 | ) | 758,162 | 51,711 | 56,341 | 851,710 | ||||||||||||||
Other, net: | ||||||||||||||||||||
Interest expense | (52,946 | ) | (20,334 | ) | (128 | ) | — | (73,408 | ) | |||||||||||
Other income (expense), net | 67,470 | (9,140 | ) | 1,103 | (56,341 | ) | 3,092 | |||||||||||||
Total other, net | 14,524 | (29,474 | ) | 975 | (56,341 | ) | (70,316 | ) | ||||||||||||
Income before provision for income taxes | 20 | 728,688 | 52,686 | — | 781,394 | |||||||||||||||
Provision for income taxes | 296 | 277,769 | 9,504 | — | 287,569 | |||||||||||||||
(Loss) income before equity in earnings of subsidiaries | (276 | ) | 450,919 | 43,182 | — | 493,825 | ||||||||||||||
Equity in earnings of subsidiaries | 494,101 | 43,182 | — | (537,283 | ) | — | ||||||||||||||
Net income | $ | 493,825 | $ | 494,101 | $ | 43,182 | $ | (537,283 | ) | $ | 493,825 | |||||||||
Condensed Statement of Comprehensive Income [Table Text Block] | Condensed Consolidating Statements of Comprehensive Income | |||||||||||||||||||
For Fiscal 2014 | ||||||||||||||||||||
Advance Auto Parts, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Net income | $ | 493,825 | $ | 494,101 | $ | 43,182 | $ | (537,283 | ) | $ | 493,825 | |||||||||
Other comprehensive loss: | ||||||||||||||||||||
Changes in net unrecognized other postretirement benefit costs | — | (752 | ) | — | — | (752 | ) | |||||||||||||
Currency translation | — | — | (15,268 | ) | — | (15,268 | ) | |||||||||||||
Equity in other comprehensive loss of subsidiaries | (16,020 | ) | (15,268 | ) | — | 31,288 | — | |||||||||||||
Other comprehensive loss | (16,020 | ) | (16,020 | ) | (15,268 | ) | 31,288 | (16,020 | ) | |||||||||||
Comprehensive income | $ | 477,805 | $ | 478,081 | $ | 27,914 | $ | (505,995 | ) | $ | 477,805 | |||||||||
Condensed Cash Flow Statement [Table Text Block] | Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||
For Fiscal 2014 | ||||||||||||||||||||
Advance Auto Parts, Inc. | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||
Net cash provided by operating activities | $ | — | $ | 666,566 | $ | 42,425 | $ | — | $ | 708,991 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Purchases of property and equipment | — | (224,894 | ) | (3,552 | ) | — | (228,446 | ) | ||||||||||||
Business acquisitions, net of cash acquired | — | (2,059,987 | ) | (796 | ) | — | (2,060,783 | ) | ||||||||||||
Proceeds from sales of property and equipment | — | 974 | 18 | — | 992 | |||||||||||||||
Net cash used in investing activities | — | (2,283,907 | ) | (4,330 | ) | — | (2,288,237 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Increase in bank overdrafts | — | 16,228 | — | (9 | ) | 16,219 | ||||||||||||||
Borrowings under credit facilities | — | 2,238,200 | — | — | 2,238,200 | |||||||||||||||
Payments on credit facilities | — | (1,654,800 | ) | — | — | (1,654,800 | ) | |||||||||||||
Dividends paid | — | (17,580 | ) | — | — | (17,580 | ) | |||||||||||||
Proceeds from the issuance of common stock, primarily exercise of stock options | — | 6,578 | — | — | 6,578 | |||||||||||||||
Tax withholdings related to the exercise of stock appreciation rights | — | (7,102 | ) | — | — | (7,102 | ) | |||||||||||||
Excess tax benefit from share-based compensation | — | 10,487 | — | — | 10,487 | |||||||||||||||
Repurchase of common stock | — | (5,154 | ) | — | — | (5,154 | ) | |||||||||||||
Contingent consideration related to business acquisitions | — | (10,047 | ) | — | — | (10,047 | ) | |||||||||||||
Other | — | (890 | ) | — | — | (890 | ) | |||||||||||||
Net cash provided by financing activities | — | 575,920 | — | (9 | ) | 575,911 | ||||||||||||||
Effect of exchange rate changes on cash | — | — | (4,465 | ) | — | (4,465 | ) | |||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (1,041,421 | ) | 33,630 | (9 | ) | (1,007,800 | ) | ||||||||||||
Cash and cash equivalents, beginning of period | 9 | 1,106,766 | 5,696 | — | 1,112,471 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 9 | $ | 65,345 | $ | 39,326 | $ | (9 | ) | $ | 104,671 | |||||||||
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Jan. 03, 2015 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | The following table summarizes quarterly financial data for Fiscal 2014 and 2013: | ||||||||||||||||
2014 | First | Second | Third | Fourth | |||||||||||||
(16 weeks) | (12 weeks) | (12 weeks) | (13 weeks) | ||||||||||||||
Net sales | $ | 2,969,499 | $ | 2,347,697 | $ | 2,289,456 | $ | 2,237,209 | |||||||||
Gross profit | 1,353,122 | 1,062,108 | 1,034,442 | 1,003,941 | |||||||||||||
Net income | 147,726 | 139,488 | 122,177 | 84,434 | |||||||||||||
Basic earnings per share | 2.02 | 1.91 | 1.67 | 1.15 | |||||||||||||
Diluted earnings per share | 2.01 | 1.89 | 1.66 | 1.15 | |||||||||||||
2013 | First | Second | Third | Fourth | |||||||||||||
(16 weeks) | (12 weeks) | (12 weeks) | (12 weeks) | ||||||||||||||
Net sales | $ | 2,015,304 | $ | 1,549,553 | $ | 1,520,144 | $ | 1,408,813 | |||||||||
Gross profit | 1,008,206 | 779,223 | 762,940 | 701,777 | |||||||||||||
Net income | 121,790 | 116,871 | 103,830 | 49,267 | |||||||||||||
Basic earnings per share | 1.66 | 1.6 | 1.42 | 0.68 | |||||||||||||
Diluted earnings per share | 1.65 | 1.59 | 1.42 | 0.67 | |||||||||||||
Note: Quarterly and year-to-date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not be equal to the per share amount for the year. |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Tables) | 12 Months Ended | |||||||||||||||||||||
Jan. 03, 2015 | ||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||||
Allowance for doubtful accounts receivable [Table Text Block] | ||||||||||||||||||||||
Allowance for doubtful accounts receivable: | Balance at | Charges to | Deductions | Other | Balance at | |||||||||||||||||
Beginning | Expenses | End of | ||||||||||||||||||||
of Period | Period | |||||||||||||||||||||
December 29, 2012 | $ | 4,056 | $ | 4,127 | $ | (2,264 | ) | (1) | $ | — | $ | 5,919 | ||||||||||
December 28, 2013 | 5,919 | 11,955 | (4,995 | ) | (1) | 416 | (2) | 13,295 | ||||||||||||||
January 3, 2015 | 13,295 | 17,182 | (14,325 | ) | (1) | — | 16,152 | |||||||||||||||
(1) | Accounts written off during the period. These amounts did not impact the Company’s statement of operations for any year presented. |
Organization_and_Description_o1
Organization and Description of Business (Details) | Jan. 03, 2015 |
Stores [Member] | |
Organization and Description of Business [Line Items] | |
Number of Stores | 5,261 |
Branches [Member] | |
Organization and Description of Business [Line Items] | |
Number of Stores | 111 |
Store locations with delivery service [Member] | |
Organization and Description of Business [Line Items] | |
Number of Stores | 4,981 |
Independently-owned Carquest store locations [Member] | |
Organization and Description of Business [Line Items] | |
Number of Stores | 1,325 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Accounting Policies [Abstract] | |||
Credit and Debit Card Receivables, at Carrying Value | $28,843 | $28,828 | |
Bank overdrafts | 22,015 | 5,796 | |
Deferred vendor incentives included in inventory | 179,785 | 111,304 | |
Advertising Expense | 96,463 | 69,116 | 83,871 |
Cooperative Advertising Amount | 21,814 | 18,622 | 11,445 |
Self-insurance reserves [Line Items] | |||
Self-insurance reserves, beginning of period | 98,475 | 94,548 | 98,944 |
Self-insurance reserves, end of period | 137,033 | 98,475 | 94,548 |
Impairment of Long-Lived Assets to be Disposed of | 11,819 | ||
Deferred Rent Credit | 60,275 | 50,638 | |
Additions to self-insurance reserves [Member] | |||
Self-insurance reserves [Line Items] | |||
Increase (Decrease) in self-insurance reserves | 159,752 | 120,782 | 105,670 |
Acquired reserves [Member] | |||
Self-insurance reserves [Line Items] | |||
Increase (Decrease) in self-insurance reserves | 41,673 | 4,195 | 0 |
Reserves utilized [Member] | |||
Self-insurance reserves [Line Items] | |||
Increase (Decrease) in self-insurance reserves | ($162,867) | ($121,050) | ($110,066) |
Inventories_net_Details
Inventories, net (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Inventory [Line Items] | |||
Percentage of LIFO Inventory | 88.00% | 95.00% | |
Inventory, LIFO Reserve, Effect on Income, Net | ($8,930) | $5,572 | $24,087 |
Purchasing and Warehousing costs included in inventory | 321,856 | 161,519 | |
Inventories at FIFO, net | 3,814,123 | 2,424,795 | |
Adjustments to state inventories at LIFO | 122,832 | 131,762 | |
Inventories at LIFO, net | 3,936,955 | 2,556,557 | |
Inventory Valuation Reserve [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Inventory reserves, beginning of period | 37,523 | 31,418 | 30,786 |
Additions to inventory reserves | 92,773 | 65,466 | 72,852 |
Reserves utilized | -80,857 | -59,361 | -72,220 |
Inventory reserves, end of period | $49,439 | $37,523 | $31,418 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 3 Months Ended | 4 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 03, 2015 | Oct. 04, 2014 | Jul. 12, 2014 | Dec. 28, 2013 | Oct. 05, 2013 | Jul. 13, 2013 | Apr. 19, 2014 | Apr. 20, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Jan. 02, 2014 | Dec. 31, 2012 |
Business Acquisition [Line Items] | |||||||||||||
Net sales | $2,237,209 | $2,289,456 | $2,347,697 | $1,408,813 | $1,520,144 | $1,549,553 | $2,969,499 | $2,015,304 | $9,843,861 | $6,493,814 | $6,205,003 | ||
Net income | 84,434 | 122,177 | 139,488 | 49,267 | 103,830 | 116,871 | 147,726 | 121,790 | 493,825 | 391,758 | 387,670 | ||
Goodwill | 995,426 | 199,835 | 995,426 | 199,835 | 76,389 | ||||||||
Off-market Lease, Unfavorable | 45,259 | 0 | 45,259 | 0 | |||||||||
Pro forma net sales | 9,456,405 | ||||||||||||
Pro forma net income | 428,562 | ||||||||||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $5.88 | ||||||||||||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $5.84 | ||||||||||||
Business Combination, Elimination of deferred gain from sale leaseback transaction | 6,385 | ||||||||||||
Business Combination, elimination of transaction fees | 26,970 | ||||||||||||
Goodwill, Acquired During Period | 798,043 | 123,446 | |||||||||||
Carquest stores acquired by AAP in acquisition [Member] [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of Stores | 1,233 | ||||||||||||
GPI Worldpac [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of Stores | 103 | ||||||||||||
GPI [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of States in which Entity Operates | 45 | ||||||||||||
Total consideration | 2,080,804 | ||||||||||||
Cash paid to shareholders in acquisition | 1,307,991 | ||||||||||||
Repayment of GPI debt | 694,301 | ||||||||||||
Amount paid for make-whole fees and transaction related fees | 78,512 | ||||||||||||
Term Loan Payable | 700,000 | ||||||||||||
Revolving Credit Facility, amount outstanding | 306,046 | ||||||||||||
Business Combination, Acquisition Related Costs | 0 | 26,970 | |||||||||||
Net sales | 3,040,493 | ||||||||||||
Net income | 58,535 | ||||||||||||
Escrow Deposit | 200,881 | ||||||||||||
Business Combination, Indemnification Assets, Amount as of Acquisition Date | 4,283 | ||||||||||||
Cash and cash equivalents | 25,176 | ||||||||||||
Receivables | 255,997 | ||||||||||||
Inventory | 1,159,886 | ||||||||||||
Other current assets | 118,871 | ||||||||||||
Property, plant and equipment | 162,545 | ||||||||||||
Intangible assets | 756,571 | ||||||||||||
Other assets | 1,741 | ||||||||||||
Accounts payable | -704,006 | ||||||||||||
Accrued and other current liabilities | -136,784 | ||||||||||||
Long-term liabilities | -356,584 | ||||||||||||
Total identifiable net assets | 1,283,413 | ||||||||||||
Goodwill | 797,391 | ||||||||||||
Total acquired net assets | 2,080,804 | ||||||||||||
Off-market Lease, Favorable | 56,465 | ||||||||||||
Off-market Lease, Unfavorable | 48,604 | ||||||||||||
Business Combination, Acquired Receivables, Fair Value | 255,997 | ||||||||||||
Business Combination, Acquired Receivables, Gross Contractual Amount | 269,006 | ||||||||||||
Business Combination, Acquired Receivables, Estimated Uncollectible | 13,009 | ||||||||||||
Goodwill, Acquired During Period | 797,391 | ||||||||||||
Carquest indepently owned locations [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of Stores | 1,400 | ||||||||||||
B.W.P. Distributors, Inc. stores operated prior to acquisition [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of Stores | 216 | 216 | |||||||||||
BWP Distribution Centers AAP will transfer the rights to distribute [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of Stores | 1 | ||||||||||||
BWP stores AAP will transfer the rights to distribute [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of Stores | 92 | ||||||||||||
BWP stores acquired by AAP in acquisition [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of Stores | 124 | ||||||||||||
BWP Distribution Centers acquired by AAP in acquisition [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of Stores | 2 | ||||||||||||
BWP [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Total consideration | 187,109 | ||||||||||||
Business acquisition, expected proceeds from sale of certain assets | 16,798 | 16,798 | |||||||||||
Goodwill, Acquired During Period | 123,446 | ||||||||||||
Following GPI acquisition [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of Stores | 9 | 9 | |||||||||||
Total consideration | 5,155 | ||||||||||||
Goodwill, Acquired During Period | $652 |
Exit_Activities_and_Impairment2
Exit Activities and Impairment (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jan. 03, 2015 |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Reserve, beginning of period | $11,212 |
Reserves acquired with GPI | 3,455 |
Reserves established | 26,229 |
Change in estimates | -254 |
Cash payments | -13,752 |
Restructuring Reserve, end of period | 26,890 |
Office Consolidation [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | 28,800 |
BWP stores consolidated [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Number of Stores | 34 |
BWP stores converted [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Number of Stores | 19 |
Number of Florida AI stores prior to consolidation plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Number of Stores | 40 |
AI stores remaining to convert to AAP stores in Florida [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Number of Stores | 7 |
Carquest consolidations completed [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Number of Stores | 98 |
Carquest conversions completed [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Number of Stores | 10 |
AI stores approved to consolidate [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Number of Stores | 33 |
Closed Store Lease Obligations [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | 5,500 |
Restructuring Reserve, beginning of period | 11,212 |
Reserves acquired with GPI | 3,455 |
Reserves established | 11,138 |
Change in estimates | 1,053 |
Cash payments | -7,588 |
Restructuring Reserve, end of period | 19,270 |
Closed Store Lease Obligations [Member] | Carquest consolidations completed [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Incurred Cost | 5,812 |
Severance [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Reserve, beginning of period | 0 |
Reserves acquired with GPI | 0 |
Reserves established | 8,038 |
Change in estimates | -1,307 |
Cash payments | -927 |
Restructuring Reserve, end of period | 5,804 |
Severance [Member] | Office Consolidation [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | 11,200 |
Restructuring and Related Cost, Incurred Cost | 6,731 |
Relocation and Other Exit Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Reserve, beginning of period | 0 |
Reserves acquired with GPI | 0 |
Reserves established | 7,053 |
Change in estimates | 0 |
Cash payments | -5,237 |
Restructuring Reserve, end of period | 1,816 |
Relocation and Other Exit Costs [Member] | Office Consolidation [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Cost, Expected Cost | 17,600 |
Restructuring and Related Cost, Incurred Cost | $7,053 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Jan. 02, 2014 |
Goodwill [Line Items] | |||
Goodwill, Acquisitions | $798,043 | $123,446 | |
Goodwill [Roll Forward] | |||
Goodwill, beginning of period | 199,835 | 76,389 | |
Goodwill, Acquisitions | 798,043 | 123,446 | |
Goodwill, changes in foreign currency exchange rates | -2,452 | 0 | |
Goodwill, end of period | 995,426 | 199,835 | |
2015 | 52,115 | ||
2016 | 48,312 | ||
2017 | 45,959 | ||
2018 | 42,948 | ||
2019 | 32,187 | ||
Thereafter | 187,221 | ||
GPI [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Acquisitions | 797,391 | ||
Goodwill [Roll Forward] | |||
Goodwill, beginning of period | 797,391 | ||
Goodwill, Acquisitions | 797,391 | ||
Goodwill, end of period | 797,391 | ||
Following GPI acquisition [Member] | |||
Goodwill [Line Items] | |||
Number of Stores | 9 | ||
Goodwill, Acquisitions | 652 | ||
Goodwill [Roll Forward] | |||
Goodwill, Acquisitions | 652 | ||
BWP [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Acquisitions | 123,446 | ||
Goodwill [Roll Forward] | |||
Goodwill, Acquisitions | $123,446 |
Goodwill_and_Intangible_Asset_
Goodwill and Intangible Asset Rollforward (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $484,455 | $48,536 | |
Accumulated Amortization | -75,713 | -19,214 | |
Net | 408,742 | 29,322 | |
Indefinite-Lived Trademarks | 339,383 | 20,550 | |
Intangible Assets, gross (excluding goodwill) | 823,838 | 69,086 | |
Additions | 757,453 | 29,001 | |
Indefinite-lived Intangible Assets, Written off Related to Sale of Business Unit | 2,244 | ||
Amortization Expense | 56,499 | 7,974 | 3,635 |
Intangible Assets, Net (Excluding Goodwill) | 748,125 | 49,872 | |
Customer Relationships [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 362,483 | 33,601 | |
Accumulated Amortization | -40,609 | -10,309 | |
Net | 321,874 | 23,292 | |
Additions | 330,293 | 23,801 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years | 12 years | |
Acquired Technology | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 8,850 | 8,850 | |
Accumulated Amortization | -8,569 | -6,381 | |
Net | 281 | 2,469 | |
Favorable Leases [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 56,342 | 0 | |
Accumulated Amortization | -11,939 | 0 | |
Net | 44,403 | 0 | |
Additions | 56,465 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 4 years 6 months | ||
Non-Compete and Other | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 56,780 | 6,085 | |
Accumulated Amortization | -14,596 | -2,524 | |
Net | 42,184 | 3,561 | |
Additions | 50,695 | 5,200 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | 3 years 4 months 24 days | |
Brands, Trademark and Tradenames [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Accumulated Amortization | 0 | 0 | |
Additions | $320,000 |
Receivables_net_Details
Receivables, net (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total receivables | $595,977 | $290,890 |
Less: Allowance for doubtful accounts | -16,152 | -13,295 |
Receivables, net | 579,825 | 277,595 |
Trade Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total receivables | 360,922 | 145,670 |
Accounts Receivable, Vendor [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total receivables | 222,476 | 138,336 |
Accounts Receivable, Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total receivables | $12,579 | $6,884 |
Longterm_Debt_Details
Long-term Debt (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Apr. 26, 2010 | Jan. 11, 2012 | Dec. 03, 2013 |
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $1,636,893 | $1,053,584 | |||
Long-term Debt, Current Maturities | -582 | -916 | |||
Long-term Debt, Excluding Current Maturities | 1,636,311 | 1,052,668 | |||
Letters of Credit Outstanding, Amount | 124,334 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 782,266 | ||||
Line of Credit Facility, Commitment Fee Percentage | 0.20% | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 33,606 | ||||
Guarantor Obligations, Collateral Held | 71,997 | ||||
Indenture provisions for events of default | The Indenture contains customary provisions for events of default including for: (i) failure to pay principal or interest when due and payable; (ii) failure to comply with covenants or agreements in the Indenture or the Notes and failure to cure or obtain a waiver of such default upon notice; (iii) a default under any debt for money borrowed by the Company or any of its subsidiaries that results in acceleration of the maturity of such debt, or failure to pay any such debt within any applicable grace period after final stated maturity, in an aggregate amount greater than $25,000 without such debt having been discharged or acceleration having been rescinded or annulled within 10 days after receipt by the Company of notice of the default by the Trustee or holders of not less than 25% in aggregate principal amount of the Notes then outstanding; and (iv) events of bankruptcy, insolvency or reorganization affecting the Company and certain of its subsidiaries. In the case of an event of default, the principal amount of the Notes plus accrued and unpaid interest may be accelerated. The Indenture also contains covenants limiting the ability of the Company and its subsidiaries to incur debt secured by liens and to enter into sale and lease-back transactions. | ||||
2015 | 582 | ||||
2016 | 0 | ||||
2017 | 35,000 | ||||
2018 | 163,400 | ||||
2019 | 385,000 | ||||
Thereafter | 1,052,911 | ||||
5.75% senior unsecured notes (2020 Notes) [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 300,000 | ||||
Debt Instrument, Unamortized Discount | 746 | 865 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | ||||
Debt issuance, percentage of principal | 99.59% | ||||
4.50% senior unsecured notes (2022 Notes) [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 300,000 | ||||
Debt Instrument, Unamortized Discount | 72 | 80 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ||||
Debt issuance, percentage of principal | 99.97% | ||||
4.50% senior unsecured notes (2023 Notes) [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 450,000 | ||||
Debt Instrument, Unamortized Discount | 1,271 | 1,387 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ||||
Debt issuance, percentage of principal | 99.69% | ||||
Net proceeds from note offering after deducting fees | 445,200 | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | 93,400 | 0 | |||
Debt Instrument, Interest Rate, Effective Percentage | 2.45% | 1.47% | |||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000,000 | ||||
line of credit facility increase increment limit | 250,000 | ||||
Total line of credit commitment allowed | 1,250,000 | ||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.30% | ||||
Revolving Credit Facility [Member] | Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.30% | ||||
Revolving Credit Facility [Member] | letters of credit sublimit [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 300,000 | ||||
Revolving Credit Facility [Member] | swingline sublimit [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000 | ||||
Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | 490,000 | 0 | |||
Debt Instrument, Interest Rate, Effective Percentage | 1.72% | 1.67% | |||
Line of Credit Facility, Maximum Borrowing Capacity | 700,000 | ||||
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||
Term Loan [Member] | Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||
Senior Notes [Member] | 5.75% senior unsecured notes (2020 Notes) [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | 299,254 | 299,135 | |||
Senior Notes [Member] | 4.50% senior unsecured notes (2022 Notes) [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | 299,928 | 299,920 | |||
Senior Notes [Member] | 4.50% senior unsecured notes (2023 Notes) [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | 448,729 | 448,613 | |||
Notes Payable, Other Payables [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $5,582 | $5,916 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Table (Details) (USD $) | Dec. 28, 2013 |
In Thousands, unless otherwise specified | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Contingent consideration related to business acquisitions | $9,475 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Contingent consideration related to business acquisitions | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Contingent consideration related to business acquisitions | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Contingent consideration related to business acquisitions | $9,475 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying Value | $1,636,311 | $1,052,668 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | $1,728,000 | $1,086,000 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, Gross | $2,804,389 | $2,539,444 | |
Accumulated Depreciation | -1,372,359 | -1,255,474 | |
Property and Equipment, Net | 1,432,030 | 1,283,970 | |
Depreciation | 235,040 | 199,821 | 185,909 |
Capitalized software development costs | 11,436 | 11,534 | 10,026 |
Software Development [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | three to five years | ||
Land and Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | 0 - 10 years | ||
Property and Equipment, Gross | 438,638 | 418,207 | |
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | 30 - 40 years | ||
Property and Equipment, Gross | 460,187 | 445,820 | |
Building and Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | 3 - 30 years | ||
Property and Equipment, Gross | 394,259 | 336,685 | |
Furniture, Fixtures and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | 3 - 20 years | ||
Property and Equipment, Gross | 1,402,563 | 1,244,456 | |
Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | 2 - 13 years | ||
Property and Equipment, Gross | 37,051 | 18,291 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and Equipment, Gross | $71,691 | $75,985 |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Payables and Accruals [Abstract] | |||
Payroll and related benefits | $116,198 | $101,576 | |
Warranty reserves | 47,972 | 39,512 | 38,425 |
Capital expenditures | 29,780 | 20,714 | |
Self-insurance reserves | 58,899 | 45,504 | |
Taxes payable | 87,473 | 82,179 | |
Other | 180,351 | 139,140 | |
Total accrued expenses | 520,673 | 428,625 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Warranty reserves, beginning of period | 39,512 | 38,425 | 38,847 |
Reserves acquired with GPI | 4,490 | 0 | 0 |
Additions to warranty reserves | 52,306 | 42,380 | 40,766 |
Reserves utilized | -48,336 | -41,293 | -41,188 |
Warranty reserves, end of period | $47,972 | $39,512 | $38,425 |
Other_Current_and_Longterm_Lia2
Other Current and Long-term Liabilities (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ||
Deferred income taxes, current | $89,173 | $135,754 |
Other | 37,273 | 18,876 |
Total other current liabilities | 126,446 | 154,630 |
Deferred income taxes, long-term | 360,903 | 91,957 |
Self-insurance reserves | 78,134 | 52,971 |
Deferred rent | 55,153 | 47,851 |
Unfavorable leases | 45,259 | 0 |
Other | 40,620 | 38,337 |
Total other long-term liabilities | $580,069 | $231,116 |
Stock_Repurchases_Details
Stock Repurchases (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Class of Stock [Line Items] | |||
Treasury Stock, Value, Acquired, Cost Method | $5,154 | $80,795 | $27,095 |
Net Settlement of Shares Issued as a Result of the Vesting of Restricted Stock [Member] | |||
Class of Stock [Line Items] | |||
Treasury Stock, Shares, Acquired | 35 | 38 | |
Treasury Stock, Value, Acquired, Cost Method | 5,154 | 3,502 | |
Treasury Stock Acquired, Average Cost Per Share | $148.85 | $91.78 | |
Stock Repurchase Plan (current year shares) [Member] | |||
Class of Stock [Line Items] | |||
Stock Repurchase Program, Authorized Amount | 500,000 | ||
Treasury Stock, Shares, Acquired | 998 | ||
Treasury Stock, Value, Acquired, Cost Method | 77,293 | ||
Treasury Stock Acquired, Average Cost Per Share | $77.47 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $415,092 |
Earnings_per_Share_Details
Earnings per Share (Details) (USD $) | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 03, 2015 | Oct. 04, 2014 | Jul. 12, 2014 | Dec. 28, 2013 | Oct. 05, 2013 | Jul. 13, 2013 | Apr. 19, 2014 | Apr. 20, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income | $84,434 | $122,177 | $139,488 | $49,267 | $103,830 | $116,871 | $147,726 | $121,790 | $493,825 | $391,758 | $387,670 |
Participating securities' share in earnings | -1,555 | -895 | -870 | ||||||||
Net income applicable to common shares | $492,270 | $390,863 | $386,800 | ||||||||
Basic weighted average common shares | 72,932 | 72,930 | 73,091 | ||||||||
Dilutive impact of share-based awards | 482 | 484 | 971 | ||||||||
Diluted weighted average common shares | 73,414 | 73,414 | 74,062 | ||||||||
Basic earnings per common share, Net income applicable to common stockholders | $1.15 | $1.67 | $1.91 | $0.68 | $1.42 | $1.60 | $2.02 | $1.66 | $6.75 | $5.36 | $5.29 |
Diluted earnings per common share, Net income applicable to common stockholders | $1.15 | $1.66 | $1.89 | $0.67 | $1.42 | $1.59 | $2.01 | $1.65 | $6.71 | $5.32 | $5.22 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 13 | 75 | 221 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Income Taxes [Line Items] | |||
Current Federal Tax Expense (Benefit) | $204,743 | $202,784 | $185,564 |
Deferred Federal Income Tax Expense (Benefit) | 45,389 | -1,898 | 21,940 |
Federal Income Tax Expense (Benefit), Continuing Operations | 250,132 | 200,886 | 207,504 |
Current State and Local Tax Expense (Benefit) | 19,359 | 25,287 | 20,116 |
Deferred State and Local Income Tax Expense (Benefit) | 4,830 | -339 | 4,953 |
State and Local Income Tax Expense (Benefit), Continuing Operations | 24,189 | 24,948 | 25,069 |
Current Foreign Tax Expense (Benefit) | 14,999 | 8,806 | 3,831 |
Deferred Foreign Income Tax Expense (Benefit) | -1,751 | 0 | 0 |
Foreign Income Tax Expense (Benefit), Continuing Operations | 13,248 | 8,806 | 3,831 |
Current Income Tax Expense (Benefit) | 239,101 | 236,877 | 209,511 |
Deferred income tax benefit | 48,468 | -2,237 | 26,893 |
Income Tax Expense (Benefit) | 287,569 | 234,640 | 236,404 |
Income before provision for income taxes at statutory US federal income tax rate (35%) | 273,488 | 219,239 | 218,426 |
State income taxes, net of federal income tax benefit | 15,723 | 16,216 | 16,295 |
Other, net | -1,642 | -815 | 1,683 |
Deferred income tax assets | 151,997 | 101,979 | |
Valuation allowance | -5,084 | -1,557 | |
Deferred income tax liabilities | -593,264 | -321,778 | |
Net deferred income tax liabilities | -446,351 | -221,356 | |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 1,297 | 2,207 | |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 6,847 | 2,130 | |
Undistributed Earnings of Foreign Subsidiaries | 108,000 | ||
Deferred Tax Assets (Liabilities), Net, Current | -89,173 | -135,754 | |
Deferred Tax Liabilities, Noncurrent | -360,903 | -91,957 | |
Unrecognized tax benefits, beginning of period | 18,458 | 16,708 | 24,711 |
Increases related to prior period tax positions | 0 | 0 | 702 |
Decreases related to prior period tax positions | -4,841 | -1,313 | -9,629 |
Increases related to current period tax positions | 4,329 | 3,678 | 3,985 |
Settlements | -2,345 | 0 | -1,111 |
Expiration of statute of limitations | -1,568 | -615 | -1,950 |
Unrecognized tax benefits, end of period | 14,033 | 18,458 | 16,708 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 14,033 | 18,458 | 16,708 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | -3,684 | 818 | -754 |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 1,759 | 5,767 | |
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 138 | 316 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Lower Bound | 1,000 | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | 2,000 | ||
Other Current Liabilities [Member] | |||
Income Taxes [Line Items] | |||
Inventory valuation differences | -156,703 | -178,201 | |
Accrued medical and workers compensation | 14,250 | 9,370 | |
Accrued expenses not currently deductible for tax | 48,684 | 28,501 | |
Other, net | 5,119 | 5,612 | |
Deferred Tax Assets (Liabilities), Net, Current | -88,650 | -134,718 | |
Other Noncurrent Liabilities [Member] | |||
Income Taxes [Line Items] | |||
Accrued medical and workers compensation | 30,424 | 20,532 | |
Other, net | 6,051 | 12,425 | |
Property and equipment | -181,511 | -143,577 | |
Share-based compensation | 13,721 | 10,733 | |
Net operating loss carryforwards | 7,233 | 3,426 | |
Straight-line rent | 21,431 | 20,784 | |
Intangible assets | -255,050 | -10,961 | |
Deferred Tax Liabilities, Noncurrent | -357,701 | -86,638 | |
Domestic Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Operating Loss Carryforwards | 3,705 | 6,307 | |
State and Local Jurisdiction [Member] | |||
Income Taxes [Line Items] | |||
Operating Loss Carryforwards | $165,849 | $40,440 |
Lease_Commitments_Details
Lease Commitments (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Operating Leased Assets [Line Items] | |||
Lessor Leasing Arrangements, Operating Leases, Renewal Term | 5 years | ||
2015 | $460,655 | ||
2016 | 439,530 | ||
2017 | 402,581 | ||
2018 | 363,154 | ||
2019 | 317,982 | ||
Thereafter | 1,262,623 | ||
Operating Leases, Future Minimum Payments Due | 3,246,525 | ||
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals | 20,289 | 29,950 | |
Operating leases, Rent expense, gross | 525,363 | 363,592 | 324,887 |
Less: Sub-lease income | -9,966 | -5,983 | -4,600 |
Operating leases, Rent expense, net | 515,397 | 357,609 | 320,287 |
Land, Buildings and Improvements [Member] | |||
Operating Leased Assets [Line Items] | |||
Minimum rentals | 463,345 | 328,581 | 300,552 |
Contingency rentals | 488 | 578 | 907 |
Equipment [Member] | |||
Operating Leased Assets [Line Items] | |||
Minimum rentals | 8,230 | 5,333 | 5,027 |
Vehicles [Member] | |||
Operating Leased Assets [Line Items] | |||
Minimum rentals | $53,300 | $29,100 | $18,401 |
Minimum [Member] | |||
Operating Leased Assets [Line Items] | |||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 10 years | ||
Maximum [Member] | |||
Operating Leased Assets [Line Items] | |||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 15 years |
Benefit_Plans_Details
Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Postemployment Benefits [Abstract] | |||
Defined Contribution Plan, Cost Recognized | $15,208 | $10,850 | $10,255 |
Deferred Compensation Liability, Classified, Noncurrent | $16,487 | $14,835 |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares Available for Grant | 4,822 | ||
Share-based compensation expense | $21,705 | $13,191 | $15,236 |
Deferred income tax benefit | 8,013 | 4,991 | 5,774 |
Proceeds from the issuance of common stock, primarily exercise of stock options | 6,578 | 3,611 | 8,495 |
Tax withholdings related to the exercise of stock appreciation rights | -7,102 | -21,856 | -26,677 |
Excess tax benefit from share-based compensation | 10,487 | 16,320 | 23,099 |
Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 43,979 | ||
Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 7 months 16 days | ||
Risk-free interest rate (2) | 1.20% | 1.10% | 0.50% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.20% | 0.30% | 0.30% |
Expected stock price volatility (3) | 27.00% | 26.90% | 33.20% |
Expected life of awards (in months) (4) | 49 months | 49 months | 49 months |
Closing share price for calculation of aggregate intrinsic value | $158.56 | ||
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options, Outstanding, Number | 45 | ||
Exercisable Options, Weighted Average Exercise Price | $41.64 | ||
Options, Exercises in Period | -45 | ||
Options, Exercises in period, Intrinsic value | 3,747 | ||
Stock Appreciation Rights (SARs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Outstanding, beginning of period | 1,090 | ||
Outstanding, Weighted Average Exercise Price, beginning of period | $61.79 | ||
Granted | 0 | ||
Granted, Weighted Average Exercise Price | $0 | ||
Granted, Weighted Average Grant Date Fair Value | $18.55 | $19.25 | |
Exercised | -243 | ||
Exercised, Weighted Average Exercise Price | $54.88 | ||
Forfeited | -21 | ||
Forfeited, Weighted Average Exercise Price | $67.71 | ||
Outstanding, end of period | 826 | 1,090 | |
Outstanding, Weighted Average Exercise Price, end of period | $63.68 | $61.79 | |
Outstanding, Weighted Average Remaining Contractual Term | 3 years 6 months 15 days | ||
Outstanding, Intrinsic Value | 78,332 | ||
Vested and expected to vest, Number | 823 | ||
Vested and expected to vest, Weighted average exercise price | $63.64 | ||
Vested and expected to vest, Weighted average remaining contractual term | 3 years 6 months 15 days | ||
Vested and expected to vest, Aggregate intrinsic value | 78,107 | ||
Outstanding and Exercisable, Number | 714 | ||
Outstanding and Exercisable, Weighted Average Exercise Price | $61.92 | ||
Outstanding and Exercisable, Weighted Average Remaining Contractual Term | 3 years 3 months 24 days | ||
Outstanding and Exercisable, Intrinsic Value | 69,033 | ||
Total intrinsic value of exercises during period | 18,975 | 36,998 | 37,477 |
Restricted Stock and Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested, beginning of period | 210 | ||
Nonvested, end of period | 283 | 210 | |
Nonvested, Weighted Average Grant Date Fair Value | $91.44 | ||
Nonvested, Weighted Average Grant Date Fair Value | $123.89 | $91.44 | |
Granted | 190 | ||
Granted, Weighted Average Grant Date Fair Value | $139.43 | $102.19 | $75.26 |
Vested | -94 | ||
Vested, Weighted Average Grant Date Fair Value | $87.93 | ||
Forfeited | -23 | ||
Forfeited, Weighted Average Grant Date Fair Value | $103.75 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | 8,293 | 5,035 | 4,734 |
Performance-based Stock Appreciation Rights (SARs) Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Outstanding, beginning of period | 520 | ||
Outstanding, Weighted Average Exercise Price, beginning of period | $78.21 | ||
Granted | 303 | ||
Granted, Weighted Average Exercise Price | $141.57 | ||
Granted, Weighted Average Grant Date Fair Value | $32.41 | $23.72 | $19.23 |
Change in Units Based on Performance | -48 | ||
Change in Units Based on Performance, Weighted Average Exercise Price | $90.57 | ||
Exercised | -39 | ||
Exercised, Weighted Average Exercise Price | $35.18 | ||
Forfeited | -107 | ||
Forfeited, Weighted Average Exercise Price | $68.97 | ||
Outstanding, end of period | 629 | 520 | |
Outstanding, Weighted Average Exercise Price, end of period | $112.01 | $78.21 | |
Outstanding, Weighted Average Remaining Contractual Term | 5 years 5 months 21 days | ||
Outstanding, Intrinsic Value | 29,285 | ||
Vested and expected to vest, Number | 533 | ||
Vested and expected to vest, Weighted average exercise price | $108.17 | ||
Vested and expected to vest, Weighted average remaining contractual term | 4 years 11 months 20 days | ||
Vested and expected to vest, Aggregate intrinsic value | 26,864 | ||
Outstanding and Exercisable, Number | 92 | ||
Outstanding and Exercisable, Weighted Average Exercise Price | $36.91 | ||
Outstanding and Exercisable, Weighted Average Remaining Contractual Term | 1 year 10 months 3 days | ||
Outstanding and Exercisable, Intrinsic Value | 11,152 | ||
Total intrinsic value of exercises during period | 3,814 | 14,257 | 34,020 |
Maximum potential payout of outstanding awards for Equity Instruments Other than Options | 2,167 | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 6,161 | 1,141 | 3,267 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested, beginning of period | 182 | ||
Nonvested, end of period | 195 | 182 | |
Nonvested, Weighted Average Grant Date Fair Value | $75.36 | ||
Nonvested, Weighted Average Grant Date Fair Value | $81.98 | $75.36 | |
Granted | 19 | ||
Granted, Weighted Average Grant Date Fair Value | $123.32 | $77.47 | $75.20 |
Vested | -2 | ||
Vested, Weighted Average Grant Date Fair Value | $74.43 | ||
Change in Units Based on Performance | 6 | ||
Change in Units Based on Performance, Weighted Average Grant Date Fair Value | $104.87 | ||
Forfeited | -10 | ||
Forfeited, Weighted Average Grant Date Fair Value | $76.09 | ||
Maximum potential payout of outstanding awards for Equity Instruments Other than Options | 462 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | 142 | 1,290 | 4,858 |
Deferred Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $862 | $840 | $960 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Granted | 7 | ||
Granted, Weighted Average Grant Date Fair Value | $122.80 | $83.63 | $69.82 |
Employee Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares Available for Grant | 1,100 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 39 | 23 | 34 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income Loss (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($12,337) | $3,683 | $2,667 | $2,804 |
Other Comprehensive Income (Loss), Net of Tax | -16,020 | 1,016 | -137 | |
Unrealized Gain (Loss) on Hedging Arrangements [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | 0 | -254 |
Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | 254 | |
Unrealized Gain (Loss) on Postretirement Plan [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 2,931 | 3,683 | 2,667 | 3,058 |
Other Comprehensive Income (Loss), Net of Tax | -752 | 1,016 | -391 | |
Currency Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -15,268 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | ($15,268) | $0 | $0 |
Segment_and_Related_Informatio2
Segment and Related Information (Details) | 12 Months Ended | ||
Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | |
Segment Reporting Information [Line Items] | |||
Percentage of Sales by Product Group | 100.00% | 100.00% | 100.00% |
Parts and Batteries [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of Sales by Product Group | 69.00% | 67.00% | 65.00% |
Accessories [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of Sales by Product Group | 13.00% | 14.00% | 14.00% |
Chemicals [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of Sales by Product Group | 8.00% | 10.00% | 10.00% |
Oil [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of Sales by Product Group | 8.00% | 9.00% | 10.00% |
Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of Sales by Product Group | 2.00% | 0.00% | 1.00% |
Stores [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of Stores | 5,261 | ||
Branches [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of Stores | 111 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Statements Condensed Consolidating Balance Sheet (Details) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $104,671 | $1,112,471 | $598,111 | $57,901 |
Receivables, net | 579,825 | 277,595 | ||
Inventories, net | 3,936,955 | 2,556,557 | ||
Other current assets | 119,589 | 42,761 | ||
Total current assets | 4,741,040 | 3,989,384 | ||
Property and equipment, net of accumulated depreciation | 1,432,030 | 1,283,970 | ||
Assets held for sale | 615 | 2,064 | ||
Goodwill | 995,426 | 199,835 | 76,389 | |
Intangible assets, net | 748,125 | 49,872 | ||
Other assets, net | 45,122 | 39,649 | ||
Investment in subsidiaries | 0 | |||
Intercompany note receivable | 0 | |||
Due from intercompany,net | 0 | |||
Assets, Total | 7,962,358 | 5,564,774 | ||
Current portion of long-term debt | 582 | 916 | ||
Accounts payable | 3,095,365 | 2,180,614 | ||
Accrued expenses | 520,673 | 428,625 | ||
Other current liabilities | 126,446 | 154,630 | ||
Total current liabilities | 3,743,066 | 2,764,785 | ||
Long-term debt | 1,636,311 | 1,052,668 | ||
Other long-term liabilities | 580,069 | 231,116 | ||
Intercompany note payable | 0 | |||
Due to intercompany, net | 0 | |||
Commitments and Contingencies | ||||
Stockholders' equity | 2,002,912 | 1,516,205 | 1,210,694 | 847,914 |
Liabilities and Stockholders' Equity, Total | 7,962,358 | 5,564,774 | ||
Parent Company [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 9 | 9 | ||
Receivables, net | 0 | |||
Inventories, net | 0 | |||
Other current assets | 4,102 | |||
Total current assets | 4,111 | |||
Property and equipment, net of accumulated depreciation | 2 | |||
Assets held for sale | 0 | |||
Goodwill | 0 | |||
Intangible assets, net | 0 | |||
Other assets, net | 12,963 | |||
Investment in subsidiaries | 2,057,761 | |||
Intercompany note receivable | 1,047,911 | |||
Due from intercompany,net | 0 | |||
Assets, Total | 3,122,748 | |||
Current portion of long-term debt | 0 | |||
Accounts payable | 0 | |||
Accrued expenses | 4,884 | |||
Other current liabilities | 0 | |||
Total current liabilities | 4,884 | |||
Long-term debt | 1,047,911 | |||
Other long-term liabilities | 0 | |||
Intercompany note payable | 0 | |||
Due to intercompany, net | 67,041 | |||
Commitments and Contingencies | ||||
Stockholders' equity | 2,002,912 | |||
Liabilities and Stockholders' Equity, Total | 3,122,748 | |||
Guarantor Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 65,345 | 1,106,766 | ||
Receivables, net | 549,151 | |||
Inventories, net | 3,771,816 | |||
Other current assets | 113,003 | |||
Total current assets | 4,499,315 | |||
Property and equipment, net of accumulated depreciation | 1,421,325 | |||
Assets held for sale | 615 | |||
Goodwill | 940,817 | |||
Intangible assets, net | 689,745 | |||
Other assets, net | 36,762 | |||
Investment in subsidiaries | 280,014 | |||
Intercompany note receivable | 0 | |||
Due from intercompany,net | 0 | |||
Assets, Total | 7,868,593 | |||
Current portion of long-term debt | 582 | |||
Accounts payable | 2,845,043 | |||
Accrued expenses | 498,505 | |||
Other current liabilities | 115,497 | |||
Total current liabilities | 3,459,627 | |||
Long-term debt | 588,400 | |||
Other long-term liabilities | 570,027 | |||
Intercompany note payable | 1,047,911 | |||
Due to intercompany, net | 144,867 | |||
Commitments and Contingencies | ||||
Stockholders' equity | 2,057,761 | |||
Liabilities and Stockholders' Equity, Total | 7,868,593 | |||
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 39,326 | 5,696 | ||
Receivables, net | 30,674 | |||
Inventories, net | 165,139 | |||
Other current assets | 3,383 | |||
Total current assets | 238,522 | |||
Property and equipment, net of accumulated depreciation | 10,703 | |||
Assets held for sale | 0 | |||
Goodwill | 54,609 | |||
Intangible assets, net | 58,380 | |||
Other assets, net | 683 | |||
Investment in subsidiaries | 0 | |||
Intercompany note receivable | 0 | |||
Due from intercompany,net | 211,908 | |||
Assets, Total | 574,805 | |||
Current portion of long-term debt | 0 | |||
Accounts payable | 250,322 | |||
Accrued expenses | 17,284 | |||
Other current liabilities | 11,857 | |||
Total current liabilities | 279,463 | |||
Long-term debt | 0 | |||
Other long-term liabilities | 15,328 | |||
Intercompany note payable | 0 | |||
Due to intercompany, net | 0 | |||
Commitments and Contingencies | ||||
Stockholders' equity | 280,014 | |||
Liabilities and Stockholders' Equity, Total | 574,805 | |||
Consolidation, Eliminations [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and cash equivalents | -9 | 0 | ||
Receivables, net | 0 | |||
Inventories, net | 0 | |||
Other current assets | -899 | |||
Total current assets | -908 | |||
Property and equipment, net of accumulated depreciation | 0 | |||
Assets held for sale | 0 | |||
Goodwill | 0 | |||
Intangible assets, net | 0 | |||
Other assets, net | -5,286 | |||
Investment in subsidiaries | -2,337,775 | |||
Intercompany note receivable | -1,047,911 | |||
Due from intercompany,net | -211,908 | |||
Assets, Total | -3,603,788 | |||
Current portion of long-term debt | 0 | |||
Accounts payable | 0 | |||
Accrued expenses | 0 | |||
Other current liabilities | -908 | |||
Total current liabilities | -908 | |||
Long-term debt | 0 | |||
Other long-term liabilities | -5,286 | |||
Intercompany note payable | -1,047,911 | |||
Due to intercompany, net | -211,908 | |||
Commitments and Contingencies | ||||
Stockholders' equity | -2,337,775 | |||
Liabilities and Stockholders' Equity, Total | ($3,603,788) |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Statements Condensed Consolidating Income Statements (Details) (USD $) | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Oct. 04, 2014 | Jul. 12, 2014 | Dec. 28, 2013 | Oct. 05, 2013 | Jul. 13, 2013 | Apr. 19, 2014 | Apr. 20, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | $2,237,209 | $2,289,456 | $2,347,697 | $1,408,813 | $1,520,144 | $1,549,553 | $2,969,499 | $2,015,304 | $9,843,861 | $6,493,814 | $6,205,003 |
Cost of sales, including purchasing and warehousing costs | 5,390,248 | 3,241,668 | 3,106,967 | ||||||||
Gross Profit | 1,003,941 | 1,034,442 | 1,062,108 | 701,777 | 762,940 | 779,223 | 1,353,122 | 1,008,206 | 4,453,613 | 3,252,146 | 3,098,036 |
Selling, general and administrative expenses | 3,601,903 | 2,591,828 | 2,440,721 | ||||||||
Operating Income (Loss) | 851,710 | 660,318 | 657,315 | ||||||||
Interest expense | -73,408 | -36,618 | -33,841 | ||||||||
Other income (expense), net | 3,092 | 2,698 | 600 | ||||||||
Total other, net | -70,316 | -33,920 | -33,241 | ||||||||
Income before provision for income taxes | 781,394 | 626,398 | 624,074 | ||||||||
Provision for income taxes | 287,569 | 234,640 | 236,404 | ||||||||
Income before equity in earnings of subsidiaries | 493,825 | ||||||||||
Equity in earnings of subsidiary | 0 | ||||||||||
Net income | 84,434 | 122,177 | 139,488 | 49,267 | 103,830 | 116,871 | 147,726 | 121,790 | 493,825 | 391,758 | 387,670 |
Parent Company [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | 0 | ||||||||||
Cost of sales, including purchasing and warehousing costs | 0 | ||||||||||
Gross Profit | 0 | ||||||||||
Selling, general and administrative expenses | 14,504 | ||||||||||
Operating Income (Loss) | -14,504 | ||||||||||
Interest expense | -52,946 | ||||||||||
Other income (expense), net | 67,470 | ||||||||||
Total other, net | 14,524 | ||||||||||
Income before provision for income taxes | 20 | ||||||||||
Provision for income taxes | 296 | ||||||||||
Income before equity in earnings of subsidiaries | -276 | ||||||||||
Equity in earnings of subsidiary | 494,101 | ||||||||||
Net income | 493,825 | ||||||||||
Guarantor Subsidiaries [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | 9,530,953 | ||||||||||
Cost of sales, including purchasing and warehousing costs | 5,231,421 | ||||||||||
Gross Profit | 4,299,532 | ||||||||||
Selling, general and administrative expenses | 3,541,370 | ||||||||||
Operating Income (Loss) | 758,162 | ||||||||||
Interest expense | -20,334 | ||||||||||
Other income (expense), net | -9,140 | ||||||||||
Total other, net | -29,474 | ||||||||||
Income before provision for income taxes | 728,688 | ||||||||||
Provision for income taxes | 277,769 | ||||||||||
Income before equity in earnings of subsidiaries | 450,919 | ||||||||||
Equity in earnings of subsidiary | 43,182 | ||||||||||
Net income | 494,101 | ||||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | 527,595 | ||||||||||
Cost of sales, including purchasing and warehousing costs | 373,514 | ||||||||||
Gross Profit | 154,081 | ||||||||||
Selling, general and administrative expenses | 102,370 | ||||||||||
Operating Income (Loss) | 51,711 | ||||||||||
Interest expense | -128 | ||||||||||
Other income (expense), net | 1,103 | ||||||||||
Total other, net | 975 | ||||||||||
Income before provision for income taxes | 52,686 | ||||||||||
Provision for income taxes | 9,504 | ||||||||||
Income before equity in earnings of subsidiaries | 43,182 | ||||||||||
Equity in earnings of subsidiary | 0 | ||||||||||
Net income | 43,182 | ||||||||||
Consolidation, Eliminations [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net sales | -214,687 | ||||||||||
Cost of sales, including purchasing and warehousing costs | -214,687 | ||||||||||
Gross Profit | 0 | ||||||||||
Selling, general and administrative expenses | -56,341 | ||||||||||
Operating Income (Loss) | 56,341 | ||||||||||
Interest expense | 0 | ||||||||||
Other income (expense), net | -56,341 | ||||||||||
Total other, net | -56,341 | ||||||||||
Income before provision for income taxes | 0 | ||||||||||
Provision for income taxes | 0 | ||||||||||
Income before equity in earnings of subsidiaries | 0 | ||||||||||
Equity in earnings of subsidiary | -537,283 | ||||||||||
Net income | ($537,283) |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Statements Condensed Consolidating Comprehensive Income Statements (Details) (USD $) | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Oct. 04, 2014 | Jul. 12, 2014 | Dec. 28, 2013 | Oct. 05, 2013 | Jul. 13, 2013 | Apr. 19, 2014 | Apr. 20, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Net income | $84,434 | $122,177 | $139,488 | $49,267 | $103,830 | $116,871 | $147,726 | $121,790 | $493,825 | $391,758 | $387,670 |
Changes in net unrecognized other postretirement benefit costs, net of tax | -752 | -438 | -391 | ||||||||
Currency translation | -15,268 | 0 | 0 | ||||||||
Equity in other comprehensive (loss) income of subsidiaries | 0 | ||||||||||
Total other comprehensive income (loss) | -16,020 | 1,016 | -137 | ||||||||
Comprehensive Income (Loss) | 477,805 | 392,774 | 387,533 | ||||||||
Parent Company [Member] | |||||||||||
Net income | 493,825 | ||||||||||
Changes in net unrecognized other postretirement benefit costs, net of tax | 0 | ||||||||||
Currency translation | 0 | ||||||||||
Equity in other comprehensive (loss) income of subsidiaries | -16,020 | ||||||||||
Total other comprehensive income (loss) | -16,020 | ||||||||||
Comprehensive Income (Loss) | 477,805 | ||||||||||
Guarantor Subsidiaries [Member] | |||||||||||
Net income | 494,101 | ||||||||||
Changes in net unrecognized other postretirement benefit costs, net of tax | -752 | ||||||||||
Currency translation | 0 | ||||||||||
Equity in other comprehensive (loss) income of subsidiaries | -15,268 | ||||||||||
Total other comprehensive income (loss) | -16,020 | ||||||||||
Comprehensive Income (Loss) | 478,081 | ||||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||
Net income | 43,182 | ||||||||||
Changes in net unrecognized other postretirement benefit costs, net of tax | 0 | ||||||||||
Currency translation | -15,268 | ||||||||||
Equity in other comprehensive (loss) income of subsidiaries | 0 | ||||||||||
Total other comprehensive income (loss) | -15,268 | ||||||||||
Comprehensive Income (Loss) | 27,914 | ||||||||||
Consolidation, Eliminations [Member] | |||||||||||
Net income | -537,283 | ||||||||||
Changes in net unrecognized other postretirement benefit costs, net of tax | 0 | ||||||||||
Currency translation | 0 | ||||||||||
Equity in other comprehensive (loss) income of subsidiaries | 31,288 | ||||||||||
Total other comprehensive income (loss) | 31,288 | ||||||||||
Comprehensive Income (Loss) | ($505,995) |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Statements Condensed Consolidating Statement of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Cash Provided by (Used in) Operating Activities | $708,991 | $545,250 | $685,281 |
Purchases of property and equipment | -228,446 | -195,757 | -271,182 |
Business acquisitions, net of cash acquired | -2,060,783 | -186,137 | -8,369 |
Proceeds from sales of property and equipment | 992 | 745 | 6,573 |
Net Cash (used in) provided by Investing Activities | -2,288,237 | -362,107 | -272,978 |
Increase (decrease) in bank overdrafts | 16,219 | -2,926 | -7,459 |
Borrowings under credit facilities | 2,238,200 | 0 | 58,500 |
Payments on credit facilities | -1,654,800 | 0 | -173,500 |
Dividends paid | -17,580 | -17,574 | -17,596 |
Proceeds from the issuance of common stock, primarily exercise of stock options | 6,578 | 3,611 | 8,495 |
Tax withholdings related to the exercise of stock appreciation rights | -7,102 | -21,856 | -26,677 |
Excess tax benefit from share-based compensation | 10,487 | 16,320 | 23,099 |
Repurchase of common stock | -5,154 | -80,795 | -27,095 |
Contingent consideration related to previous business acquisition | -10,047 | -4,726 | -10,911 |
Other | -890 | -627 | 4,089 |
Net Cash Provided by (Used in) Financing Activities | 575,911 | 331,217 | 127,907 |
Effect of exchange rate changes on cash | -4,465 | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | -1,007,800 | 514,360 | 540,210 |
Cash and cash equivalents | 104,671 | 1,112,471 | 598,111 |
Parent Company [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Cash Provided by (Used in) Operating Activities | 0 | ||
Purchases of property and equipment | 0 | ||
Business acquisitions, net of cash acquired | 0 | ||
Proceeds from sales of property and equipment | 0 | ||
Net Cash (used in) provided by Investing Activities | 0 | ||
Increase (decrease) in bank overdrafts | 0 | ||
Borrowings under credit facilities | 0 | ||
Payments on credit facilities | 0 | ||
Dividends paid | 0 | ||
Proceeds from the issuance of common stock, primarily exercise of stock options | 0 | ||
Tax withholdings related to the exercise of stock appreciation rights | 0 | ||
Excess tax benefit from share-based compensation | 0 | ||
Repurchase of common stock | 0 | ||
Contingent consideration related to previous business acquisition | 0 | ||
Other | 0 | ||
Net Cash Provided by (Used in) Financing Activities | 0 | ||
Effect of exchange rate changes on cash | 0 | ||
Net (decrease) increase in cash and cash equivalents | 0 | ||
Cash and cash equivalents | 9 | 9 | |
Guarantor Subsidiaries [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Cash Provided by (Used in) Operating Activities | 666,566 | ||
Purchases of property and equipment | -224,894 | ||
Business acquisitions, net of cash acquired | -2,059,987 | ||
Proceeds from sales of property and equipment | 974 | ||
Net Cash (used in) provided by Investing Activities | -2,283,907 | ||
Increase (decrease) in bank overdrafts | 16,228 | ||
Borrowings under credit facilities | 2,238,200 | ||
Payments on credit facilities | -1,654,800 | ||
Dividends paid | -17,580 | ||
Proceeds from the issuance of common stock, primarily exercise of stock options | 6,578 | ||
Tax withholdings related to the exercise of stock appreciation rights | -7,102 | ||
Excess tax benefit from share-based compensation | 10,487 | ||
Repurchase of common stock | -5,154 | ||
Contingent consideration related to previous business acquisition | -10,047 | ||
Other | -890 | ||
Net Cash Provided by (Used in) Financing Activities | 575,920 | ||
Effect of exchange rate changes on cash | 0 | ||
Net (decrease) increase in cash and cash equivalents | -1,041,421 | ||
Cash and cash equivalents | 65,345 | 1,106,766 | |
Non-Guarantor Subsidiaries [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Cash Provided by (Used in) Operating Activities | 42,425 | ||
Purchases of property and equipment | -3,552 | ||
Business acquisitions, net of cash acquired | -796 | ||
Proceeds from sales of property and equipment | 18 | ||
Net Cash (used in) provided by Investing Activities | -4,330 | ||
Increase (decrease) in bank overdrafts | 0 | ||
Borrowings under credit facilities | 0 | ||
Payments on credit facilities | 0 | ||
Dividends paid | 0 | ||
Proceeds from the issuance of common stock, primarily exercise of stock options | 0 | ||
Tax withholdings related to the exercise of stock appreciation rights | 0 | ||
Excess tax benefit from share-based compensation | 0 | ||
Repurchase of common stock | 0 | ||
Contingent consideration related to previous business acquisition | 0 | ||
Other | 0 | ||
Net Cash Provided by (Used in) Financing Activities | 0 | ||
Effect of exchange rate changes on cash | -4,465 | ||
Net (decrease) increase in cash and cash equivalents | 33,630 | ||
Cash and cash equivalents | 39,326 | 5,696 | |
Consolidation, Eliminations [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Cash Provided by (Used in) Operating Activities | 0 | ||
Purchases of property and equipment | 0 | ||
Business acquisitions, net of cash acquired | 0 | ||
Proceeds from sales of property and equipment | 0 | ||
Net Cash (used in) provided by Investing Activities | 0 | ||
Increase (decrease) in bank overdrafts | -9 | ||
Borrowings under credit facilities | 0 | ||
Payments on credit facilities | 0 | ||
Dividends paid | 0 | ||
Proceeds from the issuance of common stock, primarily exercise of stock options | 0 | ||
Tax withholdings related to the exercise of stock appreciation rights | 0 | ||
Excess tax benefit from share-based compensation | 0 | ||
Repurchase of common stock | 0 | ||
Contingent consideration related to previous business acquisition | 0 | ||
Other | 0 | ||
Net Cash Provided by (Used in) Financing Activities | -9 | ||
Effect of exchange rate changes on cash | 0 | ||
Net (decrease) increase in cash and cash equivalents | -9 | ||
Cash and cash equivalents | ($9) | $0 |
Quarterly_Financial_Data_Detai
Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 03, 2015 | Oct. 04, 2014 | Jul. 12, 2014 | Dec. 28, 2013 | Oct. 05, 2013 | Jul. 13, 2013 | Apr. 19, 2014 | Apr. 20, 2013 | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $2,237,209 | $2,289,456 | $2,347,697 | $1,408,813 | $1,520,144 | $1,549,553 | $2,969,499 | $2,015,304 | $9,843,861 | $6,493,814 | $6,205,003 |
Gross Profit | 1,003,941 | 1,034,442 | 1,062,108 | 701,777 | 762,940 | 779,223 | 1,353,122 | 1,008,206 | 4,453,613 | 3,252,146 | 3,098,036 |
Net income | $84,434 | $122,177 | $139,488 | $49,267 | $103,830 | $116,871 | $147,726 | $121,790 | $493,825 | $391,758 | $387,670 |
Basic earnings per common share | $1.15 | $1.67 | $1.91 | $0.68 | $1.42 | $1.60 | $2.02 | $1.66 | $6.75 | $5.36 | $5.29 |
Diluted earnings per common share | $1.15 | $1.66 | $1.89 | $0.67 | $1.42 | $1.59 | $2.01 | $1.65 | $6.71 | $5.32 | $5.22 |
Valuation_and_Qualifying_Accou2
Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Allowance for Doubtful Accounts Receivable, Current | $16,152 | $13,295 | ||
Allowance for Doubtful Accounts [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Allowance for Doubtful Accounts Receivable, Current | 16,152 | 13,295 | 5,919 | 4,056 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 17,182 | 11,955 | 4,127 | |
Valuation Allowances and Reserves, Deductions | -14,325 | -4,995 | -2,264 | |
Valuation Allowances and Reserves, Charged to Other Accounts | $0 | $416 | $0 |