Tractor Supply (TSCO) 10-Q27 Apr 232023 Q1 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	3 Months Ended
Cover - shares	Apr. 01, 2023	Apr. 24, 2023
Cover [Abstract]
Document Type	10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934	true
Document Period End Date	Apr. 01, 2023
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934	false
Entity File Number	000-23314
Entity Registrant Name	TRACTOR SUPPLY CO /DE/
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3139732
Entity Address, Street Address	5401 Virginia Way
Entity Address, City	Brentwood
Entity Address, State	TN
Entity Address, Postal Zip Code	37027
City Area Code	615
Local Phone Number	440-4000
Title of 12(b) Security	Common Stock, $0.008 par value
Trading Symbol	TSCO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		109,568,348
Entity Central Index Key	0000916365
Current Fiscal Year End Date	--12-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022	Mar. 26, 2022
Current assets:
Cash and cash equivalents	$ 190,078	$ 202,502	$ 405,432
Inventories	3,030,712	2,709,597	2,568,179
Prepaid expenses and other current assets	235,510	245,676	185,634
Income taxes receivable	2,621	0	9,030
Total current assets	3,458,921	3,157,775	3,168,275
Property and equipment, net	2,144,769	2,083,616	1,655,750
Operating lease right-of-use assets	2,950,610	2,953,801	2,744,095
Goodwill and other intangible assets	253,262	253,262	55,520
Other assets	41,253	41,536	63,168
Total assets	8,848,815	8,489,990	7,686,808
Current liabilities:
Accounts payable	1,526,540	1,398,288	1,341,645
Accrued employee compensation	21,507	120,302	49,124
Other accrued expenses	472,742	498,575	445,079
Current portion of long-term debt	0	0	0
Current portion of finance lease liabilities	2,818	3,179	4,042
Current portion of operating lease liabilities	313,809	346,397	359,774
Income taxes payable	12,284	9,471	0
Total current liabilities	2,349,700	2,376,212	2,199,664
Long-term debt	1,601,563	1,164,056	986,896
Finance lease liabilities, less current portion	33,831	34,651	36,649
Operating lease liabilities, less current portion	2,751,756	2,721,877	2,529,605
Deferred Income Tax Liabilities, Net	76,450	30,775	37,487
Other long-term liabilities	120,969	120,003	106,485
Total liabilities	6,934,269	6,447,574	5,896,786
Stockholders’ equity:
Preferred stock	0	0	0
Common stock	1,417	1,415	1,413
Additional paid-in capital	1,262,775	1,261,283	1,204,294
Treasury stock	(5,053,077)	(4,855,909)	(4,452,026)
Accumulated other comprehensive income	9,438	11,275	7,338
Retained earnings	5,693,993	5,624,352	5,029,003
Total stockholders’ equity	1,914,546	2,042,416	1,790,022
Total liabilities and stockholders’ equity	$ 8,848,815	$ 8,489,990	$ 7,686,808

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Apr. 01, 2023	Dec. 31, 2022	Mar. 26, 2022
Statement of Financial Position [Abstract]
Preferred Stock, Par or Stated Value Per Share	$ 1	$ 1	$ 1
Preferred Stock, Shares Authorized	40,000	40,000	40,000
Preferred Stock, Shares Issued	0	0	0
Common Stock, Par or Stated Value Per Share	$ 0.008	$ 0.008	$ 0.008
Common Stock, Shares Authorized	400,000,000	400,000,000	400,000,000
Common Stock, Shares, Issued	177,151,000	176,876,000	176,679,000
Common Stock, Shares, Outstanding	109,660,000	110,251,000	112,075,000
Treasury Stock, Common, Shares	67,491,000	66,625,000	64,604,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Income Statement [Abstract]
Net sales	$ 3,299,225	$ 3,024,132
Cost of merchandise sold	2,129,317	1,967,623
Gross profit	1,169,908	1,056,509
Selling, general and administrative expenses	828,235	734,577
Depreciation and amortization	97,233	77,646
Operating income	244,440	244,286
Interest expense, net	12,680	7,069
Income before income taxes	231,760	237,217
Income tax expense	48,672	49,990
Net income	$ 183,088	$ 187,227
Net income per share – basic	$ 1.66	$ 1.66
Net income per share – diluted	$ 1.65	$ 1.65
Weighted average shares outstanding:
Basic	110,045	112,531
Diluted	110,781	113,504
Dividends declared per common share outstanding	$ 1.03	$ 0.92

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 183,088	$ 187,227
Change in fair value of interest rate swaps, net of taxes	(1,837)	5,993
Total other comprehensive (loss) / income	(1,837)	5,993
Total comprehensive income	$ 181,251	$ 193,220
Weighted average number of shares outstanding, basic	110,045	112,531
Earnings Per Share, Basic	$ 1.66	$ 1.66
Antidilutive securities excluded from computation of earnings per share, amount	200	100
Weighted average number of shares outstanding, diluted	110,781	113,504
Net income per share, diluted (in dollars per share)	$ 1.65	$ 1.65

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) Statement - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock, Common	Accum. Other Comp. Income (Loss)	Retained Earnings
Beginning balance, shares outstanding (in shares) at Dec. 25, 2021		113,125
Beginning balance, Stockholders' equity at Dec. 25, 2021	$ 2,002,665	$ 1,411	$ 1,210,512	$ (4,155,846)	$ 1,345	$ 4,945,243
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuance under stock award plans & ESPP (in shares)		308
Common stock issuance under stock award plans & ESPP	7,910	$ 2	7,908
Share-based compensation	12,316		12,316
Repurchase of shares to satisfy tax obligations	(26,442)		(26,442)
Repurchase of common stock, shares (in shares)		(1,358)
Treasury Stock, Value, Acquired, Cost Method	(296,180)			(296,180)
Dividends paid	(103,467)					(103,467)
Change in fair value of interest rate swaps, net of taxes	5,993				5,993
Net income	187,227					187,227
Ending balance, shares outstanding (in shares) at Mar. 26, 2022		112,075
Ending balance, Stockholders' equity at Mar. 26, 2022	1,790,022	$ 1,413	1,204,294	(4,452,026)	7,338	5,029,003
Beginning balance, shares outstanding (in shares) at Dec. 31, 2022		110,251
Beginning balance, Stockholders' equity at Dec. 31, 2022	2,042,416	$ 1,415	1,261,283	(4,855,909)	11,275	5,624,352
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issuance under stock award plans & ESPP (in shares)		275
Common stock issuance under stock award plans & ESPP	8,623	$ 2	8,621
Share-based compensation	14,514		14,514
Repurchase of shares to satisfy tax obligations	(21,643)		(21,643)
Repurchase of common stock, shares (in shares)		(866)
Treasury Stock, Value, Acquired, Cost Method	(197,168)			(197,168)
Dividends paid	(113,447)					(113,447)
Change in fair value of interest rate swaps, net of taxes	(1,837)				(1,837)
Net income	183,088					183,088
Ending balance, shares outstanding (in shares) at Apr. 01, 2023		109,660
Ending balance, Stockholders' equity at Apr. 01, 2023	$ 1,914,546	$ 1,417	$ 1,262,775	$ (5,053,077)	$ 9,438	$ 5,693,993

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Cash flows from operating activities:
Net income	$ 183,088	$ 187,227
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	97,233	77,646
(Gain)/loss on disposition of property and equipment	(139)	326
Share-based compensation expense	14,514	12,316
Deferred income taxes	45,675	39,924
Change in assets and liabilities:
Inventories	(321,115)	(376,987)
Prepaid expenses and other current assets	10,166	(21,516)
Accounts payable	128,252	186,015
Accrued employee compensation	(98,796)	(60,494)
Other accrued expenses	(39,243)	(28,463)
Income taxes	191	8,070
Other	(272)	35,002
Net cash provided by operating activities	19,554	59,066
Cash flows from investing activities:
Capital expenditures	(157,943)	(112,387)
Proceeds from sale of property and equipment	259	99
Net cash used in investing activities	(157,684)	(112,288)
Cash flows from financing activities:
Borrowings under debt facilities	747,000	0
Repayments under debt facilities	(310,000)	0
Principal payments under finance lease liabilities	(1,631)	(1,197)
Repurchase of shares to satisfy tax obligations	(21,643)	(26,442)
Repurchase of common stock	(183,196)	(296,180)
Net proceeds from issuance of common stock	8,623	7,910
Cash dividends paid to stockholders	(113,447)	(103,467)
Net cash provided by/(used in) financing activities	125,706	(419,376)
Net decrease in cash and cash equivalents	(12,424)	(472,598)
Cash and cash equivalents at beginning of period	202,502	878,030
Cash and cash equivalents at end of period	190,078	405,432
Cash paid during the period for:
Interest	9,274	4,404
Income taxes	1,955	3,897
Supplemental disclosures of non-cash activities:
Non-cash accruals for property and equipment	45,178	23,538
Increase of operating lease assets and liabilities from new or modified leases	84,740	37,694
Increase of finance lease assets and liabilities from new or modified leases	$ 450	$ 5,143

General

General	3 Months Ended
General	Apr. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General: Nature of Business Founded in 1938, Tractor Supply Company (the “Company,” “Tractor Supply,” “we,” “our,” or “us”) is the largest rural lifestyle retailer in the United States (“U.S.”). The Company is focused on supplying the needs of recreational farmers, ranchers, and all those who enjoy living the rural lifestyle (which we refer to as the “ Out Here ” lifestyle). The Company's stores are located primarily in towns outlying major metropolitan markets and in rural communities. The Company also owns and operates Petsense, LLC ("Petsense by Tractor Supply"), a small-box pet specialty supply retailer focused on meeting the needs of pet owners, primarily in small and mid-sized communities, and offering a variety of pet products and services. On October 12, 2022, the Company completed the acquisition of Orscheln Farm and Home, LLC (“Orscheln” or “Orscheln Farm and Home”) and will convert the 81 acquired Orscheln stores to Tractor Supply stores by the end of fiscal 2023. At April 1, 2023, the Company operated a total of 2,353 retail stores in 49 states (2,164 Tractor Supply and Orscheln retail stores and 189 Petsense by Tractor Supply retail stores) and also offered an expanded assortment of products through the Tractor Supply mobile application and online at TractorSupply.com and Petsense.com . Basis of Presentation The accompanying interim unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These statements should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The results of operations for our interim periods are not necessarily indicative of results for the full fiscal year. Recently Adopted Accounting Pronouncements In September 2022, the Financial Accounting Standard Board issued Accounting Standards Update (“ASU”) 2022-04, “Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations”. The ASU requires disclosure about an entity’s use of supplier finance programs, including the key terms of the program, amount of obligations outstanding at the end of the reporting period, and a rollforward of activity within the program during the period. The Company adopted this ASU in fiscal 2023, except for the disclosure of rollforward activity, which is effective on a prospective basis beginning in fiscal 2024. Supplier Finance Program accounts payable

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
Fair Value of Financial Instruments	Apr. 01, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments: Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. The Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: • Level 1 - defined as observable inputs such as quoted prices in active markets; • Level 2 - defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and • Level 3 - defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company’s financial instruments consist of cash and cash equivalents, short-term credit card receivables, trade payables, debt instruments, and interest rate swaps. Due to their short-term nature, the carrying values of cash and cash equivalents, short-term credit card receivables, and trade payables approximate current fair value at each balance sheet date. As described in further detail in Note 6 to the Condensed Consolidated Financial Statements, the Company had $1.62 billion, $1.18 billion and $1.00 billion in borrowings under its debt facilities at April 1, 2023, December 31, 2022 and March 26, 2022, respectively. The fair value of the Company's $150 million 3.70% Senior Notes due 2029 (the "3.70% Senior Notes") and the borrowings under the Company's revolving credit facility (the "Revolving Credit Facility") were determined based on market interest rates (Level 2 inputs). The carrying value of borrowings in the 3.70% Senior Notes and the Revolving Credit Facility approximate fair value for each period reported. The fair value of the Company's $650 million 1.75% Senior Notes due 2030 (the "1.75% Senior Notes") is determined based on quoted prices in active markets, which are considered Level 1 inputs. The carrying value and the fair value of the 1.75% Senior Notes, net of discounts, were as follows (in thousands): April 1, 2023 December 31, 2022 March 26, 2022 Carrying Value Fair Value Carrying Value Fair Value Carrying Value Fair Value 1.75% Senior Notes $ 639,564 $ 517,543 $ 639,220 $ 500,065 $ 638,188 $ 551,129 The Company's interest rate swap is carried at fair value, which is determined based on the present value of expected future cash flows using forward rate curves, which is considered a Level 2 input. In accordance with hedge accounting, the gains and losses on interest rate swaps that are designated and qualify as cash flow hedges are recorded as a component of Other Comprehensive Income, net of related income taxes, and reclassified into earnings in the same income statement line and period in which the hedged transactions affect earnings. The fair value of the interest rate swap, excluding accrued interest, was as follows (in thousands): Fair Value Measurements at April 1, 2023 December 31, 2022 March 26, 2022 Interest rate swap assets (Level 2) $ 12,678 $ 15,146 $ 9,868

Share Based Compensation

Share Based Compensation	3 Months Ended
Share Based Compensation	Apr. 01, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Share Based Compensation	Share-Based Compensation: Share-based compensation includes stock options, restricted stock units, performance-based restricted share units, and transactions under the Company's Employee Stock Purchase Plan (the “ESPP”). Share-based compensation expense is recognized based on grant date fair value of all stock options, restricted stock units, and performance-based restricted share units. Share-based compensation expense is also recognized for the value of the 15% discount on shares purchased by employees as a part of the ESPP. The discount under the ESPP represents the difference between the market value on the first day of the purchase period or the market value on the purchase date, whichever is lower, and the employee’s purchase price. There were no significant modifications to the Company’s share-based compensation plans during the fiscal three months ended April 1, 2023. Share-based compensation expense was $14.5 million and $12.3 million for the first quarter of fiscal 2023 and 2022, respectively. Stock Options The following table summarizes information concerning stock option grants during the first three months of fiscal 2023: Fiscal Three Months Ended April 1, 2023 Stock options granted 119,678 Weighted average exercise price $ 232.73 Weighted average grant date fair value per option $ 60.91 As of April 1, 2023, total unrecognized compensation expense related to non-vested stock options was approximately $13.2 million with a remaining weighted average expense recognition period of 2.3 years. Restricted Stock Units and Performance-Based Restricted Share Units The following table summarizes information concerning restricted stock unit and performance-based restricted share unit grants during the first three months of fiscal 2023: Fiscal Three Months Ended April 1, 2023 Restricted Stock Unit Activity Awards granted 194,189 Weighted average grant date fair value per share $ 224.69 Performance-Based Restricted Share Unit Activity Awards granted (a) 52,330 Weighted average grant date fair value per share - awards granted $ 237.80 Performance adjustment (b) 50,411 Weighted average grant date fair value per share - performance adjustment $ 85.82 (a) Assumes 100% target level achievement of the relative performance targets. (b) Shares adjusted for performance-based restricted share unit awards settled during the first three months of fiscal 2023 based on actual achievement of performance targets In the first three months of fiscal 2023, the Company granted performance-based restricted share unit awards that are subject to the achievement of specified performance goals. The performance metrics for the units are growth in net sales and growth in earnings per diluted share and also include a relative total shareholder return modifier. The number of performance-based restricted share units presented in the foregoing table represent the shares that can be achieved at the performance metric target value. The actual number of shares that will be issued under the performance-based restricted share unit awards, which may be higher or lower than the target, will be determined by the level of achievement of the performance goals and the relative total shareholder return modifier. If the performance targets are achieved, the units will be issued based on the achievement level, inclusive of the relative total shareholder return modifier, and the grant date fair value and will cliff vest in full on the third anniversary of the date of the grant, subject to continued employment. As of April 1, 2023, total unrecognized compensation expense related to non-vested restricted stock units and non-vested performance-based restricted share units was approximately $103.2 million with a remaining weighted average expense recognition period of 2.3 years.

Business Combinations and Asset

Business Combinations and Asset Acquisitions	3 Months Ended
Business Combinations and Asset Acquisitions	Apr. 01, 2023
Business Combination and Asset Acquisition [Abstract]
Business Combination Disclosure [Text Block]	Acquisition of Orscheln Farm and Home, LLC and Related DivestituresOn October 12, 2022, the Company completed its acquisition of Orscheln, which expands the Company's footprint in the Midwest part of the United States. Pursuant to the agreement governing the acquisition, the Company acquired 100% of the equity interest in Orscheln, inclusive of 166 Orscheln stores, the Orscheln corporate headquarters, and the Orscheln distribution center, for an all-cash purchase price of $397.7 million, exclusive of cash acquired. The acquisition was financed with cash-on-hand and Revolving Credit Facility borrowings under the 2022 Senior Credit Facility (as defined below). In order to obtain regulatory approval for the Orscheln acquisition, the Federal Trade Commission required the Company to divest of 85 stores, which were sold to two buyers, Bomgaars Supply, Inc. (“Bomgaars”) (73 stores) and Buchheit Enterprises, Inc. (12 stores), on October 12, 2022, concurrently with the closing of the acquisition. Net proceeds from the store divestitures were $69.4 million. In addition, the Company has agreed to sell the Orscheln corporate headquarters and distribution center to Bomgaars for $10 million within 15 months after the closing of the acquisition. The purchase consideration and preliminary estimated fair value of Orscheln’s net assets acquired on October 12, 2022 are shown below and remain subject to revisions as additional information is obtained about the facts and circumstances that existed at the valuation date. The assets and liabilities of the 85 divested stores, along with the Orscheln corporate headquarters and the Orscheln distribution center, are shown as held for sale in the fair value of assets acquired and liabilities assumed. (in thousands) Amounts Recognized as of Acquisition Date Measurement Period Adjustments Amounts Recognized as of April 1, 2023 Fair value of assets acquired Cash and cash equivalents $ 6,935 $ — $ 6,935 Accounts receivable 277 — 277 Inventories 168,663 — 168,663 Prepaid expenses and other current assets 7,222 — 7,222 Property and equipment 13,328 — 13,328 Lease right of use assets 82,755 — 82,755 Deferred income taxes 18,481 — 18,481 Assets held for sale 173,554 — 173,554 Other assets 160 — 160 Less: liabilities assumed Accounts payable 80,323 — 80,323 Accrued liabilities 20,291 — 20,291 Short-term lease liabilities 5,986 — 5,986 Long-term lease liabilities 70,626 — 70,626 Liabilities held for sale 94,190 — 94,190 Goodwill 197,742 — 197,742 Total fair value of considerations transferred $ 397,700 $ — $ 397,700 The resulting goodwill of $197.7 million is deductible for income tax purposes and represents the expected synergies from combining the operations of Orscheln with Tractor Supply stores and the expanded footprint that Orscheln brings in the Midwest part of the United States.

Net Income Per Share

Net Income Per Share	3 Months Ended
Net Income Per Share	Apr. 01, 2023
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share: The Company presents both basic and diluted net income per share on the Condensed Consolidated Statements of Income. Basic net income per share is calculated by dividing net income by the weighted average number of shares outstanding during the period. Diluted net income per share is calculated by dividing net income by the weighted average diluted shares outstanding during the period. Dilutive shares are computed using the treasury stock method for share-based awards. Performance-based restricted share units are included in diluted shares only if the related performance conditions are considered satisfied as of the end of the reporting period. Net income per share is calculated as follows (in thousands, except per share amounts): Fiscal Three Months Ended April 1, 2023 March 26, 2022 Income Shares Per Share Income Shares Per Share Basic net income per share: $ 183,088 110,045 $ 1.66 $ 187,227 112,531 $ 1.66 Dilutive effect of share-based awards — 736 (0.01) — 973 (0.01) Diluted net income per share: $ 183,088 110,781 $ 1.65 $ 187,227 113,504 $ 1.65

Debt

Debt	3 Months Ended
Debt	Apr. 01, 2023
Debt Disclosure [Abstract]
Debt	Debt: The following table summarizes the Company’s outstanding debt as of the dates indicated (in millions): April 1, December 31, March 26, 1.75% Senior Notes $ 650.0 $ 650.0 $ 650.0 3.70% Senior Notes (a) 150.0 150.0 150.0 Senior credit facilities: November 2020 Term Loan — — 200.0 Revolving Credit Facility (b) 815.0 378.0 — Total outstanding borrowings 1,615.0 1,178.0 1,000.0 Less: unamortized debt discounts and issuance costs (13.4) (13.9) (13.1) Total debt 1,601.6 1,164.1 986.9 Less: current portion of long-term debt — — — Long-term debt $ 1,601.6 $ 1,164.1 $ 986.9 Outstanding letters of credit $ 58.4 $ 52.6 $ 52.8 (a) Also referred to herein as the “Note Purchase Facility,” referring to the Note Purchase and Private Shelf Agreement dated as of August 14, 2017 by and among the Company, PGIM, Inc. and the noteholders party thereto, as amended through November 2, 2022, under which the notes were purchased. (b) Outstanding balances as of April 1, 2023 and December 31, 2022 represent amounts drawn under the credit facility (the “2022 Senior Credit Facility”) entered into on September 30, 2022. Borrowings under the Company's Revolving Credit Facility bore interest either at the bank’s base rate (8.000% at April 1, 2023) plus an additional amount ranging from 0.000% to 0.250% (0.000% at April 1, 2023) or at adjusted Secured Overnight Financing Rate (4.802% at April 1, 2023) plus an additional amount ranging from 0.750% to 1.250% (1.000% at April 1, 2023), adjusted based on the Company's public credit ratings. The Company was also required to pay, quarterly in arrears, a commitment fee related to unused capacity on the Revolving Credit Facility ranging from 0.080% to 0.150% per annum (0.100% at April 1, 2023), adjusted based on the Company's public credit ratings. The Company has entered into an interest rate swap agreement in order to hedge its exposure to variable rate interest payments associated with its debt. The interest rate swap agreement will mature on March 18, 2025, and the notional amount of the agreement is fixed at $200.0 million. Covenants and Default Provisions of the Debt Agreements As of April 1, 2023, the 2022 Senior Credit Facility and the Note Purchase Facility (collectively, the “Debt Agreements”) required quarterly compliance with respect to two material covenants: a fixed charge coverage ratio and a leverage ratio. Both ratios are calculated on a trailing twelve-month basis at the end of each fiscal quarter. The fixed charge coverage ratio compares earnings before interest, taxes, depreciation, amortization, share-based compensation, and rent expense (“consolidated EBITDAR”) to the sum of interest paid and rental expense (excluding any straight-line rent adjustments). The fixed charge coverage ratio was required to be greater than or equal to 2.00 to 1.00 as of the last day of each fiscal quarter. The leverage ratio compares total funded debt to consolidated EBITDAR. The leverage ratio was required to be less than or equal to 4.00 to 1.00 as of the last day of each fiscal quarter. The Debt Agreements also contain certain other restrictions regarding additional subsidiary indebtedness, business operations, subsidiary guarantees, mergers, consolidations and sales of assets, transactions with subsidiaries or affiliates, and liens. As of April 1, 2023, the Company was in compliance with all debt covenants. The Debt Agreements contain customary events of default, including payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults to other material indebtedness, certain events of bankruptcy and insolvency, material judgments, certain ERISA events, and invalidity of loan documents. Upon certain changes of control, amounts outstanding under the Debt Agreements could become due and payable. In addition, under the Note Purchase Facility, upon an event of default or change of control, a whole payment may become due and payable. The Note Purchase Facility also requires that, in the event the Company amends its 2022 Senior Credit Facility, or any subsequent credit facility of $100 million or greater, such that it contains covenant or default provisions that are not provided in the Note Purchase Facility or that are similar to those contained in the Note Purchase Facility but which contain percentages, amounts, formulas, or grace periods that are more restrictive than those set forth in the Note Purchase Facility or are otherwise more beneficial to the lenders thereunder, the Note Purchase Facility shall be automatically amended to include such additional or amended covenants and/or default provisions.

Capital Stock and Dividends

Capital Stock and Dividends	3 Months Ended
Capital Stock and Dividends	Apr. 01, 2023
Equity [Abstract]
Capital Stock and Dividends	Capital Stock and Dividends: Capital Stock The authorized capital stock of the Company consists of common stock and preferred stock. The Company is authorized to issue 400 million shares of common stock. The Company is also authorized to issue 40 thousand shares of preferred stock, with such designations, rights and preferences as may be determined from time to time by the Company's Board of Directors. Dividends During the first three months of fiscal 2023 and fiscal 2022, the Company's Board of Directors declared the following cash dividends: Date Declared Dividend Amount Record Date Date Paid February 8, 2023 $ 1.03 February 27, 2023 March 14, 2023 January 26, 2022 $ 0.92 February 21, 2022 March 8, 2022

Treasury Stock

Treasury Stock	3 Months Ended
Treasury Stock	Apr. 01, 2023
Equity [Abstract]
Treasury Stock	Treasury Stock: The Company’s Board of Directors has authorized common stock repurchases under a share repurchase program which was announced in February 2007. The total authorized amount of the program, which has been increased from time to time, is currently $6.50 billion, exclusive of any fees, commissions, or other expenses related to such repurchases. The share repurchase program does not have an expiration date. The repurchases may be made from time to time on the open market or in privately negotiated transactions. The timing and amount of any shares repurchased under the program will depend on a variety of factors, including price, corporate and regulatory requirements, capital availability, and other market conditions. Repurchased shares are accounted for at cost and will be held in treasury for future issuance. The program may be limited, temporarily paused, or terminated at any time without prior notice. As of April 1, 2023, the Company had remaining authorization under the share repurchase program of $1.45 billion, exclusive of any fees, commissions, or other expenses. The following table provides the number of shares repurchased, average price paid per share, and total amount paid for share repurchases during the fiscal three months ended April 1, 2023 and March 26, 2022, respectively (in thousands, except per share amounts): Fiscal Three Months Ended April 1, March 26, Total number of shares repurchased 866 1,358 Average price paid per share $ 227.67 $ 218.07 Total cost of share repurchases $ 197,168 $ 296,180

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Apr. 01, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes:The Company’s effective income tax rate was 21.0% in the first quarter of fiscal 2023 compared to 21.1% in the first quarter of fiscal 2022. The decrease in the effective income tax rate in the first quarter of fiscal 2023 compared to the first quarter of fiscal 2022 was driven primarily by a decrease in state income taxes.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Apr. 01, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies: Construction and Real Estate Commitments As of April 1, 2023, the Company had contractual commitments of approximately $53.0 million related to the construction and onboarding of new distribution centers. Letters of Credit At April 1, 2023, the Company had $58.4 million in outstanding letters of credit under the 2022 Senior Credit Facility. Litigation In March 2023, U.S. Customs and Border Protection (“U.S. Customs”) sent the Company a notice that proposed to classify certain of our imports from China as subject to anti-dumping and countervailing (“AD/CV”) duties. We have responded to U.S. Customs outlining the reasons for our position that these imports are not subject to AD/CV duties. The Company currently expects this matter will be resolved without material adverse effect on its consolidated financial position, results of operations or cash flows. However, this matter is subject to inherent uncertainties and management’s view of this matter may change in the future.

Segment Reporting

Segment Reporting	3 Months Ended
Segment Reporting	Apr. 01, 2023
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting: The Company has one reportable segment which is the retail sale of products that support the rural lifestyle. The following table indicates the percentage of net sales represented by each of our major product categories during the fiscal three months ended April 1, 2023 and March 26, 2022: Fiscal Three Months Ended Product Category April 1, March 26, Livestock and Pet 57 % 53 % Hardware, Tools and Truck 17 19 Seasonal, Gift and Toy Products 17 17 Clothing and Footwear 6 8 Agriculture 3 3 Total 100 % 100 %

Fair Value Measures and Disclos

Fair Value Measures and Disclosures (Tables)	3 Months Ended
Fair Value Measures and Disclosures (Tables)	Apr. 01, 2023
Fair Value Disclosures [Abstract]
Schedule of Long-Term Debt Instruments	The carrying value and the fair value of the 1.75% Senior Notes, net of discounts, were as follows (in thousands): April 1, 2023 December 31, 2022 March 26, 2022 Carrying Value Fair Value Carrying Value Fair Value Carrying Value Fair Value 1.75% Senior Notes $ 639,564 $ 517,543 $ 639,220 $ 500,065 $ 638,188 $ 551,129
Schedule of Derivative Instruments	The fair value of the interest rate swap, excluding accrued interest, was as follows (in thousands): Fair Value Measurements at April 1, 2023 December 31, 2022 March 26, 2022 Interest rate swap assets (Level 2) $ 12,678 $ 15,146 $ 9,868

Share Based Compensation (Table

Share Based Compensation (Tables)	3 Months Ended
Share Based Compensation (Tables)	Apr. 01, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Stock Options	The following table summarizes information concerning stock option grants during the first three months of fiscal 2023: Fiscal Three Months Ended April 1, 2023 Stock options granted 119,678 Weighted average exercise price $ 232.73 Weighted average grant date fair value per option $ 60.91
Restricted Stock Units and Performance-Based Restricted Share Units	The following table summarizes information concerning restricted stock unit and performance-based restricted share unit grants during the first three months of fiscal 2023: Fiscal Three Months Ended April 1, 2023 Restricted Stock Unit Activity Awards granted 194,189 Weighted average grant date fair value per share $ 224.69 Performance-Based Restricted Share Unit Activity Awards granted (a) 52,330 Weighted average grant date fair value per share - awards granted $ 237.80 Performance adjustment (b) 50,411 Weighted average grant date fair value per share - performance adjustment $ 85.82 (a) Assumes 100% target level achievement of the relative performance targets. (b) Shares adjusted for performance-based restricted share unit awards settled during the first three months of fiscal 2023 based on actual achievement of performance targets

Business Combinations and Ass_2

Business Combinations and Asset Acquisitions (Tables)	3 Months Ended
Business Combinations and Asset Acquisitions (Tables)	Apr. 01, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions, by Acquisition	(in thousands) Amounts Recognized as of Acquisition Date Measurement Period Adjustments Amounts Recognized as of April 1, 2023 Fair value of assets acquired Cash and cash equivalents $ 6,935 $ — $ 6,935 Accounts receivable 277 — 277 Inventories 168,663 — 168,663 Prepaid expenses and other current assets 7,222 — 7,222 Property and equipment 13,328 — 13,328 Lease right of use assets 82,755 — 82,755 Deferred income taxes 18,481 — 18,481 Assets held for sale 173,554 — 173,554 Other assets 160 — 160 Less: liabilities assumed Accounts payable 80,323 — 80,323 Accrued liabilities 20,291 — 20,291 Short-term lease liabilities 5,986 — 5,986 Long-term lease liabilities 70,626 — 70,626 Liabilities held for sale 94,190 — 94,190 Goodwill 197,742 — 197,742 Total fair value of considerations transferred $ 397,700 $ — $ 397,700

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
Net Income Per Share (Tables)	Apr. 01, 2023
Earnings Per Share [Abstract]
Net Income Per Share	Net income per share is calculated as follows (in thousands, except per share amounts): Fiscal Three Months Ended April 1, 2023 March 26, 2022 Income Shares Per Share Income Shares Per Share Basic net income per share: $ 183,088 110,045 $ 1.66 $ 187,227 112,531 $ 1.66 Dilutive effect of share-based awards — 736 (0.01) — 973 (0.01) Diluted net income per share: $ 183,088 110,781 $ 1.65 $ 187,227 113,504 $ 1.65

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Apr. 01, 2023
Debt Disclosure [Abstract]
Schedule of Outstanding Debt	The following table summarizes the Company’s outstanding debt as of the dates indicated (in millions): April 1, December 31, March 26, 1.75% Senior Notes $ 650.0 $ 650.0 $ 650.0 3.70% Senior Notes (a) 150.0 150.0 150.0 Senior credit facilities: November 2020 Term Loan — — 200.0 Revolving Credit Facility (b) 815.0 378.0 — Total outstanding borrowings 1,615.0 1,178.0 1,000.0 Less: unamortized debt discounts and issuance costs (13.4) (13.9) (13.1) Total debt 1,601.6 1,164.1 986.9 Less: current portion of long-term debt — — — Long-term debt $ 1,601.6 $ 1,164.1 $ 986.9 Outstanding letters of credit $ 58.4 $ 52.6 $ 52.8 (a) Also referred to herein as the “Note Purchase Facility,” referring to the Note Purchase and Private Shelf Agreement dated as of August 14, 2017 by and among the Company, PGIM, Inc. and the noteholders party thereto, as amended through November 2, 2022, under which the notes were purchased. (b) Outstanding balances as of April 1, 2023 and December 31, 2022 represent amounts drawn under the credit facility (the “2022 Senior Credit Facility”) entered into on September 30, 2022.

Capital Stock and Dividends (Ta

Capital Stock and Dividends (Tables)	3 Months Ended
Capital Stock and Dividends (Tables)	Apr. 01, 2023
Equity [Abstract]
Schedule of Dividends Payable	During the first three months of fiscal 2023 and fiscal 2022, the Company's Board of Directors declared the following cash dividends: Date Declared Dividend Amount Record Date Date Paid February 8, 2023 $ 1.03 February 27, 2023 March 14, 2023 January 26, 2022 $ 0.92 February 21, 2022 March 8, 2022

Treasury Stock Treasury Stock (

Treasury Stock Treasury Stock (Tables)	3 Months Ended
Treasury Stock Treasury Stock (Tables)	Apr. 01, 2023
Equity [Abstract]
Class of Treasury Stock, Shares Repurchased	The following table provides the number of shares repurchased, average price paid per share, and total amount paid for share repurchases during the fiscal three months ended April 1, 2023 and March 26, 2022, respectively (in thousands, except per share amounts): Fiscal Three Months Ended April 1, March 26, Total number of shares repurchased 866 1,358 Average price paid per share $ 227.67 $ 218.07 Total cost of share repurchases $ 197,168 $ 296,180

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
Segment Reporting (Tables)	Apr. 01, 2023
Segment Reporting [Abstract]
Major Product Category	The following table indicates the percentage of net sales represented by each of our major product categories during the fiscal three months ended April 1, 2023 and March 26, 2022: Fiscal Three Months Ended Product Category April 1, March 26, Livestock and Pet 57 % 53 % Hardware, Tools and Truck 17 19 Seasonal, Gift and Toy Products 17 17 Clothing and Footwear 6 8 Agriculture 3 3 Total 100 % 100 %

General (Details)

General (Details) $ in Millions	Apr. 01, 2023 USD ($) store state	Dec. 31, 2022 USD ($)	Mar. 26, 2022 USD ($)
Nature of business [Abstract]
Supplier Finance Program, Obligation \| $	$ 30.8	$ 24.2	$ 32.2
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]	Accounts Payable, Current	Accounts Payable, Current	Accounts Payable, Current
Parent Company [Member]
Nature of business [Abstract]
Number of rural lifestyle retail stores operated by the company	2,353
Number of states in which rural lifestyle retail stores are operated by the company \| state	49
TSCO stores [Member]
Nature of business [Abstract]
Number of rural lifestyle retail stores operated by the company	2,164
Petsense stores [Member]
Nature of business [Abstract]
Number of rural lifestyle retail stores operated by the company	189

Fair Value of Financial Instr_2

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions	Apr. 01, 2023	Dec. 31, 2022	Mar. 26, 2022
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Unsecured Debt	$ 1,615	$ 1,178	$ 1,000
Notes Payable to Banks
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term Debt	150	150	150
Bonds
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term Debt	$ 650	$ 650	$ 650

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022	Mar. 26, 2022
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Senior Notes	$ 639,564	$ 639,220	$ 638,188
Bonds
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term Debt, Fair Value	$ 517,543	$ 500,065	$ 551,129

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Interest Rate Swaps (Details) - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022	Mar. 26, 2022
Fair Value Disclosures [Abstract]
Cash Flow Hedge Derivative Instrument Assets at Fair Value	$ 12,678	$ 15,146	$ 9,868

Share Based Compensation (Detai

Share Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock purchase program discount percentage	15%
Share-based compensation plan modifications	no
Share-based Payment Arrangement, Noncash Expense	$ 14,514	$ 12,316
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted	119,678
Weighted average exercise price	$ 232.73
Weighted average fair value per option	$ 60.91
Total unrecognized compensation expense	$ 13,200
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 3 months 18 days
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted	194,189
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted	52,330
Performance Shares [Member] \| Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted	50,411
Restricted Stock Units and Performance-Based Restricted Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation expense	$ 103,200
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 3 months 18 days
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value per share	$ 224.69
Performance-Based Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value per share	237.80
Performance-Based Restricted Share Units \| Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value per share	$ 85.82

Business Combinations and Ass_3

Business Combinations and Asset Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Oct. 12, 2022	Apr. 01, 2023
Orscheln Farm and Home, LLC
Business Acquisition [Line Items]
Business Combination, Consideration Transferred	$ 397,700
Goodwill		$ 197,742
Orscheln Stores
Business Acquisition [Line Items]
Disposal Group, Including Discontinued Operation, Consideration	69,400
Orscheln Distribution Center and Headquarters
Business Acquisition [Line Items]
Disposal Group, Including Discontinued Operation, Consideration	$ 10,000

Business Combinations and Ass_4

Business Combinations and Asset Acquisitions (Details) - USD ($) $ in Thousands	Apr. 01, 2023	Oct. 12, 2022
Business Acquisition [Line Items]
Cash and cash equivalents	$ 6,935
Accounts receivable	277
Inventories	168,663
Prepaid expenses and other current assets	7,222
Property and equipment	13,328
Lease right of use assets	82,755
Deferred income taxes	18,481
Assets held for sale	173,554
Other assets	160
Accounts payable	80,323
Accrued liabilities	20,291
Short-term lease liabilities	5,986
Long-term lease liabilities	70,626
Liabilities held for sale	94,190
Total fair value of considerations transferred	397,700
Previously Reported
Business Acquisition [Line Items]
Cash and cash equivalents		$ 6,935
Accounts receivable		277
Inventories		168,663
Prepaid expenses and other current assets		7,222
Property and equipment		13,328
Lease right of use assets		82,755
Deferred income taxes		18,481
Assets held for sale		173,554
Other assets		160
Accounts payable		80,323
Accrued liabilities		20,291
Short-term lease liabilities		5,986
Long-term lease liabilities		70,626
Liabilities held for sale		94,190
Total fair value of considerations transferred		397,700
Revision of Prior Period, Adjustment
Business Acquisition [Line Items]
Cash and cash equivalents	0
Accounts receivable	0
Inventories	0
Prepaid expenses and other current assets	0
Property and equipment	0
Lease right of use assets	0
Deferred income taxes	0
Assets held for sale	0
Other assets	0
Accounts payable	0
Accrued liabilities	0
Short-term lease liabilities	0
Long-term lease liabilities	0
Liabilities held for sale	0
Total fair value of considerations transferred	0
Orscheln Farm and Home, LLC
Business Acquisition [Line Items]
Goodwill	197,742
Orscheln Farm and Home, LLC \| Previously Reported
Business Acquisition [Line Items]
Goodwill		$ 197,742
Orscheln Farm and Home, LLC \| Revision of Prior Period, Adjustment
Business Acquisition [Line Items]
Goodwill	$ 0

Net Income Per Share (Details)

Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive stock options and restricted stock units outstanding, income	$ 0	$ 0
Dilutive stock options and restricted stock units outstanding, per share (in shares)	736	973
Dilutive stock options and restricted stock units outstanding , per share	$ 0.01	$ 0.01
Net income	$ 183,088	$ 187,227
Antidilutive securities excluded from computation of earnings per share, amount	200	100
Earnings Per Share, Basic [Abstract]
Net income	$ 183,088	$ 187,227
Weighted average number of shares outstanding, basic	110,045	112,531
Net income per share – basic	$ 1.66	$ 1.66
Earnings Per Share, Diluted [Abstract]
Dilutive stock options and restricted stock units outstanding, income	$ 0	$ 0
Dilutive stock options and restricted stock units outstanding, per share (in shares)	736	973
Dilutive stock options and restricted stock units outstanding, per share (in dollars per share)	$ (0.01)	$ (0.01)
Net income	$ 183,088	$ 187,227
Weighted average number of shares outstanding, diluted	110,781	113,504
Net income per share, diluted (in dollars per share)	$ 1.65	$ 1.65
Antidilutive securities excluded from computation of earnings per share, amount	200	100

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022	Mar. 26, 2022
Debt Instrument [Line Items]
Unsecured Debt	$ 1,615,000	$ 1,178,000	$ 1,000,000
Unamortized Debt Issuance Costs	(13,400)	(13,900)	(13,100)
Unsecured debt, net of debt issuance costs	1,601,600	1,164,100	986,900
Unsecured Debt, Current	0	0	0
Letters of Credit Outstanding, Amount	58,400	52,600	52,800
Long-term debt	1,601,563	1,164,056	986,896
2022 Senior Credit Facility
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Month-end Outstanding Amount	815,000	378,000
2016 Senior Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Month-end Outstanding Amount			0
Bonds
Debt Instrument [Line Items]
Long-term Debt	650,000	650,000	650,000
Notes Payable to Banks
Debt Instrument [Line Items]
Long-term Debt	150,000	150,000	150,000
November 2020 Term Loan
Debt Instrument [Line Items]
Notional Amount, Current	$ 0	$ 0	$ 200,000

Debt (Details)

Debt (Details) $ in Millions	3 Months Ended
Debt (Details) $ in Millions	Apr. 01, 2023 USD ($)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0%
Debt Instrument, Basis Spread on Variable Rate, Minimum	0.75%
Debt Instrument, Basis Spread on Variable Rate LIBOR Plus, Maximum	1.25%
Debt Instrument, Basis Spread on Variable Rate LIBOR Plus	1%
Debt Instrument, Basis Spread on Variable Rate Revolver	0.10%
Amount of incremental credit facility which will result in modification of debt covenants	100 million
Interest Rate Swap
Debt Instrument [Line Items]
Interest Rate Swap, Beginning Notional Amount	$ 200
Number of Financial Covenants [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant Description	two
Fixed Charge Coverage Ratio Minimum Requirement [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant Description	2.00
Leverage Ratio Maximum Requirement [Member]
Debt Instrument [Line Items]
Debt Instrument, Covenant Description	4.00
Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0%
Commitment fee for unused capacity	0.08%
Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.25%
Commitment fee for unused capacity	0.15%
Base Rate
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate at Period End	8%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| 2022 Senior Credit Facility
Debt Instrument [Line Items]
Line of Credit Facility, Interest Rate at Period End	4.802%

Capital Stock - Narrative (Deta

Capital Stock - Narrative (Details) - $ / shares			3 Months Ended
Capital Stock - Narrative (Details) - $ / shares	Feb. 08, 2023	Jan. 26, 2022	Apr. 01, 2023	Mar. 26, 2022	Dec. 31, 2022
Equity [Abstract]
Common Stock, Shares Authorized			400,000,000	400,000,000	400,000,000
Preferred Stock, Shares Authorized			40,000	40,000	40,000
Dividends declared per common share outstanding	$ 1.03	$ 0.92	$ 1.03	$ 0.92

Capital Stock and Dividends (De

Capital Stock and Dividends (Details) - $ / shares			3 Months Ended
Capital Stock and Dividends (Details) - $ / shares	Feb. 08, 2023	Jan. 26, 2022	Apr. 01, 2023	Mar. 26, 2022
Equity [Abstract]
Common Stock, Dividends, Per Share, Declared	$ 1.03	$ 0.92	$ 1.03	$ 0.92

Treasury Stock - Narrative (Det

Treasury Stock - Narrative (Details) $ in Millions	Apr. 01, 2023 USD ($)
Equity [Abstract]
Remaining authorization under the share repurchase program	$ 1,450
Stock Repurchase Program, Authorized Amount	$ 6,500

Treasury Stock (Details)

Treasury Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Equity [Abstract]
Total number of shares repurchased	866	1,358
Average price paid per share	$ 227.67	$ 218.07
Stock Repurchased During Period, Value	$ 197,168	$ 296,180

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Apr. 01, 2023	Mar. 26, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	21%	21.10%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Apr. 01, 2023	Dec. 31, 2022	Mar. 26, 2022
Commitments and Contingencies Disclosure [Abstract]
Contractual Obligation	$ 53
Letters of Credit Outstanding, Amount	$ 58.4	$ 52.6	$ 52.8

Segment Reporting (Details)

Segment Reporting (Details)	3 Months Ended
Segment Reporting (Details)	Apr. 01, 2023	Mar. 26, 2022
Livestock and Pet
Revenue from External Customer [Line Items]
Percentage of sales	57%	53%
Hardware, Tools and Truck
Revenue from External Customer [Line Items]
Percentage of sales	17%	19%
Seasonal, Gift and Toy Products
Revenue from External Customer [Line Items]
Percentage of sales	17%	17%
Clothing and Footwear
Revenue from External Customer [Line Items]
Percentage of sales	6%	8%
Agriculture
Revenue from External Customer [Line Items]
Percentage of sales	3%	3%
Total
Revenue from External Customer [Line Items]
Percentage of sales	100%	100%

Segment Reporting Number of Rep

Segment Reporting Number of Reportable Segments (Details)	3 Months Ended
Segment Reporting Number of Reportable Segments (Details)	Apr. 01, 2023 segment
Segment Reporting [Abstract]
Number of Reportable Segments	1