TRACTOR SUPPLY CO /DE/, 10-Q filed on 11/7/2024
Quarterly Report
v3.24.3
Cover - shares
 9 Months Ended
Sep. 28, 2024
Oct. 26, 2024
Cover [Abstract]    
Document Type 10-Q  
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 true  
Document Period End Date Sep. 28, 2024  
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, $0.008 par value  
Trading Symbol TSCO  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   106,839,001
Entity Central Index Key 0000916365  
Current Fiscal Year End Date --12-28  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Amendment Flag false  
v3.24.3
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Net sales $ 3,468,245 $ 3,411,980 $ 11,109,700 $ 10,895,900
Cost of merchandise sold 2,177,797 2,161,501 7,042,773 6,960,744
Gross profit 1,290,448 1,250,479 4,066,927 3,935,156
Selling, general and administrative expenses 852,299 819,311 2,590,637 2,500,704
Depreciation and amortization 113,550 90,263 327,107 289,775
Operating income 324,599 340,905 1,149,183 1,144,677
Interest expense, net 13,875 9,539 37,389 34,562
Income before income taxes 310,724 331,366 1,111,794 1,110,115
Income tax expense 69,254 76,365 246,960 250,792
Net income $ 241,470 $ 255,001 $ 864,834 $ 859,323
Net income per share – basic $ 2.25 $ 2.34 $ 8.04 $ 7.85
Net income per share – diluted $ 2.24 $ 2.33 $ 8.00 $ 7.81
Weighted average shares outstanding:        
Basic 107,167 108,774 107,614 109,415
Diluted 107,678 109,342 108,147 110,055
Dividends declared per common share outstanding $ 1.10 $ 1.03 $ 3.30 $ 3.09
v3.24.3
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Sep. 28, 2024
Dec. 30, 2023
Sep. 30, 2023
Current assets:      
Cash and cash equivalents $ 186,294 $ 397,071 $ 421,693
Inventories 3,082,519 2,645,854 2,834,247
Prepaid expenses and other current assets 199,967 218,553 278,174
Income taxes receivable 14,381 2,461 0
Total current assets 3,483,161 3,263,939 3,534,114
Property and equipment, net 2,632,895 2,437,184 2,273,646
Operating lease right-of-use assets 3,295,678 3,141,971 3,084,947
Goodwill and other intangible assets 269,520 269,520 267,329
Other assets 86,643 75,537 44,978
Total assets 9,767,897 9,188,151 9,205,014
Current liabilities:      
Accounts payable 1,349,817 1,179,803 1,412,186
Accrued employee compensation 53,065 91,478 49,957
Other accrued expenses 551,847 533,029 454,513
Current portion of finance lease liabilities 3,402 3,311 3,304
Current portion of operating lease liabilities 387,578 369,461 365,189
Income taxes payable 0 0 33,647
Total current liabilities 2,345,709 2,177,082 2,318,796
Long-term debt 1,831,218 1,728,964 1,728,255
Finance lease liabilities, less current portion 28,831 31,388 32,156
Operating lease liabilities, less current portion 3,082,653 2,902,858 2,848,385
Deferred Income Tax Liabilities, Net 48,800 60,032 30,006
Other long-term liabilities 141,926 138,065 136,285
Total liabilities 7,479,137 7,038,389 7,093,883
Stockholders’ equity:      
Preferred stock 0 0 0
Common stock 1,423 1,419 1,418
Additional paid-in capital 1,362,463 1,318,446 1,302,268
Treasury stock (5,869,286) (5,458,855) (5,347,302)
Accumulated other comprehensive income 2,550 6,793 9,292
Retained earnings 6,791,610 6,281,959 6,145,455
Total stockholders’ equity 2,288,760 2,149,762 2,111,131
Total liabilities and stockholders’ equity $ 9,767,897 $ 9,188,151 $ 9,205,014
v3.24.3
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
Sep. 28, 2024
Dec. 30, 2023
Sep. 30, 2023
Statement of Financial Position [Abstract]      
Preferred Stock, Par or Stated Value Per Share $ 1.00 $ 1.00 $ 1.00
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 177,845,000 177,332,000 177,288,000
Common Stock, Shares, Outstanding 106,921,000 107,976,000 108,474,000
Treasury Stock, Common, Shares 70,924,000 69,356,000 68,814,000
v3.24.3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income $ 241,470 $ 255,001 $ 864,834 $ 859,323
Change in fair value of interest rate swaps, net of taxes (2,130) (924) (4,243) (1,983)
Total other comprehensive (loss) / income (2,130) (924) (4,243) (1,983)
Total comprehensive income $ 239,340 $ 254,077 $ 860,591 $ 857,340
Weighted average number of shares outstanding, basic 107,167 108,774 107,614 109,415
Earnings Per Share, Basic $ 2.25 $ 2.34 $ 8.04 $ 7.85
Antidilutive securities excluded from computation of earnings per share, amount 100 200 200 200
Weighted average number of shares outstanding, diluted 107,678 109,342 108,147 110,055
Net income per share, diluted (in dollars per share) $ 2.24 $ 2.33 $ 8.00 $ 7.81
v3.24.3
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. 31, 2022   110,251        
Beginning balance, Stockholders' equity at Dec. 31, 2022 $ 2,042,416 $ 1,415 $ 1,261,283 $ (4,855,909) $ 11,275 $ 5,624,352
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Common stock issuance under stock award plans & ESPP (in shares)   275        
Common stock issuance under stock award plans & ESPP 8,623 $ 2 8,621      
Share-based compensation 14,514   14,514      
Repurchase of shares to satisfy tax obligations (21,643)   (21,643)      
Repurchase of common stock, shares (in shares)   (866)        
Treasury Stock, Value, Acquired, Cost Method (197,168)     (197,168)    
Dividends paid (113,447)         (113,447)
Change in fair value of interest rate swaps, net of taxes (1,837)       (1,837)  
Net income 183,088         183,088
Ending balance, shares outstanding (in shares) at Apr. 01, 2023   109,660        
Ending balance, Stockholders' equity at Apr. 01, 2023 1,914,546 $ 1,417 1,262,775 (5,053,077) 9,438 5,693,993
Beginning balance, shares outstanding (in shares) at Dec. 31, 2022   110,251        
Beginning balance, Stockholders' equity at Dec. 31, 2022 2,042,416 $ 1,415 1,261,283 (4,855,909) 11,275 5,624,352
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Repurchase of shares to satisfy tax obligations (24,015)          
Dividends paid (338,219)          
Change in fair value of interest rate swaps, net of taxes (1,983)          
Net income 859,323          
Repurchase of common stock (480,407)          
Ending balance, shares outstanding (in shares) at Sep. 30, 2023   108,474        
Ending balance, Stockholders' equity at Sep. 30, 2023 2,111,131 $ 1,418 1,302,268 (5,347,302) 9,292 6,145,455
Beginning balance, shares outstanding (in shares) at Apr. 01, 2023   109,660        
Beginning balance, Stockholders' equity at Apr. 01, 2023 1,914,546 $ 1,417 1,262,775 (5,053,077) 9,438 5,693,993
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Common stock issuance under stock award plans & ESPP (in shares)   90        
Common stock issuance under stock award plans & ESPP 6,629 $ 1 6,628      
Share-based compensation 15,665   15,665      
Repurchase of shares to satisfy tax obligations (1,479)   (1,479)      
Repurchase of common stock, shares (in shares)   (692)        
Dividends paid (112,774)         (112,774)
Change in fair value of interest rate swaps, net of taxes 778       778  
Net income 421,234         421,234
Repurchase of common stock (157,447)     (157,447)    
Ending balance, shares outstanding (in shares) at Jul. 01, 2023   109,058        
Ending balance, Stockholders' equity at Jul. 01, 2023 2,087,152 $ 1,418 1,283,589 (5,210,524) 10,216 6,002,453
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Common stock issuance under stock award plans & ESPP (in shares)   48        
Common stock issuance under stock award plans & ESPP 4,601 $ 0 4,601      
Share-based compensation 14,971   14,971      
Repurchase of shares to satisfy tax obligations (893)   (893)      
Repurchase of common stock, shares (in shares)   (632)        
Dividends paid (111,999)         (111,999)
Change in fair value of interest rate swaps, net of taxes (924)       (924)  
Net income 255,001         255,001
Repurchase of common stock (136,778)     (136,778)    
Ending balance, shares outstanding (in shares) at Sep. 30, 2023   108,474        
Ending balance, Stockholders' equity at Sep. 30, 2023 2,111,131 $ 1,418 1,302,268 (5,347,302) 9,292 6,145,455
Beginning balance, shares outstanding (in shares) at Dec. 30, 2023   107,976        
Beginning balance, Stockholders' equity at Dec. 30, 2023 2,149,762 $ 1,419 1,318,446 (5,458,855) 6,793 6,281,959
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Common stock issuance under stock award plans & ESPP (in shares)   412        
Common stock issuance under stock award plans & ESPP 21,718 $ 3 21,715      
Share-based compensation 14,448   14,448      
Repurchase of shares to satisfy tax obligations (22,001)   (22,001)      
Repurchase of common stock, shares (in shares)   (496)        
Treasury Stock, Value, Acquired, Cost Method (118,543)     (118,543)    
Dividends paid (118,809)         (118,809)
Change in fair value of interest rate swaps, net of taxes (731)       (731)  
Net income 198,167         198,167
Ending balance, shares outstanding (in shares) at Mar. 30, 2024   107,892        
Ending balance, Stockholders' equity at Mar. 30, 2024 2,124,011 $ 1,422 1,332,608 (5,577,398) 6,062 6,361,317
Beginning balance, shares outstanding (in shares) at Dec. 30, 2023   107,976        
Beginning balance, Stockholders' equity at Dec. 30, 2023 2,149,762 $ 1,419 1,318,446 (5,458,855) 6,793 6,281,959
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Repurchase of shares to satisfy tax obligations (23,618)          
Dividends paid (355,182)          
Change in fair value of interest rate swaps, net of taxes (4,243)          
Net income 864,834          
Repurchase of common stock (406,663)          
Ending balance, shares outstanding (in shares) at Sep. 28, 2024   106,921        
Ending balance, Stockholders' equity at Sep. 28, 2024 2,288,760 $ 1,423 1,362,463 (5,869,286) 2,550 6,791,610
Beginning balance, shares outstanding (in shares) at Mar. 30, 2024   107,892        
Beginning balance, Stockholders' equity at Mar. 30, 2024 2,124,011 $ 1,422 1,332,608 (5,577,398) 6,062 6,361,317
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Common stock issuance under stock award plans & ESPP (in shares)   66        
Common stock issuance under stock award plans & ESPP 6,631 $ 1 6,630      
Share-based compensation 10,676   10,676      
Repurchase of shares to satisfy tax obligations (716)   (716)      
Repurchase of common stock, shares (in shares)   (511)        
Dividends paid (118,538)         (118,538)
Change in fair value of interest rate swaps, net of taxes (1,382)       (1,382)  
Net income 425,196         425,196
Repurchase of common stock (140,546)     (140,546)    
Ending balance, shares outstanding (in shares) at Jun. 29, 2024   107,447        
Ending balance, Stockholders' equity at Jun. 29, 2024 2,305,332 $ 1,423 1,349,198 (5,717,944) 4,680 6,667,975
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Common stock issuance under stock award plans & ESPP (in shares)   35        
Common stock issuance under stock award plans & ESPP 4,167 $ 0 4,167      
Share-based compensation 9,999   9,999      
Repurchase of shares to satisfy tax obligations (901)   (901)      
Repurchase of common stock, shares (in shares)   (561)        
Dividends paid (117,835)         (117,835)
Change in fair value of interest rate swaps, net of taxes (2,130)       (2,130)  
Net income 241,470         241,470
Repurchase of common stock (151,342)     (151,342)    
Ending balance, shares outstanding (in shares) at Sep. 28, 2024   106,921        
Ending balance, Stockholders' equity at Sep. 28, 2024 $ 2,288,760 $ 1,423 $ 1,362,463 $ (5,869,286) $ 2,550 $ 6,791,610
v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income $ 864,834 $ 859,323
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 327,107 289,775
(Gain)/loss on disposition of property and equipment (38,751) (27,460)
Share-based compensation expense 35,124 45,150
Deferred income taxes (21,212) 8,082
Change in assets and liabilities:    
Inventories (436,665) (147,521)
Prepaid expenses and other current assets 9,092 (28,647)
Accounts payable 170,014 13,554
Accrued employee compensation (38,413) (73,019)
Other accrued expenses (227) (53,795)
Income taxes (11,920) 24,176
Other 44,627 28,308
Net cash provided by operating activities 903,610 937,926
Cash flows from investing activities:    
Capital expenditures (538,018) (526,723)
Proceeds from sale of property and equipment 77,895 57,801
Proceeds from Orscheln acquisition net working capital settlement 0 4,310
Proceeds from sale of Orscheln corporate headquarters and distribution center 0 10,000
Net cash used in investing activities (460,123) (454,612)
Cash flows from financing activities:    
Borrowings under debt facilities 585,000 1,767,000
Repayments under debt facilities (485,000) (1,195,000)
Debt discounts and issuance costs 0 (9,729)
Principal payments under finance lease liabilities (1,317) (3,606)
Repurchase of shares to satisfy tax obligations (23,618) (24,015)
Repurchase of common stock (406,663) (480,407)
Net proceeds from issuance of common stock 32,516 19,853
Cash dividends paid to stockholders (355,182) (338,219)
Net cash used in financing activities (654,264) (264,123)
Net (decrease)/increase in cash and cash equivalents (210,777) 219,191
Cash and cash equivalents at beginning of period 397,071 202,502
Cash and cash equivalents at end of period 186,294 421,693
Cash paid during the period for:    
Interest 36,433 29,011
Income taxes 278,273 215,637
Supplemental disclosures of non-cash activities:    
Non-cash accruals for property and equipment 75,332 20,359
Increase of operating lease assets and liabilities from new or modified leases 442,399 481,177
Increase of finance lease assets and liabilities from new or modified leases $ 0 $ 450
v3.24.3
General
 9 Months Ended
Sep. 28, 2024
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 converted the 81 acquired Orscheln stores to Tractor Supply stores in fiscal 2023. At September 28, 2024, the Company operated a total of 2,475 retail stores in 49 states (2,270 Tractor Supply retail stores and 205 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 Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements.  In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These statements should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended December 30, 2023.  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 within the Annual Report on Form 10-K in fiscal 2024.

Supplier Finance Program

The Company has agreements with third-party financial institutions that allow certain participating suppliers the ability to finance payment obligations from the Company. The third-party financial institutions have separate arrangements with the Company’s suppliers and provide them with the option to request early payment for invoices confirmed by the Company. The Company does not determine the terms or conditions of the arrangements between the third-parties and their suppliers and receives no compensation from the third-party financial institutions. The Company’s obligation to its suppliers, including amounts due and scheduled payment dates, are not impacted by the suppliers’ decisions to finance amounts under the arrangements. The Company’s outstanding payment obligations under the supplier finance program, which are included in accounts payable on the Company’s Consolidated Balance Sheets, were $65.6 million, $38.4 million, and $57.8 million at September 28, 2024, December 30, 2023, and September 30, 2023, respectively.

Sale-leaseback Transactions

In the third quarter of fiscal 2024, the Company completed its strategically planned sale-leaseback of 9 Tractor Supply store locations, resulting in proceeds of $57.1 million and a gain of $34.9 million. The Company intends to lease those properties for 20 years, with renewal options thereafter. The transactions met the accounting criteria for sale-leaseback treatment, and the resulting leases were accounted for as operating leases.
v3.24.3
Fair Value of Financial Instruments
 9 Months Ended
Sep. 28, 2024
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 5 to the Consolidated Financial Statements, the Company had $1.85 billion in borrowings under its debt facilities at September 28, 2024 and $1.75 billion in borrowings under its debt facilities at December 30, 2023 and September 30, 2023. The fair value of the Company’s $150 million 3.70% Senior Notes due 2029 (the “3.70% Senior Notes”) and the borrowings under the Company’s revolving credit facility (the “Revolving Credit Facility”) were determined based on market interest rates (Level 2 inputs). The carrying value of borrowings in the 3.70% Senior Notes and the Revolving Credit Facility approximate fair value for each period reported.

The fair value of the Company’s $650 million 1.750% Senior Notes due 2030 (the “1.75% Senior Notes”) and $750 million 5.250% Senior Notes due 2033 (the “5.25% Senior Notes”) are determined based on quoted prices in active markets, which are considered Level 1 inputs. The carrying value and the fair value of the 1.75% Senior Notes and the 5.25% Senior Notes, net of discounts, were as follows (in thousands):

September 28, 2024December 30, 2023September 30, 2023
Carrying ValueFair ValueCarrying ValueFair ValueCarrying ValueFair Value
1.75% Senior Notes$641,628 $562,315 $640,596 $533,013 $640,252 $495,027 
5.25% Senior Notes$741,613 $781,163 $740,880 $769,005 $740,636 $708,675 

The Company's interest rate swap is carried at fair value, which is determined based on the present value of expected future cash flows using forward rate curves, which is considered a Level 2 input. In accordance with hedge accounting, the gains and losses on interest rate swaps that are designated and qualify as cash flow hedges are recorded as a component of Other Comprehensive Income, net of related income taxes, and reclassified into earnings in the same income statement line and period in which the hedged transactions affect earnings. The fair value of the interest rate swap, excluding accrued interest, was as follows (in thousands):

Fair Value Measurements at
September 28, 2024December 30, 2023September 30, 2023
Interest rate swap assets (Level 2)$3,395 $9,099 $12,477 
v3.24.3
Share Based Compensation
 9 Months Ended
Sep. 28, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Share Based Compensation Share-Based Compensation
Share-based compensation includes stock options, restricted stock units, performance-based restricted share units, and transactions under the Company's Employee Stock Purchase Plan (the “ESPP”). Share-based compensation expense is recognized based on grant date fair value of all stock options, restricted stock units, and performance-based restricted share units. Share-based compensation expense is also recognized for the value of the 15% discount on shares purchased by employees as a part of the ESPP. The discount under the ESPP represents the difference between the market value on the first day of the purchase period or the market value on the purchase date, whichever is lower, and the employee’s purchase price.
There were no significant modifications to the Company’s share-based compensation plans during the fiscal nine months ended September 28, 2024.

Share-based compensation expense was $10.0 million and $15.0 million for the third quarter of fiscal 2024 and 2023, respectively, and $35.1 million and $45.2 million for the first nine months of fiscal 2024 and 2023, respectively.

Stock Options

The following table summarizes information concerning stock option grants during the first nine months of fiscal 2024:

 Fiscal Nine Months Ended
 September 28, 2024
Stock options granted136,299 
Weighted average exercise price$233.85 
Weighted average grant date fair value per option$58.63 

As of September 28, 2024, total unrecognized compensation expense related to non-vested stock options was approximately $10.1 million with a remaining weighted average expense recognition period of 2.0 years.

Restricted Stock Units and Performance-Based Restricted Share Units

The following table summarizes information concerning restricted stock unit and performance-based restricted share unit grants during the first nine months of fiscal 2024:
 Fiscal Nine Months Ended
 September 28, 2024
Restricted Stock Unit Activity
Awards granted230,789 
Weighted average grant date fair value per share$226.94 
Performance-Based Restricted Share Unit Activity
Awards granted (a)
57,364 
Weighted average grant date fair value per share - awards granted$235.54 
Performance adjustment (b)
80,723 
Weighted average grant date fair value per share - performance adjustment$120.37 

(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 2024 based on actual achievement of performance targets.

In the first nine months of fiscal 2024, 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 will cliff vest in full on the third anniversary of the date of the grant, subject to continued employment.

As of September 28, 2024, total unrecognized compensation expense related to non-vested restricted stock units and non-vested performance-based restricted share units was approximately $77.1 million with a remaining weighted average expense recognition period of 2.0 years.
v3.24.3
Net Income Per Share
 9 Months Ended
Sep. 28, 2024
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 Consolidated Statements of Income.  Basic net income per share is calculated by dividing net income by the weighted average number of shares outstanding during the period.  Diluted net income per share is calculated by dividing net income by the weighted average diluted shares outstanding during the period. Dilutive shares are computed using the treasury stock method for share-based awards. Performance-based restricted share units are included in diluted shares only if the related performance conditions are considered satisfied as of the end of the reporting period. Net income per share is calculated as follows (in thousands, except per share amounts):

 Fiscal Three Months Ended
September 28, 2024September 30, 2023
 IncomeSharesPer Share
Amount		IncomeSharesPer Share
 Amount
Basic net income per share:$241,470 107,167 $2.25 $255,001 108,774 $2.34 
Dilutive effect of share-based awards— 511 (0.01)— 568 (0.01)
Diluted net income per share:$241,470 107,678 $2.24 $255,001 109,342 $2.33 
Fiscal Nine Months Ended
September 28, 2024September 30, 2023
IncomeSharesPer Share
Amount		IncomeSharesPer Share
 Amount
Basic net income per share:$864,834 107,614 $8.04 $859,323 109,415 $7.85 
Dilutive effect of share-based awards— 533 (0.04)— 640 (0.04)
Diluted net income per share:$864,834 108,147 $8.00 $859,323 110,055 $7.81 
Anti-dilutive stock awards excluded from the above calculations totaled approximately 0.1 million shares for the fiscal three months ended September 28, 2024 and approximately 0.2 million shares for the fiscal three months ended September 30, 2023. Anti-dilutive stock awards excluded from the above calculations totaled approximately 0.2 million shares for the fiscal nine months ended September 28, 2024 and approximately 0.2 million shares for the fiscal nine months ended September 30, 2023.
v3.24.3
Debt
 9 Months Ended
Sep. 28, 2024
Debt Disclosure [Abstract]  
Debt Debt
The following table summarizes the Company’s outstanding debt as of the dates indicated (in millions):
September 28,
2024		December 30,
2023		September 30,
2023
5.25% Senior Notes$750.0 $750.0 $750.0 
1.75% Senior Notes650.0 650.0 650.0 
3.70% Senior Notes (a)
150.0 150.0 150.0 
Senior credit facilities:
Revolving Credit Facility300.0 200.0 200.0 
Total outstanding borrowings1,850.0 1,750.0 1,750.0 
Less: unamortized debt discounts and issuance costs(18.8)(21.0)(21.7)
Total debt1,831.2 1,729.0 1,728.3 
Less: current portion of long-term debt— — — 
Long-term debt$1,831.2 $1,729.0 $1,728.3 
Outstanding letters of credit$78.8 $58.3 $58.2 

(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.

Borrowings under the Company’s Revolving Credit Facility (the “2022 Senior Credit Facility”) bore interest either at the bank’s base rate (8.000% at September 28, 2024) plus an additional amount ranging from 0.000% to 0.250% (0.000% at
September 28, 2024) or at the adjusted Secured Overnight Financing Rate (4.844% at September 28, 2024) plus an additional amount ranging from 0.750% to 1.250% (1.000% at September 28, 2024), adjusted based on the Company’s public credit ratings. The Company was also required to pay, quarterly in arrears, a commitment fee related to unused capacity on the Revolving Credit Facility ranging from 0.080% to 0.150% per annum (0.100% at September 28, 2024), 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 September 28, 2024, the 2022 Senior Credit Facility and the Note Purchase Facility (collectively, the “Debt Agreements”) required quarterly compliance with respect to two material covenants: a fixed charge coverage ratio and a leverage ratio.  Both ratios are calculated on a trailing twelve-month basis at the end of each fiscal quarter. The fixed charge coverage ratio compares earnings before interest, taxes, depreciation, amortization, share-based compensation, and rent expense (“consolidated EBITDAR”) to the sum of interest paid and rental expense (excluding any straight-line rent adjustments).  The fixed charge coverage ratio was required to be greater than or equal to 2.00 to 1.00 as of the last day of each fiscal quarter. The leverage ratio compares total funded debt to consolidated EBITDAR.  The leverage ratio was required to be less than or equal to 4.00 to 1.00 as of the last day of each fiscal quarter. The Debt Agreements also contain certain other restrictions regarding additional subsidiary indebtedness, business operations, subsidiary guarantees, mergers, consolidations and sales of assets, transactions with subsidiaries or affiliates, and liens.  As of September 28, 2024, 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.
v3.24.3
Capital Stock and Dividends
 9 Months Ended
Sep. 28, 2024
Equity [Abstract]  
Capital Stock and Dividends Capital Stock and Dividends
Capital Stock

The authorized capital stock of the Company consists of common stock and preferred stock. The Company is authorized to issue 400 million shares of common stock. The Company is also authorized to issue 40 thousand shares of preferred stock, with such designations, rights and preferences as may be determined from time to time by the Company's Board of Directors.

Dividends

During the first nine months of fiscal 2024 and fiscal 2023, the Company's Board of Directors declared the following cash dividends:
Date DeclaredDividend Amount
Per Share of Common Stock		Record DateDate Paid
August 7, 2024$1.10 August 26, 2024September 10, 2024
May 8, 2024$1.10 May 28, 2024June 11, 2024
February 5, 2024$1.10 February 26, 2024March 12, 2024
August 9, 2023$1.03 August 28, 2023September 12, 2023
May 10, 2023$1.03 May 30, 2023June 13, 2023
February 8, 2023$1.03 February 27, 2023March 14, 2023

It is the present intention of the Company’s Board of Directors to continue to pay a quarterly cash dividend; however, the declaration and payment of future dividends will be determined by the Company’s Board of Directors in its sole discretion and will depend upon the earnings, financial condition, and capital needs of the Company, along with any other factors that the Company’s Board of Directors deem relevant.

On November 6, 2024, the Company’s Board of Directors declared a quarterly cash dividend of $1.10 per share of the Company’s outstanding common stock. The dividend will be paid on December 10, 2024 to stockholders of record as of the close of business on November 25, 2024.
v3.24.3
Treasury Stock
 9 Months Ended
Sep. 28, 2024
Equity [Abstract]  
Treasury Stock Treasury Stock
The Company’s Board of Directors has authorized common stock repurchases under a share repurchase program which was announced in February 2007. The total authorized amount of the program, which has been increased from time to time, is currently $6.50 billion, exclusive of any fees, commissions, or other expenses related to such repurchases. The share repurchase program does not have an expiration date. The repurchases may be made from time to time on the open market or in privately negotiated transactions.  The timing and amount of any shares repurchased under the program will depend on a variety of factors, including price, corporate and regulatory requirements, capital availability, and other market conditions.  Repurchased shares are accounted for at cost and will be held in treasury for future issuance.  The program may be limited, temporarily paused, or terminated at any time without prior notice. As of September 28, 2024, the Company had remaining authorization under the share repurchase program of $641.7 million, exclusive of any fees, commissions, or other expenses.
The following table provides the number of shares repurchased, average price paid per share, and total cost of share repurchases during the fiscal three months and fiscal nine months ended September 28, 2024 and September 30, 2023, respectively (in thousands, except per share amounts):

Fiscal Three Months EndedFiscal Nine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Total number of shares repurchased561 632 1,568 2,190 
Average price paid per share$267.12 $214.45 $259.22 $222.20 
Total cost of share repurchases (a)
$151,342 $136,778 $410,431 $491,394 
v3.24.3
Income Taxes
 9 Months Ended
Sep. 28, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company’s effective income tax rate was 22.3% in the third quarter of fiscal 2024 compared to 23.0% in the third quarter of fiscal 2023. The Company’s effective income tax rate was 22.2% in the first nine months of fiscal 2024 compared to 22.6% in the first nine months of fiscal 2023. The decrease in the effective income tax rate in the third quarter and first nine months of fiscal 2024 compared to the corresponding periods in fiscal 2023 was driven primarily by a decrease in state income taxes. The decrease in the third quarter of fiscal 2024 was also driven by an increase in federal tax credits.
v3.24.3
Commitments and Contingencies
 9 Months Ended
Sep. 28, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Letters of Credit

At September 28, 2024, the Company had $78.8 million in outstanding letters of credit.

Litigation

The Company is involved in various litigation matters arising in the ordinary course of business. The Company believes that, based upon information currently available, any estimated loss related to such matters has been adequately provided for in accrued liabilities to the extent probable and reasonably estimable. Accordingly, the Company currently expects these matters will be resolved without material adverse effect on its consolidated financial position, results of operations, or cash flows.  However, litigation and other legal matters involve an element of uncertainty. Future developments in such matters, including adverse decisions or settlements or resulting required changes to the Company's business operations, could affect our consolidated operating results when resolved in future periods or could result in liability or other amounts material to the Company's Consolidated Financial Statements.
v3.24.3
Segment Reporting
 9 Months Ended
Sep. 28, 2024
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company has one reportable segment which is the retail sale of products that support the rural lifestyle.  The following table indicates the percentage of net sales represented by each of our major product categories during the fiscal three and nine months ended September 28, 2024 and September 30, 2023:
Fiscal Three Months EndedFiscal Nine Months Ended
Product CategorySeptember 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Livestock, Equine & Agriculture (a)
28 %29 %28 %29 %
Companion Animal (b)
25 %26 %24 %25 %
Seasonal & Recreation (c)
22 %20 %24 %22 %
Truck, Tool & Hardware (d)
17 %17 %16 %16 %
Clothing, Gift & Décor (e)
8 %8 %8 %8 %
Total100 %100 %100 %100 %
Note: Net sales by major product categories for prior periods have been reclassified to conform to the current year presentation.
(a) Includes livestock and equine feed & equipment, poultry, fencing, and sprayer & chemicals.
(b) Includes food, treats and equipment for dogs, cats, and other small animals as well as dog wellness.
(c) Includes tractor & rider, lawn & garden, bird feeding, power equipment, and other recreational products.
(d) Includes truck accessories, trailers, generators, lubricants, batteries, and hardware and tools.
(e) Includes clothing, footwear, toys, snacks, and decorative merchandise.
v3.24.3
Subsequent Events
 9 Months Ended
Sep. 28, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent EventsOn October 24, 2024, the Company announced that it has entered into a definitive agreement to acquire Allivet, Inc., a privately held online pet pharmacy. The closing of the acquisition is conditioned on the receipt of regulatory approvals and satisfactory completion of customer closing conditions. The transaction is expected to close in Tractor Supply’s fiscal first quarter of 2025. The deal is an all-cash transaction that the Company anticipates financing through its balance sheet.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 28, 2024
Jun. 29, 2024
Mar. 30, 2024
Sep. 30, 2023
Jul. 01, 2023
Apr. 01, 2023
Sep. 28, 2024
Sep. 30, 2023
Pay vs Performance Disclosure                
Net income $ 241,470 $ 425,196 $ 198,167 $ 255,001 $ 421,234 $ 183,088 $ 864,834 $ 859,323
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Sep. 28, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.3
Fair Value Measures and Disclosures (Tables)
 9 Months Ended
Sep. 28, 2024
Fair Value Disclosures [Abstract]  
Schedule of Long-Term Debt Instruments The carrying value and the fair value of the 1.75% Senior Notes and the 5.25% Senior Notes, net of discounts, were as follows (in thousands):
September 28, 2024December 30, 2023September 30, 2023
Carrying ValueFair ValueCarrying ValueFair ValueCarrying ValueFair Value
1.75% Senior Notes$641,628 $562,315 $640,596 $533,013 $640,252 $495,027 
5.25% Senior Notes$741,613 $781,163 $740,880 $769,005 $740,636 $708,675 
Schedule of Derivative Instruments The fair value of the interest rate swap, excluding accrued interest, was as follows (in thousands):
Fair Value Measurements at
September 28, 2024December 30, 2023September 30, 2023
Interest rate swap assets (Level 2)$3,395 $9,099 $12,477 
v3.24.3
Share Based Compensation (Tables)
 9 Months Ended
Sep. 28, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Stock Options
The following table summarizes information concerning stock option grants during the first nine months of fiscal 2024:

 Fiscal Nine Months Ended
 September 28, 2024
Stock options granted136,299 
Weighted average exercise price$233.85 
Weighted average grant date fair value per option$58.63 
Restricted Stock Units and Performance-Based Restricted Share Units
The following table summarizes information concerning restricted stock unit and performance-based restricted share unit grants during the first nine months of fiscal 2024:
 Fiscal Nine Months Ended
 September 28, 2024
Restricted Stock Unit Activity
Awards granted230,789 
Weighted average grant date fair value per share$226.94 
Performance-Based Restricted Share Unit Activity
Awards granted (a)
57,364 
Weighted average grant date fair value per share - awards granted$235.54 
Performance adjustment (b)
80,723 
Weighted average grant date fair value per share - performance adjustment$120.37 

(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 2024 based on actual achievement of performance targets.
v3.24.3
Net Income Per Share (Tables)
 9 Months Ended
Sep. 28, 2024
Earnings Per Share [Abstract]  
Net Income Per Share Net income per share is calculated as follows (in thousands, except per share amounts):
 Fiscal Three Months Ended
September 28, 2024September 30, 2023
 IncomeSharesPer Share
Amount		IncomeSharesPer Share
 Amount
Basic net income per share:$241,470 107,167 $2.25 $255,001 108,774 $2.34 
Dilutive effect of share-based awards— 511 (0.01)— 568 (0.01)
Diluted net income per share:$241,470 107,678 $2.24 $255,001 109,342 $2.33 
Fiscal Nine Months Ended
September 28, 2024September 30, 2023
IncomeSharesPer Share
Amount		IncomeSharesPer Share
 Amount
Basic net income per share:$864,834 107,614 $8.04 $859,323 109,415 $7.85 
Dilutive effect of share-based awards— 533 (0.04)— 640 (0.04)
Diluted net income per share:$864,834 108,147 $8.00 $859,323 110,055 $7.81 
Anti-dilutive stock awards excluded from the above calculations totaled approximately 0.1 million shares for the fiscal three months ended September 28, 2024 and approximately 0.2 million shares for the fiscal three months ended September 30, 2023. Anti-dilutive stock awards excluded from the above calculations totaled approximately 0.2 million shares for the fiscal nine months ended September 28, 2024 and approximately 0.2 million shares for the fiscal nine months ended September 30, 2023.
v3.24.3
Debt (Tables)
 9 Months Ended
Sep. 28, 2024
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt
The following table summarizes the Company’s outstanding debt as of the dates indicated (in millions):
September 28,
2024		December 30,
2023		September 30,
2023
5.25% Senior Notes$750.0 $750.0 $750.0 
1.75% Senior Notes650.0 650.0 650.0 
3.70% Senior Notes (a)
150.0 150.0 150.0 
Senior credit facilities:
Revolving Credit Facility300.0 200.0 200.0 
Total outstanding borrowings1,850.0 1,750.0 1,750.0 
Less: unamortized debt discounts and issuance costs(18.8)(21.0)(21.7)
Total debt1,831.2 1,729.0 1,728.3 
Less: current portion of long-term debt— — — 
Long-term debt$1,831.2 $1,729.0 $1,728.3 
Outstanding letters of credit$78.8 $58.3 $58.2 

(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.
v3.24.3
Capital Stock and Dividends (Tables)
 9 Months Ended
Sep. 28, 2024
Equity [Abstract]  
Schedule of Dividends Payable
During the first nine months of fiscal 2024 and fiscal 2023, the Company's Board of Directors declared the following cash dividends:
Date DeclaredDividend Amount
Per Share of Common Stock		Record DateDate Paid
August 7, 2024$1.10 August 26, 2024September 10, 2024
May 8, 2024$1.10 May 28, 2024June 11, 2024
February 5, 2024$1.10 February 26, 2024March 12, 2024
August 9, 2023$1.03 August 28, 2023September 12, 2023
May 10, 2023$1.03 May 30, 2023June 13, 2023
February 8, 2023$1.03 February 27, 2023March 14, 2023
v3.24.3
Treasury Stock Treasury Stock (Tables)
 9 Months Ended
Sep. 28, 2024
Equity [Abstract]  
Class of Treasury Stock, Shares Repurchased
The following table provides the number of shares repurchased, average price paid per share, and total cost of share repurchases during the fiscal three months and fiscal nine months ended September 28, 2024 and September 30, 2023, respectively (in thousands, except per share amounts):

Fiscal Three Months EndedFiscal Nine Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Total number of shares repurchased561 632 1,568 2,190 
Average price paid per share$267.12 $214.45 $259.22 $222.20 
Total cost of share repurchases (a)
$151,342 $136,778 $410,431 $491,394 
v3.24.3
Segment Reporting (Tables)
 9 Months Ended
Sep. 28, 2024
Segment Reporting [Abstract]  
Major Product Category The following table indicates the percentage of net sales represented by each of our major product categories during the fiscal three and nine months ended September 28, 2024 and September 30, 2023:
Fiscal Three Months EndedFiscal Nine Months Ended
Product CategorySeptember 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Livestock, Equine & Agriculture (a)
28 %29 %28 %29 %
Companion Animal (b)
25 %26 %24 %25 %
Seasonal & Recreation (c)
22 %20 %24 %22 %
Truck, Tool & Hardware (d)
17 %17 %16 %16 %
Clothing, Gift & Décor (e)
8 %8 %8 %8 %
Total100 %100 %100 %100 %
Note: Net sales by major product categories for prior periods have been reclassified to conform to the current year presentation.
(a) Includes livestock and equine feed & equipment, poultry, fencing, and sprayer & chemicals.
(b) Includes food, treats and equipment for dogs, cats, and other small animals as well as dog wellness.
(c) Includes tractor & rider, lawn & garden, bird feeding, power equipment, and other recreational products.
(d) Includes truck accessories, trailers, generators, lubricants, batteries, and hardware and tools.
(e) Includes clothing, footwear, toys, snacks, and decorative merchandise.
v3.24.3
General (Details)
$ in Millions
 3 Months Ended
Sep. 28, 2024
USD ($)
store
state
Dec. 30, 2023
USD ($)
Sep. 30, 2023
USD ($)
Nature of business [Abstract]      
Supplier Finance Program, Obligation | $ $ 65.6 $ 38.4 $ 57.8
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration] Accounts Payable, Current Accounts Payable, Current Accounts Payable, Current
Sale and Leaseback Transaction, Proceeds | $ $ 57.1    
Sale and Leaseback Transaction, Gain (Loss), Net | $ $ 34.9    
Sale Leaseback Transaction, Lease Term 20 years    
Parent Company [Member]      
Nature of business [Abstract]      
Number of rural lifestyle retail stores operated by the company | store 2,475    
Number of states in which rural lifestyle retail stores are operated by the company | state 49    
TSCO stores [Member]      
Nature of business [Abstract]      
Number of rural lifestyle retail stores operated by the company | store 2,270    
Petsense stores [Member]      
Nature of business [Abstract]      
Number of rural lifestyle retail stores operated by the company | store 205    
v3.24.3
Fair Value of Financial Instruments - Narrative (Details) - USD ($)
$ in Millions
Sep. 28, 2024
Dec. 30, 2023
Sep. 30, 2023
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]      
Unsecured Debt $ 1,850.0 $ 1,750.0 $ 1,750.0
3.70% Senior Notes | Senior Notes      
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]      
Long-term Debt 150.0 150.0 150.0
1.75% Senior Notes | Senior Notes      
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]      
Long-term Debt 650.0 650.0 650.0
5.25% Senior Notes | Senior Notes      
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]      
Long-term Debt $ 750.0 $ 750.0 $ 750.0
v3.24.3
Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Sep. 28, 2024
Dec. 30, 2023
Sep. 30, 2023
1.75% Senior Notes      
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]      
Senior Notes $ 641,628 $ 640,596 $ 640,252
Long-term Debt, Fair Value 562,315 533,013 495,027
5.25% Senior Notes      
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]      
Senior Notes 741,613 740,880 740,636
Long-term Debt, Fair Value $ 781,163 $ 769,005 $ 708,675
v3.24.3
Fair Value of Financial Instruments - Interest Rate Swaps (Details) - USD ($)
$ in Thousands
Sep. 28, 2024
Dec. 30, 2023
Sep. 30, 2023
Fair Value Disclosures [Abstract]      
Cash Flow Hedge Derivative Instrument Assets at Fair Value $ 3,395 $ 9,099 $ 12,477
v3.24.3
Share Based Compensation (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Employee stock purchase program discount percentage 15.00%   15.00%  
Share-based compensation plan modifications     no  
Share-based Payment Arrangement, Noncash Expense $ 10,000 $ 15,000 $ 35,124 $ 45,150
Employee Stock Option        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock options granted     136,299  
Weighted average exercise price     $ 233.85  
Weighted average fair value per option     $ 58.63  
Total unrecognized compensation expense 10,100   $ 10,100  
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition     2 years  
Restricted Stock Units (RSUs) [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Awards granted     230,789  
Performance Shares [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Awards granted     57,364  
Performance Shares [Member] | Share-Based Payment Arrangement, Tranche One        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Awards granted     80,723  
Restricted Stock Units and Performance-Based Restricted Share Units [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total unrecognized compensation expense $ 77,100   $ 77,100  
Restricted Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Weighted average fair value per share     $ 226.94  
Performance-Based Restricted Share Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Weighted average fair value per share     235.54  
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     $ 120.37  
v3.24.3
Net Income Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 28, 2024
Jun. 29, 2024
Mar. 30, 2024
Sep. 30, 2023
Jul. 01, 2023
Apr. 01, 2023
Sep. 28, 2024
Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]                
Dilutive stock options and restricted stock units outstanding, income $ 0     $ 0     $ 0 $ 0
Dilutive stock options and restricted stock units outstanding, per share (in shares) 511     568     533 640
Dilutive stock options and restricted stock units outstanding , per share $ 0.01     $ 0.01     $ 0.04 $ 0.04
Net income $ 241,470 $ 425,196 $ 198,167 $ 255,001 $ 421,234 $ 183,088 $ 864,834 $ 859,323
Net Income (Loss) Attributable to Parent, Diluted             $ 864,834 $ 859,323
Antidilutive securities excluded from computation of earnings per share, amount 100     200     200 200
Earnings Per Share, Basic [Abstract]                
Net income $ 241,470 425,196 198,167 $ 255,001 421,234 183,088 $ 864,834 $ 859,323
Weighted average number of shares outstanding, basic 107,167     108,774     107,614 109,415
Net income per share – basic $ 2.25     $ 2.34     $ 8.04 $ 7.85
Earnings Per Share, Diluted [Abstract]                
Dilutive stock options and restricted stock units outstanding, income $ 0     $ 0     $ 0 $ 0
Dilutive stock options and restricted stock units outstanding, per share (in shares) 511     568     533 640
Dilutive stock options and restricted stock units outstanding, per share (in dollars per share) $ (0.01)     $ (0.01)     $ (0.04) $ (0.04)
Net income $ 241,470 $ 425,196 $ 198,167 $ 255,001 $ 421,234 $ 183,088 $ 864,834 $ 859,323
Weighted average number of shares outstanding, diluted 107,678     109,342     108,147 110,055
Net income per share, diluted (in dollars per share) $ 2.24     $ 2.33     $ 8.00 $ 7.81
Antidilutive securities excluded from computation of earnings per share, amount 100     200     200 200
v3.24.3
Debt - Schedule of Debt (Details) - USD ($)
$ in Thousands
Sep. 28, 2024
Dec. 30, 2023
Sep. 30, 2023
Debt Instrument [Line Items]      
Unsecured Debt $ 1,850,000 $ 1,750,000 $ 1,750,000
Unamortized Debt Issuance Costs (18,800) (21,000) (21,700)
Unsecured debt, net of debt issuance costs 1,831,200 1,729,000 1,728,300
Unsecured Debt, Current 0 0 0
Letters of Credit Outstanding, Amount 78,800 58,300 58,200
Long-term debt 1,831,218 1,728,964 1,728,255
Revolving Credit Facility      
Debt Instrument [Line Items]      
Line of Credit Facility, Maximum Month-end Outstanding Amount 300,000 200,000  
Revolving Credit Facility      
Debt Instrument [Line Items]      
Line of Credit Facility, Maximum Month-end Outstanding Amount     200,000
5.25% Senior Notes | Senior Notes      
Debt Instrument [Line Items]      
Long-term Debt 750,000 750,000 750,000
1.75% Senior Notes | Senior Notes      
Debt Instrument [Line Items]      
Long-term Debt 650,000 650,000 650,000
3.70% Senior Notes | Senior Notes      
Debt Instrument [Line Items]      
Long-term Debt $ 150,000 $ 150,000 $ 150,000
v3.24.3
Debt (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 28, 2024
Dec. 30, 2023
Sep. 30, 2023
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate 0.00%    
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 1.00%    
Debt Instrument, Basis Spread on Variable Rate Revolver 0.10%    
Amount of incremental credit facility which will result in modification of debt covenants 100 million    
5.25% Senior Notes | Senior Notes      
Debt Instrument [Line Items]      
Long-term Debt $ 750 $ 750 $ 750
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 0.00%    
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 8.00%    
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Credit Facility      
Debt Instrument [Line Items]      
Line of Credit Facility, Interest Rate at Period End 4.844%    
v3.24.3
Capital Stock - Narrative (Details) - $ / shares
 3 Months Ended 9 Months Ended
Nov. 06, 2024
Sep. 28, 2024
Jun. 29, 2024
Mar. 30, 2024
Sep. 30, 2023
Jul. 01, 2023
Apr. 01, 2023
Sep. 28, 2024
Sep. 30, 2023
Dec. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]                    
Common Stock, Shares Authorized   400,000,000     400,000,000     400,000,000 400,000,000 400,000,000
Preferred Stock, Shares Authorized   40,000     40,000     40,000 40,000 40,000
Dividends declared per common share outstanding   $ 1.10 $ 1.10 $ 1.10 $ 1.03 $ 1.03 $ 1.03 $ 3.30 $ 3.09  
Subsequent Event                    
Accumulated Other Comprehensive Income (Loss) [Line Items]                    
Dividends declared per common share outstanding $ 1.10                  
v3.24.3
Capital Stock and Dividends (Details) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 28, 2024
Jun. 29, 2024
Mar. 30, 2024
Sep. 30, 2023
Jul. 01, 2023
Apr. 01, 2023
Sep. 28, 2024
Sep. 30, 2023
Equity [Abstract]                
Common Stock, Dividends, Per Share, Declared $ 1.10 $ 1.10 $ 1.10 $ 1.03 $ 1.03 $ 1.03 $ 3.30 $ 3.09
v3.24.3
Treasury Stock - Narrative (Details)
$ in Millions
Sep. 28, 2024
USD ($)
Equity [Abstract]  
Remaining authorization under the share repurchase program $ 641.7
Share Repurchase Program, Authorized, Amount $ 6,500.0
v3.24.3
Treasury Stock (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Equity [Abstract]        
Total number of shares repurchased 561 632 1,568 2,190
Average price paid per share $ 267.12 $ 214.45 $ 259.22 $ 222.20
Stock Repurchased During Period, Value $ 151,342 $ 136,778 $ 410,431 $ 491,394
v3.24.3
Income Taxes (Details)
 3 Months Ended 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Income Tax Disclosure [Abstract]        
Effective income tax rate 22.30% 23.00% 22.20% 22.60%
v3.24.3
Commitments and Contingencies (Details) - USD ($)
$ in Millions
Sep. 28, 2024
Dec. 30, 2023
Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]      
Letters of Credit Outstanding, Amount $ 78.8 $ 58.3 $ 58.2
v3.24.3
Segment Reporting (Details)
 3 Months Ended 9 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 28, 2024
Sep. 30, 2023
Livestock, Equine & Agriculture        
Revenue from External Customer [Line Items]        
Percentage of sales 25.00% 26.00% 24.00% 25.00%
Seasonal & Recreation        
Revenue from External Customer [Line Items]        
Percentage of sales 22.00% 20.00% 24.00% 22.00%
Companion Animal        
Revenue from External Customer [Line Items]        
Percentage of sales 28.00% 29.00% 28.00% 29.00%
Truck, Tool, & Hardware        
Revenue from External Customer [Line Items]        
Percentage of sales 8.00% 8.00% 8.00% 8.00%
Clothing, Gift, & Décor        
Revenue from External Customer [Line Items]        
Percentage of sales 17.00% 17.00% 16.00% 16.00%
Total        
Revenue from External Customer [Line Items]        
Percentage of sales 100.00% 100.00% 100.00% 100.00%
v3.24.3
Segment Reporting Number of Reportable Segments (Details)
 3 Months Ended
Sep. 28, 2024
segment
Segment Reporting [Abstract]  
Number of Reportable Segments 1