ADVANCE AUTO PARTS INC, 10-K/A filed on 5/30/2024
Amended Annual Report
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Cover Page - USD ($)
 12 Months Ended
Dec. 30, 2023
Mar. 05, 2024
Jul. 15, 2023
Cover [Abstract]      
Entity Central Index Key 0001158449    
Document Type 10-K/A    
Document Annual Report true    
Document Period End Date Dec. 30, 2023    
Current Fiscal Year End Date --12-30    
Document Transition Report false    
Entity File Number 001-16797    
Entity Registrant Name ADVANCE AUTO PARTS, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 54-2049910    
Entity Address, Address Line One 4200 Six Forks Road    
Entity Address, City or Town Raleigh    
Entity Address, State or Province NC    
Entity Address, Postal Zip Code 27609    
City Area Code 540    
Local Phone Number 362-4911    
Title of 12(b) Security Common Stock, $0.0001 par value    
Trading Symbol AAP    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Entity Public Float     $ 4,178,937,579
Entity Common Stock, Shares Outstanding   59,551,042  
Documents Incorporated by Reference Portions of the registrant’s definitive proxy statement for its 2024 Annual Meeting of Stockholders, to be held on May 22, 2024, are incorporated by reference into Part III of this Form 10-K.    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Amendment Flag false    
Document Financial Statement Error Correction [Flag] true    
Document Financial Statement Restatement Recovery Analysis [Flag] true    
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Audit Information
 12 Months Ended
Dec. 30, 2023
Auditor [Line Items]  
Auditor Name Deloitte & Touche LLP
Auditor Location Charlotte, North Carolina
Auditor Firm ID 34
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CONSOLIDATED BALANCE SHEETS - USD ($)
shares in Thousands, $ in Thousands
Dec. 30, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 503,471 $ 270,805
Receivables, net 800,141 684,048
Inventories 4,857,702 4,896,269
Other current assets 215,707 163,695
Total current assets 6,377,021 6,014,817
Property and equipment, net of accumulated depreciation of $2,857,726 and $2,590,382 1,648,546 1,690,139
Operating lease right-of-use assets 2,578,776 2,607,690
Goodwill 991,743 990,471
Intangible assets, net 593,341 620,901
Other assets 86,899 62,429
Total assets 12,276,326 11,986,447
Current liabilities:    
Accounts payable 4,177,974 4,178,907
Accrued expenses 671,237 629,464
Long-term Debt, Current Maturities 0 185,000
Other current liabilities 458,194 427,480
Total current liabilities 5,307,405 5,420,851
Long-term debt 1,786,361 1,188,283
Non-current operating lease liabilities 2,215,766 2,278,318
Deferred income taxes 362,542 410,749
Other long-term liabilities 84,524 89,054
Commitments and Contingencies
Total liabilities 9,756,598 9,387,255
Stockholders' equity:    
Preferred stock, nonvoting, $0.0001 par value, 10,000 shares authorized; no shares issued or outstanding 0 0
Common stock, voting, $0.0001 par value, 200,000 shares authorized; 0 shares issued and 0 outstanding at January 1, 2022 and 76,305 shares issued and 66,361 outstanding at January 2, 2021 8 8
Additional paid-in capital $ 946,099 $ 897,560
Treasury stock (shares) 17,837 17,724
Treasury stock, at cost, 17,837 and 17,724 shares $ (2,933,286) $ (2,918,768)
Accumulated other comprehensive loss (52,232) (44,695)
Retained earnings 4,559,139 4,665,087
Total stockholders' equity 2,519,728 2,599,192
Liabilities and Stockholders' Equity, Total $ 12,276,326 $ 11,986,447
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 30, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Accumulated depreciation $ 2,857,726 $ 2,590,382
Preferred stock, non-voting, par value (in usd per share) $ 0.0001 $ 0.0001
Preferred stock authorized (shares) 10,000,000 10,000,000
Preferred stock issued (shares) 0 0
Preferred stock outstanding (shares) 0 0
Common stock, voting, par value (in usd per share) $ 0.0001 $ 0.0001
Common stock authorized (shares) 200,000,000 200,000,000
Common stock issued (shares) 77,349,000 76,989,000
Common stock outstanding (shares) 59,512,000 59,264,000
Treasury stock (shares) 17,837,000 17,724,000
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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Net sales $ 11,287,607 $ 11,154,722 $ 10,997,989
Cost of sales 6,764,105 6,222,487 6,074,039
Gross profit 4,523,502 4,932,235 4,923,950
Selling, general and administrative expenses 4,409,125 4,261,982 4,101,585
Operating income 114,377 670,253 822,365
Other, net:      
Interest expense (88,055) (51,060) (37,791)
Loss on early redemptions of senior unsecured notes 0 (7,408) 0
Other income (expense), net 5,525 (7,423) (2,081)
Total other, net (82,530) (65,891) (39,872)
Income before provision for income taxes 31,847 604,362 782,493
Provision for income taxes 2,112 139,960 185,878
Net Income $ 29,735 $ 464,402 $ 596,615
Basic earnings per common share (in usd per share) $ 0.50 $ 7.70 $ 9.32
Weighted average common shares outstanding 59,432 60,351 64,028
Diluted earnings per common share (in usd per share) $ 0.50 $ 7.65 $ 9.25
Weighted average common shares outstanding 59,608 60,717 64,509
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Net income $ 29,735 $ 464,402 $ 596,615
Other comprehensive income (loss):      
Changes in net unrecognized other postretirement benefit costs, net of tax of $(29), $66 and $93 82 (186) (264)
Currency translation adjustments (7,619) (17,450) (59)
Total other comprehensive income (loss) (7,537) (17,636) (323)
Comprehensive income $ 22,198 $ 446,766 $ 596,292
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Statement of Comprehensive Income [Abstract]      
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax $ (29) $ 66 $ 93
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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-In Capital
Treasury Stock, at cost
Accumulated Other Comprehensive (Loss) Income
Retained Earnings
Balance (in shares) at Jan. 02, 2021   66,361        
Balance at Jan. 02, 2021 $ 3,536,961 $ 8 $ 783,709 $ (1,394,080) $ (26,736) $ 4,174,060
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 596,615         596,615
Total other comprehensive income (loss) (323)       (323)  
Restricted stock, restricted stock units and deferred stock units vested (in shares)   331        
Share-based compensation 63,067   63,067      
Stock issued under employee stock purchase plan 3,074   3,074      
Stock issued under employee stock purchase plan (in shares)   23        
Repurchase of common stock (in shares)   (4,710)        
Repurchase of common stock (906,208)     (906,208)    
Cash dividends declared (206,951)         (206,951)
Other (in shares)   (4)        
Other (4,443)   (4,443)      
Balance (in shares) at Jan. 01, 2022   62,009        
Balance at Jan. 01, 2022 3,081,792 $ 8 845,407 (2,300,288) (27,059) 4,563,724
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 464,402         464,402
Total other comprehensive income (loss) $ (17,636)       (17,636)  
Issuance of shares upon the exercise of stock appreciation rights (in shares) 3          
Restricted stock, restricted stock units and deferred stock units vested (in shares)   297        
Issuance of shares upon the exercise of stock appreciation rights $ 535   535      
Share-based compensation 50,978   50,978      
Stock issued under employee stock purchase plan 4,140   4,140      
Stock issued under employee stock purchase plan (in shares)   25        
Repurchase of common stock (in shares)   (3,070)        
Repurchase of common stock (618,480)     (618,480)    
Cash dividends declared (363,039)         (363,039)
Other (in shares)   0        
Other $ (3,500)   (3,500)      
Balance (in shares) at Dec. 31, 2022 59,264 59,264        
Balance at Dec. 31, 2022 $ 2,599,192 $ 8 897,560 (2,918,768) (44,695) 4,665,087
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 48,323         48,323
Balance at Apr. 22, 2023 $ 2,562,720       (43,931) 4,623,832
Balance (in shares) at Dec. 31, 2022 59,264 59,264        
Balance at Dec. 31, 2022 $ 2,599,192 $ 8 897,560 (2,918,768) (44,695) 4,665,087
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 126,900         126,900
Balance at Jul. 15, 2023 $ 2,642,654       (36,707) 4,686,518
Balance (in shares) at Dec. 31, 2022 59,264 59,264        
Balance at Dec. 31, 2022 $ 2,599,192 $ 8 897,560 (2,918,768) (44,695) 4,665,087
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 64,862         64,862
Balance at Oct. 07, 2023 $ 2,566,336       (47,025) 4,609,318
Balance (in shares) at Dec. 31, 2022 59,264 59,264        
Balance at Dec. 31, 2022 $ 2,599,192 $ 8 897,560 (2,918,768) (44,695) 4,665,087
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 29,735         29,735
Total other comprehensive income (loss) $ (7,537)       (7,537)  
Issuance of shares upon the exercise of stock appreciation rights (in shares) 0          
Restricted stock, restricted stock units and deferred stock units vested (in shares)   308        
Share-based compensation $ 45,647   45,647      
Stock issued under employee stock purchase plan 3,892   3,892      
Stock issued under employee stock purchase plan (in shares)   53        
Repurchase of common stock (in shares)   (113)        
Repurchase of common stock (14,518)     (14,518)    
Cash dividends declared (135,683)         (135,683)
Other $ (1,000)   (1,000)      
Balance (in shares) at Dec. 30, 2023 59,512 59,512        
Balance at Dec. 30, 2023 $ 2,519,728 $ 8 $ 946,099 $ (2,933,286) (52,232) 4,559,139
Balance at Apr. 22, 2023 2,562,720       (43,931) 4,623,832
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 78,577         78,577
Balance at Jul. 15, 2023 2,642,654       (36,707) 4,686,518
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (62,037)         (62,037)
Balance at Oct. 07, 2023 $ 2,566,336       $ (47,025) $ 4,609,318
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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Statement of Stockholders' Equity [Abstract]      
Dividends declared per common share $ 2.25 $ 6.00 $ 3.25
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Cash flows from operating activities:      
Net income $ 29,735 $ 464,402 $ 596,615
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 306,454 283,800 259,933
Share-based compensation 45,647 50,978 63,067
Loss and impairment of long-lived assets 857 3,581 8,949
Loss on early redemption of senior unsecured notes 0 7,408 0
Provision for deferred income taxes 47,782 (16,528) (58,786)
Other, net 3,267 2,587 (7,985)
Net change in:      
Receivables, net (114,665) 67,147 (7,456)
Inventories 44,821 (229,643) (124,139)
Accounts payable (4,645) 227,774 291,042
Accrued expenses 115,673 (167,723) 102,345
Other assets and liabilities, net (91,987) 9,732 (134,135)
Net cash provided by operating activities 287,375 736,571 1,107,022
Cash flows from investing activities:      
Purchases of property and equipment (242,411) (424,061) (289,639)
Purchase of intangible asset 0 (1,900) 0
Proceeds from sales of property and equipment 6,922 1,513 2,325
Net cash used in investing activities (235,489) (424,448) (287,314)
Cash flows from financing activities:      
Payments on senior unsecured notes 0 (201,081) 0
Borrowings under credit facilities 4,805,000 2,035,000 0
Payments on credit facilities (4,990,000) (1,850,000) 0
Proceeds from issuance of senior unsecured notes, net 599,571 348,618 0
Dividends paid (209,293) (336,230) (160,925)
Repurchases of common stock (14,518) (618,480) (906,208)
Other, net (1,493) 1,469 3,021
Net cash provided by (used in) financing activities 189,267 (620,704) (1,064,112)
Effect of exchange rate changes on cash (8,487) (8,664) 5,474
Net increase (decrease) in cash and cash equivalents 232,666 (317,245) (238,930)
Cash and cash equivalents, beginning of period 270,805 588,050 826,980
Cash and cash equivalents, end of period 503,471 270,805 588,050
Supplemental cash flow information:      
Interest paid 73,844 46,159 36,372
Income tax payments 98,792 94,605 177,317
Non-cash transactions:      
Accrued purchases of property and equipment $ 5,287 $ 8,927 $ 14,369
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Nature of Operations and Basis of Presentation
 12 Months Ended
Dec. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations and Basis of Presentation Nature of Operations and Basis of Presentation
Description of Business

Advance Auto Parts, Inc. and subsidiaries is a leading automotive aftermarket parts provider in North America, serving both professional installers (“professional”) and “do-it-yourself” (“DIY”) customers. The accompanying consolidated financial statements have been prepared by us and include the accounts of Advance Auto Parts, Inc., its wholly-owned subsidiaries, Advance Stores Company, Incorporated (“Advance Stores”) and Neuse River Insurance Company, Inc., and their subsidiaries (collectively referred to as “Advance,” “we,” “us” or “our”).

As of December 30, 2023, we operated a total of 4,786 stores and 321 branches primarily within the United States, with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands. In addition, as of December 30, 2023, we served 1,245 independently owned Carquest branded stores across the same geographic locations served by our stores and branches in addition to Mexico and various Caribbean islands. Our stores operate primarily under the trade names “Advance Auto Parts” and “Carquest,” and our branches operate under the “Worldpac” trade names.

Accounting Period

Our fiscal year ends on the Saturday closest to December 31st. All references herein for the years 2023, 2022 and 2021 represent the fiscal years ended December 30, 2023, December 31, 2022 and January 1, 2022, respectively, and consisted of fifty-two weeks.

Basis of Presentation

The consolidated financial statements include the accounts of Advance prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.

Revision of Previously Issued Financial Statements for Correction of Immaterial Errors

During the forty weeks ended October 7, 2023, we identified errors impacting Cost of sales by $10.2 million and Selling, general and administrative (“SG&A”) expenses by $17.3 million. These charges were incurred in prior periods but not recorded and primarily related to product returns and vendor credits. During the twelve weeks ended December 30, 2023, we identified additional errors impacting Cost of sales, SG&A expenses and Other income (expense), net, of $52.7 million, $19.3 million and $1.7 million incurred in prior years but not previously recognized. These charges primarily related to product costs and vendor credits. We assessed the materiality of the errors, including the presentation on prior period consolidated financial statements, on a qualitative and quantitative basis in accordance with SEC Staff Accounting Bulletin No. 99, Materiality, codified in Accounting Standards Codification Topic 250, Accounting Changes and Error Corrections. We concluded that these errors and the related impacts did not result in a material misstatement of our previously issued consolidated financial statements as of and for the years ended December 31, 2022 and January 1, 2022 and our previously issued unaudited condensed consolidated interim financial statements as of and for the sixteen weeks ended April 22, 2023; the twelve and twenty-eight weeks ended July 15, 2023; and the twelve and forty weeks ended October 7, 2023. Correcting the cumulative effect of these errors in the fifty-two weeks ended December 30, 2023 would have had a significant effect on the results of operations for such periods.

We have corrected the relevant prior periods of our consolidated financial statements and related footnotes for these and other immaterial errors for comparative purposes and will also correct previously reported financial information for such immaterial errors in future filings, as applicable. A summary of the corrections to the impacted financial statement line items from our previously issued financial statements are presented in Note 18. Immaterial Misstatement of Prior Period Financial Statements.
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Significant Accounting Policies
 12 Months Ended
Dec. 30, 2023
Accounting Policies [Abstract]  
Significant Accounting Policies Significant Accounting Policies
Cash and Cash Equivalents

Cash and cash equivalents consist of cash in banks and highly-liquid instruments with original maturities of three months or less. Additionally, credit card and debit card receivables from banks, which generally settle in less than four business days, are included in cash equivalents.

Inventory

Our inventory consists primarily of parts, batteries, accessories and other products used on vehicles that have reasonably long shelf lives and is stated at the lower of cost or market. The cost of our merchandise inventory is primarily determined using the last-in, first-out (“LIFO”) method. Under the LIFO method, our cost of sales reflects the costs of the most recently purchased inventories, while the inventory carrying balance represents the costs relating to prices paid in 2023 and prior years. We regularly review inventory quantities on-hand, consider whether we may have excess or obsolete inventory based on our current approach for managing slower moving inventory and adjust the carrying value as necessary. In 2023, we performed a strategic and operational review of the business, which included the rationalization of product assortment and planned decisive actions. As a result, we made a change in our estimate of excess inventory reserves resulting in a $116.0 million charge to cost of sales.

Vendor Incentives

We receive incentives in the form of reductions to amounts owed to and/or payments from vendors related to volume rebates and other promotional considerations. Many of these incentives are under long-term agreements in excess of one year, while others are negotiated on an annual or more frequent basis. Advertising allowances provided as a reimbursement of specific, incremental and identifiable costs incurred to promote a vendor’s products are included as an offset to SG&A when the cost is incurred. Volume rebates and allowances that do not meet the requirements for offsetting in SG&A are recorded as a reduction to inventory as volume rebates and allowances are earned based on inventory purchases. Total deferred vendor incentives recorded as a reduction of Inventories were $67.9 million and $77.5 million as of December 30, 2023 and December 31, 2022.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. Expenditures for maintenance and repairs are charged directly to expense when incurred; major improvements are capitalized. When items are sold or retired, the related cost and accumulated depreciation are removed from the account balances, with any gain or loss reflected in the Consolidated Statements of Operations.

Costs incurred with the acquisition or development of software for internal use are capitalized and amortized over the expected useful life of the software, generally five years. Subsequent additions, modifications or upgrades are capitalized to the extent it enhances the software’s functionality. Capitalized software is classified in the Construction in progress category, but once placed into service is removed from Construction in progress and classified within the Furniture, fixtures and equipment category and is depreciated on the straight-line method over three to ten years.

Depreciation of land improvements, buildings, furniture, fixtures and equipment and vehicles is provided over the estimated useful lives of the respective assets using the straight-line method. Depreciation of building and leasehold improvements is provided over the shorter of the original useful lives of the respective assets or the term of the lease using the straight-line method.
Goodwill and Other Indefinite-Lived Intangible Assets

We perform our evaluation for the impairment of goodwill and other indefinite-lived intangible assets for our reporting units annually as of the first day of the fourth quarter, or when indications of potential impairment exist. These indicators would include a significant change in operating performance, the business climate, legal factors, competition, or a planned sale or disposition of a significant portion of the business, among other factors. Our evaluation of goodwill and other indefinite-lived intangibles may be a Step-0 analysis, which consists of a qualitative assessment, or a Step-1 analysis, which includes a quantitative assessment. In a Step-0 analysis, we assess qualitative factors such as current company performance and overall economic factors to determine if it is more-likely-than-not that the goodwill might be impaired and whether it is necessary to perform a quantitative goodwill impairment test. In the quantitative goodwill impairment test, we compare the carrying value of a reporting unit to its fair value. In performing a Step-1 analysis, we have historically used an income approach which requires many assumptions including forecast, discount rate, long-term growth rate, among other items. We have also utilized the market approach which derives metrics from comparable publicly-traded companies. We have generally engaged a third-party valuation firm to assist in the fair value assessment of goodwill. If the fair value of the reporting unit is lower than its carrying amount, goodwill is written down for the amount by which the carrying amount exceeds the reporting unit's fair value.

Our other indefinite-lived intangible assets are tested for impairment at the asset group level. Other indefinite-lived intangible assets are evaluated by comparing the carrying amount of the asset to the future discounted cash flows that the asset is expected to generate. If the fair value based on the future discounted cash flows exceeds the carrying value, we conclude that no intangible asset impairment has occurred. If the carrying value of the indefinite-lived intangible asset exceeds the fair value, we recognize an impairment loss.

We have three operating segments, defined as “Advance Auto Parts/Carquest U.S.,” “Carquest Canada” and “Worldpac”. As each operating segment represents a reporting unit, goodwill is assigned to each reporting unit. See Note 4. Goodwill and Intangibles for additional information.

Valuation of Long-Lived Assets

We evaluate the recoverability of our long-lived assets, including finite-lived intangible assets, whenever events or changes in circumstances indicate that the carrying amount of an asset might not be recoverable and exceeds its fair value. When such an event occurs, we estimate the undiscounted future cash flows expected to result from the use of the long-lived asset or asset group and its eventual disposition. These impairment evaluations involve estimates of asset useful lives and future cash flows. If the undiscounted expected future cash flows are less than the carrying amount of the asset and the carrying amount of the asset exceeds its fair value, an impairment loss is recognized. When an impairment loss is recognized, the carrying amount of the asset is reduced to its estimated fair value based on quoted market prices or other valuation techniques (e.g., discounted cash flow analysis).

Self-Insurance

We are self-insured for general and automobile liability, workers’ compensation and health care claims of our team members, while maintaining stop-loss coverage with third-party insurers to limit our total liability exposure. Expenses associated with these liabilities are calculated for (i) claims filed, (ii) claims incurred but not yet reported and (iii) projected future claims using actuarial methods followed in the insurance industry as well as our historical claims experience. We include the current portion of self-insurance reserves in Accrued expenses and the long-term portion of self insurance reserves in Other long-term liabilities in the accompanying Consolidated Balance Sheets.

Leases

We lease certain store locations, distribution centers, office spaces, equipment and vehicles. We recognize lease expense on a straight-line basis over the initial term of the lease unless external economic factors exist such that renewals are reasonably certain. In those instances, the renewal period would be included in the lease term to determine the period in which to recognize the lease expense. Most leases require us to pay non-lease components, such as taxes, maintenance, insurance and other certain costs applicable to the leased asset. For leases related to our store locations, distribution centers, office spaces and vehicles, we account for lease and non-lease components as a single amount.
Fair Value Measurements

A three-level valuation hierarchy, based upon observable and unobservable inputs, is used for fair value measurements. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions based on the best evidence available. These two types of inputs create the following fair value hierarchy: Level 1 - Quoted prices for identical instruments in active markets; Level 2 - Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations whose significant inputs are observable; and Level 3 - Instruments whose significant inputs are unobservable. Financial instruments are transferred in and/or out of Level 1, 2 or 3 at the beginning of the accounting period in which there is a change in valuation inputs.

Share-Based Payments

We provide share-based compensation to our eligible team members and Board of Directors. We are required to exercise judgment and make estimates when determining the (i) fair value of each award granted and (ii) projected number of awards expected to vest. We calculate the fair value of all share-based awards at the date of grant and use the straight-line method to amortize this fair value as compensation cost over the requisite service period.

Revenues

Accounting Standards Codification 606, Revenue From Contracts With Customers (Topic 606) (“ASC 606”) defines a performance obligation as a promise in a contract to transfer a distinct good or service to the customer and is considered the unit of account. The majority of our contracts have one single performance obligation as the promise to transfer the individual goods is not separately identifiable from other promises in the contracts and is, therefore, not distinct. Discounts and incentives are treated as separate performance obligations. We allocate the contract’s transaction price to each of these performance obligations separately using explicitly stated amounts or our best estimate using historical data.

In accordance with ASC 606, revenue is recognized at the time the sale is made at which time our walk-in customers take immediate possession of the merchandise or same-day delivery is made to our professional delivery customers, which include certain independently owned store locations. Payment terms are established for our professional delivery customers based on pre-established credit requirements. Payment terms vary depending on the customer and generally range from one to 30 days. Based on the nature of receivables, no significant financing components exist. For e-commerce sales, revenue is recognized either at the time of pick-up at one of our store locations or at the time of shipment depending on the customer's order designation. Sales are recorded net of discounts, sales incentives and rebates, sales taxes, and estimated returns and allowances. We estimate the reduction to Net sales and Cost of sales for returns based on current sales levels and our historical return experience.

We provide assurance-type warranty coverage primarily on batteries, brakes and struts whereby we are required to provide replacement product at no cost or a reduced cost for a set period of time. We estimate our warranty obligation at the time of sale based on the historical return experience, sales level and cost of the respective product sold. To the extent vendors provide upfront allowances in lieu of accepting the obligation for warranty claims and the allowance is in excess of the related warranty expense, the excess is recorded as a reduction to cost of sales.

Some of our products include a core component, which represents a recyclable piece of the auto part. If a customer purchases an auto part that includes a core component, the customer is charged for the core unless a used core is returned at the time of sale. Customers that return a core subsequent to the sale date will be refunded.
The following table summarizes financial information for each of our product groups:
Year Ended
December 30, 2023December 31, 2022January 1, 2022
Percentage of Sales, by Product Group
Parts and Batteries65 %66 %67 %
Accessories and Chemicals19 20 20 
Engine Maintenance15 13 12 
Other1 1 1 
Total100 %100 %100 %

Receivables, net, consists primarily of receivables from professional customers and is stated at net realizable value. We grant credit to certain professional customers who meet our pre-established credit requirements. We regularly review accounts receivable balances and maintain allowances for credit losses estimated whenever events or circumstances indicate the carrying value may not be recoverable. We consider the following factors when determining if collection is reasonably assured: customer creditworthiness, past transaction history with the customer, current economic and industry trends and changes in customer payment terms. We control credit risk through credit approvals, credit limits and accounts receivable and credit monitoring procedures.

Cost of Sales

Cost of sales includes actual product cost, warranty costs, vendor incentives, cash discounts on payments to vendors, costs associated with operating our distribution network, including payroll and benefits costs, occupancy costs and depreciation, in-bound freight-related costs from our vendors, impairment of inventory resulting from store closures and inventory-related reserves and costs associated with moving merchandise inventories from our distribution centers to stores, branch locations and customers.
 
Selling, General and Administrative Expenses
 
SG&A includes payroll and benefits costs for store and corporate team members; occupancy costs of store and corporate facilities; depreciation and amortization related to store and corporate assets; share-based compensation expense; advertising; self-insurance; costs of consolidating, converting or closing facilities, including early termination of lease obligations; severance and impairment charges; professional services and costs associated with our professional delivery program, including payroll and benefits costs; and transportation expenses associated with moving merchandise inventories from stores and branches to customer locations. 

Preopening Expenses

Preopening expenses, which consist primarily of payroll and occupancy costs related to the opening of new stores, are expensed as incurred as a component of SG&A in the accompanying Consolidated Statements of Operations.

Advertising Costs

We expense advertising costs as incurred. Advertising expense, net of qualifying vendor promotional funds, was $151.8 million, $164.0 million and $178.0 million in 2023, 2022 and 2021.

Foreign Currency Translation

The assets and liabilities of our foreign operations are translated into U.S. dollars at current exchange rates. Revenues, expenses and cash flows are translated at average exchange rates for the year. Resulting translation adjustments are reflected as a separate component in the Consolidated Statements of Comprehensive Income. Foreign currency transactions, which are included in Other income (expense), net, were a loss of $3.4 million in 2023, loss of $4.8 million in 2022 and income of $1.7 million in 2021.
Income Taxes

We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under the asset and liability method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred income taxes reflect the net income tax effect of temporary differences between the basis of assets and liabilities for financial reporting purposes and for income tax reporting purposes. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period of the enactment date.

We recognize tax benefits and/or tax liabilities for uncertain income tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more-likely-than-not that the position will be sustained in an audit, including resolution of related appeals or litigation processes, if any. The second step requires us to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts as we must determine the probability of various possible outcomes.

We reevaluate these uncertain tax positions on a quarterly basis or when new information becomes available to management. The reevaluations are based on many factors, including but not limited to, changes in facts or circumstances, changes in tax law, successfully settled issues under audit, expirations due to statutes of limitations and new federal or state audit activity. Any change in either our recognition or measurement could result in the recognition of a tax benefit or an increase to the tax accrual. 

Earnings per Share

Basic earnings per share of common stock has been computed based on the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated by including the effect of dilutive securities. Diluted earnings per share of common stock reflects the weighted average number of shares of common stock outstanding, outstanding deferred stock units and the impact of outstanding stock awards (collectively “share-based awards”) if the conversion of these awards are dilutive. Share-based awards containing performance conditions are included in the dilution impact as those conditions are met.

Segment Information

Operating segments are defined as components of an enterprise for which discrete financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) for purposes of allocating resources and evaluating financial performance. Our CODM, the Chief Executive Officer, reviews financial information presented on a consolidated basis, accompanied by information about our three operating segments, for the purpose of allocating resources and evaluating financial performance.

We have one reportable segment as the three operating segments are aggregated primarily due to the economic and operational similarities of each operating segment as the stores and branches have similar characteristics, including the nature of the products and services offered, customer base and the methods used to distribute products and provide services to its customers.
Recently Issued Accounting Pronouncements - Not Yet Adopted

Disclosure Improvements

In October 2023, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) 2023-06, Disclosure Improvements (“ASU 2023-06”), which defers when companies will be required to improve and clarify disclosure and presentation requirements by June 2027. ASU 2023-06 applies to all entities subject to meeting the Securities and Exchange (“SEC”) disclosure requirements. These updates would require additional qualitative information to the Statement of Cash Flows, Earnings Per Share, Debt and Shareholder’s Equity disclosures. The related disclosures are effective for the fiscal year beginning after December 15, 2024. We are currently evaluating the impact of adopting ASU 2023-06 on our consolidated financial statements and related disclosures, and do not believe it will have a material impact on our consolidated financial statements.

Improvements to Reportable Segment Disclosures

In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires a company to disclose additional, more detailed information about a reportable segment’s significant expenses, even if there is one reportable segment, and is intended to improve the disclosures about a public entity’s reportable segments. The ASU is effective for fiscal years beginning after December 15, 2023, and for interim periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2023-07 and do not believe it will have a material impact on our consolidated financial statements and segment reporting.

Income Tax Disclosure Improvements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (“ASU 2023-09”), which requires a company to enhance their income tax disclosures. In each annual reporting period, the company should disclose the specific categories used in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold, including disaggregation of taxes paid by jurisdiction. The related disclosures are effective for the fiscal year beginning after December 15, 2024. We are currently evaluating the impact of adopting ASU 2023-09 on our consolidated financial statements and related disclosures and do not believe it will have a material impact on our consolidated financial statements.

Recently Issued Accounting Pronouncements - Adopted

Supplier Finance Programs

In September 2022, the FASB issued ASU 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations (“ASU 2022-04”), which requires a company to disclose sufficient qualitative and quantitative information about any supplier finance program in which it participates as a buyer. In each annual reporting period, the company should disclose the key terms of the program, including a rollforward of those obligations outstanding at the beginning of the period. ASU 2022-04 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the requirement on rollforward information, which is effective for fiscal years beginning after December 15, 2023. The adoption of ASU 2022-04 on our consolidated financial statements and related disclosures does not have a material impact on our consolidated financial statements.

Reference Rate Reform
In March 2021, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”), which defers when companies will be required to find an alternative rate to LIBOR to December 31, 2024. ASU 2022-06 applies to all entities subject to meeting certain criteria that have contracts, hedging relationships or other transactions that include the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. We have modified current agreements to reference an alternative rate other than LIBOR, and determined there is no material impact on our consolidated financial statements.
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Inventories
 12 Months Ended
Dec. 30, 2023
Inventory, Net [Abstract]  
Inventories Inventories
We used the LIFO method of accounting for approximately 91.4% of Inventories at December 30, 2023 and 92.4% of Inventories at December 31, 2022. As a result of changes in the LIFO reserve, we recorded a decrease to Cost of sales of $94.6
million in 2023 and an increase to Cost of sales of $311.8 million in 2022 and a decrease to Cost of sales of $122.3 million in 2021.

Purchasing and warehousing costs included in Inventories as of December 30, 2023 and December 31, 2022 were $576.9 million and $635.9 million.

Inventory balances were as follows:
December 30, 2023December 31, 2022
Inventories at first-in, first-out (“FIFO”)$5,041,752 $5,174,918 
Adjustments to state inventories at LIFO(184,050)(278,649)
Inventories at LIFO$4,857,702 $4,896,269 
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Goodwill and Intangible Assets
 12 Months Ended
Dec. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Other Intangible Assets, Net
Goodwill

At December 30, 2023 and December 31, 2022, the carrying amount of Goodwill in the accompanying Consolidated Balance Sheets was $991.7 million and $990.5 million. The change in Goodwill during 2023 and 2022 was $1.3 million and $3.3 million, and related to foreign currency translation. There has been no history of impairment of goodwill experienced to date.

Other Intangible Assets, Net

Amortization expense was $29.5 million, $31.0 million and $31.1 million for 2023, 2022 and 2021. A summary of the composition of the gross carrying amounts and accumulated amortization of acquired other intangible assets are presented in the following table:
December 30, 2023December 31, 2022
Gross Carrying AmountAccumulated AmortizationNetGross Carrying AmountAccumulated AmortizationNet
Amortized intangible assets:
Customer relationships$350,092 $(296,205)$53,887 $349,428 $(267,806)$81,622 
Non-compete and other40,157 (38,575)1,582 40,157 (38,051)2,106 
390,249 (334,780)55,469 389,585 (305,857)83,728 
Indefinite-lived intangible assets:
Brands, trademark and trade names537,872 — 537,872 537,173 — 537,173 
Total intangible assets$928,121 $(334,780)$593,341 $926,758 $(305,857)$620,901 

Future Amortization Expense

The expected amortization expense for the next five years and thereafter for acquired intangible assets recorded as of December 30, 2023 was as follows:
YearAmount
2024$28,164 
202526,633 
2026380 
2027292 
$55,469 
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Receivables, net
 12 Months Ended
Dec. 30, 2023
Receivables [Abstract]  
Receivables, net
Receivables, net, consisted of the following:
December 30, 2023December 31, 2022
Trade$558,953 $557,195 
Vendor257,847 133,023 
Other10,930 10,638 
Total receivables827,730 700,856 
Less: allowance for credit losses(27,589)(16,808)
Receivables, net$800,141 $684,048 
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Property and Equipment
 12 Months Ended
Dec. 30, 2023
Property, Plant and Equipment [Abstract]  
Property And Equipment Property and Equipment
 
Property and equipment consisted of the following:

Useful Lives		December 30, 2023December 31, 2022
Land and land improvements (1)
10 years
$470,890 $471,349 
Buildings
30 - 40 years
543,467 535,884 
Building and leasehold improvements
3 - 15 years
800,621 722,006 
Furniture, fixtures and equipment
3 - 20 years
2,563,043 2,398,818 
Vehicles
3 years
14,539 14,549 
Construction in progress113,712 137,915 
4,506,272 4,280,521 
Less: Accumulated depreciation(2,857,726)(2,590,382)
Property and equipment, net$1,648,546 $1,690,139 
(1) Land is deemed to have an indefinite life.
As of December 30, 2023 and December 31, 2022, we had capitalized software costs of $1.0 billion and $922.9 million and accumulated depreciation of $711.4 million and $617.1 million. Depreciation expense relating to Property and equipment was $276.9 million, $252.8 million and $228.8 million for 2023, 2022 and 2021.
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Leases and Other Commitments
 12 Months Ended
Dec. 30, 2023
Leases and Other Commitments [Abstract]  
Leases and Other Commitments Leases and Other Commitments
Leases

Substantially all of our leases are for facilities and vehicles. The initial term for facilities are typically five to ten years, with renewal options at five-year intervals, with the exercise of lease renewal options at our sole discretion. Our vehicle and equipment leases are typically three to six years. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Operating lease liabilities consisted of the following:
December 30, 2023December 31, 2022
Total operating lease liabilities$2,660,827 $2,692,861 
Less: Current portion of operating lease liabilities(445,061)(414,543)
Non-current operating lease liabilities$2,215,766 $2,278,318 

The current portion of operating lease liabilities was included in Other current liabilities in the accompanying Consolidated Balance Sheets.

Total lease cost was included in Cost of sales and SG&A in the accompanying Consolidated Statements of Operations and is recorded net of immaterial sublease income. Total lease cost comprised the following:
Year Ended
December 30, 2023December 31, 2022
Operating lease cost$572,024 $563,959 
Variable lease cost177,504 171,621 
Total lease cost$749,528 $735,580 

The future maturity of lease liabilities are as follows:
YearAmount
2024$539,836 
2025582,552 
2026466,443 
2027383,426 
2028294,932 
Thereafter775,662 
Total lease payments3,042,851 
Less: Imputed interest(382,024)
Total operating lease liabilities$2,660,827 

Operating lease liabilities included $30.0 million related to options to extend lease terms that are reasonably certain of being exercised and excluded $49.7 million of legally binding lease obligations for leases signed, but not yet commenced.

The weighted average remaining lease term and weighted average discount rate for our operating leases were 6.5 years and 3.9% as of December 30, 2023. We calculated the weighted average discount rates using incremental borrowing rates, which equal the rates of interest that we would pay to borrow funds on a fully collateralized basis over a similar term.
Other information relating to our lease liabilities were as follows:
Year Ended
December 30, 2023December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$603,108 $624,484 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$447,988 $432,497 

Other Commitments

We have entered into certain arrangements which require the future purchase of goods or services. Our obligations primarily consist of payments for the purchase of hardware, software and maintenance. As of December 30, 2023, future payments of these arrangements were $133.0 million and were not accrued in our Consolidated Balance Sheet.
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Accrued Expenses
 12 Months Ended
Dec. 30, 2023
Payables and Accruals [Abstract]  
Accrued Expenses Accrued Expenses
 
Accrued expenses consisted of the following:
December 30, 2023December 31, 2022
Payroll and related benefits$161,607 $155,441 
Taxes payable118,791 84,454 
Self-insurance reserves74,536 72,337 
Inventory related accruals68,188 43,025 
Accrued rebates51,656 42,415 
Accrued professional services/legal14,425 22,317 
Capital expenditures5,287 8,927 
Other176,747 200,548 
Total accrued expenses$671,237 $629,464 
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Share Repurchase Program
 12 Months Ended
Dec. 30, 2023
Share Repurchase Program [Abstract]  
Share Repurchase Program .    Share Repurchase Program
In February 2022, our Board of Directors authorized an additional $1.0 billion toward the existing share repurchase program. Previously in April 2021 and November 2019, our Board of Directors authorized $1.0 billion and $700.0 million for our share repurchase program. Our share repurchase program permits the repurchase of our common stock on the open market and in privately negotiated transactions from time to time. The Board of Directors may increase or otherwise modify, renew, suspend or terminate the share repurchase program without prior notice.

During 2023, we did not repurchase any shares of our common stock under our share repurchase program. We had $947.3 million remaining under our share repurchase program as of December 30, 2023. During 2022, we repurchased 3.0 million shares of our common stock at an aggregate cost of $598.2 million or an average price of $201.88 per share, under our share repurchase program.
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Earnings per Share
 12 Months Ended
Dec. 30, 2023
Earnings Per Share [Abstract]  
Earnings Per Share Earnings per Share
The computations of basic and diluted earnings per share were as follows: 
Year Ended
December 30, 2023December 31, 2022January 1, 2022
Numerator
Net income applicable to common shares$29,735 $464,402 $596,615 
Denominator
Basic weighted average common shares59,432 60,351 64,028 
Dilutive impact of share-based awards176 366 481 
Diluted weighted average common shares(1)
59,608 60,717 64,509 
Basic earnings per common share$0.50 $7.70 $9.32 
Diluted earnings per common share$0.50 $7.65 $9.25 
(1)For 2023, 2022 and 2021, restricted stock units (“RSUs”) excluded from the diluted calculation as their inclusion would have been anti-dilutive were 299 thousand, 115 thousand and 9 thousand.
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Income Taxes
 12 Months Ended
Dec. 30, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Provision for Income Taxes

Provision for income taxes consisted of the following:
CurrentDeferredTotal
2023
Federal$20,363 $(36,935)$(16,572)
State6,137 (11,321)(5,184)
Foreign23,394 474 23,868 
$49,894 $(47,782)$2,112 
2022
Federal$81,564 $12,609 $94,173 
State15,902 5,546 21,448 
Foreign25,966 (1,627)24,339 
$123,432 $16,528 $139,960 
2021
Federal$83,979 $47,558 $131,537 
State22,927 10,240 33,167 
Foreign20,186 988 21,174 
$127,092 $58,786 $185,878 
The provision for income taxes differed from the amount computed by applying the federal statutory income tax rate due to:
Year Ended
December 30, 2023December 31, 2022January 1, 2022
Income before provision for income taxes at statutory U.S. federal income tax rate (21% for 2023, 2022 and 2021)
$6,689 $126,730 $163,965 
State income taxes, net of federal income tax
(4,962)16,222 27,517 
Other, net385 (2,992)(5,604)
Provision for income taxes$2,112 $139,960 $185,878 

Deferred Income Tax Assets (Liabilities)

Temporary differences that give rise to significant deferred income tax assets (liabilities) were as follows:
December 30, 2023December 31, 2022
Deferred income tax assets:
Accrued expenses not currently deductible for tax$22,377 $19,589 
Share-based compensation10,698 12,642 
Accrued medical and workers compensation9,704 13,666 
Net operating loss carryforwards3,273 3,577 
Operating lease liabilities670,030 678,432 
Other, net13,602 9,291 
Total deferred income tax assets before valuation allowances729,684 737,197 
Less: Valuation allowance(5,179)(5,036)
Total deferred income tax assets724,505 732,161 
Deferred income tax liabilities:
Property and equipment(91,084)(125,651)
Inventories(219,446)(226,499)
Intangible assets(136,366)(137,464)
Operating lease right-of-use assets(640,151)(653,296)
Total deferred income tax liabilities(1,087,047)(1,142,910)
Net deferred income tax liabilities$(362,542)$(410,749)

As of December 30, 2023 and December 31, 2022, our net operating loss (“NOL”) carryforwards comprised state NOLs of $102.2 million and $108.9 million. These NOLs may be used to reduce future taxable income and expire periodically through 2039. Due to uncertainties related to the realization of these NOLs in certain jurisdictions, as well as other credits available to us, we have recorded a valuation allowance of $2.9 million as of December 30, 2023 and $3.0 million as of December 31, 2022. In addition, we recorded a $2.2 million valuation allowance on foreign tax credit carryforwards as of December 30, 2023. The amount of deferred income tax assets realizable could change in the future if projections of future taxable income change.

We have not recorded deferred taxes when earnings from foreign operations are considered to be indefinitely invested outside of the U.S. As of December 30, 2023 and December 31, 2022, these accumulated net earnings generated by our foreign operations were $118.3 million and $98.7 million, which did not include earnings deemed to be repatriated as part of the U.S. Tax Cuts and Jobs Act. It is not practicable to determine the income tax liability that would be payable if such earnings were repatriated.
Unrecognized Tax Benefits

The following table summarizes the activity of our gross unrecognized tax benefits:
December 30, 2023December 31, 2022January 1, 2022
Unrecognized tax benefits, beginning of period$15,211 $20,979 $26,967 
Increases related to prior period tax positions245 75 484 
Decreases related to prior period tax positions— (261)(849)
Increases related to current period tax positions563 928 2,240 
Settlements— (256)(2,993)
Expiration of statute of limitations(4,829)(6,254)(4,870)
Unrecognized tax benefits, end of period$11,190 $15,211 $20,979 

As of December 30, 2023, December 31, 2022 and January 1, 2022, the entire amount of unrecognized tax benefits, if recognized, would reduce our annual effective tax rate of 6.6%, 23.2% and 23.8%. During 2023, 2022 and 2021, we recorded income tax-related interest and penalties of $0.2 million, $0.6 million and $0.7 million due to uncertain tax positions included in the Provision for income taxes in the accompanying Consolidated Statements of Operations. As of December 30, 2023 and December 31, 2022, we recorded a liability for potential interest of $2.5 million and $2.7 million and for potential penalties of $0.1 million for each year. We do not provide for any penalties associated with tax contingencies unless considered probable of assessment. We do not expect our unrecognized tax benefits to change significantly over the next 12 months. With few exceptions, we are no longer subject to U.S. federal, state and local or non-U.S. income tax examinations by tax authorities for years before 2020.
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Contingencies
 12 Months Ended
Dec. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Contingencies Contingencies
Currently and from time to time, we are subject to litigation, claims and other disputes, including legal and regulatory proceedings, arising in the normal course of business. We record a loss contingency liability when a loss is considered probable and the amount can be reasonably estimated. Although the final outcome of pending legal matters cannot be determined, based on the facts presently known, it is management’s opinion that the final outcome of any pending matters will not have a material adverse effect on our consolidated financial position, results of operations or cash flows.

Our Western Auto subsidiary, together with other defendants (including Advance and other of its subsidiaries), has been named as a defendant in lawsuits alleging injury as a result of exposure to asbestos-containing products. The plaintiffs have alleged that certain products contained asbestos and were manufactured, distributed and/or sold by the various defendants. Many of the cases pending against us are in the early stages of litigation. While the damages claimed against the defendants in some of these proceedings are substantial, we believe many of these claims are at least partially covered by insurance and historically asbestos claims against us have been inconsistent in fact patterns alleged and immaterial. We do not believe the cases currently pending will have a material adverse effect on our financial position, results of operations or cash flows.

On October 9, 2023 and October 27, 2023, two putative class actions on behalf of purchasers of our securities who purchased or otherwise acquired their securities between November 16, 2022 and May 30, 2023, inclusive (the “Class Period”), were commenced against us and certain of our former officers in the United States District Court for the Eastern District of North Carolina. The plaintiffs allege that the defendants made certain false and materially misleading statements during the alleged Class Period in violation of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. These cases were consolidated on February 9, 2024 and the matter is in preliminary stages. We strongly dispute the allegations and intend to defend the case vigorously.

On January 17, 2024, a derivative shareholder complaint was commenced against our directors and certain former officers alleging derivative liability for the allegations made in the securities class action complaints noted above. This case is still in preliminary stages. We strongly dispute the allegations of the complaint and intend to defend the case vigorously.
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Benefit Plans
 12 Months Ended
Dec. 30, 2023
Postemployment Benefits [Abstract]  
Benefit Plans Benefit Plans
401(k) Plan

We maintain a defined contribution benefit plan, which covers substantially all team members after one year of service and who have attained the age of 21. The plan allows for team member salary deferrals, which are matched at our discretion. Company contributions to these plans were $26.3 million, $24.5 million and $27.3 million in 2023, 2022 and 2021.

Deferred Compensation

We maintain a non-qualified deferred compensation plan for certain team members. This plan provides for a minimum and maximum deferral percentage of the team member’s base salary and bonus as determined by the Retirement Plan Committee. We established and maintain a deferred compensation liability for this plan. As of December 30, 2023 and December 31, 2022, these liabilities were $14.3 million and $13.7 million and are included within Accrued Expenses in the Consolidated Balance Sheets.
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Share-Based Compensation
 12 Months Ended
Dec. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
Overview

We grant share-based compensation awards to our team members and members of our Board of Directors as provided for under our 2023 Omnibus Incentive Compensation Plan (“2023 Plan”), approved on May 24, 2023, which replaced our 2014 Long-Term Incentive Plan. In 2023, 2022 and 2021, we granted share-based compensation in the form of RSUs or deferred stock units (“DSUs”). Our grants, which have three methods of measuring fair value, generally include a time-based service or a performance-based or a market-based portion, which collectively represent the target award.

In 2023 and 2022, we also granted options to purchase common stock to certain employees under our 2023 Plan. The options are granted at an exercise price equal to the closing market price of Advance's common stock on the date of the grant, expire after ten years and vest one-third annually over three years. We record compensation expense for the grant date fair value of the option awards evenly over the vesting period.

At December 30, 2023, there were 2.4 million shares of common stock available for future issuance under the 2023 Plan based on management’s current estimate of the probable vesting outcome for performance-based awards. Shares forfeited become available for reissuance and are included in availability.

Restricted Stock Units

For time-based RSUs, the fair value of each award was determined based on the market price of our common stock on the date of grant. Time-based RSUs generally vest over a three-year period in equal annual installments beginning on the first anniversary of the grant date. During the vesting period, holders of RSUs are entitled to receive dividend equivalents, but are not entitled to voting rights.

For performance-based RSUs, the fair value of each award was determined based on the market price of our common stock on the date of grant. Performance-based awards generally may vest following a three-year period subject to the achievement of certain financial goals as specified in the grant agreements. Depending on our results during the three-year performance period, the actual number of awards vesting at the end of the period generally ranges from 0% to 200% of the performance award. Performance-based RSUs generally do not have dividend equivalent rights and do not have voting rights until the
shares are earned and issued following the applicable performance period. The number of performance-based awards outstanding is based on the number of awards that we believed were probable of vesting at December 30, 2023.

There were 22 thousand performance-based RSUs granted during 2023. There were no performance-based RSUs granted during 2022 or 2021. The change in units based on performance represents the change in the number of granted awards expected to vest based on the updated probability assessment as of December 30, 2023. Compensation expense for performance-based awards of $6.4 million, $11.8 million and $22.8 million in 2023, 2022 and 2021 was determined based on management’s estimate of the probable vesting outcome.

For market-based RSUs, the fair value of each award was determined using a Monte Carlo simulation model. The model uses multiple input variables that determined the probability of satisfying the market condition requirements as follows:
202320222021
Risk-free interest rate(1)
4.6 %1.6 %0.3 %
Expected dividend yield— %— %— %
Expected stock price volatility(2)
37.4 %34.6 %36.0 %
(1)The risk-free interest rate is based on the U.S. Treasury constant maturity interest rate having a term consistent with the vesting period of the award.
(2)Expected volatility is determined based on historical volatility over a matching look-back period and is consistent with the correlation coefficients between our stock prices and our peer group.

Additionally, we estimated a liquidity discount of 12.2% using the Chaffe Model to adjust the fair value for the post-vest restrictions. Vesting of market-based RSUs depends on our relative total shareholder return among a designated group of peer companies during a three-year period and will be subject to a one-year holding period after vesting.

The following table summarizes activity for time-based, performance-based and market-based RSUs in 2023:
Time-BasedPerformance-BasedMarket-Based
Number of AwardsWeighted Average
Grant Date Fair Value		Number of AwardsWeighted Average
Grant Date Fair Value		Number of AwardsWeighted Average
Grant Date Fair Value
Nonvested at December 31, 2022394 $180.41 105 $130.88 135 $191.72 
Granted627 $89.81 22 $135.13 73 $139.75 
 Change in units based on performance
— $— (15)$137.11 — $— 
Vested (1)
(195)$169.61 (112)$130.88 (30)$145.04 
Forfeited(126)$139.70 — $130.03 (55)$173.13 
Nonvested at December 30, 2023700 $109.56 — $— 123 $180.63 
(1) The vested shares of market-based RSUs were not exercised due to low multiplier effect for 2020 awards.
The following table summarizes certain information concerning activity for time-based, performance-based and market-based RSUs:
Year Ended
December 30, 2023December 31, 2022January 1, 2022
Time-based:
Weighted average fair value of RSUs granted$89.81 $196.61 $183.41 
Total grant date fair value of RSUs vested$33,125 $34,685 $34,555 
Performance-based:
Weighted average fair value of RSUs granted$135.13 $— $— 
Total grant date fair value of RSUs vested$14,711 $12,460 $7,987 
Market-based:
Weighted average fair value of RSUs granted$139.75 $205.52 $204.97 
Total grant date fair value of RSUs vested$4,400 $3,695 $3,650 
As of December 30, 2023, the maximum potential payout under our currently outstanding performance-based and market-based RSUs were 44 thousand and 255 thousand units.

Stock Options

In 2023, we granted 316 thousand stock options where the weighted average fair value of stock options granted was $28.97 per share. The fair value was estimated on the date of grant by applying the Black-Scholes-Merton option-pricing valuation model.

The following table includes summary information for stock options as of December 30, 2023:
Number of AwardsWeighted Average Exercise PriceWeighted Average Remaining Contractual Life (Years)Aggregate Intrinsic Value
Outstanding at December 31, 2022206 $190.75 
Granted316 $94.03 
Exercised— $— 
Forfeited(104)$162.54 
Outstanding at December 30, 2023417 $124.59 8.7$529 
Exercisable at December 30, 202380 $186.22 6.9$— 
The following table presents the range of the weighted-average assumptions used in determining the fair values of options granted:
Year Ended
December 30, 2023
Risk-free interest rate (1)
4.08%
–
4.31%
Expected life (2)
6 years
Expected volatility (3)
35.1%
–
42.9%
Expected dividend yield (4)
1.45%
–
4.05%
(1) The risk-free interest rate is based on the yield in effect at grant for zero-coupon U.S. Treasury notes with maturities equivalent to the expected term of the stock options.
(2) The expected term represents the period of time options granted are expected to be outstanding. As we do not have sufficient historical data, we utilized the simplified method provided by the Securities and Exchange Commission to calculate the expected term as the average of the contractual term and vesting period.
(3) Expected volatility is the measure of the amount by which the stock price has fluctuated or is expected to fluctuate. We utilized historical trends and the implied volatility of our publicly traded financial instruments in developing the volatility estimate for our stock options.
(4) The expected dividend yield is calculated based on our expected quarterly dividend and the three-month average stock price as of the grant date.

Other Considerations

Total income tax benefit related to share-based compensation expense for 2023, 2022 and 2021 was $11.0 million, $12.5 million and $15.2 million.

As of December 30, 2023, there was $69.5 million of unrecognized compensation expense related to all share-based awards that is expected to be recognized over a weighted average period of 1.50 years.

Deferred Stock Units

We grant share-based awards annually to our Board of Directors in connection with our annual meeting of stockholders. These awards are granted in the form of DSUs as provided for in the Advance Auto Parts, Inc. Deferred Stock Unit Plan for Non-Employee Directors and Selected Executives (“DSU Plan”). Each DSU is equivalent to one share of our common stock and will be distributed in common shares after the director’s service on the Board ends. DSUs granted vest over a one-year service period. Additionally, the DSU Plan provides for the deferral of compensation earned in the form of (i) an annual retainer for directors and (ii) wages for certain highly compensated team members. These DSUs are settled in common stock with the participants at a future date, or over a specified time period, as elected by the participants in accordance with the DSU Plan.

We granted 74 thousand, nine thousand and ten thousand DSUs in 2023, 2022 and 2021. The weighted average fair value of DSUs granted during 2023, 2022 and 2021 was $66.60, $193.05 and $191.24. The DSUs were awarded at a price equal to the market price of our underlying common stock on the date of the grant. For 2023, 2022 and 2021, we recognized $3.4 million, $1.7 million and $1.6 million of share-based compensation expense for these DSU grants.

Employee Stock Purchase Plan

We also offer an employee stock purchase plan (“ESPP”). Under the ESPP, eligible team members may elect salary deferrals to purchase our common stock at a discount of 10% from its fair market value on the date of purchase. There are annual limitations on the amounts a team member may elect of either $25 thousand per team member or 10% of compensation, whichever is less. As of December 30, 2023, there were 2.5 million shares available to be issued under the ESPP.
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Accumulated Other Comprehensive Loss
 12 Months Ended
Dec. 30, 2023
Stockholders' Equity Note [Abstract]  
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss, net of tax, consisted of the following:
Unrealized Gain (Loss) on
Postretirement Plan		Foreign Currency TranslationAccumulated Other Comprehensive
(Loss) Income
Balance, January 2, 2021$1,170 $(27,906)$(26,736)
2021 activity(264)(59)(323)
Balance, January 1, 2022906 (27,965)(27,059)
2022 activity(186)(17,450)(17,636)
Balance, December 31, 2022720 (45,415)(44,695)
2023 activity82 (7,619)(7,537)
Balance, December 30, 2023$802 $(53,034)$(52,232)
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Valuation and Qualifying Accounts
 12 Months Ended
Dec. 30, 2023
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Schedule II Valuation and Qualifying Accounts
Advance Auto Parts, Inc.
Schedule II - Valuation and Qualifying Accounts
(in thousands)

Allowance for credit lossesBalance at Beginning of PeriodCharges to Expenses
Deductions(1)
Balance at End of Period
January 1, 2022$11,929 $11,125 $(12,892)$10,162 
December 31, 2022$10,162 $25,994 $(19,348)$16,808 
December 30, 2023$16,808 $22,112 $(11,331)$27,589 
(1)Accounts written off during the period. These amounts did not impact our Statements of Operations for any year presented.

Other valuation and qualifying accounts have not been reported in this schedule because they are either not applicable or because the information has been included elsewhere in this report.
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Supplier Finance Program
 12 Months Ended
Dec. 30, 2023
Payables and Accruals [Abstract]  
Supplier Finance Program Supplier Finance Programs
We maintain supply chain financing agreements with third-party financial institutions to provide our suppliers with enhanced receivables options. Through these agreements, our suppliers, at their sole discretion, may elect to sell their receivables due from us to the third-party financial institution at terms negotiated between the supplier and the third-party financial institution. We do not provide any guarantees to any third party in connection with these financing arrangements. Our obligations to our suppliers, including amounts due and scheduled payment terms, are not impacted, and no assets are pledged under the agreements. All outstanding amounts due to third-party financial institutions related to suppliers participating in such financing arrangements are recorded within Accounts payable and represent obligations outstanding under these supplier finance programs for invoices that were confirmed as valid and owed to the third-party financial institutions in our Consolidated Balance Sheets. As of December 30, 2023 and December 31, 2022, $3.4 billion and $3.1 billion of our Accounts payable were to suppliers participating in these financing arrangements.

Our confirmed obligations to suppliers participating in these financing arrangements consist of the following:
December 30, 2023
Confirmed obligations outstanding at the beginning of the year$3,100,172 
Invoices confirmed during the year3,430,710 
Confirmed invoices paid during the year(3,169,633)
Confirmed obligations outstanding at the end of the year$3,361,249 
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Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 30, 2023
Accounting Policies [Abstract]  
Accounting Period
Accounting Period

Our fiscal year ends on the Saturday closest to December 31st. All references herein for the years 2023, 2022 and 2021 represent the fiscal years ended December 30, 2023, December 31, 2022 and January 1, 2022, respectively, and consisted of fifty-two weeks.
Basis of Presentation
Basis of Presentation
The consolidated financial statements include the accounts of Advance prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany balances and transactions have been eliminated in consolidation.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash and cash equivalents consist of cash in banks and highly-liquid instruments with original maturities of three months or less. Additionally, credit card and debit card receivables from banks, which generally settle in less than four business days, are included in cash equivalents.
Inventory
Inventory

Our inventory consists primarily of parts, batteries, accessories and other products used on vehicles that have reasonably long shelf lives and is stated at the lower of cost or market. The cost of our merchandise inventory is primarily determined using the last-in, first-out (“LIFO”) method. Under the LIFO method, our cost of sales reflects the costs of the most recently purchased inventories, while the inventory carrying balance represents the costs relating to prices paid in 2023 and prior years. We regularly review inventory quantities on-hand, consider whether we may have excess or obsolete inventory based on our current approach for managing slower moving inventory and adjust the carrying value as necessary. In 2023, we performed a strategic and operational review of the business, which included the rationalization of product assortment and planned decisive actions. As a result, we made a change in our estimate of excess inventory reserves resulting in a $116.0 million charge to cost of sales.
Vendor Incentives
Vendor Incentives

We receive incentives in the form of reductions to amounts owed to and/or payments from vendors related to volume rebates and other promotional considerations. Many of these incentives are under long-term agreements in excess of one year, while others are negotiated on an annual or more frequent basis. Advertising allowances provided as a reimbursement of specific, incremental and identifiable costs incurred to promote a vendor’s products are included as an offset to SG&A when the cost is incurred. Volume rebates and allowances that do not meet the requirements for offsetting in SG&A are recorded as a reduction to inventory as volume rebates and allowances are earned based on inventory purchases. Total deferred vendor incentives recorded as a reduction of Inventories were $67.9 million and $77.5 million as of December 30, 2023 and December 31, 2022.
Preopening Expenses
Preopening Expenses

Preopening expenses, which consist primarily of payroll and occupancy costs related to the opening of new stores, are expensed as incurred as a component of SG&A in the accompanying Consolidated Statements of Operations.
Property and Equipment
Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. Expenditures for maintenance and repairs are charged directly to expense when incurred; major improvements are capitalized. When items are sold or retired, the related cost and accumulated depreciation are removed from the account balances, with any gain or loss reflected in the Consolidated Statements of Operations.

Costs incurred with the acquisition or development of software for internal use are capitalized and amortized over the expected useful life of the software, generally five years. Subsequent additions, modifications or upgrades are capitalized to the extent it enhances the software’s functionality. Capitalized software is classified in the Construction in progress category, but once placed into service is removed from Construction in progress and classified within the Furniture, fixtures and equipment category and is depreciated on the straight-line method over three to ten years.
Depreciation of land improvements, buildings, furniture, fixtures and equipment and vehicles is provided over the estimated useful lives of the respective assets using the straight-line method. Depreciation of building and leasehold improvements is provided over the shorter of the original useful lives of the respective assets or the term of the lease using the straight-line method.
Goodwill and Indefinite-Lived Intangible Assets
Goodwill and Other Indefinite-Lived Intangible Assets

We perform our evaluation for the impairment of goodwill and other indefinite-lived intangible assets for our reporting units annually as of the first day of the fourth quarter, or when indications of potential impairment exist. These indicators would include a significant change in operating performance, the business climate, legal factors, competition, or a planned sale or disposition of a significant portion of the business, among other factors. Our evaluation of goodwill and other indefinite-lived intangibles may be a Step-0 analysis, which consists of a qualitative assessment, or a Step-1 analysis, which includes a quantitative assessment. In a Step-0 analysis, we assess qualitative factors such as current company performance and overall economic factors to determine if it is more-likely-than-not that the goodwill might be impaired and whether it is necessary to perform a quantitative goodwill impairment test. In the quantitative goodwill impairment test, we compare the carrying value of a reporting unit to its fair value. In performing a Step-1 analysis, we have historically used an income approach which requires many assumptions including forecast, discount rate, long-term growth rate, among other items. We have also utilized the market approach which derives metrics from comparable publicly-traded companies. We have generally engaged a third-party valuation firm to assist in the fair value assessment of goodwill. If the fair value of the reporting unit is lower than its carrying amount, goodwill is written down for the amount by which the carrying amount exceeds the reporting unit's fair value.

Our other indefinite-lived intangible assets are tested for impairment at the asset group level. Other indefinite-lived intangible assets are evaluated by comparing the carrying amount of the asset to the future discounted cash flows that the asset is expected to generate. If the fair value based on the future discounted cash flows exceeds the carrying value, we conclude that no intangible asset impairment has occurred. If the carrying value of the indefinite-lived intangible asset exceeds the fair value, we recognize an impairment loss.

We have three operating segments, defined as “Advance Auto Parts/Carquest U.S.,” “Carquest Canada” and “Worldpac”. As each operating segment represents a reporting unit, goodwill is assigned to each reporting unit. See Note 4. Goodwill and Intangibles for additional information.
Valuation of Long-Lived Assets
Valuation of Long-Lived Assets
We evaluate the recoverability of our long-lived assets, including finite-lived intangible assets, whenever events or changes in circumstances indicate that the carrying amount of an asset might not be recoverable and exceeds its fair value. When such an event occurs, we estimate the undiscounted future cash flows expected to result from the use of the long-lived asset or asset group and its eventual disposition. These impairment evaluations involve estimates of asset useful lives and future cash flows. If the undiscounted expected future cash flows are less than the carrying amount of the asset and the carrying amount of the asset exceeds its fair value, an impairment loss is recognized. When an impairment loss is recognized, the carrying amount of the asset is reduced to its estimated fair value based on quoted market prices or other valuation techniques (e.g., discounted cash flow analysis).
Self-Insurance
Self-Insurance
We are self-insured for general and automobile liability, workers’ compensation and health care claims of our team members, while maintaining stop-loss coverage with third-party insurers to limit our total liability exposure. Expenses associated with these liabilities are calculated for (i) claims filed, (ii) claims incurred but not yet reported and (iii) projected future claims using actuarial methods followed in the insurance industry as well as our historical claims experience. We include the current portion of self-insurance reserves in Accrued expenses and the long-term portion of self insurance reserves in Other long-term liabilities in the accompanying Consolidated Balance Sheets.
Leases
Leases

We lease certain store locations, distribution centers, office spaces, equipment and vehicles. We recognize lease expense on a straight-line basis over the initial term of the lease unless external economic factors exist such that renewals are reasonably certain. In those instances, the renewal period would be included in the lease term to determine the period in which to recognize the lease expense. Most leases require us to pay non-lease components, such as taxes, maintenance, insurance and other certain costs applicable to the leased asset. For leases related to our store locations, distribution centers, office spaces and vehicles, we account for lease and non-lease components as a single amount.
Fair Value Measurements
Fair Value Measurements
A three-level valuation hierarchy, based upon observable and unobservable inputs, is used for fair value measurements. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions based on the best evidence available. These two types of inputs create the following fair value hierarchy: Level 1 - Quoted prices for identical instruments in active markets; Level 2 - Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations whose significant inputs are observable; and Level 3 - Instruments whose significant inputs are unobservable. Financial instruments are transferred in and/or out of Level 1, 2 or 3 at the beginning of the accounting period in which there is a change in valuation inputs.
Share-Based Payments
Share-Based Payments
We provide share-based compensation to our eligible team members and Board of Directors. We are required to exercise judgment and make estimates when determining the (i) fair value of each award granted and (ii) projected number of awards expected to vest. We calculate the fair value of all share-based awards at the date of grant and use the straight-line method to amortize this fair value as compensation cost over the requisite service period.
Revenue Recognition
Revenues

Accounting Standards Codification 606, Revenue From Contracts With Customers (Topic 606) (“ASC 606”) defines a performance obligation as a promise in a contract to transfer a distinct good or service to the customer and is considered the unit of account. The majority of our contracts have one single performance obligation as the promise to transfer the individual goods is not separately identifiable from other promises in the contracts and is, therefore, not distinct. Discounts and incentives are treated as separate performance obligations. We allocate the contract’s transaction price to each of these performance obligations separately using explicitly stated amounts or our best estimate using historical data.

In accordance with ASC 606, revenue is recognized at the time the sale is made at which time our walk-in customers take immediate possession of the merchandise or same-day delivery is made to our professional delivery customers, which include certain independently owned store locations. Payment terms are established for our professional delivery customers based on pre-established credit requirements. Payment terms vary depending on the customer and generally range from one to 30 days. Based on the nature of receivables, no significant financing components exist. For e-commerce sales, revenue is recognized either at the time of pick-up at one of our store locations or at the time of shipment depending on the customer's order designation. Sales are recorded net of discounts, sales incentives and rebates, sales taxes, and estimated returns and allowances. We estimate the reduction to Net sales and Cost of sales for returns based on current sales levels and our historical return experience.

We provide assurance-type warranty coverage primarily on batteries, brakes and struts whereby we are required to provide replacement product at no cost or a reduced cost for a set period of time. We estimate our warranty obligation at the time of sale based on the historical return experience, sales level and cost of the respective product sold. To the extent vendors provide upfront allowances in lieu of accepting the obligation for warranty claims and the allowance is in excess of the related warranty expense, the excess is recorded as a reduction to cost of sales.
Receivables
Receivables, net, consists primarily of receivables from professional customers and is stated at net realizable value. We grant credit to certain professional customers who meet our pre-established credit requirements. We regularly review accounts receivable balances and maintain allowances for credit losses estimated whenever events or circumstances indicate the carrying value may not be recoverable. We consider the following factors when determining if collection is reasonably assured: customer creditworthiness, past transaction history with the customer, current economic and industry trends and changes in customer payment terms. We control credit risk through credit approvals, credit limits and accounts receivable and credit monitoring procedures.
Cost of Sales
Cost of Sales

Cost of sales includes actual product cost, warranty costs, vendor incentives, cash discounts on payments to vendors, costs associated with operating our distribution network, including payroll and benefits costs, occupancy costs and depreciation, in-bound freight-related costs from our vendors, impairment of inventory resulting from store closures and inventory-related reserves and costs associated with moving merchandise inventories from our distribution centers to stores, branch locations and customers.
Selling, General and Administrative Expenses
Selling, General and Administrative Expenses
 
SG&A includes payroll and benefits costs for store and corporate team members; occupancy costs of store and corporate facilities; depreciation and amortization related to store and corporate assets; share-based compensation expense; advertising; self-insurance; costs of consolidating, converting or closing facilities, including early termination of lease obligations; severance and impairment charges; professional services and costs associated with our professional delivery program, including payroll and benefits costs; and transportation expenses associated with moving merchandise inventories from stores and branches to customer locations.
Advertising Costs
Advertising Costs
We expense advertising costs as incurred. Advertising expense, net of qualifying vendor promotional funds, was $151.8 million, $164.0 million and $178.0 million in 2023, 2022 and 2021.
Foreign Currency Translation
Foreign Currency Translation

The assets and liabilities of our foreign operations are translated into U.S. dollars at current exchange rates. Revenues, expenses and cash flows are translated at average exchange rates for the year. Resulting translation adjustments are reflected as a separate component in the Consolidated Statements of Comprehensive Income. Foreign currency transactions, which are included in Other income (expense), net, were a loss of $3.4 million in 2023, loss of $4.8 million in 2022 and income of $1.7 million in 2021.
Income Taxes
Income Taxes

We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under the asset and liability method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred income taxes reflect the net income tax effect of temporary differences between the basis of assets and liabilities for financial reporting purposes and for income tax reporting purposes. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period of the enactment date.

We recognize tax benefits and/or tax liabilities for uncertain income tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more-likely-than-not that the position will be sustained in an audit, including resolution of related appeals or litigation processes, if any. The second step requires us to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts as we must determine the probability of various possible outcomes.
We reevaluate these uncertain tax positions on a quarterly basis or when new information becomes available to management. The reevaluations are based on many factors, including but not limited to, changes in facts or circumstances, changes in tax law, successfully settled issues under audit, expirations due to statutes of limitations and new federal or state audit activity. Any change in either our recognition or measurement could result in the recognition of a tax benefit or an increase to the tax accrual.
Earnings per Share
Earnings per Share
Basic earnings per share of common stock has been computed based on the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated by including the effect of dilutive securities. Diluted earnings per share of common stock reflects the weighted average number of shares of common stock outstanding, outstanding deferred stock units and the impact of outstanding stock awards (collectively “share-based awards”) if the conversion of these awards are dilutive. Share-based awards containing performance conditions are included in the dilution impact as those conditions are met.
Segment Information
Segment Information

Operating segments are defined as components of an enterprise for which discrete financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) for purposes of allocating resources and evaluating financial performance. Our CODM, the Chief Executive Officer, reviews financial information presented on a consolidated basis, accompanied by information about our three operating segments, for the purpose of allocating resources and evaluating financial performance.
We have one reportable segment as the three operating segments are aggregated primarily due to the economic and operational similarities of each operating segment as the stores and branches have similar characteristics, including the nature of the products and services offered, customer base and the methods used to distribute products and provide services to its customers.
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements - Adopted

Supplier Finance Programs

In September 2022, the FASB issued ASU 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations (“ASU 2022-04”), which requires a company to disclose sufficient qualitative and quantitative information about any supplier finance program in which it participates as a buyer. In each annual reporting period, the company should disclose the key terms of the program, including a rollforward of those obligations outstanding at the beginning of the period. ASU 2022-04 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the requirement on rollforward information, which is effective for fiscal years beginning after December 15, 2023. The adoption of ASU 2022-04 on our consolidated financial statements and related disclosures does not have a material impact on our consolidated financial statements.

Reference Rate Reform
In March 2021, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”), which defers when companies will be required to find an alternative rate to LIBOR to December 31, 2024. ASU 2022-06 applies to all entities subject to meeting certain criteria that have contracts, hedging relationships or other transactions that include the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. We have modified current agreements to reference an alternative rate other than LIBOR, and determined there is no material impact on our consolidated financial statements.
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Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 30, 2023
Accounting Policies [Abstract]  
Revenue From External Customers By Products And Services
The following table summarizes financial information for each of our product groups:
Year Ended
December 30, 2023December 31, 2022January 1, 2022
Percentage of Sales, by Product Group
Parts and Batteries65 %66 %67 %
Accessories and Chemicals19 20 20 
Engine Maintenance15 13 12 
Other1 1 1 
Total100 %100 %100 %
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Inventories (Tables)
 12 Months Ended
Dec. 30, 2023
Inventory, Net [Abstract]  
Schedule Of Inventory
Inventory balances were as follows:
December 30, 2023December 31, 2022
Inventories at first-in, first-out (“FIFO”)$5,041,752 $5,174,918 
Adjustments to state inventories at LIFO(184,050)(278,649)
Inventories at LIFO$4,857,702 $4,896,269 
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Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule Of Indefinite-Lived Intangible Assets A summary of the composition of the gross carrying amounts and accumulated amortization of acquired other intangible assets are presented in the following table:
December 30, 2023December 31, 2022
Gross Carrying AmountAccumulated AmortizationNetGross Carrying AmountAccumulated AmortizationNet
Amortized intangible assets:
Customer relationships$350,092 $(296,205)$53,887 $349,428 $(267,806)$81,622 
Non-compete and other40,157 (38,575)1,582 40,157 (38,051)2,106 
390,249 (334,780)55,469 389,585 (305,857)83,728 
Indefinite-lived intangible assets:
Brands, trademark and trade names537,872 — 537,872 537,173 — 537,173 
Total intangible assets$928,121 $(334,780)$593,341 $926,758 $(305,857)$620,901 
Schedule Of Expected Amortization Expense
The expected amortization expense for the next five years and thereafter for acquired intangible assets recorded as of December 30, 2023 was as follows:
YearAmount
2024$28,164 
202526,633 
2026380 
2027292 
$55,469 
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Receivables, net (Tables)
 12 Months Ended
Dec. 30, 2023
Receivables [Abstract]  
Schedule Of Accounts Receivable
Receivables, net, consisted of the following:
December 30, 2023December 31, 2022
Trade$558,953 $557,195 
Vendor257,847 133,023 
Other10,930 10,638 
Total receivables827,730 700,856 
Less: allowance for credit losses(27,589)(16,808)
Receivables, net$800,141 $684,048 
v3.24.1.1.u2
Long-term Debt and Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 30, 2023
Debt Disclosure [Abstract]  
Schedule Of Debt
Long-term debt consisted of the following:
December 30, 2023December 31, 2022
5.90% Senior Unsecured Notes (net of unamortized discount and debt issuance costs of $1,631 at December 30, 2023) due March 9, 2026
$298,369 $— 
1.75% Senior Unsecured Notes (net of unamortized discount and debt issuance costs of $2,486 and $3,053 at December 30, 2023 and December 31, 2022) due October 1, 2027
347,514 346,947 
5.95% Senior Unsecured Notes (net of unamortized discount and debt issuance costs of $1,884 at December 30, 2023) due March 9, 2028
298,116 — 
3.90% Senior Unsecured Notes (net of unamortized discount and debt issuance costs of $3,851 and $4,438 at December 30, 2023, and December 31, 2022) due April 15, 2030
496,149 495,562 
3.50% Senior Unsecured Notes (net of unamortized discount and debt issuance costs of $3,787 and $4,226 at December 30, 2023, and December 31, 2022) due March 15, 2032
346,213 345,774 
Revolving credit facility (interest rate of 7.50% as of December 30, 2023)
— 185,000 
 1,786,361 1,373,283 
Less: Current portion of long-term debt— (185,000)
Long-term debt, excluding the current portion$1,786,361 $1,188,283 
Fair value of long-term debt$1,641,409 $1,021,396 
Schedule Of Maturities Of Long-term Debt
As of December 30, 2023, the aggregate future annual maturities of long-term debt instruments were as follows:
YearAmount
2024$— 
2025— 
2026300,000 
2027350,000 
2028300,000 
Thereafter850,000 
$1,800,000 
v3.24.1.1.u2
Property and Equipment (Tables)
 12 Months Ended
Dec. 30, 2023
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
Property and equipment consisted of the following:

Useful Lives		December 30, 2023December 31, 2022
Land and land improvements (1)
10 years
$470,890 $471,349 
Buildings
30 - 40 years
543,467 535,884 
Building and leasehold improvements
3 - 15 years
800,621 722,006 
Furniture, fixtures and equipment
3 - 20 years
2,563,043 2,398,818 
Vehicles
3 years
14,539 14,549 
Construction in progress113,712 137,915 
4,506,272 4,280,521 
Less: Accumulated depreciation(2,857,726)(2,590,382)
Property and equipment, net$1,648,546 $1,690,139 
(1) Land is deemed to have an indefinite life.
v3.24.1.1.u2
Leases and Other Commitments (Tables)
 12 Months Ended
Dec. 30, 2023
Leases and Other Commitments [Abstract]  
Schedule of Operating Lease Liabilities
Operating lease liabilities consisted of the following:
December 30, 2023December 31, 2022
Total operating lease liabilities$2,660,827 $2,692,861 
Less: Current portion of operating lease liabilities(445,061)(414,543)
Non-current operating lease liabilities$2,215,766 $2,278,318 
Lease, Cost Total lease cost comprised the following:
Year Ended
December 30, 2023December 31, 2022
Operating lease cost$572,024 $563,959 
Variable lease cost177,504 171,621 
Total lease cost$749,528 $735,580 
Lessee, Operating Lease, Liability, Maturity
The future maturity of lease liabilities are as follows:
YearAmount
2024$539,836 
2025582,552 
2026466,443 
2027383,426 
2028294,932 
Thereafter775,662 
Total lease payments3,042,851 
Less: Imputed interest(382,024)
Total operating lease liabilities$2,660,827 
Schedule of Other Information Relating to Lease Liabilities
Other information relating to our lease liabilities were as follows:
Year Ended
December 30, 2023December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$603,108 $624,484 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$447,988 $432,497 
v3.24.1.1.u2
Accrued Expenses (Tables)
 12 Months Ended
Dec. 30, 2023
Payables and Accruals [Abstract]  
Schedule Of Accrued Liabilities
Accrued expenses consisted of the following:
December 30, 2023December 31, 2022
Payroll and related benefits$161,607 $155,441 
Taxes payable118,791 84,454 
Self-insurance reserves74,536 72,337 
Inventory related accruals68,188 43,025 
Accrued rebates51,656 42,415 
Accrued professional services/legal14,425 22,317 
Capital expenditures5,287 8,927 
Other176,747 200,548 
Total accrued expenses$671,237 $629,464 
v3.24.1.1.u2
Earnings per Share (Tables)
 12 Months Ended
Dec. 30, 2023
Earnings Per Share [Abstract]  
Schedule Of Earnings Per Share, Basic And Diluted
The computations of basic and diluted earnings per share were as follows: 
Year Ended
December 30, 2023December 31, 2022January 1, 2022
Numerator
Net income applicable to common shares$29,735 $464,402 $596,615 
Denominator
Basic weighted average common shares59,432 60,351 64,028 
Dilutive impact of share-based awards176 366 481 
Diluted weighted average common shares(1)
59,608 60,717 64,509 
Basic earnings per common share$0.50 $7.70 $9.32 
Diluted earnings per common share$0.50 $7.65 $9.25 
(1)For 2023, 2022 and 2021, restricted stock units (“RSUs”) excluded from the diluted calculation as their inclusion would have been anti-dilutive were 299 thousand, 115 thousand and 9 thousand.
v3.24.1.1.u2
Income Taxes (Tables)
 12 Months Ended
Dec. 30, 2023
Income Tax Disclosure [Abstract]  
Provision For Income Taxes, Current And Deferred
Provision for income taxes consisted of the following:
CurrentDeferredTotal
2023
Federal$20,363 $(36,935)$(16,572)
State6,137 (11,321)(5,184)
Foreign23,394 474 23,868 
$49,894 $(47,782)$2,112 
2022
Federal$81,564 $12,609 $94,173 
State15,902 5,546 21,448 
Foreign25,966 (1,627)24,339 
$123,432 $16,528 $139,960 
2021
Federal$83,979 $47,558 $131,537 
State22,927 10,240 33,167 
Foreign20,186 988 21,174 
$127,092 $58,786 $185,878 
Schedule Of Effective Income Tax Rate Reconciliation
The provision for income taxes differed from the amount computed by applying the federal statutory income tax rate due to:
Year Ended
December 30, 2023December 31, 2022January 1, 2022
Income before provision for income taxes at statutory U.S. federal income tax rate (21% for 2023, 2022 and 2021)
$6,689 $126,730 $163,965 
State income taxes, net of federal income tax
(4,962)16,222 27,517 
Other, net385 (2,992)(5,604)
Provision for income taxes$2,112 $139,960 $185,878 
Schedule Of Deferred Tax Assets and Liabilities
Temporary differences that give rise to significant deferred income tax assets (liabilities) were as follows:
December 30, 2023December 31, 2022
Deferred income tax assets:
Accrued expenses not currently deductible for tax$22,377 $19,589 
Share-based compensation10,698 12,642 
Accrued medical and workers compensation9,704 13,666 
Net operating loss carryforwards3,273 3,577 
Operating lease liabilities670,030 678,432 
Other, net13,602 9,291 
Total deferred income tax assets before valuation allowances729,684 737,197 
Less: Valuation allowance(5,179)(5,036)
Total deferred income tax assets724,505 732,161 
Deferred income tax liabilities:
Property and equipment(91,084)(125,651)
Inventories(219,446)(226,499)
Intangible assets(136,366)(137,464)
Operating lease right-of-use assets(640,151)(653,296)
Total deferred income tax liabilities(1,087,047)(1,142,910)
Net deferred income tax liabilities$(362,542)$(410,749)
Unrecognized Tax Benefits he following table summarizes the activity of our gross unrecognized tax benefits:
December 30, 2023December 31, 2022January 1, 2022
Unrecognized tax benefits, beginning of period$15,211 $20,979 $26,967 
Increases related to prior period tax positions245 75 484 
Decreases related to prior period tax positions— (261)(849)
Increases related to current period tax positions563 928 2,240 
Settlements— (256)(2,993)
Expiration of statute of limitations(4,829)(6,254)(4,870)
Unrecognized tax benefits, end of period$11,190 $15,211 $20,979 
v3.24.1.1.u2
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule Of Share-based Payment Award Valuation Assumptions
For market-based RSUs, the fair value of each award was determined using a Monte Carlo simulation model. The model uses multiple input variables that determined the probability of satisfying the market condition requirements as follows:
202320222021
Risk-free interest rate(1)
4.6 %1.6 %0.3 %
Expected dividend yield— %— %— %
Expected stock price volatility(2)
37.4 %34.6 %36.0 %
(1)The risk-free interest rate is based on the U.S. Treasury constant maturity interest rate having a term consistent with the vesting period of the award.
(2)Expected volatility is determined based on historical volatility over a matching look-back period and is consistent with the correlation coefficients between our stock prices and our peer group.
Restricted Stock Units Activity
The following table summarizes activity for time-based, performance-based and market-based RSUs in 2023:
Time-BasedPerformance-BasedMarket-Based
Number of AwardsWeighted Average
Grant Date Fair Value		Number of AwardsWeighted Average
Grant Date Fair Value		Number of AwardsWeighted Average
Grant Date Fair Value
Nonvested at December 31, 2022394 $180.41 105 $130.88 135 $191.72 
Granted627 $89.81 22 $135.13 73 $139.75 
 Change in units based on performance
— $— (15)$137.11 — $— 
Vested (1)
(195)$169.61 (112)$130.88 (30)$145.04 
Forfeited(126)$139.70 — $130.03 (55)$173.13 
Nonvested at December 30, 2023700 $109.56 — $— 123 $180.63 
(1) The vested shares of market-based RSUs were not exercised due to low multiplier effect for 2020 awards.
Restricted Stock Units Activity Additional Information
Year Ended
December 30, 2023December 31, 2022January 1, 2022
Time-based:
Weighted average fair value of RSUs granted$89.81 $196.61 $183.41 
Total grant date fair value of RSUs vested$33,125 $34,685 $34,555 
Performance-based:
Weighted average fair value of RSUs granted$135.13 $— $— 
Total grant date fair value of RSUs vested$14,711 $12,460 $7,987 
Market-based:
Weighted average fair value of RSUs granted$139.75 $205.52 $204.97 
Total grant date fair value of RSUs vested$4,400 $3,695 $3,650 
v3.24.1.1.u2
Accumulated Other Comprehensive Loss (Tables)
 12 Months Ended
Dec. 30, 2023
Stockholders' Equity Note [Abstract]  
Schedule Of Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive loss, net of tax, consisted of the following:
Unrealized Gain (Loss) on
Postretirement Plan		Foreign Currency TranslationAccumulated Other Comprehensive
(Loss) Income
Balance, January 2, 2021$1,170 $(27,906)$(26,736)
2021 activity(264)(59)(323)
Balance, January 1, 2022906 (27,965)(27,059)
2022 activity(186)(17,450)(17,636)
Balance, December 31, 2022720 (45,415)(44,695)
2023 activity82 (7,619)(7,537)
Balance, December 30, 2023$802 $(53,034)$(52,232)
v3.24.1.1.u2
Valuation and Qualifying Accounts (Tables)
 12 Months Ended
Dec. 30, 2023
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Allowance for doubtful accounts receivable
Allowance for credit lossesBalance at Beginning of PeriodCharges to Expenses
Deductions(1)
Balance at End of Period
January 1, 2022$11,929 $11,125 $(12,892)$10,162 
December 31, 2022$10,162 $25,994 $(19,348)$16,808 
December 30, 2023$16,808 $22,112 $(11,331)$27,589 
(1)Accounts written off during the period. These amounts did not impact our Statements of Operations for any year presented.
v3.24.1.1.u2
Immaterial Restatement of Prior Period Financial Statements (Tables)
 12 Months Ended
Dec. 30, 2023
Accounting Changes and Error Corrections [Abstract]  
Schedule of Error Corrections and Prior Period Adjustments
18. Immaterial Restatement of Prior Period Financial Statements

As discussed in Note 1, we identified errors in our consolidated financial statements for fiscal years ended 2022 and 2021 and for the quarterly periods of 2023. A summary of the corrections, inclusive of adjustments discovered in the third and fourth quarters of 2023, are as follows (tables may not foot or cross foot due to rounding):
Condensed Consolidated Balance Sheet
January 1, 2022
As Previously ReportedAdjustmentsAs Corrected
Assets
Cash and cash equivalents$601,428 $(13,378)$588,050 
Receivables, net782,785 (28,671)754,114 
Inventories, net4,659,018 23,617 4,682,635 
Total current assets6,275,476 (18,432)6,257,044 
Total assets$12,194,209 $(18,432)$12,175,777 
Liabilities and Stockholders’ Equity
Accounts payable$3,922,007 $44,567 $3,966,574 
Accrued expenses777,051 (2,902)774,149 
Total current liabilities5,180,307 41,665 5,221,972 
Deferred income taxes    410,606 (15,438)395,168 
Other long-term liabilities103,034 1,840 104,874 
Total liabilities9,065,918 28,067 9,093,985 
Accumulated other comprehensive loss(22,627)(4,432)(27,059)
Retained earnings4,605,791 (42,067)4,563,724 
Total stockholders’ equity3,128,291 (46,499)3,081,792 
Total liabilities and stockholders’ equity$12,194,209 $(18,432)$12,175,777 

Condensed Consolidated Balance Sheet
December 31, 2022
As Previously ReportedAdjustmentsAs Corrected
Assets
Cash and cash equivalents$269,282 $1,523 $270,805 
Receivables, net698,613 (14,565)684,048 
Inventories, net4,915,262 (18,993)4,896,269 
Total current assets6,046,852 (32,035)6,014,817 
Total assets$12,018,482 $(32,035)$11,986,447 
Liabilities and Stockholders’ Equity
Accounts payable$4,123,462 $55,445 $4,178,907 
Accrued expenses634,447 (4,983)629,464 
Total current liabilities5,370,389 50,462 5,420,851 
Deferred income taxes    415,997 (5,248)410,749 
Other long-term liabilities87,214 1,840 89,054 
Total liabilities9,340,201 47,054 9,387,255 
Accumulated other comprehensive loss(45,143)448 (44,695)
Retained earnings4,744,624 (79,537)4,665,087 
Total stockholders’ equity2,678,281 (79,089)2,599,192 
Total liabilities and stockholders’ equity$12,018,482 $(32,035)$11,986,447 
Condensed Consolidated Balance Sheet
April 22, 2023
As Previously ReportedAdjustmentsAs Corrected
Assets
Cash and cash equivalents$226,499 $(2,619)$223,880 
Receivables, net782,093 (12,107)769,986 
Inventories, net5,015,973 (14,816)5,001,157 
Other current assets177,127 24,590 201,717 
Total current assets6,201,692 (4,952)6,196,740 
Total assets$12,182,238 $(4,952)$12,177,286 
Liabilities and Stockholders’ Equity
Accounts payable$3,682,749 $72,249 $3,754,998 
Accrued expenses718,290 (352)717,938 
Total current liabilities4,983,455 71,897 5,055,352 
Deferred income taxes    422,984 (5,248)417,736 
Other long-term liabilities85,762 1,840 87,602 
Total liabilities9,546,077 68,489 9,614,566 
Accumulated other comprehensive loss(44,355)424 (43,931)
Retained earnings4,697,697 (73,865)4,623,832 
Total stockholders’ equity2,636,161 (73,441)2,562,720 
Total liabilities and stockholders’ equity$12,182,238 $(4,952)$12,177,286 
Condensed Consolidated Balance Sheet
July 15, 2023
As Previously ReportedAdjustmentsAs Corrected
Assets
Cash and cash equivalents$277,064 $(1,838)$275,226 
Receivables, net793,772 (11,081)782,691 
Inventories, net5,067,467 (15,223)5,052,244 
Other current assets188,169 22,988 211,157 
Total current assets6,326,472 (5,154)6,321,318 
Total assets$12,304,376 $(5,154)$12,299,222 
Liabilities and Stockholders’ Equity
Accounts payable$3,780,215 $82,467 $3,862,682 
Accrued expenses685,191 (7,088)678,103 
Total current liabilities5,026,378 75,379 5,101,757 
Total liabilities9,581,189 75,379 9,656,568 
Accumulated other comprehensive loss(36,824)117 (36,707)
Retained earnings4,767,168 (80,650)4,686,518 
Total stockholders’ equity2,723,187 (80,533)2,642,654 
Total liabilities and stockholders’ equity$12,304,376 $(5,154)$12,299,222 


Condensed Consolidated Balance Sheet
October 7, 2023
As Previously ReportedAdjustmentsAs Corrected
Assets
Cash and cash equivalents$317,528 $(974)$316,554 
Receivables, net868,305 (5,045)863,260 
Inventories, net4,949,382 (30,227)4,919,155 
Other current assets185,249 36,475 221,724 
Total current assets6,320,464 229 6,320,693 
Total assets$12,248,932 $229 $12,249,161 
Liabilities and Stockholders’ Equity
Accounts payable$3,943,019 $70,995 $4,014,014 
Accrued expenses714,317 9,766 724,083 
Total current liabilities5,135,939 80,761 5,216,700 
Total liabilities9,602,064 80,761 9,682,825 
Accumulated other comprehensive loss(47,599)574 (47,025)
Retained earnings4,690,424 (81,106)4,609,318 
Total stockholders’ equity2,646,868 (80,532)2,566,336 
Total liabilities and stockholders’ equity$12,248,932 $229 $12,249,161 
Condensed Consolidated Statement of Operations
January 1, 2022
Year Ended
As Previously ReportedAdjustmentsAs Corrected
Cost of sales$6,069,241 $4,798 $6,074,039 
Gross profit4,928,748 (4,798)4,923,950 
Selling, general and administrative expenses4,090,031 11,554 4,101,585 
Operating income838,717 (16,352)822,365 
Other (expense) income, net    4,999 (7,080)(2,081)
Total other, net    (32,792)(7,080)(39,872)
Income before provision for income taxes805,925 (23,432)782,493 
Provision for income taxes189,817 (3,939)185,878 
Net income$616,108 $(19,493)$596,615 
Basic earnings per share$9.62 $(0.30)$9.32 
Diluted earnings per common share$9.55 $(0.30)$9.25 


Condensed Consolidated Statement of Operations
December 31, 2022
Year Ended
As Previously ReportedAdjustmentsAs Corrected
Cost of sales$6,192,622 $29,865 $6,222,487 
Gross profit4,962,100 (29,865)4,932,235 
Selling, general and administrative expenses4,247,949 14,033 4,261,982 
Operating income714,151 (43,898)670,253 
Other (expense) income, net    (6,996)(427)(7,423)
Total other, net    (65,464)(427)(65,891)
Income before provision for income taxes648,687 (44,325)604,362 
Provision for income taxes146,815 (6,855)139,960 
Net income$501,872 $(37,470)$464,402 
Basic earnings per share$8.32 $(0.62)$7.70 
Diluted earnings per common share$8.27 $(0.62)$7.65 
Condensed Consolidated Statement of Operations
April 22, 2023
Sixteen Weeks Ended
As Previously ReportedAdjustmentsAs Corrected
Cost of sales$1,946,931 $8,735 $1,955,666 
Gross profit1,470,663 (8,735)1,461,928 
Selling, general and administrative expenses1,380,664 (16,674)1,363,990 
Operating income89,999 7,939 97,938 
Income before provision for income taxes59,607 7,939 67,546 
Provision for income taxes16,956 2,267 19,223 
Net income$42,651 $5,672 $48,323 
Basic earnings per share$0.72 $0.09 $0.81 
Diluted earnings per common share$0.72 $0.09 $0.81 


Condensed Consolidated Statement of Operations
July 15, 2023
Twelve Weeks EndedTwenty-Eight Weeks Ended
As Previously ReportedAdjustmentsAs CorrectedAs Previously ReportedAdjustmentsAs Corrected
Cost of sales$1,537,997 $7,614 $1,545,611 $3,484,927 $16,350 $3,501,277 
Gross profit1,148,069 (7,614)1,140,455 2,618,732 (16,350)2,602,382 
Selling, general and administrative expenses1,013,701 794 1,014,495 2,394,365 (15,881)2,378,484 
Operating income134,368 (8,408)125,960 224,367 (469)223,898 
Income before provision for income taxes115,183 (8,408)106,775 174,789 (469)174,320 
Provision for income taxes29,821 (1,623)28,198 46,776 644 47,420 
Net income$85,362 $(6,785)$78,577 $128,013 $(1,113)$126,900 
Basic earnings per share$1.44 $(0.12)$1.32 $2.16 $(0.02)$2.14 
Diluted earnings per common share$1.43 $(0.11)$1.32 $2.15 $(0.02)$2.13 
Condensed Consolidated Statement of Operations
October 7, 2023
Twelve Weeks EndedForty Weeks Ended
As Previously ReportedAdjustmentsAs CorrectedAs Previously ReportedAdjustmentsAs Corrected
Cost of sales$1,732,420 $16,379 $1,748,799 $5,220,200 $29,877 $5,250,077 
Gross profit986,659 (16,379)970,280 3,602,538 (29,877)3,572,661 
Selling, general and administrative expenses1,030,355 878 1,031,233 3,407,445 2,272 3,409,717 
Operating (loss) income
(43,696)(17,257)(60,953)195,093 (32,149)162,944 
(Loss) income before provision for income taxes
(64,319)(17,257)(81,576)124,894 (32,149)92,745 
Provision for income taxes(15,686)(3,853)(19,539)34,649 (6,766)27,883 
Net (loss) income
$(48,633)$(13,404)$(62,037)$90,245 $(25,383)$64,862 
Basic (loss) earnings per share
$(0.82)$(0.22)$(1.04)$1.52 $(0.43)$1.09 
Diluted (loss) earnings per common share
$(0.82)$(0.22)$(1.04)$1.51 $(0.42)$1.09 


Condensed Consolidated Statement of Comprehensive Income
January 1, 2022
Year Ended
As Previously ReportedAdjustmentsAs Corrected
Net income$616,108 $(19,493)$596,615 
Currency translation adjustments4,396 (4,455)(59)
Total other comprehensive income (loss)
4,132 (4,455)(323)
Comprehensive income$620,240 $(23,948)$596,292 


Condensed Consolidated Statement of Comprehensive Income
December 31, 2022
Year Ended
As Previously ReportedAdjustmentsAs Corrected
Net income$501,872 $(37,470)$464,402 
Currency translation adjustments(22,330)4,880 (17,450)
Total other comprehensive loss(22,516)4,880 (17,636)
Comprehensive income$479,356 $(32,590)$446,766 
Condensed Consolidated Statement of Comprehensive Income
April 22, 2023
Sixteen Weeks Ended
As Previously ReportedAdjustmentsAs Corrected
Net income$42,651 $5,672 $48,323 
Currency translation adjustments591 (24)567 
Total other comprehensive loss788 (24)764 
Comprehensive income$43,439 $5,648 $49,087 


Condensed Consolidated Statement of Comprehensive Income
July 15, 2023
Twelve Weeks EndedTwenty-Eight Weeks Ended
As Previously ReportedAdjustmentsAs CorrectedAs Previously ReportedAdjustmentsAs Corrected
Net income$85,362 $(6,785)$78,577 $128,013 $(1,113)$126,900 
Currency translation adjustments7,569 (307)7,262 8,160 (331)7,829 
Total other comprehensive income
7,531 (307)7,224 8,319 (331)7,988 
Comprehensive income$92,893 $(7,092)$85,801 $136,332 $(1,444)$134,888 


Condensed Consolidated Statement of Comprehensive Income
October 7, 2023
Twelve Weeks EndedForty Weeks Ended
As Previously ReportedAdjustmentsAs CorrectedAs Previously ReportedAdjustmentsAs Corrected
Net (loss) income
$(48,633)$(13,404)$(62,037)$90,245 $(25,383)$64,862 
Currency translation adjustments(10,737)457 (10,280)(2,577)126 (2,451)
Total other comprehensive loss(10,775)457 (10,318)(2,456)126 (2,330)
Comprehensive (loss) income
$(59,408)$(12,947)$(72,355)$87,789 $(25,257)$62,532 
Condensed Consolidated Statements of Changes in Stockholders’ Equity
Accumulated Other
Comprehensive Loss		Retained
Earnings		Total Stockholders' Equity
Fifty-Two Weeks As Previously Reported
Balance at January 2, 2021$(26,759)$4,196,634 $3,559,512 
Net income— 616,108 616,108 
Total other comprehensive income
4,132 — 4,132 
Balance at January 1, 2022$(22,627)$4,605,791 $3,128,291 
Adjustments
Balance at January 2, 2021$23 $(22,574)$(22,551)
Net Income— (19,493)(19,493)
Total other comprehensive income(4,455)— (4,455)
Balance at January 1, 2022$(4,432)$(42,067)$(46,499)
As Corrected
Balance at January 2, 2021$(26,736)$4,174,060 $3,536,961 
Net income— 596,615 596,615 
Total other comprehensive loss(323)— (323)
Balance at January 1, 2022$(27,059)$4,563,724 $3,081,792 


Condensed Consolidated Statements of Changes in Stockholders’ Equity
Accumulated Other
Comprehensive Loss		Retained
Earnings		Total Stockholders' Equity
Fifty-Two Weeks As Previously Reported
Balance at January 1, 2022$(22,627)$4,605,791 $3,128,291 
Net income— 501,872 501,872 
Total other comprehensive loss(22,516)— (22,516)
Balance at December 31, 2022$(45,143)$4,744,624 $2,678,281 
Adjustments
Balance at January 1, 2022$(4,432)$(42,067)$(46,499)
Net Income— (37,470)(37,470)
Total other comprehensive loss
4,880 — 4,880 
Balance at December 31, 2022$448 $(79,537)$(79,089)
As Corrected
Balance at January 1, 2022$(27,059)$4,563,724 $3,081,792 
Net income— 464,402 464,402 
Total other comprehensive loss(17,636)— (17,636)
Balance at December 31, 2022$(44,695)$4,665,087 $2,599,192 
Condensed Consolidated Statements of Changes in Stockholders’ Equity
Sixteen Weeks Ended April 22, 2023
Accumulated Other
Comprehensive Loss		Retained
Earnings		Total Stockholders' Equity
Sixteen Weeks As Previously Reported
Balance at December 31, 2022$(45,143)$4,744,624 $2,678,281 
Net income— 42,651 42,651 
Total other comprehensive income
788 — 788 
Balance at April 22, 2023$(44,355)$4,697,697 $2,636,161 
Adjustments
Balance at December 31, 2022$448 $(79,537)$(79,089)
Net income— 5,672 5,672 
Total other comprehensive income
(24)— (24)
Balance at April 22, 2023$424 $(73,865)$(73,441)
As Corrected
Balance at December 31, 2022$(44,695)$4,665,087 $2,599,192 
Net income— 48,323 48,323 
Total other comprehensive income
764 — 764 
Balance at April 22, 2023$(43,931)$4,623,832 $2,562,720 


Condensed Consolidated Statements of Changes in Stockholders’ Equity
Twelve Weeks Ended July 15, 2023
Accumulated Other
Comprehensive Loss		Retained
Earnings		Total Stockholders' Equity
Twelve Weeks As Previously Reported
Balance at April 22, 2023$(44,355)$4,697,697 $2,636,161 
Net income— 85,362 85,362 
Total other comprehensive income
7,531 — 7,531 
Balance at July 15, 2023$(36,824)$4,767,168 $2,723,187 
Adjustments
Balance at April 22, 2023$424 $(73,865)$(73,441)
Net income— (6,785)(6,785)
Total other comprehensive income
(307)— (307)
Balance at July 15, 2023$117 $(80,650)$(80,533)
As Corrected
Balance at April 22, 2023$(43,931)$4,623,832 $2,562,720 
Net income— 78,577 78,577 
Total other comprehensive income
7,224 — 7,224 
Balance at July 15, 2023$(36,707)$4,686,518 $2,642,654 
Condensed Consolidated Statements of Changes in Stockholders’ Equity
Twenty-Eight Weeks Ended July 15, 2023
Accumulated Other
Comprehensive Loss		Retained
Earnings		Total Stockholders' Equity
Twenty-Eight Weeks As Previously Reported
Balance at Dec 31, 2022$(45,143)$4,744,624 $2,678,281 
Net income— 128,013 128,013 
Total other comprehensive income
8,319 — 8,319 
Balance at July 15, 2023$(36,824)$4,767,168 $2,723,187 
Adjustments
Balance at Dec 31, 2022$448 $(79,537)$(79,089)
Net income— (1,113)(1,113)
Total other comprehensive income
(331)— (331)
Balance at July 15, 2023$117 $(80,650)$(80,533)
As Corrected
Balance at Dec 31, 2022$(44,695)$4,665,087 $2,599,192 
Net income— 126,900 126,900 
Total other comprehensive income
7,988 — 7,988 
Balance at July 15, 2023$(36,707)$4,686,518 $2,642,654 


Condensed Consolidated Statements of Changes in Stockholders’ Equity
Twelve Weeks Ended October 7, 2023
Accumulated Other
Comprehensive Loss		Retained
Earnings		Total Stockholders' Equity
Twelve Weeks As Previously Reported
Balance at July 15, 2023$(36,824)$4,767,168 $2,723,187 
Net loss
— (48,633)(48,633)
Total other comprehensive loss(10,775)— (10,775)
Balance at October 7, 2023$(47,599)$4,690,424 $2,646,868 
Adjustments
Balance at July 15, 2023$117 $(80,650)$(80,533)
Net loss (1)
— (13,404)(13,404)
Total other comprehensive loss457 — 457 
Balance at October 7, 2023$574 $(81,106)$(80,532)
As Corrected
Balance at July 15, 2023$(36,707)$4,686,518 $2,642,654 
Net loss
— (62,037)(62,037)
Total other comprehensive loss(10,318)— (10,318)
Balance at October 7, 2023$(47,025)$4,609,318 $2,566,336 
(1) Adjustments to retained earnings do not foot due to the previous adjustments made in third quarter 2023.
Condensed Consolidated Statements of Changes in Stockholders’ Equity
Forty Weeks Ended October 7, 2023
Accumulated Other
Comprehensive Loss		Retained
Earnings		Total Stockholders' Equity
Forty Weeks As Previously Reported
Balance at December 31, 2022$(45,143)$4,744,624 $2,678,281 
Net income— 90,245 90,245 
Total other comprehensive loss(2,456)— (2,456)
Balance at October 7, 2023$(47,599)$4,690,424 $2,646,868 
Adjustments
Balance at December 31, 2022$448 $(79,537)$(79,089)
Net income (1)
— (25,383)(25,383)
Total other comprehensive loss126 — 126 
Balance at October 7, 2023$574 $(81,106)$(80,532)
As Corrected
Balance at December 31, 2022$(44,695)$4,665,087 $2,599,192 
Net income— 64,862 64,862 
Total other comprehensive loss(2,330)— (2,330)
Balance at October 7, 2023$(47,025)$4,609,318 $2,566,336 
(1) Adjustments to retained earnings do not foot due to the previous adjustments made in third quarter 2023.


Condensed Consolidated Statement of Cash Flows
Fifty-Two Weeks Ended January 1, 2022
As Previously ReportedAdjustmentsAs Corrected
Net income$616,108 $(19,493)$596,615 
Provision for deferred income taxes68,202 (9,416)58,786 
Net change in:
Receivables, net(32,652)25,196 (7,456)
Inventories, net(120,272)(3,867)(124,139)
Accounts payable281,064 9,978 291,042 
Accrued expenses109,983 (7,638)102,345 
Net cash provided by operating activities1,112,262 (5,240)1,107,022 
Effect of exchange rate changes on cash5,600 (126)5,474 
Net (decrease) increase in cash and cash equivalents
(233,564)(5,366)(238,930)
Cash and cash equivalents, beginning of period834,992 (8,012)826,980 
Cash and cash equivalents, end of period$601,428 $(13,378)$588,050 
Condensed Consolidated Statement of Cash Flows
Fifty-Two Weeks Ended December 31, 2022
As Previously ReportedAdjustmentsAs Corrected
Net income$501,872 $(37,470)$464,402 
Provision for deferred income taxes6,338 10,190 16,528 
Net change in:
Receivables, net81,254 (14,107)67,147 
Inventories, net(272,253)42,610 (229,643)
Accounts payable212,568 15,206 227,774 
Accrued expenses(165,643)(2,080)(167,723)
Net cash provided by operating activities722,222 14,349 736,571 
Effect of exchange rate changes on cash(9,216)552 (8,664)
Net (decrease) increase in cash and cash equivalents(332,146)14,901 (317,245)
Cash and cash equivalents, beginning of period601,428 (13,378)588,050 
Cash and cash equivalents, end of period
$269,282 $1,523 $270,805 


Condensed Consolidated Statement of Cash Flows
Sixteen Weeks Ended April 22, 2023
As Previously ReportedAdjustmentsAs Corrected
Net income$42,651 $5,672 $48,323 
Other, net
391 458 849 
Net change in:
Receivables, net(83,370)(2,457)(85,827)
Inventories, net(100,178)(4,177)(104,355)
Accounts payable(440,995)16,805 (424,190)
Accrued expenses85,035 4,631 89,666 
Other assets and liabilities, net1,534 (24,591)(23,057)
Net cash used in operating activities
(378,865)(3,659)(382,524)
Other, net(3,919)(458)(4,377)
Net cash used in financing activities425,660 (458)425,202 
Effect of exchange rate changes on cash93 (25)68 
Net (decrease) increase in cash and cash equivalents(42,783)(4,142)(46,925)
Cash and cash equivalents, beginning of period
269,282 1,523 270,805 
Cash and cash equivalents, end of period$226,499 $(2,619)$223,880 
Condensed Consolidated Statement of Cash Flows
Twenty-Eight Weeks Ended July 15, 2023
As Previously ReportedAdjustmentsAs Corrected
Net income$128,013 $(1,113)$126,900 
Provision for deferred income taxes16,249 $5,248 $21,497 
Other, net1,170 $458 $1,628 
Net change in:
Receivables, net(93,539)(3,483)(97,022)
Inventories, net(145,148)(3,770)(148,918)
Accounts payable(346,808)27,023 (319,785)
Accrued expenses120,888 (2,107)118,781 
Other assets and liabilities, net(36,008)(24,828)(60,836)
Net cash used in operating activities
(164,559)(2,572)(167,131)
Other, net(4,073)(458)(4,531)
Net cash used in financing activities314,403 (458)313,945 
Effect of exchange rate changes on cash1,280 (331)949 
Net (decrease) increase in cash and cash equivalents7,782 (3,361)4,421 
Cash and cash equivalents, beginning of period269,282 1,523 270,805 
Cash and cash equivalents, end of period$277,064 $(1,838)$275,226 


Condensed Consolidated Statement of Cash Flows
Forty Weeks Ended October 7, 2023
As Previously ReportedAdjustmentsAs Corrected
Net income$90,245 $(25,383)$64,862 
Provision for deferred income taxes(33,059)5,248 (27,811)
Other, net1,499 937 2,436 
Net change in:
Receivables, net(170,371)(9,519)(179,890)
Inventories, net(41,025)15,442 (25,583)
Accounts payable(191,871)28,500 (163,371)
Accrued expenses145,704 21,521 167,225 
Other Assets and Liabilities(45,015)(38,316)(83,331)
Net cash provided by operating activities30,404 (1,570)28,834 
Other, net(4,073)(937)(5,010)
Net cash used in financing activities204,984 (937)204,047 
Effect of exchange rate changes on cash(1,942)10 (1,932)
Net (decrease) increase in cash and cash equivalents48,246 (2,497)45,749 
Cash and cash equivalents, beginning of period269,282 1,523 270,805 
Cash and cash equivalents, end of period$317,528 $(974)$316,554 
v3.24.1.1.u2
Nature of Operations and Basis of Presentation (Details) - store
 3 Months Ended 9 Months Ended
Dec. 30, 2023
Oct. 07, 2023
Nature of Operations and Basis of Presentation [Line Items]    
Immaterial Error Correction, Cost of Goods Sold $52.7 million, $10.2 million
Immaterial Error Correction, Selling, General and Administrative Expenses $19.3 million $17.3 million
Immaterial error correction, Other Nonoperating Income (Expense) $1.7 million  
Stores [Member]    
Nature of Operations and Basis of Presentation [Line Items]    
Number of Stores 4,786  
Branches [Member]    
Nature of Operations and Basis of Presentation [Line Items]    
Number of Stores 321  
Independently-owned Carquest store locations [Member]    
Nature of Operations and Basis of Presentation [Line Items]    
Number of Stores 1,245  
v3.24.1.1.u2
Significant Accounting Policies (Details)
$ in Thousands
 12 Months Ended
Dec. 30, 2023
USD ($)
segment
Dec. 31, 2022
USD ($)
Jan. 01, 2022
USD ($)
Summary of Significant Accounting Policies [Line Items]      
Deferred vendor incentives recorded as a reduction of inventory $ 67,900 $ 77,500  
Number of operating segments | segment 3    
Operating lease right-of-use assets $ 2,578,776 2,607,690  
Operating lease liability $ 2,660,827 $ 2,692,861  
Percentage of sales by product group 100.00% 100.00% 100.00%
Advertising expense $ 151,800 $ 164,000 $ 178,000
Losses from foreign currency transactions included in other income, net $ 3,400 $ 4,800 $ 1,700
Number of reportable segments | segment 1    
Inventory Valuation Reserves $ 116,000    
Parts and Batteries [Member]      
Summary of Significant Accounting Policies [Line Items]      
Percentage of sales by product group 65.00% 66.00% 67.00%
Accessories and Chemicals [Member]      
Summary of Significant Accounting Policies [Line Items]      
Percentage of sales by product group 19.00% 20.00% 20.00%
Engine Maintenance [Member]      
Summary of Significant Accounting Policies [Line Items]      
Percentage of sales by product group 15.00% 13.00% 12.00%
Other [Member]      
Summary of Significant Accounting Policies [Line Items]      
Percentage of sales by product group 1.00% 1.00% 1.00%
v3.24.1.1.u2
Inventories (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Oct. 07, 2023
Jul. 15, 2023
Apr. 22, 2023
Inventory, Net [Abstract]            
Percentage of LIFO inventory (percent) 91.40% 92.40%        
Increase (decrease) to Cost of sales $ (94,600) $ 311,800 $ (122,300)      
Purchasing and Warehousing costs included in inventory 576,900 635,900        
LIFO Method Related Items [Abstract]            
Inventories at first-in, first-out (“FIFO”) 5,041,752 5,174,918        
Adjustments to state inventories at LIFO (184,050) (278,649)        
Inventories at LIFO $ 4,857,702 $ 4,896,269 $ 4,682,635 $ 4,919,155 $ 5,052,244 $ 5,001,157
v3.24.1.1.u2
Goodwill and Intangible Assets - Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Goodwill    
Goodwill, Beginning Balance $ 990,471  
Change in goodwill due to foreign currency translation 1,300 $ 3,300
Goodwill, Ending Balance 991,743 990,471
Finite-Lived Intangible Assets, Accumulated Amortization $ 334,780 $ 305,857
Document Period End Date Dec. 30, 2023  
v3.24.1.1.u2
Goodwill and Intangible Assets - Intangibles (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Acquired Intangible Assets [Line Items]      
Amortization Expense $ 29,500 $ 31,000 $ 31,100
Gross Carrying Amount 390,249 389,585  
Accumulated Amortization (334,780) (305,857)  
Net 55,469 83,728  
Intangible Assets, Gross (Excluding Goodwill) 928,121 926,758  
Intangible Assets, Net (Excluding Goodwill) 593,341 620,901  
Finite-lived intangible assets expected amortization expense      
2024 28,164    
2025 26,633    
2026 380    
2027 292    
Net 55,469 83,728  
Trademarks [Member]      
Acquired Intangible Assets [Line Items]      
Accumulated Amortization 0 0  
Brands, trademark and tradenames 537,872 537,173  
Customer Relationships [Member]      
Acquired Intangible Assets [Line Items]      
Gross Carrying Amount 350,092 349,428  
Accumulated Amortization (296,205) (267,806)  
Net 53,887 81,622  
Finite-lived intangible assets expected amortization expense      
Net 53,887 81,622  
Non-Compete and Other [Member]      
Acquired Intangible Assets [Line Items]      
Gross Carrying Amount 40,157 40,157  
Accumulated Amortization (38,575) (38,051)  
Net 1,582 2,106  
Finite-lived intangible assets expected amortization expense      
Net $ 1,582 $ 2,106  
v3.24.1.1.u2
Receivables, net (Details) - USD ($)
$ in Thousands
Dec. 30, 2023
Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total receivables $ 827,730 $ 700,856
Less: Allowance for doubtful accounts (27,589) (16,808)
Receivables, net 800,141 684,048
Trade [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total receivables 558,953 557,195
Vendor [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total receivables 257,847 133,023
Other [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total receivables $ 10,930 $ 10,638
v3.24.1.1.u2
Long-term Debt and Fair Value of Financial Instruments - Schedule of Debt (Details) - USD ($)
$ in Thousands
Dec. 30, 2023
Mar. 09, 2023
Dec. 31, 2022
Mar. 04, 2022
Sep. 29, 2020
Apr. 16, 2020
Debt Instrument [Line Items]            
Line of Credit Facility, Interest Rate at Period End 7.50%          
Long-term debt, excluding the current portion $ 1,786,361   $ 1,188,283      
Fair value of long-term debt 1,641,409   1,021,396      
Debt, Long-term and Short-term, Combined Amount 1,786,361   1,373,283      
Revolving Credit Facility            
Debt Instrument [Line Items]            
Debt, Long-term and Short-term, Combined Amount 0   185,000      
1.75% senior unsecured notes (2027 Notes)            
Debt Instrument [Line Items]            
Interest rate         1.75%  
3.90% senior unsecured notes (2030 Notes)            
Debt Instrument [Line Items]            
Interest rate           3.90%
3.50% senior unsecured notes (2032 Notes)            
Debt Instrument [Line Items]            
Interest rate       3.50%    
5.95% senior unsecured notes (2028 Notes)            
Debt Instrument [Line Items]            
Interest rate   5.95%        
5.90% senior unsecured notes (2026 Notes)            
Debt Instrument [Line Items]            
Interest rate   5.90%        
Senior Notes | 1.75% senior unsecured notes (2027 Notes)            
Debt Instrument [Line Items]            
Long-term debt $ 347,514   346,947      
Interest rate 1.75%          
Debt issuance costs $ 2,486   3,053      
Senior Notes | 3.90% senior unsecured notes (2030 Notes)            
Debt Instrument [Line Items]            
Long-term debt $ 496,149   495,562      
Interest rate 3.90%         3.90%
Debt issuance costs $ 3,851   4,438      
Senior Notes | 3.50% senior unsecured notes (2032 Notes)            
Debt Instrument [Line Items]            
Long-term debt 346,213   $ 345,774      
Interest rate     3.50% 3.50%    
Debt issuance costs 3,787   $ 4,226      
Senior Notes | 5.95% senior unsecured notes (2028 Notes)            
Debt Instrument [Line Items]            
Long-term debt $ 298,116   0      
Interest rate 5.95% 5.95%        
Debt issuance costs $ 1,884          
Senior Notes | 5.90% senior unsecured notes (2026 Notes)            
Debt Instrument [Line Items]            
Long-term debt $ 298,369   $ 0      
Interest rate 5.90% 5.90%        
Debt issuance costs $ 1,631          
v3.24.1.1.u2
Long-term Debt and Fair Value of Financial Instruments - Additional Information (Details) - USD ($)
 12 Months Ended
Feb. 27, 2023
Dec. 30, 2023
Mar. 09, 2023
Dec. 31, 2022
Apr. 04, 2022
Mar. 04, 2022
Mar. 01, 2022
Nov. 09, 2021
Sep. 29, 2020
Apr. 16, 2020
Dec. 03, 2013
Debt Instrument [Line Items]                      
Basis spread on variable rate 1000.00%                    
Minimum threshold amount   $ 25,000,000                  
Discharged or acceleration period   10 days                  
Minimum percent required in aggregate principal amount of notes outstanding   25.00%                  
Maximum exposure, undiscounted   $ 106,900,000                  
Collateral held   $ 221,200,000                  
ChargesRelatingtoMakeWholeProvisionof2022SeniorUnsecuredNotesAgreement         $ 7,000,000            
ChargesRelatingtoDebtIssuanceCostsfrom2022SeniorUnsecuredNotes         400,000            
Debt Instrument, Restrictive Covenants   $400 million                  
Debt Instrument, Restrictive Covenants, Eliminated   $250 million                  
4.50% senior unsecured notes (2023 Notes)                      
Debt Instrument [Line Items]                      
Interest rate                     4.50%
3.90% senior unsecured notes (2030 Notes)                      
Debt Instrument [Line Items]                      
Interest rate                   3.90%  
1.75% senior unsecured notes (2027 Notes)                      
Debt Instrument [Line Items]                      
Interest rate                 1.75%    
4.50% senior unsecured notes (2022 Notes) [Member]                      
Debt Instrument [Line Items]                      
Repurchased face amount         $ 193,200,000            
3.50% senior unsecured notes (2032 Notes)                      
Debt Instrument [Line Items]                      
Interest rate           3.50%          
Face amount             $ 350,000,000        
Debt issuance, percentage of principal           99.61%          
Debt issuance costs           $ 3,200,000          
5.90% senior unsecured notes (2026 Notes)                      
Debt Instrument [Line Items]                      
Interest rate     5.90%                
Debt issuance costs     $ 1,600,000                
5.95% senior unsecured notes (2028 Notes)                      
Debt Instrument [Line Items]                      
Interest rate     5.95%                
Bilateral Letter of Credit Facility                      
Debt Instrument [Line Items]                      
Letters of credit autstanding   $ 91,200,000   $ 90,200,000              
Senior Notes                      
Debt Instrument [Line Items]                      
Redemption price, percentage   101.00%                  
Senior Notes | 4.50% senior unsecured notes (2023 Notes)                      
Debt Instrument [Line Items]                      
Interest rate                     4.50%
Face amount                     $ 450,000,000
Debt issuance, percentage of principal                     99.69%
Debt issuance costs                 $ 1,400,000    
Repurchased face amount                 256,300,000    
Unamortized premium                 30,500,000    
Senior Notes | 3.90% senior unsecured notes (2030 Notes)                      
Debt Instrument [Line Items]                      
Interest rate   3.90%               3.90%  
Face amount                   $ 500,000,000  
Debt issuance, percentage of principal                   99.65%  
Senior Notes | 1.75% senior unsecured notes (2027 Notes)                      
Debt Instrument [Line Items]                      
Interest rate   1.75%                  
Face amount                 $ 350,000,000    
Debt issuance, percentage of principal                 99.67%    
Debt issuance costs                 $ 2,900,000    
Senior Notes | 3.50% senior unsecured notes (2032 Notes)                      
Debt Instrument [Line Items]                      
Interest rate       3.50%   3.50%          
Senior Notes | 5.90% senior unsecured notes (2026 Notes)                      
Debt Instrument [Line Items]                      
Interest rate   5.90% 5.90%                
Face amount     $ 300,000,000                
Debt issuance, percentage of principal     99.94%                
Senior Notes | 5.95% senior unsecured notes (2028 Notes)                      
Debt Instrument [Line Items]                      
Interest rate   5.95% 5.95%                
Face amount     $ 300,000,000                
Debt issuance, percentage of principal     99.92%                
Debt issuance costs     $ 1,900,000                
Revolving Credit Facility | 2021 Credit Agreement | Letter of Credit                      
Debt Instrument [Line Items]                      
Maximum borrowing capacity               $ 200,000,000      
Revolving Credit Facility | Unsecured Debt | 2021 Credit Agreement                      
Debt Instrument [Line Items]                      
Maximum borrowing capacity               1,200,000,000      
Possible maximum increase               $ 500,000,000      
Long-term line of credit   $ 0   $ 185,000,000              
Remaining borrowing capacity   1,200,000,000                  
Letters of credit autstanding   $ 0   0              
Revolving Credit Facility | Unsecured Debt | 2021 Credit Agreement | Minimum                      
Debt Instrument [Line Items]                      
Basis spread on variable rate   0.08%                  
Revolving Credit Facility | Unsecured Debt | 2021 Credit Agreement | Maximum                      
Debt Instrument [Line Items]                      
Basis spread on variable rate   0.20%                  
Revolving Credit Facility | Unsecured Debt | 2021 Credit Agreement | Base Rate | Minimum                      
Debt Instrument [Line Items]                      
Basis spread on variable rate   0.00%                  
Revolving Credit Facility | Unsecured Debt | 2021 Credit Agreement | Base Rate | Maximum                      
Debt Instrument [Line Items]                      
Basis spread on variable rate   0.30%                  
Revolving Credit Facility | Unsecured Debt | 2021 Credit Agreement | London Interbank Offered Rate | Minimum                      
Debt Instrument [Line Items]                      
Basis spread on variable rate   0.795%                  
Revolving Credit Facility | Unsecured Debt | 2021 Credit Agreement | London Interbank Offered Rate | Maximum                      
Debt Instrument [Line Items]                      
Basis spread on variable rate   1.30%                  
Revolving Credit Facility | Unsecured Debt | 2017 Credit Agreement                      
Debt Instrument [Line Items]                      
Remaining borrowing capacity       $ 1,000,000,000              
Commitment fee percentage   0.125%                  
Revolving Credit Facility | Unsecured Debt | 2017 Credit Agreement | Base Rate                      
Debt Instrument [Line Items]                      
Basis spread on variable rate   0.00%                  
Revolving Credit Facility | Unsecured Debt | 2017 Credit Agreement | London Interbank Offered Rate                      
Debt Instrument [Line Items]                      
Basis spread on variable rate   1.00%                  
v3.24.1.1.u2
Long-term Debt and Fair Value of Financial Instruments - Future Payments (Details)
$ in Thousands
Dec. 30, 2023
USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]  
2024 $ 0
2025 0
2026 300,000
2027 350,000
2028 300,000
2028 850,000
Future payment $ 1,800,000
v3.24.1.1.u2
Property and Equipment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Property, Plant and Equipment [Line Items]      
Property and Equipment, Gross $ 4,506,272 $ 4,280,521  
Accumulated depreciation (2,857,726) (2,590,382)  
Property and Equipment, Net 1,648,546 1,690,139  
Depreciation 276,900 252,800 $ 228,800
Capitalized Computer Software, Gross 1,000,000 922,900  
Capitalized Computer Software, Accumulated Amortization 711,400 617,100  
Land and Land Improvements [Member]      
Property, Plant and Equipment [Line Items]      
Property and Equipment, Gross 470,890 471,349  
Building [Member]      
Property, Plant and Equipment [Line Items]      
Property and Equipment, Gross 543,467 535,884  
Building and Leasehold Improvements [Member]      
Property, Plant and Equipment [Line Items]      
Property and Equipment, Gross 800,621 722,006  
Furniture, Fixtures and Equipment [Member]      
Property, Plant and Equipment [Line Items]      
Property and Equipment, Gross $ 2,563,043 2,398,818  
Vehicles [Member]      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Useful Life 3 years    
Property and Equipment, Gross $ 14,539 14,549  
Construction in Progress [Member]      
Property, Plant and Equipment [Line Items]      
Property and Equipment, Gross $ 113,712 $ 137,915  
Minimum | Software Development [Member]      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Useful Life 3 years    
Minimum | Building [Member]      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Useful Life 30 years    
Minimum | Building and Leasehold Improvements [Member]      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Useful Life 3 years    
Minimum | Furniture, Fixtures and Equipment [Member]      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Useful Life 3 years    
Maximum | Software Development [Member]      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Useful Life 10 years    
Maximum | Land and Land Improvements [Member]      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Useful Life 10 years    
Maximum | Building [Member]      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Useful Life 40 years    
Maximum | Building and Leasehold Improvements [Member]      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Useful Life 15 years    
Maximum | Furniture, Fixtures and Equipment [Member]      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Useful Life 20 years    
v3.24.1.1.u2
Leases and Other Commitments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Lessee, Lease, Description [Line Items]    
Total operating lease liabilities $ 2,660,827 $ 2,692,861
Less: Current portion of operating lease liabilities (445,061) (414,543)
Non-current operating lease liabilities $ 2,215,766 $ 2,278,318
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Other current liabilities Other current liabilities
Operating lease cost $ 572,024 $ 563,959
Variable lease cost 177,504 171,621
Total lease cost 749,528 735,580
2024 539,836  
2025 582,552  
2026 466,443  
2027 383,426  
2028 294,932  
Thereafter 775,662  
Total lease payments 3,042,851  
Less: Imputed interest (382,024)  
Lessee Option to Extend Reasonably Certain 30,000  
Operating lease legally binding minimum payments for lease that have not yet commenced $ 49,700  
Operating Lease, Weighted Average Remaining Lease Term 6 years 6 months  
Operating Lease, Weighted Average Discount Rate, Percent 3.90%  
Operating cash flows from operating leases $ 603,108 624,484
Operating leases $ 447,988 432,497
Unrecorded Unconditional Purchase Obligation   $ 133,000
Document Period End Date Dec. 30, 2023  
Facilities [Member]    
Lessee, Lease, Description [Line Items]    
Renewal term 5 years  
Facilities [Member] | Minimum    
Lessee, Lease, Description [Line Items]    
Typical initial term 5 years  
Facilities [Member] | Maximum    
Lessee, Lease, Description [Line Items]    
Typical initial term 10 years  
Equipment [Member] | Minimum    
Lessee, Lease, Description [Line Items]    
Typical initial term 3 years  
Equipment [Member] | Maximum    
Lessee, Lease, Description [Line Items]    
Typical initial term 6 years  
v3.24.1.1.u2
Accrued Expenses (Details) - USD ($)
$ in Thousands
Dec. 30, 2023
Oct. 07, 2023
Jul. 15, 2023
Apr. 22, 2023
Dec. 31, 2022
Jan. 01, 2022
Payables and Accruals [Abstract]            
Payroll and related benefits $ 161,607       $ 155,441  
Accrued expenses 671,237 $ 724,083 $ 678,103 $ 717,938 629,464 $ 774,149
Taxes payable 118,791       84,454  
Self-insurance reserves 74,536       72,337  
Capital expenditures 5,287       8,927  
Accrued Rebates 51,656       42,415  
Accrued Professional Fees, Current 14,425       22,317  
Other 176,747       200,548  
Total accrued expenses 671,237       629,464  
Movement in Standard Product Warranty Accrual [Roll Forward]            
Inventory related accruals $ 68,188       $ 43,025  
v3.24.1.1.u2
Share Repurchase Program (Details) - USD ($)
$ / shares in Units, $ in Thousands, shares in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 30, 2023
Feb. 08, 2022
Apr. 19, 2021
Nov. 08, 2019
Equity, Class of Treasury Stock [Line Items]          
Shares repurchased (shares) 3.0        
Aggregate cost of shares repurchased $ 598,200        
Average repurchase price (in usd per share) $ 201.88        
Remaining amount authorized under Share Repurchase Program   $ 947,300      
August 2019 Share Repurchase Program [Member]          
Equity, Class of Treasury Stock [Line Items]          
Authorized amount under Share Repurchase Program     $ 1,000,000 $ 1,000,000 $ 700,000
v3.24.1.1.u2
Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 4 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Oct. 07, 2023
Jul. 15, 2023
Apr. 22, 2023
Jul. 15, 2023
Oct. 07, 2023
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Earnings Per Share [Abstract]                
Net income $ (62,037) $ 78,577 $ 48,323 $ 126,900 $ 64,862 $ 29,735 $ 464,402 $ 596,615
Basic weighted average common shares           59,432 60,351 64,028
Dilutive impact of share-based awards           176 366 481
Diluted weighted average common shares           59,608 60,717 64,509
Basic earnings per common share, Net income applicable to common stockholders (in usd per share) $ (1.04) $ 1.32 $ 0.81 $ 2.14 $ 1.09 $ 0.50 $ 7.70 $ 9.32
Diluted earnings per common share, Net income applicable to common stockholders (in usd per share) $ (1.04) $ 1.32 $ 0.81 $ 2.13 $ 1.09 $ 0.50 $ 7.65 $ 9.25
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount           299 115 9
v3.24.1.1.u2
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 4 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Oct. 07, 2023
Jul. 15, 2023
Apr. 22, 2023
Jul. 15, 2023
Oct. 07, 2023
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Federal:                
Current Federal Tax Expense (Benefit)           $ 20,363 $ 81,564 $ 83,979
Deferred Federal Income Tax Expense (Benefit)           (36,935) 12,609 47,558
Federal Income Tax Expense (Benefit), Continuing Operations           (16,572) 94,173 131,537
State:                
Current State and Local Tax Expense (Benefit)           6,137 15,902 22,927
Deferred State and Local Income Tax Expense (Benefit)           (11,321) 5,546 10,240
State and Local Income Tax Expense (Benefit), Continuing Operations           (5,184) 21,448 33,167
Foreign:                
Current Foreign Tax Expense (Benefit)           23,394 25,966 20,186
Deferred Foreign Income Tax Expense (Benefit)           474 (1,627) 988
Foreign Income Tax Expense (Benefit), Continuing Operations           23,868 24,339 21,174
Current Income Tax Expense (Benefit)           49,894 123,432 127,092
Provision for deferred income taxes       $ 21,497 $ (27,811) (47,782) 16,528 58,786
Income Tax Expense (Benefit) $ (19,539) $ 28,198 $ 19,223 47,420 27,883 2,112 139,960 185,878
Effective Income Tax Rate Reconciliation, Amount [Abstract]                
Income before provision for income taxes at statutory U.S. federal income tax rate (21% for 2023, 2022 and 2021)           6,689 126,730 163,965
State income taxes, net of federal income tax           (4,962) 16,222 27,517
Other, net           385 (2,992) (5,604)
Income Tax Expense (Benefit) $ (19,539) $ 28,198 19,223 47,420 27,883 2,112 139,960 185,878
Deferred income tax assets:                
Accrued expenses not currently deductible for tax           22,377 19,589  
Share-based compensation           10,698 12,642  
Accrued medical and workers compensation           9,704 13,666  
Net operating loss carryforwards           3,273 3,577  
Deferred Tax Assets Operating Lease Liabilities           670,030 678,432  
Other, net           13,602 9,291  
Total deferred income tax assets before valuation allowances           729,684 737,197  
Less: Valuation allowance           (5,179) (5,036)  
Total deferred income tax assets           724,505 732,161  
Deferred income tax liabilities:                
Property and equipment           (91,084) (125,651)  
Inventories           (219,446) (226,499)  
Intangible assets           (136,366) (137,464)  
Deferred Tax Liabilities Operating Lease Assets           (640,151) (653,296)  
Total deferred income tax liabilities           (1,087,047) (1,142,910)  
Net deferred income tax liabilities           (362,542) (410,749)  
Deferred Tax Assets, Valuation Allowance less Foreign Tax Carryfowards           2,900 3,000  
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]                
Unrecognized tax benefits, beginning of period     $ 15,211 $ 15,211 $ 15,211 15,211 20,979 26,967
Increases related to prior period tax positions           245 75 484
Decreases related to prior period tax positions           0 (261) (849)
Increases related to current period tax positions           563 928 2,240
Settlements           0 (256) (2,993)
Expiration of statute of limitations           (4,829) (6,254) (4,870)
Unrecognized tax benefits, end of period           11,190 15,211 20,979
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense [Abstract]                
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense/(Gain)           200 600 $ 700
Unrecognized Tax Benefits, Interest on Income Taxes Accrued           2,500 2,700  
Unrecognized Tax Benefits, Income Tax Penalties Accrued           100    
Undistributed Earnings of Foreign Subsidiaries           $ 118,300 $ 98,700  
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent           21.00% 21.00% 21.00%
Tax Credit Carryforward, Valuation Allowance           $ 2,200    
Effective Income Tax Rate Reconciliation, Percent           6.60% 23.20% 23.80%
State and Local Jurisdiction [Member]                
Deferred income tax liabilities:                
Operating Loss Carryforwards           $ 102,200 $ 108,900  
v3.24.1.1.u2
Benefit Plans (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Postemployment Benefits [Abstract]      
Company contributions to defined contribution benefit plan $ 26.3 $ 24.5 $ 27.3
Deferred compensation plan liability $ 14.3 $ 13.7  
v3.24.1.1.u2
Share-Based Compensation (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of Shares Available for Grant 2,400    
Share-based compensation expense $ 45,647 $ 50,978 $ 63,067
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Deferred income tax benefit 11,000 $ 12,500 15,200
Unrecognized compensation expense $ 69,500    
Weighted average period unrecognized compensation expense expected to be recognized 1 year 6 months    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number 417 206  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price $ 124.59    
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price $ 94.03    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures 316    
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price $ 0 $ 190.75  
Issuance of shares upon the exercise of stock appreciation rights (in shares) 0 (3)  
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price $ 162.54    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period (104)    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value $ 529    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term 8 years 8 months 12 days    
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value $ 0    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price $ 186.22    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number 80    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value $ 28.97    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term 6 years 10 months 24 days    
Performance Shares [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense $ 6,400 $ 11,800 $ 22,800
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Nonvested, beginning of period 105    
Granted 22 0  
Granted, Weighted Average Grant Date Fair Value $ 135.13 $ 0 $ 0
Change in Units Based on Performance (15)    
Change in Units Based on Performance, Weighted Average Exercise Price $ 137.11    
Vested (112)    
Vested, Weighted Average Exercise Price $ 130.88    
Forfeited 0    
Forfeited, Weighted Average Grant Date Fair Value $ 130.03    
Nonvested, end of period 0 105  
Nonvested, Weighted Average Grant Date Fair Value $ 0 $ 130.88  
Maximum potential payout of outstanding awards for Equity Instruments Other than Options 44    
Total grant date fair value of vested $ 14,711 $ 12,460 $ 7,987
Market Based Shares [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]      
Risk-free interest rate (1) 4.60% 1.60% 0.30%
Expected dividend yield 0.00% 0.00% 0.00%
Expected stock price volatility (2) 37.40% 34.60% 36.00%
Liquidity discount for post-vest restrictions 12.20%    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Nonvested, beginning of period 135    
Granted 73    
Granted, Weighted Average Grant Date Fair Value $ 139.75 $ 205.52 $ 204.97
Change in Units Based on Performance 0    
Change in Units Based on Performance, Weighted Average Exercise Price $ 0    
Vested (30)    
Vested, Weighted Average Exercise Price $ 145.04    
Forfeited (55)    
Forfeited, Weighted Average Grant Date Fair Value $ 173.13    
Nonvested, end of period 123 135  
Nonvested, Weighted Average Grant Date Fair Value $ 180.63 $ 191.72  
Maximum potential payout of outstanding awards for Equity Instruments Other than Options   255  
Total grant date fair value of vested $ 4,400 $ 3,695 $ 3,650
Deferred Stock Units [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense $ 3,400 $ 1,700 $ 1,600
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Granted 74 9,000 10,000
Granted, Weighted Average Grant Date Fair Value $ 66.60 $ 193.05 $ 191.24
Employee Stock [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of Shares Available for Grant 2,500    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Purchase discount of fair market value (percent) 10.00%    
Team Member annual purchase limit $ 25    
Team Member annual purchase limit, percentage of compensation (percent) 10.00%    
Share-based Payment Arrangement, Option      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period 10 years    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Expected life of awards (in months) (3) 6 years    
Restricted Stock Units (RSUs) [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Nonvested, beginning of period 394    
Granted 627    
Granted, Weighted Average Grant Date Fair Value $ 89.81 $ 196.61 $ 183.41
Change in Units Based on Performance 0    
Change in Units Based on Performance, Weighted Average Exercise Price $ 0    
Vested (195)    
Vested, Weighted Average Exercise Price $ 169.61    
Forfeited (126)    
Forfeited, Weighted Average Grant Date Fair Value $ 139.70    
Nonvested, end of period 700 394  
Nonvested, Weighted Average Grant Date Fair Value $ 109.56 $ 180.41  
Total grant date fair value of vested $ 33,125 $ 34,685 $ 34,555
Minimum | Performance Shares [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Typical number of awards vesting at end of period (percent) 0.00%    
Minimum | Share-based Payment Arrangement, Option      
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]      
Risk-free interest rate (1) 4.08%    
Expected dividend yield 1.45%    
Expected stock price volatility (2) 35.10%    
Maximum | Performance Shares [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Typical number of awards vesting at end of period (percent) 200.00%    
Maximum | Share-based Payment Arrangement, Option      
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]      
Risk-free interest rate (1) 4.31%    
Expected dividend yield 4.05%    
Expected stock price volatility (2) 42.90%    
v3.24.1.1.u2
Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Balance, Beginning of Period $ (44,695) $ (27,059)  
Activity (7,537) (17,636) $ (323)
Balance, End of Period (52,232) (44,695) (27,059)
Unrealized Gain (Loss) on Postretirement Plan      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Balance, Beginning of Period 720 906 1,170
Activity 82 (186) (264)
Balance, End of Period 802 720 906
Foreign Currency Translation      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Balance, Beginning of Period (45,415) (27,965) (27,906)
Activity (7,619) (17,450) (59)
Balance, End of Period (53,034) (45,415) (27,965)
Accumulated Other Comprehensive (Loss) Income      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Balance, Beginning of Period (44,695) (27,059) (26,736)
Activity (7,537) (17,636) (323)
Balance, End of Period $ (52,232) $ (44,695) $ (27,059)
v3.24.1.1.u2
Valuation and Qualifying Accounts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Allowance for Doubtful Accounts Receivable, Current, Beginning of Period $ 16,808    
Allowance for Doubtful Accounts Receivable, Current, End of Period 27,589 $ 16,808  
SEC Schedule, 12-09, Allowance, Credit Loss [Member]      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Allowance for Doubtful Accounts Receivable, Current, Beginning of Period 16,808 10,162 $ 11,929
Valuation Allowances and Reserves, Charged to Cost and Expense 22,112 25,994 11,125
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction (11,331) (19,348) (12,892)
Allowance for Doubtful Accounts Receivable, Current, End of Period $ 27,589 $ 16,808 $ 10,162
v3.24.1.1.u2
Immaterial Restatement of Prior Period Financial Statements (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 4 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Oct. 07, 2023
Jul. 15, 2023
Apr. 22, 2023
Jul. 15, 2023
Oct. 07, 2023
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Jan. 02, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]                  
Inventories $ 4,919,155 $ 5,052,244 $ 5,001,157 $ 5,052,244 $ 4,919,155 $ 4,857,702 $ 4,896,269 $ 4,682,635  
Other current assets 221,724 211,157 201,717 211,157 221,724 215,707 163,695    
Total current assets 6,320,693 6,321,318 6,196,740 6,321,318 6,320,693 6,377,021 6,014,817 6,257,044  
Assets 12,249,161 12,299,222 12,177,286 12,299,222 12,249,161 12,276,326 11,986,447 12,175,777  
Accounts payable 4,014,014 3,862,682 3,754,998 3,862,682 4,014,014 4,177,974 4,178,907 3,966,574  
Accrued expenses 724,083 678,103 717,938 678,103 724,083 671,237 629,464 774,149  
Liabilities 9,682,825 9,656,568 9,614,566 9,656,568 9,682,825 9,756,598 9,387,255 9,093,985  
Accumulated other comprehensive loss (47,025) (36,707) (43,931) (36,707) (47,025) (52,232) (44,695) (27,059)  
Retained earnings 4,609,318 4,686,518 4,623,832 4,686,518 4,609,318 4,559,139 4,665,087    
Stockholders' equity 2,566,336 2,642,654 2,562,720 2,642,654 2,566,336 2,519,728 2,599,192 3,081,792 $ 3,536,961
Liabilities and Equity 12,249,161 12,299,222 12,177,286 12,299,222 12,249,161 12,276,326 11,986,447 12,175,777  
Total current liabilities 5,216,700 5,101,757 5,055,352 5,101,757 5,216,700 5,307,405 5,420,851 5,221,972  
Deferred income taxes     417,736     362,542 410,749 395,168  
Other Liabilities, Noncurrent     87,602     84,524 89,054 104,874  
Cost of sales 1,748,799 1,545,611 1,955,666 3,501,277 5,250,077 6,764,105 6,222,487 6,074,039  
Gross profit 970,280 1,140,455 1,461,928 2,602,382 3,572,661 4,523,502 4,932,235 4,923,950  
Selling, general and administrative expenses 1,031,233 1,014,495 1,363,990 2,378,484 3,409,717 4,409,125 4,261,982 4,101,585  
Operating income (60,953) 125,960 97,938 223,898 162,944 114,377 670,253 822,365  
Other income (expense), net           5,525 (7,423) (2,081)  
Total other, net           (82,530) (65,891) (39,872)  
Income before provision for income taxes (81,576) 106,775 67,546 174,320 92,745 31,847 604,362 782,493  
Provision for income taxes (19,539) 28,198 19,223 47,420 27,883 2,112 139,960 185,878  
Net Income (Loss) (62,037) 78,577 48,323 126,900 64,862 29,735 464,402 596,615  
Provision for deferred income taxes       21,497 (27,811) (47,782) 16,528 58,786  
Other Noncash Income (Expense)     849 1,628 2,436 (3,267) (2,587) 7,985  
Receivables, net     85,827 97,022 179,890 (114,665) 67,147 (7,456)  
Inventories     (104,355) 148,918 25,583 44,821 (229,643) (124,139)  
Accounts payable     (424,190) (319,785) (163,371) (4,645) 227,774 291,042  
Accrued expenses     89,666 118,781 167,225 115,673 (167,723) 102,345  
Other assets and liabilities, net     23,057 60,836 83,331 (91,987) 9,732 (134,135)  
Net Cash Provided by Operating Activities     (382,524) (167,131) 28,834 287,375 736,571 1,107,022  
Other, net     (4,377) (4,531) (5,010) (1,493) 1,469 3,021  
Net Cash Provided by (Used in) Financing Activities     425,202 313,945 204,047 189,267 (620,704) (1,064,112)  
Effect of exchange rate changes on cash     68 949 (1,932) (8,487) (8,664) 5,474  
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect     (46,925) 4,421 45,749 232,666 (317,245) (238,930)  
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents 316,554 275,226 223,880 275,226 316,554 503,471 270,805 588,050 826,980
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax (10,280) 7,262 567 7,829 (2,451) (7,619) (17,450) (59)  
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest (10,318) 7,224 764 7,988 (2,330)   (17,636) (323)  
Comprehensive Income (Loss) $ (72,355) $ 85,801 $ 49,087 $ 134,888 $ 62,532 $ 22,198 $ 446,766 $ 596,292  
Basic earnings per common share (in usd per share) $ (1.04) $ 1.32 $ 0.81 $ 2.14 $ 1.09 $ 0.50 $ 7.70 $ 9.32  
Diluted earnings per common share (in usd per share) $ (1.04) $ 1.32 $ 0.81 $ 2.13 $ 1.09 $ 0.50 $ 7.65 $ 9.25  
Weighted average common shares outstanding - assuming dilution           59,608 60,717 64,509  
Receivables, net $ 863,260 $ 782,691 $ 769,986 $ 782,691 $ 863,260 $ 800,141 $ 684,048 $ 754,114  
Cash and cash equivalents 316,554 275,226 223,880 275,226 316,554 503,471 270,805 588,050  
Retained Earnings                  
Error Corrections and Prior Period Adjustments Restatement [Line Items]                  
Retained earnings               4,563,724  
Stockholders' equity 4,609,318 4,686,518 4,623,832 4,686,518 4,609,318 4,559,139 4,665,087 4,563,724 4,174,060
Net Income (Loss) (62,037) 78,577 48,323 126,900 64,862 29,735 464,402 596,615  
Accumulated Other Comprehensive (Loss) Income                  
Error Corrections and Prior Period Adjustments Restatement [Line Items]                  
Accumulated other comprehensive loss           (52,232) (44,695) (27,059) (26,736)
Stockholders' equity (47,025) (36,707) (43,931) (36,707) (47,025) $ (52,232) (44,695) (27,059) (26,736)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest (10,318) 7,224 764 7,988 (2,330)   (17,636) (323)  
Previously Reported                  
Error Corrections and Prior Period Adjustments Restatement [Line Items]                  
Inventories   5,067,467 5,015,973 5,067,467     4,915,262 4,659,018  
Other current assets   188,169 177,127 188,169          
Total current assets   6,326,472 6,201,692 6,326,472     6,046,852 6,275,476  
Assets   12,304,376 12,182,238 12,304,376     12,018,482 12,194,209  
Accounts payable   3,780,215 3,682,749 3,780,215     4,123,462 3,922,007  
Accrued expenses   685,191 718,290 685,191     634,447 777,051  
Liabilities   9,581,189 9,546,077 9,581,189     9,340,201 9,065,918  
Accumulated other comprehensive loss   (36,824) (44,355) (36,824)     (45,143) (22,627)  
Retained earnings   4,767,168 4,697,697 4,767,168     4,744,624 4,605,791  
Stockholders' equity   2,723,187 2,636,161 2,723,187     2,678,281 3,128,291 3,559,512
Liabilities and Equity   12,304,376 12,182,238 12,304,376     12,018,482 12,194,209  
Total current liabilities   5,026,378 4,983,455 5,026,378     5,370,389 5,180,307  
Deferred income taxes     422,984       415,997 410,606  
Other Liabilities, Noncurrent     85,762       87,214 103,034  
Cost of sales   1,537,997 1,946,931 3,484,927     6,192,622 6,069,241  
Gross profit   1,148,069 1,470,663 2,618,732     4,962,100 4,928,748  
Selling, general and administrative expenses   1,013,701 1,380,664 2,394,365     4,247,949 4,090,031  
Operating income   134,368 89,999 224,367     714,151 838,717  
Other income (expense), net             (6,996) 4,999  
Total other, net             (65,464) (32,792)  
Income before provision for income taxes   115,183 59,607 174,789     648,687 805,925  
Provision for income taxes   29,821 16,956 46,776     146,815 189,817  
Net Income (Loss)   85,362 42,651 128,013     501,872 616,108  
Provision for deferred income taxes       16,249     6,338 68,202  
Other Noncash Income (Expense)     391 1,170          
Receivables, net     83,370 93,539     81,254 32,652  
Inventories     100,178 145,148     272,253 120,272  
Accounts payable     (440,995) (346,808)     212,568 281,064  
Accrued expenses     85,035 120,888     (165,643) 109,983  
Other assets and liabilities, net     (1,534) 36,008          
Net Cash Provided by Operating Activities     (378,865) (164,559)     722,222 1,112,262  
Other, net     (3,919) (4,073)          
Net Cash Provided by (Used in) Financing Activities     425,660 314,403          
Effect of exchange rate changes on cash     93 1,280     (9,216) 5,600  
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect     (42,783) 7,782     (332,146) (233,564)  
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents   277,064 226,499 277,064     269,282 601,428 834,992
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax   7,569 591 8,160     (22,330) 4,396  
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest   7,531 788 8,319     (22,516) 4,132  
Comprehensive Income (Loss)   $ 92,893 $ 43,439 $ 136,332     $ 479,356 $ 620,240  
Basic earnings per common share (in usd per share)   $ 1.44 $ 0.72 $ 2.16     $ 8.32 $ 9.62  
Diluted earnings per common share (in usd per share)   $ 1.43 $ 0.72 $ 2.15     $ 8.27 $ 9.55  
Receivables, net   $ 793,772 $ 782,093 $ 793,772     $ 698,613 $ 782,785  
Cash and cash equivalents   277,064 226,499 277,064     269,282 601,428  
Previously Reported | Retained Earnings                  
Error Corrections and Prior Period Adjustments Restatement [Line Items]                  
Stockholders' equity   4,767,168 4,697,697 4,767,168     4,744,624 4,605,791 4,196,634
Net Income (Loss)   85,362 42,651 128,013     501,872 616,108  
Previously Reported | Accumulated Other Comprehensive (Loss) Income                  
Error Corrections and Prior Period Adjustments Restatement [Line Items]                  
Stockholders' equity   (36,824) (44,355) (36,824)     (45,143) (22,627) (26,759)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest   7,531 788 8,319 (2,456)   (22,516) 4,132  
Revision of Prior Period, Adjustment                  
Error Corrections and Prior Period Adjustments Restatement [Line Items]                  
Inventories   (15,223) (14,816) (15,223)     (18,993) 23,617  
Other current assets   22,988 24,590 22,988          
Total current assets   (5,154) (4,952) (5,154)     (32,035) (18,432)  
Assets   (5,154) (4,952) (5,154)     (32,035) (18,432)  
Accounts payable   82,467 72,249 82,467     55,445 44,567  
Accrued expenses   (7,088) (352) (7,088)     (4,983) (2,902)  
Liabilities   75,379 68,489 75,379     47,054 28,067  
Accumulated other comprehensive loss   117 424 117     448 (4,432)  
Retained earnings   (80,650) (73,865) (80,650)     (79,537) (42,067)  
Stockholders' equity   (80,533) (73,441) (80,533)     (79,089) (46,499) (22,551)
Liabilities and Equity   (5,154) (4,952) (5,154)     (32,035) (18,432)  
Total current liabilities   75,379 71,897 75,379     50,462 41,665  
Deferred income taxes     (5,248)       (5,248) (15,438)  
Other Liabilities, Noncurrent     1,840       1,840 1,840  
Cost of sales   7,614 8,735 16,350     29,865 4,798  
Gross profit   (7,614) (8,735) (16,350)     (29,865) (4,798)  
Selling, general and administrative expenses   794 (16,674) (15,881)     14,033 11,554  
Operating income   (8,408) 7,939 (469)     (43,898) (16,352)  
Other income (expense), net             (427) (7,080)  
Total other, net             (427) (7,080)  
Income before provision for income taxes   (8,408) 7,939 (469)     (44,325) (23,432)  
Provision for income taxes   (1,623) 2,267 644     (6,855) (3,939)  
Net Income (Loss)   (6,785) 5,672 (1,113)     (37,470) (19,493)  
Provision for deferred income taxes       5,248     10,190 (9,416)  
Other Noncash Income (Expense)     458 458          
Receivables, net     2,457 3,483     14,107 (25,196)  
Inventories     4,177 3,770     (42,610) 3,867  
Accounts payable     16,805 27,023     15,206 9,978  
Accrued expenses     4,631 (2,107)     (2,080) (7,638)  
Other assets and liabilities, net     24,591 24,828          
Net Cash Provided by Operating Activities     (3,659) (2,572)     14,349 (5,240)  
Other, net     (458) (458)          
Net Cash Provided by (Used in) Financing Activities     (458) (458)          
Effect of exchange rate changes on cash     (25) (331)     552 (126)  
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect     (4,142) (3,361)     14,901 (5,366)  
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents   (1,838) (2,619) (1,838)     1,523 (13,378) (8,012)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax   (307) (24) (331)     4,880 (4,455)  
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest   (307) (24) (331)     4,880 (4,455)  
Comprehensive Income (Loss)   $ (7,092) $ 5,648 $ (1,444)     $ (32,590) $ (23,948)  
Basic earnings per common share (in usd per share)   $ (0.12) $ 0.09 $ (0.02)     $ (0.62) $ (0.30)  
Diluted earnings per common share (in usd per share)   $ (0.11) $ 0.09 $ (0.02)     $ (0.62) $ (0.30)  
Receivables, net   $ (11,081) $ (12,107) $ (11,081)     $ (14,565) $ (28,671)  
Cash and cash equivalents   (1,838) (2,619) (1,838)     1,523 (13,378)  
Revision of Prior Period, Adjustment | Retained Earnings                  
Error Corrections and Prior Period Adjustments Restatement [Line Items]                  
Stockholders' equity   (80,650) (73,865) (80,650)     (79,537) (42,067) (22,574)
Net Income (Loss)   (6,785) 5,672 (1,113)     (37,470) (19,493)  
Revision of Prior Period, Adjustment | Accumulated Other Comprehensive (Loss) Income                  
Error Corrections and Prior Period Adjustments Restatement [Line Items]                  
Stockholders' equity   117 424 117     448 (4,432) $ 23
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest   (307) $ (24) (331)     4,880 $ (4,455)  
Previously Reported, Revised                  
Error Corrections and Prior Period Adjustments Restatement [Line Items]                  
Inventories 4,949,382       4,949,382        
Other current assets 185,249       185,249        
Total current assets 6,320,464       6,320,464        
Assets 12,248,932       12,248,932        
Accounts payable 3,943,019       3,943,019        
Accrued expenses 714,317       714,317        
Liabilities 9,602,064       9,602,064        
Accumulated other comprehensive loss (47,599)       (47,599)        
Retained earnings 4,690,424       4,690,424        
Stockholders' equity 2,646,868 2,723,187   2,723,187 2,646,868   2,678,281    
Liabilities and Equity 12,248,932       12,248,932        
Total current liabilities 5,135,939       5,135,939        
Cost of sales 1,732,420       5,220,200        
Gross profit 986,659       3,602,538        
Selling, general and administrative expenses 1,030,355       3,407,445        
Operating income (43,696)       195,093        
Income before provision for income taxes (64,319)       124,894        
Provision for income taxes (15,686)       34,649        
Net Income (Loss) (48,633)       90,245        
Provision for deferred income taxes         (33,059)        
Other Noncash Income (Expense)         1,499        
Receivables, net         170,371        
Inventories         41,025        
Accounts payable         (191,871)        
Accrued expenses         145,704        
Other assets and liabilities, net         45,015        
Net Cash Provided by Operating Activities         30,404        
Other, net         (4,073)        
Net Cash Provided by (Used in) Financing Activities         204,984        
Effect of exchange rate changes on cash         (1,942)        
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect         48,246        
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents 317,528       317,528   269,282    
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax (10,737)       (2,577)        
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest (10,775)       (2,456)        
Comprehensive Income (Loss) $ (59,408)       $ 87,789        
Basic earnings per common share (in usd per share) $ (0.82)       $ 1.52        
Diluted earnings per common share (in usd per share) $ (0.82)       $ 1.51        
Receivables, net $ 868,305       $ 868,305        
Cash and cash equivalents 317,528       317,528        
Previously Reported, Revised | Retained Earnings                  
Error Corrections and Prior Period Adjustments Restatement [Line Items]                  
Stockholders' equity 4,690,424 4,767,168   4,767,168 4,690,424   4,744,624    
Net Income (Loss) (48,633)       90,245        
Previously Reported, Revised | Accumulated Other Comprehensive (Loss) Income                  
Error Corrections and Prior Period Adjustments Restatement [Line Items]                  
Stockholders' equity (47,599) (36,824)   (36,824) (47,599)   (45,143)    
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest (10,775)                
Revision of Prior Period, Adjustment, Revised                  
Error Corrections and Prior Period Adjustments Restatement [Line Items]                  
Inventories (30,227)       (30,227)        
Other current assets 36,475       36,475        
Total current assets 229       229        
Assets 229       229        
Accounts payable 70,995       70,995        
Accrued expenses 9,766       9,766        
Liabilities 80,761       80,761        
Accumulated other comprehensive loss 574       574        
Retained earnings (81,106)       (81,106)        
Stockholders' equity (80,532) (80,533)   (80,533) (80,532)   (79,089)    
Liabilities and Equity 229       229        
Total current liabilities 80,761       80,761        
Cost of sales 16,379       29,877        
Gross profit (16,379)       (29,877)        
Selling, general and administrative expenses 878       2,272        
Operating income (17,257)       (32,149)        
Income before provision for income taxes (17,257)       (32,149)        
Provision for income taxes (3,853)       (6,766)        
Net Income (Loss) (13,404)       (25,383)        
Provision for deferred income taxes         5,248        
Other Noncash Income (Expense)         937        
Receivables, net         9,519        
Inventories         (15,442)        
Accounts payable         28,500        
Accrued expenses         21,521        
Other assets and liabilities, net         38,316        
Net Cash Provided by Operating Activities         (1,570)        
Other, net         (937)        
Net Cash Provided by (Used in) Financing Activities         (937)        
Effect of exchange rate changes on cash         10        
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect         (2,497)        
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents (974)       (974)   1,523    
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax 457       126        
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest 457       126        
Comprehensive Income (Loss) $ (12,947)       $ (25,257)        
Basic earnings per common share (in usd per share) $ (0.22)       $ (0.43)        
Diluted earnings per common share (in usd per share) $ (0.22)       $ (0.42)        
Receivables, net $ (5,045)       $ (5,045)        
Cash and cash equivalents (974)       (974)        
Revision of Prior Period, Adjustment, Revised | Retained Earnings                  
Error Corrections and Prior Period Adjustments Restatement [Line Items]                  
Stockholders' equity (81,106) (80,650)   (80,650) (81,106)   (79,537)    
Net Income (Loss) (13,404)       (25,383)        
Revision of Prior Period, Adjustment, Revised | Accumulated Other Comprehensive (Loss) Income                  
Error Corrections and Prior Period Adjustments Restatement [Line Items]                  
Stockholders' equity 574 $ 117   $ 117 574   $ 448    
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest $ 457       $ 126        
v3.24.1.1.u2
Supplier Finance Program (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 30, 2023
Dec. 31, 2022
Payables and Accruals [Abstract]    
Supplier Finance Program, Obligation $ 3,361,249 $ 3,100,172
Supplier Finance Program [Line Items]    
Supplier Finance Program, Obligation 3,361,249 $ 3,100,172
Supplier Finance Program, Obligation, Addition 3,430,710  
Supplier Finance Program, Obligation, Settlement $ (3,169,633)  
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration] Accounts payable