ADVANCE AUTO PARTS INC, 10-K filed on 2/26/2025
Annual Report
v3.25.0.1
Cover Page - USD ($)
 12 Months Ended
Dec. 28, 2024
Feb. 19, 2025
Jul. 13, 2024
Cover [Abstract]      
Entity Central Index Key 0001158449    
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 28, 2024    
Current Fiscal Year End Date --12-28    
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     $ 2,350,271,465
Entity Common Stock, Shares Outstanding   59,792,946  
Documents Incorporated by Reference Portions of the registrant’s definitive proxy statement for its 2025 Annual Meeting of Stockholders, to be held on May 14, 2025, are incorporated by reference into Part III of this Form 10-K.    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
Document Financial Statement Error Correction [Flag] true    
Document Financial Statement Restatement Recovery Analysis [Flag] false    
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Audit Information
 12 Months Ended
Dec. 28, 2024
Auditor [Line Items]  
Auditor Name Deloitte & Touche LLP
Auditor Location Charlotte, North Carolina
Auditor Firm ID 34
v3.25.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
shares in Thousands, $ in Thousands
Dec. 28, 2024
Dec. 30, 2023
Current assets:    
Cash and cash equivalents $ 1,869,417 $ 488,049
Receivables, net 544,040 609,528
Inventories 3,612,081 3,893,569
Other current assets 118,002 180,402
Current assets held for sale 0 1,205,473
Total current assets 6,143,540 6,377,021
Property and equipment, net of accumulated depreciation of $3,060,247 and $2,729,208 1,334,338 1,555,985
Operating lease right-of-use assets 2,242,602 2,347,073
Goodwill 598,217 601,159
Intangible assets, net 405,751 419,161
Other noncurrent assets 73,661 85,988
Disposal Group, Including Discontinued Operation, Assets, Noncurrent   889,939
Total assets 10,798,109 12,276,326
Current liabilities:    
Accounts payable 3,407,889 3,526,079
Accrued expenses 784,635 616,067
Other current liabilities 472,833 396,408
Current liabilities held for sale 0 768,851
Total current liabilities 4,665,357 5,307,405
Long-term debt 1,789,161 1,786,361
Non-current operating lease liabilities 1,897,165 2,039,908
Deferred income taxes 192,671 355,635
Other long-term liabilities 83,813 83,538
Disposal Group, Including Discontinued Operation, Liabilities   183,751
Commitments and contingencies
Total liabilities 8,628,167 9,756,598
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; 77,721 shares issued and 59,774 outstanding at December 28, 2024 and 77,349 shares issued and 59,512 outstanding at December 30, 2023 8 8
Additional paid-in capital $ 993,691 $ 946,099
Treasury stock (shares) 17,947 17,837
Treasury stock, at cost, 17,947 and 17,837 shares $ (2,939,787) $ (2,933,286)
Accumulated other comprehensive loss (47,146) (52,232)
Retained earnings 4,163,176 4,559,139
Total stockholders' equity 2,169,942 2,519,728
Liabilities and Stockholders' Equity, Total $ 10,798,109 $ 12,276,326
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 28, 2024
Dec. 30, 2023
Statement of Financial Position [Abstract]    
Accumulated depreciation $ 3,060,247 $ 2,729,208
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) 77,721,000 77,349,000
Common stock outstanding (shares) 59,774,000 59,512,000
Treasury stock (shares) 17,947,000 17,837,000
v3.25.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Net sales $ 9,094,327 $ 9,209,075 $ 9,148,874
Cost of sales 5,685,807 5,348,966 4,916,004
Gross profit 3,408,520 3,860,109 4,232,870
Selling, general and administrative expenses, exclusive of restructuring and related expenses 3,812,924 3,805,235 3,708,252
Restructuring and related expenses 308,902 15,987 0
Selling, general and administrative expenses 4,121,826 3,821,222 3,708,252
Operating (loss) income (713,306) 38,887 524,618
Other, net:      
Interest expense (81,033) (87,989) (50,841)
Loss on early redemptions of senior unsecured notes 0 0 (7,408)
Other income (expense), net 26,241 1,924 (6,176)
Total other, net (54,792) (86,065) (64,425)
Income before provision for income taxes (768,098) (47,178) 460,193
Provision for income taxes (181,143) (17,154) 99,657
Net (loss) income from continuing operations (586,955) (30,024) 360,536
Net income from discontinued operations 251,167 59,759 103,866
Net (loss) income $ (335,788) $ 29,735 $ 464,402
Basic (loss) earnings per common share from continuing operations (in usd per share) $ (9.84) $ (0.51) $ 5.97
Basic earnings per common share from discontinued operations (in usd per share) 4.21 1.01 1.73
Basic (loss) earnings per common share (in usd per share) $ (5.63) $ 0.50 $ 7.70
Basic weighted-average common shares outstanding (in shares) 59,647 59,432 60,351
Diluted (loss) earnings per common share from continuing operations (in usd per share) $ (9.80) $ (0.50) $ 5.94
Diluted earnings per common share from discontinued operations (in usd per share) 4.19 1.00 1.71
Diluted earnings (loss) per common share (in usd per share) $ (5.61) $ 0.50 $ 7.65
Diluted weighted-average common shares outstanding (in shares) 59,902 59,608 60,717
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Net (loss) income $ (335,788) $ 29,735 $ 464,402
Other comprehensive income (loss):      
Changes in net unrecognized other postretirement benefit costs, net of tax of $53, $(29) and $66 (149) 82 (186)
Currency translation adjustments 5,235 (7,619) (17,450)
Total other comprehensive income (loss) 5,086 (7,537) (17,636)
Comprehensive Income (Loss) $ (330,702) $ 22,198 $ 446,766
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax $ 53 $ (29) $ 66
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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. 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 (loss) 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        
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 (loss) income 29,735         29,735
Total other comprehensive income (loss) (7,537)       (7,537)  
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net (loss) income (335,788)         (335,788)
Total other comprehensive income (loss) $ 5,086       5,086  
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)   304        
Restricted stock units and deferred stock units vested $ 312   312      
Share-based compensation 44,597   44,597      
Stock issued under employee stock purchase plan 2,683   2,683      
Stock issued under employee stock purchase plan (in shares)   68        
Repurchase of common stock (in shares)   (110)        
Repurchase of common stock (6,501)     (6,501)    
Cash dividends declared (60,846)         (60,846)
Other $ 671         671
Balance (in shares) at Dec. 28, 2024 59,774 59,774        
Balance at Dec. 28, 2024 $ 2,169,942 $ 8 $ 993,691 $ (2,939,787) $ (47,146) $ 4,163,176
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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]      
Dividends declared per common share $ 1.00 $ 2.25 $ 6.00
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net (loss) income $ (335,788) $ 29,735 $ 464,402
Net income from discontinued operations 251,167 59,759 103,866
Net (loss) income from continuing operations (586,955) (30,024) 360,536
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 291,980 269,430 248,327
Share-based compensation 42,193 40,905 46,482
Accounts Receivable, Allowance for Credit Loss, Writeoff 34,176    
Loss on sale and impairment of long-lived assets 157,957 857 2,345
Loss on early redemption of senior unsecured notes 0 0 7,408
Provision for deferred income taxes (203,276) (37,175) 22,811
Other, net 3,968 3,267 2,587
Net change in:      
Receivables, net 28,952 (114,745) 27,420
Inventories, net 270,403 (64,146) (70,969)
Accounts payable (110,112) 57,518 119,334
Accrued expenses 126,588 94,698 (158,632)
Other assets and liabilities, net 84,630 (78,797) 14,989
Net cash provided by operating activities from continuing operations 140,504 141,788 622,638
Net cash (used in) provided by operating activities from discontinued operations (55,871) 145,587 113,933
Net cash provided by operating activities 84,633 287,375 736,571
Cash flows from investing activities:      
Purchases of property and equipment (180,800) (225,672) (398,757)
Purchase of intangible asset 0 0 (1,900)
Proceeds from sales of property and equipment 13,394 6,922 1,137
Net cash used in investing activities from continuing operations (167,406) (218,750) (399,520)
Net cash provided by (used in) investing activities from discontinued operations 1,522,160 (16,739) (24,928)
Net cash provided by (used in) investing activities 1,354,754 (235,489) (424,448)
Cash flows from financing activities:      
Borrowings under credit facilities 0 4,805,000 2,035,000
Payments on credit facilities 0 (4,990,000) (1,850,000)
Proceeds from issuance of senior unsecured notes, net 0 599,571 348,618
Payments on senior unsecured notes 0 0 (201,081)
Dividends paid (59,855) (209,293) (336,230)
Purchase of noncontrolling interests (9,101) 0 0
Repurchases of common stock (6,501) (14,518) (618,480)
Other, net 447 (1,493) 1,469
Net cash (used in) provided by financing activities (75,010) 189,267 (620,704)
Effect of exchange rate changes on cash 1,569 (8,487) (8,664)
Net increase (decrease) in cash and cash equivalents 1,365,946 232,666 (317,245)
Cash and cash equivalents, beginning of period 503,471 270,805 588,050
Cash and cash equivalents, end of period 1,869,417 503,471 270,805
Summary of cash and cash equivalents:      
Cash and cash equivalents of continuing operations, end of period 1,869,417 488,049 220,134
Cash and cash equivalents of discontinued operations, end of period 0 15,422 50,671
Cash and cash equivalents, end of period 1,869,417 503,471 270,805
Supplemental cash flow information:      
Interest paid 75,740 73,844 46,159
Income tax payments 37,037 98,792 94,605
Non-cash transactions:      
Accrued purchases of property and equipment 14,841 5,287 8,927
Transfer of property and equipment from (to) assets related to discontinued operations to (from) continuing operations $ 7,262 $ (1,666) $ 0
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Nature of Operations and Basis of Presentation
 12 Months Ended
Dec. 28, 2024
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 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 “the Company”).

On August 22, 2024, the Company entered into a definitive purchase agreement to sell its Worldpac, Inc. business (“Worldpac”), which reflects a strategic shift in its business. The Company completed the sale of Worldpac for a cash consideration of $1.5 billion, with customary adjustments for working capital and other items. The transaction closed on November 1, 2024. The Company received net proceeds of approximately $1.47 billion from the transaction after paying transaction fees and excluding the impact of taxes. The Company intends to use net proceeds from the transaction for general corporate purposes, which may include the provision of additional working capital, funding internal operational improvement initiatives and repayment or refinancing of outstanding indebtedness. As a result of the sale, the Company has presented Worldpac as discontinued operations in its Consolidated Statements of Operations and Consolidated Statements of Cash Flows for all periods presented. Additionally, the related assets and liabilities associated with the discontinued operations were classified as held for sale for prior period in the Consolidated Balance Sheet. Refer to Note 20. Discontinued Operations of the Notes to the Consolidated Financial Statements included herein.

As of December 28, 2024, the Company operated a total of 4,788 stores primarily within the United States, with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands. In addition, as of December 28, 2024, the Company served 934 independently owned Carquest branded stores across the same geographic locations served by the Company’s stores in addition to Mexico and various Caribbean islands. The Company’s stores operate primarily under the trade names “Advance Auto Parts” and “Carquest.”

The Company has one reportable segment and two operating segments. The operating segments are aggregated primarily due to the economic and operational similarities of each operating segment as the stores 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. The Company previously had three operating segments as Worldpac was one of the Company’s operating segments. The sale of Worldpac resulted in the Company having two operating segments, “Advance Auto Parts/Carquest U.S.” and “Carquest Canada.” Refer to Note 19. Segment Reporting for additional information on the Company’s segments.

On November 13, 2024, the Company’s Board of Directors approved a restructuring and asset optimization plan (“2024 Restructuring Plan”) designed to improve the Company’s profitability and growth potential and streamline its operations. Additionally, in November 2023, the Company announced a strategic and operational plan which would result in $150 million of savings, of which $50 million would be reinvested into frontline team members. In addition to a reduction in workforce, this plan streamlines the Company’s supply chain by configuring a multi-echelon supply chain by leveraging current asset and operating fewer, more productive distribution centers that focus on replenishment and move more parts closer to the customer. Refer to Note 3. Restructuring of the notes to the Consolidated Financial Statements included herein.

Accounting Period

The Company’s fiscal year ends on the Saturday closest to December 31st. All references herein for the years 2024, 2023 and 2022 represent the fiscal years ended December 28, 2024, December 30, 2023 and December 31, 2022, 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.
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Significant Accounting Policies
 12 Months Ended
Dec. 28, 2024
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

The Company’s 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 the Company’s merchandise inventory is primarily determined using the last-in, first-out (“LIFO”) method. Under the LIFO method, the Company’s cost of sales reflects the costs of the most recently purchased inventories, while the inventory carrying balance represents the costs relating to prices paid in 2024 and prior years. The Company regularly reviews inventory quantities on-hand to consider whether it has excess or obsolete inventory and adjusts the carrying value as necessary. In the fourth quarter of 2024, the Company announced a restructuring and asset optimization plan designed to improve the Company’s profitability and growth potential and streamline its operations. In executing this plan and initiating store closure activities, the Company liquidated inventory held at these locations and rationalized its product assortment held as a result of a reduced sell-through footprint which resulted in an inventory charge of $431.5 million and was reflected in cost of sales. In 2023, the Company performed a strategic and operational review of the business, which included the rationalization of product assortment and planned decisive actions. As a result, the Company made a change in the estimate of excess inventory reserves resulting in a $109.5 million charge to cost of sales.

Vendor Incentives

The Company receives 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.

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

The Company performs an evaluation for the impairment of goodwill and other indefinite-lived intangible assets for the Company’s 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. The 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, the Company assesses 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, the Company compares the carrying value of a reporting unit to its fair value. In performing a Step-1 analysis, the Company has historically used an income approach which requires many assumptions including forecast, discount rate, long-term growth rate, among other items. The Company has also utilized the market approach which derives metrics from comparable publicly-traded companies. The Company has 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.

The 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, the Company concludes that no intangible asset impairment has occurred. If the carrying value of the indefinite-lived intangible asset exceeds the fair value, the Company recognizes an impairment loss.

The Company has two operating segments, defined as “Advance Auto Parts/Carquest U.S.” and “Carquest Canada.” As each operating segment represents a reporting unit, goodwill is assigned to each reporting unit. See Note 5. Goodwill and Intangibles for additional information.

Valuation of Long-Lived Assets

The Company evaluates the recoverability of 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, the Company estimates 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).

The Company assessed the recoverability of its long-lived assets assigned to closing locations in connection with the announced restructuring and distribution network optimization plan. This assessment resulted in carrying values that exceeded fair values for certain asset groups, primarily related to ROU assets. As a result, an impairment charge of $171.4 million was recorded, and is reflected in SG&A. Impairment charges not related to the restructuring and asset optimization plans were not material. See Restructuring and Related Expenses policy below.
Self-Insurance

The Company is self-insured for general and automobile liability, workers’ compensation and health care claims of the Company’s team members, while maintaining stop-loss coverage with third-party insurers to limit the Company’s total liability exposure. Expenses associated with these liabilities are calculated for (i) claims filed, (ii) claims incurred but not yet reported and (iii) projected future claims using actuarial methods followed in the insurance industry as well as the Company’s historical claims experience. The Company includes the current 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

The Company leases certain store locations, distribution centers, office spaces, equipment and vehicles. The Company recognizes 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 the Company to pay non-lease components, such as taxes, maintenance, insurance and other certain costs applicable to the leased asset. For leases related to store locations, distribution centers, office spaces and vehicles, the Company accounts 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

The Company provides share-based compensation to the Company’s eligible team members and Board of Directors. The Company is required to exercise judgment and make estimates when determining the (i) fair value of each award granted and (ii) projected number of awards expected to vest. The Company calculates the fair value of all share-based awards at the date of grant and 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 the Company’s 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. The Company allocates the contract’s transaction price to each of these performance obligations separately using explicitly stated amounts or the Company’s best estimate using historical data.

In accordance with ASC 606, revenue is recognized at the time the sale is made at which time the Company’s walk-in customers take immediate possession of the merchandise or same-day delivery is made to the Company’s professional delivery customers, which include certain independently owned store locations. Payment terms are established for the Company’s professional delivery customers based on pre-established credit requirements. Payment terms vary depending on the customer and generally range from one to thirty 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 the Company’s 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. The Company estimates the reduction to net sales and cost of sales for returns based on current sales levels and the Company’s historical return experience.
Some of the Company’s 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 the Company’s product groups:
Year Ended
December 28, 2024December 30, 2023December 31, 2022
Percentage of Sales, by Product Group
Parts and Batteries63 %63 %63 %
Accessories and Chemicals22 22 23 
Engine Maintenance14 14 13 
Other1 1 1 
Total100 %100 %100 %

Receivables, net, consists primarily of receivables from professional customers and is stated at net realizable value. The Company grants credit to certain professional customers who meet the Company’s pre-established credit requirements. The Company regularly reviews accounts receivable balances and maintains allowances for credit losses estimated whenever events or circumstances indicate the carrying value may not be recoverable. The Company considers the following factors when determining if collection is reasonably assured: customer creditworthiness, past transaction history with the customer, current economic and industry trends and changes in customer payment terms. The Company controls 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 the Company’s distribution network, including payroll and benefits costs, occupancy costs and depreciation, in-bound freight-related costs from the Company’s vendors, impairment of inventory resulting from store closures and inventory-related reserves and costs associated with moving merchandise inventories from the Company’s distribution centers to stores and customers. Refer to the Restructuring and Related Expenses policy below.

Selling, General and Administrative Expenses, Exclusive of Restructuring and Related 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 the Company’s professional delivery program, including payroll and benefits costs; and transportation expenses associated with moving merchandise inventories from stores to customer locations.
Restructuring and Related Expenses

The Company records restructuring and transformation activities when management or the Board of Directors commits to and approves a restructuring plan. Impairment of inventory is recognized when the cost of inventory exceeds its net realizable value. Asset impairment charges associated with operating lease ROU assets are recognized when the ROU carrying value exceeds its fair value. Severance and retention costs associated with workforce reductions are recognized at the time of communication to employees, unless future service is required, in which case the costs are recognized ratably over the future service period. Employee termination benefits are recognized as a liability when it is probable that a liability exists, and the amount is reasonably estimable. Other exit-related costs, including nonrecurring professional fees, are recognized as incurred. Restructuring expenses are recognized as an operating expense in cost of sales or selling, general and administrative expenses within the consolidated statements of operations and related liabilities are recorded within accounts payable and accrued expenses on the consolidated balance sheets. The Company periodically evaluates and, if necessary, adjusts its estimates based on currently available information. Refer to Note 3. Restructuring of the Notes to the Consolidated Financial Statements included for additional detail.

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

The Company expenses advertising costs as incurred. Advertising expense, net of qualifying vendor promotional funds, was $79.6 million, $149.6 million and $160.9 million in 2024, 2023 and 2022, respectively.

Foreign Currency Translation

The assets and liabilities of the Company’s 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 $5.5 million, $7.3 million and $3.7 million in 2024, 2023 and 2022, respectively.

Income Taxes

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under the asset and liability method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. 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.

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

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

Recently Issued Accounting Pronouncements - Not Yet Adopted

Disclosure Improvements

In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06, Disclosure Improvements (“ASU 2023-06”), which defines when companies will be required to improve and clarify disclosure and presentation requirements. This ASU should be applied prospectively, and the effective date will be determined for each individual disclosure based on the effective date of the SEC’s removal of the related disclosure. If the applicable requirements have not been removed by the SEC by June 30, 2027, this ASU will not become effective. Early adoption is prohibited. The Company is currently evaluating the impact of adopting ASU 2023-06 on the consolidated financial statements and related disclosures, and does not believe it will have a material impact on the consolidated financial statements.

Climate Disclosure Requirements

In March 2024, the SEC issued its final climate disclosure rules, which require the disclosure of climate-related information in annual reports and registration statements. The rules require disclosure in the audited financial statements of certain effects of severe weather events and other natural conditions and greenhouse gas emissions above certain financial thresholds, as well as amounts related to carbon offsets and renewable energy credits or certificates, if material. Additionally, the rule established disclosure requirements regarding material climate-related risks, descriptions of board oversight and risk management activities, the material impacts of these risks on a registrants' strategy, business model and outlook and any material climate-related targets or goals. On April 4, 2024, the SEC determined to voluntarily stay the final rules pending certain legal challenges. Prior to the stay in the new rules, disclosures would have been effective for annual periods beginning January 1, 2025, except for the greenhouse gas emissions disclosure which would have been effective for annual periods beginning January 1, 2026. The Company is currently evaluating the impact of the new rules on the consolidated financial statements and related disclosures.

Income Tax Disclosure Improvements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (“ASU 2023-09”), which requires a company to enhance its 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. The Company is currently evaluating the impact of adopting ASU 2023-09 on its consolidated financial statements and related disclosures and believes the adoption will result in additional disclosures, but will not have any other impact on its consolidated financial statements.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation (“ASU 2024-03”), which requires public entities to disclose more detailed information about certain costs and expenses presented in the income statement, including inventory purchases, employee compensation, selling expenses and depreciation. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03 on the consolidated financial statements and related disclosures.
Recently Issued Accounting Pronouncements - Adopted

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. The Company has evaluated the impact of the adoption of ASU 2023-07 and the adoption resulted in additional segment reporting disclosures, but did not have any other impact on its consolidated financial statements. See Note 19. Segment Reporting for the additional segment reporting disclosures.
v3.25.0.1
Restructuring
 12 Months Ended
Dec. 28, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
2024 Restructuring Plan

On November 13, 2024, the Company’s Board of Directors approved a restructuring and asset optimization plan (“2024 Restructuring Plan”) designed to improve the Company’s profitability and growth potential and streamline its operations. This plan anticipates closure of approximately 500 stores, approximately 200 independent locations and four distribution centers by mid-2025, as well as headcount reductions.

Expenses associated with the 2024 Restructuring Plan included: 1) inventory write-down of inventory to net realizable value due to liquidation sales as a result of store closures and streamlining assortment associated with the 2024 Restructuring Plan announced in fourth quarter 2024, 2) noncash asset impairment and accelerated amortization and depreciation of operating lease ROU assets and plant, property and equipment, 3) personnel expenses related to severance and transition expenses, which were offered to certain employees who would provide services through key dates to ensure completion of closure activities and 4) other location closure-related activity, including nonrecurring services rendered by third-party vendors assisting with the turnaround initiatives and other related expenses, including incremental revisions to receivable collectability due to termination of contracts with independents associated with the 2024 Restructuring Plan.

Other Restructuring Initiatives

In November 2023, the Company announced a strategic and operational plan which would result in $150.0 million of savings, of which $50.0 million would be reinvested into frontline team members. In addition to a reduction in workforce, this plan streamlines the Company’s supply chain by configuring a multi-echelon supply chain by leveraging current asset and operating fewer, more productive distribution centers that focus on replenishment and move more parts closer to the customer. In achieving this plan, the Company is in process of converting certain distribution centers and stores into market hubs. In addition to providing replenishment to near-by stores, market hubs support retail operations. In addition to the distribution network optimization, other restructuring expenses included: 1) Worldpac post transaction-related expenses for professional services and 2) other restructuring expenses including nonrecurring services rendered by third-party vendors assisting with the turnaround initiatives, including a strategic business review, income in connection with the Worldpac transition service agreement, executive turnover costs and a book to tax basis difference in connection with the Worldpac sale.

For the year ended December 28, 2024, the Company incurred the following charges related to the restructuring plans. Inventory related expenses are reflected in Cost of sales on the Consolidated Statement of Operations. The remaining categories are included in Selling, general and administrative expenses in the Consolidated Statements of Operations. There were no restructuring costs associated with the 2024 Restructuring Plan prior to 2024.


Year Ended
2024 Restructuring Plan Expenses: (1)
December 28, 2024December 30, 2023
Cost of sales:
Inventory write-down
$431,529 $— 
Selling, general and administrative expenses:
Impairment and write-down of long-lived assets 188,601 — 
Severance and other personnel expenses15,234 — 
Other location closure related expenses (2)
45,448 — 
Total selling, general and administrative expenses249,283 — 
2024 Restructuring Plan Expenses
$680,812 $— 
Other Restructuring Plan Expenses:
Selling, general and administrative expenses:
Distribution network optimization (3)
$19,713 $— 
Impairment and write-down of long-lived assets
15,555 — 
Worldpac post transaction-related expenses
7,258 — 
Other restructuring expenses (4)
17,093 15,987 
Other Restructuring Plan Expenses
$59,619 $15,987 
(1) The table above excludes certain routine impairment charges of long-lived assets and write-downs of slow-moving inventory occurring in the ordinary course of business.
(2) Other location closure-related activity includes nonrecurring services rendered by third-party vendors assisting with the 2024 Restructuring Plan and other related expenses of $20.8 million including incremental revisions to receivable collectability due to contract terminations with independents associated with the restructuring plan of $24.7 million.
(3) Distribution network optimization includes incremental depreciation as a result of accelerating long-lived assets over a shorter useful life of $5.0 million.
(4) For the year ended December 28, 2024, Other Restructuring Plan expenses include nonrecurring services rendered by third-party vendors to perform a strategic business review of $15.5 million and executive turnover costs of $1.6 million. For the year ended December 30, 2023, Other Restructuring expenses include severance costs associated with a reduction in workforce and professional service fees.

The following table shows the change in the restructuring liability during the year ended December 28, 2024, which are included within accounts payable, accrued liabilities and other current liabilities in the Consolidated Balance Sheets, is as follows:

Restructuring liability
Professional service fees
Severance and other personnel expenses
Balance at December 30, 2023$769 $4,072 
Restructuring expenses during the period43,604 27,059 
Cash payments(20,943)(17,174)
Balance at December 28, 2024$23,430 $13,957 
During 2025, the Company anticipates additional restructuring and related expenses consisting primarily of lease termination impacts, other exit-related expenses related to ceased use buildings and employee termination benefits in connection to the restructuring plan. The Company incurred $740.4 million during 2024 related to the restructuring plan including $125.4 million of cash expenses offset by $2.5 million of TSA services. The Company estimates that it will incur additional expenses of approximately $225.0 million to $275.0 million including $200.0 million to $250.0 million of cash expenses primarily composed of lease termination and other exit expenses and professional services, by the end of fiscal year 2025.
v3.25.0.1
Inventories
 12 Months Ended
Dec. 28, 2024
Inventory, Net [Abstract]  
Inventories Inventories
The Company used the LIFO method of accounting for approximately 91.5% of Inventories at December 28, 2024 and 92.8% of Inventories at December 30, 2023. As a result, the Company recorded a decrease to Cost of sales of $92.0 million in 2024, a decrease to Cost of sales of $115.6 million in 2023 and an increase to Cost of sales of $283.4 million in 2022.

During 2024, the Company experienced a significant decrease in inventory values primarily due to the 2024 Restructuring Plan. This decrease resulted in liquidations of LIFO inventory layers carried at costs prevailing in prior years. The effect of the LIFO liquidation was a decrease to cost of sales of $21.2 million and an increase to net earnings of $15.9 million ($0.27 per diluted share). During 2023, the Company experienced a decrease in inventory values which resulted in a liquidation of a LIFO inventory layer. This liquidation did not have a material impact to the Consolidated Financial Statements.

Purchasing and warehousing costs included in Inventories as of December 28, 2024 and December 30, 2023 were $367.8 million and $454.0 million, respectively.

Inventory balances were as follows:
December 28, 2024December 30, 2023
Inventories at first-in, first-out (“FIFO”)$3,623,377 $3,996,877 
Adjustments to state inventories at LIFO(11,296)(103,308)
Inventories at LIFO$3,612,081 $3,893,569 
In 2024, the Company recorded $431.5 million of inventory write-downs, primarily related to reducing inventory to net realizable value for closing operations and streamlining inventory assortment associated with the 2024 Restructuring Plan announced in fourth quarter 2024, which is included in cost of sales within the accompanying Consolidated Statements of Operations. Refer to Note 3. Restructuring of the notes to the Consolidated Financial Statements included herein.
v3.25.0.1
Goodwill and Intangible Assets
 12 Months Ended
Dec. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Other Intangible Assets, Net
Goodwill

At December 28, 2024 and December 30, 2023, the carrying amount of goodwill in the accompanying Consolidated Balance Sheets was $598.2 million and $601.2 million, respectively. The change in Goodwill during 2024 and 2023 was $2.9 million and $1.0 million, respectively, 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 $12.4 million, $13.3 million and $14.9 million for 2024, 2023 and 2022, respectively. 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 28, 2024December 30, 2023
Gross Carrying AmountAccumulated AmortizationNetGross Carrying AmountAccumulated AmortizationNet
Amortized intangible assets:
Customer relationships$156,317 $(145,747)$10,570 $157,344 $(135,339)$22,005 
Non-compete and other40,157 (39,064)1,093 40,157 (38,575)1,582 
196,474 (184,811)11,663 197,501 (173,914)23,587 
Indefinite-lived intangible assets:
Brands, trademark and trade names394,088 — 394,088 395,574 — 395,574 
Total intangible assets$590,562 $(184,811)$405,751 $593,075 $(173,914)$419,161 
Future Amortization Expense

The expected amortization expense for the next five years and thereafter for acquired intangible assets recorded as of December 28, 2024 was as follows:
YearAmount
2025$10,991 
2026380 
2027292 
$11,663 
v3.25.0.1
Receivables, net
 12 Months Ended
Dec. 28, 2024
Receivables [Abstract]  
Receivables, net Receivables, net
Receivables, net, consisted of the following:
December 28, 2024December 30, 2023
Trade$416,625 $421,293 
Vendor157,058 199,580 
Other28,149 12,271 
Total receivables601,832 633,144 
Less: allowance for credit losses(57,792)(23,616)
Receivables, net$544,040 $609,528 
For the year ended December 28, 2024, the allowance for credit losses increased $34.2 million, primarily due to incremental reserves established as a result of the 2024 Restructuring Plan. Refer to Note 3. Restructuring of the Notes to the Consolidated Financial Statements included herein.
v3.25.0.1
Long-term Debt and Fair Value of Financial Instruments
 12 Months Ended
Dec. 28, 2024
Debt Disclosure [Abstract]  
Long-term Debt and Fair Value of Financial Instruments Long-term Debt and Fair Value of Financial Instruments
Long-term debt consisted of the following:
December 28, 2024December 30, 2023
5.90% Senior Unsecured Notes (net of unamortized discount and debt issuance costs of $890 and$1,631 at December 28, 2024, and December 30, 2023) due March 9, 2026
$299,110 $298,369 
1.75% Senior Unsecured Notes (net of unamortized discount and debt issuance costs of $1,916 and $2,486 at December 28, 2024 and December 30, 2023) due October 1, 2027
348,084 347,514 
5.95% Senior Unsecured Notes (net of unamortized discount and debt issuance costs of $1,429 and $1,884 at December 28, 2024 and December 30, 2023) due March 9, 2028
298,571 298,116 
3.90% Senior Unsecured Notes (net of unamortized discount and debt issuance costs of $3,259 and $3,851 at December 28, 2024, and December 30, 2023) due April 15, 2030
496,741 496,149 
3.50% Senior Unsecured Notes (net of unamortized discount and debt issuance costs of $3,344 and $3,787 at December 28, 2024, and December 30, 2023) due March 15, 2032
346,655 346,213 
 1,789,161 1,786,361 
Less: Current portion of long-term debt— — 
Long-term debt, excluding the current portion$1,789,161 $1,786,361 
Fair value of long-term debt$1,648,642 $1,641,409 

Fair Value of Financial Assets and Liabilities

The fair value of the Company’s senior unsecured notes was determined using Level 2 inputs based on quoted market prices. The carrying amounts of the Company’s cash and cash equivalents, receivables, net, accounts payable and accrued expenses approximate their fair values due to the relatively short-term nature of these instruments.

Bank Debt

On November 9, 2021, the Company entered into a credit agreement that provided a $1.2 billion unsecured revolving credit facility (the “2021 Credit Agreement”) with Advance Auto Parts, Inc., as Borrower, Advance Stores, as a Guarantor, the lenders party thereto, and Bank of America, N.A., as the Administrative Agent, and replaced the previous credit agreement. The revolver under the 2021 Credit Agreement replaced the revolver under the previous credit agreement. The revolver under the 2021 Credit Agreement provides for the issuance of letters of credit with a sublimit of $200.0 million. The Company may request that the total revolving commitment be increased by an amount not exceeding $500.0 million during the term of the 2021 Credit Agreement.

On February 27, 2023, the Company entered into Amendment No. 1 (“Amendment No. 1”) to the 2021 Credit Agreement. Amendment No. 1 extended the maturity date of the 2021 Credit Agreement by one year from November 9, 2026, to November 9, 2027. Amendment No. 1 also replaced an adjusted LIBOR benchmark rate with a term secured overnight financing rate benchmark rate, as adjusted by an increase of 10 basis points, plus the applicable margin under 2021 Credit Agreement.
On August 21, 2023, the Company entered into Amendment No. 2 (“Amendment No. 2”) to the 2021 Credit Agreement in order to amend certain financial covenants related to the Consolidated Coverage Ratio (as defined therein), and on November 20, 2023, the Company entered into Amendment No. 3 (“Amendment No. 3”) to the 2021 Credit Agreement in order to further amend financial covenants related to the Consolidated Coverage Ratio. Pursuant to Amendment No. 2 and Amendment No. 3, the Company may not permit the Consolidated Coverage Ratio to be less than (a) 1.75 to 1.00 for each period of four fiscal quarters ending on October 7, 2023 through and including the period of four fiscal quarters ending on October 5, 2024, (b) 2.00 to 1.00 for each period of four fiscal quarters ending on December 28, 2024 through and including the period of four fiscal quarters ending on October 4, 2025 and (c) 2.25 to 1.00 for each period of four fiscal quarters ending after October 4, 2025. Amendment No. 2. and Amendment No. 3 made no other material changes to the terms of the 2021 Credit Agreement.

On February 26, 2024, the Company entered into Amendment No. 4 (“Amendment No. 4”) to the 2021 Credit Agreement to enable certain addbacks to the definition of Consolidated EBITDA contained therein for specific write-downs of inventory and vendor receivables. Amendment No. 4 also updated certain limitations on future incurrences of other indebtedness and liens, replacing the cap thereon of 10% of consolidated net tangible assets with $400 million, and eliminated the $250 million basket for accounts receivable securitization transactions. Amendment No. 4 made no other material changes to the terms of the 2021 Credit Agreement.

On November 13, 2024, the Company entered into Amendment No. 5 to the 2021 Credit Agreement. Amendment No. 5 (i) permits up to $575 million of certain restructuring charges to be added back to Consolidated EBITDAR (as defined therein), (ii) permits up to $800 million of unrestricted cash to be netted out of debt in the calculation of the Leverage Ratio (as defined therein), and (iii) reduced the minimum Consolidated Coverage Ratio (as defined therein) to 1.50 to 1.00 through July 12, 2025 and 1.75 to 1.00 thereafter. Amendment No. 5 also reduced the unsecured revolving credit facility under the 2021 Credit Agreement from $1.2 billion to $1.0 billion and amended the pricing on the loans thereunder in connection with changes in the Company’s credit ratings, as described below.

Amendment No. 5 also updated certain covenants and other limitations on the Company, including (i) expanding the scope of the covenant restricting the ability to create, incur or assume additional debt to cover Advance Auto Parts, Inc., (ii) restricting the Company’s rights to complete share repurchases and increase cash dividend amounts, (iii) requiring the Company to grant liens on deposit accounts, inventory and accounts receivables if credit ratings are downgraded below a minimum threshold, (iv) imposing an additional monthly minimum daily liquidity financial covenant of $750 million, (v) providing for the maturity date under the 2021 Credit Agreement to automatically spring forward to the extent necessary for the 2021 Credit Agreement to mature at least 91 days prior to any scheduled maturity date under any of the Company’s senior unsecured notes, (vi) prohibiting further extensions of the maturity date under the 2021 Credit Agreement beyond the existing maturity date, and (vii) eliminating certain baskets for additional indebtedness, liens and asset sales.

On February 25, 2025, the Company entered into Amendment No. 6 (“Amendment No. 6”) to the 2021 Credit Agreement to, among other things, (i) expand the scope of domestic subsidiaries that would be required to grant security interests and guarantee the Company’s obligations under the 2021 Credit Agreement upon the occurrence of a Springing Lien Trigger Event (as defined therein) to include all of the Company’s subsidiaries other than the Company’s Insignificant Subsidiaries (as defined in Amendment No. 6), (ii) revise the definition of Consolidated Coverage Ratio to exclude up to $175 million of accelerated rent charges related to lease buyouts and to permit the minimum Consolidated Coverage Ratio to remain at 1.50 to 1.00 for one additional quarter before increasing to 1.75 to 1.00 on and after the fiscal quarter ending on January 3, 2026, (iii) revise the definition of Consolidated EBITDA to increase the threshold for Identified Restructuring Charges (as defined therein) from $575 million to $625 million, and (iv) expand the scope of the guaranteed obligations to include bank product obligations and cash management obligations.

The interest rates on outstanding amounts, if any, on the revolving facility under the 2021 Credit Agreement will be based, at the Company’s option, on Term Secured Overnight Financing Rate (“SOFR”) (as defined in the 2021 Credit Agreement), plus a margin, or an alternate base rate, plus a margin. The margins per annum for the revolving loan will vary from 0.795% to 1.525% for Term SOFR (with margins of 1.325% or greater applying when credit ratings are below BBB/Baa2) and from 0.00% to 0.525% for alternate base rate (with margins of 0.325% or greater applying when credit ratings are below BBB/Baa2) based on the assigned debt ratings of the Company. A facility fee will be charged on the total revolving facility commitment, payable quarterly in arrears, in an amount that will vary from 0.08% to 0.35% (with rates of 0.250% or greater applying when credit ratings are below BB+/Ba1) per annum based on the assigned debt ratings of the Company.
The 2021 Credit Agreement contains customary covenants restricting the ability of: (a) Advance Auto Parts, Inc. and its subsidiaries to, among other things, (i) create, incur or assume additional debt, (ii) incur liens, (iii) guarantee obligations, and (iv) change the nature of their business; (b) Advance Auto Parts, Inc., Advance Stores and their subsidiaries to, among other things, (i) enter into certain hedging arrangements, (ii) enter into restrictive agreements limiting their ability to incur liens on any of their property or assets, pay distributions, repay loans, or guarantee indebtedness of their subsidiaries; and (c) Advance Auto Parts, Inc., among other things, to change its holding company status. Advance is also required to comply with financial covenants with respect to a maximum leverage ratio and a minimum coverage ratio. The 2021 Credit Agreement also provides for customary events of default, including non-payment defaults, covenant defaults and cross-defaults of Advance’s other material indebtedness. The Company was in compliance with its financial covenants with respect to the 2021 Credit Agreement as of December 28, 2024.

As of December 28, 2024 and December 30, 2023, the Company had no outstanding borrowings or letters of credit outstanding under the 2021 Credit Agreement. As of December 28, 2024, the borrowing availability was $1.0 billion. As of December 30, 2023, the borrowing availability was $1.2 billion.

As of December 28, 2024 and December 30, 2023, the Company had $90.8 million and $91.2 million, respectively, of bilateral letters of credit issued separately from the 2021 Credit Agreement, none of which were drawn upon. These bilateral letters of credit generally have a term of one year or less and primarily serve as collateral for the Company’s self-insurance policies.

Senior Unsecured Notes

The Company’s 3.90% senior unsecured notes due April 15, 2030 (the “Original Notes”) were issued April 16, 2020, at 99.65% of the principal amount of $500.0 million, and were not registered under the Securities Act of 1933, as amended (the “Securities Act”). The Original Notes bear interest, payable semi-annually in arrears on April 15 and October 15, at a rate of 3.90% per year. On July 28, 2020, the Company completed an exchange offer whereby the Original Notes in the aggregate principal amount of $500.0 million, which were not registered under the Securities Act, were exchanged for a like principal amount of 3.90% senior unsecured notes due 2030 (the “Exchange Notes” or “2030 Notes”), which have been registered under the Securities Act. The Original Notes were substantially identical to the Exchange Notes, except that the Exchange Notes are registered under the Securities Act and are not subject to the transfer restrictions and certain registration rights agreement provisions applicable to the Original Notes.

The Company’s 1.75% senior unsecured notes due October 1, 2027 (the “2027 Notes”) were issued September 29, 2020, at 99.67% of the principal amount of $350.0 million. The 2027 Notes bear interest, payable semi-annually in arrears on April 1 and October 1, at a rate of 1.75% per year. In connection with the 2027 Notes offering, the Company incurred $2.9 million of debt issuance costs.

The Company’s 3.50% senior unsecured notes due March 15, 2032 (the “2032 Notes”) were issued March 4, 2022, at 99.61% of the principal amount of $350.0 million. The 2032 Notes bear interest, payable semi-annually in arrears on March 15 and September 15, at a rate of 3.50% per year. In connection with the 2032 Notes offering, the Company incurred $3.2 million of debt issuance costs.

The Company’s 5.90% senior unsecured notes due March 9, 2026 (the “2026 Notes”) were issued March 9, 2023, at 99.94% of the principal amount of $300.0 million. The 2026 Notes bear interest, payable semi-annually in arrears on March 9 and September 9, at a rate of 5.90% per year. In connection with the 2026 Notes offering, the Company incurred $1.6 million of debt issuance costs.

The Company’s 5.95% senior unsecured notes due March 9, 2028 (the “2028 Notes”) were issued March 9, 2023, at 99.92% of the principal amount of $300.0 million. The 2028 Notes bear interest, payable semi-annually in arrears on March 9 and September 9, at a rate of 5.95% per year. In connection with the 2028 Notes offering, the Company incurred $1.9 million of debt issuance costs.
The Company’s 2026 Notes, 2027 Notes, 2028 Notes, 2030 Notes and 2032 Notes are collectively referred to herein as the Company’s “senior unsecured notes” or the “Notes.” The terms of the 2026 Notes, 2027 Notes, 2028 Notes and 2032 Notes are governed by an indenture dated as of April 29, 2010 (as amended, supplemented, waived or otherwise modified, the “2010 Indenture”) among Advance Auto Parts, Inc., the subsidiary guarantors from time to time party thereto and Wells Fargo Bank, National Association, as Trustee. The terms of the 2030 Notes are governed by an indenture dated as of April 16, 2020 (as amended, supplemented, waived or otherwise modified, the “2020 Indenture” and together with the 2010 Indenture, the “Indentures”) among Advance Auto Parts, Inc., the subsidiary guarantors from time to time party thereto and Wells Fargo Bank, National Association, as Trustee.

The Company may redeem some or all of the senior unsecured notes at any time or from time to time, at the redemption prices described in the Indentures. In addition, in the event of a Change of Control Triggering Event (as defined in the Indentures), the Company will be required to offer to repurchase the Notes at a price equal to 101% of the principal amount thereof, plus accrued and unpaid interest to the repurchase date. Currently, the Notes are fully and unconditionally guaranteed, jointly and severally, on an unsubordinated and unsecured basis by guarantor and subsidiary guarantees, as defined by the Indenture.

The Indentures contain customary provisions for events of default including for: (i) failure to pay principal or interest when due and payable; (ii) failure to comply with covenants or agreements in the Indentures or the Notes and failure to cure or obtain a waiver of such default upon notice; (iii) a default under any debt for money borrowed by us or any of our subsidiaries that results in acceleration of the maturity of such debt, or failure to pay any such debt within any applicable grace period after final stated maturity, in an aggregate amount greater than $25.0 million without such debt having been discharged or acceleration having been rescinded or annulled within ten days after receipt by us of notice of the default by the Trustee or holders of not less than 25% in aggregate principal amount of the Notes then outstanding; and (iv) events of bankruptcy, insolvency or reorganization affecting us and certain of its subsidiaries. In the case of an event of default, the principal amount of the Notes plus accrued and unpaid interest may be accelerated. The Indentures also contain covenants limiting the ability to incur debt secured by liens and to enter into certain sale and lease-back transactions.

Future Payments

As of December 28, 2024, the aggregate future annual maturities of long-term debt instruments were as follows:
YearAmount
2025$— 
2026300,000 
2027350,000 
2028300,000 
2029— 
Thereafter850,000 
$1,800,000 

Debt Guarantees

The Company is a guarantor of loans made by banks to various independently-owned Carquest-branded stores that are customers of the Company totaling $98.4 million as of December 28, 2024 and $106.9 million as of December 30, 2023. These loans are collateralized by security agreements on merchandise inventory and other assets of the borrowers. The approximate value of the inventory collateralized by these agreements was $181.3 million as of December 28, 2024 and $221.2 million as of December 30, 2023. The Company continuously assesses the likelihood of performance under these guarantees and believes that performance is remote as of December 28, 2024.
v3.25.0.1
Property and Equipment
 12 Months Ended
Dec. 28, 2024
Property, Plant and Equipment [Abstract]  
Property And Equipment Property and Equipment
 
Property and equipment consisted of the following:

Useful Lives		December 28, 2024December 30, 2023
Land and land improvements (1)
30 years
$470,906 $470,890 
Buildings
10 - 30 years
555,534 543,467 
Building and leasehold improvements
1 - 30 years
811,158 780,337 
Furniture, fixtures and equipment
3 - 20 years
2,497,278 2,369,175 
Vehicles
8 years
14,526 14,536 
Construction in progress45,183 106,788 
4,394,585 4,285,193 
Less: Accumulated depreciation(3,060,247)(2,729,208)
Property and equipment, net$1,334,338 $1,555,985 
(1) Land is deemed to have an indefinite life.

As of December 28, 2024 and December 30, 2023, the Company had capitalized software costs of $1.03 billion and $960.4 million, respectively, and accumulated depreciation of $767.2 million and $677.9 million, respectively. Depreciation expense relating to property and equipment was $279.6 million, $256.2 million and $233.4 million for 2024, 2023 and 2022, respectively.

As of December 28, 2024, the Company recorded $143.8 million of non-cash asset impairment and write-down charges, including impairment and incremental depreciation as a result of accelerating assets over a shorter useful life in connection with the 2024 Restructuring Plan and the Other Restructuring Plan which is included in restructuring and related expenses within the accompanying Consolidated Statements of Operations. Refer to Note 3. Restructuring of the notes to the Consolidated Financial Statements included herein.
v3.25.0.1
Leases and Other Commitments
 12 Months Ended
Dec. 28, 2024
Leases and Other Commitments [Abstract]  
Leases and Other Commitments Leases and Other Commitments
Leases

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

Operating lease liabilities consisted of the following:
December 28, 2024December 30, 2023
Total operating lease liabilities$2,358,693 $2,423,183 
Less: Current portion of operating lease liabilities(461,528)(383,275)
Non-current operating lease liabilities$1,897,165 $2,039,908 

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 of the following:
Year Ended
December 28, 2024December 30, 2023
Operating lease cost$541,299 $496,770 
Variable lease cost152,236 143,134 
Total lease cost$693,535 $639,904 

The future maturity of lease liabilities are as follows:
YearAmount
2025$546,844 
2026466,335 
2027418,156 
2028331,740 
2029298,621 
Thereafter648,745 
Total lease payments2,710,441 
Less: Imputed interest(351,748)
Total operating lease liabilities$2,358,693 

Operating lease liabilities included $16.7 million related to options to extend lease terms that are reasonably certain of being exercised and excluded $66.5 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 the Company’s operating leases were 6.5 years and 4.2% as of December 28, 2024. The Company calculated the weighted average discount rates using incremental borrowing rates, which equal the rates of interest that the Company would pay to borrow funds on a fully collateralized basis over a similar term.

As of December 28, 2024, the Company recorded $65.4 million of non-cash asset impairment and write-down charges, including impairment and incremental lease abandonment expenses as a result of accelerated amortization on leases the Company expects to exit before the end of the contractual term, net of gains on lease terminations which is included in restructuring and related expenses within the accompanying Consolidated Statements of Operations. Refer to Note 3. Restructuring of the Notes to the Consolidated Financial Statements included herein.

Other information relating to the Company’s lease liabilities were as follows:
Year Ended
December 28, 2024December 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$490,818 $526,399 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$339,734 $388,200 
Other Commitments

The Company has entered into certain arrangements which require the future purchase of goods or services. The Company’s obligations primarily consist of payments for the purchase of hardware, software and maintenance. As of December 28, 2024, future payments of these arrangements were $147.5 million and were not accrued in the Company’s Consolidated Balance Sheet.

During the first quarter of 2024, the Company entered into a sale-leaseback transaction where the Company sold a building and land and entered into a three-year lease of the property upon the sale. This transaction resulted in a gain of $22.3 million and is included in SG&A on the Consolidated Statement of Operations.
v3.25.0.1
Accrued Expenses
 12 Months Ended
Dec. 28, 2024
Payables and Accruals [Abstract]  
Accrued Expenses Accrued Expenses
 
Accrued expenses consisted of the following:
December 28, 2024December 30, 2023
Payroll and related benefits$163,210 $149,763 
Taxes payable230,295 109,629 
Self-insurance reserves71,912 70,860 
Inventory related accruals67,096 53,636 
Accrued rebates45,706 47,318 
Accrued professional services/legal41,593 14,109 
Capital expenditures14,841 5,207 
Other149,982 165,545 
Total accrued expenses$784,635 $616,067 
v3.25.0.1
Share Repurchase Program
 12 Months Ended
Dec. 28, 2024
Share Repurchase Program [Abstract]  
Share Repurchase Program .    Share Repurchase Program
In February 2022, the Company’s Board of Directors authorized an additional $1.0 billion toward the existing share repurchase program. Previously in April 2021 and November 2019, the Company’s Board of Directors authorized $1.0 billion and $700.0 million for the Company’s share repurchase program. The Company’s share repurchase program permitted the repurchase of the Company’s common stock on the open market and in privately negotiated transactions from time to time. The Board of Directors were able to increase or otherwise modify, renew, suspend or terminate the share repurchase program without prior notice. However, Amendment No. 5 to the Company’s 2021 Credit Agreement generally prohibits open market share repurchases.

During 2024 and 2023, the Company did not repurchase any shares of the Company’s common stock under the Company’s share repurchase program. The Company had $947.3 million remaining under the Company’s share repurchase program as of December 28, 2024 and December 30, 2023.
v3.25.0.1
Earnings per Share
 12 Months Ended
Dec. 28, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings per Share
The computations of basic and diluted earnings per share were as follows: 
Year Ended
December 28, 2024December 30, 2023December 31, 2022
Numerator
Net (loss) income from continuing operations$(586,955)$(30,024)$360,536 
Net income from discontinued operations
251,167 59,759 103,866 
Net (loss) income$(335,788)$29,735 $464,402 
Denominator
Basic weighted average common shares59,647 59,432 60,351 
Dilutive impact of share-based awards255 176 366 
Diluted weighted average common shares(1)
59,902 59,608 60,717 
Basic (loss) earnings per common share from continuing operations$(9.84)$(0.51)$5.97 
Basic earnings per common share from discontinued operations4.21 1.01 1.73 
Basic (loss) earnings per common share$(5.63)$0.50 $7.70 
Diluted (loss) earnings per common share from continuing operations$(9.80)$(0.50)$5.94 
Diluted earnings per common share from discontinued operations4.19 1.00 1.71 
Diluted earnings (loss) per common share$(5.61)$0.50 $7.65 
(1) For 2024, 2023 and 2022, restricted stock units (“RSUs”) excluded from the diluted calculation as their inclusion would have been anti-dilutive were 472 thousand, 299 thousand and 115 thousand, respectively.
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 28, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Provision for Income Taxes

Provision for income taxes consisted of the following:
CurrentDeferredTotal
2024
Federal$2,077 $(171,881)$(169,804)
State3,447 (30,782)(27,335)
Foreign16,609 (613)15,996 
$22,133 $(203,276)$(181,143)
2023
Federal$2,806 $(28,584)$(25,778)
State1,919 (8,464)(6,545)
Foreign15,296 (127)15,169 
$20,021 $(37,175)$(17,154)
2022
Federal$46,579 $18,935 $65,514 
State8,319 4,982 13,301 
Foreign21,948 (1,106)20,842 
$76,846 $22,811 $99,657 

The provision for income taxes differed from the amount computed by applying the federal statutory income tax rate due to:
Year Ended
December 28, 2024December 30, 2023December 31, 2022
Income before provision for income taxes at statutory U.S. federal income tax rate (21% for 2024, 2023 and 2022)
$(161,254)$(9,907)$96,640 
State income taxes, net of federal income tax
(21,661)(6,036)10,508 
Other, net1,772 (1,211)(7,491)
Provision for income taxes$(181,143)$(17,154)$99,657 
Deferred Income Tax Assets (Liabilities)

Temporary differences that give rise to significant deferred income tax assets (liabilities) were as follows:
December 28, 2024December 30, 2023
Deferred income tax assets:
Accrued expenses not currently deductible for tax$38,738 $22,021 
Share-based compensation10,878 10,698 
Accrued medical and workers compensation5,877 9,704 
Net operating loss carryforwards1,994 3,273 
Operating lease liabilities598,596 668,557 
Other, net9,141 13,886 
Total deferred income tax assets before valuation allowances665,224 728,139 
Less: Valuation allowance(4,810)(5,179)
Total deferred income tax assets660,414 722,960 
Deferred income tax liabilities:
Property and equipment(8,758)(89,156)
Inventories(182,319)(216,666)
Intangible assets(91,757)(133,715)
Operating lease right-of-use assets(570,251)(639,058)
Total deferred income tax liabilities(853,085)(1,078,595)
Net deferred income tax liabilities$(192,671)$(355,635)

As of December 28, 2024 and December 30, 2023, the Company’s net operating loss (“NOL”) carryforwards comprised state NOLs of $105.7 million and $102.2 million, respectively. 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 the Company has recorded a valuation allowance of $1.8 million as of December 28, 2024 and $2.9 million as of December 30, 2023. In addition, the Company recorded a $3.0 million valuation allowance on foreign tax credit carryforwards as of December 28, 2024. The amount of deferred income tax assets realizable could change in the future if projections of future taxable income change.

The Company has not recorded deferred taxes when earnings from foreign operations are considered to be indefinitely invested outside of the U.S. As of December 28, 2024 and December 30, 2023, these accumulated net earnings generated by foreign operations were $93.4 million and $80.3 million, respectively, 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 the Company’s gross unrecognized tax benefits:
December 28, 2024December 30, 2023December 31, 2022
Unrecognized tax benefits, beginning of period$11,190 $15,211 $20,979 
Increases related to prior period tax positions6,328 245 75 
Decreases related to prior period tax positions— — (261)
Increases related to current period tax positions375 563 928 
Settlements— — (256)
Expiration of statute of limitations(2,393)(4,829)(6,254)
Unrecognized tax benefits, end of period$15,500 $11,190 $15,211 

As of December 28, 2024, December 30, 2023 and December 31, 2022, the entire amount of unrecognized tax benefits, if recognized, would reduce the Company’s annual effective tax rate of 23.6%, 36.4% and 21.7%, respectively. During 2024, the Company recorded income tax-related interest and penalty expense of $0.6 million, and in 2023 and 2022, the Company recorded income tax-related interest and penalty benefits of $0.2 million and $0.6 million, respectively, due to uncertain tax positions included in the Provision for income taxes in the accompanying Consolidated Statements of Operations. As of December 28, 2024 and December 30, 2023, the Company recorded a liability for potential interest of $3.1 million and $2.5 million, respectively, and for potential penalties of $0.03 million and $0.1 million, respectively. The Company does not provide for any penalties associated with tax contingencies unless considered probable of assessment. The Company does not expect the unrecognized tax benefits to change significantly over the next 12 months. With few exceptions, the Company is no longer subject to U.S. federal, state and local or non-U.S. income tax examinations by tax authorities for years before 2021.
v3.25.0.1
Contingencies
 12 Months Ended
Dec. 28, 2024
Commitments and Contingencies Disclosure [Abstract]  
Contingencies Contingencies
Currently and from time to time, the Company is subject to litigation, claims and other disputes, including legal and regulatory proceedings, arising in the normal course of business. The Company records 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 the Company’s consolidated 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 the Company’s securities who purchased or otherwise acquired their securities between November 16, 2022, and May 30, 2023, inclusive (the “Class Period”), were commenced against the Company and certain of the Company’s 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 court-appointed lead plaintiff filed a consolidated and amended complaint on April 22, 2024. The consolidated and amended complaint proposes a Class Period of November 16, 2022 to November 15, 2023, and alleges that defendants made false and misleading statements in connection with (a) the Company’s 2023 guidance and (b) certain accounting issues previously disclosed by the Company. On June 21, 2024, defendants filed a motion to dismiss the consolidated and amended complaint. On January 23, 2025, the motion to dismiss was granted by the United States District Court for the Eastern District of North Carolina. On February 21, 2025, plaintiffs filed an appeal to the 4th Circuit Court of Appeals. The Company strongly disputes the allegations and intends to defend the case vigorously.

On January 17, 2024, February 20, 2024, and February 26, 2024, derivative shareholder complaints were commenced against the Company’s directors and certain former officers alleging derivative liability for the allegations made in the securities class action complaints noted above. On April 9, 2024, the court consolidated these actions and appointed co-lead counsel. On June 10, 2024, the court issued a stay order on the consolidated derivative complaint pending resolution of the motion to dismiss for the underlying securities class action complaint.
v3.25.0.1
Benefit Plans
 12 Months Ended
Dec. 28, 2024
Postemployment Benefits [Abstract]  
Benefit Plans Benefit Plans
401(k) Plan

The Company maintains a defined contribution benefit plan, which covers substantially all team members after one year of service and who have attained the age of 21. The plan allows for team member salary deferrals, which are matched at the Company’s discretion. Company contributions to these plans were $22.7 million, $22.5 million and $20.9 million in 2024, 2023 and 2022, respectively.

Deferred Compensation

The Company maintains a non-qualified deferred compensation plan for certain team members. This plan provides for a minimum and maximum deferral percentage of the team member’s base salary and bonus as determined by the Retirement Plan Committee. The Company established and maintained a deferred compensation liability for this plan. As of December 28, 2024 and December 30, 2023, these liabilities were $14.7 million and $14.3 million, respectively, and were included within Accrued Expenses in the Consolidated Balance Sheets.
v3.25.0.1
Share-Based Compensation
 12 Months Ended
Dec. 28, 2024
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
Overview

The Company grants share-based compensation awards to the Company’s team members and members of the Company’s Board of Directors as provided for under the 2023 Omnibus Incentive Compensation Plan (“2023 Plan”), approved on May 24, 2023, which replaced the Company’s 2014 Long-Term Incentive Plan. In 2024, 2023 and 2022, the Company granted share-based compensation in the form of RSUs or deferred stock units (“DSUs”). The Company’s 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 2024, 2023 and 2022, the Company also granted options to purchase common stock to certain employees under the Company’s 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. The Company records compensation expense for the grant date fair value of the option awards evenly over the vesting period.

At December 28, 2024, there were 1.7 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 the Company’s 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 the Company’s 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 the Company’s 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 the Company believes were probable of vesting at December 28, 2024.

There were no performance-based RSUs granted during 2024. There were 22 thousand performance-based RSUs granted during 2023 and no performance-based RSUs granted during 2022. 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 28,
2024. Compensation expense for performance-based awards of $6.4 million, $5.6 million and $10.8 million in 2024, 2023 and 2022, respectively, 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:
202420232022
Risk-free interest rate(1)
4.4 %4.6 %1.6 %
Expected dividend yield— %— %— %
Expected stock price volatility(2)
58.4 %37.4 %34.6 %
(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 the Company’s stock prices and the Company’s peer group.

Additionally, the Company estimated a liquidity discount of 20.07% using the Chaffe Model to adjust the fair value for the post-vest restrictions. Vesting of market-based RSUs depends on the Company’s 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 2024 (inclusive of discontinued operations related activity):
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 30, 2023700 $109.56 — $— 123 $180.63 
Granted571 $71.86 — $— 149 $113.31 
 Change in units based on performance
— $— — $— — $— 
Vested (1)
(302)$114.19 (1)$130.03 (50)$200.24 
Forfeited(236)$77.81 1 $130.03 (51)$140.83 
Nonvested at December 28, 2024733 $84.50 — $— 171 $128.04 
(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 28, 2024December 30, 2023December 31, 2022
Time-based:
Weighted average fair value of RSUs granted$71.86 $89.81 $196.61 
Total grant date fair value of RSUs vested$34,497 $33,125 $34,685 
Performance-based:
Weighted average fair value of RSUs granted$— $135.13 $— 
Total grant date fair value of RSUs vested$88 $14,711 $12,460 
Market-based:
Weighted average fair value of RSUs granted$113.31 $139.75 $205.52 
Total grant date fair value of RSUs vested$10,038 $4,400 $3,695 
As of December 28, 2024, the maximum potential payout under the Company’s currently outstanding market-based RSUs were 341 thousand units.

Stock Options

In 2024, the Company granted 203 thousand stock options where the weighted average fair value of stock options granted was $30.60 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 28, 2024 (inclusive of discontinued operations related activity):
Number of AwardsWeighted Average Exercise PriceWeighted Average Remaining Contractual Life (Years)Aggregate Intrinsic Value
Outstanding at December 30, 2023417 $124.59 
Granted203 $78.72 
Exercised— $— 
Forfeited(101)$134.87 
Outstanding at December 28, 2024519 $104.61 8.1$— 
Exercisable at December 28, 2024198 $142.66 6.8$— 

The following table presents the range of the weighted-average assumptions used in determining the fair values of options granted:
Year Ended
December 28, 2024
Risk-free interest rate (1)
4.1%
–
4.2%
Expected life (2)
6 years
Expected volatility (3)
41.6%
–
42.6%
Expected dividend yield (4)
1.4%
–
1.5%
(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 the Company does not have sufficient historical data, the Company 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. The Company utilized historical trends and the implied volatility of the Company’s publicly traded financial instruments in developing the volatility estimate for the Company’s stock options.
(4) The expected dividend yield is calculated based on the Company’s 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 2024, 2023 and 2022 was $10.0 million, $10.1 million and $11.7 million, respectively.

As of December 28, 2024, there was $61.0 million of unrecognized compensation expense related to all share-based awards that were expected to be recognized over a weighted average period of 1.52 years.
Deferred Stock Units

The Company grants share-based awards annually to the Company’s Board of Directors in connection with the Company’s 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 the Company’s 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.

The Company granted 29 thousand, 74 thousand and nine thousand DSUs in 2024, 2023 and 2022, respectively. The weighted average fair value of DSUs granted during 2024, 2023 and 2022 was $65.21, $66.60 and $193.05, respectively. The DSUs were awarded at a price equal to the market price of the Company’s underlying common stock on the date of the grant. For 2024, 2023 and 2022, the Company recognized $3.3 million, $3.4 million and $1.7 million, respectively, of share-based compensation expense for these DSU grants.

Employee Stock Purchase Plan

The Company also offers an employee stock purchase plan (“ESPP”). Under the ESPP, eligible team members may elect salary deferrals to purchase the Company’s common stock at a discount 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 28, 2024, there were 2.4 million shares available to be issued under the ESPP.
v3.25.0.1
Accumulated Other Comprehensive Loss
 12 Months Ended
Dec. 28, 2024
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 1, 2022$906 $(27,965)$(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, 2023802 (53,034)(52,232)
2024 activity(149)5,235 5,086 
Balance, December 28, 2024$653 $(47,799)$(47,146)
v3.25.0.1
Supplier Finance Program
 12 Months Ended
Dec. 28, 2024
Payables and Accruals [Abstract]  
Supplier Finance Program Supplier Finance Programs
The Company maintains supply chain financing agreements with third-party financial institutions to provide the Company’s suppliers with enhanced receivables options. Through these agreements, the Company’s suppliers, at their sole discretion, may elect to sell their receivables due from the Company to the third-party financial institution at terms negotiated between the supplier and the third-party financial institution. The Company does not provide any guarantees to any third party in connection with these financing arrangements. The Company’s obligations to its 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 the Company’s Consolidated Balance Sheets. As of December 28, 2024 and December 30, 2023, the Company’s accounts payable to suppliers participating in these financing arrangements were $3.2 billion and $3.4 billion, respectively.
The Company’s confirmed obligations to suppliers participating in these financing arrangements consist of the following:
December 28, 2024
Confirmed obligations outstanding at the beginning of the year$3,360,733 
Invoices confirmed during the year3,294,260 
Confirmed invoices paid during the year(3,455,823)
Confirmed obligations outstanding at the end of the year$3,199,170 
v3.25.0.1
Immaterial Restatement of Prior Period Financial Statements
 12 Months Ended
Dec. 28, 2024
Accounting Changes and Error Corrections [Abstract]  
Immaterial Restatement of Prior Period Financial Statements Immaterial Restatement of Prior Period Financial Statements
As discussed in Note 1. Nature of Operations and Basis of Presentation, during the year ended December 30, 2023, the Company identified errors in its consolidated financial statements. A summary of the corrections, inclusive of adjustments discovered in the periods presented below are as follows (tables may not foot or cross foot due to rounding):

Condensed Consolidated Statement of Operations
December 31, 2022
Year Ended
As Previously ReportedAdjustmentsAs CorrectedDiscontinued OperationsAs Corrected, after Discontinued Operations
Cost of sales$6,192,622 $29,865 $6,222,487 $1,306,483 $4,916,004 
Gross profit4,962,100 (29,865)4,932,235 699,365 4,232,870 
Selling, general and administrative expenses4,247,949 14,033 4,261,982 553,730 3,708,252 
Operating income714,151 (43,898)670,253 145,635 524,618 
Other (expense) income, net    (6,996)(427)(7,423)(1,247)(6,176)
Total other, net    (65,464)(427)(65,891)(1,466)(64,425)
Income before provision for income taxes648,687 (44,325)604,362 144,169 460,193 
Provision for income taxes146,815 (6,855)139,960 40,303 99,657 
Net income$501,872 $(37,470)$464,402 $103,866 $360,536 
Basic earnings per share$8.32 $(0.62)$7.70 $1.73 $5.97 
Diluted earnings per common share$8.27 $(0.62)$7.65 $1.71 $5.94 

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 Statements of Changes in Stockholders’ Equity
December 31, 2022
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 Statement of Cash Flows
Fifty-Two Weeks Ended December 31, 2022
As Previously ReportedAdjustmentsAs CorrectedDiscontinued OperationsAs Corrected, after Discontinued Operations
Net income$501,872 $(37,470)$464,402 $103,866 $360,536 
Provision for deferred income taxes6,338 10,190 16,528 (6,283)22,811 
Net change in:
Receivables, net81,254 (14,107)67,147 39,727 27,420 
Inventories, net(272,253)42,610 (229,643)(158,674)(70,969)
Accounts payable212,568 15,206 227,774 108,440 119,334 
Accrued expenses(165,643)(2,080)(167,723)(9,091)(158,632)
Net cash provided by operating activities722,222 14,349 736,571 113,933 622,638 
Effect of exchange rate changes on cash(9,216)552 (8,664)
Net decrease 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 $50,671 $220,134 
v3.25.0.1
Segment Reporting
 12 Months Ended
Dec. 28, 2024
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Following the sale of the Worldpac business in November 2024, the Company has one reportable segment as the two remaining operating segments, “Advance Auto Parts/Carquest U.S.” and “Carquest Canada,” are aggregated due to their economic and operational similarities. Both operating segments sell similar products across channels, operate in markets with parallel (or similar) economic conditions, sell to related customer bases, leverage similar methods to distribute products and provide services to its customers. The accounting policies of both operating segments are the same as those described in the summary of significant accounting policies. Due to the assessed quantitative and qualitative economic and operational similarities between the operating segments, management does not believe there would be additional value gained from disaggregated disclosure.

The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer, who regularly reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance for the Company’s single reportable segment. The CODM primarily focuses on net income to evaluate its reportable segment. The CODM also uses net income for evaluating pricing strategy and to assess the performance for determining the compensation of certain employees. Significant segment expenses reviewed, which represent the difference between segment revenue and segment net income, consisted of the following:

Year Ended
December 28, 2024December 30, 2023December 31, 2022
Net sales$9,094,327 $9,209,075 $9,148,874 
Less:
Cost of sales $5,685,807 $5,348,966 $4,916,004 
SG&A (1)
3,535,680 3,535,805 3,459,925 
Restructuring and related expenses308,902 15,987 — 
Depreciation and amortization expense (2)
277,244 269,430 248,327 
Interest expense81,033 87,989 50,841 
Other segment items (3)
(26,241)(1,924)13,584 
Provision for income taxes(181,143)(17,154)99,657 
Net (loss) income from continuing operations$(586,955)$(30,024)$360,536 
(1) SG&A excludes Restructuring and related expenses and depreciation and amortization.
(2) The 2024 amount has been reduced by depreciation and amortization related to restructuring which is included in Restructuring and related expenses.
(3) Other segment items consist of selling, general and administrative expenses, primarily labor related expenses, rent and occupancy, and loss on early redemption of senior unsecured notes, and other income (expense), net, included in Total other, net, in the accompanying Consolidated Statements of Operations.

The following table presents the Company’s net sales disaggregated by geographical area:
Year Ended
December 28, 2024December 30, 2023December 31, 2022
United States$8,799,654 $8,914,189 $8,857,185 
Canada294,673 294,886 291,689 
Total$9,094,327 $9,209,075 $9,148,874 

No asset information has been provided for the reportable segment as the CODM does not regularly review asset information by reportable segment. As of December 28, 2024 and December 30, 2023, assets held in the U.S. accounted for 96% and 97% of total assets.

There were no major customers individually accounting for 10% or more of consolidated net revenues.
v3.25.0.1
Discontinued Operations
 12 Months Ended
Dec. 28, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations Discontinued Operations
On August 22, 2024, the Company entered into a definitive purchase agreement to sell Worldpac for $1.5 billion, with customary purchase price adjustments for working capital and other items. The transaction closed on November 1, 2024. Net proceeds from the transaction after paying expenses and excluding the impact of taxes were approximately $1.47 billion. The Company’s sale of Worldpac was progress towards the changing landscape of the business with increased focus on the Advance blended-box model. The Company classified the results of operations and cash flows of Worldpac as discontinued operations in its Consolidated Statements of Operations and Consolidated Statements of Cash Flows for all periods presented. The related assets and liabilities associated with the discontinued operations are not included in the Consolidated Balance Sheet as of December 28, 2024. Additionally, beginning August 22, 2024, the Company ceased recording depreciation and amortization for Worldpac’s finite-lived intangible assets and operating lease ROU assets.

In connection with the Worldpac divestiture, the Company agreed to provide letters of credit in the aggregate amount of up to $200 million, issued under its unsecured revolving credit facility, for up to twelve months after closing of the transaction as credit support for Worldpac’s new supply chain financing program, which letter of credit exposure will reduce to zero no later than 24 months after closing.

Additionally, the Company and Worldpac entered into a Transition Services Agreement and Reverse Transition Services Agreement, pursuant to which the two entities will provide certain services to each other during the post-closing period. The minimum terms of the agreements are for twelve months, which may be extended by the Company and Worldpac for up to two three-month extension periods.

The following table represents the major classes of assets and liabilities of discontinued operations as of December 30, 2023:

December 30, 2023
Carrying amounts of the major classes of assets included in discontinued operations:
Cash$15,422 
Receivables, net190,613 
Inventories
964,133 
Other current assets35,305 
Property and equipment, net of accumulated depreciation92,561 
Operating lease right-of-use assets231,703 
Other intangible assets, net174,180 
Goodwill390,584 
Other noncurrent assets911 
Total assets of held for sale$2,095,412 
Carrying amounts of the major classes of liabilities included in discontinued operations:
Accounts payable$651,895 
Accrued expenses55,170 
Other current liabilities61,786 
Noncurrent operating lease liabilities175,858 
Deferred income taxes6,907 
Other noncurrent liabilities986 
Total liabilities held for sale$952,602 
The following table presents the major components of discontinued operations in the Company's Consolidated Statements of Operations:

Year Ended
December 28, 2024December 30, 2023December 31, 2022
Major classes of line items constituting income of discontinued operations before provision for income taxes: 
Net Sales$1,796,525 $2,078,532 $2,005,848 
Cost of sales, including purchasing and warehousing costs
1,194,149 1,415,139 1,306,483 
Gross profit
602,376 663,393 699,365 
Selling, general and administrative expenses502,733 587,903 553,730 
Operating income 99,643 75,490 145,635 
Other, net:
Interest expense(422)(66)(219)
Other (expense) income, net
(2,976)3,601 (1,247)
Gain on divestiture349,477 — — 
Total other, net346,079 3,535 (1,466)
Income before provision for income taxes445,722 79,025 144,169 
Provision for income taxes194,555 19,266 40,303 
Net income from discontinued operations$251,167 $59,759 $103,866 
v3.25.0.1
Valuation and Qualifying Accounts
 12 Months Ended
Dec. 28, 2024
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
Balance at End of Period
December 31, 2022$6,874 $16,967 $(10,938)$12,903 
December 30, 2023$12,903 $20,345 $(9,632)$23,616 
December 28, 2024$23,616 $107,032 $(72,856)$57,792 

For the year ended December 28, 2024, the allowance for credit losses increased $34.2 million, primarily due to incremental reserves established as a result of the 2024 Restructuring Plan. Refer to Note 6. Receivables, net, of the Notes to the Consolidated Financial Statements included herein.

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.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net Income (Loss) $ (335,788) $ 29,735 $ 464,402
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 28, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 28, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 28, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] The Company has processes in place for assessing, identifying and managing risks from potential cyber threats and vulnerabilities. To protect the Company’s information systems from cyber threats, the Company uses a variety of tools, controls, technologies, methods, systems and other processes that are designed to prevent, detect, escalate, investigate, mitigate and/or remediate data loss, theft, misuse, unauthorized access or other security incidents or vulnerabilities affecting information systems and data.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] The Company has processes in place for assessing, identifying and managing risks from potential cyber threats and vulnerabilities. To protect the Company’s information systems from cyber threats, the Company uses a variety of tools, controls, technologies, methods, systems and other processes that are designed to prevent, detect, escalate, investigate, mitigate and/or remediate data loss, theft, misuse, unauthorized access or other security incidents or vulnerabilities affecting information systems and data.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
The Company’s Chief Information Security Officer (“CISO”) and Vice President, Chief Audit Executive, who oversees the Company’s enterprise risk management (“ERM”) framework, partner on definition and treatment of cyber risks. Cybersecurity is a component of the Company’s ERM framework and processes. The Company utilizes a range of capabilities to help identify and assess potential cyber threats and vulnerabilities, which feed into the development and regular updating of a risk mitigation plan to help manage the Company’s cybersecurity risk posture. The Company evaluates cyber security risks on an ongoing basis across several categories in terms of probability of the likelihood and magnitude of potential impact, using evaluation results to inform areas of focus and prioritization.

The Company evaluates risks associated with use of third-party providers through a lifecycle-based approach, conducting risk-based due diligence before engagement, using contractual provisions to apportion risk, and for certain third-party providers, engaging in architectural review and validation at the beginning of engagement. The Company uses third parties to assist with penetration testing, simulated attacks and survey and other threat intelligence reporting on third parties, as well as review and enhancement of associated response processes.

The Company’s cyber risk mitigation plan is reviewed on a bimonthly cadence with a cross-functional Cyber Steering Committee, the managerial governing body that regularly reviews the top cyber risks and receives reports on progress on key cyber initiatives. The Company’s CISO leads the Cyber Steering Committee, which also includes individuals with experience identifying and managing enterprise risks, including the Company’s President and Chief Executive Officer, Executive Vice President, Chief Financial Officer, Executive Vice President, General Counsel and Corporate Secretary and Vice President, Chief Audit Executive, as well as individuals with technical expertise in information technology, data governance and cyber matters and/or experience in managing cyber incident responses, including the Company’s Executive Vice President, Chief Technology Officer, Vice President, Information Technology Operations and Senior Vice President, Deputy General Counsel and Chief Compliance Officer.

The Internal Audit function assesses cyber security risks and audits components of cyber security on an annual basis. At least every three years, the Company uses an external party to evaluate the maturity of the program against the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework.
The Audit Committee of the Company’s Board of Directors is charged with reviewing, discussing with management and overseeing the Company’s information technology and cybersecurity risk. The Audit Committee receives reports on cybersecurity risk and management thereof at least semi-annually, and the full Board of Directors receives such reports at least annually.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] The Company’s Chief Information Security Officer (“CISO”) and Vice President, Chief Audit Executive, who oversees the Company’s enterprise risk management (“ERM”) framework, partner on definition and treatment of cyber risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee of the Company’s Board of Directors is charged with reviewing, discussing with management and overseeing the Company’s information technology and cybersecurity risk. The Audit Committee receives reports on cybersecurity risk and management thereof at least semi-annually, and the full Board of Directors receives such reports at least annually.
Cybersecurity Risk Role of Management [Text Block] The Company’s Chief Information Security Officer (“CISO”) and Vice President, Chief Audit Executive, who oversees the Company’s enterprise risk management (“ERM”) framework, partner on definition and treatment of cyber risks. Cybersecurity is a component of the Company’s ERM framework and processes. The Company utilizes a range of capabilities to help identify and assess potential cyber threats and vulnerabilities, which feed into the development and regular updating of a risk mitigation plan to help manage the Company’s cybersecurity risk posture. The Company evaluates cyber security risks on an ongoing basis across several categories in terms of probability of the likelihood and magnitude of potential impact, using evaluation results to inform areas of focus and prioritization.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] The Company’s Chief Information Security Officer (“CISO”) and Vice President, Chief Audit Executive, who oversees the Company’s enterprise risk management (“ERM”) framework, partner on definition and treatment of cyber risks.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] he Company’s CISO leads the Cyber Steering Committee, which also includes individuals with experience identifying and managing enterprise risks, including the Company’s President and Chief Executive Officer, Executive Vice President, Chief Financial Officer, Executive Vice President, General Counsel and Corporate Secretary and Vice President, Chief Audit Executive, as well as individuals with technical expertise in information technology, data governance and cyber matters and/or experience in managing cyber incident responses, including the Company’s Executive Vice President, Chief Technology Officer, Vice President, Information Technology Operations and Senior Vice President, Deputy General Counsel and Chief Compliance Officer.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The Audit Committee of the Company’s Board of Directors is charged with reviewing, discussing with management and overseeing the Company’s information technology and cybersecurity risk. The Audit Committee receives reports on cybersecurity risk and management thereof at least semi-annually,
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 28, 2024
Accounting Policies [Abstract]  
Accounting Period
Accounting Period

The Company’s fiscal year ends on the Saturday closest to December 31st. All references herein for the years 2024, 2023 and 2022 represent the fiscal years ended December 28, 2024, December 30, 2023 and December 31, 2022, 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.
Use of Estimates
Use of Estimates

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

The Company’s 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 the Company’s merchandise inventory is primarily determined using the last-in, first-out (“LIFO”) method. Under the LIFO method, the Company’s cost of sales reflects the costs of the most recently purchased inventories, while the inventory carrying balance represents the costs relating to prices paid in 2024 and prior years. The Company regularly reviews inventory quantities on-hand to consider whether it has excess or obsolete inventory and adjusts the carrying value as necessary. In the fourth quarter of 2024, the Company announced a restructuring and asset optimization plan designed to improve the Company’s profitability and growth potential and streamline its operations. In executing this plan and initiating store closure activities, the Company liquidated inventory held at these locations and rationalized its product assortment held as a result of a reduced sell-through footprint which resulted in an inventory charge of $431.5 million and was reflected in cost of sales. In 2023, the Company performed a strategic and operational review of the business, which included the rationalization of product assortment and planned decisive actions. As a result, the Company made a change in the estimate of excess inventory reserves resulting in a $109.5 million charge to cost of sales.
Vendor Incentives
Vendor Incentives

The Company receives 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.
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

The Company performs an evaluation for the impairment of goodwill and other indefinite-lived intangible assets for the Company’s 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. The 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, the Company assesses 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, the Company compares the carrying value of a reporting unit to its fair value. In performing a Step-1 analysis, the Company has historically used an income approach which requires many assumptions including forecast, discount rate, long-term growth rate, among other items. The Company has also utilized the market approach which derives metrics from comparable publicly-traded companies. The Company has 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.

The 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, the Company concludes that no intangible asset impairment has occurred. If the carrying value of the indefinite-lived intangible asset exceeds the fair value, the Company recognizes an impairment loss.

The Company has two operating segments, defined as “Advance Auto Parts/Carquest U.S.” and “Carquest Canada.” As each operating segment represents a reporting unit, goodwill is assigned to each reporting unit. See Note 5. Goodwill and Intangibles for additional information.
Valuation of Long-Lived Assets
Valuation of Long-Lived Assets

The Company evaluates the recoverability of 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, the Company estimates 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).

The Company assessed the recoverability of its long-lived assets assigned to closing locations in connection with the announced restructuring and distribution network optimization plan. This assessment resulted in carrying values that exceeded fair values for certain asset groups, primarily related to ROU assets. As a result, an impairment charge of $171.4 million was recorded, and is reflected in SG&A. Impairment charges not related to the restructuring and asset optimization plans were not material. See Restructuring and Related Expenses policy below.
Self-Insurance
Self-Insurance
The Company is self-insured for general and automobile liability, workers’ compensation and health care claims of the Company’s team members, while maintaining stop-loss coverage with third-party insurers to limit the Company’s total liability exposure. Expenses associated with these liabilities are calculated for (i) claims filed, (ii) claims incurred but not yet reported and (iii) projected future claims using actuarial methods followed in the insurance industry as well as the Company’s historical claims experience. The Company includes the current 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

The Company leases certain store locations, distribution centers, office spaces, equipment and vehicles. The Company recognizes 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 the Company to pay non-lease components, such as taxes, maintenance, insurance and other certain costs applicable to the leased asset. For leases related to store locations, distribution centers, office spaces and vehicles, the Company accounts 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
The Company provides share-based compensation to the Company’s eligible team members and Board of Directors. The Company is required to exercise judgment and make estimates when determining the (i) fair value of each award granted and (ii) projected number of awards expected to vest. The Company calculates the fair value of all share-based awards at the date of grant and 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 the Company’s 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. The Company allocates the contract’s transaction price to each of these performance obligations separately using explicitly stated amounts or the Company’s best estimate using historical data.

In accordance with ASC 606, revenue is recognized at the time the sale is made at which time the Company’s walk-in customers take immediate possession of the merchandise or same-day delivery is made to the Company’s professional delivery customers, which include certain independently owned store locations. Payment terms are established for the Company’s professional delivery customers based on pre-established credit requirements. Payment terms vary depending on the customer and generally range from one to thirty 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 the Company’s 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. The Company estimates the reduction to net sales and cost of sales for returns based on current sales levels and the Company’s historical return experience.
Receivables
Receivables, net, consists primarily of receivables from professional customers and is stated at net realizable value. The Company grants credit to certain professional customers who meet the Company’s pre-established credit requirements. The Company regularly reviews accounts receivable balances and maintains allowances for credit losses estimated whenever events or circumstances indicate the carrying value may not be recoverable. The Company considers the following factors when determining if collection is reasonably assured: customer creditworthiness, past transaction history with the customer, current economic and industry trends and changes in customer payment terms. The Company controls 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 the Company’s distribution network, including payroll and benefits costs, occupancy costs and depreciation, in-bound freight-related costs from the Company’s vendors, impairment of inventory resulting from store closures and inventory-related reserves and costs associated with moving merchandise inventories from the Company’s distribution centers to stores and customers. Refer to the Restructuring and Related Expenses policy below.
Selling, General and Administrative Expenses, Exclusive of Restructuring and Related Expenses
Selling, General and Administrative Expenses, Exclusive of Restructuring and Related 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 the Company’s professional delivery program, including payroll and benefits costs; and transportation expenses associated with moving merchandise inventories from stores to customer locations.
Restructuring and Related Expenses
Restructuring and Related Expenses

The Company records restructuring and transformation activities when management or the Board of Directors commits to and approves a restructuring plan. Impairment of inventory is recognized when the cost of inventory exceeds its net realizable value. Asset impairment charges associated with operating lease ROU assets are recognized when the ROU carrying value exceeds its fair value. Severance and retention costs associated with workforce reductions are recognized at the time of communication to employees, unless future service is required, in which case the costs are recognized ratably over the future service period. Employee termination benefits are recognized as a liability when it is probable that a liability exists, and the amount is reasonably estimable. Other exit-related costs, including nonrecurring professional fees, are recognized as incurred. Restructuring expenses are recognized as an operating expense in cost of sales or selling, general and administrative expenses within the consolidated statements of operations and related liabilities are recorded within accounts payable and accrued expenses on the consolidated balance sheets. The Company periodically evaluates and, if necessary, adjusts its estimates based on currently available information. Refer to Note 3. Restructuring of the Notes to the Consolidated Financial Statements included for additional detail.
Advertising Costs
Advertising Costs
The Company expenses advertising costs as incurred. Advertising expense, net of qualifying vendor promotional funds, was $79.6 million, $149.6 million and $160.9 million in 2024, 2023 and 2022, respectively.
Foreign Currency Translation
Foreign Currency Translation

The assets and liabilities of the Company’s 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 $5.5 million, $7.3 million and $3.7 million in 2024, 2023 and 2022, respectively.
Income Taxes
Income Taxes

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under the asset and liability method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. 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.

The Company recognizes tax benefits and/or tax liabilities for uncertain income tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more-likely-than-not that the position will be sustained in an audit, including resolution of related appeals or litigation processes, if any. The second step requires the Company to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts as the Company must determine the probability of various possible outcomes.
The Company reevaluates these uncertain tax positions on a quarterly basis or when new information becomes available to management. The reevaluations are based on many factors, including but not limited to, changes in facts or circumstances, changes in tax law, successfully settled issues under audit, expirations due to statutes of limitations and new federal or state audit activity. Any change in either the Company’s recognition or measurement could result in the recognition of a tax benefit or an increase to the tax accrual.
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.
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements - Not Yet Adopted

Disclosure Improvements

In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06, Disclosure Improvements (“ASU 2023-06”), which defines when companies will be required to improve and clarify disclosure and presentation requirements. This ASU should be applied prospectively, and the effective date will be determined for each individual disclosure based on the effective date of the SEC’s removal of the related disclosure. If the applicable requirements have not been removed by the SEC by June 30, 2027, this ASU will not become effective. Early adoption is prohibited. The Company is currently evaluating the impact of adopting ASU 2023-06 on the consolidated financial statements and related disclosures, and does not believe it will have a material impact on the consolidated financial statements.

Climate Disclosure Requirements

In March 2024, the SEC issued its final climate disclosure rules, which require the disclosure of climate-related information in annual reports and registration statements. The rules require disclosure in the audited financial statements of certain effects of severe weather events and other natural conditions and greenhouse gas emissions above certain financial thresholds, as well as amounts related to carbon offsets and renewable energy credits or certificates, if material. Additionally, the rule established disclosure requirements regarding material climate-related risks, descriptions of board oversight and risk management activities, the material impacts of these risks on a registrants' strategy, business model and outlook and any material climate-related targets or goals. On April 4, 2024, the SEC determined to voluntarily stay the final rules pending certain legal challenges. Prior to the stay in the new rules, disclosures would have been effective for annual periods beginning January 1, 2025, except for the greenhouse gas emissions disclosure which would have been effective for annual periods beginning January 1, 2026. The Company is currently evaluating the impact of the new rules on the consolidated financial statements and related disclosures.

Income Tax Disclosure Improvements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (“ASU 2023-09”), which requires a company to enhance its 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. The Company is currently evaluating the impact of adopting ASU 2023-09 on its consolidated financial statements and related disclosures and believes the adoption will result in additional disclosures, but will not have any other impact on its consolidated financial statements.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation (“ASU 2024-03”), which requires public entities to disclose more detailed information about certain costs and expenses presented in the income statement, including inventory purchases, employee compensation, selling expenses and depreciation. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03 on the consolidated financial statements and related disclosures.
Recently Issued Accounting Pronouncements - Adopted

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. The Company has evaluated the impact of the adoption of ASU 2023-07 and the adoption resulted in additional segment reporting disclosures, but did not have any other impact on its consolidated financial statements. See Note 19. Segment Reporting for the additional segment reporting disclosures.
v3.25.0.1
Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 28, 2024
Accounting Policies [Abstract]  
Revenue From External Customers By Products And Services
The following table summarizes financial information for each of the Company’s product groups:
Year Ended
December 28, 2024December 30, 2023December 31, 2022
Percentage of Sales, by Product Group
Parts and Batteries63 %63 %63 %
Accessories and Chemicals22 22 23 
Engine Maintenance14 14 13 
Other1 1 1 
Total100 %100 %100 %
v3.25.0.1
Restructuring (Tables)
 12 Months Ended
Dec. 28, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Related Costs
For the year ended December 28, 2024, the Company incurred the following charges related to the restructuring plans. Inventory related expenses are reflected in Cost of sales on the Consolidated Statement of Operations. The remaining categories are included in Selling, general and administrative expenses in the Consolidated Statements of Operations. There were no restructuring costs associated with the 2024 Restructuring Plan prior to 2024.


Year Ended
2024 Restructuring Plan Expenses: (1)
December 28, 2024December 30, 2023
Cost of sales:
Inventory write-down
$431,529 $— 
Selling, general and administrative expenses:
Impairment and write-down of long-lived assets 188,601 — 
Severance and other personnel expenses15,234 — 
Other location closure related expenses (2)
45,448 — 
Total selling, general and administrative expenses249,283 — 
2024 Restructuring Plan Expenses
$680,812 $— 
Other Restructuring Plan Expenses:
Selling, general and administrative expenses:
Distribution network optimization (3)
$19,713 $— 
Impairment and write-down of long-lived assets
15,555 — 
Worldpac post transaction-related expenses
7,258 — 
Other restructuring expenses (4)
17,093 15,987 
Other Restructuring Plan Expenses
$59,619 $15,987 
(1) The table above excludes certain routine impairment charges of long-lived assets and write-downs of slow-moving inventory occurring in the ordinary course of business.
(2) Other location closure-related activity includes nonrecurring services rendered by third-party vendors assisting with the 2024 Restructuring Plan and other related expenses of $20.8 million including incremental revisions to receivable collectability due to contract terminations with independents associated with the restructuring plan of $24.7 million.
(3) Distribution network optimization includes incremental depreciation as a result of accelerating long-lived assets over a shorter useful life of $5.0 million.
(4) For the year ended December 28, 2024, Other Restructuring Plan expenses include nonrecurring services rendered by third-party vendors to perform a strategic business review of $15.5 million and executive turnover costs of $1.6 million. For the year ended December 30, 2023, Other Restructuring expenses include severance costs associated with a reduction in workforce and professional service fees.
Change in Restructuring Liability
The following table shows the change in the restructuring liability during the year ended December 28, 2024, which are included within accounts payable, accrued liabilities and other current liabilities in the Consolidated Balance Sheets, is as follows:

Restructuring liability
Professional service fees
Severance and other personnel expenses
Balance at December 30, 2023$769 $4,072 
Restructuring expenses during the period43,604 27,059 
Cash payments(20,943)(17,174)
Balance at December 28, 2024$23,430 $13,957 
v3.25.0.1
Inventories (Tables)
 12 Months Ended
Dec. 28, 2024
Inventory, Net [Abstract]  
Schedule Of Inventory
Inventory balances were as follows:
December 28, 2024December 30, 2023
Inventories at first-in, first-out (“FIFO”)$3,623,377 $3,996,877 
Adjustments to state inventories at LIFO(11,296)(103,308)
Inventories at LIFO$3,612,081 $3,893,569 
v3.25.0.1
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 28, 2024
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 28, 2024December 30, 2023
Gross Carrying AmountAccumulated AmortizationNetGross Carrying AmountAccumulated AmortizationNet
Amortized intangible assets:
Customer relationships$156,317 $(145,747)$10,570 $157,344 $(135,339)$22,005 
Non-compete and other40,157 (39,064)1,093 40,157 (38,575)1,582 
196,474 (184,811)11,663 197,501 (173,914)23,587 
Indefinite-lived intangible assets:
Brands, trademark and trade names394,088 — 394,088 395,574 — 395,574 
Total intangible assets$590,562 $(184,811)$405,751 $593,075 $(173,914)$419,161 
Schedule Of Expected Amortization Expense
The expected amortization expense for the next five years and thereafter for acquired intangible assets recorded as of December 28, 2024 was as follows:
YearAmount
2025$10,991 
2026380 
2027292 
$11,663 
v3.25.0.1
Receivables, net (Tables)
 12 Months Ended
Dec. 28, 2024
Receivables [Abstract]  
Schedule Of Accounts Receivable
Receivables, net, consisted of the following:
December 28, 2024December 30, 2023
Trade$416,625 $421,293 
Vendor157,058 199,580 
Other28,149 12,271 
Total receivables601,832 633,144 
Less: allowance for credit losses(57,792)(23,616)
Receivables, net$544,040 $609,528 
v3.25.0.1
Long-term Debt and Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 28, 2024
Debt Disclosure [Abstract]  
Schedule Of Debt
Long-term debt consisted of the following:
December 28, 2024December 30, 2023
5.90% Senior Unsecured Notes (net of unamortized discount and debt issuance costs of $890 and$1,631 at December 28, 2024, and December 30, 2023) due March 9, 2026
$299,110 $298,369 
1.75% Senior Unsecured Notes (net of unamortized discount and debt issuance costs of $1,916 and $2,486 at December 28, 2024 and December 30, 2023) due October 1, 2027
348,084 347,514 
5.95% Senior Unsecured Notes (net of unamortized discount and debt issuance costs of $1,429 and $1,884 at December 28, 2024 and December 30, 2023) due March 9, 2028
298,571 298,116 
3.90% Senior Unsecured Notes (net of unamortized discount and debt issuance costs of $3,259 and $3,851 at December 28, 2024, and December 30, 2023) due April 15, 2030
496,741 496,149 
3.50% Senior Unsecured Notes (net of unamortized discount and debt issuance costs of $3,344 and $3,787 at December 28, 2024, and December 30, 2023) due March 15, 2032
346,655 346,213 
 1,789,161 1,786,361 
Less: Current portion of long-term debt— — 
Long-term debt, excluding the current portion$1,789,161 $1,786,361 
Fair value of long-term debt$1,648,642 $1,641,409 
Schedule Of Maturities Of Long-term Debt
As of December 28, 2024, the aggregate future annual maturities of long-term debt instruments were as follows:
YearAmount
2025$— 
2026300,000 
2027350,000 
2028300,000 
2029— 
Thereafter850,000 
$1,800,000 
v3.25.0.1
Property and Equipment (Tables)
 12 Months Ended
Dec. 28, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
Property and equipment consisted of the following:

Useful Lives		December 28, 2024December 30, 2023
Land and land improvements (1)
30 years
$470,906 $470,890 
Buildings
10 - 30 years
555,534 543,467 
Building and leasehold improvements
1 - 30 years
811,158 780,337 
Furniture, fixtures and equipment
3 - 20 years
2,497,278 2,369,175 
Vehicles
8 years
14,526 14,536 
Construction in progress45,183 106,788 
4,394,585 4,285,193 
Less: Accumulated depreciation(3,060,247)(2,729,208)
Property and equipment, net$1,334,338 $1,555,985 
(1) Land is deemed to have an indefinite life.
v3.25.0.1
Leases and Other Commitments (Tables)
 12 Months Ended
Dec. 28, 2024
Leases and Other Commitments [Abstract]  
Schedule of Operating Lease Liabilities
Operating lease liabilities consisted of the following:
December 28, 2024December 30, 2023
Total operating lease liabilities$2,358,693 $2,423,183 
Less: Current portion of operating lease liabilities(461,528)(383,275)
Non-current operating lease liabilities$1,897,165 $2,039,908 
Lease, Cost Total lease cost comprised of the following:
Year Ended
December 28, 2024December 30, 2023
Operating lease cost$541,299 $496,770 
Variable lease cost152,236 143,134 
Total lease cost$693,535 $639,904 
Lessee, Operating Lease, Liability, Maturity
The future maturity of lease liabilities are as follows:
YearAmount
2025$546,844 
2026466,335 
2027418,156 
2028331,740 
2029298,621 
Thereafter648,745 
Total lease payments2,710,441 
Less: Imputed interest(351,748)
Total operating lease liabilities$2,358,693 
Schedule of Other Information Relating to Lease Liabilities
Other information relating to the Company’s lease liabilities were as follows:
Year Ended
December 28, 2024December 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$490,818 $526,399 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$339,734 $388,200 
v3.25.0.1
Accrued Expenses (Tables)
 12 Months Ended
Dec. 28, 2024
Payables and Accruals [Abstract]  
Schedule Of Accrued Liabilities
Accrued expenses consisted of the following:
December 28, 2024December 30, 2023
Payroll and related benefits$163,210 $149,763 
Taxes payable230,295 109,629 
Self-insurance reserves71,912 70,860 
Inventory related accruals67,096 53,636 
Accrued rebates45,706 47,318 
Accrued professional services/legal41,593 14,109 
Capital expenditures14,841 5,207 
Other149,982 165,545 
Total accrued expenses$784,635 $616,067 
v3.25.0.1
Earnings per Share (Tables)
 12 Months Ended
Dec. 28, 2024
Earnings Per Share [Abstract]  
Schedule Of Earnings Per Share, Basic And Diluted
The computations of basic and diluted earnings per share were as follows: 
Year Ended
December 28, 2024December 30, 2023December 31, 2022
Numerator
Net (loss) income from continuing operations$(586,955)$(30,024)$360,536 
Net income from discontinued operations
251,167 59,759 103,866 
Net (loss) income$(335,788)$29,735 $464,402 
Denominator
Basic weighted average common shares59,647 59,432 60,351 
Dilutive impact of share-based awards255 176 366 
Diluted weighted average common shares(1)
59,902 59,608 60,717 
Basic (loss) earnings per common share from continuing operations$(9.84)$(0.51)$5.97 
Basic earnings per common share from discontinued operations4.21 1.01 1.73 
Basic (loss) earnings per common share$(5.63)$0.50 $7.70 
Diluted (loss) earnings per common share from continuing operations$(9.80)$(0.50)$5.94 
Diluted earnings per common share from discontinued operations4.19 1.00 1.71 
Diluted earnings (loss) per common share$(5.61)$0.50 $7.65 
(1) For 2024, 2023 and 2022, restricted stock units (“RSUs”) excluded from the diluted calculation as their inclusion would have been anti-dilutive were 472 thousand, 299 thousand and 115 thousand, respectively.
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 28, 2024
Income Tax Disclosure [Abstract]  
Provision For Income Taxes, Current And Deferred
Provision for income taxes consisted of the following:
CurrentDeferredTotal
2024
Federal$2,077 $(171,881)$(169,804)
State3,447 (30,782)(27,335)
Foreign16,609 (613)15,996 
$22,133 $(203,276)$(181,143)
2023
Federal$2,806 $(28,584)$(25,778)
State1,919 (8,464)(6,545)
Foreign15,296 (127)15,169 
$20,021 $(37,175)$(17,154)
2022
Federal$46,579 $18,935 $65,514 
State8,319 4,982 13,301 
Foreign21,948 (1,106)20,842 
$76,846 $22,811 $99,657 
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 28, 2024December 30, 2023December 31, 2022
Income before provision for income taxes at statutory U.S. federal income tax rate (21% for 2024, 2023 and 2022)
$(161,254)$(9,907)$96,640 
State income taxes, net of federal income tax
(21,661)(6,036)10,508 
Other, net1,772 (1,211)(7,491)
Provision for income taxes$(181,143)$(17,154)$99,657 
Schedule Of Deferred Tax Assets and Liabilities
Temporary differences that give rise to significant deferred income tax assets (liabilities) were as follows:
December 28, 2024December 30, 2023
Deferred income tax assets:
Accrued expenses not currently deductible for tax$38,738 $22,021 
Share-based compensation10,878 10,698 
Accrued medical and workers compensation5,877 9,704 
Net operating loss carryforwards1,994 3,273 
Operating lease liabilities598,596 668,557 
Other, net9,141 13,886 
Total deferred income tax assets before valuation allowances665,224 728,139 
Less: Valuation allowance(4,810)(5,179)
Total deferred income tax assets660,414 722,960 
Deferred income tax liabilities:
Property and equipment(8,758)(89,156)
Inventories(182,319)(216,666)
Intangible assets(91,757)(133,715)
Operating lease right-of-use assets(570,251)(639,058)
Total deferred income tax liabilities(853,085)(1,078,595)
Net deferred income tax liabilities$(192,671)$(355,635)
Unrecognized Tax Benefits
The following table summarizes the activity of the Company’s gross unrecognized tax benefits:
December 28, 2024December 30, 2023December 31, 2022
Unrecognized tax benefits, beginning of period$11,190 $15,211 $20,979 
Increases related to prior period tax positions6,328 245 75 
Decreases related to prior period tax positions— — (261)
Increases related to current period tax positions375 563 928 
Settlements— — (256)
Expiration of statute of limitations(2,393)(4,829)(6,254)
Unrecognized tax benefits, end of period$15,500 $11,190 $15,211 
v3.25.0.1
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 28, 2024
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:
202420232022
Risk-free interest rate(1)
4.4 %4.6 %1.6 %
Expected dividend yield— %— %— %
Expected stock price volatility(2)
58.4 %37.4 %34.6 %
(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 the Company’s stock prices and the Company’s peer group.
The following table presents the range of the weighted-average assumptions used in determining the fair values of options granted:
Year Ended
December 28, 2024
Risk-free interest rate (1)
4.1%
–
4.2%
Expected life (2)
6 years
Expected volatility (3)
41.6%
–
42.6%
Expected dividend yield (4)
1.4%
–
1.5%
(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 the Company does not have sufficient historical data, the Company 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. The Company utilized historical trends and the implied volatility of the Company’s publicly traded financial instruments in developing the volatility estimate for the Company’s stock options.
(4) The expected dividend yield is calculated based on the Company’s expected quarterly dividend and the three-month average stock price as of the grant date.
Restricted Stock Units Activity
The following table summarizes activity for time-based, performance-based and market-based RSUs in 2024 (inclusive of discontinued operations related activity):
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 30, 2023700 $109.56 — $— 123 $180.63 
Granted571 $71.86 — $— 149 $113.31 
 Change in units based on performance
— $— — $— — $— 
Vested (1)
(302)$114.19 (1)$130.03 (50)$200.24 
Forfeited(236)$77.81 1 $130.03 (51)$140.83 
Nonvested at December 28, 2024733 $84.50 — $— 171 $128.04 
(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 28, 2024December 30, 2023December 31, 2022
Time-based:
Weighted average fair value of RSUs granted$71.86 $89.81 $196.61 
Total grant date fair value of RSUs vested$34,497 $33,125 $34,685 
Performance-based:
Weighted average fair value of RSUs granted$— $135.13 $— 
Total grant date fair value of RSUs vested$88 $14,711 $12,460 
Market-based:
Weighted average fair value of RSUs granted$113.31 $139.75 $205.52 
Total grant date fair value of RSUs vested$10,038 $4,400 $3,695 
Schedule of Stock Options Roll Forward
The following table includes summary information for stock options as of December 28, 2024 (inclusive of discontinued operations related activity):
Number of AwardsWeighted Average Exercise PriceWeighted Average Remaining Contractual Life (Years)Aggregate Intrinsic Value
Outstanding at December 30, 2023417 $124.59 
Granted203 $78.72 
Exercised— $— 
Forfeited(101)$134.87 
Outstanding at December 28, 2024519 $104.61 8.1$— 
Exercisable at December 28, 2024198 $142.66 6.8$— 
v3.25.0.1
Accumulated Other Comprehensive Loss (Tables)
 12 Months Ended
Dec. 28, 2024
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 1, 2022$906 $(27,965)$(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, 2023802 (53,034)(52,232)
2024 activity(149)5,235 5,086 
Balance, December 28, 2024$653 $(47,799)$(47,146)
v3.25.0.1
Immaterial Restatement of Prior Period Financial Statements (Tables)
 12 Months Ended
Dec. 28, 2024
Accounting Changes and Error Corrections [Abstract]  
Schedule of Error Corrections and Prior Period Adjustments A summary of the corrections, inclusive of adjustments discovered in the periods presented below are as follows (tables may not foot or cross foot due to rounding):
Condensed Consolidated Statement of Operations
December 31, 2022
Year Ended
As Previously ReportedAdjustmentsAs CorrectedDiscontinued OperationsAs Corrected, after Discontinued Operations
Cost of sales$6,192,622 $29,865 $6,222,487 $1,306,483 $4,916,004 
Gross profit4,962,100 (29,865)4,932,235 699,365 4,232,870 
Selling, general and administrative expenses4,247,949 14,033 4,261,982 553,730 3,708,252 
Operating income714,151 (43,898)670,253 145,635 524,618 
Other (expense) income, net    (6,996)(427)(7,423)(1,247)(6,176)
Total other, net    (65,464)(427)(65,891)(1,466)(64,425)
Income before provision for income taxes648,687 (44,325)604,362 144,169 460,193 
Provision for income taxes146,815 (6,855)139,960 40,303 99,657 
Net income$501,872 $(37,470)$464,402 $103,866 $360,536 
Basic earnings per share$8.32 $(0.62)$7.70 $1.73 $5.97 
Diluted earnings per common share$8.27 $(0.62)$7.65 $1.71 $5.94 

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 Statements of Changes in Stockholders’ Equity
December 31, 2022
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 Statement of Cash Flows
Fifty-Two Weeks Ended December 31, 2022
As Previously ReportedAdjustmentsAs CorrectedDiscontinued OperationsAs Corrected, after Discontinued Operations
Net income$501,872 $(37,470)$464,402 $103,866 $360,536 
Provision for deferred income taxes6,338 10,190 16,528 (6,283)22,811 
Net change in:
Receivables, net81,254 (14,107)67,147 39,727 27,420 
Inventories, net(272,253)42,610 (229,643)(158,674)(70,969)
Accounts payable212,568 15,206 227,774 108,440 119,334 
Accrued expenses(165,643)(2,080)(167,723)(9,091)(158,632)
Net cash provided by operating activities722,222 14,349 736,571 113,933 622,638 
Effect of exchange rate changes on cash(9,216)552 (8,664)
Net decrease 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 $50,671 $220,134 
v3.25.0.1
Segment Reporting (Tables)
 12 Months Ended
Dec. 28, 2024
Segment Reporting [Abstract]  
Segment Information Significant segment expenses reviewed, which represent the difference between segment revenue and segment net income, consisted of the following:
Year Ended
December 28, 2024December 30, 2023December 31, 2022
Net sales$9,094,327 $9,209,075 $9,148,874 
Less:
Cost of sales $5,685,807 $5,348,966 $4,916,004 
SG&A (1)
3,535,680 3,535,805 3,459,925 
Restructuring and related expenses308,902 15,987 — 
Depreciation and amortization expense (2)
277,244 269,430 248,327 
Interest expense81,033 87,989 50,841 
Other segment items (3)
(26,241)(1,924)13,584 
Provision for income taxes(181,143)(17,154)99,657 
Net (loss) income from continuing operations$(586,955)$(30,024)$360,536 
(1) SG&A excludes Restructuring and related expenses and depreciation and amortization.
(2) The 2024 amount has been reduced by depreciation and amortization related to restructuring which is included in Restructuring and related expenses.
(3) Other segment items consist of selling, general and administrative expenses, primarily labor related expenses, rent and occupancy, and loss on early redemption of senior unsecured notes, and other income (expense), net, included in Total other, net, in the accompanying Consolidated Statements of Operations.
Net Sales Disaggregated by Geographical Area
The following table presents the Company’s net sales disaggregated by geographical area:
Year Ended
December 28, 2024December 30, 2023December 31, 2022
United States$8,799,654 $8,914,189 $8,857,185 
Canada294,673 294,886 291,689 
Total$9,094,327 $9,209,075 $9,148,874 
v3.25.0.1
Discontinued Operations (Tables)
 12 Months Ended
Dec. 28, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations
The following table represents the major classes of assets and liabilities of discontinued operations as of December 30, 2023:

December 30, 2023
Carrying amounts of the major classes of assets included in discontinued operations:
Cash$15,422 
Receivables, net190,613 
Inventories
964,133 
Other current assets35,305 
Property and equipment, net of accumulated depreciation92,561 
Operating lease right-of-use assets231,703 
Other intangible assets, net174,180 
Goodwill390,584 
Other noncurrent assets911 
Total assets of held for sale$2,095,412 
Carrying amounts of the major classes of liabilities included in discontinued operations:
Accounts payable$651,895 
Accrued expenses55,170 
Other current liabilities61,786 
Noncurrent operating lease liabilities175,858 
Deferred income taxes6,907 
Other noncurrent liabilities986 
Total liabilities held for sale$952,602 
The following table presents the major components of discontinued operations in the Company's Consolidated Statements of Operations:

Year Ended
December 28, 2024December 30, 2023December 31, 2022
Major classes of line items constituting income of discontinued operations before provision for income taxes: 
Net Sales$1,796,525 $2,078,532 $2,005,848 
Cost of sales, including purchasing and warehousing costs
1,194,149 1,415,139 1,306,483 
Gross profit
602,376 663,393 699,365 
Selling, general and administrative expenses502,733 587,903 553,730 
Operating income 99,643 75,490 145,635 
Other, net:
Interest expense(422)(66)(219)
Other (expense) income, net
(2,976)3,601 (1,247)
Gain on divestiture349,477 — — 
Total other, net346,079 3,535 (1,466)
Income before provision for income taxes445,722 79,025 144,169 
Provision for income taxes194,555 19,266 40,303 
Net income from discontinued operations$251,167 $59,759 $103,866 
v3.25.0.1
Valuation and Qualifying Accounts (Tables)
 12 Months Ended
Dec. 28, 2024
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
Balance at End of Period
December 31, 2022$6,874 $16,967 $(10,938)$12,903 
December 30, 2023$12,903 $20,345 $(9,632)$23,616 
December 28, 2024$23,616 $107,032 $(72,856)$57,792 
v3.25.0.1
Nature of Operations and Basis of Presentation (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Nov. 01, 2024
USD ($)
Nov. 30, 2023
USD ($)
Dec. 28, 2024
USD ($)
segment
store
Dec. 30, 2023
USD ($)
Dec. 31, 2022
USD ($)
Nature of Operations and Basis of Presentation [Line Items]          
Number of reportable segments | segment     1    
Number of operating segments | segment     2    
Number of operating segments before disposal | segment     3    
Cost of sales     $ 5,685,807 $ 5,348,966 $ 4,916,004
Selling, general and administrative expenses     4,121,826 3,821,222 3,708,252
Other income (expense), net     $ 26,241 $ 1,924 (6,176)
Other Restructuring Initiatives          
Nature of Operations and Basis of Presentation [Line Items]          
Restructuring and asset optimization plan, savings   $ 150,000      
Restructuring and asset optimization plan, savings reinvested   $ 50,000      
Revision of Prior Period, Adjustment          
Nature of Operations and Basis of Presentation [Line Items]          
Cost of sales         29,865
Other income (expense), net         $ (427)
Discontinued Operations, Disposed of by Sale | Worldpac          
Nature of Operations and Basis of Presentation [Line Items]          
Disposal, cash consideration $ 1,500,000        
Disposal net proceeds $ 1,470,000        
Stores [Member]          
Nature of Operations and Basis of Presentation [Line Items]          
Number of Stores | store     4,788    
Independently-owned Carquest store locations [Member]          
Nature of Operations and Basis of Presentation [Line Items]          
Number of Stores | store     934    
v3.25.0.1
Significant Accounting Policies (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 28, 2024
USD ($)
Dec. 28, 2024
USD ($)
segment
Dec. 30, 2023
USD ($)
Dec. 31, 2022
USD ($)
Summary of Significant Accounting Policies [Line Items]        
Inventory charge $ 431.5   $ 109.5  
Number of operating segments | segment   2    
Impairment charge, long-lived assets to be disposed of   $ 171.4    
Percentage of sales by product group   100.00% 100.00% 100.00%
Advertising expense   $ 79.6 $ 149.6 $ 160.9
Losses from foreign currency transactions included in other income, net   $ 5.5 $ 7.3 $ 3.7
Software Development [Member]        
Summary of Significant Accounting Policies [Line Items]        
Property and equipment, useful life 5 years 5 years    
Maximum | Software Development [Member]        
Summary of Significant Accounting Policies [Line Items]        
Property and equipment, useful life 10 years 10 years    
Minimum | Software Development [Member]        
Summary of Significant Accounting Policies [Line Items]        
Property and equipment, useful life 3 years 3 years    
Parts and Batteries [Member]        
Summary of Significant Accounting Policies [Line Items]        
Percentage of sales by product group   63.00% 63.00% 63.00%
Accessories and Chemicals [Member]        
Summary of Significant Accounting Policies [Line Items]        
Percentage of sales by product group   22.00% 22.00% 23.00%
Engine Maintenance [Member]        
Summary of Significant Accounting Policies [Line Items]        
Percentage of sales by product group   14.00% 14.00% 13.00%
Other [Member]        
Summary of Significant Accounting Policies [Line Items]        
Percentage of sales by product group   1.00% 1.00% 1.00%
v3.25.0.1
Restructuring - Narrative (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Nov. 30, 2023
USD ($)
Dec. 28, 2024
USD ($)
Dec. 30, 2023
USD ($)
Nov. 13, 2024
location
store
center
Restructuring Cost and Reserve [Line Items]        
Restructuring costs   $ 740,400    
TSA offset   2,500    
Cash charges   125,400    
Minimum        
Restructuring Cost and Reserve [Line Items]        
Restructuring and Related Cost, Expected Cost   225,000    
Restructuring cash expenses, expected   200,000    
Maximum        
Restructuring Cost and Reserve [Line Items]        
Restructuring and Related Cost, Expected Cost   275,000    
Restructuring cash expenses, expected   250,000    
2024 Restructuring Plan        
Restructuring Cost and Reserve [Line Items]        
Number of store closures | store       500
Number of independent location closures | location       200
Number of distribution center closures | center       4
Restructuring costs   680,812 $ 0  
Other Depreciation and Amortization   5,000    
Other Restructuring Initiatives        
Restructuring Cost and Reserve [Line Items]        
Restructuring and asset optimization plan, savings $ 150,000      
Restructuring and asset optimization plan, savings reinvested $ 50,000      
Restructuring costs   59,619 15,987  
Other restructuring expenses   $ 17,093 $ 15,987  
v3.25.0.1
Restructuring - Charges Incurred (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 28, 2024
Dec. 28, 2024
Dec. 30, 2023
Restructuring Cost and Reserve [Line Items]      
Inventory charge $ 431,500   $ 109,500
Impairment and write-down of long-lived assets   $ 171,400  
Restructuring cost   740,400  
2024 Restructuring Plan      
Restructuring Cost and Reserve [Line Items]      
Inventory charge   431,529 0
Impairment and write-down of long-lived assets   188,601 0
Severance and other personnel expenses   15,234 0
Other location closure related charges   45,448 0
Total selling, general and administrative expenses   249,283 0
Restructuring cost   680,812 0
Nonrecurring services expense   20,800  
Contract termination expense   24,700  
Other Restructuring Initiatives      
Restructuring Cost and Reserve [Line Items]      
Distribution network optimization (3)   19,713 0
Impairment and write-down of long-lived assets   15,555 0
Worldpac post transaction-related expenses   7,258  
Other restructuring expenses   17,093 15,987
Restructuring cost   59,619 15,987
Nonrecurring services expense   15,500  
Contract termination expense   1,600  
Severance [Member]      
Restructuring Cost and Reserve [Line Items]      
Restructuring Reserve 13,957 13,957 4,072
541990 All Other Professional, Scientific, and Technical Services      
Restructuring Cost and Reserve [Line Items]      
Restructuring Reserve $ 23,430 $ 23,430 $ 769
v3.25.0.1
Restructuring - Change in Restructuring Liability (Details)
$ in Thousands
 12 Months Ended
Dec. 28, 2024
USD ($)
541990 All Other Professional, Scientific, and Technical Services  
Restructuring Reserve [Roll Forward]  
Beginning balance $ 769
Cash payments (20,943)
Ending balance 23,430
Restructuring Costs 43,604
Restructuring Cost and Reserve [Line Items]  
Restructuring Reserve 23,430
Restructuring Costs 43,604
Cash charges 20,943
Severance [Member]  
Restructuring Reserve [Roll Forward]  
Beginning balance 4,072
Cash payments (17,174)
Ending balance 13,957
Restructuring Costs 27,059
Restructuring Cost and Reserve [Line Items]  
Restructuring Reserve 13,957
Restructuring Costs 27,059
Cash charges $ 17,174
v3.25.0.1
Inventories (Details) - USD ($)
 3 Months Ended 12 Months Ended
Dec. 28, 2024
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Inventory, Net [Abstract]        
Percentage of LIFO inventory (percent) 91.50% 91.50% 92.80%  
Increase (decrease) to Cost of sales   $ 92,000,000.0 $ 115,600,000 $ 283,400,000
Purchasing and Warehousing costs included in inventory $ 367,800,000 367,800,000 454,000,000.0  
LIFO Method Related Items [Abstract]        
Inventories at first-in, first-out (“FIFO”) 3,623,377,000 3,623,377,000 3,996,877,000  
Adjustments to state inventories at LIFO (11,296,000) (11,296,000) (103,308,000)  
Inventories at LIFO 3,612,081,000 3,612,081,000 3,893,569,000  
Inventory charge $ 431,500,000   $ 109,500,000  
LIFO liquidation decrease to cost of sales   21,200,000    
Increase to net earnings   15,900,000    
Diluted EPS LIFO liquidation   $ 0.27    
v3.25.0.1
Goodwill and Intangible Assets - Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Goodwill    
Goodwill, Beginning Balance $ 601,159  
Change in goodwill due to foreign currency translation 2,900 $ 1,000
Goodwill, Ending Balance 598,217 601,159
Finite-Lived Intangible Assets, Accumulated Amortization $ 184,811 $ 173,914
Document Period End Date Dec. 28, 2024  
v3.25.0.1
Goodwill and Intangible Assets - Intangibles (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Acquired Intangible Assets [Line Items]      
Amortization Expense $ 12,400 $ 13,300 $ 14,900
Gross Carrying Amount 196,474 197,501  
Accumulated Amortization (184,811) (173,914)  
Net 11,663 23,587  
Intangible Assets, Gross (Excluding Goodwill) 590,562 593,075  
Intangible Assets, Net (Excluding Goodwill) 405,751 419,161  
Finite-lived intangible assets expected amortization expense      
2025 10,991    
2026 380    
2027 292    
Net 11,663 23,587  
Trademarks [Member]      
Acquired Intangible Assets [Line Items]      
Accumulated Amortization 0 0  
Brands, trademark and tradenames 394,088 395,574  
Customer Relationships [Member]      
Acquired Intangible Assets [Line Items]      
Gross Carrying Amount 156,317 157,344  
Accumulated Amortization (145,747) (135,339)  
Net 10,570 22,005  
Finite-lived intangible assets expected amortization expense      
Net 10,570 22,005  
Non-Compete and Other [Member]      
Acquired Intangible Assets [Line Items]      
Gross Carrying Amount 40,157 40,157  
Accumulated Amortization (39,064) (38,575)  
Net 1,093 1,582  
Finite-lived intangible assets expected amortization expense      
Net $ 1,093 $ 1,582  
v3.25.0.1
Receivables, net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total receivables $ 601,832 $ 633,144
Less: Allowance for doubtful accounts (57,792) (23,616)
Receivables, net 544,040 609,528
Increase in allowance for credit losses 34,200  
Trade [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total receivables 416,625 421,293
Vendor [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total receivables 157,058 199,580
Other [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total receivables $ 28,149 $ 12,271
v3.25.0.1
Long-term Debt and Fair Value of Financial Instruments - Schedule of Debt (Details) - USD ($)
$ in Thousands
Dec. 28, 2024
Dec. 30, 2023
Mar. 09, 2023
Mar. 04, 2022
Sep. 29, 2020
Apr. 16, 2020
Debt Instrument [Line Items]            
Debt, Long-term and Short-term, Combined Amount $ 1,789,161 $ 1,786,361        
Less: Current portion of long-term debt 0 0        
Long-term debt, excluding the current portion 1,789,161 1,786,361        
Fair value of long-term debt $ 1,648,642 1,641,409        
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%
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]            
Interest rate 1.75%          
Debt issuance costs $ 1,916 2,486        
Long-term debt $ 348,084 347,514        
Senior Notes | 3.90% senior unsecured notes (2030 Notes)            
Debt Instrument [Line Items]            
Interest rate 3.90%         3.90%
Debt issuance costs $ 3,259 3,851        
Long-term debt 496,741 $ 496,149        
Senior Notes | 3.50% senior unsecured notes (2032 Notes)            
Debt Instrument [Line Items]            
Interest rate   3.50%   3.50%    
Debt issuance costs 3,344 $ 3,787        
Long-term debt $ 346,655 346,213        
Senior Notes | 5.95% senior unsecured notes (2028 Notes)            
Debt Instrument [Line Items]            
Interest rate 5.95%   5.95%      
Debt issuance costs $ 1,429 1,884        
Long-term debt $ 298,571 298,116        
Senior Notes | 5.90% senior unsecured notes (2026 Notes)            
Debt Instrument [Line Items]            
Interest rate 5.90%   5.90%      
Debt issuance costs $ 890 1,631        
Long-term debt $ 299,110 $ 298,369        
v3.25.0.1
Long-term Debt and Fair Value of Financial Instruments - Additional Information (Details)
 12 Months Ended
Nov. 13, 2024
USD ($)
Feb. 27, 2023
Dec. 28, 2024
USD ($)
Nov. 12, 2024
USD ($)
Feb. 26, 2024
USD ($)
Dec. 30, 2023
USD ($)
Aug. 21, 2023
USD ($)
Mar. 09, 2023
USD ($)
Mar. 04, 2022
USD ($)
Mar. 01, 2022
USD ($)
Nov. 09, 2021
USD ($)
Sep. 29, 2020
USD ($)
Apr. 16, 2020
USD ($)
Debt Instrument [Line Items]                          
Basis spread on variable rate   0.10%                      
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     $ 98,400,000     $ 106,900,000              
Collateral held     181,300,000     221,200,000              
Debt Instrument, Covenant, Limitation On Other Indebtedness, Consolidated Net Tangible Assets Limit         $ 400,000,000                
Debt Instrument, Covenant, Accounts Receivable Securitization Transactions Limit             $ 250,000,000            
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%  
3.50% senior unsecured notes (2032 Notes)                          
Debt Instrument [Line Items]                          
Face amount                   $ 350,000,000.0      
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     $ 90,800,000     $ 91,200,000              
Senior Notes                          
Debt Instrument [Line Items]                          
Redemption price, percentage     101.00%                    
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                       $ 350,000,000.0  
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 $ 1,000,000,000     $ 1,200,000,000             1,200,000,000    
Possible maximum increase                     $ 500,000,000    
Consolidated net tangible assets threshold         10.00%                
Long-term line of credit     $ 0                    
Remaining borrowing capacity     $ 1,000,000,000.0                    
Debt Instrument, Covenant, Daily Liquidity, Minimum Amount 750,000,000                        
Line of Credit Facility, Maximum Amount of Restructuring Charges Added Back to Consolidated EBITDAR 575,000,000                        
Line of Credit Facility, Maximum Amount of Unrestricted Cash Netted Out of Leverage Ratio Calculation $ 800,000,000                        
Debt Covenant, Automatic Spring Forward, Term 91 days                        
Revolving Credit Facility | Unsecured Debt | 2021 Credit Agreement | Term SOFR | Below BBB/Baa2                          
Debt Instrument [Line Items]                          
Basis spread on variable rate 1.325%                        
Revolving Credit Facility | Unsecured Debt | 2021 Credit Agreement | Alternate Base Rate | Below BBB/Baa2                          
Debt Instrument [Line Items]                          
Basis spread on variable rate 0.325%                        
Revolving Credit Facility | Unsecured Debt | 2021 Credit Agreement | Facility Fee | Below BB+/Ba1                          
Debt Instrument [Line Items]                          
Basis spread on variable rate 0.25%                        
Revolving Credit Facility | Unsecured Debt | 2021 Credit Agreement | Debt Instrument, Redemption, Period One                          
Debt Instrument [Line Items]                          
Consolidated coverage ratio 1.50           1.75            
Revolving Credit Facility | Unsecured Debt | 2021 Credit Agreement | Debt Instrument, Redemption, Period Two                          
Debt Instrument [Line Items]                          
Consolidated coverage ratio 1.75           2.00            
Revolving Credit Facility | Unsecured Debt | 2021 Credit Agreement | Debt Instrument, Redemption, Period Three                          
Debt Instrument [Line Items]                          
Consolidated coverage ratio             2.25            
Revolving Credit Facility | Unsecured Debt | 2021 Credit Agreement | Minimum | Term SOFR                          
Debt Instrument [Line Items]                          
Basis spread on variable rate 0.795%                        
Revolving Credit Facility | Unsecured Debt | 2021 Credit Agreement | Minimum | Alternate Base Rate                          
Debt Instrument [Line Items]                          
Basis spread on variable rate 0.00%                        
Revolving Credit Facility | Unsecured Debt | 2021 Credit Agreement | Minimum | Facility Fee                          
Debt Instrument [Line Items]                          
Basis spread on variable rate 0.08%                        
Revolving Credit Facility | Unsecured Debt | 2021 Credit Agreement | Maximum | Term SOFR                          
Debt Instrument [Line Items]                          
Basis spread on variable rate 1.525%                        
Revolving Credit Facility | Unsecured Debt | 2021 Credit Agreement | Maximum | Alternate Base Rate                          
Debt Instrument [Line Items]                          
Basis spread on variable rate 0.525%                        
Revolving Credit Facility | Unsecured Debt | 2021 Credit Agreement | Maximum | Facility Fee                          
Debt Instrument [Line Items]                          
Basis spread on variable rate 0.35%                        
Revolving Credit Facility | Unsecured Debt | 2017 Credit Agreement                          
Debt Instrument [Line Items]                          
Remaining borrowing capacity           $ 1,200,000,000              
v3.25.0.1
Long-term Debt and Fair Value of Financial Instruments - Future Payments (Details)
$ in Thousands
Dec. 28, 2024
USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]  
2025 $ 0
2026 300,000
2027 350,000
2028 300,000
2029 0
2029 850,000
Future payment $ 1,800,000
v3.25.0.1
Property and Equipment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]      
Property and Equipment, Gross $ 4,394,585 $ 4,285,193  
Accumulated depreciation (3,060,247) (2,729,208)  
Property and Equipment, Net 1,334,338 1,555,985  
Capitalized Computer Software, Gross 1,030,000 960,400  
Capitalized Computer Software, Accumulated Amortization 767,200 677,900  
Depreciation $ 279,600 256,200 $ 233,400
Property, Plant and Equipment Impairment or Disposal Disclosure 143.8 million    
Software Development [Member]      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Useful Life 5 years    
Land and Land Improvements [Member]      
Property, Plant and Equipment [Line Items]      
Property and Equipment, Gross $ 470,906 470,890  
Building [Member]      
Property, Plant and Equipment [Line Items]      
Property and Equipment, Gross 555,534 543,467  
Building and Leasehold Improvements [Member]      
Property, Plant and Equipment [Line Items]      
Property and Equipment, Gross 811,158 780,337  
Furniture, Fixtures and Equipment [Member]      
Property, Plant and Equipment [Line Items]      
Property and Equipment, Gross $ 2,497,278 2,369,175  
Vehicles [Member]      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Useful Life 8 years    
Property and Equipment, Gross $ 14,526 14,536  
Construction in Progress [Member]      
Property, Plant and Equipment [Line Items]      
Property and Equipment, Gross $ 45,183 $ 106,788  
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 10 years    
Minimum | Building and Leasehold Improvements [Member]      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Useful Life 1 year    
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 30 years    
Maximum | Building [Member]      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Useful Life 30 years    
Maximum | Building and Leasehold Improvements [Member]      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Useful Life 30 years    
Maximum | Furniture, Fixtures and Equipment [Member]      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Useful Life 20 years    
v3.25.0.1
Leases and Other Commitments (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 28, 2024
Dec. 28, 2024
Dec. 30, 2023
Lessee, Lease, Description [Line Items]      
Total operating lease liabilities $ 2,358,693 $ 2,358,693 $ 2,423,183
Less: Current portion of operating lease liabilities (461,528) (461,528) (383,275)
Non-current operating lease liabilities $ 1,897,165 $ 1,897,165 $ 2,039,908
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Other current liabilities Other current liabilities Other current liabilities
Operating lease cost   $ 541,299 $ 496,770
Variable lease cost   152,236 143,134
Total lease cost   693,535 639,904
2025 $ 546,844 546,844  
2026 466,335 466,335  
2027 418,156 418,156  
2028 331,740 331,740  
2029 298,621 298,621  
Thereafter 648,745 648,745  
Total lease payments 2,710,441 2,710,441  
Less: Imputed interest (351,748) (351,748)  
Lessee Option to Extend Reasonably Certain 16,700 16,700  
Operating lease legally binding minimum payments for lease that have not yet commenced $ 66,500 $ 66,500  
Operating Lease, Weighted Average Remaining Lease Term 6 years 6 months 6 years 6 months  
Operating Lease, Weighted Average Discount Rate, Percent 4.20% 4.20%  
Operating cash flows from operating leases   $ 490,818 526,399
Operating leases   339,734 388,200
Unrecorded Unconditional Purchase Obligation     $ 147,500
Sale-leaseback term 3 years    
Sale leaseback gain $ 22,300    
Operating Lease, Impairment Loss   $ 65,400  
Document Period End Date   Dec. 28, 2024  
Facilities [Member]      
Lessee, Lease, Description [Line Items]      
Renewal term 5 years 5 years  
Facilities [Member] | Minimum      
Lessee, Lease, Description [Line Items]      
Typical initial term 5 years 5 years  
Facilities [Member] | Maximum      
Lessee, Lease, Description [Line Items]      
Typical initial term 10 years 10 years  
Equipment [Member] | Minimum      
Lessee, Lease, Description [Line Items]      
Typical initial term 3 years 3 years  
Equipment [Member] | Maximum      
Lessee, Lease, Description [Line Items]      
Typical initial term 6 years 6 years  
v3.25.0.1
Accrued Expenses (Details) - USD ($)
$ in Thousands
Dec. 28, 2024
Dec. 30, 2023
Payables and Accruals [Abstract]    
Payroll and related benefits $ 163,210 $ 149,763
Accrued expenses 784,635 616,067
Taxes payable 230,295 109,629
Self-insurance reserves 71,912 70,860
Capital expenditures 14,841 5,207
Accrued Rebates 45,706 47,318
Accrued Professional Fees, Current 41,593 14,109
Other 149,982 165,545
Total accrued expenses 784,635 616,067
Movement in Standard Product Warranty Accrual [Roll Forward]    
Inventory related accruals $ 67,096 $ 53,636
v3.25.0.1
Share Repurchase Program (Details) - USD ($)
$ in Thousands
Dec. 28, 2024
Feb. 08, 2022
Apr. 19, 2021
Nov. 08, 2019
Equity, Class of Treasury Stock [Line Items]        
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
v3.25.0.1
Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]      
Net (loss) income from continuing operations $ (586,955) $ (30,024) $ 360,536
Net income from discontinued operations 251,167 59,759 103,866
Net (loss) income $ (335,788) $ 29,735 $ 464,402
Basic weighted average common shares 59,647 59,432 60,351
Dilutive impact of share-based awards 255 176 366
Diluted weighted average common shares 59,902 59,608 60,717
Basic (loss) earnings per common share from continuing operations (in usd per share) $ (9.84) $ (0.51) $ 5.97
Basic earnings per common share from discontinued operations (in usd per share) 4.21 1.01 1.73
Basic (loss) earnings per common share (in usd per share) (5.63) 0.50 7.70
Diluted (loss) earnings per common share from continuing operations (in usd per share) (9.80) (0.50) 5.94
Diluted earnings per common share from discontinued operations (in usd per share) 4.19 1.00 1.71
Diluted earnings (loss) per common share (in usd per share) $ (5.61) $ 0.50 $ 7.65
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 472 299 115
v3.25.0.1
Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Federal:      
Current Federal Tax Expense (Benefit) $ 2,077 $ 2,806 $ 46,579
Deferred Federal Income Tax Expense (Benefit) (171,881) (28,584) 18,935
Federal Income Tax Expense (Benefit), Continuing Operations (169,804) (25,778) 65,514
State:      
Current State and Local Tax Expense (Benefit) 3,447 1,919 8,319
Deferred State and Local Income Tax Expense (Benefit) (30,782) (8,464) 4,982
State and Local Income Tax Expense (Benefit), Continuing Operations (27,335) (6,545) 13,301
Foreign:      
Current Foreign Tax Expense (Benefit) 16,609 15,296 21,948
Deferred Foreign Income Tax Expense (Benefit) (613) (127) (1,106)
Foreign Income Tax Expense (Benefit), Continuing Operations 15,996 15,169 20,842
Current Income Tax Expense (Benefit) 22,133 20,021 76,846
Provision for deferred income taxes (203,276) (37,175) 22,811
Income Tax Expense (Benefit) (181,143) (17,154) 99,657
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Income before provision for income taxes at statutory U.S. federal income tax rate (21% for 2024, 2023 and 2022) (161,254) (9,907) 96,640
State income taxes, net of federal income tax (21,661) (6,036) 10,508
Other, net 1,772 (1,211) (7,491)
Income Tax Expense (Benefit) (181,143) (17,154) 99,657
Deferred income tax assets:      
Accrued expenses not currently deductible for tax 38,738 22,021  
Share-based compensation 10,878 10,698  
Accrued medical and workers compensation 5,877 9,704  
Net operating loss carryforwards 1,994 3,273  
Deferred Tax Assets Operating Lease Liabilities 598,596 668,557  
Other, net 9,141 13,886  
Total deferred income tax assets before valuation allowances 665,224 728,139  
Less: Valuation allowance (4,810) (5,179)  
Total deferred income tax assets 660,414 722,960  
Deferred income tax liabilities:      
Property and equipment (8,758) (89,156)  
Inventories (182,319) (216,666)  
Intangible assets (91,757) (133,715)  
Deferred Tax Liabilities Operating Lease Assets (570,251) (639,058)  
Total deferred income tax liabilities (853,085) (1,078,595)  
Net deferred income tax liabilities (192,671) (355,635)  
Deferred Tax Assets, Valuation Allowance less Foreign Tax Carryfowards 1,800 2,900  
Unrecognized Tax Benefits [Roll Forward]      
Unrecognized tax benefits, beginning of period 11,190 15,211 20,979
Increases related to prior period tax positions 6,328 245 75
Decreases related to prior period tax positions 0 0 (261)
Increases related to current period tax positions 375 563 928
Settlements 0 0 (256)
Expiration of statute of limitations (2,393) (4,829) (6,254)
Unrecognized tax benefits, end of period 15,500 11,190 15,211
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense [Abstract]      
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense/(Gain) (600) (200) $ (600)
Unrecognized Tax Benefits, Interest on Income Taxes Accrued 3,100 2,500  
Unrecognized Tax Benefits, Income Tax Penalties Accrued 30 100  
Undistributed Earnings of Foreign Subsidiaries $ 93,400 $ 80,300  
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00% 21.00% 21.00%
Tax Credit Carryforward, Valuation Allowance $ 3,000    
Effective Income Tax Rate Reconciliation, Percent 23.60% 36.40% 21.70%
State and Local Jurisdiction [Member]      
Deferred income tax liabilities:      
Operating Loss Carryforwards $ 105,700 $ 102,200  
v3.25.0.1
Contingencies (Details)
 1 Months Ended
Oct. 27, 2023
lawsuit
Commitments and Contingencies Disclosure [Abstract]  
Number of lawsuits 2
v3.25.0.1
Benefit Plans (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Postemployment Benefits [Abstract]      
Company contributions to defined contribution benefit plan $ 22.7 $ 22.5 $ 20.9
Deferred compensation plan liability $ 14.7 $ 14.3  
v3.25.0.1
Share-Based Compensation (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of Shares Available for Grant 1,700    
Share-based compensation expense $ 42,193 $ 40,905 $ 46,482
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Deferred income tax benefit 10,000 $ 10,100 $ 11,700
Unrecognized compensation expense $ 61,000    
Weighted average period unrecognized compensation expense expected to be recognized 1 year 6 months 7 days    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number 519 417  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price $ 104.61    
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price $ 78.72    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures 203    
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price $ 0 $ 124.59  
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 $ 134.87    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period (101)    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value $ 0    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term 8 years 1 month 6 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 $ 142.66    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number 198    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value $ 30.60    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term 6 years 9 months 18 days    
Performance Shares [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense $ 6,400 $ 5,600 $ 10,800
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Nonvested, beginning of period 0    
Granted 0 22  
Granted, Weighted Average Grant Date Fair Value $ 0 $ 135.13 $ 0
Change in Units Based on Performance 0    
Change in Units Based on Performance, Weighted Average Exercise Price $ 0    
Vested (1)    
Vested, Weighted Average Exercise Price $ 130.03    
Forfeited, Weighted Average Grant Date Fair Value $ 130.03    
Nonvested, end of period 0 0  
Nonvested, Weighted Average Grant Date Fair Value $ 0 $ 0  
Total grant date fair value of vested $ 88 $ 14,711 $ 12,460
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period 3 years    
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Performance Period 3 years    
Performance Shares, Netting      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Forfeited 1    
Market Based Shares [Member]      
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]      
Risk-free interest rate (1) 4.40% 4.60% 1.60%
Expected dividend yield 0.00% 0.00% 0.00%
Expected stock price volatility (2) 58.40% 37.40% 34.60%
Liquidity discount for post-vest restrictions 20.07%    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Nonvested, beginning of period 123    
Granted 149    
Granted, Weighted Average Grant Date Fair Value $ 113.31 $ 139.75 $ 205.52
Change in Units Based on Performance 0    
Change in Units Based on Performance, Weighted Average Exercise Price $ 0    
Vested (50)    
Vested, Weighted Average Exercise Price $ 200.24    
Forfeited (51)    
Forfeited, Weighted Average Grant Date Fair Value $ 140.83    
Nonvested, end of period 171 123  
Nonvested, Weighted Average Grant Date Fair Value $ 128.04 $ 180.63  
Maximum potential payout of outstanding awards for Equity Instruments Other than Options   341  
Total grant date fair value of vested $ 10,038 $ 4,400 $ 3,695
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period 3 years    
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Holding Period 1 year    
Deferred Stock Units [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense $ 3,300 $ 3,400 $ 1,700
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Granted 29 74 9
Granted, Weighted Average Grant Date Fair Value $ 65.21 $ 66.60 $ 193.05
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period 1 year    
Employee Stock [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of Shares Available for Grant 2,400    
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    
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period 3 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 700    
Granted 571    
Granted, Weighted Average Grant Date Fair Value $ 71.86 $ 89.81 $ 196.61
Change in Units Based on Performance 0    
Change in Units Based on Performance, Weighted Average Exercise Price $ 0    
Vested (302)    
Vested, Weighted Average Exercise Price $ 114.19    
Forfeited (236)    
Forfeited, Weighted Average Grant Date Fair Value $ 77.81    
Nonvested, end of period 733 700  
Nonvested, Weighted Average Grant Date Fair Value $ 84.50 $ 109.56  
Total grant date fair value of vested $ 34,497 $ 33,125 $ 34,685
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period 3 years    
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) 4.10%    
Expected dividend yield 1.40%    
Expected stock price volatility (2) 41.60%    
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) 4.20%    
Expected dividend yield 1.50%    
Expected stock price volatility (2) 42.60%    
v3.25.0.1
Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Balance, Beginning of Period $ (52,232)    
Activity 5,086 $ (7,537) $ (17,636)
Balance, End of Period (47,146) (52,232)  
Unrealized Gain (Loss) on Postretirement Plan      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Balance, Beginning of Period 802 720 906
Activity (149) 82 (186)
Balance, End of Period 653 802 720
Foreign Currency Translation      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Balance, Beginning of Period (53,034) (45,415) (27,965)
Activity 5,235 (7,619) (17,450)
Balance, End of Period (47,799) (53,034) (45,415)
Accumulated Other Comprehensive (Loss) Income      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Balance, Beginning of Period (52,232) (44,695) (27,059)
Activity 5,086 (7,537) (17,636)
Balance, End of Period $ (47,146) $ (52,232) $ (44,695)
v3.25.0.1
Supplier Finance Program (Details)
$ in Thousands
 12 Months Ended
Dec. 28, 2024
USD ($)
Payables and Accruals [Abstract]  
Supplier Finance Program, Obligation $ 3,199,170
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration] Accounts payable
Supplier Finance Program, Obligation [Roll Forward]  
Supplier Finance Program, Obligation, Beginning Balance $ 3,400,000
Supplier Finance Program, Obligation, Addition 3,294,260
Supplier Finance Program, Obligation, Settlement (3,455,823)
Supplier Finance Program, Obligation, Ending Balance $ 3,199,170
v3.25.0.1
Immaterial Restatement of Prior Period Financial Statements (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Jan. 01, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Inventories $ 3,612,081 $ 3,893,569    
Other current assets 118,002 180,402    
Total current assets 6,143,540 6,377,021    
Assets 10,798,109 12,276,326    
Accounts payable 3,407,889 3,526,079    
Accrued expenses 784,635 616,067    
Liabilities 8,628,167 9,756,598    
Accumulated other comprehensive loss (47,146) (52,232)    
Retained earnings 4,163,176 4,559,139    
Stockholders' equity 2,169,942 2,519,728 $ 2,599,192 $ 3,081,792
Liabilities and Equity 10,798,109 12,276,326    
Total current liabilities 4,665,357 5,307,405    
Deferred income taxes 192,671 355,635    
Other Liabilities, Noncurrent 83,813 83,538    
Cost of sales 5,685,807 5,348,966 4,916,004  
Gross profit 3,408,520 3,860,109 4,232,870  
Selling, general and administrative expenses, exclusive of restructuring and related expenses 3,812,924 3,805,235 3,708,252  
Operating (loss) income (713,306) 38,887 524,618  
Other income (expense), net 26,241 1,924 (6,176)  
Total other, net (54,792) (86,065) (64,425)  
Income before provision for income taxes (768,098) (47,178) 460,193  
Provision for income taxes (181,143) (17,154) $ 99,657  
Immaterial Error Correction     360,536  
Net Income (Loss) (335,788) 29,735 $ 464,402  
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Per Basic Share     $ 5.97  
Provision for deferred income taxes (203,276) (37,175) $ 22,811  
Other Noncash Income (Expense) (3,968) (3,267) (2,587)  
Receivables, net 28,952 (114,745) 27,420  
Inventories, net 270,403 (64,146) (70,969)  
Accounts payable (110,112) 57,518 119,334  
Accrued expenses 126,588 94,698 (158,632)  
Net Cash Provided by (Used in) Operating Activities, Continuing Operations 140,504 141,788 622,638  
Other assets and liabilities, net 84,630 (78,797) 14,989  
Net Cash Provided by Operating Activities 84,633 287,375 736,571  
Other, net 447 (1,493) 1,469  
Net Cash Provided by (Used in) Financing Activities (75,010) 189,267 (620,704)  
Effect of exchange rate changes on cash 1,569 (8,487) (8,664)  
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect 1,365,946 232,666 (317,245)  
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents 1,869,417 488,049 220,134  
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax 5,235 (7,619) (17,450)  
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest     (17,636)  
Comprehensive Income (Loss) $ (330,702) $ 22,198 $ 446,766  
Basic earnings per common share (in usd per share) $ (5.63) $ 0.50 $ 7.70  
Diluted earnings per common share (in usd per share) $ (5.61) $ 0.50 $ 7.65  
Weighted average common shares outstanding - assuming dilution 59,902 59,608 60,717  
Receivables, net $ 544,040 $ 609,528    
Cash and cash equivalents 1,869,417 488,049    
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Per Diluted Share     $ 5.94  
Continuing Operations        
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Cost of sales     $ 6,222,487  
Gross profit     4,932,235  
Selling, general and administrative expenses, exclusive of restructuring and related expenses     4,261,982  
Operating (loss) income     670,253  
Other income (expense), net     (7,423)  
Total other, net     (65,891)  
Income before provision for income taxes     604,362  
Provision for income taxes     139,960  
Net Income (Loss)     464,402  
Provision for deferred income taxes     16,528  
Receivables, net     67,147  
Inventories, net     (229,643)  
Accounts payable     227,774  
Accrued expenses     (167,723)  
Net Cash Provided by Operating Activities     736,571  
Effect of exchange rate changes on cash     (8,664)  
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect     (317,245)  
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents     $ 270,805 588,050
Basic earnings per common share (in usd per share)     $ 7.70  
Diluted earnings per common share (in usd per share)     $ 7.65  
Discontinued Operations        
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Cost of sales     $ 1,306,483  
Gross profit     699,365  
Selling, general and administrative expenses, exclusive of restructuring and related expenses     553,730  
Operating (loss) income     145,635  
Other income (expense), net     (1,247)  
Total other, net     (1,466)  
Income before provision for income taxes     144,169  
Provision for income taxes     40,303  
Net Income (Loss)     103,866  
Provision for deferred income taxes     (6,283)  
Receivables, net     39,727  
Inventories, net     (158,674)  
Accounts payable     108,440  
Accrued expenses     (9,091)  
Net Cash Provided by Operating Activities     113,933  
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents     $ 50,671  
Basic earnings per common share (in usd per share)     $ 1.73  
Diluted earnings per common share (in usd per share)     $ 1.71  
Retained Earnings        
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Stockholders' equity 4,163,176 4,559,139 $ 4,665,087 4,563,724
Net Income (Loss) (335,788) 29,735 464,402  
Accumulated Other Comprehensive (Loss) Income        
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Accumulated other comprehensive loss (47,146) (52,232) (44,695) (27,059)
Stockholders' equity $ (47,146) $ (52,232) (44,695) (27,059)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest     (17,636)  
Previously Reported        
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Stockholders' equity     2,678,281 3,128,291
Cost of sales     6,192,622  
Gross profit     4,962,100  
Selling, general and administrative expenses, exclusive of restructuring and related expenses     4,247,949  
Operating (loss) income     714,151  
Other income (expense), net     (6,996)  
Total other, net     (65,464)  
Income before provision for income taxes     648,687  
Provision for income taxes     146,815  
Net Income (Loss)     501,872  
Provision for deferred income taxes     6,338  
Receivables, net     81,254  
Inventories, net     272,253  
Accounts payable     212,568  
Accrued expenses     (165,643)  
Net Cash Provided by Operating Activities     722,222  
Effect of exchange rate changes on cash     (9,216)  
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect     (332,146)  
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents     269,282 601,428
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax     (22,330)  
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest     (22,516)  
Comprehensive Income (Loss)     $ 479,356  
Basic earnings per common share (in usd per share)     $ 8.32  
Diluted earnings per common share (in usd per share)     $ 8.27  
Previously Reported | Retained Earnings        
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Stockholders' equity     $ 4,744,624 4,605,791
Net Income (Loss)     501,872  
Previously Reported | Accumulated Other Comprehensive (Loss) Income        
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Stockholders' equity     (45,143) (22,627)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest     (22,516)  
Revision of Prior Period, Adjustment        
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Stockholders' equity     (79,089) (46,499)
Cost of sales     29,865  
Gross profit     (29,865)  
Selling, general and administrative expenses, exclusive of restructuring and related expenses     14,033  
Operating (loss) income     (43,898)  
Other income (expense), net     (427)  
Total other, net     (427)  
Income before provision for income taxes     (44,325)  
Provision for income taxes     (6,855)  
Net Income (Loss)     (37,470)  
Provision for deferred income taxes     10,190  
Receivables, net     14,107  
Inventories, net     (42,610)  
Accounts payable     15,206  
Accrued expenses     (2,080)  
Net Cash Provided by Operating Activities     14,349  
Effect of exchange rate changes on cash     552  
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect     14,901  
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents     1,523 (13,378)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax     4,880  
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest     4,880  
Comprehensive Income (Loss)     $ (32,590)  
Basic earnings per common share (in usd per share)     $ (0.62)  
Diluted earnings per common share (in usd per share)     $ (0.62)  
Revision of Prior Period, Adjustment | Retained Earnings        
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Stockholders' equity     $ (79,537) (42,067)
Net Income (Loss)     (37,470)  
Revision of Prior Period, Adjustment | Accumulated Other Comprehensive (Loss) Income        
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Stockholders' equity     448 $ (4,432)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest     $ 4,880  
v3.25.0.1
Segment Reporting - Narrative (Details) - segment
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Segment Reporting [Abstract]    
Number of reportable segments 1  
Number of operating segments 2  
Segment Reporting, Measurement Differences Between Segment and Consolidated Assets 96 97
v3.25.0.1
Segment Reporting - Segment Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Net sales $ 9,094,327 $ 9,209,075 $ 9,148,874
Other Cost and Expense Disclosure, Operating 5,685,807 5,348,966 4,916,004
Deferred Income Taxes and Tax Credits $ (181,143) $ (17,154) $ 99,657
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table] (586,955) (30,024) 360,536
Occupancy, Net $ 3,535,680 $ 3,535,805 $ 3,459,925
Restructuring and related expenses 308,902 15,987 0
Cost, Depreciation and Amortization $ 277,244 $ 269,430 $ 248,327
Segment, Interest Revenue Reported Net of Interest Expense [true false] true true true
Restructuring and related expenses $ 308,902 $ 15,987 $ 0
Depreciation, Depletion and Amortization 291,980 269,430 248,327
Segment Reporting, Other Segment Item, Amount (26,241) (1,924) 13,584
Provision for income taxes (181,143) (17,154) 99,657
Net (loss) income from continuing operations (586,955) (30,024) 360,536
Reportable Segment      
Segment Reporting Information [Line Items]      
Net sales $ 9,094,327 $ 9,209,075 $ 9,148,874
v3.25.0.1
Segment Reporting - Net Sales Disaggregated by Geographical Area (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Revenue from External Customer [Line Items]      
Net sales $ 9,094,327 $ 9,209,075 $ 9,148,874
United States      
Revenue from External Customer [Line Items]      
Net sales 8,799,654 8,914,189 8,857,185
Canada      
Revenue from External Customer [Line Items]      
Net sales $ 294,673 $ 294,886 $ 291,689
v3.25.0.1
Discontinued Operations - Narrative (Details)
$ in Millions
Nov. 01, 2024
USD ($)
Aug. 22, 2024
USD ($)
extension
Worldpac    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Transition services agreement, term   12 months
Reverse transition services agreement, term   12 months
Transition services agreement, number of extension options | extension   2
Reverse transition services agreement, number of extension options | extension   2
Transition services agreement, extension term   3 months
Reverse transition services agreement, extension term   3 months
Revolving Credit Facility | Line of Credit    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Maximum borrowing capacity   $ 200.0
Term   12 months
Credit exposure amount   $ 0.0
Credit exposure period   24 months
Worldpac | Discontinued Operations, Disposed of by Sale    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Disposal, cash consideration $ 1,500.0  
Disposal net proceeds $ 1,470.0  
v3.25.0.1
Discontinued Operations - Assets and Liabilities (Details)
$ in Thousands
Dec. 30, 2023
USD ($)
Carrying amounts of the major classes of liabilities included in discontinued operations1:  
Total liabilities held for sale $ 183,751
Worldpac | Discontinued Operations, Held-for-Sale  
Carrying amounts of the major classes of assets included in discontinued operations1:  
Cash 15,422
Receivables, net 190,613
Inventories, net 964,133
Other current assets 35,305
Property and equipment, net of accumulated depreciation 92,561
Operating lease right-of-use assets 231,703
Other intangible assets, net 174,180
Goodwill 390,584
Other noncurrent assets 911
Total assets of held for sale 2,095,412
Carrying amounts of the major classes of liabilities included in discontinued operations1:  
Accounts payable 651,895
Accrued expenses 55,170
Other current liabilities 61,786
Noncurrent operating lease liabilities 175,858
Deferred income taxes 6,907
Other noncurrent liabilities 986
Total liabilities held for sale $ 952,602
v3.25.0.1
Discontinued Operations - Financial Results within Statement of Operations (Details) - Worldpac - Discontinued Operations, Held-for-Sale - USD ($)
$ in Thousands
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Net Sales $ 1,796,525 $ 2,078,532 $ 2,005,848
Cost of sales, including purchasing and warehousing costs 1,194,149 1,415,139 1,306,483
Gross profit 602,376 663,393 699,365
Selling, general and administrative expenses 502,733 587,903 553,730
Operating income 99,643 75,490 145,635
Other, net:      
Interest expense (422) (66) (219)
Other (expense) income, net (2,976) 3,601 (1,247)
Gain on divestiture 349,477 0 0
Total other, net 346,079 3,535 (1,466)
Income before provision for income taxes 445,722 79,025 144,169
Provision for income taxes 194,555 19,266 40,303
Net income from discontinued operations $ 251,167 $ 59,759 $ 103,866
v3.25.0.1
Valuation and Qualifying Accounts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 28, 2024
Dec. 30, 2023
Dec. 31, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Allowance for Doubtful Accounts Receivable, Current, Beginning of Period $ 23,616    
Allowance for Doubtful Accounts Receivable, Current, End of Period 57,792 $ 23,616  
Increase in allowance for credit losses 34,200    
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 23,616 12,903 $ 6,874
Valuation Allowances and Reserves, Charged to Cost and Expense 107,032 20,345 16,967
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction 72,856 (9,632) 10,938
Allowance for Doubtful Accounts Receivable, Current, End of Period $ 57,792 $ 23,616 $ 12,903