ADVANCE AUTO PARTS INC, 10-Q filed on 11/21/2023
Quarterly Report
v3.23.3
Cover Page - shares
 9 Months Ended
Oct. 07, 2023
Nov. 13, 2023
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Oct. 07, 2023  
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, $0.0001 par value  
Trading Symbol AAP  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   59,501,990
Entity Central Index Key 0001158449  
Current Fiscal Year End Date --12-30  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q3  
Amendment Flag false  
v3.23.3
Condensed Consolidated Balance Sheets - USD ($)
shares in Thousands, $ in Thousands
Oct. 07, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 317,528 $ 269,282
Receivables, net 868,305 698,613
Inventories, net 4,949,382 4,911,053
Other current assets 185,249 163,695
Total current assets 6,320,464 6,042,643
Property and equipment, net of accumulated depreciation of $2,797,496 and $2,590,382 1,663,080 1,690,139
Operating lease right-of-use assets 2,600,946 2,607,690
Goodwill 989,934 990,471
Other intangible assets, net 598,699 620,901
Other assets 75,809 62,429
Total assets 12,248,932 12,014,273
Current liabilities:    
Accounts payable 3,943,019 4,136,415
Accrued expenses 714,317 641,099
Current portion of long-term debt 0 185,000
Other current liabilities 478,603 427,480
Total current liabilities 5,135,939 5,389,994
Long-term debt 1,785,717 1,188,283
Noncurrent operating lease liabilities 2,209,899 2,278,318
Deferred income taxes 382,840 415,997
Other long-term liabilities 87,669 87,214
Total Liabilities 9,602,064 9,359,806
Stockholders' equity:    
Preferred stock, nonvoting, $0.0001 par value $ 0 $ 0
Shares, Outstanding 59,482 59,264
Common stock, voting, $0.0001 par value $ 8 $ 8
Additional paid-in capital 937,040 897,560
Treasury stock, at cost (2,933,005) (2,918,768)
Accumulated other comprehensive loss (47,599) (45,143)
Retained earnings 4,690,424 4,720,810
Total stockholders’ equity 2,646,868 2,654,467
Total liabilities and stockholders’ equity $ 12,248,932 $ 12,014,273
v3.23.3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
Oct. 07, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Accumulated depreciation $ 2,797,496 $ 2,590,382
Preferred stock par value (in usd per share) $ 0.0001 $ 0.0001
Common stock par value (in usd per share) $ 0.0001 $ 0.0001
v3.23.3
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Oct. 07, 2023
Oct. 08, 2022
Oct. 07, 2023
Oct. 08, 2022
Income Statement [Abstract]        
Net sales $ 2,719,079 $ 2,641,341 $ 8,822,738 $ 8,680,977
Cost of sales, including purchasing and warehousing costs 1,732,420 1,462,094 5,220,200 4,821,037
Gross profit 986,659 1,179,247 3,602,538 3,859,940
Selling, general and administrative expenses 1,030,355 1,008,226 3,407,445 3,301,959
Operating income (43,696) 171,021 195,093 557,981
Other, net:        
Interest expense (19,407) (12,039) (69,993) (35,114)
Loss on early redemption of senior unsecured notes 0 0 0 (7,408)
Other (expense) income, net (1,216) (5,054) (206) (5,282)
Total other, net (20,623) (17,093) (70,199) (47,804)
Income before provision for income taxes (64,319) 153,928 124,894 510,177
Provision for income taxes (15,686) 38,047 34,649 123,383
Net income $ (48,633) $ 115,881 $ 90,245 $ 386,794
Basic earnings per common share (in dollars per share) $ (0.82) $ 1.93 $ 1.52 $ 6.38
Weighted Average Number of Shares Issued, Basic 59,474 60,053 59,411 60,656
Weighted-average common shares outstanding 59,474 60,053 59,411 60,656
Diluted earnings per common share (in dollars per share) $ (0.82) $ 1.92 $ 1.51 $ 6.34
Weighted-average common shares outstanding 59,630 60,384 59,588 61,045
Document Period End Date     Oct. 07, 2023  
v3.23.3
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 07, 2023
Oct. 08, 2022
Oct. 07, 2023
Oct. 08, 2022
Statement of Comprehensive Income [Abstract]        
Net income $ (48,633) $ 115,881 $ 90,245 $ 386,794
Other comprehensive (loss) income:        
Changes in net unrecognized other postretirement benefits, net of tax (benefit) expense of $(13), $25, $43 and $41 (38) (70) 121 (116)
Currency translation adjustments (10,737) (13,625) (2,577) (20,864)
Total other comprehensive (loss) income (10,775) (13,695) (2,456) (20,980)
Comprehensive income $ (59,408) $ 102,186 $ 87,789 $ 365,814
v3.23.3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 07, 2023
Oct. 08, 2022
Oct. 07, 2023
Oct. 08, 2022
Statement of Comprehensive Income [Abstract]        
Changes in net unrecognized other postretirment benefits, net of tax $ (13) $ 25 $ 43 $ 41
Net Income (Loss) Attributable to Parent $ (48,633) $ 115,881 $ 90,245 $ 386,794
v3.23.3
Condensed 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
Retained Earnings
Balance (in shares) at Jan. 01, 2022   62,009        
Balance at Jan. 01, 2022 $ 3,129,454 $ 8 $ 845,407 $ (2,300,288) $ (26,954) $ 4,611,281
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 386,794         386,794
Total other comprehensive income (loss) (20,980)       (20,980)  
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax (20,864)          
Issuance of shares upon the exercise of stock options (in shares)   3        
Issuance of shares upon the exercise of stock options 496   496      
Restricted stock and deferred stock units vested (in shares)   281        
Share-based compensation 40,291   40,291      
Stock issued under employee stock purchase plan (in shares)   25        
Stock issued under employee stock purchase plan 3,144          
Repurchases of common stock (in shares)   (2,622)        
Repurchases of common stock $ (542,608)     (542,608)    
Common Stock, Dividends, Per Share, Declared $ 4.50          
Cash dividends declared $ (274,144)         (274,144)
Other (2,900)   (2,900)      
Balance (in shares) at Oct. 08, 2022   59,696        
Balance at Oct. 08, 2022 2,719,547 $ 8 886,438 (2,842,896) (47,934) 4,723,931
Balance (in shares) at Jan. 01, 2022   62,009        
Balance at Jan. 01, 2022 3,129,454 $ 8 845,407 (2,300,288) (26,954) 4,611,281
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 472,571         472,571
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax (18,003)          
Balance (in shares) at Dec. 31, 2022   59,264        
Balance at Dec. 31, 2022 2,654,467 $ 8 897,560 (2,918,768) (45,143) 4,720,810
Balance (in shares) at Jul. 16, 2022   60,118        
Balance at Jul. 16, 2022 2,773,568   875,500 (2,766,457) (34,239) 4,698,756
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 115,881         115,881
Total other comprehensive income (loss) (13,695)       (13,695)  
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax (13,625)          
Issuance of shares upon the exercise of stock options (in shares)   1        
Issuance of shares upon the exercise of stock options 142   142      
Restricted stock and deferred stock units vested (in shares)   22        
Share-based compensation 10,946   10,946      
Stock issued under employee stock purchase plan (in shares)   7        
Stock issued under employee stock purchase plan 1,050   1,050      
Repurchases of common stock (in shares)   (452)        
Repurchases of common stock $ (76,439)     (76,439)    
Common Stock, Dividends, Per Share, Declared $ 1.50          
Cash dividends declared $ (90,706)         (90,706)
Other (1,200)   (1,200)      
Balance (in shares) at Oct. 08, 2022   59,696        
Balance at Oct. 08, 2022 2,719,547 $ 8 886,438 (2,842,896) (47,934) 4,723,931
Balance (in shares) at Dec. 31, 2022   59,264        
Balance at Dec. 31, 2022 2,654,467 $ 8 897,560 (2,918,768) (45,143) 4,720,810
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 54,440         54,440
Balance at Apr. 22, 2023 2,624,136         4,685,672
Balance (in shares) at Dec. 31, 2022   59,264        
Balance at Dec. 31, 2022 2,654,467 $ 8 897,560 (2,918,768) (45,143) 4,720,810
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 138,879         138,879
Balance (in shares) at Jul. 15, 2023   59,457        
Balance at Jul. 15, 2023 2,710,239 $ 8 925,411 (2,932,576) (36,824) 4,754,220
Balance (in shares) at Dec. 31, 2022   59,264        
Balance at Dec. 31, 2022 2,654,467 $ 8 897,560 (2,918,768) (45,143) 4,720,810
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 90,245         90,245
Total other comprehensive income (loss) (2,456)       (2,456)  
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax (2,577)          
Issuance of shares upon the exercise of stock options 0          
Restricted stock and deferred stock units vested (in shares)   294        
Share-based compensation 37,435   37,435      
Stock issued under employee stock purchase plan (in shares)   32        
Stock issued under employee stock purchase plan 3,045   3,045      
Repurchases of common stock (in shares)   (108)        
Repurchases of common stock $ (14,237)     14,237    
Common Stock, Dividends, Per Share, Declared $ 2.00          
Cash dividends declared $ (120,631)         (120,631)
Other (1,000)   (1,000)      
Balance (in shares) at Oct. 07, 2023   59,482        
Balance at Oct. 07, 2023 2,646,868 $ 8 937,040 (2,933,005) (47,599) 4,690,424
Balance at Apr. 22, 2023 2,624,136         4,685,672
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 84,439         84,439
Balance (in shares) at Jul. 15, 2023   59,457        
Balance at Jul. 15, 2023 2,710,239 $ 8 925,411 (2,932,576) (36,824) 4,754,220
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (48,633)         (48,633)
Total other comprehensive income (loss) (10,775)       (10,775)  
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax (10,737)          
Issuance of shares upon the exercise of stock options     0      
Restricted stock units and deferred stock units vested   $ 18        
Share-based compensation 10,582   10,582      
Stock issued under employee stock purchase plan (in shares)   14        
Stock issued under employee stock purchase plan 1,047   1,047      
Repurchases of common stock (in shares)   (7)        
Repurchases of common stock $ (429)     429    
Common Stock, Dividends, Per Share, Declared $ 0.25          
Cash dividends declared $ (15,163)         (15,163)
Balance (in shares) at Oct. 07, 2023   59,482        
Balance at Oct. 07, 2023 $ 2,646,868 $ 8 $ 937,040 $ (2,933,005) $ (47,599) $ 4,690,424
v3.23.3
Condensed Consolidated Statements of Changes in Stockholders’ Equity (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Oct. 07, 2023
Oct. 08, 2022
Oct. 07, 2023
Oct. 08, 2022
Statement of Stockholders' Equity [Abstract]        
Cash dividends declared (per common share) $ 0.25 $ 1.50 $ 2.00 $ 4.50
v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 4 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Oct. 07, 2023
Oct. 08, 2022
Apr. 22, 2023
Apr. 23, 2022
Jul. 15, 2023
Oct. 07, 2023
Oct. 08, 2022
Dec. 31, 2022
Cash flows from operating activities:                
Net income $ (48,633) $ 115,881 $ 54,440 $ 54,440 $ 138,879 $ 90,245 $ 386,794 $ 472,571
Adjustments to reconcile net income to net cash provided by operating activities:                
Depreciation and amortization           234,976 215,224  
Share-based compensation           37,435 40,291  
Loss and impairment of long-lived assets           1,886 2,858  
Loss on early redemption of senior unsecured notes 0 0       0 7,408  
Provision for deferred income taxes           (33,059) 24,144  
Other           1,499 2,064  
Net change in:                
Receivables, net           (170,371) (89,304) 56,057
Inventories       (104,387) (149,357) (41,025) (249,729) (233,502)
Accounts payable       (437,953) (342,540) (191,871) 177,103 225,507
Accrued expenses       74,413 109,963 145,704 (27,576) (162,835)
Other assets and liabilities, net           (45,015) (6,183)  
Net cash provided by operating activities           30,404 483,094  
Cash flows from investing activities:                
Purchases of property and equipment           (187,201) (333,639)  
Proceeds from sales of property and equipment           2,001 1,821  
Net cash used in investing activities           (185,200) (331,818)  
Cash flows from financing activities:                
Borrowings under credit facilities           4,805,000 1,123,000  
Payments on credit facilities           (4,990,000) (938,000)  
Borrowings on senior unsecured notes           599,571 348,618  
Payments on senior unsecured notes           0 (201,081)  
Dividends paid           (194,322) (336,230)  
Repurchases of common stock           (14,237) (542,608)  
Other, net           (1,028) 463  
Net cash used in financing activities           204,984 (545,838)  
Effect of exchange rate changes on cash           (1,942) (15,662)  
Net decrease in cash and cash equivalents           48,246 (410,224)  
Cash and cash equivalents, beginning of period     $ 269,282 $ 601,428 $ 269,282 269,282 601,428 601,428
Cash and cash equivalents, end of period $ 317,528 $ 191,204       317,528 191,204 $ 269,282
Non-cash transactions:                
Accrued purchases of property and equipment           $ 9,434 $ 13,126  
Document Period End Date           Oct. 07, 2023    
v3.23.3
Nature of Operations and Basis of Presentation
 9 Months Ended
Oct. 07, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations and Basis of Presentation Nature of Operations and Basis of Presentation
Description of Business

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

As of October 7, 2023, we operated a total of 4,785 stores and 320 branches primarily within the United States, with additional locations in Canada, Puerto Rico and the U.S. Virgin Islands. In addition, as of October 7, 2023, we served 1,307 independently owned Carquest branded stores across the same geographic locations served by our stores and branches in addition to Mexico and various Caribbean islands. Our stores operate primarily under the trade names “Advance Auto Parts” and “Carquest” and our branches operate under the “Worldpac” and “Autopart International” trade names.

Basis of Presentation

The accounting policies followed in the presentation of interim financial results are consistent with those followed on an annual basis. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), have been condensed or omitted based upon the Securities and Exchange Commission (“SEC”) interim reporting principles. These condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for 2022 as filed with the SEC on February 28, 2023.

The accompanying condensed consolidated financial statements reflect all normal recurring adjustments that are necessary to present fairly the results for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the operating results to be expected for the full year. Our first quarter of the year contains sixteen weeks. Our remaining three quarters each consist of twelve weeks.
Immaterial Restatement
v3.23.3
Significant Acounting Policies
 9 Months Ended
Oct. 07, 2023
Accounting Policies [Abstract]  
Significant Accounting Policies Significant Accounting Policies
Revenues

The following table summarizes disaggregated revenue from contracts with customers by product group:
Twelve Weeks EndedForty Weeks Ended
October 7, 2023October 8, 2022October 7, 2023October 8, 2022
Percentage of Sales:
Parts and Batteries67 %67 %66 %66 %
Accessories and Chemicals19 20 20 20 
Engine Maintenance13 12 13 13 
Other1 1 1 1 
Total100 %100 %100 %100 %

Recently Issued Accounting Pronouncements - Adopted

Supplier Finance Programs

In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations (“ASU 2022-04”), which requires a buyer in a supplier finance program to disclose sufficient information about the program, enabling users of the financial statements to understand the nature of the program and activity and changes during the period. ASU 2022-04 was effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the requirement on rollforward information, which is effective for fiscal years beginning after December 15, 2023. During the first quarter 2023, we adopted ASU 2022-04, which did not have a material impact on our consolidated financial position, results of operations and cash flows. Refer to Note 11. Supplier Finance Programs for further details.
v3.23.3
Receivables, net
 9 Months Ended
Oct. 07, 2023
Receivables [Abstract]  
Receivables, net Receivables, net
Receivables, net, consisted of the following:
October 7, 2023December 31, 2022
Trade$670,106 $576,548 
Vendor200,329 126,640 
Other14,762 10,638 
Total receivables885,197 713,826 
Less: allowance for credit losses(16,892)(15,213)
Receivables, net$868,305 $698,613 
v3.23.3
Long-term Debt and Fair Value of Financial Instruments
 9 Months Ended
Oct. 07, 2023
Debt Disclosure [Abstract]  
Long-term Debt and Fair Value of Financial Instruments Long-term Debt and Fair Value of Financial Instruments
Long-term debt consists of the following:
October 7, 2023December 31, 2022
5.90% Senior Unsecured Notes due March 9, 2026
$298,198 $— 
1.75% Senior Unsecured Notes due October 1, 2027
347,383 346,947 
5.95% Senior Unsecured Notes due March 9, 2028
298,011 — 
3.90% Senior Unsecured Notes due April 15, 2030
496,014 495,562 
3.50% Senior Unsecured Notes due March 15, 2032
346,111 345,774 
Revolving credit facility
— 185,000 
$1,785,717 $1,373,283 
Less: Current portion of long-term debt— (185,000)
Long-term debt, excluding the current portion$1,785,717 $1,188,283 
Fair value of long-term debt$1,518,769 $1,021,396 

Fair Value of Financial Assets and Liabilities

The fair value of our senior unsecured notes was determined using Level 2 inputs based on quoted market prices. The carrying amounts of our 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 February 27, 2023, we entered into Amendment No. 1 (the “Amendment No. 1”) to the Credit Agreement dated November 9, 2021, with Advance Auto Parts, Inc., as Borrower, Advance Stores Company, Incorporated, as a Guarantor, the lenders party thereto, and Bank of America, N.A., as administrative agent (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 and replaced an adjusted LIBOR benchmark rate with a term secured overnight financing rate benchmark rate, as adjusted by an increase of ten basis points, plus the applicable margin under the 2021 Credit Agreement. Amendment No. 1 made no other material changes to the terms of the 2021 Credit Agreement. On August 21, 2023, we 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). Pursuant to Amendment No. 2, we will not permit the Consolidated Coverage Ratio for each period of four fiscal quarters to be less than (a) 1.75 to 1.00 for quarters ending on October 7, 2023 and December 30, 2023, (b) 2.0 to 1.00 for quarters ending on April 20, 2024 through and including the quarters ending on October 4, 2025 and (c) 2.25 to 1.00 for quarters ending after October 4, 2025. Amendment No. 2 made no other material changes to the terms of the 2021 Credit Agreement. On November 20, 2023, we entered into Amendment No. 3 (“Amendment No. 3”) to the 2021 Credit Agreement to further amend certain financial covenants related to the Consolidated Coverage Ratio. Refer to Note 14. Subsequent Event for further details.

As of October 7, 2023, we had no outstanding borrowings, $1.2 billion of borrowing availability and no letters of credit outstanding under the 2021 Credit Agreement. As of December 31, 2022, we had $185.0 million outstanding borrowings, $1.0 billion of borrowing availability and no letters of credit outstanding under the 2021 Credit Agreement.
As of October 7, 2023 and December 31, 2022, we had $91.0 million and $90.2 million 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 our self-insurance policies.

Senior Unsecured Notes
Our 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, we completed an exchange offer whereby the Original Notes in the aggregate principal amount of $500.0 million were exchanged for a like principal amount (the “Exchange Notes” or “2030 Notes”), and which have been registered under the Securities Act. The Original Notes were substantially identical to the Exchange Notes, except 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.

Our 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, we incurred $2.9 million of debt issuance costs.

Our 3.50% senior unsecured notes due 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, we incurred $3.2 million of debt issuance costs.

Our 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, we incurred $1.6 million of debt issuance costs.

Our 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, we incurred $1.7 million of debt issuance costs.

We may redeem some or all of our 2026 Notes and 2028 Notes (the “Notes”) at any time, or from time to time, prior to March 9, 2026 in the case of our 2026 Notes, or February 9, 2028 in the case of our 2028 Notes, at the redemption price described in the related indenture for the Notes (the “Indenture”). In the event of a change of control triggering event, as defined in the Indenture, we will be required to offer the repurchase of 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 unsecured basis by guarantor and subsidiary guarantees, as defined by the Indenture.
Debt GuaranteesWe are a guarantor of loans made by banks to various independently owned Carquest-branded stores that are customers of ours. These loans totaled $104.8 million and $96.9 million as of October 7, 2023 and December 31, 2022 and 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 $210.4 million and $174.6 million as of October 7, 2023 and December 31, 2022.
v3.23.3
Leases
 9 Months Ended
Oct. 07, 2023
Leases [Abstract]  
Leases Leases
Substantially all of our leases are for facilities and vehicles. The initial term for facilities is typically five to ten years, with renewal options typically at five-year intervals, and the exercise of lease renewal options at our sole discretion. Our vehicle and equipment lease terms are typically three to six years. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Total lease cost is included in Cost of sales and SG&A expenses in the accompanying Condensed Consolidated Statements of Operations and is recorded net of immaterial sublease income. Total lease cost was comprised of the following:
Twelve Weeks EndedForty Weeks Ended
October 7, 2023October 8, 2022October 7, 2023October 8, 2022
Operating lease cost$133,871 $130,108 $438,461 $433,147 
Variable lease cost40,974 40,910 133,407 136,183 
Total lease cost$174,845 $171,018 $571,868 $569,330 

Other information relating to our lease liabilities is as follows:
Forty Weeks Ended
October 7, 2023October 8, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$444,391 $478,658 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$360,319 $343,950 
v3.23.3
Share Repurchase Program
 9 Months Ended
Oct. 07, 2023
Stock Repurchases: [Abstract]  
Share Repurchase Program Share Repurchase Program
Our Board of Directors had previously authorized a total aggregate of $2.7 billion for our share repurchase program. Our share repurchase program permits the repurchase of our common stock on the open market and in privately negotiated transactions from time to time.

During the twelve weeks ended and forty weeks ended October 7, 2023, we did not purchase any shares of our common stock under our share repurchase program. During the twelve weeks ended October 8, 2022, we repurchased 0.4 million shares at an aggregate cost of $75.0 million, or an average price of $168.93 per share. During the forty weeks ended October 8, 2022, we repurchased 2.5 million shares of our common stock under our share repurchase program at an aggregate cost of $523.2 million, or an average price of $207.50 per share. We had $947.3 million remaining under our share repurchase program as of October 7, 2023.
v3.23.3
Earnings per Share
 9 Months Ended
Oct. 07, 2023
Earnings Per Share [Abstract]  
Earnings Per Share Earnings per Share
The computations of basic and diluted earnings per share were as follows:
 Twelve Weeks EndedForty Weeks Ended
October 7, 2023October 8, 2022October 7, 2023October 8, 2022
Numerator
Net (loss) income applicable to common shares
$(48,633)$115,881 $90,245 $386,794 
Denominator
Basic weighted-average common shares59,474 60,053 59,411 60,656 
Dilutive impact of share-based awards156 331 177 389 
Diluted weighted-average common shares (1)
59,630 60,384 59,588 61,045 
Basic (loss) earnings per common share
$(0.82)$1.93 $1.52 $6.38 
Diluted (loss) earnings per common share
$(0.82)$1.92 $1.51 $6.34 

(1)For the twelve weeks ended October 7, 2023 and October 8, 2022, 515 thousand and 163 thousand restricted stock units (“RSUs”) were excluded from the diluted calculation as their inclusion would have been anti-dilutive. For the forty weeks ended October 7, 2023 and October 8, 2022, 299 thousand and 122 thousand RSUs were excluded from the diluted calculation as their inclusion would have been anti-dilutive.
v3.23.3
Share-Based Compensation
 9 Months Ended
Oct. 07, 2023
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
During the twelve weeks ended October 7, 2023, we granted 133 thousand time-based RSUs and 150 thousand stock options. During the forty weeks ended October 7, 2023, we granted 546 thousand time-based RSUs, 22 thousand performance-based RSUs, 73 thousand market-based RSUs and 298 thousand stock options. The general terms of the time-based and market-based RSUs are similar to awards previously granted by us. The performance-based RSUs granted may vest following a one-year period subject to the achievement of certain financial goals and employment service as specified in the grant agreement. We grant options to purchase common stock to certain employees under our 2023 Omnibus Incentive Compensation Plan, which recently replaced our 2014 Long-Term Incentive Plan (the “Prior Plan”). Options issued prior to June 2023 were granted under the Prior Plan. The general terms of the stock options will be similar to awards previously granted. We record compensation expense for the grant date fair value of the option awards evenly over the vesting period.

The weighted-average fair values of the time-based RSUs granted during the twelve weeks ended October 7, 2023 were $61.19 per share. The weighted-average fair values of the time-based, performance-based and market-based RSUs granted during the forty weeks ended October 7, 2023 were $95.09, $135.13 and $139.75 per share. The fair value of each market-based RSU was determined using a Monte Carlo simulation model. For time-based and performance-based RSUs, the fair value of each award was determined based on the market price of our stock on the date of grant adjusted for expected dividends during the vesting period, as applicable.
The weighted-average fair value of stock options granted during the twelve weeks ended October 7, 2023 was $23.49 per share. The weighted-average fair value of stock options granted during the forty weeks ended October 7, 2023 was $29.39 per share. The fair value was estimated on the date of grant by applying the Black-Scholes option-pricing valuation model.
Twelve Weeks EndedForty Weeks Ended
October 7, 2023October 7, 2023
Risk-free interest rate (1)
4.3 %4.1 -4.3 %
Expected term (2)
6 years6 years
Expected volatility (3)
41.4 %35.1 -41.4 %
Expected dividend yield (4)
1.5 %1.5 -4.1 %

(1) The risk-free interest rate is based on the yield in effect at grant for zero-coupon U.S. Treasury notes with maturities equivalent to the expected term of the stock options.
(2) The expected term represents the period of time options granted are expected to be outstanding. As we do not have sufficient historical data, we utilized the simplified method provided by the SEC to calculate the expected term as the average of the contractual term and vesting period.
(3) Expected volatility is the measure of the amount by which the stock price has fluctuated or is expected to fluctuate. We utilized historical trends and the implied volatility of our publicly traded financial instruments in developing the volatility estimate for our stock options.
(4) The expected dividend yield is calculated based on our expected quarterly dividend and the three month average stock price as of the grant date.

The total income tax benefit related to share-based compensation expense for the twelve and forty weeks ended October 7, 2023 was $2.6 million and $9.1 million, respectively. As of October 7, 2023, there was $83.1 million of unrecognized compensation expense related to all share-based awards that is expected to be recognized over a weighted-average period of 1.6 years.
v3.23.3
Accounting Changes and Error Corrections
 9 Months Ended
Oct. 07, 2023
Accounting Changes and Error Corrections [Abstract]  
Immaterial Restatement of Prior Period Financial Statements Immaterial Restatement of Prior Period Financial StatementsAs discussed in Note 1, we identified errors in our consolidated financial statements. A summary of the corrections to the impacted financial statement line items in our previously issued Consolidated Balance Sheet, Consolidated Statement of Operations, Consolidated Statement of Comprehensive Income, Consolidated Statement of Changes in Stockholders’ Equity and Consolidated Statement of Cash Flows as of and for the year ended December 31, 2022 included in previously filed Annual Report on Form 10-K and Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Comprehensive Income, Condensed Consolidated Statements of Changes in Stockholders’ Equity and Condensed Consolidated Statements of Cash Flows for periods presented below, which were presented in previously filed Quarterly Reports on Form 10-Q, are as follows (tables may not foot due to rounding):
Condensed Consolidated Balance Sheet
October 8, 2022
As Previously ReportedAdjustments
As Corrected
Assets
Receivables, net$845,667 $(2,795)$842,872 
Total current assets6,162,519 (2,795)6,159,724 
Total assets$12,132,079 $(2,795)$12,129,284 
Liabilities and Stockholders’ Equity
Accounts payable$4,097,412 $(16,579)$4,080,833 
Accrued expenses681,216 10,312 691,528 
Total current liabilities5,442,901 (6,267)5,436,634 
Total liabilities9,416,004 (6,267)9,409,737 
Accumulated other comprehensive loss(54,298)6,364 (47,934)
Retained earnings4,726,823 (2,892)4,723,931 
Total stockholders’ equity2,716,075 3,472 2,719,547 
Total liabilities and stockholders’ equity$12,132,079 $(2,795)$12,129,284 

Condensed Consolidated Balance Sheet
December 31, 2022
As Previously ReportedAdjustments
As Corrected
Assets
Inventories, net$4,915,262 $(4,209)$4,911,053 
Total current assets6,046,852 (4,209)6,042,643 
Total assets$12,018,482 $(4,209)$12,014,273 
Liabilities and Stockholders’ Equity
Accounts payable$4,123,462 $12,953 $4,136,415 
Accrued expenses634,447 6,652 641,099 
Total current liabilities5,370,389 19,605 5,389,994 
Total liabilities9,340,201 19,605 9,359,806 
Retained earnings4,744,624 (23,814)4,720,810 
Total stockholders’ equity2,678,281 (23,814)2,654,467 
Total liabilities and stockholders’ equity$12,018,482 $(4,209)$12,014,273 
Condensed Consolidated Balance Sheet
April 22, 2023
As Previously ReportedAdjustments
As Corrected
Liabilities and Stockholders’ Equity
Accounts payable$3,682,749 $15,995 $3,698,744 
Accrued expenses718,290 (3,970)714,320 
Total current liabilities4,983,455 12,025 4,995,480 
Total liabilities9,546,077 12,025 9,558,102 
Retained earnings4,697,697 (12,025)4,685,672 
Total stockholders’ equity$2,636,161 $(12,025)$2,624,136 

Condensed Consolidated Balance Sheet
July 15, 2023
As Previously ReportedAdjustments
As Corrected
Liabilities and Stockholders’ Equity
Accounts payable$3,780,215 $17,221 $3,797,436 
Accrued expenses685,191 (4,273)680,918 
Total current liabilities5,026,378 12,948 5,039,326 
Total liabilities9,581,189 12,948 9,594,137 
Retained earnings4,767,168 (12,948)4,754,220 
Total stockholders’ equity$2,723,187 $(12,948)$2,710,239 
Condensed Consolidated Statements of Operations
October 8, 2022
Twelve Weeks EndedForty Weeks Ended
As Previously ReportedAdjustments
As Corrected
As Previously ReportedAdjustments
As Corrected
Cost of sales$1,461,490 $604 $1,462,094 $4,808,888 $12,149 $4,821,037 
Gross profit1,179,851 (604)1,179,247 3,872,089 (12,149)3,859,940 
Selling, general and administrative expenses1,002,653 5,573 1,008,226 3,289,940 12,019 3,301,959 
Operating income177,198 (6,177)171,021 582,149 (24,168)557,981 
Other (expense) income, net    (17,741)12,687 (5,054)(18,314)13,032 (5,282)
Total other, net    (29,780)12,687 (17,093)(60,836)13,032 (47,804)
Income before provision for income taxes147,418 6,510 153,928 521,313 (11,136)510,177 
Provision for income taxes36,436 1,611 38,047 126,137 (2,754)123,383 
Net income$110,982 $4,899 $115,881 $395,176 $(8,382)$386,794 
Basic earnings per share$1.85 $0.08 $1.93 $6.52 $(0.14)$6.38 
Basic weighted average shares60,053 — 60,053 60,656 — 60,656 
Diluted earnings per common share$1.84 $0.08 $1.92 $6.47 $(0.14)$6.34 
Diluted weighted average shares60,384 — 60,384 61,045 — 61,045 

Condensed Consolidated Statement of Operations
December 31, 2022
Year Ended
As Previously ReportedAdjustmentsAs Corrected
Cost of sales$6,192,622 $26,065 $6,218,687 
Gross profit4,962,100 (26,065)4,936,035 
Selling, general and administrative expenses4,247,949 12,444 4,260,393 
Operating income714,151 (38,509)675,642 
Other (expense) income, net    (6,996)(427)(7,423)
Total other, net    (65,464)(427)(65,891)
Income before provision for income taxes648,687 (38,936)609,751 
Provision for income taxes146,815 (9,635)137,180 
Net income$501,872 $(29,301)$472,571 
Basic earnings per share$8.32 $(0.49)$7.83 
Basic weighted average shares60,351 — 60,351 
Diluted earnings per common share$8.27 $(0.49)$7.78 
Diluted weighted average shares60,717 — 60,717 
Condensed Consolidated Statement of Operations
April 22, 2023
Sixteen Weeks Ended
As Previously ReportedAdjustments
As Corrected
Cost of sales$1,946,931 $1,627 $1,948,558 
Gross profit1,470,663 (1,627)1,469,036 
Selling, general and administrative expenses1,380,664 (17,275)1,363,389 
Operating income89,999 15,648 105,647 
Income before provision for income taxes59,607 15,648 75,255 
Provision for income taxes16,956 3,859 20,815 
Net income$42,651 $11,789 $54,440 
Basic earnings per share$0.72 $0.20 $0.92 
Basic weighted average shares59,334 — 59,334 
Diluted earnings per common share$0.72 $0.19 $0.91 
Diluted weighted average shares59,544 — 59,544 

Condensed Consolidated Statements of Operations
July 15, 2023
Twelve Weeks EndedTwenty-Eight Weeks Ended
As Previously ReportedAdjustments
As Corrected
As Previously ReportedAdjustments
As Corrected
Cost of sales$1,537,997 $1,226 $1,539,223 $3,484,927 $2,853 $3,487,780 
Gross profit1,148,069 (1,226)1,146,843 2,618,732 (2,853)2,615,879 
Selling, general and administrative expenses1,013,701 — 1,013,701 2,394,365 (17,275)2,377,090 
Operating income134,368 (1,226)133,142 224,367 14,422 238,789 
Income before provision for income taxes115,183 (1,226)113,957 174,789 14,422 189,211 
Provision for income taxes29,821 (303)29,518 46,776 3,556 50,332 
Net income$85,362 $(923)$84,439 $128,013 $10,866 $138,879 
Basic earnings per share$1.44 $(0.02)$1.42 $2.16 $0.18 $2.34 
Basic weighted average shares59,451 — 59,451 59,384 — 59,384 
— — 
Diluted earnings per common share$1.43 $(0.02)$1.41 $2.15 $0.18 $2.33 
Diluted weighted average shares59,604 — 59,604 59,570 — 59,570 
Condensed Consolidated Statements of Comprehensive Income
October 8, 2022
Twelve Weeks EndedForty Weeks Ended
As Previously ReportedAdjustments
As Corrected
As Previously ReportedAdjustments
As Corrected
Net income$110,982 $4,899 $115,881 $395,176 $(8,382)$386,794 
Currency translation adjustments
(33,439)19,814 (13,625)(31,555)10,691 (20,864)
Total other comprehensive loss
(33,509)19,814 (13,695)(31,671)10,691 (20,980)
Comprehensive income$77,473 $24,713 $102,186 $363,505 $2,309 $365,814 

Condensed Consolidated Statement of Comprehensive Income
December 31, 2022
Year Ended
As Previously ReportedAdjustments
As Corrected
Net income$501,872 $(29,301)$472,571 
Currency translation adjustments(22,330)4,327 (18,003)
Total other comprehensive loss(22,516)4,327 (18,189)
Comprehensive income$479,356 $(24,974)$454,382 

Condensed Consolidated Statement of Comprehensive Income
April 22, 2023
Sixteen Weeks Ended
As Previously ReportedAdjustmentsAs Corrected
Net income$42,651 $11,789 $54,440 
Comprehensive income$43,439 $11,789 $55,228 

Condensed Consolidated Statements of Comprehensive Income
July 15, 2023
Twelve Weeks EndedTwenty-Eight Weeks Ended
As Previously ReportedAdjustments
As Corrected
As Previously ReportedAdjustments
As Corrected
Net income$85,362 $(923)$84,439 $128,013 $10,866 $138,879 
Comprehensive income$92,893 $(923)$91,970 $136,332 $10,866 $147,198 
Condensed Consolidated Statements of Changes in Stockholders’ Equity
Accumulated Other
Comprehensive Loss
Retained
Earnings		Total Stockholders' Equity
Twelve Weeks As Previously Reported
Balance at July 16, 2022$(20,789)$4,706,547 $2,794,809 
Net income— 110,982 110,982 
Total other comprehensive loss
(33,509)— (33,509)
Balance at October 8, 2022$(54,298)$4,726,823 $2,716,075 
Adjustments
Balance at July 16, 2022$(13,450)$(7,791)$(21,241)
Net income— 4,899 4,899 
Total other comprehensive income
19,814 — 19,814 
Balance at October 8, 2022$6,364 $(2,892)$3,472 
As Corrected
Balance at July 16, 2022
$(34,239)$4,698,756 $2,773,568 
Net income— 115,881 115,881 
Total other comprehensive loss
(13,695)— (13,695)
Balance at October 8, 2022$(47,934)$4,723,931 $2,719,547 
Forty Weeks As Previously Reported
Balance at January 1, 2022$(22,627)$4,605,791 $3,128,291 
Net income— 395,176 395,176 
Total other comprehensive loss
(31,671)— (31,671)
Balance at October 8, 2022$(54,298)$4,726,823 $2,716,075 
Adjustments
Balance at January 1, 2022$(4,327)$5,490 $1,163 
Net income— (8,382)(8,382)
Total other comprehensive income
10,691 — 10,691 
Balance at October 8, 2022$6,364 $(2,892)$3,472 
As Corrected
Balance at January 1, 2022$(26,954)$4,611,281 $3,129,454 
Net income— 386,794 386,794 
Total other comprehensive loss
(20,980)— (20,980)
Balance at October 8, 2022$(47,934)$4,723,931 $2,719,547 
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 $2,678,281 
Adjustments
Balance at January 1, 2022$(4,327)$5,490 $1,163 
Net Income— (29,301)(29,301)
Total other comprehensive income
4,327 — 4,327 
Balance at December 31, 2022$— $(23,814)$(23,814)
As Corrected
Balance at January 1, 2022
$(26,954)$4,611,281 $3,129,454 
Net income— 472,571 472,571 
Total other comprehensive loss
(18,189)— (18,189)
Balance at December 31, 2022$(45,143)$4,720,810 $2,654,467 
Retained
Earnings		Total
Stockholders’
Equity
Sixteen Weeks As Previously Reported
Balance at December 31, 2022$4,744,624 $2,678,281 
Net Income42,651 42,651 
Balance at April 22, 2023
$4,697,697 $2,636,161 
Adjustments
Balance at December 31, 2022$(23,814)$(23,814)
Net Income11,789 11,789 
Balance at April 22, 2023
$(12,025)$(12,025)
As Corrected
Balance at December 31, 2022$4,720,810 $2,654,467 
Net Income54,440 54,440 
Balance at April 22, 2023
$4,685,672 $2,624,136 
Retained
Earnings		Total
Stockholders’
Equity
Twelve Weeks As Previously Reported
Balance at April 22, 2023
$4,697,697 $2,636,161 
Net Income85,362 85,362 
Balance at July 15, 2023
$4,767,168 $2,723,187 
Adjustments
Balance at April 22, 2023
$(12,025)$(12,025)
Net Income(923)(923)
Balance at July 15, 2023
$(12,948)$(12,948)
As Corrected
Balance at April 22, 2023$4,685,672 $2,624,136 
Net Income84,439 84,439 
Balance at July 15, 2023
$4,754,220 $2,710,239 
Twenty-Eight Weeks As Previously Reported
Balance at December 31, 2022$4,744,624 $2,678,281 
Net Income128,013 128,013 
Balance at July 15, 2023$4,767,168 $2,723,187 
Adjustments
Balance at December 31, 2022$(23,814)$(23,814)
Net Income10,866 10,866 
Balance at July 15, 2023$(12,948)$(12,948)
As Corrected
Balance at December 31, 2022$4,720,810 $2,654,467 
Net Income
138,879 138,879 
Balance at July 15, 2023
$4,754,220 $2,710,239 

Condensed Consolidated Statement of Cash Flows
Forty Weeks Ended October 8, 2022
As Previously ReportedAdjustmentsAs Corrected
Net income$395,176 $(8,382)$386,794 
Net change in:
Receivables, net(66,902)(22,402)(89,304)
Inventories, net(284,271)34,542 (249,729)
Accounts payable187,331 (10,228)177,103 
Accrued expenses$(34,046)$6,470 $(27,576)
Condensed Consolidated Statement of Cash Flows
Fifty-Two Weeks Ended December 31, 2022
As Previously ReportedAdjustmentsAs Corrected
Net income$501,872 $(29,301)$472,571 
Net change in:
Receivables, net81,254 (25,197)56,057 
Inventories, net(272,253)38,751 (233,502)
Accounts payable212,568 12,939 225,507 
Accrued expenses$(165,643)$2,808 $(162,835)

Condensed Consolidated Statement of Cash Flows
Sixteen Weeks Ended April 22, 2023
As Previously ReportedAdjustmentsAs Corrected
Net income$42,651 $11,789 $54,440 
Net change in:
Inventories, net(100,178)(4,209)(104,387)
Accounts payable(440,995)3,042 (437,953)
Accrued expenses$85,035 $(10,622)$74,413 

Condensed Consolidated Statement of Cash Flows
Twenty-Eight Weeks ended July 15, 2023
As Previously ReportedAdjustmentsAs Corrected
Net income$128,013 $10,866 $138,879 
Net change in:
Inventories, net(145,148)(4,209)(149,357)
Accounts payable(346,808)4,268 (342,540)
Accrued expenses$120,888 $(10,925)$109,963 
v3.23.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 4 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Oct. 07, 2023
Jul. 15, 2023
Oct. 08, 2022
Apr. 22, 2023
Apr. 23, 2022
Jul. 15, 2023
Oct. 07, 2023
Oct. 08, 2022
Dec. 31, 2022
Pay vs Performance Disclosure                  
Net Income (Loss) Attributable to Parent $ (48,633) $ 84,439 $ 115,881 $ 54,440 $ 54,440 $ 138,879 $ 90,245 $ 386,794 $ 472,571
v3.23.3
Insider Trading Arrangements
 3 Months Ended
Oct. 07, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
v3.23.3
Significant Acounting Policies (Policies)
 9 Months Ended
Oct. 07, 2023
Accounting Policies [Abstract]  
Inventories Inventories, net, are stated at the lower of cost or market.
Recently Issued Accounting Pronouncements - Adopted program and activity and changes during the period. ASU 2022-04 was effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the requirement on rollforward information, which is effective for fiscal years beginning after December 15, 2023. During the first quarter 2023, we adopted ASU 2022-04, which did not have a material impact on our consolidated financial position, results of operations and cash flows. Refer to Note 11. Supplier Finance Programs for further details.
Leases Total lease cost is included in Cost of sales and SG&A expenses in the accompanying Condensed Consolidated Statements of Operations and is recorded net of immaterial sublease income.
Fair Value Measurement For time-based and performance-based RSUs, the fair value of each award was determined based on the market price of our stock on the date of grant adjusted for expected dividends during the vesting period, as applicable.
v3.23.3
Significant Acounting Policies (Tables)
 9 Months Ended
Oct. 07, 2023
Accounting Policies [Abstract]  
Revenue from External Customers by Products and Services
The following table summarizes disaggregated revenue from contracts with customers by product group:
Twelve Weeks EndedForty Weeks Ended
October 7, 2023October 8, 2022October 7, 2023October 8, 2022
Percentage of Sales:
Parts and Batteries67 %67 %66 %66 %
Accessories and Chemicals19 20 20 20 
Engine Maintenance13 12 13 13 
Other1 1 1 1 
Total100 %100 %100 %100 %
v3.23.3
Inventories (Tables)
 9 Months Ended
Oct. 07, 2023
Inventory Disclosure [Abstract]  
Schedule of Inventory
Inventory balances were as follows:
October 7, 2023December 31, 2022
Inventories at first in, first out (“FIFO”), net$5,138,450 $5,189,702 
Adjustments to state inventories at LIFO(189,068)(278,649)
Inventories at LIFO, net$4,949,382 $4,911,053 
During the twelve weeks ended October 7, 2023, we commenced a strategic and operational review of the business, which included the rationalization of product assortment and planned decisive actions. As a result, we made a change in our estimate of excess inventory reserves resulting in an increase to Cost of sales of approximately $119.0 million.
v3.23.3
Receivables, net (Tables)
 9 Months Ended
Oct. 07, 2023
Receivables [Abstract]  
Schedule of Accounts Receivable
Receivables, net, consisted of the following:
October 7, 2023December 31, 2022
Trade$670,106 $576,548 
Vendor200,329 126,640 
Other14,762 10,638 
Total receivables885,197 713,826 
Less: allowance for credit losses(16,892)(15,213)
Receivables, net$868,305 $698,613 
v3.23.3
Long-term Debt and Fair Value of Financial Instruments (Tables)
 9 Months Ended
Oct. 07, 2023
Debt Disclosure [Abstract]  
Schedule of Debt
Long-term debt consists of the following:
October 7, 2023December 31, 2022
5.90% Senior Unsecured Notes due March 9, 2026
$298,198 $— 
1.75% Senior Unsecured Notes due October 1, 2027
347,383 346,947 
5.95% Senior Unsecured Notes due March 9, 2028
298,011 — 
3.90% Senior Unsecured Notes due April 15, 2030
496,014 495,562 
3.50% Senior Unsecured Notes due March 15, 2032
346,111 345,774 
Revolving credit facility
— 185,000 
$1,785,717 $1,373,283 
Less: Current portion of long-term debt— (185,000)
Long-term debt, excluding the current portion$1,785,717 $1,188,283 
Fair value of long-term debt$1,518,769 $1,021,396 
v3.23.3
Leases (Tables)
 9 Months Ended
Oct. 07, 2023
Leases [Abstract]  
Lease, Cost Total lease cost was comprised of the following:
Twelve Weeks EndedForty Weeks Ended
October 7, 2023October 8, 2022October 7, 2023October 8, 2022
Operating lease cost$133,871 $130,108 $438,461 $433,147 
Variable lease cost40,974 40,910 133,407 136,183 
Total lease cost$174,845 $171,018 $571,868 $569,330 
Schedule of Other Information Relating to Lease Liabilities
Other information relating to our lease liabilities is as follows:
Forty Weeks Ended
October 7, 2023October 8, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$444,391 $478,658 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$360,319 $343,950 
v3.23.3
Immaterial Restatement of Prior Period Financial Statements (Tables)
 9 Months Ended
Oct. 07, 2023
Accounting Changes and Error Corrections [Abstract]  
Schedule of Error Corrections and Prior Period Adjustments
12. Immaterial Restatement of Prior Period Financial Statements

As discussed in Note 1, we identified errors in our consolidated financial statements. A summary of the corrections to the impacted financial statement line items in our previously issued Consolidated Balance Sheet, Consolidated Statement of Operations, Consolidated Statement of Comprehensive Income, Consolidated Statement of Changes in Stockholders’ Equity and Consolidated Statement of Cash Flows as of and for the year ended December 31, 2022 included in previously filed Annual Report on Form 10-K and Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Comprehensive Income, Condensed Consolidated Statements of Changes in Stockholders’ Equity and Condensed Consolidated Statements of Cash Flows for periods presented below, which were presented in previously filed Quarterly Reports on Form 10-Q, are as follows (tables may not foot due to rounding):
Condensed Consolidated Balance Sheet
October 8, 2022
As Previously ReportedAdjustments
As Corrected
Assets
Receivables, net$845,667 $(2,795)$842,872 
Total current assets6,162,519 (2,795)6,159,724 
Total assets$12,132,079 $(2,795)$12,129,284 
Liabilities and Stockholders’ Equity
Accounts payable$4,097,412 $(16,579)$4,080,833 
Accrued expenses681,216 10,312 691,528 
Total current liabilities5,442,901 (6,267)5,436,634 
Total liabilities9,416,004 (6,267)9,409,737 
Accumulated other comprehensive loss(54,298)6,364 (47,934)
Retained earnings4,726,823 (2,892)4,723,931 
Total stockholders’ equity2,716,075 3,472 2,719,547 
Total liabilities and stockholders’ equity$12,132,079 $(2,795)$12,129,284 

Condensed Consolidated Balance Sheet
December 31, 2022
As Previously ReportedAdjustments
As Corrected
Assets
Inventories, net$4,915,262 $(4,209)$4,911,053 
Total current assets6,046,852 (4,209)6,042,643 
Total assets$12,018,482 $(4,209)$12,014,273 
Liabilities and Stockholders’ Equity
Accounts payable$4,123,462 $12,953 $4,136,415 
Accrued expenses634,447 6,652 641,099 
Total current liabilities5,370,389 19,605 5,389,994 
Total liabilities9,340,201 19,605 9,359,806 
Retained earnings4,744,624 (23,814)4,720,810 
Total stockholders’ equity2,678,281 (23,814)2,654,467 
Total liabilities and stockholders’ equity$12,018,482 $(4,209)$12,014,273 
Condensed Consolidated Balance Sheet
April 22, 2023
As Previously ReportedAdjustments
As Corrected
Liabilities and Stockholders’ Equity
Accounts payable$3,682,749 $15,995 $3,698,744 
Accrued expenses718,290 (3,970)714,320 
Total current liabilities4,983,455 12,025 4,995,480 
Total liabilities9,546,077 12,025 9,558,102 
Retained earnings4,697,697 (12,025)4,685,672 
Total stockholders’ equity$2,636,161 $(12,025)$2,624,136 

Condensed Consolidated Balance Sheet
July 15, 2023
As Previously ReportedAdjustments
As Corrected
Liabilities and Stockholders’ Equity
Accounts payable$3,780,215 $17,221 $3,797,436 
Accrued expenses685,191 (4,273)680,918 
Total current liabilities5,026,378 12,948 5,039,326 
Total liabilities9,581,189 12,948 9,594,137 
Retained earnings4,767,168 (12,948)4,754,220 
Total stockholders’ equity$2,723,187 $(12,948)$2,710,239 
Condensed Consolidated Statements of Operations
October 8, 2022
Twelve Weeks EndedForty Weeks Ended
As Previously ReportedAdjustments
As Corrected
As Previously ReportedAdjustments
As Corrected
Cost of sales$1,461,490 $604 $1,462,094 $4,808,888 $12,149 $4,821,037 
Gross profit1,179,851 (604)1,179,247 3,872,089 (12,149)3,859,940 
Selling, general and administrative expenses1,002,653 5,573 1,008,226 3,289,940 12,019 3,301,959 
Operating income177,198 (6,177)171,021 582,149 (24,168)557,981 
Other (expense) income, net    (17,741)12,687 (5,054)(18,314)13,032 (5,282)
Total other, net    (29,780)12,687 (17,093)(60,836)13,032 (47,804)
Income before provision for income taxes147,418 6,510 153,928 521,313 (11,136)510,177 
Provision for income taxes36,436 1,611 38,047 126,137 (2,754)123,383 
Net income$110,982 $4,899 $115,881 $395,176 $(8,382)$386,794 
Basic earnings per share$1.85 $0.08 $1.93 $6.52 $(0.14)$6.38 
Basic weighted average shares60,053 — 60,053 60,656 — 60,656 
Diluted earnings per common share$1.84 $0.08 $1.92 $6.47 $(0.14)$6.34 
Diluted weighted average shares60,384 — 60,384 61,045 — 61,045 

Condensed Consolidated Statement of Operations
December 31, 2022
Year Ended
As Previously ReportedAdjustmentsAs Corrected
Cost of sales$6,192,622 $26,065 $6,218,687 
Gross profit4,962,100 (26,065)4,936,035 
Selling, general and administrative expenses4,247,949 12,444 4,260,393 
Operating income714,151 (38,509)675,642 
Other (expense) income, net    (6,996)(427)(7,423)
Total other, net    (65,464)(427)(65,891)
Income before provision for income taxes648,687 (38,936)609,751 
Provision for income taxes146,815 (9,635)137,180 
Net income$501,872 $(29,301)$472,571 
Basic earnings per share$8.32 $(0.49)$7.83 
Basic weighted average shares60,351 — 60,351 
Diluted earnings per common share$8.27 $(0.49)$7.78 
Diluted weighted average shares60,717 — 60,717 
Condensed Consolidated Statement of Operations
April 22, 2023
Sixteen Weeks Ended
As Previously ReportedAdjustments
As Corrected
Cost of sales$1,946,931 $1,627 $1,948,558 
Gross profit1,470,663 (1,627)1,469,036 
Selling, general and administrative expenses1,380,664 (17,275)1,363,389 
Operating income89,999 15,648 105,647 
Income before provision for income taxes59,607 15,648 75,255 
Provision for income taxes16,956 3,859 20,815 
Net income$42,651 $11,789 $54,440 
Basic earnings per share$0.72 $0.20 $0.92 
Basic weighted average shares59,334 — 59,334 
Diluted earnings per common share$0.72 $0.19 $0.91 
Diluted weighted average shares59,544 — 59,544 

Condensed Consolidated Statements of Operations
July 15, 2023
Twelve Weeks EndedTwenty-Eight Weeks Ended
As Previously ReportedAdjustments
As Corrected
As Previously ReportedAdjustments
As Corrected
Cost of sales$1,537,997 $1,226 $1,539,223 $3,484,927 $2,853 $3,487,780 
Gross profit1,148,069 (1,226)1,146,843 2,618,732 (2,853)2,615,879 
Selling, general and administrative expenses1,013,701 — 1,013,701 2,394,365 (17,275)2,377,090 
Operating income134,368 (1,226)133,142 224,367 14,422 238,789 
Income before provision for income taxes115,183 (1,226)113,957 174,789 14,422 189,211 
Provision for income taxes29,821 (303)29,518 46,776 3,556 50,332 
Net income$85,362 $(923)$84,439 $128,013 $10,866 $138,879 
Basic earnings per share$1.44 $(0.02)$1.42 $2.16 $0.18 $2.34 
Basic weighted average shares59,451 — 59,451 59,384 — 59,384 
— — 
Diluted earnings per common share$1.43 $(0.02)$1.41 $2.15 $0.18 $2.33 
Diluted weighted average shares59,604 — 59,604 59,570 — 59,570 
Condensed Consolidated Statements of Comprehensive Income
October 8, 2022
Twelve Weeks EndedForty Weeks Ended
As Previously ReportedAdjustments
As Corrected
As Previously ReportedAdjustments
As Corrected
Net income$110,982 $4,899 $115,881 $395,176 $(8,382)$386,794 
Currency translation adjustments
(33,439)19,814 (13,625)(31,555)10,691 (20,864)
Total other comprehensive loss
(33,509)19,814 (13,695)(31,671)10,691 (20,980)
Comprehensive income$77,473 $24,713 $102,186 $363,505 $2,309 $365,814 

Condensed Consolidated Statement of Comprehensive Income
December 31, 2022
Year Ended
As Previously ReportedAdjustments
As Corrected
Net income$501,872 $(29,301)$472,571 
Currency translation adjustments(22,330)4,327 (18,003)
Total other comprehensive loss(22,516)4,327 (18,189)
Comprehensive income$479,356 $(24,974)$454,382 

Condensed Consolidated Statement of Comprehensive Income
April 22, 2023
Sixteen Weeks Ended
As Previously ReportedAdjustmentsAs Corrected
Net income$42,651 $11,789 $54,440 
Comprehensive income$43,439 $11,789 $55,228 

Condensed Consolidated Statements of Comprehensive Income
July 15, 2023
Twelve Weeks EndedTwenty-Eight Weeks Ended
As Previously ReportedAdjustments
As Corrected
As Previously ReportedAdjustments
As Corrected
Net income$85,362 $(923)$84,439 $128,013 $10,866 $138,879 
Comprehensive income$92,893 $(923)$91,970 $136,332 $10,866 $147,198 
Condensed Consolidated Statements of Changes in Stockholders’ Equity
Accumulated Other
Comprehensive Loss
Retained
Earnings		Total Stockholders' Equity
Twelve Weeks As Previously Reported
Balance at July 16, 2022$(20,789)$4,706,547 $2,794,809 
Net income— 110,982 110,982 
Total other comprehensive loss
(33,509)— (33,509)
Balance at October 8, 2022$(54,298)$4,726,823 $2,716,075 
Adjustments
Balance at July 16, 2022$(13,450)$(7,791)$(21,241)
Net income— 4,899 4,899 
Total other comprehensive income
19,814 — 19,814 
Balance at October 8, 2022$6,364 $(2,892)$3,472 
As Corrected
Balance at July 16, 2022
$(34,239)$4,698,756 $2,773,568 
Net income— 115,881 115,881 
Total other comprehensive loss
(13,695)— (13,695)
Balance at October 8, 2022$(47,934)$4,723,931 $2,719,547 
Forty Weeks As Previously Reported
Balance at January 1, 2022$(22,627)$4,605,791 $3,128,291 
Net income— 395,176 395,176 
Total other comprehensive loss
(31,671)— (31,671)
Balance at October 8, 2022$(54,298)$4,726,823 $2,716,075 
Adjustments
Balance at January 1, 2022$(4,327)$5,490 $1,163 
Net income— (8,382)(8,382)
Total other comprehensive income
10,691 — 10,691 
Balance at October 8, 2022$6,364 $(2,892)$3,472 
As Corrected
Balance at January 1, 2022$(26,954)$4,611,281 $3,129,454 
Net income— 386,794 386,794 
Total other comprehensive loss
(20,980)— (20,980)
Balance at October 8, 2022$(47,934)$4,723,931 $2,719,547 
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 $2,678,281 
Adjustments
Balance at January 1, 2022$(4,327)$5,490 $1,163 
Net Income— (29,301)(29,301)
Total other comprehensive income
4,327 — 4,327 
Balance at December 31, 2022$— $(23,814)$(23,814)
As Corrected
Balance at January 1, 2022
$(26,954)$4,611,281 $3,129,454 
Net income— 472,571 472,571 
Total other comprehensive loss
(18,189)— (18,189)
Balance at December 31, 2022$(45,143)$4,720,810 $2,654,467 
Retained
Earnings		Total
Stockholders’
Equity
Sixteen Weeks As Previously Reported
Balance at December 31, 2022$4,744,624 $2,678,281 
Net Income42,651 42,651 
Balance at April 22, 2023
$4,697,697 $2,636,161 
Adjustments
Balance at December 31, 2022$(23,814)$(23,814)
Net Income11,789 11,789 
Balance at April 22, 2023
$(12,025)$(12,025)
As Corrected
Balance at December 31, 2022$4,720,810 $2,654,467 
Net Income54,440 54,440 
Balance at April 22, 2023
$4,685,672 $2,624,136 
Retained
Earnings		Total
Stockholders’
Equity
Twelve Weeks As Previously Reported
Balance at April 22, 2023
$4,697,697 $2,636,161 
Net Income85,362 85,362 
Balance at July 15, 2023
$4,767,168 $2,723,187 
Adjustments
Balance at April 22, 2023
$(12,025)$(12,025)
Net Income(923)(923)
Balance at July 15, 2023
$(12,948)$(12,948)
As Corrected
Balance at April 22, 2023$4,685,672 $2,624,136 
Net Income84,439 84,439 
Balance at July 15, 2023
$4,754,220 $2,710,239 
Twenty-Eight Weeks As Previously Reported
Balance at December 31, 2022$4,744,624 $2,678,281 
Net Income128,013 128,013 
Balance at July 15, 2023$4,767,168 $2,723,187 
Adjustments
Balance at December 31, 2022$(23,814)$(23,814)
Net Income10,866 10,866 
Balance at July 15, 2023$(12,948)$(12,948)
As Corrected
Balance at December 31, 2022$4,720,810 $2,654,467 
Net Income
138,879 138,879 
Balance at July 15, 2023
$4,754,220 $2,710,239 

Condensed Consolidated Statement of Cash Flows
Forty Weeks Ended October 8, 2022
As Previously ReportedAdjustmentsAs Corrected
Net income$395,176 $(8,382)$386,794 
Net change in:
Receivables, net(66,902)(22,402)(89,304)
Inventories, net(284,271)34,542 (249,729)
Accounts payable187,331 (10,228)177,103 
Accrued expenses$(34,046)$6,470 $(27,576)
Condensed Consolidated Statement of Cash Flows
Fifty-Two Weeks Ended December 31, 2022
As Previously ReportedAdjustmentsAs Corrected
Net income$501,872 $(29,301)$472,571 
Net change in:
Receivables, net81,254 (25,197)56,057 
Inventories, net(272,253)38,751 (233,502)
Accounts payable212,568 12,939 225,507 
Accrued expenses$(165,643)$2,808 $(162,835)

Condensed Consolidated Statement of Cash Flows
Sixteen Weeks Ended April 22, 2023
As Previously ReportedAdjustmentsAs Corrected
Net income$42,651 $11,789 $54,440 
Net change in:
Inventories, net(100,178)(4,209)(104,387)
Accounts payable(440,995)3,042 (437,953)
Accrued expenses$85,035 $(10,622)$74,413 

Condensed Consolidated Statement of Cash Flows
Twenty-Eight Weeks ended July 15, 2023
As Previously ReportedAdjustmentsAs Corrected
Net income$128,013 $10,866 $138,879 
Net change in:
Inventories, net(145,148)(4,209)(149,357)
Accounts payable(346,808)4,268 (342,540)
Accrued expenses$120,888 $(10,925)$109,963 
v3.23.3
Nature of Operations and Basis of Presentation (Details)
$ in Thousands
 3 Months Ended 4 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Oct. 07, 2023
USD ($)
store
Jul. 15, 2023
USD ($)
Oct. 08, 2022
USD ($)
Apr. 22, 2023
USD ($)
Jul. 15, 2023
USD ($)
Oct. 07, 2023
USD ($)
store
Oct. 08, 2022
USD ($)
Dec. 31, 2022
USD ($)
Basis of Presentation [Line Items]                
Selling, general and administrative expenses $ 1,030,355 $ 1,013,701 $ 1,008,226 $ 1,363,389 $ 2,377,090 $ 3,407,445 $ 3,301,959 $ 4,260,393
Provision for income taxes $ (15,686) 29,518 38,047 20,815 50,332 $ 34,649 123,383 137,180
Revision of Prior Period, Adjustment                
Basis of Presentation [Line Items]                
Selling, general and administrative expenses   0 5,573 (17,275) (17,275)   12,019 12,444
Provision for income taxes   $ (303) $ 1,611 $ 3,859 $ 3,556   $ (2,754) $ (9,635)
Stores [Member]                
Basis of Presentation [Line Items]                
Number of Stores | store 4,785         4,785    
Branches [Member]                
Basis of Presentation [Line Items]                
Number of Stores | store 320         320    
Independently owned Carquest store locations [Member]                
Basis of Presentation [Line Items]                
Number of Stores | store 1,307         1,307    
v3.23.3
Significant Acounting Policies (Details)
 3 Months Ended 9 Months Ended
Oct. 07, 2023
Oct. 08, 2022
Oct. 07, 2023
Oct. 08, 2022
Revenue from External Customer [Line Items]        
Percentage Of Sales By Product Group 100.00% 100.00% 100.00% 100.00%
Parts and Batteries [Member]        
Revenue from External Customer [Line Items]        
Percentage Of Sales By Product Group 67.00% 67.00% 66.00% 66.00%
Accessories and Chemicals [Member]        
Revenue from External Customer [Line Items]        
Percentage Of Sales By Product Group 19.00% 20.00% 20.00% 20.00%
Engine Maintenance [Member]        
Revenue from External Customer [Line Items]        
Percentage Of Sales By Product Group 13.00% 12.00% 13.00% 13.00%
Other [Member]        
Revenue from External Customer [Line Items]        
Percentage Of Sales By Product Group 1.00% 1.00% 1.00% 1.00%
v3.23.3
Inventories (Details) - USD ($)
 3 Months Ended 9 Months Ended
Oct. 07, 2023
Oct. 08, 2022
Oct. 07, 2023
Oct. 08, 2022
Dec. 31, 2022
Inventory [Line Items]          
Percentage of LIFO Inventory 91.80%   91.80%   92.20%
Inventory, LIFO Reserve, Effect on Income, Net $ (56,100,000) $ 67,500,000 $ (89,600,000) $ 240,800,000  
Inventories at first in, first out (“FIFO”) 5,138,450,000   5,138,450,000   $ 5,189,702,000
Adjustments to state inventories at LIFO (189,068,000)   (189,068,000)   (278,649,000)
Inventories at LIFO 4,949,382,000   $ 4,949,382,000   $ 4,911,053,000
Document Period End Date     Oct. 07, 2023    
Inventory Valuation Reserves $ 119   $ 119    
v3.23.3
Intangible Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 07, 2023
Oct. 08, 2022
Oct. 07, 2023
Oct. 08, 2022
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization expense $ 6,700 $ 7,000 $ 22,700 $ 23,600
v3.23.3
Receivables, net (Details) - USD ($)
$ in Thousands
Oct. 07, 2023
Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total receivables $ 885,197 $ 713,826
Less: Allowance for doubtful accounts (16,892) (15,213)
Receivables, net 868,305 698,613
Trade Accounts Receivable [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total receivables 670,106 576,548
Accounts Receivable, Vendor [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total receivables 200,329 126,640
Accounts Receivable, Other [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total receivables $ 14,762 $ 10,638
v3.23.3
Long-term Debt and Fair Value of Financial Instruments (Details) - USD ($)
 9 Months Ended
Feb. 27, 2023
Oct. 07, 2023
Mar. 09, 2023
Dec. 31, 2022
Mar. 04, 2022
Sep. 29, 2020
Apr. 16, 2020
Debt Instrument [Line Items]              
Basis spread 0.10%            
Fair value of long-term debt   $ 1,518,769,000   $ 1,021,396,000      
Guarantor Obligations, Maximum Exposure   104,800,000   96,900,000      
Guarantor Obligation, Collateral Amount   210,400,000   174,600,000      
Long-term debt   1,785,717,000   1,188,283,000      
Debt, Long-term and Short-term, Combined Amount   1,785,717,000   1,373,283,000      
Long-term Debt, Current Maturities   $ 0   (185,000,000)      
Document Period End Date   Oct. 07, 2023          
Long-term Debt and Fair Value of Financial Instruments   Long-term Debt and Fair Value of Financial Instruments
Long-term debt consists of the following:
October 7, 2023December 31, 2022
5.90% Senior Unsecured Notes due March 9, 2026
$298,198 $— 
1.75% Senior Unsecured Notes due October 1, 2027
347,383 346,947 
5.95% Senior Unsecured Notes due March 9, 2028
298,011 — 
3.90% Senior Unsecured Notes due April 15, 2030
496,014 495,562 
3.50% Senior Unsecured Notes due March 15, 2032
346,111 345,774 
Revolving credit facility
— 185,000 
$1,785,717 $1,373,283 
Less: Current portion of long-term debt— (185,000)
Long-term debt, excluding the current portion$1,785,717 $1,188,283 
Fair value of long-term debt$1,518,769 $1,021,396 

Fair Value of Financial Assets and Liabilities

The fair value of our senior unsecured notes was determined using Level 2 inputs based on quoted market prices. The carrying amounts of our 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 February 27, 2023, we entered into Amendment No. 1 (the “Amendment No. 1”) to the Credit Agreement dated November 9, 2021, with Advance Auto Parts, Inc., as Borrower, Advance Stores Company, Incorporated, as a Guarantor, the lenders party thereto, and Bank of America, N.A., as administrative agent (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 and replaced an adjusted LIBOR benchmark rate with a term secured overnight financing rate benchmark rate, as adjusted by an increase of ten basis points, plus the applicable margin under the 2021 Credit Agreement. Amendment No. 1 made no other material changes to the terms of the 2021 Credit Agreement. On August 21, 2023, we 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). Pursuant to Amendment No. 2, we will not permit the Consolidated Coverage Ratio for each period of four fiscal quarters to be less than (a) 1.75 to 1.00 for quarters ending on October 7, 2023 and December 30, 2023, (b) 2.0 to 1.00 for quarters ending on April 20, 2024 through and including the quarters ending on October 4, 2025 and (c) 2.25 to 1.00 for quarters ending after October 4, 2025. Amendment No. 2 made no other material changes to the terms of the 2021 Credit Agreement. On November 20, 2023, we entered into Amendment No. 3 (“Amendment No. 3”) to the 2021 Credit Agreement to further amend certain financial covenants related to the Consolidated Coverage Ratio. Refer to Note 14. Subsequent Event for further details.

As of October 7, 2023, we had no outstanding borrowings, $1.2 billion of borrowing availability and no letters of credit outstanding under the 2021 Credit Agreement. As of December 31, 2022, we had $185.0 million outstanding borrowings, $1.0 billion of borrowing availability and no letters of credit outstanding under the 2021 Credit Agreement.
As of October 7, 2023 and December 31, 2022, we had $91.0 million and $90.2 million 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 our self-insurance policies.

Senior Unsecured Notes
Our 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, we completed an exchange offer whereby the Original Notes in the aggregate principal amount of $500.0 million were exchanged for a like principal amount (the “Exchange Notes” or “2030 Notes”), and which have been registered under the Securities Act. The Original Notes were substantially identical to the Exchange Notes, except 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.

Our 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, we incurred $2.9 million of debt issuance costs.

Our 3.50% senior unsecured notes due 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, we incurred $3.2 million of debt issuance costs.

Our 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, we incurred $1.6 million of debt issuance costs.

Our 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, we incurred $1.7 million of debt issuance costs.

We may redeem some or all of our 2026 Notes and 2028 Notes (the “Notes”) at any time, or from time to time, prior to March 9, 2026 in the case of our 2026 Notes, or February 9, 2028 in the case of our 2028 Notes, at the redemption price described in the related indenture for the Notes (the “Indenture”). In the event of a change of control triggering event, as defined in the Indenture, we will be required to offer the repurchase of 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 unsecured basis by guarantor and subsidiary guarantees, as defined by the Indenture.
Debt GuaranteesWe are a guarantor of loans made by banks to various independently owned Carquest-branded stores that are customers of ours. These loans totaled $104.8 million and $96.9 million as of October 7, 2023 and December 31, 2022 and 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 $210.4 million and $174.6 million as of October 7, 2023 and December 31, 2022. 		         
5.95% senior unsecured notes (2028 Notes)              
Debt Instrument [Line Items]              
Debt Instrument, Face Amount     $ 300,000,000        
Revolving Credit Facility [Member]              
Debt Instrument [Line Items]              
Letters of Credit Outstanding, Amount   $ 0   0      
Debt, Long-term and Short-term, Combined Amount   0   185,000,000      
Line of Credit Facility, Remaining Borrowing Capacity   1,200,000,000   1,000,000,000      
1.75% senior unsecured notes (2027 Notes)              
Debt Instrument [Line Items]              
Debt Instrument, Interest Rate, Stated Percentage           1.75%  
Debt Issuance, Percentage Of Principal           99.67%  
Debt Issuance Costs, Gross           $ 2,900,000  
Debt Instrument, Face Amount           $ 350,000,000  
3.90% senior unsecured notes (2030 Notes)              
Debt Instrument [Line Items]              
Debt Instrument, Interest Rate, Stated Percentage             3.90%
Debt Issuance, Percentage Of Principal             99.65%
Debt Instrument, Face Amount             $ 500,000,000
3.50% senior unsecured notes (2032 Notes)              
Debt Instrument [Line Items]              
Debt Instrument, Interest Rate, Stated Percentage         3.50%    
Debt Issuance, Percentage Of Principal         99.61%    
Debt Issuance Costs, Gross         $ 3,200,000    
Debt Instrument, Face Amount         $ 350,000,000    
5.90% senior unsecured notes (2026 Notes)              
Debt Instrument [Line Items]              
Debt Instrument, Interest Rate, Stated Percentage     5.90%        
Debt Issuance, Percentage Of Principal     99.94%        
Debt Issuance Costs, Gross     $ 1,600,000        
Debt Instrument, Face Amount     $ 300,000,000        
5.95% senior unsecured notes (2028 Notes)              
Debt Instrument [Line Items]              
Debt Instrument, Interest Rate, Stated Percentage     5.95%        
Debt Issuance, Percentage Of Principal     99.92%        
Debt Issuance Costs, Gross     $ 1,700,000        
Bilateral Letter of Credit Facility              
Debt Instrument [Line Items]              
Letters of Credit Outstanding, Amount   $ 91,000,000   90,200,000      
Senior Notes [Member]              
Debt Instrument [Line Items]              
Debt Instrument, Redemption Price, Percentage   101.00%          
Senior Notes [Member] | 1.75% senior unsecured notes (2027 Notes)              
Debt Instrument [Line Items]              
Debt Instrument, Interest Rate, Stated Percentage   1.75%          
Long-term debt   $ 347,383,000   346,947,000      
Senior Notes [Member] | 3.90% senior unsecured notes (2030 Notes)              
Debt Instrument [Line Items]              
Debt Instrument, Interest Rate, Stated Percentage   3.90%          
Long-term debt   $ 496,014,000   495,562,000      
Senior Notes [Member] | 3.50% senior unsecured notes (2032 Notes)              
Debt Instrument [Line Items]              
Debt Instrument, Interest Rate, Stated Percentage   3.50%          
Long-term debt   $ 346,111,000   $ 345,774,000      
Senior Notes [Member] | 5.90% senior unsecured notes (2026 Notes)              
Debt Instrument [Line Items]              
Debt Instrument, Interest Rate, Stated Percentage   5.90%          
Long-term debt   $ 298,198,000          
Senior Notes [Member] | 5.95% senior unsecured notes (2028 Notes)              
Debt Instrument [Line Items]              
Debt Instrument, Interest Rate, Stated Percentage   5.95%          
Long-term debt   $ 298,011,000          
v3.23.3
Supplier Finance Programs - USD ($)
 3 Months Ended 6 Months Ended 9 Months Ended
Oct. 07, 2023
Jul. 15, 2023
Oct. 07, 2023
Supplier Finance Program [Line Items]      
Document Period End Date     Oct. 07, 2023
Payments to Suppliers $ 3,200,000,000 $ 3,200,000,000  
v3.23.3
Leases (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 07, 2023
Oct. 08, 2022
Oct. 07, 2023
Oct. 08, 2022
Lessee, Lease, Description [Line Items]        
Operating lease cost $ 133,871 $ 130,108 $ 438,461 $ 433,147
Variable lease cost 40,974 40,910 133,407 136,183
Total lease cost $ 174,845 $ 171,018 571,868 569,330
Cash paid for amounts included in the measurement of lease liabilities:     444,391 478,658
Right-of-use assets obtained in exchange for lease obligations:     $ 360,319 $ 343,950
Real Estate [Member]        
Lessee, Lease, Description [Line Items]        
Lessee, Operating Lease, Renewal Term 5 years   5 years  
Real Estate [Member] | Minimum [Member]        
Lessee, Lease, Description [Line Items]        
Lessee, Operating Lease, Term of Contract 5 years   5 years  
Real Estate [Member] | Maximum [Member]        
Lessee, Lease, Description [Line Items]        
Lessee, Operating Lease, Term of Contract 10 years   10 years  
Equipment [Member] | Minimum [Member]        
Lessee, Lease, Description [Line Items]        
Lessee, Operating Lease, Term of Contract 3 years   3 years  
Equipment [Member] | Maximum [Member]        
Lessee, Lease, Description [Line Items]        
Lessee, Operating Lease, Term of Contract 6 years   6 years  
v3.23.3
Share Repurchase Program (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 9 Months Ended
Oct. 08, 2022
Oct. 08, 2022
Oct. 07, 2023
Stock Repurchases: [Abstract]      
Stock Repurchase Program, Authorized Amount     $ 2,700.0
Treasury Stock, Shares, Acquired as Part of Authorized Plan 400 2,500  
Payments for Repurchase of Common Stock $ 75.0 $ 523.2  
Acquired, Average Cost Per Share, Acquired as Part of Plan $ 168.93 $ 207.50  
Share Repurchase Program, Remaining Authorized Repurchase Amount     $ 947.3
v3.23.3
Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 4 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Oct. 07, 2023
Jul. 15, 2023
Oct. 08, 2022
Apr. 22, 2023
Apr. 23, 2022
Jul. 15, 2023
Oct. 07, 2023
Oct. 08, 2022
Dec. 31, 2022
Earnings Per Share [Abstract]                  
Net income $ (48,633) $ 84,439 $ 115,881 $ 54,440 $ 54,440 $ 138,879 $ 90,245 $ 386,794 $ 472,571
Basic weighted-average common shares (in shares) 59,474   60,053       59,411 60,656  
Dilutive impact of share-based awards (in shares) 156   331       177 389  
Diluted weighted-average common shares (in shares) 59,630 59,604 60,384 59,544   59,570 59,588 61,045 60,717
Basic earnings per common share (in dollars per share) $ (0.82) $ 1.42 $ 1.93 $ 0.92   $ 2.34 $ 1.52 $ 6.38 $ 7.83
Diluted earnings per common share (in dollars per share) $ (0.82) $ 1.41 $ 1.92 $ 0.91   $ 2.33 $ 1.51 $ 6.34 $ 7.78
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]                  
Net Income (Loss) Attributable to Parent $ (48,633) $ 84,439 $ 115,881 $ 54,440 $ 54,440 $ 138,879 $ 90,245 $ 386,794 $ 472,571
Weighted-average common shares outstanding 59,474   60,053       59,411 60,656  
Dilutive impact of share-based awards (in shares) 156   331       177 389  
Weighted-average common shares outstanding 59,630 59,604 60,384 59,544   59,570 59,588 61,045 60,717
Basic earnings per common share (in dollars per share) $ (0.82) $ 1.42 $ 1.93 $ 0.92   $ 2.34 $ 1.52 $ 6.38 $ 7.83
Earnings Per Share, Diluted $ (0.82) $ 1.41 $ 1.92 $ 0.91   $ 2.33 $ 1.51 $ 6.34 $ 7.78
RSUs                  
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]                  
Antidilutive securities excluded from computation of earnings per share (in shares) 515   163       299 122  
v3.23.3
Share-Based Compensation - Narrative (Details)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Oct. 07, 2023
USD ($)
$ / shares
shares
Oct. 07, 2023
USD ($)
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock options granted (in shares) | shares 150 298
Weighted-average fair value of stock options granted | $ / shares $ 23.49 $ 29.39
Tax benefit from compensation expense | $ $ 2,600 $ 9,100
Unrecognized compensation expense | $ $ 83,100 $ 83,100
Unrecognized compensation expense, period for recognition   1 year 7 months 6 days
RSUs    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Grants in period (in shares) | shares 133 546
Weighted average grant date fair value (in dollars per share) | $ / shares $ 61.19 $ 95.09
Performance Shares    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Grants in period (in shares) | shares   22
Weighted average grant date fair value (in dollars per share) | $ / shares $ 135.13  
Market-based RSUs    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Grants in period (in shares) | shares 73  
Weighted average grant date fair value (in dollars per share) | $ / shares $ 139.75  
v3.23.3
Share-Based Compensation - Stock Options, Valuation Assumptions (Details)
 3 Months Ended 9 Months Ended
Oct. 07, 2023
Oct. 07, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Risk-free interest rate 4.30%  
Expected term 6 years 6 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum   41.40%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum   35.10%
Expected volatility 41.40%  
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate, Maximum [Line Items]   4.10%
Expected dividend yield 1.50% 1.50%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum   4.10%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum   4.30%
v3.23.3
Immaterial Restatement of Prior Period Financial Statements (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 4 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Oct. 07, 2023
Jul. 15, 2023
Oct. 08, 2022
Apr. 22, 2023
Apr. 23, 2022
Jul. 15, 2023
Oct. 07, 2023
Oct. 08, 2022
Dec. 31, 2022
Jul. 16, 2022
Jan. 01, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Receivables, net $ 868,305   $ 842,872       $ 868,305 $ 842,872 $ 698,613    
Inventories, net 4,949,382           4,949,382   4,911,053    
Total current assets 6,320,464   6,159,724       6,320,464 6,159,724 6,042,643    
Total assets 12,248,932   12,129,284       12,248,932 12,129,284 12,014,273    
Accounts payable 3,943,019 $ 3,797,436 4,080,833 $ 3,698,744   $ 3,797,436 3,943,019 4,080,833 4,136,415    
Accrued expenses 714,317 680,918 691,528 714,320   680,918 714,317 691,528 641,099    
Total current liabilities 5,135,939 5,039,326 5,436,634 4,995,480   5,039,326 5,135,939 5,436,634 5,389,994    
Total liabilities 9,602,064 9,594,137 9,409,737 9,558,102   9,594,137 9,602,064 9,409,737 9,359,806    
Accumulated other comprehensive loss (47,599)   (47,934)       (47,599) (47,934) (45,143)    
Retained earnings 4,690,424 4,754,220       4,754,220 4,690,424   4,720,810    
Total stockholders’ equity 2,646,868 2,710,239 2,719,547 2,624,136   2,710,239 2,646,868 2,719,547 2,654,467 $ 2,773,568 $ 3,129,454
Total liabilities and stockholders’ equity 12,248,932   12,129,284       12,248,932 12,129,284 12,014,273    
Cost of sales, including purchasing and warehousing costs 1,732,420 1,539,223 1,462,094 1,948,558   3,487,780 5,220,200 4,821,037 6,218,687    
Gross Profit 986,659 1,146,843 1,179,247 1,469,036   2,615,879 3,602,538 3,859,940 4,936,035    
Selling, general and administrative expenses 1,030,355 1,013,701 1,008,226 1,363,389   2,377,090 3,407,445 3,301,959 4,260,393    
Operating Income (Loss) (43,696) 133,142 171,021 105,647   238,789 195,093 557,981 675,642    
Other (expense) income, net (1,216)   (5,054)       (206) (5,282) (7,423)    
Nonoperating Income (Expense) (20,623)   (17,093)       (70,199) (47,804) (65,891)    
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest (64,319) 113,957 153,928 75,255   189,211 124,894 510,177 609,751    
Provision for income taxes (15,686) 29,518 38,047 20,815   50,332 34,649 123,383 137,180    
Net Income (Loss) Attributable to Parent (48,633) $ 84,439 115,881 $ 54,440 $ 54,440 $ 138,879 90,245 386,794 472,571    
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax $ (10,737)   (13,625)       $ (2,577) (20,864) (18,003)    
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest     $ (13,695)         $ (20,980) $ (18,189)    
Basic earnings per common share (in dollars per share) $ (0.82) $ 1.42 $ 1.93 $ 0.92   $ 2.34 $ 1.52 $ 6.38 $ 7.83    
Weighted Average Number of Shares Issued, Basic 59,474 59,451 60,053 59,334   59,384 59,411 60,656 60,351    
Earnings Per Share, Diluted $ (0.82) $ 1.41 $ 1.92 $ 0.91   $ 2.33 $ 1.51 $ 6.34 $ 7.78    
Weighted-average common shares outstanding 59,630 59,604 60,384 59,544   59,570 59,588 61,045 60,717    
Comprehensive income $ (59,408) $ 91,970 $ 102,186 $ 55,228   $ 147,198 $ 87,789 $ 365,814 $ 454,382    
Receivables, net             (170,371) (89,304) 56,057    
Inventories         (104,387) (149,357) (41,025) (249,729) (233,502)    
Accounts payable         (437,953) (342,540) (191,871) 177,103 225,507    
Accrued expenses         74,413 109,963 145,704 (27,576) (162,835)    
Net cash provided by operating activities             30,404 483,094      
Retained Earnings                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Total stockholders’ equity 4,690,424 4,754,220 4,723,931 4,685,672   4,754,220 4,690,424 4,723,931 4,720,810 4,698,756 4,611,281
Net Income (Loss) Attributable to Parent (48,633) 84,439 115,881 54,440   138,879 90,245 386,794 472,571    
Accumulated Other Comprehensive Loss                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Total stockholders’ equity $ (47,599) (36,824) (47,934)     (36,824) $ (47,599) (47,934) (45,143) (34,239) (26,954)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest     (13,695)         (20,980) (18,189)    
Previously Reported                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Receivables, net     845,667         845,667      
Inventories, net                 4,915,262    
Total current assets     6,162,519         6,162,519 6,046,852    
Total assets     12,132,079         12,132,079 12,018,482    
Accounts payable   3,780,215 4,097,412 3,682,749   3,780,215   4,097,412 4,123,462    
Accrued expenses   685,191 681,216 718,290   685,191   681,216 634,447    
Total current liabilities   5,026,378 5,442,901 4,983,455   5,026,378   5,442,901 5,370,389    
Total liabilities   9,581,189 9,416,004 9,546,077   9,581,189   9,416,004 9,340,201    
Accumulated other comprehensive loss     (54,298)         (54,298)      
Retained earnings   4,767,168       4,767,168          
Total stockholders’ equity   2,723,187 2,716,075 2,636,161   2,723,187   2,716,075 2,678,281 2,794,809 3,128,291
Total liabilities and stockholders’ equity     12,132,079         12,132,079 12,018,482    
Cost of sales, including purchasing and warehousing costs   1,537,997 1,461,490 1,946,931   3,484,927   4,808,888 6,192,622    
Gross Profit   1,148,069 1,179,851 1,470,663   2,618,732   3,872,089 4,962,100    
Selling, general and administrative expenses   1,013,701 1,002,653 1,380,664   2,394,365   3,289,940 4,247,949    
Operating Income (Loss)   134,368 177,198 89,999   224,367   582,149 714,151    
Other (expense) income, net     (17,741)         (18,314) (6,996)    
Nonoperating Income (Expense)     (29,780)         (60,836) (65,464)    
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest   115,183 147,418 59,607   174,789   521,313 648,687    
Provision for income taxes   29,821 36,436 16,956   46,776   126,137 146,815    
Net Income (Loss) Attributable to Parent   $ 85,362 110,982 $ 42,651 42,651 $ 128,013   395,176 501,872    
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax     (33,439)         (31,555) (22,330)    
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest     $ (33,509)         $ (31,671) $ (22,516)    
Basic earnings per common share (in dollars per share)   $ 1.44 $ 1.85 $ 0.72   $ 2.16   $ 6.52 $ 8.32    
Weighted Average Number of Shares Issued, Basic   59,451 60,053 59,334   59,384   60,656 60,351    
Earnings Per Share, Diluted   $ 1.43 $ 1.84 $ 0.72   $ 2.15   $ 6.47 $ 8.27    
Weighted-average common shares outstanding   59,604 60,384 59,544   59,570   61,045 60,717    
Comprehensive income   $ 92,893 $ 77,473 $ 43,439   $ 136,332   $ 363,505 $ 479,356    
Receivables, net               (66,902) 81,254    
Inventories         (100,178) (145,148)   (284,271) (272,253)    
Accounts payable         (440,995) (346,808)   187,331 212,568    
Accrued expenses         85,035 120,888   (34,046) (165,643)    
Previously Reported | Retained Earnings                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Total stockholders’ equity   4,767,168 4,726,823 4,697,697   4,767,168   4,726,823 4,744,624 4,706,547 4,605,791
Net Income (Loss) Attributable to Parent   85,362 110,982 42,651   128,013   395,176 501,872    
Previously Reported | Accumulated Other Comprehensive Loss                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Total stockholders’ equity     (54,298)         (54,298) (45,143) (20,789) (22,627)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest     (33,509)         (31,671) (22,516)    
Revision of Prior Period, Adjustment                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Receivables, net     (2,795)         (2,795)      
Inventories, net                 (4,209)    
Total current assets     (2,795)         (2,795) (4,209)    
Total assets     (2,795)         (2,795) (4,209)    
Accounts payable   17,221 (16,579) 15,995   17,221   (16,579) 12,953    
Accrued expenses   (4,273) 10,312 (3,970)   (4,273)   10,312 6,652    
Total current liabilities   12,948 (6,267) 12,025   12,948   (6,267) 19,605    
Total liabilities   12,948 (6,267) 12,025   12,948   (6,267) 19,605    
Accumulated other comprehensive loss     6,364         6,364      
Retained earnings   (12,948) (2,892) (12,025)   (12,948)   (2,892) (23,814)    
Total stockholders’ equity   (12,948) 3,472 (12,025)   (12,948)   3,472 (23,814) (21,241) 1,163
Total liabilities and stockholders’ equity     (2,795)         (2,795) (4,209)    
Cost of sales, including purchasing and warehousing costs   1,226 604 1,627   2,853   12,149 26,065    
Gross Profit   (1,226) (604) (1,627)   (2,853)   (12,149) (26,065)    
Selling, general and administrative expenses   0 5,573 (17,275)   (17,275)   12,019 12,444    
Operating Income (Loss)   (1,226) (6,177) 15,648   14,422   (24,168) (38,509)    
Other (expense) income, net     12,687         13,032 (427)    
Nonoperating Income (Expense)     12,687         13,032 (427)    
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest   (1,226) 6,510 15,648   14,422   (11,136) (38,936)    
Provision for income taxes   (303) 1,611 3,859   3,556   (2,754) (9,635)    
Net Income (Loss) Attributable to Parent   $ (923) 4,899 $ 11,789 11,789 $ 10,866   (8,382) (29,301)    
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax     19,814         10,691 4,327    
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest     $ 19,814         $ 10,691 $ 4,327    
Basic earnings per common share (in dollars per share)   $ (0.02) $ 0.08 $ 0.20   $ 0.18   $ (0.14) $ (0.49)    
Earnings Per Share, Diluted   $ (0.02) $ 0.08 $ 0.19   $ 0.18   $ (0.14) $ (0.49)    
Comprehensive income   $ (923) $ 24,713 $ 11,789   $ 10,866   $ 2,309 $ (24,974)    
Receivables, net               (22,402) (25,197)    
Inventories         (4,209) (4,209)   34,542 38,751    
Accounts payable         3,042 4,268   (10,228) 12,939    
Accrued expenses         $ (10,622) (10,925)   6,470 2,808    
Revision of Prior Period, Adjustment | Retained Earnings                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Total stockholders’ equity   (12,948) (2,892) (12,025)   (12,948)   (2,892) (23,814) (7,791) 5,490
Net Income (Loss) Attributable to Parent   $ (923) 4,899 $ 11,789   $ 10,866   (8,382) (29,301)    
Revision of Prior Period, Adjustment | Accumulated Other Comprehensive Loss                      
Error Corrections and Prior Period Adjustments Restatement [Line Items]                      
Total stockholders’ equity     6,364         6,364   $ (13,450) $ (4,327)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest     $ 19,814         $ 10,691 $ 4,327