☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended | September 26, 2020 |
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from | to |
Delaware | 13-3139732 | |||||||||||||||||||||||||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||||||||||||||||||||||||
Large accelerated filer | ☑ |
Accelerated filer
|
☐
|
|||||||||||
Non-accelerated filer | ☐ |
Smaller reporting company
|
☐
|
|||||||||||
Emerging growth company
|
☐
|
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, $0.008 par value | TSCO | NASDAQ Global Select Market |
Class | Outstanding at September 26, 2020 | |||||||
Common Stock, $0.008 par value | 116,497,394 |
Page No. | ||||||||
September 26,
2020 |
December 28,
2019 |
September 28,
2019 |
|||||||||||||||
ASSETS | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 1,111,986 | $ | 84,241 | $ | 82,640 | |||||||||||
Inventories | 1,915,040 | 1,602,781 | 1,812,772 | ||||||||||||||
Prepaid expenses and other current assets | 136,098 | 100,865 | 104,486 | ||||||||||||||
Income taxes receivable | 7,838 | — | 5,600 | ||||||||||||||
Total current assets | 3,170,962 | 1,787,887 | 2,005,498 | ||||||||||||||
Property and equipment, net | 1,178,625 | 1,163,956 | 1,143,071 | ||||||||||||||
Operating lease right-of-use assets | 2,354,196 | 2,188,802 | 2,133,238 | ||||||||||||||
Goodwill and other intangible assets | 124,492 | 124,492 | 124,492 | ||||||||||||||
Deferred income taxes | 3,581 | — | — | ||||||||||||||
Other assets | 28,941 | 24,131 | 22,997 | ||||||||||||||
Total assets | $ | 6,860,797 | $ | 5,289,268 | $ | 5,429,296 | |||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Accounts payable | $ | 1,056,911 | $ | 643,036 | $ | 679,791 | |||||||||||
Accrued employee compensation | 120,361 | 39,755 | 49,236 | ||||||||||||||
Other accrued expenses | 274,244 | 247,690 | 218,774 | ||||||||||||||
Current portion of long-term debt | 380,000 | 30,000 | 30,000 | ||||||||||||||
Current portion of finance lease liabilities | 4,407 | 4,036 | 3,884 | ||||||||||||||
Current portion of operating lease liabilities | 294,826 | 277,099 | 270,038 | ||||||||||||||
Income taxes payable | 1,914 | 5,984 | — | ||||||||||||||
Total current liabilities | 2,132,663 | 1,247,600 | 1,251,723 | ||||||||||||||
Long-term debt | 529,264 | 366,480 | 613,885 | ||||||||||||||
Finance lease liabilities, less current portion | 32,948 | 30,389 | 29,174 | ||||||||||||||
Operating lease liabilities, less current portion | 2,171,773 | 2,001,162 | 1,966,363 | ||||||||||||||
Deferred income taxes | — | 153 | 1,888 | ||||||||||||||
Other long-term liabilities | 118,283 | 76,361 | 74,441 | ||||||||||||||
Total liabilities | 4,984,931 | 3,722,145 | 3,937,474 | ||||||||||||||
Stockholders’ equity: | |||||||||||||||||
Preferred stock | — | — | — | ||||||||||||||
Common stock | 1,398 | 1,389 | 1,388 | ||||||||||||||
Additional paid-in capital | 1,059,687 | 966,698 | 950,908 | ||||||||||||||
Treasury stock | (3,277,215) | (3,013,996) | (2,970,654) | ||||||||||||||
Accumulated other comprehensive (loss)/income | (5,867) | 199 | 73 | ||||||||||||||
Retained earnings | 4,097,863 | 3,612,833 | 3,510,107 | ||||||||||||||
Total stockholders’ equity | 1,875,866 | 1,567,123 | 1,491,822 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 6,860,797 | $ | 5,289,268 | $ | 5,429,296 | |||||||||||
For the Fiscal Three
Months Ended |
For the Fiscal Nine
Months Ended |
||||||||||||||||||||||||||||||||||
September 26,
2020 |
September 28,
2019 |
September 26,
2020 |
September 28,
2019 |
||||||||||||||||||||||||||||||||
Net sales | $ | 2,606,572 | $ | 1,984,144 | $ | 7,742,087 | $ | 6,160,146 | |||||||||||||||||||||||||||
Cost of merchandise sold | 1,658,615 | 1,289,904 | 4,976,068 | 4,030,177 | |||||||||||||||||||||||||||||||
Gross profit | 947,957 | 694,240 | 2,766,019 | 2,129,969 | |||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 641,129 | 482,604 | 1,794,924 | 1,432,603 | |||||||||||||||||||||||||||||||
Depreciation and amortization | 54,651 | 49,819 | 158,634 | 144,584 | |||||||||||||||||||||||||||||||
Operating income | 252,177 | 161,817 | 812,461 | 552,782 | |||||||||||||||||||||||||||||||
Interest expense, net | 7,208 | 4,900 | 20,695 | 15,006 | |||||||||||||||||||||||||||||||
Income before income taxes | 244,969 | 156,917 | 791,766 | 537,776 | |||||||||||||||||||||||||||||||
Income tax expense | 54,359 | 34,784 | 178,701 | 119,601 | |||||||||||||||||||||||||||||||
Net income | $ | 190,610 | $ | 122,133 | $ | 613,065 | $ | 418,175 | |||||||||||||||||||||||||||
Net income per share – basic | $ | 1.64 | $ | 1.03 | $ | 5.27 | $ | 3.48 | |||||||||||||||||||||||||||
Net income per share – diluted | $ | 1.62 | $ | 1.02 | $ | 5.23 | $ | 3.45 | |||||||||||||||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||||||||||||||
Basic | 116,339 | 118,956 | 116,330 | 120,180 | |||||||||||||||||||||||||||||||
Diluted | 117,745 | 120,058 | 117,330 | 121,239 | |||||||||||||||||||||||||||||||
Dividends declared per common share outstanding | $ | 0.40 | $ | 0.35 | $ | 1.10 | $ | 1.01 |
For the Fiscal Three
Months Ended |
For the Fiscal Nine
Months Ended |
||||||||||||||||||||||||||||||||||
September 26,
2020 |
September 28,
2019 |
September 26,
2020 |
September 28,
2019 |
||||||||||||||||||||||||||||||||
Net income | $ | 190,610 | $ | 122,133 | $ | 613,065 | $ | 418,175 | |||||||||||||||||||||||||||
Other comprehensive income/(loss): | |||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps, net of taxes | 468 | (809) | (6,066) | (4,458) | |||||||||||||||||||||||||||||||
Total other comprehensive income/(loss) | 468 | (809) | (6,066) | (4,458) | |||||||||||||||||||||||||||||||
Total comprehensive income | $ | 191,078 | $ | 121,324 | $ | 606,999 | $ | 413,717 |
Common Stock |
Additional
Paid-in Capital |
Treasury
Stock |
Accum. Other Comp. Income/(Loss) |
Retained
Earnings |
Total
Stockholders’ Equity |
||||||||||||||||||||||||||||||||||||||||||
Shares | Dollars | ||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity at
December 28, 2019 |
118,165 | $ | 1,389 | $ | 966,698 | $ | (3,013,996) | $ | 199 | $ | 3,612,833 | $ | 1,567,123 | ||||||||||||||||||||||||||||||||||
Common stock issuance under stock award plans & ESPP
|
280 | 2 | 10,601 | 10,603 | |||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | 6,945 | 6,945 | |||||||||||||||||||||||||||||||||||||||||||||
Repurchase of shares to satisfy tax obligations
|
(5,407) | (5,407) | |||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock
|
(2,853) | (263,219) | (263,219) | ||||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid to stockholders | (40,849) | (40,849) | |||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps, net of taxes
|
(5,250) | (5,250) | |||||||||||||||||||||||||||||||||||||||||||||
Net income | 83,777 | 83,777 | |||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity at
March 28, 2020 |
115,592 | $ | 1,391 | $ | 978,837 | $ | (3,277,215) | $ | (5,051) | $ | 3,655,761 | $ | 1,353,723 | ||||||||||||||||||||||||||||||||||
Common stock issuance under stock award plans & ESPP
|
588 | 5 | 39,732 | 39,737 | |||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | 7,504 | 7,504 | |||||||||||||||||||||||||||||||||||||||||||||
Repurchase of shares to satisfy tax obligations
|
(1,984) | (1,984) | |||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock
|
— | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid to stockholders | (40,644) | (40,644) | |||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps, net of taxes
|
(1,284) | (1,284) | |||||||||||||||||||||||||||||||||||||||||||||
Net income | 338,678 | 338,678 | |||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity at
June 27, 2020 |
116,180 | $ | 1,396 | $ | 1,024,089 | $ | (3,277,215) | $ | (6,335) | $ | 3,953,795 | $ | 1,695,730 | ||||||||||||||||||||||||||||||||||
Common stock issuance under stock award plans & ESPP
|
317 | 2 | 23,411 | 23,413 | |||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | 12,528 | 12,528 | |||||||||||||||||||||||||||||||||||||||||||||
Repurchase of shares to satisfy tax obligations
|
(341) | (341) | |||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock
|
— | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid to stockholders | (46,542) | (46,542) | |||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps, net of taxes
|
468 | 468 | |||||||||||||||||||||||||||||||||||||||||||||
Net income | 190,610 | 190,610 | |||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity at
September 26, 2020 |
116,497 | $ | 1,398 | $ | 1,059,687 | $ | (3,277,215) | $ | (5,867) | $ | 4,097,863 | $ | 1,875,866 |
Common Stock |
Additional
Paid-in
Capital
|
Treasury
Stock
|
Accum. Other Comp. Income |
Retained
Earnings
|
Total
Stockholders’
Equity
|
||||||||||||||||||||||||||||||||||||||||||
Shares | Dollars | ||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity at
December 29, 2018 |
121,828 | $ | 1,375 | $ | 823,413 | $ | (2,480,677) | $ | 3,814 | $ | 3,213,895 | $ | 1,561,820 | ||||||||||||||||||||||||||||||||||
Common stock issuance under stock award plans & ESPP
|
570 | 5 | 34,727 | 34,732 | |||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | 9,624 | 9,624 | |||||||||||||||||||||||||||||||||||||||||||||
Repurchase of shares to satisfy tax obligations
|
(3,026) | (3,026) | |||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock
|
(1,724) | (155,319) | (155,319) | ||||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid to stockholders | (37,623) | (37,623) | |||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps, net of taxes
|
(1,464) | (1,464) | |||||||||||||||||||||||||||||||||||||||||||||
Net income | 76,832 | 76,832 | |||||||||||||||||||||||||||||||||||||||||||||
Cumulative adjustment as a result of
ASU 2017-12 adoption |
717 | (717) | — | ||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity at
March 30, 2019 |
120,674 | $ | 1,380 | $ | 864,738 | $ | (2,635,996) | $ | 3,067 | $ | 3,252,387 | $ | 1,485,576 | ||||||||||||||||||||||||||||||||||
Common stock issuance under stock award plans & ESPP
|
781 | 6 | 54,693 | 54,699 | |||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | 8,776 | 8,776 | |||||||||||||||||||||||||||||||||||||||||||||
Repurchase of shares to satisfy tax obligations
|
(113) | (113) | |||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock
|
(1,732) | (178,916) | (178,916) | ||||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid to stockholders | (42,105) | (42,105) | |||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps, net of taxes
|
(2,185) | (2,185) | |||||||||||||||||||||||||||||||||||||||||||||
Net income | 219,210 | 219,210 | |||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity at
June 29, 2019 |
119,723 | $ | 1,386 | $ | 928,094 | $ | (2,814,912) | $ | 882 | $ | 3,429,492 | $ | 1,544,942 | ||||||||||||||||||||||||||||||||||
Common stock issuance under stock award plans & ESPP
|
227 | 2 | 16,110 | 16,112 | |||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense
|
7,355 | 7,355 | |||||||||||||||||||||||||||||||||||||||||||||
Repurchase of shares to satisfy tax obligations
|
(651) | (651) | |||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock
|
(1,470) | (155,742) | (155,742) | ||||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid to stockholders
|
(41,518) | (41,518) | |||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swaps, net of taxes
|
(809) | (809) | |||||||||||||||||||||||||||||||||||||||||||||
Net income
|
122,133 | 122,133 | |||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity at
September 28, 2019 |
118,480 | $ | 1,388 | $ | 950,908 | $ | (2,970,654) | $ | 73 | $ | 3,510,107 | $ | 1,491,822 |
For the Fiscal Nine Months Ended | |||||||||||||||||
September 26,
2020 |
September 28,
2019 |
||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income | $ | 613,065 | $ | 418,175 | |||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 158,634 | 144,584 | |||||||||||||||
Gain on disposition of property and equipment | (774) | (262) | |||||||||||||||
Share-based compensation expense | 26,977 | 25,755 | |||||||||||||||
Deferred income taxes | (3,734) | 8,495 | |||||||||||||||
Change in assets and liabilities: | |||||||||||||||||
Inventories | (312,259) | (223,230) | |||||||||||||||
Prepaid expenses and other current assets | (35,233) | 9,961 | |||||||||||||||
Accounts payable | 413,875 | 59,810 | |||||||||||||||
Accrued employee compensation | 80,606 | (4,810) | |||||||||||||||
Other accrued expenses | 20,279 | (21,622) | |||||||||||||||
Income taxes | (11,908) | (3,257) | |||||||||||||||
Other | 55,447 | 728 | |||||||||||||||
Net cash provided by operating activities | 1,004,975 | 414,327 | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Capital expenditures | (161,292) | (144,342) | |||||||||||||||
Proceeds from sale of property and equipment | 1,130 | 2,317 | |||||||||||||||
Net cash used in investing activities | (160,162) | (142,025) | |||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Borrowings under debt facilities | 1,159,000 | 947,000 | |||||||||||||||
Repayments under debt facilities | (646,500) | (710,750) | |||||||||||||||
Debt issuance costs | (1,237) | — | |||||||||||||||
Principal payments under finance lease liabilities | (3,098) | (2,741) | |||||||||||||||
Repurchase of shares to satisfy tax obligations | (7,732) | (3,790) | |||||||||||||||
Repurchase of common stock | (263,219) | (489,977) | |||||||||||||||
Net proceeds from issuance of common stock | 73,753 | 105,543 | |||||||||||||||
Cash dividends paid to stockholders | (128,035) | (121,246) | |||||||||||||||
Net cash provided by/(used in) financing activities | 182,932 | (275,961) | |||||||||||||||
Net change in cash and cash equivalents | 1,027,745 | (3,659) | |||||||||||||||
Cash and cash equivalents at beginning of period | 84,241 | 86,299 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 1,111,986 | $ | 82,640 | |||||||||||||
Supplemental disclosures of cash flow information: | |||||||||||||||||
Cash paid during the period for: | |||||||||||||||||
Interest | $ | 18,304 | $ | 15,189 | |||||||||||||
Income taxes | 191,743 | 112,693 | |||||||||||||||
Supplemental disclosures of non-cash activities: | |||||||||||||||||
Non-cash accruals for construction in progress | $ | 14,199 | $ | 10,981 | |||||||||||||
Increase of operating lease assets and liabilities from new or modified leases | 381,486 | 240,969 | |||||||||||||||
Increase of finance lease assets and liabilities from new or modified leases | 6,028 | 2,883 | |||||||||||||||
Operating lease assets and liabilities recognized upon adoption of ASC 842 | — | 2,084,880 |
Fiscal Nine Months Ended | |||||
September 26, 2020 | |||||
Stock options granted | 443,967 | ||||
Weighted average exercise price | $ | 94.62 | |||
Weighted average grant date fair value per option | $ | 19.46 |
Fiscal Nine Months Ended | |||||
September 26, 2020 | |||||
Restricted stock units granted | 320,053 | ||||
Performance-based restricted share units granted (a)
|
83,368 | ||||
Weighted average grant date fair value per share | $ | 94.39 |
Fiscal Three Months Ended | Fiscal Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income | Shares |
Per Share
Amount |
Income | Shares |
Per Share
Amount |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic net income per share: | $ | 190,610 | 116,339 | $ | 1.64 | $ | 122,133 | 118,956 | $ | 1.03 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dilutive effect of share-based awards | — | 1,406 | (0.02) | — | 1,102 | (0.01) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted net income per share: | $ | 190,610 | 117,745 | $ | 1.62 | $ | 122,133 | 120,058 | $ | 1.02 |
Fiscal Nine Months Ended | Fiscal Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 26, 2020 | September 28, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income | Shares |
Per Share
Amount |
Income | Shares |
Per Share
Amount |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic net income per share: | $ | 613,065 | 116,330 | $ | 5.27 | $ | 418,175 | 120,180 | $ | 3.48 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dilutive effect of share-based awards | — | 1,000 | (0.04) | — | 1,059 | (0.03) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted net income per share: | $ | 613,065 | 117,330 | $ | 5.23 | $ | 418,175 | 121,239 | $ | 3.45 |
September 26,
2020 |
December 28,
2019 |
September 28,
2019 |
||||||||||||||||||
Senior Notes | $ | 150.0 | $ | 150.0 | $ | 150.0 | ||||||||||||||
Senior Credit Facility: | ||||||||||||||||||||
February 2016 Term Loan | 130.0 | 145.0 | 150.0 | |||||||||||||||||
June 2017 Term Loan | 80.0 | 87.5 | 90.0 | |||||||||||||||||
March 2020 Term Loan | 200.0 | — | — | |||||||||||||||||
April 2020 Term Loan | 350.0 | — | — | |||||||||||||||||
Revolving credit loans | — | 15.0 | 255.0 | |||||||||||||||||
Total outstanding borrowings | 910.0 | 397.5 | 645.0 | |||||||||||||||||
Less: unamortized debt issuance costs | (0.7) | (1.0) | (1.1) | |||||||||||||||||
Total debt | 909.3 | 396.5 | 643.9 | |||||||||||||||||
Less: current portion of long-term debt | (380.0) | (30.0) | (30.0) | |||||||||||||||||
Long-term debt | $ | 529.3 | $ | 366.5 | $ | 613.9 | ||||||||||||||
Outstanding letters of credit | $ | 50.4 | $ | 32.0 | $ | 34.0 |
Derivatives Designated
as Cash Flow Hedges
|
Balance Sheet Location |
September 26,
2020 |
December 28,
2019 |
September 28,
2019 |
||||||||||||||||||||||
Interest rate swaps (short-term portion) | Other current assets | $ | — | $ | 558 | $ | 631 | |||||||||||||||||||
Interest rate swaps (long-term portion) | Other assets | — | 91 | 105 | ||||||||||||||||||||||
Total derivative assets | $ | — | $ | 649 | $ | 736 | ||||||||||||||||||||
Interest rate swaps (short-term portion) | Other accrued expenses | $ | 2,831 | $ | 90 | $ | 57 | |||||||||||||||||||
Interest rate swaps (long-term portion) | Other long-term liabilities | 5,055 | 292 | 581 | ||||||||||||||||||||||
Total derivative liabilities | $ | 7,886 | $ | 382 | $ | 638 |
September 26,
2020 |
December 28,
2019 |
September 28,
2019 |
||||||||||||||||||
Beginning fiscal year AOCI balance | $ | 199 | $ | 3,814 | $ | 3,814 | ||||||||||||||
Current fiscal period loss recognized in OCI | (6,066) | (4,332) | (4,458) | |||||||||||||||||
Cumulative adjustment as a result of ASU 2017-12 adoption | — | 717 | 717 | |||||||||||||||||
Other comprehensive loss, net of tax | (6,066) | (3,615) | (3,741) | |||||||||||||||||
Ending fiscal period AOCI balance | $ | (5,867) | $ | 199 | $ | 73 |
Fiscal Three Months Ended | Fiscal Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||
Financial Statement Location |
September 26,
2020 |
September 28,
2019 |
September 26,
2020 |
September 28,
2019 |
|||||||||||||||||||||||||||||||||||||
Amount of gains/(losses) recognized in OCI during the period | Other comprehensive income/(loss) | $ | 629 | $ | (841) | $ | (8,153) | $ | (5,725) |
Fiscal Three Months Ended | Fiscal Nine Months Ended | ||||||||||||||||||||||||||||||||||
September 26,
2020 |
September 28,
2019 |
September 26,
2020 |
September 28,
2019 |
||||||||||||||||||||||||||||||||
Income tax expense/(benefit) of interest rate swaps on AOCI | $ | 161 | $ | (32) | $ | (2,087) | $ | (1,267) |
Date Declared |
Dividend Amount
Per Share of Common Stock |
Record Date | Date Paid | |||||||||||||||||
August 5, 2020 | $ | 0.40 | August 24, 2020 | September 9, 2020 | ||||||||||||||||
May 6, 2020 | $ | 0.35 | May 26, 2020 | June 9, 2020 | ||||||||||||||||
February 5, 2020 | $ | 0.35 | February 24, 2020 | March 10, 2020 | ||||||||||||||||
August 7, 2019 | $ | 0.35 | August 26, 2019 | September 10, 2019 | ||||||||||||||||
May 8, 2019 | $ | 0.35 | May 28, 2019 | June 11, 2019 | ||||||||||||||||
February 6, 2019 | $ | 0.31 | February 25, 2019 | March 12, 2019 |
Fiscal Three Months Ended | Fiscal Nine Months Ended | ||||||||||||||||||||||||||||||||||
September 26,
2020 |
September 28,
2019 |
September 26,
2020 |
September 28,
2019 |
||||||||||||||||||||||||||||||||
Total number of shares repurchased | — | 1,470 | 2,853 | 4,926 | |||||||||||||||||||||||||||||||
Average price paid per share | $ | — | $ | 105.97 | $ | 92.28 | $ | 99.46 | |||||||||||||||||||||||||||
Total cash paid for share repurchases | $ | — | $ | 155,742 | $ | 263,219 | $ | 489,977 |
Fiscal Three Months Ended | Fiscal Nine Months Ended | ||||||||||||||||||||||||||||||||||
Product Category: |
September 26,
2020 |
September 28,
2019 |
September 26,
2020 |
September 28,
2019 |
|||||||||||||||||||||||||||||||
Livestock and Pet | 48 | % | 49 | % | 48 | % | 48 | % | |||||||||||||||||||||||||||
Hardware, Tools and Truck | 23 | 23 | 21 | 21 | |||||||||||||||||||||||||||||||
Seasonal, Gift and Toy Products | 19 | 18 | 21 | 20 | |||||||||||||||||||||||||||||||
Clothing and Footwear | 5 | 5 | 5 | 6 | |||||||||||||||||||||||||||||||
Agriculture | 5 | 5 | 5 | 5 | |||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % |
Fiscal Three Months Ended | |||||||||||||||||
Store Count Information: |
September 26,
2020 |
September 28,
2019 |
|||||||||||||||
Tractor Supply | |||||||||||||||||
Beginning of period | 1,881 | 1,790 | |||||||||||||||
New stores opened | 23 | 25 | |||||||||||||||
Stores closed | — | (1) | |||||||||||||||
End of period | 1,904 | 1,814 | |||||||||||||||
Petsense | |||||||||||||||||
Beginning of period | 180 | 177 | |||||||||||||||
New stores opened | 3 | 1 | |||||||||||||||
Stores closed | — | (2) | |||||||||||||||
End of period | 183 | 176 | |||||||||||||||
Consolidated, end of period | 2,087 | 1,990 | |||||||||||||||
Stores relocated | — | 1 |
Percent of Net Sales | |||||||||||||||||
Fiscal Three Months Ended | |||||||||||||||||
Product Category: |
September 26,
2020 |
September 28,
2019 |
|||||||||||||||
Livestock and Pet | 48 | % | 49 | % | |||||||||||||
Hardware, Tools and Truck | 23 | 23 | |||||||||||||||
Seasonal, Gift and Toy Products | 19 | 18 | |||||||||||||||
Clothing and Footwear | 5 | 5 | |||||||||||||||
Agriculture | 5 | 5 | |||||||||||||||
Total | 100 | % | 100 | % |
Fiscal Nine Months Ended | |||||||||||||||||
Store Count Information: |
September 26,
2020 |
September 28,
2019 |
|||||||||||||||
Tractor Supply | |||||||||||||||||
Beginning of period | 1,844 | 1,765 | |||||||||||||||
New stores opened | 61 | 50 | |||||||||||||||
Stores closed | (1) | (1) | |||||||||||||||
End of period | 1,904 | 1,814 | |||||||||||||||
Petsense | |||||||||||||||||
Beginning of period | 180 | 175 | |||||||||||||||
New stores opened | 6 | 3 | |||||||||||||||
Stores closed | (3) | (2) | |||||||||||||||
End of period | 183 | 176 | |||||||||||||||
Consolidated, end of period | 2,087 | 1,990 | |||||||||||||||
Stores relocated | 1 | 2 |
Percent of Net Sales | |||||||||||||||||
Fiscal Nine Months Ended | |||||||||||||||||
Product Category: |
September 26,
2020 |
September 28,
2019 |
|||||||||||||||
Livestock and Pet | 48 | % | 48 | % | |||||||||||||
Hardware, Tools and Truck | 21 | 21 | |||||||||||||||
Seasonal, Gift and Toy Products | 21 | 20 | |||||||||||||||
Clothing and Footwear | 5 | 6 | |||||||||||||||
Agriculture | 5 | 5 | |||||||||||||||
Total | 100 | % | 100 | % |
September 26,
2020 |
December 28,
2019 |
Variance |
September 28,
2019 |
Variance | |||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,112.0 | $ | 84.2 | $ | 1,027.8 | $ | 82.6 | $ | 1,029.4 | |||||||||||||||||||
Inventories | 1,915.0 | 1,602.8 | 312.2 | 1,812.8 | 102.2 | ||||||||||||||||||||||||
Prepaid expenses and other current assets | 136.1 | 100.9 | 35.2 | 104.5 | 31.6 | ||||||||||||||||||||||||
Income taxes receivable | 7.8 | — | 7.8 | 5.6 | 2.2 | ||||||||||||||||||||||||
Total current assets | 3,170.9 | 1,787.9 | 1,383.0 | 2,005.5 | 1,165.4 | ||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||
Accounts payable | 1,056.9 | 643.0 | 413.9 | 679.8 | 377.1 | ||||||||||||||||||||||||
Accrued employee compensation | 120.4 | 39.8 | 80.6 | 49.2 | 71.2 | ||||||||||||||||||||||||
Other accrued expenses | 274.2 | 247.7 | 26.5 | 218.8 | 55.4 | ||||||||||||||||||||||||
Current portion of long-term debt | 380.0 | 30.0 | 350.0 | 30.0 | 350.0 | ||||||||||||||||||||||||
Current portion of finance lease liabilities | 4.4 | 4.0 | 0.4 | 3.9 | 0.5 | ||||||||||||||||||||||||
Current portion of operating lease liabilities | 294.8 | 277.1 | 17.7 | 270.0 | 24.8 | ||||||||||||||||||||||||
Income taxes payable | 1.9 | 6.0 | (4.1) | — | 1.9 | ||||||||||||||||||||||||
Total current liabilities | 2,132.6 | 1,247.6 | 885.0 | 1,251.7 | 880.9 | ||||||||||||||||||||||||
Working capital | $ | 1,038.3 | $ | 540.3 | $ | 498.0 | $ | 753.8 | $ | 284.5 |
September 26,
2020 |
December 28,
2019 |
September 28,
2019 |
||||||||||||||||||
Senior Notes | $ | 150.0 | $ | 150.0 | $ | 150.0 | ||||||||||||||
Senior Credit Facility: | ||||||||||||||||||||
February 2016 Term Loan | 130.0 | 145.0 | 150.0 | |||||||||||||||||
June 2017 Term Loan | 80.0 | 87.5 | 90.0 | |||||||||||||||||
March 2020 Term Loan | 200.0 | — | — | |||||||||||||||||
April 2020 Term Loan | 350.0 | — | — | |||||||||||||||||
Revolving credit loans | — | 15.0 | 255.0 | |||||||||||||||||
Total outstanding borrowings | 910.0 | 397.5 | 645.0 | |||||||||||||||||
Less: unamortized debt issuance costs | (0.7) | (1.0) | (1.1) | |||||||||||||||||
Total debt | 909.3 | 396.5 | 643.9 | |||||||||||||||||
Less: current portion of long-term debt | (380.0) | (30.0) | (30.0) | |||||||||||||||||
Long-term debt | $ | 529.3 | $ | 366.5 | $ | 613.9 | ||||||||||||||
Outstanding letters of credit | $ | 50.4 | $ | 32.0 | $ | 34.0 |
Fiscal Nine Months Ended | |||||||||||||||||||||||||||||
September 26,
2020 |
September 28,
2019 |
Variance | |||||||||||||||||||||||||||
Net income | $ | 613.1 | $ | 418.2 | $ | 194.9 | |||||||||||||||||||||||
Depreciation and amortization | 158.6 | 144.6 | 14.0 | ||||||||||||||||||||||||||
Share-based compensation expense | 27.0 | 25.8 | 1.2 | ||||||||||||||||||||||||||
Deferred income taxes | (3.7) | 8.5 | (12.2) | ||||||||||||||||||||||||||
Inventories and accounts payable | 101.6 | (163.4) | 265.0 | ||||||||||||||||||||||||||
Prepaid expenses and other current assets | (35.2) | 10.0 | (45.2) | ||||||||||||||||||||||||||
Accrued expenses | 100.9 | (26.4) | 127.3 | ||||||||||||||||||||||||||
Income taxes | (11.9) | (3.3) | (8.6) | ||||||||||||||||||||||||||
Other, net | 54.6 | 0.3 | 54.3 | ||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 1,005.0 | $ | 414.3 | $ | 590.7 |
Fiscal Nine Months Ended | |||||||||||||||||
September 26,
2020 |
September 28,
2019 |
||||||||||||||||
Information technology | $ | 72.6 | $ | 66.5 | |||||||||||||
New and relocated stores and stores not yet opened | 43.8 | 38.6 | |||||||||||||||
Existing stores | 30.6 | 23.5 | |||||||||||||||
Distribution center capacity and improvements | 11.6 | 14.3 | |||||||||||||||
Corporate and other | 2.7 | 1.4 | |||||||||||||||
Total capital expenditures | $ | 161.3 | $ | 144.3 | |||||||||||||
Fiscal Nine Months Ended | |||||||||||||||||||||||||||||
September 26,
2020 |
September 28,
2019 |
Variance | |||||||||||||||||||||||||||
Net borrowings and repayments under debt facilities | $ | 512.5 | $ | 236.3 | $ | 276.2 | |||||||||||||||||||||||
Repurchase of common stock | (263.2) | (490.0) | 226.8 | ||||||||||||||||||||||||||
Net proceeds from issuance of common stock | 73.8 | 105.5 | (31.7) | ||||||||||||||||||||||||||
Cash dividends paid to stockholders | (128.0) | (121.2) | (6.8) | ||||||||||||||||||||||||||
Other, net | (12.2) | (6.6) | (5.6) | ||||||||||||||||||||||||||
Net cash provided by/(used in) financing activities | $ | 182.9 | $ | (276.0) | $ | 458.9 |
Date Declared |
Dividend Amount
Per Share of Common Stock |
Record Date | Date Paid | |||||||||||||||||
August 5, 2020 | $ | 0.40 | August 24, 2020 | September 9, 2020 | ||||||||||||||||
May 6, 2020 | $ | 0.35 | May 26, 2020 | June 9, 2020 | ||||||||||||||||
February 5, 2020 | $ | 0.35 | February 24, 2020 | March 10, 2020 | ||||||||||||||||
August 7, 2019 | $ | 0.35 | August 26, 2019 | September 10, 2019 | ||||||||||||||||
May 8, 2019 | $ | 0.35 | May 28, 2019 | June 11, 2019 | ||||||||||||||||
February 6, 2019 | $ | 0.31 | February 25, 2019 | March 12, 2019 | ||||||||||||||||
Fiscal Three Months Ended | Fiscal Nine Months Ended | ||||||||||||||||||||||||||||||||||
September 26,
2020 |
September 28,
2019 |
September 26,
2020 |
September 28,
2019 |
||||||||||||||||||||||||||||||||
Total number of shares repurchased | — | 1,470 | 2,853 | 4,926 | |||||||||||||||||||||||||||||||
Average price paid per share | $ | — | $ | 105.97 | $ | 92.28 | $ | 99.46 | |||||||||||||||||||||||||||
Total cash paid for share repurchases | $ | — | $ | 155,742 | $ | 263,219 | $ | 489,977 |
- | Inventory valuation | - | Impairment of long-lived assets | ||||||||
- | Self-insurance reserves | - | Impairment of goodwill and other indefinite-lived intangible assets | ||||||||
Period | Total Number of Shares Purchased |
Average
Price Paid
Per Share
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |
Maximum Dollar
Value of Shares That May Yet Be Purchased Under the Plans or Programs
|
||||||||||||||||||||||
June 28, 2020 - July 25, 2020 | — | $ | — | — | $ | 1,223,586,890 | ||||||||||||||||||||
July 26, 2020 - August 22, 2020 |
(a)
|
2,305 | 147.94 | — | 1,223,586,890 | |||||||||||||||||||||
August 23, 2020 - September 26, 2020 | — | — | — | 1,223,586,890 | ||||||||||||||||||||||
Total | 2,305 | $ | 147.94 | — | $ | 1,223,586,890 |
TRACTOR SUPPLY COMPANY | |||||||||||
Date: | October 22, 2020 | By: | /s/ Kurt D. Barton | ||||||||
Kurt D. Barton | |||||||||||
Executive Vice President - Chief Financial Officer and Treasurer | |||||||||||
(Duly Authorized Officer and Principal Financial Officer) |
Period | Rate | |||||||
Date of Issue - April 30, 1999 | 8% | |||||||
May 1, 1999 - April 30, 2000 | 10% | |||||||
May 1, 2000 - April 30, 2001 | 11% | |||||||
May 1, 2001 - April 30, 2002 | 12% | |||||||
Thereafter | 13% |
Date: | October 22, 2020 | /s/ Harry A. Lawton III | ||||||
Harry A. Lawton III | ||||||||
President and Chief Executive Officer |
Date: | October 22, 2020 | /s/ Kurt D. Barton | ||||||
Kurt D. Barton | ||||||||
Executive Vice President - Chief Financial Officer and Treasurer |
Dated: | October 22, 2020 |