We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tractor Supply Company | NASDAQ:TSCO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 270.13 | 265.00 | 432.20 | 0 | 09:30:00 |
ý
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the quarterly period ended
|
September 24, 2016
|
o
|
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
|
|
(I.R.S. Employer Identification No.)
|
Incorporation or Organization)
|
|
|
|
|
|
5401 Virginia Way, Brentwood, Tennessee
|
|
37027
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
|
|
|
Not Applicable
|
|
(615) 440-4000
|
(Former name, former address and former fiscal year, if changed since last report)
|
|
(Registrant’s Telephone Number, Including Area Code)
|
|
Large accelerated filer
|
þ
|
Accelerated filer
|
o
|
|
Non-accelerated filer
|
o
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
o
|
Class
|
|
Outstanding at October 22, 2016
|
Common Stock, $.008 par value
|
|
131,249,687
|
|
|
Page No.
|
|
|
|
|
||
|
||
|
||
|
||
|
||
|
|
|
|
|
September 24,
2016 |
|
December 26,
2015 |
|
September 26,
2015 |
|||||||
ASSETS
|
|
|
|
|
|
|||||||
Current assets:
|
|
|
|
|
|
|||||||
Cash and cash equivalents
|
$
|
55,507
|
|
|
$
|
63,813
|
|
|
$
|
51,352
|
|
|
Inventories
|
1,489,934
|
|
|
1,284,375
|
|
|
1,414,562
|
|
||||
Prepaid expenses and other current assets
|
67,980
|
|
|
87,510
|
|
|
64,822
|
|
||||
Income taxes receivable
|
16,335
|
|
|
3,763
|
|
|
—
|
|
||||
Total current assets
|
1,629,756
|
|
|
1,439,461
|
|
|
1,530,736
|
|
||||
Property and equipment:
|
|
|
|
|
|
|
|
|
||||
Land
|
94,362
|
|
|
86,991
|
|
|
86,197
|
|
||||
Buildings and improvements
|
906,624
|
|
|
814,802
|
|
|
750,170
|
|
||||
Furniture, fixtures and equipment
|
556,276
|
|
|
523,383
|
|
|
489,088
|
|
||||
Computer software and hardware
|
209,218
|
|
|
180,020
|
|
|
172,443
|
|
||||
Construction in progress
|
50,173
|
|
|
38,720
|
|
|
85,531
|
|
||||
Property and equipment, gross
|
1,816,653
|
|
|
1,643,916
|
|
|
1,583,429
|
|
||||
Accumulated depreciation and amortization
|
(893,488
|
)
|
|
(796,340
|
)
|
|
(774,772
|
)
|
||||
Property and equipment, net
|
923,165
|
|
|
847,576
|
|
|
808,657
|
|
||||
|
|
|
|
|
|
|||||||
Goodwill
|
10,258
|
|
|
10,258
|
|
|
10,258
|
|
||||
Deferred income taxes
|
53,192
|
|
|
55,194
|
|
|
72,543
|
|
||||
Other assets
|
19,362
|
|
|
18,337
|
|
|
18,392
|
|
||||
Total assets
|
$
|
2,635,733
|
|
|
$
|
2,370,826
|
|
|
$
|
2,440,586
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
||||
Current liabilities:
|
|
|
|
|
|
|
|
|
||||
Accounts payable
|
$
|
484,014
|
|
|
$
|
427,249
|
|
|
$
|
527,143
|
|
|
Accrued employee compensation
|
17,625
|
|
|
42,684
|
|
|
27,449
|
|
||||
Other accrued expenses
|
199,327
|
|
|
195,024
|
|
|
192,335
|
|
||||
Current portion of long-term debt
|
10,000
|
|
|
—
|
|
|
—
|
|
||||
Current portion of capital lease obligations
|
1,294
|
|
|
878
|
|
|
540
|
|
||||
Income taxes payable
|
—
|
|
|
5,449
|
|
|
18,255
|
|
||||
Total current liabilities
|
712,260
|
|
|
671,284
|
|
|
765,722
|
|
||||
|
|
|
|
|
|
|||||||
Long-term debt
|
283,781
|
|
|
150,000
|
|
|
190,000
|
|
||||
Capital lease obligations, less current maturities
|
26,246
|
|
|
16,992
|
|
|
10,746
|
|
||||
Deferred rent
|
91,681
|
|
|
84,793
|
|
|
82,905
|
|
||||
Other long-term liabilities
|
57,025
|
|
|
54,463
|
|
|
53,953
|
|
||||
Total liabilities
|
1,170,993
|
|
|
977,532
|
|
|
1,103,326
|
|
||||
Stockholders’ equity:
|
|
|
|
|
|
|
|
|
||||
Preferred stock, $1.00 par value; 40 shares authorized; no shares issued
|
—
|
|
|
—
|
|
|
—
|
|
||||
Common stock, $0.008 par value; 400,000 shares authorized at September 24, 2016, December 26, 2015 and September 26, 2015; 169,859, 168,974 and 168,830 shares issued; 132,428, 134,224 and 134,645 shares outstanding at September 24, 2016, December 26, 2015 and September 26, 2015, respectively
|
1,359
|
|
|
1,352
|
|
|
1,351
|
|
||||
Additional paid-in capital
|
661,665
|
|
|
596,131
|
|
|
576,175
|
|
||||
Treasury stock – at cost, 37,431, 34,750 and 34,185 shares at September 24, 2016, December 26, 2015 and September 26, 2015, respectively
|
(1,645,482
|
)
|
|
(1,429,790
|
)
|
|
(1,381,041
|
)
|
||||
Accumulated other comprehensive loss
|
(1,111
|
)
|
|
—
|
|
—
|
|
—
|
|
|||
Retained earnings
|
2,448,309
|
|
|
2,225,601
|
|
|
2,140,775
|
|
||||
Total stockholders’ equity
|
1,464,740
|
|
|
1,393,294
|
|
|
1,337,260
|
|
||||
Total liabilities and stockholders’ equity
|
$
|
2,635,733
|
|
|
$
|
2,370,826
|
|
|
$
|
2,440,586
|
|
|
For the Fiscal Three Months Ended
|
|
For the Fiscal Nine Months Ended
|
||||||||||||
|
September 24,
2016 |
|
September 26,
2015 |
|
September 24,
2016 |
|
September 26,
2015 |
||||||||
|
|
|
|
||||||||||||
Net sales
|
$
|
1,542,706
|
|
|
$
|
1,475,645
|
|
|
$
|
4,863,037
|
|
|
$
|
4,579,897
|
|
Cost of merchandise sold
|
1,007,432
|
|
|
963,397
|
|
|
3,184,097
|
|
|
2,997,724
|
|
||||
Gross profit
|
535,274
|
|
|
512,248
|
|
|
1,678,940
|
|
|
1,582,173
|
|
||||
Selling, general and administrative expenses
|
357,592
|
|
|
342,891
|
|
|
1,076,180
|
|
|
1,014,209
|
|
||||
Depreciation and amortization
|
35,662
|
|
|
30,149
|
|
|
103,296
|
|
|
90,744
|
|
||||
Operating income
|
142,020
|
|
|
139,208
|
|
|
499,464
|
|
|
477,220
|
|
||||
Interest expense, net
|
1,110
|
|
|
782
|
|
|
4,145
|
|
|
2,480
|
|
||||
Income before income taxes
|
140,910
|
|
|
138,426
|
|
|
495,319
|
|
|
474,740
|
|
||||
Income tax expense
|
51,466
|
|
|
51,114
|
|
|
181,782
|
|
|
176,057
|
|
||||
Net income
|
$
|
89,444
|
|
|
$
|
87,312
|
|
|
$
|
313,537
|
|
|
$
|
298,683
|
|
|
|
|
|
|
|
|
|
||||||||
Net income per share – basic
|
$
|
0.67
|
|
|
$
|
0.64
|
|
|
$
|
2.35
|
|
|
$
|
2.20
|
|
Net income per share – diluted
|
$
|
0.67
|
|
|
$
|
0.64
|
|
|
$
|
2.33
|
|
|
$
|
2.18
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
133,392
|
|
|
135,525
|
|
|
133,529
|
|
|
135,997
|
|
||||
Diluted
|
134,256
|
|
|
136,741
|
|
|
134,509
|
|
|
137,292
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Dividends declared per common share outstanding
|
$
|
0.24
|
|
|
$
|
0.20
|
|
|
$
|
0.68
|
|
|
$
|
0.56
|
|
|
For the Fiscal Three Months Ended
|
|
For the Fiscal Nine Months Ended
|
||||||||||||
|
September 24,
2016 |
|
September 26,
2015 |
|
September 24,
2016 |
|
September 26,
2015 |
||||||||
|
|
|
|
||||||||||||
Net income
|
$
|
89,444
|
|
|
$
|
87,312
|
|
|
$
|
313,537
|
|
|
$
|
298,683
|
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Change in fair value of interest rate swap, net of taxes
|
251
|
|
|
—
|
|
|
(1,111
|
)
|
|
—
|
|
||||
Total other comprehensive income (loss)
|
251
|
|
|
—
|
|
|
(1,111
|
)
|
|
—
|
|
||||
Total comprehensive income
|
$
|
89,695
|
|
|
$
|
87,312
|
|
|
$
|
312,426
|
|
|
$
|
298,683
|
|
|
For the Fiscal Nine Months Ended
|
||||||
|
September 24,
2016 |
|
September 26,
2015 |
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
313,537
|
|
|
$
|
298,683
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
103,296
|
|
|
90,744
|
|
||
Loss on disposition of property and equipment
|
219
|
|
|
115
|
|
||
Share-based compensation expense
|
17,326
|
|
|
14,837
|
|
||
Excess tax benefit of stock options exercised
|
(11,637
|
)
|
|
(16,994
|
)
|
||
Deferred income taxes
|
2,002
|
|
|
(22,799
|
)
|
||
Change in assets and liabilities:
|
|
|
|
|
|
||
Inventories
|
(205,559
|
)
|
|
(299,112
|
)
|
||
Prepaid expenses and other current assets
|
19,530
|
|
|
1,622
|
|
||
Accounts payable
|
56,765
|
|
|
156,320
|
|
||
Accrued employee compensation
|
(25,059
|
)
|
|
(9,607
|
)
|
||
Other accrued expenses
|
2,626
|
|
|
882
|
|
||
Income taxes
|
(6,384
|
)
|
|
22,813
|
|
||
Other
|
7,336
|
|
|
5,950
|
|
||
Net cash provided by operating activities
|
273,998
|
|
|
243,454
|
|
||
Cash flows from investing activities:
|
|
|
|
|
|
||
Capital expenditures
|
(167,161
|
)
|
|
(163,468
|
)
|
||
Proceeds from sale of property and equipment
|
366
|
|
|
371
|
|
||
Net cash used in investing activities
|
(166,795
|
)
|
|
(163,097
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
|
||
Borrowings under senior credit facility
|
695,000
|
|
|
525,000
|
|
||
Repayments under senior credit facility
|
(550,000
|
)
|
|
(335,000
|
)
|
||
Debt issuance costs
|
(1,380
|
)
|
|
—
|
|
||
Excess tax benefit of stock options exercised
|
11,637
|
|
|
16,994
|
|
||
Principal payments under capital lease obligations
|
(823
|
)
|
|
(318
|
)
|
||
Repurchase of shares to satisfy tax obligations
|
(843
|
)
|
|
(2,998
|
)
|
||
Repurchase of common stock
|
(215,692
|
)
|
|
(243,956
|
)
|
||
Net proceeds from issuance of common stock
|
37,421
|
|
|
36,354
|
|
||
Cash dividends paid to stockholders
|
(90,829
|
)
|
|
(76,215
|
)
|
||
Net cash used in financing activities
|
(115,509
|
)
|
|
(80,139
|
)
|
||
Net change in cash and cash equivalents
|
(8,306
|
)
|
|
218
|
|
||
Cash and cash equivalents at beginning of period
|
63,813
|
|
|
51,134
|
|
||
Cash and cash equivalents at end of period
|
$
|
55,507
|
|
|
$
|
51,352
|
|
|
|
|
|
||||
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
||
Cash paid during the period for:
|
|
|
|
|
|
||
Interest
|
$
|
3,445
|
|
|
$
|
1,694
|
|
Income taxes
|
184,817
|
|
|
175,485
|
|
||
Supplemental disclosures of non-cash activities:
|
|
|
|
||||
Property and equipment acquired through capital lease
|
$
|
10,493
|
|
|
$
|
6,434
|
|
Non-cash accruals for construction in progress
|
17,727
|
|
|
23,731
|
|
|
Fiscal nine months ended
|
||||||
|
September 24,
2016 |
|
September 26,
2015 |
||||
Stock options granted
|
1,134,121
|
|
|
1,049,291
|
|
||
Weighted average exercise price
|
$
|
86.41
|
|
|
$
|
83.44
|
|
Weighted average fair value per option
|
$
|
19.62
|
|
|
$
|
19.47
|
|
|
Fiscal nine months ended
|
||||||
|
September 24,
2016 |
|
September 26,
2015 |
||||
Restricted stock units granted
|
59,019
|
|
|
53,228
|
|
||
Weighted average fair value per share
|
$
|
84.25
|
|
|
$
|
84.46
|
|
|
Fiscal three months ended
|
|
Fiscal three months ended
|
||||||||||||||||||
|
September 24, 2016
|
|
September 26, 2015
|
||||||||||||||||||
|
Income
|
|
Shares
|
|
Per Share
Amount
|
|
Income
|
|
Shares
|
|
Per Share
Amount
|
||||||||||
Basic net income per share:
|
$
|
89,444
|
|
|
133,392
|
|
|
$
|
0.67
|
|
|
$
|
87,312
|
|
|
135,525
|
|
|
$
|
0.64
|
|
Dilutive stock options and restricted stock units outstanding
|
—
|
|
|
864
|
|
|
—
|
|
|
—
|
|
|
1,216
|
|
|
—
|
|
||||
Diluted net income per share:
|
$
|
89,444
|
|
|
134,256
|
|
|
$
|
0.67
|
|
|
$
|
87,312
|
|
|
136,741
|
|
|
$
|
0.64
|
|
|
Fiscal nine months ended
|
|
Fiscal nine months ended
|
||||||||||||||||||
|
September 24, 2016
|
|
September 26, 2015
|
||||||||||||||||||
|
Income
|
|
Shares
|
|
Per Share
Amount |
|
Income
|
|
Shares
|
|
Per Share
Amount |
||||||||||
Basic net income per share:
|
$
|
313,537
|
|
|
133,529
|
|
|
$
|
2.35
|
|
|
$
|
298,683
|
|
|
135,997
|
|
|
$
|
2.20
|
|
Dilutive stock options and restricted stock units outstanding
|
—
|
|
|
980
|
|
|
(0.02
|
)
|
|
—
|
|
|
1,295
|
|
|
(0.02
|
)
|
||||
Diluted net income per share:
|
$
|
313,537
|
|
|
134,509
|
|
|
$
|
2.33
|
|
|
$
|
298,683
|
|
|
137,292
|
|
|
$
|
2.18
|
|
|
Balance Sheet Location
|
|
September 24, 2016
|
|
December 26, 2015
|
|
September 26, 2015
|
||||||
Interest rate swap (short-term portion)
|
Other accrued expenses
|
|
$
|
887
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest rate swap (long-term portion)
|
Other long-term liabilities
|
|
935
|
|
|
—
|
|
|
—
|
|
|||
Total liabilities
|
|
|
$
|
1,822
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
September 24, 2016
|
|
December 26, 2015
|
|
September 26, 2015
|
||||||
Beginning fiscal year AOCL balance
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Current fiscal period gain recognized in OCI
|
|
(1,111
|
)
|
|
—
|
|
|
—
|
|
|||
Amounts reclassified from AOCL into current fiscal period earnings
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Other comprehensive gain, net of tax
|
|
(1,111
|
)
|
|
—
|
|
|
—
|
|
|||
Ending fiscal period AOCL balance
|
|
$
|
(1,111
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
Fiscal three months ended
|
|
Fiscal nine months ended
|
||||||||||||
|
Financial Statement Location
|
|
September 24, 2016
|
|
September 26, 2015
|
|
September 24, 2016
|
|
September 26, 2015
|
||||||||
Effective portion of gains and (losses) recognized in OCI during the period
|
Other comprehensive income (loss)
|
|
$
|
412
|
|
|
$
|
—
|
|
|
$
|
(1,822
|
)
|
|
$
|
—
|
|
Amounts reclassified from AOCL into earnings
|
Interest expense, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Ineffective portion of gains and (losses) recognized in earnings during the period
|
Interest expense, net
|
|
306
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
Fiscal three months ended
|
|
Fiscal nine months ended
|
||||||||||||
|
|
September 24, 2016
|
|
September 26, 2015
|
|
September 24, 2016
|
|
September 26, 2015
|
||||||||
Income tax expense (benefit) of interest rate swap on AOCL
|
|
$
|
161
|
|
|
$
|
—
|
|
|
$
|
(711
|
)
|
|
$
|
—
|
|
Date Declared
|
|
Dividend Amount
Per Share |
|
Record Date
|
|
Date Paid
|
||
August 1, 2016
|
|
$
|
0.24
|
|
|
August 15, 2016
|
|
August 30, 2016
|
May 2, 2016
|
|
$
|
0.24
|
|
|
May 16, 2016
|
|
June 1, 2016
|
February 3, 2016
|
|
$
|
0.20
|
|
|
February 22, 2016
|
|
March 8, 2016
|
|
|
|
|
|
|
|
|
|
August 3, 2015
|
|
$
|
0.20
|
|
|
August 17, 2015
|
|
September 1, 2015
|
May 4, 2015
|
|
$
|
0.20
|
|
|
May 18, 2015
|
|
June 2, 2015
|
February 4, 2015
|
|
$
|
0.16
|
|
|
February 23, 2015
|
|
March 10, 2015
|
|
Fiscal three months ended
|
|
Fiscal nine months ended
|
||||||||
|
September 24, 2016
|
|
September 26, 2015
|
|
September 24, 2016
|
|
September 26, 2015
|
||||
Product Category:
|
|
|
|
|
|
|
|
||||
Livestock and Pet
|
48
|
%
|
|
46
|
%
|
|
47
|
%
|
|
45
|
%
|
Hardware, Tools and Truck
|
23
|
|
|
23
|
|
|
22
|
|
|
22
|
|
Seasonal, Gift and Toy Products
|
18
|
|
|
19
|
|
|
20
|
|
|
21
|
|
Clothing and Footwear
|
6
|
|
|
6
|
|
|
6
|
|
|
7
|
|
Agriculture
|
5
|
|
|
6
|
|
|
5
|
|
|
5
|
|
Total
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
Fiscal three months ended
|
||||
|
September 24, 2016
|
|
September 26, 2015
|
||
Store Count, Beginning of Period
|
1,542
|
|
|
1,438
|
|
New Stores Opened
|
34
|
|
|
30
|
|
Stores Closed
|
(1
|
)
|
|
(3
|
)
|
Store Count, End of Period
|
1,575
|
|
|
1,465
|
|
|
|
|
|
||
Stores Relocated
|
1
|
|
|
1
|
|
|
Fiscal three months ended
|
||||
|
September 24, 2016
|
|
September 26, 2015
|
||
Product Category:
|
|
|
|
||
Livestock and Pet
|
48
|
%
|
|
46
|
%
|
Hardware, Tools and Truck
|
23
|
|
|
23
|
|
Seasonal, Gift and Toy Products
|
18
|
|
|
19
|
|
Clothing and Footwear
|
6
|
|
|
6
|
|
Agriculture
|
5
|
|
|
6
|
|
Total
|
100
|
%
|
|
100
|
%
|
|
Fiscal nine months ended
|
||||
|
September 24, 2016
|
|
September 26, 2015
|
||
Store Count, Beginning of Period
|
1,488
|
|
|
1,382
|
|
New Stores Opened
|
92
|
|
|
88
|
|
Stores Closed
|
(5
|
)
|
|
(5
|
)
|
Store Count, End of Period
|
1,575
|
|
|
1,465
|
|
|
|
|
|
||
Stores Relocated
|
2
|
|
|
4
|
|
|
Fiscal nine months ended
|
||||
|
September 24, 2016
|
|
September 26, 2015
|
||
Product Category:
|
|
|
|
||
Livestock and Pet
|
47
|
%
|
|
45
|
%
|
Hardware, Tools and Truck
|
22
|
|
|
22
|
|
Seasonal, Gift and Toy Products
|
20
|
|
|
21
|
|
Clothing and Footwear
|
6
|
|
|
7
|
|
Agriculture
|
5
|
|
|
5
|
|
Total
|
100
|
%
|
|
100
|
%
|
|
September 24,
2016 |
|
December 26,
2015 |
|
Variance
|
|
September 26,
2015 |
|
Variance
|
||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
55.5
|
|
|
$
|
63.8
|
|
|
$
|
(8.3
|
)
|
|
$
|
51.4
|
|
|
$
|
4.1
|
|
Inventories
|
1,489.9
|
|
|
1,284.4
|
|
|
205.5
|
|
|
1,414.6
|
|
|
75.3
|
|
|||||
Prepaid expenses and other current assets
|
68.0
|
|
|
87.5
|
|
|
(19.5
|
)
|
|
64.8
|
|
|
3.2
|
|
|||||
Income taxes receivable
|
16.3
|
|
|
3.8
|
|
|
12.5
|
|
|
—
|
|
|
16.3
|
|
|||||
|
1,629.7
|
|
|
1,439.5
|
|
|
190.2
|
|
|
1,530.8
|
|
|
98.9
|
|
|||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Accounts payable
|
484.0
|
|
|
427.2
|
|
|
56.8
|
|
|
527.1
|
|
|
(43.1
|
)
|
|||||
Accrued employee compensation
|
17.6
|
|
|
42.7
|
|
|
(25.1
|
)
|
|
27.5
|
|
|
(9.9
|
)
|
|||||
Other accrued expenses
|
199.3
|
|
|
195.0
|
|
|
4.3
|
|
|
192.3
|
|
|
7.0
|
|
|||||
Current portion of long-term debt
|
10.0
|
|
|
—
|
|
|
10.0
|
|
|
—
|
|
|
10.0
|
|
|||||
Current portion of capital lease obligation
|
1.3
|
|
|
0.9
|
|
|
0.4
|
|
|
0.5
|
|
|
0.8
|
|
|||||
Income taxes payable
|
—
|
|
|
5.5
|
|
|
(5.5
|
)
|
|
18.3
|
|
|
(18.3
|
)
|
|||||
|
712.2
|
|
|
671.3
|
|
|
40.9
|
|
|
765.7
|
|
|
(53.5
|
)
|
|||||
Working capital
|
$
|
917.5
|
|
|
$
|
768.2
|
|
|
$
|
149.3
|
|
|
$
|
765.1
|
|
|
$
|
152.4
|
|
•
|
The increase in inventories and accounts payable resulted primarily from the purchase of additional inventory to support new store growth as well as an increase for normal seasonal patterns.
|
•
|
The decrease in accrued employee compensation is a result of the timing of payroll and incentive compensation accruals.
|
•
|
The increase in inventories resulted primarily from the purchase of additional inventory to support new store growth and to support the new southwest distribution center which began receiving product from our vendors in October 2015. Accounts payable decreased principally due to the timing of payments.
|
•
|
The fluctuation in our income tax position is a result of the timing of income tax payments.
|
|
Fiscal nine months ended
|
||||||||||
|
September 24,
2016 |
|
September 26,
2015 |
|
Variance
|
||||||
Net income
|
$
|
313.5
|
|
|
$
|
298.7
|
|
|
$
|
14.8
|
|
Depreciation and amortization
|
103.3
|
|
|
90.7
|
|
|
12.6
|
|
|||
Share-based compensation expense
|
17.3
|
|
|
14.8
|
|
|
2.5
|
|
|||
Excess tax benefit of stock options exercised
|
(11.6
|
)
|
|
(17.0
|
)
|
|
5.4
|
|
|||
Deferred income taxes
|
2.0
|
|
|
(22.8
|
)
|
|
24.8
|
|
|||
Inventories and accounts payable
|
(148.8
|
)
|
|
(142.8
|
)
|
|
(6.0
|
)
|
|||
Prepaid expenses and other current assets
|
19.5
|
|
|
1.6
|
|
|
17.9
|
|
|||
Accrued expenses
|
(22.4
|
)
|
|
(8.7
|
)
|
|
(13.7
|
)
|
|||
Income taxes
|
(6.4
|
)
|
|
22.8
|
|
|
(29.2
|
)
|
|||
Other, net
|
7.6
|
|
|
6.2
|
|
|
1.4
|
|
|||
Net cash provided by operating activities
|
$
|
274.0
|
|
|
$
|
243.5
|
|
|
$
|
30.5
|
|
|
Fiscal nine months ended
|
||||||
|
September 24,
2016 |
|
September 26,
2015 |
||||
New and relocated stores and stores not yet opened
|
$
|
88.0
|
|
|
$
|
66.9
|
|
Existing stores
|
37.4
|
|
|
13.8
|
|
||
Information technology
|
30.7
|
|
|
20.8
|
|
||
Distribution center capacity and improvements
|
10.9
|
|
|
61.3
|
|
||
Corporate and other
|
0.2
|
|
|
0.7
|
|
||
Total capital expenditures
|
$
|
167.2
|
|
|
$
|
163.5
|
|
|
Fiscal nine months ended
|
||||||||||
|
September 24,
2016 |
|
September 26,
2015 |
|
Variance
|
||||||
Net borrowings and repayments under senior credit facilities
|
$
|
145.0
|
|
|
$
|
190.0
|
|
|
$
|
(45.0
|
)
|
Excess tax benefit of stock options exercised
|
11.6
|
|
|
17.0
|
|
|
(5.4
|
)
|
|||
Repurchase of common stock
|
(215.7
|
)
|
|
(244.0
|
)
|
|
28.3
|
|
|||
Net proceeds from issuance of common stock
|
37.4
|
|
|
36.4
|
|
|
1.0
|
|
|||
Cash dividends paid to stockholders
|
(90.8
|
)
|
|
(76.2
|
)
|
|
(14.6
|
)
|
|||
Other, net
|
(3.0
|
)
|
|
(3.3
|
)
|
|
0.3
|
|
|||
Net cash used in financing activities
|
$
|
(115.5
|
)
|
|
$
|
(80.1
|
)
|
|
$
|
(35.4
|
)
|
Date Declared
|
|
Dividend Amount
Per Share |
|
Record Date
|
|
Date Paid
|
||
August 1, 2016
|
|
$
|
0.24
|
|
|
August 15, 2016
|
|
August 30, 2016
|
May 2, 2016
|
|
$
|
0.24
|
|
|
May 16, 2016
|
|
June 1, 2016
|
February 3, 2016
|
|
$
|
0.20
|
|
|
February 22, 2016
|
|
March 8, 2016
|
|
|
|
|
|
|
|
||
August 3, 2015
|
|
$
|
0.20
|
|
|
August 17, 2015
|
|
September 1, 2015
|
May 4, 2015
|
|
$
|
0.20
|
|
|
May 18, 2015
|
|
June 2, 2015
|
February 4, 2015
|
|
$
|
0.16
|
|
|
February 23, 2015
|
|
March 10, 2015
|
-
|
Inventory valuation
|
-
|
Income tax contingencies
|
-
|
Self-insurance reserves
|
-
|
Long-lived assets
|
-
|
Sales tax audit reserve
|
|
|
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 26, 2016 - July 23, 2016
|
|
65,931
|
|
|
$
|
91.84
|
|
|
65,931
|
|
|
$
|
457,745,119
|
|
July 24, 2016 - August 20, 2016
|
|
341,333
|
|
|
86.59
|
|
|
341,333
|
|
|
428,192,692
|
|
||
August 21, 2016 - September 24, 2016
|
|
1,002,388
|
|
|
73.00
|
|
|
1,002,388
|
|
|
355,034,384
|
|
||
Total
|
|
1,409,652
|
|
|
$
|
77.17
|
|
|
1,409,652
|
|
|
$
|
355,034,384
|
|
32.1*
|
Certification of Chief Executive Officer and Chief Financial Officer under Section 906 of the Sarbanes-Oxley Act of 2002.
|
101
|
The following financial information from our Quarterly Report on Form 10-Q for the
third
quarter of fiscal
2016
, filed with the Securities and Exchange Commission on
November 3, 2016
, formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Consolidated Balance Sheets at
September 24, 2016
,
December 26, 2015
and
September 26, 2015
, (ii) the Condensed Consolidated Statements of Income for the fiscal
three
and
nine
months ended
|
|
|
|
TRACTOR SUPPLY COMPANY
|
|
|
|
|
Date:
|
November 3, 2016
|
By:
|
/s/ Anthony F. Crudele
|
|
|
|
Anthony F. Crudele
|
|
|
|
Executive Vice President - Chief Financial Officer and Treasurer
|
|
|
|
(Duly Authorized Officer and Principal Financial Officer)
|
1 Year Tractor Supply Chart |
1 Month Tractor Supply Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions