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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Advance Auto Parts | NYSE:AAP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.02 | 0.03% | 73.00 | 74.21 | 72.74 | 72.82 | 1,293,007 | 01:00:00 |
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☒
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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54-2049910
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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Title of each class
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Trading symbol
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Name of each exchange on which registered
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Common Stock, $0.0001 par value
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AAP
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New York Stock Exchange
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Large accelerated filer
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☒
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Accelerated filer
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☐
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Non-accelerated filer
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☐
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Smaller reporting company
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☐
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Emerging growth company
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☐
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TABLE OF CONTENTS
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Parts & Batteries
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Accessories & Chemicals
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Engine Maintenance
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Batteries and battery accessories
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Air conditioning chemicals and accessories
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Air filters
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Belts and hoses
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Air fresheners
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Fuel and oil additives
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Brakes and brake pads
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Antifreeze and washer fluid
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Fuel filters
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Chassis parts
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Electrical wire and fuses
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Grease and lubricants
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Climate control parts
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Electronics
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Motor oil
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Clutches and drive shafts
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Floor mats, seat covers and interior accessories
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Oil filters
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Engines and engine parts
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Hand and specialty tools
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Part cleaners and treatments
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Exhaust systems and parts
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Lighting
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Transmission fluid
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Hub assemblies
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Performance parts
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Ignition components and wire
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Sealants, adhesives and compounds
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Radiators and cooling parts
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Tire repair accessories
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Starters and alternators
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Vent shades, mirrors and exterior accessories
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Steering and alignment parts
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Washes, waxes and cleaning supplies
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Wiper blades
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•
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Battery and wiper installation;
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•
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Check engine light scanning;
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•
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Electrical system testing, including batteries, starters and alternators;
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•
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“How-To” video clinics;
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•
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Oil and battery recycling; and
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•
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Loaner tool programs.
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•
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a decrease in the total number of vehicles on the road or in the number of annual miles driven or significant increase in the use of ridesharing services, because fewer vehicles means less maintenance and repairs, and lower vehicle mileage, which decreases the need for maintenance and repair;
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•
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the economy, because during periods of declining economic conditions and rising interest rates, consumers may reduce their discretionary spending by deferring vehicle maintenance or repair and new car purchases, which may impact the number of cars requiring repair in the future;
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•
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the weather, because milder weather conditions may lower the failure rates of automobile parts while extended periods of rain and winter precipitation may cause our customers to defer elective maintenance and repair of their vehicles;
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•
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the average duration of vehicle manufacturer warranties and average age of vehicles being driven, because newer cars typically require fewer repairs and will be repaired by the manufacturers’ dealer networks using dealer parts pursuant to warranties (which have gradually increased in duration and/or mileage expiration over the recent past), while vehicles that are seven years old and older are generally no longer covered under manufacturers’ warranties and tend to need more maintenance and repair than newer vehicles;
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•
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an increase in internet-based retailers, because potentially favorable prices and ease of use of purchasing parts via other websites on the internet may decrease the need for customers to visit and purchase their aftermarket parts from our physical stores and may cause fewer customers to order aftermarket parts on our website;
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•
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technological advances, such as battery electric vehicles, and the increase in quality of vehicles manufactured, because vehicles that need less frequent maintenance or have lower part failure rates will require less frequent repairs using aftermarket parts and, in the case of battery electric vehicles, do not require oil changes; and
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•
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the refusal of vehicle manufacturers to make available diagnostic, repair and maintenance information to the automotive aftermarket industry that our Professional and DIY customers require to diagnose, repair and maintain their vehicles, because this may force consumers to have a majority of diagnostic work, repairs and maintenance performed by the vehicle manufacturers’ dealer networks.
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•
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our ability to continue to identify and acquire suitable targets or strategic partners, or to acquire additional companies or enter into strategic relationships, at favorable prices and/or with favorable terms;
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•
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our ability to obtain the full benefits envisioned by strategic transactions or relationships;
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•
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the risk that management’s attention may be distracted;
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•
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our ability to attract and retain key personnel;
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•
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our ability to successfully integrate the operations and systems of the acquired companies, and to achieve the strategic, operational, financial or other anticipated synergies of the acquisition or other transaction or relationship;
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•
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the performance our of our strategic partners;
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•
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we may incur significant transaction or integration costs that may not be offset by the synergies or other benefits achieved in the near term, or at all;
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•
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we may become subject to additional operational risks, such as those associated with doing business internationally or expanding operations into new territories, geographies or channels; and
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•
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we may assume or become subject to loss contingencies, known or unknown, of acquired companies, which could relate to past, present or future facts, events, circumstances or occurrences.
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•
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affect our liquidity by limiting our ability to obtain additional financing for working capital;
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•
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limit our ability to obtain financing for capital expenditures and acquisitions or make any available financing more costly;
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•
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require us to dedicate all or a substantial portion of our cash flow to service our debt, which would reduce funds available for other business purposes, such as capital expenditures, dividends or acquisitions;
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•
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limit our flexibility in planning for or reacting to changes in the markets in which we compete;
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•
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place us at a competitive disadvantage relative to our competitors who may have less indebtedness;
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•
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render us more vulnerable to general adverse economic and industry conditions; and
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•
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make it more difficult for us to satisfy our financial obligations.
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Square Footage (in thousands)
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Location
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Leased
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Owned
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Distribution centers
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50 locations in 32 U.S. states and 4 Canadian provinces
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7,248
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4,183
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Principal corporate offices:
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Raleigh, NC
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Raleigh, NC
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177
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—
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Roanoke, VA
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Roanoke, VA
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265
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—
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Stores and branches
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4,872 stores and branches in 49 U.S. states and 2 U.S. territories and 165 stores and branches in 9 Canadian provinces
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35,176
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6,224
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Item 5.
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Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
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Period
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Total Number
of Shares
Purchased (1)
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Average
Price Paid
per Share (1)
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Total Number of
Shares Purchased as
Part of Publicly
Announced Programs
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Maximum Dollar
Value that May Yet
Be Purchased
Under the Programs
(In thousands)
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||||||
October 6, 2019 to November 2, 2019
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16,714
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$
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154.60
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16,714
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$
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198,859
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November 3, 2019 to November 30, 2019
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13,146
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160.38
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4,738
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898,126
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December 1, 2019 to December 28, 2019
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47,970
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153.47
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47,970
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890,764
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Total
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77,830
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$
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154.88
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69,422
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$
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890,764
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(1)
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The aggregate cost of repurchasing shares in connection with the net settlement of shares issued as a result of the vesting of restricted stock units was $1.3 million, or an average price of $163.53 per share, during the twelve weeks ended December 28, 2019.
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Company/Index
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January 3, 2015
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January 2, 2016
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December 31, 2016
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December 30, 2017
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December 29, 2018
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December 28, 2019
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||||||||||||
Advance Auto Parts
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$
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100.00
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$
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94.92
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$
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106.66
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$
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62.87
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$
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98.04
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$
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99.87
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S&P 500 Index
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$
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100.00
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$
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101.40
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$
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113.53
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$
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138.32
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$
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131.12
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$
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174.36
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S&P Retail Index
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$
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100.00
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$
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125.12
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$
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130.92
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$
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169.02
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|
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$
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187.86
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$
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240.41
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(in thousands, except per share data, store data and ratios)
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Year
|
||||||||||||||||||
2019
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2018
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2017
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2016
|
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2015
|
|||||||||||
Statement of Operations Data:
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||||||||||
Net sales
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$
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9,709,003
|
|
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$
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9,580,554
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|
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$
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9,373,784
|
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$
|
9,567,679
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$
|
9,737,018
|
|
Gross profit
|
$
|
4,254,746
|
|
|
$
|
4,219,413
|
|
|
$
|
4,085,049
|
|
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$
|
4,255,915
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|
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$
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4,422,772
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Operating income
|
$
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677,180
|
|
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$
|
604,275
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|
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$
|
570,212
|
|
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$
|
787,598
|
|
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$
|
825,780
|
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Net income (1)
|
$
|
486,896
|
|
|
$
|
423,847
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$
|
475,505
|
|
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$
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459,622
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$
|
473,398
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Basic earnings per common share
|
$
|
6.87
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|
$
|
5.75
|
|
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$
|
6.44
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$
|
6.22
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$
|
6.45
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Diluted earnings per common share
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$
|
6.84
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$
|
5.73
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$
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6.42
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$
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6.20
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$
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6.40
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Cash dividends declared per basic share
|
$
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0.24
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$
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0.24
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$
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0.24
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$
|
0.24
|
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$
|
0.24
|
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||||||||||
Balance Sheet and Other Financial Data:
|
|
|
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|
|
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|
||||||||||
Total assets (2)
|
$
|
11,248,525
|
|
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$
|
9,040,648
|
|
|
$
|
8,482,301
|
|
|
$
|
8,315,033
|
|
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$
|
8,127,701
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Total debt
|
$
|
747,320
|
|
|
$
|
1,045,930
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|
|
$
|
1,044,677
|
|
|
$
|
10,433,255
|
|
|
$
|
1,206,895
|
|
Total stockholders’ equity
|
$
|
3,549,081
|
|
|
$
|
3,550,813
|
|
|
$
|
3,415,196
|
|
|
$
|
2,916,192
|
|
|
$
|
2,460,648
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Selected Store Data and Performance Measures:
|
|
|
|
|
|
|
|
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|
||||||||||
Comparable store sales growth (3)
|
1.1
|
%
|
|
2.3
|
%
|
|
(2.0
|
%)
|
|
(1.4
|
%)
|
|
0.0
|
%
|
|||||
Number of stores, beginning of year
|
5,109
|
|
|
5,183
|
|
|
5,189
|
|
|
5,293
|
|
|
5,372
|
|
|||||
New stores
|
26
|
|
|
27
|
|
|
60
|
|
|
78
|
|
|
121
|
|
|||||
Closed stores
|
(98
|
)
|
|
(101
|
)
|
|
(66
|
)
|
|
(182
|
)
|
|
(200
|
)
|
|||||
Number of stores, end of year
|
5,037
|
|
|
5,109
|
|
|
5,183
|
|
|
5,189
|
|
|
5,293
|
|
(1)
|
Net income for 2018 and 2017 includes an income tax benefit of $5.7 million and $143.8 million related to the U.S. Tax Cuts and Jobs Act (the “Act”) that was signed into law on December 22, 2017. Refer to discussion in Note 12, Income Taxes, of the Notes to the Consolidated Financial Statements included herein for further information.
|
(2)
|
Effective December 30, 2018, we adopted Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842), which resulted in the recording of lease assets and lease liabilities on our Consolidated Balance Sheet. As of December 28, 2019, total assets includes Operating lease right-of-use assets of $2.4 billion. Refer to discussion in Note 2, Significant Accounting Policies, and Note 8, Leases and Other Commitments, of the Notes to the Consolidated Financial Statements included herein for further information.
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(3)
|
Comparable store sales include net sales from our stores, branches and e-commerce websites. Sales to independently owned Carquest branded stores are excluded from our comparable store sales. The change in store sales is calculated based on the change in net sales starting once a store or branch has been open for 13 complete accounting periods (each period represents four weeks). Relocations are included in comparable store sales from the original date of opening. Acquired stores are included in our comparable store sales once the stores have completed 13 complete accounting periods following the acquisition date (approximately one year).
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|
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Year Ended
|
||||||
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December 28, 2019
|
|
December 29, 2018
|
||||
Transformation expenses
|
|
$
|
0.81
|
|
|
$
|
1.02
|
|
General Parts International, Inc. (“GPI”) integration and store closure and consolidation expenses
|
|
$
|
—
|
|
|
$
|
0.07
|
|
GPI amortization of acquired intangible assets
|
|
$
|
0.29
|
|
|
$
|
0.39
|
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Other adjustments
|
|
$
|
0.25
|
|
|
$
|
—
|
|
Impact of the Act
|
|
$
|
—
|
|
|
$
|
(0.08
|
)
|
•
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Net sales during 2019 were $9,709.0 million, an increase of 1.3% as compared to 2018, which primarily related to a comparable store sales growth of 1.1%, primarily due to growth in our Professional business and product mix.
|
•
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Operating income for 2019 was $677.2 million, an increase of $72.9 million from 2018. As a percentage of total sales, operating income was 7.0%, an increase of 67 basis points as compared to 2018, due to continued focus on expense management, as evidenced by improvements in labor related costs and insurance claims costs due to our continued focus on Team Member safety. Partially offsetting these improvements, we incurred an increase in expenses related to information technology as we focus on digital capabilities and integrate our technology platforms across the enterprise.
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•
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Inventories as of December 28, 2019 increased $69.6 million, or 1.6%, as compared to 2018. This increase was due to higher purchases to ensure future replenishment capabilities throughout our supply chain and the additional branches we opened in 2019.
|
•
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We generated cash flow from operations of $866.9 million during 2019, an increase of 6.9% compared to 2018, primarily due to an increase in Net income, which was partially offset by a decrease in working capital.
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•
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Development of a demand-based assortment, leveraging purchase and search history from our common catalog, versus our existing push-down supply approach. This technology is a first step in moving from a supply-driven to a demand-driven assortment.
|
•
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Advancement towards optimizing our footprint by market to drive share, repurposing our in-market store and asset base and optimizing our distribution centers.
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•
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Continued roll-out of our new Speed Perks 2.0 program to improve customer loyalty and traffic.
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•
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Progress in the development of a more efficient end-to-end supply chain to deliver our broad assortment.
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•
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Enhancement of our DIY omni-channel business, including our eCommerce performance, continued success of the roll-out of our partnership with Walmart.com and the purchase of the DieHard® brand.
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•
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Continued focus on branch openings and expansion of our independent Carquest network to drive Professional growth.
|
•
|
Fuel costs
|
•
|
Unemployment rates
|
•
|
Consumer confidence
|
•
|
Competition
|
•
|
Changes in new car sales
|
•
|
Miles driven
|
•
|
Vehicle manufacturer warranties
|
•
|
Average age of vehicles in operation
|
•
|
Economic and political uncertainty
|
•
|
Deferral of elective automotive maintenance and improvements in new car quality
|
|
Year Ended
|
|
2019 vs. 2018
$ Change
|
|
Basis Points
|
|
2018 vs. 2017
$ Change
|
|
Basis Points
|
||||||||||||||||||||||
(in millions)
|
December 28, 2019
|
|
December 29, 2018
|
|
December 30, 2017
|
|
|
|
|
||||||||||||||||||||||
Net sales
|
$
|
9,709.0
|
|
100.0
|
%
|
|
$
|
9,580.6
|
|
100.0
|
%
|
|
$
|
9,373.8
|
|
100.0
|
%
|
|
$
|
128.4
|
|
|
—
|
|
|
$
|
206.8
|
|
|
—
|
|
Cost of sales
|
5,454.3
|
|
56.2
|
|
|
5,361.1
|
|
56.0
|
|
|
5,288.7
|
|
56.4
|
|
|
93.1
|
|
|
22
|
|
|
72.4
|
|
|
(46
|
)
|
|||||
Gross profit
|
4,254.7
|
|
43.8
|
|
|
4,219.4
|
|
44.0
|
|
|
4,085.0
|
|
43.6
|
|
|
35.3
|
|
|
(22
|
)
|
|
134.4
|
|
|
46
|
|
|||||
SG&A
|
3,577.6
|
|
36.8
|
|
|
3,615.1
|
|
37.7
|
|
|
3,514.8
|
|
37.5
|
|
|
(37.6
|
)
|
|
(89
|
)
|
|
100.3
|
|
|
24
|
|
|||||
Operating income
|
677.2
|
|
7.0
|
|
|
604.3
|
|
6.3
|
|
|
570.2
|
|
6.1
|
|
|
72.9
|
|
|
67
|
|
|
34.1
|
|
|
22
|
|
|||||
Interest expense
|
(39.9
|
)
|
(0.4
|
)
|
|
(56.6
|
)
|
(0.6
|
)
|
|
(58.8
|
)
|
(0.6
|
)
|
|
16.7
|
|
|
18
|
|
|
2.2
|
|
|
4
|
|
|||||
Other income, net
|
0.5
|
|
0.0
|
|
|
7.6
|
|
0.1
|
|
|
8.8
|
|
0.1
|
|
|
(7.1
|
)
|
|
(7
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)
|
|
(1.3
|
)
|
|
(2
|
)
|
|||||
Provision for income taxes
|
150.9
|
|
1.6
|
|
|
131.4
|
|
1.4
|
|
|
44.8
|
|
0.5
|
|
|
19.4
|
|
|
18
|
|
|
86.7
|
|
|
89
|
|
|||||
Net income
|
$
|
486.9
|
|
5.0
|
%
|
|
$
|
423.8
|
|
4.4
|
%
|
|
$
|
475.5
|
|
5.1
|
%
|
|
$
|
63.0
|
|
|
59
|
|
|
$
|
(51.7
|
)
|
|
(65
|
)
|
|
|
Year Ended
|
||||||
(in thousands, except per share data)
|
|
December 28, 2019
|
|
December 29, 2018
|
||||
Net income (GAAP)
|
|
$
|
486,896
|
|
|
$
|
423,847
|
|
Cost of sales adjustments:
|
|
|
|
|
||||
Transformation expenses
|
|
3,345
|
|
|
6,740
|
|
||
Other adjustment (1)
|
|
13,010
|
|
|
—
|
|
||
SG&A adjustments:
|
|
|
|
|
||||
GPI integration and store closure and consolidation expenses
|
|
—
|
|
|
7,360
|
|
||
GPI amortization of acquired intangible assets
|
|
27,500
|
|
|
38,018
|
|
||
Transformation expenses
|
|
73,958
|
|
|
93,767
|
|
||
Other income adjustment (2)
|
|
10,756
|
|
|
—
|
|
||
Provision for income taxes on adjustments (3)
|
|
(32,142
|
)
|
|
(36,274
|
)
|
||
Impact of the Act, net
|
|
—
|
|
|
(5,665
|
)
|
||
Adjusted net income (Non-GAAP)
|
|
$
|
583,323
|
|
|
$
|
527,793
|
|
|
|
|
|
|
||||
Diluted earnings per share (GAAP)
|
|
$
|
6.84
|
|
|
$
|
5.73
|
|
Adjustments, net of tax
|
|
1.35
|
|
|
1.40
|
|
||
Adjusted EPS (Non-GAAP)
|
|
$
|
8.19
|
|
|
$
|
7.13
|
|
(1)
|
During 2019, we made an out-of-period correction, which increased Cost of sales by $13.0 million, related to received not invoiced inventory.
|
(2)
|
During 2019, we incurred charges relating to a make-whole provision and debt issuance costs of $10.1 million and $0.7 million resulting from the early redemption of our 2020 Notes. For further information, see Note 6, Long-term Debt and Fair Value of Financial Instruments, of the Notes to the Consolidated Financial Statements, included elsewhere in this report.
|
(3)
|
The income tax impact of non-GAAP adjustments is calculated using the estimated tax rate in effect for the respective non-GAAP adjustments.
|
|
Year Ended
|
||||||||||
(in millions)
|
December 28, 2019
|
|
December 29, 2018
|
|
December 30, 2017
|
||||||
Cash flows provided by operating activities
|
$
|
866.9
|
|
|
$
|
811.0
|
|
|
$
|
600.8
|
|
Cash flows used in investing activities
|
(462.9
|
)
|
|
(191.8
|
)
|
|
(178.6
|
)
|
|||
Cash flows used in financing activities
|
(882.2
|
)
|
|
(263.9
|
)
|
|
(14.9
|
)
|
|||
Effect of exchange rate changes on cash
|
0.3
|
|
|
(5.7
|
)
|
|
4.5
|
|
|||
Net (decrease) increase in cash and cash equivalents
|
$
|
(477.9
|
)
|
|
$
|
349.6
|
|
|
$
|
411.8
|
|
(in thousands)
|
|
|
|
Payments Due by Period
|
||||||||||||||||
Contractual Obligations
|
|
Total
|
|
Less than 1 Year
|
|
1 - 3 Years
|
|
3 - 5 Years
|
|
More than 5 Years
|
||||||||||
Long-term debt (1)
|
|
$
|
750,000
|
|
|
$
|
—
|
|
|
$
|
300,000
|
|
|
$
|
450,000
|
|
|
$
|
—
|
|
Interest payments
|
|
114,750
|
|
|
33,750
|
|
|
60,750
|
|
|
20,250
|
|
|
—
|
|
|||||
Operating leases (2)
|
|
2,900,850
|
|
|
572,426
|
|
|
872,604
|
|
|
623,319
|
|
|
832,501
|
|
|||||
Other long-term liabilities (3)
|
|
457,263
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Purchase commitments (4)
|
|
66,240
|
|
|
18,200
|
|
|
32,180
|
|
|
15,860
|
|
|
—
|
|
|||||
|
|
$
|
4,289,103
|
|
|
$
|
624,376
|
|
|
$
|
1,265,534
|
|
|
$
|
1,109,429
|
|
|
$
|
832,501
|
|
(1)
|
Long-term debt represents the principal amount of our senior unsecured notes, which become due in 2022 and 2023.
|
(2)
|
We lease certain store locations, distribution centers, office space, equipment and vehicles. Our property leases generally contain renewal and escalation clauses and other concessions. These provisions are considered in our calculation of our minimum lease payments that are recognized as expense on a straight-line basis over the applicable lease term. Any lease payments that are based upon an existing index or rate are included in our minimum lease payment calculations.
|
(3)
|
Includes the long-term portion of deferred income taxes and other liabilities, including self-insurance reserves for which no contractual payment schedule exists. As we expect the payments to occur beyond 12 months from December 28, 2019, the related balances have not been reflected in the “Payments Due by Period” section of the table.
|
(4)
|
Purchase commitments include agreements to purchase goods or services that are enforceable, legally binding and specify all significant terms, including fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction. Included in the table above is the lesser of the remaining obligation or the cancellation penalty under the agreement.
|
(a)(1) Financial Statements
|
|
|
|
|
|
Audited Consolidated Financial Statements of Advance Auto Parts, Inc. and Subsidiaries for the years ended December 28, 2019, December 29, 2018 and December 30, 2017:
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
|
|
(2) Financial Statement Schedule
|
|
|
|
|
|
|
||
|
|
|
(3) Exhibits
|
|
|
|
|
|
|
•
|
We tested the effectiveness of controls over the process that ensures that all vendor agreements are communicated to accounting.
|
•
|
We tested the effectiveness of controls over the recording of vendor incentives as a reduction in inventories, and subsequently as a reduction in cost of sales as the related inventory was sold.
|
•
|
We selected a sample of vendor incentives earned during the year and deferred at year-end and recalculated, using the terms of the vendor agreement, both the amount recorded as deferred vendor incentives as a reduction in inventories and the amount recognized in earnings as a reduction in cost of sales.
|
•
|
We selected a sample of vendors from the Company’s inventory purchases made during the year and from vendor incentives recorded as a reduction in cost of sales and confirmed directly with the vendor that the agreement obtained from the Company and used in the determination of deferred vendor incentives as a reduction in cost of sales was the most recent between the parties.
|
•
|
We tested the amount of the deferred vendor incentives recorded as a reduction in cost of sales by developing an expectation of the amount based on the historical amounts recorded as a percentage of total cost of sales and compared our expectation to the amount recorded.
|
|
December 28, 2019
|
|
December 29, 2018
|
||||
Assets
|
|
||||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
418,665
|
|
|
$
|
896,527
|
|
Receivables, net
|
689,469
|
|
|
624,972
|
|
||
Inventories
|
4,432,168
|
|
|
4,362,547
|
|
||
Other current assets
|
155,241
|
|
|
198,408
|
|
||
Total current assets
|
5,695,543
|
|
|
6,082,454
|
|
||
Property and equipment, net of accumulated depreciation of $2,037,849 and $1,918,502
|
1,433,213
|
|
|
1,368,985
|
|
||
Operating lease right-of-use assets
|
2,365,325
|
|
|
—
|
|
||
Goodwill
|
992,240
|
|
|
990,237
|
|
||
Intangible assets, net
|
709,756
|
|
|
550,593
|
|
||
Other assets
|
52,448
|
|
|
48,379
|
|
||
|
$
|
11,248,525
|
|
|
$
|
9,040,648
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Accounts payable
|
$
|
3,421,987
|
|
|
$
|
3,172,790
|
|
Accrued expenses
|
535,863
|
|
|
623,141
|
|
||
Other current liabilities
|
519,852
|
|
|
90,019
|
|
||
Total current liabilities
|
4,477,702
|
|
|
3,885,950
|
|
||
Long-term debt
|
747,320
|
|
|
1,045,720
|
|
||
Noncurrent operating lease liabilities
|
2,017,159
|
|
|
—
|
|
||
Deferred income taxes
|
334,013
|
|
|
318,353
|
|
||
Other long-term liabilities
|
123,250
|
|
|
239,812
|
|
||
Commitments and contingencies
|
|
|
|
|
|
||
Stockholders’ equity:
|
|
|
|
|
|
||
Preferred stock, nonvoting, $0.0001 par value,
|
|
|
|
||||
10,000 shares authorized; no shares issued or outstanding
|
—
|
|
|
—
|
|
||
Common stock, voting, $0.0001 par value, 200,000 shares authorized;
|
|
|
|
||||
76,051 shares issued and 69,232 outstanding at December 28, 2019
|
|
|
|
||||
75,831 shares issued and 72,460 outstanding at December 29, 2018
|
8
|
|
|
8
|
|
||
Additional paid-in capital
|
735,183
|
|
|
694,797
|
|
||
Treasury stock, at cost, 6,819 and 3,371 shares
|
(924,389
|
)
|
|
(425,954
|
)
|
||
Accumulated other comprehensive loss
|
(34,569
|
)
|
|
(44,193
|
)
|
||
Retained earnings
|
3,772,848
|
|
|
3,326,155
|
|
||
Total stockholders’ equity
|
3,549,081
|
|
|
3,550,813
|
|
||
|
$
|
11,248,525
|
|
|
$
|
9,040,648
|
|
|
Year Ended
|
||||||||||
|
December 28, 2019
|
|
December 29, 2018
|
|
December 30, 2017
|
||||||
Net sales
|
$
|
9,709,003
|
|
|
$
|
9,580,554
|
|
|
$
|
9,373,784
|
|
Cost of sales, including purchasing and warehousing costs
|
5,454,257
|
|
|
5,361,141
|
|
|
5,288,735
|
|
|||
Gross profit
|
4,254,746
|
|
|
4,219,413
|
|
|
4,085,049
|
|
|||
Selling, general and administrative expenses
|
3,577,566
|
|
|
3,615,138
|
|
|
3,514,837
|
|
|||
Operating income
|
677,180
|
|
|
604,275
|
|
|
570,212
|
|
|||
Other, net:
|
|
|
|
|
|
|
|||||
Interest expense
|
(39,898
|
)
|
|
(56,588
|
)
|
|
(58,801
|
)
|
|||
Other income, net
|
464
|
|
|
7,577
|
|
|
8,848
|
|
|||
Total other, net
|
(39,434
|
)
|
|
(49,011
|
)
|
|
(49,953
|
)
|
|||
Income before provision for income taxes
|
637,746
|
|
|
555,264
|
|
|
520,259
|
|
|||
Provision for income taxes
|
150,850
|
|
|
131,417
|
|
|
44,754
|
|
|||
Net income
|
$
|
486,896
|
|
|
$
|
423,847
|
|
|
$
|
475,505
|
|
|
|
|
|
|
|
||||||
Basic earnings per common share
|
$
|
6.87
|
|
|
$
|
5.75
|
|
|
$
|
6.44
|
|
Weighted average common shares outstanding
|
70,869
|
|
|
73,728
|
|
|
73,846
|
|
|||
|
|
|
|
|
|
||||||
Diluted earnings per common share
|
$
|
6.84
|
|
|
$
|
5.73
|
|
|
$
|
6.42
|
|
Weighted average common shares outstanding
|
71,165
|
|
|
73,991
|
|
|
74,110
|
|
|||
|
|
|
|
|
|
|
Year Ended
|
||||||||||
|
December 28, 2019
|
|
December 29, 2018
|
|
December 30, 2017
|
||||||
Net income
|
$
|
486,896
|
|
|
$
|
423,847
|
|
|
$
|
475,505
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
||||||
Changes in net unrecognized other postretirement benefit costs, net of tax of $67, $103 and $126
|
(142
|
)
|
|
(294
|
)
|
|
(194
|
)
|
|||
Currency translation adjustments
|
9,766
|
|
|
(18,945
|
)
|
|
14,941
|
|
|||
Total other comprehensive income (loss)
|
9,624
|
|
|
(19,239
|
)
|
|
14,747
|
|
|||
Comprehensive income
|
496,520
|
|
|
$
|
404,608
|
|
|
$
|
490,252
|
|
Advance Auto Parts, Inc. and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity
(in thousands, except per share data)
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Common Stock
|
|
Additional
Paid-in Capital
|
|
Treasury Stock, at cost
|
|
Accumulated Other
Comprehensive Loss
|
|
Retained Earnings
|
|
Total Stockholders’ Equity
|
|||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|||||||||||||||||||
Balance, December 31, 2016
|
73,749
|
|
|
$
|
8
|
|
|
$
|
631,052
|
|
|
$
|
(138,102
|
)
|
|
$
|
(39,701
|
)
|
|
$
|
2,462,935
|
|
|
$
|
2,916,192
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
475,505
|
|
|
475,505
|
|
||||||
Cumulative effect of accounting change from adoption of ASU 2016-09
|
—
|
|
|
—
|
|
|
782
|
|
|
—
|
|
|
—
|
|
|
(490
|
)
|
|
292
|
|
||||||
Total other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,747
|
|
|
—
|
|
|
14,747
|
|
||||||
Restricted stock, restricted stock units and deferred stock units vested
|
147
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
35,267
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35,267
|
|
||||||
Stock issued under employee stock purchase plan
|
29
|
|
|
—
|
|
|
4,053
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,053
|
|
||||||
Repurchase of common stock
|
(56
|
)
|
|
—
|
|
|
—
|
|
|
(6,498
|
)
|
|
—
|
|
|
—
|
|
|
(6,498
|
)
|
||||||
Cash dividends declared ($0.24 per common share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17,854
|
)
|
|
(17,854
|
)
|
||||||
Other
|
67
|
|
|
—
|
|
|
(6,508
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,508
|
)
|
||||||
Balance, December 30, 2017
|
73,936
|
|
|
8
|
|
|
664,646
|
|
|
(144,600
|
)
|
|
(24,954
|
)
|
|
2,920,096
|
|
|
3,415,196
|
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
423,847
|
|
|
423,847
|
|
||||||
Total other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(19,239
|
)
|
|
—
|
|
|
(19,239
|
)
|
||||||
Restricted stock units and deferred stock units vested
|
215
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
27,760
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27,760
|
|
||||||
Stock issued under employee stock purchase plan
|
36
|
|
|
—
|
|
|
3,200
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,200
|
|
||||||
Repurchase of common stock
|
(1,738
|
)
|
|
—
|
|
|
—
|
|
|
(281,354
|
)
|
|
—
|
|
|
—
|
|
|
(281,354
|
)
|
||||||
Cash dividends declared ($0.24 per common share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17,788
|
)
|
|
(17,788
|
)
|
||||||
Other
|
11
|
|
|
—
|
|
|
(809
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(809
|
)
|
||||||
Balance, December 29, 2018
|
72,460
|
|
|
8
|
|
|
694,797
|
|
|
(425,954
|
)
|
|
(44,193
|
)
|
|
3,326,155
|
|
|
3,550,813
|
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
486,896
|
|
|
486,896
|
|
||||||
Cumulative effect of accounting change from adoption of ASU 2016-02
|
|
|
|
|
|
|
|
|
|
|
(23,165
|
)
|
|
(23,165
|
)
|
|||||||||||
Total other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,624
|
|
|
—
|
|
|
9,624
|
|
||||||
Restricted stock units and deferred stock units vested
|
192
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
37,438
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37,438
|
|
||||||
Stock issued under employee stock purchase plan
|
23
|
|
|
—
|
|
|
3,334
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,334
|
|
||||||
Repurchase of common stock
|
(3,448
|
)
|
|
—
|
|
|
—
|
|
|
(498,435
|
)
|
|
—
|
|
|
—
|
|
|
(498,435
|
)
|
||||||
Cash dividends declared ($0.24 per common share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17,038
|
)
|
|
(17,038
|
)
|
||||||
Other
|
5
|
|
|
—
|
|
|
(386
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(386
|
)
|
||||||
Balance, December 28, 2019
|
69,232
|
|
|
$
|
8
|
|
|
$
|
735,183
|
|
|
$
|
(924,389
|
)
|
|
$
|
(34,569
|
)
|
|
$
|
3,772,848
|
|
|
$
|
3,549,081
|
|
Advance Auto Parts, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(in thousands) |
|||||||||||
|
|
||||||||||
|
Year Ended
|
||||||||||
|
December 28, 2019
|
|
December 29, 2018
|
|
December 30, 2017
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
486,896
|
|
|
$
|
423,847
|
|
|
$
|
475,505
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
238,371
|
|
|
238,184
|
|
|
249,260
|
|
|||
Share-based compensation
|
37,438
|
|
|
27,760
|
|
|
35,267
|
|
|||
Loss and impairment of long-lived assets
|
6,671
|
|
|
15,956
|
|
|
17,106
|
|
|||
Other, net
|
12,437
|
|
|
2,195
|
|
|
3,123
|
|
|||
Provision (benefit) for deferred income taxes
|
23,148
|
|
|
15,956
|
|
|
(151,263
|
)
|
|||
Net change in:
|
|
|
|
|
|
||||||
Receivables, net
|
(62,837
|
)
|
|
(21,471
|
)
|
|
36,047
|
|
|||
Inventories
|
(63,130
|
)
|
|
(206,125
|
)
|
|
167,548
|
|
|||
Accounts payable
|
245,785
|
|
|
285,493
|
|
|
(197,168
|
)
|
|||
Accrued expenses
|
(72,288
|
)
|
|
93,940
|
|
|
(13,295
|
)
|
|||
Other assets and liabilities, net
|
14,418
|
|
|
(64,707
|
)
|
|
(21,325
|
)
|
|||
Net cash provided by operating activities
|
866,909
|
|
|
811,028
|
|
|
600,805
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
||||
Purchases of property and equipment
|
(270,129
|
)
|
|
(193,715
|
)
|
|
(189,758
|
)
|
|||
Purchase of an indefinite-lived intangible asset
|
(201,519
|
)
|
|
—
|
|
|
—
|
|
|||
Proceeds from sales of property and equipment
|
8,709
|
|
|
1,888
|
|
|
11,099
|
|
|||
Other, net
|
—
|
|
|
—
|
|
|
20
|
|
|||
Net cash used in investing activities
|
(462,939
|
)
|
|
(191,827
|
)
|
|
(178,639
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
||||
(Decrease) increase in bank overdrafts
|
(59,339
|
)
|
|
32,014
|
|
|
14,004
|
|
|||
Redemption of senior unsecured note
|
(310,047
|
)
|
|
—
|
|
|
—
|
|
|||
Borrowings under credit facilities
|
—
|
|
|
—
|
|
|
534,400
|
|
|||
Payments on credit facilities
|
—
|
|
|
—
|
|
|
(534,400
|
)
|
|||
Dividends paid
|
(17,185
|
)
|
|
(17,819
|
)
|
|
(17,854
|
)
|
|||
Proceeds from the issuance of common stock
|
3,334
|
|
|
3,200
|
|
|
4,076
|
|
|||
Repurchases of common stock
|
(498,435
|
)
|
|
(281,354
|
)
|
|
(6,498
|
)
|
|||
Other, net
|
(481
|
)
|
|
44
|
|
|
(8,600
|
)
|
|||
Net cash used in financing activities
|
(882,153
|
)
|
|
(263,915
|
)
|
|
(14,872
|
)
|
|||
Effect of exchange rate changes on cash
|
321
|
|
|
(5,696
|
)
|
|
4,465
|
|
|||
Net (decrease) increase in cash and cash equivalents
|
(477,862
|
)
|
|
349,590
|
|
|
411,759
|
|
|||
Cash and cash equivalents, beginning of period
|
896,527
|
|
|
546,937
|
|
|
135,178
|
|
|||
Cash and cash equivalents, end of period
|
$
|
418,665
|
|
|
$
|
896,527
|
|
|
$
|
546,937
|
|
|
|
|
|
|
|
||||||
Supplemental cash flow information:
|
|
|
|
|
|
||||||
Interest paid
|
$
|
41,099
|
|
|
$
|
45,322
|
|
|
$
|
53,509
|
|
Income tax payments
|
$
|
108,163
|
|
|
$
|
143,213
|
|
|
$
|
192,116
|
|
Non-cash transactions:
|
|
|
|
|
|
||||||
Accrued purchases of property and equipment
|
$
|
26,201
|
|
|
$
|
15,365
|
|
|
$
|
14,335
|
|
1.
|
Nature of Operations and Basis of Presentation:
|
2.
|
Significant Accounting Policies:
|
|
|
Year Ended
|
|||||||
|
|
December 28, 2019
|
|
December 29, 2018
|
|
December 30, 2017
|
|||
Percentage of Sales, by Product Group
|
|
|
|
|
|
|
|||
Parts and Batteries
|
|
67
|
%
|
|
66
|
%
|
|
65
|
%
|
Accessories and Chemicals
|
|
21
|
%
|
|
20
|
%
|
|
20
|
%
|
Engine Maintenance
|
|
11
|
%
|
|
13
|
%
|
|
14
|
%
|
Other
|
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
Total
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
3.
|
Inventories:
|
(in thousands)
|
December 28, 2019
|
|
December 29, 2018
|
||||
Inventories at first in, first out (“FIFO”)
|
$
|
4,290,565
|
|
|
$
|
4,119,617
|
|
Adjustments to state inventories at LIFO
|
141,603
|
|
|
242,930
|
|
||
Inventories at LIFO
|
$
|
4,432,168
|
|
|
$
|
4,362,547
|
|
4.
|
Goodwill and Intangible Assets:
|
|
|
December 28, 2019
|
|
December 29, 2018
|
||||||||||||||||||||
(in thousands)
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net
|
||||||||||||
Amortized intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Customer relationships
|
|
$
|
350,352
|
|
|
$
|
(179,220
|
)
|
|
$
|
171,132
|
|
|
$
|
349,157
|
|
|
$
|
(148,889
|
)
|
|
$
|
200,268
|
|
Favorable leases (1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27,139
|
|
|
(12,791
|
)
|
|
14,348
|
|
||||||
Non-compete and other
|
|
38,256
|
|
|
(37,318
|
)
|
|
938
|
|
|
37,875
|
|
|
(36,974
|
)
|
|
901
|
|
||||||
|
|
388,608
|
|
|
(216,538
|
)
|
|
172,070
|
|
|
414,171
|
|
|
(198,654
|
)
|
|
215,517
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Indefinite-lived intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Brands, trademark and tradenames
|
|
537,686
|
|
|
—
|
|
|
537,686
|
|
|
335,076
|
|
|
—
|
|
|
335,076
|
|
||||||
Total intangible assets
|
|
$
|
926,294
|
|
|
$
|
(216,538
|
)
|
|
$
|
709,756
|
|
|
$
|
749,247
|
|
|
$
|
(198,654
|
)
|
|
$
|
550,593
|
|
(1)
|
As a result of our adoption of ASU 2016-02 on December 30, 2018, favorable lease assets were derecognized through an opening adjustment to Operating lease right-of-use assets in the accompanying consolidated balance sheet.
|
Year
|
|
Amount
|
||
(in thousands)
|
|
|
||
2020
|
|
$
|
30,206
|
|
2021
|
|
30,104
|
|
|
2022
|
|
30,008
|
|
|
2023
|
|
27,099
|
|
|
2024
|
|
27,291
|
|
|
Thereafter
|
|
27,362
|
|
|
|
|
$
|
172,070
|
|
5.
|
Receivables, net:
|
(in thousands)
|
|
December 28, 2019
|
|
December 29, 2018
|
||||
Trade
|
|
$
|
422,403
|
|
|
$
|
397,909
|
|
Vendor
|
|
249,009
|
|
|
228,024
|
|
||
Other
|
|
32,306
|
|
|
17,081
|
|
||
Total receivables
|
|
703,718
|
|
|
643,014
|
|
||
Less: allowance for doubtful accounts
|
|
(14,249
|
)
|
|
(18,042
|
)
|
||
Receivables, net
|
|
$
|
689,469
|
|
|
$
|
624,972
|
|
6.
|
Long-term Debt and Fair Value of Financial Instruments:
|
(in thousands)
|
December 28, 2019
|
|
December 29, 2018
|
||||
5.75% Senior Unsecured Notes (net of unamortized discount and debt issuance costs of $802 at December 29, 2018) due May 1, 2020
|
$
|
—
|
|
|
$
|
299,198
|
|
4.50% Senior Unsecured Notes (net of unamortized discount and debt issuance costs of $559 and $833 at December 28, 2019 and December 29, 2018) due January 15, 2022
|
299,441
|
|
|
299,167
|
|
||
4.50% Senior Unsecured Notes (net of unamortized discount and debt issuance costs of $2,121 and $2,645 at December 28, 2019 and December 29, 2018) due December 1, 2023
|
447,879
|
|
|
447,355
|
|
||
Other
|
—
|
|
|
210
|
|
||
|
747,320
|
|
|
1,045,930
|
|
||
Less: Current portion of long-term debt
|
—
|
|
|
(210
|
)
|
||
Long-term debt, excluding current portion
|
$
|
747,320
|
|
|
$
|
1,045,720
|
|
|
|
|
|
||||
Fair value of long-term debt
|
$
|
795,000
|
|
|
$
|
1,074,000
|
|
Year
|
|
Amount
|
|||
(in thousands)
|
|
|
|||
2020
|
|
|
$
|
—
|
|
2021
|
|
|
—
|
|
|
2022
|
|
|
300,000
|
|
|
2023
|
|
|
450,000
|
|
|
2024
|
|
|
—
|
|
|
Thereafter
|
|
|
—
|
|
|
|
|
$
|
750,000
|
|
7.
|
Property and Equipment:
|
(in thousands)
|
|
Useful Lives |
|
December 28, 2019
|
|
December 29, 2018
|
||||
Land and land improvements
|
|
0 - 10 years
|
|
$
|
457,960
|
|
|
$
|
453,511
|
|
Buildings
|
|
30 - 40 years
|
|
498,871
|
|
|
488,977
|
|
||
Building and leasehold improvements
|
|
2 - 15 years
|
|
535,082
|
|
|
504,518
|
|
||
Furniture, fixtures and equipment
|
|
2 - 20 years
|
|
1,850,485
|
|
|
1,740,960
|
|
||
Vehicles
|
|
2 - 10 years
|
|
14,612
|
|
|
14,636
|
|
||
Construction in progress
|
|
|
|
114,052
|
|
|
84,885
|
|
||
|
|
|
|
3,471,062
|
|
|
3,287,487
|
|
||
Less - Accumulated depreciation
|
|
|
|
(2,037,849
|
)
|
|
(1,918,502
|
)
|
||
Property and equipment, net
|
|
|
|
$
|
1,433,213
|
|
|
$
|
1,368,985
|
|
8.
|
Leases and Other Commitments:
|
(in thousands)
|
December 28, 2019
|
||
Total operating lease liabilities
|
$
|
2,495,141
|
|
Less: Current portion of operating lease liabilities
|
(477,982
|
)
|
|
Noncurrent operating lease liabilities
|
$
|
2,017,159
|
|
|
Year Ended
|
||
(in thousands)
|
December 28, 2019
|
||
Operating lease cost
|
$
|
522,928
|
|
Variable lease cost
|
155,892
|
|
|
Total lease cost
|
$
|
678,820
|
|
(in thousands)
|
December 28, 2019
|
||
2020
|
$
|
572,426
|
|
2021
|
482,494
|
|
|
2022
|
390,110
|
|
|
2023
|
350,636
|
|
|
2024
|
272,683
|
|
|
Thereafter
|
832,501
|
|
|
Total lease payments
|
2,900,850
|
|
|
Less: Imputed interest
|
(405,709
|
)
|
|
Total operating lease liabilities
|
$
|
2,495,141
|
|
|
Year Ended
|
||
(in thousands)
|
December 28, 2019
|
||
Cash paid for amounts included in the measurement of lease liabilities:
|
|
||
Operating cash flows from operating leases
|
$
|
517,945
|
|
Right-of-use assets obtained in exchange for lease obligations:
|
|
||
Operating leases
|
$
|
398,510
|
|
Year
|
|
Amount
|
|||
(in thousands)
|
|
|
|||
2019
|
|
|
$
|
520,541
|
|
2020
|
|
|
481,812
|
|
|
2021
|
|
|
416,895
|
|
|
2022
|
|
|
349,470
|
|
|
2023
|
|
|
270,116
|
|
|
Thereafter
|
|
|
837,441
|
|
|
|
|
$
|
2,876,275
|
|
|
|
Year Ended
|
||||||
(in thousands)
|
|
December 29, 2018
|
|
December 30, 2017
|
||||
Minimum facility rentals
|
|
$
|
484,291
|
|
|
$
|
483,178
|
|
Equipment rentals
|
|
23,635
|
|
|
24,786
|
|
||
Vehicle rentals
|
|
53,015
|
|
|
32,670
|
|
||
|
|
560,941
|
|
|
540,634
|
|
||
Less: Sub-lease income
|
|
(7,141
|
)
|
|
(7,144
|
)
|
||
|
|
$
|
553,800
|
|
|
$
|
533,490
|
|
9.
|
Accrued Expenses:
|
(in thousands)
|
|
December 28, 2019
|
|
December 29, 2018
|
||||
Payroll and related benefits
|
|
$
|
109,371
|
|
|
$
|
129,909
|
|
Taxes payable
|
|
96,834
|
|
|
119,203
|
|
||
Self-insurance reserves
|
|
64,845
|
|
|
70,962
|
|
||
Warranty reserves
|
|
36,820
|
|
|
45,280
|
|
||
Capital expenditures
|
|
26,201
|
|
|
15,365
|
|
||
Transportation
|
|
21,679
|
|
|
28,872
|
|
||
Other
|
|
180,113
|
|
|
213,550
|
|
||
Total accrued expenses
|
|
$
|
535,863
|
|
|
$
|
623,141
|
|
|
|
Year Ended
|
||||||||||
(in thousands)
|
|
December 28, 2019
|
|
December 29, 2018
|
|
December 30, 2017
|
||||||
Warranty reserve, beginning of period
|
|
$
|
45,280
|
|
|
$
|
49,024
|
|
|
$
|
47,243
|
|
Additions to reserve
|
|
34,117
|
|
|
43,200
|
|
|
50,895
|
|
|||
Reduction and utilization of reserve
|
|
(42,577
|
)
|
|
(46,944
|
)
|
|
(49,114
|
)
|
|||
Warranty reserve, end of period
|
|
$
|
36,820
|
|
|
$
|
45,280
|
|
|
$
|
49,024
|
|
10.
|
Share Repurchase Program:
|
11.
|
Earnings per Share:
|
|
|
Year Ended
|
||||||||||
(in thousands, except per share data)
|
|
December 28, 2019
|
|
December 29, 2018
|
|
December 30, 2017
|
||||||
Numerator
|
|
|
|
|
|
|
||||||
Net income applicable to common shares
|
|
$
|
486,896
|
|
|
$
|
423,847
|
|
|
$
|
475,505
|
|
Denominator
|
|
|
|
|
|
|
||||||
Basic weighted average common shares
|
|
70,869
|
|
|
73,728
|
|
|
73,846
|
|
|||
Dilutive impact of share-based awards
|
|
296
|
|
|
263
|
|
|
264
|
|
|||
Diluted weighted average common shares (1)
|
|
71,165
|
|
|
73,991
|
|
|
74,110
|
|
|||
|
|
|
|
|
|
|
|
|||||
Basic earnings per common share
|
|
$
|
6.87
|
|
|
$
|
5.75
|
|
|
$
|
6.44
|
|
Diluted earnings per common share
|
|
$
|
6.84
|
|
|
$
|
5.73
|
|
|
$
|
6.42
|
|
(1)
|
For the fifty-two weeks ended December 28, 2019, 115 thousand restricted stock units (“RSUs”) were excluded from the diluted calculation as their inclusion would have been anti-dilutive. For the fifty-two weeks ended December 29, 2018 and December 30, 2017, these anti-dilutive RSUs were insignificant.
|
12.
|
Income Taxes:
|
(in thousands)
|
|
Current
|
|
Deferred
|
|
Total
|
||||||
2019
|
|
|
|
|
|
|
||||||
Federal
|
|
$
|
84,490
|
|
|
$
|
13,618
|
|
|
$
|
98,108
|
|
State
|
|
26,924
|
|
|
8,117
|
|
|
35,041
|
|
|||
Foreign
|
|
16,288
|
|
|
1,413
|
|
|
17,701
|
|
|||
|
|
$
|
127,702
|
|
|
$
|
23,148
|
|
|
$
|
150,850
|
|
2018
|
|
|
|
|
|
|
||||||
Federal
|
|
$
|
72,598
|
|
|
$
|
14,745
|
|
|
$
|
87,343
|
|
State
|
|
19,571
|
|
|
3,439
|
|
|
23,010
|
|
|||
Foreign
|
|
23,292
|
|
|
(2,228
|
)
|
|
21,064
|
|
|||
|
|
$
|
115,461
|
|
|
$
|
15,956
|
|
|
$
|
131,417
|
|
2017
|
|
|
|
|
|
|
||||||
Federal
|
|
$
|
146,855
|
|
|
$
|
(146,741
|
)
|
|
$
|
114
|
|
State
|
|
31,352
|
|
|
(3,437
|
)
|
|
27,915
|
|
|||
Foreign
|
|
17,810
|
|
|
(1,085
|
)
|
|
16,725
|
|
|||
|
|
$
|
196,017
|
|
|
$
|
(151,263
|
)
|
|
$
|
44,754
|
|
|
|
Year Ended
|
||||||||||
(in thousands)
|
|
December 28, 2019
|
|
December 29, 2018
|
|
December 30, 2017
|
||||||
Income before provision for income taxes at statutory U.S. federal income tax rate (21% for 2019 and 2018 and 35% for 2017)
|
|
$
|
133,927
|
|
|
$
|
116,605
|
|
|
$
|
182,091
|
|
State income taxes, net of federal income tax benefit
|
|
27,682
|
|
|
18,178
|
|
|
18,145
|
|
|||
Impact of the Act
|
|
—
|
|
|
(5,655
|
)
|
|
(143,756
|
)
|
|||
Other, net
|
|
(10,759
|
)
|
|
2,289
|
|
|
(11,726
|
)
|
|||
|
|
$
|
150,850
|
|
|
$
|
131,417
|
|
|
$
|
44,754
|
|
(in thousands)
|
|
December 28, 2019
|
|
December 29, 2018
|
||||
Deferred income tax assets:
|
|
|
|
|
||||
Accrued expenses not currently deductible for tax
|
|
$
|
38,064
|
|
|
$
|
40,066
|
|
Share-based compensation
|
|
9,540
|
|
|
7,780
|
|
||
Accrued medical and workers compensation
|
|
22,202
|
|
|
34,430
|
|
||
Net operating loss carryforwards
|
|
5,565
|
|
|
7,423
|
|
||
Operating lease liabilities
|
|
627,707
|
|
|
21,091
|
|
||
Other, net
|
|
8,430
|
|
|
8,390
|
|
||
Total deferred income tax assets before valuation allowances
|
|
711,508
|
|
|
119,180
|
|
||
Less: Valuation allowance
|
|
(3,592
|
)
|
|
(8,694
|
)
|
||
Total deferred income tax assets
|
|
707,916
|
|
|
110,486
|
|
||
Deferred income tax liabilities:
|
|
|
|
|
||||
Property and equipment
|
|
(116,277
|
)
|
|
(92,505
|
)
|
||
Inventories
|
|
(183,428
|
)
|
|
(196,772
|
)
|
||
Intangible assets
|
|
(136,078
|
)
|
|
(139,562
|
)
|
||
Operating lease right-of-use assets
|
|
(606,146
|
)
|
|
—
|
|
||
Total deferred income tax liabilities
|
|
(1,041,929
|
)
|
|
(428,839
|
)
|
||
Net deferred income tax liabilities
|
|
$
|
(334,013
|
)
|
|
$
|
(318,353
|
)
|
(in thousands)
|
|
December 28, 2019
|
|
December 29, 2018
|
|
December 30, 2017
|
||||||
Unrecognized tax benefits, beginning of period
|
|
$
|
30,824
|
|
|
$
|
22,665
|
|
|
$
|
13,946
|
|
Increases related to prior period tax positions
|
|
4,243
|
|
|
5,435
|
|
|
8,077
|
|
|||
Decreases related to prior period tax positions
|
|
(2,277
|
)
|
|
(1,356
|
)
|
|
(2,331
|
)
|
|||
Increases related to current period tax positions
|
|
3,741
|
|
|
5,425
|
|
|
5,644
|
|
|||
Settlements
|
|
(331
|
)
|
|
(14
|
)
|
|
(1,496
|
)
|
|||
Expiration of statute of limitations
|
|
(6,438
|
)
|
|
(1,331
|
)
|
|
(1,175
|
)
|
|||
Unrecognized tax benefits, end of period
|
|
$
|
29,762
|
|
|
$
|
30,824
|
|
|
$
|
22,665
|
|
13.
|
Contingencies:
|
14.
|
Benefit Plans:
|
15.
|
Share-Based Compensation:
|
Monte Carlo Simulation Model Assumptions
|
|
2019
|
|
2018
|
|
2017
|
|||
Risk-free interest rate (1)
|
|
2.5
|
%
|
|
2.4
|
%
|
|
1.6
|
%
|
Expected dividend yield
|
|
0.2
|
%
|
|
0.2
|
%
|
|
0.2
|
%
|
Expected stock price volatility (2)
|
|
33.5
|
%
|
|
34.0
|
%
|
|
26.2
|
%
|
(1)
|
The risk-free interest rate is based on the U.S. Treasury constant maturity interest rate having term consistent with the vesting period of the award.
|
(2)
|
Expected volatility is determined based on historical volatility over a matching look-back period and is consistent with the correlation coefficients between our stock prices and our peer group.
|
|
|
Time-Based
|
|
Performance-Based
|
|
Market-Based
|
|||||||||||||||
(in thousands, except per share data)
|
|
Number of Awards
|
|
Weighted-Average Grant Date Fair Value
|
|
Number of Awards
|
|
Weighted-Average Grant Date Fair Value
|
|
Number of Awards
|
|
Weighted-Average Grant Date Fair Value
|
|||||||||
Nonvested at December 29, 2018
|
|
410
|
|
|
$
|
132.49
|
|
|
125
|
|
|
$
|
126.19
|
|
|
53
|
|
|
$
|
133.78
|
|
Granted
|
|
279
|
|
|
157.31
|
|
|
39
|
|
|
159.80
|
|
|
28
|
|
|
165.70
|
|
|||
Change in units based on performance
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
120.72
|
|
|
—
|
|
|
—
|
|
|||
Vested
|
|
(164
|
)
|
|
133.97
|
|
|
(17
|
)
|
|
160.94
|
|
|
—
|
|
|
—
|
|
|||
Forfeited
|
|
(65
|
)
|
|
140.11
|
|
|
(14
|
)
|
|
128.10
|
|
|
(8
|
)
|
|
142.01
|
|
|||
Nonvested at December 28, 2019
|
|
460
|
|
|
$
|
145.95
|
|
|
127
|
|
|
$
|
132.03
|
|
|
73
|
|
|
145.08
|
|
|
|
Year Ended
|
||||||||||
(in thousands, except per share data)
|
|
December 28, 2019
|
|
December 29, 2018
|
|
December 30, 2017
|
||||||
Time-based:
|
|
|
|
|
|
|
||||||
Weighted average fair value of RSUs granted
|
|
$
|
157.31
|
|
|
$
|
130.12
|
|
|
$
|
131.01
|
|
Total grant date fair value of RSUs vested
|
|
$
|
21,955
|
|
|
$
|
17,527
|
|
|
$
|
13,578
|
|
Performance-based:
|
|
|
|
|
|
|
||||||
Weighted average fair value of RSUs granted
|
|
$
|
159.80
|
|
|
$
|
119.08
|
|
|
$
|
146.42
|
|
Total grant date fair value of RSUs vested
|
|
$
|
2,666
|
|
|
$
|
9,224
|
|
|
$
|
7,823
|
|
Market-based:
|
|
|
|
|
|
|
||||||
Weighted average fair value of RSUs granted
|
|
$
|
165.70
|
|
|
$
|
131.48
|
|
|
$
|
139.33
|
|
Total grant date fair value of RSUs vested
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
16.
|
Accumulated Other Comprehensive Loss:
|
(in thousands)
|
|
Unrealized Gain (Loss) on Postretirement Plan
|
|
Foreign Currency Translation
|
|
Accumulated Other Comprehensive (Loss) Income
|
||||||
Balance, December 31, 2016
|
|
$
|
1,952
|
|
|
$
|
(41,653
|
)
|
|
$
|
(39,701
|
)
|
2017 activity
|
|
(194
|
)
|
|
14,941
|
|
|
14,747
|
|
|||
Balance, December 30, 2017
|
|
1,758
|
|
|
(26,712
|
)
|
|
(24,954
|
)
|
|||
2018 activity
|
|
(294
|
)
|
|
(18,945
|
)
|
|
(19,239
|
)
|
|||
Balance, December 29, 2018
|
|
1,464
|
|
|
(45,657
|
)
|
|
(44,193
|
)
|
|||
2019 activity
|
|
(142
|
)
|
|
9,766
|
|
|
9,624
|
|
|||
Balance, December 28, 2019
|
|
$
|
1,322
|
|
|
$
|
(35,891
|
)
|
|
$
|
(34,569
|
)
|
17.
|
Condensed Consolidating Financial Statements:
|
(in thousands)
|
Advance Auto Parts, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
—
|
|
|
$
|
285,100
|
|
|
$
|
133,565
|
|
|
$
|
—
|
|
|
$
|
418,665
|
|
Receivables, net
|
1,529
|
|
|
646,686
|
|
|
41,254
|
|
|
—
|
|
|
689,469
|
|
|||||
Inventories
|
—
|
|
|
4,233,562
|
|
|
198,606
|
|
|
—
|
|
|
4,432,168
|
|
|||||
Other current assets
|
12,710
|
|
|
150,316
|
|
|
3,442
|
|
|
(11,227
|
)
|
|
155,241
|
|
|||||
Total current assets
|
14,239
|
|
|
5,315,664
|
|
|
376,867
|
|
|
(11,227
|
)
|
|
5,695,543
|
|
|||||
Property and equipment, net of accumulated depreciation
|
54
|
|
|
1,423,920
|
|
|
9,239
|
|
|
—
|
|
|
1,433,213
|
|
|||||
Operating lease right-of-use assets
|
—
|
|
|
2,325,170
|
|
|
40,155
|
|
|
—
|
|
|
2,365,325
|
|
|||||
Goodwill
|
—
|
|
|
943,364
|
|
|
48,876
|
|
|
—
|
|
|
992,240
|
|
|||||
Intangible assets, net
|
—
|
|
|
670,386
|
|
|
39,370
|
|
|
—
|
|
|
709,756
|
|
|||||
Other assets
|
2,358
|
|
|
38,311
|
|
|
14,137
|
|
|
(2,358
|
)
|
|
52,448
|
|
|||||
Investment in subsidiaries
|
4,445,209
|
|
|
550,910
|
|
|
—
|
|
|
(4,996,119
|
)
|
|
—
|
|
|||||
Intercompany note receivable
|
749,354
|
|
|
—
|
|
|
—
|
|
|
(749,354
|
)
|
|
—
|
|
|||||
Due from intercompany, net
|
—
|
|
|
571,981
|
|
|
342,832
|
|
|
(914,813
|
)
|
|
—
|
|
|||||
|
$
|
5,211,214
|
|
|
$
|
11,839,706
|
|
|
$
|
871,476
|
|
|
$
|
(6,673,871
|
)
|
|
$
|
11,248,525
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
$
|
—
|
|
|
$
|
3,231,927
|
|
|
$
|
190,060
|
|
|
$
|
—
|
|
|
$
|
3,421,987
|
|
Accrued expenses
|
—
|
|
|
523,518
|
|
|
23,572
|
|
|
(11,227
|
)
|
|
535,863
|
|
|||||
Other current liabilities
|
—
|
|
|
508,811
|
|
|
11,041
|
|
|
—
|
|
|
519,852
|
|
|||||
Total current liabilities
|
—
|
|
|
4,264,256
|
|
|
224,673
|
|
|
(11,227
|
)
|
|
4,477,702
|
|
|||||
Long-term debt
|
747,320
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
747,320
|
|
|||||
Noncurrent operating lease liabilities
|
—
|
|
|
1,986,039
|
|
|
31,120
|
|
|
—
|
|
|
2,017,159
|
|
|||||
Deferred income taxes
|
—
|
|
|
320,822
|
|
|
15,549
|
|
|
(2,358
|
)
|
|
334,013
|
|
|||||
Other long-term liabilities
|
—
|
|
|
74,026
|
|
|
49,224
|
|
|
—
|
|
|
123,250
|
|
|||||
Intercompany note payable
|
—
|
|
|
749,354
|
|
|
—
|
|
|
(749,354
|
)
|
|
—
|
|
|||||
Due to intercompany, net
|
914,813
|
|
|
—
|
|
|
—
|
|
|
(914,813
|
)
|
|
—
|
|
|||||
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
||||||||||
Stockholders' equity
|
3,549,081
|
|
|
4,445,209
|
|
|
550,910
|
|
|
(4,996,119
|
)
|
|
3,549,081
|
|
|||||
|
$
|
5,211,214
|
|
|
$
|
11,839,706
|
|
|
$
|
871,476
|
|
|
$
|
(6,673,871
|
)
|
|
$
|
11,248,525
|
|
(in thousands)
|
Advance Auto Parts, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
—
|
|
|
$
|
785,605
|
|
|
$
|
110,922
|
|
|
$
|
—
|
|
|
$
|
896,527
|
|
Receivables, net
|
—
|
|
|
590,269
|
|
|
34,703
|
|
|
—
|
|
|
624,972
|
|
|||||
Inventories
|
—
|
|
|
4,182,973
|
|
|
179,574
|
|
|
—
|
|
|
4,362,547
|
|
|||||
Other current assets
|
3,103
|
|
|
191,318
|
|
|
3,987
|
|
|
—
|
|
|
198,408
|
|
|||||
Total current assets
|
3,103
|
|
|
5,750,165
|
|
|
329,186
|
|
|
—
|
|
|
6,082,454
|
|
|||||
Property and equipment, net of accumulated depreciation
|
77
|
|
|
1,359,980
|
|
|
8,928
|
|
|
—
|
|
|
1,368,985
|
|
|||||
Goodwill
|
—
|
|
|
943,364
|
|
|
46,873
|
|
|
—
|
|
|
990,237
|
|
|||||
Intangible assets, net
|
—
|
|
|
510,586
|
|
|
40,007
|
|
|
—
|
|
|
550,593
|
|
|||||
Other assets
|
2,408
|
|
|
47,815
|
|
|
564
|
|
|
(2,408
|
)
|
|
48,379
|
|
|||||
Investment in subsidiaries
|
3,945,862
|
|
|
474,772
|
|
|
—
|
|
|
(4,420,634
|
)
|
|
—
|
|
|||||
Intercompany note receivable
|
1,048,993
|
|
|
—
|
|
|
—
|
|
|
(1,048,993
|
)
|
|
—
|
|
|||||
Due from intercompany, net
|
—
|
|
|
102,886
|
|
|
297,580
|
|
|
(400,466
|
)
|
|
—
|
|
|||||
|
$
|
5,000,443
|
|
|
$
|
9,189,568
|
|
|
$
|
723,138
|
|
|
$
|
(5,872,501
|
)
|
|
$
|
9,040,648
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
$
|
—
|
|
|
$
|
2,954,632
|
|
|
$
|
218,158
|
|
|
$
|
—
|
|
|
$
|
3,172,790
|
|
Accrued expenses
|
3,444
|
|
|
603,460
|
|
|
16,237
|
|
|
—
|
|
|
623,141
|
|
|||||
Other current liabilities
|
—
|
|
|
91,994
|
|
|
(1,975
|
)
|
|
—
|
|
|
90,019
|
|
|||||
Total current liabilities
|
3,444
|
|
|
3,650,086
|
|
|
232,420
|
|
|
—
|
|
|
3,885,950
|
|
|||||
Long-term debt
|
1,045,720
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,045,720
|
|
|||||
Deferred income taxes
|
—
|
|
|
306,127
|
|
|
14,634
|
|
|
(2,408
|
)
|
|
318,353
|
|
|||||
Other long-term liabilities
|
—
|
|
|
238,500
|
|
|
1,312
|
|
|
—
|
|
|
239,812
|
|
|||||
Intercompany note payable
|
—
|
|
|
1,048,993
|
|
|
—
|
|
|
(1,048,993
|
)
|
|
—
|
|
|||||
Due to intercompany, net
|
400,466
|
|
|
—
|
|
|
—
|
|
|
(400,466
|
)
|
|
—
|
|
|||||
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
||||||||||
Stockholders' equity
|
3,550,813
|
|
|
3,945,862
|
|
|
474,772
|
|
|
(4,420,634
|
)
|
|
3,550,813
|
|
|||||
|
$
|
5,000,443
|
|
|
$
|
9,189,568
|
|
|
$
|
723,138
|
|
|
$
|
(5,872,501
|
)
|
|
$
|
9,040,648
|
|
(in thousands)
|
Advance Auto Parts, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net sales
|
$
|
—
|
|
|
$
|
9,342,240
|
|
|
$
|
568,522
|
|
|
$
|
(201,759
|
)
|
|
$
|
9,709,003
|
|
Cost of sales, including purchasing and warehousing costs
|
—
|
|
|
5,252,418
|
|
|
336,110
|
|
|
(134,271
|
)
|
|
5,454,257
|
|
|||||
Gross profit
|
—
|
|
|
4,089,822
|
|
|
232,412
|
|
|
(67,488
|
)
|
|
4,254,746
|
|
|||||
Selling, general and administrative expenses
|
28,216
|
|
|
3,503,529
|
|
|
160,717
|
|
|
(114,896
|
)
|
|
3,577,566
|
|
|||||
Operating (loss) income
|
(28,216
|
)
|
|
586,293
|
|
|
71,695
|
|
|
47,408
|
|
|
677,180
|
|
|||||
Other, net:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
|
(37,366
|
)
|
|
(2,310
|
)
|
|
(222
|
)
|
|
—
|
|
|
(39,898
|
)
|
|||||
Other income (expense), net
|
66,842
|
|
|
(16,274
|
)
|
|
(2,695
|
)
|
|
(47,409
|
)
|
|
464
|
|
|||||
Total other, net
|
29,476
|
|
|
(18,584
|
)
|
|
(2,917
|
)
|
|
(47,409
|
)
|
|
(39,434
|
)
|
|||||
Income before provision for income taxes
|
1,260
|
|
|
567,709
|
|
|
68,778
|
|
|
(1
|
)
|
|
637,746
|
|
|||||
Provision for income taxes
|
2,429
|
|
|
131,885
|
|
|
16,537
|
|
|
(1
|
)
|
|
150,850
|
|
|||||
(Loss) income before equity in earnings of subsidiaries
|
(1,169
|
)
|
|
435,824
|
|
|
52,241
|
|
|
—
|
|
|
486,896
|
|
|||||
Equity in earnings of subsidiaries
|
488,065
|
|
|
52,241
|
|
|
—
|
|
|
(540,306
|
)
|
|
—
|
|
|||||
Net income
|
$
|
486,896
|
|
|
$
|
488,065
|
|
|
$
|
52,241
|
|
|
$
|
(540,306
|
)
|
|
$
|
486,896
|
|
(in thousands)
|
Advance Auto Parts, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net sales
|
$
|
—
|
|
|
$
|
9,225,772
|
|
|
$
|
519,883
|
|
|
$
|
(165,101
|
)
|
|
$
|
9,580,554
|
|
Cost of sales, including purchasing and warehousing costs
|
—
|
|
|
5,169,076
|
|
|
357,166
|
|
|
(165,101
|
)
|
|
5,361,141
|
|
|||||
Gross profit
|
—
|
|
|
4,056,696
|
|
|
162,717
|
|
|
—
|
|
|
4,219,413
|
|
|||||
Selling, general and administrative expenses
|
20,235
|
|
|
3,547,645
|
|
|
98,412
|
|
|
(51,154
|
)
|
|
3,615,138
|
|
|||||
Operating (loss) income
|
(20,235
|
)
|
|
509,051
|
|
|
64,305
|
|
|
51,154
|
|
|
604,275
|
|
|||||
Other, net:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest (expense) income
|
(52,253
|
)
|
|
(4,336
|
)
|
|
1
|
|
|
—
|
|
|
(56,588
|
)
|
|||||
Other income (expense), net
|
73,174
|
|
|
(6,961
|
)
|
|
(7,482
|
)
|
|
(51,154
|
)
|
|
7,577
|
|
|||||
Total other, net
|
20,921
|
|
|
(11,297
|
)
|
|
(7,481
|
)
|
|
(51,154
|
)
|
|
(49,011
|
)
|
|||||
Income before provision for income taxes
|
686
|
|
|
497,754
|
|
|
56,824
|
|
|
—
|
|
|
555,264
|
|
|||||
Provision for income taxes
|
2,519
|
|
|
117,015
|
|
|
11,883
|
|
|
—
|
|
|
131,417
|
|
|||||
(Loss) income before equity in earnings of subsidiaries
|
(1,833
|
)
|
|
380,739
|
|
|
44,941
|
|
|
—
|
|
|
423,847
|
|
|||||
Equity in earnings of subsidiaries
|
425,680
|
|
|
44,941
|
|
|
—
|
|
|
(470,621
|
)
|
|
—
|
|
|||||
Net income
|
$
|
423,847
|
|
|
$
|
425,680
|
|
|
$
|
44,941
|
|
|
$
|
(470,621
|
)
|
|
$
|
423,847
|
|
(in thousands)
|
Advance Auto Parts, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net sales
|
$
|
—
|
|
|
$
|
9,034,790
|
|
|
$
|
550,450
|
|
|
$
|
(211,456
|
)
|
|
$
|
9,373,784
|
|
Cost of sales, including purchasing and warehousing costs
|
—
|
|
|
5,107,063
|
|
|
393,128
|
|
|
(211,456
|
)
|
|
5,288,735
|
|
|||||
Gross profit
|
—
|
|
|
3,927,727
|
|
|
157,322
|
|
|
—
|
|
|
4,085,049
|
|
|||||
Selling, general and administrative expenses
|
30,478
|
|
|
3,453,406
|
|
|
82,155
|
|
|
(51,202
|
)
|
|
3,514,837
|
|
|||||
Operating (loss) income
|
(30,478
|
)
|
|
474,321
|
|
|
75,167
|
|
|
51,202
|
|
|
570,212
|
|
|||||
Other, net:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest (expense) income
|
(52,305
|
)
|
|
(6,496
|
)
|
|
—
|
|
|
—
|
|
|
(58,801
|
)
|
|||||
Other income (expense), net
|
83,840
|
|
|
(17,729
|
)
|
|
(6,061
|
)
|
|
(51,202
|
)
|
|
8,848
|
|
|||||
Total other, net
|
31,535
|
|
|
(24,225
|
)
|
|
(6,061
|
)
|
|
(51,202
|
)
|
|
(49,953
|
)
|
|||||
Income before provision for income taxes
|
1,057
|
|
|
450,096
|
|
|
69,106
|
|
|
—
|
|
|
520,259
|
|
|||||
Provision for income taxes
|
641
|
|
|
32,623
|
|
|
11,490
|
|
|
—
|
|
|
44,754
|
|
|||||
Income before equity in earnings of subsidiaries
|
416
|
|
|
417,473
|
|
|
57,616
|
|
|
—
|
|
|
475,505
|
|
|||||
Equity in earnings of subsidiaries
|
475,089
|
|
|
57,616
|
|
|
—
|
|
|
(532,705
|
)
|
|
—
|
|
|||||
Net income
|
$
|
475,505
|
|
|
$
|
475,089
|
|
|
$
|
57,616
|
|
|
$
|
(532,705
|
)
|
|
$
|
475,505
|
|
(in thousands)
|
Advance Auto Parts, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net income
|
$
|
486,896
|
|
|
$
|
488,065
|
|
|
$
|
52,241
|
|
|
$
|
(540,306
|
)
|
|
$
|
486,896
|
|
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
||||||||||
Changes in net unrecognized other postretirement benefit costs
|
—
|
|
|
(142
|
)
|
|
—
|
|
|
—
|
|
|
(142
|
)
|
|||||
Currency translation adjustments
|
—
|
|
|
—
|
|
|
9,766
|
|
|
—
|
|
|
9,766
|
|
|||||
Equity in other comprehensive income of subsidiaries
|
9,624
|
|
|
9,766
|
|
|
—
|
|
|
(19,390
|
)
|
|
—
|
|
|||||
Total other comprehensive income
|
9,624
|
|
|
9,624
|
|
|
9,766
|
|
|
(19,390
|
)
|
|
9,624
|
|
|||||
Comprehensive income
|
$
|
496,520
|
|
|
$
|
497,689
|
|
|
$
|
62,007
|
|
|
$
|
(559,696
|
)
|
|
$
|
496,520
|
|
(in thousands)
|
Advance Auto Parts, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net income
|
$
|
423,847
|
|
|
$
|
425,680
|
|
|
$
|
44,941
|
|
|
$
|
(470,621
|
)
|
|
$
|
423,847
|
|
Other comprehensive loss:
|
|
|
|
|
|
|
|
|
|
||||||||||
Changes in net unrecognized other postretirement benefit costs
|
—
|
|
|
(294
|
)
|
|
—
|
|
|
—
|
|
|
(294
|
)
|
|||||
Currency translation adjustments
|
—
|
|
|
—
|
|
|
(18,945
|
)
|
|
—
|
|
|
(18,945
|
)
|
|||||
Equity in other comprehensive loss of subsidiaries
|
(19,239
|
)
|
|
(18,945
|
)
|
|
—
|
|
|
38,184
|
|
|
—
|
|
|||||
Total other comprehensive loss
|
(19,239
|
)
|
|
(19,239
|
)
|
|
(18,945
|
)
|
|
38,184
|
|
|
(19,239
|
)
|
|||||
Comprehensive income
|
$
|
404,608
|
|
|
$
|
406,441
|
|
|
$
|
25,996
|
|
|
$
|
(432,437
|
)
|
|
$
|
404,608
|
|
(in thousands)
|
Advance Auto Parts, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net income
|
$
|
475,505
|
|
|
$
|
475,089
|
|
|
$
|
57,616
|
|
|
$
|
(532,705
|
)
|
|
$
|
475,505
|
|
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
||||||||||
Changes in net unrecognized other postretirement benefit costs
|
—
|
|
|
(194
|
)
|
|
—
|
|
|
—
|
|
|
(194
|
)
|
|||||
Currency translation adjustments
|
—
|
|
|
—
|
|
|
14,941
|
|
|
—
|
|
|
14,941
|
|
|||||
Equity in other comprehensive income of subsidiaries
|
14,747
|
|
|
14,941
|
|
|
—
|
|
|
(29,688
|
)
|
|
—
|
|
|||||
Total other comprehensive income
|
14,747
|
|
|
14,747
|
|
|
14,941
|
|
|
(29,688
|
)
|
|
14,747
|
|
|||||
Comprehensive income
|
$
|
490,252
|
|
|
$
|
489,836
|
|
|
$
|
72,557
|
|
|
$
|
(562,393
|
)
|
|
$
|
490,252
|
|
(in thousands)
|
Advance Auto Parts, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net cash provided by operating activities
|
$
|
—
|
|
|
$
|
845,364
|
|
|
$
|
21,545
|
|
|
$
|
—
|
|
|
$
|
866,909
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchases of property and equipment
|
—
|
|
|
(268,342
|
)
|
|
(1,787
|
)
|
|
—
|
|
|
(270,129
|
)
|
|||||
Purchase of an indefinite-lived intangible asset
|
—
|
|
|
(201,519
|
)
|
|
—
|
|
|
—
|
|
|
(201,519
|
)
|
|||||
Proceeds from sales of property and equipment
|
—
|
|
|
8,708
|
|
|
1
|
|
|
—
|
|
|
8,709
|
|
|||||
Net cash used in investing activities
|
—
|
|
|
(461,153
|
)
|
|
(1,786
|
)
|
|
—
|
|
|
(462,939
|
)
|
|||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
(Decrease) increase in bank overdrafts
|
—
|
|
|
(61,902
|
)
|
|
2,563
|
|
|
—
|
|
|
(59,339
|
)
|
|||||
Redemption of senior unsecured notes
|
—
|
|
|
(310,047
|
)
|
|
—
|
|
|
—
|
|
|
(310,047
|
)
|
|||||
Dividends paid
|
—
|
|
|
(17,185
|
)
|
|
—
|
|
|
—
|
|
|
(17,185
|
)
|
|||||
Proceeds from the issuance of common stock
|
—
|
|
|
3,334
|
|
|
—
|
|
|
—
|
|
|
3,334
|
|
|||||
Repurchases of common stock
|
—
|
|
|
(498,435
|
)
|
|
—
|
|
|
—
|
|
|
(498,435
|
)
|
|||||
Other, net
|
—
|
|
|
(481
|
)
|
|
—
|
|
|
—
|
|
|
(481
|
)
|
|||||
Net cash (used in) provided by financing activities
|
—
|
|
|
(884,716
|
)
|
|
2,563
|
|
|
—
|
|
|
(882,153
|
)
|
|||||
Effect of exchange rate changes on cash
|
—
|
|
|
—
|
|
|
321
|
|
|
—
|
|
|
321
|
|
|||||
Net (decrease) increase in cash and cash equivalents
|
—
|
|
|
(500,505
|
)
|
|
22,643
|
|
|
—
|
|
|
(477,862
|
)
|
|||||
Cash and cash equivalents, beginning of period
|
—
|
|
|
785,605
|
|
|
110,922
|
|
|
—
|
|
|
896,527
|
|
|||||
Cash and cash equivalents, end of period
|
$
|
—
|
|
|
$
|
285,100
|
|
|
$
|
133,565
|
|
|
$
|
—
|
|
|
$
|
418,665
|
|
(in thousands)
|
Advance Auto Parts, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net cash provided by operating activities
|
$
|
—
|
|
|
$
|
753,948
|
|
|
$
|
57,080
|
|
|
$
|
—
|
|
|
$
|
811,028
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchases of property and equipment
|
—
|
|
|
(192,156
|
)
|
|
(1,559
|
)
|
|
—
|
|
|
(193,715
|
)
|
|||||
Proceeds from sales of property and equipment
|
—
|
|
|
1,842
|
|
|
46
|
|
|
—
|
|
|
1,888
|
|
|||||
Other, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net cash used in investing activities
|
—
|
|
|
(190,314
|
)
|
|
(1,513
|
)
|
|
—
|
|
|
(191,827
|
)
|
|||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Increase (decrease) in bank overdrafts
|
—
|
|
|
35,280
|
|
|
(3,266
|
)
|
|
—
|
|
|
32,014
|
|
|||||
Borrowings under credit facilities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Payments on credit facilities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Dividends paid
|
—
|
|
|
(17,819
|
)
|
|
—
|
|
|
—
|
|
|
(17,819
|
)
|
|||||
Proceeds from the issuance of common stock
|
—
|
|
|
3,200
|
|
|
—
|
|
|
—
|
|
|
3,200
|
|
|||||
Repurchases of common stock
|
—
|
|
|
(281,354
|
)
|
|
—
|
|
|
—
|
|
|
(281,354
|
)
|
|||||
Other, net
|
(23
|
)
|
|
44
|
|
|
—
|
|
|
23
|
|
|
44
|
|
|||||
Net cash used in financing activities
|
(23
|
)
|
|
(260,649
|
)
|
|
(3,266
|
)
|
|
23
|
|
|
(263,915
|
)
|
|||||
Effect of exchange rate changes on cash
|
—
|
|
|
—
|
|
|
(5,696
|
)
|
|
—
|
|
|
(5,696
|
)
|
|||||
Net (decrease) increase in cash and cash equivalents
|
(23
|
)
|
|
302,985
|
|
|
46,605
|
|
|
23
|
|
|
349,590
|
|
|||||
Cash and cash equivalents, beginning of period
|
23
|
|
|
482,620
|
|
|
64,317
|
|
|
(23
|
)
|
|
546,937
|
|
|||||
Cash and cash equivalents, end of period
|
$
|
—
|
|
|
$
|
785,605
|
|
|
$
|
110,922
|
|
|
$
|
—
|
|
|
$
|
896,527
|
|
(in thousands)
|
Advance Auto Parts, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
Net cash provided by operating activities
|
$
|
—
|
|
|
$
|
593,091
|
|
|
$
|
7,714
|
|
|
$
|
—
|
|
|
$
|
600,805
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchases of property and equipment
|
—
|
|
|
(187,993
|
)
|
|
(1,765
|
)
|
|
—
|
|
|
(189,758
|
)
|
|||||
Proceeds from sales of property and equipment
|
—
|
|
|
11,085
|
|
|
14
|
|
|
—
|
|
|
11,099
|
|
|||||
Other, net
|
—
|
|
|
480
|
|
|
(460
|
)
|
|
—
|
|
|
20
|
|
|||||
Net cash used in investing activities
|
—
|
|
|
(176,428
|
)
|
|
(2,211
|
)
|
|
—
|
|
|
(178,639
|
)
|
|||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Increase (decrease) in bank overdrafts
|
—
|
|
|
16,290
|
|
|
(2,286
|
)
|
|
—
|
|
|
14,004
|
|
|||||
Borrowings under credit facilities
|
—
|
|
|
534,400
|
|
|
—
|
|
|
—
|
|
|
534,400
|
|
|||||
Payments on credit facilities
|
—
|
|
|
(534,400
|
)
|
|
—
|
|
|
—
|
|
|
(534,400
|
)
|
|||||
Dividends paid
|
—
|
|
|
(17,854
|
)
|
|
—
|
|
|
—
|
|
|
(17,854
|
)
|
|||||
Proceeds from the issuance of common stock
|
—
|
|
|
4,076
|
|
|
—
|
|
|
—
|
|
|
4,076
|
|
|||||
Repurchases of common stock
|
—
|
|
|
(6,498
|
)
|
|
—
|
|
|
—
|
|
|
(6,498
|
)
|
|||||
Other, net
|
1
|
|
|
(8,600
|
)
|
|
—
|
|
|
(1
|
)
|
|
(8,600
|
)
|
|||||
Net cash provided by (used in) financing activities
|
1
|
|
|
(12,586
|
)
|
|
(2,286
|
)
|
|
(1
|
)
|
|
(14,872
|
)
|
|||||
Effect of exchange rate changes on cash
|
—
|
|
|
—
|
|
|
4,465
|
|
|
—
|
|
|
4,465
|
|
|||||
Net increase in cash and cash equivalents
|
1
|
|
|
404,077
|
|
|
7,682
|
|
|
(1
|
)
|
|
411,759
|
|
|||||
Cash and cash equivalents, beginning of period
|
22
|
|
|
78,543
|
|
|
56,635
|
|
|
(22
|
)
|
|
135,178
|
|
|||||
Cash and cash equivalents, end of period
|
$
|
23
|
|
|
$
|
482,620
|
|
|
$
|
64,317
|
|
|
$
|
(23
|
)
|
|
$
|
546,937
|
|
18.
|
Quarterly Financial Data (unaudited):
|
2019
|
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
||||||||
(in thousands, except per share data)
|
|
(16 weeks)
|
|
(12 weeks)
|
|
(12 weeks)
|
|
(12 weeks)
|
||||||||
Net sales
|
|
$
|
2,952,036
|
|
|
$
|
2,332,246
|
|
|
$
|
2,312,106
|
|
|
$
|
2,112,614
|
|
Gross profit
|
|
$
|
1,304,612
|
|
|
$
|
1,009,438
|
|
|
$
|
1,011,926
|
|
|
$
|
928,769
|
|
Net income
|
|
$
|
142,500
|
|
|
$
|
124,820
|
|
|
$
|
123,669
|
|
|
$
|
95,907
|
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per common share
|
|
$
|
1.99
|
|
|
$
|
1.74
|
|
|
$
|
1.76
|
|
|
$
|
1.39
|
|
Diluted earnings per common share
|
|
$
|
1.98
|
|
|
$
|
1.73
|
|
|
$
|
1.75
|
|
|
$
|
1.38
|
|
|
|
|
|
|
|
|
|
|
||||||||
2018
|
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
||||||||
(in thousands, except per share data)
|
|
(16 weeks)
|
|
(12 weeks)
|
|
(12 weeks)
|
|
(12 weeks)
|
||||||||
Net sales
|
|
$
|
2,873,848
|
|
|
$
|
2,326,652
|
|
|
$
|
2,274,982
|
|
|
$
|
2,105,072
|
|
Gross profit
|
|
$
|
1,272,284
|
|
|
$
|
1,011,559
|
|
|
$
|
1,006,927
|
|
|
$
|
928,643
|
|
Net income
|
|
$
|
136,727
|
|
|
$
|
117,836
|
|
|
$
|
115,843
|
|
|
$
|
53,441
|
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per common share
|
|
$
|
1.85
|
|
|
$
|
1.59
|
|
|
$
|
1.57
|
|
|
$
|
0.74
|
|
Diluted earnings per common share
|
|
$
|
1.84
|
|
|
$
|
1.59
|
|
|
$
|
1.56
|
|
|
$
|
0.74
|
|
Allowance for doubtful accounts receivable
|
|
Balance at Beginning of Period
|
|
Charges to Expenses
|
|
Deductions(1)
|
|
Balance at End of Period
|
||||||||
December 30, 2017
|
|
$
|
29,164
|
|
|
$
|
20,110
|
|
|
$
|
(31,055
|
)
|
|
$
|
18,219
|
|
December 29, 2018
|
|
$
|
18,219
|
|
|
$
|
18,445
|
|
|
$
|
(18,622
|
)
|
|
$
|
18,042
|
|
December 28, 2019
|
|
$
|
18,042
|
|
|
$
|
11,949
|
|
|
$
|
(15,742
|
)
|
|
$
|
14,249
|
|
(1)
|
Accounts written off during the period. These amounts did not impact our statement of operations for any year presented.
|
|
|
Incorporated by Reference
|
Filed
|
|||
Exhibit No.
|
Exhibit Description
|
Form
|
Exhibit
|
Filing Date
|
Herewith
|
|
2.1
|
10-K
|
2.1
|
|
2/25/2014
|
|
|
3.1
|
10-Q
|
3.1
|
|
8/14/2018
|
|
|
3.2
|
10-Q
|
3.2
|
|
5/22/2018
|
|
|
4.0
|
|
|
|
|
X
|
|
4.1
|
8-K
|
4.1
|
|
4/29/2010
|
|
|
4.2
|
8-K
|
10.45
|
|
6/3/2011
|
|
|
4.3
|
8-K
|
4.4
|
|
1/17/2012
|
|
|
4.4
|
8-K
|
4.5
|
|
12/21/2012
|
|
|
4.5
|
8-K
|
4.6
|
|
4/19/2013
|
|
|
4.6
|
8-K
|
4.7
|
|
12/9/2013
|
|
|
4.7
|
8-K
|
4.5
|
|
1/17/2012
|
|
|
4.8
|
8-K
|
4.7
|
|
12/9/2013
|
|
|
4.9
|
10-Q
|
4.11
|
|
5/28/2014
|
|
|
10.1
|
8-K
|
10.19
|
|
5/20/2004
|
|
|
10.2
|
10-Q
|
10.19
|
|
5/29/2008
|
|
|
|
Incorporated by Reference
|
Filed
|
|||
Exhibit No.
|
Exhibit Description
|
Form
|
Exhibit
|
Filing Date
|
Herewith
|
|
10.3
|
10-K
|
10.17
|
|
3/1/2011
|
|
|
10.4
|
10-K
|
10.19
|
|
3/1/2011
|
|
|
10.5
|
10-K
|
10.33
|
|
2/28/2012
|
|
|
10.6
|
8-K
|
10.1
|
|
12/21/2012
|
|
|
10.7
|
10-K
|
10.33
|
|
2/25/2013
|
|
|
10.8
|
10-K
|
10.34
|
|
2/25/2013
|
|
|
10.9
|
10-K
|
10.36
|
|
2/25/2013
|
|
|
10.10
|
8-K
|
10.1
|
|
12/9/2013
|
|
|
10.11
|
8-K
|
10.2
|
|
12/9/2013
|
|
|
10.12
|
10-K
|
10.45
|
|
2/25/2014
|
|
|
10.13
|
10-K
|
10.48
|
|
2/25/2014
|
|
|
10.14
|
10-K
|
10.51
|
|
3/3/2015
|
|
|
10.15
|
10-K
|
10.52
|
|
3/3/2015
|
|
|
10.16
|
10-K
|
10.53
|
|
3/3/2015
|
|
|
10.17
|
10-K
|
10.54
|
|
3/3/2015
|
|
|
10.18
|
8-K
|
10.1
|
|
11/13/2015
|
|
|
|
Incorporated by Reference
|
Filed
|
|||
Exhibit No.
|
Exhibit Description
|
Form
|
Exhibit
|
Filing Date
|
Herewith
|
|
10.19
|
10-Q
|
10.1
|
|
5/31/2016
|
|
|
10.20
|
10-Q
|
10.2
|
|
5/31/2016
|
|
|
10.21
|
10-Q
|
10.4
|
|
5/31/2016
|
|
|
10.22
|
10-Q
|
10.5
|
|
5/31/2016
|
|
|
10.23
|
10-Q
|
10.7
|
|
5/31/2016
|
|
|
10.24
|
8-K
|
10.1
|
|
2/6/2017
|
|
|
10.25
|
8-K
|
10.2
|
|
2/6/2017
|
|
|
10.26
|
10-K
|
10.50
|
|
2/28/2017
|
|
|
10.27
|
10-K
|
10.54
|
|
2/28/2017
|
|
|
10.28
|
10-K
|
10.55
|
|
2/28/2017
|
|
|
10.29
|
10-K
|
10.56
|
|
2/28/2017
|
|
|
10.30
|
10-K
|
10.58
|
|
2/28/2017
|
|
|
10.31
|
DEF14A
|
Appendix A
|
|
4/6/2017
|
|
|
10.32
|
8-K
|
10.1
|
|
2/6/2018
|
|
|
10.33
|
10-K
|
10.57
|
|
2/21/2018
|
|
|
10.34
|
10-K
|
10.58
|
|
2/21/2018
|
|
|
10.35
|
10-Q
|
10.1
|
|
11/13/2018
|
|
|
|
Incorporated by Reference
|
Filed
|
|||
Exhibit No.
|
Exhibit Description
|
Form
|
Exhibit
|
Filing Date
|
Herewith
|
|
10.36
|
8-K
|
10.1
|
|
10/15/2018
|
|
|
10.37
|
10-K
|
10.52
|
|
2/9/2019
|
|
|
10.38
|
10-K
|
10.53
|
|
2/9/2019
|
|
|
10.39
|
10-K
|
10.54
|
|
2/9/2019
|
|
|
10.40
|
10-K
|
10.55
|
|
2/9/2019
|
|
|
10.41
|
10-K
|
10.56
|
|
2/9/2019
|
|
|
10.42
|
10-K
|
10.57
|
|
2/9/2019
|
|
|
10.43
|
10-K
|
10.58
|
|
2/9/2019
|
|
|
10.44
|
|
|
|
X
|
||
21.1
|
|
|
|
X
|
||
23.1
|
|
|
|
X
|
||
31.1
|
|
|
|
X
|
||
31.2
|
|
|
|
X
|
||
32.1
|
|
|
|
X
|
||
101.INS
|
XBRL Instance Document.
|
|
|
|
X
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document.
|
|
|
|
X
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
|
X
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
|
|
X
|
|
101.LAB
|
XBRL Taxonomy Extension Labels Linkbase Document.
|
|
|
|
X
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
|
|
X
|
|
104.1
|
Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit.
|
|
|
|
X
|
|
|
ADVANCE AUTO PARTS, INC.
|
||
Dated:
|
February 18, 2020
|
|
By:
|
/s/ Jeffrey W. Shepherd
|
|
|
|
|
Jeffrey W. Shepherd
|
|
|
|
|
Executive Vice President, Chief Financial Officer
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ Thomas R. Greco
|
|
President and Chief Executive Officer and Director
|
|
February 18, 2020
|
Thomas R. Greco
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
/s/ Jeffrey W. Shepherd
|
|
Executive Vice President, Chief Financial Officer
|
|
February 18, 2020
|
Jeffrey W. Shepherd
|
|
(Principal Financial Officer)
|
|
|
|
|
|
|
|
/s/ Andrew E. Page
|
|
Senior Vice President, Controller and Chief Accounting Officer
|
|
February 18, 2020
|
Andrew E. Page
|
|
(Principal Accounting Officer)
|
|
|
|
|
|
|
|
/s/ Jeffrey C. Smith
|
|
Chairman and Director
|
|
February 18, 2020
|
Jeffrey C. Smith
|
|
|
|
|
|
|
|
|
|
/s/ John F. Bergstrom
|
|
Director
|
|
February 18, 2020
|
John F. Bergstrom
|
|
|
|
|
|
|
|
|
|
/s/ Brad W. Buss
|
|
Director
|
|
February 18, 2020
|
Brad W. Buss
|
|
|
|
|
|
|
|
|
|
/s/ John F. Ferraro
|
|
Director
|
|
February 18, 2020
|
John F. Ferraro
|
|
|
|
|
|
|
|
|
|
|
|
Director
|
|
|
Adriana Karaboutis
|
|
|
|
|
|
|
|
|
|
/s/ Eugene I. Lee, Jr.
|
|
Director
|
|
February 18, 2020
|
Eugene I. Lee, Jr.
|
|
|
|
|
|
|
|
|
|
/s/ Nigel Travis
|
|
Director
|
|
February 18, 2020
|
Nigel Travis
|
|
|
|
|
|
|
|
|
|
/s/ Douglas A. Pertz
|
|
Director
|
|
February 18, 2020
|
Douglas A. Pertz
|
|
|
|
|
|
|
|
|
|
/s/ Jeffrey J. Jones II
|
|
Director
|
|
February 18, 2020
|
Jeffrey J. Jones II
|
|
|
|
|
|
|
|
|
|
/s/ Sharon L. McCollam
|
|
Director
|
|
February 18, 2020
|
Sharon L. McCollam
|
|
|
|
|
1 Year Advance Auto Parts Chart |
1 Month Advance Auto Parts Chart |
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