Long-term Debt (Tables)

12 Months Ended

Dec. 28, 2013

Debt Instrument, Redemption [Line Items]

Debt Instrument Redemption [Table Text Block]

The Company may redeem some or all of the Notes at any time or from time to time, at the redemption price described in the Indenture. In addition, in the event of a Change of Control Triggering Event (as defined in each of the Indentures for the Notes), the Company will be required to offer to repurchase the Notes at a price equal to 101% of the principal amount thereof, plus accrued and unpaid interest to the repurchase date. The Notes are currently fully and unconditionally guaranteed, jointly and severally, on an unsubordinated and unsecured basis by each of the subsidiary guarantors. The Company will be permitted to release guarantees without the consent of holders of the Notes under the circumstances described in the Indenture: (i) upon the release of the guarantee of the Company’s other debt that resulted in the affected subsidiary becoming a guarantor of this debt; (ii) upon the sale or other disposition of all or substantially all of the stock or assets of the subsidiary guarantor; or (iii) upon the Company’s exercise of its legal or covenant defeasance option.

Schedule of Debt [Table Text Block]

Long-term debt consists of the following:

	December 28, 2013			December 29, 2012
Revolving facility at variable interest rates (1.47% at December 28, 2013, due December 5, 2018 and 1.74% at December 29, 2012 replaced by the current facility)	$	—		$	—
Term loan at variable interest rates (1.67% at December 29, 2013) due December 1, 2023	—			—
5.75% Senior Unsecured Notes (net of unamortized discount of $865 and $975 at December 28, 2013 and December 29, 2012, respectively) due May 1, 2020	299,135			299,025
4.50% Senior Unsecured Notes (net of unamortized discount of $80 and $88 at December 28, 2013 and December 29, 2012, respectively) due January 15, 2022	299,920			299,912
4.50% Senior Unsecured Notes (net of unamortized discount of $1,387 at December 28, 2013) due December 1, 2023	448,613			—
Other	5,916			6,151
	1,053,584			605,088
Less: Current portion of long-term debt	(916		)	(627		)
Long-term debt, excluding current portion	$	1,052,668		$	604,461

Long-term Debt, Description

On December 5, 2013, the Company entered into a new credit agreement which provides a $700,000 unsecured term loan and a $1,000,000 unsecured revolving credit facility (the “2013 Credit Agreement”) with Advance Stores, as Borrower, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent. This new revolving credit facility replaced the revolver under the Company’s former Credit Agreement dated as of May 27, 2011 with Advance Stores, as Borrower, the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent (the “2011 Credit Agreement”). Upon execution of the 2013 Credit Agreement, the lenders’ commitments under the 2011 Credit Agreement were terminated and the liabilities of the Company and its subsidiaries with respect to their obligations under the 2011 Credit Agreement were discharged. The new revolving credit facility also provides for the issuance of letters of credit with a sub-limit of $300,000 and swingline loans in an amount not to exceed $50,000. The Company may request, subject to agreement by one or more lenders, that the total revolving commitment be increased by an amount not to exceed $250,000 (up to a total commitment of $1,250,000) during the term of the credit agreement. Voluntary prepayments and voluntary reductions of the revolving balance are permitted in whole or in part, at the Company’s option, in minimum principal amounts as specified in the revolving credit facility. The revolving credit facility terminates in December 2018 and the term loan matures in January 2019.

Indenture provisions for events of default

The Indenture contains customary provisions for events of default including for: (i) failure to pay principal or interest when due and payable; (ii) failure to comply with covenants or agreements in the Indenture or the Notes and failure to cure or obtain a waiver of such default upon notice; (iii) a default under any debt for money borrowed by the Company or any of its subsidiaries that results in acceleration of the maturity of such debt, or failure to pay any such debt within any applicable grace period after final stated maturity, in an aggregate amount greater than $25,000 without such debt having been discharged or acceleration having been rescinded or annulled within 10 days after receipt by the Company of notice of the default by the Trustee or holders of not less than 25% in aggregate principal amount of the Notes then outstanding; and (iv) events of bankruptcy, insolvency or reorganization affecting the Company and certain of its subsidiaries. In the case of an event of default, the principal amount of the Notes plus accrued and unpaid interest may be accelerated. The Indenture also contains covenants limiting the ability of the Company and its subsidiaries to incur debt secured by liens and to enter into sale and lease-back transactions.

Schedule of Maturities of Long-term Debt [Table Text Block]

As of December 28, 2013, the aggregate future annual maturities of long-term debt instruments are as follows:

Fiscal Year	Amount
2014	$	916
2015	1,049
2016	—
2017	—
2018	—
Thereafter	1,051,619
	$	1,053,584