Tractor Supply Co. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Tractor Supply Co. has filed its 2023 10-K report detailing its financial performance and operations.</b>

AI Summary

TRACTOR SUPPLY CO /DE/ (TSCO) filed a Annual Report (10-K) with the SEC on February 23, 2024. Tractor Supply Co. filed its 10-K report for the fiscal year ending December 30, 2023. The filing covers the period from January 1, 2023, to December 30, 2023. The company's principal business address is 5401 Virginia Way, Brentwood, TN 37027. Tractor Supply Co. is incorporated in Delaware. The SIC code for the company is 5200 (Retail-Building Materials, Hardware, Garden Supply).

Why It Matters

For investors and stakeholders tracking TRACTOR SUPPLY CO /DE/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Tractor Supply's financial health and strategic direction for the past fiscal year, crucial for investors assessing its performance. Understanding the details within this report allows stakeholders to evaluate the company's market position, operational efficiency, and potential risks and opportunities moving forward.

Risk Assessment

Risk Level: low — TRACTOR SUPPLY CO /DE/ shows low risk based on this filing. The filing is a standard 10-K annual report, which is routine for publicly traded companies and does not contain immediate, significant new risks.

Analyst Insight

Review the full 10-K filing for detailed financial statements, risk factors, and management's discussion and analysis to form an investment thesis.

Key Numbers

• 2023-12-30 — Fiscal Year End (Period of report)
• 2024-02-23 — Filing Date (Date the report was filed)
• 5200 — SIC Code (Standard Industrial Classification)
• 6154404600 — Business Phone (Company contact number)

Key Players & Entities

• TRACTOR SUPPLY CO /DE/ (company) — Filer name
• TSCO (company) — Ticker symbol
• Brentwood, TN (location) — Business address city and state
• DE (location) — State of incorporation

FAQ

Industry Context

Tractor Supply Co. operates in the retail sector, specifically focusing on building materials, hardware, and garden supplies, catering to rural and suburban customers.

Regulatory Implications

The filing is a standard Form 10-K, a mandatory annual report required by the U.S. Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-K for revenue, net income, and other key performance indicators.
2. Review the 'Risk Factors' section to understand potential challenges and threats to the company's business.
3. Examine the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' for insights into the company's performance drivers and outlook.

Key Dates

• 2023-12-30: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-23: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing of the 2023 10-K report.

Key Financial Figures

• $393.4 m — d 166 Orscheln stores for approximately $393.4 million, exclusive of cash acquired. Cons
• $69.4 million — e store divestitures were approximately $69.4 million. In addition, the Company sold the Orsc
• $10 million — ion center to Bomgaars Supply, Inc. for $10 million in the third quarter of fiscal 2023. Th

Filing Documents

• tsco-20231230.htm (10-K) — 1796KB
• ex48-descriptionofsecuriti.htm (EX-4.8) — 33KB
• ex101-deferredcompensation.htm (EX-10.1) — 85KB
• ex21-2023listofsubsidiaries.htm (EX-21) — 9KB
• ex23-consentofernstyoung20.htm (EX-23) — 5KB
• ex311-ceocertification2023.htm (EX-31.1) — 10KB
• ex312-cfocertification2023.htm (EX-31.2) — 11KB
• ex32-2023ceocfocertificati.htm (EX-32) — 5KB
• ex971-clawbackpolicy.htm (EX-97.1) — 14KB
• tsco-20231230_g1.jpg (GRAPHIC) — 155KB
• tsco-20231230_g2.jpg (GRAPHIC) — 2KB
• tsco-20231230_g3.jpg (GRAPHIC) — 116KB
• 0000916365-24-000046.txt (&nbsp;) — 9624KB
• tsco-20231230.xsd (EX-101.SCH) — 57KB
• tsco-20231230_cal.xml (EX-101.CAL) — 48KB
• tsco-20231230_def.xml (EX-101.DEF) — 246KB
• tsco-20231230_lab.xml (EX-101.LAB) — 857KB
• tsco-20231230_pre.xml (EX-101.PRE) — 520KB
• tsco-20231230_htm.xml (XML) — 1225KB

Forward-Looking Statements

Forward-Looking Statements ii. PART I 1 1.

Risk Factors

Risk Factors 12 1B. Unresolved Staff Comments 24 1C. Cybersecurity 24 2.

Legal Proceedings

Legal Proceedings 27 4. Mine Safety Disclosures 27 PART II 28 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 28 6. [Reserved] 30 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 31 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 40 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 42 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 75 9A.

Controls and Procedures

Controls and Procedures 76 9B. Other Information 76 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 76 PART III 76 10. Directors, Executive Officers, and Corporate Governance 76 11.

Executive Compensation

Executive Compensation 76 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 76 13. Certain Relationships and Related Transactions, and Director Independence 77 14. Principal Accountant Fees and Services 77 PART IV 77 15. Exhibits and Financial Statement Schedules 77 16. Form 10-K Summary 78 i. Table of Con tents

FORWARD-LOOKING STATEMENTS OR INFORMATION

FORWARD-LOOKING STATEMENTS OR INFORMATION This Annual Report on Form 10-K and statements included or incorporated by reference in this Annual Report on Form 10-K include certain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (the "Act"). All statements, other than statements of historical facts, which address activities, events, or developments that we expect or anticipate will or may occur in the future, including such things as sales and earnings growth, new store growth, estimated results of operations in future periods (including, but not limited to, net sales, comparable store sales, operating margins or operating margin rates, net income, and earnings per diluted share), the declaration and payment of dividends, the timing and amount of share repurchases, future capital expenditures (including their amount and nature) and acquisitions, business strategy, expansion and growth of our business operations, and other such matters are forward-looking statements. Forward-looking statements are usually identified by or are associated with such words as "will," "intend," "would," "expect," "continue," "believe," "anticipate," "optimistic," "forecasted," and similar terminology. To take advantage of the safe harbor provided by the Act, we have identified certain factors, in Item 1A. "Risk Factors" in this Annual Report on Form 10-K which may cause actual results to differ materially from those expressed in any forward-looking statements. These "Risk Factors" may be updated from time to time in our quarterly reports on Form 10-Q or other subsequent filings with the SEC. Forward-looking statements made by or on behalf of the Company are based on our knowledge of our business and the environments in which we operate and currently available information and are based on our current expectations and projections about future events. We undertake no obligation to release publicly any

Business

Item 1. Business Overview Tractor Supply Company (the "Company" or "Tractor Supply" or "we" or "our" or "us") is the largest rural lifestyle retailer in the United States ("U.S."). The Company is focused on supplying the needs of recreational farmers, ranchers, and all those who enjoy living the rural lifestyle (which we refer to as the " Out Here " lifestyle). We operate retail stores under the names Tractor Supply Company and Petsense by Tractor Supply. Our stores are located primarily in towns outlying major metropolitan markets and in rural communities. We also offer an expanded assortment of products through the Tractor Supply mobile application and online at TractorSupply.com and Petsense.com . The Company has one reportable industry segment which is the retail sale of products that support the rural lifestyle. At December 30, 2023, we operated 2,414 retail stores in 49 states (2,216 Tractor Supply retail stores and 198 Petsense by Tractor Supply retail stores). Our Tractor Supply stores typically range in size from 15,000 to 20,000 square feet of inside selling space, along with additional outside selling space ("Side Lot"), and our Petsense by Tractor Supply stores have approximately 5,500 square feet of inside selling space. Our online selling websites and our mobile application offer an extended assortment of products beyond those offered in-store and drive traffic into our stores through our buy online and pickup in-store and ship to store programs. Our retail store locations and digital capabilities provide the convenience to allow our customers to engage with us anytime, anywhere and in any way they choose. On October 12, 2022, the Company completed its acquisition of Orscheln Farm and Home, LLC ("Orscheln" or "Orscheln Farm and Home"). The Company acquired 166 Orscheln stores for approximately $393.4 million, exclusive of cash acquired. Consistent with the remedy reached with the Federal Trade Commission ("FTC"), the Company divested 85 store l

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View this 10-K filing on SEC EDGAR