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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 26, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets Disclosure [Text Block] | Goodwill and Other Intangible Assets: Goodwill The changes in the carrying amount of goodwill by reporting unit for the years ended December 26, 2020 and December 28, 2019 are as follows (in thousands):
| Fiscal Year 2020 |  | Fiscal Year 2019 |  |
| Tractor Supply |  | Petsense |  | Consolidated |  | Tractor Supply |  | Petsense |  | Consolidated |  |
Balance, beginning of year | $ | 10,258 |  |  | $ | 82,934 |  |  | $ | 93,192 |  |  | $ | 10,258 |  |  | $ | 82,934 |  |  | $ | 93,192 |  |  |
Impairment expense | — |  |  | (60,773) |  |  | (60,773) |  |  | — |  |  | — |  |  | — |  |  |
Balance, end of year | $ | 10,258 |  |  | $ | 22,161 |  |  | $ | 32,419 |  |  | $ | 10,258 |  |  | $ | 82,934 |  |  | $ | 93,192 |  |  |
Goodwill is allocated to each identified reporting unit, which is defined as an operating segment or one level below the operating segment. Goodwill is not amortized, but is evaluated for impairment annually and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. Our annual impairment evaluation is conducted in our fourth fiscal quarter. In the fourth quarter of fiscal 2020, the Company identified qualitative indicators of impairment as a result of a strategic reassessment of the Petsense business, including an evaluation of current operations and its future growth outlook due to changing consumer trends within certain identified growth markets, which resulted in a decision to reduce the number of new store openings planned over the long term. The carrying value of goodwill for the Petsense reporting unit is indicative of the expected growth and development of the business. The aforementioned decision to reduce the long-term growth outlook resulted in a downward adjustment of the future financial forecasts for the Petsense business which indicated that impairment of the goodwill asset was a more-likely-than-not outcome. We conducted a quantitative impairment analysis of the Petsense reporting unit using the income approach. The determination of fair value under the income approach requires management to make subjective judgments involving, among other items, forecasts of projected financial information (such as revenue growth rates, profit margins, tax rates, and capital expenditures) and selection of a discount rate that reflects the risk inherent in estimated future cash flows. These are unobservable inputs classified as Level 3 inputs under the fair value hierarchy. If actual results are not consistent with our estimates and assumptions used in estimating future cash flows and asset fair values, we may be exposed to additional impairment losses in a future period. As a result of the quantitative impairment analysis of the Petsense reporting unit, it was determined that the carrying value exceeded the fair value, resulting in a pre-tax impairment loss of approximately$60.8 million in fiscal 2020. In the fourth quarter of fiscal 2020, the Company also completed its annual impairment testing of goodwill for the Tractor Supply reporting unit and no impairment was identified. The Company determined that the fair value of the reporting unit (including goodwill) was significantly in excess of the carrying value of the reporting unit. Other Intangible Assets The Company had approximately $23.1 million and $31.3 million of intangible assets other than goodwill at December 26, 2020 and December 28, 2019, respectively. The intangible asset balance in both periods represents the carrying value of the Petsense tradename, which is not subject to amortization as it has an indefinite useful life on the basis that it is expected to contribute cash flows beyond the foreseeable horizon. The tradename asset is evaluated for impairment annually and whenever events or changes in circumstances indicate the carrying value of the asset may not be recoverable. Our annual impairment evaluation is conducted in our fourth fiscal quarter. The aforementioned decision to reduce the long-term growth outlook for Petsense resulted in a downward adjustment of its future financial forecasts which indicated that impairment of the tradename asset was a more-likely-than-not outcome. We conducted a quantitative impairment analysis in the fourth quarter of fiscal 2020 using the relief-from-royalty method. The determination of fair value requires management to make subjective judgments involving forecasts of projected revenue growth rates, royalty rates, and tax rates, as well as the selection of a discount rate that reflects the risk inherent in estimated future cash flows. These are unobservable inputs classified as Level 3 inputs under the fair value hierarchy. If actual results are not consistent with our estimates and assumptions used in estimating future cash flows and asset fair values, we may be exposed to additional impairment losses in a future period. As a result of the quantitative impairment analysis, it was determined that the carrying value of the Petsense tradename was in excess of the fair value, resulting in a pre-tax impairment loss of approximately $8.2 million in fiscal 2020.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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