Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 25, 2015 | Oct. 07, 2015 | Jan. 24, 2015 | |
Entity Registrant Name | VILLAGE SUPER MARKET INC | ||
Entity Central Index Key | 103,595 | ||
Current Fiscal Year End Date | --07-25 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Jul. 25, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Class A Common Stock | |||
Entity Common Stock, Shares Outstanding (in shares) | 9,848,825 | ||
Entity Public Float | $ 187.8 | ||
Class B Common Stock | |||
Entity Common Stock, Shares Outstanding (in shares) | 4,319,256 | ||
Entity Public Float | $ 0.5 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jul. 25, 2015 | Jul. 26, 2014 |
Current Assets | ||
Cash and cash equivalents | $ 59,040 | $ 77,352 |
Merchandise inventories | 45,772 | 44,694 |
Patronage dividend receivable | 12,831 | 12,923 |
Deferred tax assets | 0 | 12,077 |
Income taxes receivable | 3,917 | 0 |
Other current assets | 14,351 | 15,740 |
Total current assets | 135,911 | 162,786 |
Notes receivable from Wakefern | 41,421 | 40,598 |
Property, equipment and fixtures, net | 206,594 | 206,720 |
Investment in Wakefern | 25,750 | 25,012 |
Goodwill | 12,057 | 12,057 |
Other assets | 12,169 | 10,239 |
Total assets | 433,902 | 457,412 |
Current Liabilities | ||
Capital and financing lease obligations | 469 | 231 |
Notes payable to Wakefern | 430 | 667 |
Accounts payable to Wakefern | 58,337 | 63,709 |
Accounts payable and accrued expenses | 21,046 | 18,154 |
Accrued wages and benefits | 15,117 | 18,856 |
Income taxes payable | 765 | 44,387 |
Total current liabilities | 96,164 | 146,004 |
Long-term Debt | ||
Capital and financing lease obligations | 43,699 | 44,168 |
Notes payable to Wakefern | 726 | 1,074 |
Total long-term debt | 44,425 | 45,242 |
Pension liabilities | 32,232 | 23,876 |
Other liabilities | $ 8,314 | $ 9,154 |
Commitments and Contingencies | ||
Shareholders' Equity | ||
Preferred stock, no par value: Authorized 10,000 shares, none issued | $ 0 | $ 0 |
Retained earnings | 221,765 | 203,722 |
Accumulated other comprehensive loss | (16,874) | (12,465) |
Total shareholders’ equity | 252,767 | 233,136 |
Total liabilities and shareholders' equity | 433,902 | 457,412 |
Class A Common Stock | ||
Shareholders' Equity | ||
Common stock | 51,618 | 47,056 |
Less treasury stock, Class A, at cost: 343 shares at July 25, 2015 and 454 shares at July 26, 2014 | (4,443) | (5,885) |
Class B Common Stock | ||
Shareholders' Equity | ||
Common stock | $ 701 | $ 708 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares | Jul. 25, 2015 | Jul. 26, 2014 |
Preferred stock shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock shares issued (in shares) | 0 | 0 |
Class A Common Stock | ||
Common stock shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock shares issued (in shares) | 10,192,000 | 10,147,000 |
Treasury stock shares (in shares) | 343,000 | 454,000 |
Class B Common Stock | ||
Common stock shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock shares issued (in shares) | 4,319,000 | 4,361,000 |
Common Stock, Shares, Outstanding | 4,319,000 | 4,361,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | |
Sales | $ 1,583,789 | $ 1,518,636 | $ 1,476,457 |
Cost of sales | 1,150,674 | 1,110,138 | 1,078,696 |
Gross profit | 433,115 | 408,498 | 397,761 |
Operating and administrative expense | 366,254 | 356,396 | 333,230 |
Depreciation and amortization | 23,330 | 22,274 | 20,354 |
Operating income | 43,531 | 29,828 | 44,177 |
Income from partnerships | 0 | 0 | 1,450 |
Interest expense | (4,535) | (3,602) | (3,771) |
Interest income | 2,399 | 2,622 | 2,783 |
Income before income taxes | 41,395 | 28,848 | 44,639 |
Income taxes | 10,775 | 23,803 | 18,855 |
Net income | $ 30,620 | $ 5,045 | $ 25,784 |
Class A Common Stock | |||
Net income per share: | |||
Basic (in dollars per share) | $ 2.44 | $ 0.41 | $ 2.18 |
Diluted (in dollars per share) | 2.16 | 0.36 | 1.85 |
Class B Common Stock | |||
Net income per share: | |||
Basic (in dollars per share) | 1.58 | 0.26 | 1.36 |
Diluted (in dollars per share) | $ 1.58 | $ 0.26 | $ 1.36 |
CONSOLIDATED CONDENSED STATEMEN
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | |||
Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||
Net income | $ 30,620 | $ 5,045 | $ 25,784 | |
Other comprehensive income (loss): | ||||
Amortization of pension actuarial loss, net of tax | [1] | 768 | 475 | 1,309 |
Pension adjustment to funded status, net of tax | [2] | (5,177) | (4,473) | 5,698 |
Total other comprehensive income (loss) | (4,409) | (3,998) | 7,007 | |
Comprehensive income | $ 26,211 | $ 1,047 | $ 32,791 | |
[1] | Amounts are net of tax of $527, $329 and $872 for 2015, 2014 and 2013, respectively. | |||
[2] | Amounts are net of tax of $3,559, $3,238 and $3,800 for 2015, 2014 and 2013, respectively. |
CONSOLIDATED CONDENSED STATEME6
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Tax of amortization of pension actuarial loss | $ 527 | $ 329 | $ 872 |
Tax (expense) benefit of pension adjustment to funded status | $ 3,559 | $ 3,238 | $ (3,800) |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Class A Common Stock | Common StockClass A Common Stock | Common StockClass B Common Stock | Retained Earnings | Accumulated other comprehensive income (loss) | Treasury Stock Class A |
Balance (in shares) at Jul. 28, 2012 | 7,883,000 | 6,335,000 | 461,000 | ||||
Balance at Jul. 28, 2012 | $ 230,311 | $ 39,570 | $ 1,028 | $ 209,373 | $ (15,474) | $ (4,186) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 25,784 | 25,784 | |||||
Other comprehensive income (loss), net of tax | 7,007 | 7,007 | |||||
Dividends | (24,048) | (24,048) | |||||
Exercise of stock options | $ 1,742 | $ 957 | $ 785 | ||||
Exercise of stock options (in shares) | (86,000) | (86,000) | |||||
Share-based compensation expense (in shares) | 2,000 | ||||||
Share-based compensation expense | $ 3,222 | $ 3,222 | |||||
Tax (deficit) benefit from exercise of stock options and restricted share vesting | 542 | $ 542 | |||||
Conversion of Class B shares to Class A shares (in shares) | 1,555,000 | (1,555,000) | |||||
Conversion of Class B shares to Class A shares | 0 | $ 252 | $ (252) | ||||
Balance (in shares) at Jul. 27, 2013 | 9,440,000 | 4,780,000 | 375,000 | ||||
Balance at Jul. 27, 2013 | 244,560 | $ 44,543 | $ 776 | 211,109 | (8,467) | $ (3,401) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 5,045 | 5,045 | |||||
Other comprehensive income (loss), net of tax | (3,998) | (3,998) | |||||
Dividends | (12,432) | (12,432) | |||||
Exercise of stock options | $ 217 | $ 132 | $ 85 | ||||
Exercise of stock options (in shares) | (9,000) | (9,000) | |||||
Treasury stock purchases (in shares) | 88,000 | ||||||
Treasury stock purchases | $ (2,569) | $ (2,569) | |||||
Share-based compensation expense (in shares) | 288,000 | ||||||
Share-based compensation expense | 3,229 | $ 3,229 | |||||
Tax (deficit) benefit from exercise of stock options and restricted share vesting | (916) | $ (916) | |||||
Conversion of Class B shares to Class A shares (in shares) | 419,000 | (419,000) | |||||
Conversion of Class B shares to Class A shares | 0 | $ 68 | $ (68) | ||||
Balance (in shares) at Jul. 26, 2014 | 10,147,000 | 4,361,000 | 454,000 | ||||
Balance at Jul. 26, 2014 | 233,136 | $ 47,056 | $ 708 | 203,722 | (12,465) | $ (5,885) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 30,620 | 30,620 | |||||
Other comprehensive income (loss), net of tax | (4,409) | (4,409) | |||||
Dividends | (12,577) | (12,577) | |||||
Exercise of stock options | $ 2,392 | $ 950 | $ 1,442 | ||||
Exercise of stock options (in shares) | (111,000) | (111,000) | |||||
Treasury stock purchases (in shares) | 0 | ||||||
Share-based compensation expense (in shares) | 3,000 | ||||||
Share-based compensation expense | $ 3,169 | $ 3,169 | |||||
Tax (deficit) benefit from exercise of stock options and restricted share vesting | 436 | $ 436 | |||||
Conversion of Class B shares to Class A shares (in shares) | 42,000 | (42,000) | |||||
Conversion of Class B shares to Class A shares | 0 | $ 7 | $ (7) | ||||
Balance (in shares) at Jul. 25, 2015 | 10,192,000 | 4,319,000 | 343,000 | ||||
Balance at Jul. 25, 2015 | $ 252,767 | $ 51,618 | $ 701 | $ 221,765 | $ (16,874) | $ (4,443) |
CONSOLIDATED STATEMENTS OF SHA8
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY AND COMPREHENSIVE INCOME PARENTHETICAL - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||
Tax expense (benefit) associated with other comprehensive loss and income | $ (3,032) | $ (2,909) | $ 4,672 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 30,620 | $ 5,045 | $ 25,784 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 23,330 | 22,274 | 20,354 |
Non-cash share-based compensation | 3,169 | 3,229 | 3,222 |
Deferred taxes | 14,841 | (8,048) | (3,499) |
Provision to value inventories at LIFO | 124 | (216) | (56) |
Income from partnerships | 0 | 0 | (1,450) |
Changes in assets and liabilities: | |||
Merchandise inventories | (1,202) | (2,963) | (860) |
Patronage dividend receivable | 92 | (1,113) | (1,036) |
Accounts payable to Wakefern | (5,372) | 4,244 | 4,024 |
Accounts payable and accrued expenses | 1,329 | 3,228 | (1,778) |
Accrued wages and benefits | (3,739) | 4,146 | 1,908 |
Income taxes receivable / payable | (47,539) | 24,144 | 4,147 |
Other assets and liabilities | 1,815 | (1,523) | 513 |
Net cash provided by operating activities | 17,468 | 52,447 | 51,273 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Capital expenditures | (23,517) | (50,322) | (21,888) |
Investment in notes receivable from Wakefern | (823) | (41,597) | (1,503) |
Maturity of notes receivable from Wakefern | 0 | 23,420 | 0 |
Proceeds from partnerships | 0 | 0 | 1,980 |
Net cash used in investing activities | (24,340) | (68,499) | (21,411) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from exercise of stock options | 2,392 | 217 | 1,742 |
Excess tax benefit related to share-based compensation | 436 | 46 | 542 |
Principal payments of long-term debt | (1,691) | (1,429) | (1,630) |
Dividends | (12,577) | (12,432) | (24,048) |
Treasury stock purchases | 0 | (2,569) | 0 |
Net cash used in financing activities | (11,440) | (16,167) | (23,394) |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (18,312) | (32,219) | 6,468 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 77,352 | 109,571 | 103,103 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 59,040 | 77,352 | 109,571 |
SUPPLEMENTAL DISCLOSURES OF CASH PAYMENTS MADE FOR: | |||
Interest | 4,446 | 4,240 | 4,012 |
Income taxes | 43,038 | 7,661 | 17,665 |
NONCASH SUPPLEMENTAL DISCLOSURES: | |||
Capital lease obligations | $ 0 | $ 3,525 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jul. 25, 2015 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of operations Village Super Market, Inc. (the “Company” or “Village”) operates a chain of 29 ShopRite supermarkets in New Jersey, eastern Pennsylvania and Maryland. The Company is a member of Wakefern Food Corporation ("Wakefern"), the nation's largest retailer-owned food cooperative and owner of the ShopRite name. This relationship provides Village many of the economies of scale in purchasing, distribution, private label products, advanced retail technology, marketing and advertising associated with chains of greater size and geographic coverage. Principles of consolidation The consolidated financial statements include the accounts of Village Super Market, Inc. and its subsidiaries, which are wholly owned. Intercompany balances and transactions have been eliminated. Certain amounts have been reclassified in the fiscal 2014 consolidated balance sheet and consolidated statement of cash flows to conform to the fiscal 2015 presentation. Fiscal year The Company and its subsidiaries utilize a 52-53 week fiscal year ending on the last Saturday in the month of July. Fiscal 2015 , 2014 and 2013 contain 52 weeks. Use of estimates In conformity with U.S. generally accepted accounting principles, management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Some of the more significant estimates are patronage dividends, pension accounting assumptions, share-based compensation assumptions, accounting for uncertain tax positions, accounting for contingencies and the impairment of long-lived assets and goodwill. Actual results could differ from those estimates. Industry segment The Company consists of one operating segment, the retail sale of food and nonfood products. Revenue recognition Merchandise sales are recognized at the point of sale to the customer. Sales tax is excluded from revenue. Discounts provided to customers through ShopRite coupons and loyalty programs are recognized as a reduction of sales as the products are sold. Cash and cash equivalents The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. Included in cash and cash equivalents are proceeds due from credit and debit card transactions, which typically settle within five business days, of $7,633 and $9,864 at July 25, 2015 and July 26, 2014 , respectively. Included in cash and cash equivalents at July 25, 2015 and July 26, 2014 are $35,428 and $52,891 , respectively, of demand deposits invested at Wakefern at overnight money market rates. Merchandise inventories Approximately 65% of merchandise inventories are stated at the lower of LIFO (last-in, first-out) cost or market. If the FIFO (first-in, first-out) method had been used, inventories would have been $14,693 and $14,569 higher than reported in fiscal 2015 and 2014 , respectively. All other inventories are stated at the lower of FIFO cost or market. Vendor allowances and rebates The Company receives vendor allowances and rebates, including the patronage dividend and amounts received as a pass through from Wakefern, related to the Company’s buying and merchandising activities. Vendor allowances and rebates are recognized as a reduction in cost of sales when the related merchandise is sold or when the required contractual terms are completed. Property, equipment and fixtures Property, equipment and fixtures are recorded at cost. Interest cost incurred to finance construction is capitalized as part of the cost of the asset. Maintenance and repairs are expensed as incurred. Depreciation is provided on a straight-line basis over estimated useful lives of thirty years for buildings, ten years for store fixtures and equipment, and three years for vehicles. Leasehold improvements are amortized over the shorter of the related lease terms or the estimated useful lives of the related assets. When assets are sold or retired, their cost and accumulated depreciation are removed from the accounts, and any gain or loss is reflected in the consolidated financial statements. Investments The Company’s investments in its principal supplier, Wakefern, and a Wakefern affiliate, Insure-Rite, Ltd., are stated at cost (see Note 3). Village evaluates its investments in Wakefern and Insure-Rite, Ltd. for impairment through consideration of previous, current and projected levels of profit of those entities. The Company’s 20%-50% investments in certain real estate partnerships are accounted for under the equity method. One of these partnerships is a variable interest entity which does not require consolidation as Village is not the primary beneficiary (see Note 6). Store opening and closing costs All store opening costs are expensed as incurred. The Company records a liability for the future minimum lease payments and related costs for closed stores from the date of closure to the end of the remaining lease term, net of estimated cost recoveries that may be achieved through subletting, discounted using a risk-adjusted interest rate. Leases Leases that meet certain criteria are classified as capital leases, and assets and liabilities are recorded at amounts equal to the lesser of the present value of the minimum lease payments or the fair value of the leased properties at the inception of the respective leases. Such assets are amortized on a straight- line basis over the shorter of the related lease terms or the estimated useful lives of the related assets. Amounts representing interest expense relating to the lease obligations are recorded to effect constant rates of interest over the terms of the leases. Leases that do not qualify as capital leases are classified as operating leases. The Company accounts for rent holidays, escalating rent provisions, and construction allowances on a straight-line basis over the term of the lease. For leases in which the Company is involved with the construction of the store, if Village concludes that it has substantially all of the risks of ownership during construction of the leased property and therefore is deemed the owner of the project for accounting purposes, an asset and related financing obligation are recorded for the costs paid by the landlord. Once construction is complete, the Company considers the requirements for sale-leaseback treatment. If the arrangement does not qualify for sale-leaseback treatment, the Company amortizes the financing obligation and depreciates the building over the lease term. Advertising Advertising costs are expensed as incurred. Advertising expense was $11,121 , $11,474 and $11,018 in fiscal 2015 , 2014 and 2013 , respectively. Income taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. The Company recognizes a tax benefit for uncertain tax positions if it is “more likely than not” that the position is sustainable, based on its technical merits. The tax benefit of a qualifying position is the largest amount of tax benefit that is greater than 50% likely of being realized upon effective settlement with a taxing authority having full knowledge of all relevant information. Fair value Fair value is defined as the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is a market-based measurement that should be determined using assumptions that market participants would use in pricing an asset or liability. The fair value guidance establishes a three-level hierarchy to prioritize the inputs used in measuring fair value. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities in active markets observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability. Cash and cash equivalents, patronage dividend receivable, income tax receivable, accounts payable and accrued expenses are reflected in the consolidated financial statements at carrying value, which approximates fair value because of the short-term maturity of these instruments. The carrying values of the Company’s notes receivable from Wakefern approximate their fair value as interest is earned at variable market rates. As the Company’s investment in Wakefern can only be sold to Wakefern at amounts that approximate the Company’s cost, it is not practicable to estimate the fair value of such investment. Long-lived assets The Company reviews long-lived assets, such as property, equipment and fixtures on an individual store basis for impairment when circumstances indicate the carrying amount of an asset group may not be recoverable. Such review analyzes the undiscounted estimated future cash flows from such assets to determine if the carrying value of such assets are recoverable from their respective cash flows. If impairment is indicated, it is measured by comparing the fair value of the long-lived assets to their carrying value. Goodwill Goodwill is tested at the end of each fiscal year, or more frequently if circumstances dictate, for impairment. An impairment loss is recognized to the extent that the carrying amount of goodwill exceeds its implied fair value. Village operates as a single reporting unit for purposes of evaluating goodwill for impairment and primarily considers earnings multiples and other valuation techniques to measure fair value, in addition to the value of the Company’s stock. Net income per share The Company has two classes of common stock. Class A common stock is entitled to cash dividends as declared 54% greater than those paid on Class B common stock. Shares of Class B common stock are convertible on a share-for-share basis for Class A common stock at any time. The Company utilizes the two-class method of computing and presenting net income per share. The two-class method is an earnings allocation formula that calculates basic and diluted net income per share for each class of common stock separately based on dividends declared and participation rights in undistributed earnings. Under the two-class method, Class A common stock is assumed to receive a 54% greater participation in undistributed earnings than Class B common stock, in accordance with the classes' respective dividend rights. Unvested share-based payment awards that contain nonforfeitable rights to dividends are treated as participating securities and therefore included in computing net income per share using the two-class method. Diluted net income per share for Class A common stock is calculated utilizing the if-converted method, which assumes the conversion of all shares of Class B common stock to Class A common stock on a share-for-share basis, as this method is more dilutive than the two-class method. Diluted net income per share for Class B common stock does not assume conversion of Class B common stock to shares of Class A common stock. The tables below reconcile the numerators and denominators of basic and diluted net income per share for all periods presented. 2015 2014 2013 Class A Class B Class A Class B Class A Class B Numerator: Net income allocated, basic $ 23,050 $ 6,885 $ 3,788 $ 1,141 $ 18,089 $ 7,053 Conversion of Class B to Class A shares 6,885 — 1,141 — 7,053 — Effect of share-based compensation on allocated net income 46 (23 ) (20 ) (11 ) 6 (5 ) Net income allocated, diluted $ 29,981 $ 6,862 $ 4,909 $ 1,130 $ 25,148 $ 7,048 Denominator: Weighted average shares outstanding, basic 9,459 4,353 9,258 4,374 8,297 5,197 Conversion of Class B to Class A shares 4,353 — 4,374 — 5,197 — Dilutive effect of share-based compensation 48 — 62 — 112 — Weighted average shares outstanding, diluted 13,860 4,353 13,694 4,374 13,606 5,197 Net income per share is as follows: 2015 2014 2013 Class A Class B Class A Class B Class A Class B Basic $ 2.44 $ 1.58 $ 0.41 $ 0.26 $ 2.18 $ 1.36 Diluted $ 2.16 $ 1.58 $ 0.36 $ 0.26 $ 1.85 $ 1.36 Outstanding stock options to purchase Class A shares of 224 , 540 and 5 were excluded from the calculation of diluted net income per share at July 25, 2015 , July 26, 2014 and July 27, 2013 , respectively, as a result of their anti-dilutive effect. In addition, 271 , 288 and 299 non-vested restricted Class A shares, which are considered participating securities, and their allocated net income were excluded from the diluted net income per share calculation at July 25, 2015 , July 26, 2014 and July 27, 2013 , respectively, due to their anti-dilutive effect. Share-based compensation All share-based payments to employees are recognized in the financial statements as compensation costs based on the fair market value on the date of the grant. Benefit plans The Company recognizes the funded status of its Company sponsored retirement plans on the consolidated balance sheet. Actuarial gains or losses, prior service costs or credits and transition obligations not previously recognized are recorded as a component of Accumulated Other Comprehensive Income (Loss). The Company uses July 31 as the measurement date for these plans. The Company also contributes to several multi-employer pension plans under the terms of collective bargaining agreements that cover certain union-represented employees. Pension expense for these plans is recognized as contributions are made. Recently issued accounting standards In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") No. 2014-9, “Revenue from Contracts with Customers,” which provides guidance for revenue recognition. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company is currently assessing the potential impact of ASU No. 2014-9 on its financial statements. In February 2015, the Financial Accounting Standards Board issued ASU 2015-02, "Consolidation (Topic 810): Amendments to the Consolidations Analysis" , which changes the guidance for evaluating whether to consolidate certain legal entities. Specifically, the amendments modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities. Further, the amendments eliminate the presumption that a general partner should consolidate a limited partnership, as well as affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. The updated guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted. Companies have an option of using either a full retrospective or modified retrospective adoption approach. The Company is evaluating the effect that ASU 2015-02 will have on its consolidated financial statements and related disclosures. |
PROPERTY, EQUIPMENT and FIXTURE
PROPERTY, EQUIPMENT and FIXTURES | 12 Months Ended |
Jul. 25, 2015 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, EQUIPMENT and FIXTURES | PROPERTY, EQUIPMENT and FIXTURES Property, equipment and fixtures are comprised as follows: July 25, July 26, Land and buildings $ 103,437 $ 103,043 Store fixtures and equipment 222,429 214,091 Leasehold improvements 94,241 89,409 Leased property under capital leases 25,211 25,211 Construction in progress 1,404 121 Vehicles 2,968 3,031 Total property, equipment and fixtures 449,690 434,906 Accumulated depreciation (236,672 ) (222,784 ) Accumulated amortization of property under capital leases (6,424 ) (5,402 ) Property, equipment and fixtures, net $ 206,594 $ 206,720 Amortization of leased property under capital and financing leases is included in depreciation and amortization expense. |
RELATED PARTY INFORMATION - WAK
RELATED PARTY INFORMATION - WAKEFERN | 12 Months Ended |
Jul. 25, 2015 | |
Related Party Transactions [Abstract] | |
RELATED PARTY INFORMATION - WAKEFERN | RELATED PARTY INFORMATION - WAKEFERN The Company’s ownership interest in its principal supplier, Wakefern, which is operated on a cooperative basis for its stockholder members, is 13.4% of the outstanding shares of Wakefern at July 25, 2015 . The investment is pledged as collateral for any obligations to Wakefern. In addition, all obligations to Wakefern are personally guaranteed by certain shareholders of Village. The Company is obligated to purchase 85% of its primary merchandise requirements from Wakefern until ten years from the date that stockholders representing 75% of Wakefern sales notify Wakefern that those stockholders request that the Wakefern Stockholder Agreement be terminated. If this purchase obligation is not met, Village is required to pay Wakefern’s profit contribution shortfall attributable to this failure. Similar payments are due if Wakefern loses volume by reason of the sale of Company stores or a merger with another entity. Village fulfilled the above obligation in fiscal 2015 , 2014 and 2013 . The Company also has an investment of approximately 8.2% in Insure-Rite, Ltd., a Wakefern affiliated company, that provides Village with liability and property insurance coverage. Wakefern has increased from time to time the required investment in its common stock for each supermarket owned by a member, with the exact amount per store computed based on the amount of each store’s purchases from Wakefern. At July 25, 2015 , the Company’s indebtedness to Wakefern for the outstanding amount of these stock subscriptions was $1,156 . Installment payments are due as follows: 2016 - $430 ; 2017 - $344 ; 2018 - $287 ; 2019 - $95 and none thereafter. The maximum per store investment, which is currently $875 , increased by $25 in both fiscal 2015 and 2014 , resulting in additional investments of $738 and $657 , respectively. Village receives additional shares of common stock to the extent paid for at the end of each fiscal year (September 30) of Wakefern calculated at the then book value of such shares. The payments, together with any stock issued thereunder, at the option of Wakefern, may be null and void and all payments on this subscription shall become the property of Wakefern in the event the Company does not complete the payment of this subscription in a timely manner. Village purchases substantially all of its merchandise from Wakefern. Wakefern distributes as a “patronage dividend” to each member a share of substantially all of its earnings in proportion to the dollar volume of purchases by the member from Wakefern during the year. Patronage dividends and other vendor allowances and rebates amounted to $27,557 , $26,438 and $24,779 in fiscal 2015 , 2014 and 2013 , respectively. Wakefern provides the Company with support services in numerous areas including advertising, supplies, liability and property insurance, technology support and other store services. Village incurred charges of $33,306 , $32,808 and $29,973 , from Wakefern in fiscal 2015 , 2014 and 2013 , respectively, for these services, which are reflected in operating and administrative expense in the consolidated statements of operations. Additionally, the Company has certain related party leases (see Note 6) with Wakefern. On February 15, 2014, Village received $23,420 as prepayment of notes receivable due from Wakefern. These notes earned interest at a fixed rate of 7% . The Company invested the proceeds received and additional funds previously invested in demand deposits at Wakefern in variable rate notes receivable from Wakefern of $40,000 on February 15, 2014. Half of these notes earn interest at the prime rate plus .25% and mature on August 15, 2017 and half earn interest at the prime rate plus 1.25% and mature on February 15, 2019 . Wakefern has the right to prepay these notes at any time. Under certain conditions, the Company can require Wakefern to prepay the notes, although interest earned since inception would be reduced as if it was earned based on overnight money market rates as paid by Wakefern on demand deposits. At July 25, 2015 , the Company had demand deposits invested at Wakefern in the amount of $35,428 . These deposits earn overnight money market rates. Interest income earned on investments with Wakefern was $2,399 , $2,622 and $2,783 , in fiscal 2015 , 2014 and 2013 , respectively. |
DEBT
DEBT | 12 Months Ended |
Jul. 25, 2015 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Village has an unsecured revolving credit agreement providing a maximum amount available for borrowing of $25,000 . This loan agreement expires on December 31, 2015 . The revolving credit line can be used for general corporate purposes. Indebtedness under this agreement bears interest at the prime rate, or at the Eurodollar rate, at the Company’s option, plus applicable margins based on the Company’s fixed charge coverage ratio. There were no amounts outstanding at July 25, 2015 or July 26, 2014 under this facility. The revolving loan agreement provides for up to $3,000 of letters of credit ( $2,490 outstanding at July 25, 2015 ), which secure obligations for construction performance guarantees to municipalities. The revolving loan agreement contains covenants that, among other conditions, require a maximum liabilities to tangible net worth ratio, a minimum fixed charge coverage ratio and a positive net income. At July 25, 2015 , the Company was in compliance with all covenants of the revolving loan agreement. Under the above covenants, Village had approximately $147,879 of net worth available at July 25, 2015 for the payment of dividends. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jul. 25, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The components of the provision for income taxes are: 2015 2014 2013 Federal: Current $ 2,424 $ 10,808 $ 17,215 Deferred 13,954 (6,938 ) (3,021 ) State: Current (6,490 ) 21,043 5,139 Deferred 887 (1,110 ) (478 ) $ 10,775 $ 23,803 $ 18,855 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows: July 25, July 26, Deferred tax assets: Leasing activities $ 7,882 $ 7,814 Federal benefit of uncertain tax positions 230 14,816 Compensation related costs 3,696 1,548 Pension costs 13,333 11,225 Other 734 1,908 Total deferred tax assets 25,875 37,311 Deferred tax liabilities: Tax over book depreciation 16,559 16,153 Patronage dividend receivable 5,193 5,223 Investment in partnerships 1,418 1,423 Other 172 170 Total deferred tax liabilities 23,342 22,969 Net deferred tax asset $ 2,533 $ 14,342 Deferred income tax assets (liabilities) are included in the following captions on the consolidated balance sheets at July 25, 2015 and July 26, 2014 : 2015 2014 Deferred tax assets $ — $ 12,077 Other assets 4,546 3,037 Accounts payable and accrued expenses (2,013 ) (772 ) A valuation allowance is provided when it is more likely than not that some portion of the deferred tax assets will not be realized. In management’s opinion, in view of the Company’s previous, current and projected taxable income and reversal of deferred tax liabilities, such tax assets will more likely than not be fully realized. Accordingly, no valuation allowance was deemed to be required at July 25, 2015 and July 26, 2014 . The effective income tax rate differs from the statutory federal income tax rate as follows: 2015 2014 2013 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal tax benefit 6.1 % 6.4 % 5.2 % Unrecognized tax benefits, interest and penalties on prior year tax positions (17.6 )% 34.9 % — % Current year interest and penalties on unrecognized tax benefits 2.0 % 5.4 % 1.6 % Other 0.5 % 0.8 % 0.4 % Effective income tax rate 26.0 % 82.5 % 42.2 % In prior years, the state of New Jersey issued two separate tax assessments related to nexus beginning in fiscal 2000 and the deductibility of certain payments between subsidiaries beginning in fiscal 2002. Village contested both of these assessments through the state’s conference and appeals process and was subsequently denied. The Company then filed two complaints in Tax Court against the New Jersey Division of Taxation (the "Division") contesting these assessments and a trial limited to the nexus dispute was conducted in June 2013. On October 23, 2013, the Tax Court issued their opinion on the matter in favor of the Division. As a result, the Company recorded a $10,052 charge, net of federal benefit, to income tax expense in the fiscal quarter ended October 26, 2013, to increase unrecognized tax benefits and related interest and penalties for tax positions taken in prior years. This charge increased our fiscal 2014 beginning of year accrued tax liability to reflect the estimated total tax, interest and penalties due if the Company was unable to overturn the Court’s decision upon appeal. On February 27, 2015, the Company reached an agreement with the Division whereby the Company paid $33,000 in March 2015 to settle the disputes with the Division for fiscal years 2000 through 2014. Net of federal benefit, the total cash outflow as a result of the settlement is expected to be $21,000 . Under the terms of the agreement, the Company withdrew its appeal of the Tax Court opinion on the nexus dispute. In addition, the case pending on the deductibility of certain payments between subsidiaries has been dismissed and the Division has withdrawn the related assessments. The Company recorded an income tax benefit of $7,293 , net of federal taxes, in the fiscal quarter ending April 25, 2015 to reverse remaining unrecognized tax benefits and related interest and penalties in excess of the settlement. Under the terms of the agreement with the Division, the Company remains open to examination for all tax years related to the settlement. The Company is open to examination by the remaining relevant tax authorities with varying statutes of limitations, generally ranging from three to four years. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: 2015 2014 Balance at beginning of year $ 28,993 $ 17,640 Reclassification to offset net operating loss carryforward (1) (1,147 ) — Additions based on tax positions related to prior periods — 7,589 Additions based on tax positions related to the current year 76 3,764 Reductions based on tax positions related to prior periods (546 ) — Cash paid on settlements (26,862 ) — Balance at end of year $ 514 $ 28,993 (1) In accordance with Accounting Standards Update 2013-11, unrecognized tax benefits of $1,147 were reclassified from income taxes payable to offset related net operating loss carryforward deferred tax assets at the beginning of fiscal 2015. Unrecognized tax benefits at July 25, 2015 and July 26, 2014 include tax positions of $334 and $18,845 (net of federal benefit), respectively, that would reduce the Company’s effective income tax rate, if recognized in future periods. The Company recognizes interest and penalties on income taxes in income tax expense. The Company recognized a benefit of $9,811 ( $6,396 net of federal and state taxes) in fiscal 2015 and expense of $10,287 and $1,211 , related to interest and penalties on income taxes in fiscal 2014 and 2013 , respectively. The amount of accrued interest and penalties included in the consolidated balance sheet was $158 and $16,107 at July 25, 2015 and July 26, 2014 , respectively. |
LEASES
LEASES | 12 Months Ended |
Jul. 25, 2015 | |
Leases [Abstract] | |
LEASES | LEASES Description of leasing arrangements The Company leased 23 stores at July 25, 2015 , including five that are capitalized for financial reporting purposes. The majority of initial lease terms range from 20 to 30 years . Most of the Company’s leases contain renewal options at increased rents of five years each. These options enable Village to retain the use of facilities in desirable operating areas. Management expects that in the normal course of business, most leases will be renewed or replaced by other leases. The Company is obligated under all leases to pay for real estate taxes, utilities and liability insurance, and under certain leases to pay additional amounts based on maintenance and a percentage of sales in excess of stipulated amounts. Future minimum lease payments by year and in the aggregate for all non-cancelable leases with initial terms of one year or more consist of the following at July 25, 2015 : Capital and financing leases Operating Leases 2016 $ 4,875 $ 10,893 2017 4,875 9,215 2018 4,959 8,543 2019 5,001 7,187 2020 5,173 6,497 Thereafter 64,791 43,590 Minimum lease payments 89,674 $ 85,925 Less amount representing interest 45,506 Present value of minimum lease payments 44,168 Less current portion 469 $ 43,699 The following schedule shows the composition of total rental expense for the following years: 2015 2014 2013 Minimum rentals $ 11,090 $ 11,308 $ 11,192 Contingent rentals 893 872 960 $ 11,983 $ 12,180 $ 12,152 On November 6, 2013, the Company closed the Morris Plains, New Jersey store and opened a 77,000 sq. ft. replacement store in Hanover Township, New Jersey. The Company recorded a $3,481 charge to Operating and administrative expense in fiscal 2014 for the remaining lease obligations, net of estimated sublease rentals, on the Morris Plains store. As of July 25, 2015 , $1,692 of these costs have been paid, with a remaining liability of $1,789 . On April 30, 2014, Village opened a 59,000 sq. ft. store in Union, New Jersey and closed our existing 40,000 sq. ft. store. The Company recorded a $929 charge to Operating and administrative expense in fiscal 2015 for the remaining lease obligations, net of estimated sublease rentals, on the old Union store. As of July 25, 2015 , $663 of these costs have been paid, with a remaining liability of $266 . Related party leases The Company leases a supermarket from a realty firm 30% owned by certain officers of Village. The Company paid rent to related parties under this lease of $640 in each of the fiscal years 2015 , 2014 and 2013 . This lease expires in fiscal 2021 with options to extend at increasing annual rents. The Company has ownership interests in three real estate partnerships. Village paid aggregate rents to two of these partnerships for leased stores of $1,300 , $1,008 and $834 in fiscal 2015 , 2014 and 2013 , respectively. In November 2012, the Company received $1,980 in cash distributions from two partnerships. Income from partnerships in fiscal 2013 of $1,450 represents proceeds received in excess of invested amounts. One of these partnerships is a variable interest entity, which is not consolidated as Village is not the primary beneficiary. This partnership owns one property, a stand-alone supermarket leased to the Company since 1974. Village is a general partner entitled to 33% of the partnership's profits and losses. The Company subleases the Galloway and Vineland stores from Wakefern under sublease agreements which provide for combined annual rent of $1,296 . Both leases contain normal periodic rent increases and options to extend the lease. |
SHAREHOLDERS_ EQUITY
SHAREHOLDERS’ EQUITY | 12 Months Ended |
Jul. 25, 2015 | |
Equity [Abstract] | |
SHAREHOLDERS’ EQUITY | SHAREHOLDERS’ EQUITY The Company has two classes of common stock. Class A common stock is entitled to one vote per share and to cash dividends as declared 54% greater than those paid on Class B common stock. Class B common stock is entitled to 10 votes per share. Class A and Class B common stock share equally on a per share basis in any distributions in liquidation. Shares of Class B common stock are convertible on a share-for-share basis for Class A common stock at any time. Class B common stock is not transferable except to another holder of Class B common stock or by will or under the laws of intestacy or pursuant to a resolution of the Board of Directors of the Company approving the transfer. As a result of this voting structure, the holders of the Class B common stock control greater than 50% of the total voting power of the shareholders of the Company and control the election of the Board of Directors. The Company has authorized 10,000 shares of preferred stock. No shares have been issued. The Board of Directors is authorized to designate series, preferences, powers and participations of any preferred stock issued. During fiscal 2015 the Company’s Board of Directors authorized a share repurchase program of up to $5,000 of its Class A Common Stock. Repurchases may be made from time-to-time through a variety of methods, including open market purchases and other negotiated transactions, including through plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934. No shares have been repurchased in fiscal 2015. Village has three share-based compensation plans, which are described below. The compensation cost charged against income for these plans was $3,169 , $3,229 and $3,222 in fiscal 2015 , 2014 and 2013 , respectively. Total income tax benefit recognized in the consolidated statements of operations for share-based compensation arrangements was $1,134 , $1,148 and $1,140 in fiscal 2015 , 2014 and 2013 , respectively. The Village Super Market, Inc. 2004 Stock Plan (the “2004 Plan”) provides for awards of incentive and nonqualified stock options and restricted stock. There are 1,200 shares of Class A common stock authorized for issuance to employees and directors under the 2004 Plan. Terms and conditions of awards are determined by the Board of Directors. Option awards are primarily granted at the fair value of the Company’s stock at the date of grant, cliff vest three years from the grant date and are exercisable up to ten years from the date of grant. Restricted stock awards primarily cliff vest three years from the grant date. There are no shares remaining for future grants under the 2004 Plan. On December 17, 2010, the shareholders of the Company approved the Village Super Market, Inc. 2010 Stock Plan (the “2010 Plan”) under which awards of incentive and non-qualified stock options and restricted stock may be made. There are 1,200 shares of Class A common stock authorized for issuance to employees and directors under the 2010 Plan. Terms and conditions of awards are determined by the Board of Directors. Option awards granted to date were granted at the fair value of the Company's stock on the date of grant, primarily cliff vest three years from the grant date and are exercisable up to ten years from the grant date. Restricted stock awards primarily cliff vest three years from the date of grant. There are 365 shares remaining for future grants under the 2010 Plan. The following table summarizes option activity under all plans for the following years: 2015 2014 2013 Shares Weighted-average exercise price Shares Weighted-average exercise price Shares Weighted-average exercise price Outstanding at beginning of year 591 $ 26.41 380 $ 24.91 474 $ 24.03 Granted 4 24.51 224 28.83 8 33.91 Exercised (111 ) 21.41 (9 ) 23.23 (86 ) 20.19 Forfeited (11 ) 18.83 (4 ) 27.51 (16 ) 28.86 Outstanding at end of year 473 $ 27.75 591 $ 26.41 380 $ 24.91 Options exercisable at end of year 248 $ 26.80 365 $ 24.89 169 $ 21.50 As of July 25, 2015 , the weighted-average remaining contractual term of options outstanding and options exercisable was 6.5 years and 4.6 years , respectively. As of July 25, 2015 , the aggregate intrinsic value of options outstanding and options exercisable was $417 and $402 , respectively. The weighted-average grant date fair value of options granted was $4.32 and $6.41 per share in fiscal 2015 and 2014 , respectively. The total intrinsic value of options exercised was $1,090 , $113 and $1,344 in fiscal 2015 , 2014 and 2013 , respectively. The fair value of each option award is estimated on the date of grant using the Black-Scholes Option Pricing Model using the weighted-average assumptions in the following table. The Company uses historical data for similar groups of employees in order to estimate the expected life of options granted. Expected volatility is based on the historical volatility of the Company’s stock for a period of years corresponding to the expected life of the option. The risk free interest rate is based on the U.S. Treasury yield curve at the time of grant for securities with a maturity period similar to the expected life of the option. 2015 2014 Expected life (years) 5.0 6.0 Expected volatility 29.8 % 32.2 % Expected dividend yield 4.1 % 3.5 % Risk-free interest rate 1.5 % 1.9 % The following table summarizes restricted stock activity under the 2004 and 2010 Plans for fiscal 2015 , 2014 and 2013 : 2015 2014 2013 Shares Weighted-average grant date fair value Shares Weighted-average grant date fair value Shares Weighted-average grant date fair value Nonvested at beginning of year 288 $ 28.83 299 27.60 299 $ 27.57 Granted 3 23.77 288 28.83 2 33.73 Vested (20 ) 28.83 (299 ) 27.60 (2 ) 28.25 Forfeited — — — — — — Nonvested at end of year 271 $ 28.78 288 28.83 299 $ 27.60 The total fair value of restricted shares vested during fiscal 2015 , 2014 and 2013 was $576 , $8,663 and $60 , respectively. As of July 25, 2015 , there was $5,408 of total unrecognized compensation costs related to nonvested stock options and restricted stock granted under the above plans. That cost is expected to be recognized over a weighted-average period of 1.7 years . Cash received from option exercises under all share-based compensation arrangements was $2,392 , $217 and $1,742 in fiscal 2015 , 2014 and 2013 , respectively. The actual tax benefit realized for tax deductions from option exercises under share-based compensation arrangements was $424 , $46 and $537 in fiscal 2015 , 2014 and 2013 , respectively. The Company declared and paid cash dividends on common stock as follows: 2015 2014 2013 Per share: Class A common stock $ 1.000 $ 1.000 $ 2.000 Class B common stock 0.650 0.650 1.300 Aggregate: Class A common stock $ 9,749 $ 9,598 $ 17,486 Class B common stock 2,828 2,834 6,562 $ 12,577 $ 12,432 $ 24,048 Dividends paid in fiscal 2013 include special dividends totaling $12,009 paid in the second quarter, comprised of $1.00 per Class A common share and $.65 per Class B common share. |
PENSION PLANS
PENSION PLANS | 12 Months Ended |
Jul. 25, 2015 | |
Compensation Related Costs [Abstract] | |
PENSION PLANS | PENSION PLANS Company-Sponsored Pension Plans The Company sponsors four defined benefit pension plans. Two are tax-qualified plans covering members of unions. Benefits under these two plans are based on a fixed amount for each year of service. One is a tax-qualified plan covering nonunion associates. Benefits under this plan are based upon percentages of annual compensation. Funding for these plans is based on an analysis of the specific requirements and an evaluation of the assets and liabilities of each plan. The fourth plan is an unfunded, nonqualified plan providing supplemental pension benefits to certain executives. Net periodic pension cost for the four plans include the following components: 2015 2014 2013 Service cost $ 3,642 $ 2,926 $ 3,279 Interest cost on projected benefit obligation 3,055 2,775 2,479 Expected return on plan assets (3,719 ) (3,194 ) (2,706 ) Gain on settlement (239 ) — — Amortization of gains and losses 1,295 804 2,173 Amortization of prior service costs — — 8 Net periodic pension cost $ 4,034 $ 3,311 $ 5,233 The changes in benefit obligations and the reconciliation of the funded status of the Company’s plans to the consolidated balance sheets were as follows: 2015 2014 Changes in Benefit Obligation: Benefit obligation at beginning of year $ 77,090 $ 63,644 Service cost 3,642 2,926 Interest cost 3,055 2,775 Benefits paid (3,769 ) (1,445 ) Settlement (3,033 ) — Actuarial loss 6,976 9,190 Benefit obligation at end of year $ 83,961 $ 77,090 Changes in Plan Assets: Fair value of plan assets at beginning of year $ 50,129 $ 43,582 Actual return on plan assets 2,279 4,672 Employer contributions 6,203 3,320 Benefits paid (3,769 ) (1,445 ) Settlements paid (3,113 ) — Fair value of plan assets at end of year 51,729 50,129 Funded status at end of year $ (32,232 ) $ (26,961 ) Amounts recognized in the consolidated balance sheets: Accrued wages and benefits $ — $ (3,085 ) Pension liabilities (32,232 ) (23,876 ) Accumulated other comprehensive loss, net of income taxes 16,874 12,465 Amounts included in Accumulated other comprehensive loss (pre-tax): Net actuarial loss $ 28,459 $ 21,018 The Company expects approximately $1,927 of the net actuarial loss to be recognized as a component of net periodic benefit costs in fiscal 2016 . The accumulated benefit obligations of the four plans were $66,809 and $63,971 at July 25, 2015 and July 26, 2014 , respectively. The following information is presented for those plans with an accumulated benefit obligation in excess of plan assets: 2015 2014 Projected benefit obligation $ 83,961 $ 77,090 Accumulated benefit obligation 66,809 63,971 Fair value of plan assets 51,729 50,129 Weighted average assumptions used to determine benefit obligations and net periodic pension cost for the Company’s defined benefit plans were as follows: 2015 2014 2013 Assumed discount rate — net periodic pension cost 3.95 % 4.43 % 3.59 % Assumed discount rate — benefit obligation 4.02 % 3.95 % 4.43 % Assumed rate of increase in compensation levels 4 - 4.5 % 4 - 4.5 % 4 - 4.5 % Expected rate of return on plan assets 7.50 % 7.50 % 7.50 % Investments in the pension trusts are overseen by the trustees of the plans, who are officers of Village. The Company’s overall investment strategy is to maintain a broadly diversified portfolio of stocks, bonds and money market instruments that, along with periodic plan contributions, provide the necessary funds for ongoing benefit obligations. Expected rates of return on plan assets are developed by determining projected stock and bond returns and then applying these returns to the target asset allocations of the trusts, resulting in a weighted-average rate of return on plan assets. Equity returns were based primarily on historical returns of the S&P 500 Index. Fixed-income projected returns were based primarily on historical returns for the broad U.S. bond market. The target allocations for plan assets are 50 - 70% equity securities, 25 - 40% fixed income securities and 0 - 10% cash. Asset allocations are reviewed periodically and appropriate rebalancing is performed. Equity securities include investments in large-cap, small-cap and mid-cap companies located both in and outside the United States. Fixed income securities include U.S. treasuries, mortgage-backed securities and corporate bonds of companies from diversified industries. Investments in securities are made both directly and through mutual funds. In addition, one plan held Class A common stock of Village in the amount of $651 and $541 at July 25, 2015 and July 26, 2014 , respectively. Risk management is accomplished through diversification across asset classes and fund strategies, multiple investment portfolios and investment guidelines. The plans do not allow for investments in derivative instruments. The fair value of the pension assets were as follows: July 25, 2015 July 26, 2014 Asset Category Level 1 Level 2 Total Level 1 Level 2 Total Cash $ 718 $ — $ 718 $ 812 $ — $ 812 Equity securities: Company stock 651 — 651 541 — 541 U.S large cap (1) 18,368 — 18,368 17,095 — 17,095 U.S. small/mid cap (2) 6,602 — 6,602 5,916 — 5,916 International (3) 6,431 — 6,431 6,963 — 6,963 Emerging markets (4) 1,193 — 1,193 1,267 — 1,267 Fixed income securities: U.S treasuries (5) 9,911 — 9,911 9,399 — 9,399 Mortgage-backed (5) — 2,014 2,014 — 2,207 2,207 Corporate bonds (5) 2,810 2,370 5,180 1,857 3,405 5,262 International (6) 661 — 661 667 — 667 Total $ 47,345 $ 4,384 $ 51,729 $ 44,517 $ 5,612 $ 50,129 (1) Includes directly owned securities and mutual funds, primarily low-cost equity index funds not actively managed that track the S&P 500. (2) Includes directly owned securities and mutual funds, which invest in diversified portfolios of publicly traded U.S. common stocks of small and medium cap companies. (3) Includes directly owned securities and mutual funds, which invest in diversified portfolios of publicly traded common stocks of large, non-U.S. companies. (4) Consists of mutual and exchange traded funds which invest in non-U.S. stocks in emerging markets. (5) Includes directly owned securities, mutual funds and exchange traded funds. (6) Consists of exchange traded funds which invest in non-U.S. bonds in emerging markets. Based on actuarial assumptions, estimated future defined benefit payments, which may be significantly impacted by participant elections related to retirement dates and forms of payment, are as follows: Fiscal Year 2016 $ 1,916 2017 2,998 2018 2,766 2019 3,711 2020 12,211 2021 - 2025 25,498 The Company expects to contribute $3,000 in cash to all defined benefit pension plans in fiscal 2016 . Multi-Employer Plans The Company contributes to three multi-employer pension plans under collective bargaining agreements covering union-represented employees. These plans provide benefits to participants that are generally based on a fixed amount for each year of service. Based on the most recent information available, certain of these multi-employer plans are underfunded. The amount of any increase or decrease in Village’s required contributions to these multi- employer pension plans will depend upon the outcome of collective bargaining, actions taken by trustees who manage the plans, government regulations and the actual return on assets held in the plans, among other factors. The risks of participating in multi-employer pension plans are different from the risks of participating in single-employer pension plans in the following respects: • Assets contributed to a multi-employer plan by one employer may be used to provide benefits to employees of other participating employers. • If a participating employer stops contributing to the plan, the unfunded obligations of the plan allocable to such withdrawing employer may be borne by the remaining participating employers. • If the Company stops participating in some of its multi-employer pension plans, the Company may be required to pay those plans an amount based on its allocable share of the underfunded status of the plan, referred to as a withdrawal liability. The Company’s participation in these plans is outlined in the following tables. The “EIN / Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three-digit pension plan number. The most recent “Pension Protection Act Zone Status” available in 2014 and 2013 is for the plan’s year-end at December 31, 2014 and December 31, 2013 , respectively, unless otherwise noted. Among other factors, generally, plans in the red zone are less than 65 percent funded, plans in the yellow zone are between 65 and 80 percent funded and plans in the green zone are at least 80 percent funded. The “FIP/RP Status Pending / Implemented” column indicates plans for which a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. Pension Protection Act Zone Status FIP/RP Status Pending / Implemented Contributions for the year ended (5) Expiration date of Collective- Bargaining Agreement Pension Fund EIN / Pension Plan Number 2014 2013 July 25, July 26, July 27, Surcharge Imposed (6) Pension Plan of Local 464A (1) 22-6051600-001 Green Green N/A $ 665 $ 615 $ 532 N/A June 2016 UFCW Local 1262 & Employers Pension Fund (2), (4) 22-6074414-001 Red Red Implemented 3,501 3,273 3,350 No October 2018 UFCW Regional Pension Plan (3), (4) 16-6062287-074 Red Red Implemented 1,235 1,225 1,164 No December 2017 Total Contributions $ 5,401 $ 5,113 $ 5,046 (1) The information for this fund was obtained from the Form 5500 filed for the plan’s year-end at December 31, 2014 and December 31, 2013 . (2) The information for this fund was obtained from the Form 5500 filed for the plan’s year-end at December 31, 2013 and December 31, 2012 . (3) The information for this fund was obtained from the Form 5500 filed for the plan’s year-end at September 30, 2014 and September 30, 2013 . (4) This plan has elected to utilize special amortization provisions provided under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010. There were no changes to the plan’s zone status as a result of this election. (5) The Company’s contributions represent more than 5% of the total contributions received by each applicable pension fund for all periods presented. (6) Under the Pension Protection Act, a surcharge may be imposed when employers make contributions under a collective bargaining agreement that is not in compliance with a rehabilitation plan. As of July 25, 2015 , the collective bargaining agreements under which the Company was making contributions were in compliance with rehabilitation plans adopted by each applicable pension fund. Other Postretirement Benefit Plans The Company also contributes to various other multi-employer benefit plans that provide health and welfare benefits to active and retired participants. Total contributions made by the Company to these other multi-employer benefit plans were approximately $26,932 , $25,531 and $22,421 in fiscal 2015 , 2014 and 2013 , respectively. Defined Contribution Plans The Company sponsors a 401(k) savings plan for certain eligible associates. Company contributions under that plan, which are based on specified percentages of associate contributions, were $392 , $393 and $377 in fiscal 2015 , 2014 and 2013 , respectively. The Company also contributes to union sponsored defined contribution plans for certain eligible associates. Company contributions under these plans were $817 , $813 and $802 in fiscal 2015 , 2014 and 2013 , respectively. |
COMMITMENTS and CONTINGENCIES
COMMITMENTS and CONTINGENCIES | 12 Months Ended |
Jul. 25, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS and CONTINGENCIES | COMMITMENTS and CONTINGENCIES Superstorm Sandy devastated our area on October 29, 2012 and resulted in the closure of almost all of our stores for periods of time ranging from a few hours to eight days. Village disposed of substantial amounts of perishable product and also incurred repair, labor and other costs as a result of the storm. The Company has property, casualty and business interruption insurance, subject to deductibles and coverage limits. During fiscal 2013, Wakefern began the process of working with our insurers to recover the damages and Village recorded estimated insurance recoveries of $4,913 . As of July 25, 2015 , Village has collected $2,643 . In October 2013, Wakefern, as the policy holder, filed suit against the carrier seeking payment of the remaining claims due for all Wakefern members. The suit was the result of different interpretations of policy terms, including whether the policy's named storm deductible applied. On October 29, 2014, the Court issued their opinion on the matter in favor of the carrier. While Wakefern is continuing to pursue further recovery of uncollected amounts from the carrier and other sources, as a result of this decision and its related impact the Company concluded that recovery of further proceeds is not probable and recorded a $2,270 charge in the first quarter of fiscal 2015 to write-off the remaining insurance receivable. Approximately 92% of our employees are covered by collective bargaining agreements. Contracts with the Company’s seven unions expire between June 2015 and October 2018. Approximately 12% of our associates are represented by unions whose contracts have already expired or expire within one year . Any work stoppages could have an adverse impact on our financial results. The Company is involved in other litigation incidental to the normal course of business. Company management is of the opinion that the ultimate resolution of these legal proceedings should not have a material adverse effect on the consolidated financial position, results of operations or liquidity of the Company. |
SUMMARY OF SIGNIFICANT ACCOUN19
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jul. 25, 2015 | |
Accounting Policies [Abstract] | |
Nature of operations | Village Super Market, Inc. (the “Company” or “Village”) operates a chain of 29 ShopRite supermarkets in New Jersey, eastern Pennsylvania and Maryland. The Company is a member of Wakefern Food Corporation ("Wakefern"), the nation's largest retailer-owned food cooperative and owner of the ShopRite name. This relationship provides Village many of the economies of scale in purchasing, distribution, private label products, advanced retail technology, marketing and advertising associated with chains of greater size and geographic coverage. |
Principles of consolidation | The consolidated financial statements include the accounts of Village Super Market, Inc. and its subsidiaries, which are wholly owned. Intercompany balances and transactions have been eliminated. |
Fiscal year | The Company and its subsidiaries utilize a 52-53 week fiscal year ending on the last Saturday in the month of July. Fiscal 2015 , 2014 and 2013 contain 52 weeks. |
Use of estimates | In conformity with U.S. generally accepted accounting principles, management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Some of the more significant estimates are patronage dividends, pension accounting assumptions, share-based compensation assumptions, accounting for uncertain tax positions, accounting for contingencies and the impairment of long-lived assets and goodwill. Actual results could differ from those estimates. |
Industry segment | The Company consists of one operating segment, the retail sale of food and nonfood products. |
Revenue recognition | Merchandise sales are recognized at the point of sale to the customer. Sales tax is excluded from revenue. Discounts provided to customers through ShopRite coupons and loyalty programs are recognized as a reduction of sales as the products are sold. |
Cash and cash equivalents | The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. Included in cash and cash equivalents are proceeds due from credit and debit card transactions, which typically settle within five business days, of $7,633 and $9,864 at July 25, 2015 and July 26, 2014 , respectively. Included in cash and cash equivalents at July 25, 2015 and July 26, 2014 are $35,428 and $52,891 , respectively, of demand deposits invested at Wakefern at overnight money market rates. |
Merchandise inventories | Approximately 65% of merchandise inventories are stated at the lower of LIFO (last-in, first-out) cost or market. If the FIFO (first-in, first-out) method had been used, inventories would have been $14,693 and $14,569 higher than reported in fiscal 2015 and 2014 , respectively. All other inventories are stated at the lower of FIFO cost or market. |
Vendor allowances and rebates | The Company receives vendor allowances and rebates, including the patronage dividend and amounts received as a pass through from Wakefern, related to the Company’s buying and merchandising activities. Vendor allowances and rebates are recognized as a reduction in cost of sales when the related merchandise is sold or when the required contractual terms are completed. |
Property, equipment and fixtures | Property, equipment and fixtures are recorded at cost. Interest cost incurred to finance construction is capitalized as part of the cost of the asset. Maintenance and repairs are expensed as incurred. Depreciation is provided on a straight-line basis over estimated useful lives of thirty years for buildings, ten years for store fixtures and equipment, and three years for vehicles. Leasehold improvements are amortized over the shorter of the related lease terms or the estimated useful lives of the related assets. When assets are sold or retired, their cost and accumulated depreciation are removed from the accounts, and any gain or loss is reflected in the consolidated financial statements. |
Investments | The Company’s investments in its principal supplier, Wakefern, and a Wakefern affiliate, Insure-Rite, Ltd., are stated at cost (see Note 3). Village evaluates its investments in Wakefern and Insure-Rite, Ltd. for impairment through consideration of previous, current and projected levels of profit of those entities. The Company’s 20%-50% investments in certain real estate partnerships are accounted for under the equity method. One of these partnerships is a variable interest entity which does not require consolidation as Village is not the primary beneficiary (see Note 6). |
Store opening and closing costs | All store opening costs are expensed as incurred. The Company records a liability for the future minimum lease payments and related costs for closed stores from the date of closure to the end of the remaining lease term, net of estimated cost recoveries that may be achieved through subletting, discounted using a risk-adjusted interest rate. |
Leases | Leases that meet certain criteria are classified as capital leases, and assets and liabilities are recorded at amounts equal to the lesser of the present value of the minimum lease payments or the fair value of the leased properties at the inception of the respective leases. Such assets are amortized on a straight- line basis over the shorter of the related lease terms or the estimated useful lives of the related assets. Amounts representing interest expense relating to the lease obligations are recorded to effect constant rates of interest over the terms of the leases. Leases that do not qualify as capital leases are classified as operating leases. The Company accounts for rent holidays, escalating rent provisions, and construction allowances on a straight-line basis over the term of the lease. For leases in which the Company is involved with the construction of the store, if Village concludes that it has substantially all of the risks of ownership during construction of the leased property and therefore is deemed the owner of the project for accounting purposes, an asset and related financing obligation are recorded for the costs paid by the landlord. Once construction is complete, the Company considers the requirements for sale-leaseback treatment. If the arrangement does not qualify for sale-leaseback treatment, the Company amortizes the financing obligation and depreciates the building over the lease term. |
Advertising | Advertising costs are expensed as incurred. |
Income taxes | Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. The Company recognizes a tax benefit for uncertain tax positions if it is “more likely than not” that the position is sustainable, based on its technical merits. The tax benefit of a qualifying position is the largest amount of tax benefit that is greater than 50% likely of being realized upon effective settlement with a taxing authority having full knowledge of all relevant information. |
Fair value | Fair value is defined as the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is a market-based measurement that should be determined using assumptions that market participants would use in pricing an asset or liability. The fair value guidance establishes a three-level hierarchy to prioritize the inputs used in measuring fair value. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities in active markets observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability. Cash and cash equivalents, patronage dividend receivable, income tax receivable, accounts payable and accrued expenses are reflected in the consolidated financial statements at carrying value, which approximates fair value because of the short-term maturity of these instruments. The carrying values of the Company’s notes receivable from Wakefern approximate their fair value as interest is earned at variable market rates. As the Company’s investment in Wakefern can only be sold to Wakefern at amounts that approximate the Company’s cost, it is not practicable to estimate the fair value of such investment. |
Long-lived assets | The Company reviews long-lived assets, such as property, equipment and fixtures on an individual store basis for impairment when circumstances indicate the carrying amount of an asset group may not be recoverable. Such review analyzes the undiscounted estimated future cash flows from such assets to determine if the carrying value of such assets are recoverable from their respective cash flows. If impairment is indicated, it is measured by comparing the fair value of the long-lived assets to their carrying value. |
Goodwill | Goodwill is tested at the end of each fiscal year, or more frequently if circumstances dictate, for impairment. An impairment loss is recognized to the extent that the carrying amount of goodwill exceeds its implied fair value. Village operates as a single reporting unit for purposes of evaluating goodwill for impairment and primarily considers earnings multiples and other valuation techniques to measure fair value, in addition to the value of the Company’s stock. |
Net income per share | The Company has two classes of common stock. Class A common stock is entitled to cash dividends as declared 54% greater than those paid on Class B common stock. Shares of Class B common stock are convertible on a share-for-share basis for Class A common stock at any time. The Company utilizes the two-class method of computing and presenting net income per share. The two-class method is an earnings allocation formula that calculates basic and diluted net income per share for each class of common stock separately based on dividends declared and participation rights in undistributed earnings. Under the two-class method, Class A common stock is assumed to receive a 54% greater participation in undistributed earnings than Class B common stock, in accordance with the classes' respective dividend rights. Unvested share-based payment awards that contain nonforfeitable rights to dividends are treated as participating securities and therefore included in computing net income per share using the two-class method. Diluted net income per share for Class A common stock is calculated utilizing the if-converted method, which assumes the conversion of all shares of Class B common stock to Class A common stock on a share-for-share basis, as this method is more dilutive than the two-class method. Diluted net income per share for Class B common stock does not assume conversion of Class B common stock to shares of Class A common stock. |
Share-based compensation | All share-based payments to employees are recognized in the financial statements as compensation costs based on the fair market value on the date of the grant. |
Benefit plans | The Company recognizes the funded status of its Company sponsored retirement plans on the consolidated balance sheet. Actuarial gains or losses, prior service costs or credits and transition obligations not previously recognized are recorded as a component of Accumulated Other Comprehensive Income (Loss). The Company uses July 31 as the measurement date for these plans. The Company also contributes to several multi-employer pension plans under the terms of collective bargaining agreements that cover certain union-represented employees. Pension expense for these plans is recognized as contributions are made. |
Recently issued accounting standards | In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") No. 2014-9, “Revenue from Contracts with Customers,” which provides guidance for revenue recognition. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The Company is currently assessing the potential impact of ASU No. 2014-9 on its financial statements. In February 2015, the Financial Accounting Standards Board issued ASU 2015-02, "Consolidation (Topic 810): Amendments to the Consolidations Analysis" , which changes the guidance for evaluating whether to consolidate certain legal entities. Specifically, the amendments modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIEs") or voting interest entities. Further, the amendments eliminate the presumption that a general partner should consolidate a limited partnership, as well as affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. The updated guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted. Companies have an option of using either a full retrospective or modified retrospective adoption approach. The Company is evaluating the effect that ASU 2015-02 will have on its consolidated financial statements and related disclosures. |
SUMMARY OF SIGNIFICANT ACCOUN20
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Jul. 25, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The tables below reconcile the numerators and denominators of basic and diluted net income per share for all periods presented. 2015 2014 2013 Class A Class B Class A Class B Class A Class B Numerator: Net income allocated, basic $ 23,050 $ 6,885 $ 3,788 $ 1,141 $ 18,089 $ 7,053 Conversion of Class B to Class A shares 6,885 — 1,141 — 7,053 — Effect of share-based compensation on allocated net income 46 (23 ) (20 ) (11 ) 6 (5 ) Net income allocated, diluted $ 29,981 $ 6,862 $ 4,909 $ 1,130 $ 25,148 $ 7,048 Denominator: Weighted average shares outstanding, basic 9,459 4,353 9,258 4,374 8,297 5,197 Conversion of Class B to Class A shares 4,353 — 4,374 — 5,197 — Dilutive effect of share-based compensation 48 — 62 — 112 — Weighted average shares outstanding, diluted 13,860 4,353 13,694 4,374 13,606 5,197 Net income per share is as follows: 2015 2014 2013 Class A Class B Class A Class B Class A Class B Basic $ 2.44 $ 1.58 $ 0.41 $ 0.26 $ 2.18 $ 1.36 Diluted $ 2.16 $ 1.58 $ 0.36 $ 0.26 $ 1.85 $ 1.36 |
PROPERTY, EQUIPMENT and FIXTU21
PROPERTY, EQUIPMENT and FIXTURES (Tables) | 12 Months Ended |
Jul. 25, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, equipment and fixtures are comprised as follows: July 25, July 26, Land and buildings $ 103,437 $ 103,043 Store fixtures and equipment 222,429 214,091 Leasehold improvements 94,241 89,409 Leased property under capital leases 25,211 25,211 Construction in progress 1,404 121 Vehicles 2,968 3,031 Total property, equipment and fixtures 449,690 434,906 Accumulated depreciation (236,672 ) (222,784 ) Accumulated amortization of property under capital leases (6,424 ) (5,402 ) Property, equipment and fixtures, net $ 206,594 $ 206,720 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jul. 25, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision for income taxes are: 2015 2014 2013 Federal: Current $ 2,424 $ 10,808 $ 17,215 Deferred 13,954 (6,938 ) (3,021 ) State: Current (6,490 ) 21,043 5,139 Deferred 887 (1,110 ) (478 ) $ 10,775 $ 23,803 $ 18,855 |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities are as follows: July 25, July 26, Deferred tax assets: Leasing activities $ 7,882 $ 7,814 Federal benefit of uncertain tax positions 230 14,816 Compensation related costs 3,696 1,548 Pension costs 13,333 11,225 Other 734 1,908 Total deferred tax assets 25,875 37,311 Deferred tax liabilities: Tax over book depreciation 16,559 16,153 Patronage dividend receivable 5,193 5,223 Investment in partnerships 1,418 1,423 Other 172 170 Total deferred tax liabilities 23,342 22,969 Net deferred tax asset $ 2,533 $ 14,342 Deferred income tax assets (liabilities) are included in the following captions on the consolidated balance sheets at July 25, 2015 and July 26, 2014 : 2015 2014 Deferred tax assets $ — $ 12,077 Other assets 4,546 3,037 Accounts payable and accrued expenses (2,013 ) (772 ) |
Schedule of Effective Income Tax Rate Reconciliation | The effective income tax rate differs from the statutory federal income tax rate as follows: 2015 2014 2013 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal tax benefit 6.1 % 6.4 % 5.2 % Unrecognized tax benefits, interest and penalties on prior year tax positions (17.6 )% 34.9 % — % Current year interest and penalties on unrecognized tax benefits 2.0 % 5.4 % 1.6 % Other 0.5 % 0.8 % 0.4 % Effective income tax rate 26.0 % 82.5 % 42.2 % |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: 2015 2014 Balance at beginning of year $ 28,993 $ 17,640 Reclassification to offset net operating loss carryforward (1) (1,147 ) — Additions based on tax positions related to prior periods — 7,589 Additions based on tax positions related to the current year 76 3,764 Reductions based on tax positions related to prior periods (546 ) — Cash paid on settlements (26,862 ) — Balance at end of year $ 514 $ 28,993 (1) In accordance with Accounting Standards Update 2013-11, unrecognized tax benefits of $1,147 were reclassified from income taxes payable to offset related net operating loss carryforward deferred tax assets at the beginning of fiscal 2015. |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Jul. 25, 2015 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments for Capital Leases | Future minimum lease payments by year and in the aggregate for all non-cancelable leases with initial terms of one year or more consist of the following at July 25, 2015 : Capital and financing leases Operating Leases 2016 $ 4,875 $ 10,893 2017 4,875 9,215 2018 4,959 8,543 2019 5,001 7,187 2020 5,173 6,497 Thereafter 64,791 43,590 Minimum lease payments 89,674 $ 85,925 Less amount representing interest 45,506 Present value of minimum lease payments 44,168 Less current portion 469 $ 43,699 |
Schedule of Rent Expense | The following schedule shows the composition of total rental expense for the following years: 2015 2014 2013 Minimum rentals $ 11,090 $ 11,308 $ 11,192 Contingent rentals 893 872 960 $ 11,983 $ 12,180 $ 12,152 |
SHAREHOLDERS_ EQUITY (Tables)
SHAREHOLDERS’ EQUITY (Tables) | 12 Months Ended |
Jul. 25, 2015 | |
Equity [Abstract] | |
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity | The following table summarizes option activity under all plans for the following years: 2015 2014 2013 Shares Weighted-average exercise price Shares Weighted-average exercise price Shares Weighted-average exercise price Outstanding at beginning of year 591 $ 26.41 380 $ 24.91 474 $ 24.03 Granted 4 24.51 224 28.83 8 33.91 Exercised (111 ) 21.41 (9 ) 23.23 (86 ) 20.19 Forfeited (11 ) 18.83 (4 ) 27.51 (16 ) 28.86 Outstanding at end of year 473 $ 27.75 591 $ 26.41 380 $ 24.91 Options exercisable at end of year 248 $ 26.80 365 $ 24.89 169 $ 21.50 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of each option award is estimated on the date of grant using the Black-Scholes Option Pricing Model using the weighted-average assumptions in the following table. The Company uses historical data for similar groups of employees in order to estimate the expected life of options granted. Expected volatility is based on the historical volatility of the Company’s stock for a period of years corresponding to the expected life of the option. The risk free interest rate is based on the U.S. Treasury yield curve at the time of grant for securities with a maturity period similar to the expected life of the option. 2015 2014 Expected life (years) 5.0 6.0 Expected volatility 29.8 % 32.2 % Expected dividend yield 4.1 % 3.5 % Risk-free interest rate 1.5 % 1.9 % |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | The following table summarizes restricted stock activity under the 2004 and 2010 Plans for fiscal 2015 , 2014 and 2013 : 2015 2014 2013 Shares Weighted-average grant date fair value Shares Weighted-average grant date fair value Shares Weighted-average grant date fair value Nonvested at beginning of year 288 $ 28.83 299 27.60 299 $ 27.57 Granted 3 23.77 288 28.83 2 33.73 Vested (20 ) 28.83 (299 ) 27.60 (2 ) 28.25 Forfeited — — — — — — Nonvested at end of year 271 $ 28.78 288 28.83 299 $ 27.60 |
Schedule of Dividends Declared and Paid | The Company declared and paid cash dividends on common stock as follows: 2015 2014 2013 Per share: Class A common stock $ 1.000 $ 1.000 $ 2.000 Class B common stock 0.650 0.650 1.300 Aggregate: Class A common stock $ 9,749 $ 9,598 $ 17,486 Class B common stock 2,828 2,834 6,562 $ 12,577 $ 12,432 $ 24,048 |
PENSION PLANS (Tables)
PENSION PLANS (Tables) | 12 Months Ended |
Jul. 25, 2015 | |
Compensation Related Costs [Abstract] | |
Schedule of Net Benefit Costs Recognized | Net periodic pension cost for the four plans include the following components: 2015 2014 2013 Service cost $ 3,642 $ 2,926 $ 3,279 Interest cost on projected benefit obligation 3,055 2,775 2,479 Expected return on plan assets (3,719 ) (3,194 ) (2,706 ) Gain on settlement (239 ) — — Amortization of gains and losses 1,295 804 2,173 Amortization of prior service costs — — 8 Net periodic pension cost $ 4,034 $ 3,311 $ 5,233 |
Schedule of Amounts Recognized In Plan Assets and Benefit Obligations Recognized | The changes in benefit obligations and the reconciliation of the funded status of the Company’s plans to the consolidated balance sheets were as follows: 2015 2014 Changes in Benefit Obligation: Benefit obligation at beginning of year $ 77,090 $ 63,644 Service cost 3,642 2,926 Interest cost 3,055 2,775 Benefits paid (3,769 ) (1,445 ) Settlement (3,033 ) — Actuarial loss 6,976 9,190 Benefit obligation at end of year $ 83,961 $ 77,090 Changes in Plan Assets: Fair value of plan assets at beginning of year $ 50,129 $ 43,582 Actual return on plan assets 2,279 4,672 Employer contributions 6,203 3,320 Benefits paid (3,769 ) (1,445 ) Settlements paid (3,113 ) — Fair value of plan assets at end of year 51,729 50,129 Funded status at end of year $ (32,232 ) $ (26,961 ) Amounts recognized in the consolidated balance sheets: Accrued wages and benefits $ — $ (3,085 ) Pension liabilities (32,232 ) (23,876 ) Accumulated other comprehensive loss, net of income taxes 16,874 12,465 Amounts included in Accumulated other comprehensive loss (pre-tax): Net actuarial loss $ 28,459 $ 21,018 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | The following information is presented for those plans with an accumulated benefit obligation in excess of plan assets: 2015 2014 Projected benefit obligation $ 83,961 $ 77,090 Accumulated benefit obligation 66,809 63,971 Fair value of plan assets 51,729 50,129 |
Schedule of Assumptions Used | Weighted average assumptions used to determine benefit obligations and net periodic pension cost for the Company’s defined benefit plans were as follows: 2015 2014 2013 Assumed discount rate — net periodic pension cost 3.95 % 4.43 % 3.59 % Assumed discount rate — benefit obligation 4.02 % 3.95 % 4.43 % Assumed rate of increase in compensation levels 4 - 4.5 % 4 - 4.5 % 4 - 4.5 % Expected rate of return on plan assets 7.50 % 7.50 % 7.50 % |
Schedule of Allocation of Plan Assets | The fair value of the pension assets were as follows: July 25, 2015 July 26, 2014 Asset Category Level 1 Level 2 Total Level 1 Level 2 Total Cash $ 718 $ — $ 718 $ 812 $ — $ 812 Equity securities: Company stock 651 — 651 541 — 541 U.S large cap (1) 18,368 — 18,368 17,095 — 17,095 U.S. small/mid cap (2) 6,602 — 6,602 5,916 — 5,916 International (3) 6,431 — 6,431 6,963 — 6,963 Emerging markets (4) 1,193 — 1,193 1,267 — 1,267 Fixed income securities: U.S treasuries (5) 9,911 — 9,911 9,399 — 9,399 Mortgage-backed (5) — 2,014 2,014 — 2,207 2,207 Corporate bonds (5) 2,810 2,370 5,180 1,857 3,405 5,262 International (6) 661 — 661 667 — 667 Total $ 47,345 $ 4,384 $ 51,729 $ 44,517 $ 5,612 $ 50,129 (1) Includes directly owned securities and mutual funds, primarily low-cost equity index funds not actively managed that track the S&P 500. (2) Includes directly owned securities and mutual funds, which invest in diversified portfolios of publicly traded U.S. common stocks of small and medium cap companies. (3) Includes directly owned securities and mutual funds, which invest in diversified portfolios of publicly traded common stocks of large, non-U.S. companies. (4) Consists of mutual and exchange traded funds which invest in non-U.S. stocks in emerging markets. (5) Includes directly owned securities, mutual funds and exchange traded funds. (6) Consists of exchange traded funds which invest in non-U.S. bonds in emerging markets. |
Schedule of Expected Benefit Payments | Based on actuarial assumptions, estimated future defined benefit payments, which may be significantly impacted by participant elections related to retirement dates and forms of payment, are as follows: Fiscal Year 2016 $ 1,916 2017 2,998 2018 2,766 2019 3,711 2020 12,211 2021 - 2025 25,498 |
Schedule of Multiemployer Plans | The Company’s participation in these plans is outlined in the following tables. The “EIN / Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three-digit pension plan number. The most recent “Pension Protection Act Zone Status” available in 2014 and 2013 is for the plan’s year-end at December 31, 2014 and December 31, 2013 , respectively, unless otherwise noted. Among other factors, generally, plans in the red zone are less than 65 percent funded, plans in the yellow zone are between 65 and 80 percent funded and plans in the green zone are at least 80 percent funded. The “FIP/RP Status Pending / Implemented” column indicates plans for which a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. Pension Protection Act Zone Status FIP/RP Status Pending / Implemented Contributions for the year ended (5) Expiration date of Collective- Bargaining Agreement Pension Fund EIN / Pension Plan Number 2014 2013 July 25, July 26, July 27, Surcharge Imposed (6) Pension Plan of Local 464A (1) 22-6051600-001 Green Green N/A $ 665 $ 615 $ 532 N/A June 2016 UFCW Local 1262 & Employers Pension Fund (2), (4) 22-6074414-001 Red Red Implemented 3,501 3,273 3,350 No October 2018 UFCW Regional Pension Plan (3), (4) 16-6062287-074 Red Red Implemented 1,235 1,225 1,164 No December 2017 Total Contributions $ 5,401 $ 5,113 $ 5,046 (1) The information for this fund was obtained from the Form 5500 filed for the plan’s year-end at December 31, 2014 and December 31, 2013 . (2) The information for this fund was obtained from the Form 5500 filed for the plan’s year-end at December 31, 2013 and December 31, 2012 . (3) The information for this fund was obtained from the Form 5500 filed for the plan’s year-end at September 30, 2014 and September 30, 2013 . (4) This plan has elected to utilize special amortization provisions provided under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010. There were no changes to the plan’s zone status as a result of this election. (5) The Company’s contributions represent more than 5% of the total contributions received by each applicable pension fund for all periods presented. (6) Under the Pension Protection Act, a surcharge may be imposed when employers make contributions under a collective bargaining agreement that is not in compliance with a rehabilitation plan. As of July 25, 2015 , the collective bargaining agreements under which the Company was making contributions were in compliance with rehabilitation plans adopted by each applicable pension fund. |
SUMMARY OF SIGNIFICANT ACCOUN26
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Jul. 25, 2015USD ($)storesegment | Jul. 26, 2014USD ($) | Jul. 27, 2013USD ($) | |
Accounting Policies [Abstract] | |||
Number of stores | store | 29 | ||
Fiscal period duration | 365 days | 365 days | 365 days |
Number of operating segments | segment | 1 | ||
Cash and Cash Equivalents [Abstract] | |||
Credit and debit card receivables | $ 7,633 | $ 9,864 | |
Inventory Disclosure [Abstract] | |||
Percentage of LIFO inventory | 65.00% | ||
LIFO reserve inventory | $ 14,693 | 14,569 | |
Marketing and Advertising Expense [Abstract] | |||
Advertising expense | $ 11,121 | 11,474 | $ 11,018 |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 30 years | ||
Store fixtures and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 10 years | ||
Vehicles | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 3 years | ||
Wakefern | |||
Related Party Transaction [Line Items] | |||
Demand deposits invested at related party Wakefern | $ 35,428 | $ 52,891 |
SUMMARY OF SIGNIFICANT ACCOUN27
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Net Income Per Share (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jul. 25, 2015USD ($)class_common_stock$ / sharesshares | Jul. 26, 2014USD ($)$ / sharesshares | Jul. 27, 2013USD ($)$ / sharesshares | |
Accounting Policies [Abstract] | |||
Number of common stock classes | class_common_stock | 2 | ||
Common stock cash dividends, percent Class A is entitled greater than Class B | 54.00% | ||
Class A Common Stock | |||
Numerator: | |||
Net income allocated, basic | $ 23,050 | $ 3,788 | $ 18,089 |
Conversion of Class B to Class A shares | 6,885 | 1,141 | 7,053 |
Effect of share-based compensation on allocated net income | 46 | (20) | 6 |
Net income allocated, diluted | $ 29,981 | $ 4,909 | $ 25,148 |
Denominator: | |||
Weighted average shares outstanding, basic (in shares) | shares | 9,459 | 9,258 | 8,297 |
Conversion of Class B to Class A shares (in shares) | shares | 4,353 | 4,374 | 5,197 |
Dilutive effect of share-based compensation (in shares) | shares | 48 | 62 | 112 |
Weighted average shares outstanding, diluted (in shares) | shares | 13,860 | 13,694 | 13,606 |
Net income per share | |||
Basic (in dollars per share) | $ / shares | $ 2.44 | $ 0.41 | $ 2.18 |
Diluted (in dollars per share) | $ / shares | $ 2.16 | $ 0.36 | $ 1.85 |
Class B Common Stock | |||
Numerator: | |||
Net income allocated, basic | $ 6,885 | $ 1,141 | $ 7,053 |
Conversion of Class B to Class A shares | 0 | 0 | 0 |
Effect of share-based compensation on allocated net income | (23) | (11) | (5) |
Net income allocated, diluted | $ 6,862 | $ 1,130 | $ 7,048 |
Denominator: | |||
Weighted average shares outstanding, basic (in shares) | shares | 4,353 | 4,374 | 5,197 |
Conversion of Class B to Class A shares (in shares) | shares | 0 | 0 | 0 |
Dilutive effect of share-based compensation (in shares) | shares | 0 | 0 | 0 |
Weighted average shares outstanding, diluted (in shares) | shares | 4,353 | 4,374 | 5,197 |
Net income per share | |||
Basic (in dollars per share) | $ / shares | $ 1.58 | $ 0.26 | $ 1.36 |
Diluted (in dollars per share) | $ / shares | $ 1.58 | $ 0.26 | $ 1.36 |
SUMMARY OF SIGNIFICANT ACCOUN28
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Net Income Per Share, Additional Information (Details) - shares shares in Thousands | 12 Months Ended | ||
Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | |
Class A Common Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Class A shares excluded from computation of earnings per share (in shares) | 224 | 540 | 5 |
Restricted Stock Units (RSUs) | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Class A shares excluded from computation of earnings per share (in shares) | 271 | 288 | 299 |
PROPERTY, EQUIPMENT and FIXTU29
PROPERTY, EQUIPMENT and FIXTURES (Details) - USD ($) $ in Thousands | Jul. 25, 2015 | Jul. 26, 2014 |
Property, Plant and Equipment [Line Items] | ||
Total property, equipment and fixtures | $ 449,690 | $ 434,906 |
Accumulated depreciation | (236,672) | (222,784) |
Accumulated amortization of property under capital leases | (6,424) | (5,402) |
Property, equipment and fixtures, net | 206,594 | 206,720 |
Land and buildings | ||
Property, Plant and Equipment [Line Items] | ||
Total property, equipment and fixtures | 103,437 | 103,043 |
Store fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, equipment and fixtures | 222,429 | 214,091 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property, equipment and fixtures | 94,241 | 89,409 |
Leased property under capital leases | ||
Property, Plant and Equipment [Line Items] | ||
Total property, equipment and fixtures | 25,211 | 25,211 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property, equipment and fixtures | 1,404 | 121 |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Total property, equipment and fixtures | $ 2,968 | $ 3,031 |
RELATED PARTY INFORMATION - W30
RELATED PARTY INFORMATION - WAKEFERN (Details) - Wakefern - USD ($) | Feb. 15, 2014 | Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 |
Related Party Transaction [Line Items] | ||||
Ownership interest in Wakefern | 13.40% | |||
Purchase obligation, as a percentage of merchandise requirements | 85.00% | |||
Purchase obligation period | 10 years | |||
Percentage of stockholders to request termination | 75.00% | |||
Indebtedness to Wakefern | $ 1,156,000 | |||
Installment payments year one | 430,000 | |||
Installment payments year two | 344,000 | |||
Installment payments year three | 287,000 | |||
Installment payments year four | 95,000 | |||
Installment payments after year four | 0 | |||
Maximum per store investment | 875,000 | |||
Per store investment increase | 25,000 | $ 25,000 | ||
Additional investment | 738,000 | 657,000 | ||
Vendor allowances and rebates | 27,557,000 | 26,438,000 | $ 24,779,000 | |
Support services incurred charges | 33,306,000 | 32,808,000 | 29,973,000 | |
Demand deposits invested at related party Wakefern | 35,428,000 | 52,891,000 | ||
Interest income earned on investments related entity | $ 2,399,000 | $ 2,622,000 | $ 2,783,000 | |
Matured Notes Receivable from Wakefern | ||||
Related Party Transaction [Line Items] | ||||
Related party interest rate | 7.00% | |||
Reinvested Notes Receivable from Wakefern | ||||
Related Party Transaction [Line Items] | ||||
Note receivable related party | $ 40,000,000 | |||
Related Party Note Receivable Maturing August 2017 | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Basis Spread on Variable Rate | 0.25% | |||
Percent of notes receivable | 50.00% | |||
Related Party Note Receivable Maturing February 2019 | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Basis Spread on Variable Rate | 1.25% | |||
Percent of notes receivable | 50.00% | |||
Prepayment of Notes Receivable | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction amount | $ 23,420,000 | |||
Insure-Rite Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Investment in Insure-Rite, Ltd | 8.20% |
DEBT (Details)
DEBT (Details) - USD ($) | Jul. 25, 2015 | Jul. 26, 2014 |
Debt Disclosure [Abstract] | ||
Maximum borrowing amount | $ 25,000,000 | |
Amount outstanding | 0 | $ 0 |
Revolving loan agreement amount of letters of credit (maximum) | 3,000,000 | |
Letters of credit outstanding | 2,490,000 | |
Net worth available for dividend payments | $ 147,879,000 |
INCOME TAXES - Components of In
INCOME TAXES - Components of Income Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | |
Federal: | |||
Current | $ 2,424 | $ 10,808 | $ 17,215 |
Deferred | 13,954 | (6,938) | (3,021) |
State: | |||
Current | (6,490) | 21,043 | 5,139 |
Deferred | 887 | (1,110) | (478) |
Income taxes | $ 10,775 | $ 23,803 | $ 18,855 |
INCOME TAXES - Components of De
INCOME TAXES - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Jul. 25, 2015 | Jul. 26, 2014 |
Deferred tax assets: | ||
Leasing activities | $ 7,882 | $ 7,814 |
Federal benefit of uncertain tax positions | 230 | 14,816 |
Compensation related costs | 3,696 | 1,548 |
Pension costs | 13,333 | 11,225 |
Other | 734 | 1,908 |
Total deferred tax assets | 25,875 | 37,311 |
Deferred tax liabilities: | ||
Tax over book depreciation | 16,559 | 16,153 |
Patronage dividend receivable | 5,193 | 5,223 |
Investment in partnerships | 1,418 | 1,423 |
Other | 172 | 170 |
Total deferred tax liabilities | 23,342 | 22,969 |
Net deferred tax asset | $ 2,533 | $ 14,342 |
INCOME TAXES - Deferred Income
INCOME TAXES - Deferred Income Tax Assets And Liabilities Included on Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Jul. 25, 2015 | Jul. 26, 2014 |
Income Tax Disclosure [Abstract] | ||
Deferred tax assets | $ 0 | $ 12,077 |
Other assets | 4,546 | 3,037 |
Accounts payable and accrued expenses | $ (2,013) | $ (772) |
INCOME TAXES - Effective Income
INCOME TAXES - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal tax benefit | 6.10% | 6.40% | 5.20% |
Unrecognized tax benefits, interest and penalties on prior year tax positions | (17.60%) | 34.90% | 0.00% |
Current year interest and penalties on unrecognized tax benefits | 2.00% | 5.40% | 1.60% |
Other | 0.50% | 0.80% | 0.40% |
Effective income tax rate | 26.00% | 82.50% | 42.20% |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | 36 Months Ended | |||||
Mar. 31, 2015USD ($) | Jul. 30, 2016USD ($) | Jul. 25, 2015USD ($) | Jul. 26, 2014USD ($) | Jul. 27, 2013USD ($) | Jul. 27, 2002complainttax_assessment | Apr. 25, 2015USD ($) | Oct. 26, 2013USD ($) | |
Income Tax Contingency [Line Items] | ||||||||
Tax settlement | $ 33,000 | |||||||
Reclassification to offset net operating loss carryforward | $ 1,147 | $ 0 | ||||||
Tax positions that would reduce effective income tax rate | 334 | 18,845 | ||||||
(Benefit) expense related to interest and penalties | (9,811) | 10,287 | $ 1,211 | |||||
Accrued interest and penalties included in the consolidated balance sheet | 158 | $ 16,107 | ||||||
Income Tax Expense on Prior Year Tax Positions | ||||||||
Income Tax Contingency [Line Items] | ||||||||
Income tax expense | $ 10,052 | |||||||
Income tax benefit | $ 7,293 | |||||||
Net | ||||||||
Income Tax Contingency [Line Items] | ||||||||
(Benefit) expense related to interest and penalties | $ (6,396) | |||||||
Scenario, Forecast | ||||||||
Income Tax Contingency [Line Items] | ||||||||
Cash outflow as a result of tax settlement | $ 21,000 | |||||||
State and Local Jurisdiction [Member] | ||||||||
Income Tax Contingency [Line Items] | ||||||||
Number of tax assessments | tax_assessment | 2 | |||||||
Number of complaints filed | complaint | 2 |
INCOME TAXES - Unrecognized Tax
INCOME TAXES - Unrecognized Tax Benefits Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 25, 2015 | Jul. 26, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at beginning of year | $ 28,993 | $ 17,640 |
Reclassification to offset net operating loss carryforward | (1,147) | 0 |
Additions based on tax positions related to prior periods | 0 | 7,589 |
Additions based on tax positions related to the current year | 76 | 3,764 |
Reductions based on tax positions related to prior periods | (546) | 0 |
Cash paid on settlements | (26,862) | 0 |
Balance at end of year | $ 514 | $ 28,993 |
LEASES - Future Minimum Lease P
LEASES - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Jul. 25, 2015 | Jul. 26, 2014 |
Capital and financing leases | ||
2,016 | $ 4,875 | |
2,017 | 4,875 | |
2,018 | 4,959 | |
2,019 | 5,001 | |
2,020 | 5,173 | |
Thereafter | 64,791 | |
Minimum lease payments | 89,674 | |
Less amount representing interest | 45,506 | |
Present value of minimum lease payments | 44,168 | |
Less current portion | 469 | $ 231 |
Capital and financing lease obligations | 43,699 | $ 44,168 |
Operating Leases | ||
2,016 | 10,893 | |
2,017 | 9,215 | |
2,018 | 8,543 | |
2,019 | 7,187 | |
2,020 | 6,497 | |
Thereafter | 43,590 | |
Minimum lease payments | $ 85,925 |
LEASES - Rent Expense (Details)
LEASES - Rent Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | |
Leases [Abstract] | |||
Minimum rentals | $ 11,090 | $ 11,308 | $ 11,192 |
Contingent rentals | 893 | 872 | 960 |
Total rental expense | $ 11,983 | $ 12,180 | $ 12,152 |
LEASES - Additional Information
LEASES - Additional Information (Details) ft² in Thousands, $ in Thousands | Apr. 30, 2014ft² | Nov. 06, 2013ft² | Nov. 30, 2012USD ($)real_estate_partnership | Jul. 25, 2015USD ($)real_estate_partnershipstoreproperty | Jul. 26, 2014USD ($) | Jul. 27, 2013USD ($) |
Leased Assets [Line Items] | ||||||
Number of stores leased | store | 23 | |||||
Number of leased stores capitalized | store | 5 | |||||
Renewal term | 5 years | |||||
Number of real estate partnerships with company ownership interests | real_estate_partnership | 3 | |||||
Number of partnerships to which rent was paid for leased stores | real_estate_partnership | 2 | |||||
Rent paid to related partnership | $ 1,300 | $ 1,008 | $ 834 | |||
Proceeds from partnerships | $ 1,980 | 0 | 0 | 1,980 | ||
Number of partnerships from which dividends were received | real_estate_partnership | 2 | |||||
Income from partnerships | 1,450 | |||||
Rent paid to Wakefern under sublease agreement | 1,296 | |||||
Hanover Township, New Jersey | ||||||
Leased Assets [Line Items] | ||||||
Square feet of store | ft² | 77 | |||||
Morris Plains, New Jersey | ||||||
Leased Assets [Line Items] | ||||||
Business exit costs | 3,481 | |||||
Exit costs paid | 1,692 | |||||
Remaining exit cost liability | 1,789 | |||||
New Store, Union, New Jersey | ||||||
Leased Assets [Line Items] | ||||||
Square feet of store | ft² | 59 | |||||
Union, New Jersey | ||||||
Leased Assets [Line Items] | ||||||
Square feet of store | ft² | 40 | |||||
Business exit costs | 929 | |||||
Exit costs paid | 663 | |||||
Remaining exit cost liability | $ 266 | |||||
Minimum | ||||||
Leased Assets [Line Items] | ||||||
Lease terms | 20 years | |||||
Term of non-cancelable leases | 1 year | |||||
Maximum | ||||||
Leased Assets [Line Items] | ||||||
Lease terms | 30 years | |||||
Variable Interest Entity, Not Primary Beneficiary | ||||||
Leased Assets [Line Items] | ||||||
Number of variable interest entity real estate partnerships | real_estate_partnership | 1 | |||||
Number of properties owned by VIE partnership | property | 1 | |||||
Percentage of profits and losses entitled to Company | 33.00% | |||||
Officer | ||||||
Leased Assets [Line Items] | ||||||
Officer ownership percentage in leasing property realty firm | 30.00% | |||||
Rent paid to related parties | $ 640 | $ 640 | $ 640 |
SHAREHOLDERS_ EQUITY - Addition
SHAREHOLDERS’ EQUITY - Additional Information (Details) | 3 Months Ended | 12 Months Ended | ||
Jan. 26, 2013USD ($)$ / shares | Jul. 25, 2015USD ($)class_common_stockplanvote$ / sharesshares | Jul. 26, 2014USD ($)$ / sharesshares | Jul. 27, 2013USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of common stock classes | class_common_stock | 2 | |||
Common stock cash dividends, percent Class A is entitled greater than Class B | 54.00% | |||
Preferred stock shares authorized (in shares) | shares | 10,000,000 | 10,000,000 | ||
Preferred stock shares issued (in shares) | shares | 0 | 0 | ||
Number of share-based compensation plans | plan | 3 | |||
Compensation cost charged against income | $ 3,169,000 | $ 3,229,000 | $ 3,222,000 | |
Income tax benefit recognized | $ 1,134,000 | $ 1,148,000 | 1,140,000 | |
Weighted-average remaining contractual term of options outstanding | 6 years 6 months | |||
Weighted-average remaining contractual term of options exercisable | 4 years 7 months 6 days | |||
Aggregate intrinsic value of options outstanding | $ 417,000 | |||
Aggregate intrinsic value of options exercisable | $ 402,000 | |||
Weighted-average grant date fair value of options granted | $ / shares | $ 4.32 | $ 6.41 | ||
Intrinsic value of options exercised | $ 1,090,000 | $ 113,000 | 1,344,000 | |
Fair value of restricted shares vested | 576,000 | 8,663,000 | 60,000 | |
Unrecognized compensation costs related to nonvested stock options and restricted stock granted | $ 5,408,000 | |||
Weighted-average period of compensation cost expected to be recognized | 1 year 8 months 12 days | |||
Cash received from option exercises under share-based compensation arrangements | $ 2,392,000 | 217,000 | 1,742,000 | |
Actual tax benefit realized | $ 424,000 | $ 46,000 | $ 537,000 | |
Special dividends | $ 12,009,000 | |||
Class A Common Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of votes entitled per share | vote | 1 | |||
Authorized amount of share repurchase program | $ 5,000,000 | |||
Number of shares repurchased (in shares) | shares | 0 | |||
Special dividends per share (in dollars per share) | $ / shares | $ 1 | |||
Class A Common Stock | 2004 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | shares | 1,200,000 | |||
Vesting period | 3 years | |||
Expiration period | 10 years | |||
Shares remaining for future grants (in shares) | shares | 0 | |||
Class A Common Stock | 2004 Plan | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Class A Common Stock | 2010 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | shares | 1,200,000 | |||
Vesting period | 3 years | |||
Expiration period | 10 years | |||
Shares remaining for future grants (in shares) | shares | 364,855 | |||
Class A Common Stock | 2010 Plan | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Class B Common Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of votes entitled per share | vote | 10 | |||
Percentage of voting power (greater than) | 50.00% | |||
Special dividends per share (in dollars per share) | $ / shares | $ 0.65 |
SHAREHOLDERS_ EQUITY - Summary
SHAREHOLDERS’ EQUITY - Summary of Option Activity (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | |
Shares | |||
Outstanding at beginning of year (in shares) | 591 | 380 | 474 |
Granted (in shares) | 4 | 224 | 8 |
Exercised (in shares) | (111) | (9) | (86) |
Forfeited (in shares) | (11) | (4) | (16) |
Outstanding at end of year (in shares) | 473 | 591 | 380 |
Weighted-average exercise price | |||
Outstanding at beginning of year (in dollars per share) | $ 26.41 | $ 24.91 | $ 24.03 |
Granted (in dollars per share) | 24.51 | 28.83 | 33.91 |
Exercised (in dollars per share) | 21.41 | 23.23 | 20.19 |
Forfeited (in dollars per share) | 18.83 | 27.51 | 28.86 |
Outstanding at end of year (in dollars per share) | $ 27.75 | $ 26.41 | $ 24.91 |
Options exercisable at end of year (in shares) | 248 | 365 | 169 |
Options exercisable at end of year (in dollars per share) | $ 26.80 | $ 24.89 | $ 21.50 |
SHAREHOLDERS_ EQUITY - Valuatio
SHAREHOLDERS’ EQUITY - Valuation Assumptions (Details) | 12 Months Ended | |
Jul. 25, 2015 | Jul. 26, 2014 | |
Equity [Abstract] | ||
Expected life (years) | 5 years | 6 years |
Expected volatility | 29.80% | 32.20% |
Expected dividend yield | 4.10% | 3.50% |
Risk-free interest rate | 1.50% | 1.90% |
SHAREHOLDERS_ EQUITY - Restric
SHAREHOLDERS’ EQUITY - Restricted Stock Activity (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | |
Shares | |||
Nonvested at beginning of year (in shares) | 288 | 299 | 299 |
Granted (in shares) | 3 | 288 | 2 |
Vested (in shares) | (20) | (299) | (2) |
Forfeited (in shares) | 0 | 0 | 0 |
Nonvested at end of year (in shares) | 271 | 288 | 299 |
Weighted-average grant date fair value | |||
Nonvested at beginning of year (in dollars per share) | $ 28.83 | $ 27.60 | $ 27.57 |
Granted (in dollars per share) | 23.77 | 28.83 | 33.73 |
Vested (in dollars per share) | 28.83 | 27.60 | 28.25 |
Forfeited (in dollars per share) | 0 | 0 | 0 |
Nonvested at end of year (in dollars per share) | $ 28.78 | $ 28.83 | $ 27.60 |
SHAREHOLDERS_ EQUITY - Dividend
SHAREHOLDERS’ EQUITY - Dividends declared and paid (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | |
Aggregate: | |||
Total common stock dividends paid | $ 12,577 | $ 12,432 | $ 24,048 |
Class A Common Stock | |||
Per share: | |||
Common stock dividends paid (in dollars per share) | $ 1 | $ 1 | $ 2 |
Aggregate: | |||
Common stock dividends paid | $ 9,749 | $ 9,598 | $ 17,486 |
Class B Common Stock | |||
Per share: | |||
Common stock dividends paid (in dollars per share) | $ 0.650 | $ 0.650 | $ 1.3 |
Aggregate: | |||
Common stock dividends paid | $ 2,828 | $ 2,834 | $ 6,562 |
PENSION PLANS - Additional Info
PENSION PLANS - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Jul. 25, 2015USD ($)pension_plan | Jul. 26, 2014USD ($)pension_plan | Jul. 27, 2013USD ($) | |
Compensation Related Costs [Abstract] | |||
Number of defined benefit plans | pension_plan | 4 | 4,000 | |
Number of defined benefit plans covering union members | pension_plan | 2 | ||
Number of defined benefit plans covering non-union members | pension_plan | 1 | ||
Expected net actuarial loss to be recognized | $ 1,927 | ||
Accumulated benefit obligations | 66,809 | $ 63,971 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Class A common stock held in plan | 651 | 541 | |
Expected cash contributions next fiscal year | 3,000 | ||
Company contributions to other multi-employer benefit plans | 26,932 | 25,531 | $ 22,421 |
401(k) company contributions | 392 | 393 | 377 |
Company contributions to union sponsored plans | $ 817 | $ 813 | $ 802 |
Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum target allocation | 50.00% | ||
Maximum target allocation | 70.00% | ||
Fixed Income Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum target allocation | 25.00% | ||
Maximum target allocation | 40.00% | ||
Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum target allocation | 0.00% | ||
Maximum target allocation | 10.00% |
PENSION PLANS - Net Periodic Pe
PENSION PLANS - Net Periodic Pension Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | |
Compensation Related Costs [Abstract] | |||
Service cost | $ 3,642 | $ 2,926 | $ 3,279 |
Interest cost on projected benefit obligation | 3,055 | 2,775 | 2,479 |
Expected return on plan assets | (3,719) | (3,194) | (2,706) |
Gain on settlement | (239) | 0 | 0 |
Amortization of gains and losses | 1,295 | 804 | 2,173 |
Amortization of prior service costs | 0 | 0 | 8 |
Net periodic pension cost | $ 4,034 | $ 3,311 | $ 5,233 |
PENSION PLANS - Changes in Bene
PENSION PLANS - Changes in Benefit Obligations and Reconciliation of Funded Status (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | |
Changes in Benefit Obligation: | |||
Benefit obligation at beginning of year | $ 77,090 | $ 63,644 | |
Service cost | 3,642 | 2,926 | $ 3,279 |
Interest cost on projected benefit obligation | 3,055 | 2,775 | 2,479 |
Benefits paid | (3,769) | (1,445) | |
Settlement | (3,033) | 0 | |
Actuarial loss | 6,976 | 9,190 | |
Benefit obligation at end of year | 83,961 | 77,090 | 63,644 |
Changes in Plan Assets: | |||
Fair value of plan assets at beginning of year | 50,129 | 43,582 | |
Actual return on plan assets | 2,279 | 4,672 | |
Employer contributions | 6,203 | 3,320 | |
Benefits paid | (3,769) | (1,445) | |
Settlements paid | (3,113) | 0 | |
Fair value of plan assets at end of year | 51,729 | 50,129 | $ 43,582 |
Funded status at end of year | (32,232) | (26,961) | |
Amounts recognized in the consolidated balance sheets: | |||
Accrued wages and benefits | 0 | (3,085) | |
Pension liabilities | (32,232) | (23,876) | |
Accumulated other comprehensive loss, net of income taxes | 16,874 | 12,465 | |
Amounts included in Accumulated other comprehensive loss (pre-tax): | |||
Net actuarial loss | $ 28,459 | $ 21,018 |
PENSION PLANS - Accumulated Ben
PENSION PLANS - Accumulated Benefit Obligations (Details) - USD ($) $ in Thousands | Jul. 25, 2015 | Jul. 26, 2014 |
Compensation Related Costs [Abstract] | ||
Projected benefit obligation | $ 83,961 | $ 77,090 |
Accumulated benefit obligation | 66,809 | 63,971 |
Fair value of plan assets | $ 51,729 | $ 50,129 |
PENSION PLANS - Assumptions Use
PENSION PLANS - Assumptions Used (Details) | 12 Months Ended | ||
Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed discount rate — net periodic pension cost | 3.95% | 4.43% | 3.59% |
Assumed discount rate — benefit obligation | 4.02% | 3.95% | 4.43% |
Expected rate of return on plan assets | 7.50% | 7.50% | 7.50% |
Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed rate of increase in compensation levels | 4.00% | 4.00% | 4.00% |
Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed rate of increase in compensation levels | 4.50% | 4.50% | 4.50% |
PENSION PLANS - Fair Value of P
PENSION PLANS - Fair Value of Pension Assets (Details) - USD ($) $ in Thousands | Jul. 25, 2015 | Jul. 26, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Cash | $ 718 | $ 812 |
Equity Securities [Abstract] | ||
Company stock | 651 | 541 |
U.S large cap | 18,368 | 17,095 |
U.S. small/mid cap | 6,602 | 5,916 |
International | 6,431 | 6,963 |
Emerging markets | 1,193 | 1,267 |
Fixed Income Securities [Abstract] | ||
U.S treasuries | 9,911 | 9,399 |
Mortgage-backed | 2,014 | 2,207 |
Corporate bonds | 5,180 | 5,262 |
International | 661 | 667 |
Total | 51,729 | 50,129 |
Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Cash | 718 | 812 |
Equity Securities [Abstract] | ||
Company stock | 651 | 541 |
U.S large cap | 18,368 | 17,095 |
U.S. small/mid cap | 6,602 | 5,916 |
International | 6,431 | 6,963 |
Emerging markets | 1,193 | 1,267 |
Fixed Income Securities [Abstract] | ||
U.S treasuries | 9,911 | 9,399 |
Mortgage-backed | 0 | 0 |
Corporate bonds | 2,810 | 1,857 |
International | 661 | 667 |
Total | 47,345 | 44,517 |
Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Cash | 0 | 0 |
Equity Securities [Abstract] | ||
Company stock | 0 | 0 |
U.S large cap | 0 | 0 |
U.S. small/mid cap | 0 | 0 |
International | 0 | 0 |
Emerging markets | 0 | 0 |
Fixed Income Securities [Abstract] | ||
U.S treasuries | 0 | 0 |
Mortgage-backed | 2,014 | 2,207 |
Corporate bonds | 2,370 | 3,405 |
International | 0 | 0 |
Total | $ 4,384 | $ 5,612 |
PENSION PLANS - Estimated Futur
PENSION PLANS - Estimated Future Benefit Payments (Details) $ in Thousands | Jul. 25, 2015USD ($) |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2,016 | $ 1,916 |
2,017 | 2,998 |
2,018 | 2,766 |
2,019 | 3,711 |
2,020 | 12,211 |
2021-2025 | $ 25,498 |
PENSION PLANS - Schedule of Mul
PENSION PLANS - Schedule of Multiemployer Plans (Details) - Multiemployer Plans, Pension - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 25, 2015 | Jul. 26, 2014 | Jul. 27, 2013 | |
Multiemployer Plans [Line Items] | |||
Total Contributions | $ 5,401 | $ 5,113 | $ 5,046 |
Pension Plan of Local 464A | |||
Multiemployer Plans [Line Items] | |||
EIN / Pension Plan Number | 226,051,600 | ||
Multiemployer Plan Number | 1 | ||
Pension Protection Act Zone Status | Green | Green | |
Total Contributions | $ 665 | $ 615 | $ 532 |
Expiration date of collective-bargaining agreement | June 2,016 | ||
UFCW Local 1262 & Employers Pension Fund | |||
Multiemployer Plans [Line Items] | |||
EIN / Pension Plan Number | 226,074,414 | ||
Multiemployer Plan Number | 1 | ||
Pension Protection Act Zone Status | Red | Red | |
FIP/RP Status Pending / Implemented | Implemented | ||
Total Contributions | $ 3,501 | $ 3,273 | $ 3,350 |
Surcharge Imposed | No | ||
Expiration date of collective-bargaining agreement | October 2,018 | ||
UFCW Regional Pension Plan | |||
Multiemployer Plans [Line Items] | |||
EIN / Pension Plan Number | 166,062,287 | ||
Multiemployer Plan Number | 74 | ||
Pension Protection Act Zone Status | Red | Red | |
FIP/RP Status Pending / Implemented | Implemented | ||
Total Contributions | $ 1,235 | $ 1,225 | $ 1,164 |
Surcharge Imposed | No | ||
Expiration date of collective-bargaining agreement | December 2,017 | ||
Employer contribution, percentage of pension fund contributions (more than) | 5.00% |
COMMITMENTS and CONTINGENCIES (
COMMITMENTS and CONTINGENCIES (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | 33 Months Ended | |
Oct. 25, 2014USD ($) | Jul. 25, 2015union | Jul. 25, 2015USD ($) | Jul. 27, 2013USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Insurance settlements receivable | $ 4,913 | |||
Insurance recoveries | $ 2,643 | |||
Concentration Risk [Line Items] | ||||
Insurance receivable write-off | $ 2,270 | |||
Number of unions | union | 7 | |||
Expiration period of union contracts | 1 year | |||
Labor Force Concentration Risk | Workforce Subject to Collective Bargaining Arrangements | ||||
Concentration Risk [Line Items] | ||||
Percentage of employees covered by collective bargaining agreements | 92.00% | 92.00% | ||
Unionized Employees Concentration Risk | Workforce Subject to Collective Bargaining Arrangements Expired or Expiring within One Year | ||||
Concentration Risk [Line Items] | ||||
Percentage of employees covered by collective bargaining agreements | 12.00% | 12.00% |