Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Apr. 01, 2017 | May 11, 2017 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Apr. 1, 2017 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,017 | |
Entity Registrant Name | WEIS MARKETS INC | |
Trading Symbol | wmk | |
Entity Central Index Key | 105,418 | |
Current Fiscal Year End Date | --12-30 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 26,898,443 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 01, 2017 | Dec. 31, 2016 |
Current: | ||
Cash and cash equivalents | $ 12,295 | $ 14,653 |
Marketable securities | 64,279 | 67,171 |
SERP investment | 12,640 | 11,154 |
Accounts receivable, net | 77,455 | 96,170 |
Inventories | 275,217 | 276,783 |
Prepaid expenses and other current assets | 16,932 | 16,310 |
Income taxes recoverable | 0 | 1,625 |
Total current assets | 458,818 | 483,866 |
Property and equipment, net | 870,072 | 878,195 |
Goodwill | 52,330 | 52,330 |
Intangible and other assets, net | 18,173 | 16,913 |
Total assets | 1,399,393 | 1,431,304 |
Current: | ||
Accounts payable | 170,897 | 199,159 |
Accrued expenses | 34,949 | 50,947 |
Accrued self-insurance | 14,912 | 19,330 |
Deferred revenue, net | 5,252 | 6,730 |
Income taxes payable | 323 | 0 |
Total current liabilities | 226,333 | 276,166 |
Long-term debt | 70,874 | 64,476 |
Postretirement benefit obligations | 14,969 | 15,277 |
Accrued self-insurance | 21,353 | 21,353 |
Deferred income taxes | 126,932 | 119,445 |
Other | 8,380 | 7,865 |
Total liabilities | 468,841 | 504,582 |
Shareholders' Equity | ||
Common stock, no par value, 100,800,000 shares authorized, 33,047,807 shares issued, 26,898,443 shares outstanding | 9,949 | 9,949 |
Retained earnings | 1,066,544 | 1,062,778 |
Accumulated other comprehensive income (Net of deferred taxes of $3,393 in 2017 and $3,382 in 2016) | 4,916 | 4,852 |
Shareholders' equity before treasury stock | 1,081,409 | 1,077,579 |
Treasury stock at cost, 6,149,364 shares | (150,857) | (150,857) |
Total shareholders' equity | 930,552 | 926,722 |
Total liabilities and shareholders' equity | $ 1,399,393 | $ 1,431,304 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Apr. 01, 2017 | Dec. 31, 2016 | |
Consolidated Balance Sheets [Abstract] | ||
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized | 100,800,000 | 100,800,000 |
Common stock, shares issued | 33,047,807 | 33,047,807 |
Common stock, shares outstanding | 26,898,443 | 26,898,443 |
Accumulated other comprehensive income, deferred taxes | $ 3,393 | $ 3,382 |
Treasury stock, shares | 6,149,364 | 6,149,364 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Mar. 26, 2016 | |
Consolidated Statements of Income [Abstract] | ||
Net sales | $ 852,229 | $ 738,204 |
Cost of sales, including warehousing and distribution expenses | 622,433 | 531,092 |
Gross profit on sales | 229,796 | 207,112 |
Operating, general and administrative expenses | 209,546 | 175,842 |
Income from operations | 20,250 | 31,270 |
Investment income and interest expense | 824 | 637 |
Income before provision for income taxes | 21,074 | 31,907 |
Provision for income taxes | 9,238 | 11,778 |
Net income | $ 11,836 | $ 20,129 |
Weighted-average shares outstanding, basic and diluted | 26,898,443 | 26,898,443 |
Cash dividends per share | $ 0.30 | $ 0.30 |
Basic and diluted earnings per share | $ 0.44 | $ 0.75 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Mar. 26, 2016 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||
Net income | $ 11,836 | $ 20,129 |
Other comprehensive income (loss) by component, net of tax: | ||
Available-for-sale marketable securities Unrealized holding gains arising during period (Net of deferred taxes of $11 and $570, respectively) | 64 | 816 |
Reclassification adjustment for gains included in net income (Net of deferred taxes of $0 and $111, respectively) | (158) | |
Other comprehensive income, net of tax | 64 | 658 |
Comprehensive income, net of tax | $ 11,900 | $ 20,787 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Mar. 26, 2016 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||
Unrealized holding gains arising during period, deferred taxes | $ 11 | $ 570 |
Reclassification adjustment for gains included in net income, deferred taxes | $ 0 | $ 111 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Mar. 26, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 11,836 | $ 20,129 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 20,962 | 18,368 |
Gain on disposition of fixed assets | (796) | (75) |
Gain on sale of marketable securities | 0 | (269) |
Deferred income taxes | 7,476 | (1,153) |
Changes in operating assets and liabilities: | ||
Inventories | 1,566 | 3,352 |
Accounts receivable and prepaid expenses | 17,539 | 5,658 |
Accounts payable and other liabilities | (45,789) | (21,239) |
Income taxes | 1,948 | 12,773 |
Other | (110) | 525 |
Net cash provided by operating activities | 14,632 | 38,069 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (17,056) | (29,935) |
Proceeds from the sale of property and equipment | 1,142 | 124 |
Purchase of marketable securities | (2,579) | (1,284) |
Proceeds from maturities of marketable securities | 1,895 | 0 |
Proceeds from the sale of marketable securities | 4,006 | 15,213 |
Purchase of intangible assets | (1,240) | (549) |
Change in SERP investment | (1,486) | (763) |
Net cash used in investing activities | (15,318) | (17,194) |
Cash flows from financing activities: | ||
Proceeds from long-term debt | 6,398 | 0 |
Dividends paid | (8,070) | (8,070) |
Net cash used in financing activities | (1,672) | (8,070) |
Net (decrease) increase in cash and cash equivalents | (2,358) | 12,805 |
Cash and cash equivalents at beginning of year | 14,653 | 17,596 |
Cash and cash equivalents at end of period | $ 12,295 | $ 30,401 |
Consolidated Statements Of Cas8
Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) | 3 Months Ended | |
Apr. 01, 2017 | Mar. 26, 2016 | |
Consolidated Statements of Cash Flows [Abstract] | ||
Income taxes paid | $ 0 | $ 157,000 |
Interest paid | $ 258,000 | $ 0 |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Apr. 01, 2017 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | (1) Significant Accounting Policies Basis of Presentation: The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring deferrals and accruals) considered necessary for a fair presentation have been included. The operating results for the periods presented are not necessarily indicative of the results to be expected for the full year. The Company has evaluated subsequent events for disclosure through the date of issuance of the accompanying unaudited consolidated interim financial statements and there were no material subsequent events which require additional disclosure. For further information, refer to the Consolidated Financial Statements and footnotes thereto included in the Company's latest Annual Report on Form 10-K. |
Current Relevant Accounting Sta
Current Relevant Accounting Standards | 3 Months Ended |
Apr. 01, 2017 | |
Current Relevant Accounting Standards [Abstract] | |
Current Relevant Accounting Standards | (2) Current Relevant Accounting Standards In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) , as amended by several subsequent ASU’s, which establishes principles for recognizing revenue upon the transfer of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services. In August 2015, the FASB issued a one-year deferral of the effective date of this new guidance resulting in it now being effective for the Company beginning in fiscal year 2018. The Company is currently in the process of evaluating the impact of adoption of the ASU. The Company expects that the adoption of the ASU will not have a significant impact on the Company’s point of sale product sales. In January 2016, the FASB issued ASU 2016-01 Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . ASU 2016-01 generally requires that equity investments (excluding equity method investments) be measured at fair value with changes in fair value recognized in net income. The Company expects that the adoption of ASU 2016-01 will likely have an impact on the net income reported in the Company’s Consolidated Statements of Income, but will not impact the Company’s comprehensive income or shareholders’ equity. The amendment is effective for fiscal years beginning after December 15, 2017, with the cumulative effect of the adoption made to the balance sheet as of the date of adoption. Adoption will result in a reclassification of the related accumulated unrealized appreciation, net of applicable deferred income taxes, currently included in accumulated other comprehensive income to retained earnings, resulting in no impact on the Company’s shareholders’ equity. In February 2016, the FASB issued ASU 2016-02 Leases (Topic 842). ASU 2016-02 requires lessees to recognize assets and liabilities for the rights and obligations created by their leases with lease terms more than 12 months. ASU 2016-02 will become effective for annual periods beginning after December 15, 2018 and for interim periods within those fiscal years. The Company is currently in the process of evaluating the impact of adoption of the ASU and expects the adoption to have a significant impact on the Company’s Consolidated Balance Sheet. In March 2016, the FASB issued ASU 2016-04 Liabilities – Extinguishments of Liabilities (Subtopic 405-20) Recognition of Breakage for Certain Prepaid Stored-Value Products . ASU 2016-04 requires that an entity must disclose the methodology and specific judgements made in applying the breakage recognized. ASU 2016-04 will become effective for the financial statements issued for the fiscal years beginning after December 15, 2017. Early application is permitted including adoption in an interim period. The Company expects that the adoption of the ASU will not have a significant impact on the Company’s Consolidated Financial Statements. |
Marketable Securities
Marketable Securities | 3 Months Ended |
Apr. 01, 2017 | |
Marketable Securities [Abstract] | |
Marketable Securities | (3) Marketable Securities The Company’s marketable securities are all classified as available-for-sale within “Current Assets” in the Company’s Consolidated Balance Sheets. FASB has established three levels of inputs that may be used to measure fair value: Level 1 Observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2 Observable inputs, other than Level 1 inputs in active markets, that are observable either directly or indirectly; and Level 3 Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions. The Company’s marketable securities valued using Level 1 inputs include highly liquid equity securities, for which quoted market prices are available . The Company’s municipal bond portfolio is valued using Level 2 inputs. The Company’s municipal bonds are valued using a combination of pricing for similar securities, recently executed transactions, cash flow models with yield curves and other pricing models utilizing observable inputs, which are considered Level 2 inputs. For Level 2 investment valuation, the Company utilizes standard pricing procedures of its investment advisory firm(s) which include various third party pricing services. These procedures also require specific price monitoring practices as well as pricing review reports, valuation oversight and pricing challenge procedures to maintain the most accurate representation of investment fair market value. The Company accrues interest on its bond portfolio throughout the life of each bond held. Dividends from the equity securities are recognized as received. Both interest and dividends are recognized in “Investment income and interest expense” on the Company’s Consolidated Statements of Income. Investment income was $1.1 million and $637 thousand for the first quarter of 2017 and 2016, respectively. Marketable securities, as of April 1, 2017 and December 31, 2016, consisted of: Gross Gross (dollars in thousands) Amortized Unrealized Unrealized Fair April 1, 2017 Cost Holding Gains Holding Losses Value Available-for-sale: Level 1 Equity securities $ 1,198 $ 7,804 $ - $ 9,002 Level 2 Municipal bonds 54,773 784 (280) 55,277 $ 55,971 $ 8,588 $ (280) $ 64,279 Gross Gross (dollars in thousands) Amortized Unrealized Unrealized Fair December 31, 2016 Cost Holding Gains Holding Losses Value Available-for-sale: Level 1 Equity securities $ 1,198 $ 8,162 $ - $ 9,360 Level 2 Municipal bonds 57,739 531 (459) 57,811 $ 58,937 $ 8,693 $ (459) $ 67,171 Maturities of marketable securities classified as available-for-sale at April 1, 2017, were as follows: Amortized Fair (dollars in thousands) Cost Value Available-for-sale: Due within one year $ 7,623 $ 7,667 Due after one year through five years 24,811 25,161 Due after five years through ten years 22,339 22,449 Equity securities 1,198 9,002 $ 55,971 $ 64,279 (3) Marketable Securities (continued) The Company also maintains a non-qualified supplemental executive retirement plan and a non-qualified pharmacist deferred compensation plan for certain of its associates which allows them to defer income to future periods. Participants in the plans earn a return on their deferrals based on mutual fund investments. The Company chooses to invest in the underlying mutual fund investments to offset the liability associated with the non-qualified deferred compensation plans. Such investments are reported on the Company’s Consolidated Balance Sheet as “SERP investment,” are classified as trading securities and are measured at fair value using Level 1 inputs with gains and losses included in “Investment income and interest expense” on the Company’s Consolidated Statements of Income. The changes in the underlying liability to the associates are recorded in “Operating, general and administrative expenses.” |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Apr. 01, 2017 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income | (4) Accumulated Other Comprehensive Income All balances in accumulated other comprehensive income are related to available-for-sale marketable securities. The following table sets forth the balance of the Company’s accumulated other comprehensive income, net of tax. Unrealized Gains on Available-for-Sale (dollars in thousands) Marketable Securities Accumulated other comprehensive income balance as of December 31, 2016 $ 4,852 Other comprehensive income before reclassifications 64 Amounts reclassified from accumulated other comprehensive income - Net current period other comprehensive income 64 Accumulated other comprehensive income balance as of April 1, 2017 $ 4,916 The following table sets forth the effects on net income of the amounts reclassified out of accumulated other comprehensive income for the periods ended April 1, 2017 and March 26, 2016. Gains Reclassified from Accumulated Other Comprehensive Income to the Consolidated Statements of Income 13 Weeks Ended (dollars in thousands) Location April 1, 2017 March 26, 2016 Unrealized gains on available-for-sale marketable securities Investment income $ - $ 269 Provision for income taxes - (111) Total amount reclassified, net of tax $ - $ 158 |
Acquisitions
Acquisitions | 3 Months Ended |
Apr. 01, 2017 | |
Acquisitions [Abstract] | |
Acquisitions | (5) Acquisitions On August 1, 2016, the Company purchased five Mars Super Market stores located in Maryland. Weis Markets, Inc. acquired these locations and their operations in an effort to expand its presence in the Baltimore County region. The results of operations of the former Mars Super Market acquisition are included in the accompanying Consolidated Financial Statements from the date of acquisition. The five former Mars Super Market stores contributed $23.2 million to sales in the first quarter of 2017. The cash purchase price paid was $24.6 million for the property, equipment, inventories, prepaid expenses and goodwill related to this purchase. The Company accounted for this transaction as a business combination in accordance with the acquisition method. The fair value of intangibles was determined based on the discounted cash flow model and property and equipment were determined based on external appraisals. Weis Markets, Inc. assumed two lease obligations in the acquisition of the former Mars Super Market stores and entered into two new lease agreements. Goodwill of $13.3 million has been recorded, based upon the expected benefits to be derived from new management business strategy and cost synergies. The goodwill is deductible for tax purposes. (5) Acquisitions (continued) In September 2016, the Company began its acquisition of 38 former Food Lion, LLC stores. Within eight weeks, ending in October 2016, Weis Markets acquired 21 Maryland, 13 Virginia and 4 Delaware former Food Lion, LLC stores. The results of operations of the 38 former Food Lion, LLC stores are included in the accompanying Consolidated Financial Statements from the date of acquisition. The Company accounted for this transaction as a business combination in accordance with the acquisition method. The fair value of intangibles was determined based on the discounted cash flow model and property and equipment were determined based on external appraisals. The acquired locations were part of a FTC forced divestiture in the approval process of the merger of Ahold and Delhaize Group, which resulted in a below fair value purchase price consideration. The cash purchase price paid was $29.4 million for the property, equipment, inventories, prepaid expenses and liabilities. Weis Markets, Inc. assumed thirty lease obligations and ownership of eight locations. The Company recognized a gain of $23.9 million on the purchase of the 38 former Food Lion, LLC stores. The 38 former Food Lion, LLC stores contributed $93.7 million to sales in the first quarter of 2017. On October 30, 2016, Weis Markets acquired a former Nell’s Family Market store located in East Berlin, Pa from C&S Wholesale Grocers. The results of operations of the former Nell’s Family Market acquisition are included in the accompanying Consolidated Financial Statements from the date of acquisition. The purchase price was $13.0 million, of which $3.4 million is payable over a 4 year term for the property, equipment, inventory, prepaid expenses and liabilities. The Company accounted for this transaction as a business combination in accordance with the acquisition method. The fair value of intangibles was determined based on the discounted cash flow model and property and equipment were determined based on external appraisals. The former Nell’s Family Market contributed $4.1 million worth of sales in the first quarter of 2017. Goodwill of $3.9 million has been recorded, based upon the expected benefits to be derived from new management business strategy and cost synergies. The goodwill is deductible for tax purposes. The pro forma information includes historical results of operations of the 38 former Food Lion Supermarket and 5 former Mars Super Market stores but does not include efficiencies, cost reductions, synergies or investments in lower prices for the Company’s customers expected to result from the acquisitions. The unaudited pro forma financial information is not necessarily indicative of the results that actually would have occurred had the 38 former Food Lion Supermarket and the 5 former Mars Super Market stores been acquired at the beginning of 2016. Pro forma results of sales, assuming the acquisitions had taken place at the beginning of 2016, are included in the following table. The Company does not have reliable information to provide additional pro forma disclosures. 13 Weeks Ended (dollars in thousands) April 1, 2017 March 26, 2016 Sales $ 852,229 $ 878,323 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Apr. 01, 2017 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | (6) Long-Term Debt On September 1, 2016, Weis Markets entered into a revolving credit agreement with Wells Fargo Bank, National Association (the Credit Agreement). The Credit Agreement provides for an unsecured revolving credit facility with an aggregate principal amount not to exceed $100.0 million with an additional discretionary amount available of $50.0 million. On March 13, 2017, the unsecured revolving credit facility was increased to $120.0 million. As of April 1, 2017, $70.9 million of the available $120.0 million was borrowed from the credit facility. The loan will bear interest on the outstanding principal amount at the one month LIBOR rate plus the applicable margin rate of 0.65% until its maturity on September 1, 2019 . The loan was used to fund the recent acquisitions and the Company’s working capital requirements. The only financial covenant in the credit facility requires the Company’s minimum EBITDA to be at least $75.0 million . The Credit Agreement is also being utilized by the Company for letters of credit. As of April 1, 2017, the Company had $16.7 million, of the available $120.0 million from the credit facility, committed to outstanding letters of credit. The letters of credit are maintained primarily to support performance, payment, deposit or surety obligations of the Company. The Company does not anticipate drawing on any of them. Interest expense related to long-term debt was $273,000 for the 13 week period ending April 1, 2017. |
Significant Accounting Polici15
Significant Accounting Policies (Policy) | 3 Months Ended |
Apr. 01, 2017 | |
Significant Accounting Policies [Abstract] | |
Basis of Presentation [Policy Text Block] | Basis of Presentation: The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring deferrals and accruals) considered necessary for a fair presentation have been included. The operating results for the periods presented are not necessarily indicative of the results to be expected for the full year. The Company has evaluated subsequent events for disclosure through the date of issuance of the accompanying unaudited consolidated interim financial statements and there were no material subsequent events which require additional disclosure. For further information, refer to the Consolidated Financial Statements and footnotes thereto included in the Company's latest Annual Report on Form 10-K. |
Current Relevant Accounting S16
Current Relevant Accounting Standards (Policy) | 3 Months Ended |
Apr. 01, 2017 | |
Current Relevant Accounting Standards [Abstract] | |
Current Relevant Accounting Standards [Policy Text Block] | In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) , as amended by several subsequent ASU’s, which establishes principles for recognizing revenue upon the transfer of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services. In August 2015, the FASB issued a one-year deferral of the effective date of this new guidance resulting in it now being effective for the Company beginning in fiscal year 2018. The Company is currently in the process of evaluating the impact of adoption of the ASU. The Company expects that the adoption of the ASU will not have a significant impact on the Company’s point of sale product sales. In January 2016, the FASB issued ASU 2016-01 Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . ASU 2016-01 generally requires that equity investments (excluding equity method investments) be measured at fair value with changes in fair value recognized in net income. The Company expects that the adoption of ASU 2016-01 will likely have an impact on the net income reported in the Company’s Consolidated Statements of Income, but will not impact the Company’s comprehensive income or shareholders’ equity. The amendment is effective for fiscal years beginning after December 15, 2017, with the cumulative effect of the adoption made to the balance sheet as of the date of adoption. Adoption will result in a reclassification of the related accumulated unrealized appreciation, net of applicable deferred income taxes, currently included in accumulated other comprehensive income to retained earnings, resulting in no impact on the Company’s shareholders’ equity. In February 2016, the FASB issued ASU 2016-02 Leases (Topic 842). ASU 2016-02 requires lessees to recognize assets and liabilities for the rights and obligations created by their leases with lease terms more than 12 months. ASU 2016-02 will become effective for annual periods beginning after December 15, 2018 and for interim periods within those fiscal years. The Company is currently in the process of evaluating the impact of adoption of the ASU and expects the adoption to have a significant impact on the Company’s Consolidated Balance Sheet. In March 2016, the FASB issued ASU 2016-04 Liabilities – Extinguishments of Liabilities (Subtopic 405-20) Recognition of Breakage for Certain Prepaid Stored-Value Products . ASU 2016-04 requires that an entity must disclose the methodology and specific judgements made in applying the breakage recognized. ASU 2016-04 will become effective for the financial statements issued for the fiscal years beginning after December 15, 2017. Early application is permitted including adoption in an interim period. The Company expects that the adoption of the ASU will not have a significant impact on the Company’s Consolidated Financial Statements. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Marketable Securities [Abstract] | |
Marketable securities [Table Text Block] | Marketable securities, as of April 1, 2017 and December 31, 2016, consisted of: Gross Gross (dollars in thousands) Amortized Unrealized Unrealized Fair April 1, 2017 Cost Holding Gains Holding Losses Value Available-for-sale: Level 1 Equity securities $ 1,198 $ 7,804 $ - $ 9,002 Level 2 Municipal bonds 54,773 784 (280) 55,277 $ 55,971 $ 8,588 $ (280) $ 64,279 Gross Gross (dollars in thousands) Amortized Unrealized Unrealized Fair December 31, 2016 Cost Holding Gains Holding Losses Value Available-for-sale: Level 1 Equity securities $ 1,198 $ 8,162 $ - $ 9,360 Level 2 Municipal bonds 57,739 531 (459) 57,811 $ 58,937 $ 8,693 $ (459) $ 67,171 |
Maturities of marketable securities classified as available-for-sale [Table Text Block] | Maturities of marketable securities classified as available-for-sale at April 1, 2017, were as follows: Amortized Fair (dollars in thousands) Cost Value Available-for-sale: Due within one year $ 7,623 $ 7,667 Due after one year through five years 24,811 25,161 Due after five years through ten years 22,339 22,449 Equity securities 1,198 9,002 $ 55,971 $ 64,279 |
Accumulated Other Comprehensi18
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Gains on Available-for-Sale (dollars in thousands) Marketable Securities Accumulated other comprehensive income balance as of December 31, 2016 $ 4,852 Other comprehensive income before reclassifications 64 Amounts reclassified from accumulated other comprehensive income - Net current period other comprehensive income 64 Accumulated other comprehensive income balance as of April 1, 2017 $ 4,916 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Gains Reclassified from Accumulated Other Comprehensive Income to the Consolidated Statements of Income 13 Weeks Ended (dollars in thousands) Location April 1, 2017 March 26, 2016 Unrealized gains on available-for-sale marketable securities Investment income $ - $ 269 Provision for income taxes - (111) Total amount reclassified, net of tax $ - $ 158 |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Apr. 01, 2017 | |
Acquisitions [Abstract] | |
Business Acquisition, Pro Forma Information [Table Text Block] | 13 Weeks Ended (dollars in thousands) April 1, 2017 March 26, 2016 Sales $ 852,229 $ 878,323 |
Marketable Securities (Narrativ
Marketable Securities (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Mar. 26, 2016 | |
Marketable Securities [Abstract] | ||
Investment income | $ 1,100 | $ 637 |
Marketable Securities (Availabl
Marketable Securities (Available For Sale Securities) (Details) - USD ($) $ in Thousands | Apr. 01, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost, Total | $ 55,971 | $ 58,937 |
Gross Unrealized Holding Gains | 8,588 | 8,693 |
Gross Unrealized Holding Losses | (280) | (459) |
Fair Value | 64,279 | 67,171 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost, Total | 1,198 | 1,198 |
Gross Unrealized Holding Gains | 7,804 | 8,162 |
Gross Unrealized Holding Losses | 0 | 0 |
Fair Value | 9,002 | 9,360 |
Municipal Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost, Total | 54,773 | 57,739 |
Gross Unrealized Holding Gains | 784 | 531 |
Gross Unrealized Holding Losses | (280) | (459) |
Fair Value | $ 55,277 | $ 57,811 |
Marketable Securities (Maturiti
Marketable Securities (Maturities of Marketable Securities) (Details) - USD ($) $ in Thousands | Apr. 01, 2017 | Dec. 31, 2016 |
Marketable Securities [Abstract] | ||
Amortized Cost, Due within one year | $ 7,623 | |
Fair Value, Due within one year | 7,667 | |
Amortized Cost, Due after one year through five years | 24,811 | |
Fair Value, Due after one year through five years | 25,161 | |
Amortized Cost, Due after five years through ten years | 22,339 | |
Fair Value, Due after five years through ten years | 22,449 | |
Amortized Cost, Equity securities | 1,198 | |
Fair Value, Equity securities | 9,002 | |
Available-for-sale Securities, Amortized Cost, Total | 55,971 | $ 58,937 |
Available-for-sale Securities, Fair Value, Total | $ 64,279 | $ 67,171 |
Accumulated Other Comprehensi23
Accumulated Other Comprehensive Income (Schedule of Accumulated Other Comprehensive Income) (Details) - Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] $ in Thousands | 3 Months Ended |
Apr. 01, 2017USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated other comprehensive income balance, beginning balance | $ 4,852 |
Other comprehensive income before reclassifications | 64 |
Amounts reclassified from accumulated other comprehensive income | 0 |
Net current period other comprehensive income | 64 |
Accumulated other comprehensive income balance, ending balance | $ 4,916 |
Accumulated Other Comprehensi24
Accumulated Other Comprehensive Income (Reclassifications out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Mar. 26, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Investment income and interest expense | $ 824 | $ 637 |
Provision for income taxes | (9,238) | (11,778) |
Net income | $ 11,836 | 20,129 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Investment income and interest expense | 269 | |
Provision for income taxes | (111) | |
Net income | $ 158 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | Oct. 30, 2016USD ($)store | Aug. 01, 2016USD ($)store | Oct. 30, 2016USD ($)storesite | Apr. 01, 2017USD ($) | Dec. 31, 2016USD ($) |
Acquisitions [Line Items] | |||||
Goodwill | $ 52,330 | $ 52,330 | |||
Mars Super Market [Member] | |||||
Acquisitions [Line Items] | |||||
Sales | 23,200 | ||||
Number of stores acquired | store | 5 | ||||
Purchase price | $ 24,600 | ||||
Goodwill | $ 13,300 | ||||
Number of lease obligations assumed | 2 | ||||
Number of new lease agreements due to acquisition | 2 | ||||
Food Lion, LLC [Member] | |||||
Acquisitions [Line Items] | |||||
Sales | 93,700 | ||||
Number of stores acquired | store | 38 | ||||
Number of owned stores acquired | site | 8 | ||||
Purchase price | $ 29,400 | ||||
Gain on bargain purchase | $ 23,900 | ||||
Number of lease obligations assumed | 30 | ||||
Food Lion, LLC [Member] | MARYLAND | |||||
Acquisitions [Line Items] | |||||
Number of stores acquired | store | 21 | ||||
Food Lion, LLC [Member] | DELAWARE | |||||
Acquisitions [Line Items] | |||||
Number of stores acquired | store | 4 | ||||
Food Lion, LLC [Member] | VIRGINIA | |||||
Acquisitions [Line Items] | |||||
Number of stores acquired | store | 13 | ||||
Nell's Family Market [Member] | |||||
Acquisitions [Line Items] | |||||
Sales | $ 4,100 | ||||
Number of stores acquired | store | 1 | ||||
Purchase price | $ 13,000 | ||||
Purchase price payable | 3,400 | ||||
Purchase price payable, term | 4 years | ||||
Goodwill | $ 3,900 | $ 3,900 |
Acquisitions (Pro Forma Informa
Acquisitions (Pro Forma Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 01, 2017 | Mar. 26, 2016 | |
Parent Company [Member] | ||
Sales | $ 852,229 | $ 878,323 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Apr. 01, 2017 | Mar. 13, 2017 | Sep. 01, 2016 | |
Line of Credit Facility [Line Items] | |||
Interest Expense, Debt | $ 273,000 | ||
Revolving Credit Facility [Member] | Wells Fargo Bank, N.A. [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 120,000,000 | $ 100,000,000 | |
Line of Credit Facility, Fair Value of Amount Outstanding | $ 70,900,000 | ||
Debt Instrument, Maturity Date | Sep. 1, 2019 | ||
Debt Instrument, Covenant, Minimum EBITDA | $ 75,000,000 | ||
Letters of Credit Outstanding, Amount | $ 16,700,000 | ||
Debt Instrument, Covenant Description | The only financial covenant in the credit facility requires the Company's minimum EBITDA to be at least $75.0 million | ||
Revolving Credit Facility [Member] | Wells Fargo Bank, N.A. [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.65% | ||
Line of Credit [Member] | Wells Fargo Bank, N.A. [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000,000 |