Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 29, 2019 | Aug. 06, 2019 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 29, 2019 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2019 | |
Entity Registrant Name | WEIS MARKETS INC | |
Title of 12(b) Security | Common stock, no par value | |
Trading Symbol | wmk | |
Security Exchange Name | NYSE | |
Entity Central Index Key | 0000105418 | |
Current Fiscal Year End Date | --12-28 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 26,898,443 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 29, 2019 | Dec. 29, 2018 |
Current: | ||
Cash and cash equivalents | $ 51,646 | $ 37,808 |
Marketable securities | 57,376 | 54,298 |
SERP investment | 18,162 | 14,686 |
Accounts receivable, net | 54,373 | 57,285 |
Inventories | 266,343 | 280,756 |
Prepaid expenses and other current assets | 16,439 | 24,289 |
Total current assets | 464,339 | 469,122 |
Property and equipment, net | 877,212 | 887,608 |
Operating lease right-to-use | 189,953 | 0 |
Goodwill | 52,330 | 52,330 |
Intangible and other assets, net | 18,079 | 22,951 |
Total assets | 1,601,913 | 1,432,011 |
Current: | ||
Accounts payable | 168,070 | 191,099 |
Accrued expenses | 24,880 | 45,354 |
Operating leases | 37,624 | 0 |
Accrued self-insurance | 15,005 | 15,516 |
Deferred revenue, net | 5,783 | 7,961 |
Income taxes payable | 9,430 | 7,283 |
Total current liabilities | 260,792 | 267,213 |
Postretirement benefit obligations | 20,973 | 18,110 |
Accrued self-insurance | 17,787 | 17,795 |
Operating leases | 161,387 | 0 |
Deferred income taxes | 90,735 | 90,793 |
Other | 8,163 | 15,201 |
Total liabilities | 559,837 | 409,112 |
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 | 1,181,647 | 1,163,545 |
Accumulated other comprehensive income (Net of deferred taxes of $533 in 2019 and $110 in 2018) | 1,337 | 262 |
Shareholders' equity before treasury stock | 1,192,933 | 1,173,756 |
Treasury stock at cost, 6,149,364 shares | (150,857) | (150,857) |
Total shareholders' equity | 1,042,076 | 1,022,899 |
Total liabilities and shareholders' equity | $ 1,601,913 | $ 1,432,011 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 29, 2019 | Dec. 29, 2018 |
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 | $ 533 | $ 110 |
Treasury stock, shares | 6,149,364 | 6,149,364 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Consolidated Statements of Income [Abstract] | ||||
Net sales | $ 887,967 | $ 871,100 | $ 1,764,686 | $ 1,747,206 |
Cost of sales, including advertising, warehousing and distribution expenses | 651,297 | 630,805 | 1,298,463 | 1,272,004 |
Gross profit on sales | 236,670 | 240,295 | 466,223 | 475,202 |
Operating, general and administrative expenses | 210,801 | 214,258 | 424,375 | 426,326 |
Income from operations | 25,869 | 26,037 | 41,848 | 48,876 |
Investment income and interest expense | 1,079 | 105 | 3,975 | (427) |
Income before provision for income taxes | 26,948 | 26,142 | 45,823 | 48,449 |
Provision for income taxes | 6,473 | 7,047 | 11,043 | 13,163 |
Net income | $ 20,475 | $ 19,095 | $ 34,780 | $ 35,286 |
Weighted-average shares outstanding, basic and diluted | 26,898,443 | 26,898,443 | 26,898,443 | 26,898,443 |
Cash dividends per share | $ 0.31 | $ 0.30 | $ 0.62 | $ 0.60 |
Basic and diluted earnings per share | $ 0.76 | $ 0.71 | $ 1.29 | $ 1.31 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net income | $ 20,475 | $ 19,095 | $ 34,780 | $ 35,286 |
Available-for-sale marketable securities | ||||
Unrealized holding gains (losses) arising during period (Net of deferred taxes of $(179) and $14, respectively for the thirteen Weeks Ended and $(423) and $172, respectively for the twenty-six Weeks Ended) | 454 | (42) | 1,075 | (445) |
Reclassification adjustment for losses included in net income (Net of deferred taxes of $0 and $15, respectively for the twenty-six Weeks Ended) | 39 | |||
Other comprehensive income gain (loss), net of tax | 454 | (42) | 1,075 | (406) |
Comprehensive income, net of tax | $ 20,929 | $ 19,053 | $ 35,855 | $ 34,880 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||||
Unrealized holding gains (loss) arising during period, deferred taxes | $ (179) | $ 14 | $ (423) | $ 172 |
Reclassification adjustment for (gains) losses included in net income, deferred taxes | $ 0 | $ 15 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Total |
Cumulative effect of accounting principle adoption of ASU 2016-01 | $ 5,481 | $ (5,481) | |||
Balance, at Dec. 30, 2017 | $ 9,949 | 1,127,872 | 5,880 | $ (150,857) | $ 992,844 |
Balance, shares at Dec. 30, 2017 | 33,047,807 | 6,149,364 | |||
Net income | 35,286 | 35,286 | |||
Other comprehensive income (loss), net of reclassification adjustments and tax | (406) | (406) | |||
Dividends paid | (16,139) | (16,139) | |||
Balance, at Jun. 30, 2018 | $ 9,949 | 1,152,499 | (8) | $ (150,857) | 1,011,583 |
Balance, shares at Jun. 30, 2018 | 33,047,807 | 6,149,364 | |||
Balance, at Mar. 31, 2018 | $ 9,949 | 1,141,474 | 34 | $ (150,857) | 1,000,600 |
Balance, shares at Mar. 31, 2018 | 33,047,807 | 6,149,364 | |||
Net income | 19,095 | 19,095 | |||
Other comprehensive income (loss), net of reclassification adjustments and tax | (42) | (42) | |||
Dividends paid | (8,069) | (8,069) | |||
Balance, at Jun. 30, 2018 | $ 9,949 | 1,152,499 | (8) | $ (150,857) | 1,011,583 |
Balance, shares at Jun. 30, 2018 | 33,047,807 | 6,149,364 | |||
Balance, at Dec. 29, 2018 | $ 9,949 | 1,163,545 | 262 | $ (150,857) | 1,022,899 |
Balance, shares at Dec. 29, 2018 | 33,047,807 | 6,149,364 | |||
Net income | 34,780 | 34,780 | |||
Other comprehensive income (loss), net of reclassification adjustments and tax | 1,075 | 1,075 | |||
Dividends paid | (16,677) | (16,677) | |||
Balance, at Jun. 29, 2019 | $ 9,949 | 1,181,647 | 1,337 | $ (150,857) | 1,042,076 |
Balance, shares at Jun. 29, 2019 | 33,047,807 | 6,149,364 | |||
Balance, at Mar. 30, 2019 | $ 9,949 | 1,169,510 | 883 | $ (150,857) | 1,029,485 |
Balance, shares at Mar. 30, 2019 | 33,047,807 | 6,149,364 | |||
Net income | 20,475 | 20,475 | |||
Other comprehensive income (loss), net of reclassification adjustments and tax | 454 | 454 | |||
Dividends paid | (8,339) | (8,339) | |||
Balance, at Jun. 29, 2019 | $ 9,949 | $ 1,181,647 | $ 1,337 | $ (150,857) | $ 1,042,076 |
Balance, shares at Jun. 29, 2019 | 33,047,807 | 6,149,364 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 34,780 | $ 35,286 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 46,324 | 46,137 |
Loss on disposition of fixed assets | 806 | 157 |
Loss on sale of marketable securities | 0 | 54 |
Unrealized (gain) loss in value of equity securities | (848) | 1,238 |
Deferred income taxes | (482) | 1,379 |
Changes in operating assets and liabilities: | ||
Inventories | 14,413 | 6,093 |
Accounts receivable and prepaid expenses | 10,762 | 5,436 |
Accounts payable and other liabilities | (29,423) | (20,538) |
Income taxes | 2,147 | 8,429 |
Other | 487 | 556 |
Net cash provided by operating activities | 78,966 | 84,227 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (44,335) | (46,367) |
Proceeds from the sale of property and equipment | 1,320 | 321 |
Purchase of marketable securities | (4,205) | (586) |
Proceeds from maturities of marketable securities | 2,785 | 2,800 |
Proceeds from the sale of marketable securities | 0 | 514 |
Purchase of intangible assets | (540) | (1,662) |
Change in SERP investment | (3,476) | (1,414) |
Net cash used in investing activities | (48,451) | (46,394) |
Cash flows from financing activities: | ||
Payments on long-term debt | 0 | (34,988) |
Dividends paid | (16,677) | (16,139) |
Net cash used in financing activities | (16,677) | (51,127) |
Net increase (decrease) in cash and cash equivalents | 13,838 | (13,294) |
Cash and cash equivalents at beginning of year | 37,808 | 47,917 |
Cash and cash equivalents at end of period | $ 51,646 | $ 34,623 |
Consolidated Statements Of Ca_2
Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | |
Consolidated Statements of Cash Flows [Abstract] | ||
Income taxes paid | $ 9,400 | $ 3,400 |
Interest paid | $ 49 | $ 318 |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 29, 2019 | |
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 | 6 Months Ended |
Jun. 29, 2019 | |
Current Relevant Accounting Standards [Abstract] | |
Current Relevant Accounting Standards | (2) Current Relevant Accounting Standards The Company adopted ASU 2016-02 Leases (Topic 842) effective December 30, 2018. The ASU requires lessees to recognize assets and liabilities for the rights and obligations created by their leases with lease terms more than 12 months. During 2018, the ASU was amended to permit the election of transitional provisions, including the elimination of the requirement to restate reporting periods prior to the date of adoption. The Company has adopted the standard using transitional provisions and has elected practical expedients to not reassess the original conclusions reached regarding lease identification, lease classification and initial direct costs. The adoption had a significant impact on the Company’s Consolidated Balance Sheets, resulting in $202 million and $211 million of the operating lease right-to-use assets and lease liabilities, respectively. There are no significant changes to the Consolidated Statements of Comprehensive Income or Consolidated Statements of Cash Flows. See Note 7 for additional disclosures on the adoption. |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 29, 2019 | |
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 which includes 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. Interest, dividends and unrealized gains and losses on equity securities are recognized in “Investment income and interest expense” on the Company’s Consolidated Statements of Income . The Company recognized investment income of $1.1 million in the second quarter of 2019, which included an unrealized gain in equity securities of $223 thousand . In the twenty-six weeks ending June 29, 2019, the Company recognized investment income of $4 million, which included un r ealized gains in equity securities of $848 thousand. Investment income of $178 thousand and investment loss of $187 thousand were recognized in the second quarter of 2018 and twenty-six weeks ended June 30, 2018, respectively . (3) Marketable Securities (continued) Marketable securities, as of June 29, 2019 and December 29, 2018 , consisted of: Gross Gross (dollars in thousands) Amortized Unrealized Unrealized Fair June 29, 2019 Cost Holding Gains Holding Losses Value Available-for-sale: Level 1 Equity securities $ 8,074 Level 2 Municipal bonds $ 47,433 $ 1,874 $ (3) 49,304 $ 47,433 $ 1,874 $ (3) $ 57,376 Gross Gross (dollars in thousands) Amortized Unrealized Unrealized Fair December 29, 2018 Cost Holding Gains Holding Losses Value Available-for-sale: Level 1 Equity securities $ 7,226 Level 2 Municipal bonds $ 46,699 $ 426 $ (53) 47,072 $ 46,699 $ 426 $ (53) $ 54,298 Maturities of marketable securities classified as available-for-sale at June 29, 2019 , were as follows: Amortized Fair (dollars in thousands) Cost Value Available-for-sale: Due within one year $ 3,899 $ 3,907 Due after one year through five years 23,677 24,288 Due after five years through ten years 18,857 20,104 Due after ten years 1,000 1,005 $ 47,433 $ 49,304 SERP Investments The Company also maintains a non-qualified supplemental executive retirement 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 Sheets 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 | 6 Months Ended |
Jun. 29, 2019 | |
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 29, 2018 $ 262 Other comprehensive income before reclassifications 1,075 Amounts reclassified from accumulated other comprehensive income - Net current period change in other comprehensive income 1,075 Accumulated other comprehensive income balance as of June 29, 2019 $ 1,337 The following table sets forth the effects on net income of the amounts reclassified out of accumulated other comprehensive income for the periods ended June 29, 2019 and June 30, 2018 . Amounts Reclassified from Accumulated Other Comprehensive Income to the Consolidated Statements of Income 13 Weeks Ended 26 Weeks Ended (dollars in thousands) Location June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 Unrealized gains (losses) on available-for-sale marketable securities Investment income and interest expense $ - $ - $ - $ 54 Provision for income taxes - - - (15) Total amount reclassified, net of tax $ - $ - $ - $ 39 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 29, 2019 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | (5) 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 $50.0 million with an additional discretionary amount available of $50.0 million. As of June 29, 2019, the availability under the revolving credit agreement was $88.5 million, net of $11.5 million letters of credit. The revolving credit agreement matures on September 1, 2019 . The letters of credit are maintained primarily to support performance, payment, deposit or surety obligations of the Company. Interest expense related to long -term debt was $14 thousand and $73 thousand in the thirteen weeks ended June 29, 2019 and June 30, 2018, respectively. In the first half of 2019 and 2018 , interest expense related to long-term debt totaled $33 thousand and $240 thousand, respectively. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 29, 2019 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | (6) Revenue Recognition The Chief Operating Officer, the Company’s chief operating decision maker, analyzes store operational revenues by geographical area but each area offers customers similar product, has similar distribution methods, and is supported by centralized management processes. The Company’s operations are reported as a single reportable segment. The following table represents net sales by type of product for the thirteen and twenty-six week periods ending June 29, 2019 and June 30, 2018 : 13 Weeks Ended ( dollars in thousands ) June 29, 2019 June 30, 2018 Grocery $ 767,886 86.6 % $ 757,894 87.0 % Pharmacy 84,682 9.5 78,271 9.0 Fuel 33,271 3.7 33,439 3.8 Manufacturing 2,128 0.2 1,496 0.2 Total net sales $ 887,967 100.0 % $ 871,100 100.0 % 26 Weeks Ended ( dollars in thousands ) June 29, 2019 June 30, 2018 Grocery $ 1,534,787 87.0 % $ 1,525,912 87.3 % Pharmacy 166,463 9.4 156,211 8.9 Fuel 59,736 3.4 62,084 3.6 Manufacturing 3,700 0.2 2,999 0.2 Total net sales $ 1,764,686 100.0 % $ 1,747,206 100.0 % |
Leases
Leases | 6 Months Ended |
Jun. 29, 2019 | |
Leases [Abstract] | |
Leases | (7) Leases The adoption of ASU 2016-02 Leases (Topic 842) had a significant impact on the Company’s Consolidated Balance Sheets, resulting in operating lease right-to-use assets of $202 million and lease liabilities of $211 million. The difference between the operating lease right-to-use assets and lease liabilities represents prepaid and accrued rents, unfavorable lease obligations, favorable lease assets and deferred tenant allowances associated with operating leases as of December 30, 2018 and reclassified against the operating lease right-to-use asset upon adoption. As of December 30, 2018, the Company leased approximately 53% of its open store facilities under operating leases that expire at various dates through 2033, with the remaining store facilities being owned . These leases generally provide for fixed annual rentals; however, several provide for minimum annual rentals plus variable lease costs related to real estate taxes and insurance as well as contingent rentals based on a percentage of annual sales or increases periodically based on inflation. These variable lease costs are not included in the measurement of the operating lease right-to-use assets or lease liabilities and are charged to the related expense category included in “Operating, general and administrative expenses.” Most of the leases contain multiple renewal options, under which the Company may extend the lease terms from 5 to 20 years. Additionally, the Company has operating leases for certain transportation and other equipment. The Company leases or subleases space to tenants in owned, vacated and open store facilities. Rental income is recorded when earned as a component of “Operating, general and administrative expenses.” The following is a schedule of the lease costs included in “Operating, general and administrative expenses” for the thirteen and twenty-six weeks ended June 29, 2019. (dollars in thousands) 13 Weeks Ended 26 Weeks Ended Operating lease cost $ 11,415 $ 23,056 Variable lease cost 2,911 5,554 Lease or sublease income (1,976) (3,850) Net lease cost $ 12,350 $ 24,760 (7) Leases (continued) The following is a schedule by years of the future minimum rental payments required under operating leases and total minimum sublease and lease rental income to be received as of June 29, 2019, inclusive of 12 months from June 30th. (dollars in thousands) Leases Subleases 2019 $ 45,526 (3,818) 2020 40,582 (3,558) 2021 33,586 (2,998) 2022 27,358 (2,541) 2023 23,718 (2,035) Thereafter 64,026 (8,164) Total Lease Payments $ 234,795 (23,114) Less: Interest 35,784 - Present value of lease liabilities 199,011 (23,114) The following is a schedule of weighted-average remaining lease terms and weighted-average discount rates as of June 29, 2019 and December 30, 2018. Lease Term and Discount Rate June 29, 2019 December 30, 2018 Weighted-average remaining lease term 4.27 4.69 Weighted-average discount rate 3.57% 3.84% |
Significant Accounting Polici_2
Significant Accounting Policies (Policy) | 6 Months Ended |
Jun. 29, 2019 | |
Significant Accounting Policies [Abstract] | |
Basis of Presentation | 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 S_2
Current Relevant Accounting Standards (Policy) | 6 Months Ended |
Jun. 29, 2019 | |
Current Relevant Accounting Standards [Abstract] | |
Current Relevant Accounting Standards | The Company adopted ASU 2016-02 Leases (Topic 842) effective December 30, 2018. The ASU requires lessees to recognize assets and liabilities for the rights and obligations created by their leases with lease terms more than 12 months. During 2018, the ASU was amended to permit the election of transitional provisions, including the elimination of the requirement to restate reporting periods prior to the date of adoption. The Company has adopted the standard using transitional provisions and has elected practical expedients to not reassess the original conclusions reached regarding lease identification, lease classification and initial direct costs. The adoption had a significant impact on the Company’s Consolidated Balance Sheets, resulting in $202 million and $211 million of the operating lease right-to-use assets and lease liabilities, respectively. There are no significant changes to the Consolidated Statements of Comprehensive Income or Consolidated Statements of Cash Flows. See Note 7 for additional disclosures on the adoption. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Marketable Securities [Abstract] | |
Schedule Of Marketable Securities | Marketable securities, as of June 29, 2019 and December 29, 2018 , consisted of: Gross Gross (dollars in thousands) Amortized Unrealized Unrealized Fair June 29, 2019 Cost Holding Gains Holding Losses Value Available-for-sale: Level 1 Equity securities $ 8,074 Level 2 Municipal bonds $ 47,433 $ 1,874 $ (3) 49,304 $ 47,433 $ 1,874 $ (3) $ 57,376 Gross Gross (dollars in thousands) Amortized Unrealized Unrealized Fair December 29, 2018 Cost Holding Gains Holding Losses Value Available-for-sale: Level 1 Equity securities $ 7,226 Level 2 Municipal bonds $ 46,699 $ 426 $ (53) 47,072 $ 46,699 $ 426 $ (53) $ 54,298 |
Schedule Of Maturities Of Marketable Securities | Maturities of marketable securities classified as available-for-sale at June 29, 2019 , were as follows: Amortized Fair (dollars in thousands) Cost Value Available-for-sale: Due within one year $ 3,899 $ 3,907 Due after one year through five years 23,677 24,288 Due after five years through ten years 18,857 20,104 Due after ten years 1,000 1,005 $ 47,433 $ 49,304 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | Unrealized Gains on Available-for-Sale (dollars in thousands) Marketable Securities Accumulated other comprehensive income balance as of December 29, 2018 $ 262 Other comprehensive income before reclassifications 1,075 Amounts reclassified from accumulated other comprehensive income - Net current period change in other comprehensive income 1,075 Accumulated other comprehensive income balance as of June 29, 2019 $ 1,337 |
Schedule Of Reclassifications out of Accumulated Other Comprehensive Income | Amounts Reclassified from Accumulated Other Comprehensive Income to the Consolidated Statements of Income 13 Weeks Ended 26 Weeks Ended (dollars in thousands) Location June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 Unrealized gains (losses) on available-for-sale marketable securities Investment income and interest expense $ - $ - $ - $ 54 Provision for income taxes - - - (15) Total amount reclassified, net of tax $ - $ - $ - $ 39 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Revenue Recognition [Abstract] | |
Schedule Of Sales By Type Of Product | 13 Weeks Ended ( dollars in thousands ) June 29, 2019 June 30, 2018 Grocery $ 767,886 86.6 % $ 757,894 87.0 % Pharmacy 84,682 9.5 78,271 9.0 Fuel 33,271 3.7 33,439 3.8 Manufacturing 2,128 0.2 1,496 0.2 Total net sales $ 887,967 100.0 % $ 871,100 100.0 % 26 Weeks Ended ( dollars in thousands ) June 29, 2019 June 30, 2018 Grocery $ 1,534,787 87.0 % $ 1,525,912 87.3 % Pharmacy 166,463 9.4 156,211 8.9 Fuel 59,736 3.4 62,084 3.6 Manufacturing 3,700 0.2 2,999 0.2 Total net sales $ 1,764,686 100.0 % $ 1,747,206 100.0 % |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Leases [Abstract] | |
Schedule Of Lease Costs | (dollars in thousands) 13 Weeks Ended 26 Weeks Ended Operating lease cost $ 11,415 $ 23,056 Variable lease cost 2,911 5,554 Lease or sublease income (1,976) (3,850) Net lease cost $ 12,350 $ 24,760 |
Schedule Of Future Minimum Rental Payments | (dollars in thousands) Leases Subleases 2019 $ 45,526 (3,818) 2020 40,582 (3,558) 2021 33,586 (2,998) 2022 27,358 (2,541) 2023 23,718 (2,035) Thereafter 64,026 (8,164) Total Lease Payments $ 234,795 (23,114) Less: Interest 35,784 - Present value of lease liabilities 199,011 (23,114) |
Schedule Of Operating Lease Information | Lease Term and Discount Rate June 29, 2019 December 30, 2018 Weighted-average remaining lease term 4.27 4.69 Weighted-average discount rate 3.57% 3.84% |
Current Relevant Accounting S_3
Current Relevant Accounting Standards (Narrative) (Details) - USD ($) $ in Thousands | Jun. 29, 2019 | Dec. 29, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease right-to-use | $ 189,953 | $ 0 |
Operating lease liability | 199,011 | |
Accounting Standards Update 2016-02 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease right-to-use | 202,000 | |
Operating lease liability | $ 211,000 |
Marketable Securities (Narrativ
Marketable Securities (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Marketable Securities [Abstract] | ||||
Investment income (loss) | $ 1,100 | $ 178 | $ 4,000 | $ (187) |
Unrealized gain (loss) on equity investments | $ 223 | $ 848 |
Marketable Securities (Schedule
Marketable Securities (Schedule Of Marketable Securities) (Details) - USD ($) $ in Thousands | Jun. 29, 2019 | Dec. 29, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 47,433 | $ 46,699 |
Gross Unrealized Holding Gains | 1,874 | 426 |
Gross Unrealized Holding Losses | (3) | (53) |
Fair Value | 57,376 | 54,298 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities, Fair Value | 8,074 | 7,226 |
Municipal Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 47,433 | 46,699 |
Gross Unrealized Holding Gains | 1,874 | 426 |
Gross Unrealized Holding Losses | (3) | (53) |
Fair Value | $ 49,304 | $ 47,072 |
Marketable Securities (Schedu_2
Marketable Securities (Schedule Of Maturities of Marketable Securities) (Details) - USD ($) $ in Thousands | Jun. 29, 2019 | Dec. 29, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 47,433 | $ 46,699 |
Fair Value | 57,376 | $ 54,298 |
Marketable Securities, Excluding Equity Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Due within one year | 3,899 | |
Fair Value, Due within one year | 3,907 | |
Amortized Cost, Due after one year through five years | 23,677 | |
Fair Value, Due after one year through five years | 24,288 | |
Amortized Cost, Due after five years through ten years | 18,857 | |
Fair Value, Due after five years through ten years | 20,104 | |
Amortized Cost, Due after ten years | 1,000 | |
Fair Value, Due after ten years | 1,005 | |
Amortized Cost | 47,433 | |
Fair Value | $ 49,304 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Schedule Of Accumulated Other Comprehensive Income) (Details) - Unrealized Gain On Available-For-Sale Marketable Securities [Member] $ in Thousands | 6 Months Ended |
Jun. 29, 2019USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated other comprehensive income balance, beginning balance | $ 262 |
Other comprehensive income before reclassifications | 1,075 |
Amounts reclassified from accumulated other comprehensive income | 0 |
Net current period change in other comprehensive income | 1,075 |
Accumulated other comprehensive income balance, ending balance | $ 1,337 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Schedule Of Reclassifications out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Investment income and interest expense | $ 1,079 | $ 105 | $ 3,975 | $ (427) |
Provision for income taxes | (6,473) | (7,047) | (11,043) | (13,163) |
Net income | 20,475 | 19,095 | 34,780 | 35,286 |
Unrealized Gain On Available-For-Sale Marketable Securities [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Investment income and interest expense | 54 | |||
Provision for income taxes | (15) | |||
Net income | $ 39 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Line of Credit Facility [Line Items] | ||||
Interest Expense, Debt | $ 14,000 | $ 73,000 | $ 33,000 | $ 240,000 |
Revolving Credit Facility [Member] | Wells Fargo Bank, N.A. [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000,000 | 50,000,000 | ||
Line of credit facility, discretionary amount available | 50,000,000 | 50,000,000 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 88,500,000 | $ 88,500,000 | ||
Debt Instrument, Maturity Date | Sep. 1, 2019 | |||
Letters of Credit Outstanding, Amount | $ 11,500,000 | $ 11,500,000 |
Revenue Recognition (Schedule O
Revenue Recognition (Schedule Of Sales By Type Of Product) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 29, 2019USD ($)segment | Jun. 30, 2018USD ($) | |
Disaggregation of Revenue [Line Items] | ||||
Number of reportable segments | segment | 1 | |||
Total net sales | $ 887,967 | $ 871,100 | $ 1,764,686 | $ 1,747,206 |
Revenue Benchmark [Member] | Product Concentration Risk [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 887,967 | $ 871,100 | $ 1,764,686 | $ 1,747,206 |
Concentration percent | 100.00% | 100.00% | 100.00% | 100.00% |
Grocery [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 767,886 | $ 757,894 | $ 1,534,787 | $ 1,525,912 |
Concentration percent | 86.60% | 87.00% | 87.00% | 87.30% |
Pharmacy [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 84,682 | $ 78,271 | $ 166,463 | $ 156,211 |
Concentration percent | 9.50% | 9.00% | 9.40% | 8.90% |
Fuel [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 33,271 | $ 33,439 | $ 59,736 | $ 62,084 |
Concentration percent | 3.70% | 3.80% | 3.40% | 3.60% |
Manufacturing [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 2,128 | $ 1,496 | $ 3,700 | $ 2,999 |
Concentration percent | 0.20% | 0.20% | 0.20% | 0.20% |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Thousands | Jun. 29, 2019 | Dec. 29, 2018 |
Operating Leased Assets [Line Items] | ||
Operating lease right-to-use | $ 189,953 | $ 0 |
Operating lease liability | $ 199,011 | |
Percentage of facilities under operating lease | 53.00% | |
Maximum [Member] | ||
Operating Leased Assets [Line Items] | ||
Lessee, Operating Lease, Renewal Term | 20 years | |
Minimum [Member] | ||
Operating Leased Assets [Line Items] | ||
Lessee, Operating Lease, Renewal Term | 5 years | |
Accounting Standards Update 2016-02 [Member] | ||
Operating Leased Assets [Line Items] | ||
Operating lease right-to-use | $ 202,000 | |
Operating lease liability | $ 211,000 |
Leases (Schedule Of Lease Costs
Leases (Schedule Of Lease Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 29, 2019 | Jun. 29, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 11,415 | $ 23,056 |
Variable lease cost | 2,911 | 5,554 |
Lease or sublease income | (1,976) | (3,850) |
Net lease cost | $ 12,350 | $ 24,760 |
Leases (Schedule Of Future Mini
Leases (Schedule Of Future Minimum Rental Payments) (Details) $ in Thousands | Jun. 29, 2019USD ($) |
Leases | |
2019 | $ 45,526 |
2020 | 40,582 |
2021 | 33,586 |
2022 | 27,358 |
2023 | 23,718 |
Thereafter | 64,026 |
Total Lease Payments | 234,795 |
Less: Interest | 35,784 |
Present value of lease liabilities | 199,011 |
Subleases [Abstract] | |
2019 | (3,818) |
2020 | (3,558) |
2021 | (2,998) |
2022 | (2,541) |
2023 | (2,035) |
Thereafter | (8,164) |
Total Lease Payments | (23,114) |
Present value of lease liabilities | $ (23,114) |
Leases (Schedule Of Operating L
Leases (Schedule Of Operating Lease Information) (Details) | Jun. 29, 2019 | Dec. 29, 2018 |
Leases [Abstract] | ||
Weighted-average remaining lease term | 4 years 3 months 7 days | 4 years 8 months 9 days |
Weighted-average discount rate | 3.57% | 3.84% |