Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 27, 2020 | Aug. 05, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 27, 2020 | |
Document Transition Report | false | |
Entity File Number | 1-5039 | |
Entity Registrant Name | WEIS MARKETS, INC. | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 24-0755415 | |
Entity Address, Address Line One | 1000 S. Second Street | |
Entity Address, Address Line Two | P. O. Box 471 | |
Entity Address, City or Town | Sunbury | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 17801-0471 | |
City Area Code | 570 | |
Local Phone Number | 286-4571 | |
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 | |
Title of 12(b) Security | Common stock, no par value | |
Trading Symbol | WMK | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 26,898,443 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2020 | |
Entity Central Index Key | 0000105418 | |
Current Fiscal Year End Date | --12-26 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 27, 2020 | Dec. 28, 2019 |
Current: | ||
Cash and cash equivalents | $ 108,660 | $ 66,871 |
Marketable securities | 97,256 | 63,538 |
SERP investment | 19,230 | 18,935 |
Accounts receivable, net | 48,541 | 55,764 |
Inventories | 278,456 | 279,806 |
Prepaid expenses and other current assets | 26,236 | 23,378 |
Total current assets | 578,379 | 508,292 |
Property and equipment, net | 887,285 | 886,928 |
Operating lease right-to-use | 202,840 | 210,196 |
Goodwill | 52,330 | 52,330 |
Intangible and other assets, net | 18,296 | 17,816 |
Total assets | 1,739,130 | 1,675,562 |
Current: | ||
Accounts payable | 181,088 | 180,718 |
Accrued expenses | 35,778 | 39,528 |
Operating leases | 38,048 | 39,114 |
Accrued self-insurance | 17,282 | 15,719 |
Deferred revenue, net | 6,244 | 8,662 |
Income taxes payable | 32,878 | 8,197 |
Total current liabilities | 311,318 | 291,938 |
Postretirement benefit obligations | 21,822 | 22,143 |
Accrued self-insurance | 17,616 | 17,625 |
Operating leases | 172,970 | 179,654 |
Deferred income taxes | 96,416 | 97,041 |
Other | 7,641 | 8,416 |
Total liabilities | 627,783 | 616,817 |
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 | 1,249,657 | 1,198,173 |
Accumulated other comprehensive income (Net of deferred taxes of $1,026 in 2020 and $593 in 2019) | 2,598 | 1,480 |
Shareholders' equity before treasury stock | 1,262,204 | 1,209,602 |
Treasury stock at cost, 6,149,364 shares | (150,857) | (150,857) |
Total shareholders' equity | 1,111,347 | 1,058,745 |
Total liabilities and shareholders' equity | $ 1,739,130 | $ 1,675,562 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 27, 2020 | Dec. 28, 2019 |
Consolidated Balance Sheets [Abstract] | ||
Common stock, par value | ||
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 | $ 1,026 | $ 593 |
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. 27, 2020 | Jun. 29, 2019 | Jun. 27, 2020 | Jun. 29, 2019 | |
Consolidated Statements of Income [Abstract] | ||||
Net sales | $ 1,098,704 | $ 887,967 | $ 2,084,524 | $ 1,764,686 |
Cost of sales, including advertising, warehousing and distribution expenses | 805,816 | 651,297 | 1,527,489 | 1,298,463 |
Gross profit on sales | 292,888 | 236,670 | 557,035 | 466,223 |
Operating, general and administrative expenses | 236,886 | 210,373 | 463,605 | 422,105 |
Income from operations | 56,002 | 26,297 | 93,430 | 44,118 |
Investment income (loss) and interest expense | 3,066 | 1,079 | (953) | 3,975 |
Other income (expense) | (2,618) | (428) | 58 | (2,270) |
Income before provision for income taxes | 56,450 | 26,948 | 92,535 | 45,823 |
Provision for income taxes | 14,978 | 6,473 | 24,374 | 11,043 |
Net income | $ 41,472 | $ 20,475 | $ 68,161 | $ 34,780 |
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 | $ 0.31 | $ 0.62 | $ 0.62 |
Basic and diluted earnings per share | $ 1.54 | $ 0.76 | $ 2.53 | $ 1.29 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2020 | Jun. 29, 2019 | Jun. 27, 2020 | Jun. 29, 2019 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net income | $ 41,472 | $ 20,475 | $ 68,161 | $ 34,780 |
Available-for-sale marketable securities | ||||
Unrealized holding gains (losses) arising during period (Net of deferred taxes of $396 and $179, respectively for the thirteen weeks ended and $433 and $423, respectively for the twenty-six weeks ended) | 1,023 | 454 | 1,118 | 1,075 |
Reclassification adjustment for (gains) losses included in net income (Net of deferred taxes of $2 and $0, respectively for the thirteen weeks ended and $0 and $0, respectively for the twenty-six weeks ended) | 6 | |||
Other comprehensive income gain (loss), net of tax | 1,029 | 454 | 1,118 | 1,075 |
Comprehensive income, net of tax | $ 42,501 | $ 20,929 | $ 69,279 | $ 35,855 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2020 | Jun. 29, 2019 | Jun. 27, 2020 | Jun. 29, 2019 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||||
Unrealized holding gains (losses) arising during period, deferred taxes | $ 396 | $ 179 | $ 433 | $ 423 |
Reclassification adjustment for (gains) losses included in net income, deferred taxes | $ 2 | $ 0 | $ 0 | $ 0 |
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 |
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 | |||
Balance, at Dec. 28, 2019 | $ 9,949 | 1,198,173 | 1,480 | $ (150,857) | 1,058,745 |
Balance, shares at Dec. 28, 2019 | 33,047,807 | 6,149,364 | |||
Net income | 68,161 | 68,161 | |||
Other comprehensive income (loss), net of reclassification adjustments and tax | 1,118 | 1,118 | |||
Dividends paid | (16,677) | (16,677) | |||
Balance, at Jun. 27, 2020 | $ 9,949 | 1,249,657 | 2,598 | $ (150,857) | 1,111,347 |
Balance, shares at Jun. 27, 2020 | 33,047,807 | 6,149,364 | |||
Balance, at Mar. 28, 2020 | $ 9,949 | 1,216,524 | 1,569 | $ (150,857) | 1,077,185 |
Balance, shares at Mar. 28, 2020 | 33,047,807 | 6,149,364 | |||
Net income | 41,472 | 41,472 | |||
Other comprehensive income (loss), net of reclassification adjustments and tax | 1,029 | 1,029 | |||
Dividends paid | (8,339) | (8,339) | |||
Balance, at Jun. 27, 2020 | $ 9,949 | $ 1,249,657 | $ 2,598 | $ (150,857) | $ 1,111,347 |
Balance, shares at Jun. 27, 2020 | 33,047,807 | 6,149,364 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 27, 2020 | Jun. 29, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 68,161 | $ 34,780 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 47,794 | 46,324 |
Loss on disposition of fixed assets | 1,858 | 806 |
Unrealized (gain) loss in value of equity securities | 2,013 | (848) |
Deferred income taxes | (1,057) | (482) |
Unrealized (gain) loss in SERP | 383 | (1,360) |
Changes in operating assets and liabilities: | ||
Inventories | 1,351 | 14,413 |
Accounts receivable and prepaid expenses | 4,365 | 10,762 |
Accounts payable and other liabilities | (6,302) | (29,423) |
Income taxes | 24,682 | 2,147 |
Other | (4,173) | 487 |
Net cash provided by operating activities | 139,075 | 77,606 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (49,731) | (44,335) |
Proceeds from the sale of property and equipment | 277 | 1,320 |
Purchase of marketable securities | (33,194) | (4,205) |
Proceeds from the sale and maturities of marketable securities | 2,675 | 2,785 |
Purchase of intangible assets | 41 | (540) |
Change in SERP investment | (677) | (2,116) |
Net cash used in investing activities | (80,609) | (47,091) |
Cash flows from financing activities: | ||
Dividends paid | (16,677) | (16,677) |
Net cash used in financing activities | (16,677) | (16,677) |
Net increase (decrease) in cash and cash equivalents | 41,789 | 13,838 |
Cash and cash equivalents at beginning of year | 66,871 | 37,808 |
Cash and cash equivalents at end of period | $ 108,660 | $ 51,646 |
Consolidated Statements Of Ca_2
Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 27, 2020 | Jun. 29, 2019 | |
Consolidated Statements of Cash Flows [Abstract] | ||
Income taxes paid | $ 750 | $ 9,400 |
Interest paid | $ 19 | $ 49 |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 27, 2020 | |
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. 27, 2020 | |
Current Relevant Accounting Standards [Abstract] | |
Current Relevant Accounting Standards | (2) Current Relevant Accounting Standards The Company regularly monitors recently issued accounting standards and assesses their applicability and impact. The Company believes that there are no accounting standard updates that have or will have a material or significant impact on the Company's accounting policies. |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 27, 2020 | |
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 $ 3.1 million in the second quarter of 2020, which included an unrealized loss in equity securities of $ 91 thousand. In the thirteen weeks ending June 29, 2019, the Company recognized investment income of $ 1.1 million, which included unrealized gains in equity securities of $ 223 thousand. In the twenty-six weeks ending June 27, 2020, the Company recognized investment losses of $ 934 thousand, which included unrealized losses in equity securities of $ 2 million. In the twenty-six weeks ending June 29, 2019, the Company recognized investment income of $ 4 million, which included unrealized gains in equity securities of $ 848 thousand. (3) Marketable Securities (continued) Marketable securities, as of June 27, 2020 and December 28, 2019, consisted of: Gross Gross (dollars in thousands) Amortized Unrealized Unrealized Fair June 27, 2020 Cost Holding Gains Holding Losses Value Available-for-sale: Level 1 Equity securities $ 7,188 Level 2 Municipal bonds $ 86,445 $ 4,535 $ ( 912 ) 90,068 $ 86,445 $ 4,535 $ ( 912 ) $ 97,256 Gross Gross (dollars in thousands) Amortized Unrealized Unrealized Fair December 28, 2019 Cost Holding Gains Holding Losses Value Available-for-sale: Level 1 Equity securities $ 9,201 Level 2 Municipal bonds $ 52,264 $ 2,091 $ ( 18 ) 54,337 $ 52,264 $ 2,091 $ ( 18 ) $ 63,538 Maturities of marketable securities classified as available-for-sale at June 27, 2020, were as follows: Amortized Fair (dollars in thousands) Cost Value Available-for-sale: Due within one year $ 8,072 $ 8,108 Due after one year through five years 33,173 34,491 Due after five years through ten years 45,200 47,469 $ 86,445 $ 90,068 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 “Other income (expense).” |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 27, 2020 | |
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 28, 2019 $ 1,480 Other comprehensive income before reclassifications 1,118 Amounts reclassified from accumulated other comprehensive income - Net current period change in other comprehensive income 1,118 Accumulated other comprehensive income balance as of June 27, 2020 $ 2,598 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 27, 2020 and June 29, 2019. Amounts Reclassified from Accumulated Other Comprehensive Income to the Consolidated Statements of Income 13 Weeks Ended 26 Weeks Ended (dollars in thousands) Location June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019 Unrealized gains (losses) on available-for-sale marketable securities Investment income (loss) and interest expense $ 8 $ - $ - $ - Provision for income taxes ( 2 ) - - - Total amount reclassified, net of tax $ 6 $ - $ - $ - |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 27, 2020 | |
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”), which was amended on August 21, 2019 and matures on September 1, 2022. The Credit Agreement provides for an unsecured revolving credit facility with an aggregate principal amount not to exceed $ 30.0 million with an additional discretionary amount available of $ 70.0 million. As of June 27, 2020, the availability under the revolving credit agreement was $ 24.0 million, net of $ 6.0 million letters of credit. 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 $ 10 thousand and $ 14 thousand in the thirteen weeks ended June 27, 2020 and June 29, 2019, respectively. In the first twenty-six weeks of 2020 and 2019, interest expense related to long-term debt totaled $ 18 thousand and $ 33 thousand, respectively. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 27, 2020 | |
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 27, 2020 and June 29, 2019: 13 Weeks Ended ( dollars in thousands ) June 27, 2020 June 29, 2019 Grocery $ 987,502 89.9 % $ 767,886 86.6 % Pharmacy 85,808 7.8 84,682 9.5 Fuel 23,129 2.1 33,271 3.7 Manufacturing 2,265 0.2 2,128 0.2 Total net sales $ 1,098,704 100.0 % $ 887,967 100.0 % 26 Weeks Ended ( dollars in thousands ) June 27, 2020 June 29, 2019 Grocery $ 1,851,249 88.9 % $ 1,534,787 87.0 % Pharmacy 175,142 8.4 166,463 9.4 Fuel 53,096 2.5 59,736 3.4 Manufacturing 5,037 0.2 3,700 0.2 Total net sales $ 2,084,524 100.0 % $ 1,764,686 100.0 % |
Leases
Leases | 6 Months Ended |
Jun. 27, 2020 | |
Leases [Abstract] | |
Leases | (7) Leases As of June 27, 2020, the Company leased approximately 51 % of its open store facilities under operating leases that expire at various dates through 2035, 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 27, 2020 and June 29, 2019. 13 weeks ended 26 weeks ended (dollars in thousands) June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019 Operating lease cost $ 11,546 $ 11,415 23,050 $ 23,056 Variable lease cost 2,867 2,911 5,534 5,554 Lease or sublease income ( 2,133 ) ( 1,976 ) ( 4,170 ) ( 3,850 ) Net lease cost $ 12,280 $ 12,350 $ 24,414 $ 24,760 |
Prior Year Reclassification
Prior Year Reclassification | 6 Months Ended |
Jun. 27, 2020 | |
Prior Year Reclassification [Abstract] | |
Prior Year Reclassification | (8) Prior Year Reclassification As of December 28, 2019, the Company reclassified non-service components of the Supplemental Executive Retirement Plan (SERP) benefit obligation separately from the service cost component. These non-service components totaling $ 2.3 million as of June 29, 2019 were reclassified to “Other income (expense)”. The Company recognizes service cost components in “Operating, general and administrative costs”. The tables below summarize the effects of the reclassifications of previously reported Consolidated Financial Statements for the fiscal quarter ended June 27, 2020. 13 Weeks Ended June 29, 2019 Consolidated Statements of Income As Previously (dollars in thousands) Reported Reclassifications As Adjusted Operating, general and administrative expenses $ 210,801 $ ( 428 ) $ 210,373 Income from operations 25,869 428 26,297 Other income (expense) - ( 428 ) ( 428 ) 26 Weeks Ended June 29, 2019 Consolidated Statements of Income As Previously (dollars in thousands) Reported Reclassifications As Adjusted Operating, general and administrative expenses $ 424,375 $ ( 2,270 ) $ 422,105 Income from operations 41,848 2,270 44,118 Other income (expense) - ( 2,270 ) ( 2,270 ) 26 Weeks Ended June 29, 2019 Consolidated Statements of Cash Flows As Previously (dollars in thousands) Reported Reclassifications As Adjusted Unrealized (gain) loss in SERP $ - $ ( 1,360 ) $ ( 1,360 ) Net cash provided by operating activities 78,966 ( 1,360 ) 77,606 Change in SERP investment ( 3,476 ) 1,360 ( 2,116 ) Net cash used in investing activities ( 48,451 ) 1,360 ( 47,091 ) |
COVID-19
COVID-19 | 6 Months Ended |
Jun. 27, 2020 | |
COVID-19 [Abstract] | |
COVID-19 | (9) COVID-19 On March 11, 2020, the World Health Organization declared that the novel coronavirus (COVID-19) had become a pandemic, and on March 13, the U.S. President declared a National Emergency concerning the disease. Additionally, in March 2020, state governments in the Company’s geographic operating area began instituting preventative shut down measures in order to combat the novel coronavirus pandemic. The coronavirus and actions taken to mitigate the spread of it have had and are expected to continue to have an adverse impact on the economies and financial markets of the geographical area in which the Company operates. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted to amongst other provisions, provide emergency assistance for individuals, families and businesses affected by the novel coronavirus pandemic. The Company’s business being deemed essential resulted in incremental financial performance that may not be indicative of future financial results and there remains uncertainty and increased risks concerning its employees, customers, supply chain and government regulation (see Forward-Looking Statements). |
Significant Accounting Polici_2
Significant Accounting Policies (Policy) | 6 Months Ended |
Jun. 27, 2020 | |
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. 27, 2020 | |
Current Relevant Accounting Standards [Abstract] | |
Current Relevant Accounting Standards | The Company regularly monitors recently issued accounting standards and assesses their applicability and impact. The Company believes that there are no accounting standard updates that have or will have a material or significant impact on the Company's accounting policies. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 27, 2020 | |
Marketable Securities [Abstract] | |
Schedule Of Marketable Securities | Marketable securities, as of June 27, 2020 and December 28, 2019, consisted of: Gross Gross (dollars in thousands) Amortized Unrealized Unrealized Fair June 27, 2020 Cost Holding Gains Holding Losses Value Available-for-sale: Level 1 Equity securities $ 7,188 Level 2 Municipal bonds $ 86,445 $ 4,535 $ ( 912 ) 90,068 $ 86,445 $ 4,535 $ ( 912 ) $ 97,256 Gross Gross (dollars in thousands) Amortized Unrealized Unrealized Fair December 28, 2019 Cost Holding Gains Holding Losses Value Available-for-sale: Level 1 Equity securities $ 9,201 Level 2 Municipal bonds $ 52,264 $ 2,091 $ ( 18 ) 54,337 $ 52,264 $ 2,091 $ ( 18 ) $ 63,538 |
Schedule Of Maturities Of Marketable Securities | Maturities of marketable securities classified as available-for-sale at June 27, 2020, were as follows: Amortized Fair (dollars in thousands) Cost Value Available-for-sale: Due within one year $ 8,072 $ 8,108 Due after one year through five years 33,173 34,491 Due after five years through ten years 45,200 47,469 $ 86,445 $ 90,068 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 27, 2020 | |
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 28, 2019 $ 1,480 Other comprehensive income before reclassifications 1,118 Amounts reclassified from accumulated other comprehensive income - Net current period change in other comprehensive income 1,118 Accumulated other comprehensive income balance as of June 27, 2020 $ 2,598 |
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 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019 Unrealized gains (losses) on available-for-sale marketable securities Investment income (loss) and interest expense $ 8 $ - $ - $ - Provision for income taxes ( 2 ) - - - Total amount reclassified, net of tax $ 6 $ - $ - $ - |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 27, 2020 | |
Revenue Recognition [Abstract] | |
Schedule Of Sales By Type Of Product | 13 Weeks Ended ( dollars in thousands ) June 27, 2020 June 29, 2019 Grocery $ 987,502 89.9 % $ 767,886 86.6 % Pharmacy 85,808 7.8 84,682 9.5 Fuel 23,129 2.1 33,271 3.7 Manufacturing 2,265 0.2 2,128 0.2 Total net sales $ 1,098,704 100.0 % $ 887,967 100.0 % 26 Weeks Ended ( dollars in thousands ) June 27, 2020 June 29, 2019 Grocery $ 1,851,249 88.9 % $ 1,534,787 87.0 % Pharmacy 175,142 8.4 166,463 9.4 Fuel 53,096 2.5 59,736 3.4 Manufacturing 5,037 0.2 3,700 0.2 Total net sales $ 2,084,524 100.0 % $ 1,764,686 100.0 % |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 27, 2020 | |
Leases [Abstract] | |
Schedule Of Lease Costs | 13 weeks ended 26 weeks ended (dollars in thousands) June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019 Operating lease cost $ 11,546 $ 11,415 23,050 $ 23,056 Variable lease cost 2,867 2,911 5,534 5,554 Lease or sublease income ( 2,133 ) ( 1,976 ) ( 4,170 ) ( 3,850 ) Net lease cost $ 12,280 $ 12,350 $ 24,414 $ 24,760 |
Prior Year Reclassification (Ta
Prior Year Reclassification (Tables) | 6 Months Ended |
Jun. 27, 2020 | |
Prior Year Reclassification [Abstract] | |
Summary Of Effect Of Restatement | 13 Weeks Ended June 29, 2019 Consolidated Statements of Income As Previously (dollars in thousands) Reported Reclassifications As Adjusted Operating, general and administrative expenses $ 210,801 $ ( 428 ) $ 210,373 Income from operations 25,869 428 26,297 Other income (expense) - ( 428 ) ( 428 ) 26 Weeks Ended June 29, 2019 Consolidated Statements of Income As Previously (dollars in thousands) Reported Reclassifications As Adjusted Operating, general and administrative expenses $ 424,375 $ ( 2,270 ) $ 422,105 Income from operations 41,848 2,270 44,118 Other income (expense) - ( 2,270 ) ( 2,270 ) 26 Weeks Ended June 29, 2019 Consolidated Statements of Cash Flows As Previously (dollars in thousands) Reported Reclassifications As Adjusted Unrealized (gain) loss in SERP $ - $ ( 1,360 ) $ ( 1,360 ) Net cash provided by operating activities 78,966 ( 1,360 ) 77,606 Change in SERP investment ( 3,476 ) 1,360 ( 2,116 ) Net cash used in investing activities ( 48,451 ) 1,360 ( 47,091 ) |
Marketable Securities (Narrativ
Marketable Securities (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2020 | Jun. 29, 2019 | Jun. 27, 2020 | Jun. 29, 2019 | |
Marketable Securities [Abstract] | ||||
Investment income (loss) | $ 3,100 | $ 1,100 | $ (934) | $ 4,000 |
Unrealized gain (loss) on equity securities | $ (91) | $ 223 | $ (2,013) | $ 848 |
Marketable Securities (Schedule
Marketable Securities (Schedule Of Marketable Securities) (Details) - USD ($) $ in Thousands | Jun. 27, 2020 | Dec. 28, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 86,445 | $ 52,264 |
Gross Unrealized Holding Gains | 4,535 | 2,091 |
Gross Unrealized Holding Losses | (912) | (18) |
Fair value | 97,256 | 63,538 |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Equity securities, Fair Value | 7,188 | 9,201 |
Municipal Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 86,445 | 52,264 |
Gross Unrealized Holding Gains | 4,535 | 2,091 |
Gross Unrealized Holding Losses | (912) | (18) |
Fair Value | $ 90,068 | $ 54,337 |
Marketable Securities (Schedu_2
Marketable Securities (Schedule Of Maturities of Marketable Securities) (Details) - USD ($) $ in Thousands | Jun. 27, 2020 | Dec. 28, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 86,445 | $ 52,264 |
Marketable Securities, Excluding Equity Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost, Due within one year | 8,072 | |
Amortized Cost, Due after one year through five years | 33,173 | |
Amortized Cost, Due after five years through ten years | 45,200 | |
Amortized Cost | 86,445 | |
Fair Value, Due within one year | 8,108 | |
Fair Value, Due after one year through five years | 34,491 | |
Fair Value, Due after five years through ten years | 47,469 | |
Fair Value | $ 90,068 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Schedule Of Accumulated Other Comprehensive Income) (Details) - Unrealized Gains On Available-For-Sale Marketable Securities [Member] $ in Thousands | 6 Months Ended |
Jun. 27, 2020USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated other comprehensive income balance, beginning balance | $ 1,480 |
Other comprehensive income before reclassifications | 1,118 |
Amounts reclassified from accumulated other comprehensive income | 0 |
Net current period change in other comprehensive income | 1,118 |
Accumulated other comprehensive income balance, ending balance | $ 2,598 |
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. 27, 2020 | Jun. 29, 2019 | Jun. 27, 2020 | Jun. 29, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Investment income (loss) and interest expense | $ 3,066 | $ 1,079 | $ (953) | $ 3,975 |
Provision for income taxes | (14,978) | (6,473) | (24,374) | (11,043) |
Net income | 41,472 | 20,475 | 68,161 | 34,780 |
Unrealized Gains 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 (loss) and interest expense | 8 | |||
Provision for income taxes | (2) | |||
Net income | $ 6 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2020 | Jun. 29, 2019 | Jun. 27, 2020 | Jun. 29, 2019 | |
Line of Credit Facility [Line Items] | ||||
Interest Expense, Debt | $ 10,000 | $ 14,000 | $ 18,000 | $ 33,000 |
Revolving Credit Facility [Member] | Wells Fargo Bank, N.A. [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 30,000,000 | 30,000,000 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 24,000,000 | 24,000,000 | ||
Line of Credit [Member] | Wells Fargo Bank, N.A. [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit facility, discretionary amount available | 70,000,000 | 70,000,000 | ||
Letter of Credit [Member] | Wells Fargo Bank, N.A. [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Amount of facility borrowed | $ 6,000,000 | $ 6,000,000 |
Revenue Recognition (Schedule O
Revenue Recognition (Schedule Of Sales By Type Of Product) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2020 | Jun. 29, 2019 | Jun. 27, 2020 | Jun. 29, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 1,098,704 | $ 887,967 | $ 2,084,524 | $ 1,764,686 |
Revenue Benchmark [Member] | Product Concentration Risk [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 1,098,704 | $ 887,967 | $ 2,084,524 | $ 1,764,686 |
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 | $ 987,502 | $ 767,886 | $ 1,851,249 | $ 1,534,787 |
Concentration percent | 89.90% | 86.60% | 88.90% | 87.00% |
Pharmacy [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 85,808 | $ 84,682 | $ 175,142 | $ 166,463 |
Concentration percent | 7.80% | 9.50% | 8.40% | 9.40% |
Fuel [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 23,129 | $ 33,271 | $ 53,096 | $ 59,736 |
Concentration percent | 2.10% | 3.70% | 2.50% | 3.40% |
Manufacturing [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total net sales | $ 2,265 | $ 2,128 | $ 5,037 | $ 3,700 |
Concentration percent | 0.20% | 0.20% | 0.20% | 0.20% |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | Jun. 27, 2020 |
Operating Leased Assets [Line Items] | |
Percentage of facilities under operating lease | 51.00% |
Maximum [Member] | |
Operating Leased Assets [Line Items] | |
Lease renewal term | 20 years |
Minimum [Member] | |
Operating Leased Assets [Line Items] | |
Lease renewal term | 5 years |
Leases (Schedule Of Lease Costs
Leases (Schedule Of Lease Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2020 | Jun. 29, 2019 | Jun. 27, 2020 | Jun. 29, 2019 | |
Leases [Abstract] | ||||
Operating lease cost | $ 11,546 | $ 11,415 | $ 23,050 | $ 23,056 |
Variable lease cost | 2,867 | 2,911 | 5,534 | 5,554 |
Lease or sublease income | (2,133) | (1,976) | (4,170) | (3,850) |
Net lease cost | $ 12,280 | $ 12,350 | $ 24,414 | $ 24,760 |
Prior Year Reclassification (Na
Prior Year Reclassification (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2020 | Jun. 29, 2019 | Jun. 27, 2020 | Jun. 29, 2019 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Other income (expense) | $ 2,618 | $ 428 | $ (58) | $ 2,270 |
Reclassifications [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Other income (expense) | $ 428 | $ 2,270 |
Prior Year Reclassification (Su
Prior Year Reclassification (Summary Of Effect Of Reclassifications) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2020 | Jun. 29, 2019 | Jun. 27, 2020 | Jun. 29, 2019 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Operating, general and administrative expenses | $ 236,886 | $ 210,373 | $ 463,605 | $ 422,105 |
Income from operations | 56,002 | 26,297 | 93,430 | 44,118 |
Other income (expense) | $ (2,618) | (428) | 58 | (2,270) |
Unrealized (gain) loss in SERP | 383 | (1,360) | ||
Net cash provided by operating activities | 139,075 | 77,606 | ||
Change in SERP investment | (677) | (2,116) | ||
Net cash used in investing activities | $ (80,609) | (47,091) | ||
As Previously Reported [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Operating, general and administrative expenses | 210,801 | 424,375 | ||
Income from operations | 25,869 | 41,848 | ||
Net cash provided by operating activities | 78,966 | |||
Change in SERP investment | (3,476) | |||
Net cash used in investing activities | (48,451) | |||
Reclassifications [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Operating, general and administrative expenses | (428) | (2,270) | ||
Income from operations | 428 | 2,270 | ||
Other income (expense) | $ (428) | (2,270) | ||
Unrealized (gain) loss in SERP | (1,360) | |||
Net cash provided by operating activities | (1,360) | |||
Change in SERP investment | 1,360 | |||
Net cash used in investing activities | $ 1,360 |