Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jun. 25, 2016 | Aug. 01, 2016 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 25, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | IMKTA | |
Entity Registrant Name | INGLES MARKETS INC | |
Entity Central Index Key | 50,493 | |
Current Fiscal Year End Date | --09-24 | |
Entity Filer Category | Accelerated Filer | |
Class A Common Stock | ||
Entity Common Stock, Shares Outstanding | 13,958,976 | |
Class B Common Stock | ||
Entity Common Stock, Shares Outstanding | 6,300,800 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 25, 2016 | Sep. 26, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 5,435,005 | $ 7,505,040 |
Receivables - net | 72,508,673 | 66,284,163 |
Inventories | 341,846,076 | 338,644,128 |
Other current assets | 10,087,625 | 11,313,152 |
Total Current Assets | 429,877,379 | 423,746,483 |
Property and Equipment - Net | 1,240,948,398 | 1,211,458,393 |
Other Assets | 18,860,126 | 19,623,349 |
Total Assets | 1,689,685,903 | 1,654,828,225 |
Current Liabilities: | ||
Current portion of long-term debt | 10,683,589 | 11,367,710 |
Accounts payable - trade | 162,085,483 | 166,039,952 |
Accrued expenses and current portion of other long-term liabilities | 62,449,995 | 74,552,234 |
Total Current Liabilities | 235,219,067 | 251,959,896 |
Deferred Income Taxes | 71,965,000 | 64,643,000 |
Long-Term Debt | 887,556,544 | 874,685,817 |
Other Long-Term Liabilities | 35,704,658 | 34,561,112 |
Total Liabilities | 1,230,445,269 | 1,225,849,825 |
Stockholders’ Equity | ||
Preferred stock, $0.05 par value; 10,000,000 shares authorized; no shares issued | ||
Paid-in capital in excess of par value | 12,311,249 | 12,311,249 |
Retained earnings | 445,916,396 | 415,654,162 |
Total Stockholders’ Equity | 459,240,634 | 428,978,400 |
Total Liabilities and Stockholders’ Equity | 1,689,685,903 | 1,654,828,225 |
Class A Common Stock | ||
Stockholders’ Equity | ||
Common stock | 697,445 | 696,233 |
Class B Common Stock | ||
Stockholders’ Equity | ||
Common stock | $ 315,544 | $ 316,756 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 25, 2016 | Sep. 26, 2015 |
Preferred stock, par value | $ 0.05 | $ 0.05 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Class A Common Stock | ||
Common stock, par value | $ 0.05 | $ 0.05 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 13,948,901 | 13,924,651 |
Common stock, shares outstanding | 13,948,901 | 13,924,651 |
Class B Common Stock | ||
Common stock, par value | $ 0.05 | $ 0.05 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 6,310,875 | 6,335,125 |
Common stock, shares outstanding | 6,310,875 | 6,335,125 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | |
Net sales | $ 957,177,645 | $ 945,974,494 | $ 2,832,603,557 | $ 2,825,806,017 |
Cost of goods sold | 724,323,504 | 723,810,548 | 2,145,391,994 | 2,160,558,522 |
Gross profit | 232,854,141 | 222,163,946 | 687,211,563 | 665,247,495 |
Operating and administrative expenses | 199,433,998 | 190,730,349 | 589,654,137 | 563,287,200 |
(Loss) gain from sale or disposal of assets | (1,555,179) | (318,664) | (934,039) | 320,340 |
Income from operations | 31,864,964 | 31,114,933 | 96,623,387 | 102,280,635 |
Other income, net | 512,356 | 522,876 | 1,652,297 | 1,649,603 |
Interest expense | 11,190,865 | 10,583,124 | 34,393,394 | 34,184,004 |
Income before income taxes | 21,186,455 | 21,054,685 | 63,882,290 | 69,746,234 |
Income tax expense | 8,518,000 | 7,278,000 | 23,876,000 | 26,629,000 |
Net income | $ 12,668,455 | $ 13,776,685 | $ 40,006,290 | $ 43,117,234 |
Class A Common Stock | ||||
Per share amounts: | ||||
Basic earnings per common share | $ 0.64 | $ 0.70 | $ 2.03 | $ 2.19 |
Diluted earnings per common share | 0.63 | 0.68 | 1.98 | 2.13 |
Cash dividends per common share | 0.165 | 0.165 | 0.495 | 0.495 |
Class B Common Stock | ||||
Per share amounts: | ||||
Basic earnings per common share | 0.59 | 0.63 | 1.85 | 1.99 |
Diluted earnings per common share | 0.59 | 0.63 | 1.85 | 1.99 |
Cash dividends per common share | $ 0.150 | $ 0.150 | $ 0.450 | $ 0.450 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Changes In Stockholders' Equity - USD ($) | Class A Common StockCommon Stock [Member] | Class B Common StockCommon Stock [Member] | Paid-in Capital in Excess of Par Value | Retained Earnings | Total |
Balance at Sep. 27, 2014 | $ 677,017 | $ 335,972 | $ 12,311,249 | $ 369,277,929 | $ 382,602,167 |
Balance (in shares) at Sep. 27, 2014 | 13,540,333 | 6,719,443 | |||
Net income | 43,117,234 | 43,117,234 | |||
Cash dividends | (9,730,709) | (9,730,709) | |||
Common stock conversions | $ 13,656 | $ (13,656) | |||
Common stock conversions (in shares) | 273,118 | (273,118) | |||
Balance at Jun. 27, 2015 | $ 690,673 | $ 322,316 | 12,311,249 | 402,664,454 | 415,988,692 |
Balance (in shares) at Jun. 27, 2015 | 13,813,451 | 6,446,325 | |||
Balance at Sep. 26, 2015 | $ 696,233 | $ 316,756 | 12,311,249 | 415,654,162 | 428,978,400 |
Balance (in shares) at Sep. 26, 2015 | 13,924,651 | 6,335,125 | |||
Net income | 40,006,290 | 40,006,290 | |||
Cash dividends | (9,744,056) | (9,744,056) | |||
Common stock conversions | $ 1,212 | $ (1,212) | |||
Common stock conversions (in shares) | 24,250 | (24,250) | |||
Balance at Jun. 25, 2016 | $ 697,445 | $ 315,546 | $ 12,311,249 | $ 445,916,396 | $ 459,240,634 |
Balance (in shares) at Jun. 25, 2016 | 13,948,901 | 6,310,875 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows - USD ($) | 9 Months Ended | |
Jun. 25, 2016 | Jun. 27, 2015 | |
Cash Flows from Operating Activities: | ||
Net income | $ 40,006,290 | $ 43,117,234 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 79,343,688 | 76,745,947 |
(Loss)/gain from sale or disposal of assets | 934,039 | (320,340) |
Receipt of advance payments on purchases contracts | 3,195,887 | 3,560,751 |
Recognition of advance payments on purchases contracts | (2,454,998) | (3,222,415) |
Deferred income taxes | 7,322,000 | 3,178,000 |
Changes in operating assets and liabilities: | ||
Receivables | (6,224,510) | (6,253,362) |
Inventory | (3,201,948) | (5,397,552) |
Other assets | 1,988,751 | (3,183,166) |
Accounts payable and accrued expenses | (17,322,748) | (7,073,839) |
Net Cash Provided by Operating Activities | 103,586,451 | 101,151,258 |
Cash Flows from Investing Activities: | ||
Proceeds from sales of property and equipment | 686,480 | 1,224,645 |
Capital expenditures | (107,823,914) | (73,524,173) |
Net Cash Used by Investing Activities | (107,137,434) | (72,299,528) |
Cash Flows from Financing Activities: | ||
Proceeds from short-term borrowings | 577,982,521 | 579,129,600 |
Payments on short-term borrowings | (556,186,709) | (587,750,633) |
Principal payments on long-term borrowings | (10,570,808) | (10,470,370) |
Dividends paid | (9,744,056) | (9,730,709) |
Net Cash Provided (Used) by Financing Activities | 1,480,948 | (28,822,112) |
Net (Decrease) Increase in Cash and Cash Equivalents | (2,070,035) | 29,618 |
Cash and cash equivalents at beginning of period | 7,505,040 | 8,613,628 |
Cash and Cash Equivalents at End of Period | $ 5,435,005 | $ 8,643,246 |
Basis Of Preparation
Basis Of Preparation | 9 Months Ended |
Jun. 25, 2016 | |
Basis Of Preparation [Abstract] | |
Basis Of Preparation | A. BASIS OF PREPARATION In the opinion of management, the accompanying unaudited interim financial statements contain all adjustments necessary to present fairly the financial position of Ingles Markets, Incorporated and Subsidiaries (the “Company”) as of June 25, 2016, the results of operations for the three-month and nine-month periods ended June 25, 2016 and June 27, 2015, and the changes in stockholders’ equity and cash flows for the nine-month periods ended June 25, 2016 and June 27, 2015. The adjustments made are of a normal recurring nature. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q. It is suggested that these unaudited interim financial statements be read in conjunction with the audited financial statements and the notes thereto included in the Annual Report on Form 10-K for the year ended September 26, 2015 filed by the Company under the Securities Exchange Act of 1934 on December 10, 2015. The results of operations for the three-month and nine-month periods ended June 25, 2016 are not necessarily indicative of the results to be expected for the full fiscal year. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Jun. 25, 2016 | |
New Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements | B. NEW ACCOUNTING PRONOUNCEMENTS In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update ASU 2015-03 “Simplifying the Presentation of Debt Issuance Costs” (ASU 2015-03). ASU 2015-03 changes the presentation of debt issuance costs in financial statements. Upon adoption of ASU 2015-03, debt issuance costs will be reported in the balance sheet as a direct deduction from the related debt liability rather than as an asset. The Company adopted ASU 2015-03 retrospectively during the quarter ended December 26, 2015. As a result, $ 8.3 million and $9.3 million of debt issuance costs were recorded as a reduction of total debt at June 25, 2016 and September 26, 2015, respectively. In November 2015, the FASB issued Accounting Standards Update ASU 2015-17 “Balance Sheet Classification of Deferred Taxes” (ASU 2015-17). ASU 2015-17 requires entities to present deferred tax assets and deferred tax liabilities as noncurrent in a classified balance sheet. ASU 2015-07 simplifies current guidance, which requires entities to separately present deferred tax assets and deferred tax liabilities as current and noncurrent in a classified balance sheet. The Company adopted ASU 2015-17 retrospectively during the quarter ended December 26, 2015. As a result, $ 7.3 million of deferred tax assets were recorded as a reduction of the caption “Deferred Income Taxes” in the Condensed Consolidated Balance Sheets at June 25, 2016 and September 26, 2015. |
Allowance For Doubtful Accounts
Allowance For Doubtful Accounts | 9 Months Ended |
Jun. 25, 2016 | |
Allowance For Doubtful Accounts [Abstract] | |
Allowance For Doubtful Accounts | C. ALLOWANCE FOR DOUBTFUL ACCOUNTS Receivables are presented net of an allowance for doubtful accounts of $540,000 at June 25, 2016 and $400,000 at September 26, 2015. |
Income Taxes
Income Taxes | 9 Months Ended |
Jun. 25, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | D. INCOME TAXES The Company’s effective tax rate differs from the federal statutory rate primarily as a result of state income taxes and tax credits. Income tax expense as a percentage of pre-tax income was 37.4% for the nine-month period ended June 25, 2016 compared to 38.2% for the nine-month period ended June 27, 2015. The lower effective tax rate for the fiscal 2016 nine-month period is attributable to certain non-recurring discrete items that occurred during the fiscal 2015 nine-month period. The Company had approximately $ 4.4 million of refundable income taxes included in the caption “Other current assets” in the Condensed Consolidated Balance Sheets at June 25, 2016. The Company has unrecognized tax benefits and could incur interest and penalties related to uncertain tax positions. These amounts are insignificant and are not expected to significantly increase or decrease within the next twelve months. On September 13, 2013, the IRS released final tangible property regulations under Sections 162(a) and 263(a) of the Internal Revenue Code regarding the deduction and capitalization of expenditures related to tangible property as well as dispositions of tangible property. These regulations were effective for the Company’s fiscal year ending September 26, 2015 and did not have a material impact on the Company’s consolidated results of operations, cash flows or financial position for the three and nine month periods ended June 25, 2016 and June 27, 2015. |
Accrued Expenses And Current Po
Accrued Expenses And Current Portion Of Other Long-Term Liabilities | 9 Months Ended |
Jun. 25, 2016 | |
Accrued Expenses And Current Portion Of Other Long-Term Liabilities [Abstract] | |
Accrued Expenses And Current Portion Of Other Long-Term Liabilities | E. ACCRUED EXPENSES AND CURRENT PORTION OF OTHER LONG-TERM LIABILITIES Accrued expenses and current portion of other long-term liabilities consist of the following: June 25, September 26, 2016 2015 Property, payroll and other taxes payable $ 15,640,075 $ 17,882,565 Salaries, wages and bonuses payable 26,042,084 26,336,530 Self-insurance liabilities 13,940,748 14,724,793 Interest payable 2,568,031 12,623,691 Other 4,259,057 2,984,655 $ 62,449,995 $ 74,552,234 Self-insurance liabilities are established for general liability claims, workers’ compensation and employee group medical and dental benefits based on claims filed and estimates of claims incurred but not reported. The Company is insured for covered costs in excess of $750,000 per occurrence for workers’ compensation, $500,000 for general liability and $325,000 per covered person for medical care benefits for a policy year. The Company’s self-insurance liabilities totaled $35.7 million and $ 36.3 million at June 25, 2016 and September 26, 2015, respectively. Of this amount, $13.9 million is accounted for as a current liability and $21.8 million as a long-term liability, which is inclusive of $ 4.2 million of expected self-insurance recoveries from excess cost insurance or other sources that are recorded as a receivable at June 25, 2016. At September 26, 2015, $ 14.7 million is accounted for as a current liability and $21.6 million as a long-term liability, which is inclusive of $ 4.9 million of expected self-insurance recoveries from excess cost insurance or other sources that are recorded as a receivable at September 26, 2015. Employee insurance expense, including workers’ compensation and medical care benefits, net of employee contributions, totaled $7.7 million and $9.6 million for the three-month periods ended June 25, 2016 and June 27, 2015, respectively. For the nine-month periods ended June 25, 2016 and June 27, 2015, employee insurance expense, net of employee contributions, totaled $26.8 million and $26.0 million, respectively. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Jun. 25, 2016 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | F. LONG-TERM DEBT In June 2013, the Company issued $ 700.0 million aggregate principal amount of senior notes due in 2023 (the “Notes”) in a private placement. The Notes bear an interest rate of 5.75% per annum and were issued at par. The Company filed a registration statement with the Securities and Exchange Commission to exchange the private placement notes with registered notes. The exchange has been completed. The Company may redeem all or a portion of the Notes at any time on or after June 15, 2018 at the following redemption prices (expressed as percentages of the principal amount), if redeemed during the 12-month period beginning June 15 of the years indicated below: Year 2018 102.875% 2019 101.917% 2020 100.958% 2021 and thereafter 100.000% In connection with the offering of the Notes, the Company extended the maturity date of its $ 175.0 million line of credit (the “Line”) from December 2015 to June 2018 and modified certain interest rate options and covenants. Outstanding borrowings under the Line totaled $ 22.3 million at June 25, 2016. The Line provides the Company with various interest rate options based on the prime rate, the Federal Funds Rate, or the London Interbank Offering Rate (“LIBOR”) . The Line allows the Company to issue up to $ 30.0 million in unused letters of credit, of which $ 9.7 million of unused letters of credit were issued at June 25, 2016. The Company is not required to maintain compensating balances in connection with the Line. In December 2010, the Company completed the funding of $ 99.7 million of Recovery Zone Facility Bonds (the “Bonds”) for construction of new warehouse and distribution space in Buncombe County, North Carolina (the “Project”). The final maturity date of the Bonds is January 1, 2036 . The Bonds were issued by the Buncombe County Industrial Facilities and Pollution Control Financing Authority and were purchased by certain financial institutions. Under a Continuing Covenant and Collateral Agency Agreement (the “Covenant Agreement”) between the financial institutions and the Company, the financial institutions would hold the Bonds until January 2, 2018, subject to certain events. Mandatory redemption of the Bonds by the Company in the annual amount of $ 4.5 million began on January 1, 2014 . In connection with the offering of the Notes, the Company extended the maturity date of the Covenant Agreement from January 2018 to June 2021 and modified certain interest rate options and covenants. The Company may redeem the Bonds without penalty or premium at any time prior to June 2021. Interest earned by bondholders on the Bonds is exempt from Federal and North Carolina income taxation. The interest rate on the Bonds is equal to one month LIBOR (adjusted monthly) plus a credit spread, adjusted to reflect the income tax exemption. The Company’s obligation to repay the Bonds is collateralized by the Project. Additional collateral was required in order to meet certain loan to value criteria in the Covenant Agreement. The Covenant Agreement incorporates substantially all financial covenants included in the Line . The Notes, the Bonds and the Line contain provisions that under certain circumstances would permit lending institutions to terminate or withdraw their respective extensions of credit to the Company. Included among the triggering factors permitting the termination or withdrawal of the Line to the Company are certain events of default, including both monetary and non-monetary defaults, the initiation of bankruptcy or insolvency proceedings, and the failure of the Company to meet certain financial covenants designated in its respective loan documents. The Company was in compliance with all financial covenants related to its borrowings at June 25, 2016. The Company’s long-term debt agreements generally have cross-default provisions which could result in the acceleration of payments due under the Company’s Line , Bond and Notes indenture in the event of default under any one instrument. |
Dividends
Dividends | 9 Months Ended |
Jun. 25, 2016 | |
Dividends [Abstract] | |
Dividends | G. DIVIDENDS The Company paid cash dividends of $0.165 for each share of Class A Common Stock and $0.15 for each share of Class B Common Stock on October 22, 2015 to stockholders of record on October 8, 2015 . The Company paid cash dividends of $0.165 for each share of Class A Common Stock and $0.15 for each share of Class B Common Stock on January 21, 2016 to stockholders of record on January 7, 2016 . The Company paid cash dividends of $0.165 for each share of Class A Common Stock and $0.15 for each share of Class B Common Stock on April 14, 2016 to stockholders of record on April 7, 2016 . For additional information regarding the dividend rights of the Class A Common Stock and Class B Common Stock, please see Note 8, “Stockholders’ Equity” to the Consolidated Financial Statements of the Annual Report on Form 10-K filed by the Company under the Securities Exchange Act of 1934 on December 10, 2015. |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Jun. 25, 2016 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | H. EARNINGS PER COMMON SHARE The Company has two classes of common stock: Class A which is publicly traded, and Class B, which has no public market. The Class B Common Stock has restrictions on transfer; however, each share is convertible into one share of Class A Common Stock at any time . Each share of Class A Common Stock has one vote per share and each share of Class B Common Stock has ten votes per share . Each share of Class A Common Stock is entitled to receive cash dividends equal to 110% of any cash dividend paid on Class B Common Stock. The Company calculates earnings per share using the two-class method in accordance with FASB Accounting Standards Codification ("FASB ASC”) Topic 260. The two-class method of computing basic earnings per share for each period reflects the cash dividends paid per share for each class of stock, plus the amount of allocated undistributed earnings per share computed using the participation percentage which reflects the dividend rights of each class of stock. Diluted earnings per share is calculated assuming conversion of all shares of Class B Common Stock to shares of Class A Common Stock on a share-for-share basis . The tables below reconcile the numerators and denominators of basic and diluted earnings per share for current and prior periods. Three Months Ended Nine Months Ended June 25, 2016 June 25, 2016 Class A Class B Class A Class B Numerator: Allocated net income Net income allocated, basic $ 8,973,689 $ 3,694,766 $ 28,317,738 $ 11,688,552 Conversion of Class B to Class A shares 3,694,766 — 11,688,552 — Net income allocated, diluted $ 12,668,455 $ 3,694,766 $ 40,006,290 $ 11,688,552 Denominator: Weighted average shares outstanding Weighted average shares outstanding, basic 13,944,818 6,314,958 13,932,356 6,327,420 Conversion of Class B to Class A shares 6,314,958 — 6,327,420 — Weighted average shares outstanding, diluted 20,259,776 6,314,958 20,259,776 6,327,420 Earnings per share Basic $ 0.64 $ 0.59 $ 2.03 $ 1.85 Diluted $ 0.63 $ 0.59 $ 1.98 $ 1.85 The per share amounts for the third quarter of fiscal 2015 and the nine months ended June 27, 2015 are based on the following amounts: Three Months Ended Nine Months Ended June 27, 2015 June 27, 2015 Class A Class B Class A Class B Numerator: Allocated net income Net income allocated, basic $ 9,646,468 $ 4,130,217 $ 29,934,820 $ 13,182,414 Conversion of Class B to Class A shares 4,130,217 — 13,182,414 — Net income allocated, diluted $ 13,776,685 $ 4,130,217 $ 43,117,234 $ 13,182,414 Denominator: Weighted average shares outstanding Weighted average shares outstanding, basic 13,777,019 6,482,757 13,657,699 6,602,077 Conversion of Class B to Class A shares 6,482,757 — 6,602,077 — Weighted average shares outstanding, diluted 20,259,776 6,482,757 20,259,776 6,602,077 Earnings per share Basic $ 0.70 $ 0.63 $ 2.19 $ 1.99 Diluted $ 0.68 $ 0.63 $ 2.13 $ 1.99 |
Segment Information
Segment Information | 9 Months Ended |
Jun. 25, 2016 | |
Segment Information [Abstract] | |
Segment Information | I. SEGMENT INFORMATION The Company operates one primary business segment, retail grocery sales. The “Other” activities include fluid dairy and shopping center rentals. Information about the Company’s operations by lines of business (amounts in thousands) is as follows: Three Months Ended Nine Months Ended June 25, June 27, June 25, June 27, 2016 2015 2016 2015 Revenues from unaffiliated customers: Retail $ 922,751 $ 911,698 $ 2,729,293 $ 2,717,538 Other 34,427 34,276 103,311 108,268 Total revenues from unaffiliated customers $ 957,178 $ 945,974 $ 2,832,604 $ 2,825,806 Income from operations: Retail $ 28,031 $ 27,686 $ 84,669 $ 92,261 Other 3,834 3,429 11,954 10,020 Total income from operations $ 31,865 $ 31,115 $ 96,623 $ 102,281 June 25, September 26, 2016 2015 Assets: Retail $ 1,558,365 $ 1,525,682 Other 132,874 131,484 Elimination of intercompany receivable (1,553) (2,338) Total assets $ 1,689,686 $ 1,654,828 Sales by product category (amounts in thousands) are as follows: Three Months Ended Nine Months Ended June 25, June 27, June 25, June 27, 2016 2015 2016 2015 Grocery $ 337,030 $ 335,974 $ 1,046,616 $ 1,042,559 Non-foods 207,575 195,484 608,601 571,059 Perishables 257,799 250,895 753,027 731,507 Gasoline 120,347 129,345 321,049 372,413 Total retail $ 922,751 $ 911,698 $ 2,729,293 $ 2,717,538 The grocery category includes grocery, dairy, and frozen foods. The non-foods include alcoholic beverages, tobacco, pharmacy, health and video. The perishables category includes meat, produce, deli and bakery. For the three-month periods ended June 25, 2016 and June 27, 2015, respectively, the fluid dairy operation had $1 0.1 million and $11.1 million in sales to the grocery sales operation. The fluid dairy operation had $32.4 million and $38.1 million in sales to the grocery sales operation for the nine-month periods ended June 25, 2016 and June 27, 2015, respectively. These sales have been eliminated in consolidation and are excluded from the amounts in the table above. |
Fair Values Of Financial Instru
Fair Values Of Financial Instruments | 9 Months Ended |
Jun. 25, 2016 | |
Fair Values Of Financial Instruments [Abstract] | |
Fair Values Of Financial Instruments | J. FAIR VALUES OF FINANCIAL INSTRUMENTS The carrying amounts for cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term maturity of these instruments. The fair value of the Company’s debt is estimated using valuation techniques under the accounting guidance related to fair value measurements based on observable and unobservable inputs. Observable inputs reflect readily available data from independent sources, while unobservable inputs reflect the Company’s market assumptions. These inputs are classified into the following hierarchy: Level 1 Inputs – Quoted prices for identical assets or liabilities in active markets. Level 2 Inputs – Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 Inputs – Pricing inputs are unobservable for the assets or liabilities and include situations where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of fair value require significant management judgment or estimation. The carrying amount and fair value of the Company’s debt at June 25, 2016 is as follows (in thousands): Carrying Fair Value Amount Fair Value Measurements Senior Notes $ 700,000 $ 701,750 Level 2 Facility Bonds 86,150 86,150 Level 2 Secured notes payable and other 89,834 89,838 Level 2 Line of credit payable 22,256 22,256 Level 2 Total debt $ 898,240 $ 899,994 The fair values for Level 2 measurements were determined primarily using market yields and taking into consideration the underlying terms of the debt. |
Nonqualified Investment Plan
Nonqualified Investment Plan | 9 Months Ended |
Jun. 25, 2016 | |
Nonqualified Investment Plan [Abstract] | |
Nonqualified Investment Plan | K. NONQUALIFIED INVESTMENT PLAN The purpose of the Executive Nonqualified Excess Plan is to provide retirement benefits similar to the Company’s Investment/Profit Sharing Plan to certain of the Company’s management employees who are otherwise subject to limited participation in the 401(k) feature of the Company’s Investment/Profit Sharing Plan. Participant retirement account balances are liabilities of the Company. Assets of the plan are assets of the Company and are held in trust for employees and distributed upon retirement, death, disability, in-service distributions, or other termination of employment. In accordance with the trust, the Company may not use these assets for general corporate purposes. During the nine months ended June 25, 2016 and June 27, 2015, the Company invested a portion of the proceeds of liquidated life insurance policy assets in marketable securities. These marketable securities have been liquidated and invested in other life insurance policies. Life insurance policies and marketable securities held in the trust are included in the caption “Other assets” in the Condensed Consolidated Balance Sheets. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Jun. 25, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | L. SUBSEQUENT EVENTS We have evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements through the day the financial statements were issued. |
Accrued Expenses And Current 19
Accrued Expenses And Current Portion Of Other Long-Term Liabilities (Tables) | 9 Months Ended |
Jun. 25, 2016 | |
Accrued Expenses And Current Portion Of Other Long-Term Liabilities [Abstract] | |
Accrued Expenses and Current Portion Of Other Long-Term Liabilities | June 25, September 26, 2016 2015 Property, payroll and other taxes payable $ 15,640,075 $ 17,882,565 Salaries, wages and bonuses payable 26,042,084 26,336,530 Self-insurance liabilities 13,940,748 14,724,793 Interest payable 2,568,031 12,623,691 Other 4,259,057 2,984,655 $ 62,449,995 $ 74,552,234 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Jun. 25, 2016 | |
Long-Term Debt [Abstract] | |
Schedule Of Redemption Prices Of Senior Notes | Year 2018 102.875% 2019 101.917% 2020 100.958% 2021 and thereafter 100.000% |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Jun. 25, 2016 | |
Earnings Per Common Share [Abstract] | |
Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share | Three Months Ended Nine Months Ended June 25, 2016 June 25, 2016 Class A Class B Class A Class B Numerator: Allocated net income Net income allocated, basic $ 8,973,689 $ 3,694,766 $ 28,317,738 $ 11,688,552 Conversion of Class B to Class A shares 3,694,766 — 11,688,552 — Net income allocated, diluted $ 12,668,455 $ 3,694,766 $ 40,006,290 $ 11,688,552 Denominator: Weighted average shares outstanding Weighted average shares outstanding, basic 13,944,818 6,314,958 13,932,356 6,327,420 Conversion of Class B to Class A shares 6,314,958 — 6,327,420 — Weighted average shares outstanding, diluted 20,259,776 6,314,958 20,259,776 6,327,420 Earnings per share Basic $ 0.64 $ 0.59 $ 2.03 $ 1.85 Diluted $ 0.63 $ 0.59 $ 1.98 $ 1.85 The per share amounts for the third quarter of fiscal 2015 and the nine months ended June 27, 2015 are based on the following amounts: Three Months Ended Nine Months Ended June 27, 2015 June 27, 2015 Class A Class B Class A Class B Numerator: Allocated net income Net income allocated, basic $ 9,646,468 $ 4,130,217 $ 29,934,820 $ 13,182,414 Conversion of Class B to Class A shares 4,130,217 — 13,182,414 — Net income allocated, diluted $ 13,776,685 $ 4,130,217 $ 43,117,234 $ 13,182,414 Denominator: Weighted average shares outstanding Weighted average shares outstanding, basic 13,777,019 6,482,757 13,657,699 6,602,077 Conversion of Class B to Class A shares 6,482,757 — 6,602,077 — Weighted average shares outstanding, diluted 20,259,776 6,482,757 20,259,776 6,602,077 Earnings per share Basic $ 0.70 $ 0.63 $ 2.19 $ 1.99 Diluted $ 0.68 $ 0.63 $ 2.13 $ 1.99 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Jun. 25, 2016 | |
Segment Information [Abstract] | |
Operations By Lines Of Business | Three Months Ended Nine Months Ended June 25, June 27, June 25, June 27, 2016 2015 2016 2015 Revenues from unaffiliated customers: Retail $ 922,751 $ 911,698 $ 2,729,293 $ 2,717,538 Other 34,427 34,276 103,311 108,268 Total revenues from unaffiliated customers $ 957,178 $ 945,974 $ 2,832,604 $ 2,825,806 Income from operations: Retail $ 28,031 $ 27,686 $ 84,669 $ 92,261 Other 3,834 3,429 11,954 10,020 Total income from operations $ 31,865 $ 31,115 $ 96,623 $ 102,281 June 25, September 26, 2016 2015 Assets: Retail $ 1,558,365 $ 1,525,682 Other 132,874 131,484 Elimination of intercompany receivable (1,553) (2,338) Total assets $ 1,689,686 $ 1,654,828 |
Sales By Product Category | Three Months Ended Nine Months Ended June 25, June 27, June 25, June 27, 2016 2015 2016 2015 Grocery $ 337,030 $ 335,974 $ 1,046,616 $ 1,042,559 Non-foods 207,575 195,484 608,601 571,059 Perishables 257,799 250,895 753,027 731,507 Gasoline 120,347 129,345 321,049 372,413 Total retail $ 922,751 $ 911,698 $ 2,729,293 $ 2,717,538 |
Fair Values Of Financial Inst23
Fair Values Of Financial Instruments (Tables) | 9 Months Ended |
Jun. 25, 2016 | |
Fair Values Of Financial Instruments [Abstract] | |
Carrying Amount And Fair Value Of Debt | Carrying Fair Value Amount Fair Value Measurements Senior Notes $ 700,000 $ 701,750 Level 2 Facility Bonds 86,150 86,150 Level 2 Secured notes payable and other 89,834 89,838 Level 2 Line of credit payable 22,256 22,256 Level 2 Total debt $ 898,240 $ 899,994 |
New Accounting Pronouncements (
New Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Millions | Jun. 25, 2016 | Sep. 26, 2015 |
New Accounting Pronouncements [Abstract] | ||
Debt issuance costs | $ 8.3 | $ 9.3 |
Deferred tax assets | $ 7.3 | $ 7.3 |
Allowance For Doubtful Accoun25
Allowance For Doubtful Accounts (Narrative) (Details) - USD ($) | Jun. 25, 2016 | Sep. 26, 2015 |
Allowance For Doubtful Accounts [Abstract] | ||
Allowance for doubtful accounts receivable | $ 540,000 | $ 400,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Jun. 25, 2016 | Jun. 27, 2015 | |
Income Taxes [Abstract] | ||
Income tax expense as a percentage of pre-tax income | 37.40% | 38.20% |
Refundable current income taxes | $ 4.4 |
Accrued Expenses And Current 27
Accrued Expenses And Current Portion Of Other Long-Term Liabilities (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | Sep. 26, 2015 | |
Accrued Expenses And Current Portion Of Other Long-Term Liabilities [Abstract] | |||||
Workers' compensation per occurrence covered under insurance cost | $ 750 | $ 750 | |||
General liability | 500 | 500 | |||
Medical care benefits per person covered under insurance cost | 325 | 325 | |||
Self insurance reserves | 35,700 | 35,700 | $ 36,300 | ||
Self insurance reserves, current | 13,900 | 13,900 | 14,700 | ||
Self insurance reserves, noncurrent | 21,800 | 21,800 | 21,600 | ||
Receivable for expected self-insurance recoveries from excess cost insurance | 4,200 | 4,200 | $ 4,900 | ||
Employee insurance expense | $ 7,700 | $ 9,600 | $ 26,800 | $ 26,000 |
Accrued Expenses And Current 28
Accrued Expenses And Current Portion Of Other Long-Term Liabilities (Accrued Expenses And Current Portion Of Other Long-Term Liabilities) (Details) - USD ($) | Jun. 25, 2016 | Sep. 26, 2015 |
Accrued Expenses And Current Portion Of Other Long-Term Liabilities [Abstract] | ||
Property, payroll, and other taxes payable | $ 15,640,075 | $ 17,882,565 |
Salaries, wages and bonuses payable | 26,042,084 | 26,336,530 |
Self-insurance liabilities | 13,940,748 | 14,724,793 |
Interest payable | 2,568,031 | 12,623,691 |
Other | 4,259,057 | 2,984,655 |
Total | $ 62,449,995 | $ 74,552,234 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) | 9 Months Ended | ||
Jun. 25, 2016 | Jun. 30, 2013 | Dec. 31, 2010 | |
Debt Instrument [Line Items] | |||
Maximum amount of unused letters of credit allowed to issue | $ 30,000,000 | ||
Unused letters of credit issued | $ 9,700,000 | ||
Senior Notes, Interest Rate of 5.75%, Maturing 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument principal amount | $ 700,000,000 | ||
Maturity period of Senior note | 2,023 | ||
Interest rate on senior notes | 5.75% | ||
Redemption period of senior notes | redeem all or a portion of the Notes at any time on or after June 15, 2018 | ||
Recovery Zone Facility Bond [Member] | |||
Debt Instrument [Line Items] | |||
Debt maturity date | Jan. 1, 2036 | ||
Description of interest rate on bonds | The interest rate on the Bonds is equal to one month LIBOR (adjusted monthly) plus a credit spread, adjusted to reflect the income tax exemption. | ||
Total amount of bonds funded | $ 99,700,000 | ||
Annual amount of redemption of bonds | $ 4,500,000 | ||
Beginning of redemption period of bonds | Jan. 1, 2014 | ||
Credit Line [Member] | |||
Debt Instrument [Line Items] | |||
Debt maturity date | Jun. 30, 2018 | ||
Line of credit facility | $ 175,000,000 | ||
Borrowings outstanding | $ 22,300,000 |
Long-Term Debt (Schedule Of Red
Long-Term Debt (Schedule Of Redemption Prices Of Senior Notes) (Details) | 9 Months Ended |
Jun. 25, 2016 | |
Long-Term Debt [Abstract] | |
2,018 | 102.875% |
2,019 | 101.917% |
2,020 | 100.958% |
2021 and thereafter | 100.00% |
Dividends (Narrative) (Details)
Dividends (Narrative) (Details) - $ / shares | Apr. 14, 2016 | Jan. 21, 2016 | Oct. 22, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 |
Class A Common Stock | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividends per share of common stock | $ 0.165 | $ 0.165 | $ 0.495 | $ 0.495 | |||
Class B Common Stock | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividends per share of common stock | $ 0.150 | $ 0.150 | $ 0.450 | $ 0.450 | |||
Dividend 1 [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Dividend payment date | Oct. 22, 2015 | ||||||
Dividend record date | Oct. 8, 2015 | ||||||
Dividend 1 [Member] | Class A Common Stock | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividends per share of common stock | $ 0.165 | ||||||
Dividend 1 [Member] | Class B Common Stock | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividends per share of common stock | $ 0.15 | ||||||
Dividend 2 [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Dividend payment date | Jan. 21, 2016 | ||||||
Dividend record date | Jan. 7, 2016 | ||||||
Dividend 2 [Member] | Class A Common Stock | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividends per share of common stock | $ 0.165 | ||||||
Dividend 2 [Member] | Class B Common Stock | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividends per share of common stock | $ 0.15 | ||||||
Dividend 3 [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Dividend payment date | Apr. 14, 2016 | ||||||
Dividend record date | Apr. 7, 2016 | ||||||
Dividend 3 [Member] | Class A Common Stock | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividends per share of common stock | $ 0.165 | ||||||
Dividend 3 [Member] | Class B Common Stock | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividends per share of common stock | $ 0.15 |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) | 9 Months Ended |
Jun. 25, 2016itemshares | |
Earnings Per Share [Line Items] | |
Conversion feature for Class B Common Stock | each share is convertible into one share of Class A Common Stock at any time |
Number of shares in conversion | shares | 1 |
Voting rights for shareholders | Each share of Class A Common Stock has one vote per share and each share of Class B Common Stock has ten votes per share |
Percentage of cash dividend on Class B Common Stock entitled to receive for each share of Class A Common Stock | 110.00% |
Class A Common Stock | |
Earnings Per Share [Line Items] | |
Number of votes for common stock | 1 |
Class B Common Stock | |
Earnings Per Share [Line Items] | |
Number of votes for common stock | 10 |
Earnings Per Common Share (Reco
Earnings Per Common Share (Reconciliation Of Numerators And Denominators Of Basic And Diluted Earnings Per Share) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | |
Class A Common Stock | ||||
Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share [Line Items] | ||||
Net income allocated, basic | $ 8,973,689 | $ 9,646,468 | $ 28,317,738 | $ 29,934,820 |
Conversion of Class B to Class A shares | 3,694,766 | 4,130,217 | 11,688,552 | 13,182,414 |
Net income allocated, diluted | $ 12,668,455 | $ 13,776,685 | $ 40,006,290 | $ 43,117,234 |
Weighted average shares outstanding, basic | 13,944,818 | 13,777,019 | 13,932,356 | 13,657,699 |
Conversion of Class B to Class A shares | 6,314,958 | 6,482,757 | 6,327,420 | 6,602,077 |
Weighted average shares outstanding, diluted | 20,259,776 | 20,259,776 | 20,259,776 | 20,259,776 |
Earnings per share, Basic | $ 0.64 | $ 0.70 | $ 2.03 | $ 2.19 |
Earnings per share, Diluted | $ 0.63 | $ 0.68 | $ 1.98 | $ 2.13 |
Class B Common Stock | ||||
Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share [Line Items] | ||||
Net income allocated, basic | $ 3,694,766 | $ 4,130,217 | $ 11,688,552 | $ 13,182,414 |
Net income allocated, diluted | $ 3,694,766 | $ 4,130,217 | $ 11,688,552 | $ 13,182,414 |
Weighted average shares outstanding, basic | 6,314,958 | 6,482,757 | 6,327,420 | 6,602,077 |
Weighted average shares outstanding, diluted | 6,314,958 | 6,482,757 | 6,327,420 | 6,602,077 |
Earnings per share, Basic | $ 0.59 | $ 0.63 | $ 1.85 | $ 1.99 |
Earnings per share, Diluted | $ 0.59 | $ 0.63 | $ 1.85 | $ 1.99 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 25, 2016USD ($) | Jun. 27, 2015USD ($) | Jun. 25, 2016USD ($)segment | Jun. 27, 2015USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of operating segments | segment | 1 | |||
Fluid dairy | ||||
Segment Reporting Information [Line Items] | ||||
Sales eliminated in consolidation | $ | $ 10.1 | $ 11.1 | $ 32.4 | $ 38.1 |
Segment Information (Operations
Segment Information (Operations By Lines Of Business) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | Sep. 26, 2015 | |
Segment Reporting Information By Segment [Line Items] | |||||
Total revenues from unaffiliated customers | $ 957,177,645 | $ 945,974,494 | $ 2,832,603,557 | $ 2,825,806,017 | |
Total income from operations | 31,864,964 | 31,114,933 | 96,623,387 | 102,280,635 | |
Total assets | 1,689,685,903 | 1,689,685,903 | $ 1,654,828,225 | ||
Elimination of intercompany receivable | |||||
Segment Reporting Information By Segment [Line Items] | |||||
Total assets | (1,553,000) | (1,553,000) | (2,338,000) | ||
Retail | |||||
Segment Reporting Information By Segment [Line Items] | |||||
Total revenues from unaffiliated customers | 922,751,000 | 911,698,000 | 2,729,293,000 | 2,717,538,000 | |
Total income from operations | 28,031,000 | 27,686,000 | 84,669,000 | 92,261,000 | |
Total assets | 1,558,365,000 | 1,558,365,000 | 1,525,682,000 | ||
Other Segment [Member] | |||||
Segment Reporting Information By Segment [Line Items] | |||||
Total revenues from unaffiliated customers | 34,427,000 | 34,276,000 | 103,311,000 | 108,268,000 | |
Total income from operations | 3,834,000 | $ 3,429,000 | 11,954,000 | $ 10,020,000 | |
Total assets | $ 132,874,000 | $ 132,874,000 | $ 131,484,000 |
Segment Information (Sales By P
Segment Information (Sales By Product Category) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | |
Segment Reporting Information By Segment [Line Items] | ||||
Net sales | $ 957,177,645 | $ 945,974,494 | $ 2,832,603,557 | $ 2,825,806,017 |
Grocery | ||||
Segment Reporting Information By Segment [Line Items] | ||||
Net sales | 337,030,000 | 335,974,000 | 1,046,616,000 | 1,042,559,000 |
Non-foods | ||||
Segment Reporting Information By Segment [Line Items] | ||||
Net sales | 207,575,000 | 195,484,000 | 608,601,000 | 571,059,000 |
Perishables | ||||
Segment Reporting Information By Segment [Line Items] | ||||
Net sales | 257,799,000 | 250,895,000 | 753,027,000 | 731,507,000 |
Gasoline | ||||
Segment Reporting Information By Segment [Line Items] | ||||
Net sales | 120,347,000 | 129,345,000 | 321,049,000 | 372,413,000 |
Retail | ||||
Segment Reporting Information By Segment [Line Items] | ||||
Net sales | $ 922,751,000 | $ 911,698,000 | $ 2,729,293,000 | $ 2,717,538,000 |
Fair Values Of Financial Inst37
Fair Values Of Financial Instruments (Carrying Amount And Fair Value Of Debt) (Details) $ in Thousands | Jun. 25, 2016USD ($) |
Carrying Amount | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated fair value of debt | $ 898,240 |
Fair Value | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated fair value of debt | 899,994 |
Level 2 | Senior Notes [Member] | Carrying Amount | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated fair value of debt | 700,000 |
Level 2 | Senior Notes [Member] | Fair Value | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated fair value of debt | 701,750 |
Level 2 | Facility Bonds | Carrying Amount | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated fair value of debt | 86,150 |
Level 2 | Facility Bonds | Fair Value | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated fair value of debt | 86,150 |
Level 2 | Secured Notes Payable And Other [Member] | Carrying Amount | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated fair value of debt | 89,834 |
Level 2 | Secured Notes Payable And Other [Member] | Fair Value | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated fair value of debt | 89,838 |
Level 2 | Line of credit payable [Member] | Carrying Amount | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated fair value of debt | 22,256 |
Level 2 | Line of credit payable [Member] | Fair Value | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated fair value of debt | $ 22,256 |