Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |||
Jul. 26, 2014 | Jan. 25, 2014 | Oct. 03, 2014 | Oct. 03, 2014 | |
Class A Common Stock | Class B Common Stock | |||
Entity Registrant Name | 'VILLAGE SUPER MARKET INC | ' | ' | ' |
Document Type | '10-K | ' | ' | ' |
Document Period End Date | 26-Jul-14 | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Entity Central Index Key | '0000103595 | ' | ' | ' |
Current Fiscal Year End Date | '--07-26 | ' | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 9,692,698 | 4,360,998 |
Entity Public Float | ' | $173,300,000 | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jul. 26, 2014 | Jul. 27, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $77,352 | $109,571 |
Merchandise inventories | 44,694 | 41,515 |
Patronage dividend receivable | 12,923 | 11,810 |
Notes receivable from Wakefern | ' | 22,421 |
Other current assets | 27,817 | 20,047 |
Total current assets | 162,786 | 205,364 |
Notes receivable from Wakefern | 40,598 | ' |
Property, equipment and fixtures, net | 206,720 | 176,981 |
Investment in Wakefern | 25,012 | 24,355 |
Goodwill | 12,057 | 12,057 |
Other assets | 10,239 | 8,655 |
TOTAL ASSETS | 457,412 | 427,412 |
Current liabilities | ' | ' |
Capital and financing lease obligations | 231 | 10 |
Notes payable to Wakefern | 667 | 600 |
Accounts payable to Wakefern | 66,004 | 59,465 |
Accounts payable and accrued expenses | 15,859 | 16,999 |
Accrued wages and benefits | 18,856 | 14,710 |
Income taxes payable | 44,387 | 19,281 |
Total current liabilities | 146,004 | 111,065 |
Long-term Debt | ' | ' |
Capital and financing lease obligations | 44,168 | 41,019 |
Notes payable to Wakefern | 1,074 | 1,719 |
Total long-term debt | 45,242 | 42,738 |
Pension liabilities | 23,876 | 20,062 |
Other liabilities | 9,154 | 8,987 |
Commitments and Contingencies (Notes 3, 4, 5, 6, 8 and 9) | ' | ' |
Shareholders' Equity | ' | ' |
Preferred stock, no par value: Authorized 10,000 shares, none issued | ' | ' |
Retained earnings | 203,722 | 211,109 |
Accumulated other comprehensive loss | -12,465 | -8,467 |
Total shareholders' equity | 233,136 | 244,560 |
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY | 457,412 | 427,412 |
Class A Common Stock | ' | ' |
Shareholders' Equity | ' | ' |
Common Stock | 47,056 | 44,543 |
Treasury Stock | -5,885 | -3,401 |
Class B Common Stock | ' | ' |
Shareholders' Equity | ' | ' |
Common Stock | $708 | $776 |
CONSOLIDATED_BALANCE_SHEETS_PA
CONSOLIDATED BALANCE SHEETS PARENTHETICAL | Jul. 26, 2014 | Jul. 27, 2013 |
In Thousands, unless otherwise specified | ||
Preferred stock shares authorized | 10,000 | 10,000 |
Class A Common Stock | ' | ' |
Common stock shares authorized | 20,000 | 20,000 |
Common stock shares issued | 10,147 | 9,440 |
Treasury shares | 454 | 375 |
Class B Common Stock | ' | ' |
Common stock shares authorized | 20,000 | 20,000 |
Common stock shares issued | 4,361 | 4,780 |
Common stock shares outstanding | 4,361 | 4,780 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
Revenue | ' | ' | ' |
Sales | $1,518,636 | $1,476,457 | $1,422,243 |
Cost of sales | 1,110,138 | 1,078,696 | 1,033,416 |
Gross profit | 408,498 | 397,761 | 388,827 |
Expense | ' | ' | ' |
Operating and administrative expense | 356,396 | 333,230 | 313,516 |
Depreciation and amortization | 22,274 | 20,354 | 19,759 |
Operating income | 29,828 | 44,177 | 55,552 |
Income from partnerships | ' | 1,450 | ' |
Interest expense | -3,602 | -3,771 | -4,415 |
Interest income | 2,622 | 2,783 | 2,571 |
Income before income taxes | 28,848 | 44,639 | 53,708 |
Income taxes | 23,803 | 18,855 | 22,263 |
Net income | $5,045 | $25,784 | $31,445 |
Class A Common Stock | ' | ' | ' |
Expense | ' | ' | ' |
Basic net income per share | $0.41 | $2.18 | $2.74 |
Diluted net income per share | $0.36 | $1.85 | $2.28 |
Class B Common Stock | ' | ' | ' |
Expense | ' | ' | ' |
Basic net income per share | $0.26 | $1.36 | $1.78 |
Diluted net income per share | $0.26 | $1.36 | $1.77 |
CONSOLIDATED_CONDENSED_STATEME
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 | |||
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME | ' | ' | ' | |||
Net income | $5,045 | $25,784 | $31,445 | |||
Amortization of pension actuarial loss, net of tax (1) | 475 | [1] | 1,309 | [1] | 780 | [1] |
Pension adjustment to funded status, net of tax (2) | -4,473 | [2] | 5,698 | [2] | -5,112 | [2] |
Total other comprehensive income (loss) | -3,998 | 7,007 | -4,332 | |||
Comprehensive income | $1,047 | $32,791 | $27,113 | |||
[1] | Amounts are net of tax of $329, $872 and $519 for 2014, 2013 and 2012, respectively. | |||||
[2] | Amounts are net of tax of $3,238, $3,800 and $3,429 for 2014, 2013 and 2012, respectively. |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY AND COMPREHENSIVE INCOME (USD $) | Class A Common Stock | Class B Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total |
In Thousands | ||||||
Balance at Jul. 30, 2011 | $35,385 | $1,035 | $187,686 | ($11,142) | ($4,807) | $208,157 |
Balance - Shares at Jul. 30, 2011 | 7,833 | 6,376 | ' | ' | 530 | ' |
Net income | ' | ' | 31,445 | ' | ' | 31,445 |
Other comprehensive income (loss), net of tax | ' | ' | ' | -4,332 | ' | -4,332 |
Dividends | ' | ' | -9,758 | ' | ' | -9,758 |
Exercise of stock options | 723 | ' | ' | ' | 630 | 1,353 |
Exercise of stock options - shares | ' | ' | ' | ' | -69 | ' |
Treasury stock purchases | ' | ' | ' | ' | -9 | -9 |
Share-based compensation expense | 3,180 | ' | ' | ' | ' | 3,180 |
Share-based compensation expense - shares | 9 | ' | ' | ' | ' | ' |
Excess tax benefits from exercise of stock options and restricted share vesting | 275 | ' | ' | ' | ' | 275 |
Conversion of Class B shares to Class A shares | 7 | -7 | ' | ' | ' | ' |
Conversion of Class B shares to Class A shares - shares | 41 | -41 | ' | ' | ' | ' |
Balance at Jul. 28, 2012 | 39,570 | 1,028 | 209,373 | -15,474 | -4,186 | 230,311 |
Balance - Shares at Jul. 28, 2012 | 7,883 | 6,335 | ' | ' | 461 | ' |
Net income | ' | ' | 25,784 | ' | ' | 25,784 |
Other comprehensive income (loss), net of tax | ' | ' | ' | 7,007 | ' | 7,007 |
Dividends | ' | ' | -24,048 | ' | ' | -24,048 |
Exercise of stock options | 957 | ' | ' | ' | 785 | 1,742 |
Exercise of stock options - shares | ' | ' | ' | ' | -86 | ' |
Share-based compensation expense | 3,222 | ' | ' | ' | ' | 3,222 |
Share-based compensation expense - shares | 2 | ' | ' | ' | ' | ' |
Excess tax benefits from exercise of stock options and restricted share vesting | 542 | ' | ' | ' | ' | 542 |
Conversion of Class B shares to Class A shares | 252 | -252 | ' | ' | ' | ' |
Conversion of Class B shares to Class A shares - shares | 1,555 | -1,555 | ' | ' | ' | ' |
Balance at Jul. 27, 2013 | 44,543 | 776 | 211,109 | -8,467 | -3,401 | 244,560 |
Balance - Shares at Jul. 27, 2013 | 9,440 | 4,780 | ' | ' | 375 | ' |
Net income | ' | ' | 5,045 | ' | ' | 5,045 |
Other comprehensive income (loss), net of tax | ' | ' | ' | -3,998 | ' | -3,998 |
Dividends | ' | ' | -12,432 | ' | ' | -12,432 |
Exercise of stock options | 132 | ' | ' | ' | 85 | 217 |
Exercise of stock options - shares | ' | ' | ' | ' | -9 | ' |
Treasury stock purchases | ' | ' | ' | ' | -2,569 | -2,569 |
Treasury stock purchases - shares | ' | ' | ' | ' | 88 | ' |
Share-based compensation expense | 3,229 | ' | ' | ' | ' | 3,229 |
Share-based compensation expense - shares | 288 | ' | ' | ' | ' | ' |
Net tax deficit from exercise of stock options and restricted share vesting | -916 | ' | ' | ' | ' | -916 |
Conversion of Class B shares to Class A shares | 68 | -68 | ' | ' | ' | ' |
Conversion of Class B shares to Class A shares - shares | 419 | -419 | ' | ' | ' | ' |
Balance at Jul. 26, 2014 | $47,056 | $708 | $203,722 | ($12,465) | ($5,885) | $233,136 |
Balance - Shares at Jul. 26, 2014 | 10,147 | 4,361 | ' | ' | 454 | ' |
CONSOLIDATED_STATEMENTS_OF_SHA1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY AND COMPREHENSIVE INCOME PARENTHETICAL (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY AND COMPREHENSIVE INCOME PARENTHETICAL | ' | ' | ' |
Tax associated with other comprehensive loss and income | $2,909 | $4,672 | $2,910 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net income | $5,045 | $25,784 | $31,445 |
Depreciation and amortization | 22,274 | 20,354 | 19,759 |
Non-cash share-based compensation | 3,229 | 3,222 | 3,180 |
Deferred taxes | -8,048 | -3,499 | 1,089 |
Provision to value inventories at LIFO | -216 | -56 | 601 |
Income from partnerships | ' | -1,450 | ' |
Change in merchandise inventories | -2,963 | -860 | -1,423 |
Change in patronage dividend receivable | -1,113 | -1,036 | -1,756 |
Change in accounts payable to Wakefern | 6,539 | 4,024 | 32 |
Change in accounts payable and accrued expenses | 933 | -1,778 | 643 |
Change in accrued wages and benefits | 4,146 | 1,908 | -6,415 |
Change in income taxes payable | 24,144 | 4,147 | -2,745 |
Change in other assets and liabilities | -1,523 | 513 | -978 |
Net cash provided by operating activities | 52,447 | 51,273 | 43,432 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Capital expenditures | -50,322 | -21,888 | -16,729 |
Investment in notes receivable from Wakefern | -41,597 | -1,503 | -1,406 |
Maturity of notes receivable from Wakefern | 23,420 | ' | ' |
Store acquisitions | ' | ' | -4,123 |
Proceeds from partnerships | ' | 1,980 | ' |
Net cash used in investing activities | -68,499 | -21,411 | -22,258 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Proceeds from exercise of stock options | 217 | 1,742 | 1,353 |
Excess tax benefit related to share-based compensation | 46 | 542 | 275 |
Principal payments of long-term debt | -1,429 | -1,630 | -1,294 |
Dividends | -12,432 | -24,048 | -9,758 |
Treasury stock purchases | -2,569 | ' | -9 |
Net cash used in financing activities | -16,167 | -23,394 | -9,433 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -32,219 | 6,468 | 11,741 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 109,571 | 103,103 | 91,362 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 77,352 | 109,571 | 103,103 |
SUPPLEMENTAL DISCLOSURES OF CASH PAYMENTS MADE FOR: | ' | ' | ' |
Cash payments for interest | 4,240 | 4,012 | 4,116 |
Cash payments for income taxes | 7,661 | 17,665 | 23,076 |
Non-cash investment in Wakefern | ' | ' | 323 |
Non-cash capital lease obligations | $3,525 | ' | ' |
Note_1_Summary_of_Significant_
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Jul. 26, 2014 | |||||||||||||
Notes | ' | ||||||||||||
Note 1 - Summary of Significant Accounting Policies | ' | ||||||||||||
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||
Nature of operations | |||||||||||||
Village Super Market, Inc. (the “Company” or “Village”) operates a chain of 29 ShopRite supermarkets in New Jersey, eastern Pennsylvania and Maryland. The Company is a member of Wakefern Food Corporation ("Wakefern"), the nation's largest retailer-owned food cooperative and owner of the ShopRite name. This relationship provides Village many of the economies of scale in purchasing, distribution, private label products, advanced retail technology, marketing and advertising associated with chains of greater size and geographic coverage. | |||||||||||||
Principles of consolidation | |||||||||||||
The consolidated financial statements include the accounts of Village Super Market, Inc. and its subsidiaries, which are wholly owned. Intercompany balances and transactions have been eliminated. | |||||||||||||
Fiscal year | |||||||||||||
The Company and its subsidiaries utilize a 52-53 week fiscal year ending on the last Saturday in the month of July. Fiscal 2014, 2013 and 2012 contain 52 weeks. | |||||||||||||
Industry segment | |||||||||||||
The Company consists of one operating segment, the retail sale of food and nonfood products. | |||||||||||||
Revenue recognition | |||||||||||||
Merchandise sales are recognized at the point of sale to the customer. Sales tax is excluded from revenue. Discounts provided to customers through ShopRite coupons and loyalty programs are recognized as a reduction of sales as the products are sold. | |||||||||||||
Cash and cash equivalents | |||||||||||||
The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. Included in cash and cash equivalents are proceeds due from credit and debit card transactions, which typically settle within five business days, of $9,864 and $8,922 at July 26, 2014 and July 27, 2013, respectively. Included in cash and cash equivalents at July 26, 2014 and July 27, 2013 are $52,891 and $85,222, respectively, of demand deposits invested at Wakefern at overnight money market rates. | |||||||||||||
Merchandise inventories | |||||||||||||
Approximately 65% of merchandise inventories are stated at the lower of LIFO (last-in, first-out) cost or market. If the FIFO (first-in, first-out) method had been used, inventories would have been $14,570 and $14,786 higher than reported in fiscal 2014 and 2013, respectively. All other inventories are stated at the lower of FIFO cost or market. | |||||||||||||
Vendor allowances and rebates | |||||||||||||
The Company receives vendor allowances and rebates, including the patronage dividend and amounts received as a pass through from Wakefern, related to the Company’s buying and merchandising activities. Vendor allowances and rebates are recognized as a reduction in cost of sales when the related merchandise is sold or when the required contractual terms are completed. | |||||||||||||
Property, equipment and fixtures | |||||||||||||
Property, equipment and fixtures are recorded at cost. Interest cost incurred to finance construction is capitalized as part of the cost of the asset. Maintenance and repairs are expensed as incurred. | |||||||||||||
Depreciation is provided on a straight-line basis over estimated useful lives of thirty years for buildings, ten years for store fixtures and equipment, and three years for vehicles. Leasehold improvements are amortized over the shorter of the related lease terms or the estimated useful lives of the related assets. | |||||||||||||
When assets are sold or retired, their cost and accumulated depreciation are removed from the accounts, and any gain or loss is reflected in the consolidated financial statements. | |||||||||||||
Investments | |||||||||||||
The Company’s investments in its principal supplier, Wakefern, and a Wakefern affiliate, Insure-Rite, Ltd., are stated at cost (see Note 3). Village evaluates its investments in Wakefern and Insure-Rite, Ltd. for impairment through consideration of previous, current and projected levels of profit of those entities. | |||||||||||||
The Company’s 20%-50% investments in certain real estate partnerships are accounted for under the equity method. One of these partnerships is a variable interest entity which does not require consolidation as Village is not the primary beneficiary (see Note 6). | |||||||||||||
Store opening and closing costs | |||||||||||||
All store opening costs are expensed as incurred. The Company records a liability for the future minimum lease payments and related costs for closed stores from the date of closure to the end of the remaining lease term, net of estimated cost recoveries that may be achieved through subletting, discounted using a risk-adjusted interest rate. | |||||||||||||
Leases | |||||||||||||
Leases that meet certain criteria are classified as capital leases, and assets and liabilities are recorded at amounts equal to the lesser of the present value of the minimum lease payments or the fair value of the leased properties at the inception of the respective leases. Such assets are amortized on a straight- line basis over the shorter of the related lease terms or the estimated useful lives of the related assets. Amounts representing interest expense relating to the lease obligations are recorded to effect constant rates of interest over the terms of the leases. Leases that do not qualify as capital leases are classified as operating leases. The Company accounts for rent holidays, escalating rent provisions, and construction allowances on a straight-line basis over the term of the lease. | |||||||||||||
For leases in which the Company is involved with the construction of the store, if Village concludes that it has substantially all of the risks of ownership during construction of the leased property and therefore is deemed the owner of the project for accounting purposes, an asset and related financing obligation are recorded for the costs paid by the landlord. Once construction is complete, the Company considers the requirements for sale-leaseback treatment. If the arrangement does not qualify for sale-leaseback treatment, the Company amortizes the financing obligation and depreciates the building over the lease term. | |||||||||||||
Advertising | |||||||||||||
Advertising costs are expensed as incurred. Advertising expense was $11,474, $11,018 and $10,952 in fiscal 2014, 2013 and 2012, respectively. | |||||||||||||
Income taxes | |||||||||||||
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. | |||||||||||||
The Company recognizes a tax benefit for uncertain tax positions if it is “more likely than not” that the position is sustainable, based on its technical merits. The tax benefit of a qualifying position is the largest amount of tax benefit that is greater than 50% likely of being realized upon effective settlement with a taxing authority having full knowledge of all relevant information. | |||||||||||||
Use of estimates | |||||||||||||
In conformity with U.S. generally accepted accounting principles, management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Some of the more significant estimates are patronage dividends, pension accounting assumptions, share-based compensation assumptions, accounting for uncertain tax positions, accounting for contingencies and the impairment of long-lived assets and goodwill. Actual results could differ from those estimates. | |||||||||||||
Fair value | |||||||||||||
Fair value is defined as the exit price that would be received to sell an asset or paid to transfer a liability. Fair value is a market-based measurement that should be determined using assumptions that market participants would use in pricing an asset or liability. The fair value guidance establishes a three-level hierarchy to prioritize the inputs used in measuring fair value. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities in active markets observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability. | |||||||||||||
Cash and cash equivalents, patronage dividends receivable, accounts payable and accrued expenses are reflected in the consolidated financial statements at carrying value, which approximates fair value because of the short-term maturity of these instruments. The carrying values of the Company’s notes receivable from Wakefern approximate their fair value as interest is earned at variable market rates. As the Company’s investments in Wakefern can only be sold to Wakefern at amounts that approximate the Company’s cost, it is not practicable to estimate the fair value of such investments. | |||||||||||||
Long-lived assets | |||||||||||||
The Company reviews long-lived assets, such as property, equipment and fixtures on an individual store basis for impairment when circumstances indicate the carrying amount of an asset group may not be recoverable. Such review analyzes the undiscounted estimated future cash flows from such assets to determine if the carrying value of such assets are recoverable from their respective cash flows. If impairment is indicated, it is measured by comparing the fair value of the long-lived assets to their carrying value. | |||||||||||||
Goodwill | |||||||||||||
Goodwill is tested at the end of each fiscal year, or more frequently if circumstances dictate, for impairment. An impairment loss is recognized to the extent that the carrying amount of goodwill exceeds its implied fair value. Village operates as a single reporting unit for purposes of evaluating goodwill for impairment and primarily considers earnings multiples and other valuation techniques to measure fair value, in addition to the value of the Company’s stock. | |||||||||||||
Net income per share | |||||||||||||
The Company has two classes of common stock. Class A common stock is entitled to cash dividends as declared 54% greater than those paid on Class B common stock. Shares of Class B common stock are convertible on a share-for-share basis for Class A common stock at any time. | |||||||||||||
The Company utilizes the two-class method of computing and presenting net income per share. The two-class method is an earnings allocation formula that calculates basic and diluted net income per share for each class of common stock separately based on dividends declared and participation rights in undistributed earnings. Under the two-class method, Class A common stock is assumed to receive a 54% greater participation in undistributed earnings than Class B common stock, in accordance with the classes respective dividend rights. Unvested share-based payment awards that contain nonforfeitable rights to dividends are treated as participating securities and therefore included in computing net income per share using the two-class method. | |||||||||||||
Diluted net income per share for Class A common stock is calculated utilizing the if-converted method, which assumes the conversion of all shares of Class B common stock to Class A common stock on a share-for- share basis, as this method is more dilutive than the two-class method. Diluted net income per share for Class B common stock does not assume conversion of Class B common stock to shares of Class A common stock. | |||||||||||||
The tables below reconcile the numerators and denominators of basic and diluted net income per share for all periods presented. | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Class A | Class B | Class A | Class B | Class A | Class B | ||||||||
Numerator: | |||||||||||||
Net income allocated, basic | $ 3,788 | $ 1,141 | $ 18,089 | $ 7,053 | $ 19,314 | $ 11,317 | |||||||
Conversion of Class B to Class A shares | 1,141 | - | 7,053 | - | 11,317 | - | |||||||
Effect of share-based compensation on allocated net income | (20) | (11) | 6 | (5) | 94 | (54) | |||||||
Net income allocated, diluted | $ 4,909 | $ 1,130 | $ 25,148 | $ 7,048 | $ 30,725 | $ 11,263 | |||||||
Denominator: | |||||||||||||
Weighted average shares outstanding, basic | 9,258 | 4,374 | 8,297 | 5,197 | 7,045 | 6,358 | |||||||
Conversion of Class B to Class A shares | 4,374 | - | 5,197 | - | 6,358 | - | |||||||
Dilutive effect of share-based compensation | 62 | - | 112 | - | 81 | - | |||||||
Weighted average shares outstanding, diluted | 13,694 | 4,374 | 13,606 | 5,197 | 13,484 | 6,358 | |||||||
Net income per share is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Class A | Class B | Class A | Class B | Class A | Class B | ||||||||
Basic | $ 0.41 | $ 0.26 | $ 2.18 | $ 1.36 | $ 2.74 | $ 1.78 | |||||||
Diluted | $ 0.36 | $ 0.26 | $ 1.85 | $ 1.36 | $ 2.28 | $ 1.77 | |||||||
Outstanding stock options to purchase Class A shares of 540, 5 and 222 were excluded from the calculation of diluted net income per share at July 26, 2014, July 27, 2013 and July 28, 2012, respectively, as a result of their anti-dilutive effect. In addition, 288, 299 and 299 non-vested restricted Class A shares, which are considered participating securities, and their allocated net income were excluded from the diluted net income per share calculation at July 26, 2014, July 27, 2013 and July 28, 2012, respectively, due to their anti-dilutive effect. | |||||||||||||
Share-based compensation | |||||||||||||
All share-based payments to employees are recognized in the financial statements as compensation costs based on the fair market value on the date of the grant. | |||||||||||||
Benefit plans | |||||||||||||
The Company recognizes the funded status of its Company sponsored retirement plans on the consolidated balance sheet. Actuarial gains or losses, prior service costs or credits and transition obligations not previously recognized are recorded as a component of Accumulated Other Comprehensive Income (Loss). | |||||||||||||
The Company also contributes to several multi-employer pension plans under the terms of collective bargaining agreements that cover certain union-represented employees. Pension expense for these plans is recognized as contributions are made. | |||||||||||||
Recently issued accounting standards | |||||||||||||
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") No. 2014-09, “Revenue from Contracts with Customers,” which provides guidance for revenue recognition. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The new guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Company is currently assessing the potential impact of ASU No. 2014-09 on its financial statements. |
Note_2_Property_Equipment_and_
Note 2 - Property, Equipment and Fixtures | 12 Months Ended | ||||
Jul. 26, 2014 | |||||
Notes | ' | ||||
Note 2 - Property, Equipment and Fixtures | ' | ||||
NOTE 2 — PROPERTY, EQUIPMENT and FIXTURES | |||||
Property, equipment and fixtures are comprised as follows: | |||||
26-Jul-14 | 27-Jul-13 | ||||
Land and buildings | $ 103,043 | $ 78,786 | |||
Store fixtures and equipment | 214,091 | 190,957 | |||
Leasehold improvements | 89,409 | 82,523 | |||
Leased property under capital leases | 25,211 | 21,686 | |||
Construction in progress | 121 | 12,231 | |||
Vehicles | 3,031 | 2,581 | |||
Total property, equipment and fixtures | 434,906 | 388,764 | |||
Accumulated depreciation | (222,784) | (207,161) | |||
Accumulated amortization of property under capital leases | (5,402) | (4,622) | |||
Property, equipment and fixtures, net | $ 206,720 | $ 176,981 | |||
Amortization of leased property under capital and financing leases is included in depreciation and amortization expense. |
Note_3_Related_Party_Informati
Note 3 - Related Party Information - Wakefern | 12 Months Ended |
Jul. 26, 2014 | |
Notes | ' |
Note 3 - Related Party Information - Wakefern | ' |
NOTE 3 — RELATED PARTY INFORMATION - WAKEFERN | |
The Company’s ownership interest in its principal supplier, Wakefern, which is operated on a cooperative basis for its stockholder members, is 13.7% of the outstanding shares of Wakefern at July 26, 2014. The investment is pledged as collateral for any obligations to Wakefern. In addition, all obligations to Wakefern are personally guaranteed by certain shareholders of Village. | |
The Company is obligated to purchase 85% of its primary merchandise requirements from Wakefern until ten years from the date that stockholders representing 75% of Wakefern sales notify Wakefern that those stockholders request that the Wakefern Stockholder Agreement be terminated. If this purchase obligation is not met, Village is required to pay Wakefern’s profit contribution shortfall attributable to this failure. Similar payments are due if Wakefern loses volume by reason of the sale of Company stores or a merger with another entity. Village fulfilled the above obligation in fiscal 2014, 2013 and 2012. The Company also has an investment of approximately 8.3% in Insure-Rite, Ltd., a Wakefern affiliated company, that provides Village with liability and property insurance coverage. | |
Wakefern has increased from time to time the required investment in its common stock for each supermarket owned by a member, with the exact amount per store computed based on the amount of each store’s purchases from Wakefern. At July 26, 2014, the Company’s indebtedness to Wakefern for the outstanding amount of these stock subscriptions was $1,741. Installment payments are due as follows: 2015 - $667; 2016 - $518; 2017 - $446; 2018 - $110 and none thereafter. The maximum per store investment, which is currently $850, increased by $25 in both fiscal 2014 and 2013, resulting in additional investments of $657 and $949, respectively. Village receives additional shares of common stock to the extent paid for at the end of each fiscal year (September 30) of Wakefern calculated at the then book value of such shares. The payments, together with any stock issued thereunder, at the option of Wakefern, may be null and void and all payments on this subscription shall become the property of Wakefern in the event the Company does not complete the payment of this subscription in a timely manner. | |
Village purchases substantially all of its merchandise from Wakefern. Wakefern distributes as a “patronage dividend” to each member a share of substantially all of its earnings in proportion to the dollar volume of purchases by the member from Wakefern during the year. Patronage dividends and other vendor allowances and rebates amounted to $26,438, $24,779 and $23,953 in fiscal 2014, 2013 and 2012, respectively. | |
Wakefern provides the Company with support services in numerous areas including advertising, supplies, liability and property insurance, technology support and other store services. Village incurred charges of $32,808, $29,973 and $27,991, from Wakefern in fiscal 2014, 2013 and 2012, respectively, for these services, which are reflected in operating and administrative expense in the consolidated statements of operations. Additionally, the Company has certain related party leases (see Note 6) with Wakefern. | |
On February 15, 2014, Village received $23,420 as prepayment of notes receivable due from Wakefern. These notes earned interest at a fixed rate of 7%. The Company invested the proceeds received and additional funds previously invested in demand deposits at Wakefern in variable rate notes receivable from Wakefern of $40,000 on February 15, 2014. Half of these notes earn interest at the prime rate plus.25% and mature in 3.5 years and half earn interest at the prime rate plus 1.25% and mature in 5 years. Wakefern has the right to prepay these notes at any time. Under certain conditions, the Company can require Wakefern to prepay the notes, although interest earned since inception would be reduced as if it was earned based on overnight money market rates as paid by Wakefern on demand deposits. | |
At July 26, 2014, the Company had demand deposits invested at Wakefern in the amount of $52,891. These deposits earn overnight money market rates. | |
Interest income earned on investments with Wakefern was $2,622, $2,783 and $2,571, in fiscal 2014, 2013 and 2012, respectively. |
Note_4_Debt
Note 4 - Debt | 12 Months Ended |
Jul. 26, 2014 | |
Notes | ' |
Note 4 - Debt | ' |
NOTE 4 — DEBT | |
Village has an unsecured revolving credit agreement providing a maximum amount available for borrowing of $25,000. This loan agreement expires on December 31, 2015. The revolving credit line can be used for general corporate purposes. Indebtedness under this agreement bears interest at the prime rate, or at the Eurodollar rate, at the Company’s option, plus applicable margins based on the Company’s fixed charge coverage ratio. There were no amounts outstanding at July 26, 2014 or July 27, 2013 under this facility. | |
The revolving loan agreement provides for up to $3,000 of letters of credit ($2,590 outstanding at July 26, 2014), which secure obligations for construction performance guarantees to municipalities. | |
The revolving loan agreement contains covenants that, among other conditions, require a maximum liabilities to tangible net worth ratio, a minimum fixed charge coverage ratio and a positive net income. At July 26, 2014, the Company was in compliance with all covenants of the revolving loan agreement. Under the above covenants, Village had approximately $106,152 of net worth available at July 26, 2014 for the payment of dividends. |
Note_5_Income_Taxes
Note 5 - Income Taxes | 12 Months Ended | |||||||
Jul. 26, 2014 | ||||||||
Notes | ' | |||||||
Note 5 - Income Taxes | ' | |||||||
NOTE 5 — INCOME TAXES | ||||||||
The components of the provision for income taxes are: | ||||||||
2014 | 2013 | 2012 | ||||||
Federal: | ||||||||
Current | $ 10,808 | $ 17,215 | $ 16,009 | |||||
Deferred | (6,938) | (3,021) | 931 | |||||
State: | ||||||||
Current | 21,043 | 5,139 | 5,165 | |||||
Deferred | (1,110) | (478) | 158 | |||||
$ 23,803 | $ 18,855 | $ 22,263 | ||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows: | ||||||||
26-Jul-14 | 27-Jul-13 | |||||||
Deferred tax assets: | ||||||||
Leasing activities | $ 7,814 | $ 5,747 | ||||||
Federal benefit of uncertain tax positions | 14,816 | 8,028 | ||||||
Compensation related costs | 4,000 | 6,256 | ||||||
Pension costs | 8,553 | 5,644 | ||||||
Other | 3,189 | 1,868 | ||||||
Total deferred tax assets | 38,372 | 27,543 | ||||||
Deferred tax liabilities: | ||||||||
Tax over book depreciation | 17,214 | 17,352 | ||||||
Patronage dividend receivable | 5,223 | 4,903 | ||||||
Investment in partnerships | 1,423 | 1,411 | ||||||
Other | 170 | 491 | ||||||
Total deferred tax liabilities | 24,030 | 24,157 | ||||||
Net deferred tax asset | $ 14,342 | $ 3,386 | ||||||
Deferred income tax assets (liabilities) are included in the following captions on the consolidated balance sheets at July 26, 2014 and July 27, 2013: | ||||||||
2014 | 2013 | |||||||
Other current assets | $ 12,077 | $ 5,053 | ||||||
Other assets | 3,037 | 1,211 | ||||||
Accounts payable and accrued expenses | (772) | (838) | ||||||
Other liabilities | - | (2,040) | ||||||
A valuation allowance is provided when it is more likely than not that some portion of the deferred tax assets will not be realized. In management’s opinion, in view of the Company’s previous, current and projected taxable income and reversal of deferred tax liabilities, such tax assets will more likely than not be fully realized. Accordingly, no valuation allowance was deemed to be required at July 26, 2014 and July 27, 2013. | ||||||||
The effective income tax rate differs from the statutory federal income tax rate as follows: | ||||||||
2014 | 2013 | 2012 | ||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | ||
State income taxes, net of federal tax benefit | 6.4 | 5.2 | 5.3 | |||||
Unrecognized tax benefits, interest and penalties on prior year tax positions | 34.9 | - | - | |||||
Current year interest and penalties on unrecognized tax benefits | 5.4 | 1.6 | 1.1 | |||||
Other | 0.8 | 0.4 | 0.1 | |||||
Effective income tax rate | 82.5 | % | 42.2 | % | 41.5 | % | ||
An examination of the Company’s fiscal 2009 federal tax return was completed in fiscal 2011 with no change. In prior years, the state of New Jersey issued two separate tax assessments related to nexus beginning in fiscal 2000 and the deductibility of certain payments between subsidiaries beginning in fiscal 2002. Village contested both of these assessments through the state’s conference and appeals process and was subsequently denied. The Company then filed two complaints in Tax Court against the New Jersey Division of Taxation contesting these assessments and a trial limited to the nexus dispute was conducted in June 2013. On October 23, 2013, the Tax Court issued their opinion on the matter in favor of the New Jersey Division of Taxation. The Company is currently in the process of appealing the court’s decision. No payments with respect to these matters are required until the dispute is definitively resolved. | ||||||||
The Company recorded a $10,052 charge to income tax expense in fiscal 2014, which includes a $4,933 (net of federal benefit of $2,656) increase in unrecognized tax benefits and $5,119 (net of federal benefit of $2,078) of related interest and penalties for tax positions taken in prior years. This charge increased our beginning of year accrued tax liability to reflect the estimated total tax, interest and penalties due if the Company is unable to overturn the Court’s decision upon appeal. It is reasonably possible that this matter will be resolved within the next twelve months. A favorable resolution could result in a reduction in gross unrecognized tax benefits of up to $28,993. | ||||||||
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: | ||||||||
2014 | 2013 | |||||||
Balance at beginning of year | $ 17,640 | $ 14,895 | ||||||
Additions based on tax positions related to prior periods | 7,589 | - | ||||||
Additions based on tax positions related to the current year | 3,764 | 2,745 | ||||||
Balance at end of year | $ 28,993 | $ 17,640 | ||||||
Unrecognized tax benefits at July 26, 2014 and July 27, 2013 include tax positions of $18,845 and $11,466 (net of federal benefit), respectively, that would reduce the Company’s effective income tax rate, if recognized in future periods. | ||||||||
The Company recognizes interest and penalties on income taxes in income tax expense. The Company recognized $10,287, $1,211 and $1,008, related to interest and penalties on income taxes in fiscal 2014, 2013 and 2012, respectively. The amount of accrued interest and penalties included in the consolidated balance sheet was $16,107 and $5,820 at July 26, 2014 and July 27, 2013, respectively. | ||||||||
Note_6_Leases
Note 6 - Leases | 12 Months Ended | ||||||
Jul. 26, 2014 | |||||||
Notes | ' | ||||||
Note 6 - Leases | ' | ||||||
NOTE 6 — LEASES | |||||||
Description of leasing arrangements | |||||||
The Company leased 23 stores at July 26, 2014, including five that are capitalized for financial reporting purposes. The majority of initial lease terms range from 20 to 30 years. | |||||||
Most of the Company’s leases contain renewal options at increased rents of five years each. These options enable Village to retain the use of facilities in desirable operating areas. Management expects that in the normal course of business, most leases will be renewed or replaced by other leases. The Company is obligated under all leases to pay for real estate taxes, utilities and liability insurance, and under certain leases to pay additional amounts based on maintenance and a percentage of sales in excess of stipulated amounts. | |||||||
Future minimum lease payments by year and in the aggregate for all non-cancelable leases with initial terms of one year or more consist of the following at July 26, 2014: | |||||||
Capital and financing leases | Operating Leases | ||||||
2015 | $ 4,674 | $ 10,411 | |||||
2016 | 4,875 | 9,265 | |||||
2017 | 4,875 | 6,845 | |||||
2018 | 4,959 | 6,282 | |||||
2019 | 5,001 | 5,076 | |||||
Thereafter | 69,964 | 47,740 | |||||
Minimum lease payments | 94,348 | $ 85,619 | |||||
Less amount representing interest | 49,949 | ||||||
Present value of minimum lease payments | 44,399 | ||||||
Less current portion | 231 | ||||||
$ 44,168 | |||||||
The following schedule shows the composition of total rental expense for the following years: | |||||||
2014 | 2013 | 2012 | |||||
Minimum rentals | $ 11,308 | $ 11,192 | $ 10,625 | ||||
Contingent rentals | 872 | 960 | 882 | ||||
$ 12,180 | $ 12,152 | $ 11,507 | |||||
On November 6, 2013, the Company closed the Morris Plains, New Jersey store and opened a 77,000 sq. ft. replacement store in Hanover Township, New Jersey. The Company recorded a $3,481 charge to Operating and administrative expense in fiscal 2014 for the remaining lease obligations, net of estimated sublease rentals, on the Morris Plains store. As of July 26, 2014, $710 of these costs have been paid, with a remaining liability of $2,771. | |||||||
On April 30, 2014, Village opened a 59,000 sq. ft. store in Union, New Jersey and closed our existing 40,000 sq. ft. store. The Company recorded a $929 charge to Operating and administrative expense in fiscal 2014 for the remaining lease obligations, net of estimated sublease rentals, on the old Union store. As of July 26, 2014, $132 of these costs have been paid, with a remaining liability of $797. | |||||||
Related party leases | |||||||
The Company leases a supermarket from a realty firm 30% owned by certain officers of Village. The Company paid rent to related parties under this lease of $640, $640 and $640 in fiscal 2014, 2013 and 2012, respectively. This lease expires in fiscal 2016 with options to extend at increasing annual rents. | |||||||
The Company has ownership interests in three real estate partnerships. Village paid aggregate rents to two of these partnerships for leased stores of $1,008, $834 and $801 in fiscal 2014, 2013 and 2012, respectively. In November 2012, the Company received $1,980 in cash distributions from two partnerships. Income from partnerships in fiscal 2013 of $1,450 represents proceeds received in excess of invested amounts. | |||||||
One of these partnerships is a variable interest entity, which is not consolidated as Village is not the primary beneficiary. This partnership owns one property, a stand-alone supermarket leased to the Company since 1974. Village is a general partner entitled to 33% of the partnerships profits and losses. | |||||||
The Company subleases the Galloway and Vineland stores from Wakefern under sublease agreements which provide for combined annual rent of $1,296. Both leases contain normal periodic rent increases and options to extend the lease. |
Note_7_Shareholders_Equity
Note 7 - Shareholders' Equity | 12 Months Ended | ||||||||||||
Jul. 26, 2014 | |||||||||||||
Notes | ' | ||||||||||||
Note 7 - Shareholders' Equity | ' | ||||||||||||
NOTE 7 — SHAREHOLDERS’ EQUITY | |||||||||||||
The Company has two classes of common stock. Class A common stock is entitled to one vote per share and to cash dividends as declared 54% greater than those paid on Class B common stock. Class B common stock is entitled to 10 votes per share. Class A and Class B common stock share equally on a per share basis in any distributions in liquidation. Shares of Class B common stock are convertible on a share-for-share basis for Class A common stock at any time. Class B common stock is not transferable except to another holder of Class B common stock or by will or under the laws of intestacy or pursuant to a resolution of the Board of Directors of the Company approving the transfer. As a result of this voting structure, the holders of the Class B common stock control greater than 50% of the total voting power of the shareholders of the Company and control the election of the Board of Directors. | |||||||||||||
The Company has authorized 10,000 shares of preferred stock. No shares have been issued. The Board of Directors is authorized to designate series, preferences, powers and participations of any preferred stock issued. | |||||||||||||
Village has three share-based compensation plans, which are described below. The compensation cost charged against income for these plans was $3,229, $3,222 and $3,180 in fiscal 2014, 2013 and 2012, respectively. Total income tax benefit recognized in the consolidated statements of operations for share-based compensation arrangements was $1,148, $1,140 and $1,126 in fiscal 2014, 2013 and 2012, respectively. | |||||||||||||
The 1997 Incentive and Non-Statutory Stock Option Plan (the “1997 Plan”) provided for the granting of options to purchase up to 1,000 shares of the Company’s Class A common stock by officers, employees and directors of the Company as designated by the Board of Directors. The Plan requires incentive stock options to be granted at exercise prices equal to the fair value of Village’s stock at the date of grant (110% if the optionee holds more than 10% of the voting stock of the Company), while nonqualified options may be granted at an exercise price less than fair value. All options granted under this plan were at fair value, vest over a one-year service period and are exercisable up to ten years from the date of grant. There are no shares remaining for future grants under the 1997 Plan. | |||||||||||||
The Village Super Market, Inc. 2004 Stock Plan (the “2004 Plan”) provides for awards of incentive and nonqualified stock options and restricted stock. There are 1,200 shares of Class A common stock authorized for issuance to employees and directors under the 2004 Plan. Terms and conditions of awards are determined by the Board of Directors. Option awards are primarily granted at the fair value of the Company’s stock at the date of grant, cliff vest three years from the grant date and are exercisable up to ten years from the date of grant. Restricted stock awards primarily cliff vest three years from the grant date. There are no shares remaining for future grants under the 2004 Plan. | |||||||||||||
On December 17, 2010, the shareholders of the Company approved the Village Super Market, Inc. 2010 Stock Plan (the “2010 Plan”) under which awards of incentive and non-qualified stock options and restricted stock may be made. There are 1,200 shares of Class A common stock authorized for issuance to employees and directors under the 2010 Plan. Terms and conditions of awards are determined by the Board of Directors. Option awards granted to date were granted at the fair value of the Company stock on the date of grant, primarily cliff vest three years from the grant date and are exercisable up to ten years from the grant date. Restricted stock awards primarily cliff vest three years from the date of grant. | |||||||||||||
The following table summarizes option activity under all plans for the following years: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Shares | Weighted-average exercise price | Shares | Weighted-average exercise price | Shares | Weighted-average exercise price | ||||||||
Outstanding at beginning of year | 380 | $ 24.91 | 474 | $ 24.03 | 555 | $ 23.34 | |||||||
Granted | 224 | 28.83 | 8 | 33.91 | - | - | |||||||
Exercised | (9) | 23.23 | (86) | 20.19 | (69) | 19.50 | |||||||
Forfeited | (4) | 27.51 | (16) | 28.86 | (12) | 18.40 | |||||||
Outstanding at end of year | 591 | $ 26.41 | 380 | $ 24.91 | 474 | $ 24.03 | |||||||
Options exercisable at end of year | 365 | $ 24.89 | 169 | $ 21.50 | 234 | $ 20.48 | |||||||
As of July 26, 2014, the weighted-average remaining contractual term of options outstanding and options exercisable was 6.8 years and 5.1 years, respectively. As of July 26, 2014, the aggregate intrinsic value of both options outstanding and options exercisable was $581. The weighted-average grant date fair value of options granted was $6.41 and $7.30 per share in fiscal 2014 and 2013, respectively. The total intrinsic value of options exercised was $113, $1,344 and $685 in fiscal 2014, 2013 and 2012, respectively. The fair value of each option award is estimated on the date of grant using the Black-Scholes Option Pricing Model using the weighted-average assumptions in the following table. The Company uses historical data for similar groups of employees in order to estimate the expected life of options granted. Expected volatility is based on the historical volatility of the Company’s stock for a period of years corresponding to the expected life of the option. The risk free interest rate is based on the U.S. Treasury yield curve at the time of grant for securities with a maturity period similar to the expected life of the option. | |||||||||||||
2014 | 2013 | ||||||||||||
Expected life (years) | 6.0 | 5.0 | |||||||||||
Expected volatility | 32.2 | % | 33.0 | % | |||||||||
Expected dividend yield | 3.5 | % | 3.0 | % | |||||||||
Risk-free interest rate | 1.9 | % | 0.8 | % | |||||||||
The following table summarizes restricted stock activity under the 2004 and 2010 Plans for fiscal 2014, 2013 and 2012: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Shares | Weighted-average grant date fair value | Shares | Weighted-average grant date fair value | Shares | Weighted-average grant date fair value | ||||||||
Nonvested at beginning of year | 299 | $ 27.60 | 299 | $ 27.57 | 293 | $ 27.56 | |||||||
Granted | 288 | 28.83 | 2 | 33.73 | 9 | 29.46 | |||||||
Vested | (299) | 27.60 | (2) | 28.25 | (3) | 32.25 | |||||||
Forfeited | - | - | - | - | - | - | |||||||
Nonvested at end of year | 288 | $ 28.83 | 299 | $ 27.60 | 299 | $ 27.57 | |||||||
The total fair value of restricted shares vested during fiscal 2014, 2013 and 2012 was $8,663, $60 and $89, respectively. As of July 26, 2014, there was $8,562 of total unrecognized compensation costs related to nonvested stock options and restricted stock granted under the above plans. That cost is expected to be recognized over a weighted-average period of 2.6 years. | |||||||||||||
Cash received from option exercises under all share-based compensation arrangements was $217, $1,742 and $1,353 in fiscal 2014, 2013 and 2012, respectively. The actual tax benefit realized for tax deductions from option exercises under share-based compensation arrangements was $46, $537 and $280 in fiscal 2014, 2013 and 2012, respectively. | |||||||||||||
The Company declared and paid cash dividends on common stock as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Per share: | |||||||||||||
Class A common stock | $ 1.000 | $ 2.000 | $ 0.850 | ||||||||||
Class B common stock | 0.650 | 1.300 | 0.553 | ||||||||||
Aggregate: | |||||||||||||
Class A common stock | $ 9,598 | $ 17,486 | $ 6,247 | ||||||||||
Class B common stock | 2,834 | 6,562 | 3,511 | ||||||||||
$ 12,432 | $ 24,048 | $ 9,758 | |||||||||||
Dividends paid in fiscal 2013 include special dividends totaling $12,009 paid in the second quarter, comprised of $1.00 per Class A common share and $.65 per Class B common share. |
Note_8_Pension_Plans
Note 8 - Pension Plans | 12 Months Ended | ||||||||||||||||||
Jul. 26, 2014 | |||||||||||||||||||
Notes | ' | ||||||||||||||||||
Note 8 - Pension Plans | ' | ||||||||||||||||||
NOTE 8 — PENSION PLANS | |||||||||||||||||||
Company-Sponsored Pension Plans | |||||||||||||||||||
The Company sponsors four defined benefit pension plans. Two are tax-qualified plans covering members of unions. Benefits under these two plans are based on a fixed amount for each year of service. One is a tax-qualified plan covering nonunion associates. Benefits under this plan are based upon percentages of annual compensation. Funding for these plans is based on an analysis of the specific requirements and an evaluation of the assets and liabilities of each plan. The fourth plan is an unfunded, nonqualified plan providing supplemental pension benefits to certain executives. The Company uses its fiscal year-end date as the measurement date for these plans. | |||||||||||||||||||
Net periodic pension cost for the four plans include the following components: | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Service cost | $ 2,926 | $ 3,279 | $ 2,694 | ||||||||||||||||
Interest cost on projected benefit obligation | 2,775 | 2,479 | 2,701 | ||||||||||||||||
Expected return on plan assets | (3,194) | (2,706) | (2,538) | ||||||||||||||||
Amortization of gains and losses | 804 | 2,173 | 1,371 | ||||||||||||||||
Amortization of prior service costs | - | 8 | 8 | ||||||||||||||||
Net periodic pension cost | $ 3,311 | $ 5,233 | $ 4,236 | ||||||||||||||||
The changes in benefit obligations and the reconciliation of the funded status of the Company’s plans to the consolidated balance sheets were as follows: | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Changes in Benefit Obligation: | |||||||||||||||||||
Benefit obligation at beginning of year | $ 63,644 | $ 67,179 | |||||||||||||||||
Service cost | 2,926 | 3,279 | |||||||||||||||||
Interest cost | 2,775 | 2,479 | |||||||||||||||||
Benefits paid | (1,445) | (2,422) | |||||||||||||||||
Actuarial (gain) loss | 9,190 | (6,871) | |||||||||||||||||
Benefit obligation at end of year | $ 77,090 | $ 63,644 | |||||||||||||||||
Changes in Plan Assets: | |||||||||||||||||||
Fair value of plan assets at beginning of year | $ 43,582 | $ 37,416 | |||||||||||||||||
Actual return on plan assets | 4,672 | 5,334 | |||||||||||||||||
Employer contributions | 3,320 | 3,254 | |||||||||||||||||
Benefits paid | (1,445) | (2,422) | |||||||||||||||||
Fair value of plan assets at end of year | 50,129 | 43,582 | |||||||||||||||||
Funded status at end of year | $ (26,961) | $ (20,062) | |||||||||||||||||
Amounts recognized in the consolidated balance sheets: | |||||||||||||||||||
Accrued wages and benefits | $ (3,085) | $ - | |||||||||||||||||
Pension liabilities | (23,876) | (20,062) | |||||||||||||||||
Accumulated other comprehensive loss, net of income taxes | 12,465 | 8,467 | |||||||||||||||||
Amounts included in Accumulated other comprehensive loss (pre-tax): | |||||||||||||||||||
Net actuarial loss | $ 21,018 | $ 14,111 | |||||||||||||||||
The Company expects approximately $1,295 of the net actuarial loss to be recognized as a component of net periodic benefit costs in fiscal 2015. | |||||||||||||||||||
The accumulated benefit obligations of the four plans were $63,971 and $53,034 at July 26, 2014 and July 27, 2013, respectively. The following information is presented for those plans with an accumulated benefit obligation in excess of plan assets: | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Projected benefit obligation | $ 77,090 | $ 14,943 | |||||||||||||||||
Accumulated benefit obligation | 63,971 | 14,943 | |||||||||||||||||
Fair value of plan assets | 50,129 | 3,695 | |||||||||||||||||
Weighted average assumptions used to determine benefit obligations and net periodic pension cost for the Company’s defined benefit plans were as follows: | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Assumed discount rate — net periodic pension cost | 4.43% | 3.59% | 4.99% | ||||||||||||||||
Assumed discount rate — benefit obligation | 3.95% | 4.43% | 3.59% | ||||||||||||||||
Assumed rate of increase in compensation levels | 4 - 4.5 % | 4 - 4.5 % | 4 - 4.5 % | ||||||||||||||||
Expected rate of return on plan assets | 7.50% | 7.50% | 7.50% | ||||||||||||||||
Investments in the pension trusts are overseen by the trustees of the plans, who are officers of Village. The Company’s overall investment strategy is to maintain a broadly diversified portfolio of stocks, bonds and money market instruments that, along with periodic plan contributions, provide the necessary funds for ongoing benefit obligations. Expected rates of return on plan assets are developed by determining projected stock and bond returns and then applying these returns to the target asset allocations of the trusts, resulting in a weighted-average rate of return on plan assets. Equity returns were based primarily on historical returns of the S&P 500 Index. Fixed-income projected returns were based primarily on historical returns for the broad U.S. bond market. The target allocations for plan assets are 50-70% equity securities, 25-40% fixed income securities and 0-10% cash. Asset allocations are reviewed periodically and appropriate rebalancing is performed. | |||||||||||||||||||
Equity securities include investments in large-cap, small-cap and mid-cap companies located both in and outside the United States. Fixed income securities include U.S. treasuries, mortgage-backed securities and corporate bonds of companies from diversified industries. Investments in securities are made both directly and through mutual funds. In addition, one plan held Class A common stock of Village in the amount of $541 and $837 at July 26, 2014 and July 27, 2013, respectively. | |||||||||||||||||||
Risk management is accomplished through diversification across asset classes and fund strategies, multiple investment portfolios and investment guidelines. The plans do not allow for investments in derivative instruments. | |||||||||||||||||||
The fair value of the pension assets were as follows: | |||||||||||||||||||
26-Jul-14 | 27-Jul-13 | ||||||||||||||||||
Asset Category | Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | |||||||||||||
Cash | $ 812 | $ - | $ 812 | $ 1,747 | $ - | $ 1,747 | |||||||||||||
Equity securities: | |||||||||||||||||||
Company stock | 541 | - | 541 | 837 | - | 837 | |||||||||||||
U.S large cap (1) | 17,095 | - | 17,095 | 16,385 | - | 16,385 | |||||||||||||
U.S. small/mid cap (2) | 5,916 | - | 5,916 | 6,762 | - | 6,762 | |||||||||||||
International (3) | 6,963 | - | 6,963 | 4,580 | - | 4,580 | |||||||||||||
Emerging markets (4) | 1,267 | - | 1,267 | 1,074 | - | 1,074 | |||||||||||||
Fixed income securities: | |||||||||||||||||||
U.S treasuries (5) | 9,399 | - | 9,399 | 7,966 | - | 7,966 | |||||||||||||
Mortgage-backed (5) | - | 2,207 | 2,207 | - | 1,877 | 1,877 | |||||||||||||
Corporate bonds (5) | 1,857 | 3,405 | 5,262 | - | 1,766 | 1,766 | |||||||||||||
International (6) | 667 | - | 667 | 588 | - | 588 | |||||||||||||
Total | $ 44,517 | $ 5,612 | $ 50,129 | $ 39,939 | $ 3,643 | $ 43,582 | |||||||||||||
(1) Includes directly owned securities and mutual funds, primarily low-cost equity index funds not actively managed that track the S&P 500. | |||||||||||||||||||
(2) Includes directly owned securities and mutual funds, which invest in diversified portfolios of publicly traded U.S. common stocks of small and medium cap companies. | |||||||||||||||||||
(3) Includes directly owned securities and mutual funds, which invest in diversified portfolios of publicly traded common stocks of large, non-U.S. companies. | |||||||||||||||||||
(4) Consists of mutual and exchange traded funds which invest in non-U.S. stocks in emerging markets. | |||||||||||||||||||
(5) Includes directly owned securities, mutual funds and exchange traded funds. | |||||||||||||||||||
(6) Consists of exchange traded funds which invest in non-U.S. bonds in emerging markets. | |||||||||||||||||||
Based on actuarial assumptions, estimated future defined benefit payments, which may be significantly impacted by participant elections related to retirement dates and forms of payment, are as follows: | |||||||||||||||||||
Fiscal Year | |||||||||||||||||||
2015 | $ 4,465 | ||||||||||||||||||
2016 | 1,524 | ||||||||||||||||||
2017 | 1,734 | ||||||||||||||||||
2018 | 2,112 | ||||||||||||||||||
2019 | 14,372 | ||||||||||||||||||
2020 - 2024 | 17,571 | ||||||||||||||||||
The Company expects to contribute $6,000 in cash to all defined benefit pension plans in fiscal 2015. | |||||||||||||||||||
Multi-Employer Plans | |||||||||||||||||||
The Company contributes to three multi-employer pension plans under collective bargaining agreements covering union-represented employees. These plans provide benefits to participants that are generally based on a fixed amount for each year of service. Based on the most recent information available, certain of these multi-employer plans are underfunded. The amount of any increase or decrease in Village’s required contributions to these multi- employer pension plans will depend upon the outcome of collective bargaining, actions taken by trustees who manage the plans, government regulations and the actual return on assets held in the plans, among other factors. | |||||||||||||||||||
The risks of participating in multi-employer pension plans are different from the risks of participating in single-employer pension plans in the following respects: | |||||||||||||||||||
· Assets contributed to a multi-employer plan by one employer may be used to provide benefits to employees of other participating employers. | |||||||||||||||||||
· If a participating employer stops contributing to the plan, the unfunded obligations of the plan allocable to such withdrawing employer may be borne by the remaining participating employers. | |||||||||||||||||||
· If the Company stops participating in some of its multi-employer pension plans, the Company may be required to pay those plans an amount based on its allocable share of the underfunded status of the plan, referred to as a withdrawal liability. | |||||||||||||||||||
The Company’s participation in these plans is outlined in the following tables. The “EIN / Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three-digit pension plan number. The most recent “Pension Protection Act Zone Status” available in 2013 and 2012 is for the plan’s year-end at December 31, 2013 and December 31, 2012, respectively, unless otherwise noted. Among other factors, generally, plans in the red zone are less than 65 percent funded, plans in the yellow zone are between 65 and 80 percent funded and plans in the green zone are at least 80 percent funded. The “FIP/RP Status Pending / Implemented” column indicates plans for which a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. | |||||||||||||||||||
Pension Protection Act Zone Status | FIP/RP Status Pending / Implemented | Contributions for the year ended (5) | Surcharge Imposed (6) | Expiration date of Collective-Bargaining Agreement | |||||||||||||||
Pension Fund | EIN / Pension Plan Number | 2013 | 2012 | 26-Jul-14 | 27-Jul-13 | 28-Jul-12 | |||||||||||||
Pension Plan of Local 464A (1) | 22605160022-6051600-001 | Green | Green | N/A | $615 | $532 | $499 | N/A | Jun-16 | ||||||||||
UFCW Local 1262 & Employers Pension Fund (2), (4) | 22607441422-6074414-001 | Red | Red | Implemented | 3,273 | 3,350 | 3,463 | No | Oct-18 | ||||||||||
UFCW Regional Pension Plan (3), (4) | 16606228716-6062287-074 | Red | Red | Implemented | 1,225 | 1,164 | 1,073 | No | Dec-14 | ||||||||||
Total Contributions | $5,113 | $5,046 | $5,035 | ||||||||||||||||
(1) The information for this fund was obtained from the Form 5500 filed for the plan’s year-end at December 31, 2013 and December 31, 2012. | |||||||||||||||||||
(2) The information for this fund was obtained from the Form 5500 filed for the plan’s year-end at December 31, 2012 and December 31, 2011. | |||||||||||||||||||
(3) The information for this fund was obtained from the Form 5500 filed for the plan’s year-end at September 30, 2013 and September 30, 2012. | |||||||||||||||||||
(4) This plan has elected to utilize special amortization provisions provided under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010. There were no changes to the plan’s zone status as a result of this election. | |||||||||||||||||||
(5) The Company’s contributions represent more than 5% of the total contributions received by each applicable pension fund for all periods presented. | |||||||||||||||||||
(6) Under the Pension Protection Act, a surcharge may be imposed when employers make contributions under a collective bargaining agreement that is not in compliance with a rehabilitation plan. As of July 26, 2014, the collective bargaining agreements under which the Company was making contributions were in compliance with rehabilitation plans adopted by each applicable pension fund. | |||||||||||||||||||
Other Postretirement Benefit Plans | |||||||||||||||||||
The Company also contributes to various other multi-employer benefit plans that provide health and welfare benefits to active and retired participants. Total contributions made by the Company to these other multi-employer benefit plans were approximately $25,531, $22,421 and $20,062 in fiscal 2014, 2013 and 2012, respectively. | |||||||||||||||||||
Defined Contribution Plans | |||||||||||||||||||
The Company sponsors a 401(k) savings plan for certain eligible associates. Company contributions under that plan, which are based on specified percentages of associate contributions, were $393, $377 and $331 in fiscal 2014, 2013 and 2012, respectively. The Company also contributes to union sponsored defined contribution plans for certain eligible associates. Company contributions under these plans were $813, $802 and $690 in fiscal 2014, 2013 and 2012, respectively. | |||||||||||||||||||
Note_9_Commitments_and_Conting
Note 9 - Commitments and Contingencies | 12 Months Ended |
Jul. 26, 2014 | |
Notes | ' |
Note 9 - Commitments and Contingencies | ' |
NOTE 9 — COMMITMENTS and CONTINGENCIES | |
Superstorm Sandy devastated our area on October 29, 2012 and resulted in the closure of almost all of our stores for periods of time ranging from a few hours to eight days. Village disposed of substantial amounts of perishable product and also incurred repair, labor and other costs as a result of the storm. The Company has property, casualty and business interruption insurance, subject to deductibles and coverage limits. During fiscal 2013, Wakefern began the process of working with our insurers to recover the damages and Village has recorded estimated insurance recoveries. Net of payments received, the related insurance receivable was $2,290 at July 26, 2014. In October 2013, Wakefern, as the policy holder, filed suit against the primary carrier seeking payment of remaining claims due for all Wakefern members. The suit is the result of different interpretations of policy terms. Final resolution of our insurance claim related to the storm could have a material impact on our results of operations. | |
Approximately 91% of our employees are covered by collective bargaining agreements. Contracts with the Company’s seven unions expire between December 2014 and October 2018. Approximately 29% of our associates are represented by unions whose contracts expire within one year. Any work stoppages could have an adverse impact on our financial results. | |
The Company is involved in other litigation incidental to the normal course of business. Excluding the tax litigation with the State of New Jersey as described in Note 5, Company management is of the opinion that the ultimate resolution of these legal proceedings should not have a material adverse effect on the consolidated financial position, results of operations or liquidity of the Company. |
Note_1_Summary_of_Significant_1
Note 1 - Summary of Significant Accounting Policies: Nature of Operations (Policies) | 12 Months Ended |
Jul. 26, 2014 | |
Policies | ' |
Nature of Operations | ' |
Nature of operations | |
Village Super Market, Inc. (the “Company” or “Village”) operates a chain of 29 ShopRite supermarkets in New Jersey, eastern Pennsylvania and Maryland. The Company is a member of Wakefern Food Corporation ("Wakefern"), the nation's largest retailer-owned food cooperative and owner of the ShopRite name. This relationship provides Village many of the economies of scale in purchasing, distribution, private label products, advanced retail technology, marketing and advertising associated with chains of greater size and geographic coverage. |
Note_1_Summary_of_Significant_2
Note 1 - Summary of Significant Accounting Policies: Principles of Consolidation (Policies) | 12 Months Ended |
Jul. 26, 2014 | |
Policies | ' |
Principles of Consolidation | ' |
Principles of consolidation | |
The consolidated financial statements include the accounts of Village Super Market, Inc. and its subsidiaries, which are wholly owned. Intercompany balances and transactions have been eliminated. |
Note_1_Summary_of_Significant_3
Note 1 - Summary of Significant Accounting Policies: Fiscal Year (Policies) | 12 Months Ended |
Jul. 26, 2014 | |
Policies | ' |
Fiscal Year | ' |
Fiscal year | |
The Company and its subsidiaries utilize a 52-53 week fiscal year ending on the last Saturday in the month of July. Fiscal 2014, 2013 and 2012 contain 52 weeks. |
Note_1_Summary_of_Significant_4
Note 1 - Summary of Significant Accounting Policies: Industry Segment (Policies) | 12 Months Ended |
Jul. 26, 2014 | |
Policies | ' |
Industry Segment | ' |
Industry segment | |
The Company consists of one operating segment, the retail sale of food and nonfood products. |
Note_1_Summary_of_Significant_5
Note 1 - Summary of Significant Accounting Policies: Revenue Recognition (Policies) | 12 Months Ended |
Jul. 26, 2014 | |
Policies | ' |
Revenue Recognition | ' |
Revenue recognition | |
Merchandise sales are recognized at the point of sale to the customer. Sales tax is excluded from revenue. Discounts provided to customers through ShopRite coupons and loyalty programs are recognized as a reduction of sales as the products are sold. |
Note_1_Summary_of_Significant_6
Note 1 - Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies) | 12 Months Ended |
Jul. 26, 2014 | |
Policies | ' |
Cash and Cash Equivalents | ' |
Cash and cash equivalents | |
The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. Included in cash and cash equivalents are proceeds due from credit and debit card transactions, which typically settle within five business days, of $9,864 and $8,922 at July 26, 2014 and July 27, 2013, respectively. Included in cash and cash equivalents at July 26, 2014 and July 27, 2013 are $52,891 and $85,222, respectively, of demand deposits invested at Wakefern at overnight money market rates. |
Note_1_Summary_of_Significant_7
Note 1 - Summary of Significant Accounting Policies: Merchandise Inventories (Policies) | 12 Months Ended |
Jul. 26, 2014 | |
Policies | ' |
Merchandise Inventories | ' |
Merchandise inventories | |
Approximately 65% of merchandise inventories are stated at the lower of LIFO (last-in, first-out) cost or market. If the FIFO (first-in, first-out) method had been used, inventories would have been $14,570 and $14,786 higher than reported in fiscal 2014 and 2013, respectively. All other inventories are stated at the lower of FIFO cost or market. |
Note_1_Summary_of_Significant_8
Note 1 - Summary of Significant Accounting Policies: Vendor Allowances and Rebates (Policies) | 12 Months Ended |
Jul. 26, 2014 | |
Policies | ' |
Vendor Allowances and Rebates | ' |
Vendor allowances and rebates | |
The Company receives vendor allowances and rebates, including the patronage dividend and amounts received as a pass through from Wakefern, related to the Company’s buying and merchandising activities. Vendor allowances and rebates are recognized as a reduction in cost of sales when the related merchandise is sold or when the required contractual terms are completed. |
Note_1_Summary_of_Significant_9
Note 1 - Summary of Significant Accounting Policies: Property, Equipment and Fixtures (Policies) | 12 Months Ended |
Jul. 26, 2014 | |
Policies | ' |
Property, Equipment and Fixtures | ' |
Property, equipment and fixtures | |
Property, equipment and fixtures are recorded at cost. Interest cost incurred to finance construction is capitalized as part of the cost of the asset. Maintenance and repairs are expensed as incurred. | |
Depreciation is provided on a straight-line basis over estimated useful lives of thirty years for buildings, ten years for store fixtures and equipment, and three years for vehicles. Leasehold improvements are amortized over the shorter of the related lease terms or the estimated useful lives of the related assets. | |
When assets are sold or retired, their cost and accumulated depreciation are removed from the accounts, and any gain or loss is reflected in the consolidated financial statements. |
Recovered_Sheet1
Note 1 - Summary of Significant Accounting Policies: Investments (Policies) | 12 Months Ended |
Jul. 26, 2014 | |
Policies | ' |
Investments | ' |
Investments | |
The Company’s investments in its principal supplier, Wakefern, and a Wakefern affiliate, Insure-Rite, Ltd., are stated at cost (see Note 3). Village evaluates its investments in Wakefern and Insure-Rite, Ltd. for impairment through consideration of previous, current and projected levels of profit of those entities. | |
The Company’s 20%-50% investments in certain real estate partnerships are accounted for under the equity method. One of these partnerships is a variable interest entity which does not require consolidation as Village is not the primary beneficiary (see Note 6). |
Recovered_Sheet2
Note 1 - Summary of Significant Accounting Policies: Store Opening and Closing Costs (Policies) | 12 Months Ended |
Jul. 26, 2014 | |
Policies | ' |
Store Opening and Closing Costs | ' |
Store opening and closing costs | |
All store opening costs are expensed as incurred. The Company records a liability for the future minimum lease payments and related costs for closed stores from the date of closure to the end of the remaining lease term, net of estimated cost recoveries that may be achieved through subletting, discounted using a risk-adjusted interest rate. |
Recovered_Sheet3
Note 1 - Summary of Significant Accounting Policies: Leases (Policies) | 12 Months Ended |
Jul. 26, 2014 | |
Policies | ' |
Leases | ' |
Leases | |
Leases that meet certain criteria are classified as capital leases, and assets and liabilities are recorded at amounts equal to the lesser of the present value of the minimum lease payments or the fair value of the leased properties at the inception of the respective leases. Such assets are amortized on a straight- line basis over the shorter of the related lease terms or the estimated useful lives of the related assets. Amounts representing interest expense relating to the lease obligations are recorded to effect constant rates of interest over the terms of the leases. Leases that do not qualify as capital leases are classified as operating leases. The Company accounts for rent holidays, escalating rent provisions, and construction allowances on a straight-line basis over the term of the lease. | |
For leases in which the Company is involved with the construction of the store, if Village concludes that it has substantially all of the risks of ownership during construction of the leased property and therefore is deemed the owner of the project for accounting purposes, an asset and related financing obligation are recorded for the costs paid by the landlord. Once construction is complete, the Company considers the requirements for sale-leaseback treatment. If the arrangement does not qualify for sale-leaseback treatment, the Company amortizes the financing obligation and depreciates the building over the lease term. | |
Recovered_Sheet4
Note 1 - Summary of Significant Accounting Policies: Advertising (Policies) | 12 Months Ended |
Jul. 26, 2014 | |
Policies | ' |
Advertising | ' |
Advertising | |
Advertising costs are expensed as incurred. Advertising expense was $11,474, $11,018 and $10,952 in fiscal 2014, 2013 and 2012, respectively. |
Recovered_Sheet5
Note 1 - Summary of Significant Accounting Policies: Income Taxes (Policies) | 12 Months Ended |
Jul. 26, 2014 | |
Policies | ' |
Income Taxes | ' |
Income taxes | |
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. | |
The Company recognizes a tax benefit for uncertain tax positions if it is “more likely than not” that the position is sustainable, based on its technical merits. The tax benefit of a qualifying position is the largest amount of tax benefit that is greater than 50% likely of being realized upon effective settlement with a taxing authority having full knowledge of all relevant information. |
Recovered_Sheet6
Note 1 - Summary of Significant Accounting Policies: Use of Estimates (Policies) | 12 Months Ended |
Jul. 26, 2014 | |
Policies | ' |
Use of Estimates | ' |
Use of estimates | |
In conformity with U.S. generally accepted accounting principles, management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Some of the more significant estimates are patronage dividends, pension accounting assumptions, share-based compensation assumptions, accounting for uncertain tax positions, accounting for contingencies and the impairment of long-lived assets and goodwill. Actual results could differ from those estimates. |
Recovered_Sheet7
Note 1 - Summary of Significant Accounting Policies: Fair Value (Policies) | 12 Months Ended |
Jul. 26, 2014 | |
Policies | ' |
Fair Value | ' |
Fair value | |
Fair value is defined as the exit price that would be received to sell an asset or paid to transfer a liability. Fair value is a market-based measurement that should be determined using assumptions that market participants would use in pricing an asset or liability. The fair value guidance establishes a three-level hierarchy to prioritize the inputs used in measuring fair value. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities in active markets observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability. | |
Cash and cash equivalents, patronage dividends receivable, accounts payable and accrued expenses are reflected in the consolidated financial statements at carrying value, which approximates fair value because of the short-term maturity of these instruments. The carrying values of the Company’s notes receivable from Wakefern approximate their fair value as interest is earned at variable market rates. As the Company’s investments in Wakefern can only be sold to Wakefern at amounts that approximate the Company’s cost, it is not practicable to estimate the fair value of such investments. |
Recovered_Sheet8
Note 1 - Summary of Significant Accounting Policies: Long-lived Assets (Policies) | 12 Months Ended |
Jul. 26, 2014 | |
Policies | ' |
Long-lived Assets | ' |
Long-lived assets | |
The Company reviews long-lived assets, such as property, equipment and fixtures on an individual store basis for impairment when circumstances indicate the carrying amount of an asset group may not be recoverable. Such review analyzes the undiscounted estimated future cash flows from such assets to determine if the carrying value of such assets are recoverable from their respective cash flows. If impairment is indicated, it is measured by comparing the fair value of the long-lived assets to their carrying value. |
Recovered_Sheet9
Note 1 - Summary of Significant Accounting Policies: Goodwill (Policies) | 12 Months Ended |
Jul. 26, 2014 | |
Policies | ' |
Goodwill | ' |
Goodwill | |
Goodwill is tested at the end of each fiscal year, or more frequently if circumstances dictate, for impairment. An impairment loss is recognized to the extent that the carrying amount of goodwill exceeds its implied fair value. Village operates as a single reporting unit for purposes of evaluating goodwill for impairment and primarily considers earnings multiples and other valuation techniques to measure fair value, in addition to the value of the Company’s stock. |
Recovered_Sheet10
Note 1 - Summary of Significant Accounting Policies: Net Income Per Share (Policies) | 12 Months Ended |
Jul. 26, 2014 | |
Policies | ' |
Net Income Per Share | ' |
Net income per share | |
The Company has two classes of common stock. Class A common stock is entitled to cash dividends as declared 54% greater than those paid on Class B common stock. Shares of Class B common stock are convertible on a share-for-share basis for Class A common stock at any time. | |
The Company utilizes the two-class method of computing and presenting net income per share. The two-class method is an earnings allocation formula that calculates basic and diluted net income per share for each class of common stock separately based on dividends declared and participation rights in undistributed earnings. Under the two-class method, Class A common stock is assumed to receive a 54% greater participation in undistributed earnings than Class B common stock, in accordance with the classes respective dividend rights. Unvested share-based payment awards that contain nonforfeitable rights to dividends are treated as participating securities and therefore included in computing net income per share using the two-class method. | |
Diluted net income per share for Class A common stock is calculated utilizing the if-converted method, which assumes the conversion of all shares of Class B common stock to Class A common stock on a share-for- share basis, as this method is more dilutive than the two-class method. Diluted net income per share for Class B common stock does not assume conversion of Class B common stock to shares of Class A common stock. |
Recovered_Sheet11
Note 1 - Summary of Significant Accounting Policies: Share-based Compensation (Policies) | 12 Months Ended |
Jul. 26, 2014 | |
Policies | ' |
Share-based Compensation | ' |
Share-based compensation | |
All share-based payments to employees are recognized in the financial statements as compensation costs based on the fair market value on the date of the grant. |
Recovered_Sheet12
Note 1 - Summary of Significant Accounting Policies: Benefit Plans (Policies) | 12 Months Ended |
Jul. 26, 2014 | |
Policies | ' |
Benefit Plans | ' |
Benefit plans | |
The Company recognizes the funded status of its Company sponsored retirement plans on the consolidated balance sheet. Actuarial gains or losses, prior service costs or credits and transition obligations not previously recognized are recorded as a component of Accumulated Other Comprehensive Income (Loss). | |
The Company also contributes to several multi-employer pension plans under the terms of collective bargaining agreements that cover certain union-represented employees. Pension expense for these plans is recognized as contributions are made. |
Recovered_Sheet13
Note 1 - Summary of Significant Accounting Policies: Recently Issued Accounting Standards (Policies) | 12 Months Ended |
Jul. 26, 2014 | |
Policies | ' |
Recently Issued Accounting Standards | ' |
Recently issued accounting standards | |
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") No. 2014-09, “Revenue from Contracts with Customers,” which provides guidance for revenue recognition. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The new guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Company is currently assessing the potential impact of ASU No. 2014-09 on its financial statements. |
Recovered_Sheet14
Note 1 - Summary of Significant Accounting Policies: Schedule of Earnings Per Share, Basic and Diluted (Tables) | 12 Months Ended | ||||||||||||
Jul. 26, 2014 | |||||||||||||
Tables/Schedules | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Class A | Class B | Class A | Class B | Class A | Class B | ||||||||
Numerator: | |||||||||||||
Net income allocated, basic | $ 3,788 | $ 1,141 | $ 18,089 | $ 7,053 | $ 19,314 | $ 11,317 | |||||||
Conversion of Class B to Class A shares | 1,141 | - | 7,053 | - | 11,317 | - | |||||||
Effect of share-based compensation on allocated net income | (20) | (11) | 6 | (5) | 94 | (54) | |||||||
Net income allocated, diluted | $ 4,909 | $ 1,130 | $ 25,148 | $ 7,048 | $ 30,725 | $ 11,263 | |||||||
Denominator: | |||||||||||||
Weighted average shares outstanding, basic | 9,258 | 4,374 | 8,297 | 5,197 | 7,045 | 6,358 | |||||||
Conversion of Class B to Class A shares | 4,374 | - | 5,197 | - | 6,358 | - | |||||||
Dilutive effect of share-based compensation | 62 | - | 112 | - | 81 | - | |||||||
Weighted average shares outstanding, diluted | 13,694 | 4,374 | 13,606 | 5,197 | 13,484 | 6,358 | |||||||
Net income per share is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Class A | Class B | Class A | Class B | Class A | Class B | ||||||||
Basic | $ 0.41 | $ 0.26 | $ 2.18 | $ 1.36 | $ 2.74 | $ 1.78 | |||||||
Diluted | $ 0.36 | $ 0.26 | $ 1.85 | $ 1.36 | $ 2.28 | $ 1.77 |
Note_2_Property_Equipment_and_1
Note 2 - Property, Equipment and Fixtures: Property, Plant and Equipment (Tables) | 12 Months Ended | ||||
Jul. 26, 2014 | |||||
Tables/Schedules | ' | ||||
Property, Plant and Equipment | ' | ||||
26-Jul-14 | 27-Jul-13 | ||||
Land and buildings | $ 103,043 | $ 78,786 | |||
Store fixtures and equipment | 214,091 | 190,957 | |||
Leasehold improvements | 89,409 | 82,523 | |||
Leased property under capital leases | 25,211 | 21,686 | |||
Construction in progress | 121 | 12,231 | |||
Vehicles | 3,031 | 2,581 | |||
Total property, equipment and fixtures | 434,906 | 388,764 | |||
Accumulated depreciation | (222,784) | (207,161) | |||
Accumulated amortization of property under capital leases | (5,402) | (4,622) | |||
Property, equipment and fixtures, net | $ 206,720 | $ 176,981 |
Note_5_Income_Taxes_Schedule_o
Note 5 - Income Taxes: Schedule of Components of Income Tax Expense (Benefit) (Tables) | 12 Months Ended | |||||
Jul. 26, 2014 | ||||||
Tables/Schedules | ' | |||||
Schedule of Components of Income Tax Expense (Benefit) | ' | |||||
2014 | 2013 | 2012 | ||||
Federal: | ||||||
Current | $ 10,808 | $ 17,215 | $ 16,009 | |||
Deferred | (6,938) | (3,021) | 931 | |||
State: | ||||||
Current | 21,043 | 5,139 | 5,165 | |||
Deferred | (1,110) | (478) | 158 | |||
$ 23,803 | $ 18,855 | $ 22,263 | ||||
Note_5_Income_Taxes_Schedule_o1
Note 5 - Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended | ||||
Jul. 26, 2014 | |||||
Tables/Schedules | ' | ||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||
26-Jul-14 | 27-Jul-13 | ||||
Deferred tax assets: | |||||
Leasing activities | $ 7,814 | $ 5,747 | |||
Federal benefit of uncertain tax positions | 14,816 | 8,028 | |||
Compensation related costs | 4,000 | 6,256 | |||
Pension costs | 8,553 | 5,644 | |||
Other | 3,189 | 1,868 | |||
Total deferred tax assets | 38,372 | 27,543 | |||
Deferred tax liabilities: | |||||
Tax over book depreciation | 17,214 | 17,352 | |||
Patronage dividend receivable | 5,223 | 4,903 | |||
Investment in partnerships | 1,423 | 1,411 | |||
Other | 170 | 491 | |||
Total deferred tax liabilities | 24,030 | 24,157 | |||
Net deferred tax asset | $ 14,342 | $ 3,386 |
Note_5_Income_Taxes_Deferred_I
Note 5 - Income Taxes: Deferred Income Tax Assets And Liabilities Included on Consolidated Balance Sheet (Tables) | 12 Months Ended | ||||
Jul. 26, 2014 | |||||
Tables/Schedules | ' | ||||
Deferred Income Tax Assets And Liabilities Included on Consolidated Balance Sheet | ' | ||||
2014 | 2013 | ||||
Other current assets | $ 12,077 | $ 5,053 | |||
Other assets | 3,037 | 1,211 | |||
Accounts payable and accrued expenses | (772) | (838) | |||
Other liabilities | - | (2,040) |
Note_5_Income_Taxes_Schedule_o2
Note 5 - Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended | |||||||
Jul. 26, 2014 | ||||||||
Tables/Schedules | ' | |||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||
2014 | 2013 | 2012 | ||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | ||
State income taxes, net of federal tax benefit | 6.4 | 5.2 | 5.3 | |||||
Unrecognized tax benefits, interest and penalties on prior year tax positions | 34.9 | - | - | |||||
Current year interest and penalties on unrecognized tax benefits | 5.4 | 1.6 | 1.1 | |||||
Other | 0.8 | 0.4 | 0.1 | |||||
Effective income tax rate | 82.5 | % | 42.2 | % | 41.5 | % |
Note_5_Income_Taxes_Schedule_o3
Note 5 - Income Taxes: Schedule of Unrecognized Tax Benefits Roll Forward (Tables) | 12 Months Ended | ||||
Jul. 26, 2014 | |||||
Tables/Schedules | ' | ||||
Schedule of Unrecognized Tax Benefits Roll Forward | ' | ||||
2014 | 2013 | ||||
Balance at beginning of year | $ 17,640 | $ 14,895 | |||
Additions based on tax positions related to prior periods | 7,589 | - | |||
Additions based on tax positions related to the current year | 3,764 | 2,745 | |||
Balance at end of year | $ 28,993 | $ 17,640 |
Note_6_Leases_Schedule_of_Futu
Note 6 - Leases: Schedule of Future Minimum Lease Payments for Capital Leases (Tables) | 12 Months Ended | ||||
Jul. 26, 2014 | |||||
Tables/Schedules | ' | ||||
Schedule of Future Minimum Lease Payments for Capital Leases | ' | ||||
Capital and financing leases | Operating Leases | ||||
2015 | $ 4,674 | $ 10,411 | |||
2016 | 4,875 | 9,265 | |||
2017 | 4,875 | 6,845 | |||
2018 | 4,959 | 6,282 | |||
2019 | 5,001 | 5,076 | |||
Thereafter | 69,964 | 47,740 | |||
Minimum lease payments | 94,348 | $ 85,619 | |||
Less amount representing interest | 49,949 | ||||
Present value of minimum lease payments | 44,399 | ||||
Less current portion | 231 | ||||
$ 44,168 |
Note_6_Leases_Schedule_of_Rent
Note 6 - Leases: Schedule of Rent Expense (Tables) | 12 Months Ended | ||||||
Jul. 26, 2014 | |||||||
Tables/Schedules | ' | ||||||
Schedule of Rent Expense | ' | ||||||
2014 | 2013 | 2012 | |||||
Minimum rentals | $ 11,308 | $ 11,192 | $ 10,625 | ||||
Contingent rentals | 872 | 960 | 882 | ||||
$ 12,180 | $ 12,152 | $ 11,507 |
Note_7_Shareholders_Equity_Sch
Note 7 - Shareholders' Equity: Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity (Tables) | 12 Months Ended | ||||||||||||
Jul. 26, 2014 | |||||||||||||
Tables/Schedules | ' | ||||||||||||
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity | ' | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Shares | Weighted-average exercise price | Shares | Weighted-average exercise price | Shares | Weighted-average exercise price | ||||||||
Outstanding at beginning of year | 380 | $ 24.91 | 474 | $ 24.03 | 555 | $ 23.34 | |||||||
Granted | 224 | 28.83 | 8 | 33.91 | - | - | |||||||
Exercised | (9) | 23.23 | (86) | 20.19 | (69) | 19.50 | |||||||
Forfeited | (4) | 27.51 | (16) | 28.86 | (12) | 18.40 | |||||||
Outstanding at end of year | 591 | $ 26.41 | 380 | $ 24.91 | 474 | $ 24.03 | |||||||
Options exercisable at end of year | 365 | $ 24.89 | 169 | $ 21.50 | 234 | $ 20.48 | |||||||
Note_7_Shareholders_Equity_Sch1
Note 7 - Shareholders' Equity: Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Tables) | 12 Months Ended | |||||
Jul. 26, 2014 | ||||||
Tables/Schedules | ' | |||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | |||||
2014 | 2013 | |||||
Expected life (years) | 6.0 | 5.0 | ||||
Expected volatility | 32.2 | % | 33.0 | % | ||
Expected dividend yield | 3.5 | % | 3.0 | % | ||
Risk-free interest rate | 1.9 | % | 0.8 | % |
Note_7_Shareholders_Equity_Sch2
Note 7 - Shareholders' Equity: Schedule of Share-based Compensation, Restricted Stock Units Award Activity (Tables) | 12 Months Ended | ||||||||||||
Jul. 26, 2014 | |||||||||||||
Tables/Schedules | ' | ||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | ' | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Shares | Weighted-average grant date fair value | Shares | Weighted-average grant date fair value | Shares | Weighted-average grant date fair value | ||||||||
Nonvested at beginning of year | 299 | $ 27.60 | 299 | $ 27.57 | 293 | $ 27.56 | |||||||
Granted | 288 | 28.83 | 2 | 33.73 | 9 | 29.46 | |||||||
Vested | (299) | 27.60 | (2) | 28.25 | (3) | 32.25 | |||||||
Forfeited | - | - | - | - | - | - | |||||||
Nonvested at end of year | 288 | $ 28.83 | 299 | $ 27.60 | 299 | $ 27.57 |
Note_7_Shareholders_Equity_Sch3
Note 7 - Shareholders' Equity: Schedule of dividends declared and paid (Tables) | 12 Months Ended | ||||||
Jul. 26, 2014 | |||||||
Tables/Schedules | ' | ||||||
Schedule of dividends declared and paid | ' | ||||||
2014 | 2013 | 2012 | |||||
Per share: | |||||||
Class A common stock | $ 1.000 | $ 2.000 | $ 0.850 | ||||
Class B common stock | 0.650 | 1.300 | 0.553 | ||||
Aggregate: | |||||||
Class A common stock | $ 9,598 | $ 17,486 | $ 6,247 | ||||
Class B common stock | 2,834 | 6,562 | 3,511 | ||||
$ 12,432 | $ 24,048 | $ 9,758 |
Note_8_Pension_Plans_Schedule_
Note 8 - Pension Plans: Schedule of Net Benefit Costs Recognized (Tables) | 12 Months Ended | ||||||
Jul. 26, 2014 | |||||||
Tables/Schedules | ' | ||||||
Schedule of Net Benefit Costs Recognized | ' | ||||||
2014 | 2013 | 2012 | |||||
Service cost | $ 2,926 | $ 3,279 | $ 2,694 | ||||
Interest cost on projected benefit obligation | 2,775 | 2,479 | 2,701 | ||||
Expected return on plan assets | (3,194) | (2,706) | (2,538) | ||||
Amortization of gains and losses | 804 | 2,173 | 1,371 | ||||
Amortization of prior service costs | - | 8 | 8 | ||||
Net periodic pension cost | $ 3,311 | $ 5,233 | $ 4,236 | ||||
Note_8_Pension_Plans_Schedule_1
Note 8 - Pension Plans: Schedule of Amounts Recognized In Plan Assets and Benefit Obligations Recognized (Tables) | 12 Months Ended | ||||
Jul. 26, 2014 | |||||
Tables/Schedules | ' | ||||
Schedule of Amounts Recognized In Plan Assets and Benefit Obligations Recognized | ' | ||||
2014 | 2013 | ||||
Changes in Benefit Obligation: | |||||
Benefit obligation at beginning of year | $ 63,644 | $ 67,179 | |||
Service cost | 2,926 | 3,279 | |||
Interest cost | 2,775 | 2,479 | |||
Benefits paid | (1,445) | (2,422) | |||
Actuarial (gain) loss | 9,190 | (6,871) | |||
Benefit obligation at end of year | $ 77,090 | $ 63,644 | |||
Changes in Plan Assets: | |||||
Fair value of plan assets at beginning of year | $ 43,582 | $ 37,416 | |||
Actual return on plan assets | 4,672 | 5,334 | |||
Employer contributions | 3,320 | 3,254 | |||
Benefits paid | (1,445) | (2,422) | |||
Fair value of plan assets at end of year | 50,129 | 43,582 | |||
Funded status at end of year | $ (26,961) | $ (20,062) | |||
Amounts recognized in the consolidated balance sheets: | |||||
Accrued wages and benefits | $ (3,085) | $ - | |||
Pension liabilities | (23,876) | (20,062) | |||
Accumulated other comprehensive loss, net of income taxes | 12,465 | 8,467 | |||
Amounts included in Accumulated other comprehensive loss (pre-tax): | |||||
Net actuarial loss | $ 21,018 | $ 14,111 | |||
Note_8_Pension_Plans_Schedule_2
Note 8 - Pension Plans: Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets (Tables) | 12 Months Ended | ||||
Jul. 26, 2014 | |||||
Tables/Schedules | ' | ||||
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | ' | ||||
2014 | 2013 | ||||
Projected benefit obligation | $ 77,090 | $ 14,943 | |||
Accumulated benefit obligation | 63,971 | 14,943 | |||
Fair value of plan assets | 50,129 | 3,695 |
Note_8_Pension_Plans_Schedule_3
Note 8 - Pension Plans: Schedule of Assumptions Used (Tables) | 12 Months Ended | ||||||
Jul. 26, 2014 | |||||||
Tables/Schedules | ' | ||||||
Schedule of Assumptions Used | ' | ||||||
2014 | 2013 | 2012 | |||||
Assumed discount rate — net periodic pension cost | 4.43% | 3.59% | 4.99% | ||||
Assumed discount rate — benefit obligation | 3.95% | 4.43% | 3.59% | ||||
Assumed rate of increase in compensation levels | 4 - 4.5 % | 4 - 4.5 % | 4 - 4.5 % | ||||
Expected rate of return on plan assets | 7.50% | 7.50% | 7.50% | ||||
Note_8_Pension_Plans_Schedule_4
Note 8 - Pension Plans: Schedule of Allocation of Plan Assets (Tables) | 12 Months Ended | ||||||||||||
Jul. 26, 2014 | |||||||||||||
Tables/Schedules | ' | ||||||||||||
Schedule of Allocation of Plan Assets | ' | ||||||||||||
26-Jul-14 | 27-Jul-13 | ||||||||||||
Asset Category | Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | |||||||
Cash | $ 812 | $ - | $ 812 | $ 1,747 | $ - | $ 1,747 | |||||||
Equity securities: | |||||||||||||
Company stock | 541 | - | 541 | 837 | - | 837 | |||||||
U.S large cap (1) | 17,095 | - | 17,095 | 16,385 | - | 16,385 | |||||||
U.S. small/mid cap (2) | 5,916 | - | 5,916 | 6,762 | - | 6,762 | |||||||
International (3) | 6,963 | - | 6,963 | 4,580 | - | 4,580 | |||||||
Emerging markets (4) | 1,267 | - | 1,267 | 1,074 | - | 1,074 | |||||||
Fixed income securities: | |||||||||||||
U.S treasuries (5) | 9,399 | - | 9,399 | 7,966 | - | 7,966 | |||||||
Mortgage-backed (5) | - | 2,207 | 2,207 | - | 1,877 | 1,877 | |||||||
Corporate bonds (5) | 1,857 | 3,405 | 5,262 | - | 1,766 | 1,766 | |||||||
International (6) | 667 | - | 667 | 588 | - | 588 | |||||||
Total | $ 44,517 | $ 5,612 | $ 50,129 | $ 39,939 | $ 3,643 | $ 43,582 | |||||||
(1) Includes directly owned securities and mutual funds, primarily low-cost equity index funds not actively managed that track the S&P 500. | |||||||||||||
(2) Includes directly owned securities and mutual funds, which invest in diversified portfolios of publicly traded U.S. common stocks of small and medium cap companies. | |||||||||||||
(3) Includes directly owned securities and mutual funds, which invest in diversified portfolios of publicly traded common stocks of large, non-U.S. companies. | |||||||||||||
(4) Consists of mutual and exchange traded funds which invest in non-U.S. stocks in emerging markets. | |||||||||||||
(5) Includes directly owned securities, mutual funds and exchange traded funds. | |||||||||||||
(6) Consists of exchange traded funds which invest in non-U.S. bonds in emerging markets. |
Note_8_Pension_Plans_Schedule_5
Note 8 - Pension Plans: Schedule of Expected Benefit Payments (Tables) | 12 Months Ended | |
Jul. 26, 2014 | ||
Tables/Schedules | ' | |
Schedule of Expected Benefit Payments | ' | |
Fiscal Year | ||
2015 | $ 4,465 | |
2016 | 1,524 | |
2017 | 1,734 | |
2018 | 2,112 | |
2019 | 14,372 | |
2020 - 2024 | 17,571 |
Note_8_Pension_Plans_Schedule_6
Note 8 - Pension Plans: Schedule of Multiemployer Plans (Tables) | 12 Months Ended | ||||||||||||||||||
Jul. 26, 2014 | |||||||||||||||||||
Tables/Schedules | ' | ||||||||||||||||||
Schedule of Multiemployer Plans | ' | ||||||||||||||||||
Pension Protection Act Zone Status | FIP/RP Status Pending / Implemented | Contributions for the year ended (5) | Surcharge Imposed (6) | Expiration date of Collective-Bargaining Agreement | |||||||||||||||
Pension Fund | EIN / Pension Plan Number | 2013 | 2012 | 26-Jul-14 | 27-Jul-13 | 28-Jul-12 | |||||||||||||
Pension Plan of Local 464A (1) | 22605160022-6051600-001 | Green | Green | N/A | $615 | $532 | $499 | N/A | Jun-16 | ||||||||||
UFCW Local 1262 & Employers Pension Fund (2), (4) | 22607441422-6074414-001 | Red | Red | Implemented | 3,273 | 3,350 | 3,463 | No | Oct-18 | ||||||||||
UFCW Regional Pension Plan (3), (4) | 16606228716-6062287-074 | Red | Red | Implemented | 1,225 | 1,164 | 1,073 | No | Dec-14 | ||||||||||
Total Contributions | $5,113 | $5,046 | $5,035 | ||||||||||||||||
(1) The information for this fund was obtained from the Form 5500 filed for the plan’s year-end at December 31, 2013 and December 31, 2012. | |||||||||||||||||||
(2) The information for this fund was obtained from the Form 5500 filed for the plan’s year-end at December 31, 2012 and December 31, 2011. | |||||||||||||||||||
(3) The information for this fund was obtained from the Form 5500 filed for the plan’s year-end at September 30, 2013 and September 30, 2012. | |||||||||||||||||||
(4) This plan has elected to utilize special amortization provisions provided under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010. There were no changes to the plan’s zone status as a result of this election. | |||||||||||||||||||
(5) The Company’s contributions represent more than 5% of the total contributions received by each applicable pension fund for all periods presented. | |||||||||||||||||||
(6) Under the Pension Protection Act, a surcharge may be imposed when employers make contributions under a collective bargaining agreement that is not in compliance with a rehabilitation plan. As of July 26, 2014, the collective bargaining agreements under which the Company was making contributions were in compliance with rehabilitation plans adopted by each applicable pension fund. |
Recovered_Sheet15
Note 1 - Summary of Significant Accounting Policies: Nature of Operations (Details) | Jul. 26, 2014 |
Details | ' |
Number of Stores | 29 |
Recovered_Sheet16
Note 1 - Summary of Significant Accounting Policies: Cash and Cash Equivalents (Details) (USD $) | Jul. 26, 2014 | Jul. 27, 2013 |
Details | ' | ' |
Credit and Debit Card Receivables, at Carrying Value | $9,864 | $8,922 |
Demand deposits invested at related party Wakefern | $52,891 | $85,222 |
Recovered_Sheet17
Note 1 - Summary of Significant Accounting Policies: Merchandise Inventories (Details) (USD $) | Jul. 26, 2014 | Jul. 27, 2013 |
Details | ' | ' |
Percentage of LIFO Inventory | 65.00% | ' |
Inventory, LIFO Reserve | $14,570 | $14,786 |
Recovered_Sheet18
Note 1 - Summary of Significant Accounting Policies: Advertising (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
Details | ' | ' | ' |
Advertising Expense | $11,474 | $11,018 | $10,952 |
Recovered_Sheet19
Note 1 - Summary of Significant Accounting Policies: Schedule of Earnings Per Share, Basic and Diluted (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
Class A Common Stock | ' | ' | ' |
Net Income (Loss) Available to Common Stockholders, Basic | $3,788 | $18,089 | $19,314 |
Two Class Income Allocation Class B Conversion to Class A | 1,141 | 7,053 | 11,317 |
Two Class Income Distribution Share Based Compensation | -20 | 6 | 94 |
Net Income (Loss) Available to Common Stockholders, Diluted | 4,909 | 25,148 | 30,725 |
Weighted Average Number of Shares Outstanding, Basic | 9,258 | 8,297 | 7,045 |
Two Class Share Allocation Class B Conversion to Class A | 4,374 | 5,197 | 6,358 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 62 | 112 | 81 |
Weighted Average Number of Shares Outstanding, Diluted | 13,694 | 13,606 | 13,484 |
Basic net income per share | $0.41 | $2.18 | $2.74 |
Diluted net income per share | $0.36 | $1.85 | $2.28 |
Class B Common Stock | ' | ' | ' |
Net Income (Loss) Available to Common Stockholders, Basic | 1,141 | 7,053 | 11,317 |
Two Class Income Distribution Share Based Compensation | -11 | -5 | -54 |
Net Income (Loss) Available to Common Stockholders, Diluted | $1,130 | $7,048 | $11,263 |
Weighted Average Number of Shares Outstanding, Basic | 4,374 | 5,197 | 6,358 |
Weighted Average Number of Shares Outstanding, Diluted | 4,374 | 5,197 | 6,358 |
Basic net income per share | $0.26 | $1.36 | $1.78 |
Diluted net income per share | $0.26 | $1.36 | $1.77 |
Recovered_Sheet20
Note 1 - Summary of Significant Accounting Policies (Details) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
Stock Options | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 540 | 5 | 222 |
Restricted Shares | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 288 | 299 | 299 |
Note_2_Property_Equipment_and_2
Note 2 - Property, Equipment and Fixtures: Property, Plant and Equipment (Details) (USD $) | Jul. 26, 2014 | Jul. 27, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment, Gross | $434,906 | $388,764 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Excluding Capital Leased Assets | -222,784 | -207,161 |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | -5,402 | -4,622 |
Property, equipment and fixtures, net | 206,720 | 176,981 |
Land and Building | ' | ' |
Property, Plant and Equipment, Gross | 103,043 | 78,786 |
Equipment | ' | ' |
Property, Plant and Equipment, Gross | 214,091 | 190,957 |
Leaseholds and Leasehold Improvements | ' | ' |
Property, Plant and Equipment, Gross | 89,409 | 82,523 |
Assets Held under Capital Leases | ' | ' |
Property, Plant and Equipment, Gross | 25,211 | 21,686 |
Construction in Progress | ' | ' |
Property, Plant and Equipment, Gross | 121 | 12,231 |
Vehicles | ' | ' |
Property, Plant and Equipment, Gross | $3,031 | $2,581 |
Note_3_Related_Party_Informati1
Note 3 - Related Party Information - Wakefern (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
Ownership interest in Wakefern | 13.70% | ' | ' |
Investment in Insure-Rite, Ltd | 8.30% | ' | ' |
Indebtedness to Wakefern | $1,741 | ' | ' |
Installment payments year two | 667 | ' | ' |
Installment payments year three | 518 | ' | ' |
Installment payments year four | 446 | ' | ' |
Installment payments year five | 110 | ' | ' |
Maximum per store investment | 850 | ' | ' |
Per store investment increase | 25 | 25 | ' |
Additional investment | 657 | 949 | ' |
Vendor allowances and rebates | 26,438 | 24,779 | 23,953 |
Support services incurred charges | 32,808 | 29,973 | 27,991 |
Deposits Invested At Wakefern | 52,891 | ' | ' |
Interest income earned on investments related entity | 2,622 | 2,783 | 2,571 |
Matured Notes Receivable from Wakefern | ' | ' | ' |
Note Receivable Related Party | 23,420 | ' | ' |
Note Receivable Rate Related Party | 7.00% | ' | ' |
Reinvested Notes Receivable from Wakefern | ' | ' | ' |
Note Receivable Related Party | $40,000 | ' | ' |
3.5 Year Related Party Note Receivable Rate above Prime | ' | ' | ' |
Note Receivable Rate Related Party | 0.25% | ' | ' |
5 Year Related Party Note Receivable Rate above Prime | ' | ' | ' |
Note Receivable Rate Related Party | 1.25% | ' | ' |
Note_4_Debt_Details
Note 4 - Debt (Details) (USD $) | Jul. 26, 2014 | Jul. 27, 2013 |
In Thousands, unless otherwise specified | ||
Details | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $25,000 | ' |
Line Of Credit Facility Amount Outstanding | 0 | 0 |
Line Of Credit Facility Capacity Available For Specific Purpose Other Than Trade Purchases | 3,000 | ' |
Letters Of Credit Outstanding Amount | 2,590 | ' |
Net Worth Available For The Payment Of Dividends | $106,152 | ' |
Note_5_Income_Taxes_Schedule_o4
Note 5 - Income Taxes: Schedule of Components of Income Tax Expense (Benefit) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
Details | ' | ' | ' |
Federal Income Tax Expense (Benefit), Continuing Operations | $10,808 | $17,215 | $16,009 |
Deferred Federal Income Tax Expense (Benefit) | -6,938 | -3,021 | 931 |
State and Local Income Tax Expense (Benefit), Continuing Operations | 21,043 | 5,139 | 5,165 |
Deferred State and Local Income Tax Expense (Benefit) | -1,110 | -478 | 158 |
Income taxes | $23,803 | $18,855 | $22,263 |
Note_5_Income_Taxes_Schedule_o5
Note 5 - Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Details) (USD $) | Jul. 26, 2014 | Jul. 27, 2013 |
In Thousands, unless otherwise specified | ||
Details | ' | ' |
Deferred Tax Asset Tax Deferred Leasing Activities | $7,814 | $5,747 |
Deferred Tax Asset Tax Deferred Uncertain Tax Position | 14,816 | 8,028 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | 4,000 | 6,256 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Pensions | 8,553 | 5,644 |
Deferred Tax Assets, Tax Deferred Expense, Other | 3,189 | 1,868 |
Deferred Tax Assets, Gross | 38,372 | 27,543 |
Deferred Tax Liabilities, Property, Plant and Equipment | 17,214 | 17,352 |
Deferred Tax Liabilities Patronage Dividend Receivable | 5,223 | 4,903 |
Deferred Tax Liabilities, Investment in Noncontrolled Affiliates | 1,423 | 1,411 |
Deferred Tax Liabilities, Other | 170 | 491 |
Deferred Tax Liabilities, Gross, Current | 24,030 | 24,157 |
Deferred Tax Assets, Net of Valuation Allowance | $14,342 | $3,386 |
Note_5_Income_Taxes_Deferred_I1
Note 5 - Income Taxes: Deferred Income Tax Assets And Liabilities Included on Consolidated Balance Sheet (Details) (USD $) | Jul. 26, 2014 | Jul. 27, 2013 |
In Thousands, unless otherwise specified | ||
Details | ' | ' |
Deferred Tax Assets, Net, Current | $12,077 | $5,053 |
Deferred Tax Assets, Net, Noncurrent | 3,037 | 1,211 |
Deferred Tax Liabilities, Net, Current | -772 | -838 |
Deferred Tax Liabilities, Net, Noncurrent | ' | ($2,040) |
Note_5_Income_Taxes_Details
Note 5 - Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
Deferred Tax Assets, Valuation Allowance | $0 | $0 | ' |
Unrecognized Tax Benefits, Ending Balance | 28,993 | 17,640 | 14,895 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 18,845 | 11,466 | ' |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 10,287 | 1,211 | 1,008 |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 16,107 | 5,820 | ' |
Income Tax Expense on Prior Year Tax Positions | ' | ' | ' |
Income Tax Examination, Increase (Decrease) in Liability from Prior Year | 10,052 | ' | ' |
Net | ' | ' | ' |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 4,933 | ' | ' |
Income Tax Examination, Penalties and Interest Expense | 5,119 | ' | ' |
Federal Benefit | ' | ' | ' |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 2,656 | ' | ' |
Income Tax Examination, Penalties and Interest Expense | $2,078 | ' | ' |
Note_5_Income_Taxes_Schedule_o6
Note 5 - Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 | |
Details | ' | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 6.40% | 5.20% | 5.30% |
Effective Income Tax Rate Reconciliation, Unrecognized tax benefits, interest and penalties on prior year tax positions | 34.90% | ' | ' |
Effective Income Tax Rate Reconciliation, Current year interest and penalties on unrecognized tax benefits | 5.40% | 1.60% | 1.10% |
Effective Income Tax Rate Reconciliation, Deduction, Other, Percent | 0.80% | 0.40% | 0.10% |
Effective Income Tax Rate Reconciliation, Percent | 82.50% | 42.20% | 41.50% |
Note_5_Income_Taxes_Schedule_o7
Note 5 - Income Taxes: Schedule of Unrecognized Tax Benefits Roll Forward (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jul. 26, 2014 | Jul. 27, 2013 |
Unrecognized Tax Benefits, Beginning Balance | $17,640 | $14,895 |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 3,764 | 2,745 |
Unrecognized Tax Benefits, Ending Balance | 28,993 | 17,640 |
Gross | ' | ' |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | $7,589 | ' |
Note_6_Leases_Schedule_of_Futu1
Note 6 - Leases: Schedule of Future Minimum Lease Payments for Capital Leases (Details) (USD $) | Jul. 26, 2014 | Jul. 27, 2013 |
In Thousands, unless otherwise specified | ||
Details | ' | ' |
Capital Leases, Future Minimum Payments Due, Next Twelve Months | $4,674 | ' |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 10,411 | ' |
Capital Leases, Future Minimum Payments, Due in Rolling Year Two | 4,875 | ' |
Operating Leases, Future Minimum Payments, Due in Rolling Year Two | 9,265 | ' |
Capital Leases, Future Minimum Payments, Due in Rolling Year Three | 4,875 | ' |
Operating Leases, Future Minimum Payments, Due in Rolling Year Three | 6,845 | ' |
Capital Leases, Future Minimum Payments, Due in Rolling Year Four | 4,959 | ' |
Operating Leases, Future Minimum Payments, Due in Rolling Year Four | 6,282 | ' |
Capital Leases, Future Minimum Payments, Due in Rolling Year Five | 5,001 | ' |
Operating Leases, Future Minimum Payments, Due in Rolling Year Five | 5,076 | ' |
Capital Leases, Future Minimum Payments Due Thereafter | 69,964 | ' |
Operating Leases, Future Minimum Payments, Due Thereafter | 47,740 | ' |
Capital Leases, Future Minimum Payments Due | 94,348 | ' |
Operating Leases, Future Minimum Payments Due | 85,619 | ' |
Capital Leases, Future Minimum Payments, Interest Included in Payments | 49,949 | ' |
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments | 44,399 | ' |
Capital and financing lease obligations | 231 | 10 |
Capital and financing lease obligations | $44,168 | $41,019 |
Note_6_Leases_Schedule_of_Rent1
Note 6 - Leases: Schedule of Rent Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
Details | ' | ' | ' |
Operating Leases, Rent Expense, Minimum Rentals | $11,308 | $11,192 | $10,625 |
Operating Leases, Rent Expense, Contingent Rentals | 872 | 960 | 882 |
Operating Leases, Rent Expense, Net | $12,180 | $12,152 | $11,507 |
Note_6_Leases_Details
Note 6 - Leases (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
Rent Paid To Related Parties | $640 | $640 | $640 |
Rent Paid To Related Partnership | 1,008 | 834 | 801 |
Proceeds from partnerships | ' | 1,980 | ' |
Income from partnerships | ' | 1,450 | ' |
Rent Paid To Wakefern Under Sublease Agreement | 1,296 | ' | ' |
Store Exit Costs - Morris Plains Store | ' | ' | ' |
Business Exit Costs | 3,481 | ' | ' |
Exit Costs - Paid | 710 | ' | ' |
Exit Costs - Remaining Liability | 2,771 | ' | ' |
Store Exit Costs - Union Store | ' | ' | ' |
Business Exit Costs | 929 | ' | ' |
Exit Costs - Paid | 132 | ' | ' |
Exit Costs - Remaining Liability | $797 | ' | ' |
Note_7_Shareholders_Equity_Det
Note 7 - Shareholders' Equity (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
Preferred stock shares authorized | 10,000 | 10,000 | ' |
Allocated Share-based Compensation Expense | $3,229 | $3,222 | $3,180 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 1,148 | 1,140 | 1,126 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '6 years 9 months 18 days | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | '5 years 1 month 6 days | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 581 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $6.41 | $7.30 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 113 | 1,344 | 685 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 8,663 | 60 | 89 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 8,562 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '2 years 7 months 6 days | ' | ' |
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | 217 | 1,742 | 1,353 |
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | 46 | 537 | 280 |
Special Dividends | ' | $12,009 | ' |
Class A Common Stock | ' | ' | ' |
Special Dividends Per Share | ' | $1 | ' |
Class B Common Stock | ' | ' | ' |
Special Dividends Per Share | ' | $0.65 | ' |
Note_7_Shareholders_Equity_Sch4
Note 7 - Shareholders' Equity: Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance | 380 | 474 | 555 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $24.91 | $24.03 | $23.34 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 224 | 8 | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $28.83 | $33.91 | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $23.23 | $20.19 | $19.50 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | -4 | -16 | -12 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $27.51 | $28.86 | $18.40 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 591 | 380 | 474 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $26.41 | $24.91 | $24.03 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 365 | 169 | 234 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $24.89 | $21.50 | $20.48 |
Treasury Stock | ' | ' | ' |
Exercise of stock options - shares | -9 | -86 | -69 |
Note_7_Shareholders_Equity_Sch5
Note 7 - Shareholders' Equity: Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) | 12 Months Ended | |
Jul. 26, 2014 | Jul. 28, 2012 | |
Details | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '6 years | '5 years |
Fair Value Assumptions, Expected Volatility Rate | 32.20% | 33.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 3.50% | 3.00% |
Fair Value Assumptions, Risk Free Interest Rate | 1.90% | 0.80% |
Note_7_Shareholders_Equity_Sch6
Note 7 - Shareholders' Equity: Schedule of Share-based Compensation, Restricted Stock Units Award Activity (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
Details | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Beginning Balance | 299 | 299 | 293 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | $27.60 | $27.57 | $27.56 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 288 | 2 | 9 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $28.83 | $33.73 | $29.46 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | -299 | -2 | -3 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $27.60 | $28.25 | $32.25 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 288 | 299 | 299 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | $28.83 | $27.60 | $27.57 |
Note_7_Shareholders_Equity_Sch7
Note 7 - Shareholders' Equity: Schedule of dividends declared and paid (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
Payments of Ordinary Dividends, Common Stock | $12,432 | $24,048 | $9,758 |
Class A Common Stock | ' | ' | ' |
Common Stock, Dividends, Per Share, Cash Paid | $1 | $2 | $0.85 |
Dividends, Cash | 9,598 | 17,486 | 6,247 |
Class B Common Stock | ' | ' | ' |
Common Stock, Dividends, Per Share, Cash Paid | $0.65 | $1.30 | $0.55 |
Dividends, Cash | $2,834 | $6,562 | $3,511 |
Note_8_Pension_Plans_Schedule_7
Note 8 - Pension Plans: Schedule of Net Benefit Costs Recognized (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
Details | ' | ' | ' |
Defined Benefit Plan, Service Cost | $2,926 | $3,279 | $2,694 |
Defined Benefit Plan, Interest Cost | 2,775 | 2,479 | 2,701 |
Defined Benefit Plan, Expected Return on Plan Assets | -3,194 | -2,706 | -2,538 |
Defined Benefit Plan Amortization Of (Gains) Losses | 804 | 2,173 | 1,371 |
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | ' | 8 | 8 |
Defined Benefit Plan, Net Periodic Benefit Cost | $3,311 | $5,233 | $4,236 |
Note_8_Pension_Plans_Schedule_8
Note 8 - Pension Plans: Schedule of Amounts Recognized In Plan Assets and Benefit Obligations Recognized (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
Details | ' | ' | ' |
Defined Benefit Plan, Benefit Obligation, Beginning Balance | $63,644 | $67,179 | ' |
Defined Benefit Plan, Service Cost | 2,926 | 3,279 | 2,694 |
Defined Benefit Plan, Interest Cost | 2,775 | 2,479 | 2,701 |
Defined Benefit Plan, Benefits Paid | -1,445 | -2,422 | ' |
Defined Benefit Plan Actuarial (Gains) Losses | 9,190 | -6,871 | ' |
Defined Benefit Plan, Benefit Obligation, Ending Balance | 77,090 | 63,644 | 67,179 |
Defined Benefit Plan, Fair Value of Plan Assets, Beginning Balance | 43,582 | 37,416 | ' |
Defined Benefit Plan, Actual Return on Plan Assets | 4,672 | 5,334 | ' |
Defined Benefit Plan, Contributions by Employer | 3,320 | 3,254 | ' |
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance | 50,129 | 43,582 | 37,416 |
Defined Benefit Plan, Funded Status of Plan | -26,961 | -20,062 | ' |
Accrued Salaries | -3,085 | ' | ' |
Pension liabilities | -23,876 | -20,062 | ' |
Accumulated other comprehensive loss | 12,465 | 8,467 | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | $21,018 | $14,111 | ' |
Note_8_Pension_Plans_Details
Note 8 - Pension Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 |
Details | ' | ' | ' |
Defined Benefit Plan, Future Amortization of Gain (Loss) | $1,295 | ' | ' |
Defined Benefit Plan, Accumulated Benefit Obligation | 63,971 | 53,034 | ' |
Defined Benefit Plan, Amount of Employer and Related Party Securities Included in Plan Assets | 541 | 837 | ' |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 6,000 | ' | ' |
Other Postretirement Multiemployer Benefit Plans Contributions | 25,531 | 22,421 | 20,062 |
Defined Contribution Plan, Cost Recognized | 393 | 377 | 331 |
Union sponsored defined contribution | $813 | $802 | $690 |
Note_8_Pension_Plans_Schedule_9
Note 8 - Pension Plans: Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets (Details) (USD $) | Jul. 26, 2014 | Jul. 27, 2013 |
In Thousands, unless otherwise specified | ||
Details | ' | ' |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | $77,090 | $14,943 |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | 63,971 | 14,943 |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | $50,129 | $3,695 |
Recovered_Sheet21
Note 8 - Pension Plans: Schedule of Assumptions Used (Details) | 12 Months Ended | ||
Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.43% | 3.59% | 4.99% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.95% | 4.43% | 3.59% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.50% | 7.50% | 7.50% |
Minimum | ' | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 4.00% | 4.00% | 4.00% |
Maximum | ' | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 4.50% | 4.50% | 4.50% |
Note_8_Pension_Plans_Note_8_Ta
Note 8 - Pension Plans: Note 8 Target Allocations (Details) | 12 Months Ended |
Jul. 26, 2014 | |
Equity Securities | ' |
DefinedBenefitPlanTargetPlanAssetAllocationsPercentageFixedIncomeSecuritiesRangeMinimum | 50.00% |
DefinedBenefitPlanTargetPlanAssetAllocationsPercentageFixedIncomeSecuritiesRangeMaximum | 70.00% |
Fixed Income Funds | ' |
DefinedBenefitPlanTargetPlanAssetAllocationsPercentageFixedIncomeSecuritiesRangeMinimum | 25.00% |
DefinedBenefitPlanTargetPlanAssetAllocationsPercentageFixedIncomeSecuritiesRangeMaximum | 40.00% |
Cash and Cash Equivalents | ' |
DefinedBenefitPlanTargetPlanAssetAllocationsPercentageFixedIncomeSecuritiesRangeMinimum | 0.00% |
DefinedBenefitPlanTargetPlanAssetAllocationsPercentageFixedIncomeSecuritiesRangeMaximum | 10.00% |
Recovered_Sheet22
Note 8 - Pension Plans: Schedule of Allocation of Plan Assets (Details) (USD $) | Jul. 26, 2014 | Jul. 27, 2013 | ||
In Thousands, unless otherwise specified | ||||
Pension asset - cash | $812 | $1,747 | ||
Pension asset - equity securities - company stock | 541 | 837 | ||
Pension asset - equity securities - U.S. large cap | 17,095 | [1] | 16,385 | [1] |
Pension asset - equity securities - U.S. small/mid cap | 5,916 | [2] | 6,762 | [2] |
Pension asset - equity securities - international | 6,963 | [3] | 4,580 | [3] |
Pension asset - equity securities - emerging markets | 1,267 | [4] | 1,074 | [4] |
Pension asset - fixed income securities - u.s. treasuries | 9,399 | [5] | 7,966 | [5] |
Pension asset - fixed income securities - mortgage backed | 2,207 | [5] | 1,877 | [5] |
Pension asset - fixed income securities - corporate bonds | 5,262 | [5] | 1,766 | [5] |
Pension asset - fixed income securities - emerging markets | 667 | [6] | 588 | [6] |
Pension asset - total | 50,129 | 43,582 | ||
Fair Value, Inputs, Level 1 | ' | ' | ||
Pension asset - cash | 812 | 1,747 | ||
Pension asset - equity securities - company stock | 541 | 837 | ||
Pension asset - equity securities - U.S. large cap | 17,095 | [1] | 16,385 | [1] |
Pension asset - equity securities - U.S. small/mid cap | 5,916 | [2] | 6,762 | [2] |
Pension asset - equity securities - international | 6,963 | [3] | 4,580 | [3] |
Pension asset - equity securities - emerging markets | 1,267 | [4] | 1,074 | [4] |
Pension asset - fixed income securities - u.s. treasuries | 9,399 | [5] | 7,966 | [5] |
Pension asset - fixed income securities - corporate bonds | 1,857 | [5] | ' | |
Pension asset - fixed income securities - emerging markets | 667 | [6] | 588 | [6] |
Pension asset - total | 44,517 | 39,939 | ||
Fair Value, Inputs, Level 2 | ' | ' | ||
Pension asset - fixed income securities - mortgage backed | 2,207 | [5] | 1,877 | [5] |
Pension asset - fixed income securities - corporate bonds | 3,405 | [5] | 1,766 | [5] |
Pension asset - total | $5,612 | $3,643 | ||
[1] | Includes directly owned securities and mutual funds, primarily low-cost equity index funds not actively managed that track the S&P 500. | |||
[2] | Includes directly owned securities and mutual funds, which invest in diversified portfolios of publicly traded U.S. common stocks of small and medium cap companies. | |||
[3] | Includes directly owned securities and mutual funds, which invest in diversified portfolios of publicly traded common stocks of large, non-U.S. companies. | |||
[4] | Consists of mutual and exchange traded funds which invest in non-U.S. stocks in emerging markets. | |||
[5] | Includes directly owned securities and mutual funds. | |||
[6] | Consists of exchange traded funds which invest in non-U.S. bonds in emerging markets. |
Recovered_Sheet23
Note 8 - Pension Plans: Schedule of Expected Benefit Payments (Details) (USD $) | Jul. 26, 2014 |
Details | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | $4,465 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 1,524 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 1,734 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 2,112 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 14,372 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | $17,571 |
Recovered_Sheet24
Note 8 - Pension Plans: Schedule of Multiemployer Plans (Details) (USD $) | 12 Months Ended | ||
Jul. 26, 2014 | Jul. 27, 2013 | Jul. 28, 2012 | |
PensionPlanOfLocal464AMember | ' | ' | ' |
Entity Tax Identification Number | '226051600 | ' | ' |
Multiemployer Plan Number | '001 | ' | ' |
Multiemployer Plans, Certified Zone Status | ' | 'Green | 'Green |
Multiemployer Plans, Plan Contributions | $615 | $532 | $499 |
Multiemployer Plans, Collective-Bargaining Arrangement, Description | 'June 2016 | ' | ' |
UFCWLocal1262EmployersPensionFundMember1Member | ' | ' | ' |
Entity Tax Identification Number | '226074414 | ' | ' |
Multiemployer Plan Number | '001 | ' | ' |
Multiemployer Plans, Certified Zone Status | ' | 'Red | 'Red |
Multiemployer Plans, Plan Contributions | 3,273 | 3,350 | 3,463 |
Multiemployer Plans, Collective-Bargaining Arrangement, Description | 'October 2018 | ' | ' |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | 'Implemented | ' | ' |
Multiemployer Plans, Surcharge | 'No | ' | ' |
UFCWRegionalPensionPlanMember | ' | ' | ' |
Entity Tax Identification Number | '166062287 | ' | ' |
Multiemployer Plan Number | '074 | ' | ' |
Multiemployer Plans, Certified Zone Status | ' | 'Red | 'Red |
Multiemployer Plans, Plan Contributions | 1,225 | 1,164 | 1,073 |
Multiemployer Plans, Collective-Bargaining Arrangement, Description | 'December 2014 | ' | ' |
Multiemployer Plans, Funding Improvement Plan and Rehabilitation Plan | 'Implemented | ' | ' |
Multiemployer Plans, Surcharge | 'No | ' | ' |
TotalContributionsMember | ' | ' | ' |
Multiemployer Plans, Plan Contributions | $5,113 | $5,046 | $5,035 |
Note_9_Commitments_and_Conting1
Note 9 - Commitments and Contingencies (Details) (USD $) | Jul. 26, 2014 |
In Thousands, unless otherwise specified | |
Insurance Settlements Receivable | $2,290 |
Workforce Subject to Collective Bargaining Arrangements | ' |
Multiemployer Plans, Collective-Bargaining Arrangement, Percentage of Employer's Participants | 91.00% |
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year | ' |
Multiemployer Plans, Collective-Bargaining Arrangement, Percentage of Employer's Participants | 29.00% |