Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 28, 2013 | Mar. 14, 2014 | Jun. 29, 2013 |
Document and Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 28-Dec-13 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Entity Registrant Name | 'WEIS MARKETS INC | ' | ' |
Entity Central Index Key | '0000105418 | ' | ' |
Current Fiscal Year End Date | '--12-28 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 26,898,443 | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $564 |
Entity Voluntary Filers | 'No | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $17,965 | $14,381 |
Marketable securities | 63,093 | 82,501 |
SERP investment | 8,752 | 7,058 |
Accounts receivable, net | 57,193 | 53,842 |
Inventories | 240,452 | 245,243 |
Prepaid expenses | 17,293 | 10,132 |
Total current assets | 404,748 | 413,157 |
Property and equipment, net | 704,985 | 638,634 |
Goodwill | 35,162 | 35,162 |
Intangible and other assets, net | 3,347 | 3,487 |
Total assets | 1,148,242 | 1,090,440 |
Liabilities | ' | ' |
Accounts payable | 133,568 | 126,258 |
Accrued expenses | 27,416 | 27,193 |
Accrued self-insurance | 19,333 | 18,544 |
Deferred revenue, net | 7,056 | 6,635 |
Income taxes payable | 1,628 | 1,359 |
Deferred income taxes | 4,219 | 3,420 |
Total current liabilities | 193,220 | 183,409 |
Postretirement benefit obligations | 17,101 | 15,206 |
Deferred income taxes | 97,934 | 89,109 |
Other | 5,934 | 7,026 |
Total liabilities | 314,189 | 294,750 |
Shareholders' Equity | ' | ' |
Common stock, no par value, 100,800,000 shares authorized, 33,047,807 shares issued | 9,949 | 9,949 |
Retained earnings | 971,022 | 931,579 |
Accumulated other comprehensive income, net | 3,939 | 5,019 |
Shareholders' equity before treasury stock | 984,910 | 946,547 |
Treasury stock at cost, 6,149,364 shares | -150,857 | -150,857 |
Total shareholders' equity | 834,053 | 795,690 |
Total liabilities and shareholders' equity | $1,148,242 | $1,090,440 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
Consolidated Balance Sheets [Abstract] | ' | ' |
Common Stock, No Par Value | $0 | $0 |
Common Stock, Shares Authorized | 100,800,000 | 100,800,000 |
Common Stock, Shares Issued | 33,047,807 | 33,047,807 |
Treasury Stock, Shares | 6,149,364 | 6,149,364 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Consolidated Statements of Income [Abstract] | ' | ' | ' |
Net sales | $2,692,588 | $2,701,405 | $2,752,504 |
Cost of sales, including warehousing and distribution expenses | 1,947,120 | 1,958,852 | 2,016,649 |
Gross profit on sales | 745,468 | 742,553 | 735,855 |
Operating, general, and administrative expenses | 634,286 | 615,521 | 621,575 |
Income from operations | 111,182 | 127,032 | 114,280 |
Investment income | 4,684 | 3,468 | 3,326 |
Other Income | 0 | 414 | 0 |
Income before provision for income taxes | 115,866 | 130,914 | 117,606 |
Provision for income taxes | 44,145 | 48,403 | 42,022 |
Net income | $71,721 | $82,511 | $75,584 |
Weighted-average shares outstanding, basic and diluted | 26,898,443 | 26,898,443 | 26,898,443 |
Cash dividends per share | $1.20 | $1.20 | $2.17 |
Basic and diluted earnings per share | $2.67 | $3.07 | $2.81 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Consolidated Statements of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $71,721 | $82,511 | $75,584 |
Other comprehensive (loss) income by component, net of tax: | ' | ' | ' |
Unrealized holding (losses) gains arising during period (Net of deferred taxes of $23, $0 and $923, respectively) | -36 | -9 | 1,391 |
Reclassification adjustment for gains included in net income (Net of deferred taxes of $730, $293 and $601, respectively) | -1,044 | -420 | -846 |
Other comprehensive (loss) income, net of tax | -1,080 | -429 | 545 |
Comprehensive income, net of tax | $70,641 | $82,082 | $76,129 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Consolidated Statements of Comprehensive Income [Abstract] | ' | ' | ' |
Unrealized holding (losses) gains arising during period, deferred taxes | $23 | $0 | $923 |
Reclassification adjustment for gains included in net income, deferred taxes | $730 | $293 | $601 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Total |
In Thousands, except Share data | |||||
Balance, at Dec. 25, 2010 | $9,949 | $864,132 | $4,903 | ($150,857) | $728,127 |
Balance, shares at Dec. 25, 2010 | 33,047,807 | ' | ' | 6,149,364 | ' |
Net income | ' | 75,584 | ' | ' | 75,584 |
Other comprehensive (loss) income, net of reclassification adjustments and tax | ' | ' | 545 | ' | 545 |
Dividends paid | ' | -58,370 | ' | ' | -58,370 |
Balance, at Dec. 31, 2011 | 9,949 | 881,346 | 5,448 | -150,857 | 745,886 |
Balance, shares at Dec. 31, 2011 | 33,047,807 | ' | ' | 6,149,364 | ' |
Net income | ' | 82,511 | ' | ' | 82,511 |
Other comprehensive (loss) income, net of reclassification adjustments and tax | ' | ' | -429 | ' | -429 |
Dividends paid | ' | -32,278 | ' | ' | -32,278 |
Balance, at Dec. 29, 2012 | 9,949 | 931,579 | 5,019 | -150,857 | 795,690 |
Balance, shares at Dec. 29, 2012 | 33,047,807 | ' | ' | 6,149,364 | ' |
Net income | ' | 71,721 | ' | ' | 71,721 |
Other comprehensive (loss) income, net of reclassification adjustments and tax | ' | ' | -1,080 | ' | -1,080 |
Dividends paid | ' | -32,278 | ' | ' | -32,278 |
Balance, at Dec. 28, 2013 | $9,949 | $971,022 | $3,939 | ($150,857) | $834,053 |
Balance, shares at Dec. 28, 2013 | 33,047,807 | ' | ' | 6,149,364 | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $71,721 | $82,511 | $75,584 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation | 51,068 | 44,153 | 53,185 |
Amortization | 7,207 | 6,498 | 6,198 |
Loss (gain) on disposition/impairment of fixed assets | 55 | -1,407 | -576 |
Gain on sale of marketable securities | -1,775 | -713 | -1,447 |
Gain on sale of intangible assets | -780 | 0 | 0 |
Gain on acquisition of business | 0 | -414 | 0 |
Deferred income taxes | 10,377 | 15,611 | 16,723 |
Changes in operating assets and liabilities: | ' | ' | ' |
Inventories | 4,791 | -17,936 | 4,830 |
Accounts receivable and prepaid expenses | -10,512 | -2,569 | -1,664 |
Income taxes recoverable | 0 | 1,226 | 1,486 |
Accounts payable and other liabilities | 9,546 | -5,045 | 2,119 |
Income taxes payable | 269 | 1,359 | 0 |
Other | 665 | 687 | -4,029 |
Net cash provided by operating activities | 142,632 | 123,961 | 152,409 |
Cash flows from investing activities: | ' | ' | ' |
Purchase of property and equipment | -128,055 | -109,774 | -110,517 |
Proceeds from the sale of property and equipment | 4,451 | 2,542 | 2,097 |
Purchase of marketable securities | -12,635 | -13,790 | -81,885 |
Proceeds from maturities of marketable securities | 1,150 | 0 | 8,620 |
Proceeds from the sale of marketable securities | 30,170 | 19,941 | 16,019 |
Acquisition of business | 0 | -6,116 | 0 |
Purchase of intangible assets | -937 | -439 | -121 |
Proceeds from the sale of intangible assets | 780 | 0 | 0 |
Change in SERP investment | -1,694 | -165 | -122 |
Net cash used in investing activities | -106,770 | -107,801 | -165,909 |
Cash flows from financing activities: | ' | ' | ' |
Dividends paid | -32,278 | -32,278 | -58,370 |
Net cash used in financing activities | -32,278 | -32,278 | -58,370 |
Net increase (decrease) in cash and cash equivalents | 3,584 | -16,118 | -71,870 |
Cash and cash equivalents at beginning of year | 14,381 | 30,499 | 102,369 |
Cash and cash equivalents at end of year | $17,965 | $14,381 | $30,499 |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Significant Accounting Policies [Abstract] | ' | ||||||||||||
Significant Accounting Policies | ' | ||||||||||||
Note 1 Summary of Significant Accounting Policies | |||||||||||||
The following is a summary of the significant accounting policies utilized in preparing the Company’s consolidated financial statements: | |||||||||||||
(a) Description of Business | |||||||||||||
Weis Markets, Inc. is a Pennsylvania business corporation formed in 1924. The Company is engaged principally in the retail sale of food in Pennsylvania and surrounding states. There was no material change in the nature of the Company's business during fiscal 2013. | |||||||||||||
(b) Definition of Fiscal Year | |||||||||||||
The Company’s fiscal year ends on the last Saturday in December. Fiscal 2013 was comprised of 52 weeks, ending on December 28, 2013. Fiscal 2012 was comprised of 52 weeks, ending on December 29, 2012. Fiscal 2011 was comprised of 53 weeks, ending on December 31, 2011. References to years in this annual report relate to fiscal years. | |||||||||||||
(c) Principles of Consolidation | |||||||||||||
The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||||
(d) Use of Estimates | |||||||||||||
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 to prepare these consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. Actual results could differ from those estimates. | |||||||||||||
(e) Reclassifications | |||||||||||||
The Company has reclassified 2012 balances related to its “SERP investment” (consisting of level 1 mutual funds) out of “Cash and cash equivalents” in the 2012 Consolidated Balance Sheet for a total of $7.1 million. The opening cash impact on the Consolidated Statement of Cash Flows was $6.8 million and the changes to investing activities in 2012 and 2011, respectively, were immaterial. | |||||||||||||
(f) Cash and Cash Equivalents | |||||||||||||
The Company maintains its cash balances in the form of core checking accounts and money market accounts. The Company maintains cash deposits with banks that at times exceed applicable insurance limits. The Company reduces its exposure to credit risk by maintaining such deposits with high quality financial institutions that management believes are creditworthy. | |||||||||||||
The Company considers investments with an original maturity of three months or less to be cash equivalents. Investment amounts classified as cash equivalents as of December 28, 2013 and December 29, 2012 totaled $7.2 million and $992,000, respectively. | |||||||||||||
(g) Marketable Securities | |||||||||||||
Marketable securities consist of municipal bonds and equity securities. The Company invests primarily in high-grade marketable debt securities. The Company classifies all of its marketable securities as available-for-sale. | |||||||||||||
Available-for-sale securities are recorded at fair value as determined by quoted market price based on national markets. Unrealized holding gains and losses, net of the related tax effect, are excluded from earnings and are reported as a separate component of shareholders’ equity until realized. A decline in the fair value below cost that is deemed other than temporary results in a charge to earnings and the establishment of a new cost basis for the security. Dividend and interest income is recognized when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of securities. | |||||||||||||
(h) Accounts Receivable | |||||||||||||
Accounts receivable are stated net of an allowance for uncollectible accounts of $1,882,000 and $1,526,000 as of December 28, 2013 and December 29, 2012, respectively. The reserve balance relates to amounts due from pharmacy third party providers, retail customer returned checks, manufacturing customers and vendors. The Company maintains an allowance for the amount of receivables deemed to be uncollectible and calculates this amount based upon historical collection activity adjusted for current conditions. Customer electronic payments accepted at the point of sale are classified as accounts receivable until collected. | |||||||||||||
Note 1 Summary of Significant Accounting Policies (continued) | |||||||||||||
(i) Inventories | |||||||||||||
Inventories are valued at the lower of cost or market, using both the last-in, first-out (LIFO) and average cost methods. The Company’s center store and pharmacy inventories are valued using LIFO and the Company’s fresh inventories are valued using average cost. The Company evaluates inventory shortages throughout the year based on actual physical counts in its facilities. Allowances for inventory shortages are recorded based on the results of these counts and to provide for estimated shortages from the last physical count to the financial statement date. | |||||||||||||
(j) Property and Equipment | |||||||||||||
In the first quarter of 2012, the Company changed its accounting policy for property and equipment. Property and equipment continue to be recorded at cost. Prior to January 1, 2012, the Company provided for depreciation of buildings and improvements and equipment using accelerated methods. Effective January 1, 2012, the Company changed its method of depreciation for this group of assets from the accelerated methods to straight-line. Management deemed the change preferable because the straight-line method will more accurately reflect the pattern of usage and the expected benefits of such assets. Management also considered that the change will provide greater consistency with the depreciation methods used by other companies in the Company's industry. The change was accounted for as a change in accounting estimate effected by a change in accounting principle. The net book value of assets acquired prior to January 1, 2012 with useful lives remaining will be depreciated using the straight-line method prospectively. If the Company had continued using accelerated methods, depreciation expense would have been $11.5 million greater in 2012. Had accelerated methods continued to be used, after considering the impact of income taxes, the effect would decrease net income by $6.8 million or $.25 per share in 2012. | |||||||||||||
Leasehold improvements are unaffected by the change noted above. Leasehold improvements continue to be amortized using the straight line method over the terms of the leases or the useful lives of the assets, whichever is shorter. | |||||||||||||
Maintenance and repairs are expensed and renewals and betterments are capitalized. When assets are retired or otherwise disposed of, the assets and accumulated depreciation are removed from the respective accounts and any profit or loss on the disposition is credited or charged to “Operating, general and administrative expenses.” | |||||||||||||
(k) Goodwill and Intangible Assets | |||||||||||||
Intangible assets with an indefinite useful life are not amortized until their useful life is determined to be no longer indefinite and are tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. Goodwill is not amortized but tested for impairment for each reporting unit, on an annual basis and between annual tests in certain circumstances. | |||||||||||||
To derive the fair value of the Company’s sole reporting unit, the Company uses an income approach along with an analysis of its stock value. Under the income approach, fair value of a reporting unit is determined based on estimated future cash flows discounted by an estimated weighted-average cost of capital, which reflects the overall level of inherent risk of the Company. Estimated future cash flows are based on the Company’s internal projection model. The stock value evaluation consists of measuring the average market capitalization of the Company against its total asset value of its sole reporting unit. The Company completes its impairment test in the third quarter of each fiscal year. See Note 1(l) to the Consolidated Financial Statements included in this Annual Report on Form 10-K for more information on the Company’s impairment of long-lived assets. | |||||||||||||
Note 1 Summary of Significant Accounting Policies (continued) | |||||||||||||
(k) Goodwill and Intangible Assets (continued) | |||||||||||||
The Company’s intangible assets and related accumulated amortization at December 28, 2013 and December 29, 2012 consisted of the following: | |||||||||||||
28-Dec-13 | 29-Dec-12 | ||||||||||||
Accumulated | Accumulated | ||||||||||||
(dollars in thousands) | Gross | Amortization | Net | Gross | Amortization | Net | |||||||
Non-Compete Agreements | $ | - | $ | - | $ | - | $ | 1,200 | $ | 1,120 | $ | 80 | |
Lease Acquisitions | 3,654 | 2,235 | 1,419 | 5,330 | 2,961 | 2,369 | |||||||
Liquor Licenses | 1,879 | 65 | 1,814 | 942 | 22 | 920 | |||||||
Customer Lists | 120 | 6 | 114 | 120 | 2 | 118 | |||||||
Total | $ | 5,653 | $ | 2,306 | $ | 3,347 | $ | 7,592 | $ | 4,105 | $ | 3,487 | |
Intangible assets with a definite useful life are generally amortized on a straight-line basis over periods ranging from 15 to 30 years. Estimated amortization expense for the next five fiscal years is approximately $250,000 in 2014, $250,000 in 2015, $250,000 in 2016, $250,000 in 2017 and $250,000 in 2018. As of December 28, 2013, the Company has no intangible assets, other than goodwill, with indefinite lives. | |||||||||||||
(l) Impairment of Long-Lived Assets | |||||||||||||
The Company periodically evaluates the period of depreciation or amortization for long-lived assets to determine whether current circumstances warrant revised estimates of useful lives. The Company reviews its property and equipment for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Recoverability is measured by a comparison of the carrying amount to the net undiscounted cash flows expected to be generated by the asset. An impairment loss would be recorded for the excess of net book value over the fair value of the asset impaired. The fair value is estimated based on expected discounted future cash flows. | |||||||||||||
With respect to owned property and equipment associated with closed stores, the value of the property and equipment is adjusted to reflect recoverable values based on the Company’s prior history of disposing of similar assets and current economic conditions. | |||||||||||||
In accordance with Accounting Standards Codification No. 360, Property, Plant and Equipment, the Company recorded a pre-tax charge of $2.1 million in the third quarter of 2013 for the impairment of long-lived assets, including equipment and leasehold improvements. The charge was a result of management determining that the net book value of four properties was impaired. This charge was included as a component of "Operating, general and administrative expenses." | |||||||||||||
The results of impairment tests are subject to management’s estimates and assumptions of projected cash flows and operating results. The Company believes that, based on current conditions, materially different reported results are not likely to result from long-lived asset impairments. However, a change in assumptions or market conditions could result in a change in estimated future cash flows and the likelihood of materially different reported results. | |||||||||||||
(m) Store Closing Costs | |||||||||||||
The Company provides for closed store liabilities relating to the estimated post-closing lease liabilities and related other exit costs associated with the store closing commitments. Currently, closed stores have remaining lease terms ranging from one to five years, and the liabilities associated with these closed store leases are paid over the terms of the lease. Closed store lease liabilities totaled $1,193,000 and $635,000 as of December 28, 2013 and December 29, 2012, respectively. The Company estimates the lease liabilities, net of estimated sublease income, using the undiscounted rent payments of closed stores. Adjustments to closed store liabilities primarily relate to changes in sublease income and actual exit costs differing from original estimates. Adjustments are made for changes in estimates in the period in which the change becomes known. Store closing liabilities are reviewed quarterly to ensure that any accrued amount that is not a sufficient estimate of future costs, or that no longer is needed for its originally intended purpose, is adjusted to income in the proper period. | |||||||||||||
Note 1 Summary of Significant Accounting Policies (continued) | |||||||||||||
(m) Store Closing Costs (continued) | |||||||||||||
The following table summarizes accrual activity for future lease obligations of stores that were closed in the normal course of business: | |||||||||||||
Future Lease | |||||||||||||
(dollars in thousands) | Obligations | ||||||||||||
Balance at December 31, 2011 | $ | 756 | |||||||||||
Additions | 198 | ||||||||||||
Payments | -248 | ||||||||||||
Adjustments | -71 | ||||||||||||
Balance at December 29, 2012 | 635 | ||||||||||||
Additions | 680 | ||||||||||||
Payments | -33 | ||||||||||||
Adjustments | -89 | ||||||||||||
Balance at December 28, 2013 | $ | 1,193 | |||||||||||
(n) Self-Insurance | |||||||||||||
The Company is self-insured for a majority of its workers’ compensation, general liability, vehicle accident and associate medical benefit claims. Self-insurance costs are accrued based upon the aggregate of the liability for reported claims and an estimated liability for claims incurred but not reported. The Company was liable for associate health claims up to an annual maximum of $750,000 per member prior to March 1, 2012, $1,250,000 per member prior to March 1, 2013, $2,000,000 per member prior to March 1, 2014 and an unlimited amount per member as of March 1, 2014. The Company is liable for workers' compensation claims up to $2,000,000 per claim. Property and casualty insurance coverage is maintained with outside carriers at deductible or retention levels ranging from $100,000 to $1,000,000. | |||||||||||||
(o) Income Taxes | |||||||||||||
The Company recognizes deferred tax assets and liabilities 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. | |||||||||||||
(p) Earnings Per Share | |||||||||||||
Earnings per share are based on the weighted-average number of common shares outstanding. | |||||||||||||
(q) Revenue Recognition | |||||||||||||
Revenue from the sale of products to the Company’s customers is recognized at the point of sale. Discounts provided to customers at the point of sale through the Weis Club Preferred Shopper loyalty program are recognized as a reduction in sales as products are sold. Periodically, the Company will run a point based sales incentive program that rewards customers with future sales discounts. The Company makes reasonable and reliable estimates of the amount of future discounts based upon historical experience and its customer data tracking software. Sales are reduced by these estimates over the life of the program. Discounts to customers at the point of sale provided by vendors, usually in the form of paper coupons, are not recognized as a reduction in sales provided the discounts are redeemable at any retailer that accepts those discounts. The Company records “Deferred revenue” for the sale of gift cards and revenue is recognized in “Net sales” at the time of customer redemption for products. Gift card breakage income is recognized in “Operating, general and administrative expenses” based upon historical redemption patterns and represents the balance of gift cards for which the Company believes the likelihood of redemption by the customer is remote. Sales tax is excluded from “Net sales.” The Company charges sales tax on all taxable customer purchases and remits these taxes monthly to the appropriate taxing jurisdiction. Merchandise return activity is immaterial to revenues. | |||||||||||||
Note 1 Summary of Significant Accounting Policies (continued) | |||||||||||||
(r) Cost of Sales, Including Warehousing and Distribution Expenses | |||||||||||||
“Cost of sales, including warehousing and distribution expenses” consists of direct product (net of discounts and allowances), distribution center and transportation costs, as well as manufacturing facility operations. | |||||||||||||
(s) Vendor Allowances | |||||||||||||
Vendor allowances that relate to the Company's buying and merchandising activities are recorded as a reduction of cost of sales as they are earned, in accordance with the underlying agreement. Off-invoice and bill-back allowances are used to reduce direct product costs upon the receipt of goods. Promotional rebates and credits are accounted for as a reduction in the cost of inventory and recognized when the related inventory is sold. Volume incentive discounts are realized as a reduction of cost of sales at the time it is deemed probable and reasonably estimable that the incentive target will be reached. Long-term contract incentives, which require an exclusive vendor relationship, are allocated over the life of the contract. Promotional allowance funds for specific vendor-sponsored programs are recognized as a reduction of cost of sales as the program occurs and the funds are earned per the agreement. Cash discounts for prompt payment of invoices are realized in cost of sales as invoices are paid. Warehouse and back-haul allowances provided by suppliers for distributing their product through the Company’s distribution system are recorded in cost of sales as the required performance is completed. Warehouse rack and slotting allowances are recorded in cost of sales when new items are initially set up in the Company's distribution system, which is when the related expenses are incurred and performance under the agreement is complete. Swell allowances for damaged goods are realized in cost of sales as provided by the supplier, helping to offset product shrink losses also recorded in cost of sales. | |||||||||||||
Vendor allowances recorded as credits in cost of sales totaled $76.4 million in 2013, $75.1 million in 2012 and $66.5 million in 2011. Vendor paid cooperative advertising credits totaled $16.0 million in 2013, $16.4 million in 2012 and $18.2 million in 2011. These credits were netted against advertising costs within “Operating, general and administrative expenses.” The Company had accounts receivable due from vendors of $440,000 and $609,000 for earned advertising credits and $5.8 million and $4.6 million for earned promotional discounts as of December 28, 2013 and December 29, 2012, respectively. The Company had $911,000 and $861,000 in unearned income included in accrued liabilities for unearned vendor programs under long-term contracts for display and shelf space allocation as of December 28, 2013 and December 29, 2012, respectively. | |||||||||||||
(t) Operating, General and Administrative Expenses | |||||||||||||
Business operating costs including expenses generated from administration and purchasing functions, are recorded in “Operating, general and administrative expenses” in the Consolidated Statements of Income. Business operating costs include items such as wages, benefits, utilities, repairs and maintenance, advertising costs and credits, rent, insurance, equipment depreciation, leasehold amortization and costs for outside provided services. | |||||||||||||
(u) Advertising Costs | |||||||||||||
The Company expenses advertising costs as incurred. The Company recorded advertising expense, before vendor paid cooperative advertising credits, of $23.5 million in 2013, $23.5 million in 2012 and $24.7 million in 2011 in “Operating, general and administrative expenses.” | |||||||||||||
(v) Rental Income | |||||||||||||
The Company leases or subleases space to tenants in owned, vacated and open store facilities. Rental income is recorded when earned as a component of “Operating, general and administrative expenses.” All leases are operating leases, as disclosed in Note 5. | |||||||||||||
(w) Current Relevant Accounting Standards | |||||||||||||
In February 2013, FASB issued additional authoritative guidance on comprehensive income and the reporting of amounts reclassified out of accumulated other comprehensive income. This guidance requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. This new guidance is effective prospectively for reporting periods beginning after December 15, 2012. Adoption of this new guidance required additional disclosures and presentation of items impacting other comprehensive income but did not have an impact on the Company’s consolidated financial statements. | |||||||||||||
Marketable_Securities
Marketable Securities | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Marketable Securities [Abstract] | ' | ||||||||
Marketable Securities | ' | ||||||||
Note 2 Marketable Securities | |||||||||
The Company’s marketable securities are all classified as available-for-sale. FASB has established three levels of inputs that may be used to measure fair value: | |||||||||
Level 1 Observable inputs such as quoted prices in active markets for identical assets or liabilities; | |||||||||
Level 2 Observable inputs, other than Level 1 inputs in active markets, that are observable either directly | |||||||||
or indirectly; and | |||||||||
Level 3 Unobservable inputs for which there is little or no market data, which require the reporting entity | |||||||||
to develop its own assumptions. | |||||||||
The Company’s marketable securities valued using Level 1 inputs include highly liquid equity securities, for which quoted market prices are available. The Company’s bond portfolio is valued using Level 2 inputs. The Company’s bonds are valued using a combination of pricing for similar securities, recently executed transactions, cash flow models with yield curves and other pricing models utilizing observable inputs, which are considered Level 2 inputs. | |||||||||
For Level 2 investment valuation, the Company utilizes standard pricing procedures of its investment brokerage firm(s) which include various third party pricing services. These procedures also require specific price monitoring practices as well as pricing review reports, valuation oversight and pricing challenge procedures to maintain the most accurate representation of investment fair market value. In addition, the Company engaged an independent firm to value a sample of the Company’s municipal bond holdings in order to validate the investment’s assigned fair value. | |||||||||
Marketable securities, as of December 28, 2013 and December 29, 2012, consisted of: | |||||||||
Gross | Gross | ||||||||
(dollars in thousands) | Amortized | Unrealized | Unrealized | Fair | |||||
28-Dec-13 | Cost | Holding Gains | Holding Losses | Value | |||||
Available-for-sale: | |||||||||
Level 1 | |||||||||
Equity securities | $ | 970 | $ | 7,239 | $ | - | $ | 8,209 | |
Level 2 | |||||||||
Municipal bonds | 55,431 | 686 | -1,233 | 54,884 | |||||
$ | 56,401 | $ | 7,925 | $ | -1,233 | $ | 63,093 | ||
Gross | Gross | ||||||||
(dollars in thousands) | Amortized | Unrealized | Unrealized | Fair | |||||
29-Dec-12 | Cost | Holding Gains | Holding Losses | Value | |||||
Available-for-sale: | |||||||||
Level 1 | |||||||||
Equity securities | $ | 1,136 | $ | 7,714 | $ | - | $ | 8,850 | |
Level 2 | |||||||||
Municipal bonds | 72,840 | 1,308 | -497 | 73,651 | |||||
$ | 73,976 | $ | 9,022 | $ | -497 | $ | 82,501 | ||
Maturities of marketable securities classified as available-for-sale at December 28, 2013, were as follows: | |||||||||
Amortized | Fair | ||||||||
(dollars in thousands) | Cost | Value | |||||||
Available-for-sale: | |||||||||
Due within one year | $ | 2,304 | $ | 2,221 | |||||
Due after one year through five years | 39,678 | 39,470 | |||||||
Due after five years through ten years | 13,449 | 13,193 | |||||||
Equity securities | 970 | 8,209 | |||||||
$ | 56,401 | $ | 63,093 | ||||||
Inventories
Inventories | 12 Months Ended | ||||
Dec. 28, 2013 | |||||
Inventories Disclosure [Abstract] | ' | ||||
Inventories | ' | ||||
Note 3 Inventories | |||||
Merchandise inventories, as of December 28, 2013 and December 29, 2012, were valued as follows: | |||||
(dollars in thousands) | 2013 | 2012 | |||
LIFO | $ | 187,178 | $ | 187,847 | |
Average cost | 53,274 | 57,396 | |||
$ | 240,452 | $ | 245,243 | ||
Management believes the use of the LIFO method for valuing certain inventories represents the most appropriate matching of costs and revenues in the Company’s circumstances. If all inventories were valued on the average cost method, which approximates current cost, total inventories would have been $79,022,000 and $78,330,000 higher than as reported on the above methods as of December 28, 2013 and December 29, 2012, respectively. During 2013, the Company had certain decrements in its LIFO pools, which had an insignificant impact on the cost of sales. | |||||
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||
Dec. 28, 2013 | ||||||
Property and Equipment [Abstract] | ' | |||||
Property and Equipment | ' | |||||
Note 4 Property and Equipment | ||||||
Property and equipment, as of December 28, 2013 and December 29, 2012, consisted of: | ||||||
Useful Life | ||||||
(dollars in thousands) | (in years) | 2013 | 2012 | |||
Land | $ | 97,906 | $ | 97,810 | ||
Buildings and improvements | Oct-60 | 527,789 | 508,253 | |||
Equipment | 12-Mar | 874,008 | 817,822 | |||
Leasehold improvements | 20-May | 184,995 | 168,879 | |||
Total, at cost | 1,684,698 | 1,592,764 | ||||
Less accumulated depreciation and amortization | 979,713 | 954,130 | ||||
$ | 704,985 | $ | 638,634 | |||
Lease_Commitments
Lease Commitments | 12 Months Ended | ||||||
Dec. 28, 2013 | |||||||
Lease Commitments [Abstract] | ' | ||||||
Lease Commitments | ' | ||||||
Note 5 Lease Commitments | |||||||
At December 28, 2013, the Company leased approximately 50% of its open store facilities under operating leases that expire at various dates through 2029. These leases generally provide for fixed annual rentals; however, several provide for minimum annual rentals plus contingent rentals as a percentage of annual sales and a number of leases require the Company to pay for all or a portion of insurance, real estate taxes, water and sewer rentals, and repairs, the cost of which is charged to the related expense category rather than being accounted for as rent expense. Most of the leases contain multiple renewal options, under which the Company may extend the lease terms from 5 to 20 years. Rents on operating leases, including agreements with step rents, are charged to expense on a straight-line basis over the minimum lease term. | |||||||
Rent expense and income on all leases consisted of: | |||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||
Minimum annual rentals | $ | 32,817 | $ | 30,141 | $ | 30,970 | |
Contingent rentals | 386 | 134 | 512 | ||||
Lease or sublease income | -6,452 | -6,352 | -6,704 | ||||
$ | 26,751 | $ | 23,923 | $ | 24,778 | ||
Note 5 Lease Commitments (continued) | |||||||
The following is a schedule by years of future minimum rental payments required under operating leases and total minimum sublease and lease rental income to be received that have initial or remaining non-cancelable lease terms in excess of one year as of December 28, 2013. | |||||||
(dollars in thousands) | Leases | Subleases | |||||
2014 | $ | 33,651 | $ | -3,258 | |||
2015 | 32,252 | -3,139 | |||||
2016 | 28,505 | -2,487 | |||||
2017 | 24,330 | -1,807 | |||||
2018 | 22,115 | -1,208 | |||||
Thereafter | 82,207 | -2,378 | |||||
$ | 223,060 | $ | -14,277 | ||||
The Company has $521,000 accrued as of December 28, 2013 and had $99,000 accrued as of December 29, 2012, for future minimum rental payments due on previously closed stores, reduced by the estimated sublease income to be received. The future minimum rental payments required under operating leases and estimated sublease income for these locations are included in the above schedule. | |||||||
Retirement_Plans
Retirement Plans | 12 Months Ended | ||||||
Dec. 28, 2013 | |||||||
Retirement Plans [Abstract] | ' | ||||||
Retirement Plans | ' | ||||||
Note 6 Retirement Plans | |||||||
The Company has a contributory retirement savings plan, the Weis Markets, Inc. Retirement Savings Plan, covering substantially all full-time associates. The Company had a noncontributory profit-sharing plan, the Weis Markets, Inc. Profit Sharing Plan, covering eligible associates which included certain salaried associates, store management and administrative support personnel. Effective December 1, 2009, the Weis Markets, Inc. Profit Sharing Plan was merged into the Weis Markets, Inc. Retirement Savings Plan. The Company also has three supplemental retirement plans covering highly compensated employees of the Company. The Company’s policy is to fund all qualified retirement plan costs as accrued, but not supplemental retirement costs. Employer contributions to the qualified retirement plans are made at the sole discretion of the Company. | |||||||
Retirement plan costs: | |||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||
Retirement savings plan | $ | 1,715 | $ | 1,560 | $ | 1,242 | |
Profit-sharing plan | 1,750 | 1,650 | 1,650 | ||||
Deferred compensation plan | 126 | 291 | -26 | ||||
Supplemental retirement plan | 2,025 | 1,105 | 111 | ||||
Pharmacist deferred compensation plan | 178 | 198 | -17 | ||||
$ | 5,794 | $ | 4,804 | $ | 2,960 | ||
The Company maintains a non-qualified deferred compensation plan for the payment of specific amounts of annual retirement benefits to certain officers or their beneficiaries over an actuarially computed normal life expectancy. The benefits are determined through actuarial calculations dependent on the age of the recipient, using an assumed discount rate. The Company deems the discount rate to be consistent over time with the rate of return on equity for the Company due to funding the total liability with company assets. The plan is unfunded and accounted for on an accrual basis. The projected benefit obligations are equal to the liability for pension benefits included in “Accrued expenses” and “Postretirement benefit obligations” in the Consolidated Balance Sheets. | |||||||
Note 6 Retirement Plans (continued) | |||||||
Change in the benefit obligations: | |||||||
(dollars in thousands) | 2013 | 2012 | |||||
Benefit obligations at beginning of year | $ | 7,726 | $ | 7,487 | |||
Interest cost | 575 | 557 | |||||
Benefit payments | -51 | -51 | |||||
Actuarial gain | -450 | -267 | |||||
$ | 7,800 | $ | 7,726 | ||||
Weighted-average assumptions used to determine benefit obligations: | 2013 | 2012 | |||||
Discount rate | 7.50% | 7.50% | |||||
Components of net periodic benefit cost: | |||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||
Interest cost | $ | 575 | $ | 557 | $ | 564 | |
Amount of recognized gain | 501 | 318 | 821 | ||||
Estimated future benefit payments: | |||||||
(dollars in thousands) | Benefits | ||||||
2014 | $ | 51 | |||||
2015 | 1,758 | ||||||
2016 | 1,758 | ||||||
2017 | 1,758 | ||||||
2018 | 1,758 | ||||||
2019 – 2023 | 8,790 | ||||||
The Company also maintains a non-qualified supplemental executive retirement plan and a non-qualified pharmacist deferred compensation plan for certain of its associates. These plans are designed to provide retirement benefits and salary deferral opportunities because of limitations imposed by the Internal Revenue Code and the Regulations implemented by the Internal Revenue Service. These plans are unfunded and accounted for on an accrual basis. Participants in these plans are excluded from participation in the profit sharing portion of the Weis Markets, Inc. Retirement Savings Plan once their yearly earnings exceed the IRS highly compensated threshold. The Board of Directors annually determines the amount of the allocation to the plans at its sole discretion. The allocation among the various plan participants is made in both flat dollar amounts and in relationship to their compensation. Plan participants are 100% vested in their accounts after six years of service with the Company. Benefits are distributed among participants upon reaching the applicable retirement age. Substantial risk of benefit forfeiture does exist for participants in these plans. The present value of accumulated benefits amounted to $9,352,000 and $7,531,000 at December 28, 2013 and December 29, 2012, respectively, and is included in “Postretirement benefit obligations” in the Consolidated Balance Sheets. | |||||||
The Company has no other postretirement benefit plans. | |||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||
Accumulated Other Comprehensive Income | ' | |||||||
Note 7 Accumulated Other Comprehensive Income | ||||||||
All balances in accumulated other comprehensive income are related to available-for-sale marketable securities. The following table sets forth the balance of the Company’s accumulated other comprehensive income, net of tax. | ||||||||
Unrealized Gains | ||||||||
on Available-for-Sale | ||||||||
(dollars in thousands) | Marketable Securities | |||||||
Accumulated other comprehensive income balance as of December 31, 2011 | $ | 5,448 | ||||||
Other comprehensive loss before reclassifications | -9 | |||||||
Amounts reclassified from accumulated other comprehensive income | -420 | |||||||
Net current period other comprehensive loss | -429 | |||||||
Accumulated other comprehensive income balance as of December 29, 2012 | $ | 5,019 | ||||||
Other comprehensive loss before reclassifications | -36 | |||||||
Amounts reclassified from accumulated other comprehensive income | -1,044 | |||||||
Net current period other comprehensive loss | -1,080 | |||||||
Accumulated other comprehensive income balance as of December 28, 2013 | $ | 3,939 | ||||||
The following table sets forth the effects on net income of the amounts reclassified out of accumulated other comprehensive income for the periods ended December 28, 2013, December 29, 2012 and December 31, 2011. | ||||||||
Gains (Losses) Reclassified from | ||||||||
Accumulated Other Comprehensive Income to the | ||||||||
Consolidated Statements of Income | ||||||||
(dollars in thousands) | Location | 2013 | 2012 | 2011 | ||||
Unrealized gains on available-for-sale marketable securities | ||||||||
Investment income | $ | 1,774 | $ | 713 | $ | 1,447 | ||
Provision for income taxes | -730 | -293 | -601 | |||||
Total amount reclassified, net of tax | $ | 1,044 | $ | 420 | $ | 846 | ||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||
Dec. 28, 2013 | |||||||
Income Taxes [Abstract] | ' | ||||||
Income Taxes | ' | ||||||
Note 8 Income Taxes | |||||||
The provision (benefit) for income taxes consists of: | |||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||
Current: | |||||||
Federal | $ | 26,994 | $ | 30,258 | $ | 24,518 | |
State | 6,774 | 2,534 | 781 | ||||
Deferred: | |||||||
Federal | 8,184 | 12,107 | 12,731 | ||||
State | 2,193 | 3,504 | 3,992 | ||||
$ | 44,145 | $ | 48,403 | $ | 42,022 | ||
The reconciliation of income taxes computed at the federal statutory rate (35% in 2013, 2012 and 2011) to the provision for income taxes is: | |||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||
Income taxes at federal statutory rate | $ | 40,553 | $ | 45,820 | $ | 41,151 | |
State income taxes, net of federal income tax benefit | 5,828 | 3,925 | 2,558 | ||||
Other | -2,236 | -1,342 | -1,687 | ||||
Provision for income taxes (effective tax rate 38.1%, 37.0% and 35.7%, respectively) | $ | 44,145 | $ | 48,403 | $ | 42,022 | |
Cash paid for income taxes was $26,350,000, $27,500,000 and $21,000,000 in 2013, 2012 and 2011 respectively. | |||||||
The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities at December 28, 2013 and December 29, 2012, are: | |||||||
(dollars in thousands) | 2013 | 2012 | |||||
Deferred tax assets: | |||||||
Accounts receivable | $ | 585 | $ | 426 | |||
Compensated absences | 403 | 510 | |||||
Long term employment incentives | 2,785 | 2,891 | |||||
Employee benefit plans | 4,221 | 3,784 | |||||
General liability insurance | 1,223 | 1,113 | |||||
Postretirement benefit obligations | 7,037 | 6,255 | |||||
Net operating loss carryforwards | 5,736 | 6,535 | |||||
Total deferred tax assets | 21,990 | 21,514 | |||||
Deferred tax liabilities: | |||||||
Inventories | -6,809 | -6,241 | |||||
Unrealized gains on marketable securities | -2,753 | -3,506 | |||||
Nondeductible accruals and other | -4,745 | -1,995 | |||||
Depreciation | -109,836 | -102,301 | |||||
Total deferred tax liabilities | -124,143 | -114,043 | |||||
Net deferred tax liability | $ | -102,153 | $ | -92,529 | |||
Current deferred liability - net | $ | -4,219 | $ | -3,420 | |||
Noncurrent deferred liability - net | -97,934 | -89,109 | |||||
Net deferred tax liability | $ | -102,153 | $ | -92,529 | |||
Note 8 Income Taxes (continued) | |||||||
The following table summarizes the activity related to the Company’s unrecognized tax benefits: | |||||||
(dollars in thousands) | 2013 | 2012 | |||||
Unrecognized tax benefits at beginning of year | $ | 225 | $ | 161 | |||
Increases based on tax positions related to the current year | - | - | |||||
Additions for tax positions of prior year | - | 64 | |||||
Reductions for tax positions of prior years | - | - | |||||
Settlements | -225 | - | |||||
Expiration of the statute of limitations for assessment of taxes | - | - | |||||
Unrecognized tax benefits at end of year | $ | - | $ | 225 | |||
During 2013, the Company completed a final settlement with a state taxing authority resulting in a $225,000 state tax benefit net of Federal income taxes. During 2012 the Company completed a final settlement with a state taxing authority resulting in a $64,000 state tax benefit net of Federal income taxes. | |||||||
The Company’s U.S. Federal income tax filings have been examined by the Internal Revenue Service through 2008. The Company or one of its subsidiaries files tax returns in various states. The tax years subject to examination in Pennsylvania, where the majority of the Company's revenues are generated, are 2010 to 2013. | |||||||
The Company has net operating loss carryforwards of $88 million available for state income tax purposes. The net operating losses will begin to expire starting in 2027. The Company expects to fully utilize these net operating loss carryforwards. | |||||||
Acquisition_of_Business
Acquisition of Business | 12 Months Ended | ||
Dec. 28, 2013 | |||
Acquisition of Business [Abstract] | ' | ||
Acquisition of Business | ' | ||
Note 9 Acquisition of Business | |||
Fiscal 2013 Acquisitions | |||
There were no acquisitions for fiscal 2013. | |||
Fiscal 2012 Acquisitions | |||
On June 11, 2012, Weis Markets, Inc. acquired three former Genuardi’s stores located in Conshohocken, Doylestown and Norristown, Pennsylvania from Safeway Inc. Weis Markets, Inc. acquired the store locations and operations of these three former Genuardi’s stores in an effort to establish its retail presence in the Delaware Valley. The results of operations of the three former Genuardi’s stores are included in the accompanying consolidated financial statements from the date of acquisition. The three former Genuardi’s stores contributed $22.1 million to sales in 2012. | |||
The cash purchase price paid to Safeway Inc. was $6.1 million. The Company recognized a gain of $414,000 on the bargain purchase. The purchased assets include inventories, equipment and intangible assets. Weis Markets, Inc. assumed all three lease obligations of the former Genuardi’s stores. | |||
The following table summarizes the fair values of the assets acquired at the date of acquisition. | |||
(dollars in thousands) | 11-Jun-12 | ||
Inventories | $ | 1,116 | |
Equipment | 5,294 | ||
Intangible assets | 120 | ||
Total assets acquired | $ | 6,530 | |
Fiscal 2011 Acquisitions | |||
There were no acquisitions for fiscal 2011. | |||
Summary_of_Quarterly_Results
Summary of Quarterly Results | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Summary of Quarterly Results [Abstract] | ' | ||||||||
Summary of Quarterly Results | ' | ||||||||
Note 10 Summary of Quarterly Results (Unaudited) | |||||||||
Quarterly financial data for 2013 and 2012 are as follows: | |||||||||
(dollars in thousands, except per share amounts) | Thirteen Weeks Ended | ||||||||
30-Mar-13 | 29-Jun-13 | Sep. 28, 2013 | Dec. 28, 2013 | ||||||
Net sales | $ | 682,712 | $ | 662,072 | $ | 661,412 | $ | 686,392 | |
Gross profit on sales | 191,127 | 190,322 | 182,763 | 181,256 | |||||
Net income | 20,129 | 24,179 | 11,692 | 15,721 | |||||
Basic and diluted earnings per share | .75 | .90 | .43 | .59 | |||||
(dollars in thousands, except per share amounts) | Thirteen Weeks Ended | ||||||||
31-Mar-12 | 30-Jun-12 | Sep. 29, 2012 | Dec. 29, 2012 | ||||||
Net sales | $ | 661,610 | $ | 677,097 | $ | 668,391 | $ | 694,307 | |
Gross profit on sales | 183,125 | 187,599 | 181,276 | 190,553 | |||||
Net income | 20,026 | 23,204 | 17,178 | 22,103 | |||||
Basic and diluted earnings per share | .74 | .86 | .64 | .83 | |||||
Fair_Value_Information
Fair Value Information | 12 Months Ended |
Dec. 28, 2013 | |
Fair Value Information [Abstract] | ' |
Fair Value Information | ' |
Note 11 Fair Value Information | |
The carrying amounts for cash, accounts receivable and accounts payable approximate fair value because of the short maturities of these instruments. The fair values of the Company’s marketable securities, as disclosed in Note 2, are based on quoted market prices and institutional pricing guidelines for those securities not classified as Level 1 securities. | |
Contingencies
Contingencies | 12 Months Ended |
Dec. 28, 2013 | |
Contingencies [Abstract] | ' |
Contingencies | ' |
Note 12 Contingencies | |
The Company is involved in various legal actions arising out of the normal course of business. The Company also accrues for tax contingencies when it is probable that a liability to a taxing authority has been incurred and the amount of the contingency can be reasonably estimated, based on past experience. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company's consolidated financial position, results of operations or liquidity. | |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Significant Accounting Policies [Abstract] | ' | ||||||||||||
Description of Business [Policy Text Block] | ' | ||||||||||||
(a) Description of Business | |||||||||||||
Weis Markets, Inc. is a Pennsylvania business corporation formed in 1924. The Company is engaged principally in the retail sale of food in Pennsylvania and surrounding states. There was no material change in the nature of the Company's business during fiscal 2013. | |||||||||||||
Definition of Fiscal Year [Policy Text Block] | ' | ||||||||||||
(b) Definition of Fiscal Year | |||||||||||||
The Company’s fiscal year ends on the last Saturday in December. Fiscal 2013 was comprised of 52 weeks, ending on December 28, 2013. Fiscal 2012 was comprised of 52 weeks, ending on December 29, 2012. Fiscal 2011 was comprised of 53 weeks, ending on December 31, 2011. References to years in this annual report relate to fiscal years. | |||||||||||||
Principles of Consolidation [Policy Text Block] | ' | ||||||||||||
(c) Principles of Consolidation | |||||||||||||
The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||||
Use of Estimates [Policy Text Block] | ' | ||||||||||||
(d) Use of Estimates | |||||||||||||
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 to prepare these consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. Actual results could differ from those estimates. | |||||||||||||
Reclassifications [Policy Text Block] | ' | ||||||||||||
(e) Reclassifications | |||||||||||||
The Company has reclassified 2012 balances related to its “SERP investment” (consisting of level 1 mutual funds) out of “Cash and cash equivalents” in the 2012 Consolidated Balance Sheet for a total of $7.1 million. The opening cash impact on the Consolidated Statement of Cash Flows was $6.8 million and the changes to investing activities in 2012 and 2011, respectively, were immaterial. | |||||||||||||
Cash and Cash Equivalents [Policy Text Block] | ' | ||||||||||||
(f) Cash and Cash Equivalents | |||||||||||||
The Company maintains its cash balances in the form of core checking accounts and money market accounts. The Company maintains cash deposits with banks that at times exceed applicable insurance limits. The Company reduces its exposure to credit risk by maintaining such deposits with high quality financial institutions that management believes are creditworthy. | |||||||||||||
The Company considers investments with an original maturity of three months or less to be cash equivalents. Investment amounts classified as cash equivalents as of December 28, 2013 and December 29, 2012 totaled $7.2 million and $992,000, respectively. | |||||||||||||
Marketable Securities [Policy Text Block] | ' | ||||||||||||
(g) Marketable Securities | |||||||||||||
Marketable securities consist of municipal bonds and equity securities. The Company invests primarily in high-grade marketable debt securities. The Company classifies all of its marketable securities as available-for-sale. | |||||||||||||
Available-for-sale securities are recorded at fair value as determined by quoted market price based on national markets. Unrealized holding gains and losses, net of the related tax effect, are excluded from earnings and are reported as a separate component of shareholders’ equity until realized. A decline in the fair value below cost that is deemed other than temporary results in a charge to earnings and the establishment of a new cost basis for the security. Dividend and interest income is recognized when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of securities. | |||||||||||||
Accounts Receivable [Policy Text Block] | ' | ||||||||||||
(h) Accounts Receivable | |||||||||||||
Accounts receivable are stated net of an allowance for uncollectible accounts of $1,882,000 and $1,526,000 as of December 28, 2013 and December 29, 2012, respectively. The reserve balance relates to amounts due from pharmacy third party providers, retail customer returned checks, manufacturing customers and vendors. The Company maintains an allowance for the amount of receivables deemed to be uncollectible and calculates this amount based upon historical collection activity adjusted for current conditions. Customer electronic payments accepted at the point of sale are classified as accounts receivable until collected. | |||||||||||||
Inventories [Policy Text Block] | ' | ||||||||||||
(i) Inventories | |||||||||||||
Inventories are valued at the lower of cost or market, using both the last-in, first-out (LIFO) and average cost methods. The Company’s center store and pharmacy inventories are valued using LIFO and the Company’s fresh inventories are valued using average cost. The Company evaluates inventory shortages throughout the year based on actual physical counts in its facilities. Allowances for inventory shortages are recorded based on the results of these counts and to provide for estimated shortages from the last physical count to the financial statement date. | |||||||||||||
Property and Equipment [Policy Text Block] | ' | ||||||||||||
(j) Property and Equipment | |||||||||||||
In the first quarter of 2012, the Company changed its accounting policy for property and equipment. Property and equipment continue to be recorded at cost. Prior to January 1, 2012, the Company provided for depreciation of buildings and improvements and equipment using accelerated methods. Effective January 1, 2012, the Company changed its method of depreciation for this group of assets from the accelerated methods to straight-line. Management deemed the change preferable because the straight-line method will more accurately reflect the pattern of usage and the expected benefits of such assets. Management also considered that the change will provide greater consistency with the depreciation methods used by other companies in the Company's industry. The change was accounted for as a change in accounting estimate effected by a change in accounting principle. The net book value of assets acquired prior to January 1, 2012 with useful lives remaining will be depreciated using the straight-line method prospectively. If the Company had continued using accelerated methods, depreciation expense would have been $11.5 million greater in 2012. Had accelerated methods continued to be used, after considering the impact of income taxes, the effect would decrease net income by $6.8 million or $.25 per share in 2012. | |||||||||||||
Leasehold improvements are unaffected by the change noted above. Leasehold improvements continue to be amortized using the straight line method over the terms of the leases or the useful lives of the assets, whichever is shorter. | |||||||||||||
Maintenance and repairs are expensed and renewals and betterments are capitalized. When assets are retired or otherwise disposed of, the assets and accumulated depreciation are removed from the respective accounts and any profit or loss on the disposition is credited or charged to “Operating, general and administrative expenses.” | |||||||||||||
Goodwill and Intangible Assets [Policy Text Block] | ' | ||||||||||||
(k) Goodwill and Intangible Assets | |||||||||||||
Intangible assets with an indefinite useful life are not amortized until their useful life is determined to be no longer indefinite and are tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. Goodwill is not amortized but tested for impairment for each reporting unit, on an annual basis and between annual tests in certain circumstances. | |||||||||||||
To derive the fair value of the Company’s sole reporting unit, the Company uses an income approach along with an analysis of its stock value. Under the income approach, fair value of a reporting unit is determined based on estimated future cash flows discounted by an estimated weighted-average cost of capital, which reflects the overall level of inherent risk of the Company. Estimated future cash flows are based on the Company’s internal projection model. The stock value evaluation consists of measuring the average market capitalization of the Company against its total asset value of its sole reporting unit. The Company completes its impairment test in the third quarter of each fiscal year. See Note 1(l) to the Consolidated Financial Statements included in this Annual Report on Form 10-K for more information on the Company’s impairment of long-lived assets. | |||||||||||||
Note 1 Summary of Significant Accounting Policies (continued) | |||||||||||||
(k) Goodwill and Intangible Assets (continued) | |||||||||||||
The Company’s intangible assets and related accumulated amortization at December 28, 2013 and December 29, 2012 consisted of the following: | |||||||||||||
28-Dec-13 | 29-Dec-12 | ||||||||||||
Accumulated | Accumulated | ||||||||||||
(dollars in thousands) | Gross | Amortization | Net | Gross | Amortization | Net | |||||||
Non-Compete Agreements | $ | - | $ | - | $ | - | $ | 1,200 | $ | 1,120 | $ | 80 | |
Lease Acquisitions | 3,654 | 2,235 | 1,419 | 5,330 | 2,961 | 2,369 | |||||||
Liquor Licenses | 1,879 | 65 | 1,814 | 942 | 22 | 920 | |||||||
Customer Lists | 120 | 6 | 114 | 120 | 2 | 118 | |||||||
Total | $ | 5,653 | $ | 2,306 | $ | 3,347 | $ | 7,592 | $ | 4,105 | $ | 3,487 | |
Intangible assets with a definite useful life are generally amortized on a straight-line basis over periods ranging from 15 to 30 years. Estimated amortization expense for the next five fiscal years is approximately $250,000 in 2014, $250,000 in 2015, $250,000 in 2016, $250,000 in 2017 and $250,000 in 2018. As of December 28, 2013, the Company has no intangible assets, other than goodwill, with indefinite lives. | |||||||||||||
Impairment of Long-Lived Assets [Policy Text Block] | ' | ||||||||||||
(l) Impairment of Long-Lived Assets | |||||||||||||
The Company periodically evaluates the period of depreciation or amortization for long-lived assets to determine whether current circumstances warrant revised estimates of useful lives. The Company reviews its property and equipment for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Recoverability is measured by a comparison of the carrying amount to the net undiscounted cash flows expected to be generated by the asset. An impairment loss would be recorded for the excess of net book value over the fair value of the asset impaired. The fair value is estimated based on expected discounted future cash flows. | |||||||||||||
With respect to owned property and equipment associated with closed stores, the value of the property and equipment is adjusted to reflect recoverable values based on the Company’s prior history of disposing of similar assets and current economic conditions. | |||||||||||||
In accordance with Accounting Standards Codification No. 360, Property, Plant and Equipment, the Company recorded a pre-tax charge of $2.1 million in the third quarter of 2013 for the impairment of long-lived assets, including equipment and leasehold improvements. The charge was a result of management determining that the net book value of four properties was impaired. This charge was included as a component of "Operating, general and administrative expenses." | |||||||||||||
The results of impairment tests are subject to management’s estimates and assumptions of projected cash flows and operating results. The Company believes that, based on current conditions, materially different reported results are not likely to result from long-lived asset impairments. However, a change in assumptions or market conditions could result in a change in estimated future cash flows and the likelihood of materially different reported results. | |||||||||||||
Store Closing Costs [Policy Text Block] | ' | ||||||||||||
(m) Store Closing Costs | |||||||||||||
The Company provides for closed store liabilities relating to the estimated post-closing lease liabilities and related other exit costs associated with the store closing commitments. Currently, closed stores have remaining lease terms ranging from one to five years, and the liabilities associated with these closed store leases are paid over the terms of the lease. Closed store lease liabilities totaled $1,193,000 and $635,000 as of December 28, 2013 and December 29, 2012, respectively. The Company estimates the lease liabilities, net of estimated sublease income, using the undiscounted rent payments of closed stores. Adjustments to closed store liabilities primarily relate to changes in sublease income and actual exit costs differing from original estimates. Adjustments are made for changes in estimates in the period in which the change becomes known. Store closing liabilities are reviewed quarterly to ensure that any accrued amount that is not a sufficient estimate of future costs, or that no longer is needed for its originally intended purpose, is adjusted to income in the proper period. | |||||||||||||
Note 1 Summary of Significant Accounting Policies (continued) | |||||||||||||
(m) Store Closing Costs (continued) | |||||||||||||
The following table summarizes accrual activity for future lease obligations of stores that were closed in the normal course of business: | |||||||||||||
Future Lease | |||||||||||||
(dollars in thousands) | Obligations | ||||||||||||
Balance at December 31, 2011 | $ | 756 | |||||||||||
Additions | 198 | ||||||||||||
Payments | -248 | ||||||||||||
Adjustments | -71 | ||||||||||||
Balance at December 29, 2012 | 635 | ||||||||||||
Additions | 680 | ||||||||||||
Payments | -33 | ||||||||||||
Adjustments | -89 | ||||||||||||
Balance at December 28, 2013 | $ | 1,193 | |||||||||||
Self-Insurance [Policy Text Block] | ' | ||||||||||||
(n) Self-Insurance | |||||||||||||
The Company is self-insured for a majority of its workers’ compensation, general liability, vehicle accident and associate medical benefit claims. Self-insurance costs are accrued based upon the aggregate of the liability for reported claims and an estimated liability for claims incurred but not reported. The Company was liable for associate health claims up to an annual maximum of $750,000 per member prior to March 1, 2012, $1,250,000 per member prior to March 1, 2013, $2,000,000 per member prior to March 1, 2014 and an unlimited amount per member as of March 1, 2014. The Company is liable for workers' compensation claims up to $2,000,000 per claim. Property and casualty insurance coverage is maintained with outside carriers at deductible or retention levels ranging from $100,000 to $1,000,000. | |||||||||||||
Income Taxes [Policy Text Block] | ' | ||||||||||||
(o) Income Taxes | |||||||||||||
The Company recognizes deferred tax assets and liabilities 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. | |||||||||||||
Earnings Per Share [Policy Text Block] | ' | ||||||||||||
(p) Earnings Per Share | |||||||||||||
Earnings per share are based on the weighted-average number of common shares outstanding. | |||||||||||||
Revenue Recognition [Policy Text Block] | ' | ||||||||||||
(q) Revenue Recognition | |||||||||||||
Revenue from the sale of products to the Company’s customers is recognized at the point of sale. Discounts provided to customers at the point of sale through the Weis Club Preferred Shopper loyalty program are recognized as a reduction in sales as products are sold. Periodically, the Company will run a point based sales incentive program that rewards customers with future sales discounts. The Company makes reasonable and reliable estimates of the amount of future discounts based upon historical experience and its customer data tracking software. Sales are reduced by these estimates over the life of the program. Discounts to customers at the point of sale provided by vendors, usually in the form of paper coupons, are not recognized as a reduction in sales provided the discounts are redeemable at any retailer that accepts those discounts. The Company records “Deferred revenue” for the sale of gift cards and revenue is recognized in “Net sales” at the time of customer redemption for products. Gift card breakage income is recognized in “Operating, general and administrative expenses” based upon historical redemption patterns and represents the balance of gift cards for which the Company believes the likelihood of redemption by the customer is remote. Sales tax is excluded from “Net sales.” The Company charges sales tax on all taxable customer purchases and remits these taxes monthly to the appropriate taxing jurisdiction. Merchandise return activity is immaterial to revenues. | |||||||||||||
Cost of Sales, Including Warehousing and Distribution Expenses [Policy Text Block] | ' | ||||||||||||
(r) Cost of Sales, Including Warehousing and Distribution Expenses | |||||||||||||
“Cost of sales, including warehousing and distribution expenses” consists of direct product (net of discounts and allowances), distribution center and transportation costs, as well as manufacturing facility operations. | |||||||||||||
Vendor Allowances [Policy Text Block] | ' | ||||||||||||
(s) Vendor Allowances | |||||||||||||
Vendor allowances that relate to the Company's buying and merchandising activities are recorded as a reduction of cost of sales as they are earned, in accordance with the underlying agreement. Off-invoice and bill-back allowances are used to reduce direct product costs upon the receipt of goods. Promotional rebates and credits are accounted for as a reduction in the cost of inventory and recognized when the related inventory is sold. Volume incentive discounts are realized as a reduction of cost of sales at the time it is deemed probable and reasonably estimable that the incentive target will be reached. Long-term contract incentives, which require an exclusive vendor relationship, are allocated over the life of the contract. Promotional allowance funds for specific vendor-sponsored programs are recognized as a reduction of cost of sales as the program occurs and the funds are earned per the agreement. Cash discounts for prompt payment of invoices are realized in cost of sales as invoices are paid. Warehouse and back-haul allowances provided by suppliers for distributing their product through the Company’s distribution system are recorded in cost of sales as the required performance is completed. Warehouse rack and slotting allowances are recorded in cost of sales when new items are initially set up in the Company's distribution system, which is when the related expenses are incurred and performance under the agreement is complete. Swell allowances for damaged goods are realized in cost of sales as provided by the supplier, helping to offset product shrink losses also recorded in cost of sales. | |||||||||||||
Vendor allowances recorded as credits in cost of sales totaled $76.4 million in 2013, $75.1 million in 2012 and $66.5 million in 2011. Vendor paid cooperative advertising credits totaled $16.0 million in 2013, $16.4 million in 2012 and $18.2 million in 2011. These credits were netted against advertising costs within “Operating, general and administrative expenses.” The Company had accounts receivable due from vendors of $440,000 and $609,000 for earned advertising credits and $5.8 million and $4.6 million for earned promotional discounts as of December 28, 2013 and December 29, 2012, respectively. The Company had $911,000 and $861,000 in unearned income included in accrued liabilities for unearned vendor programs under long-term contracts for display and shelf space allocation as of December 28, 2013 and December 29, 2012, respectively. | |||||||||||||
Operating, General and Administrative Expenses [Policy Text Block] | ' | ||||||||||||
(t) Operating, General and Administrative Expenses | |||||||||||||
Business operating costs including expenses generated from administration and purchasing functions, are recorded in “Operating, general and administrative expenses” in the Consolidated Statements of Income. Business operating costs include items such as wages, benefits, utilities, repairs and maintenance, advertising costs and credits, rent, insurance, equipment depreciation, leasehold amortization and costs for outside provided services. | |||||||||||||
Advertising Costs [Policy Text Block] | ' | ||||||||||||
(u) Advertising Costs | |||||||||||||
The Company expenses advertising costs as incurred. The Company recorded advertising expense, before vendor paid cooperative advertising credits, of $23.5 million in 2013, $23.5 million in 2012 and $24.7 million in 2011 in “Operating, general and administrative expenses.” | |||||||||||||
Rental Income [Policy Text Block] | ' | ||||||||||||
(v) Rental Income | |||||||||||||
The Company leases or subleases space to tenants in owned, vacated and open store facilities. Rental income is recorded when earned as a component of “Operating, general and administrative expenses.” All leases are operating leases, as disclosed in Note 5. | |||||||||||||
Current Relevant Accounting Standards [Policy Text Block] | ' | ||||||||||||
(w) Current Relevant Accounting Standards | |||||||||||||
In February 2013, FASB issued additional authoritative guidance on comprehensive income and the reporting of amounts reclassified out of accumulated other comprehensive income. This guidance requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. This new guidance is effective prospectively for reporting periods beginning after December 15, 2012. Adoption of this new guidance required additional disclosures and presentation of items impacting other comprehensive income but did not have an impact on the Company’s consolidated financial statements. | |||||||||||||
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Significant Accounting Policies [Abstract] | ' | ||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | ||||||||||||
The Company’s intangible assets and related accumulated amortization at December 28, 2013 and December 29, 2012 consisted of the following: | |||||||||||||
28-Dec-13 | 29-Dec-12 | ||||||||||||
Accumulated | Accumulated | ||||||||||||
(dollars in thousands) | Gross | Amortization | Net | Gross | Amortization | Net | |||||||
Non-Compete Agreements | $ | - | $ | - | $ | - | $ | 1,200 | $ | 1,120 | $ | 80 | |
Lease Acquisitions | 3,654 | 2,235 | 1,419 | 5,330 | 2,961 | 2,369 | |||||||
Liquor Licenses | 1,879 | 65 | 1,814 | 942 | 22 | 920 | |||||||
Customer Lists | 120 | 6 | 114 | 120 | 2 | 118 | |||||||
Total | $ | 5,653 | $ | 2,306 | $ | 3,347 | $ | 7,592 | $ | 4,105 | $ | 3,487 | |
Restructuring and Related Costs [Table Text Block] | ' | ||||||||||||
The following table summarizes accrual activity for future lease obligations of stores that were closed in the normal course of business: | |||||||||||||
Future Lease | |||||||||||||
(dollars in thousands) | Obligations | ||||||||||||
Balance at December 31, 2011 | $ | 756 | |||||||||||
Additions | 198 | ||||||||||||
Payments | -248 | ||||||||||||
Adjustments | -71 | ||||||||||||
Balance at December 29, 2012 | 635 | ||||||||||||
Additions | 680 | ||||||||||||
Payments | -33 | ||||||||||||
Adjustments | -89 | ||||||||||||
Balance at December 28, 2013 | $ | 1,193 | |||||||||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Marketable Securities [Abstract] | ' | ||||||||
Marketable securities [Table Text Block] | ' | ||||||||
Marketable securities, as of December 28, 2013 and December 29, 2012, consisted of: | |||||||||
Gross | Gross | ||||||||
(dollars in thousands) | Amortized | Unrealized | Unrealized | Fair | |||||
28-Dec-13 | Cost | Holding Gains | Holding Losses | Value | |||||
Available-for-sale: | |||||||||
Level 1 | |||||||||
Equity securities | $ | 970 | $ | 7,239 | $ | - | $ | 8,209 | |
Level 2 | |||||||||
Municipal bonds | 55,431 | 686 | -1,233 | 54,884 | |||||
$ | 56,401 | $ | 7,925 | $ | -1,233 | $ | 63,093 | ||
Gross | Gross | ||||||||
(dollars in thousands) | Amortized | Unrealized | Unrealized | Fair | |||||
29-Dec-12 | Cost | Holding Gains | Holding Losses | Value | |||||
Available-for-sale: | |||||||||
Level 1 | |||||||||
Equity securities | $ | 1,136 | $ | 7,714 | $ | - | $ | 8,850 | |
Level 2 | |||||||||
Municipal bonds | 72,840 | 1,308 | -497 | 73,651 | |||||
$ | 73,976 | $ | 9,022 | $ | -497 | $ | 82,501 | ||
Maturities of marketable securities classified as available-for-sale [Table Text Block] | ' | ||||||||
Maturities of marketable securities classified as available-for-sale at December 28, 2013, were as follows: | |||||||||
Amortized | Fair | ||||||||
(dollars in thousands) | Cost | Value | |||||||
Available-for-sale: | |||||||||
Due within one year | $ | 2,304 | $ | 2,221 | |||||
Due after one year through five years | 39,678 | 39,470 | |||||||
Due after five years through ten years | 13,449 | 13,193 | |||||||
Equity securities | 970 | 8,209 | |||||||
$ | 56,401 | $ | 63,093 | ||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||
Dec. 28, 2013 | |||||
Inventories Disclosure [Abstract] | ' | ||||
Merchandise Inventories [Table Text Block] | ' | ||||
(dollars in thousands) | 2013 | 2012 | |||
LIFO | $ | 187,178 | $ | 187,847 | |
Average cost | 53,274 | 57,396 | |||
$ | 240,452 | $ | 245,243 | ||
Property_and_Equipment_Table
Property and Equipment (Table) | 12 Months Ended | |||||
Dec. 28, 2013 | ||||||
Property and Equipment [Abstract] | ' | |||||
Property, Plant and Equipment [Table Text Block] | ' | |||||
Useful Life | ||||||
(dollars in thousands) | (in years) | 2013 | 2012 | |||
Land | $ | 97,906 | $ | 97,810 | ||
Buildings and improvements | Oct-60 | 527,789 | 508,253 | |||
Equipment | 12-Mar | 874,008 | 817,822 | |||
Leasehold improvements | 20-May | 184,995 | 168,879 | |||
Total, at cost | 1,684,698 | 1,592,764 | ||||
Less accumulated depreciation and amortization | 979,713 | 954,130 | ||||
$ | 704,985 | $ | 638,634 | |||
Lease_Commitments_Tables
Lease Commitments (Tables) | 12 Months Ended | ||||||
Dec. 28, 2013 | |||||||
Leases, Operating [Abstract] | ' | ||||||
Schedule of Rent Expense [Table Text Block] | ' | ||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||
Minimum annual rentals | $ | 32,817 | $ | 30,141 | $ | 30,970 | |
Contingent rentals | 386 | 134 | 512 | ||||
Lease or sublease income | -6,452 | -6,352 | -6,704 | ||||
$ | 26,751 | $ | 23,923 | $ | 24,778 | ||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||||
(dollars in thousands) | Leases | Subleases | |||||
2014 | $ | 33,651 | $ | -3,258 | |||
2015 | 32,252 | -3,139 | |||||
2016 | 28,505 | -2,487 | |||||
2017 | 24,330 | -1,807 | |||||
2018 | 22,115 | -1,208 | |||||
Thereafter | 82,207 | -2,378 | |||||
$ | 223,060 | $ | -14,277 | ||||
Retirement_Plans_Tables
Retirement Plans (Tables) | 12 Months Ended | ||||||
Dec. 28, 2013 | |||||||
Retirement Plans [Abstract] | ' | ||||||
Schedule of Costs of Retirement Plans [Table Text Block] | ' | ||||||
Retirement plan costs: | |||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||
Retirement savings plan | $ | 1,715 | $ | 1,560 | $ | 1,242 | |
Profit-sharing plan | 1,750 | 1,650 | 1,650 | ||||
Deferred compensation plan | 126 | 291 | -26 | ||||
Supplemental retirement plan | 2,025 | 1,105 | 111 | ||||
Pharmacist deferred compensation plan | 178 | 198 | -17 | ||||
$ | 5,794 | $ | 4,804 | $ | 2,960 | ||
Schedule of Accumulated and Projected Benefit Obligations [Table Text Block] | ' | ||||||
Change in the benefit obligations: | |||||||
(dollars in thousands) | 2013 | 2012 | |||||
Benefit obligations at beginning of year | $ | 7,726 | $ | 7,487 | |||
Interest cost | 575 | 557 | |||||
Benefit payments | -51 | -51 | |||||
Actuarial gain | -450 | -267 | |||||
$ | 7,800 | $ | 7,726 | ||||
Schedule of Assumptions Used [Table Text Block] | ' | ||||||
Weighted-average assumptions used to determine benefit obligations: | 2013 | 2012 | |||||
Discount rate | 7.50% | 7.50% | |||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||
Components of net periodic benefit cost: | |||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||
Interest cost | $ | 575 | $ | 557 | $ | 564 | |
Amount of recognized gain | 501 | 318 | 821 | ||||
Schedule of Expected Benefit Payments [Table Text Block] | ' | ||||||
(dollars in thousands) | Benefits | ||||||
2014 | $ | 51 | |||||
2015 | 1,758 | ||||||
2016 | 1,758 | ||||||
2017 | 1,758 | ||||||
2018 | 1,758 | ||||||
2019 – 2023 | 8,790 | ||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | |||||||
Dec. 28, 2013 | ||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||
Unrealized Gains | ||||||||
on Available-for-Sale | ||||||||
(dollars in thousands) | Marketable Securities | |||||||
Accumulated other comprehensive income balance as of December 31, 2011 | $ | 5,448 | ||||||
Other comprehensive loss before reclassifications | -9 | |||||||
Amounts reclassified from accumulated other comprehensive income | -420 | |||||||
Net current period other comprehensive loss | -429 | |||||||
Accumulated other comprehensive income balance as of December 29, 2012 | $ | 5,019 | ||||||
Other comprehensive loss before reclassifications | -36 | |||||||
Amounts reclassified from accumulated other comprehensive income | -1,044 | |||||||
Net current period other comprehensive loss | -1,080 | |||||||
Accumulated other comprehensive income balance as of December 28, 2013 | $ | 3,939 | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | |||||||
Gains (Losses) Reclassified from | ||||||||
Accumulated Other Comprehensive Income to the | ||||||||
Consolidated Statements of Income | ||||||||
(dollars in thousands) | Location | 2013 | 2012 | 2011 | ||||
Unrealized gains on available-for-sale marketable securities | ||||||||
Investment income | $ | 1,774 | $ | 713 | $ | 1,447 | ||
Provision for income taxes | -730 | -293 | -601 | |||||
Total amount reclassified, net of tax | $ | 1,044 | $ | 420 | $ | 846 | ||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||
Dec. 28, 2013 | |||||||
Income Taxes [Abstract] | ' | ||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||
Current: | |||||||
Federal | $ | 26,994 | $ | 30,258 | $ | 24,518 | |
State | 6,774 | 2,534 | 781 | ||||
Deferred: | |||||||
Federal | 8,184 | 12,107 | 12,731 | ||||
State | 2,193 | 3,504 | 3,992 | ||||
$ | 44,145 | $ | 48,403 | $ | 42,022 | ||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||
(dollars in thousands) | 2013 | 2012 | 2011 | ||||
Income taxes at federal statutory rate | $ | 40,553 | $ | 45,820 | $ | 41,151 | |
State income taxes, net of federal income tax benefit | 5,828 | 3,925 | 2,558 | ||||
Other | -2,236 | -1,342 | -1,687 | ||||
Provision for income taxes (effective tax rate 38.1%, 37.0% and 35.7%, respectively) | $ | 44,145 | $ | 48,403 | $ | 42,022 | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||
(dollars in thousands) | 2013 | 2012 | |||||
Deferred tax assets: | |||||||
Accounts receivable | $ | 585 | $ | 426 | |||
Compensated absences | 403 | 510 | |||||
Long term employment incentives | 2,785 | 2,891 | |||||
Employee benefit plans | 4,221 | 3,784 | |||||
General liability insurance | 1,223 | 1,113 | |||||
Postretirement benefit obligations | 7,037 | 6,255 | |||||
Net operating loss carryforwards | 5,736 | 6,535 | |||||
Total deferred tax assets | 21,990 | 21,514 | |||||
Deferred tax liabilities: | |||||||
Inventories | -6,809 | -6,241 | |||||
Unrealized gains on marketable securities | -2,753 | -3,506 | |||||
Nondeductible accruals and other | -4,745 | -1,995 | |||||
Depreciation | -109,836 | -102,301 | |||||
Total deferred tax liabilities | -124,143 | -114,043 | |||||
Net deferred tax liability | $ | -102,153 | $ | -92,529 | |||
Current deferred liability - net | $ | -4,219 | $ | -3,420 | |||
Noncurrent deferred liability - net | -97,934 | -89,109 | |||||
Net deferred tax liability | $ | -102,153 | $ | -92,529 | |||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | ' | ||||||
(dollars in thousands) | 2013 | 2012 | |||||
Unrecognized tax benefits at beginning of year | $ | 225 | $ | 161 | |||
Increases based on tax positions related to the current year | - | - | |||||
Additions for tax positions of prior year | - | 64 | |||||
Reductions for tax positions of prior years | - | - | |||||
Settlements | -225 | - | |||||
Expiration of the statute of limitations for assessment of taxes | - | - | |||||
Unrecognized tax benefits at end of year | $ | - | $ | 225 | |||
Acquisition_of_Business_Tables
Acquisition of Business (Tables) | 12 Months Ended | ||
Dec. 28, 2013 | |||
Acquisition of Business [Abstract] | ' | ||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | ||
(dollars in thousands) | 11-Jun-12 | ||
Inventories | $ | 1,116 | |
Equipment | 5,294 | ||
Intangible assets | 120 | ||
Total assets acquired | $ | 6,530 | |
Summary_of_Quarterly_Results_T
Summary of Quarterly Results (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Summary of Quarterly Results [Abstract] | ' | ||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||
(dollars in thousands, except per share amounts) | Thirteen Weeks Ended | ||||||||
30-Mar-13 | 29-Jun-13 | Sep. 28, 2013 | Dec. 28, 2013 | ||||||
Net sales | $ | 682,712 | $ | 662,072 | $ | 661,412 | $ | 686,392 | |
Gross profit on sales | 191,127 | 190,322 | 182,763 | 181,256 | |||||
Net income | 20,129 | 24,179 | 11,692 | 15,721 | |||||
Basic and diluted earnings per share | .75 | .90 | .43 | .59 | |||||
(dollars in thousands, except per share amounts) | Thirteen Weeks Ended | ||||||||
31-Mar-12 | 30-Jun-12 | Sep. 29, 2012 | Dec. 29, 2012 | ||||||
Net sales | $ | 661,610 | $ | 677,097 | $ | 668,391 | $ | 694,307 | |
Gross profit on sales | 183,125 | 187,599 | 181,276 | 190,553 | |||||
Net income | 20,026 | 23,204 | 17,178 | 22,103 | |||||
Basic and diluted earnings per share | .74 | .86 | .64 | .83 | |||||
Significant_Accounting_Policie3
Significant Accounting Policies (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Sep. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 25, 2010 | |
SERP Investment | ' | $8,752,000 | $7,058,000 | ' | $6,800,000 |
Cash Equivalents, at Carrying Value | ' | 7,200,000 | 992,000 | ' | ' |
Allowance for Doubtful Accounts Receivable | ' | 1,882,000 | 1,526,000 | ' | ' |
Impairment of Long-Lived Assets Held-for-use | 2,100,000 | ' | ' | ' | ' |
Self Insurance, Maximum of Workers Compensation Claims Liability per Associate per Claim | ' | 2,000,000 | ' | ' | ' |
Cost of Goods Sold, Vendor Allowances | ' | 76,400,000 | 75,100,000 | 66,500,000 | ' |
Vendor Paid Cooperative Advertising Credits | ' | 16,000,000 | 16,400,000 | 18,200,000 | ' |
Accounts Receivable, Earned Advertising Credits | ' | 440,000 | 609,000 | ' | ' |
Accounts Receivable, Earned Promotional Discounts | ' | 5,800,000 | 4,600,000 | ' | ' |
Unearned Income for Vendor Programs | ' | 911,000 | 861,000 | ' | ' |
Advertising Expense | ' | 23,500,000 | 23,500,000 | 24,700,000 | ' |
Depreciation Expense [Member] | ' | ' | ' | ' | ' |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | ' | ' | -11,500,000 | ' | ' |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | ' | ' | -6,800,000 | ' | ' |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Basic Earnings Per Share | ' | ' | ($0.25) | ' | ' |
Prior to March 1, 2012 [Member] | ' | ' | ' | ' | ' |
Self Insurance, Annual Maximum of Health Claims Liability per Associate | ' | 750,000 | ' | ' | ' |
Between March 1, 2012 to March 1, 2013 [Member] | ' | ' | ' | ' | ' |
Self Insurance, Annual Maximum of Health Claims Liability per Associate | ' | 1,250,000 | ' | ' | ' |
Between March 1, 2013 to March 1, 2014 [Member] | ' | ' | ' | ' | ' |
Self Insurance, Annual Maximum of Health Claims Liability per Associate | ' | 2,000,000 | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Property and Casualty Insurance, Deductible | ' | 1,000,000 | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Property and Casualty Insurance, Deductible | ' | $100,000 | ' | ' | ' |
Significant_Accounting_Policie4
Significant Accounting Policies (Intangible Assets) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | Non-Compete Agreements [Member] | Lease Acquisitions [Member] | Lease Acquisitions [Member] | Liquor Licenses [Member] | Liquor Licenses [Member] | Customer Lists [Member] | Customer Lists [Member] | Maximum [Member] | Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross | $5,653 | $7,592 | $1,200 | $3,654 | $5,330 | $1,879 | $942 | $120 | $120 | ' | ' |
Accumulated Amortization | 2,306 | 4,105 | 1,120 | 2,235 | 2,961 | 65 | 22 | 6 | 2 | ' | ' |
Net | 3,347 | 3,487 | 80 | 1,419 | 2,369 | 1,814 | 920 | 114 | 118 | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 years | '15 years |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant_Accounting_Policie5
Significant Accounting Policies (Changes in Future Closed Store Lease Obligations) (Details) (Facility Closing [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Facility Closing [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Closed store lease liabilities, Beginning Balance | $635 | $756 |
Additions | 680 | 198 |
Payments | -33 | -248 |
Adjustments | -89 | -71 |
Closed store lease liabilities, Ending Balance | $1,193 | $635 |
Marketable_Securities_Availabl
Marketable Securities (Available For Sale Securities) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $56,401 | $73,976 |
Gross Unrealized Holding Gains | 7,925 | 9,022 |
Gross Unrealized Holding Losses | -1,233 | -497 |
Fair Value | 63,093 | 82,501 |
Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 970 | 1,136 |
Gross Unrealized Holding Gains | 7,239 | 7,714 |
Fair Value | 8,209 | 8,850 |
Municipal Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 55,431 | 72,840 |
Gross Unrealized Holding Gains | 686 | 1,308 |
Gross Unrealized Holding Losses | -1,233 | -497 |
Fair Value | $54,884 | $73,651 |
Marketable_Securities_Maturiti
Marketable Securities (Maturities of Marketable Securities) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Marketable Securities [Abstract] | ' | ' |
Amortized Cost, Due within one year | $2,304 | ' |
Fair Value, Due within one year | 2,221 | ' |
Amortized Cost, Due after one year through five years | 39,678 | ' |
Fair Value, Due after one year through five years | 39,470 | ' |
Amortized Cost, Due after five years through ten years | 13,449 | ' |
Fair Value, Due after five years through ten years | 13,193 | ' |
Amortized Cost, Equity securities | 970 | ' |
Fair Value, Equity securities | 8,209 | ' |
Available-for-sale Securities, Amortized Cost Basis, Total | 56,401 | 73,976 |
Available-for-sale Securities, Fair Value, Total | $63,093 | $82,501 |
Inventories_Merchandise_Invent
Inventories (Merchandise Inventories) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Inventories Disclosure [Abstract] | ' | ' |
LIFO Inventory Amount | $187,178 | $187,847 |
Weighted Average Cost Inventory Amount | 53,274 | 57,396 |
Inventories | 240,452 | 245,243 |
Excess of Replacement or Current Costs over Stated LIFO Value | $79,022 | $78,330 |
Property_and_Equipment_Schedul
Property and Equipment (Schedule of Property and Equipment) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | Land [Member] | Land [Member] | Building and Building Improvements [Member] | Building and Building Improvements [Member] | Equipment [Member] | Equipment [Member] | Leasehold Improvements [Member] | Leasehold Improvements [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | ||
Building and Building Improvements [Member] | Equipment [Member] | Leasehold Improvements [Member] | Building and Building Improvements [Member] | Equipment [Member] | Leasehold Improvements [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, at cost | $1,684,698 | $1,592,764 | $97,906 | $97,810 | $527,789 | $508,253 | $874,008 | $817,822 | $184,995 | $168,879 | ' | ' | ' | ' | ' | ' |
Less accumulated depreciation and amortization | 979,713 | 954,130 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, net | $704,985 | $638,634 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '60 years | '12 years | '20 years | '10 years | '3 years | '5 years |
Lease_Commitments_Narrative_De
Lease Commitments (Narrative) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | Maximum [Member] | Minimum [Member] | ||
Operating Leased Assets [Line Items] | ' | ' | ' | ' |
Lease Expiration Date | ' | ' | 31-Dec-29 | ' |
Lessee Leasing Arrangements, Operating Leases, Renewal Term | ' | ' | '20 years | '5 years |
Accrued Rent | $521 | $99 | ' | ' |
Lease_Commitments_Rent_Expense
Lease Commitments (Rent Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Leases, Operating [Abstract] | ' | ' | ' |
Minimum annual rentals | $32,817 | $30,141 | $30,970 |
Contingent rentals | 386 | 134 | 512 |
Lease or sublease income | -6,452 | -6,352 | -6,704 |
Operating Leases, Rent Expense, Net, Total | $26,751 | $23,923 | $24,778 |
Lease_Commitments_Future_Minim
Lease Commitments (Future Minimum Payments) (Details) (USD $) | Dec. 28, 2013 |
In Thousands, unless otherwise specified | |
Leases, Operating [Abstract] | ' |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $33,651 |
Operating Leases, Future Minimum Payments, Due in Two Years | 32,252 |
Operating Leases, Future Minimum Payments, Due in Three Years | 28,505 |
Operating Leases, Future Minimum Payments, Due in Four Years | 24,330 |
Operating Leases, Future Minimum Payments, Due in Five Years | 22,115 |
Operating Leases, Future Minimum Payments, Due Thereafter | 82,207 |
Operating Leases, Future Minimum Payments Due, Total | 223,060 |
Operating Leases, Future Minimum Payments Receivable, Current | -3,258 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | -3,139 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | -2,487 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | -1,807 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | -1,208 |
Operating Leases, Future Minimum Payments Receivable, Thereafter | -2,378 |
Operating Leases, Future Minimum Payments Receivable, Total | ($14,277) |
Retirement_Plans_Narrative_Det
Retirement Plans (Narrative) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Retirement Plans [Abstract] | ' | ' |
Retirement Plans, Accumulated Benefit Obligation | $9,352 | $7,531 |
Retirement_Plans_Retirement_Pl
Retirement Plans (Retirement Plan Costs) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension Expense | $5,794 | $4,804 | $2,960 |
Retirement savings plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension Expense | 1,715 | 1,560 | 1,242 |
Profit-sharing plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension Expense | 1,750 | 1,650 | 1,650 |
Deferred compensation plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension Expense | 126 | 291 | -26 |
Supplemental retirement plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension Expense | 2,025 | 1,105 | 111 |
Pharmacist deferred compensation plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension Expense | $178 | $198 | ($17) |
Retirement_Plans_Change_in_Ben
Retirement Plans (Change in Benefit Obligation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Retirement Plans [Abstract] | ' | ' | ' |
Benefit obligations at beginning of year | $7,726 | $7,487 | ' |
Interest cost | 575 | 557 | 564 |
Benefit payments | -51 | -51 | ' |
Actuarial gain | -450 | -267 | ' |
Benefit obligations at end of year | $7,800 | $7,726 | $7,487 |
Retirement_Plans_Assumptions_U
Retirement Plans (Assumptions Used) (Details) | Dec. 28, 2013 | Dec. 29, 2012 |
Retirement Plans [Abstract] | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 7.50% | 7.50% |
Retirement_Plans_Components_of
Retirement Plans (Components of Net Periodic Benefit Cost) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Retirement Plans [Abstract] | ' | ' | ' |
Interest cost | $575 | $557 | $564 |
Amount of recognized gain | $501 | $318 | $821 |
Retirement_Plans_Estimated_fut
Retirement Plans (Estimated future benefit payments) (Details) (USD $) | Dec. 28, 2013 |
In Thousands, unless otherwise specified | |
Retirement Plans [Abstract] | ' |
2014 | $51 |
2015 | 1,758 |
2016 | 1,758 |
2017 | 1,758 |
2018 | 1,758 |
2019-2023 | $8,790 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Schedule of Accumulated Other Comprehensive Income) (Details) (Accumulated Net Unrealized Investment Gain (Loss) [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated other comprehensive income balance, beginning | $5,019 | $5,448 |
Other comprehensive loss before reclassifications | -36 | -9 |
Amounts reclassified from accumulated other comprehensive income | -1,044 | -420 |
Net current period other comprehensive loss | -1,080 | -429 |
Accumulated other comprehensive income balance, ending | $3,939 | $5,019 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Reclassifications out of Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | $4,684 | $3,468 | $3,326 |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -44,145 | -48,403 | -42,022 |
Total amount reclassified, net of tax | 15,721 | 11,692 | 24,179 | 20,129 | 22,103 | 17,178 | 23,204 | 20,026 | 71,721 | 82,511 | 75,584 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment income | ' | ' | ' | ' | ' | ' | ' | ' | 1,774 | 713 | 1,447 |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -730 | -293 | -601 |
Total amount reclassified, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | $1,044 | $420 | $846 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Income Taxes Paid | $26,350,000 | $27,500,000 | $21,000,000 |
Operating Loss Carryforwards | $88,000,000 | ' | ' |
Operating Loss Carryforwards, Expiration Date | 31-Dec-27 | ' | ' |
Pennsylvania [Member] | Maximum [Member] | ' | ' | ' |
Open Tax Year | '2013 | ' | ' |
Pennsylvania [Member] | Minimum [Member] | ' | ' | ' |
Open Tax Year | '2010 | ' | ' |
Income_Taxes_Provision_for_Inc
Income Taxes (Provision for Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
Current Federal Tax Expense (Benefit) | $26,994 | $30,258 | $24,518 |
Current State and Local Tax Expense (Benefit) | 6,774 | 2,534 | 781 |
Deferred Federal Income Tax Expense (Benefit) | 8,184 | 12,107 | 12,731 |
Deferred State and Local Income Tax Expense (Benefit) | 2,193 | 3,504 | 3,992 |
Provision for income taxes | $44,145 | $48,403 | $42,022 |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
Income taxes at federal statutory rate | $40,553 | $45,820 | $41,151 |
State income taxes, net of federal income tax benefit | 5,828 | 3,925 | 2,558 |
Other | -2,236 | -1,342 | -1,687 |
Provision for income taxes | $44,145 | $48,403 | $42,022 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% |
Effective Income Tax Rate Reconciliation, Percent | 38.10% | 37.00% | 35.70% |
Income_Taxes_Schedule_of_Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Income Taxes [Abstract] | ' | ' |
Accounts receivable | $585 | $426 |
Compensated absences | 403 | 510 |
Long term employment incentives | 2,785 | 2,891 |
Employee benefit plans | 4,221 | 3,784 |
General liability insurance | 1,223 | 1,113 |
Postretirement benefit obligations | 7,037 | 6,255 |
Net operating loss carryforwards | 5,736 | 6,535 |
Total deferred tax assets | 21,990 | 21,514 |
Inventories | -6,809 | -6,241 |
Unrealized gains on marketable securities | -2,753 | -3,506 |
Nondeductible accruals and other | -4,745 | -1,995 |
Depreciation | -109,836 | -102,301 |
Total deferred tax liabilities | -124,143 | -114,043 |
Net deferred tax liability | -102,153 | -92,529 |
Current deferred tax liability - net | -4,219 | -3,420 |
Noncurrent deferred tax liability - net | ($97,934) | ($89,109) |
Income_Taxes_Schedule_of_Unrec
Income Taxes (Schedule of Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Income Taxes [Abstract] | ' | ' |
Unrecognized tax benefits at beginning of year | $225 | $161 |
Increases based on tax positions related to the current year | 0 | 0 |
Additions for tax positions of prior year | 0 | 64 |
Reductions for tax positions of prior years | 0 | 0 |
Settlements | -225 | 0 |
Expiration of the statute of limitations for assessment of taxes | 0 | 0 |
Unrecognized tax benefits at end of year | $0 | $225 |
Acquisition_of_Business_Narrat
Acquisition of Business (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales Revenue, Goods, Net | $686,392 | $661,412 | $662,072 | $682,712 | $694,307 | $668,391 | $677,097 | $661,610 | $2,692,588 | $2,701,405 | $2,752,504 |
Purchase price | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 6,116 | 0 |
Business Combination, Bargain Purchase, Gain Recognized, Amount | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 414 | 0 |
Former Genuardi's Stores [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Effective Date of Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | 11-Jun-12 | ' | ' |
Sales Revenue, Goods, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | $22,100 | ' |
Number of stores acquired | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Acquisition_of_Business_Alloca
Acquisition of Business (Allocation of Purchase Price) (Details) (Former Genuardi's Stores [Member], USD $) | Jun. 11, 2012 |
In Thousands, unless otherwise specified | |
Former Genuardi's Stores [Member] | ' |
Business Acquisition [Line Items] | ' |
Inventories | $1,116 |
Equipment | 5,294 |
Intangible assets | 120 |
Total assets acquired | $6,530 |
Summary_of_Quarterly_Financial
Summary of Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Summary of Quarterly Results [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $686,392 | $661,412 | $662,072 | $682,712 | $694,307 | $668,391 | $677,097 | $661,610 | $2,692,588 | $2,701,405 | $2,752,504 |
Gross profit on sales | 181,256 | 182,763 | 190,322 | 191,127 | 190,553 | 181,276 | 187,599 | 183,125 | 745,468 | 742,553 | 735,855 |
Net income | $15,721 | $11,692 | $24,179 | $20,129 | $22,103 | $17,178 | $23,204 | $20,026 | $71,721 | $82,511 | $75,584 |
Basic and diluted earnings per share | $0.59 | $0.43 | $0.90 | $0.75 | $0.83 | $0.64 | $0.86 | $0.74 | $2.67 | $3.07 | $2.81 |