Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 29, 2014 | 8-May-14 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 29-Mar-14 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2014 | ' |
Entity Registrant Name | 'WEIS MARKETS INC | ' |
Entity Central Index Key | '0000105418 | ' |
Current Fiscal Year End Date | '--12-27 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 26,898,443 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 29, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $26,915 | $17,965 |
Marketable securities | 74,572 | 71,845 |
Accounts receivable, net | 62,306 | 57,193 |
Inventories | 230,677 | 240,452 |
Prepaid expenses | 18,350 | 17,293 |
Total current assets | 412,820 | 404,748 |
Property and equipment, net | 706,598 | 704,985 |
Goodwill | 35,162 | 35,162 |
Intangible and other assets, net | 3,314 | 3,347 |
Total assets | 1,157,894 | 1,148,242 |
Liabilities | ' | ' |
Accounts payable | 131,970 | 133,568 |
Accrued expenses | 30,619 | 27,416 |
Accrued self-insurance | 21,181 | 19,333 |
Deferred revenue, net | 4,239 | 7,056 |
Income taxes payable | 5,640 | 1,628 |
Deferred income taxes | 5,774 | 4,219 |
Total current liabilities | 199,423 | 193,220 |
Postretirement benefit obligations | 17,798 | 17,101 |
Deferred income taxes | 95,711 | 97,934 |
Other | 3,303 | 5,934 |
Total liabilities | 316,235 | 314,189 |
Shareholders' Equity | ' | ' |
Common stock, no par value, 100,800,000 shares authorized, 33,047,807 shares issued | 9,949 | 9,949 |
Retained earnings | 977,718 | 971,022 |
Accumulated other comprehensive income (Net of deferred taxes of $3,393 in 2014 and $2,753 in 2013) | 4,849 | 3,939 |
Shareholders' equity before treasury stock | 992,516 | 984,910 |
Treasury stock at cost, 6,149,364 shares | -150,857 | -150,857 |
Total shareholders' equity | 841,659 | 834,053 |
Total liabilities and shareholders' equity | $1,157,894 | $1,148,242 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 29, 2014 | Dec. 28, 2013 |
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 |
Deferred Tax, Other Comprehensive Income | $3,393 | $2,753 |
Treasury Stock, Shares | 6,149,364 | 6,149,364 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Consolidated Statements of Income [Abstract] | ' | ' |
Net sales | $687,127 | $682,712 |
Cost of sales, including warehousing and distribution expenses | 500,359 | 491,585 |
Gross profit on sales | 186,768 | 191,127 |
Operating, general, and administrative expenses | 164,465 | 160,211 |
Income from operations | 22,303 | 30,916 |
Investment income | 753 | 977 |
Income before provision for income taxes | 23,056 | 31,893 |
Provision for income taxes | 8,290 | 11,764 |
Net income | $14,766 | $20,129 |
Weighted-average shares outstanding, basic and diluted | 26,898,443 | 26,898,443 |
Cash dividends per share | $0.30 | $0.30 |
Basic and diluted earnings per share | $0.55 | $0.75 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Consolidated Statements of Comprehensive Income [Abstract] | ' | ' |
Net income | $14,766 | $20,129 |
Other comprehensive income by component, net of tax: | ' | ' |
Unrealized holding gains arising during period (Net of deferred taxes of $658 and $427, respectively) | 933 | 607 |
Reclassification adjustment for gains included in net income (Net of deferred taxes of $18 and $21, respectively) | -23 | -26 |
Other comprehensive income, net of tax | 910 | 581 |
Comprehensive income, net of tax | $15,676 | $20,710 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Consolidated Statements of Comprehensive Income [Abstract] | ' | ' |
Unrealized holding gains arising during period, deferred taxes | $658 | $427 |
Reclassification adjustment for gains included in net income, deferred taxes | $18 | $21 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $14,766 | $20,129 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 14,173 | 12,063 |
Amortization | 1,924 | 1,713 |
(Gain) loss on disposition/impairment of fixed assets | -1,809 | 40 |
Gain on sale of marketable securities | -41 | -47 |
Gain on sale of intangible assets | 0 | -250 |
Deferred income taxes | -1,308 | 3,680 |
Changes in operating assets and liabilities: | ' | ' |
Inventories | 9,775 | 3,682 |
Accounts receivable and prepaid expenses | -6,170 | -16,491 |
Accounts payable and other liabilities | -1,298 | 6,402 |
Income taxes payable | 4,012 | 5,000 |
Other | 168 | 239 |
Net cash provided by operating activities | 34,192 | 36,160 |
Cash flows from investing activities: | ' | ' |
Purchase of property and equipment | -17,880 | -30,017 |
Proceeds from the sale of property and equipment | 2,042 | 308 |
Purchase of marketable securities | -603 | -2,000 |
Proceeds from the sale of marketable securities | 106 | 6,617 |
Purchase of intangible assets | -30 | -10 |
Change in SERP investment | -807 | -1,134 |
Net cash used in investing activities | -17,172 | -26,236 |
Cash flows from financing activities: | ' | ' |
Dividends paid | -8,070 | -8,070 |
Net cash used in financing activities | -8,070 | -8,070 |
Net increase in cash and cash equivalents | 8,950 | 1,854 |
Cash and cash equivalents at beginning of year | 17,965 | 14,381 |
Cash and cash equivalents at end of period | $26,915 | $16,235 |
Significant_Accounting_Policie
Significant Accounting Policies | 3 Months Ended |
Mar. 29, 2014 | |
Significant Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
(1) Significant Accounting Policies | |
Basis of Presentation: The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring deferrals and accruals) considered necessary for a fair presentation have been included. The operating results for the periods presented are not necessarily indicative of the results to be expected for the full year. The Company has evaluated subsequent events for disclosure through the date of issuance of the accompanying unaudited consolidated interim financial statements and there were no material subsequent events which require additional disclosure. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's latest Annual Report on Form 10-K. | |
Marketable_Securities
Marketable Securities | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Marketable Securities [Abstract] | ' | ||||||||
Marketable Securities | ' | ||||||||
(2) Marketable Securities | |||||||||
The Company’s marketable securities are all classified as available-for-sale. The Financial Accounting Standards Board 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. | |||||||||
The Company accrues interest on its bond portfolio throughout the life of each bond held. Dividends from the equity securities are recognized as received. Both interest and dividends are recognized in “Investment Income” on the Company’s Consolidated Statements of Income. | |||||||||
Marketable securities, as of March 29, 2014 and December 28, 2013, consisted of: | |||||||||
Gross | Gross | ||||||||
(dollars in thousands) | Amortized | Unrealized | Unrealized | Fair | |||||
29-Mar-14 | Cost | Holding Gains | Holding Losses | Value | |||||
Available-for-sale: | |||||||||
Level 1 | |||||||||
Equity securities | $ | 1,198 | $ | 6,815 | $ | - | $ | 8,013 | |
Level 2 | |||||||||
Municipal bonds | 55,573 | 1,688 | -261 | 57,000 | |||||
$ | 56,771 | $ | 8,503 | $ | -261 | $ | 65,013 | ||
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 | ||
Maturities of marketable securities classified as available-for-sale at March 29, 2014, were as follows: | |||||||||
Amortized | Fair | ||||||||
(dollars in thousands) | Cost | Value | |||||||
Available-for-sale: | |||||||||
Due within one year | $ | 5,133 | $ | 5,160 | |||||
Due after one year through five years | 37,973 | 39,235 | |||||||
Due after five years through ten years | 12,467 | 12,605 | |||||||
Equity securities | 1,198 | 8,013 | |||||||
$ | 56,771 | $ | 65,013 | ||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 3 Months Ended | |||||
Mar. 29, 2014 | ||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||
Accumulated Other Comprehensive Income | ' | |||||
(3) Accumulated Other Comprehensive Income | ||||||
All balances in accumulated other comprehensive income are related to available-for-sale marketable securities. The following table sets forth the balance of the Company’s accumulated other comprehensive income, net of tax. | ||||||
Unrealized Gains | ||||||
on Available-for-Sale | ||||||
(dollars in thousands) | Marketable Securities | |||||
Accumulated other comprehensive income balance as of December 28, 2013 | $ | 3,939 | ||||
Other comprehensive gain before reclassifications | 933 | |||||
Amounts reclassified from accumulated other comprehensive income | -23 | |||||
Net current period other comprehensive gain | 910 | |||||
Accumulated other comprehensive income balance as of March 29, 2014 | $ | 4,849 | ||||
The following table sets forth the effects on net income of the amounts reclassified out of accumulated other comprehensive income for the 13 weeks ended March 29, 2014 and March 30, 2013. | ||||||
Gains (Losses) Reclassified from | ||||||
Accumulated Other Comprehensive Income to the | ||||||
Consolidated Statements of Income | ||||||
13 Weeks Ended | ||||||
(dollars in thousands) | Location | 29-Mar-14 | 30-Mar-13 | |||
Unrealized gains on available-for-sale marketable securities | ||||||
Investment income | $ | 41 | $ | 47 | ||
Provision for income taxes | -18 | -21 | ||||
Total amount reclassified, net of tax | $ | 23 | $ | 26 | ||
Reclassifications
Reclassifications | 3 Months Ended |
Mar. 29, 2014 | |
Reclassifications | ' |
Reclassifications | ' |
(4) Reclassifications | |
The Company reclassified the $8.8 million balance related to “SERP investment” (consisting of level 1 mutual funds) into “Marketable Securities” in the 2013 Consolidated Balance Sheet. The opening cash impact on the 2013 Consolidated Statement of Cash Flows was $7.1 million and the change to investing activities in the first 13 weeks of 2013 was immaterial. | |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 29, 2014 | |
Significant Accounting Policies [Abstract] | ' |
Basis of Accounting, Policy [Policy Text Block] | ' |
Basis of Presentation: The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring deferrals and accruals) considered necessary for a fair presentation have been included. The operating results for the periods presented are not necessarily indicative of the results to be expected for the full year. The Company has evaluated subsequent events for disclosure through the date of issuance of the accompanying unaudited consolidated interim financial statements and there were no material subsequent events which require additional disclosure. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's latest Annual Report on Form 10-K. | |
Marketable_Securities_Tables
Marketable Securities (Tables) | 3 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Marketable Securities [Abstract] | ' | ||||||||
Marketable securities [Table Text Block] | ' | ||||||||
Marketable securities, as of March 29, 2014 and December 28, 2013, consisted of: | |||||||||
Gross | Gross | ||||||||
(dollars in thousands) | Amortized | Unrealized | Unrealized | Fair | |||||
29-Mar-14 | Cost | Holding Gains | Holding Losses | Value | |||||
Available-for-sale: | |||||||||
Level 1 | |||||||||
Equity securities | $ | 1,198 | $ | 6,815 | $ | - | $ | 8,013 | |
Level 2 | |||||||||
Municipal bonds | 55,573 | 1,688 | -261 | 57,000 | |||||
$ | 56,771 | $ | 8,503 | $ | -261 | $ | 65,013 | ||
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 | ||
Maturities of marketable securities classified as available-for-sale [Table Text Block] | ' | ||||||||
Maturities of marketable securities classified as available-for-sale at March 29, 2014, were as follows: | |||||||||
Amortized | Fair | ||||||||
(dollars in thousands) | Cost | Value | |||||||
Available-for-sale: | |||||||||
Due within one year | $ | 5,133 | $ | 5,160 | |||||
Due after one year through five years | 37,973 | 39,235 | |||||||
Due after five years through ten years | 12,467 | 12,605 | |||||||
Equity securities | 1,198 | 8,013 | |||||||
$ | 56,771 | $ | 65,013 | ||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | |||||
Mar. 29, 2014 | ||||||
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 28, 2013 | $ | 3,939 | ||||
Other comprehensive gain before reclassifications | 933 | |||||
Amounts reclassified from accumulated other comprehensive income | -23 | |||||
Net current period other comprehensive gain | 910 | |||||
Accumulated other comprehensive income balance as of March 29, 2014 | $ | 4,849 | ||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | |||||
Gains (Losses) Reclassified from | ||||||
Accumulated Other Comprehensive Income to the | ||||||
Consolidated Statements of Income | ||||||
13 Weeks Ended | ||||||
(dollars in thousands) | Location | 29-Mar-14 | 30-Mar-13 | |||
Unrealized gains on available-for-sale marketable securities | ||||||
Investment income | $ | 41 | $ | 47 | ||
Provision for income taxes | -18 | -21 | ||||
Total amount reclassified, net of tax | $ | 23 | $ | 26 | ||
Marketable_Securities_Availabl
Marketable Securities (Available For Sale Securities) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Dec. 28, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $56,771 | $56,401 |
Gross Unrealized Holding Gains | 8,503 | 7,925 |
Gross Unrealized Holding Losses | -261 | -1,233 |
Fair Value | 65,013 | 63,093 |
Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 1,198 | 970 |
Gross Unrealized Holding Gains | 6,815 | 7,239 |
Fair Value | 8,013 | 8,209 |
Municipal Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 55,573 | 55,431 |
Gross Unrealized Holding Gains | 1,688 | 686 |
Gross Unrealized Holding Losses | -261 | -1,233 |
Fair Value | $57,000 | $54,884 |
Marketable_Securities_Maturiti
Marketable Securities (Maturities of Marketable Securities) (Details) (USD $) | Mar. 29, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Marketable Securities [Abstract] | ' | ' |
Amortized Cost, Due within one year | $5,133 | ' |
Fair Value, Due within one year | 5,160 | ' |
Amortized Cost, Due after one year through five years | 37,973 | ' |
Fair Value, Due after one year through five years | 39,235 | ' |
Amortized Cost, Due after five years through ten years | 12,467 | ' |
Fair Value, Due after five years through ten years | 12,605 | ' |
Amortized Cost, Equity securities | 1,198 | ' |
Fair Value, Equity securities | 8,013 | ' |
Available-for-sale Securities, Amortized Cost Basis, Total | 56,771 | 56,401 |
Available-for-sale Securities, Fair Value, Total | $65,013 | $63,093 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Schedule of Accumulated Other Comprehensive Income) (Details) (Accumulated Net Unrealized Investment Gain (Loss) [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 29, 2014 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Accumulated other comprehensive income balance as of December 28, 2013 | $3,939 |
Other comprehensive gain before reclassifications | 933 |
Amounts reclassified from accumulated other comprehensive income | -23 |
Net current period other comprehensive gain | 910 |
Accumulated other comprehensive income balance as of March 29, 2014 | $4,849 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Reclassifications out of Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Investment income | $753 | $977 |
Provision for income taxes | -8,290 | -11,764 |
Net income | 14,766 | 20,129 |
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 | 41 | 47 |
Provision for income taxes | -18 | -21 |
Net income | $23 | $26 |
Reclassifications_Details
Reclassifications (Details) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Reclassifications | ' | ' |
SERP investment | $8.80 | $7.10 |