Weis Markets (WMK) 10-Q 7 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 28, 2014	Aug. 07, 2014
Document and Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	28-Jun-14	'
Document Fiscal Period Focus	'Q2	'
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 $)	Jun. 28, 2014	Dec. 28, 2013
In Thousands, unless otherwise specified
Assets	'	'
Cash and cash equivalents	$21,726	$17,965
Marketable securities	65,113	63,093
SERP Investment	10,268	8,752
Accounts receivable, net	67,526	57,193
Inventories	218,931	240,452
Prepaid expenses	15,800	17,293
Total current assets	399,364	404,748
Property and equipment, net	708,272	704,985
Goodwill	35,162	35,162
Intangible and other assets, net	3,632	3,347
Total assets	1,146,430	1,148,242
Liabilities	'	'
Accounts payable	123,457	133,568
Accrued expenses	29,310	27,416
Accrued self-insurance	19,411	19,333
Deferred revenue, net	3,771	7,056
Income taxes payable	1,583	1,628
Deferred income taxes	4,384	4,219
Total current liabilities	181,916	193,220
Postretirement benefit obligations	18,944	17,101
Deferred income taxes	94,681	97,934
Other	4,269	5,934
Total liabilities	299,810	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	982,447	971,022
Accumulated other comprehensive income (Net of deferred taxes of $3,552 in 2014 and $2,753 in 2013)	5,081	3,939
Shareholders' equity before treasury stock	997,477	984,910
Treasury stock at cost, 6,149,364 shares	-150,857	-150,857
Total shareholders' equity	846,620	834,053
Total liabilities and shareholders' equity	$1,146,430	$1,148,242

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	6 Months Ended	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 28, 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	$3,552	$2,753
Treasury Stock, Shares	6,149,364	6,149,364

Consolidated_Statements_of_Inc

Consolidated Statements of Income (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 28, 2014	Jun. 29, 2013	Jun. 28, 2014	Jun. 29, 2013
Consolidated Statements of Income [Abstract]	'	'	'	'
Net sales	$691,875	$662,072	$1,379,002	$1,344,784
Cost of sales, including warehousing and distribution expenses	504,151	471,750	1,004,560	963,335
Gross profit on sales	187,724	190,322	374,442	381,449
Operating, general and administrative expenses	168,286	152,705	332,701	312,917
Income from operations	19,438	37,617	41,741	68,532
Investment income	656	1,824	1,409	2,802
Income before provision for income taxes	20,094	39,441	43,150	71,334
Provision for income taxes	7,296	15,262	15,586	27,027
Net income	$12,798	$24,179	$27,564	$44,307
Weighted-average shares outstanding, basic and diluted	26,898,443	26,898,443	26,898,443	26,898,443
Cash dividends per share	$0.30	$0.30	$0.60	$0.60
Basic and diluted earnings per share	$0.48	$0.90	$1.02	$1.65

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 28, 2014	Jun. 29, 2013	Jun. 28, 2014	Jun. 29, 2013
Consolidated Statements of Comprehensive Income [Abstract]	'	'	'	'
Net income	$12,798	$24,179	$27,564	$44,307
Other comprehensive income (loss) by component, net of tax:	'	'	'	'
Unrealized holding gains (losses) arising during period (Net of deferred taxes of $162 and $600 respectively for the 13 Weeks Ended and $819 and $173 respectively for the 26 Weeks Ended)	235	-964	1,168	-358
Reclassification adjustment for gains included in net income (Net of deferred taxes of $2 and $587 respectively for the 13 Weeks Ended and $20 and $608 respectively for the 26 Weeks Ended)	-3	-735	-26	-761
Other comprehensive income (loss), net of tax	232	-1,699	1,142	-1,119
Comprehensive income, net of tax	$13,030	$22,480	$28,706	$43,188

Consolidated_Statements_of_Com1

Consolidated Statements of Comprehensive Income (Parenthetical) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 28, 2014	Jun. 29, 2013	Jun. 28, 2014	Jun. 29, 2013
Consolidated Statements of Comprehensive Income [Abstract]	'	'	'	'
Unrealized holding gains (losses) arising during period, deferred taxes	$162	$600	$819	$173
Reclassification adjustment for gains included in net income, deferred taxes	$2	$587	$20	$608

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 28, 2014	Jun. 29, 2013
Cash flows from operating activities:	'	'
Net income	$27,564	$44,307
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation	28,409	24,512
Amortization	3,886	3,511
Gain on disposition of fixed assets	-1,807	-2,903
Gain on sale of marketable securities	-46	-1,369
Gain on sale of intangible assets	0	-250
Deferred income taxes	-3,887	6,260
Changes in operating assets and liabilities:	'	'
Inventories	21,521	11,291
Accounts receivable and prepaid expenses	-8,840	-8,029
Accounts payable and other liabilities	-11,246	-3,360
Income taxes payable	-45	4,476
Other	214	-82
Net cash provided by operating activities	55,723	78,364
Cash flows from investing activities:	'	'
Purchase of property and equipment	-35,806	-57,276
Proceeds from the sale of property and equipment	2,158	3,386
Purchase of marketable securities	-3,213	-7,820
Proceeds from maturities of marketable securities	1,750	650
Proceeds from the sale of marketable securities	1,216	13,945
Purchase of intangible assets	-412	-483
Proceeds from the sale of intangible assets	'	250
Change in SERP investment	-1,516	-1,521
Net cash used in investing activities	-35,823	-48,869
Cash flows from financing activities:	'	'
Dividends paid	-16,139	-16,138
Net cash used in financing activities	-16,139	-16,138
Net increase in cash and cash equivalents	3,761	13,357
Cash and cash equivalents at beginning of year	17,965	14,381
Cash and cash equivalents at end of period	$21,726	$27,738

Significant_Accounting_Policie

Significant Accounting Policies	6 Months Ended
	Jun. 28, 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.

Current_Relevant_Accounting_St

Current Relevant Accounting Standards	6 Months Ended
	Jun. 28, 2014
Current Relevant Accounting Standards [Abstract]	'
Current Relevant Accounting Standards	'
	(2) Current Relevant Accounting Standards
	In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606) which amended the existing accounting standards for revenue recognition.  ASU 2014-09 establishes principles for recognizing revenue upon the transfer of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services.  The standard is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period.  Early adoption is not permitted.  The amendments may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of initial application.  The Company is currently in the process of evaluating the impact of adoption of the ASU on its consolidated financial statements, but does not expect the impact to be material.
	In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.  ASU 2014-08 amends guidance on reporting discontinued operations only if the disposal of a component of an entity or group of components of an entity represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. It also allows companies to have significant continuing involvement and continuing cash flows with the discontinued operations. Additional disclosures are also required for discontinued operations and individually material disposal transactions that do not meet the definition of a discontinued operation.  The standard should be applied prospectively for all disposals of components of an entity and for all businesses that, on acquisition, are classified as held for sale that occurred within annual periods beginning on or after December 15, 2014, including interim periods within that reporting period. The Company is currently in the process of evaluating the impact of adoption of the ASU on its consolidated financial statements, but does not expect the impact to be material.

Marketable_Securities

Marketable Securities	6 Months Ended
	Jun. 28, 2014
Marketable Securities [Abstract]	'
Marketable Securities	'
	(3)  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.
	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 June 28, 2014 and December 28, 2013, consisted of:
				Gross		Gross
	(dollars in thousands)	Amortized		Unrealized		Unrealized		Fair
	28-Jun-14	Cost		Holding Gains		Holding Losses		Value
	Available-for-sale:
	Level 1
	Equity securities	$	1,198	$	6,934	$	-	$	8,132
	Level 2
	Municipal bonds		55,282		1,803		-104		56,981
		$	56,480	$	8,737	$	-104	$	65,113
				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 June 28, 2014, were as follows:
			Amortized		Fair
	(dollars in thousands)		Cost		Value
	Available-for-sale:
	Due within one year	$	3,935	$	3,965
	Due after one year through five years		39,405		40,822
	Due after five years through ten years		11,942		12,194
	Equity securities		1,198		8,132
		$	56,480	$	65,113

Accumulated_Other_Comprehensiv

Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 28, 2014
Accumulated Other Comprehensive Income [Abstract]	'
Accumulated Other Comprehensive Income	'
	(4)  Accumulated Other Comprehensive Income
	All balances in accumulated other comprehensive income are related to available-for-sale marketable securities.  The following table sets forth the balance of the Company’s accumulated other comprehensive income, net of tax.
			Unrealized Gains
			on Available-for-Sale
	(dollars in thousands)		Marketable Securities
	Accumulated other comprehensive income balance as of December 28, 2013	$	3,939
	Other comprehensive income before reclassifications		1,168
	Amounts reclassified from accumulated other comprehensive income		-26
	Net current period other comprehensive income		1,142
	Accumulated other comprehensive income balance as of June 28, 2014	$	5,081
	The following table sets forth the effects on net income of the amounts reclassified out of accumulated other comprehensive income for the periods ended June 28, 2014 and June 29, 2013.
				Gains (Losses) Reclassified from
				Accumulated Other Comprehensive Income to the
				Consolidated Statements of Income
				13 Weeks Ended			26 Weeks Ended
	(dollars in thousands)	Location		28-Jun-14		29-Jun-13		28-Jun-14		29-Jun-13
	Unrealized gains on available-for-sale marketable securities
		Investment income	$	5	$	1,322	$	46	$	1,369
		Provision for income taxes		-2		-587		-20		-608
	Total amount reclassified, net of tax		$	3	$	735	$	26	$	761

Reclassifications

Reclassifications	6 Months Ended
	Jun. 28, 2014
Reclassifications	'
Reclassifications	'
	(5)  Reclassifications
	The Company reclassified the $8.8 million balance related to “SERP investment” (consisting of level 1 mutual funds) out of “Cash and cash equivalents” 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 26 weeks of 2013 was immaterial.

Significant_Accounting_Policie1

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 28, 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)	6 Months Ended
	Jun. 28, 2014
Marketable Securities [Abstract]	'
Marketable securities [Table Text Block]	'
	Marketable securities, as of June 28, 2014 and December 28, 2013, consisted of:
				Gross		Gross
	(dollars in thousands)	Amortized		Unrealized		Unrealized		Fair
	28-Jun-14	Cost		Holding Gains		Holding Losses		Value
	Available-for-sale:
	Level 1
	Equity securities	$	1,198	$	6,934	$	-	$	8,132
	Level 2
	Municipal bonds		55,282		1,803		-104		56,981
		$	56,480	$	8,737	$	-104	$	65,113
				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 June 28, 2014, were as follows:
			Amortized		Fair
	(dollars in thousands)		Cost		Value
	Available-for-sale:
	Due within one year	$	3,935	$	3,965
	Due after one year through five years		39,405		40,822
	Due after five years through ten years		11,942		12,194
	Equity securities		1,198		8,132
		$	56,480	$	65,113

Accumulated_Other_Comprehensiv1

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 28, 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 income before reclassifications		1,168
	Amounts reclassified from accumulated other comprehensive income		-26
	Net current period other comprehensive income		1,142
	Accumulated other comprehensive income balance as of June 28, 2014	$	5,081
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			26 Weeks Ended
	(dollars in thousands)	Location		28-Jun-14		29-Jun-13		28-Jun-14		29-Jun-13
	Unrealized gains on available-for-sale marketable securities
		Investment income	$	5	$	1,322	$	46	$	1,369
		Provision for income taxes		-2		-587		-20		-608
	Total amount reclassified, net of tax		$	3	$	735	$	26	$	761

Marketable_Securities_Availabl

Marketable Securities (Available For Sale Securities) (Details) (USD $)	Jun. 28, 2014	Dec. 28, 2013
In Thousands, unless otherwise specified
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized Cost, Total	$56,480	$56,401
Gross Unrealized Holding Gains	8,737	7,925
Gross Unrealized Holding Losses	-104	-1,233
Fair Value	65,113	63,093
Equity Securities [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized Cost, Total	1,198	970
Gross Unrealized Holding Gains	6,934	7,239
Fair Value	8,132	8,209
Municipal Bonds [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized Cost, Total	55,282	55,431
Gross Unrealized Holding Gains	1,803	686
Gross Unrealized Holding Losses	-104	-1,233
Fair Value	$56,981	$54,884

Marketable_Securities_Maturiti

Marketable Securities (Maturities of Marketable Securities) (Details) (USD $)	Jun. 28, 2014	Dec. 28, 2013
In Thousands, unless otherwise specified
Marketable Securities [Abstract]	'	'
Amortized Cost, Due within one year	$3,935	'
Fair Value, Due within one year	3,965	'
Amortized Cost, Due after one year through five years	39,405	'
Fair Value, Due after one year through five years	40,822	'
Amortized Cost, Due after five years through ten years	11,942	'
Fair Value, Due after five years through ten years	12,194	'
Amortized Cost, Equity securities	1,198	'
Fair Value, Equity securities	8,132	'
Amortized Cost, Total	56,480	56,401
Available-for-sale Securities, Fair Value, Total	$65,113	$63,093

Accumulated_Other_Comprehensiv2

Accumulated Other Comprehensive Income (Schedule of Accumulated Other Comprehensive Income) (Details) (Accumulated Net Unrealized Investment Gain (Loss) [Member], USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 28, 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 income before reclassifications	1,168
Amounts reclassified from accumulated other comprehensive income	-26
Net current period other comprehensive income	1,142
Accumulated other comprehensive income balance as of June 28, 2014	$5,081

Accumulated_Other_Comprehensiv3

Accumulated Other Comprehensive Income (Reclassifications out of Accumulated Other Comprehensive Income) (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 28, 2014	Jun. 29, 2013	Jun. 28, 2014	Jun. 29, 2013
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]	'	'	'	'
Investment income	$656	$1,824	$1,409	$2,802
Provision for income taxes	-7,296	-15,262	-15,586	-27,027
Net income	12,798	24,179	27,564	44,307
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	5	1,322	46	1,369
Provision for income taxes	-2	-587	-20	-608
Net income	$3	$735	$26	$761

Reclassifications_Details

Reclassifications (Details) (USD $)	Jun. 28, 2014	Dec. 28, 2013	Dec. 29, 2012
In Thousands, unless otherwise specified
Reclassifications	'	'	'
SERP investment	$10,268	$8,752	$7,100