Weis Markets (WMK) 10-Q 4 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 27, 2015	Aug. 04, 2015
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 27, 2015
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,015
Entity Registrant Name	WEIS MARKETS INC
Trading Symbol	wmk
Entity Central Index Key	105,418
Current Fiscal Year End Date	--12-26
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		26,898,443

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 27, 2015	Dec. 27, 2014
Assets
Cash and cash equivalents	$ 23,878	$ 22,986
Marketable securities	79,637	73,959
SERP investment	10,509	9,121
Accounts receivable, net	69,109	70,642
Inventories	230,961	239,641
Prepaid expenses and other current assets	14,705	17,432
Income taxes recoverable	0	612
Total current assets	428,799	434,393
Property and equipment, net	717,915	716,860
Goodwill	35,162	35,162
Intangible and other assets, net	6,055	4,704
Total assets	1,187,931	1,191,119
Liabilities
Accounts payable	133,366	144,812
Accrued expenses	32,777	34,590
Accrued self-insurance	18,830	18,695
Deferred revenue, net	4,193	6,720
Income taxes payable	6,836	0
Deferred income taxes	7,318	5,800
Total current liabilities	203,320	210,617
Postretirement benefit obligations	16,326	18,672
Deferred income taxes	91,686	100,756
Other	5,484	3,242
Total liabilities	316,816	333,287
Shareholders' Equity
Common stock, no par value, 100,800,000 shares authorized, 33,047,807 shares issued, 26,898,443 shares outstanding	9,949	9,949
Retained earnings	1,007,311	993,911
Accumulated other comprehensive income (Net of deferred taxes of $3,288 in 2015 and $3,371 in 2014)	4,712	4,829
Shareholders' equity before treasury stock	1,021,972	1,008,689
Treasury stock at cost, 6,149,364 shares	(150,857)	(150,857)
Total shareholders' equity	871,115	857,832
Total liabilities and shareholders' equity	$ 1,187,931	$ 1,191,119

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 27, 2015	Dec. 27, 2014
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
Common Stock, Shares Outstanding	26,898,443	26,898,443
Deferred Tax, Other Comprehensive Income	$ 3,288	$ 3,371
Treasury Stock, Shares	6,149,364	6,149,364

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Jun. 27, 2015	Jun. 28, 2014
Consolidated Statements of Income [Abstract]
Net sales	$ 718,380	$ 691,875	$ 1,430,806	$ 1,379,002
Cost of sales, including warehousing and distribution expenses	519,461	504,151	1,036,772	1,004,560
Gross profit on sales	198,919	187,724	394,034	374,442
Operating, general and administrative expenses	173,717	168,286	349,331	332,701
Income from operations	25,202	19,438	44,703	41,741
Investment income	585	656	1,117	1,409
Income before provision for income taxes	25,787	20,094	45,820	43,150
Provision for income taxes	9,357	7,296	16,281	15,586
Net income	$ 16,430	$ 12,798	$ 29,539	$ 27,564
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	$ 0.61	$ 0.48	$ 1.10	$ 1.02

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Jun. 27, 2015	Jun. 28, 2014
Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 16,430	$ 12,798	$ 29,539	$ 27,564
Other comprehensive income (loss) by component, net of tax:
Unrealized holding gains (losses) arising during period (Net of deferred taxes of $88 and $162, respectively for the 13 Weeks Ended and $76 and $819, respectively for the 26 Weeks Ended)	(127)	235	(109)	1,168
Reclassification adjustment for gains included in net income (Net of deferred taxes of $4 and $2, respectively for the 13 Weeks Ended and $7 and $20, respectively for the 26 Weeks Ended)	(5)	(3)	(8)	(26)
Other comprehensive income (loss), net of tax	(132)	232	(117)	1,142
Comprehensive income, net of tax	$ 16,298	$ 13,030	$ 29,422	$ 28,706

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Jun. 27, 2015	Jun. 28, 2014
Consolidated Statements of Comprehensive Income [Abstract]
Unrealized holding gains (losses) arising during period, deferred taxes	$ 88	$ 162	$ 76	$ 819
Reclassification adjustment for gains included in net income, deferred taxes	$ 4	$ 2	$ 7	$ 20

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014
Cash flows from operating activities:
Net income	$ 29,539	$ 27,564
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	30,622	28,409
Amortization	4,140	3,886
Gain on disposition of fixed assets	(271)	(1,807)
Gain on sale of marketable securities	(15)	(46)
Deferred income taxes	(7,469)	(3,887)
Changes in operating assets and liabilities:
Inventories	8,680	21,521
Accounts receivable and prepaid expenses	4,314	(8,840)
Income taxes recoverable	612	0
Accounts payable and other liabilities	(13,512)	(11,246)
Income taxes payable	6,836	(45)
Other	442	214
Net cash provided by operating activities	63,918	55,723
Cash flows from investing activities:
Purchase of property and equipment	(38,979)	(35,806)
Proceeds from the sale of property and equipment	1,285	2,158
Purchase of marketable securities	(13,512)	(3,213)
Proceeds from maturities of marketable securities	600	1,750
Proceeds from the sale of marketable securities	6,553	1,216
Purchase of intangible assets	(1,446)	(412)
Change in SERP investment	(1,388)	(1,516)
Net cash used in investing activities	(46,887)	(35,823)
Cash flows from financing activities:
Dividends paid	(16,139)	(16,139)
Net cash used in financing activities	(16,139)	(16,139)
Net increase in cash and cash equivalents	892	3,761
Cash and cash equivalents at beginning of year	22,986	17,965
Cash and cash equivalents at end of period	$ 23,878	$ 21,726

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 27, 2015
Summary of Significant Accounting Policies [Abstract]
Summary of 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 Sta

Current Relevant Accounting Standards	6 Months Ended
	Jun. 27, 2015
Current Relevant Accounting Standards [Abstract]
Current Relevant Accounting Standards	(2) Current Relevant Accounting Standards In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update ("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. Adoption of the ASU did not have an impact on the Company’s 2015 consolidated financial statements. In May 2014, the FASB issued 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 was initially effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. In July 2015, the FASB issued a one-year deferral of the effective date of this new guidance resulting in it now being effective for the Company beginning in fiscal year 2018. 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. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40)(Topic 718): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU 2014-15 provides guidance related to management’s responsibility to evaluate whether there is substantial doubt about the entity’s ability to continue as a going concern and to provide related footnote disclosures. The new requirements are effective for the annual periods ending after December 15, 2016, and for interim periods and annual periods thereafter. Early adoption is permitted. Adoption of the new ASU will not have an impact on the Company’s consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. ASU 2015-11 amends guidance on the measurement of inventory from lower of cost or market to net realizable value. The amendment applies to all inventory other than those measured by Last-In-First-Out (LIFO) and the Retail Inventory Method (RIM). The amendment is effective for fiscal years beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is permitted. Adoption of the new ASU will not have an impact on the Company’s consolidate d financial statements.

Marketable Securities

Marketable Securities	6 Months Ended
	Jun. 27, 2015
Marketable Securities [Abstract]
Marketable Securities	(3) Marketable Securities The Company’s marketable securities are all classified as available-for-sale within Current Assets in the Company’s Consolidated Balance Sheets. 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 advisory 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 engages an independent firm to value a sample of the Company’s municipal bond holdings annually 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 27, 2015 and December 27, 2014, consisted of: Gross Gross (dollars in thousands) Amortized Unrealized Unrealized Fair June 27, 2015 Cost Holding Gains Holding Losses Value Available-for-sale: Level 1 Equity securities $ $ $ - $ Level 2 Municipal bonds $ $ $ $ Gross Gross (dollars in thousands) Amortized Unrealized Unrealized Fair December 27, 2014 Cost Holding Gains Holding Losses Value Available-for-sale: Level 1 Equity securities $ $ $ - $ Level 2 Municipal bonds $ $ $ $ Maturities of marketable securities classified as available-for-sale at June 27, 2015, were as follows: Amortized Fair (dollars in thousands) Cost Value Available-for-sale: Due within one year $ $ Due after one year through five years Due after five years through ten years Equity securities $ $

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 27, 2015
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 27, 2014 $ Other comprehensive loss before reclassifications Amounts reclassified from accumulated other comprehensive income Net current period other comprehensive loss Accumulated other comprehensive income balance as of June 27, 2015 $ 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 27, 2015 and June 28, 2014. Gains (Losses) Reclassified from Accumulated Other Comprehensive Income to the Consolidated Statements of Income 13 Weeks Ended 26 Weeks Ended (dollars in thousands) Location June 27, 2015 June 28, 2014 June 27, 2015 June 28, 2014 Unrealized gains on available-for-sale marketable securities Investment income $ $ $ $ Provision for income taxes Total amount reclassified, net of tax $ $ $ $

Income Taxes

Income Taxes	6 Months Ended
	Jun. 27, 2015
Income Taxes [Abstract]
Income Taxes	(5) Income Taxes Cash paid for federal income taxes was $ 15.5 million and $18.0 million in the first half of 2015 and 2014, respectively.

Summary of Significant Accoun13

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 27, 2015
Summary of 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.

Current Relevant Accounting S14

Current Relevant Accounting Standards (Policies)	6 Months Ended
	Jun. 27, 2015
Current Relevant Accounting Standards [Abstract]
Current Relevant Accounting Standards [Policy Text Block]	In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update ("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. Adoption of the ASU did not have an impact on the Company’s 2015 consolidated financial statements. In May 2014, the FASB issued 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 was initially effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. In July 2015, the FASB issued a one-year deferral of the effective date of this new guidance resulting in it now being effective for the Company beginning in fiscal year 2018. 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. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40)(Topic 718): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU 2014-15 provides guidance related to management’s responsibility to evaluate whether there is substantial doubt about the entity’s ability to continue as a going concern and to provide related footnote disclosures. The new requirements are effective for the annual periods ending after December 15, 2016, and for interim periods and annual periods thereafter. Early adoption is permitted. Adoption of the new ASU will not have an impact on the Company’s consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. ASU 2015-11 amends guidance on the measurement of inventory from lower of cost or market to net realizable value. The amendment applies to all inventory other than those measured by Last-In-First-Out (LIFO) and the Retail Inventory Method (RIM). The amendment is effective for fiscal years beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is permitted. Adoption of the new ASU will not have an impact on the Company’s consolidate d financial statements.

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
	Jun. 27, 2015
Marketable Securities [Abstract]
Marketable securities [Table Text Block]	Marketable securities, as of June 27, 2015 and December 27, 2014, consisted of: Gross Gross (dollars in thousands) Amortized Unrealized Unrealized Fair June 27, 2015 Cost Holding Gains Holding Losses Value Available-for-sale: Level 1 Equity securities $ $ $ - $ Level 2 Municipal bonds $ $ $ $ Gross Gross (dollars in thousands) Amortized Unrealized Unrealized Fair December 27, 2014 Cost Holding Gains Holding Losses Value Available-for-sale: Level 1 Equity securities $ $ $ - $ Level 2 Municipal bonds $ $ $ $
Maturities of marketable securities classified as available-for-sale [Table Text Block]	Maturities of marketable securities classified as available-for-sale at June 27, 2015, were as follows: Amortized Fair (dollars in thousands) Cost Value Available-for-sale: Due within one year $ $ Due after one year through five years Due after five years through ten years Equity securities $ $

Accumulated Other Comprehensi16

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 27, 2015
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 27, 2014 $ Other comprehensive loss before reclassifications Amounts reclassified from accumulated other comprehensive income Net current period other comprehensive loss Accumulated other comprehensive income balance as of June 27, 2015 $
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 June 27, 2015 June 28, 2014 June 27, 2015 June 28, 2014 Unrealized gains on available-for-sale marketable securities Investment income $ $ $ $ Provision for income taxes Total amount reclassified, net of tax $ $ $ $

Marketable Securities (Availabl

Marketable Securities (Available For Sale Securities) (Details) - USD ($) $ in Thousands	Jun. 27, 2015	Dec. 27, 2014
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost, Total	$ 71,637	$ 65,759
Gross Unrealized Holding Gains	8,227	8,296
Gross Unrealized Holding Losses	(227)	(96)
Fair Value	79,637	73,959
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost, Total	1,198	1,198
Gross Unrealized Holding Gains	6,994	6,683
Gross Unrealized Holding Losses	0	0
Fair Value	8,192	7,881
Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost, Total	70,439	64,561
Gross Unrealized Holding Gains	1,233	1,613
Gross Unrealized Holding Losses	(227)	(96)
Fair Value	$ 71,445	$ 66,078

Marketable Securities (Maturiti

Marketable Securities (Maturities of Marketable Securities) (Details) - USD ($) $ in Thousands	Jun. 27, 2015	Dec. 27, 2014
Marketable Securities [Abstract]
Amortized Cost, Due within one year	$ 5,675
Fair Value, Due within one year	5,707
Amortized Cost, Due after one year through five years	45,173
Fair Value, Due after one year through five years	46,133
Amortized Cost, Due after five years through ten years	19,591
Fair Value, Due after five years through ten years	19,605
Amortized Cost, Equity securities	1,198
Fair Value, Equity securities	8,192
Amortized Cost, Total	71,637	$ 65,759
Available-for-sale Securities, Fair Value, Total	$ 79,637	$ 73,959

Accumulated Other Comprehensi19

Accumulated Other Comprehensive Income (Schedule of Accumulated Other Comprehensive Income) (Details) - Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] $ in Thousands	6 Months Ended
	Jun. 27, 2015USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income balance, beginning balance	$ 4,829
Other comprehensive loss before reclassifications	(109)
Amounts reclassified from accumulated other comprehensive income	(8)
Net current period other comprehensive loss	(117)
Accumulated other comprehensive income balance, ending balance	$ 4,712

Accumulated Other Comprehensi20

Accumulated Other Comprehensive Income (Reclassifications out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Jun. 27, 2015	Jun. 28, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Investment income	$ 585	$ 656	$ 1,117	$ 1,409
Provision for income taxes	(9,357)	(7,296)	(16,281)	(15,586)
Net income	16,430	12,798	29,539	27,564
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Investment income	9	5	15	46
Provision for income taxes	(4)	(2)	(7)	(20)
Net income	$ 5	$ 3	$ 8	$ 26

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014
Federal [Member]
Income Taxes Paid	$ 15.5	$ 18