Weis Markets (WMK) 10-Q 5 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 26, 2016	May. 05, 2016
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 26, 2016
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,016
Entity Registrant Name	WEIS MARKETS INC
Trading Symbol	wmk
Entity Central Index Key	105,418
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		26,898,443

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 26, 2016	Dec. 26, 2015
Assets
Cash and cash equivalents	$ 30,401	$ 17,596
Marketable securities	78,561	91,629
SERP investment	9,842	9,079
Accounts receivable, net	82,994	88,083
Inventories	226,047	229,399
Prepaid expenses and other current assets	16,629	17,198
Income taxes recoverable	0	1,666
Total current assets	444,474	454,650
Property and equipment, net	745,679	738,985
Goodwill	35,162	35,162
Intangible and other assets, net	7,663	7,162
Total assets	1,232,978	1,235,959
Liabilities
Accounts payable	138,697	160,441
Accrued expenses	43,616	37,819
Accrued self-insurance	17,301	16,770
Deferred revenue, net	4,382	6,898
Income taxes payable	11,107	0
Total current liabilities	215,103	221,928
Postretirement benefit obligations	13,362	14,368
Accrued self-insurance	22,761	22,761
Deferred income taxes	96,326	97,020
Other	962	8,135
Total liabilities	348,514	364,212
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	1,019,953	1,007,894
Accumulated other comprehensive income (Net of deferred taxes of $3,782 in 2016 and $3,323 in 2015)	5,419	4,761
Shareholders' equity before treasury stock	1,035,321	1,022,604
Treasury stock at cost, 6,149,364 shares	(150,857)	(150,857)
Total shareholders' equity	884,464	871,747
Total liabilities and shareholders' equity	$ 1,232,978	$ 1,235,959

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 26, 2016	Dec. 26, 2015
Consolidated Balance Sheets [Abstract]
Common stock, 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
Accumulated other comprehensive income, deferred taxes	$ 3,782	$ 3,323
Treasury stock, shares	6,149,364	6,149,364

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Consolidated Statements of Income [Abstract]
Net sales	$ 738,204	$ 712,426
Cost of sales, including warehousing and distribution expenses	531,092	517,311
Gross profit on sales	207,112	195,115
Operating, general and administrative expenses	175,842	175,250
Income from operations	31,270	19,865
Investment income	637	532
Income before provision for income taxes	31,907	20,397
Provision for income taxes	11,778	7,074
Net income	$ 20,129	$ 13,323
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	$ 0.75	$ 0.50

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 20,129	$ 13,323
Other comprehensive income by component, net of tax:
Unrealized holding gains arising during period (Net of deferred taxes of $570 and $13, respectively)	816	18
Reclassification adjustment for gains included in net income (Net of deferred taxes of $111 and $3, respectively)	(158)	(3)
Other comprehensive income, net of tax	658	15
Comprehensive income, net of tax	$ 20,787	$ 13,338

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Consolidated Statements of Comprehensive Income [Abstract]
Unrealized holding gains arising during period, deferred taxes	$ 570	$ 13
Reclassification adjustment for gains included in net income, deferred taxes	$ 111	$ 3

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Cash flows from operating activities:
Net income	$ 20,129	$ 13,323
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	16,233	15,303
Amortization	2,135	1,996
(Gain) loss on disposition of fixed assets	(75)	8
Gain on sale of marketable securities	(269)	(6)
Deferred income taxes	(1,153)	(3,730)
Changes in operating assets and liabilities:
Inventories	3,352	3,093
Accounts receivable and prepaid expenses	5,658	4,608
Income taxes recoverable	1,666	612
Accounts payable and other liabilities	(21,239)	(10,030)
Income taxes payable	11,107	5,666
Other	525	183
Net cash provided by operating activities	38,069	31,026
Cash flows from investing activities:
Purchase of property and equipment	(29,935)	(20,624)
Proceeds from the sale of property and equipment	124	27
Purchase of marketable securities	(1,284)	(9,907)
Proceeds from the sale of marketable securities	15,213	3,191
Purchase of intangible assets	(549)	(644)
Change in SERP investment	(763)	(873)
Net cash used in investing activities	(17,194)	(28,830)
Cash flows from financing activities:
Dividends paid	(8,070)	(8,070)
Net cash used in financing activities	(8,070)	(8,070)
Net increase (decrease) in cash and cash equivalents	12,805	(5,874)
Cash and cash equivalents at beginning of year	17,596	22,986
Cash and cash equivalents at end of period	$ 30,401	$ 17,112

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 26, 2016
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 Sta

Current Relevant Accounting Standards	3 Months Ended
	Mar. 26, 2016
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 was initially effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. In August 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. In March 2016, the FASB issued ASU 2016-08 Revenue from Contracts with Customers (Topic 606), which amends the guidance in ASU 2014-09. 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 note 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 a material impact on the Company’s Consolidated Financial Statements. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments . ASU 2015-16 requires that any effect on earnings due to depreciation, amortization or other income effects, due to a change to the provisional amounts be recorded in the current period’s financial statements as if the accounting had been completed at the acquisition date. The portion of the amount recorded in the current-period earnings, which would have been recorded in the previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date, must be presented separately on the face of the income statement or disclosed in the notes to the financial statements by line item. The amendment is effective for the fiscal year beginning after December 15, 2015. The amendments are to be applied prospectively to any adjustments occurring after the effective date. Adoption of the ASU did not have an impact on the Company’s 2016 Consolidated Financial Statements. (2) Current Relevant Accounting Standards (continued) In February 2016, the FASB issued ASU 2016-02 Leases (Topic 842). ASU 2016-02 requires lessees to recognize assets and liabilities for the rights and obligations created by their leases with lease terms more than 12 months. Current guidance only requires capital leases to be recognized on the balance sheet. However, the ASU 2016-02 now requires that both capital and operating leases be recognized on the balance sheet. The effect on cash flows will strictly depend on whether the lease is classified as an operating lease or capital lease. The ASU 2016-02 will require disclosures to aid investors and other financial statement users to better understand the amount, timing and uncertainty of the cash flows arising from leases. These disclosures are to include qualitative and quantitative information about the amounts recorded in the financial statements. This update remains unchanged for lessors. However, new guidance contains targeted improvements to align, where necessary, the lessor’s accounting with the lessee’s accounting standards. ASU 2016-02 will become effective for annual periods beginning after December 15, 2018 and for interim periods within those fiscal years. The Company is currently in the process of evaluating the impact of adoption of the ASU on its Consolidated Financial Statements.  In March 2016, the FASB issued ASU 2016-04 Liabilities – Extinguishments of Liabilities (Suptopic 405-20) Recognition of Breakage for Certain Prepaid Stored-Value Products . ASU 2016-04 requires the debtor to derecognize a liability, such as a prepaid stored-value product, if and only if it has been extinguished by paying the creditor in cash, other financial assets, goods or services or if the debtor is relieved of its obligation legally, either judicially or by the creditor. ASU 2016-04 also requires that an entity must disclose the methodology and specific judgements made in applying the breakage recognized. ASU 2016-04 will become effective for the financial statements issued for the fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early application is permitted including adoption in an interim period. The Company is currently in the process of evaluating the impact of adoption of the ASU on its Consolidated Financial Statements.

Investments

Investments	3 Months Ended
	Mar. 26, 2016
Investments [Abstract]
Investments	(3) Investments 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 municipal bond portfolio is valued using Level 2 inputs. The Company’s municipal 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 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 municipal 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 26, 2016 and December 26, 2015, consisted of:    Gross Gross  (dollars in thousands) Amortized Unrealized Unrealized Fair  March 26, 2016 Cost Holding Gains Holding Losses Value  Available-for-sale:  Level 1  Equity securities $ 1,198 $ 7,659 $ - $ 8,857  Level 2  Municipal bonds 68,162 1,553 (11) 69,704  $ 69,360 $ 9,212 $ (11) $ 78,561      Gross Gross  (dollars in thousands) Amortized Unrealized Unrealized Fair  December 26, 2015 Cost Holding Gains Holding Losses Value  Available-for-sale:  Level 1  Equity securities $ 1,198 $ 6,682 $ - $ 7,880  Level 2  Municipal bonds 82,347 1,468 (66) 83,749  $ 83,545 $ 8,150 $ (66) $ 91,629  Maturities of marketable securities classified as available-for-sale at March 26, 2016, were as follows:   Amortized Fair  (dollars in thousands) Cost Value  Available-for-sale:  Due within one year $ 5,401 $ 5,439  Due after one year through five years 46,389 47,209  Due after five years through ten years 16,372 17,056  Equity securities 1,198 8,857  $ 69,360 $ 78,561 (3) Investments (continued) The Company also maintains a non-qualified supplemental executive retirement plan and a non-qualified pharmacist deferred compensation plan for certain of its associates which allows them to defer income to future periods. Participants in the plans earn a return on their deferrals based on mutual fund investments. The Company chooses to invest in the underlying mutual fund investments to offset the liability associated with the non-qualified deferred compensation plans. Such investments are reported on the balance sheet as SERP investments, are classified as trading securities and are measured at fair value using Level 1 inputs with gains and losses included in investment income. The changes in the underlying liability to the employee are recorded in operating expenses.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 26, 2016
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 26, 2015 $ 4,761   Other comprehensive income before reclassifications 816  Amounts reclassified from accumulated other comprehensive income (158)  Net current period other comprehensive income 658  Accumulated other comprehensive income balance as of March 26, 2016 $ 5,419   The following table sets forth the effects on net income of the amounts reclassified out of accumulated other comprehensive income for the periods ended March 26, 2016 and March 28, 2015.   Gains Reclassified from  Accumulated Other Comprehensive Income to the  Consolidated Statements of Income  13 Weeks Ended  (dollars in thousands) Location March 26, 2016 March 28, 2015  Unrealized gains on available-for-sale marketable securities  Investment income $ 269 $ 6  Provision for income taxes (111) (3)  Total amount reclassified, net of tax $ 158 $ 3 

Income Taxes

Income Taxes	3 Months Ended
	Mar. 26, 2016
Income Taxes [Abstract]
Income Taxes	(5) Income Taxes Cash paid for federal income taxes was $0 and $4.5 million in the first quarter of 2016 and 2015, respectively.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 26, 2016
Basis of Presentation [Abstract]
Basis of Presentation	(6) Basis of Presentation In conjunction with the September 26, 2015 quarterly financial statement close process, and while researching alternative methods to calculate retained claim liability for the Company’s self-insured workers compensation and general liability insurance programs, the Company discovered errors in the application of the actuarial methods used to estimate the obligation of future payments resulting from claims due to past events. These errors primarily related to the Company’s selection of loss development factors and the application of such factors to the population of claims. The impact of these prior period misstatements to the Company’s Consolidated Financial Statements resulted in the understatement of workers compensation and general liability expense with a corresponding understatement of self-insurance liabilities over multiple fiscal periods through June 27, 2015. Consequently, the Company has restated certain prior period amounts to correct these errors.  Based on an analysis of quantitative and qualitative factors in accordance with SEC Staff Accounting Bulletins 99 and 108, the Company concluded that these errors were not material to the consolidated financial position, results of operations or cash flows as presented in the Company’s quarterly and annual financial statements that have been previously filed in the Company’s Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. As a result, amendment of such reports was not required. In preparing the Company’s Consolidated Financial Statements for the thirteen and thirty-nine weeks ended September 26, 2015 and for each of the three years in the period ended December 26, 2015, the Company made appropriate revisions to its Consolidated F inancial S tatements for historical periods. Such changes were reflected in the financial results for the thirteen and thirty-nine weeks ended September 26, 2015 and are also reflected in the historical financial results included in these Consolidated Financial Statements.  The effect of these errors increased net income by $214,000 , or $0.01 per share, for the thirteen weeks ended March 2 8 , 2015. Additional information about these corrections, including a reconciliation of each financial statement line item affected, has been included in Note 7 to the Company’s Consolidated Financial Statements contained in its Quarterly Report on Form 10-Q for the period ended September 26, 2015.

Significant Accounting Polici14

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 26, 2016
Significant Accounting Policies [Abstract]
Basis of Presentation [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 S15

Current Relevant Accounting Standards (Policies)	3 Months Ended
	Mar. 26, 2016
Current Relevant Accounting Standards [Abstract]
Current Relevant Accounting Standards [Policy Text Block]	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 was initially effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. In August 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. In March 2016, the FASB issued ASU 2016-08 Revenue from Contracts with Customers (Topic 606), which amends the guidance in ASU 2014-09. 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 note 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 a material impact on the Company’s Consolidated Financial Statements. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments . ASU 2015-16 requires that any effect on earnings due to depreciation, amortization or other income effects, due to a change to the provisional amounts be recorded in the current period’s financial statements as if the accounting had been completed at the acquisition date. The portion of the amount recorded in the current-period earnings, which would have been recorded in the previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date, must be presented separately on the face of the income statement or disclosed in the notes to the financial statements by line item. The amendment is effective for the fiscal year beginning after December 15, 2015. The amendments are to be applied prospectively to any adjustments occurring after the effective date. Adoption of the ASU did not have an impact on the Company’s 2016 Consolidated Financial Statements. (2) Current Relevant Accounting Standards (continued) In February 2016, the FASB issued ASU 2016-02 Leases (Topic 842). ASU 2016-02 requires lessees to recognize assets and liabilities for the rights and obligations created by their leases with lease terms more than 12 months. Current guidance only requires capital leases to be recognized on the balance sheet. However, the ASU 2016-02 now requires that both capital and operating leases be recognized on the balance sheet. The effect on cash flows will strictly depend on whether the lease is classified as an operating lease or capital lease. The ASU 2016-02 will require disclosures to aid investors and other financial statement users to better understand the amount, timing and uncertainty of the cash flows arising from leases. These disclosures are to include qualitative and quantitative information about the amounts recorded in the financial statements. This update remains unchanged for lessors. However, new guidance contains targeted improvements to align, where necessary, the lessor’s accounting with the lessee’s accounting standards. ASU 2016-02 will become effective for annual periods beginning after December 15, 2018 and for interim periods within those fiscal years. The Company is currently in the process of evaluating the impact of adoption of the ASU on its Consolidated Financial Statements.  In March 2016, the FASB issued ASU 2016-04 Liabilities – Extinguishments of Liabilities (Suptopic 405-20) Recognition of Breakage for Certain Prepaid Stored-Value Products . ASU 2016-04 requires the debtor to derecognize a liability, such as a prepaid stored-value product, if and only if it has been extinguished by paying the creditor in cash, other financial assets, goods or services or if the debtor is relieved of its obligation legally, either judicially or by the creditor. ASU 2016-04 also requires that an entity must disclose the methodology and specific judgements made in applying the breakage recognized. ASU 2016-04 will become effective for the financial statements issued for the fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early application is permitted including adoption in an interim period. The Company is currently in the process of evaluating the impact of adoption of the ASU on its Consolidated Financial Statements.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 26, 2016
Investments [Abstract]
Marketable securities [Table Text Block]	Marketable securities, as of March 26, 2016 and December 26, 2015, consisted of:    Gross Gross  (dollars in thousands) Amortized Unrealized Unrealized Fair  March 26, 2016 Cost Holding Gains Holding Losses Value  Available-for-sale:  Level 1  Equity securities $ 1,198 $ 7,659 $ - $ 8,857  Level 2  Municipal bonds 68,162 1,553 (11) 69,704  $ 69,360 $ 9,212 $ (11) $ 78,561      Gross Gross  (dollars in thousands) Amortized Unrealized Unrealized Fair  December 26, 2015 Cost Holding Gains Holding Losses Value  Available-for-sale:  Level 1  Equity securities $ 1,198 $ 6,682 $ - $ 7,880  Level 2  Municipal bonds 82,347 1,468 (66) 83,749  $ 83,545 $ 8,150 $ (66) $ 91,629 
Maturities of marketable securities classified as available-for-sale [Table Text Block]	Maturities of marketable securities classified as available-for-sale at March 26, 2016, were as follows:   Amortized Fair  (dollars in thousands) Cost Value  Available-for-sale:  Due within one year $ 5,401 $ 5,439  Due after one year through five years 46,389 47,209  Due after five years through ten years 16,372 17,056  Equity securities 1,198 8,857  $ 69,360 $ 78,561 

Accumulated Other Comprehensi17

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 26, 2016
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 26, 2015 $ 4,761   Other comprehensive income before reclassifications 816  Amounts reclassified from accumulated other comprehensive income (158)  Net current period other comprehensive income 658  Accumulated other comprehensive income balance as of March 26, 2016 $ 5,419  
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	  Gains Reclassified from  Accumulated Other Comprehensive Income to the  Consolidated Statements of Income  13 Weeks Ended  (dollars in thousands) Location March 26, 2016 March 28, 2015  Unrealized gains on available-for-sale marketable securities  Investment income $ 269 $ 6  Provision for income taxes (111) (3)  Total amount reclassified, net of tax $ 158 $ 3 

Investments (Available For Sale

Investments (Available For Sale Securities) (Details) - USD ($) $ in Thousands	Mar. 26, 2016	Dec. 26, 2015
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost, Total	$ 69,360	$ 83,545
Gross Unrealized Holding Gains	9,212	8,150
Gross Unrealized Holding Losses	(11)	(66)
Fair Value	78,561	91,629
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost, Total	1,198	1,198
Gross Unrealized Holding Gains	7,659	6,682
Gross Unrealized Holding Losses	0	0
Fair Value	8,857	7,880
Municipal Bonds [Member] | Fair Value, Inputs, Level 2 [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost, Total	68,162	82,347
Gross Unrealized Holding Gains	1,553	1,468
Gross Unrealized Holding Losses	(11)	(66)
Fair Value	$ 69,704	$ 83,749

Investments (Maturities of Mark

Investments (Maturities of Marketable Securities) (Details) - USD ($) $ in Thousands	Mar. 26, 2016	Dec. 26, 2015
Investments [Abstract]
Amortized Cost, Due within one year	$ 5,401
Fair Value, Due within one year	5,439
Amortized Cost, Due after one year through five years	46,389
Fair Value, Due after one year through five years	47,209
Amortized Cost, Due after five years through ten years	16,372
Fair Value, Due after five years through ten years	17,056
Amortized Cost, Equity securities	1,198
Fair Value, Equity securities	8,857
Available-for-sale Securities, Amortized Cost, Total	69,360	$ 83,545
Available-for-sale Securities, Fair Value, Total	$ 78,561	$ 91,629

Accumulated Other Comprehensi20

Accumulated Other Comprehensive Income (Schedule of Accumulated Other Comprehensive Income) (Details) - Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] $ in Thousands	3 Months Ended
	Mar. 26, 2016USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income balance, beginning balance	$ 4,761
Other comprehensive income before reclassifications	816
Amounts reclassified from accumulated other comprehensive income	(158)
Net current period other comprehensive income	658
Accumulated other comprehensive income balance, ending balance	$ 5,419

Accumulated Other Comprehensi21

Accumulated Other Comprehensive Income (Reclassifications out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Investment income	$ 637	$ 532
Provision for income taxes	(11,778)	(7,074)
Net income	20,129	13,323
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	269	6
Provision for income taxes	(111)	(3)
Net income	$ 158	$ 3

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Federal [Member]
Income Taxes Paid	$ 0	$ 4.5

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income	$ 20,129	$ 13,323
Basic and diluted earnings per share	$ 0.75	$ 0.50
Adjustment [Member] | Self-Insurance Error Correction [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income		$ 214
Basic and diluted earnings per share		$ 0.01