Weis Markets (WMK) 10-Q 11 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Apr. 01, 2017	May 11, 2017
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 1, 2017
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,017
Entity Registrant Name	WEIS MARKETS INC
Trading Symbol	wmk
Entity Central Index Key	105,418
Current Fiscal Year End Date	--12-30
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		26,898,443

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 01, 2017	Dec. 31, 2016
Current:
Cash and cash equivalents	$ 12,295	$ 14,653
Marketable securities	64,279	67,171
SERP investment	12,640	11,154
Accounts receivable, net	77,455	96,170
Inventories	275,217	276,783
Prepaid expenses and other current assets	16,932	16,310
Income taxes recoverable	0	1,625
Total current assets	458,818	483,866
Property and equipment, net	870,072	878,195
Goodwill	52,330	52,330
Intangible and other assets, net	18,173	16,913
Total assets	1,399,393	1,431,304
Current:
Accounts payable	170,897	199,159
Accrued expenses	34,949	50,947
Accrued self-insurance	14,912	19,330
Deferred revenue, net	5,252	6,730
Income taxes payable	323	0
Total current liabilities	226,333	276,166
Long-term debt	70,874	64,476
Postretirement benefit obligations	14,969	15,277
Accrued self-insurance	21,353	21,353
Deferred income taxes	126,932	119,445
Other	8,380	7,865
Total liabilities	468,841	504,582
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	1,066,544	1,062,778
Accumulated other comprehensive income (Net of deferred taxes of $3,393 in 2017 and $3,382 in 2016)	4,916	4,852
Shareholders' equity before treasury stock	1,081,409	1,077,579
Treasury stock at cost, 6,149,364 shares	(150,857)	(150,857)
Total shareholders' equity	930,552	926,722
Total liabilities and shareholders' equity	$ 1,399,393	$ 1,431,304

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Apr. 01, 2017	Dec. 31, 2016
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	$ 3,393	$ 3,382
Treasury stock, shares	6,149,364	6,149,364

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2017	Mar. 26, 2016
Consolidated Statements of Income [Abstract]
Net sales	$ 852,229	$ 738,204
Cost of sales, including warehousing and distribution expenses	622,433	531,092
Gross profit on sales	229,796	207,112
Operating, general and administrative expenses	209,546	175,842
Income from operations	20,250	31,270
Investment income and interest expense	824	637
Income before provision for income taxes	21,074	31,907
Provision for income taxes	9,238	11,778
Net income	$ 11,836	$ 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	$ 0.44	$ 0.75

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2017	Mar. 26, 2016
Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 11,836	$ 20,129
Other comprehensive income (loss) by component, net of tax:
Available-for-sale marketable securities Unrealized holding gains arising during period (Net of deferred taxes of $11 and $570, respectively)	64	816
Reclassification adjustment for gains included in net income (Net of deferred taxes of $0 and $111, respectively)		(158)
Other comprehensive income, net of tax	64	658
Comprehensive income, net of tax	$ 11,900	$ 20,787

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2017	Mar. 26, 2016
Consolidated Statements of Comprehensive Income [Abstract]
Unrealized holding gains arising during period, deferred taxes	$ 11	$ 570
Reclassification adjustment for gains included in net income, deferred taxes	$ 0	$ 111

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2017	Mar. 26, 2016
Cash flows from operating activities:
Net income	$ 11,836	$ 20,129
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	20,962	18,368
Gain on disposition of fixed assets	(796)	(75)
Gain on sale of marketable securities	0	(269)
Deferred income taxes	7,476	(1,153)
Changes in operating assets and liabilities:
Inventories	1,566	3,352
Accounts receivable and prepaid expenses	17,539	5,658
Accounts payable and other liabilities	(45,789)	(21,239)
Income taxes	1,948	12,773
Other	(110)	525
Net cash provided by operating activities	14,632	38,069
Cash flows from investing activities:
Purchase of property and equipment	(17,056)	(29,935)
Proceeds from the sale of property and equipment	1,142	124
Purchase of marketable securities	(2,579)	(1,284)
Proceeds from maturities of marketable securities	1,895	0
Proceeds from the sale of marketable securities	4,006	15,213
Purchase of intangible assets	(1,240)	(549)
Change in SERP investment	(1,486)	(763)
Net cash used in investing activities	(15,318)	(17,194)
Cash flows from financing activities:
Proceeds from long-term debt	6,398	0
Dividends paid	(8,070)	(8,070)
Net cash used in financing activities	(1,672)	(8,070)
Net (decrease) increase in cash and cash equivalents	(2,358)	12,805
Cash and cash equivalents at beginning of year	14,653	17,596
Cash and cash equivalents at end of period	$ 12,295	$ 30,401

Consolidated Statements Of Cas8

Consolidated Statements Of Cash Flows (Parenthetical) - USD ($)	3 Months Ended
	Apr. 01, 2017	Mar. 26, 2016
Consolidated Statements of Cash Flows [Abstract]
Income taxes paid	$ 0	$ 157,000
Interest paid	$ 258,000	$ 0

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Apr. 01, 2017
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
	Apr. 01, 2017
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) , as amended by several subsequent ASU’s, which 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. 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. The Company is currently in the process of evaluating the impact of adoption of the ASU. The Company expects that the adoption of the ASU will not have a significant impact on the Company’s point of sale product sales. In January 2016, the FASB issued ASU 2016-01 Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . ASU 2016-01 generally requires that equity investments (excluding equity method investments) be measured at fair value with changes in fair value recognized in net income. The Company expects that the adoption of ASU 2016-01 will likely have an impact on the net income reported in the Company’s Consolidated Statements of Income, but will not impact the Company’s comprehensive income or shareholders’ equity. The amendment is effective for fiscal years beginning after December 15, 2017, with the cumulative effect of the adoption made to the balance sheet as of the date of adoption. Adoption will result in a reclassification of the related accumulated unrealized appreciation, net of applicable deferred income taxes, currently included in accumulated other comprehensive income to retained earnings, resulting in no impact on the Company’s shareholders’ equity.  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. 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 and expects the adoption to have a significant impact on the Company’s Consolidated Balance Sheet.  In March 2016, the FASB issued ASU 2016-04 Liabilities – Extinguishments of Liabilities (Subtopic 405-20) Recognition of Breakage for Certain Prepaid Stored-Value Products . ASU 2016-04 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. Early application is permitted including adoption in an interim period. The Company expects that the adoption of the ASU will not have a significant impact on the Company’s Consolidated Financial Statements.  

Marketable Securities

Marketable Securities	3 Months Ended
	Apr. 01, 2017
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 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 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.  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 and interest expense” on the Company’s Consolidated Statements of Income. Investment income was $1.1 million and $637 thousand for the first quarter of 2017 and 2016, respectively.  Marketable securities, as of April 1, 2017 and December 31, 2016, consisted of:    Gross Gross  (dollars in thousands) Amortized Unrealized Unrealized Fair  April 1, 2017 Cost Holding Gains Holding Losses Value  Available-for-sale:  Level 1  Equity securities $ 1,198 $ 7,804 $ - $ 9,002  Level 2  Municipal bonds 54,773 784 (280) 55,277  $ 55,971 $ 8,588 $ (280) $ 64,279      Gross Gross  (dollars in thousands) Amortized Unrealized Unrealized Fair  December 31, 2016 Cost Holding Gains Holding Losses Value  Available-for-sale:  Level 1  Equity securities $ 1,198 $ 8,162 $ - $ 9,360  Level 2  Municipal bonds 57,739 531 (459) 57,811  $ 58,937 $ 8,693 $ (459) $ 67,171  Maturities of marketable securities classified as available-for-sale at April 1, 2017, were as follows:   Amortized Fair  (dollars in thousands) Cost Value  Available-for-sale:  Due within one year $ 7,623 $ 7,667  Due after one year through five years 24,811 25,161  Due after five years through ten years 22,339 22,449  Equity securities 1,198 9,002  $ 55,971 $ 64,279 (3) Marketable Securities (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 Company’s Consolidated Balance Sheet as “SERP investment,” are classified as trading securities and are measured at fair value using Level 1 inputs with gains and losses included in “Investment income and interest expense” on the Company’s Consolidated Statements of Income. The changes in the underlying liability to the associates are recorded in “Operating, general and administrative expenses.”

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Apr. 01, 2017
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 31, 2016 $ 4,852   Other comprehensive income before reclassifications 64  Amounts reclassified from accumulated other comprehensive income -  Net current period other comprehensive income 64  Accumulated other comprehensive income balance as of April 1, 2017 $ 4,916   The following table sets forth the effects on net income of the amounts reclassified out of accumulated other comprehensive income for the periods ended April 1, 2017 and March 26, 2016.    Gains Reclassified from  Accumulated Other Comprehensive Income to the  Consolidated Statements of Income  13 Weeks Ended  (dollars in thousands) Location April 1, 2017 March 26, 2016  Unrealized gains on available-for-sale marketable securities  Investment income $ - $ 269  Provision for income taxes - (111)  Total amount reclassified, net of tax $ - $ 158  

Acquisitions

Acquisitions	3 Months Ended
	Apr. 01, 2017
Acquisitions [Abstract]
Acquisitions	(5) Acquisitions On August 1, 2016, the Company purchased five Mars Super Market stores located in Maryland. Weis Markets, Inc. acquired these locations and their operations in an effort to expand its presence in the Baltimore County region. The results of operations of the former Mars Super Market acquisition are included in the accompanying Consolidated Financial Statements from the date of acquisition. The five former Mars Super Market stores contributed $23.2 million to sales in the first quarter of 2017. The cash purchase price paid was $24.6 million for the property, equipment, inventories, prepaid expenses and goodwill related to this purchase. The Company accounted for this transaction as a business combination in accordance with the acquisition method. The fair value of intangibles was determined based on the discounted cash flow model and property and equipment were determined based on external appraisals. Weis Markets, Inc. assumed two lease obligations in the acquisition of the former Mars Super Market stores and entered into two new lease agreements. Goodwill of $13.3 million has been recorded, based upon the expected benefits to be derived from new management business strategy and cost synergies. The goodwill is deductible for tax purposes.   (5) Acquisitions (continued) In September 2016, the Company began its acquisition of 38 former Food Lion, LLC stores. Within eight weeks, ending in October 2016, Weis Markets acquired 21 Maryland, 13 Virginia and 4 Delaware former Food Lion, LLC stores. The results of operations of the 38 former Food Lion, LLC stores are included in the accompanying Consolidated Financial Statements from the date of acquisition. The Company accounted for this transaction as a business combination in accordance with the acquisition method. The fair value of intangibles was determined based on the discounted cash flow model and property and equipment were determined based on external appraisals. The acquired locations were part of a FTC forced divestiture in the approval process of the merger of Ahold and Delhaize Group, which resulted in a below fair value purchase price consideration. The cash purchase price paid was $29.4 million for the property, equipment, inventories, prepaid expenses and liabilities. Weis Markets, Inc. assumed thirty lease obligations and ownership of eight locations. The Company recognized a gain of $23.9 million on the purchase of the 38 former Food Lion, LLC stores. The 38 former Food Lion, LLC stores contributed $93.7 million to sales in the first quarter of 2017.  On October 30, 2016, Weis Markets acquired a former Nell’s Family Market store located in East Berlin, Pa from C&S Wholesale Grocers. The results of operations of the former Nell’s Family Market acquisition are included in the accompanying Consolidated Financial Statements from the date of acquisition. The purchase price was $13.0 million, of which $3.4 million is payable over a 4 year term for the property, equipment, inventory, prepaid expenses and liabilities. The Company accounted for this transaction as a business combination in accordance with the acquisition method. The fair value of intangibles was determined based on the discounted cash flow model and property and equipment were determined based on external appraisals. The former Nell’s Family Market contributed $4.1 million worth of sales in the first quarter of 2017. Goodwill of $3.9 million has been recorded, based upon the expected benefits to be derived from new management business strategy and cost synergies. The goodwill is deductible for tax purposes.  The pro forma information includes historical results of operations of the 38 former Food Lion Supermarket and 5 former Mars Super Market stores but does not include efficiencies, cost reductions, synergies or investments in lower prices for the Company’s customers expected to result from the acquisitions. The unaudited pro forma financial information is not necessarily indicative of the results that actually would have occurred had the 38 former Food Lion Supermarket and the 5 former Mars Super Market stores been acquired at the beginning of 2016. Pro forma results of sales, assuming the acquisitions had taken place at the beginning of 2016, are included in the following table. The Company does not have reliable information to provide additional pro forma disclosures.    13 Weeks Ended  (dollars in thousands) April 1, 2017 March 26, 2016  Sales $ 852,229 $ 878,323 

Long-Term Debt

Long-Term Debt	3 Months Ended
	Apr. 01, 2017
Long-Term Debt [Abstract]
Long-Term Debt	(6) Long-Term Debt On September 1, 2016, Weis Markets entered into a revolving credit agreement with Wells Fargo Bank, National Association (the Credit Agreement). The Credit Agreement provides for an unsecured revolving credit facility with an aggregate principal amount not to exceed $100.0 million with an additional discretionary amount available of $50.0 million. On March 13, 2017, the unsecured revolving credit facility was increased to $120.0 million. As of April 1, 2017, $70.9 million of the available $120.0 million was borrowed from the credit facility. The loan will bear interest on the outstanding principal amount at the one month LIBOR rate plus the applicable margin rate of 0.65% until its maturity on September 1, 2019 . The loan was used to fund the recent acquisitions and the Company’s working capital requirements. The only financial covenant in the credit facility requires the Company’s minimum EBITDA to be at least $75.0 million . The Credit Agreement is also being utilized by the Company for letters of credit. As of April 1, 2017, the Company had $16.7 million, of the available $120.0 million from the credit facility, committed to outstanding letters of credit. The letters of credit are maintained primarily to support performance, payment, deposit or surety obligations of the Company. The Company does not anticipate drawing on any of them.  Interest expense related to long-term debt was $273,000 for the 13 week period ending April 1, 2017.

Significant Accounting Polici15

Significant Accounting Policies (Policy)	3 Months Ended
	Apr. 01, 2017
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 S16

Current Relevant Accounting Standards (Policy)	3 Months Ended
	Apr. 01, 2017
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) , as amended by several subsequent ASU’s, which 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. 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. The Company is currently in the process of evaluating the impact of adoption of the ASU. The Company expects that the adoption of the ASU will not have a significant impact on the Company’s point of sale product sales. In January 2016, the FASB issued ASU 2016-01 Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . ASU 2016-01 generally requires that equity investments (excluding equity method investments) be measured at fair value with changes in fair value recognized in net income. The Company expects that the adoption of ASU 2016-01 will likely have an impact on the net income reported in the Company’s Consolidated Statements of Income, but will not impact the Company’s comprehensive income or shareholders’ equity. The amendment is effective for fiscal years beginning after December 15, 2017, with the cumulative effect of the adoption made to the balance sheet as of the date of adoption. Adoption will result in a reclassification of the related accumulated unrealized appreciation, net of applicable deferred income taxes, currently included in accumulated other comprehensive income to retained earnings, resulting in no impact on the Company’s shareholders’ equity.  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. 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 and expects the adoption to have a significant impact on the Company’s Consolidated Balance Sheet.  In March 2016, the FASB issued ASU 2016-04 Liabilities – Extinguishments of Liabilities (Subtopic 405-20) Recognition of Breakage for Certain Prepaid Stored-Value Products . ASU 2016-04 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. Early application is permitted including adoption in an interim period. The Company expects that the adoption of the ASU will not have a significant impact on the Company’s Consolidated Financial Statements. 

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Apr. 01, 2017
Marketable Securities [Abstract]
Marketable securities [Table Text Block]	Marketable securities, as of April 1, 2017 and December 31, 2016, consisted of:    Gross Gross  (dollars in thousands) Amortized Unrealized Unrealized Fair  April 1, 2017 Cost Holding Gains Holding Losses Value  Available-for-sale:  Level 1  Equity securities $ 1,198 $ 7,804 $ - $ 9,002  Level 2  Municipal bonds 54,773 784 (280) 55,277  $ 55,971 $ 8,588 $ (280) $ 64,279      Gross Gross  (dollars in thousands) Amortized Unrealized Unrealized Fair  December 31, 2016 Cost Holding Gains Holding Losses Value  Available-for-sale:  Level 1  Equity securities $ 1,198 $ 8,162 $ - $ 9,360  Level 2  Municipal bonds 57,739 531 (459) 57,811  $ 58,937 $ 8,693 $ (459) $ 67,171 
Maturities of marketable securities classified as available-for-sale [Table Text Block]	Maturities of marketable securities classified as available-for-sale at April 1, 2017, were as follows:   Amortized Fair  (dollars in thousands) Cost Value  Available-for-sale:  Due within one year $ 7,623 $ 7,667  Due after one year through five years 24,811 25,161  Due after five years through ten years 22,339 22,449  Equity securities 1,198 9,002  $ 55,971 $ 64,279 

Accumulated Other Comprehensi18

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Apr. 01, 2017
Accumulated Other Comprehensive Income [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	   Unrealized Gains  on Available-for-Sale  (dollars in thousands) Marketable Securities  Accumulated other comprehensive income balance as of December 31, 2016 $ 4,852   Other comprehensive income before reclassifications 64  Amounts reclassified from accumulated other comprehensive income -  Net current period other comprehensive income 64  Accumulated other comprehensive income balance as of April 1, 2017 $ 4,916  
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 April 1, 2017 March 26, 2016  Unrealized gains on available-for-sale marketable securities  Investment income $ - $ 269  Provision for income taxes - (111)  Total amount reclassified, net of tax $ - $ 158 

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Apr. 01, 2017
Acquisitions [Abstract]
Business Acquisition, Pro Forma Information [Table Text Block]	   13 Weeks Ended  (dollars in thousands) April 1, 2017 March 26, 2016  Sales $ 852,229 $ 878,323 

Marketable Securities (Narrativ

Marketable Securities (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2017	Mar. 26, 2016
Marketable Securities [Abstract]
Investment income	$ 1,100	$ 637

Marketable Securities (Availabl

Marketable Securities (Available For Sale Securities) (Details) - USD ($) $ in Thousands	Apr. 01, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost, Total	$ 55,971	$ 58,937
Gross Unrealized Holding Gains	8,588	8,693
Gross Unrealized Holding Losses	(280)	(459)
Fair Value	64,279	67,171
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	7,804	8,162
Gross Unrealized Holding Losses	0	0
Fair Value	9,002	9,360
Municipal Bonds [Member] | Fair Value, Inputs, Level 2 [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost, Total	54,773	57,739
Gross Unrealized Holding Gains	784	531
Gross Unrealized Holding Losses	(280)	(459)
Fair Value	$ 55,277	$ 57,811

Marketable Securities (Maturiti

Marketable Securities (Maturities of Marketable Securities) (Details) - USD ($) $ in Thousands	Apr. 01, 2017	Dec. 31, 2016
Marketable Securities [Abstract]
Amortized Cost, Due within one year	$ 7,623
Fair Value, Due within one year	7,667
Amortized Cost, Due after one year through five years	24,811
Fair Value, Due after one year through five years	25,161
Amortized Cost, Due after five years through ten years	22,339
Fair Value, Due after five years through ten years	22,449
Amortized Cost, Equity securities	1,198
Fair Value, Equity securities	9,002
Available-for-sale Securities, Amortized Cost, Total	55,971	$ 58,937
Available-for-sale Securities, Fair Value, Total	$ 64,279	$ 67,171

Accumulated Other Comprehensi23

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
	Apr. 01, 2017USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income balance, beginning balance	$ 4,852
Other comprehensive income before reclassifications	64
Amounts reclassified from accumulated other comprehensive income	0
Net current period other comprehensive income	64
Accumulated other comprehensive income balance, ending balance	$ 4,916

Accumulated Other Comprehensi24

Accumulated Other Comprehensive Income (Reclassifications out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2017	Mar. 26, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Investment income and interest expense	$ 824	$ 637
Provision for income taxes	(9,238)	(11,778)
Net income	$ 11,836	20,129
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 and interest expense		269
Provision for income taxes		(111)
Net income		$ 158

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) $ in Thousands	Oct. 30, 2016USD ($)store	Aug. 01, 2016USD ($)store	Oct. 30, 2016USD ($)storesite	Apr. 01, 2017USD ($)	Dec. 31, 2016USD ($)
Acquisitions [Line Items]
Goodwill				$ 52,330	$ 52,330
Mars Super Market [Member]
Acquisitions [Line Items]
Sales				23,200
Number of stores acquired | store		5
Purchase price		$ 24,600
Goodwill		$ 13,300
Number of lease obligations assumed		2
Number of new lease agreements due to acquisition		2
Food Lion, LLC [Member]
Acquisitions [Line Items]
Sales				93,700
Number of stores acquired | store			38
Number of owned stores acquired | site			8
Purchase price			$ 29,400
Gain on bargain purchase			$ 23,900
Number of lease obligations assumed			30
Food Lion, LLC [Member] | MARYLAND
Acquisitions [Line Items]
Number of stores acquired | store			21
Food Lion, LLC [Member] | DELAWARE
Acquisitions [Line Items]
Number of stores acquired | store			4
Food Lion, LLC [Member] | VIRGINIA
Acquisitions [Line Items]
Number of stores acquired | store			13
Nell's Family Market [Member]
Acquisitions [Line Items]
Sales				$ 4,100
Number of stores acquired | store	1
Purchase price	$ 13,000
Purchase price payable	3,400
Purchase price payable, term				4 years
Goodwill	$ 3,900		$ 3,900

Acquisitions (Pro Forma Informa

Acquisitions (Pro Forma Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2017	Mar. 26, 2016
Parent Company [Member]
Sales	$ 852,229	$ 878,323

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details) - USD ($)	3 Months Ended
	Apr. 01, 2017	Mar. 13, 2017	Sep. 01, 2016
Line of Credit Facility [Line Items]
Interest Expense, Debt	$ 273,000
Revolving Credit Facility [Member] | Wells Fargo Bank, N.A. [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 120,000,000	$ 100,000,000
Line of Credit Facility, Fair Value of Amount Outstanding	$ 70,900,000
Debt Instrument, Maturity Date	Sep. 1, 2019
Debt Instrument, Covenant, Minimum EBITDA	$ 75,000,000
Letters of Credit Outstanding, Amount	$ 16,700,000
Debt Instrument, Covenant Description	The only financial covenant in the credit facility requires the Company's minimum EBITDA to be at least $75.0 million
Revolving Credit Facility [Member] | Wells Fargo Bank, N.A. [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.65%
Line of Credit [Member] | Wells Fargo Bank, N.A. [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 50,000,000