Weis Markets (WMK) 10-Q 7 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 28, 2020	May 07, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 28, 2020
Document Transition Report	false
Entity File Number	1-5039
Entity Registrant Name	WEIS MARKETS INC
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	24-0755415
Entity Address, Address Line One	1000 S. Second Street
Entity Address, Address Line Two	P. O. Box 471
Entity Address, City or Town	Sunbury
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	17801-0471
City Area Code	570
Local Phone Number	286-4571
Title of 12(b) Security	Common stock, no par value
Trading Symbol	WMK
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		26,898,443
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020
Entity Central Index Key	0000105418
Current Fiscal Year End Date	--12-26

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 28, 2020	Dec. 28, 2019
Current:
Cash and cash equivalents	$ 158,279	$ 66,871
Marketable securities	62,049	63,538
SERP investment	16,350	18,935
Accounts receivable, net	56,952	55,764
Inventories	233,421	279,806
Prepaid expenses and other current assets	24,683	23,378
Total current assets	551,734	508,292
Property and equipment, net	886,856	886,928
Operating lease right-to-use	207,735	210,196
Goodwill	52,330	52,330
Intangible and other assets, net	17,709	17,816
Total assets	1,716,364	1,675,562
Current:
Accounts payable	208,027	180,718
Accrued expenses	35,382	39,528
Operating leases	38,741	39,114
Accrued self-insurance	15,797	15,719
Deferred revenue, net	6,337	8,662
Income taxes payable	17,525	8,197
Total current liabilities	321,809	291,938
Postretirement benefit obligations	18,721	22,143
Accrued self-insurance	17,621	17,625
Operating leases	177,371	179,654
Deferred income taxes	97,056	97,041
Other	6,601	8,416
Total liabilities	639,179	616,817
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	1,216,524	1,198,173
Accumulated other comprehensive income (Net of deferred taxes of $629 in 2020 and $593 in 2019)	1,569	1,480
Shareholders' equity before treasury stock	1,228,042	1,209,602
Treasury stock at cost, 6,149,364 shares	(150,857)	(150,857)
Total shareholders' equity	1,077,185	1,058,745
Total liabilities and shareholders' equity	$ 1,716,364	$ 1,675,562

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 28, 2020	Dec. 28, 2019
Consolidated Balance Sheets [Abstract]
Common stock, par value
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	$ 629	$ 593
Treasury stock, shares	6,149,364	6,149,364

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Consolidated Statements of Income [Abstract]
Net sales	$ 985,820	$ 876,718
Cost of sales, including advertising, warehousing and distribution expenses	721,673	647,166
Gross profit on sales	264,147	229,552
Operating, general and administrative expenses	226,719	211,732
Income from operations	37,428	17,820
Investment income (loss) and interest expense	(4,019)	2,895
Other income (expense)	2,676	(1,841)
Income before provision for income taxes	36,085	18,874
Provision for income taxes	9,396	4,570
Net income	$ 26,689	$ 14,304
Weighted-average shares outstanding, basic and diluted	26,898,443	26,898,443
Cash dividends per share	$ 0.31	$ 0.31
Basic and diluted earnings per share	$ 0.99	$ 0.53

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 26,689	$ 14,304
Available-for-sale marketable securities
Unrealized holding gains (losses) arising during period (Net of deferred taxes of $38 and $243, respectively for the thirteen Weeks Ended)	95	621
Reclassification adjustment for (gains) losses included in net income (Net of deferred taxes of $2 and $0, respectively for the thirteen Weeks Ended)	(6)
Other comprehensive income (loss), net of tax	89	621
Comprehensive income, net of tax	$ 26,778	$ 14,925

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Consolidated Statements of Comprehensive Income [Abstract]
Unrealized holding gains (losses) arising during period, deferred taxes	$ 38	$ 243
Reclassification adjustment for (gains) losses included in net income, deferred taxes	$ 2	$ 0

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Stock [Member]	Total
Balance, at Dec. 29, 2018	$ 9,949	$ 1,163,545	$ 262	$ (150,857)	$ 1,022,899
Balance, shares at Dec. 29, 2018	33,047,807			6,149,364
Net income		14,304			14,304
Other comprehensive income (loss), net of reclassification adjustments and tax			621		621
Dividends paid		(8,339)			(8,339)
Balance, at Mar. 30, 2019	$ 9,949	1,169,510	883	$ (150,857)	1,029,485
Balance, shares at Mar. 30, 2019	33,047,807			6,149,364
Balance, at Dec. 28, 2019	$ 9,949	1,198,173	1,480	$ (150,857)	1,058,745
Balance, shares at Dec. 28, 2019	33,047,807			6,149,364
Net income		26,689			26,689
Other comprehensive income (loss), net of reclassification adjustments and tax			89		89
Dividends paid		(8,339)			(8,339)
Balance, at Mar. 28, 2020	$ 9,949	$ 1,216,524	$ 1,569	$ (150,857)	$ 1,077,185
Balance, shares at Mar. 28, 2020	33,047,807			6,149,364

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Cash flows from operating activities:
Net income	$ 26,689	$ 14,304
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	23,886	23,125
(Gain) Loss on disposition of fixed assets	1,425	608
(Gain) Loss on sale of marketable securities	(8)	0
Unrealized (gain) loss in value of equity securities	1,922	(625)
Deferred income taxes	(21)	(1,014)
Unrealized (gain) loss in SERP	2,676	(1,008)
Changes in operating assets and liabilities:
Inventories	46,385	138
Accounts receivable and prepaid expenses	(2,492)	9,894
Accounts payable and other liabilities	14,919	(18,912)
Income taxes	9,329	5,553
Other	53	588
Net cash provided by operating activities	124,763	32,651
Cash flows from investing activities:
Purchase of property and equipment	(24,848)	(24,444)
Proceeds from the sale of property and equipment	161	84
Purchase of marketable securities	(2,079)	(3,960)
Proceeds from maturities of marketable securities	1,800	235
Purchase of intangible assets	41	(540)
Change in SERP investment	(91)	(1,708)
Net cash used in investing activities	(25,016)	(30,333)
Cash flows from financing activities:
Dividends paid	(8,339)	(8,339)
Net cash used in financing activities	(8,339)	(8,339)
Net increase (decrease) in cash and cash equivalents	91,408	(6,021)
Cash and cash equivalents at beginning of year	66,871	37,808
Cash and cash equivalents at end of period	$ 158,279	$ 31,787

Consolidated Statements Of Ca_2

Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Consolidated Statements of Cash Flows [Abstract]
Income taxes paid	$ 89	$ 51
Interest paid	$ 10	$ 36

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 28, 2020
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. 28, 2020
Current Relevant Accounting Standards [Abstract]
Current Relevant Accounting Standards	(2) Current Relevant Accounting Standards The Company regularly monitors recently issued accounting standards and assesses their applicability and impact. The Company believes that there are no accounting standard updates that have or will have a material or significant impact on the Company's accounting policies .

Marketable Securities

Marketable Securities	3 Months Ended
	Mar. 28, 2020
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 which includes 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. Interest, dividends and unrealized gains and losses on equity securities are recognized in “Investment income and interest expense” on the Company’s Consolidated Statements of Income . The Company recognized investmen t loss of $4.0 million in the first quarter of 20 20 , which included an unrealized loss in equity securities of $1.9 million. In the thirteen weeks ending March 30 , 2019, the Company recognized investment income of $2.9 million, which included unrealized gains in equity securities of $625 thousand . (3) Marketable Securities (continued)  Marketable securities, as of March 28, 2020 and December 28, 2019 , consisted of:    Gross Gross  (dollars in thousands) Amortized Unrealized Unrealized Fair  March 28, 2020 Cost Holding Gains Holding Losses Value  Available-for-sale:  Level 1  Equity securities $ 7,278  Level 2  Municipal bonds $ 52,572 $ 2,272 $ (73) 54,771  $ 52,572 $ 2,272 $ (73) $ 62,049      Gross Gross  (dollars in thousands) Amortized Unrealized Unrealized Fair  December 28, 2019 Cost Holding Gains Holding Losses Value  Available-for-sale:  Level 1  Equity securities $ 9,201  Level 2  Municipal bonds $ 52,264 $ 2,091 $ (18) 54,337  $ 52,264 $ 2,091 $ (18) $ 63,538  Maturities of marketable securities classified as available-for-sale at March 28, 2020 , were as follows:   Amortized Fair  (dollars in thousands) Cost Value  Available-for-sale:  Due within one year $ 5,437 $ 5,457  Due after one year through five years 28,190 28,996  Due after five years through ten years 18,945 20,318  $ 52,572 $ 54,771  SERP Investments The Company also maintains a non-qualified supplemental executive retirement 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 Sheets 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 “Other income (expense).”

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 28, 2020
Accumulated Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income	(4) Accumulated Other Comprehensive Income All balances in accumulated other comprehensive income are related to available-for-sale marketable securities. The following table sets forth the balance of the Company’s accumulated other comprehensive income, net of tax.    Unrealized Gains  on Available-for-Sale  (dollars in thousands) Marketable Securities  Accumulated other comprehensive income balance as of December 28, 2019 $ 1,480   Other comprehensive income before reclassifications 95  Amounts reclassified from accumulated other comprehensive income (6)  Net current period change in other comprehensive income 89  Accumulated other comprehensive income balance as of March 28, 2020 $ 1,569  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 28, 2020 and March 30, 2019 .    Amounts Reclassified from  Accumulated Other Comprehensive Income to the  Consolidated Statements of Income  13 Weeks Ended  (dollars in thousands) Location March 28, 2020 March 30, 2019  Unrealized gains (losses) on available-for-sale marketable securities  Investment income (loss) and interest expense $ (8) $ -  Provision for income taxes 2 -  Total amount reclassified, net of tax $ (6) $ -  

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 28, 2020
Long-Term Debt [Abstract]
Long-Term Debt	(5) Long-Term Debt On September 1, 2016 Weis Markets entered into a revolving credit agreement with Wells Fargo Bank, National Association (the “Credit Agreement”), which was amended on August 21, 2019 and matures on September 1, 2022. The Credit Agreement provides for an unsecured revolving credit facility with an aggregate principal amount not to exceed $30.0 million with an additional discretionary amount available of $70.0 million. As of March 28, 2020, the availability under the revolving credit agreement was $24.0 million, net of $6.0 million letters of credit . The letters of credit are maintained primarily to support performance, payment, deposit or surety obligations of the Company.  Interest expense related to long -term debt was $9 thousand and $18 thousand in the thirteen weeks ended March 2 8, 2020 and March 30 , 201 9 , respectively.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 28, 2020
Revenue Recognition [Abstract]
Revenue Recognition	(6) Revenue Recognition The Chief Operating Officer, the Company’s chief operating decision maker, analyzes store operational revenues by geographical area but each area offers customers similar product, has similar distribution methods, and is supported by centralized management processes. The Company’s operations are reported as a single reportable segment.  The following table represents net sales by type of product for the thirteen-week periods ending March 28, 2020 and March 30, 2019 :     13 Weeks Ended  ( dollars in thousands ) March 28, 2020 March 30, 2019  Grocery $ 863,747 87.6 % $ 766,901 87.5 %  Pharmacy 89,333 9.1 81,781 9.3  Fuel 29,967 3.0 26,465 3.0  Manufacturing 2,773 0.3 1,571 0.2   Total net sales $ 985,820 100.0 % $ 876,718 100.0 % 

Leases

Leases	3 Months Ended
	Mar. 28, 2020
Leases [Abstract]
Leases	(7) Leases  As of March 28, 2020, the Company leased approximately 51% of its open store facilities under operating leases that expire at various dates through 2035, with the remaining store facilities being owned. These leases generally provide for fixed annual rentals; however, several provide for minimum annual rentals plus variable lease costs related to real estate taxes and insurance as well as contingent rentals based on a percentage of annual sales or increases periodically based on inflation. These variable lease costs are not included in the measurement of the operating lease right-to-use assets or lease liabilities and are charged to the related expense category included in “Operating, general and administrative expenses.” Most of the leases contain multiple renewal options, under which the Company may extend the lease terms from 5 to 20 years. Additionally, the Company has operating leases for certain transportation and other equipment.  The Company leases or subleases space to tenants in owned, vacated and open store facilities. Rental income is recorded when earned as a component of “Operating, general and administrative expenses.”  The following is a schedule of the lease costs included in “Operating, general and administrative expenses” for the thirteen weeks ended March 28, 2020 and March 30, 2019.      (dollars in thousands) 2020 2019  Operating lease cost $ 11,504 $ 11,641  Variable lease cost 2,667 2,643  Lease or sublease income (2,037) (1,874)  Net lease cost $ 12,134 $ 12,410 

Prior Year Reclassification

Prior Year Reclassification	3 Months Ended
	Mar. 28, 2020
Prior Year Reclassification [Abstract]
Prior Year Reclassification	(8) Prior Year Reclassification  As of December 28, 2019, the Company reclassified non-service components of the Supplemental Executive Retirement Plan (SERP) benefit obligation separately from the service cost component. These non-service components totaling $1.8 million as of March 30, 2019 were reclassified to “Other income (expense)”. The Company recognizes service cost components in “Operating, general and administrative costs”.  The tables below summarize the effects of the reclassifications of previously reported Consolidated Financial Statements for the fiscal quarter ended March 30, 2019.     March 30, 2019  Consolidated Statements of Income As Previously  (dollars in thousands) Reported Reclassifications As Adjusted  Operating, general and administrative expenses $ 213,573 $ (1,841) $ 211,732  Income from operations 15,979 1,841 17,820  Other income (expense) - (1,841) (1,841)     March 30, 2019  Consolidated Statements of Cash Flows As Previously  (dollars in thousands) Reported Reclassifications As Adjusted  Unrealized (gain) loss in SERP $ - $ (1,008) $ (1,008)  Net cash provided by operating activities 33,659 (1,008) 32,651  Change in SERP investment (2,716) 1,008 (1,708)  Net cash used in investing activities (31,341) 1,008 (30,333) 

COVID-19

COVID-19	3 Months Ended
	Mar. 28, 2020
COVID-19 [Abstract]
COVID-19	(9) COVID-19  On March 11, 2020, the World Health Organization declared that the novel coronavirus (COVID-19) had become a pandemic, and on March 13, the U.S. President declared a National Emergency concerning the disease. Additionally, in March 2020, state governments in the Company’s geographic operating area began instituting preventative shut down measures in order to combat the novel coronavirus pandemic. The coronavirus and actions taken to mitigate the spread of it have had and are expected to continue to have an adverse impact on the economies and financial markets of the geographical area in which the Company operates. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted to amongst other provisions, provide emergency assistance for individuals, families and businesses affected by the novel coronavirus pandemic.  The Company’s business being deemed essential resulted in incremental financial performance that may not be indicative of future financial results and there remains uncertainty and increased risks concerning its employees, customers, supply chain and government regulation (see F orward -L ooking S tatements).

Significant Accounting Polici_2

Significant Accounting Policies (Policy)	3 Months Ended
	Mar. 28, 2020
Significant Accounting Policies [Abstract]
Basis of Presentation	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 S_2

Current Relevant Accounting Standards (Policy)	3 Months Ended
	Mar. 28, 2020
Current Relevant Accounting Standards [Abstract]
Current Relevant Accounting Standards	The Company regularly monitors recently issued accounting standards and assesses their applicability and impact. The Company believes that there are no accounting standard updates that have or will have a material or significant impact on the Company's accounting policies .

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Mar. 28, 2020
Marketable Securities [Abstract]
Schedule Of Marketable Securities	Marketable securities, as of March 28, 2020 and December 28, 2019 , consisted of:    Gross Gross  (dollars in thousands) Amortized Unrealized Unrealized Fair  March 28, 2020 Cost Holding Gains Holding Losses Value  Available-for-sale:  Level 1  Equity securities $ 7,278  Level 2  Municipal bonds $ 52,572 $ 2,272 $ (73) 54,771  $ 52,572 $ 2,272 $ (73) $ 62,049      Gross Gross  (dollars in thousands) Amortized Unrealized Unrealized Fair  December 28, 2019 Cost Holding Gains Holding Losses Value  Available-for-sale:  Level 1  Equity securities $ 9,201  Level 2  Municipal bonds $ 52,264 $ 2,091 $ (18) 54,337  $ 52,264 $ 2,091 $ (18) $ 63,538 
Schedule Of Maturities Of Marketable Securities	Maturities of marketable securities classified as available-for-sale at March 28, 2020 , were as follows:   Amortized Fair  (dollars in thousands) Cost Value  Available-for-sale:  Due within one year $ 5,437 $ 5,457  Due after one year through five years 28,190 28,996  Due after five years through ten years 18,945 20,318  $ 52,572 $ 54,771 

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 28, 2020
Accumulated Other Comprehensive Income [Abstract]
Schedule of Accumulated Other Comprehensive Income	   Unrealized Gains  on Available-for-Sale  (dollars in thousands) Marketable Securities  Accumulated other comprehensive income balance as of December 28, 2019 $ 1,480   Other comprehensive income before reclassifications 95  Amounts reclassified from accumulated other comprehensive income (6)  Net current period change in other comprehensive income 89  Accumulated other comprehensive income balance as of March 28, 2020 $ 1,569 
Schedule Of Reclassifications out of Accumulated Other Comprehensive Income	   Amounts Reclassified from  Accumulated Other Comprehensive Income to the  Consolidated Statements of Income  13 Weeks Ended  (dollars in thousands) Location March 28, 2020 March 30, 2019  Unrealized gains (losses) on available-for-sale marketable securities  Investment income (loss) and interest expense $ (8) $ -  Provision for income taxes 2 -  Total amount reclassified, net of tax $ (6) $ - 

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 28, 2020
Revenue Recognition [Abstract]
Schedule Of Sales By Type Of Product	  13 Weeks Ended  ( dollars in thousands ) March 28, 2020 March 30, 2019  Grocery $ 863,747 87.6 % $ 766,901 87.5 %  Pharmacy 89,333 9.1 81,781 9.3  Fuel 29,967 3.0 26,465 3.0  Manufacturing 2,773 0.3 1,571 0.2   Total net sales $ 985,820 100.0 % $ 876,718 100.0 % 

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 28, 2020
Leases [Abstract]
Schedule Of Lease Costs	  (dollars in thousands) 2020 2019  Operating lease cost $ 11,504 $ 11,641  Variable lease cost 2,667 2,643  Lease or sublease income (2,037) (1,874)  Net lease cost $ 12,134 $ 12,410 

Prior Year Reclassification (Ta

Prior Year Reclassification (Tables)	3 Months Ended
	Mar. 28, 2020
Prior Year Reclassification [Abstract]
Summary Of Effect Of Restatement	   March 30, 2019  Consolidated Statements of Income As Previously  (dollars in thousands) Reported Reclassifications As Adjusted  Operating, general and administrative expenses $ 213,573 $ (1,841) $ 211,732  Income from operations 15,979 1,841 17,820  Other income (expense) - (1,841) (1,841)     March 30, 2019  Consolidated Statements of Cash Flows As Previously  (dollars in thousands) Reported Reclassifications As Adjusted  Unrealized (gain) loss in SERP $ - $ (1,008) $ (1,008)  Net cash provided by operating activities 33,659 (1,008) 32,651  Change in SERP investment (2,716) 1,008 (1,708)  Net cash used in investing activities (31,341) 1,008 (30,333) 

Marketable Securities (Narrativ

Marketable Securities (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Marketable Securities [Abstract]
Investment income (loss)	$ 4,000	$ 2,900
Unrealized gain (loss) on equity securities	$ (1,922)	$ 625

Marketable Securities (Schedule

Marketable Securities (Schedule Of Marketable Securities) (Details) - USD ($) $ in Thousands	Mar. 28, 2020	Dec. 28, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 52,572	$ 52,264
Gross Unrealized Holding Gains	2,272	2,091
Gross Unrealized Holding Losses	(73)	(18)
Fair value	62,049	63,538
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Debt Securities, Available-for-sale [Line Items]
Equity securities, Fair Value	7,278	9,201
Municipal Bonds [Member] | Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	52,572	52,264
Gross Unrealized Holding Gains	2,272	2,091
Gross Unrealized Holding Losses	(73)	(18)
Fair Value	$ 54,771	$ 54,337

Marketable Securities (Schedu_2

Marketable Securities (Schedule Of Maturities of Marketable Securities) (Details) - USD ($) $ in Thousands	Mar. 28, 2020	Dec. 28, 2019
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 52,572	$ 52,264
Marketable Securities, Excluding Equity Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost, Due within one year	5,437
Amortized Cost, Due after one year through five years	28,190
Amortized Cost, Due after five years through ten years	18,945
Amortized Cost	52,572
Fair Value, Due within one year	5,457
Fair Value, Due after one year through five years	28,996
Fair Value, Due after five years through ten years	20,318
Fair Value	$ 54,771

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Schedule Of Accumulated Other Comprehensive Income) (Details) - Unrealized Gains On Available-For-Sale Marketable Securities [Member] $ in Thousands	3 Months Ended
	Mar. 28, 2020USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income balance, beginning balance	$ 1,480
Other comprehensive income before reclassifications	95
Amounts reclassified from accumulated other comprehensive income	(6)
Net current period change in other comprehensive income	89
Accumulated other comprehensive income balance, ending balance	$ 1,569

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Schedule Of Reclassifications out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Investment income (loss) and interest expense	$ (4,019)	$ 2,895
Provision for income taxes	(9,396)	(4,570)
Net income	26,689	14,304
Unrealized Gains On Available-For-Sale Marketable Securities [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Investment income (loss) and interest expense	(8)
Provision for income taxes	2
Net income	$ (6)

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Line of Credit Facility [Line Items]
Interest Expense, Debt	$ 9,000	$ 18,000
Revolving Credit Facility [Member] | Wells Fargo Bank, N.A. [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	30,000,000
Line of Credit Facility, Remaining Borrowing Capacity	24,000,000
Line of Credit [Member] | Wells Fargo Bank, N.A. [Member]
Line of Credit Facility [Line Items]
Line of credit facility, discretionary amount available	70,000,000
Letter of Credit [Member] | Wells Fargo Bank, N.A. [Member]
Line of Credit Facility [Line Items]
Amount of facility borrowed	$ 6,000,000

Revenue Recognition (Schedule O

Revenue Recognition (Schedule Of Sales By Type Of Product) (Details) $ in Thousands	3 Months Ended
	Mar. 28, 2020USD ($)segment	Mar. 30, 2019USD ($)
Disaggregation of Revenue [Line Items]
Number of reportable segments | segment	1
Total net sales	$ 985,820	$ 876,718
Revenue Benchmark [Member] | Product Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Total net sales	$ 985,820	$ 876,718
Concentration percent	100.00%	100.00%
Grocery [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Total net sales	$ 863,747	$ 766,901
Concentration percent	87.60%	87.50%
Pharmacy [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Total net sales	$ 89,333	$ 81,781
Concentration percent	9.10%	9.30%
Fuel [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Total net sales	$ 29,967	$ 26,465
Concentration percent	3.00%	3.00%
Manufacturing [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Total net sales	$ 2,773	$ 1,571
Concentration percent	0.30%	0.20%

Leases (Narrative) (Details)

Leases (Narrative) (Details)	Mar. 28, 2020
Operating Leased Assets [Line Items]
Percentage of facilities under operating lease	51.00%
Maximum [Member]
Operating Leased Assets [Line Items]
Lease renewal term	20 years
Minimum [Member]
Operating Leased Assets [Line Items]
Lease renewal term	5 years

Leases (Schedule Of Lease Costs

Leases (Schedule Of Lease Costs) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Leases [Abstract]
Operating lease cost	$ 11,504	$ 11,641
Variable lease cost	2,667	2,643
Lease or sublease income	(2,037)	(1,874)
Net lease cost	$ 12,134	$ 12,410

Prior Year Reclassification (Na

Prior Year Reclassification (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Other income (expense)	$ (2,676)	$ 1,841
Reclassifications [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Other income (expense)		$ 1,841

Prior Year Reclassification (Su

Prior Year Reclassification (Summary Of Effect Of Reclassifications) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Operating, general and administrative expenses	$ 226,719	$ 211,732
Income from operations	37,428	17,820
Other income (expense)	2,676	(1,841)
Unrealized (gain) loss in SERP	2,676	(1,008)
Net cash provided by operating activities	124,763	32,651
Payments for SERP investment	(91)	(1,708)
Net cash used in investing activities	$ (25,016)	(30,333)
As Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Operating, general and administrative expenses		213,573
Income from operations		15,979
Net cash provided by operating activities		33,659
Payments for SERP investment		(2,716)
Net cash used in investing activities		(31,341)
Reclassifications [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Operating, general and administrative expenses		(1,841)
Income from operations		1,841
Other income (expense)		(1,841)
Unrealized (gain) loss in SERP		(1,008)
Net cash provided by operating activities		(1,008)
Payments for SERP investment		1,008
Net cash used in investing activities		$ 1,008