Weis Markets (WMK) 10-Q 3 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 24, 2022	Nov. 03, 2022
Cover [Abstract]
Entity Central Index Key	0000105418
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 24, 2022
Current Fiscal Year End Date	--12-31
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	Q3
Document Fiscal Year Focus	2022

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 24, 2022	Dec. 25, 2021
Current:
Cash and cash equivalents	$ 144,603	$ 86,048
Marketable securities	171,136	205,744
SERP investment	21,483	27,059
Accounts receivable, net	53,406	52,108
Inventories	300,087	269,587
Prepaid expenses and other current assets	33,503	31,112
Total current assets	724,218	671,658
Property and equipment, net	963,498	977,787
Operating lease right-to-use	181,722	191,175
Goodwill	52,330	52,330
Intangible and other assets, net	18,960	17,525
Total assets	1,940,728	1,910,475
Current:
Accounts payable	206,472	218,774
Accrued expenses	52,540	48,654
Operating leases	42,204	39,940
Accrued self-insurance	18,739	18,568
Deferred revenue, net	8,114	11,901
Income taxes payable	16,608	7,360
Total current liabilities	344,677	345,197
Postretirement Benefit Obligations	23,842	29,964
Accrued self-insurance	23,371	23,400
Operating leases	149,019	161,669
Deferred income taxes	110,006	115,087
Other	8,724	15,416
Total liabilities	659,639	690,733
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	1,429,453	1,358,963
Accumulated other comprehensive income (Net of deferred taxes of $2,702 in 2022 and $669 in 2021)	(7,456)	1,687
Shareholders' equity before treasury stock	1,431,946	1,370,599
Treasury stock at cost, 6,149,364 shares	(150,857)	(150,857)
Total shareholders' equity	1,281,089	1,219,742
Total liabilities and shareholders' equity	$ 1,940,728	$ 1,910,475

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 24, 2022	Dec. 25, 2021
Statement of Financial Position [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	$ 2,702	$ 669
Treasury stock, shares	6,149,364

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Income Statement [Abstract]
Net sales	$ 1,150,551	$ 1,063,452	$ 3,389,853	$ 3,117,141
Cost of sales, including advertising, warehousing and distribution expenses	862,908	780,320	2,516,311	2,285,428
Gross profit on sales	287,643	283,132	873,542	831,713
Operating, general and administrative expenses	253,985	244,164	750,066	715,353
Income from operations	33,658	38,968	123,476	116,360
Investment income (loss) and interest expense	(1,483)	608	(3,394)	4,360
Other income (expense)	1,214	(401)	4,805	(3,007)
Income before provision for income taxes	33,389	39,175	124,887	117,713
Provision for income taxes	4,731	10,668	28,574	31,479
Net income	$ 28,658	$ 28,507	$ 96,313	$ 86,234
Weighted-average shares outstanding, basic	26,898,443	26,898,443	26,898,443	26,898,443
Weighted-average shares outstanding, diluted	26,898,443	26,898,443	26,898,443	26,898,443
Cash dividends per share	$ 0.32	$ 0.31	$ 0.96	$ 0.93
Basic earnings per share	1.07	1.06	3.58	3.21
Diluted earnings per share	$ 1.07	$ 1.06	$ 3.58	$ 3.21

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 28,658	$ 28,507	$ 96,313	$ 86,234
Available-for-sale marketable securities
Unrealized holding gains (losses) arising during period (Net of deferred taxes of $547 and $39, respectively for the thirteen weeks ended, and $3,370 and $268, respectively for the thirty-nine weeks ended)	(2,023)	(103)	(9,143)	(683)
Other comprehensive income gain (loss), net of tax	(2,023)	(103)	(9,143)	(683)
Comprehensive income, net of tax	$ 26,635	$ 28,404	$ 87,170	$ 85,551

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Statement of Comprehensive Income [Abstract]
Unrealized holding gains (losses) arising during period, deferred taxes	$ 547	$ 39	$ 3,370	$ 268

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock, Common [Member]	Total
Balance, at Dec. 26, 2020	$ 9,949	$ 1,283,737	$ 3,286	$ (150,857)	$ 1,146,115
Balance, shares at Dec. 26, 2020	33,047,807
Balance, treasury shares at Dec. 26, 2020				6,149,364
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		86,234			86,234
Other comprehensive income (loss), net of tax			(683)		(683)
Dividends paid		(25,016)			(25,016)
Balance, at Sep. 25, 2021	$ 9,949	1,344,956	2,603	$ (150,857)	1,206,651
Balance, shares at Sep. 25, 2021	33,047,807
Balance, treasury shares at Sep. 25, 2021				6,149,364
Balance, at Jun. 26, 2021	$ 9,949	1,324,787	2,706	$ (150,857)	1,186,585
Balance, shares at Jun. 26, 2021	33,047,807
Balance, treasury shares at Jun. 26, 2021				6,149,364
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		28,507			28,507
Other comprehensive income (loss), net of tax			(103)		(103)
Dividends paid		(8,339)			(8,339)
Balance, at Sep. 25, 2021	$ 9,949	1,344,956	2,603	$ (150,857)	1,206,651
Balance, shares at Sep. 25, 2021	33,047,807
Balance, treasury shares at Sep. 25, 2021				6,149,364
Balance, at Dec. 25, 2021	$ 9,949	1,358,963	1,687	$ (150,857)	$ 1,219,742
Balance, shares at Dec. 25, 2021	33,047,807				26,898,443
Balance, treasury shares at Dec. 25, 2021				6,149,364
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		96,313			$ 96,313
Other comprehensive income (loss), net of tax			(9,143)		(9,143)
Dividends paid		(25,823)			(25,823)
Balance, at Sep. 24, 2022	$ 9,949	1,429,453	(7,456)	$ (150,857)	$ 1,281,089
Balance, shares at Sep. 24, 2022	33,047,807				26,898,443
Balance, treasury shares at Sep. 24, 2022				6,149,364	6,149,364
Balance, at Jun. 25, 2022	$ 9,949	1,409,403	(5,433)	$ (150,857)	$ 1,263,062
Balance, shares at Jun. 25, 2022	33,047,807
Balance, treasury shares at Jun. 25, 2022				6,149,364
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		28,658			28,658
Other comprehensive income (loss), net of tax			(2,023)		(2,023)
Dividends paid		(8,608)			(8,608)
Balance, at Sep. 24, 2022	$ 9,949	$ 1,429,453	$ (7,456)	$ (150,857)	$ 1,281,089
Balance, shares at Sep. 24, 2022	33,047,807				26,898,443
Balance, treasury shares at Sep. 24, 2022				6,149,364	6,149,364

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021
Cash flows from operating activities:
Net income	$ 96,313	$ 86,234
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	77,604	77,232
(Gain) loss on disposition of fixed assets	(2,481)	524
Unrealized (gain) loss in value of equity securities	1,590	463
Deferred income taxes	(1,711)	7,812
Unrealized (gain) loss in SERP	6,082	(2,130)
Changes in operating assets and liabilities:
Inventories	(30,499)	11,161
Accounts receivable and prepaid expenses	(3,689)	11,289
Accounts payable and other liabilities	(9,802)	(20,868)
Income taxes	9,248	10,164
Other	(344)	224
Net cash provided by operating activities	142,311	182,105
Cash flows from investing activities:
Purchase of property and equipment	(83,335)	(118,156)
Proceeds from the sale of property and equipment	6,710	5,856
Purchase of marketable securities	(267,106)	(19,455)
Proceeds from the sale and maturities of marketable securities	287,124	12,275
Purchase of intangible assets	(944)	(165)
Proceeds from sale of intangible assets	125
Change in SERP investment	(507)	(1,488)
Net cash used in investing activities	(57,933)	(121,133)
Cash flows from financing activities:
Dividends paid	(25,823)	(25,016)
Net cash used in financing activities	(25,823)	(25,016)
Net increase (decrease) in cash and cash equivalents	58,555	35,956
Cash and cash equivalents at beginning of year	86,048	136,612
Cash and cash equivalents at end of period	$ 144,603	$ 172,568

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021
Statement of Cash Flows [Abstract]
Income taxes paid	$ 21,700	$ 13,500
Interest paid	$ 24	$ 24

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 24, 2022
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	9 Months Ended
	Sep. 24, 2022
Accounting Standards Update and Change in Accounting Principle [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	9 Months Ended
	Sep. 24, 2022
Investments, Debt and Equity 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 Level 2 Level 3 The Company’s marketable securities valued using Level 1 inputs include highly liquid equity securities, for which quoted market prices are available. The Company’s bond and commercial paper portfolio is 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 and commercial paper portfolio throughout the life of each bond and commercial paper 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 (loss) and interest expense” on the Company’s Consolidated Statements of Income. The Company recognized investment loss of $261 thousand in the thirteen weeks ended September 24, 2022, which included an unrealized loss in equity securities of $1.4 million. In the thirteen weeks ended September 25, 2021, the Company recognized investment income of $215 thousand, which included an unrealized loss in equity securities of $381 thousand. In the thirty-nine weeks ended September 24, 2022, the Company recognized investment income of $1.4 million, which included an unrealized loss in equity securities of $1.6 million. In the thirty-nine weeks ended September 25, 2021, the Company recognized investment income of $1.4 million, which included unrealized losses in equity securities of $463 thousand. ​ ​ Marketable securities, as of September 24, 2022 and December 25, 2021, consisted of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ (amounts in thousands) ​ Amortized ​ Unrealized ​ Unrealized ​ Fair September 24, 2022 Cost Holding Gains Holding Losses Value Available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,920 Level 2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate and municipal bonds ​ $ 149,483 ​ $ 1,210 ​ $ (11,426) ​ ​ 139,267 Commercial Paper ​ ​ 26,892 ​ ​ 57 ​ ​ — ​ ​ 26,949 ​ ​ $ 176,375 ​ $ 1,267 ​ $ (11,426) ​ $ 171,136 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ (amounts in thousands) ​ Amortized ​ Unrealized ​ Unrealized ​ Fair December 25, 2021 Cost Holding Gains Holding Losses Value Available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 6,509 Level 2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate and municipal bonds ​ $ 151,947 ​ $ 4,753 ​ $ (2,384) ​ ​ 154,315 Commercial Paper ​ ​ 44,931 ​ ​ 2 ​ ​ (13) ​ ​ 44,920 ​ ​ $ 196,878 ​ $ 4,755 ​ $ (2,397) ​ $ 205,744 ​ ​ Maturities of marketable securities classified as available-for-sale at September 24, 2022, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Fair (amounts in thousands) Cost Value Available-for-sale: ​ ​ ​ ​ ​ ​ Due within one year ​ $ 59,607 ​ $ 58,578 Due after one year through five years ​ ​ 72,343 ​ ​ 68,242 Due after five years through ten years ​ ​ 32,235 ​ ​ 28,611 Due after ten years ​ ​ 12,190 ​ ​ 10,785 ​ ​ $ 176,375 ​ $ 166,216 ​ ​ 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 (loss) and interest expense” on the Company’s Consolidated Statements of Income. The Company recognized investment loss of $1.2 million in the thirteen weeks ended September 24, 2022, and investment income of $401 thousand in the same period in 2021. The Company recognized investment loss of million in the thirty-nine weeks ended September 24, 2022, and September 25, 2021, respectively. The changes in the underlying liability to the associates are recorded in “Other income (expense).”

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 24, 2022
Equity [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 (Losses) ​ ​ on Available-for-Sale (amounts in thousands) Marketable Securities Accumulated other comprehensive income balance as of December 25, 2021 ​ $ 1,687 ​ ​ ​ ​ Other comprehensive income (loss) ​ ​ (9,143) Net current period other comprehensive income (loss) ​ ​ (9,143) Accumulated other comprehensive income balance as of September 24, 2022 ​ $ (7,456) ​

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 24, 2022
Debt Disclosure [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 September 29, 2021, and matures on September 1, 2024. 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 September 24, 2022, the availability under the revolving credit agreement was $25.5 million, net of $4.5 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 $8 thousand in each of the thirteen weeks ended September 24, 2022, and September 25, 2021. In each of the first thirty-nine weeks of 2022 and 2021, interest expense related to long-term debt totaled $24 thousand.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 24, 2022
Revenue from Contract with Customer [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 products, 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 and thirty-nine weeks ended September 24, 2022, and September 25, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ( amounts in thousands ​ September 24, 2022 ​ September 25, 2021 Grocery $ 973,707 ​ 84.6 % $ 912,984 ​ 85.9 % Pharmacy ​ ​ 107,366 ​ 9.3 ​ ​ 99,210 ​ 9.3 ​ Fuel ​ ​ 66,350 ​ 5.8 ​ ​ 49,262 ​ 4.6 ​ Manufacturing ​ ​ 3,128 ​ 0.3 ​ ​ 1,996 ​ 0.2 ​ Total net sales ​ $ 1,150,551 ​ 100.0 % $ 1,063,452 ​ 100.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 39 Weeks Ended ( amounts in thousands ​ September 24, 2022 ​ September 25, 2021 ​ Grocery ​ $ 2,867,699 ​ 84.5 % $ 2,687,066 ​ 86.2 % Pharmacy ​ ​ 317,564 ​ 9.4 ​ ​ 296,278 ​ 9.5 ​ Fuel ​ ​ 195,521 ​ 5.8 ​ ​ 127,460 ​ 4.1 ​ Manufacturing ​ ​ 9,069 ​ 0.3 ​ ​ 6,337 ​ 0.2 ​ Total net sales ​ $ 3,389,853 ​ 100.0 % $ 3,117,141 ​ 100.0 % ​

Leases

Leases	9 Months Ended
	Sep. 24, 2022
Leases [Abstract]
Leases	(7) Leases As of September 24, 2022, the Company leased approximately 49% of its open store facilities under operating leases that expire at various dates through 2036, 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 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 and thirty-nine weeks ended September 24, 2022, and September 25, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ 39 Weeks Ended (amounts in thousands) September 24, 2022 ​ ​ September 25, 2021 ​ ​ September 24, 2022 ​ ​ September 25, 2021 Operating lease cost ​ $ 11,978 ​ $ 11,511 ​ $ 35,633 ​ $ 34,029 Variable lease cost ​ ​ 2,578 ​ ​ 2,812 ​ ​ 8,165 ​ ​ 8,060 Lease or sublease income ​ ​ (2,421) ​ ​ (2,530) ​ ​ (7,259) ​ ​ (7,453) Net lease cost ​ $ 12,135 ​ $ 11,793 ​ $ 36,539 ​ $ 34,636 ​

Taxes

Taxes	9 Months Ended
	Sep. 24, 2022
Taxes
Taxes	(8) Taxes The Company reduced its provision for income taxes by $5.6 million for the period ended September 24, 2022 primarily due to the effects of Pennsylvania House Bill 1342 which was enacted on July 8, 2022. The bill made significant changes to the Commonwealth’s corporate income tax laws which included lowering the tax rate gradually from 9.99% in 2022 to 4.99% in 2031, updating market sourcing rules, and codifying the economic nexus standard. ​ The Company’s effective income tax rate was 14.2% and 27.2% for the thirteen weeks ended September 24, 2022 and September 25, 2021, respectively. The Company’s effective income tax rate was 22.9% and 26.7% for the thirty-nine weeks ended September 24, 2022 and September 25, 2021, respectively. The effective income tax rate differed from the federal statutory rate, primarily due to the effect of state taxes, net of permanent differences.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 24, 2022
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 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)	9 Months Ended
	Sep. 24, 2022
Investments, Debt and Equity Securities [Abstract]
Schedule Of Marketable Securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ (amounts in thousands) ​ Amortized ​ Unrealized ​ Unrealized ​ Fair September 24, 2022 Cost Holding Gains Holding Losses Value Available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,920 Level 2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate and municipal bonds ​ $ 149,483 ​ $ 1,210 ​ $ (11,426) ​ ​ 139,267 Commercial Paper ​ ​ 26,892 ​ ​ 57 ​ ​ — ​ ​ 26,949 ​ ​ $ 176,375 ​ $ 1,267 ​ $ (11,426) ​ $ 171,136 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ (amounts in thousands) ​ Amortized ​ Unrealized ​ Unrealized ​ Fair December 25, 2021 Cost Holding Gains Holding Losses Value Available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 6,509 Level 2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate and municipal bonds ​ $ 151,947 ​ $ 4,753 ​ $ (2,384) ​ ​ 154,315 Commercial Paper ​ ​ 44,931 ​ ​ 2 ​ ​ (13) ​ ​ 44,920 ​ ​ $ 196,878 ​ $ 4,755 ​ $ (2,397) ​ $ 205,744 ​
Schedule Of Maturities Of Marketable Securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Fair (amounts in thousands) Cost Value Available-for-sale: ​ ​ ​ ​ ​ ​ Due within one year ​ $ 59,607 ​ $ 58,578 Due after one year through five years ​ ​ 72,343 ​ ​ 68,242 Due after five years through ten years ​ ​ 32,235 ​ ​ 28,611 Due after ten years ​ ​ 12,190 ​ ​ 10,785 ​ ​ $ 176,375 ​ $ 166,216 ​

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 24, 2022
Equity [Abstract]
Schedule Of Accumulated Other Comprehensive Income	​ ​ ​ ​ ​ ​ ​ Unrealized Gains (Losses) ​ ​ on Available-for-Sale (amounts in thousands) Marketable Securities Accumulated other comprehensive income balance as of December 25, 2021 ​ $ 1,687 ​ ​ ​ ​ Other comprehensive income (loss) ​ ​ (9,143) Net current period other comprehensive income (loss) ​ ​ (9,143) Accumulated other comprehensive income balance as of September 24, 2022 ​ $ (7,456)

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 24, 2022
Revenue from Contract with Customer [Abstract]
Schedule Of Sales By Type Of Product	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ( amounts in thousands ​ September 24, 2022 ​ September 25, 2021 Grocery $ 973,707 ​ 84.6 % $ 912,984 ​ 85.9 % Pharmacy ​ ​ 107,366 ​ 9.3 ​ ​ 99,210 ​ 9.3 ​ Fuel ​ ​ 66,350 ​ 5.8 ​ ​ 49,262 ​ 4.6 ​ Manufacturing ​ ​ 3,128 ​ 0.3 ​ ​ 1,996 ​ 0.2 ​ Total net sales ​ $ 1,150,551 ​ 100.0 % $ 1,063,452 ​ 100.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 39 Weeks Ended ( amounts in thousands ​ September 24, 2022 ​ September 25, 2021 ​ Grocery ​ $ 2,867,699 ​ 84.5 % $ 2,687,066 ​ 86.2 % Pharmacy ​ ​ 317,564 ​ 9.4 ​ ​ 296,278 ​ 9.5 ​ Fuel ​ ​ 195,521 ​ 5.8 ​ ​ 127,460 ​ 4.1 ​ Manufacturing ​ ​ 9,069 ​ 0.3 ​ ​ 6,337 ​ 0.2 ​ Total net sales ​ $ 3,389,853 ​ 100.0 % $ 3,117,141 ​ 100.0 %

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 24, 2022
Leases [Abstract]
Schedule of Lease Costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ 39 Weeks Ended (amounts in thousands) September 24, 2022 ​ ​ September 25, 2021 ​ ​ September 24, 2022 ​ ​ September 25, 2021 Operating lease cost ​ $ 11,978 ​ $ 11,511 ​ $ 35,633 ​ $ 34,029 Variable lease cost ​ ​ 2,578 ​ ​ 2,812 ​ ​ 8,165 ​ ​ 8,060 Lease or sublease income ​ ​ (2,421) ​ ​ (2,530) ​ ​ (7,259) ​ ​ (7,453) Net lease cost ​ $ 12,135 ​ $ 11,793 ​ $ 36,539 ​ $ 34,636

Marketable Securities - Investm

Marketable Securities - Investment Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Investment Income, Net [Abstract]
Investment income (loss)	$ 261,000	$ 215	$ 1,400	$ (1,400)
Equity Securities, FV-NI, Unrealized Gain (Loss) [Abstract]
Unrealized gain (loss) on equity securities	$ 1,400	$ (381)	$ (1,590)	$ (463)

Marketable Securities - Fair Va

Marketable Securities - Fair Value (Details) - USD ($) $ in Thousands	Sep. 24, 2022	Dec. 25, 2021
Marketable Securities [Abstract]
Equity securities	$ 4,920	$ 6,509
Available-for-sale securities	166,216
Marketable securities	$ 171,136	$ 205,744
Equity Securities, FV-NI, Fair Value by Fair Value Hierarchy Level	us-gaap:FairValueInputsLevel1Member	us-gaap:FairValueInputsLevel1Member
Bonds [Member]
Marketable Securities [Abstract]
Available-for-sale securities	$ 139,267	$ 154,315
Debt Securities, Available-for-Sale, Fair Value by Fair Value Hierarchy Level	us-gaap:FairValueInputsLevel2Member	us-gaap:FairValueInputsLevel2Member
Commercial Paper [Member]
Marketable Securities [Abstract]
Available-for-sale securities	$ 26,949	$ 44,920
Debt Securities, Available-for-Sale, Fair Value by Fair Value Hierarchy Level	us-gaap:FairValueInputsLevel2Member	us-gaap:FairValueInputsLevel2Member

Marketable Securities - Amortiz

Marketable Securities - Amortized Cost (Details) - USD ($) $ in Thousands	Sep. 24, 2022	Dec. 25, 2021
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	$ 176,375	$ 196,878
Gross Unrealized Holding Gains	1,267	4,755
Gross Unrealized Holding Losses	(11,426)	(2,397)
Fair Value	166,216
Bonds [Member]
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	149,483	151,947
Gross Unrealized Holding Gains	1,210	4,753
Gross Unrealized Holding Losses	(11,426)	(2,384)
Fair Value	139,267	154,315
Commercial Paper [Member]
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	26,892	44,931
Gross Unrealized Holding Gains	57	2
Gross Unrealized Holding Losses		(13)
Fair Value	$ 26,949	$ 44,920

Marketable Securities - Maturit

Marketable Securities - Maturities (Details) - USD ($) $ in Thousands	Sep. 24, 2022	Dec. 25, 2021
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost, Rolling Maturity [Abstract]
Amortized Cost, Due within one year	$ 59,607
Amortized Cost, Due after one year through five years	72,343
Amortized Cost, Due after five years through ten years	32,235
Amortized Cost, Due after ten years	12,190
Amortized Cost	176,375	$ 196,878
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling Maturity, Fair Value [Abstract]
Fair Value, Due within one year	58,578
Fair Value, Due after one year through five years	68,242
Fair Value, Due after five years through ten years	28,611
Fair Value, Due after ten years	10,785
Fair Value	$ 166,216

Marketable Securities - SERP In

Marketable Securities - SERP Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Net Investment Income [Line Items]
Investment Income (Loss) and Interest Expense	$ (1,483)	$ 608	$ (3,394)	$ 4,360
Supplemental Employee Retirement Plan [Member]
Net Investment Income [Line Items]
Investment Income (Loss) and Interest Expense	$ 1,200	$ 401	$ 4,800	$ 3,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance,	$ 1,263,062	$ 1,186,585	$ 1,219,742	$ 1,146,115
Other comprehensive income gain (loss), net of tax	(2,023)	(103)	(9,143)	(683)
Balance,	1,281,089	1,206,651	1,281,089	1,206,651
AOCI Attributable to Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance,	(5,433)	2,706	1,687	3,286
Balance,	(7,456)	$ 2,603	(7,456)	$ 2,603
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance,			1,687
Other comprehensive income (loss)			(9,143)
Other comprehensive income gain (loss), net of tax			(9,143)
Balance,	$ (7,456)		$ (7,456)

Long-Term Debt - General Inform

Long-Term Debt - General Information (Details)	9 Months Ended
	Sep. 24, 2022 USD ($)
Revolving Credit Agreement, Wells Fargo Bank, National Association [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Issuance Date	Sep. 01, 2016
Debt Instrument, Maturity Date	Sep. 01, 2024
Line of Credit Facility, Remaining Borrowing Capacity	$ 25,500,000
Revolving Credit Agreement, Wells Fargo Bank, National Association, Revolving Credit Facility [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	30,000,000
Revolving Credit Agreement, Wells Fargo Bank, National Association, Revolving Credit Facility, Discretionary [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	70,000,000
Revolving Credit Agreement, Wells Fargo Bank, National Association, Letters of Credit [Member] | Letter of Credit [Member]
Debt Instrument [Line Items]
Amount of facility borrowed	$ 4,500,000

Long-Term Debt - Interest Expen

Long-Term Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Interest Expense, Debt [Abstract]
Interest expense	$ 8	$ 8	$ 24	$ 24

Revenue Recognition - Segments

Revenue Recognition - Segments (Details) - segment	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Number of reportable segments	1	1	1	1

Revenue Recognition - Revenue b

Revenue Recognition - Revenue by Product (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Disaggregation of Revenue [Line Items]
Total net sales	$ 1,150,551	$ 1,063,452	$ 3,389,853	$ 3,117,141
Grocery [Member]
Disaggregation of Revenue [Line Items]
Total net sales	973,707	912,984	2,867,699	2,687,066
Pharmacy [Member]
Disaggregation of Revenue [Line Items]
Total net sales	107,366	99,210	317,564	296,278
Fuel, Product [Member]
Disaggregation of Revenue [Line Items]
Total net sales	66,350	49,262	195,521	127,460
Manufacturing [Member]
Disaggregation of Revenue [Line Items]
Total net sales	$ 3,128	$ 1,996	$ 9,069	$ 6,337

Revenue Recognition - Concentra

Revenue Recognition - Concentration Risk (Details)	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Product Information [Line Items]
Concentration risk (as a percent)	100%	100%	100%	100%
Grocery [Member] | Revenue from Contract with Customer Benchmark [Member] | Product Concentration Risk [Member]
Product Information [Line Items]
Concentration risk (as a percent)	84.60%	85.90%	84.50%	86.20%
Pharmacy [Member] | Revenue from Contract with Customer Benchmark [Member] | Product Concentration Risk [Member]
Product Information [Line Items]
Concentration risk (as a percent)	9.30%	9.30%	9.40%	9.50%
Fuel, Product [Member] | Revenue from Contract with Customer Benchmark [Member] | Product Concentration Risk [Member]
Product Information [Line Items]
Concentration risk (as a percent)	5.80%	4.60%	5.80%	4.10%
Manufacturing [Member] | Revenue from Contract with Customer Benchmark [Member] | Product Concentration Risk [Member]
Product Information [Line Items]
Concentration risk (as a percent)	0.30%	0.20%	0.30%	0.20%

Leases - General Information (D

Leases - General Information (Details)	Sep. 24, 2022
Lessee, Operating Lease, Description [Abstract]
Percentage of facilities under operating leases	49%
Maximum [Member]
Lessee, Operating Lease, Description [Abstract]
Lease renewal term	20 years
Minimum [Member]
Lessee, Operating Lease, Description [Abstract]
Lease renewal term	5 years

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Lease, Cost [Abstract]
Operating lease cost	$ 11,978	$ 11,511	$ 35,633	$ 34,029
Variable lease cost	2,578	2,812	8,165	8,060
Lease or sublease income	(2,421)	(2,530)	(7,259)	(7,453)
Net lease cost	$ 12,135	$ 11,793	$ 36,539	$ 34,636

Taxes (Details)

Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Taxes
Provision for income taxes			$ 5.6
Effective Income Tax Rate Reconciliation, Percent	14.20%	27.20%	22.90%	26.70%