Weis Markets (WMK) 10-Q 9 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Nov. 09, 2023
Cover [Abstract]
Entity Central Index Key	0000105418
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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	Large 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	2023

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current:
Cash and cash equivalents	$ 64,291	$ 157,997
Marketable securities	219,718	186,419
SERP investment	24,131	22,696
Accounts receivable, net	64,509	50,863
Inventories	303,724	293,274
Prepaid expenses and other current assets	42,617	29,921
Total current assets	718,989	741,170
Property and equipment, net	963,295	970,913
Operating lease right-to-use	181,355	175,952
Goodwill	52,330	52,330
Intangible and other assets, net	18,850	18,785
Total assets	1,934,819	1,959,150
Current:
Accounts payable	144,725	206,849
Accrued expenses	37,987	57,431
Operating leases	38,563	43,527
Accrued self-insurance	17,159	19,416
Deferred revenue, net	8,915	11,774
Income taxes payable	6,436	6,354
Total current liabilities	253,786	345,351
Postretirement benefit obligations	26,317	25,270
Accrued self-insurance	23,547	23,712
Operating leases	148,344	142,424
Deferred income taxes	115,938	111,225
Other	8,570	9,334
Total liabilities	576,503	657,316
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	1,505,060	1,449,191
Accumulated other comprehensive income (loss) (Net of deferred taxes of $2,105 in 2023 and $2,342 in 2022)	(5,836)	(6,449)
Shareholders' equity before treasury stock	1,509,173	1,452,691
Treasury stock at cost, 6,149,364 shares	(150,857)	(150,857)
Total shareholders' equity	1,358,316	1,301,834
Total liabilities and shareholders' equity	$ 1,934,819	$ 1,959,150

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
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	$ 2,105	$ 2,342
Treasury stock, shares	6,149,364

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Income Statement [Abstract]
Net sales	$ 1,160,306	$ 1,150,551	$ 3,483,975	$ 3,389,853
Cost of sales, including advertising, warehousing and distribution expenses	874,583	862,908	2,613,417	2,516,311
Gross profit on sales	285,723	287,643	870,558	873,542
Operating, general and administrative expenses	256,050	253,985	762,644	750,066
Income from operations	29,673	33,658	107,914	123,476
Investment income (loss) and interest expense	1,409	(1,483)	7,715	(3,394)
Other income (expense)	774	1,214	(1,399)	4,805
Income before provision for income taxes	31,856	33,389	114,230	124,887
Provision for income taxes	8,630	4,731	30,925	28,574
Net income	$ 23,226	$ 28,658	$ 83,305	$ 96,313
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	$ 0.34	$ 0.32	$ 1.02	$ 0.96
Basic earnings per share	0.86	1.07	3.10	3.58
Diluted earnings per share	$ 0.86	$ 1.07	$ 3.10	$ 3.58

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 23,226	$ 28,658	$ 83,305	$ 96,313
Available-for-sale marketable securities
Unrealized holding gains (losses) arising during period (Net of deferred taxes of $347 and $547, respectively for the thirteen weeks ended, and $237 and $3,370, respectively for the twenty-six weeks ended)	(962)	(2,023)	613	(9,143)
Other comprehensive income gain (loss), net of tax	(962)	(2,023)	613	(9,143)
Comprehensive income, net of tax	$ 22,264	$ 26,635	$ 83,918	$ 87,170

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Statement of Comprehensive Income [Abstract]
Unrealized holding gains (losses) arising during period, deferred taxes	$ 347	$ 547	$ 237	$ 3,370

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
Accumulated other comprehensive income (loss) balance, Beginning 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
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)
Accumulated other comprehensive income (loss) balance, Ending 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
Balance, treasury shares at Sep. 24, 2022				6,149,364
Accumulated other comprehensive income (loss) balance, Beginning 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)
Accumulated other comprehensive income (loss) balance, Ending 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
Balance, treasury shares at Sep. 24, 2022				6,149,364
Accumulated other comprehensive income (loss) balance, Beginning at Dec. 31, 2022	$ 9,949	1,449,191	(6,449)	$ (150,857)	$ 1,301,834
Balance, shares at Dec. 31, 2022	33,047,807				26,898,443
Balance, treasury shares at Dec. 31, 2022				6,149,364
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		83,305			$ 83,305
Other comprehensive income (loss), net of tax			613		613
Dividends paid		(27,436)			(27,436)
Accumulated other comprehensive income (loss) balance, Ending at Sep. 30, 2023	$ 9,949	1,505,060	(5,836)	$ (150,857)	$ 1,358,316
Balance, shares at Sep. 30, 2023	33,047,807				26,898,443
Balance, treasury shares at Sep. 30, 2023				6,149,364	6,149,364
Accumulated other comprehensive income (loss) balance, Beginning at Jul. 01, 2023	$ 9,949	1,490,979	(4,874)	$ (150,857)	$ 1,345,198
Balance, shares at Jul. 01, 2023	33,047,807
Balance, treasury shares at Jul. 01, 2023				6,149,364
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		23,226			23,226
Other comprehensive income (loss), net of tax			(962)		(962)
Dividends paid		(9,145)			(9,145)
Accumulated other comprehensive income (loss) balance, Ending at Sep. 30, 2023	$ 9,949	$ 1,505,060	$ (5,836)	$ (150,857)	$ 1,358,316
Balance, shares at Sep. 30, 2023	33,047,807				26,898,443
Balance, treasury shares at Sep. 30, 2023				6,149,364	6,149,364

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022
Cash flows from operating activities:
Net income	$ 83,305	$ 96,313
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	81,533	77,604
(Gain) loss on disposition of fixed assets	5	(2,481)
Unrealized (gain) loss in value of equity securities	815	1,590
Deferred income taxes	4,476	(1,711)
Unrealized (gain) loss in SERP	(1,222)	6,082
Changes in operating assets and liabilities:
Inventories	(10,450)	(30,499)
Accounts receivable and prepaid expenses	(26,342)	(3,689)
Accounts payable and other liabilities	(89,437)	(9,802)
Income taxes	81	9,248
Other	359	(344)
Net cash provided by operating activities	43,125	142,311
Cash flows from investing activities:
Purchase of property and equipment	(75,645)	(83,335)
Proceeds from the sale of property and equipment	336	6,710
Purchase of marketable securities	(92,569)	(267,106)
Proceeds from the sale and maturities of marketable securities	58,725	287,124
Purchase of intangible assets	(29)	(944)
Proceeds from sale of intangible assets		125
Change in SERP investment	(213)	(507)
Net cash used in investing activities	(109,394)	(57,933)
Cash flows from financing activities:
Dividends paid	(27,436)	(25,823)
Net cash used in financing activities	(27,436)	(25,823)
Net increase (decrease) in cash and cash equivalents	(93,706)	58,555
Cash and cash equivalents at beginning of year	157,997	86,048
Cash and cash equivalents at end of period	$ 64,291	$ 144,603

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022
Statement of Cash Flows [Abstract]
Income taxes paid	$ 26,400	$ 21,700
Interest paid	$ 25	$ 24

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
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. 30, 2023
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. 30, 2023
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 gain of $2.2 million in the thirteen weeks ended September 30, 2023, which included an unrealized loss in equity securities of $437 thousand. In the thirteen weeks ended September 24, 2022, the Company recognized investment loss of $261 thousand, which included an unrealized loss in equity securities of $1.4 million. In the thirty-nine weeks ended September 30, 2023, the Company recognized investment income of $1.6 ​ ​ Marketable securities, as of September 30, 2023 and December 31, 2022, consisted of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ (amounts in thousands) ​ Amortized ​ Unrealized ​ Unrealized ​ Fair September 30, 2023 Cost Holding Gains Holding Losses Value Available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,370 Level 2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate and municipal bonds ​ $ 172,623 ​ $ 1,609 ​ $ (10,168) ​ ​ 164,063 Commercial Paper ​ ​ 50,666 ​ ​ 618 ​ ​ — ​ ​ 51,285 Total ​ $ 223,289 ​ $ 2,227 ​ $ (10,168) ​ $ 219,718 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ (amounts in thousands) ​ Amortized ​ Unrealized ​ Unrealized ​ Fair December 31, 2022 Cost Holding Gains Holding Losses Value Available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 5,185 Level 2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate and municipal bonds ​ $ 190,025 ​ $ 2,110 ​ $ (10,901) ​ ​ 181,234 Total ​ $ 190,025 ​ $ 2,110 ​ $ (10,901) ​ $ 186,419 ​ ​ Maturities of marketable securities classified as available-for-sale at September 30, 2023, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Fair (amounts in thousands) Cost Value Available-for-sale: ​ ​ ​ ​ ​ ​ Due within one year ​ $ 88,980 ​ $ 89,498 Due after one year through five years ​ ​ 83,664 ​ ​ 79,256 Due after five years through ten years ​ ​ 17,957 ​ ​ 15,904 Due after ten years ​ ​ 32,688 ​ ​ 30,690 Total ​ $ 223,289 ​ $ 215,348 ​ ​ 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 $774 thousand in the thirteen weeks ended September 30, 2023, and investment loss of $1.2 million in the same period in 2022. The Company recognized investment income of million in the thirty-nine weeks ended September 30, 2023, and September 24, 2022, 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. 30, 2023
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 (loss) balance as of December 31, 2022 ​ $ (6,449) Other comprehensive income (loss) ​ ​ 613 Net current period other comprehensive income (loss) ​ ​ 613 Accumulated other comprehensive income (loss) balance as of September 30, 2023 ​ $ (5,836) ​

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2023
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, N.A. (the “Credit Agreement”), which was amended on September 29, 2023, and matures on October 1, 2027. 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 30, 2023, the availability under the revolving credit agreement was $25.6 million, net of $4.4 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 30, 2023, and September 24, 2022. Interest expense related to long-term debt was $25 thousand and $24 thousand in the thirty-nine weeks ended September 30, 2023 and September 24, 2022, respectively.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2023
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 tables represent net sales by type of product for the thirteen and thirty-nine weeks ended September 30, 2023, and September 24, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ( amounts in thousands ​ September 30, 2023 ​ September 24, 2022 Grocery $ 960,072 ​ 82.7 % $ 973,707 ​ 84.6 % Pharmacy ​ ​ 133,289 ​ 11.5 ​ ​ 107,366 ​ 9.3 ​ Fuel ​ ​ 64,524 ​ 5.6 ​ ​ 66,350 ​ 5.8 ​ Manufacturing ​ ​ 2,421 ​ 0.2 ​ ​ 3,128 ​ 0.3 ​ Total net sales ​ $ 1,160,306 ​ 100.0 % $ 1,150,551 ​ 100.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 39 Weeks Ended ( amounts in thousands ​ September 30, 2023 ​ September 24, 2022 ​ Grocery ​ $ 2,915,444 ​ 83.7 % $ 2,867,699 ​ 84.5 % Pharmacy ​ ​ 380,917 ​ 10.9 ​ ​ 317,564 ​ 9.4 ​ Fuel ​ ​ 179,768 ​ 5.2 ​ ​ 195,521 ​ 5.8 ​ Manufacturing ​ ​ 7,846 ​ 0.2 ​ ​ 9,069 ​ 0.3 ​ Total net sales ​ $ 3,483,975 ​ 100.0 % $ 3,389,853 ​ 100.0 % ​

Leases

Leases	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Leases	(7) Leases As of September 30, 2023, 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 30, 2023, and September 24, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ 39 Weeks Ended (amounts in thousands) September 30, 2023 ​ ​ September 24, 2022 ​ ​ September 30, 2023 ​ ​ September 24, 2022 Operating lease cost ​ $ 11,778 ​ $ 11,978 ​ $ 35,351 ​ $ 35,633 Variable lease cost ​ ​ 2,837 ​ ​ 2,578 ​ ​ 8,493 ​ ​ 8,165 Lease or sublease income ​ ​ (2,649) ​ ​ (2,421) ​ ​ (7,755) ​ ​ (7,259) Net lease cost ​ $ 11,966 ​ $ 12,135 ​ $ 36,089 ​ $ 36,539 ​

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
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. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule Of Marketable Securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ (amounts in thousands) ​ Amortized ​ Unrealized ​ Unrealized ​ Fair September 30, 2023 Cost Holding Gains Holding Losses Value Available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,370 Level 2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate and municipal bonds ​ $ 172,623 ​ $ 1,609 ​ $ (10,168) ​ ​ 164,063 Commercial Paper ​ ​ 50,666 ​ ​ 618 ​ ​ — ​ ​ 51,285 Total ​ $ 223,289 ​ $ 2,227 ​ $ (10,168) ​ $ 219,718 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ (amounts in thousands) ​ Amortized ​ Unrealized ​ Unrealized ​ Fair December 31, 2022 Cost Holding Gains Holding Losses Value Available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 5,185 Level 2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate and municipal bonds ​ $ 190,025 ​ $ 2,110 ​ $ (10,901) ​ ​ 181,234 Total ​ $ 190,025 ​ $ 2,110 ​ $ (10,901) ​ $ 186,419 ​
Schedule Of Maturities Of Marketable Securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Fair (amounts in thousands) Cost Value Available-for-sale: ​ ​ ​ ​ ​ ​ Due within one year ​ $ 88,980 ​ $ 89,498 Due after one year through five years ​ ​ 83,664 ​ ​ 79,256 Due after five years through ten years ​ ​ 17,957 ​ ​ 15,904 Due after ten years ​ ​ 32,688 ​ ​ 30,690 Total ​ $ 223,289 ​ $ 215,348 ​

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule Of Accumulated Other Comprehensive Income	​ ​ ​ ​ ​ ​ ​ Unrealized Gains (Losses) ​ ​ on Available-for-Sale (amounts in thousands) Marketable Securities Accumulated other comprehensive income (loss) balance as of December 31, 2022 ​ $ (6,449) Other comprehensive income (loss) ​ ​ 613 Net current period other comprehensive income (loss) ​ ​ 613 Accumulated other comprehensive income (loss) balance as of September 30, 2023 ​ $ (5,836) ​

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule Of Sales By Type Of Product	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ( amounts in thousands ​ September 30, 2023 ​ September 24, 2022 Grocery $ 960,072 ​ 82.7 % $ 973,707 ​ 84.6 % Pharmacy ​ ​ 133,289 ​ 11.5 ​ ​ 107,366 ​ 9.3 ​ Fuel ​ ​ 64,524 ​ 5.6 ​ ​ 66,350 ​ 5.8 ​ Manufacturing ​ ​ 2,421 ​ 0.2 ​ ​ 3,128 ​ 0.3 ​ Total net sales ​ $ 1,160,306 ​ 100.0 % $ 1,150,551 ​ 100.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 39 Weeks Ended ( amounts in thousands ​ September 30, 2023 ​ September 24, 2022 ​ Grocery ​ $ 2,915,444 ​ 83.7 % $ 2,867,699 ​ 84.5 % Pharmacy ​ ​ 380,917 ​ 10.9 ​ ​ 317,564 ​ 9.4 ​ Fuel ​ ​ 179,768 ​ 5.2 ​ ​ 195,521 ​ 5.8 ​ Manufacturing ​ ​ 7,846 ​ 0.2 ​ ​ 9,069 ​ 0.3 ​ Total net sales ​ $ 3,483,975 ​ 100.0 % $ 3,389,853 ​ 100.0 % ​

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Schedule of Lease Costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 13 Weeks Ended ​ 39 Weeks Ended (amounts in thousands) September 30, 2023 ​ ​ September 24, 2022 ​ ​ September 30, 2023 ​ ​ September 24, 2022 Operating lease cost ​ $ 11,778 ​ $ 11,978 ​ $ 35,351 ​ $ 35,633 Variable lease cost ​ ​ 2,837 ​ ​ 2,578 ​ ​ 8,493 ​ ​ 8,165 Lease or sublease income ​ ​ (2,649) ​ ​ (2,421) ​ ​ (7,755) ​ ​ (7,259) Net lease cost ​ $ 11,966 ​ $ 12,135 ​ $ 36,089 ​ $ 36,539 ​

Marketable Securities - Investm

Marketable Securities - Investment Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Investment Income, Net [Abstract]
Investment income (loss)	$ 2,200	$ 261	$ 6,300	$ 1,400
Equity Securities, FV-NI, Unrealized Gain (Loss) [Abstract]
Unrealized gain (loss) on equity securities	$ 437	$ 1,400	$ (815)	$ (1,590)

Marketable Securities - Fair Va

Marketable Securities - Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Marketable Securities [Abstract]
Equity securities	$ 4,370	$ 5,185
Available-for-sale securities	215,348
Marketable securities	$ 219,718	$ 186,419
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	$ 164,063	$ 181,234
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	$ 51,285
Debt Securities, Available-for-Sale, Fair Value by Fair Value Hierarchy Level	us-gaap:FairValueInputsLevel2Member

Marketable Securities - Amortiz

Marketable Securities - Amortized Cost (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	$ 223,289	$ 190,025
Gross Unrealized Holding Gains	2,227	2,110
Gross Unrealized Holding Losses	(10,168)	(10,901)
Fair Value	215,348
Bonds [Member]
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	172,623	190,025
Gross Unrealized Holding Gains	1,609	2,110
Gross Unrealized Holding Losses	(10,168)	(10,901)
Fair Value	164,063	$ 181,234
Commercial Paper [Member]
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	50,666
Gross Unrealized Holding Gains	618
Fair Value	$ 51,285

Marketable Securities - Maturit

Marketable Securities - Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost, Rolling Maturity [Abstract]
Amortized Cost, Due within one year	$ 88,980
Amortized Cost, Due after one year through five years	83,664
Amortized Cost, Due after five years through ten years	17,957
Amortized Cost, Due after ten years	32,688
Amortized Cost	223,289	$ 190,025
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling Maturity, Fair Value [Abstract]
Fair Value, Due within one year	89,498
Fair Value, Due after one year through five years	79,256
Fair Value, Due after five years through ten years	15,904
Fair Value, Due after ten years	30,690
Fair Value	$ 215,348

Marketable Securities - SERP In

Marketable Securities - SERP Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Net Investment Income [Line Items]
Investment Income (Loss) and Interest Expense	$ 1,409	$ (1,483)	$ 7,715	$ (3,394)
Supplemental Employee Retirement Plan [Member]
Net Investment Income [Line Items]
Investment Income (Loss) and Interest Expense	$ 774	$ 1,200	$ 1,400	$ 4,800

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss) balance, Beginning	$ 1,345,198	$ 1,263,062	$ 1,301,834	$ 1,219,742
Other comprehensive income gain (loss), net of tax	(962)	(2,023)	613	(9,143)
Accumulated other comprehensive income (loss) balance, Ending	1,358,316	1,281,089	1,358,316	1,281,089
AOCI Attributable to Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss) balance, Beginning	(4,874)	(5,433)	(6,449)	1,687
Accumulated other comprehensive income (loss) balance, Ending	(5,836)	$ (7,456)	(5,836)	$ (7,456)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss) balance, Beginning			(6,449)
Other comprehensive income (loss)			613
Other comprehensive income gain (loss), net of tax			613
Accumulated other comprehensive income (loss) balance, Ending	$ (5,836)		$ (5,836)

Long-Term Debt - General Inform

Long-Term Debt - General Information (Details)	9 Months Ended
	Sep. 30, 2023 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	Oct. 01, 2027
Line of Credit Facility, Remaining Borrowing Capacity	$ 25,600,000
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	$ 4,400,000

Long-Term Debt - Interest Expen

Long-Term Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Sep. 24, 2022
Interest Expense, Debt [Abstract]
Interest expense	$ 8	$ 25	$ 24

Revenue Recognition - Segments

Revenue Recognition - Segments (Details) - segment	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
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. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Disaggregation of Revenue [Line Items]
Total net sales	$ 1,160,306	$ 1,150,551	$ 3,483,975	$ 3,389,853
Grocery [Member]
Disaggregation of Revenue [Line Items]
Total net sales	960,072	973,707	2,915,444	2,867,699
Pharmacy [Member]
Disaggregation of Revenue [Line Items]
Total net sales	133,289	107,366	380,917	317,564
Fuel, Product [Member]
Disaggregation of Revenue [Line Items]
Total net sales	64,524	66,350	179,768	195,521
Manufacturing [Member]
Disaggregation of Revenue [Line Items]
Total net sales	$ 2,421	$ 3,128	$ 7,846	$ 9,069

Revenue Recognition - Concentra

Revenue Recognition - Concentration Risk (Details) - Revenue from Contract with Customer Benchmark [Member] - Product Concentration Risk [Member]	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Product Information [Line Items]
Concentration risk (as a percent)	100%	100%	100%	100%
Grocery [Member]
Product Information [Line Items]
Concentration risk (as a percent)	82.70%	84.60%	83.70%	84.50%
Pharmacy [Member]
Product Information [Line Items]
Concentration risk (as a percent)	11.50%	9.30%	10.90%	9.40%
Fuel, Product [Member]
Product Information [Line Items]
Concentration risk (as a percent)	5.60%	5.80%	5.20%	5.80%
Manufacturing [Member]
Product Information [Line Items]
Concentration risk (as a percent)	0.20%	0.30%	0.20%	0.30%

Leases - General Information (D

Leases - General Information (Details)	Sep. 30, 2023
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. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Lease, Cost [Abstract]
Operating lease cost	$ 11,778	$ 11,978	$ 35,351	$ 35,633
Variable lease cost	2,837	2,578	8,493	8,165
Lease or sublease income	(2,649)	(2,421)	(7,755)	(7,259)
Net lease cost	$ 11,966	$ 12,135	$ 36,089	$ 36,539