Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 27, 2014 | Mar. 29, 2014 | Dec. 12, 2014 |
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 27-Sep-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | IMKTA | ||
Entity Registrant Name | INGLES MARKETS INC | ||
Entity Central Index Key | 50493 | ||
Current Fiscal Year End Date | -18 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $322.80 | ||
Class A Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 13,553,433 | ||
Class B Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 6,706,343 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
Current Assets: | ||
Cash and cash equivalents | $8,613,628 | $16,844,007 |
Receivables (less allowance for doubtful accounts of $307,029 – 2014 and $722,893 – 2013) | 60,991,062 | 59,929,491 |
Inventories | 329,523,604 | 329,691,256 |
Other | 14,789,004 | 28,075,314 |
Total Current Assets | 413,917,298 | 434,540,068 |
Property and Equipment, Net | 1,218,607,029 | 1,212,132,055 |
Other Assets | 24,427,237 | 22,655,614 |
Total Assets | 1,656,951,564 | 1,669,327,737 |
Current Liabilities: | ||
Current portion of long-term debt | 12,488,400 | 18,956,761 |
Accounts payable - trade | 167,314,891 | 160,314,263 |
Accrued expenses and current portion of other long-term liabilities | 70,944,728 | 72,002,983 |
Total Current Liabilities | 250,748,019 | 251,274,007 |
Deferred Income Taxes | 70,040,000 | 86,082,000 |
Long-Term Debt | 924,771,343 | 893,514,238 |
Other Long-Term Liabilities | 28,790,035 | 27,818,217 |
Total Liabilities | 1,274,349,397 | 1,258,688,462 |
COMMITMENTS AND CONTINGENCIES | ||
Stockholders’ Equity | ||
Preferred stock, $0.05 par value; 10,000,000 shares authorized; no shares issued | ||
Common stocks: | ||
Paid-in capital in excess of par value | 12,311,249 | 77,186,249 |
Retained earnings | 369,277,929 | 332,315,037 |
Total Stockholders’ Equity | 382,602,167 | 410,639,275 |
Total Liabilities and Stockholders’ Equity | 1,656,951,564 | 1,669,327,737 |
Class A Common Stock [Member] | ||
Common stocks: | ||
Common stock, value | 677,017 | 671,899 |
Class B Common Stock [Member] | ||
Common stocks: | ||
Common stock, value | $335,972 | $466,090 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
Allowance for doubtful accounts receivables | $307,029 | $722,893 |
Preferred stock, par value | $0.05 | $0.05 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Class A Common Stock [Member] | ||
Common stock, par value | $0.05 | $0.05 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 13,540,333 | 13,437,975 |
Common stock, shares outstanding | 13,540,333 | 13,437,975 |
Class B Common Stock [Member] | ||
Common stock, par value | $0.05 | $0.05 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 6,719,443 | 9,321,801 |
Common stock, shares outstanding | 6,719,443 | 9,321,801 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 12 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |
Net sales | $3,835,985,953 | $3,738,540,461 | $3,718,314,651 |
Cost of goods sold | 2,990,822,438 | 2,910,730,478 | 2,897,534,853 |
Gross profit | 845,163,515 | 827,809,983 | 820,779,798 |
Operating and administrative expenses | 722,644,214 | 706,497,512 | 697,602,981 |
Gain from sale or disposal of assets | 825,856 | 4,261,704 | 670,025 |
Income from operations | 123,345,157 | 125,574,175 | 123,846,842 |
Other income, net | 3,001,161 | 2,900,341 | 3,527,065 |
Interest expense | 46,569,864 | 59,142,378 | 60,026,564 |
Loss on early extinguishment of debt | 43,089,248 | ||
Income before income taxes | 79,776,454 | 26,242,890 | 67,347,343 |
Income tax expense | 28,350,000 | 5,447,000 | 23,903,000 |
Net income | $51,426,454 | $20,795,890 | $43,444,343 |
Class A Common Stock [Member] | |||
Per share amounts: | |||
Basic earnings per common share | $2.36 | $0.89 | $1.87 |
Diluted earnings per common share | $2.28 | $0.87 | $1.79 |
Cash dividends per common share: | |||
Common Stock | $0.66 | $1.32 | $0.66 |
Class B Common Stock [Member] | |||
Per share amounts: | |||
Basic earnings per common share | $2.14 | $0.85 | $1.70 |
Diluted earnings per common share | $2.14 | $0.85 | $1.70 |
Cash dividends per common share: | |||
Common Stock | $0.60 | $1.20 | $0.60 |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Stockholders' Equity (USD $) | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | Class B Common Stock [Member] | Class B Common Stock [Member] | Paid-In Capital In Excess Of Par Value [Member] | Retained Earnings [Member] | Total |
Common Stock [Member] | Retained Earnings [Member] | Common Stock [Member] | Retained Earnings [Member] | ||||||
Balance at Sep. 24, 2011 | $646,977 | $574,486 | $116,844,842 | $313,879,289 | $431,945,594 | ||||
Balance (in shares) at Sep. 24, 2011 | 12,939,533 | 11,489,726 | |||||||
Net income | 43,444,343 | 43,444,343 | |||||||
Cash dividends | -8,537,270 | -8,537,270 | -6,822,131 | -6,822,131 | |||||
Common stock conversions | 1,479 | -1,479 | |||||||
Common stock conversions (in shares) | 29,575 | -29,575 | |||||||
Stock repurchases, at cost | -774 | -7,700 | -2,608,593 | -2,617,067 | |||||
Stock repurchases, at cost (in shares) | -15,473 | -154,010 | |||||||
Balance at Sep. 29, 2012 | 647,682 | 565,307 | 114,236,249 | 341,964,231 | 457,413,469 | ||||
Balance (in shares) at Sep. 29, 2012 | 12,953,635 | 11,306,141 | |||||||
Net income | 20,795,890 | 20,795,890 | |||||||
Cash dividends | -17,141,839 | -17,141,839 | -13,303,245 | -13,303,245 | |||||
Common stock conversions | 24,217 | -24,217 | |||||||
Common stock conversions (in shares) | 484,340 | -484,340 | |||||||
Stock repurchases, at cost | -75,000 | -37,050,000 | -37,125,000 | ||||||
Stock repurchases, at cost (in shares) | -1,500,000 | ||||||||
Balance at Sep. 28, 2013 | 671,899 | 466,090 | 77,186,249 | 332,315,037 | 410,639,275 | ||||
Balance (in shares) at Sep. 28, 2013 | 13,437,975 | 9,321,801 | |||||||
Net income | 51,426,454 | 51,426,454 | |||||||
Cash dividends | -8,894,632 | -8,894,632 | -5,568,930 | -5,568,930 | |||||
Common stock conversions | 5,118 | -5,118 | |||||||
Common stock conversions (in shares) | 102,358 | -102,358 | |||||||
Stock repurchases, at cost | -125,000 | -64,875,000 | -65,000,000 | ||||||
Stock repurchases, at cost (in shares) | -2,500,000 | -2,500,000 | |||||||
Balance at Sep. 27, 2014 | $677,017 | $335,972 | $12,311,249 | $369,277,929 | $382,602,167 | ||||
Balance (in shares) at Sep. 27, 2014 | 13,540,333 | 6,719,443 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |
Cash Flows from Operating Activities: | |||
Net income | $51,426,454 | $20,795,890 | $43,444,343 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization expense | 97,663,587 | 94,889,139 | 90,530,952 |
Loss on early extinguishment of debt | 43,089,248 | ||
Gain from sale or disposal of assets | -825,856 | -4,261,704 | -670,025 |
Receipt of advance payments on purchase contracts | 2,977,486 | 3,715,720 | 4,009,606 |
Recognition of advance payments on purchase contracts | -3,282,770 | -3,448,546 | -3,218,320 |
Deferred income taxes | -16,352,000 | 7,435,000 | 14,202,000 |
Changes in operating assets and liabilities: | |||
Receivables | -1,431,891 | 1,589,591 | -4,678,023 |
Inventory | 167,652 | -76,332 | -26,448,437 |
Other assets | 11,116,836 | -6,403,298 | -14,762,062 |
Accounts payable and accrued expenses | 12,889,283 | -12,124,026 | 31,340,734 |
Net Cash Provided by Operating Activities | 154,348,781 | 145,200,682 | 133,750,768 |
Cash Flows from Investing Activities: | |||
Proceeds from sales of restricted investments | 75,730,905 | ||
Proceeds from sales of property and equipment | 434,061 | 7,809,412 | 1,337,031 |
Capital expenditures | -108,338,402 | -101,453,001 | -180,628,852 |
Net Cash Used by Investing Activities | -107,904,341 | -93,643,589 | -103,560,916 |
Cash Flows from Financing Activities: | |||
Proceeds from short-term borrowings | 413,837,067 | 581,930,489 | 781,566,880 |
Payments on short-term borrowings | -383,927,017 | -622,051,131 | -741,446,238 |
Proceeds from issuance of bonds | 700,000,000 | ||
Bond issuance costs | -9,919,840 | ||
Proceeds from new long-term borrowings | 14,000,000 | 8,000,000 | 3,250,000 |
Principal payments on long-term borrowings | -19,121,307 | -602,026,300 | -63,321,866 |
Prepayment penalties on debt extinguishment | -27,759,630 | ||
Stock repurchases | -65,000,000 | -37,125,000 | -2,617,067 |
Dividends paid | -14,463,562 | -30,445,084 | -15,359,401 |
Net Cash Used By Financing Activities | -54,674,819 | -39,396,496 | -37,927,692 |
Net (Decrease) Increase in Cash and Cash Equivalents | -8,230,379 | 12,160,597 | -7,737,840 |
Cash and Cash Equivalents at Beginning of Year | 16,844,007 | 4,683,410 | 12,421,250 |
Cash and Cash Equivalents at End of Year | $8,613,628 | $16,844,007 | $4,683,410 |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended |
Sep. 27, 2014 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 1. Summary of Significant Accounting Policies |
Nature of Operations – Ingles Markets, Incorporated (“Ingles” or the “Company”), is a leading supermarket chain in the southeast United States, operates 202 supermarkets in Georgia (71), North Carolina (71), South Carolina (36), Tennessee (21), Virginia (2) and Alabama (1). | |
Principles of Consolidation – The consolidated financial statements include the accounts of Ingles Markets, Incorporated and its wholly-owned subsidiaries, Sky King, Inc., Ingles Markets Investments, Inc., Milkco, Inc., Shopping Center Financing, LLC, and Shopping Center Financing II, LLC. All significant inter-company balances and transactions are eliminated in consolidation. | |
Fiscal Year – The Company’s fiscal year ends on the last Saturday in September. Fiscal year 2014 consisted of 52weeks; fiscal year 2013 consisted of 52 weeks and fiscal year 2012 consisted of 53 weeks. | |
Segment Information – The Company operates one primary business segment, retail grocery sales (representing the aggregation of individual retail stores). The “Other” segment includes our remaining operations -- fluid dairy and shopping center rentals. | |
New Accounting Pronouncements –In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2014-08 “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (ASU 2014-08). ASU 2014-08 is aimed at reducing the frequency of disposals reported as discontinued operations by focusing on strategic shifts that have or are expected to have a major impact on an entity’s operations and financial results. Such a shift could include the disposal of a major line of business, a major geographical area, a major equity method of investment or other major parts of the entity. ASU 2014-08 also permits companies to have continuing cash flows and significant continuing involvement with the disposed component. ASU 2014-08 requires expanded disclosures for discontinued operations and new disclosures for individually material disposals that do not meet the definition of a discontinued operation. The Company has early adopted ASU effective June 28, 2014. ASU 2014-08 did not have a material impact on the Company’s financial position or results of operations. | |
Cash Equivalents – All highly liquid investments with a maturity of three months or less when purchased are considered cash. Outstanding checks in excess of bank balances are included in the line item “Accounts payable – trade” on the Consolidated Balance Sheets. These amounts totaled $15.5 million and $4.2 million as of September 27, 2014 and September 28, 2013, respectively. | |
Financial Instruments – The Company at times has short-term investments and certificates of deposit with maturities of three months or less when purchased that are included in cash. At September 27, 2014 the Company had no such investments. The Company’s policy is to invest its excess cash either in money market accounts, reverse repurchase agreements or in certificates of deposit. Money market accounts and certificates of deposit are not secured; reverse repurchase agreements are secured by government obligations. At September 27, 2014 demand deposits of approximately $4.2 million in two banks exceed the $250,000 FDIC insurance limit per bank. | |
Allowance for Doubtful Accounts – Accounts receivable are primarily from vendor allowances, customer charges and pharmacy insurance company reimbursements. Accounts receivable are stated net of an allowance for uncollectible accounts, which is determined through analysis of the aging of accounts receivable at the date of the consolidated financial statements and assessments of the collectability based upon historical collection activity adjusted for current conditions. | |
Inventories – Substantially all of the Company’s inventory consists of finished goods. Warehouse inventories are valued at the lower of average cost or market. Store inventories are valued using the retail method under which inventories at cost (and the resulting gross margins) are determined by applying a calculated cost-to-retail ratio to the retail value of inventories. As an integral part of valuing inventory at cost, management makes certain judgments and estimates for standard gross margins, allowances for vendor consideration, markdowns and shrinkage. Warehousing and distribution costs are not included in the valuation of inventories. The Company reviews its judgments and estimates regularly and makes adjustments where facts and circumstances dictate. | |
Property, Equipment and Depreciation – Property and equipment are stated at cost and depreciated over the estimated useful lives by the straight-line method. Buildings are generally depreciated over 30 years. Store, office and warehouse equipment is generally depreciated over three to 10 years. Transportation equipment is generally depreciated over three to five years. Leasehold improvements are depreciated over the shorter of the subject lease term or the useful life of the asset, generally from three to 30 years. Depreciation and amortization expense totaled $97.7 million, $94.9 million and $90.6 million for fiscal years 2014, 2013 and 2012, respectively. | |
Asset Impairments – The Company accounts for the impairment of long-lived assets in accordance with FASB ASC Topic 360. Asset groups are primarily comprised of individual store and shopping center properties. For assets to be held and used, the Company tests for impairment using undiscounted cash flows and calculates the amount of impairment using discounted cash flows. For assets held for sale, impairment is recognized based on the excess of remaining book value over expected recovery value. The recovery value is the fair value as determined by independent quotes or expected sales prices developed by internal associates, less costs to sell. Estimates of future cash flows and expected sales prices are judgments based upon the Company’s experience and knowledge of local operations and cash flows that are projected for several years into the future. These estimates can fluctuate significantly due to changes in real estate market conditions, the economic environment, capital spending decisions and inflation. The Company monitors the carrying value of long-lived assets for potential impairment each quarter based on whether any indicators of impairment have occurred. | |
Restricted Investments – Restricted investments consisted of money market deposits and United States Treasury securities purchased with the proceeds of the Recovery Zone Bonds issued in December 2010. These investments were held in a trust account and were liquidated as the Company incurred approved costs to build the Project, which was completed during fiscal year 2012. These assets were classified as available-for-sale and stated at market value. | |
Capitalized Loan Costs – Other assets include capitalized loan costs of $10.6 million (net of $2.4 million accumulated amortization) and $11.6 million (net of $1.2 million accumulated amortization) at September 27, 2014 and September 28, 2013, respectively. These costs are amortized over the life of the underlying debt instrument at approximately $1.3 million per year. During the year ended September 28, 2013 the Company wrote off $15.3 million of capitalized loan costs in conjunction with the early repayment of certain outstanding debt. This amount is included in the line item “Loss on early extinguishment of debt” on the Consolidated Statements of Income. | |
Nonqualified Investment Plan – The purpose of the Executive Nonqualified Excess Plan is to provide retirement benefits similar to the Company’s Investment/Profit Sharing Plan to certain of the Company’s management employees who are otherwise subject to limited participation in the 401(k) feature of the Company’s Investment/Profit Sharing Plan. Participant retirement account balances are liabilities of the Company. Assets of the plan are assets of the Company and are held in trust for employees and distributed upon retirement, death, disability, in-service distributions, or termination of employment. In accordance with the trust, the Company may not use these assets for general corporate purposes. During the fiscal year ended September 27, 2014 the Company liquidated certain life insurance policy assets and invested the proceeds in marketable securities. These marketable securities will be liquidated and invested in life insurance policies in future periods. Life insurance policies and marketable securities held in the trust are included in the caption “Other assets” in the Condensed Consolidated Balance Sheets. | |
Self-Insurance – The Company is self-insured for workers’ compensation, general liability and group medical and dental benefits. Risks and uncertainties are associated with self-insurance; however, the Company has limited its exposure by maintaining excess liability coverage of $750,000 per occurrence for workers’ compensation, $500,000 for general liability, and $325,000 per covered person for medical care benefits for a policy year. Self-insurance liabilities are established based on claims filed and estimates of claims incurred but not reported. The estimates are based on data provided by the respective claims administrators, which is then applied to appropriate actuarial methods. These estimates can fluctuate if historical trends are not predictive of the future. The Company’s self-insurance reserves totaled $29.9 million and $29.4 million for employee group insurance, workers’ compensation insurance and general liability insurance at September 27, 2014 and September 28, 2013, respectively. The Company is required in certain cases to obtain letters of credit to support its self-insured status. At fiscal year-end 2014, the Company’s self-insured liabilities were supported by $9.3 million of undrawn letters of credit which expire between October 2014 and September 2015. The Company carries casualty insurance only on those properties where it is required to do so. The Company has elected to self-insure its other properties. | |
Income Taxes – The Company accounts for income taxes under FASB ASC Topic 740. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates. The Company accounts for uncertainty in income taxes by prescribing a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken on a tax return. | |
The Company had gross unrecognized tax benefits of $148,800 and $149,100 as of September 27, 2014 and September 28, 2013, respectively. These benefits, if recognized, would have an insignificant effect on the effective tax rate. The Company does not expect that the total amounts of unrecognized tax benefits will significantly increase or decrease within the next twelve months. | |
The Company files income tax returns with federal and various state jurisdictions. With few exceptions, the Company is no longer subject to state income tax examinations by tax authorities for the years before 2010. Additionally, the Internal Revenue Service (“IRS”) has completed its examination of the Company’s U.S. Federal income tax returns filed through fiscal year 2011. Examinations may challenge certain of the Company’s tax positions. Actual results could materially differ from these estimates and could significantly affect the effective tax rate and cash flows in the future years. | |
Valuation allowances are established when necessary to reduce deferred tax assets to the amount more likely than not expected to be realized. | |
The Company’s continuing practice is to recognize interest and penalties related to uncertain tax positions and related matters in income tax expense. As of September 27, 2014, the Company had approximately $53,000 accrued for interest and penalties. | |
Pre-Opening Costs – Costs associated with the opening of new stores are expensed when incurred. | |
Per-Share Amounts – The Company calculates earnings per share using the two-class method in accordance with FASB ASC Topic 260. | |
Advertising – The Company expenses advertising as incurred. Advertising and promotion expenses, net of vendor allowance reimbursements, totaled $12.3 million, $13.9 million and $14.1 million for fiscal years 2014, 2013 and 2012, respectively. | |
Use of Estimates – The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, they may ultimately differ from actual results. Such estimates include the allowance for doubtful accounts, various inventory reserves, realizability of deferred tax assets, and self-insurance reserves. | |
Cost of Goods Sold – In addition to the direct product cost, cost of goods sold for the grocery segment includes inbound freight charges and costs of the Company’s distribution network. Milk processing is a manufacturing process. Therefore, cost of goods sold include direct product and production costs, inbound freight, purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs, and other costs of distribution. Depreciation expense included in costs of goods sold totaled $16.7 million, $14.2 million and $9.2 million for fiscal years 2014, 2013 and 2012, respectively. | |
Operating and Administrative Expenses – Operating and administrative expenses include costs incurred for store and administrative labor, occupancy, depreciation (to the extent not included in Cost of Goods Sold), insurance and general administration. | |
Revenue Recognition – The Company recognizes revenues from grocery segment sales at the point of sale to its customers. Sales taxes collected from customers are not included in reported revenues. Discounts provided to customers by the Company at the point of sale, including discounts provided in connection with loyalty cards, are recognized as a reduction in sales as the products are sold. Product returns are not significant. | |
The Company recognizes fluid dairy revenues at the time the risk of loss shifts to the customer pursuant to our terms of sale. Therefore, approximately 67% of fluid dairy revenues are recognized when the product is picked up by the customer at our facility. The remaining fluid dairy revenues are recognized when the product is received at the customer’s facility upon delivery via transportation arranged by the Company. | |
Rental income, including contingent rentals, is recognized on the accrual basis. Upfront consideration paid by either the Company as lessor or by the lessee is recognized as an adjustment to net rental income using the straight line method over the term of the lease. | |
Vendor Allowances – The Company receives funds for a variety of merchandising activities from the many vendors whose products the Company buys for resale in its stores. These incentives and allowances are primarily comprised of volume or purchase based incentives, advertising allowances, slotting fees, and promotional discounts. The purpose of these incentives and allowances is generally to help defray the costs incurred by the Company for stocking, advertising, promoting and selling the vendors’ products. These allowances generally relate to short term arrangements with vendors, often relating to a period of a month or less, and are negotiated on a purchase-by-purchase or transaction-by-transaction basis. Whenever possible, vendor discounts and allowances that relate to buying and merchandising activities are recorded as a component of item cost in inventory and recognized in merchandise costs when the item is sold. Due to system constraints and the nature of certain allowances, it is sometimes not practicable to apply allowances to the item cost of inventory. In those instances, the allowances are applied as a reduction of merchandise costs using a rational and systematic methodology, which results in the recognition of these incentives when the inventory related to the vendor consideration received is sold. Vendor allowances applied as a reduction of merchandise costs totaled $126.7 million, $121.9 million, and $114.3 million for the fiscal years ended September 27, 2014, September 28, 2013 and September 29, 2012, respectively. Vendor advertising allowances that represent a reimbursement of specific identifiable incremental costs of advertising the vendor’s specific products are recorded as a reduction to the related expense in the period that the related expense is incurred. Vendor advertising allowances recorded as a reduction of advertising expense totaled $14.8 million, $14.5 million, and $13.2 million for the fiscal years ended September 27, 2014, September 28, 2013 and September 29, 2012, respectively. | |
If vendor advertising allowances were substantially reduced or eliminated, the Company would likely consider other methods of advertising as well as the volume and frequency of its product advertising, which could increase or decrease its expenditures. | |
Similarly, the Company is not able to assess the impact of vendor advertising allowances on the creation of additional revenue; as such allowances do not directly generate revenue for its stores. | |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||
Sep. 27, 2014 | ||||||||||
Income Taxes [Abstract] | ||||||||||
Income Taxes | 2. Income Taxes | |||||||||
Deferred Income Tax Liabilities and Assets – Deferred income taxes are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax laws and rates. Significant components of the Company’s deferred tax liabilities and assets are as follows: | ||||||||||
2014 | 2013 | |||||||||
Deferred tax liabilities: | ||||||||||
Property and equipment tax/book differences | $ | 79,861,000 | $ | 96,989,000 | ||||||
Property tax method | 1,418,000 | 1,384,000 | ||||||||
Total deferred tax liabilities | 81,279,000 | 98,373,000 | ||||||||
Deferred tax assets: | ||||||||||
Insurance reserves | 8,360,000 | 8,957,000 | ||||||||
Advance payments on purchases contracts | 676,000 | 797,000 | ||||||||
Vacation accrual | 2,603,000 | 2,560,000 | ||||||||
State tax credits | 604,000 | 1,358,000 | ||||||||
Inventory | 1,917,000 | 2,323,000 | ||||||||
Deferred compensation | 3,157,000 | 2,784,000 | ||||||||
Other | 1,544,000 | 824,000 | ||||||||
Total deferred tax assets | 18,861,000 | 19,603,000 | ||||||||
Net deferred tax liabilities | $ | 62,418,000 | $ | 78,770,000 | ||||||
Current deferred income tax benefits of $7.6 million and $7.3 million at September 27, 2014 and September 28, 2013, respectively, included in other current assets, result from timing differences arising from deferred vendor income, vacation pay, non-income taxes, self-insurance reserves, and from capitalization of certain overhead costs in inventory for tax purposes. | ||||||||||
At September 27, 2014 and September 28, 2013 refundable current income taxes totaling $1.2 million and $13.8 million, respectively, are included in the line item “Other current assets” on the Consolidated Balance Sheets. | ||||||||||
Income Tax Expense - Income tax expense differs from the amounts computed by applying the statutory federal rates to income before income taxes. The reasons for the differences are as follows: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Federal tax at statutory rate | $ | 27,922,000 | $ | 9,109,000 | $ | 23,572,000 | ||||
State income tax, net of federal tax benefits | 2,308,000 | -2,204,000 | 1,943,000 | |||||||
Federal tax credits | -718,000 | -1,410,000 | -1,209,000 | |||||||
Other | -1,162,000 | -48,000 | -403,000 | |||||||
Total | $ | 28,350,000 | $ | 5,447,000 | $ | 23,903,000 | ||||
Current and deferred income tax expense (benefit) is as follows: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Current: | ||||||||||
Federal | $ | 40,475,000 | $ | 73,000 | $ | 6,734,000 | ||||
State | 4,227,000 | -2,061,000 | 2,967,000 | |||||||
Total current | 44,702,000 | -1,988,000 | 9,701,000 | |||||||
Deferred: | ||||||||||
Federal | -15,913,000 | 7,368,000 | 12,149,000 | |||||||
State | -439,000 | 67,000 | 2,053,000 | |||||||
Total deferred | -16,352,000 | 7,435,000 | 14,202,000 | |||||||
Total expense | $ | 28,350,000 | $ | 5,447,000 | $ | 23,903,000 | ||||
Uncertain Tax Positions – Under ASC 740-10 “Accounting for Uncertainty in Income Taxes”, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the “more likely than not” threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. A reserve for uncertain tax positions, including interest and penalties, of $0.2 million is included in the Company’s income taxes payable at both September 27, 2014 and September 28, 2013. The reserve for uncertain tax positions has been recorded based on management’s assumption that certain tax positions would be successfully challenged by taxing authorities. | ||||||||||
Recently Enacted Tax Regulations – On September 13, 2013, the IRS released final tangible property regulations under Sections 162(a) and 263(a) of the Internal Revenue Code regarding the deduction and capitalization of expenditures related to tangible property as well as dispositions of tangible property. These regulations will be effective for the Company’s fiscal year ending September 26, 2015. Taxpayers may elect to apply them to tax years beginning on or after January 1, 2012. The Company does not anticipate that the regulations will have a material impact on the Company’s consolidated results of operations, cash flows or financial position. | ||||||||||
Property_And_Equipment
Property And Equipment | 12 Months Ended | ||||||
Sep. 27, 2014 | |||||||
Property And Equipment [Abstract] | |||||||
Property And Equipment | 3. Property and Equipment | ||||||
Property and equipment, net, consists of the following: | |||||||
2014 | 2013 | ||||||
Land | $ | 308,475,596 | $ | 302,390,527 | |||
Construction in progress | 7,201,640 | 9,644,248 | |||||
Buildings | 1,015,061,129 | 983,136,114 | |||||
Store, office and warehouse equipment | 785,827,851 | 738,305,477 | |||||
Transportation equipment | 64,705,509 | 64,436,941 | |||||
Leasehold improvements | 53,183,103 | 53,886,925 | |||||
Total | 2,234,454,828 | 2,151,800,232 | |||||
Less accumulated depreciation and amortization | 1,015,847,799 | 939,668,177 | |||||
Property and equipment - net | $ | 1,218,607,029 | $ | 1,212,132,055 | |||
Property_Held_For_Lease_And_Re
Property Held For Lease And Rental Income | 12 Months Ended | |||||||||
Sep. 27, 2014 | ||||||||||
Property Held For Lease And Rental Income [Abstract] | ||||||||||
Property Held For Lease And Rental Income | 4. Property Held for Lease and Rental Income | |||||||||
At September 27, 2014, the Company owned and operated 69 shopping centers in conjunction with its supermarket operations. The Company leases to others a portion of its shopping center properties. The leases are non-cancelable operating lease agreements for periods ranging up to 25 years. | ||||||||||
Rental income is included in the line item “Net sales” on the Consolidated Statement of Income. Depreciation on owned properties leased to others and other shopping center expenses are included in the line item “Cost of goods sold” on the Consolidated Statements of Income. | ||||||||||
2014 | 2013 | 2012 | ||||||||
Rents earned on owned and subleased properties: | ||||||||||
Base rentals including lease termination payments | $ | 7,875,101 | $ | 7,997,136 | $ | 8,352,748 | ||||
Contingent rentals | 331,352 | 257,598 | 528,083 | |||||||
Total | 8,206,453 | 8,254,734 | 8,880,831 | |||||||
Depreciation on owned properties leased to others | -5,363,637 | -5,220,102 | -5,478,307 | |||||||
Other shopping center expenses | -1,982,212 | -1,936,250 | -1,958,178 | |||||||
Total | $ | 860,604 | $ | 1,098,382 | $ | 1,444,346 | ||||
Owned properties leased or held for lease to others under operating leases by major classes are summarized as follows: | ||||||||||
September 27, | September 28, | |||||||||
2014 | 2013 | |||||||||
Land | $ | 41,796,507 | $ | 39,487,058 | ||||||
Buildings | 168,884,878 | 162,673,028 | ||||||||
Total | 210,681,385 | 202,160,086 | ||||||||
Less accumulated depreciation | -103,238,395 | -93,950,201 | ||||||||
Total | $ | 107,442,990 | $ | 108,209,885 | ||||||
The above amounts are included on the Consolidated Balance Sheets in the caption “Property and equipment, net.” | ||||||||||
The following is a schedule of minimum future rental income on non-cancelable operating leases as of September 27, 2014: | ||||||||||
Fiscal Year | ||||||||||
2015 | $ | 4,941,290 | ||||||||
2016 | 3,891,919 | |||||||||
2017 | 2,639,172 | |||||||||
2018 | 1,454,504 | |||||||||
2019 | 1,045,880 | |||||||||
Thereafter | 2,499,485 | |||||||||
Total minimum future rental income | $ | 16,472,250 | ||||||||
Leases_And_Rental_Expense
Leases And Rental Expense | 12 Months Ended | |||
Sep. 27, 2014 | ||||
Leases And Rental Expense [Abstract] | ||||
Leases And Rental Expense | 5. Leases and Rental Expense | |||
The Company conducts part of its retail operations from leased facilities. The initial terms of the leases are generally 20 years. The majority of the leases include one or more renewal options and provide that the Company pay property taxes, utilities, repairs and certain other costs incidental to occupation of the premises. Several leases contain clauses calling for percentage rentals based upon gross sales of the supermarket occupying the leased space. Step rent provisions, escalation clauses, capital improvements and other lease concessions are taken into account in computing minimum lease payments, which are recognized on a straight-line basis over the minimum lease term. | ||||
Operating Leases - Rent expense for all operating leases of $14.1 million, $14.4 million and $14.2 million for fiscal years 2014, 2013 and 2012, respectively, is included in operating and administrative expenses. Sub-lease rental income of $0.2 million for each of fiscal years 2014, 2013 and 2012, is included as a reduction of rental expense. | ||||
The components of aggregate minimum rental commitments under non-cancelable operating leases as of September 27, 2014 are as follows: | ||||
Fiscal Year | ||||
2015 | $ | 11,733,813 | ||
2016 | 10,771,402 | |||
2017 | 10,339,177 | |||
2018 | 8,769,561 | |||
2019 | 7,675,403 | |||
Thereafter | 39,323,619 | |||
Total minimum future rental commitments | $ | 88,612,975 | ||
Supplementary_Balance_Sheet_In
Supplementary Balance Sheet Information | 12 Months Ended | ||||||
Sep. 27, 2014 | |||||||
Supplementary Balance Sheet Information [Abstract] | |||||||
Supplementary Balance Sheet Information | 6. Supplementary Balance Sheet Information | ||||||
Accrued Expenses and Current Portion of Other Long-Term Liabilities - Accrued expenses and current portion of other long-term liabilities are summarized as follows: | |||||||
2014 | 2013 | ||||||
Property, payroll, and other taxes payable | $ | 16,469,128 | $ | 16,771,941 | |||
Salaries, wages, and bonuses payable | 25,514,842 | 25,129,025 | |||||
Self-insurance liabilities: | |||||||
Employee group insurance | 4,585,759 | 4,591,256 | |||||
Workers’ compensation insurance | 5,677,217 | 5,658,840 | |||||
General liability insurance | 2,671,944 | 2,594,047 | |||||
Interest | 12,676,648 | 12,993,252 | |||||
Other | 3,349,190 | 4,264,622 | |||||
Total | $ | 70,944,728 | $ | 72,002,983 | |||
Employee insurance expense, including workers’ compensation and medical care benefits, net of employee contributions, totaled $27.4 million, $31.4 million and $30.6 million for fiscal years 2014, 2013 and 2012, respectively. | |||||||
Other Long-Term Liabilities - Other long-term liabilities are summarized as follows: | |||||||
2014 | 2013 | ||||||
Advance payments on purchases contracts | $ | 1,748,818 | $ | 2,054,112 | |||
Deferred gain - sale/leasebacks | 369,773 | 420,166 | |||||
Deferred lease expense | 1,875,776 | 1,900,084 | |||||
Nonqualified investment plan liability | 8,172,335 | 7,211,523 | |||||
Self-insurance liabilities: | |||||||
Workers’ compensation insurance | 13,283,535 | 13,066,779 | |||||
General liability insurance | 3,643,676 | 3,460,935 | |||||
Other | 1,261,623 | 1,047,281 | |||||
Total other long-term liabilities | 30,355,536 | 29,160,880 | |||||
Less current portion | 1,565,501 | 1,342,663 | |||||
$ | 28,790,035 | $ | 27,818,217 | ||||
Advance Payments on Purchases Contracts - The Company has entered into agreements with suppliers whereby payment is received in advance and earned based on purchases of product from these suppliers in the future. The unearned portion, included in other long-term liabilities, will be recognized in the results of operations in accordance with the terms of the contract. | |||||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||||
Sep. 27, 2014 | ||||||||||
Long-Term Debt [Abstract] | ||||||||||
Long-Term Debt | 7. Long-Term Debt | |||||||||
Long-term debt and short-term loans are summarized as follows: | ||||||||||
2014 | 2013 | |||||||||
Bonds payable: | ||||||||||
Senior notes, interest rate of 5.75%, maturing 2023 | $ | 700,000,000 | $ | 700,000,000 | ||||||
Recovery Zone Facility Bonds, maturing 2036 | 95,210,000 | 99,740,000 | ||||||||
Outstanding line of credit, weighted average interest rate of 3.38% | 29,910,050 | — | ||||||||
Notes payable: | ||||||||||
Real estate and equipment maturing 2013-2031: | ||||||||||
Due to banks, weighted average interest rate of 3.01 for 2014 and 3.26% for 2013 | 80,634,003 | 78,405,127 | ||||||||
Due to other financial institutions, weighted average interest rate of 4.09% for 2014 and 4.04% for 2013 | 31,505,690 | 34,325,872 | ||||||||
Total long-term debt | 937,259,743 | 912,470,999 | ||||||||
Less current portion | 12,488,400 | 18,956,761 | ||||||||
Long-term debt, net of current portion | $ | 924,771,343 | $ | 893,514,238 | ||||||
In June 2013, the Company issued $700.0 million aggregate principal amount of senior notes due in 2023 (the “Notes”) in a private placement. The Notes bear an interest rate of 5.75% per annum and were issued at par. Note proceeds were used to repay $575.0 million aggregate principal amount of senior notes maturing in 2017, $52.0 million of indebtedness outstanding under the Company’s line of credit, and to pay costs related to the offering of the Notes. Remaining Note proceeds were used for general corporate purposes, including capital expenditures. In connection with the repayment of the $575.0 million senior notes, the Company paid $27.8 million in debt extinguishment costs and expensed $15.3 million of unamortized loan costs. These amounts comprise the line item “Loss on early extinguishment of debt” on the Consolidated Statements of Income for the fiscal year ended September 28, 2013. | ||||||||||
The Company filed a registration statement with the Securities and Exchange Commission to exchange the private placement notes with registered notes. This exchange has been completed. | ||||||||||
The Company may redeem all or a portion of the Notes at any time on or after June 15, 2018 at the following redemption prices (expressed as percentages of the principal amount), if redeemed during the 12-month period beginning June 15 of the years indicated below: | ||||||||||
Year | ||||||||||
2018 | 102.88% | |||||||||
2019 | 101.92% | |||||||||
2020 | 100.96% | |||||||||
2021 and thereafter | 100.00% | |||||||||
In connection with the offering of the Notes, the Company extended the maturity date of its $175.0 million line of credit (the “Line”) from December 29, 2015 to June 12, 2018 and modified certain interest rate options and covenants. At September 27, 2014, the Company had $29.9 million borrowing outstanding under the line of credit. | ||||||||||
The Line provides the Company with various interest rate options based on the prime rate, the Federal Funds Rate, or the London Interbank Offering Rate (“LIBOR”). The Line allows the Company to issue up to $30.0 million in unused letters of credit, of which $11.0 million of unused letters of credit were issued at September 27, 2014. The Company is not required to maintain compensating balances in connection with the Line. | ||||||||||
On December 29, 2010, the Company completed the funding of $99.7 million of Recovery Zone Facility Bonds (the “Bonds”) for: (A) acquisition, construction and equipping of an approximately 830,000 square foot new warehouse and distribution center to be located in Buncombe County, North Carolina (the “Project”), and (B) the payment of certain expenses incurred in connection with the issuance of the Bonds. The final maturity date of the Bonds is January 1, 2036. | ||||||||||
Bond proceeds were invested in a trust account with the Bond trustee. The Company received disbursements from the account as it submitted requisitions to the trustee for incurred Project costs. Disbursements from the trust account are listed in the line item “Proceeds from sales of restricted investments” on the Consolidated Statements of Cash Flows for the fiscal year ended September 29, 2012. All funds had been disbursed from the trust account as of September 29, 2012. | ||||||||||
The Bonds were issued by the Buncombe County Industrial Facilities and Pollution Control Financing Authority and were purchased by certain financial institutions. Under a Continuing Covenant and Collateral Agency Agreement (the “Covenant Agreement”) between the financial institutions and the Company, the financial institutions would hold the Bonds until January 2, 2018, subject to certain events. Mandatory redemption of the Bonds by the Company in the annual amount of $4.5 million began on January 1, 2014. | ||||||||||
In connection with the offering of the Notes, the Company extended the maturity date of the Covenant Agreement from January 2, 2018 to June 30, 2021 and modified certain interest rate options and covenants. The Company may redeem the Bonds without penalty or premium at any time prior to June 30, 2021. | ||||||||||
Interest earned by bondholders on the Bonds is exempt from Federal and North Carolina income taxation. The interest rate on the Bonds is equal to one month LIBOR (adjusted monthly) plus a credit spread, adjusted to reflect the income tax exemption. | ||||||||||
The Company’s obligation to repay the Bonds is collateralized by the Project. Additional collateral was required in order to meet certain loan to value criteria in the Covenant Agreement. The Covenant Agreement incorporates substantially all financial covenants included in the Line. | ||||||||||
The Notes, the Bonds and the Line contain provisions that under certain circumstances would permit lending institutions to terminate or withdraw their respective extensions of credit to the Company. Included among the triggering factors permitting the termination or withdrawal of the Line to the Company are certain events of default, including both monetary and non-monetary defaults, the initiation of bankruptcy or insolvency proceedings, and the failure of the Company to meet certain financial covenants designated in its respective loan documents. The Company was in compliance with all financial covenants related to the Notes, the Bonds and Line at September 27, 2014. | ||||||||||
The Company’s long-term debt agreements generally have cross-default provisions which could result in the acceleration of payments due under the Company’s line of credit, Bond and Notes indenture in the event of default under any one instrument. | ||||||||||
At September 27, 2014, property and equipment with an undepreciated cost of approximately $273 million was pledged as collateral for long-term debt. Long-term debt and Line agreements contain various restrictive covenants requiring, among other things, minimum levels of net worth and maintenance of certain financial ratios. In addition, certain loan agreements containing provisions outlining minimum tangible net worth requirements restrict the ability of the Company to pay cash dividends in excess of the current annual per share dividends paid on the Company’s Class A and Class B Common Stock. Further, the Company is prevented from paying cash dividends at any time that it is in default under the indenture governing the Notes. In addition, the terms of the indenture may restrict the ability of the Company to pay additional cash dividends based on certain financial parameters. | ||||||||||
Components of interest costs are as follows: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Total interest costs | $ | 46,846,912 | $ | 59,598,030 | $ | 61,764,642 | ||||
Interest capitalized | -277,048 | -455,652 | -1,738,078 | |||||||
Interest expense | $ | 46,569,864 | $ | 59,142,378 | $ | 60,026,564 | ||||
Maturities of long-term debt at September 27, 2014 are as follows: | ||||||||||
Fiscal Year | ||||||||||
2015 | $ | 12,488,400 | ||||||||
2016 | 12,678,414 | |||||||||
2017 | 11,677,721 | |||||||||
2018 | 79,421,418 | |||||||||
2019 | 18,916,389 | |||||||||
Thereafter | 802,077,401 | |||||||||
Total | $ | 937,259,743 | ||||||||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Sep. 27, 2014 | |
Stockholder's Equity [Abstract] | |
Stockholders' Equity | 8. Stockholders’ Equity |
The Company has two classes of Common Stock: Class A and Class B. Class A Common Stock is traded on The NASDAQ Global Select Market under the symbol IMKTA. There is no public market for the Company’s Class B Common Stock. However, each share of Class B Common Stock is convertible at any time, at the option of the holder, into one share of Class A Common Stock. Upon any transfers of Class B Common Stock (other than to immediate family members and participants in the Investment/Profit Sharing Plan), such stock is automatically converted into Class A Common Stock. | |
The holders of the Class A Common Stock and Class B Common Stock are entitled to dividends and other distributions when declared out of assets legally available therefore, subject to the dividend rights of any preferred stock that may be issued in the future. Each share of Class A Common Stock is entitled to receive a cash dividend and liquidation payment in an amount equal to 110% of any cash dividend or liquidation payment on Class B Common Stock. Any stock dividend must be paid in shares of Class A Common Stock with respect to Class A Common Stock and in shares of Class B Common Stock with respect to Class B Common Stock. | |
The voting powers, preferences and relative rights of Class A Common Stock and Class B Common Stock are identical in all respects, except that the holders of Class A Common Stock have one vote per share and the holders of Class B Common Stock have ten votes per share. In addition, holders of Class A Common Stock, as a separate class, are entitled to elect 25% of all directors constituting the Board of Directors (rounded to the nearest whole number). As long as the Class B Common Stock represents at least 12.5% of the total outstanding Common Stock of both classes, holders of Class B Common Stock, as a separate class, are entitled to elect the remaining directors. The Company’s Articles of Incorporation and Bylaws provide that the Board of Directors can set the number of directors between five and eleven. | |
During the year ended September 28, 2013 the Company’s Board of Directors authorized the repurchase of up to four million shares of its Class A and Class B Common Stock. The share repurchase program may be carried out through open market purchases, block trades, purchases from the Company’s Investment/Profit Sharing Plan and in negotiated private transactions. | |
During the year ended September 27, 2014, the Company repurchased 2.5 million shares of Class B Common Stock under this plan. Following this transaction, all four million shares authorized by the Company’s Board of Directors have been repurchased. | |
Earnings_Per_Common_Share
Earnings Per Common Share | 12 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Earnings Per Common Share [Abstract] | |||||||||||||
Earnings Per Common Share | 9. Earnings Per Common Share | ||||||||||||
The Company calculates earnings per share using the two-class method in accordance with FASB ASC Topic 260. | |||||||||||||
The two-class method of computing basic earnings per share for each period reflects the cash dividends paid per share for each class of stock, plus the amount of allocated undistributed earnings per share computed using the participation percentage which reflects the dividend rights of each class of stock. Diluted earnings per share is calculated assuming the conversion of all shares of Class B Common Stock to shares of Class A Common Stock on a share-for-share basis. The tables below reconcile the numerators and denominators of basic and diluted earnings per share for current and prior periods. | |||||||||||||
Year Ended | |||||||||||||
27-Sep-14 | |||||||||||||
Class A | Class B | ||||||||||||
Numerator: Allocated net income | |||||||||||||
Net income allocated, basic | $ | 31,776,515 | $ | 19,649,939 | |||||||||
Conversion of Class B to Class A shares | 19,649,939 | — | |||||||||||
Net income allocated, diluted | $ | 51,426,454 | $ | 19,649,939 | |||||||||
Denominator: Weighted average shares outstanding | |||||||||||||
Weighted average shares outstanding, basic | 13,482,296 | 9,126,381 | |||||||||||
Conversion of Class B to Class A shares | 9,126,381 | — | |||||||||||
Weighted average shares outstanding, diluted | 22,608,677 | 9,126,381 | |||||||||||
Earnings per share | |||||||||||||
Basic | $ | 2.36 | $ | 2.14 | |||||||||
Diluted | $ | 2.28 | $ | 2.14 | |||||||||
Year Ended | Year Ended | ||||||||||||
28-Sep-13 | 29-Sep-12 | ||||||||||||
Class A | Class B | Class A | Class B | ||||||||||
Numerator: Allocated net income | |||||||||||||
Net income allocated, basic | $ | 11,638,545 | $ | 9,157,345 | $ | 24,151,777 | $ | 19,292,566 | |||||
Conversion of Class B to Class A shares | 9,157,345 | — | 19,292,566 | — | |||||||||
Net income allocated, diluted | $ | 20,795,890 | $ | 9,157,345 | $ | 43,444,343 | $ | 19,292,566 | |||||
Denominator: Weighted average shares outstanding | |||||||||||||
Weighted average shares outstanding, basic | 13,054,425 | 10,817,989 | 12,936,583 | 11,364,899 | |||||||||
Conversion of Class B to Class A shares | 10,817,989 | — | 11,364,899 | — | |||||||||
Weighted average shares outstanding, diluted | 23,872,414 | 10,817,989 | 24,301,482 | 11,364,899 | |||||||||
Earnings per share | |||||||||||||
Basic | $ | 0.89 | $ | 0.85 | $ | 1.87 | $ | 1.70 | |||||
Diluted | $ | 0.87 | $ | 0.85 | $ | 1.79 | $ | 1.70 | |||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Sep. 27, 2014 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | 10. Employee Benefit Plans |
Investment/Profit Sharing Plan - The purpose of the qualified investment/profit sharing plan is to provide retirement benefits to eligible employees. Assets of the plan, including the Company’s Class B Common Stock, are held in trust for employees and distributed upon retirement, death, disability or termination of employment. Company contributions are discretionary and are determined quarterly by the Board of Directors. The plan includes a 401(k) feature. Company contributions to the plan, included in operating and administrative expenses, were approximately $1.4 million, $1.3 million and $1.3 million for fiscal years 2014, 2013 and 2012, respectively. | |
Nonqualified Investment Plan - The purpose of the Executive Nonqualified Excess Plan is to provide benefits similar to the Company’s Investment/Profit Sharing Plan to certain of the Company’s management employees who are otherwise subject to limited participation in the 401(k) feature of the Company’s Investment/Profit Sharing Plan. Company contributions to the plan, included in operating and administrative expenses, were approximately $84,000, $77,000 and $71,000 for fiscal years 2014, 2013 and 2012, respectively. | |
Cash Bonuses - The Company pays monthly bonuses to various managerial personnel based on performance of the operating units managed by these personnel. The Company pays discretionary annual bonuses to certain employees who do not receive monthly performance bonuses. The Company pays discretionary bonuses to certain executive officers based on Company performance. Operating and administrative expenses include bonuses of approximately $9.2 million, $9.0 million and $10.0 million for fiscal years 2014, 2013 and 2012, respectively. | |
Medical Care Plan - Medical and dental benefits are provided to qualified employees under a self-insured plan. Expenses under the plan include claims paid, administrative expenses and an estimated liability for claims incurred but not yet paid. | |
Segment_Information
Segment Information | 12 Months Ended | |||||||||
Sep. 27, 2014 | ||||||||||
Segment Information [Abstract] | ||||||||||
Segment Information | 11. Segment Information | |||||||||
The Company operates one primary business segment, retail grocery sales (representing the aggregation of individual retail stores). The “Other” segment includes the Company’s remaining operations -- fluid dairy and shopping center rentals. Information about the Company’s operations by lines of business (amounts in thousands) is as follows: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Revenues from unaffiliated customers: | ||||||||||
Grocery sales | $ | 3,683,353 | $ | 3,599,820 | $ | 3,577,510 | ||||
Other | 152,633 | 138,720 | 140,805 | |||||||
Total revenues from unaffiliated customers | $ | 3,835,986 | $ | 3,738,540 | $ | 3,718,315 | ||||
Income before income taxes: | ||||||||||
Grocery sales | $ | 112,030 | $ | 114,380 | $ | 111,540 | ||||
Other | 11,315 | 11,194 | 12,307 | |||||||
Total income from operations | 123,345 | 125,574 | 123,847 | |||||||
Other income, net | 3,001 | 2,900 | 3,527 | |||||||
Interest expense | 46,570 | 59,142 | 60,027 | |||||||
Loss on early extinguishment of debt | — | 43,089 | — | |||||||
Income before income taxes | $ | 79,776 | $ | 26,243 | $ | 67,347 | ||||
Assets: | ||||||||||
Grocery sales | $ | 1,515,055 | $ | 1,528,483 | $ | 1,486,109 | ||||
Other | 144,667 | 143,237 | 158,267 | |||||||
Elimination of intercompany receivable | -2,770 | -2,392 | -2,267 | |||||||
Total assets | $ | 1,656,952 | $ | 1,669,328 | $ | 1,642,109 | ||||
Capital expenditures: | ||||||||||
Grocery sales | $ | 105,808 | $ | 99,995 | $ | 175,835 | ||||
Other | 2,531 | 1,458 | 4,794 | |||||||
Total capital expenditures | $ | 108,338 | $ | 101,453 | $ | 180,629 | ||||
Depreciation and amortization: | ||||||||||
Grocery sales | $ | 90,025 | $ | 87,331 | $ | 82,584 | ||||
Other | 7,639 | 7,558 | 7,947 | |||||||
Total depreciation and amortization | $ | 97,664 | $ | 94,889 | $ | 90,531 | ||||
Sales by product category for fiscal years 2014, 2013 and 2012, respectively, are as follows: | ||||||||||
Fiscal Year Ended September | ||||||||||
(dollars in thousands) | ||||||||||
2014 | 2013 | 2012 | ||||||||
Grocery | $ | 1,397,870 | $ | 1,424,869 | $ | 1,447,520 | ||||
Non-foods | 729,934 | 707,294 | 709,959 | |||||||
Perishables | 937,402 | 898,956 | 866,252 | |||||||
Gasoline | 618,147 | 568,701 | 553,779 | |||||||
Total grocery segment | $ | 3,683,353 | $ | 3,599,820 | $ | 3,577,510 | ||||
The grocery category includes grocery, dairy, and frozen foods. | ||||||||||
The non-foods category includes alcoholic beverages, tobacco, pharmacy, health and video. | ||||||||||
The perishable category includes meat, produce, deli and bakery. | ||||||||||
The fluid dairy operation had $58.7 million, $58.3 million and $58.5 million in sales to the grocery sales segment in fiscal 2014, 2013 and 2012, respectively. These sales were eliminated in consolidation. | ||||||||||
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data | 12 Months Ended | |||||||||||||||
Sep. 27, 2014 | ||||||||||||||||
Selected Quarterly Financial Data [Abstract] | ||||||||||||||||
Selected Quarterly Financial Data | 12. Selected Quarterly Financial Data (Unaudited) | |||||||||||||||
The following is a summary of unaudited financial data regarding the Company’s quarterly results of operations. Each of the quarters in the two fiscal years presented contains thirteen weeks. | ||||||||||||||||
1st | 2nd | 3rd | 4th | |||||||||||||
Quarter | Quarter | Quarter | Quarter | Total | ||||||||||||
(amounts in thousands except earnings per common share) | ||||||||||||||||
2014 | ||||||||||||||||
Net sales | $ | 945,125 | $ | 947,761 | $ | 978,262 | $ | 964,838 | $ | 3,835,986 | ||||||
Gross profit | 203,506 | 206,124 | 215,151 | 220,383 | 845,164 | |||||||||||
Net income | 9,533 | 10,455 | 13,834 | 17,604 | 51,426 | |||||||||||
Basic earnings per common share | ||||||||||||||||
Class A | 0.44 | 0.47 | 0.63 | 0.82 | 2.36 | |||||||||||
Class B | 0.40 | 0.43 | 0.57 | 0.74 | 2.14 | |||||||||||
Diluted earnings per common share | ||||||||||||||||
Class A | 0.42 | 0.46 | 0.61 | 0.79 | 2.28 | |||||||||||
Class B | 0.40 | 0.43 | 0.57 | 0.74 | 2.14 | |||||||||||
2013 | ||||||||||||||||
Net sales | $ | 934,977 | $ | 920,694 | $ | 934,015 | $ | 948,854 | $ | 3,738,540 | ||||||
Gross profit | 208,205 | 198,646 | 210,652 | 210,307 | 827,810 | |||||||||||
Net income | 11,568 | 8,090 | -14,424 | 15,562 | 20,796 | |||||||||||
Basic earnings per common share | ||||||||||||||||
Class A | 0.50 | 0.35 | -0.62 | 0.71 | 0.89 | |||||||||||
Class B | 0.45 | 0.32 | -0.56 | 0.65 | 0.85 | |||||||||||
Diluted earnings per common share | ||||||||||||||||
Class A | 0.48 | 0.33 | -0.62 | 0.68 | 0.87 | |||||||||||
Class B | 0.45 | 0.32 | -0.56 | 0.65 | 0.85 | |||||||||||
Net loss for the third quarter of fiscal year 2013 includes pre-tax debt extinguishment costs totaling $43.1 million (pre-tax). | ||||||||||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended |
Sep. 27, 2014 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 13. Commitments and Contingencies |
Various legal proceedings and claims arising in the ordinary course of business are pending against the Company. In the opinion of management, the ultimate liability, if any, from all pending legal proceedings and claims will not materially affect the Company’s financial position or the results of its operations. | |
Construction commitments at September 27, 2014 totaled $2.6 million. The Company expects these commitments to be fulfilled during fiscal year 2015. | |
Fair_Values_Of_Financial_Instr
Fair Values Of Financial Instruments | 12 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Fair Values Of Financial Instruments [Abstract] | |||||||||
Fair Values Of Financial Instruments | 14. Fair Values of Financial Instruments | ||||||||
The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments: | |||||||||
Cash and cash equivalents: The carrying amounts reported in the Consolidated Balance Sheets for cash and cash equivalents approximate their fair values. | |||||||||
Receivables: The carrying amounts reported in the Consolidated Balance Sheets for receivables approximate their fair values. | |||||||||
The fair value of the Company’s debt is estimated using valuation techniques under the accounting guidance related to fair value measurements based on observable and unobservable inputs. Observable inputs reflect readily available data from independent sources, while unobservable inputs reflect the Company’s market assumptions. These inputs are classified into the following hierarchy: | |||||||||
Level 1 Inputs - | Quoted prices for identical assets or liabilities in active markets. | ||||||||
Level 2 Inputs - | Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. | ||||||||
Level 3 Inputs - | Pricing inputs are unobservable for the assets or liabilities and include situations where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of fair value require significant management judgment or estimation | ||||||||
The carrying amount and fair value of the Company’s debt at September 27, 2014 is as follows (in thousands): | |||||||||
Carrying | |||||||||
Amount | Fair Value | Fair Value Measurements | |||||||
Senior Notes | $ | 700,000 | $ | 705,250 | Level 2 | ||||
Recovery Zone Facility Bonds | 95,210 | 95,210 | Level 2 | ||||||
Real estate and equipment notes payable | 112,140 | 112,805 | Level 2 | ||||||
Line of credit payable | 29,910 | 29,910 | Level 2 | ||||||
Total debt | $ | 937,260 | $ | 943,175 | |||||
The fair values for Level 2 measurements were determined primarily using market yields and taking into consideration the underlying terms of the debt. | |||||||||
Cash_Flow_Information
Cash Flow Information | 12 Months Ended | |||||||||
Sep. 27, 2014 | ||||||||||
Cash Flow Information [Abstract] | ||||||||||
Cash Flow Information | 15. Cash Flow Information | |||||||||
Supplemental disclosure of cash flow information is as follows: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Cash paid (received) during the year for: | ||||||||||
Interest (net of amounts capitalized) | $ | 46,886,468 | $ | 65,281,861 | $ | 61,269,522 | ||||
Income taxes | 32,064,452 | -2,470,362 | 21,390,331 | |||||||
Non cash items: | ||||||||||
Property and equipment additions included in accounts payable | 8,555,952 | 14,598,996 | 7,957,599 | |||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Sep. 27, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 16. Related Party Transactions |
The Company will from time to time make short-term non-interest bearing loans to the Company’s Investment/Profit Sharing Plan to allow the plan to meet distribution obligations during a time when the plan was prohibited from selling shares of the Company’s Class A common stock. At September 27, 2014 loans outstanding totaled $0.4 million. | |
In fiscal 2013, the Company approved the repurchase of 1.5 million shares of the Company’s Class B Common Stock from a trust that is part of the estate of Robert P. Ingle, former CEO and Director of the Company. The aggregate purchase price for the stock was $37.1 million, equal to the fair market value of the Company’s publicly traded Class A Common Stock at the time of the transaction. The transaction was approved by the Company’s Executive Committee and Audit Committee in accordance with Company policy and regulatory guidelines. | |
In fiscal 2014, the Company approved the repurchase of 2.5 million shares of the Company’s Class B Common Stock from a trust that is part of the estate of Robert P. Ingle, former CEO and Director of the Company. The aggregate purchase price for the stock was $65.0 million, equal to the fair market value of the Company’s publicly traded Class A Common Stock at the time of the transaction. The transaction was approved by the Company’s Executive Committee and Audit Committee in accordance with Company policy and regulatory guidelines. | |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Sep. 27, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Subsequent Events |
In accordance with FASB ASC Topic 855, the Company evaluated events occurring between the end of its most recent fiscal year and the date the financial statements were filed with the SEC. | |
Schedule_II_Supplemental_Sched
Schedule II - Supplemental Schedule Of Valuation And Qualifying Accounts | 12 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Supplemental Schedule Of Valuation And Qualifying Accounts [Abstract] | |||||||||||||
Supplemental Schedule Of Valuation And Qualifying Accounts | SUPPLEMENTAL SCHEDULE OF VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||
BALANCE AT | CHARGED TO | BALANCE | |||||||||||
BEGINNING OF | COSTS AND | AT END | |||||||||||
DESCRIPTION | YEAR | EXPENSES | DEDUCTIONS (1) | OF YEAR | |||||||||
Fiscal year ended September 27, 2014: | |||||||||||||
Deducted from asset accounts: | |||||||||||||
Allowance for doubtful accounts | $ | 772,893 | $ | - | $ | 465,864 | $ | 307,029 | |||||
Fiscal year ended September 28, 2013: | |||||||||||||
Deducted from asset accounts: | |||||||||||||
Allowance for doubtful accounts | $ | 741,690 | $ | 30,000 | $ | -1,203 | $ | 772,893 | |||||
Fiscal year ended September 29, 2012: | |||||||||||||
Deducted from asset accounts: | |||||||||||||
Allowance for doubtful accounts | $ | 524,460 | $ | 288,977 | $ | 71,747 | $ | 741,690 | |||||
(1)Uncollectible accounts written off, net of recoveries. | |||||||||||||
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Sep. 27, 2014 | |
Summary Of Significant Accounting Policies [Abstract] | |
Nature Of Operations | Nature of Operations – Ingles Markets, Incorporated (“Ingles” or the “Company”), is a leading supermarket chain in the southeast United States, operates 202 supermarkets in Georgia (71), North Carolina (71), South Carolina (36), Tennessee (21), Virginia (2) and Alabama (1). |
Principles of Consolidation | Principles of Consolidation – The consolidated financial statements include the accounts of Ingles Markets, Incorporated and its wholly-owned subsidiaries, Sky King, Inc., Ingles Markets Investments, Inc., Milkco, Inc., Shopping Center Financing, LLC, and Shopping Center Financing II, LLC. All significant inter-company balances and transactions are eliminated in consolidation. |
Fiscal Year | Fiscal Year – The Company’s fiscal year ends on the last Saturday in September. Fiscal year 2014 consisted of 52weeks; fiscal year 2013 consisted of 52 weeks and fiscal year 2012 consisted of 53 weeks. |
Segment Information | Segment Information – The Company operates one primary business segment, retail grocery sales (representing the aggregation of individual retail stores). The “Other” segment includes our remaining operations -- fluid dairy and shopping center rentals. |
New Accounting Pronouncements | New Accounting Pronouncements –In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2014-08 “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (ASU 2014-08). ASU 2014-08 is aimed at reducing the frequency of disposals reported as discontinued operations by focusing on strategic shifts that have or are expected to have a major impact on an entity’s operations and financial results. Such a shift could include the disposal of a major line of business, a major geographical area, a major equity method of investment or other major parts of the entity. ASU 2014-08 also permits companies to have continuing cash flows and significant continuing involvement with the disposed component. ASU 2014-08 requires expanded disclosures for discontinued operations and new disclosures for individually material disposals that do not meet the definition of a discontinued operation. The Company has early adopted ASU effective June 28, 2014. ASU 2014-08 did not have a material impact on the Company’s financial position or results of operations. |
Cash Equivalents | Cash Equivalents – All highly liquid investments with a maturity of three months or less when purchased are considered cash. Outstanding checks in excess of bank balances are included in the line item “Accounts payable – trade” on the Consolidated Balance Sheets. These amounts totaled $15.5 million and $4.2 million as of September 27, 2014 and September 28, 2013, respectively. |
Financial Instruments | Financial Instruments – The Company at times has short-term investments and certificates of deposit with maturities of three months or less when purchased that are included in cash. At September 27, 2014 the Company had no such investments. The Company’s policy is to invest its excess cash either in money market accounts, reverse repurchase agreements or in certificates of deposit. Money market accounts and certificates of deposit are not secured; reverse repurchase agreements are secured by government obligations. At September 27, 2014 demand deposits of approximately $4.2 million in two banks exceed the $250,000 FDIC insurance limit per bank. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts – Accounts receivable are primarily from vendor allowances, customer charges and pharmacy insurance company reimbursements. Accounts receivable are stated net of an allowance for uncollectible accounts, which is determined through analysis of the aging of accounts receivable at the date of the consolidated financial statements and assessments of the collectability based upon historical collection activity adjusted for current conditions. |
Inventories | Inventories – Substantially all of the Company’s inventory consists of finished goods. Warehouse inventories are valued at the lower of average cost or market. Store inventories are valued using the retail method under which inventories at cost (and the resulting gross margins) are determined by applying a calculated cost-to-retail ratio to the retail value of inventories. As an integral part of valuing inventory at cost, management makes certain judgments and estimates for standard gross margins, allowances for vendor consideration, markdowns and shrinkage. Warehousing and distribution costs are not included in the valuation of inventories. The Company reviews its judgments and estimates regularly and makes adjustments where facts and circumstances dictate. |
Property, Equipment and Depreciation | Property, Equipment and Depreciation – Property and equipment are stated at cost and depreciated over the estimated useful lives by the straight-line method. Buildings are generally depreciated over 30 years. Store, office and warehouse equipment is generally depreciated over three to 10 years. Transportation equipment is generally depreciated over three to five years. Leasehold improvements are depreciated over the shorter of the subject lease term or the useful life of the asset, generally from three to 30 years. Depreciation and amortization expense totaled $97.7 million, $94.9 million and $90.6 million for fiscal years 2014, 2013 and 2012, respectively. |
Asset Impairments | Asset Impairments – The Company accounts for the impairment of long-lived assets in accordance with FASB ASC Topic 360. Asset groups are primarily comprised of individual store and shopping center properties. For assets to be held and used, the Company tests for impairment using undiscounted cash flows and calculates the amount of impairment using discounted cash flows. For assets held for sale, impairment is recognized based on the excess of remaining book value over expected recovery value. The recovery value is the fair value as determined by independent quotes or expected sales prices developed by internal associates, less costs to sell. Estimates of future cash flows and expected sales prices are judgments based upon the Company’s experience and knowledge of local operations and cash flows that are projected for several years into the future. These estimates can fluctuate significantly due to changes in real estate market conditions, the economic environment, capital spending decisions and inflation. The Company monitors the carrying value of long-lived assets for potential impairment each quarter based on whether any indicators of impairment have occurred. |
Restricted Investments | Restricted Investments – Restricted investments consisted of money market deposits and United States Treasury securities purchased with the proceeds of the Recovery Zone Bonds issued in December 2010. These investments were held in a trust account and were liquidated as the Company incurred approved costs to build the Project, which was completed during fiscal year 2012. These assets were classified as available-for-sale and stated at market value. |
Capitalized Loan and Leasehold Costs | Capitalized Loan Costs – Other assets include capitalized loan costs of $10.6 million (net of $2.4 million accumulated amortization) and $11.6 million (net of $1.2 million accumulated amortization) at September 27, 2014 and September 28, 2013, respectively. These costs are amortized over the life of the underlying debt instrument at approximately $1.3 million per year. During the year ended September 28, 2013 the Company wrote off $15.3 million of capitalized loan costs in conjunction with the early repayment of certain outstanding debt. This amount is included in the line item “Loss on early extinguishment of debt” on the Consolidated Statements of Income. |
Nonqualified Investment Plan | Nonqualified Investment Plan – The purpose of the Executive Nonqualified Excess Plan is to provide retirement benefits similar to the Company’s Investment/Profit Sharing Plan to certain of the Company’s management employees who are otherwise subject to limited participation in the 401(k) feature of the Company’s Investment/Profit Sharing Plan. Participant retirement account balances are liabilities of the Company. Assets of the plan are assets of the Company and are held in trust for employees and distributed upon retirement, death, disability, in-service distributions, or termination of employment. In accordance with the trust, the Company may not use these assets for general corporate purposes. During the fiscal year ended September 27, 2014 the Company liquidated certain life insurance policy assets and invested the proceeds in marketable securities. These marketable securities will be liquidated and invested in life insurance policies in future periods. Life insurance policies and marketable securities held in the trust are included in the caption “Other assets” in the Condensed Consolidated Balance Sheets. |
Self-Insurance | Self-Insurance – The Company is self-insured for workers’ compensation, general liability and group medical and dental benefits. Risks and uncertainties are associated with self-insurance; however, the Company has limited its exposure by maintaining excess liability coverage of $750,000 per occurrence for workers’ compensation, $500,000 for general liability, and $325,000 per covered person for medical care benefits for a policy year. Self-insurance liabilities are established based on claims filed and estimates of claims incurred but not reported. The estimates are based on data provided by the respective claims administrators, which is then applied to appropriate actuarial methods. These estimates can fluctuate if historical trends are not predictive of the future. The Company’s self-insurance reserves totaled $29.9 million and $29.4 million for employee group insurance, workers’ compensation insurance and general liability insurance at September 27, 2014 and September 28, 2013, respectively. The Company is required in certain cases to obtain letters of credit to support its self-insured status. At fiscal year-end 2014, the Company’s self-insured liabilities were supported by $9.3 million of undrawn letters of credit which expire between October 2014 and September 2015. The Company carries casualty insurance only on those properties where it is required to do so. The Company has elected to self-insure its other properties. |
Income Taxes | Income Taxes – The Company accounts for income taxes under FASB ASC Topic 740. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates. The Company accounts for uncertainty in income taxes by prescribing a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken on a tax return. |
The Company had gross unrecognized tax benefits of $148,800 and $149,100 as of September 27, 2014 and September 28, 2013, respectively. These benefits, if recognized, would have an insignificant effect on the effective tax rate. The Company does not expect that the total amounts of unrecognized tax benefits will significantly increase or decrease within the next twelve months. | |
The Company files income tax returns with federal and various state jurisdictions. With few exceptions, the Company is no longer subject to state income tax examinations by tax authorities for the years before 2010. Additionally, the Internal Revenue Service (“IRS”) has completed its examination of the Company’s U.S. Federal income tax returns filed through fiscal year 2011. Examinations may challenge certain of the Company’s tax positions. Actual results could materially differ from these estimates and could significantly affect the effective tax rate and cash flows in the future years. | |
Valuation allowances are established when necessary to reduce deferred tax assets to the amount more likely than not expected to be realized. | |
The Company’s continuing practice is to recognize interest and penalties related to uncertain tax positions and related matters in income tax expense. As of September 27, 2014, the Company had approximately $53,000 accrued for interest and penalties. | |
Pre-Opening Costs | Pre-Opening Costs – Costs associated with the opening of new stores are expensed when incurred. |
Per-Share Amounts | Per-Share Amounts – The Company calculates earnings per share using the two-class method in accordance with FASB ASC Topic 260. |
Advertising | Advertising – The Company expenses advertising as incurred. Advertising and promotion expenses, net of vendor allowance reimbursements, totaled $12.3 million, $13.9 million and $14.1 million for fiscal years 2014, 2013 and 2012, respectively. |
Use of Estimates | Use of Estimates – The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, they may ultimately differ from actual results. Such estimates include the allowance for doubtful accounts, various inventory reserves, realizability of deferred tax assets, and self-insurance reserves. |
Cost of Goods Sold | Cost of Goods Sold – In addition to the direct product cost, cost of goods sold for the grocery segment includes inbound freight charges and costs of the Company’s distribution network. Milk processing is a manufacturing process. Therefore, cost of goods sold include direct product and production costs, inbound freight, purchasing and receiving costs, inspection costs, warehousing costs, internal transfer costs, and other costs of distribution. Depreciation expense included in costs of goods sold totaled $16.7 million, $14.2 million and $9.2 million for fiscal years 2014, 2013 and 2012, respectively. |
Operating and Administrative Expenses | Operating and Administrative Expenses – Operating and administrative expenses include costs incurred for store and administrative labor, occupancy, depreciation (to the extent not included in Cost of Goods Sold), insurance and general administration. |
Revenue Recognition | Revenue Recognition – The Company recognizes revenues from grocery segment sales at the point of sale to its customers. Sales taxes collected from customers are not included in reported revenues. Discounts provided to customers by the Company at the point of sale, including discounts provided in connection with loyalty cards, are recognized as a reduction in sales as the products are sold. Product returns are not significant. |
The Company recognizes fluid dairy revenues at the time the risk of loss shifts to the customer pursuant to our terms of sale. Therefore, approximately 67% of fluid dairy revenues are recognized when the product is picked up by the customer at our facility. The remaining fluid dairy revenues are recognized when the product is received at the customer’s facility upon delivery via transportation arranged by the Company. | |
Rental income, including contingent rentals, is recognized on the accrual basis. Upfront consideration paid by either the Company as lessor or by the lessee is recognized as an adjustment to net rental income using the straight line method over the term of the lease. | |
Vendor Allowances | Vendor Allowances – The Company receives funds for a variety of merchandising activities from the many vendors whose products the Company buys for resale in its stores. These incentives and allowances are primarily comprised of volume or purchase based incentives, advertising allowances, slotting fees, and promotional discounts. The purpose of these incentives and allowances is generally to help defray the costs incurred by the Company for stocking, advertising, promoting and selling the vendors’ products. These allowances generally relate to short term arrangements with vendors, often relating to a period of a month or less, and are negotiated on a purchase-by-purchase or transaction-by-transaction basis. Whenever possible, vendor discounts and allowances that relate to buying and merchandising activities are recorded as a component of item cost in inventory and recognized in merchandise costs when the item is sold. Due to system constraints and the nature of certain allowances, it is sometimes not practicable to apply allowances to the item cost of inventory. In those instances, the allowances are applied as a reduction of merchandise costs using a rational and systematic methodology, which results in the recognition of these incentives when the inventory related to the vendor consideration received is sold. Vendor allowances applied as a reduction of merchandise costs totaled $126.7 million, $121.9 million, and $114.3 million for the fiscal years ended September 27, 2014, September 28, 2013 and September 29, 2012, respectively. Vendor advertising allowances that represent a reimbursement of specific identifiable incremental costs of advertising the vendor’s specific products are recorded as a reduction to the related expense in the period that the related expense is incurred. Vendor advertising allowances recorded as a reduction of advertising expense totaled $14.8 million, $14.5 million, and $13.2 million for the fiscal years ended September 27, 2014, September 28, 2013 and September 29, 2012, respectively. |
If vendor advertising allowances were substantially reduced or eliminated, the Company would likely consider other methods of advertising as well as the volume and frequency of its product advertising, which could increase or decrease its expenditures. | |
Similarly, the Company is not able to assess the impact of vendor advertising allowances on the creation of additional revenue; as such allowances do not directly generate revenue for its stores | |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||
Sep. 27, 2014 | ||||||||||
Income Taxes [Abstract] | ||||||||||
Schedule Of Deferred Income Tax Liabilities And Assets | ||||||||||
2014 | 2013 | |||||||||
Deferred tax liabilities: | ||||||||||
Property and equipment tax/book differences | $ | 79,861,000 | $ | 96,989,000 | ||||||
Property tax method | 1,418,000 | 1,384,000 | ||||||||
Total deferred tax liabilities | 81,279,000 | 98,373,000 | ||||||||
Deferred tax assets: | ||||||||||
Insurance reserves | 8,360,000 | 8,957,000 | ||||||||
Advance payments on purchases contracts | 676,000 | 797,000 | ||||||||
Vacation accrual | 2,603,000 | 2,560,000 | ||||||||
State tax credits | 604,000 | 1,358,000 | ||||||||
Inventory | 1,917,000 | 2,323,000 | ||||||||
Deferred compensation | 3,157,000 | 2,784,000 | ||||||||
Other | 1,544,000 | 824,000 | ||||||||
Total deferred tax assets | 18,861,000 | 19,603,000 | ||||||||
Net deferred tax liabilities | $ | 62,418,000 | $ | 78,770,000 | ||||||
Schedule Of Income Tax Expense Reconciliation | ||||||||||
2014 | 2013 | 2012 | ||||||||
Federal tax at statutory rate | $ | 27,922,000 | $ | 9,109,000 | $ | 23,572,000 | ||||
State income tax, net of federal tax benefits | 2,308,000 | -2,204,000 | 1,943,000 | |||||||
Federal tax credits | -718,000 | -1,410,000 | -1,209,000 | |||||||
Other | -1,162,000 | -48,000 | -403,000 | |||||||
Total | $ | 28,350,000 | $ | 5,447,000 | $ | 23,903,000 | ||||
Schedule Of Income Tax Expense (Benefit) | ||||||||||
2014 | 2013 | 2012 | ||||||||
Current: | ||||||||||
Federal | $ | 40,475,000 | $ | 73,000 | $ | 6,734,000 | ||||
State | 4,227,000 | -2,061,000 | 2,967,000 | |||||||
Total current | 44,702,000 | -1,988,000 | 9,701,000 | |||||||
Deferred: | ||||||||||
Federal | -15,913,000 | 7,368,000 | 12,149,000 | |||||||
State | -439,000 | 67,000 | 2,053,000 | |||||||
Total deferred | -16,352,000 | 7,435,000 | 14,202,000 | |||||||
Total expense | $ | 28,350,000 | $ | 5,447,000 | $ | 23,903,000 | ||||
Property_And_Equipment_Tables
Property And Equipment (Tables) | 12 Months Ended | ||||||
Sep. 27, 2014 | |||||||
Property And Equipment [Abstract] | |||||||
Schedule Of Property And Equipment | |||||||
2014 | 2013 | ||||||
Land | $ | 308,475,596 | $ | 302,390,527 | |||
Construction in progress | 7,201,640 | 9,644,248 | |||||
Buildings | 1,015,061,129 | 983,136,114 | |||||
Store, office and warehouse equipment | 785,827,851 | 738,305,477 | |||||
Transportation equipment | 64,705,509 | 64,436,941 | |||||
Leasehold improvements | 53,183,103 | 53,886,925 | |||||
Total | 2,234,454,828 | 2,151,800,232 | |||||
Less accumulated depreciation and amortization | 1,015,847,799 | 939,668,177 | |||||
Property and equipment - net | $ | 1,218,607,029 | $ | 1,212,132,055 | |||
Property_Held_For_Lease_And_Re1
Property Held For Lease And Rental Income (Tables) | 12 Months Ended | |||||||||
Sep. 27, 2014 | ||||||||||
Property Held For Lease And Rental Income [Abstract] | ||||||||||
Schedule Of Rental Income | ||||||||||
2014 | 2013 | 2012 | ||||||||
Rents earned on owned and subleased properties: | ||||||||||
Base rentals including lease termination payments | $ | 7,875,101 | $ | 7,997,136 | $ | 8,352,748 | ||||
Contingent rentals | 331,352 | 257,598 | 528,083 | |||||||
Total | 8,206,453 | 8,254,734 | 8,880,831 | |||||||
Depreciation on owned properties leased to others | -5,363,637 | -5,220,102 | -5,478,307 | |||||||
Other shopping center expenses | -1,982,212 | -1,936,250 | -1,958,178 | |||||||
Total | $ | 860,604 | $ | 1,098,382 | $ | 1,444,346 | ||||
Schedule Of Owned Properties Under Operating Leases By Major Classes | ||||||||||
September 27, | September 28, | |||||||||
2014 | 2013 | |||||||||
Land | $ | 41,796,507 | $ | 39,487,058 | ||||||
Buildings | 168,884,878 | 162,673,028 | ||||||||
Total | 210,681,385 | 202,160,086 | ||||||||
Less accumulated depreciation | -103,238,395 | -93,950,201 | ||||||||
Total | $ | 107,442,990 | $ | 108,209,885 | ||||||
Schedule Of Minimum Future Rental Income | ||||||||||
Fiscal Year | ||||||||||
2015 | $ | 4,941,290 | ||||||||
2016 | 3,891,919 | |||||||||
2017 | 2,639,172 | |||||||||
2018 | 1,454,504 | |||||||||
2019 | 1,045,880 | |||||||||
Thereafter | 2,499,485 | |||||||||
Total minimum future rental income | $ | 16,472,250 | ||||||||
Leases_And_Rental_Expense_Tabl
Leases And Rental Expense (Tables) | 12 Months Ended | |||
Sep. 27, 2014 | ||||
Leases And Rental Expense [Abstract] | ||||
Schedule Of Aggregate Minimum Rental Commitments | ||||
Fiscal Year | ||||
2015 | $ | 11,733,813 | ||
2016 | 10,771,402 | |||
2017 | 10,339,177 | |||
2018 | 8,769,561 | |||
2019 | 7,675,403 | |||
Thereafter | 39,323,619 | |||
Total minimum future rental commitments | $ | 88,612,975 | ||
Supplementary_Balance_Sheet_In1
Supplementary Balance Sheet Information (Tables) | 12 Months Ended | ||||||
Sep. 27, 2014 | |||||||
Supplementary Balance Sheet Information [Abstract] | |||||||
Accrued Expenses And Current Portion Of Other Long-Term Liabilities | |||||||
2014 | 2013 | ||||||
Property, payroll, and other taxes payable | $ | 16,469,128 | $ | 16,771,941 | |||
Salaries, wages, and bonuses payable | 25,514,842 | 25,129,025 | |||||
Self-insurance liabilities: | |||||||
Employee group insurance | 4,585,759 | 4,591,256 | |||||
Workers’ compensation insurance | 5,677,217 | 5,658,840 | |||||
General liability insurance | 2,671,944 | 2,594,047 | |||||
Interest | 12,676,648 | 12,993,252 | |||||
Other | 3,349,190 | 4,264,622 | |||||
Total | $ | 70,944,728 | $ | 72,002,983 | |||
Schedule Of Other Long-Term Liabilities | |||||||
2014 | 2013 | ||||||
Advance payments on purchases contracts | $ | 1,748,818 | $ | 2,054,112 | |||
Deferred gain - sale/leasebacks | 369,773 | 420,166 | |||||
Deferred lease expense | 1,875,776 | 1,900,084 | |||||
Nonqualified investment plan liability | 8,172,335 | 7,211,523 | |||||
Self-insurance liabilities: | |||||||
Workers’ compensation insurance | 13,283,535 | 13,066,779 | |||||
General liability insurance | 3,643,676 | 3,460,935 | |||||
Other | 1,261,623 | 1,047,281 | |||||
Total other long-term liabilities | 30,355,536 | 29,160,880 | |||||
Less current portion | 1,565,501 | 1,342,663 | |||||
$ | 28,790,035 | $ | 27,818,217 | ||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||||
Sep. 27, 2014 | ||||||||||
Long-Term Debt [Abstract] | ||||||||||
Schedule Of Long-Term Debt And Short-Term Loans | ||||||||||
2014 | 2013 | |||||||||
Bonds payable: | ||||||||||
Senior notes, interest rate of 5.75%, maturing 2023 | $ | 700,000,000 | $ | 700,000,000 | ||||||
Recovery Zone Facility Bonds, maturing 2036 | 95,210,000 | 99,740,000 | ||||||||
Outstanding line of credit, weighted average interest rate of 3.38% | 29,910,050 | — | ||||||||
Notes payable: | ||||||||||
Real estate and equipment maturing 2013-2031: | ||||||||||
Due to banks, weighted average interest rate of 3.01 for 2014 and 3.26% for 2013 | 80,634,003 | 78,405,127 | ||||||||
Due to other financial institutions, weighted average interest rate of 4.09% for 2014 and 4.04% for 2013 | 31,505,690 | 34,325,872 | ||||||||
Total long-term debt | 937,259,743 | 912,470,999 | ||||||||
Less current portion | 12,488,400 | 18,956,761 | ||||||||
Long-term debt, net of current portion | $ | 924,771,343 | $ | 893,514,238 | ||||||
Schedule Of Redemption Prices Of Senior Notes | ||||||||||
Year | ||||||||||
2018 | 102.88% | |||||||||
2019 | 101.92% | |||||||||
2020 | 100.96% | |||||||||
2021 and thereafter | 100.00% | |||||||||
Schedule Of Components Of Interest Costs | ||||||||||
2014 | 2013 | 2012 | ||||||||
Total interest costs | $ | 46,846,912 | $ | 59,598,030 | $ | 61,764,642 | ||||
Interest capitalized | -277,048 | -455,652 | -1,738,078 | |||||||
Interest expense | $ | 46,569,864 | $ | 59,142,378 | $ | 60,026,564 | ||||
Schedule Of Maturities Of Long-Term Debt | ||||||||||
Fiscal Year | ||||||||||
2015 | $ | 12,488,400 | ||||||||
2016 | 12,678,414 | |||||||||
2017 | 11,677,721 | |||||||||
2018 | 79,421,418 | |||||||||
2019 | 18,916,389 | |||||||||
Thereafter | 802,077,401 | |||||||||
Total | $ | 937,259,743 | ||||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 12 Months Ended | ||||||||||||
Sep. 27, 2014 | |||||||||||||
Earnings Per Common Share [Abstract] | |||||||||||||
Reconciliation Of Numerators And Denominators Of Basic And Diluted Earnings Per Share | |||||||||||||
Year Ended | |||||||||||||
27-Sep-14 | |||||||||||||
Class A | Class B | ||||||||||||
Numerator: Allocated net income | |||||||||||||
Net income allocated, basic | $ | 31,776,515 | $ | 19,649,939 | |||||||||
Conversion of Class B to Class A shares | 19,649,939 | — | |||||||||||
Net income allocated, diluted | $ | 51,426,454 | $ | 19,649,939 | |||||||||
Denominator: Weighted average shares outstanding | |||||||||||||
Weighted average shares outstanding, basic | 13,482,296 | 9,126,381 | |||||||||||
Conversion of Class B to Class A shares | 9,126,381 | — | |||||||||||
Weighted average shares outstanding, diluted | 22,608,677 | 9,126,381 | |||||||||||
Earnings per share | |||||||||||||
Basic | $ | 2.36 | $ | 2.14 | |||||||||
Diluted | $ | 2.28 | $ | 2.14 | |||||||||
Year Ended | Year Ended | ||||||||||||
28-Sep-13 | 29-Sep-12 | ||||||||||||
Class A | Class B | Class A | Class B | ||||||||||
Numerator: Allocated net income | |||||||||||||
Net income allocated, basic | $ | 11,638,545 | $ | 9,157,345 | $ | 24,151,777 | $ | 19,292,566 | |||||
Conversion of Class B to Class A shares | 9,157,345 | — | 19,292,566 | — | |||||||||
Net income allocated, diluted | $ | 20,795,890 | $ | 9,157,345 | $ | 43,444,343 | $ | 19,292,566 | |||||
Denominator: Weighted average shares outstanding | |||||||||||||
Weighted average shares outstanding, basic | 13,054,425 | 10,817,989 | 12,936,583 | 11,364,899 | |||||||||
Conversion of Class B to Class A shares | 10,817,989 | — | 11,364,899 | — | |||||||||
Weighted average shares outstanding, diluted | 23,872,414 | 10,817,989 | 24,301,482 | 11,364,899 | |||||||||
Earnings per share | |||||||||||||
Basic | $ | 0.89 | $ | 0.85 | $ | 1.87 | $ | 1.70 | |||||
Diluted | $ | 0.87 | $ | 0.85 | $ | 1.79 | $ | 1.70 | |||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||
Sep. 27, 2014 | ||||||||||
Segment Information [Abstract] | ||||||||||
Operations By Lines Of Business | ||||||||||
2014 | 2013 | 2012 | ||||||||
Revenues from unaffiliated customers: | ||||||||||
Grocery sales | $ | 3,683,353 | $ | 3,599,820 | $ | 3,577,510 | ||||
Other | 152,633 | 138,720 | 140,805 | |||||||
Total revenues from unaffiliated customers | $ | 3,835,986 | $ | 3,738,540 | $ | 3,718,315 | ||||
Income before income taxes: | ||||||||||
Grocery sales | $ | 112,030 | $ | 114,380 | $ | 111,540 | ||||
Other | 11,315 | 11,194 | 12,307 | |||||||
Total income from operations | 123,345 | 125,574 | 123,847 | |||||||
Other income, net | 3,001 | 2,900 | 3,527 | |||||||
Interest expense | 46,570 | 59,142 | 60,027 | |||||||
Loss on early extinguishment of debt | — | 43,089 | — | |||||||
Income before income taxes | $ | 79,776 | $ | 26,243 | $ | 67,347 | ||||
Assets: | ||||||||||
Grocery sales | $ | 1,515,055 | $ | 1,528,483 | $ | 1,486,109 | ||||
Other | 144,667 | 143,237 | 158,267 | |||||||
Elimination of intercompany receivable | -2,770 | -2,392 | -2,267 | |||||||
Total assets | $ | 1,656,952 | $ | 1,669,328 | $ | 1,642,109 | ||||
Capital expenditures: | ||||||||||
Grocery sales | $ | 105,808 | $ | 99,995 | $ | 175,835 | ||||
Other | 2,531 | 1,458 | 4,794 | |||||||
Total capital expenditures | $ | 108,338 | $ | 101,453 | $ | 180,629 | ||||
Depreciation and amortization: | ||||||||||
Grocery sales | $ | 90,025 | $ | 87,331 | $ | 82,584 | ||||
Other | 7,639 | 7,558 | 7,947 | |||||||
Total depreciation and amortization | $ | 97,664 | $ | 94,889 | $ | 90,531 | ||||
Sales By Product Category | ||||||||||
Fiscal Year Ended September | ||||||||||
(dollars in thousands) | ||||||||||
2014 | 2013 | 2012 | ||||||||
Grocery | $ | 1,397,870 | $ | 1,424,869 | $ | 1,447,520 | ||||
Non-foods | 729,934 | 707,294 | 709,959 | |||||||
Perishables | 937,402 | 898,956 | 866,252 | |||||||
Gasoline | 618,147 | 568,701 | 553,779 | |||||||
Total grocery segment | $ | 3,683,353 | $ | 3,599,820 | $ | 3,577,510 | ||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||||
Sep. 27, 2014 | ||||||||||||||||
Selected Quarterly Financial Data [Abstract] | ||||||||||||||||
Summary Of Selected Quarterly Financial Data | ||||||||||||||||
1st | 2nd | 3rd | 4th | |||||||||||||
Quarter | Quarter | Quarter | Quarter | Total | ||||||||||||
(amounts in thousands except earnings per common share) | ||||||||||||||||
2014 | ||||||||||||||||
Net sales | $ | 945,125 | $ | 947,761 | $ | 978,262 | $ | 964,838 | $ | 3,835,986 | ||||||
Gross profit | 203,506 | 206,124 | 215,151 | 220,383 | 845,164 | |||||||||||
Net income | 9,533 | 10,455 | 13,834 | 17,604 | 51,426 | |||||||||||
Basic earnings per common share | ||||||||||||||||
Class A | 0.44 | 0.47 | 0.63 | 0.82 | 2.36 | |||||||||||
Class B | 0.40 | 0.43 | 0.57 | 0.74 | 2.14 | |||||||||||
Diluted earnings per common share | ||||||||||||||||
Class A | 0.42 | 0.46 | 0.61 | 0.79 | 2.28 | |||||||||||
Class B | 0.40 | 0.43 | 0.57 | 0.74 | 2.14 | |||||||||||
2013 | ||||||||||||||||
Net sales | $ | 934,977 | $ | 920,694 | $ | 934,015 | $ | 948,854 | $ | 3,738,540 | ||||||
Gross profit | 208,205 | 198,646 | 210,652 | 210,307 | 827,810 | |||||||||||
Net income | 11,568 | 8,090 | -14,424 | 15,562 | 20,796 | |||||||||||
Basic earnings per common share | ||||||||||||||||
Class A | 0.50 | 0.35 | -0.62 | 0.71 | 0.89 | |||||||||||
Class B | 0.45 | 0.32 | -0.56 | 0.65 | 0.85 | |||||||||||
Diluted earnings per common share | ||||||||||||||||
Class A | 0.48 | 0.33 | -0.62 | 0.68 | 0.87 | |||||||||||
Class B | 0.45 | 0.32 | -0.56 | 0.65 | 0.85 | |||||||||||
Fair_Values_Of_Financial_Instr1
Fair Values Of Financial Instruments (Tables) | 12 Months Ended | ||||||||
Sep. 27, 2014 | |||||||||
Fair Values Of Financial Instruments [Abstract] | |||||||||
Carrying Amount And Fair Value Of Debt | |||||||||
Carrying | |||||||||
Amount | Fair Value | Fair Value Measurements | |||||||
Senior Notes | $ | 700,000 | $ | 705,250 | Level 2 | ||||
Recovery Zone Facility Bonds | 95,210 | 95,210 | Level 2 | ||||||
Real estate and equipment notes payable | 112,140 | 112,805 | Level 2 | ||||||
Line of credit payable | 29,910 | 29,910 | Level 2 | ||||||
Total debt | $ | 937,260 | $ | 943,175 | |||||
Cash_Flow_Information_Tables
Cash Flow Information (Tables) | 12 Months Ended | |||||||||
Sep. 27, 2014 | ||||||||||
Cash Flow Information [Abstract] | ||||||||||
Supplemental Disclosure Of Cash Flow Information | ||||||||||
2014 | 2013 | 2012 | ||||||||
Cash paid (received) during the year for: | ||||||||||
Interest (net of amounts capitalized) | $ | 46,886,468 | $ | 65,281,861 | $ | 61,269,522 | ||||
Income taxes | 32,064,452 | -2,470,362 | 21,390,331 | |||||||
Non cash items: | ||||||||||
Property and equipment additions included in accounts payable | 8,555,952 | 14,598,996 | 7,957,599 | |||||||
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |
segment | |||
item | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of segments | 1 | ||
Other income, net | $3,001,161 | $2,900,341 | $3,527,065 |
Outstanding checks in excess of bank balances | 15,500,000 | 4,200,000 | |
Demand deposits | 4,200,000 | ||
Number of banks | 2 | ||
FDIC insurance limit per bank | 250,000 | ||
Total depreciation expense | 97,700,000 | 94,900,000 | 90,600,000 |
Capitalized loan and leasehold costs | 10,600,000 | 11,600,000 | |
Accumulated amortization | 2,400,000 | 1,200,000 | |
Costs to be amortized over the life of the underlying debt instrument or lease, per year. | 1,300,000 | ||
Write off of capitalized loan costs | 15,300,000 | ||
Liability coverage per occurrence for workers compensation | 750,000 | ||
Liability coverage for general liability | 500,000 | ||
Liability coverage per covered person for medical care benefits | 325,000 | ||
Company's self insurance reserves | 29,900,000 | 29,400,000 | |
Undrawn letters of credit | 9,300,000 | ||
Expiry date of undrawn letters of credit, Start | 1-Oct-14 | ||
Expiry date of undrawn letters of credit, End | 1-Sep-15 | ||
Unrecognized tax benefits | 148,800 | 149,100 | |
Interest and penalties, expense | 53,000 | ||
Advertising and promotion expenses, net of vendor allowances | 12,300,000 | 13,900,000 | 14,100,000 |
Depreciation expense included in costs of goods sold totaled | 16,700,000 | 14,200,000 | 9,200,000 |
Fluid dairy revenues recognition | 67.00% | ||
Vendor allowances applied as a reduction of merchandise costs | 126,700,000 | 121,900,000 | 114,300,000 |
Vendor advertising allowances recorded as a reduction of advertising expense | $14,800,000 | $14,500,000 | $13,200,000 |
Buildings [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful life of property, plant and equipment | 30 years | ||
Minimum [Member] | Store, Office and Warehouse Equipment [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful life of property, plant and equipment | 3 years | ||
Minimum [Member] | Transportation Equipment [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful life of property, plant and equipment | 3 years | ||
Minimum [Member] | Leasehold Improvements [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful life of property, plant and equipment | 3 years | ||
Maximum [Member] | Store, Office and Warehouse Equipment [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful life of property, plant and equipment | 10 years | ||
Maximum [Member] | Transportation Equipment [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful life of property, plant and equipment | 5 years | ||
Maximum [Member] | Leasehold Improvements [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Useful life of property, plant and equipment | 30 years | ||
Georgia [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of locations | 71 | ||
North Carolina [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of locations | 71 | ||
South Carolina [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of locations | 36 | ||
Tennessee [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of locations | 21 | ||
Virginia [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of locations | 2 | ||
Alabama [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of locations | 1 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
In Millions, unless otherwise specified | ||
Income Taxes [Abstract] | ||
Current deferred income tax benefits | $7.60 | $7.30 |
Refundable current income taxes | 1.2 | 13.8 |
Interest and penalties, accrued | $0.20 | $0.20 |
Income_Taxes_Schedule_Of_Defer
Income Taxes (Schedule Of Deferred Income Tax Liabilities And Assets) (Details) (USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
Income Taxes [Abstract] | ||
Property and equipment tax/book differences | $79,861,000 | $96,989,000 |
Property tax method | 1,418,000 | 1,384,000 |
Total deferred tax liabilities | 81,279,000 | 98,373,000 |
Insurance reserves | 8,360,000 | 8,957,000 |
Advance payments on purchases contracts | 676,000 | 797,000 |
Vacation accrual | 2,603,000 | 2,560,000 |
State tax credits | 604,000 | 1,358,000 |
Inventory | 1,917,000 | 2,323,000 |
Deferred compensation | 3,157,000 | 2,784,000 |
Other | 1,544,000 | 824,000 |
Total deferred tax assets | 18,861,000 | 19,603,000 |
Net deferred tax liabilities | $62,418,000 | $78,770,000 |
Income_Taxes_Schedule_Of_Incom
Income Taxes (Schedule Of Income Tax Expense Reconciliation) (Details) (USD $) | 12 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |
Income Taxes [Abstract] | |||
Federal tax at statutory rate | $27,922,000 | $9,109,000 | $23,572,000 |
State income tax, net of federal tax benefits | 2,308,000 | -2,204,000 | 1,943,000 |
Federal tax credits | -718,000 | -1,410,000 | -1,209,000 |
Other | -1,162,000 | -48,000 | -403,000 |
Income tax expense | $28,350,000 | $5,447,000 | $23,903,000 |
Income_Taxes_Schedule_Of_Incom1
Income Taxes (Schedule Of Income Tax Expense (Benefit)) (Details) (USD $) | 12 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |
Income Taxes [Abstract] | |||
Federal, current | $40,475,000 | $73,000 | $6,734,000 |
State, current | 4,227,000 | -2,061,000 | 2,967,000 |
Total current | 44,702,000 | -1,988,000 | 9,701,000 |
Federal, deferred | -15,913,000 | 7,368,000 | 12,149,000 |
State, deferred | -439,000 | 67,000 | 2,053,000 |
Total deferred | -16,352,000 | 7,435,000 | 14,202,000 |
Income tax expense | $28,350,000 | $5,447,000 | $23,903,000 |
Property_And_Equipment_Details
Property And Equipment (Details) (USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
Property, Plant and Equipment [Line Items] | ||
Total | $2,234,454,828 | $2,151,800,232 |
Less accumulated depreciation and amortization | 1,015,847,799 | 939,668,177 |
Property and equipment - net | 1,218,607,029 | 1,212,132,055 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 308,475,596 | 302,390,527 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 7,201,640 | 9,644,248 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 1,015,061,129 | 983,136,114 |
Store, Office and Warehouse Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 785,827,851 | 738,305,477 |
Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 64,705,509 | 64,436,941 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | $53,183,103 | $53,886,925 |
Property_Held_For_Lease_And_Re2
Property Held For Lease And Rental Income (Narrative) (Details) | 12 Months Ended |
Sep. 27, 2014 | |
item | |
Property Held For Lease And Rental Income [Abstract] | |
Number of shopping centers | 69 |
Maximum period for non-cancelable operating lease agreements | 25 years |
Property_Held_For_Lease_And_Re3
Property Held For Lease And Rental Income (Schedule Of Rental Income) (Details) (USD $) | 12 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |
Property Held For Lease And Rental Income [Abstract] | |||
Base rentals including lease termination payments | $7,875,101 | $7,997,136 | $8,352,748 |
Contingent rentals | 331,352 | 257,598 | 528,083 |
Total | 8,206,453 | 8,254,734 | 8,880,831 |
Depreciation on owned properties leased to others | -5,363,637 | -5,220,102 | -5,478,307 |
Other shopping center expenses | -1,982,212 | -1,936,250 | -1,958,178 |
Total | $860,604 | $1,098,382 | $1,444,346 |
Property_Held_For_Lease_And_Re4
Property Held For Lease And Rental Income (Schedule Of Owned Properties Under Operating Leases By Major Classes) (Details) (USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
Property Subject to or Available for Operating Lease [Line Items] | ||
Property subject to operating lease, Gross | $210,681,385 | $202,160,086 |
Less accumulated depreciation | -103,238,395 | -93,950,201 |
Property subject to operating lease, Total | 107,442,990 | 108,209,885 |
Land [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Property subject to operating lease, Gross | 41,796,507 | 39,487,058 |
Buildings [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Property subject to operating lease, Gross | $168,884,878 | $162,673,028 |
Property_Held_For_Lease_And_Re5
Property Held For Lease And Rental Income (Schedule Of Minimum Future Rental Income) (Details) (USD $) | Sep. 27, 2014 |
Property Held For Lease And Rental Income [Abstract] | |
2015 | $4,941,290 |
2016 | 3,891,919 |
2017 | 2,639,172 |
2018 | 1,454,504 |
2019 | 1,045,880 |
Thereafter | 2,499,485 |
Total minimum future rental income | $16,472,250 |
Leases_and_Rental_Expense_Narr
Leases and Rental Expense (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Leases And Rental Expense [Abstract] | |||
Lease term | 20 years | ||
Rent expense for all operating leases | $14.10 | $14.40 | $14.20 |
Sub-lease rental income | $0.20 | $0.20 | $0.20 |
Leases_and_Rental_Expense_Sche
Leases and Rental Expense (Schedule Of Aggregate Minimum Rental Commitments) (Details) (USD $) | Sep. 27, 2014 |
Leases And Rental Expense [Abstract] | |
Minimum rental commitment 2015 | $11,733,813 |
Minimum rental commitment 2016 | 10,771,402 |
Minimum rental commitment 2017 | 10,339,177 |
Minimum rental commitment 2018 | 8,769,561 |
Minimum rental commitment 2019 | 7,675,403 |
Minimum rental commitment thereafter | 39,323,619 |
Total minimum rental commitment | $88,612,975 |
Supplementary_Balance_Sheet_In2
Supplementary Balance Sheet Information (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Supplementary Balance Sheet Information [Abstract] | |||
Employee insurance expense | $27.40 | $31.40 | $30.60 |
Supplementary_Balance_Sheet_In3
Supplementary Balance Sheet Information (Accrued Expenses And Current Portion Of Other Long-Term Liabilities) (Details) (USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
Supplementary Balance Sheet Information [Line Items] | ||
Property, payroll, and other taxes payable | $16,469,128 | $16,771,941 |
Salaries, wages and bonuses payable | 25,514,842 | 25,129,025 |
Interest | 12,676,648 | 12,993,252 |
Other | 3,349,190 | 4,264,622 |
Total | 70,944,728 | 72,002,983 |
Employee Group Insurance [Member] | ||
Supplementary Balance Sheet Information [Line Items] | ||
Self-insurance liabilities | 4,585,759 | 4,591,256 |
Workers Compensation Insurance [Member] | ||
Supplementary Balance Sheet Information [Line Items] | ||
Self-insurance liabilities | 5,677,217 | 5,658,840 |
General Liability [Member] | ||
Supplementary Balance Sheet Information [Line Items] | ||
Self-insurance liabilities | $2,671,944 | $2,594,047 |
Supplementary_Balance_Sheet_In4
Supplementary Balance Sheet Information (Schedule Of Other Long-Term Liabilities) (Details) (USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
Supplementary Balance Sheet Information [Line Items] | ||
Advance payments on purchases contracts | $1,748,818 | $2,054,112 |
Deferred gain - sale/leasebacks | 369,773 | 420,166 |
Deferred lease expense | 1,875,776 | 1,900,084 |
Nonqualified investment plan liability | 8,172,335 | 7,211,523 |
Other | 1,261,623 | 1,047,281 |
Total other long-term liabilities | 30,355,536 | 29,160,880 |
Less current portion | 1,565,501 | 1,342,663 |
Other long-term liabilities, net of current portion | 28,790,035 | 27,818,217 |
Workers Compensation Insurance [Member] | ||
Supplementary Balance Sheet Information [Line Items] | ||
Self-insurance liabilities | 13,283,535 | 13,066,779 |
General Liability [Member] | ||
Supplementary Balance Sheet Information [Line Items] | ||
Self-insurance liabilities | $3,643,676 | $3,460,935 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | |||
Jun. 29, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 29, 2010 | |
sqft | |||||
Debt Instrument [Line Items] | |||||
Payments on line of credit | $52,000,000 | $383,927,017 | $622,051,131 | $741,446,238 | |
Unamortized loan expense | 15,300,000 | ||||
Line of credit facility | 175,000,000 | ||||
Maximum amount of unused letters of credit issued | 30,000,000 | ||||
Unused letters of credit issued | 11,000,000 | ||||
Total amount of bonds funded | 99,700,000 | ||||
Total area of new warehouse and distribution center | 830,000 | ||||
Annual amount of redemption of bonds | 4,500,000 | ||||
Property and equipment with undepreciated cost pledge as collateral for long term debt | 273,000,000 | ||||
Line of credit outstanding | 29,910,050 | ||||
Senior Notes, Interest Rate Of 5.75%, Maturing 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount | $700,000,000 | ||||
Interest rate of Senior note | 5.75% |
LongTerm_Debt_Schedule_Of_Long
Long-Term Debt (Schedule Of Long-Term Debt And Short-Term Loans) (Details) (USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
Debt Instrument [Line Items] | ||
Outstanding line of credit, weighted average interest rate of 3.99% | $29,910,050 | |
Total long-term debt | 937,259,743 | 912,470,999 |
Less current portion | 12,488,400 | 18,956,761 |
Long-term debt, net of current portion | 924,771,343 | 893,514,238 |
Weighted average interest rate | 3.38% | |
Senior Notes, Interest Rate Of 5.75%, Maturing 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Bonds payable | 700,000,000 | 700,000,000 |
Interest rate | 5.75% | |
Recovery Zone Facility Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Bonds payable | 95,210,000 | 99,740,000 |
Due to Banks, Weighted Average Interest Rate of 3.01 for 2014 and 3.26% for 2013 [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable | 80,634,003 | 78,405,127 |
Weighted average interest rate | 3.01% | 3.26% |
Due to Other Financial Institutions, Weighted Average Interest Rate of 4.09% for 2014 and 4.04% for 2013 [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable | $31,505,690 | $34,325,872 |
Weighted average interest rate | 4.09% | 4.04% |
LongTerm_Debt_Schedule_Of_Rede
Long-Term Debt (Schedule Of Redemption Prices Of Senior Notes) (Details) | 12 Months Ended |
Sep. 27, 2014 | |
Long-Term Debt [Abstract] | |
2018 | 102.88% |
2019 | 101.92% |
2020 | 100.96% |
2021 and thereafter | 100.00% |
LongTerm_Debt_Schedule_Of_Comp
Long-Term Debt (Schedule Of Components Of Interest Costs) (Details) (USD $) | 12 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |
Long-Term Debt [Abstract] | |||
Total interest costs | $46,846,912 | $59,598,030 | $61,764,642 |
Interest capitalized | -277,048 | -455,652 | -1,738,078 |
Interest expense | $46,569,864 | $59,142,378 | $60,026,564 |
LongTerm_Debt_Schedule_Of_Matu
Long-Term Debt (Schedule Of Maturities Of Long-Term Debt) (Details) (USD $) | Sep. 27, 2014 | Sep. 28, 2013 |
Long-Term Debt [Abstract] | ||
2015 | $12,488,400 | |
2016 | 12,678,414 | |
2017 | 11,677,721 | |
2018 | 79,421,418 | |
2019 | 18,916,389 | |
Thereafter | 802,077,401 | |
Total long-term debt | $937,259,743 | $912,470,999 |
Stockholders_Equity_Narrative_
Stockholder's Equity (Narrative) (Details) | 12 Months Ended | |
Sep. 27, 2014 | Sep. 28, 2013 | |
Class of Stock [Line Items] | ||
Percentage of cash dividend or liquidation payment based on Class B common stock | 110.00% | |
Shares authorized for repurchase | 4,000,000 | |
Minimum [Member] | ||
Class of Stock [Line Items] | ||
Number of directors set by board of directors | 5 | |
Maximum [Member] | ||
Class of Stock [Line Items] | ||
Number of directors set by board of directors | 11 | |
Class A Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Number of votes per share held by common stock holders | 1 | |
Percentage of directors to be elected by holders of common stock | 25.00% | |
Class B Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Number of votes per share held by common stock holders | 10 | |
Minimum percentage of outstanding common stock of both classes represented by common stock | 12.50% | |
Shares authorized for repurchase | 2,500,000 | 1,500,000 |
Shares repurchased during the period | 2,500,000 |
Earnings_Per_Common_Share_Reco
Earnings Per Common Share (Reconciliation Of Numerators And Denominators Of Basic And Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |
Class A Common Stock [Member] | |||||||||||
Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share [Line Items] | |||||||||||
Net income allocated, basic | $31,776,515 | $11,638,545 | $24,151,777 | ||||||||
Conversion of Class B to Class A shares | 19,649,939 | 9,157,345 | 19,292,566 | ||||||||
Net income allocated, diluted | 51,426,454 | 20,795,890 | 43,444,343 | ||||||||
Weighted average shares outstanding, basic | 13,482,296 | 13,054,425 | 12,936,583 | ||||||||
Conversion of Class B to Class A shares | 9,126,381 | 10,817,989 | 11,364,899 | ||||||||
Weighted average shares outstanding, diluted | 22,608,677 | 23,872,414 | 24,301,482 | ||||||||
Earnings per share, Basic | $0.82 | $0.63 | $0.47 | $0.44 | $0.71 | ($0.62) | $0.35 | $0.50 | $2.36 | $0.89 | $1.87 |
Earnings per share, Diluted | $0.79 | $0.61 | $0.46 | $0.42 | $0.68 | ($0.62) | $0.33 | $0.48 | $2.28 | $0.87 | $1.79 |
Class B Common Stock [Member] | |||||||||||
Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share [Line Items] | |||||||||||
Net income allocated, basic | 19,649,939 | 9,157,345 | 19,292,566 | ||||||||
Net income allocated, diluted | $19,649,939 | $9,157,345 | $19,292,566 | ||||||||
Weighted average shares outstanding, basic | 9,126,381 | 10,817,989 | 11,364,899 | ||||||||
Weighted average shares outstanding, diluted | 9,126,381 | 10,817,989 | 11,364,899 | ||||||||
Earnings per share, Basic | $0.74 | $0.57 | $0.43 | $0.40 | $0.65 | ($0.56) | $0.32 | $0.45 | $2.14 | $0.85 | $1.70 |
Earnings per share, Diluted | $0.74 | $0.57 | $0.43 | $0.40 | $0.65 | ($0.56) | $0.32 | $0.45 | $2.14 | $0.85 | $1.70 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Investment Profit Sharing Plan [Member] | |||
Postemployment and Postretirement Benefit Plans [Line Items] | |||
Operating and administrative expenses | $1,400 | $1,300 | $1,300 |
Nonqualified Investment Plan [Member] | |||
Postemployment and Postretirement Benefit Plans [Line Items] | |||
Operating and administrative expenses | 84 | 77 | 71 |
Cash Bonuses [Member] | |||
Postemployment and Postretirement Benefit Plans [Line Items] | |||
Operating and administrative expenses | $9,200 | $9,000 | $10,000 |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 |
Segment Reporting Information [Line Items] | |||
Number of segments | 1 | ||
Fluid Dairy [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales | $58.70 | $58.30 | $58.50 |
Segment_Information_Operations
Segment Information (Operations By Lines Of Business) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Jun. 29, 2013 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |
Segment Reporting Information By Segment [Line Items] | ||||
Total revenues from unaffiliated customers | $3,835,986,000 | $3,738,540,000 | $3,718,315,000 | |
Total income from operations | 123,345,157 | 125,574,175 | 123,846,842 | |
Other income, net | 3,001,161 | 2,900,341 | 3,527,065 | |
Interest expense | 46,569,864 | 59,142,378 | 60,026,564 | |
Loss on early extinguishment of debt | 43,100,000 | -43,089,248 | ||
Income before income taxes | 79,776,454 | 26,242,890 | 67,347,343 | |
Total assets | 1,656,951,564 | 1,669,327,737 | 1,642,109,000 | |
Total capital expenditures | 108,338,402 | 101,453,001 | 180,628,852 | |
Depreciation and amortization expense | 97,663,587 | 94,889,139 | 90,530,952 | |
Elimination Of Intercompany Receivable [Member] | ||||
Segment Reporting Information By Segment [Line Items] | ||||
Total assets | -2,770,000 | -2,392,000 | -2,267,000 | |
Grocery Sales [Member] | ||||
Segment Reporting Information By Segment [Line Items] | ||||
Total revenues from unaffiliated customers | 3,683,353,000 | 3,599,820,000 | 3,577,510,000 | |
Total income from operations | 112,030,000 | 114,380,000 | 111,540,000 | |
Total assets | 1,515,055,000 | 1,528,483,000 | 1,486,109,000 | |
Total capital expenditures | 105,808,000 | 99,995,000 | 175,835,000 | |
Depreciation and amortization expense | 90,025,000 | 87,331,000 | 82,584,000 | |
Other Segment [Member] | ||||
Segment Reporting Information By Segment [Line Items] | ||||
Total revenues from unaffiliated customers | 152,633,000 | 138,720,000 | 140,805,000 | |
Total income from operations | 11,315,000 | 11,194,000 | 12,307,000 | |
Total assets | 144,667,000 | 143,237,000 | 158,267,000 | |
Total capital expenditures | 2,531,000 | 1,458,000 | 4,794,000 | |
Depreciation and amortization expense | $7,639,000 | $7,558,000 | $7,947,000 |
Segment_Information_Sales_By_P
Segment Information (Sales By Product Category) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |
Segment Reporting Information By Segment [Line Items] | |||||||||||
Net sales | $964,838,000 | $978,262,000 | $947,761,000 | $945,125,000 | $948,854,000 | $934,015,000 | $920,694,000 | $934,977,000 | $3,835,985,953 | $3,738,540,461 | $3,718,314,651 |
Grocery [Member] | |||||||||||
Segment Reporting Information By Segment [Line Items] | |||||||||||
Net sales | 1,397,870,000 | 1,424,869,000 | 1,447,520,000 | ||||||||
Non-Foods [Member] | |||||||||||
Segment Reporting Information By Segment [Line Items] | |||||||||||
Net sales | 729,934,000 | 707,294,000 | 709,959,000 | ||||||||
Perishables [Member] | |||||||||||
Segment Reporting Information By Segment [Line Items] | |||||||||||
Net sales | 937,402,000 | 898,956,000 | 866,252,000 | ||||||||
Gasoline [Member] | |||||||||||
Segment Reporting Information By Segment [Line Items] | |||||||||||
Net sales | 618,147,000 | 568,701,000 | 553,779,000 | ||||||||
Grocery Sales [Member] | |||||||||||
Segment Reporting Information By Segment [Line Items] | |||||||||||
Net sales | $3,683,353,000 | $3,599,820,000 | $3,577,510,000 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |
Class of Stock [Line Items] | |||||||||||
Net sales | $964,838,000 | $978,262,000 | $947,761,000 | $945,125,000 | $948,854,000 | $934,015,000 | $920,694,000 | $934,977,000 | $3,835,985,953 | $3,738,540,461 | $3,718,314,651 |
Gross profit | 220,383,000 | 215,151,000 | 206,124,000 | 203,506,000 | 210,307,000 | 210,652,000 | 198,646,000 | 208,205,000 | 845,163,515 | 827,809,983 | 820,779,798 |
Net income | 17,604,000 | 13,834,000 | 10,455,000 | 9,533,000 | 15,562,000 | -14,424,000 | 8,090,000 | 11,568,000 | 51,426,454 | 20,795,890 | 43,444,343 |
Pre-tax debt extinguishment costs | $43,100,000 | ($43,089,248) | |||||||||
Class A Common Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Basic earnings per common share | $0.82 | $0.63 | $0.47 | $0.44 | $0.71 | ($0.62) | $0.35 | $0.50 | $2.36 | $0.89 | $1.87 |
Diluted earnings per common share | $0.79 | $0.61 | $0.46 | $0.42 | $0.68 | ($0.62) | $0.33 | $0.48 | $2.28 | $0.87 | $1.79 |
Class B Common Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Basic earnings per common share | $0.74 | $0.57 | $0.43 | $0.40 | $0.65 | ($0.56) | $0.32 | $0.45 | $2.14 | $0.85 | $1.70 |
Diluted earnings per common share | $0.74 | $0.57 | $0.43 | $0.40 | $0.65 | ($0.56) | $0.32 | $0.45 | $2.14 | $0.85 | $1.70 |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 27, 2014 |
Commitments And Contingencies [Abstract] | |
Construction commitments | $2.60 |
Fair_Values_Of_Financial_Instr2
Fair Values Of Financial Instruments (Details) (Level 2 [Member], USD $) | Sep. 27, 2014 |
In Thousands, unless otherwise specified | |
Carrying Amount [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated fair value of debt | $937,260 |
Fair Value [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated fair value of debt | 943,175 |
Senior Notes, Net Of Unamortized Original Issue Discount [Member] | Carrying Amount [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated fair value of debt | 700,000 |
Senior Notes, Net Of Unamortized Original Issue Discount [Member] | Fair Value [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated fair value of debt | 705,250 |
Recovery Zone Facility Bonds [Member] | Carrying Amount [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated fair value of debt | 95,210 |
Recovery Zone Facility Bonds [Member] | Fair Value [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated fair value of debt | 95,210 |
Real Estate And Equipment Notes Payable [Member] | Carrying Amount [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated fair value of debt | 112,140 |
Real Estate And Equipment Notes Payable [Member] | Fair Value [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated fair value of debt | 112,805 |
Line Of Credit Payable [Member] | Carrying Amount [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated fair value of debt | 29,910 |
Line Of Credit Payable [Member] | Fair Value [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated fair value of debt | $29,910 |
Cash_Flow_Information_Details
Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | |
Cash Flow Information [Abstract] | |||
Interest (net of amounts capitalized) | $46,886,468 | $65,281,861 | $61,269,522 |
Income taxes | 32,064,452 | -2,470,362 | 21,390,331 |
Property and equipment additions included in accounts payable | $8,555,952 | $14,598,996 | $7,957,599 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 27, 2014 | Sep. 28, 2013 |
Equity, Class of Treasury Stock [Line Items] | ||
Short-term non-interest bearing loans to investment/profit sharing plan | $0.40 | |
Shares authorized for repurchase | 4 | |
Class B Common Stock [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Shares authorized for repurchase | 2.5 | 1.5 |
Purchase price of shares | $65 | $37.10 |
Schedule_II_Supplemental_Sched1
Schedule II - Supplemental Schedule Of Valuation And Qualifying Accounts (Details) (Allowance for Doubtful Accounts [Member], USD $) | 12 Months Ended | |||||
Sep. 27, 2014 | Sep. 28, 2013 | Sep. 29, 2012 | ||||
Allowance for Doubtful Accounts [Member] | ||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
BALANCE AT BEGINNING OF YEAR | $772,893 | $741,690 | $524,460 | |||
CHARGED TO COST AND EXPENSES | 30,000 | 288,977 | ||||
DEDUCTIONS | 465,864 | [1] | -1,203 | [1] | 71,747 | [1] |
BALANCE AT END OF YEAR | $307,029 | $772,893 | $741,690 | |||
[1] | Uncollectible accounts written off, net of recoveries. |
Uncategorized_Items
Uncategorized Items | 6/1/2013 - 6/29/2013 |
USD ($) | |
[us-gaap_PaymentsOfDebtExtinguishmentCosts] | 27,800,000 |
[us-gaap_RepaymentsOfLongTermDebt] | 575,000,000 |