Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Sep. 24, 2016 | Dec. 14, 2016 | Mar. 24, 2016 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Sep. 24, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | IMKTA | ||
Entity Registrant Name | INGLES MARKETS INC | ||
Entity Central Index Key | 50,493 | ||
Current Fiscal Year End Date | --09-24 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 497,000,000 | ||
Class A Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 13,966,551 | ||
Class B Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 6,293,225 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 24, 2016 | Sep. 26, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 5,679,509 | $ 7,505,040 |
Receivables (less allowance for doubtful accounts of $358,293 – 2016 and $400,248 – 2015) | 61,735,387 | 66,284,163 |
Inventories | 343,881,078 | 338,644,128 |
Other | 7,191,465 | 11,313,152 |
Total Current Assets | 418,487,439 | 423,746,483 |
Property and Equipment, Net | 1,247,881,773 | 1,211,458,393 |
Other Assets | 20,109,087 | 19,623,351 |
Total Assets | 1,686,478,299 | 1,654,828,227 |
Current Liabilities: | ||
Current portion of long-term debt | 10,000,629 | 11,367,710 |
Accounts payable - trade | 155,288,402 | 166,039,952 |
Accrued expenses and current portion of other long-term liabilities | 76,315,606 | 74,552,234 |
Total Current Liabilities | 241,604,637 | 251,959,896 |
Deferred Income Taxes | 71,449,000 | 64,643,000 |
Long-Term Debt | 866,473,465 | 874,685,817 |
Other Long-Term Liabilities | 36,775,587 | 34,561,114 |
Total Liabilities | 1,216,302,689 | 1,225,849,827 |
Commitments and Contingencies | ||
Stockholders’ Equity | ||
Preferred stock, $0.05 par value; 10,000,000 shares authorized; no shares issued | ||
Paid-in capital in excess of par value | 12,311,249 | 12,311,249 |
Retained earnings | 456,851,372 | 415,654,162 |
Total Stockholders’ Equity | 470,175,610 | 428,978,400 |
Total Liabilities and Stockholders’ Equity | 1,686,478,299 | 1,654,828,227 |
Class A Common Stock [Member] | ||
Stockholders’ Equity | ||
Common stock | 698,324 | 696,233 |
Class B Common Stock [Member] | ||
Stockholders’ Equity | ||
Common stock | $ 314,665 | $ 316,756 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Sep. 24, 2016 | Sep. 26, 2015 |
Allowance for doubtful accounts receivable | $ 358,293 | $ 400,248 |
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 | 13,966,476 | 13,924,651 |
Common stock, shares outstanding | 13,966,476 | 13,924,651 |
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 | 6,293,300 | 6,335,125 |
Common stock, shares outstanding | 6,293,300 | 6,335,125 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) | 12 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Net sales | $ 3,794,977,406 | $ 3,778,643,782 | $ 3,835,985,953 |
Cost of goods sold | 2,870,572,206 | 2,885,339,982 | 2,990,822,438 |
Gross profit | 924,405,200 | 893,303,800 | 845,163,515 |
Operating and administrative expenses | 794,594,653 | 756,313,013 | 722,644,214 |
(Loss) gain from sale or disposal of assets | (1,208,549) | 2,191,256 | 825,856 |
Income from operations | 128,601,998 | 139,182,043 | 123,345,157 |
Other income, net | 2,362,772 | 2,282,854 | 3,001,161 |
Interest expense | 46,330,304 | 47,006,774 | 46,569,864 |
Income before income taxes | 84,634,466 | 94,458,123 | 79,776,454 |
Income tax expense | 30,445,000 | 35,105,000 | 28,350,000 |
Net income | $ 54,189,466 | $ 59,353,123 | $ 51,426,454 |
Class A Common Stock [Member] | |||
Per share amounts: | |||
Basic earnings per common share | $ 2.75 | $ 3.02 | $ 2.36 |
Diluted earnings per common share | 2.68 | 2.93 | 2.28 |
Cash dividends per common share | 0.66 | 0.66 | 0.66 |
Class B Common Stock [Member] | |||
Per share amounts: | |||
Basic earnings per common share | 2.50 | 2.74 | 2.14 |
Diluted earnings per common share | 2.50 | 2.74 | 2.14 |
Cash dividends per common share | $ 0.60 | $ 0.60 | $ 0.60 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Stockholders' Equity - USD ($) | Class A Common Stock [Member]Common Stock [Member] | Class A Common Stock [Member]Retained Earnings | Class A Common Stock [Member] | Class B Common Stock [Member]Common Stock [Member] | Class B Common Stock [Member]Retained Earnings | Class B Common Stock [Member] | Common Stock [Member] | Paid-in Capital in Excess of Par Value | Retained Earnings | Total |
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) | (4,000,000) | ||||||||
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 | ||||||||
Net income | 59,353,123 | 59,353,123 | ||||||||
Cash dividends | (9,020,232) | (9,020,232) | (3,956,658) | (3,956,658) | ||||||
Common stock conversions | $ (19,216) | $ 19,216 | ||||||||
Common stock conversions (in shares) | (384,318) | 384,318 | ||||||||
Balance at Sep. 26, 2015 | $ 696,233 | $ 316,756 | 12,311,249 | 415,654,162 | 428,978,400 | |||||
Balance (in shares) at Sep. 26, 2015 | 13,924,651 | 6,335,125 | ||||||||
Net income | 54,189,466 | 54,189,466 | ||||||||
Cash dividends | $ (9,200,271) | $ (9,200,271) | $ (3,791,985) | $ (3,791,985) | ||||||
Common stock conversions | $ 2,091 | $ (2,091) | ||||||||
Common stock conversions (in shares) | 41,825 | (41,825) | ||||||||
Balance at Sep. 24, 2016 | $ 698,324 | $ 314,665 | $ 12,311,249 | $ 456,851,372 | $ 470,175,610 | |||||
Balance (in shares) at Sep. 24, 2016 | 13,966,476 | 6,293,300 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 12 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Cash Flows from Operating Activities: | |||
Net income | $ 54,189,466 | $ 59,353,123 | $ 51,426,454 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization expense | 106,587,686 | 102,876,964 | 97,663,587 |
Loss (gain) from sale or disposal of assets | 1,208,549 | (2,191,256) | (825,856) |
Receipt of advance payments on purchases contracts | 3,195,887 | 4,081,858 | 2,977,486 |
Recognition of advance payments on purchases contracts | (3,275,156) | (4,126,615) | (3,282,770) |
Deferred income taxes | 6,806,000 | 2,225,000 | (16,352,000) |
Changes in operating assets and liabilities: | |||
Receivables | 4,548,776 | (3,970,772) | (1,431,891) |
Inventory | (5,236,949) | (9,120,524) | 167,652 |
Other assets | 3,635,949 | (5,185,487) | 11,116,836 |
Accounts payable and accrued expenses | (12,629,450) | 9,522,899 | 12,889,283 |
Net Cash Provided by Operating Activities | 159,030,758 | 153,465,190 | 154,348,781 |
Cash Flows from Investing Activities: | |||
Proceeds from sales of property and equipment | 758,529 | 4,376,011 | 434,061 |
Capital expenditures | (137,642,132) | (104,055,949) | (108,338,402) |
Net Cash Used by Investing Activities | (136,883,603) | (99,679,938) | (107,904,341) |
Cash Flows from Financing Activities: | |||
Proceeds from short-term borrowings | 708,337,039 | 692,960,421 | 413,837,067 |
Payments on short-term borrowings | (708,797,044) | (722,410,466) | (383,927,017) |
Net proceeds from new long-term borrowings | 20,283,178 | 14,000,000 | |
Principal payments on long-term borrowings | (30,803,603) | (12,466,905) | (19,121,307) |
Stock repurchases | (65,000,000) | ||
Dividends | (12,992,256) | (12,976,890) | (14,463,562) |
Net Cash Used by Financing Activities | (23,972,686) | (54,893,840) | (54,674,819) |
Decrease in Cash and Cash Equivalents | (1,825,531) | (1,108,588) | (8,230,379) |
Cash and cash equivalents at Beginning of Year | 7,505,040 | 8,613,628 | 16,844,007 |
Cash and Cash Equivalents at End of Year | $ 5,679,509 | $ 7,505,040 | $ 8,613,628 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Sep. 24, 2016 | |
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 201 supermarkets in Georgia (71) , North Carolina (70) , 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., Land O Sky, LLC, 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 years 2016, 2015 and 2014 each consisted of 52 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 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update ASU 2015-03 “Simplifying the Presentation of Debt Issuance Costs” (ASU 2015-03). ASU 2015-03 changes the presentation of debt issuance costs in financial statements. Upon adoption of ASU 2015-03, debt issuance costs will be reported in the balance sheet as a direct deduction from the related debt liability rather than as an asset. The Company adopted ASU 2015-03 retrospectively during the quarter ended December 26, 2015. As a result, $ 8.1 million and $ 9.3 million of debt issuance costs (net of $ 5.1 million and $ 3.7 million accumulated amortization) were recorded as a reduction of total debt at September 24 , 2016 and September 26, 2015, respectively. Debt issuance costs are amortized over the life of the underlying debt instrument at approximately $ 1.3 million per year. In November 2015, the FASB issued Accounting Standards Update ASU 2015-17 “Balance Sheet Classification of Deferred Taxes” (ASU 2015-17). ASU 2015-17 requires entities to present deferred tax assets and deferred tax liabilities as noncurrent in a classified balance sheet. ASU 2015-07 simplifies current guidance, which requires entities to separately present deferred tax assets and deferred tax liabilities as current and noncurrent in a classified balance sheet. The Company adopted ASU 2015-17 retrospectively during the quarter ended December 26, 2015. As a result, $7.3 million of deferred tax assets were recorded as a reduction of the caption “Deferred Income Taxes” in the Consolidated Balance Sheets at September 24 , 2016 and September 26, 2015. In February 2016, the FASB issued Accounting Standards Update ASU 2016-02 “Leases” (ASU 2016-02). ASU 2016-02 requires lessees to recognize lease assets and lease liabilities on the balance sheet for those leases previously classified as operating leases. This ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements. In May 2014, the FASB issued Accounting Standards Update ASU 2014-09 “Revenue from Contracts with Customers” (ASU 2014-09). ASU 2014-09 is a comprehensive new revenue recognition model that requires a company to recognize to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. In August 2015, the FASB issued ASU 2015-14 which deferred the effective date of the ASU to fiscal years beginning after December 15, 2017 and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements. 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 $5.0 million and $14.4 million as of September 24, 2016 and September 26, 2015, 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 24, 2016 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 24, 2016 demand deposits of approximately $1.5 million in three 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 $106.6 million, $102.9 million and $97.7 million for fiscal years 2016, 2015 and 2014, respectively. Asset Impairments – The Company accounts for the impairment of long-lived assets in accordance with Financial Accounting Standards Board Accounting Standards Codification (“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. 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. Life insurance policies and marketable securities held in the trust are included in the caption “Other assets” in the 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 $35.9 million and $36.3 million for employee group insurance, workers’ compensation insurance and general liability insurance at September 24, 2016 and September 26, 2015, respectively. These amounts are inclusive of expected recoveries from excess cost insurance or other sources that are recorded as receivables of $4.8 million and $4.9 million at September 24, 2016 and September 26, 2015, respectively. The Company is required in certain cases to obtain letters of credit to support its self-insured status. At fiscal year-end 2016, the Company’s self-insured liabilities were supported by $8.9 million of undrawn letters of credit which expire between September 2017 and October 2017 . 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 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 2011. 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. Gross unrecognized tax benefits as well as interest and penalties related to uncertain tax positions could affect the Company’s effective tax rate. These amounts are insignificant for fiscal years 2016, 2015, and 2014. 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 $13.3 million, $12.1 million and $12.3 million for fiscal years 2016, 2015 and 2014, 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 $16.0 million, $15.7 million and $16.7 million for fiscal years 2016, 2015 and 2014, 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 53% 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 $115.8 million, $115.8 million, and $126.7 million for the fiscal years ended September 24, 2016, September 26, 2015 and September 27, 2014, 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 $13.5 million, $14.3 million, and $14.8 million for the fiscal years ended September 24, 2016, September 26, 2015 and September 27, 2014, 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. 24, 2016 | |
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: 2016 2015 Deferred tax liabilities: Property and equipment tax/book differences $ 88,465,000 $ 82,199,000 Property tax method 1,501,000 1,491,000 Total deferred tax liabilities 89,966,000 83,690,000 Deferred tax assets: Insurance reserves 8,390,000 8,607,000 Advance payments on purchases contracts 618,000 652,000 Vacation accrual 2,520,000 2,386,000 State tax credits 20,000 271,000 Inventory 1,720,000 1,939,000 Deferred compensation 4,062,000 3,390,000 Other 1,187,000 1,802,000 Total deferred tax assets 18,517,000 19,047,000 Net deferred tax liabilities $ 71,449,000 $ 64,643,000 Current deferred income tax benefits of $7.3 million at September 24, 2016 and September 26, 2015, respectively, included in the caption “Deferred Income Taxes” in the Consolidated Balance Sheets, 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 24, 2016 and September 26, 2015 refundable current income taxes totaling $2.0 million and $5.5 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: 2016 2015 2014 Federal tax at statutory rate $ 29,622,000 $ 33,060,000 $ 27,922,000 State income tax, net of federal tax benefits 2,554,000 4,599,000 2,308,000 Federal tax credits (1,312,000) (1,544,000) (718,000) Other (419,000) (1,010,000) (1,162,000) Total $ 30,445,000 $ 35,105,000 $ 28,350,000 Current and deferred income tax expense (benefit) is as follows: 2016 2015 2014 Current: Federal $ 19,676,000 $ 25,578,000 $ 40,475,000 State 3,963,000 7,302,000 4,227,000 Total current 23,639,000 32,880,000 44,702,000 Deferred: Federal 6,828,000 2,373,000 (15,913,000) State (22,000) (148,000) (439,000) Total deferred 6,806,000 2,225,000 (16,352,000) Total expense $ 30,445,000 $ 35,105,000 $ 28,350,000 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 were effective for the Company’s fiscal year end ed September 26, 2015 and did not have a material impact on the Company’s consolidated results of operations, cash flows or financial position for the fiscal years ended September 24, 2016 and September 26, 2015. |
Property And Equipment
Property And Equipment | 12 Months Ended |
Sep. 24, 2016 | |
Property And Equipment [Abstract] | |
Property And Equipment | 3. Property and Equipment Property and equipment, net, consists of the following: 2016 2015 Land $ 332,093,281 $ 319,247,363 Construction in progress 34,977,869 15,289,568 Buildings 1,058,126,030 1,027,716,672 Store, office and warehouse equipment 864,032,096 815,624,122 Transportation equipment 71,052,757 68,920,594 Leasehold improvements 54,093,765 53,902,524 Total 2,414,375,798 2,300,700,843 Less accumulated depreciation and amortization 1,166,494,025 1,089,242,450 Property and equipment - net $ 1,247,881,773 $ 1,211,458,393 |
Property Held For Lease And Ren
Property Held For Lease And Rental Income | 12 Months Ended |
Sep. 24, 2016 | |
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 24, 2016, the Company owned and operated 74 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 Statements 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. 2016 2015 2014 Rents earned on owned and subleased properties: Base rentals including lease termination payments $ 8,280,790 $ 7,639,725 $ 7,875,101 Contingent rentals 312,822 273,133 331,352 Total 8,593,612 7,912,858 8,206,453 Depreciation on owned properties leased to others (4,936,485) (5,019,873) (5,363,637) Other shopping center expenses (2,124,105) (1,897,737) (1,982,212) Total $ 1,533,022 $ 995,248 $ 860,604 Owned properties leased or held for lease to others under operating leases by major classes are summarized as follows: September 24, September 26, 2016 2015 Land $ 44,899,234 $ 41,424,958 Buildings 154,498,272 155,165,151 Total 199,397,506 196,590,109 Less accumulated depreciation (101,573,490) (99,766,077) Total $ 97,824,016 $ 96,824,032 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 24, 2016: Fiscal Year 2017 $ 5,488,315 2018 4,592,488 2019 4,071,742 2020 3,305,542 2021 2,280,867 Thereafter 7,313,154 Total minimum future rental income $ 27,052,108 |
Leases And Rental Expense
Leases And Rental Expense | 12 Months Ended |
Sep. 24, 2016 | |
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 $13.8 million, $13.6 million and $14.1 million for fiscal years 2016, 2015 and 2014, respectively, is included in operating and administrative expenses. Sub-lease rental income of $0.2 million for each of fiscal years 2016, 2015 and 2014, is included as a reduction of rental expense. The components of aggregate minimum rental commitments under non-cancelable operating leases as of September 24, 2016 are as follows: Fiscal Year 2017 $ 10,987,010 2018 9,457,949 2019 8,407,687 2020 6,922,301 2021 4,530,223 Thereafter 28,276,143 Total minimum future rental commitments $ 68,581,313 |
Supplementary Balance Sheet Inf
Supplementary Balance Sheet Information | 12 Months Ended |
Sep. 24, 2016 | |
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: 2016 2015 Property, payroll, and other taxes payable $ 18,883,819 $ 17,882,565 Salaries, wages, and bonuses payable 28,159,164 26,336,530 Self-insurance liabilities: Employee group insurance 5,807,558 5,166,501 Workers’ compensation insurance 5,929,533 6,752,941 General liability insurance 2,345,956 2,805,351 Interest 12,406,614 12,623,691 Other 2,782,962 2,984,655 Total $ 76,315,606 $ 74,552,234 Employee insurance expense, including workers’ compensation and medical care benefits, net of employee contributions, totaled $34.5 million, $33.6 million and $27.4 million for fiscal years 2016, 2015 and 2014, respectively. Other Long-Term Liabilities - Other long-term liabilities are summarized as follows: 2016 2015 Advance payments on purchases contracts $ 1,624,792 $ 1,704,061 Deferred lease expense 1,884,501 1,906,317 Nonqualified investment plan liability 10,692,707 8,866,880 Self-insurance liabilities: Workers’ compensation insurance 18,101,931 17,819,587 General liability insurance 3,700,263 3,732,115 Other 1,655,285 1,484,815 Total other long-term liabilities 37,659,479 35,513,775 Less current portion 883,892 952,661 $ 36,775,587 $ 34,561,114 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. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Sep. 24, 2016 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | 7. Long-Term Debt Long-term debt and short-term loans are summarized as follows: 2016 2015 Bonds payable: Senior notes, interest rate of 5.75% , maturing 2023 $ 700,000,000 $ 700,000,000 Recovery Zone Facility Bonds, maturing 2036 86,150,000 90,680,000 Outstanding line of credit, weighted average interest rate of 4.50% for 2015 — 460,005 Notes payable: Due to banks, weighted average interest rate of 3.38% for 2016 and 3.29% for 2015 98,429,184 103,507,307 Due to other financial institutions, weighted average interest rate of 7.58% for 2015 — 695,480 Less unamortized prepaid loan costs (8,105,090) (9,289,265) Total long-term debt 876,474,094 886,053,527 Less current portion 10,000,629 11,367,710 Long-term debt, net of current portion $ 866,473,465 $ 874,685,817 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. The Company filed a registration statement with the Securities and Exchange Commission and exchanged the private placement notes with registered notes. 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 10 2.875% 2019 101 .917% 2020 100 .958% 2021 and thereafter 100 .000% The Company has a $ 175.0 million line of credit (the “Line”) that matures in June 2018 . 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 $9.4 million of unused letters of credit were issued at September 24, 2016. The Company is not required to maintain compensating balances in connection with the Line. At September 24, 2016 the Company had no borrowing outstanding under the Line. On December 29, 2010, the Company completed the funding of $99.7 million of Recovery Zone Facility Bonds (the “Bonds”) for 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”). The final maturity date of the Bonds is January 1, 2036 . 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 24, 2016. 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 24, 2016, property and equipment with an undepreciated cost of approximately $249 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: 2016 2015 2014 Total interest costs $ 47,807,738 $ 47,378,270 $ 46,846,912 Interest capitalized (1,477,434) (371,496) (277,048) Interest expense $ 46,330,304 $ 47,006,774 $ 46,569,864 Maturities of long-term debt at September 24, 2016 are as follows: Fiscal Year 2017 $ 11,303,409 2018 49,640,389 2019 7,970,200 2020 13,266,859 2021 71,310,883 Thereafter 731,087,444 Less unamortized prepaid loan costs (8,105,090) Total $ 876,474,094 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Sep. 24, 2016 | |
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. 24, 2016 | |
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 September 24, 2016 Class A Class B Numerator: Allocated net income Net income allocated, basic $ 38,380,304 $ 15,809,162 Conversion of Class B to Class A shares 15,809,162 — Net income allocated, diluted $ 54,189,466 $ 15,809,162 Denominator: Weighted average shares outstanding Weighted average shares outstanding, basic 13,943,299 6,316,477 Conversion of Class B to Class A shares 6,316,477 — Weighted average shares outstanding, diluted 20,259,776 6,316,477 Earnings per share Basic $ 2.75 $ 2.50 Diluted $ 2.68 $ 2.50 Year Ended Year Ended September 26, 2015 September 27, 2014 Class A Class B Class A Class B Numerator: Allocated net income Net income allocated, basic $ 41,356,536 $ 17,996,587 $ 31,776,515 $ 19,649,939 Conversion of Class B to Class A shares 17,996,587 — 19,649,939 — Net income allocated, diluted $ 59,353,123 $ 17,996,587 $ 51,426,454 $ 19,649,939 Denominator: Weighted average shares outstanding Weighted average shares outstanding, basic 13,711,241 6,548,534 13,482,296 9,126,381 Conversion of Class B to Class A shares 6,548,534 — 9,126,381 — Weighted average shares outstanding, diluted 20,259,775 6,548,534 22,608,677 9,126,381 Earnings per share Basic $ 3.02 $ 2.74 $ 2.36 $ 2.14 Diluted $ 2.93 $ 2.74 $ 2.28 $ 2.14 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Sep. 24, 2016 | |
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 $1.8 million, $1.6 million and $1.4 million for fiscal years 2016, 2015 and 2014, 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 $110,000 , $99,000 and $84,000 for fiscal years 2016, 2015 and 2014, 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 $10.6 million, $10.1 million and $9.2 million for fiscal years 2016, 2015 and 2014, 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. 24, 2016 | |
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). “Other” 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: 2016 2015 2014 Revenues from unaffiliated customers: Grocery $ 1,392,311 $ 1,387,195 $ 1,397,870 Non-foods 817,161 769,168 729,934 Perishables 1,011,749 981,221 937,402 Gasoline 435,578 498,220 618,147 Total retail 3,656,799 3,635,804 3,683,353 Other 138,178 142,840 152,633 Total revenues from unaffiliated customers $ 3,794,977 $ 3,778,644 $ 3,835,986 Income before income taxes: Retail $ 112,906 $ 126,143 $ 112,030 Other 15,696 13,039 11,315 Total income from operations 128,602 139,182 123,345 Other income, net 2,362 2,283 3,001 Interest expense 46,330 47,007 46,570 Income before income taxes $ 84,634 $ 94,458 $ 79,776 Assets: Retail $ 1,555,319 $ 1,525,682 $ 1,496,860 Other 133,574 131,484 144,667 Elimination of intercompany receivable (2,415) (2,338) (2,770) Total assets $ 1,686,478 $ 1,654,828 $ 1,638,757 Capital expenditures: Retail $ 134,732 $ 100,894 $ 105,808 Other 2,910 3,162 2,530 Total capital expenditures $ 137,642 $ 104,056 $ 108,338 Depreciation and amortization: Retail $ 99,322 $ 95,540 $ 90,025 Other 7,266 7,337 7,639 Total depreciation and amortization $ 106,588 $ 102,877 $ 97,664 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, included in “Other”, had $43.2 million, $49.4 million and $58.7 million in sales to the grocery sales segment in fiscal 2016, 2015 and 2014, respectively. These sales were eliminated in consolidation. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Sep. 24, 2016 | |
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) 2016 Net sales $ 951,114 $ 924,312 $ 957,178 $ 962,373 $ 3,794,977 Gross profit 225,639 228,718 232,854 237,194 924,405 Net income 12,979 14,358 12,668 14,184 54,189 Basic earnings per common share Class A 0.66 0.73 0.64 0.72 2.75 Class B 0.60 0.66 0.59 0.65 2.50 Diluted earnings per common share Class A 0.64 0.71 0.63 0.70 2.68 Class B 0.60 0.66 0.59 0.65 2.50 2015 Net sales $ 964,497 $ 915,335 $ 945,974 $ 952,838 $ 3,778,644 Gross profit 224,393 218,691 222,164 228,056 893,304 Net income 15,038 14,302 13,777 16,236 59,353 Basic earnings per common share Class A 0.77 0.72 0.70 0.83 3.02 Class B 0.70 0.66 0.63 0.75 2.74 Diluted earnings per common share Class A 0.74 0.71 0.68 0.80 2.93 Class B 0.70 0.66 0.63 0.75 2.74 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Sep. 24, 2016 | |
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 24, 2016 totaled $10.9 million. The Company expects these commitments to be fulfilled during fiscal year 2017. |
Fair Values Of Financial Instru
Fair Values Of Financial Instruments | 12 Months Ended |
Sep. 24, 2016 | |
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 24, 2016 is as follows (in thousands): Carrying Amount Fair Value Fair Value Measurements Senior Notes $ 700,000 $ 722,750 Level 2 Facility Bonds 86,150 86,150 Level 2 Secured notes payable and other 90,324 90,324 Level 2 Total debt $ 876,474 $ 899,224 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. 24, 2016 | |
Cash Flow Information [Abstract] | |
Cash Flow Information | 15. Cash Flow Information Supplemental disclosure of cash flow information is as follows: 2016 2015 2014 Cash paid during the year for: Interest (net of amounts capitalized) $ 46,547,381 $ 47,059,731 $ 46,886,468 Income taxes 20,209,281 37,198,075 32,064,452 Non cash items: Property and equipment additions included in accounts payable 7,197,684 1,192,232 8,555,952 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Sep. 24, 2016 | |
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. There were no such loans outstanding at September 24, 2016 and September 26, 2015. 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. 24, 2016 | |
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 Sche
Schedule II - Supplemental Schedule Of Valuation And Qualifying Accounts | 12 Months Ended |
Sep. 24, 2016 | |
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 24, 2016: Deducted from asset accounts: Allowance for doubtful accounts $ 400,248 $ — $ 41,955 $ 358,293 Fiscal year ended September 26, 2015: Deducted from asset accounts: Allowance for doubtful accounts $ 307,029 $ 250,000 $ 156,781 $ 400,248 Fiscal year ended September 27, 2014: Deducted from asset accounts: Allowance for doubtful accounts $ 772,893 $ — $ 465,864 $ 307,029 (1) Uncollectible accounts written off, net of recoveries. |
Summary Of Significant Accoun25
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Sep. 24, 2016 | |
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 201 supermarkets in Georgia (71) , North Carolina (70) , 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., Land O Sky, LLC, 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 years 2016, 2015 and 2014 each consisted of 52 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 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update ASU 2015-03 “Simplifying the Presentation of Debt Issuance Costs” (ASU 2015-03). ASU 2015-03 changes the presentation of debt issuance costs in financial statements. Upon adoption of ASU 2015-03, debt issuance costs will be reported in the balance sheet as a direct deduction from the related debt liability rather than as an asset. The Company adopted ASU 2015-03 retrospectively during the quarter ended December 26, 2015. As a result, $ 8.1 million and $ 9.3 million of debt issuance costs (net of $ 5.1 million and $ 3.7 million accumulated amortization) were recorded as a reduction of total debt at September 24 , 2016 and September 26, 2015, respectively. Debt issuance costs are amortized over the life of the underlying debt instrument at approximately $ 1.3 million per year. In November 2015, the FASB issued Accounting Standards Update ASU 2015-17 “Balance Sheet Classification of Deferred Taxes” (ASU 2015-17). ASU 2015-17 requires entities to present deferred tax assets and deferred tax liabilities as noncurrent in a classified balance sheet. ASU 2015-07 simplifies current guidance, which requires entities to separately present deferred tax assets and deferred tax liabilities as current and noncurrent in a classified balance sheet. The Company adopted ASU 2015-17 retrospectively during the quarter ended December 26, 2015. As a result, $7.3 million of deferred tax assets were recorded as a reduction of the caption “Deferred Income Taxes” in the Consolidated Balance Sheets at September 24 , 2016 and September 26, 2015. In February 2016, the FASB issued Accounting Standards Update ASU 2016-02 “Leases” (ASU 2016-02). ASU 2016-02 requires lessees to recognize lease assets and lease liabilities on the balance sheet for those leases previously classified as operating leases. This ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements. In May 2014, the FASB issued Accounting Standards Update ASU 2014-09 “Revenue from Contracts with Customers” (ASU 2014-09). ASU 2014-09 is a comprehensive new revenue recognition model that requires a company to recognize to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. In August 2015, the FASB issued ASU 2015-14 which deferred the effective date of the ASU to fiscal years beginning after December 15, 2017 and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements. |
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 $5.0 million and $14.4 million as of September 24, 2016 and September 26, 2015, 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 24, 2016 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 24, 2016 demand deposits of approximately $1.5 million in three 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 $106.6 million, $102.9 million and $97.7 million for fiscal years 2016, 2015 and 2014, respectively. |
Asset Impairments | Asset Impairments – The Company accounts for the impairment of long-lived assets in accordance with Financial Accounting Standards Board Accounting Standards Codification (“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. |
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. Life insurance policies and marketable securities held in the trust are included in the caption “Other assets” in the 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 $35.9 million and $36.3 million for employee group insurance, workers’ compensation insurance and general liability insurance at September 24, 2016 and September 26, 2015, respectively. These amounts are inclusive of expected recoveries from excess cost insurance or other sources that are recorded as receivables of $4.8 million and $4.9 million at September 24, 2016 and September 26, 2015, respectively. The Company is required in certain cases to obtain letters of credit to support its self-insured status. At fiscal year-end 2016, the Company’s self-insured liabilities were supported by $8.9 million of undrawn letters of credit which expire between September 2017 and October 2017 . 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 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 2011. 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. Gross unrecognized tax benefits as well as interest and penalties related to uncertain tax positions could affect the Company’s effective tax rate. These amounts are insignificant for fiscal years 2016, 2015, and 2014. |
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 $13.3 million, $12.1 million and $12.3 million for fiscal years 2016, 2015 and 2014, 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 $16.0 million, $15.7 million and $16.7 million for fiscal years 2016, 2015 and 2014, 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 53% 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 $115.8 million, $115.8 million, and $126.7 million for the fiscal years ended September 24, 2016, September 26, 2015 and September 27, 2014, 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 $13.5 million, $14.3 million, and $14.8 million for the fiscal years ended September 24, 2016, September 26, 2015 and September 27, 2014, 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. 24, 2016 | |
Income Taxes [Abstract] | |
Schedule Of Deferred Income Tax Liabilities And Assets | 2016 2015 Deferred tax liabilities: Property and equipment tax/book differences $ 88,465,000 $ 82,199,000 Property tax method 1,501,000 1,491,000 Total deferred tax liabilities 89,966,000 83,690,000 Deferred tax assets: Insurance reserves 8,390,000 8,607,000 Advance payments on purchases contracts 618,000 652,000 Vacation accrual 2,520,000 2,386,000 State tax credits 20,000 271,000 Inventory 1,720,000 1,939,000 Deferred compensation 4,062,000 3,390,000 Other 1,187,000 1,802,000 Total deferred tax assets 18,517,000 19,047,000 Net deferred tax liabilities $ 71,449,000 $ 64,643,000 |
Schedule Of Income Tax Expense Reconciliation | 2016 2015 2014 Federal tax at statutory rate $ 29,622,000 $ 33,060,000 $ 27,922,000 State income tax, net of federal tax benefits 2,554,000 4,599,000 2,308,000 Federal tax credits (1,312,000) (1,544,000) (718,000) Other (419,000) (1,010,000) (1,162,000) Total $ 30,445,000 $ 35,105,000 $ 28,350,000 |
Schedule Of Income Tax Expense (Benefit) | 2016 2015 2014 Current: Federal $ 19,676,000 $ 25,578,000 $ 40,475,000 State 3,963,000 7,302,000 4,227,000 Total current 23,639,000 32,880,000 44,702,000 Deferred: Federal 6,828,000 2,373,000 (15,913,000) State (22,000) (148,000) (439,000) Total deferred 6,806,000 2,225,000 (16,352,000) Total expense $ 30,445,000 $ 35,105,000 $ 28,350,000 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Sep. 24, 2016 | |
Property And Equipment [Abstract] | |
Schedule Of Property And Equipment | 2016 2015 Land $ 332,093,281 $ 319,247,363 Construction in progress 34,977,869 15,289,568 Buildings 1,058,126,030 1,027,716,672 Store, office and warehouse equipment 864,032,096 815,624,122 Transportation equipment 71,052,757 68,920,594 Leasehold improvements 54,093,765 53,902,524 Total 2,414,375,798 2,300,700,843 Less accumulated depreciation and amortization 1,166,494,025 1,089,242,450 Property and equipment - net $ 1,247,881,773 $ 1,211,458,393 |
Property Held For Lease And R28
Property Held For Lease And Rental Income (Tables) | 12 Months Ended |
Sep. 24, 2016 | |
Property Held For Lease And Rental Income [Abstract] | |
Schedule Of Rental Income | 2016 2015 2014 Rents earned on owned and subleased properties: Base rentals including lease termination payments $ 8,280,790 $ 7,639,725 $ 7,875,101 Contingent rentals 312,822 273,133 331,352 Total 8,593,612 7,912,858 8,206,453 Depreciation on owned properties leased to others (4,936,485) (5,019,873) (5,363,637) Other shopping center expenses (2,124,105) (1,897,737) (1,982,212) Total $ 1,533,022 $ 995,248 $ 860,604 |
Schedule Of Owned Properties Under Operating Leases By Major Classes | September 24, September 26, 2016 2015 Land $ 44,899,234 $ 41,424,958 Buildings 154,498,272 155,165,151 Total 199,397,506 196,590,109 Less accumulated depreciation (101,573,490) (99,766,077) Total $ 97,824,016 $ 96,824,032 |
Schedule Of Minimum Future Rental Income | Fiscal Year 2017 $ 5,488,315 2018 4,592,488 2019 4,071,742 2020 3,305,542 2021 2,280,867 Thereafter 7,313,154 Total minimum future rental income $ 27,052,108 |
Leases And Rental Expense (Tabl
Leases And Rental Expense (Tables) | 12 Months Ended |
Sep. 24, 2016 | |
Leases And Rental Expense [Abstract] | |
Schedule Of Aggregate Minimum Rental Commitments | Fiscal Year 2017 $ 10,987,010 2018 9,457,949 2019 8,407,687 2020 6,922,301 2021 4,530,223 Thereafter 28,276,143 Total minimum future rental commitments $ 68,581,313 |
Supplementary Balance Sheet I30
Supplementary Balance Sheet Information (Tables) | 12 Months Ended |
Sep. 24, 2016 | |
Supplementary Balance Sheet Information [Abstract] | |
Accrued Expenses and Current Portion of Other Long-Term Liabilities | 2016 2015 Property, payroll, and other taxes payable $ 18,883,819 $ 17,882,565 Salaries, wages, and bonuses payable 28,159,164 26,336,530 Self-insurance liabilities: Employee group insurance 5,807,558 5,166,501 Workers’ compensation insurance 5,929,533 6,752,941 General liability insurance 2,345,956 2,805,351 Interest 12,406,614 12,623,691 Other 2,782,962 2,984,655 Total $ 76,315,606 $ 74,552,234 |
Schedule of Other Long-Term Liabilities | 2016 2015 Advance payments on purchases contracts $ 1,624,792 $ 1,704,061 Deferred lease expense 1,884,501 1,906,317 Nonqualified investment plan liability 10,692,707 8,866,880 Self-insurance liabilities: Workers’ compensation insurance 18,101,931 17,819,587 General liability insurance 3,700,263 3,732,115 Other 1,655,285 1,484,815 Total other long-term liabilities 37,659,479 35,513,775 Less current portion 883,892 952,661 $ 36,775,587 $ 34,561,114 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Sep. 24, 2016 | |
Long-Term Debt [Abstract] | |
Schedule Of Long-Term Debt And Short-Term Loans | 2016 2015 Bonds payable: Senior notes, interest rate of 5.75% , maturing 2023 $ 700,000,000 $ 700,000,000 Recovery Zone Facility Bonds, maturing 2036 86,150,000 90,680,000 Outstanding line of credit, weighted average interest rate of 4.50% for 2015 — 460,005 Notes payable: Due to banks, weighted average interest rate of 3.38% for 2016 and 3.29% for 2015 98,429,184 103,507,307 Due to other financial institutions, weighted average interest rate of 7.58% for 2015 — 695,480 Less unamortized prepaid loan costs (8,105,090) (9,289,265) Total long-term debt 876,474,094 886,053,527 Less current portion 10,000,629 11,367,710 Long-term debt, net of current portion $ 866,473,465 $ 874,685,817 |
Schedule Of Redemption Prices Of Senior Notes | Year 2018 10 2.875% 2019 101 .917% 2020 100 .958% 2021 and thereafter 100 .000% |
Schedule Of Components Of Interest Costs | 2016 2015 2014 Total interest costs $ 47,807,738 $ 47,378,270 $ 46,846,912 Interest capitalized (1,477,434) (371,496) (277,048) Interest expense $ 46,330,304 $ 47,006,774 $ 46,569,864 |
Schedule of Maturities of Long-Term Debt | Fiscal Year 2017 $ 11,303,409 2018 49,640,389 2019 7,970,200 2020 13,266,859 2021 71,310,883 Thereafter 731,087,444 Less unamortized prepaid loan costs (8,105,090) Total $ 876,474,094 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Sep. 24, 2016 | |
Earnings Per Common Share [Abstract] | |
Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share | Year Ended September 24, 2016 Class A Class B Numerator: Allocated net income Net income allocated, basic $ 38,380,304 $ 15,809,162 Conversion of Class B to Class A shares 15,809,162 — Net income allocated, diluted $ 54,189,466 $ 15,809,162 Denominator: Weighted average shares outstanding Weighted average shares outstanding, basic 13,943,299 6,316,477 Conversion of Class B to Class A shares 6,316,477 — Weighted average shares outstanding, diluted 20,259,776 6,316,477 Earnings per share Basic $ 2.75 $ 2.50 Diluted $ 2.68 $ 2.50 Year Ended Year Ended September 26, 2015 September 27, 2014 Class A Class B Class A Class B Numerator: Allocated net income Net income allocated, basic $ 41,356,536 $ 17,996,587 $ 31,776,515 $ 19,649,939 Conversion of Class B to Class A shares 17,996,587 — 19,649,939 — Net income allocated, diluted $ 59,353,123 $ 17,996,587 $ 51,426,454 $ 19,649,939 Denominator: Weighted average shares outstanding Weighted average shares outstanding, basic 13,711,241 6,548,534 13,482,296 9,126,381 Conversion of Class B to Class A shares 6,548,534 — 9,126,381 — Weighted average shares outstanding, diluted 20,259,775 6,548,534 22,608,677 9,126,381 Earnings per share Basic $ 3.02 $ 2.74 $ 2.36 $ 2.14 Diluted $ 2.93 $ 2.74 $ 2.28 $ 2.14 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Sep. 24, 2016 | |
Segment Information [Abstract] | |
Operations By Lines Of Business | 2016 2015 2014 Revenues from unaffiliated customers: Grocery $ 1,392,311 $ 1,387,195 $ 1,397,870 Non-foods 817,161 769,168 729,934 Perishables 1,011,749 981,221 937,402 Gasoline 435,578 498,220 618,147 Total retail 3,656,799 3,635,804 3,683,353 Other 138,178 142,840 152,633 Total revenues from unaffiliated customers $ 3,794,977 $ 3,778,644 $ 3,835,986 Income before income taxes: Retail $ 112,906 $ 126,143 $ 112,030 Other 15,696 13,039 11,315 Total income from operations 128,602 139,182 123,345 Other income, net 2,362 2,283 3,001 Interest expense 46,330 47,007 46,570 Income before income taxes $ 84,634 $ 94,458 $ 79,776 Assets: Retail $ 1,555,319 $ 1,525,682 $ 1,496,860 Other 133,574 131,484 144,667 Elimination of intercompany receivable (2,415) (2,338) (2,770) Total assets $ 1,686,478 $ 1,654,828 $ 1,638,757 Capital expenditures: Retail $ 134,732 $ 100,894 $ 105,808 Other 2,910 3,162 2,530 Total capital expenditures $ 137,642 $ 104,056 $ 108,338 Depreciation and amortization: Retail $ 99,322 $ 95,540 $ 90,025 Other 7,266 7,337 7,639 Total depreciation and amortization $ 106,588 $ 102,877 $ 97,664 |
Selected Quarterly Financial 34
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Sep. 24, 2016 | |
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) 2016 Net sales $ 951,114 $ 924,312 $ 957,178 $ 962,373 $ 3,794,977 Gross profit 225,639 228,718 232,854 237,194 924,405 Net income 12,979 14,358 12,668 14,184 54,189 Basic earnings per common share Class A 0.66 0.73 0.64 0.72 2.75 Class B 0.60 0.66 0.59 0.65 2.50 Diluted earnings per common share Class A 0.64 0.71 0.63 0.70 2.68 Class B 0.60 0.66 0.59 0.65 2.50 2015 Net sales $ 964,497 $ 915,335 $ 945,974 $ 952,838 $ 3,778,644 Gross profit 224,393 218,691 222,164 228,056 893,304 Net income 15,038 14,302 13,777 16,236 59,353 Basic earnings per common share Class A 0.77 0.72 0.70 0.83 3.02 Class B 0.70 0.66 0.63 0.75 2.74 Diluted earnings per common share Class A 0.74 0.71 0.68 0.80 2.93 Class B 0.70 0.66 0.63 0.75 2.74 |
Fair Values Of Financial Inst35
Fair Values Of Financial Instruments (Tables) | 12 Months Ended |
Sep. 24, 2016 | |
Fair Values Of Financial Instruments [Abstract] | |
Carrying Amount And Fair Value Of Debt | Carrying Amount Fair Value Fair Value Measurements Senior Notes $ 700,000 $ 722,750 Level 2 Facility Bonds 86,150 86,150 Level 2 Secured notes payable and other 90,324 90,324 Level 2 Total debt $ 876,474 $ 899,224 |
Cash Flow Information (Tables)
Cash Flow Information (Tables) | 12 Months Ended |
Sep. 24, 2016 | |
Cash Flow Information [Abstract] | |
Supplemental Disclosure Of Cash Flow Information | 2016 2015 2014 Cash paid during the year for: Interest (net of amounts capitalized) $ 46,547,381 $ 47,059,731 $ 46,886,468 Income taxes 20,209,281 37,198,075 32,064,452 Non cash items: Property and equipment additions included in accounts payable 7,197,684 1,192,232 8,555,952 |
Summary Of Significant Accoun37
Summary Of Significant Accounting Policies (Details) | 12 Months Ended | ||
Sep. 24, 2016USD ($)segmentitem | Sep. 26, 2015USD ($) | Sep. 27, 2014USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||
Number of locations | item | 201 | ||
Number of operating segments | segment | 1 | ||
Deferred tax assets | $ 7,300,000 | $ 7,300,000 | |
Outstanding checks in excess of bank balances | 5,000,000 | 14,400,000 | |
Demand deposits | $ 1,500,000 | ||
Number of banks | item | 3 | ||
FDIC insurance limit per bank | $ 250,000 | ||
Total depreciation expense | 106,600,000 | 102,900,000 | $ 97,700,000 |
Debt issuance costs | 8,105,090 | 9,289,265 | |
Accumulated amortization | 5,100,000 | 3,700,000 | |
Costs to be amortized over the life of the underlying debt instrument or lease, per year. | 1,300,000 | ||
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 | 35,900,000 | 36,300,000 | |
Expected self-insurance recoveries from excess cost insurance | 4,800,000 | 4,900,000 | |
Undrawn letters of credit | $ 8,900,000 | ||
Expiry date of undrawn letters of credit, Start | Sep. 1, 2017 | ||
Expiry date of undrawn letters of credit, End | Oct. 31, 2017 | ||
Advertising and promotion expenses, net of vendor allowances | $ 13,300,000 | 12,100,000 | 12,300,000 |
Depreciation expense included in costs of goods sold totaled | $ 16,000,000 | 15,700,000 | 16,700,000 |
Fluid dairy revenues recognition | 53.00% | ||
Vendor allowances applied as a reduction of merchandise costs | $ 115,800,000 | 115,800,000 | 126,700,000 |
Vendor advertising allowances recorded as a reduction of advertising expense | $ 13,500,000 | $ 14,300,000 | $ 14,800,000 |
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 | item | 71 | ||
North Carolina [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of locations | item | 70 | ||
South Carolina [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of locations | item | 36 | ||
Tennessee [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of locations | item | 21 | ||
Virginia [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of locations | item | 2 | ||
Alabama [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of locations | item | 1 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | Sep. 24, 2016 | Sep. 26, 2015 |
Income Taxes [Abstract] | ||
Current deferred income tax benefits | $ 7.3 | $ 7.3 |
Refundable current income taxes | $ 2 | $ 5.5 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Income Tax Liabilities And Assets) (Details) - USD ($) | Sep. 24, 2016 | Sep. 26, 2015 |
Income Taxes [Abstract] | ||
Property and equipment tax/book differences | $ 88,465,000 | $ 82,199,000 |
Property tax method | 1,501,000 | 1,491,000 |
Total deferred tax liabilities | 89,966,000 | 83,690,000 |
Insurance reserves | 8,390,000 | 8,607,000 |
Advance payments on purchases contracts | 618,000 | 652,000 |
Vacation accrual | 2,520,000 | 2,386,000 |
State tax credits | 20,000 | 271,000 |
Inventory | 1,720,000 | 1,939,000 |
Deferred compensation | 4,062,000 | 3,390,000 |
Other | 1,187,000 | 1,802,000 |
Total deferred tax assets | 18,517,000 | 19,047,000 |
Net deferred tax liabilities | $ 71,449,000 | $ 64,643,000 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense Reconciliation) (Details) - USD ($) | 12 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Income Taxes [Abstract] | |||
Federal tax at statutory rate | $ 29,622,000 | $ 33,060,000 | $ 27,922,000 |
State income tax, net of federal tax benefits | 2,554,000 | 4,599,000 | 2,308,000 |
Federal tax credits | (1,312,000) | (1,544,000) | (718,000) |
Other | (419,000) | (1,010,000) | (1,162,000) |
Income tax expense | $ 30,445,000 | $ 35,105,000 | $ 28,350,000 |
Income Taxes (Schedule Of Inc41
Income Taxes (Schedule Of Income Tax Expense (Benefit)) (Details) - USD ($) | 12 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Income Taxes [Abstract] | |||
Federal, current | $ 19,676,000 | $ 25,578,000 | $ 40,475,000 |
State, current | 3,963,000 | 7,302,000 | 4,227,000 |
Total current | 23,639,000 | 32,880,000 | 44,702,000 |
Federal, deferred | 6,828,000 | 2,373,000 | (15,913,000) |
State, deferred | (22,000) | (148,000) | (439,000) |
Total deferred | 6,806,000 | 2,225,000 | (16,352,000) |
Income tax expense | $ 30,445,000 | $ 35,105,000 | $ 28,350,000 |
Property And Equipment (Schedul
Property And Equipment (Schedule Of Property And Equipment) (Details) - USD ($) | Sep. 24, 2016 | Sep. 26, 2015 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 2,414,375,798 | $ 2,300,700,843 |
Less accumulated depreciation and amortization | 1,166,494,025 | 1,089,242,450 |
Property and equipment - net | 1,247,881,773 | 1,211,458,393 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 332,093,281 | 319,247,363 |
Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 34,977,869 | 15,289,568 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 1,058,126,030 | 1,027,716,672 |
Store, Office and Warehouse Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 864,032,096 | 815,624,122 |
Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | 71,052,757 | 68,920,594 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 54,093,765 | $ 53,902,524 |
Property Held For Lease And R43
Property Held For Lease And Rental Income (Narrative) (Details) | 12 Months Ended |
Sep. 24, 2016item | |
Property Held For Lease And Rental Income [Abstract] | |
Number of shopping centers | 74 |
Maximum period for non-cancelable operating lease agreements | 25 years |
Property Held For Lease And R44
Property Held For Lease And Rental Income (Schedule Of Rental Income) (Details) - USD ($) | 12 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Property Held For Lease And Rental Income [Abstract] | |||
Base rentals including lease termination payments | $ 8,280,790 | $ 7,639,725 | $ 7,875,101 |
Contingent rentals | 312,822 | 273,133 | 331,352 |
Total | 8,593,612 | 7,912,858 | 8,206,453 |
Depreciation on owned properties leased to others | (4,936,485) | (5,019,873) | (5,363,637) |
Other shopping center expenses | (2,124,105) | (1,897,737) | (1,982,212) |
Total | $ 1,533,022 | $ 995,248 | $ 860,604 |
Property Held For Lease And R45
Property Held For Lease And Rental Income (Schedule Of Owned Properties Under Operating Leases By Major Classes) (Details) - USD ($) | Sep. 24, 2016 | Sep. 26, 2015 |
Property Subject to or Available for Operating Lease [Line Items] | ||
Property subject to operating lease, Gross | $ 199,397,506 | $ 196,590,109 |
Less accumulated depreciation | (101,573,490) | (99,766,077) |
Property subject to operating lease, Total | 97,824,016 | 96,824,032 |
Land [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Property subject to operating lease, Gross | 44,899,234 | 41,424,958 |
Buildings [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Property subject to operating lease, Gross | $ 154,498,272 | $ 155,165,151 |
Property Held For Lease And R46
Property Held For Lease And Rental Income (Schedule Of Minimum Future Rental Income) (Details) | Sep. 24, 2016USD ($) |
Property Held For Lease And Rental Income [Abstract] | |
2,017 | $ 5,488,315 |
2,018 | 4,592,488 |
2,019 | 4,071,742 |
2,020 | 3,305,542 |
2,021 | 2,280,867 |
Thereafter | 7,313,154 |
Total minimum future rental income | $ 27,052,108 |
Leases and Rental Expense (Narr
Leases and Rental Expense (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Leases And Rental Expense [Abstract] | |||
Lease term | 20 years | ||
Rent expense for all operating leases | $ 13.8 | $ 13.6 | $ 14.1 |
Sub-lease rental income | $ 0.2 | $ 0.2 | $ 0.2 |
Leases and Rental Expense (Sche
Leases and Rental Expense (Schedule Of Aggregate Minimum Rental Commitments) (Details) | Sep. 24, 2016USD ($) |
Leases And Rental Expense [Abstract] | |
Minimum future rental commitments 2017 | $ 10,987,010 |
Minimum future rental commitments 2018 | 9,457,949 |
Minimum future rental commitments 2019 | 8,407,687 |
Minimum future rental commitments 2020 | 6,922,301 |
Minimum future rental commitments 2021 | 4,530,223 |
Minimum future rental commitments thereafter | 28,276,143 |
Total minimum future rental commitments | $ 68,581,313 |
Supplementary Balance Sheet I49
Supplementary Balance Sheet Information (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Supplementary Balance Sheet Information [Abstract] | |||
Employee insurance expense | $ 34.5 | $ 33.6 | $ 27.4 |
Supplementary Balance Sheet I50
Supplementary Balance Sheet Information (Accrued Expenses And Current Portion Of Other Long-Term Liabilities) (Details) - USD ($) | Sep. 24, 2016 | Sep. 26, 2015 |
Supplementary Balance Sheet Information [Line Items] | ||
Property, payroll, and other taxes payable | $ 18,883,819 | $ 17,882,565 |
Salaries, wages and bonuses payable | 28,159,164 | 26,336,530 |
Interest | 12,406,614 | 12,623,691 |
Other | 2,782,962 | 2,984,655 |
Total | 76,315,606 | 74,552,234 |
Employee Group Insurance [Member] | ||
Supplementary Balance Sheet Information [Line Items] | ||
Self-insurance liabilities | 5,807,558 | 5,166,501 |
Workers' Compensation Insurance [Member] | ||
Supplementary Balance Sheet Information [Line Items] | ||
Self-insurance liabilities | 5,929,533 | 6,752,941 |
General Liability Insurance [Member] | ||
Supplementary Balance Sheet Information [Line Items] | ||
Self-insurance liabilities | $ 2,345,956 | $ 2,805,351 |
Supplementary Balance Sheet I51
Supplementary Balance Sheet Information (Schedule Of Other Long-Term Liabilities) (Details) - USD ($) | Sep. 24, 2016 | Sep. 26, 2015 |
Supplementary Balance Sheet Information [Line Items] | ||
Advance payments on purchases contracts | $ 1,624,792 | $ 1,704,061 |
Deferred lease expense | 1,884,501 | 1,906,317 |
Nonqualified investment plan liability | 10,692,707 | 8,866,880 |
Other | 1,655,285 | 1,484,815 |
Total other long-term liabilities | 37,659,479 | 35,513,775 |
Less current portion | 883,892 | 952,661 |
Other long-term liabilities, net of current portion | 36,775,587 | 34,561,114 |
Workers' Compensation Insurance [Member] | ||
Supplementary Balance Sheet Information [Line Items] | ||
Self-insurance liabilities | 18,101,931 | 17,819,587 |
General Liability Insurance [Member] | ||
Supplementary Balance Sheet Information [Line Items] | ||
Self-insurance liabilities | $ 3,700,263 | $ 3,732,115 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||
Dec. 29, 2010USD ($)ft² | Sep. 24, 2016USD ($) | Sep. 26, 2015 | Jun. 30, 2013USD ($) | |
Debt Instrument [Line Items] | ||||
Property and equipment with undepreciated cost pledge as collateral for long term debt | $ 249,000,000 | |||
Senior Notes, Interest Rate of 5.75%, Maturing 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument principal amount | $ 700,000,000 | |||
Maturity period of Senior note | 2,023 | |||
Interest rate on senior notes | 5.75% | 5.75% | ||
Redemption period of senior notes | redeem all or a portion of the Notes at any time on or after June 15, 2018 | |||
Redemption of senior notes, date | Jun. 15, 2018 | |||
Recovery Zone Facility Bonds [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt maturity date | Jan. 1, 2036 | |||
Total amount of bonds funded | $ 99,700,000 | |||
Total area of new warehouse and distribution center | ft² | 830,000 | |||
Annual amount of redemption of bonds | $ 4,500,000 | |||
Credit Line [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility | $ 175,000,000 | |||
Credit Line [Member] | Offering Of Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility expiration date | Jun. 30, 2018 | |||
Credit Line [Member] | Unused Letters Of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility | $ 30,000,000 | |||
Unused letters of credit issued | $ 9,400,000 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-Term Debt And Short-Term Loans) (Details) - USD ($) | Sep. 24, 2016 | Sep. 26, 2015 |
Debt Instrument [Line Items] | ||
Less unamortized prepaid loan costs | $ (8,105,090) | $ (9,289,265) |
Total long-term debt | 876,474,094 | 886,053,527 |
Less current portion | 10,000,629 | 11,367,710 |
Long-term debt, net of current portion | 866,473,465 | 874,685,817 |
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% | 5.75% |
Recovery Zone Facility Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Bonds payable | $ 86,150,000 | $ 90,680,000 |
Line of credit payable [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding line of credit, weighted average interest rate of 4.50% for 2015 | $ 460,005 | |
Weighted average interest rate | 4.50% | |
Due to Banks, Weighted Average Interest Rate of 3.38% for 2016 and 3.29% for 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable | $ 98,429,184 | $ 103,507,307 |
Weighted average interest rate | 3.38% | 3.29% |
Due to Other Financial Institutions, Weighted Average Interest Rate of 7.58% for 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable | $ 695,480 | |
Weighted average interest rate | 7.58% |
Long-Term Debt (Schedule Of Red
Long-Term Debt (Schedule Of Redemption Prices Of Senior Notes) (Details) | 12 Months Ended |
Sep. 24, 2016 | |
2,018 | |
Debt instrument, redemption price as percentage of principal amount | 102.875% |
2,019 | |
Debt instrument, redemption price as percentage of principal amount | 101.917% |
2,020 | |
Debt instrument, redemption price as percentage of principal amount | 100.958% |
2021 and thereafter | |
Debt instrument, redemption price as percentage of principal amount | 100.00% |
Long-Term Debt (Schedule Of Com
Long-Term Debt (Schedule Of Components Of Interest Costs) (Details) - USD ($) | 12 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Long-Term Debt [Abstract] | |||
Total interest costs | $ 47,807,738 | $ 47,378,270 | $ 46,846,912 |
Interest capitalized | (1,477,434) | (371,496) | (277,048) |
Interest expense | $ 46,330,304 | $ 47,006,774 | $ 46,569,864 |
Long-Term Debt (Schedule Of Mat
Long-Term Debt (Schedule Of Maturities Of Long-Term Debt) (Details) - USD ($) | Sep. 24, 2016 | Sep. 26, 2015 |
Long-Term Debt [Abstract] | ||
2,017 | $ 11,303,409 | |
2,018 | 49,640,389 | |
2,019 | 7,970,200 | |
2,020 | 13,266,859 | |
2,021 | 71,310,883 | |
Thereafter | 731,087,444 | |
Less unamortized prepaid loan costs | (8,105,090) | $ (9,289,265) |
Total long-term debt | $ 876,474,094 | $ 886,053,527 |
Stockholder's Equity (Narrative
Stockholder's Equity (Narrative) (Details) | 12 Months Ended | ||
Sep. 24, 2016item | Sep. 27, 2014shares | Sep. 28, 2013shares | |
Class of Stock [Line Items] | |||
Percentage of cash dividend or liquidation payment based on Class B common stock | 110.00% | ||
Minimum [Member] | |||
Class of Stock [Line Items] | |||
Number of directors that can be set by board of directors | 5 | ||
Maximum [Member] | |||
Class of Stock [Line Items] | |||
Number of directors that can be set by board of directors | 11 | ||
Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Shares authorized for repurchase | shares | 4,000,000 | ||
Shares repurchased during the period | shares | 4,000,000 | ||
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% | ||
Class B Common Stock [Member] | Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Shares repurchased during the period | shares | 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. 24, 2016 | Jun. 25, 2016 | Mar. 26, 2016 | Dec. 26, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Class A Common Stock [Member] | |||||||||||
Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share [Line Items] | |||||||||||
Net income allocated, basic | $ 38,380,304 | $ 41,356,536 | $ 31,776,515 | ||||||||
Conversion of Class B to Class A shares | 15,809,162 | 17,996,587 | 19,649,939 | ||||||||
Net income allocated, diluted | $ 54,189,466 | $ 59,353,123 | $ 51,426,454 | ||||||||
Weighted average shares outstanding, basic | 13,943,299 | 13,711,241 | 13,482,296 | ||||||||
Conversion of Class B to Class A shares | 6,316,477 | 6,548,534 | 9,126,381 | ||||||||
Weighted average shares outstanding, diluted | 20,259,776 | 20,259,775 | 22,608,677 | ||||||||
Earnings per share, Basic | $ 0.72 | $ 0.64 | $ 0.73 | $ 0.66 | $ 0.83 | $ 0.70 | $ 0.72 | $ 0.77 | $ 2.75 | $ 3.02 | $ 2.36 |
Earnings per share, Diluted | 0.70 | 0.63 | 0.71 | 0.64 | 0.80 | 0.68 | 0.71 | 0.74 | $ 2.68 | $ 2.93 | $ 2.28 |
Class B Common Stock [Member] | |||||||||||
Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share [Line Items] | |||||||||||
Net income allocated, basic | $ 15,809,162 | $ 17,996,587 | $ 19,649,939 | ||||||||
Net income allocated, diluted | $ 15,809,162 | $ 17,996,587 | $ 19,649,939 | ||||||||
Weighted average shares outstanding, basic | 6,316,477 | 6,548,534 | 9,126,381 | ||||||||
Weighted average shares outstanding, diluted | 6,316,477 | 6,548,534 | 9,126,381 | ||||||||
Earnings per share, Basic | 0.65 | 0.59 | 0.66 | 0.60 | 0.75 | 0.63 | 0.66 | 0.70 | $ 2.50 | $ 2.74 | $ 2.14 |
Earnings per share, Diluted | $ 0.65 | $ 0.59 | $ 0.66 | $ 0.60 | $ 0.75 | $ 0.63 | $ 0.66 | $ 0.70 | $ 2.50 | $ 2.74 | $ 2.14 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Investment/Profit Sharing Plan [Member] | |||
Postemployment and Postretirement Benefit Plans [Line Items] | |||
Operating and administrative expenses | $ 1,800 | $ 1,600 | $ 1,400 |
Nonqualified Investment Plan [Member] | |||
Postemployment and Postretirement Benefit Plans [Line Items] | |||
Operating and administrative expenses | 110 | 99 | 84 |
Cash Bonuses [Member] | |||
Postemployment and Postretirement Benefit Plans [Line Items] | |||
Operating and administrative expenses | $ 10,600 | $ 10,100 | $ 9,200 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Sep. 24, 2016USD ($)segment | Sep. 26, 2015USD ($) | Sep. 27, 2014USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of operating segments | segment | 1 | ||
Fluid dairy | |||
Segment Reporting Information [Line Items] | |||
Sales eliminated in consolidation | $ | $ 43.2 | $ 49.4 | $ 58.7 |
Segment Information (Operations
Segment Information (Operations By Lines Of Business) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 24, 2016 | Jun. 25, 2016 | Mar. 26, 2016 | Dec. 26, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Segment Reporting Information By Segment [Line Items] | |||||||||||
Total revenues from unaffiliated customers | $ 962,373,000 | $ 957,178,000 | $ 924,312,000 | $ 951,114,000 | $ 952,838,000 | $ 945,974,000 | $ 915,335,000 | $ 964,497,000 | $ 3,794,977,406 | $ 3,778,643,782 | $ 3,835,985,953 |
Total income from operations | 128,601,998 | 139,182,043 | 123,345,157 | ||||||||
Other income, net | 2,362,772 | 2,282,854 | 3,001,161 | ||||||||
Interest expense | 46,330,304 | 47,006,774 | 46,569,864 | ||||||||
Income before income taxes | 84,634,466 | 94,458,123 | 79,776,454 | ||||||||
Total assets | 1,686,478,299 | 1,654,828,227 | 1,686,478,299 | 1,654,828,227 | 1,638,757,000 | ||||||
Total capital expenditures | 137,642,132 | 104,055,949 | 108,338,402 | ||||||||
Total depreciation and amortization | 106,587,686 | 102,876,964 | 97,663,587 | ||||||||
Elimination of intercompany receivable | |||||||||||
Segment Reporting Information By Segment [Line Items] | |||||||||||
Total assets | (2,415,000) | (2,338,000) | (2,415,000) | (2,338,000) | (2,770,000) | ||||||
Grocery | |||||||||||
Segment Reporting Information By Segment [Line Items] | |||||||||||
Total revenues from unaffiliated customers | 1,392,311,000 | 1,387,195,000 | 1,397,870,000 | ||||||||
Non-foods | |||||||||||
Segment Reporting Information By Segment [Line Items] | |||||||||||
Total revenues from unaffiliated customers | 817,161,000 | 769,168,000 | 729,934,000 | ||||||||
Perishables | |||||||||||
Segment Reporting Information By Segment [Line Items] | |||||||||||
Total revenues from unaffiliated customers | 1,011,749,000 | 981,221,000 | 937,402,000 | ||||||||
Gasoline | |||||||||||
Segment Reporting Information By Segment [Line Items] | |||||||||||
Total revenues from unaffiliated customers | 435,578,000 | 498,220,000 | 618,147,000 | ||||||||
Retail | |||||||||||
Segment Reporting Information By Segment [Line Items] | |||||||||||
Total revenues from unaffiliated customers | 3,656,799,000 | 3,635,804,000 | 3,683,353,000 | ||||||||
Total income from operations | 112,906,000 | 126,143,000 | 112,030,000 | ||||||||
Total assets | 1,555,319,000 | 1,525,682,000 | 1,555,319,000 | 1,525,682,000 | 1,496,860,000 | ||||||
Total capital expenditures | 134,732,000 | 100,894,000 | 105,808,000 | ||||||||
Total depreciation and amortization | 99,322,000 | 95,540,000 | 90,025,000 | ||||||||
Other Segment [Member] | |||||||||||
Segment Reporting Information By Segment [Line Items] | |||||||||||
Total revenues from unaffiliated customers | 138,178,000 | 142,840,000 | 152,633,000 | ||||||||
Total income from operations | 15,696,000 | 13,039,000 | 11,315,000 | ||||||||
Total assets | $ 133,574,000 | $ 131,484,000 | 133,574,000 | 131,484,000 | 144,667,000 | ||||||
Total capital expenditures | 2,910,000 | 3,162,000 | 2,530,000 | ||||||||
Total depreciation and amortization | $ 7,266,000 | $ 7,337,000 | $ 7,639,000 |
Selected Quarterly Financial 62
Selected Quarterly Financial Data (Summary Of Selected Quarterly Financial Data) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 24, 2016 | Jun. 25, 2016 | Mar. 26, 2016 | Dec. 26, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Class of Stock [Line Items] | |||||||||||
Net sales | $ 962,373,000 | $ 957,178,000 | $ 924,312,000 | $ 951,114,000 | $ 952,838,000 | $ 945,974,000 | $ 915,335,000 | $ 964,497,000 | $ 3,794,977,406 | $ 3,778,643,782 | $ 3,835,985,953 |
Gross profit | 237,194,000 | 232,854,000 | 228,718,000 | 225,639,000 | 228,056,000 | 222,164,000 | 218,691,000 | 224,393,000 | 924,405,200 | 893,303,800 | 845,163,515 |
Net income | $ 14,184,000 | $ 12,668,000 | $ 14,358,000 | $ 12,979,000 | $ 16,236,000 | $ 13,777,000 | $ 14,302,000 | $ 15,038,000 | $ 54,189,466 | $ 59,353,123 | $ 51,426,454 |
Class A Common Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Basic earnings per common share | $ 0.72 | $ 0.64 | $ 0.73 | $ 0.66 | $ 0.83 | $ 0.70 | $ 0.72 | $ 0.77 | $ 2.75 | $ 3.02 | $ 2.36 |
Diluted earnings per common share | 0.70 | 0.63 | 0.71 | 0.64 | 0.80 | 0.68 | 0.71 | 0.74 | 2.68 | 2.93 | 2.28 |
Class B Common Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Basic earnings per common share | 0.65 | 0.59 | 0.66 | 0.60 | 0.75 | 0.63 | 0.66 | 0.70 | 2.50 | 2.74 | 2.14 |
Diluted earnings per common share | $ 0.65 | $ 0.59 | $ 0.66 | $ 0.60 | $ 0.75 | $ 0.63 | $ 0.66 | $ 0.70 | $ 2.50 | $ 2.74 | $ 2.14 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) $ in Millions | 12 Months Ended |
Sep. 24, 2016USD ($) | |
Commitments And Contingencies [Abstract] | |
Construction commitments | $ 10.9 |
Fair Values Of Financial Inst64
Fair Values Of Financial Instruments (Carrying Amount And Fair Value Of Debt) (Details) - Level 2 $ in Thousands | Sep. 24, 2016USD ($) |
Carrying Amount | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated fair value of debt | $ 876,474 |
Fair Value | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated fair value of debt | 899,224 |
Senior Notes [Member] | Carrying Amount | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated fair value of debt | 700,000 |
Senior Notes [Member] | Fair Value | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated fair value of debt | 722,750 |
Recovery Zone Facility Bonds [Member] | Carrying Amount | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated fair value of debt | 86,150 |
Recovery Zone Facility Bonds [Member] | Fair Value | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated fair value of debt | 86,150 |
Secured Notes Payable And Other [Member] | Carrying Amount | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated fair value of debt | 90,324 |
Secured Notes Payable And Other [Member] | Fair Value | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Estimated fair value of debt | $ 90,324 |
Cash Flow Information (Suppleme
Cash Flow Information (Supplemental Disclosure Of Cash Flow Information) (Details) - USD ($) | 12 Months Ended | ||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | |
Cash paid during the year for: | |||
Interest (net of amounts capitalized) | $ 46,547,381 | $ 47,059,731 | $ 46,886,468 |
Income taxes | 20,209,281 | 37,198,075 | 32,064,452 |
Non cash items: | |||
Property and equipment additions included in accounts payable | $ 7,197,684 | $ 1,192,232 | $ 8,555,952 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) $ in Millions | Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | Sep. 28, 2013 |
Equity, Class of Treasury Stock [Line Items] | ||||
Short-term non-interest bearing loans outstanding to investment/profit sharing plan | $ 0 | $ 0 | ||
Common Stock [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Shares authorized for repurchase | 4,000,000 | |||
Common Stock [Member] | Class B Common Stock [Member] | Robert P. Ingle, Former CEO and Director [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Shares authorized for repurchase | 2,500,000 | |||
Purchase price of shares | $ 65 |
Schedule II - Supplemental Sc67
Schedule II - Supplemental Schedule Of Valuation And Qualifying Accounts (Details) - Allowance for Doubtful Accounts [Member] - USD ($) | 12 Months Ended | |||
Sep. 24, 2016 | Sep. 26, 2015 | Sep. 27, 2014 | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
BALANCE AT BEGINNING OF YEAR | $ 400,248 | $ 307,029 | $ 772,893 | |
CHARGED TO COST AND EXPENSES | 250,000 | |||
DEDUCTIONS | [1] | 41,955 | 156,781 | 465,864 |
BALANCE AT END OF YEAR | $ 358,293 | $ 400,248 | $ 307,029 | |
[1] | Uncollectible accounts written off, net of recoveries. |