Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jun. 30, 2018 | Aug. 07, 2018 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | IMKTA | |
Entity Registrant Name | INGLES MARKETS INC | |
Entity Central Index Key | 50,493 | |
Current Fiscal Year End Date | --09-29 | |
Entity Filer Category | Accelerated Filer | |
Class A Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 14,135,294 | |
Class B Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 6,124,482 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2018 | Sep. 30, 2017 |
Current Assets: | ||
Cash and cash equivalents | $ 11,642,792 | $ 23,912,100 |
Receivables - net | 73,728,691 | 66,329,164 |
Inventories | 363,514,581 | 349,333,013 |
Other current assets | 40,171,936 | 6,265,737 |
Total Current Assets | 489,058,000 | 445,840,014 |
Property and Equipment - Net | 1,297,366,411 | 1,265,112,350 |
Other Assets | 24,128,848 | 22,353,410 |
Total Assets | 1,810,553,259 | 1,733,305,774 |
Current Liabilities: | ||
Current portion of long-term debt | 12,811,783 | 12,210,571 |
Accounts payable - trade | 170,005,278 | 150,901,051 |
Accrued expenses and current portion of other long-term liabilities | 66,368,958 | 82,451,857 |
Total Current Liabilities | 249,186,019 | 245,563,479 |
Deferred Income Taxes | 65,065,000 | 69,918,000 |
Long-Term Debt | 874,944,399 | 865,659,744 |
Other Long-Term Liabilities | 41,132,479 | 41,112,548 |
Total Liabilities | 1,230,327,897 | 1,222,253,771 |
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 | 566,901,124 | 497,727,765 |
Total Stockholders’ Equity | 580,225,362 | 511,052,003 |
Total Liabilities and Stockholders’ Equity | 1,810,553,259 | 1,733,305,774 |
Class A Common Stock [Member] | ||
Stockholders’ Equity | ||
Common stocks | 706,765 | 704,202 |
Class B Common Stock [Member] | ||
Stockholders’ Equity | ||
Common stocks | $ 306,224 | $ 308,787 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2018 | Sep. 30, 2017 |
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 | 14,135,294 | 14,084,044 |
Common stock, shares outstanding | 14,135,294 | 14,084,044 |
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 | 6,124,482 | 6,175,732 |
Common stock, shares outstanding | 6,124,482 | 6,175,732 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 30, 2018 | Jun. 24, 2017 | |
Net sales | $ 1,034,768,578 | $ 984,397,728 | $ 3,033,116,829 | $ 2,913,308,035 |
Cost of goods sold | 790,877,750 | 747,263,567 | 2,309,378,730 | 2,211,004,100 |
Gross profit | 243,890,828 | 237,134,161 | 723,738,099 | 702,303,935 |
Operating and administrative expenses | 214,718,142 | 207,595,217 | 635,188,232 | 616,914,673 |
Gain from sale or disposal of assets | 605,507 | 125,031 | 671,000 | 1,493,009 |
Income from operations | 29,778,193 | 29,663,975 | 89,220,867 | 86,882,271 |
Other income, net | 647,886 | 1,030,236 | 2,466,326 | 2,469,684 |
Interest expense | 11,956,421 | 11,729,505 | 35,621,008 | 34,761,917 |
Income before income taxes | 18,469,658 | 18,964,706 | 56,066,185 | 54,590,038 |
Income tax (benefit) expense | (6,014,000) | 7,438,000 | (22,859,000) | 20,088,000 |
Net income | $ 24,483,658 | $ 11,526,706 | $ 78,925,185 | $ 34,502,038 |
Class A Common Stock [Member] | ||||
Per share amounts: | ||||
Basic earnings per common share | $ 1.24 | $ 0.58 | $ 4 | $ 1.75 |
Diluted earnings per common share | 1.21 | 0.57 | 3.90 | 1.70 |
Cash dividends per common share | 0.165 | 0.165 | 0.495 | 0.495 |
Class B Common Stock [Member] | ||||
Per share amounts: | ||||
Basic earnings per common share | 1.13 | 0.53 | 3.64 | 1.59 |
Diluted earnings per common share | 1.13 | 0.53 | 3.64 | 1.59 |
Cash dividends per common share | $ 0.150 | $ 0.150 | $ 0.450 | $ 0.450 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Changes In Stockholders' Equity - USD ($) | Class A Common Stock [Member]Common Stock [Member] | Class B Common Stock [Member]Common Stock [Member] | Paid-in Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Total |
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 | |||
Net income | 34,502,038 | 34,502,038 | |||
Cash dividends | (9,747,115) | (9,747,115) | |||
Common stock conversions | $ 5,356 | $ (5,356) | |||
Common stock conversions (in shares) | 107,118 | (107,118) | |||
Balance at Jun. 24, 2017 | $ 703,680 | $ 309,309 | 12,311,249 | 481,606,295 | 494,930,533 |
Balance (in shares) at Jun. 24, 2017 | 14,073,594 | 6,186,182 | |||
Balance at Sep. 30, 2017 | $ 704,202 | $ 308,787 | 12,311,249 | 497,727,765 | 511,052,003 |
Balance (in shares) at Sep. 30, 2017 | 14,084,044 | 6,175,732 | |||
Net income | 78,925,185 | 78,925,185 | |||
Cash dividends | (9,751,826) | (9,751,826) | |||
Common stock conversions | $ 2,563 | $ (2,563) | |||
Common stock conversions (in shares) | 51,250 | (51,250) | |||
Balance at Jun. 30, 2018 | $ 706,765 | $ 306,224 | $ 12,311,249 | $ 566,901,124 | $ 580,225,362 |
Balance (in shares) at Jun. 30, 2018 | 14,135,294 | 6,124,482 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows - USD ($) | 9 Months Ended | |
Jun. 30, 2018 | Jun. 24, 2017 | |
Cash Flows from Operating Activities: | ||
Net income | $ 78,925,185 | $ 34,502,038 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 84,628,425 | 82,748,225 |
Gain from sale or disposal of assets | (671,000) | (1,493,009) |
Receipt of advance payments on purchases contracts | 2,108,133 | 3,736,862 |
Recognition of advance payments on purchases contracts | (1,545,168) | (1,719,541) |
Deferred income taxes | (4,853,000) | 88,000 |
Changes in operating assets and liabilities: | ||
Receivables | (7,399,527) | (1,771,516) |
Inventory | (14,181,568) | (4,403,514) |
Other assets | (35,751,944) | (6,214,157) |
Accounts payable and accrued expenses | 6,334,420 | 1,174,389 |
Net Cash Provided by Operating Activities | 107,593,956 | 106,647,777 |
Cash Flows from Investing Activities: | ||
Proceeds from sales of property and equipment | 1,420,272 | 2,150,638 |
Capital expenditures | (120,530,409) | (90,010,736) |
Net Cash Used by Investing Activities | (119,110,137) | (87,860,098) |
Cash Flows from Financing Activities: | ||
Proceeds from short-term borrowings | 444,869,313 | 354,457,462 |
Payments on short-term borrowings | (424,774,315) | (351,649,625) |
Principal payments on long-term borrowings | (11,096,299) | (9,508,619) |
Dividends paid | (9,751,826) | (9,747,115) |
Net Cash Used by Financing Activities | (753,127) | (16,447,897) |
Net (Decrease) Increase in Cash and Cash Equivalents | (12,269,308) | 2,339,782 |
Cash and Cash Equivalents at Beginning of Period | 23,912,100 | 5,679,509 |
Cash and Cash Equivalents at End of Period | $ 11,642,792 | $ 8,019,291 |
Basis Of Preparation
Basis Of Preparation | 9 Months Ended |
Jun. 30, 2018 | |
Basis Of Preparation [Abstract] | |
Basis Of Preparation | A. BASIS OF PREPARATION In the opinion of management, the accompanying unaudited interim financial statements contain all adjustments necessary to present fairly the financial position of Ingles Markets, Incorporated and Subsidiaries (the “Company”) as of June 30, 2018, the results of operations for the three-month and nine-month periods ended June 30, 2018 and June 24, 2017, and the changes in stockholders’ equity and cash flows for the nine-month periods ended June 30, 2018 and June 24, 2017. The adjustments made are of a normal recurring nature. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q. It is suggested that these unaudited interim financial statements be read in conjunction with the audited financial statements and the notes thereto included in the Annual Report on Form 10-K for the year ended September 30, 2017 filed by the Company under the Securities Exchange Act of 1934 on December 6, 2017. The results of operations for the three-month and nine-month periods ended June 30, 2018 are not necessarily indicative of the results to be expected for the full fiscal year. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Jun. 30, 2018 | |
New Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements | B. NEW ACCOUNTING PRONOUNCEMENTS 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 revenue 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 completed its evaluation of the impact of adopting this ASU and does not expect a significant impact on its consolidated financial statements. |
Allowance For Doubtful Accounts
Allowance For Doubtful Accounts | 9 Months Ended |
Jun. 30, 2018 | |
Allowance For Doubtful Accounts [Abstract] | |
Allowance For Doubtful Accounts | C. ALLOWANCE FOR DOUBTFUL ACCOUNTS Receivables are presented net of an allowance for doubtful accounts of $293,000 at June 30, 2018 and $306,000 at September 30, 2017. |
Income Taxes
Income Taxes | 9 Months Ended |
Jun. 30, 2018 | |
Income Taxes [Abstract] | |
Income Taxes | D. INCOME TAXES The Company’s effective tax rate differs from the federal statutory rate primarily as a result of state income taxes and tax credits. On December 22, 2017, the U.S. Government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complete changes to the U.S tax code that will affect the Company’s fiscal year ended September 29, 2018, including, but not limited to (1) reducing the U.S. federal corporate tax rate from 35% to 21% effective January 1, 2018, (2) creating a new limitation on deductible interest expense, and (3) bonus depreciation that will allow for full expensing of qualified property. For the fiscal year ended September 29, 2018, the Company expects to have a blended federal corporate tax rate of 24.5% based on the effective date of the tax rate reduction. As a result of the decrease in the federal rate, the Company recorded in the fiscal quarter ended December 30, 2017 a decrease in its net deferred tax liabilities of $26.7 million, with a corresponding reduction to deferred income tax expense. During the quarter ended June 30, 2018 the Company adopted a tax calculation method change that resulted in the accelerated deduction of certain property-related expenditures. This change was included in the Company’s fiscal 2017 tax return that was finalized during that fiscal quarter. As a result of this change and the change in the federal statutory tax rate from 35% to 21% in December 2017, the Company recorded in the fiscal quarter ended June 30, 2018 a decrease in its net deferred tax liabilities of $10.6 million, with a corresponding reduction to deferred income tax expense. On December 22, 2017, Staff Accounting Bulletin No. 118 ("SAB 118") was issued to address the application of US GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Act. SAB 118 allows registrants to record provisional amounts for reasonable estimates that require more subsequent analysis. The Company has completed its analysis and does not have any provisional amounts subject to SAB 118. The Company has unrecognized tax benefits and could incur interest and penalties related to uncertain tax positions. These amounts are insignificant and are not expected to significantly increase or decrease within the next twelve months. |
Accrued Expenses And Current Po
Accrued Expenses And Current Portion Of Other Long-Term Liabilities | 9 Months Ended |
Jun. 30, 2018 | |
Accrued Expenses And Current Portion Of Other Long-Term Liabilities [Abstract] | |
Accrued Expenses And Current Portion Of Other Long-Term Liabilities | E. ACCRUED EXPENSES AND CURRENT PORTION OF OTHER LONG-TERM LIABILITIES Accrued expenses and current portion of other long-term liabilities consist of the following: June 30, September 30, 2018 2017 Property, payroll and other taxes payable $ 18,046,881 $ 21,261,924 Salaries, wages and bonuses payable 27,309,545 28,369,250 Self-insurance liabilities 13,209,649 13,326,110 Interest payable 3,506,514 13,175,382 Other 4,296,369 6,319,191 $ 66,368,958 $ 82,451,857 Self-insurance liabilities are established for general liability claims, workers’ compensation and employee group medical and dental benefits based on claims filed and estimates of claims incurred but not reported. The Company is insured for covered costs in excess of $750,000 per occurrence for workers’ compensation, $500,000 for general liability and $450,000 per covered person for medical care benefits for a policy year. The Company’s self-insurance liabilities totaled $34.2 million and $ 35.5 million at June 30, 2018 and September 30, 2017, respectively. Of this amount, $13.2 million is accounted for as a current liability and $21.0 million as a long-term liability, which is inclusive of $ 4.8 million of expected self-insurance recoveries from excess cost insurance or other sources that are recorded as a receivable at June 30, 2018. At September 30, 2017, $ 13.3 million is accounted for as a current liability and $22.2 million as a long-term liability, which is inclusive of $ 4.8 million of expected self-insurance recoveries from excess cost insurance or other sources that are recorded as a receivable. Employee insurance expense, including workers’ compensation and medical care benefits, net of employee contributions, totaled $8.1 million and $8.0 million for the three-month periods ended June 30, 2018 and June 24, 2017, respectively. For the nine-month periods ended June 30, 2018 and June 24, 2017, employee insurance expense, net of employee contributions, totaled $27.1 million and $2 4.4 million, respectively. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Jun. 30, 2018 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | F. LONG-TERM DEBT 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 to exchange the private placement notes with registered notes. The exchange has been completed. The Company may redeem all or a portion of the Notes at any time on or after June 15, 2018 at the following redemption prices (expressed as percentages of the principal amount), if redeemed during the 12-month period beginning June 15 of the years indicated below: Year 2018 102.875% 2019 101.917% 2020 100.958% 2021 and thereafter 100.000% The Company has $ 175.0 million line of credit (the “Line”) that matures September 2022 . 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 $ 9.6 million of unused letters of credit were issued at June 30, 2018. The Company is not required to maintain compensating balances in connection with the Line. At June 30, 2018, the Company had $20.1 million of borrowings outstanding under the line. In December 2010, the Company completed the funding of $ 99.7 million of Recovery Zone Facility Bonds (the “Bonds”) for construction of new warehouse and distribution space in Buncombe County, North Carolina (the “Project”). The final maturity date of the Bonds is January 1, 2036 . 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 June 30, 2021, 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 . The Company may redeem the Bonds without penalty or premium at any time prior to June 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. In September 2017, the Company refinanced approximately $60 million secured borrowing obligations that were scheduled to mature in fiscal years 2018-2020 with a LIBOR-based floating rate loan maturing in October 2027 . On December 19, 2017 the Company entered into an interest rate swap agreement for a notional amount of $58.5 million at a fixed rate of 3.92% . Under this agreement, the Company pays monthly the fixed rate of 3.92% and receives the one-month LIBOR plus 1.65% . The interest rate swap effectively hedges the floating rate debt closed by the Company in September 2017. Both the floating rate debt and the interest rate swap have monthly principal amortization of $0.5 million and mature October 1, 2027 . The fair market value of the interest rate swap is measured quarterly with adjustments recorded in other comprehensive income. The difference between the notional amount and fair market value of the interest rate swap at June 30, 2018 was not significant. 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 its borrowings at June 30, 2018. 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, Bond and Notes indenture in the event of default under any one instrument. At June 30, 2018, property and equipment with an undepreciated cost of approximately $217 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. At June 30, 2018, the Company had excess net worth totaling $96.8 million calculated under covenants in the Notes, the Bonds, and the Line. This amount is available to pay dividends; however, 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. |
Dividends
Dividends | 9 Months Ended |
Jun. 30, 2018 | |
Dividends [Abstract] | |
Dividends | G. DIVIDENDS The Company paid cash dividends of $0.165 for each share of Class A Common Stock and $0.15 for each share of Class B Common Stock on October 19, 2017 to stockholders of record on October 12, 2017 . The Company paid cash dividends of $0.165 for each share of Class A Common Stock and $0.15 for each share of Class B Common Stock on January 18, 2018 to stockholders of record on January 11, 2018 . The Company paid cash dividends of $0.165 for each share of Class A Common Stock and $0.15 for each share of Class B Common Stock on April 19, 2018 to stockholders of record on April 12, 2018 . For additional information regarding the dividend rights of the Class A Common Stock and Class B Common Stock, please see Note 8, “Stockholders’ Equity” to the Consolidated Financial Statements of the Annual Report on Form 10-K filed by the Company under the Securities Exchange Act of 1934 on December 6, 2017. |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Jun. 30, 2018 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | H. EARNINGS PER COMMON SHARE The Company has two classes of common stock: Class A which is publicly traded, and Class B, which has no public market. The Class B Common Stock has restrictions on transfer; however, each share is convertible into one share of Class A Common Stock at any time . Each share of Class A Common Stock has one vote per share and each share of Class B Common Stock has ten votes per share . Each share of Class A Common Stock is entitled to receive cash dividends equal to 110% of any cash dividend paid on Class B Common Stock. The Company calculates earnings per share using the two-class method in accordance with FASB Accounting Standards Codification ("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 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. Three Months Ended Nine Months Ended June 30, 2018 June 30, 2018 Class A Class B Class A Class B Numerator: Allocated net income Net income allocated, basic $ 17,557,024 $ 6,926,634 $ 56,551,833 $ 22,373,352 Conversion of Class B to Class A shares 6,926,634 — 22,373,352 — Net income allocated, diluted $ 24,483,658 $ 6,926,634 $ 78,925,185 $ 22,373,352 Denominator: Weighted average shares outstanding Weighted average shares outstanding, basic 14,128,772 6,131,004 14,117,449 6,142,327 Conversion of Class B to Class A shares 6,131,004 — 6,142,327 — Weighted average shares outstanding, diluted 20,259,776 6,131,004 20,259,776 6,142,327 Earnings per share Basic $ 1.24 $ 1.13 $ 4.00 $ 3.64 Diluted $ 1.21 $ 1.13 $ 3.90 $ 3.64 The per share amounts for the third quarter of fiscal 2017 and the nine months ended June 24, 2017 are based on the following amounts: Three Months Ended Nine Months Ended June 24, 2017 June 24, 2017 Class A Class B Class A Class B Numerator: Allocated net income Net income allocated, basic $ 8,234,965 $ 3,291,741 $ 24,563,248 $ 9,938,790 Conversion of Class B to Class A shares 3,291,741 — 9,938,790 — Net income allocated, diluted $ 11,526,706 $ 3,291,741 $ 34,502,038 $ 9,938,790 Denominator: Weighted average shares outstanding Weighted average shares outstanding, basic 14,072,598 6,187,178 14,025,733 6,234,043 Conversion of Class B to Class A shares 6,187,178 — 6,234,043 — Weighted average shares outstanding, diluted 20,259,776 6,187,178 20,259,776 6,234,043 Earnings per share Basic $ 0.58 $ 0.53 $ 1.75 $ 1.59 Diluted $ 0.57 $ 0.53 $ 1.70 $ 1.59 |
Segment Information
Segment Information | 9 Months Ended |
Jun. 30, 2018 | |
Segment Information [Abstract] | |
Segment Information | I. SEGMENT INFORMATION The Company operates one primary business segment, retail grocery sales. The “Other” activities include fluid dairy and shopping center rentals. Information about the Company’s operations by lines of business (amounts in thousands) is as follows: Three Months Ended Nine Months Ended June 30, June 24, June 30, June 24, 2018 2017 2018 2017 Revenues from unaffiliated customers: Grocery $ 343,687 $ 341,442 $ 1,055,896 $ 1,044,531 Non-foods 221,885 212,322 648,043 625,890 Perishables 273,339 265,828 800,018 770,350 Gasoline 165,510 129,569 438,722 366,175 Total Retail 1,004,421 949,161 2,942,679 2,806,946 Other 30,348 35,237 90,438 106,362 Total revenues from unaffiliated customers $ 1,034,769 $ 984,398 $ 3,033,117 $ 2,913,308 Income from operations: Retail $ 26,555 $ 25,350 $ 79,843 $ 74,947 Other 3,223 4,314 9,378 11,935 Total income from operations $ 29,778 $ 29,664 $ 89,221 $ 86,882 June 30, September 30, 2018 2017 Assets: Retail $ 1,671,600 $ 1,600,699 Other 140,494 135,076 Elimination of intercompany receivable (1,541) (2,469) Total assets $ 1,810,553 $ 1,733,306 The grocery category includes grocery, dairy, and frozen foods. The non-foods include alcoholic beverages, tobacco, pharmacy, health and video. The perishables category includes meat, produce, deli and bakery. For the three-month periods ended June 30, 2018 and June 24, 2017, respectively, the fluid dairy operation had $9.7 million and $10.6 million in sales to the grocery sales operation. The fluid dairy operation had $31.0 million and $33.9 million in sales to the grocery sales operation for the nine-month periods ended June 30, 2018 and June 24, 2017, respectively. These sales have been eliminated in consolidation and are excluded from the amounts in the table above. |
Fair Values Of Financial Instru
Fair Values Of Financial Instruments | 9 Months Ended |
Jun. 30, 2018 | |
Fair Values Of Financial Instruments [Abstract] | |
Fair Values Of Financial Instruments | J. FAIR VALUES OF FINANCIAL INSTRUMENTS The carrying amounts for cash and cash equivalents, accounts receivable and accounts payable approximate fair value due to the short-term maturity of these instruments. 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 June 30, 2018 is as follows (in thousands): Carrying Fair Value Amount Fair Value Measurements Senior Notes $ 700,000 $ 691,250 Level 2 Facility Bonds 77,090 77,090 Level 2 Secured notes payable and other 90,571 90,571 Level 2 Line of credit payable 20,095 20,095 Level 2 Total debt $ 887,756 $ 879,006 The fair value of the interest rate swap, which is a Level 2 fair value measurement, was insignificant at June 30, 2018. The fair values for Level 2 measurements were determined primarily using market yields and taking into consideration the underlying terms of the debt. |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Jun. 30, 2018 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | K. 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, the results of its operations, or its cash flows. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Jun. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | L. SUBSEQUENT EVENTS We have evaluated subsequent events and transactions for potential recognition or disclosure in the financial statements through the day the financial statements were issued. |
Accrued Expenses And Current 19
Accrued Expenses And Current Portion Of Other Long-Term Liabilities (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Accrued Expenses And Current Portion Of Other Long-Term Liabilities [Abstract] | |
Accrued Expenses and Current Portion Of Other Long-Term Liabilities | June 30, September 30, 2018 2017 Property, payroll and other taxes payable $ 18,046,881 $ 21,261,924 Salaries, wages and bonuses payable 27,309,545 28,369,250 Self-insurance liabilities 13,209,649 13,326,110 Interest payable 3,506,514 13,175,382 Other 4,296,369 6,319,191 $ 66,368,958 $ 82,451,857 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Long-Term Debt [Abstract] | |
Schedule Of Redemption Prices Of Senior Notes (extension) | Year 2018 102.875% 2019 101.917% 2020 100.958% 2021 and thereafter 100.000% |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Earnings Per Common Share [Abstract] | |
Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share | Three Months Ended Nine Months Ended June 30, 2018 June 30, 2018 Class A Class B Class A Class B Numerator: Allocated net income Net income allocated, basic $ 17,557,024 $ 6,926,634 $ 56,551,833 $ 22,373,352 Conversion of Class B to Class A shares 6,926,634 — 22,373,352 — Net income allocated, diluted $ 24,483,658 $ 6,926,634 $ 78,925,185 $ 22,373,352 Denominator: Weighted average shares outstanding Weighted average shares outstanding, basic 14,128,772 6,131,004 14,117,449 6,142,327 Conversion of Class B to Class A shares 6,131,004 — 6,142,327 — Weighted average shares outstanding, diluted 20,259,776 6,131,004 20,259,776 6,142,327 Earnings per share Basic $ 1.24 $ 1.13 $ 4.00 $ 3.64 Diluted $ 1.21 $ 1.13 $ 3.90 $ 3.64 The per share amounts for the third quarter of fiscal 2017 and the nine months ended June 24, 2017 are based on the following amounts: Three Months Ended Nine Months Ended June 24, 2017 June 24, 2017 Class A Class B Class A Class B Numerator: Allocated net income Net income allocated, basic $ 8,234,965 $ 3,291,741 $ 24,563,248 $ 9,938,790 Conversion of Class B to Class A shares 3,291,741 — 9,938,790 — Net income allocated, diluted $ 11,526,706 $ 3,291,741 $ 34,502,038 $ 9,938,790 Denominator: Weighted average shares outstanding Weighted average shares outstanding, basic 14,072,598 6,187,178 14,025,733 6,234,043 Conversion of Class B to Class A shares 6,187,178 — 6,234,043 — Weighted average shares outstanding, diluted 20,259,776 6,187,178 20,259,776 6,234,043 Earnings per share Basic $ 0.58 $ 0.53 $ 1.75 $ 1.59 Diluted $ 0.57 $ 0.53 $ 1.70 $ 1.59 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Segment Information [Abstract] | |
Operations By Lines Of Business | Three Months Ended Nine Months Ended June 30, June 24, June 30, June 24, 2018 2017 2018 2017 Revenues from unaffiliated customers: Grocery $ 343,687 $ 341,442 $ 1,055,896 $ 1,044,531 Non-foods 221,885 212,322 648,043 625,890 Perishables 273,339 265,828 800,018 770,350 Gasoline 165,510 129,569 438,722 366,175 Total Retail 1,004,421 949,161 2,942,679 2,806,946 Other 30,348 35,237 90,438 106,362 Total revenues from unaffiliated customers $ 1,034,769 $ 984,398 $ 3,033,117 $ 2,913,308 Income from operations: Retail $ 26,555 $ 25,350 $ 79,843 $ 74,947 Other 3,223 4,314 9,378 11,935 Total income from operations $ 29,778 $ 29,664 $ 89,221 $ 86,882 June 30, September 30, 2018 2017 Assets: Retail $ 1,671,600 $ 1,600,699 Other 140,494 135,076 Elimination of intercompany receivable (1,541) (2,469) Total assets $ 1,810,553 $ 1,733,306 |
Fair Values Of Financial Inst23
Fair Values Of Financial Instruments (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Fair Values Of Financial Instruments [Abstract] | |
Carrying Amount And Fair Value Of Debt | Carrying Fair Value Amount Fair Value Measurements Senior Notes $ 700,000 $ 691,250 Level 2 Facility Bonds 77,090 77,090 Level 2 Secured notes payable and other 90,571 90,571 Level 2 Line of credit payable 20,095 20,095 Level 2 Total debt $ 887,756 $ 879,006 |
Allowance For Doubtful Accoun24
Allowance For Doubtful Accounts (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2017 |
Allowance For Doubtful Accounts [Abstract] | ||
Allowance for doubtful accounts receivable | $ 293 | $ 306 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | Jan. 01, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | Dec. 30, 2017 | Sep. 29, 2018 |
Federal corporate tax rate | 21.00% | 35.00% | |||
Decrease in net deferred tax liabilities as a result of the decrease in the federal rate | $ 10.6 | $ 26.7 | |||
Scenario, Plan [Member] | |||||
Blended federal corporate tax rate expected for fiscal year | 24.50% |
Accrued Expenses And Current 26
Accrued Expenses And Current Portion Of Other Long-Term Liabilities (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 30, 2018 | Jun. 24, 2017 | Sep. 30, 2017 | |
Accrued Expenses And Current Portion Of Other Long-Term Liabilities [Abstract] | |||||
Workers' compensation per occurrence covered under insurance cost | $ 750 | $ 750 | |||
General liability | 500 | 500 | |||
Medical care benefits per person covered under insurance cost | 450 | 450 | |||
Self insurance liabilities | 34,200 | 34,200 | $ 35,500 | ||
Self insurance liabilities, current | 13,200 | 13,200 | 13,300 | ||
Self insurance liabilities, noncurrent | 21,000 | 21,000 | 22,200 | ||
Receivable for expected self-insurance recoveries from excess cost insurance | 4,800 | 4,800 | $ 4,800 | ||
Employee insurance expense | $ 8,100 | $ 8,000 | $ 27,100 | $ 24,400 |
Accrued Expenses And Current 27
Accrued Expenses And Current Portion Of Other Long-Term Liabilities (Accrued Expenses And Current Portion Of Other Long-Term Liabilities) (Details) - USD ($) | Jun. 30, 2018 | Sep. 30, 2017 |
Accrued Expenses And Current Portion Of Other Long-Term Liabilities [Abstract] | ||
Property, payroll, and other taxes payable | $ 18,046,881 | $ 21,261,924 |
Salaries, wages and bonuses payable | 27,309,545 | 28,369,250 |
Self-insurance liabilities | 13,209,649 | 13,326,110 |
Interest payable | 3,506,514 | 13,175,382 |
Other | 4,296,369 | 6,319,191 |
Total | $ 66,368,958 | $ 82,451,857 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) | Dec. 19, 2017 | Jun. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2013 | Dec. 31, 2010 |
Debt Instrument [Line Items] | |||||
Maximum amount of unused letters of credit allowed to issue | $ 30,000,000 | ||||
Unused letters of credit issued | 9,600,000 | ||||
Property and equipment with undepreciated cost pledge as collateral for long term debt | 217,000,000 | ||||
Excess net worth calculated under covenants in the Notes, the Bonds, and the Line | $ 96,800,000 | ||||
Interest Rate Swap [Member] | |||||
Debt Instrument [Line Items] | |||||
Derivative notional amount | $ 58,500,000 | ||||
Derivative, fixed interest rate | 3.92% | ||||
Interest Rate Swap [Member] | One-Month LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument variable interest rate | 1.65% | ||||
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 notes | 2,023 | ||||
Debt instrument stated interest rate | 5.75% | ||||
Redemption period of senior notes description | redeem all or a portion of the Notes at any time on or after June 15, 2018 | ||||
Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument principal amount | $ 60,000,000 | ||||
Debt maturity date | Oct. 1, 2027 | ||||
Monthly principal amortization | $ 500,000 | ||||
Recovery Zone Facility Bonds [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity date | Jan. 1, 2036 | ||||
Description of interest rate on bonds | 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. | ||||
Total amount of bonds funded | $ 99,700,000 | ||||
Annual amount of redemption of bonds | $ 4,500,000 | ||||
Mandatory bonds redemption beginning period | Jan. 1, 2014 | ||||
Credit Line [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity date | Sep. 30, 2022 | ||||
Line of credit facility | $ 175,000,000 | ||||
Borrowings outstanding | $ 20,100,000 |
Long-Term Debt (Schedule Of Red
Long-Term Debt (Schedule Of Redemption Prices Of Senior Notes) (Details) | 9 Months Ended |
Jun. 30, 2018 | |
Long-Term Debt [Abstract] | |
2,018 | 102.875% |
2,019 | 101.917% |
2,020 | 100.958% |
2021 and thereafter | 100.00% |
Dividends (Narrative) (Details)
Dividends (Narrative) (Details) - $ / shares | Apr. 19, 2018 | Jan. 18, 2018 | Oct. 19, 2017 | Jun. 30, 2018 | Jun. 24, 2017 | Jun. 30, 2018 | Jun. 24, 2017 |
Class A Common Stock [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividends per share of common stock | $ 0.165 | $ 0.165 | $ 0.495 | $ 0.495 | |||
Class B Common Stock [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividends per share of common stock | $ 0.150 | $ 0.150 | $ 0.450 | $ 0.450 | |||
Dividend 1 [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Dividend payment date | Oct. 19, 2017 | ||||||
Dividend record date | Oct. 12, 2017 | ||||||
Dividend 1 [Member] | Class A Common Stock [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividends per share of common stock | $ 0.165 | ||||||
Dividend 1 [Member] | Class B Common Stock [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividends per share of common stock | $ 0.15 | ||||||
Dividend 2 [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Dividend payment date | Jan. 18, 2018 | ||||||
Dividend record date | Jan. 11, 2018 | ||||||
Dividend 2 [Member] | Class A Common Stock [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividends per share of common stock | $ 0.165 | ||||||
Dividend 2 [Member] | Class B Common Stock [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividends per share of common stock | $ 0.15 | ||||||
Dividend 3 [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Dividend payment date | Apr. 19, 2018 | ||||||
Dividend record date | Apr. 12, 2018 | ||||||
Dividend 3 [Member] | Class A Common Stock [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividends per share of common stock | $ 0.165 | ||||||
Dividend 3 [Member] | Class B Common Stock [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividends per share of common stock | $ 0.15 |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) | 9 Months Ended |
Jun. 30, 2018itemshares | |
Earnings Per Share [Line Items] | |
Conversion feature for Class B Common Stock | each share is convertible into one share of Class A Common Stock at any time |
Number of shares in conversion | shares | 1 |
Voting rights for shareholders | Each share of Class A Common Stock has one vote per share and each share of Class B Common Stock has ten votes per share |
Percentage of cash dividend on Class B Common Stock entitled to receive for each share of Class A Common Stock | 110.00% |
Class A Common Stock [Member] | |
Earnings Per Share [Line Items] | |
Number of votes for common stock | 1 |
Class B Common Stock [Member] | |
Earnings Per Share [Line Items] | |
Number of votes for common stock | 10 |
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 | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 30, 2018 | Jun. 24, 2017 | |
Class A Common Stock [Member] | ||||
Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share [Line Items] | ||||
Net income allocated, basic | $ 17,557,024 | $ 8,234,965 | $ 56,551,833 | $ 24,563,248 |
Conversion of Class B to Class A shares | 6,926,634 | 3,291,741 | 22,373,352 | 9,938,790 |
Net income allocated, diluted | $ 24,483,658 | $ 11,526,706 | $ 78,925,185 | $ 34,502,038 |
Weighted average shares outstanding, basic | 14,128,772 | 14,072,598 | 14,117,449 | 14,025,733 |
Conversion of Class B to Class A shares | 6,131,004 | 6,187,178 | 6,142,327 | 6,234,043 |
Weighted average shares outstanding, diluted | 20,259,776 | 20,259,776 | 20,259,776 | 20,259,776 |
Earnings per share, Basic | $ 1.24 | $ 0.58 | $ 4 | $ 1.75 |
Earnings per share, Diluted | $ 1.21 | $ 0.57 | $ 3.90 | $ 1.70 |
Class B Common Stock [Member] | ||||
Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share [Line Items] | ||||
Net income allocated, basic | $ 6,926,634 | $ 3,291,741 | $ 22,373,352 | $ 9,938,790 |
Net income allocated, diluted | $ 6,926,634 | $ 3,291,741 | $ 22,373,352 | $ 9,938,790 |
Weighted average shares outstanding, basic | 6,131,004 | 6,187,178 | 6,142,327 | 6,234,043 |
Weighted average shares outstanding, diluted | 6,131,004 | 6,187,178 | 6,142,327 | 6,234,043 |
Earnings per share, Basic | $ 1.13 | $ 0.53 | $ 3.64 | $ 1.59 |
Earnings per share, Diluted | $ 1.13 | $ 0.53 | $ 3.64 | $ 1.59 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018USD ($) | Jun. 24, 2017USD ($) | Jun. 30, 2018USD ($)segment | Jun. 24, 2017USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of operating segments | segment | 1 | |||
Fluid dairy [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales eliminated in consolidation | $ | $ 9.7 | $ 10.6 | $ 31 | $ 33.9 |
Segment Information (Operations
Segment Information (Operations By Lines Of Business) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 30, 2018 | Jun. 24, 2017 | Sep. 30, 2017 | |
Segment Reporting Information By Segment [Line Items] | |||||
Total revenues from unaffiliated customers | $ 1,034,768,578 | $ 984,397,728 | $ 3,033,116,829 | $ 2,913,308,035 | |
Total income from operations | 29,778,193 | 29,663,975 | 89,220,867 | 86,882,271 | |
Total assets | 1,810,553,259 | 1,810,553,259 | $ 1,733,305,774 | ||
Elimination of intercompany receivable [Member] | |||||
Segment Reporting Information By Segment [Line Items] | |||||
Total assets | (1,541,000) | (1,541,000) | (2,469,000) | ||
Grocery [Member] | |||||
Segment Reporting Information By Segment [Line Items] | |||||
Total revenues from unaffiliated customers | 343,687,000 | 341,442,000 | 1,055,896,000 | 1,044,531,000 | |
Non-foods [Member] | |||||
Segment Reporting Information By Segment [Line Items] | |||||
Total revenues from unaffiliated customers | 221,885,000 | 212,322,000 | 648,043,000 | 625,890,000 | |
Perishables [Member] | |||||
Segment Reporting Information By Segment [Line Items] | |||||
Total revenues from unaffiliated customers | 273,339,000 | 265,828,000 | 800,018,000 | 770,350,000 | |
Gasoline [Member] | |||||
Segment Reporting Information By Segment [Line Items] | |||||
Total revenues from unaffiliated customers | 165,510,000 | 129,569,000 | 438,722,000 | 366,175,000 | |
Retail [Member] | |||||
Segment Reporting Information By Segment [Line Items] | |||||
Total revenues from unaffiliated customers | 1,004,421,000 | 949,161,000 | 2,942,679,000 | 2,806,946,000 | |
Total income from operations | 26,555,000 | 25,350,000 | 79,843,000 | 74,947,000 | |
Total assets | 1,671,600,000 | 1,671,600,000 | 1,600,699,000 | ||
Other Segment [Member] | |||||
Segment Reporting Information By Segment [Line Items] | |||||
Total revenues from unaffiliated customers | 30,348,000 | 35,237,000 | 90,438,000 | 106,362,000 | |
Total income from operations | 3,223,000 | $ 4,314,000 | 9,378,000 | $ 11,935,000 | |
Total assets | $ 140,494,000 | $ 140,494,000 | $ 135,076,000 |
Fair Values Of Financial Inst35
Fair Values Of Financial Instruments (Carrying Amount And Fair Value Of Debt) (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Carrying Amount [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total debt | $ 887,756 |
Fair Value [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total debt | 879,006 |
Level 2 [Member] | Senior Notes [Member] | Carrying Amount [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total debt | 700,000 |
Level 2 [Member] | Senior Notes [Member] | Fair Value [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total debt | 691,250 |
Level 2 [Member] | Recovery Zone Facility Bonds [Member] | Carrying Amount [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total debt | 77,090 |
Level 2 [Member] | Recovery Zone Facility Bonds [Member] | Fair Value [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total debt | 77,090 |
Level 2 [Member] | Secured Notes Payable And Other [Member] | Carrying Amount [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total debt | 90,571 |
Level 2 [Member] | Secured Notes Payable And Other [Member] | Fair Value [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total debt | 90,571 |
Level 2 [Member] | Line of Credit Payable [Member] | Carrying Amount [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total debt | 20,095 |
Level 2 [Member] | Line of Credit Payable [Member] | Fair Value [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total debt | $ 20,095 |