Ingles Markets (IMKTA) 10-Q 8 May 19 2019 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Mar. 30, 2019	May 06, 2019
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Trading Symbol	IMKTA
Entity Registrant Name	INGLES MARKETS INC
Entity Central Index Key	0000050493
Current Fiscal Year End Date	--09-28
Entity Filer Category	Accelerated Filer
Class A Common Stock [Member]
Entity Common Stock, Shares Outstanding		14,177,335
Class B Common Stock [Member]
Entity Common Stock, Shares Outstanding		6,082,441

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 30, 2019	Sep. 29, 2018
Current Assets:
Cash and cash equivalents	$ 16,680,700	$ 10,537,303
Receivables - net	73,588,532	70,056,909
Inventories	365,755,190	372,195,421
Other current assets	24,895,776	43,953,483
Total Current Assets	480,920,198	496,743,116
Property and Equipment – Net	1,333,891,905	1,303,044,370
Other Assets	27,685,779	25,123,334
Total Assets	1,842,497,882	1,824,910,820
Current Liabilities:
Current portion of long-term debt	12,835,969	12,848,013
Accounts payable - trade	162,982,107	165,165,312
Accrued expenses and current portion of other long-term liabilities	72,705,188	82,124,766
Total Current Liabilities	248,523,264	260,138,091
Deferred Income Taxes	81,566,382	74,461,000
Long-Term Debt	844,633,616	852,739,760
Other Long-Term Liabilities	41,829,844	42,158,161
Total Liabilities	1,216,553,106	1,229,497,012
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
Accumulated other comprehensive income	(119,109)
Retained earnings	612,739,647	582,089,570
Total Stockholders’ Equity	625,944,776	595,413,808
Total Liabilities and Stockholders’ Equity	1,842,497,882	1,824,910,820
Class A Common Stock [Member]
Stockholders’ Equity
Common stocks	708,867	707,269
Class B Common Stock [Member]
Stockholders’ Equity
Common stocks	$ 304,122	$ 305,720

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 30, 2019	Sep. 29, 2018
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	14,177,335	14,145,385
Common stock, shares outstanding	14,177,335	14,145,385
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	6,082,441	6,114,391
Common stock, shares outstanding	6,082,441	6,114,391

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Income And Comprehensive Income - USD ($)	3 Months Ended		6 Months Ended
	Mar. 30, 2019	Mar. 31, 2018	Mar. 30, 2019	Mar. 31, 2018
Net sales	$ 1,001,843,929	$ 984,562,174	$ 2,063,680,587	$ 1,998,348,252
Cost of goods sold	757,543,262	749,374,530	1,560,969,126	1,518,500,980
Gross profit	244,300,667	235,187,644	502,711,461	479,847,272
Operating and administrative expenses	216,466,382	211,641,694	435,151,046	420,470,090
Gain from sale or disposal of assets	2,911,704	8,223	2,649,113	65,493
Income from operations	30,745,989	23,554,173	70,209,528	59,442,675
Other income, net	447,914	864,480	1,343,373	1,818,439
Interest expense	11,996,863	12,212,865	24,208,524	23,664,587
Income before income taxes	19,197,040	12,205,788	47,344,377	37,596,527
Income tax expense (benefit)	4,197,000	2,911,000	10,192,000	(16,845,000)
Net income	15,000,040	9,294,788	37,152,377	54,441,527
Other comprehensive (expense) income:
Change in fair value of interest rate swap	(598,764)		(154,727)
Income tax benefit	139,316		35,618
Other comprehensive (expense) income, net of tax	(459,448)		(119,109)
Comprehensive income	$ 14,540,592	$ 9,294,788	$ 37,033,268	$ 54,441,527
Class A Common Stock [Member]
Net Income Per share amounts:
Basic earnings per common share	$ 0.76	$ 0.47	$ 1.88	$ 2.76
Diluted earnings per common share	0.74	0.46	1.83	2.69
Cash dividends per common share	0.165	0.165	0.33	0.33
Class B Common Stock [Member]
Net Income Per share amounts:
Basic earnings per common share	0.69	0.43	1.71	2.51
Diluted earnings per common share	0.69	0.43	1.71	2.51
Cash dividends per common share	$ 0.150	$ 0.150	$ 0.30	$ 0.30

Condensed Consolidated Statem_2

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]	Accumulated Other Comprehensive Income [Member]	Retained Earnings [Member]	Total
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					45,146,740	45,146,740
Cash dividends					(3,250,228)	(3,250,228)
Common stock conversions	$ 1,710	$ (1,710)
Common stock conversions (in shares)	34,200	(34,200)
Balance at Dec. 30, 2017	$ 705,912	$ 307,077	12,311,249		539,624,277	552,948,515
Balance (in shares) at Dec. 30, 2017	14,118,244	6,141,532
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						54,441,527
Balance at Mar. 31, 2018	$ 706,302	$ 306,687	12,311,249		545,668,323	558,992,561
Balance (in shares) at Mar. 31, 2018	14,126,044	6,133,732
Balance at Dec. 30, 2017	$ 705,912	$ 307,077	12,311,249		539,624,277	552,948,515
Balance (in shares) at Dec. 30, 2017	14,118,244	6,141,532
Net income					9,294,788	9,294,788
Cash dividends					(3,250,742)	(3,250,742)
Common stock conversions	$ 390	$ (390)
Common stock conversions (in shares)	7,800	(7,800)
Balance at Mar. 31, 2018	$ 706,302	$ 306,687	12,311,249		545,668,323	558,992,561
Balance (in shares) at Mar. 31, 2018	14,126,044	6,133,732
Balance at Sep. 29, 2018	$ 707,269	$ 305,720	12,311,249		582,089,570	595,413,808
Balance (in shares) at Sep. 29, 2018	14,145,385	6,114,391
Net income					22,152,337	22,152,337
Other comprehensive (expense) income, net of income tax				$ 340,339		340,339
Cash dividends					(3,251,148)	(3,251,148)
Balance at Dec. 29, 2018	$ 707,269	$ 305,720	12,311,249	340,339	600,990,759	614,655,336
Balance (in shares) at Dec. 29, 2018	14,145,385	6,114,391
Balance at Sep. 29, 2018	$ 707,269	$ 305,720	12,311,249		582,089,570	595,413,808
Balance (in shares) at Sep. 29, 2018	14,145,385	6,114,391
Net income						37,152,377
Other comprehensive (expense) income, net of income tax						(119,109)
Balance at Mar. 30, 2019	$ 708,867	$ 304,122	12,311,249	(119,109)	612,739,647	625,944,776
Balance (in shares) at Mar. 30, 2019	14,177,335	6,082,441
Balance at Dec. 29, 2018	$ 707,269	$ 305,720	12,311,249	340,339	600,990,759	614,655,336
Balance (in shares) at Dec. 29, 2018	14,145,385	6,114,391
Net income					15,000,040	15,000,040
Other comprehensive (expense) income, net of income tax				(459,448)		(459,448)
Cash dividends					(3,251,152)	(3,251,152)
Common stock conversions	$ 1,598	$ (1,598)
Common stock conversions (in shares)	31,950	(31,950)
Balance at Mar. 30, 2019	$ 708,867	$ 304,122	$ 12,311,249	$ (119,109)	$ 612,739,647	$ 625,944,776
Balance (in shares) at Mar. 30, 2019	14,177,335	6,082,441

Condensed Consolidated Statem_3

Condensed Consolidated Statements Of Cash Flows - USD ($)	6 Months Ended
	Mar. 30, 2019	Mar. 31, 2018
Cash Flows From Operating Activities:
Net income	$ 37,152,377	$ 54,441,527
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	55,607,103	56,209,696
Gain from sale or disposal of assets	(2,649,113)	(65,493)
Receipt of advance payments on purchases contracts	1,000,000	1,170,000
Recognition of advance payments on purchases contracts	(1,265,788)	(998,075)
Deferred income taxes	7,141,000	(22,995,000)
Changes in operating assets and liabilities:
Receivables	(3,531,623)	(7,397,619)
Inventory	6,440,232	(9,498,849)
Other assets	16,359,326	(10,272,641)
Accounts payable and accrued expenses	(8,041,671)	7,211,031
Net Cash Provided By Operating Activities	108,211,843	67,804,577
Cash Flows From Investing Activities:
Proceeds from sales of property and equipment	7,283,055	93,811
Capital expenditures	(94,219,647)	(88,821,335)
Net Cash Used By Investing Activities	(86,936,592)	(88,727,524)
Cash Flows From Financing Activities:
Proceeds from short-term borrowings	300,186,059	291,840,172
Payments on short-term borrowings	(299,504,655)	(272,660,862)
Principal payments on long-term borrowings	(9,310,958)	(8,736,518)
Dividends paid	(6,502,300)	(6,500,969)
Net Cash (Used) Provided By Financing Activities	(15,131,854)	3,941,823
Net Increase (Decrease) in Cash and Cash Equivalents	6,143,397	(16,981,124)
Cash and cash equivalents at beginning of period	10,537,303	23,912,100
Cash and Cash Equivalents at End of Period	$ 16,680,700	$ 6,930,976

Basis Of Preparation

Basis Of Preparation	6 Months Ended
	Mar. 30, 2019
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 March 30, 2019, the results of operations for the three-month and six-month periods ended March 30, 2019 and March 31, 2018, and the changes in stockholders’ equity and cash flows for the six-month periods ended March 30, 2019 and March 31, 2018. 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 29, 2018 filed by the Company under the Securities Exchange Act of 1934 on December 7, 2018. The results of operations for the three-month and six-month periods ended March 30, 2019 are not necessarily indicative of the results to be expected for the full fiscal year. 

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Mar. 30, 2019
New Accounting Pronouncements [Abstract]
New Accounting Pronouncements	B. NEW ACCOUNTING PRONOUNCEMENTS In February 2016, the Financial Accounting Standards Board (“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 will adopt the standard in the first quarter of fiscal 2020. 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 adopted the standard at the beginning of the current fiscal year, and determined the impact of adopting the new guidance was immaterial to its annual and interim financial statements. The Company’s assessment included a detailed review of contracts for each of its disaggregated revenue streams and a comparison of its historical accounting policies and practices to the new standard. 

Allowance For Doubtful Accounts

Allowance For Doubtful Accounts	6 Months Ended
	Mar. 30, 2019
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 $104,409 at March 30, 2019 and $433,000 at September 29, 2018. 

Income Taxes

Income Taxes	6 Months Ended
	Mar. 30, 2019
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.  In December 2017, the Tax Cuts and Jobs Act (the “Tax Act”) became law. Among other things, the Tax Act reduced the U.S. federal corporate tax rate from 35% to 21% effective January 1, 2018, and allowed full expensing of qualified property when placed into service.  For the fiscal years ended September 28, 2019 and September 29, 2018 the Company has a blended federal corporate tax rate of 21.0% and 24.5% , resp ectively, 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.  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	6 Months Ended
	Mar. 30, 2019
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:    March 30, September 29,  2019 2018  Property, payroll and other taxes payable $ 14,389,387 $ 22,327,253  Salaries, wages and bonuses payable 26,813,446 29,583,266  Self-insurance liabilities 13,378,097 13,576,329  Interest payable 13,405,553 13,397,615  Other 4,718,705 3,240,303  $ 72,705,188 $ 82,124,766  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 reserves totaled $33.7 million at March 30, 2019 and $34.7 million at September 29, 2018, respectively. Of this amount, $13.4 million is accounted for as a current liability and $20.3 million as a long-term liability, which is inclusive of $ 3.9 million of expected self-insurance recoveries from excess cost insurance or other sources that are recorded as a receivable at March 30, 2019. As of September 29, 2018, $ 13.6 million was accounted for as a current liability and $ 21.1 million as a long-term liability, which is inclusive of $ 4.6 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 $9.4 million and $10.4 million for the three-month periods ended March 30, 2019 and March 31, 2018, respectively. For the six-month periods ended March 30, 2019 and March 31, 2018, employee insurance expense, net of employee contributions, totaled $19.6 million and $19.0 million, respectively.  The Company’s fuel operations contain underground tanks for the storage of gasoline and diesel fuel. The Company reviewed FASB Accounting Standards Codification Topic ASC 410 (“FASB ASC 410”) and determined we have a legal obligation to remove the tanks at a point in the future and accordingly determined we have met the requirements of an asset retirement obligation. The Company followed FASB Topic ASC 410 model for determining the asset retirement cost and asset retirement obligation. The amounts recorded are immaterial for each fuel center as well as in the aggregate at March 30, 2019 and September 29, 2018.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Mar. 30, 2019
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 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 a $175.0 million line of credit (the “Line”) that matures in 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 $20.0 million in unused letters of credit, of which $9.0 million of unused letters of credit were issued at March 30, 2019. The Company is not required to maintain compensating balances in connection with the Line. At March 30, 2019, the Company had $0.7 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 September 26, 2026, 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 September 26, 2026 . 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 Company has an interest rate swap agreement for a current notional amount of $51.5 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 floating rate debt in the same amount as the current notional amount of the interest swap. Both the floating rate debt and the interest rate swap have monthly principal amortization of $0.5 million and mature October 1, 2027 .  The Company recognizes differences between the variable rate interest payments and the fixed interest rate settlements with the swap counterparties as an adjustment to interest expense each period over the life of the swap. The Company has designated the swap as a cash flow hedge and records the changes in the estimated fair value of the swap to other comprehensive income each period. For the three- and six-month periods ended March 30, 2019 the Company recorded $0.5 million and $0.1 million of other comprehensive expense, respectively, net of income taxes , in its Consolidated Statements of Comprehensive income. Unrealized losses of $0.1 million are recorded as a liability at fair value in the line “Other Long Term Liabilities” on the Consolidated Balance Sheet as of March 30, 2019.  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 March 30, 2019.  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, Bonds and Notes indenture in the event of default under any one instrument.  At March 30, 2019, property and equipment with an undepreciated cost of approximately $ 202 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 March 30, 2019, the Company had excess net worth totaling $ 126 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	6 Months Ended
	Mar. 30, 2019
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 18, 2018 to stockholders of record on October 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 January 17, 2019 to stockholders of record on January 10, 2019 .  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 7, 2018. 

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Mar. 30, 2019
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 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 Six Months Ended  March 30, 2019 March 30, 2019  Class A Class B Class A Class B  Numerator: Allocated net income  Net income allocated, basic $ 10,773,567 $ 4,226,473 $ 26,678,194 $ 10,474,183  Conversion of Class B to Class A shares 4,226,473 — 10,474,183 —  Net income allocated, diluted $ 15,000,040 $ 4,226,473 $ 37,152,377 $ 10,474,183   Denominator: Weighted average shares outstanding  Weighted average shares outstanding, basic 14,154,424 6,105,352 14,149,904 6,109,872  Conversion of Class B to Class A shares 6,105,352 — 6,109,872 —  Weighted average shares outstanding, diluted 20,259,776 6,105,352 20,259,776 6,109,872   Earnings per share  Basic $ 0.76 $ 0.69 $ 1.88 $ 1.71  Diluted $ 0.74 $ 0.69 $ 1.83 $ 1.71  The per share amounts for the second quarter of fiscal 2018 and the six months ended March 31, 2018 are based on the following amounts:      Three Months Ended Six Months Ended  March 31, 2018 March 31, 2018  Class A Class B Class A Class B  Numerator: Allocated net income  Net income (loss) allocated, basic $ 6,661,301 $ 2,633,487 $ 38,993,337 $ 15,448,190  Conversion of Class B to Class A shares 2,633,487 — 15,448,190 —  Net income (loss) allocated, diluted $ 9,294,788 $ 2,633,487 $ 54,441,527 $ 15,448,190   Denominator: Weighted average shares outstanding  Weighted average shares outstanding, basic 14,120,232 6,139,544 14,111,787 6,147,989  Conversion of Class B to Class A shares 6,139,544 — 6,147,989 —  Weighted average shares outstanding, diluted 20,259,776 6,139,544 20,259,776 6,147,989   Earnings (loss) per share  Basic $ 0.47 $ 0.43 $ 2.76 $ 2.51  Diluted $ 0.46 $ 0.43 $ 2.69 $ 2.51  

Segment Information

Segment Information	6 Months Ended
	Mar. 30, 2019
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 Six Months Ended  March 30, March 31, March 30, March 31,  2019 2018 2019 2018  Revenues from unaffiliated customers:  Grocery $ 351,558 $ 348,883 $ 727,197 $ 712,208  Non-foods 223,067 208,414 455,564 426,159  Perishables 267,565 261,385 542,960 526,679  Gasoline 127,985 136,538 274,496 273,213  Total retail 970,175 955,220 2,000,217 1,938,259  Other 31,669 29,342 63,464 60,089  Total revenues from unaffiliated customers $ 1,001,844 $ 984,562 $ 2,063,681 $ 1,998,348   Income from operations:  Retail $ 26,434 $ 20,385 $ 62,051 $ 53,288  Other 4,312 3,169 8,159 6,155  Total income from operations $ 30,746 $ 23,554 $ 70,210 $ 59,443      March 30, September 29,  2019 2018  Assets:  Retail $ 1,665,344 $ 1,679,301  Other 178,700 147,988  Elimination of intercompany receivable (1,546) (2,378)  Total assets $ 1,842,498 $ 1,824,911 The grocery category includes grocery, dairy, and frozen foods. The non-foods category includes alcoholic beverages, tobacco, pharmacy and health/beauty/cosmetic products. The perishables category includes meat, produce, deli and bakery. For the three-month periods ended March 30, 2019 and March 31, 2018, respectively, the fluid dairy had $10.2 million and $10.1 million in sales to the retail grocery segment. The fluid dairy had $21.2 million and $21.4 million in sales to the retail grocery segment for the six-month periods ended March 30, 2019 and March 31, 2018, respectively. These sales have been eliminated in consolidation.

Fair Values Of Financial Instru

Fair Values Of Financial Instruments	6 Months Ended
	Mar. 30, 2019
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, interest rate swap, and non-qualified plan assets at March 30, 2019 is as follows (in thousands):      Carrying Fair Value  Amount Fair Value Measurements  Senior Notes $ 700,000 $ 713,125 Level 2  Facility Bonds 72,560 72,560 Level 2  Secured notes payable and other 84,228 84,228 Level 2  Interest rate swap derivative contract liability 155 155 Level 2  Line of credit payable 681 681 Level 2  Non-qualified retirement plan assets 14,527 14,527 Level 2  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	6 Months Ended
	Mar. 30, 2019
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. 

Accrued Expenses And Current _2

Accrued Expenses And Current Portion Of Other Long-Term Liabilities (Tables)	6 Months Ended
	Mar. 30, 2019
Accrued Expenses And Current Portion Of Other Long-Term Liabilities [Abstract]
Accrued Expenses And Current Portion Of Other Long-Term Liabilities	   March 30, September 29,  2019 2018  Property, payroll and other taxes payable $ 14,389,387 $ 22,327,253  Salaries, wages and bonuses payable 26,813,446 29,583,266  Self-insurance liabilities 13,378,097 13,576,329  Interest payable 13,405,553 13,397,615  Other 4,718,705 3,240,303  $ 72,705,188 $ 82,124,766 

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Mar. 30, 2019
Long-Term Debt [Abstract]
Schedule of Long-Term Debt And Short-Term Loans	   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)	6 Months Ended
	Mar. 30, 2019
Earnings Per Common Share [Abstract]
Reconciliation Of Numerators And Denominators Of Basic And Diluted Earnings Per Share	     Three Months Ended Six Months Ended  March 30, 2019 March 30, 2019  Class A Class B Class A Class B  Numerator: Allocated net income  Net income allocated, basic $ 10,773,567 $ 4,226,473 $ 26,678,194 $ 10,474,183  Conversion of Class B to Class A shares 4,226,473 — 10,474,183 —  Net income allocated, diluted $ 15,000,040 $ 4,226,473 $ 37,152,377 $ 10,474,183   Denominator: Weighted average shares outstanding  Weighted average shares outstanding, basic 14,154,424 6,105,352 14,149,904 6,109,872  Conversion of Class B to Class A shares 6,105,352 — 6,109,872 —  Weighted average shares outstanding, diluted 20,259,776 6,105,352 20,259,776 6,109,872   Earnings per share  Basic $ 0.76 $ 0.69 $ 1.88 $ 1.71  Diluted $ 0.74 $ 0.69 $ 1.83 $ 1.71  The per share amounts for the second quarter of fiscal 2018 and the six months ended March 31, 2018 are based on the following amounts:      Three Months Ended Six Months Ended  March 31, 2018 March 31, 2018  Class A Class B Class A Class B  Numerator: Allocated net income  Net income (loss) allocated, basic $ 6,661,301 $ 2,633,487 $ 38,993,337 $ 15,448,190  Conversion of Class B to Class A shares 2,633,487 — 15,448,190 —  Net income (loss) allocated, diluted $ 9,294,788 $ 2,633,487 $ 54,441,527 $ 15,448,190   Denominator: Weighted average shares outstanding  Weighted average shares outstanding, basic 14,120,232 6,139,544 14,111,787 6,147,989  Conversion of Class B to Class A shares 6,139,544 — 6,147,989 —  Weighted average shares outstanding, diluted 20,259,776 6,139,544 20,259,776 6,147,989   Earnings (loss) per share  Basic $ 0.47 $ 0.43 $ 2.76 $ 2.51  Diluted $ 0.46 $ 0.43 $ 2.69 $ 2.51 

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Mar. 30, 2019
Segment Information [Abstract]
Operations By Lines Of Business	    Three Months Ended Six Months Ended  March 30, March 31, March 30, March 31,  2019 2018 2019 2018  Revenues from unaffiliated customers:  Grocery $ 351,558 $ 348,883 $ 727,197 $ 712,208  Non-foods 223,067 208,414 455,564 426,159  Perishables 267,565 261,385 542,960 526,679  Gasoline 127,985 136,538 274,496 273,213  Total retail 970,175 955,220 2,000,217 1,938,259  Other 31,669 29,342 63,464 60,089  Total revenues from unaffiliated customers $ 1,001,844 $ 984,562 $ 2,063,681 $ 1,998,348   Income from operations:  Retail $ 26,434 $ 20,385 $ 62,051 $ 53,288  Other 4,312 3,169 8,159 6,155  Total income from operations $ 30,746 $ 23,554 $ 70,210 $ 59,443      March 30, September 29,  2019 2018  Assets:  Retail $ 1,665,344 $ 1,679,301  Other 178,700 147,988  Elimination of intercompany receivable (1,546) (2,378)  Total assets $ 1,842,498 $ 1,824,911

Fair Values Of Financial Inst_2

Fair Values Of Financial Instruments (Tables)	6 Months Ended
	Mar. 30, 2019
Fair Values Of Financial Instruments [Abstract]
Carrying Amount And Fair Value Of Debt	   Carrying Fair Value  Amount Fair Value Measurements  Senior Notes $ 700,000 $ 713,125 Level 2  Facility Bonds 72,560 72,560 Level 2  Secured notes payable and other 84,228 84,228 Level 2  Interest rate swap derivative contract liability 155 155 Level 2  Line of credit payable 681 681 Level 2  Non-qualified retirement plan assets 14,527 14,527 Level 2 

Allowance For Doubtful Accoun_2

Allowance For Doubtful Accounts (Narrative) (Details) - USD ($)	Mar. 30, 2019	Sep. 29, 2018
Allowance For Doubtful Accounts [Abstract]
Allowance for doubtful accounts receivable	$ 104,409	$ 433,000

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Jan. 01, 2018	Dec. 31, 2017	Dec. 30, 2017	Sep. 29, 2018	Sep. 30, 2017
Income Taxes [Abstract]
Federal corporate tax rate	21.00%	35.00%
Blended federal corporate tax rate				21.00%	24.50%
Decrease in net deferred tax liabilities			$ (26.7)

Accrued Expenses And Current _3

Accrued Expenses And Current Portion Of Other Long-Term Liabilities (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 30, 2019	Mar. 31, 2018	Mar. 30, 2019	Mar. 31, 2018	Sep. 29, 2018
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	33,700		33,700		$ 34,700
Self insurance liabilities, current	13,400		13,400		13,600
Self insurance liabilities, noncurrent	20,300		20,300		21,100
Receivable for expected self-insurance recoveries from excess cost insurance	3,900		3,900		$ 4,600
Employee insurance expense	$ 9,400	$ 10,400	$ 19,600	$ 19,000

Accrued Expenses And Current _4

Accrued Expenses And Current Portion Of Other Long-Term Liabilities (Accrued Expenses And Current Portion Of Other Long-Term Liabilities) (Details) - USD ($)	Mar. 30, 2019	Sep. 29, 2018
Accrued Expenses And Current Portion Of Other Long-Term Liabilities [Abstract]
Property, payroll and other taxes payable	$ 14,389,387	$ 22,327,253
Salaries, wages and bonuses payable	26,813,446	29,583,266
Self-insurance liabilities	13,378,097	13,576,329
Interest payable	13,405,553	13,397,615
Other	4,718,705	3,240,303
Total	$ 72,705,188	$ 82,124,766

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details) - USD ($)	6 Months Ended
	Mar. 30, 2019	Jun. 30, 2013	Dec. 31, 2010
Debt Instrument [Line Items]
Redemption of senior notes, date	Jun. 15, 2018
Unrealized gain on cash flow hedge	$ 100,000
Property and equipment with undepreciated cost pledge as collateral for long term debt	202,000,000
Excess net worth calculated under covenants in the Notes, the Bonds, and the Line	$ 126,000,000
Interest Rate Swap Derivative Contract Asset [Member]
Debt Instrument [Line Items]
Debt maturity date	Oct. 1, 2027
Derivative notional amount	$ 51,500,000
Derivative, fixed interest rate	3.92%
Monthly principal amortization	$ 500,000
Interest Rate Swap Derivative Contract Asset [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	2023
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
Recovery Zone Facility Bonds [Member]
Debt Instrument [Line Items]
Debt maturity date	Jan. 1, 2036
Description of interest rate on bonds	interest rate on the Bonds is equal to one month LIBOR (adjusted monthly) plus a credit spread
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
Mandatory bonds redemption period end date	Sep. 26, 2026
Credit Line [Member]
Debt Instrument [Line Items]
Debt maturity date	Sep. 30, 2022
Line of credit facility borrowing capacity	$ 175,000,000
Borrowings outstanding	700,000
Credit Line [Member] | Unused Letters Of Credit [Member]
Debt Instrument [Line Items]
Maximum amount of unused letters of credit allowed to issue	20,000,000
Unused letters of credit issued	$ 9,000,000

Long-Term Debt (Schedule Of Red

Long-Term Debt (Schedule Of Redemption Prices Of Senior Notes) (Details)	6 Months Ended
	Mar. 30, 2019
Long-Term Debt [Abstract]
2018	102.875%
2019	101.917%
2020	100.958%
2021 and thereafter	100.00%

Dividends (Narrative) (Details)

Dividends (Narrative) (Details) - $ / shares	Jan. 17, 2019	Oct. 18, 2018	Mar. 30, 2019	Mar. 31, 2018	Mar. 30, 2019	Mar. 31, 2018
Class A Common Stock [Member]
Dividends Payable [Line Items]
Cash dividends per share of common stock			$ 0.165	$ 0.165	$ 0.33	$ 0.33
Class B Common Stock [Member]
Dividends Payable [Line Items]
Cash dividends per share of common stock			$ 0.150	$ 0.150	$ 0.30	$ 0.30
Dividend 1 [Member]
Dividends Payable [Line Items]
Dividend payment date					Oct. 18, 2018
Dividend record date					Oct. 11, 2018
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. 17, 2019
Dividend record date					Jan. 10, 2019
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

Earnings Per Common Share (Narr

Earnings Per Common Share (Narrative) (Details)	6 Months Ended
	Mar. 30, 2019item
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
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		6 Months Ended
	Mar. 30, 2019	Mar. 31, 2018	Mar. 30, 2019	Mar. 31, 2018
Class A Common Stock [Member]
Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share [Line Items]
Net income (loss) allocated, basic	$ 10,773,567	$ 6,661,301	$ 26,678,194	$ 38,993,337
Conversion of Class B to Class A shares	4,226,473	2,633,487	10,474,183	15,448,190
Net income (loss) allocated, diluted	$ 15,000,040	$ 9,294,788	$ 37,152,377	$ 54,441,527
Weighted average shares outstanding, basic	14,154,424	14,120,232	14,149,904	14,111,787
Conversion of Class B to Class A shares	6,105,352	6,139,544	6,109,872	6,147,989
Weighted average shares outstanding, diluted	20,259,776	20,259,776	20,259,776	20,259,776
Earnings (loss) per share, Basic	$ 0.76	$ 0.47	$ 1.88	$ 2.76
Earnings (loss) per share, Diluted	$ 0.74	$ 0.46	$ 1.83	$ 2.69
Class B Common Stock [Member]
Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share [Line Items]
Net income (loss) allocated, basic	$ 4,226,473	$ 2,633,487	$ 10,474,183	$ 15,448,190
Net income (loss) allocated, diluted	$ 4,226,473	$ 2,633,487	$ 10,474,183	$ 15,448,190
Weighted average shares outstanding, basic	6,105,352	6,139,544	6,109,872	6,147,989
Weighted average shares outstanding, diluted	6,105,352	6,139,544	6,109,872	6,147,989
Earnings (loss) per share, Basic	$ 0.69	$ 0.43	$ 1.71	$ 2.51
Earnings (loss) per share, Diluted	$ 0.69	$ 0.43	$ 1.71	$ 2.51

Segment Information (Narrative)

Segment Information (Narrative) (Details) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 30, 2019USD ($)	Mar. 31, 2018USD ($)	Mar. 30, 2019USD ($)segment	Mar. 31, 2018USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment			1
Fluid dairy [Member]
Segment Reporting Information [Line Items]
Sales eliminated in consolidation | $	$ 10.2	$ 10.1	$ 21.2	$ 21.4

Segment Information (Operations

Segment Information (Operations By Lines Of Business) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 30, 2019	Mar. 31, 2018	Mar. 30, 2019	Mar. 31, 2018	Sep. 29, 2018
Segment Reporting Information By Segment [Line Items]
Total revenues from unaffiliated customers	$ 1,001,843,929	$ 984,562,174	$ 2,063,680,587	$ 1,998,348,252
Total income from operations	30,745,989	23,554,173	70,209,528	59,442,675
Total assets	1,842,497,882		1,842,497,882		$ 1,824,910,820
Elimination of intercompany receivable [Member]
Segment Reporting Information By Segment [Line Items]
Total assets	(1,546,000)		(1,546,000)		(2,378,000)
Grocery [Member]
Segment Reporting Information By Segment [Line Items]
Total revenues from unaffiliated customers	351,558,000	348,883,000	727,197,000	712,208,000
Non-foods [Member]
Segment Reporting Information By Segment [Line Items]
Total revenues from unaffiliated customers	223,067,000	208,414,000	455,564,000	426,159,000
Perishables [Member]
Segment Reporting Information By Segment [Line Items]
Total revenues from unaffiliated customers	267,565,000	261,385,000	542,960,000	526,679,000
Gasoline [Member]
Segment Reporting Information By Segment [Line Items]
Total revenues from unaffiliated customers	127,985,000	136,538,000	274,496,000	273,213,000
Retail [Member]
Segment Reporting Information By Segment [Line Items]
Total revenues from unaffiliated customers	970,175,000	955,220,000	2,000,217,000	1,938,259,000
Total income from operations	26,434,000	20,385,000	62,051,000	53,288,000
Total assets	1,665,344,000		1,665,344,000		1,679,301,000
Other Segment [Member]
Segment Reporting Information By Segment [Line Items]
Total revenues from unaffiliated customers	31,669,000	29,342,000	63,464,000	60,089,000
Total income from operations	4,312,000	$ 3,169,000	8,159,000	$ 6,155,000
Total assets	$ 178,700,000		$ 178,700,000		$ 147,988,000

Fair Values Of Financial Inst_3

Fair Values Of Financial Instruments (Carrying Amount And Fair Value Of Debt) (Details) - Level 2 [Member] $ in Thousands	Mar. 30, 2019USD ($)
Carrying Amount [Member] | Non-Qualified Retirement Plan [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Retirement plan assets	$ 14,527
Carrying Amount [Member] | Interest Rate Swap Derivative Contract Asset [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative contract liability	155
Fair Value [Member] | Non-Qualified Retirement Plan [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Retirement plan assets	14,527
Fair Value [Member] | Interest Rate Swap Derivative Contract Asset [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative contract liability	155
Senior Notes [Member] | Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	700,000
Senior Notes [Member] | Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	713,125
Recovery Zone Facility Bonds [Member] | Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	72,560
Recovery Zone Facility Bonds [Member] | Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	72,560
Secured Notes Payable And Other [Member] | Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	84,228
Secured Notes Payable And Other [Member] | Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	84,228
Line of Credit Payable [Member] | Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	681
Line of Credit Payable [Member] | Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 681