Ingles Markets (IMKTA) 10-Q 4 Feb 21 2021 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Dec. 26, 2020	Feb. 02, 2021
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Dec. 26, 2020
Entity File Number	0-14706
Entity Registrant Name	INGLES MARKETS, INCORPORATED
Entity Incorporation, State or Country Code	NC
Entity Tax Identification Number	56-0846267
Entity Address, Address Line One	P.O. Box 6676
Entity Address, City or Town	Asheville
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28816
City Area Code	828
Local Phone Number	669-2941
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Class A Common Stock, $0.05 par value per share
Trading Symbol	IMKTA
Security Exchange Name	NASDAQ
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--09-25
Entity Central Index Key	0000050493
Amendment Flag	false
Class A Common Stock [Member]
Entity Common Stock, Shares Outstanding		14,221,285
Class B Common Stock [Member]
Entity Common Stock, Shares Outstanding		6,038,491

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Dec. 26, 2020	Sep. 26, 2020
Current Assets:
Cash and cash equivalents	$ 10,005,500	$ 6,903,955
Receivables - net	100,947,940	81,358,357
Inventories	373,546,565	366,824,438
Other current assets	13,485,451	15,100,110
Total Current Assets	497,985,456	470,186,860
Property and Equipment – Net	1,354,607,356	1,354,489,690
Operating lease right of use assets	44,918,684	46,590,718
Other Assets	30,988,797	28,031,634
Total Assets	1,928,500,293	1,899,298,902
Current Liabilities:
Current portion of long-term debt	19,319,792	19,305,976
Current portion of operating lease liabilities	8,334,928	8,384,435
Accounts payable - trade	209,052,002	204,110,150
Accrued expenses and current portion of other long-term liabilities	81,664,333	92,012,346
Total Current Liabilities	318,371,055	323,812,907
Deferred Income Taxes	74,438,000	73,334,000
Long-Term Debt	568,627,694	586,198,360
Noncurrent operating lease liabilities	39,245,928	40,962,735
Other Long-Term Liabilities	55,825,985	55,659,943
Total Liabilities	1,056,508,662	1,079,967,945
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	(8,162,558)	(10,251,296)
Retained earnings	866,829,951	816,258,015
Total Stockholders’ Equity	871,991,631	819,330,957
Total Liabilities and Stockholders’ Equity	1,928,500,293	1,899,298,902
Class A Common Stock [Member]
Stockholders’ Equity
Common stocks	711,027	710,618
Class B Common Stock [Member]
Stockholders’ Equity
Common stocks	$ 301,962	$ 302,371

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 26, 2020	Sep. 26, 2020
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	14,220,535	14,212,360
Common stock, shares outstanding	14,220,535	14,212,360
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	6,039,241	6,047,416
Common stock, shares outstanding	6,039,241	6,047,416

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Income And Comprehensive Income - USD ($)	3 Months Ended
	Dec. 26, 2020	Dec. 28, 2019
Net sales	$ 1,190,443,141	$ 1,078,354,937
Cost of goods sold	876,254,999	820,865,210
Gross profit	314,188,142	257,489,727
Operating and administrative expenses	238,199,077	221,978,850
Gain from sale or disposal of assets	451,719	2,964,484
Income from operations	76,440,784	38,475,361
Other income, net	692,017	197,487
Interest expense	6,400,714	11,949,286
Loss on early extinguishment of debt		3,719,209
Income before income taxes	70,732,087	23,004,353
Income tax expense	16,908,000	5,317,000
Net income	53,824,087	17,687,353
Other comprehensive income:
Change in fair value of interest rate swap	2,763,738	2,848,879
Income tax expense	675,000	696,986
Other comprehensive income, net of tax	2,088,738	2,151,893
Comprehensive income	$ 55,912,825	$ 19,839,246
Class A Common Stock [Member]
Per share amounts:
Basic earnings per common share	$ 2.73	$ 0.90
Diluted earnings per common share	2.66	0.87
Cash dividends per common share	0.165	0.165
Class B Common Stock [Member]
Per share amounts:
Basic earnings per common share	2.48	0.82
Diluted earnings per common share	2.48	0.82
Cash dividends per common share	$ 0.150	$ 0.150

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 (Loss) [Member]	Retained Earnings [Member]	Total
Balance at Sep. 28, 2019	$ 709,024	$ 303,965	$ 12,311,249	$ (1,265,650)	$ 650,664,018	$ 662,722,606
Balance (in shares) at Sep. 28, 2019	14,180,485	6,079,291
Net income					17,687,353	17,687,353
Other comprehensive income, net of income tax				2,151,893		2,151,893
Cash dividends					(3,251,673)	(3,251,673)
Common stock conversions	$ 625	$ (625)
Common stock conversions (in shares)	12,500	(12,500)
Balance at Dec. 28, 2019	$ 709,649	$ 303,340	12,311,249	886,243	665,099,698	679,310,179
Balance (in shares) at Dec. 28, 2019	14,192,985	6,066,791
Balance at Sep. 26, 2020	$ 710,618	$ 302,371	12,311,249	(10,251,296)	816,258,015	819,330,957
Balance (in shares) at Sep. 26, 2020	14,212,360	6,047,416
Net income					53,824,087	53,824,087
Other comprehensive income, net of income tax				2,088,738		2,088,738
Cash dividends					(3,252,151)	(3,252,151)
Common stock conversions	$ 409	$ (409)
Common stock conversions (in shares)	8,175	(8,175)
Balance at Dec. 26, 2020	$ 711,027	$ 301,962	$ 12,311,249	$ (8,162,558)	$ 866,829,951	$ 871,991,631
Balance (in shares) at Dec. 26, 2020	14,220,535	6,039,241

Condensed Consolidated Statem_3

Condensed Consolidated Statements Of Cash Flows - USD ($)	3 Months Ended
	Dec. 26, 2020	Dec. 28, 2019
Cash Flows from Operating Activities:
Net income	$ 53,824,087	$ 17,687,353
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	29,878,689	28,434,454
Non cash operating lease cost	1,672,035	2,186,588
Gain from sale or disposal of assets	(451,719)	(2,964,484)
Loss on early extinguishment of debt		3,719,209
Receipt of advance payments on purchases contracts	250,000	500,000
Recognition of advance payments on purchases contracts	(753,511)	(870,015)
Deferred income taxes	429,000	552,014
Changes in operating assets and liabilities:
Receivables	(19,589,583)	(3,576,221)
Inventory	(6,722,127)	2,547,440
Other assets	(1,342,505)	(1,719,985)
Operating lease liabilities	(1,766,313)	(2,276,367)
Accounts payable and accrued expenses	2,346,228	(27,970,295)
Net Cash Provided by Operating Activities	57,774,281	16,249,691
Cash Flows from Investing Activities:
Proceeds from sales of property and equipment	593,245	5,223,283
Capital expenditures	(34,239,257)	(31,103,774)
Net Cash Used by Investing Activities	(33,646,012)	(25,880,491)
Cash Flows from Financing Activities:
Proceeds from short-term borrowings	248,719,275
Payments on short-term borrowings	(262,603,345)
Debt issuance costs		(822,412)
Proceeds from new long term debt		155,000,000
Principal payments on long-term borrowings	(3,890,502)	(157,422,326)
Prepayment penalties on debt extinguishment		(2,971,350)
Dividends paid	(3,252,152)	(3,251,673)
Net Cash Used by Financing Activities	(21,026,724)	(9,467,761)
Net Increase (Decrease) in Cash and Cash Equivalents	3,101,545	(19,098,561)
Cash and cash equivalents at beginning of period	6,903,955	42,125,105
Cash and Cash Equivalents at End of Period	$ 10,005,500	$ 23,026,544

Basis Of Preparation

Basis Of Preparation	3 Months Ended
	Dec. 26, 2020
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 Company’s financial position as of December 26, 2020, and the results of operations and changes in stockholders’ equity and cash flows for the three months ended December 26, 2020 and December 28, 2019. 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 26, 2020, filed by the Company under the Securities Exchange Act of 1934, as amended, on December 10, 2020. The results of operations for the three months ended December 26, 2020 are not necessarily indicative of the results to be expected for the full fiscal year.

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Dec. 26, 2020
New Accounting Pronouncements [Abstract]
New Accounting Pronouncements	B. NEW ACCOUNTING PRONOUNCEMENTS In March 2020, the FASB issued ASU 2020-04, “ Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting .” The ASU provides optional guidance to ease the potential burden in accounting for reference rate reform on financial reporting in response to the risk of cessation of the London Interbank Offered Rate (“LIBOR”). This amendment provides for optional expedients and exceptions for applying generally accepted accounting principles to contracts and hedging relationships that are affected by LIBOR and other reference rates. The ASU generally allows for hedge accounting to continue if the hedge was highly effective or met other standards prior to reference rate reform. Entities are permitted to apply the amendments to all contracts, cash flow and net investment hedge relationships that exist as of March 12, 2020. The relief provided in this ASU is only available for a limited time, generally through December 31, 2022. The Company’s debt agreements and interest rate swaps that utilize LIBOR have not yet discontinued the use of LIBOR and, therefore, this ASU is not yet effective for us. To the extent our debt and interest rate swap arrangements change to another accepted rate, we will utilize the relief in this ASU to continue hedge accounting.

Allowance For Doubtful Accounts

Allowance For Doubtful Accounts	3 Months Ended
	Dec. 26, 2020
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 $ 325,000 at December 26, 2020 and at September 26, 2020.

Income Taxes

Income Taxes	3 Months Ended
	Dec. 26, 2020
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. 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	3 Months Ended
	Dec. 26, 2020
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: December 26, September 26, 2020 2020 Property, payroll and other taxes payable $ 21,296,793 $ 22,334,471 Salaries, wages and bonuses payable 30,016,704 44,975,510 Self-insurance liabilities 14,231,397 14,064,210 Interest payable 2,468,868 6,686,195 Income taxes payable 10,208,918 — Other 3,441,653 3,951,960 $ 81,664,333 $ 92,012,346 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 currently insured for covered costs in excess of $ 1.0 million per occurrence for workers’ compensation and for general liability and $ 450,000 per covered person for medical care benefits for a policy year. The Company’s self-insurance reserves totaled $ 34.5 million and $ 34.1 million at December 26, 2020 and September 26, 2020, respectively. Of this amount, $ 14.2 million is accounted for as a current liability and $ 20.3 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 December 26, 2020. At September 26, 2020, $ 14.1 million was accounted for as a current liability and $ 20.0 million as a long-term liability, which is inclusive of $ 4.7 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 $ 12.3 million and $ 10.6 million for the three months ended December 26, 2020 and December 28, 2019, 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 410 (“FASB ASC 410”) and determined we have a legal obligation to remove tanks at a point in the future and accordingly determined we have met the requirements of an asset retirement obligation. The Company followed the FASB 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 December 26, 2020 and September 26, 2020.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Dec. 26, 2020
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”). The Notes bear an interest rate of 5.750 % per annum and were issued at par. The Company may redeem all or a portion of the Notes at any time 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 % In November 2019, the Company closed a $ 155 million ten year amortizing real estate loan (the “Loan”) and issued notice to redeem a like principal amount of the Notes. The Loan was funded and the Notes were redeemed thirty days after the redemption notice in December 2019. The Notes were redeemed at 101.917 % of par value, and the Company recognized debt extinguishment costs of approximately $ 3.7 million during the quarter ended December 28, 2019. The Loan matures January 31, 2030 and has monthly principal payments of $ 0.65 million plus floating rate interest based on LIBOR. In June 2020, the Company issued an irrevocable notice to redeem $ 150 million principal amount of the Notes. The Notes were redeemed at 100.958 % of par value on July 9, 2020. In July 2020 the Company issued an irrevocable notice to redeem $ 100 million principal amount of the Notes. The Notes were redeemed at 100.958 % of par value on August 27, 2020. Following this redemption, there were $ 295.0 million aggregate principal amount of the Notes outstanding at December 26, 2020. The Company has a $ 175.0 million line of credit (the “Line”) that matures in S eptember 2022 . The Line provides the Company with various interest rate options based on the prime rate, the Federal Funds Rate, or LIBOR. The Line allows the Company to issue up to $ 20.0 million in unused letters of credit, of which $ 1.1 million of unused letters of credit were issued at December 26, 2020. The Company is not required to maintain compensating balances in connection with the Line. At December 26, 2020, the Company had $ 25.0 million of borrowings outstanding under the Line. In December 2010, the Company completed the funding of $ 99.7 million of bonds (the “ Bonds”) for construction of new warehouse and distribution space adjacent to its existing 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 certain financial institutions and the Company, the financial institutions would hold the Bonds until September 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 outstanding balance of the Bonds is $ 68.0 million as of December 26, 2020. 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. 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 $ 41.0 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 has an interest rate swap agreement for a current notional amount of $ 146.0 million at a fixed rate of 2.95 %. Under this agreement, the Company pays monthly the fixed rate of 2.95 % and receives the one-month LIBOR plus 1.50 %. 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 $ 0.65 million and mature in fiscal year 2030. 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 swaps. The Company has designated the swaps as cash flow hedges and records the changes in the estimated fair value of the swaps to other comprehensive income each period. For the three months ended December 26, 2020, the Company recorded $ 2.1 million of other comprehensive income, net of income taxes, in its Consolidated Statements of Comprehensive Income. Unrealized losses of $ 10.8 million are included as a liability at fair value in the line “Other Long Term Liabilities” on the Consolidated Balance Sheet as of December 26, 2020. For the three-month period ended December 28, 2019, the Company recorded $ 2.2 million of other comprehensive income, net of income taxes, in its Consolidated Statements of Comprehensive Income. The Company’s long-term debt agreements generally 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 at December 26, 2020. The Company’s long-term debt agreements generally have cross-default provisions which could result in the acceleration of payments due under all long-term debt agreements in the event of default under any one instrument. At December 26, 2020, property and equipment with an undepreciated cost of approximately $ 298.1 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 December 26, 2020, the Company had excess net worth totaling $ 222.4 million calculated under covenants in the Notes, the Bonds, the Loan, 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	3 Months Ended
	Dec. 26, 2020
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 15, 2020 to stockholders of record on October 8, 2020 . 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, as amended, on December 10, 2020.

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Dec. 26, 2020
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 declared per share for each class of stock, plus allocated undistributed earnings per share computed using the participation percentage which reflects the dividend rights of each class of stock. Diluted earnings per share is calculated assuming the conversion of all shares of Class B Common Stock to shares of Class A Common Stock on a share-for-share basis. The tables below reconcile the numerators and denominators of basic and diluted earnings per share for current and prior periods. Three Months Ended Three Months Ended December 26, 2020 December 28, 2019 Class A Class B Class A Class B Numerator: Allocated net income Net income allocated, basic $ 38,813,986 $ 15,010,101 $ 12,728,647 $ 4,958,706 Conversion of Class B to Class A shares 15,010,101 — 4,958,706 — Net income allocated, diluted $ 53,824,087 $ 15,010,101 $ 17,687,353 $ 4,958,706 Denominator: Weighted average shares outstanding Weighted average shares outstanding, basic 14,213,562 6,046,214 14,182,683 6,077,093 Conversion of Class B to Class A shares 6,046,214 — 6,077,093 — Weighted average shares outstanding, diluted 20,259,776 6,046,214 20,259,776 6,077,093 Earnings per share Basic $ 2.73 $ 2.48 $ 0.90 $ 0.82 Diluted $ 2.66 $ 2.48 $ 0.87 $ 0.82

Leases

Leases	3 Months Ended
	Dec. 26, 2020
Leases [Abstract]
Leases	I. LEASES Leases as Lessee The Company conducts part of its retail operations from leased facilities. The initial terms of the leases are generally 20 years. The majority of the leases include one or more renewal options and provide that the Company pay property taxes, utilities, repairs and certain other costs incidental to occupation of the premises. Several leases contain clauses calling for percentage rentals based upon gross sales of the supermarket occupying the leased space. Step rent provisions, escalation clauses and lease incentives are taken into account in computing minimum lease payments. Operating lease cost for all operating leases totaled $ 2.7 million for the three months ended December 26, 2020. This amount includes short-term (less than one year) leases, common area expenses, and variable lease costs, all of which are insignificant. Cash paid for lease liabilities in operating activities approximates operating lease cost. Maturities of operating lease liabilities as of December 26, 2020 are as follows: Fiscal Year Remainder of 2021 $ 7,438,683 2022 9,732,036 2023 8,041,690 2024 5,257,390 2025 4,456,683 Thereafter 25,611,667 Total lease payments $ 60,538,149 Less amount representing interest 12,957,293 Present value of lease liabilities $ 47,580,856 The weighted average remaining lease term for the Company’s operating leases is 12.9 years. The weighted average discount rate used to determine lease liability balances as of December 26, 2020 is 3.51 %, based on recent Company financings collateralized by store properties. Leases as Lessor At December 26, 2020, the Company owned and operated 83 shopping centers in conjunction with its supermarket operations. The Company leases to others a portion of its shopping center properties. The leases are non-cancelable operating lease agreements for periods ranging up to 20 years. Rental income is included in the line item “Net sales” on the Consolidated Statements of Income. Depreciation on owned properties leased to others and other shopping center expenses are included in the line item “Cost of goods sold” on the Consolidated Statements of Income. Three Months Ended December 26, 2020 Rents earned on owned and subleased properties: Base rentals $ 4,675,352 Variable rentals 72,458 Total 4,747,810 Depreciation on owned properties leased to others ( 1,319,635 ) Other shopping center expenses ( 851,493 ) Total $ 2,576,682 Future minimum operating lease receipts at December 26, 2020 are as follows: Fiscal Year Remainder of 2021 $ 10,343,513 2022 12,969,906 2023 11,869,911 2024 10,918,920 2025 9,679,470 Thereafter 36,937,146 Total minimum future rental income $ 92,718,866

Segment Information

Segment Information	3 Months Ended
	Dec. 26, 2020
Segment Information [Abstract]
Segment Information	J. SEGMENT INFORMATION The Company operates one primary business segment, retail grocery sales. “Other” includes our remaining operations - 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 December 26, December 28, 2020 2019 Revenues from unaffiliated customers: Grocery $ 442,121 $ 378,329 Non-foods 279,688 246,030 Perishables 321,263 280,805 Gasoline 110,469 139,112 Total Retail $ 1,153,541 $ 1,044,276 Other 36,902 34,079 Total revenues from unaffiliated customers $ 1,190,443 $ 1,078,355 Income from operations: Retail $ 71,519 $ 34,221 Other 4,922 4,254 Total income from operations $ 76,441 $ 38,475 December 26, September 26, 2020 2020 Assets: Retail $ 1,737,607 $ 1,712,203 Other 193,026 189,607 Elimination of intercompany receivable ( 2,133 ) ( 2,511 ) Total assets $ 1,928,500 $ 1,899,299 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 December 26, 2020 and December 28, 2019, respectively, the fluid dairy operation had $ 12.3 million and $ 11.5 million in sales to the grocery sales segment. 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	3 Months Ended
	Dec. 26, 2020
Fair Values Of Financial Instruments [Abstract]
Fair Values Of Financial Instruments	K. 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 and interest rate swaps are 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 swaps, and non-qualified retirement plan assets at December 26, 2020 are as follows (in thousands): Carrying Fair Value Amount Fair Value Measurements Senior Notes $ 295,000 $ 297,950 Level 2 Facility Bonds 68,030 68,030 Level 2 Secured notes payable and other 224,917 224,917 Level 2 Interest rate swap derivative contracts 10,799 10,799 Level 2 Non-qualified retirement plan assets 19,301 19,301 Level 2 The fair values for Level 2 measurements were determined primarily using market yields and taking into consideration the underlying terms of the instrument.

Commitments And Contingencies

Commitments And Contingencies	3 Months Ended
	Dec. 26, 2020
Commitments And Contingencies [Abstract]
Commitments And Contingencies	L. 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 is not expected to 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)	3 Months Ended
	Dec. 26, 2020
Accrued Expenses And Current Portion Of Other Long-Term Liabilities [Abstract]
Accrued Expenses And Current Portion Of Other Long-Term Liabilities	December 26, September 26, 2020 2020 Property, payroll and other taxes payable $ 21,296,793 $ 22,334,471 Salaries, wages and bonuses payable 30,016,704 44,975,510 Self-insurance liabilities 14,231,397 14,064,210 Interest payable 2,468,868 6,686,195 Income taxes payable 10,208,918 — Other 3,441,653 3,951,960 $ 81,664,333 $ 92,012,346

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Dec. 26, 2020
Long-Term Debt [Abstract]
Schedule Of Redemption Prices Of Senior Notes	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)	3 Months Ended
	Dec. 26, 2020
Earnings Per Common Share [Abstract]
Reconciliation Of Numerators And Denominators Of Basic And Diluted Earnings Per Share	Three Months Ended Three Months Ended December 26, 2020 December 28, 2019 Class A Class B Class A Class B Numerator: Allocated net income Net income allocated, basic $ 38,813,986 $ 15,010,101 $ 12,728,647 $ 4,958,706 Conversion of Class B to Class A shares 15,010,101 — 4,958,706 — Net income allocated, diluted $ 53,824,087 $ 15,010,101 $ 17,687,353 $ 4,958,706 Denominator: Weighted average shares outstanding Weighted average shares outstanding, basic 14,213,562 6,046,214 14,182,683 6,077,093 Conversion of Class B to Class A shares 6,046,214 — 6,077,093 — Weighted average shares outstanding, diluted 20,259,776 6,046,214 20,259,776 6,077,093 Earnings per share Basic $ 2.73 $ 2.48 $ 0.90 $ 0.82 Diluted $ 2.66 $ 2.48 $ 0.87 $ 0.82

Leases (Tables)

Leases (Tables)	3 Months Ended
	Dec. 26, 2020
Leases [Abstract]
Maturities Of Operating Lease Liabilities	Fiscal Year Remainder of 2021 $ 7,438,683 2022 9,732,036 2023 8,041,690 2024 5,257,390 2025 4,456,683 Thereafter 25,611,667 Total lease payments $ 60,538,149 Less amount representing interest 12,957,293 Present value of lease liabilities $ 47,580,856
Schedule Of Rental Income	Three Months Ended December 26, 2020 Rents earned on owned and subleased properties: Base rentals $ 4,675,352 Variable rentals 72,458 Total 4,747,810 Depreciation on owned properties leased to others ( 1,319,635 ) Other shopping center expenses ( 851,493 ) Total $ 2,576,682
Future Minimum Operating Lease Receipts	Fiscal Year Remainder of 2021 $ 10,343,513 2022 12,969,906 2023 11,869,911 2024 10,918,920 2025 9,679,470 Thereafter 36,937,146 Total minimum future rental income $ 92,718,866

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Dec. 26, 2020
Segment Information [Abstract]
Operations By Lines Of Business	Three Months Ended December 26, December 28, 2020 2019 Revenues from unaffiliated customers: Grocery $ 442,121 $ 378,329 Non-foods 279,688 246,030 Perishables 321,263 280,805 Gasoline 110,469 139,112 Total Retail $ 1,153,541 $ 1,044,276 Other 36,902 34,079 Total revenues from unaffiliated customers $ 1,190,443 $ 1,078,355 Income from operations: Retail $ 71,519 $ 34,221 Other 4,922 4,254 Total income from operations $ 76,441 $ 38,475 December 26, September 26, 2020 2020 Assets: Retail $ 1,737,607 $ 1,712,203 Other 193,026 189,607 Elimination of intercompany receivable ( 2,133 ) ( 2,511 ) Total assets $ 1,928,500 $ 1,899,299

Fair Values Of Financial Inst_2

Fair Values Of Financial Instruments (Tables)	3 Months Ended
	Dec. 26, 2020
Fair Values Of Financial Instruments [Abstract]
Carrying Amount And Fair Value Of Debt, Interest Rate Swap And Non-Qualified Plan Assets	Carrying Fair Value Amount Fair Value Measurements Senior Notes $ 295,000 $ 297,950 Level 2 Facility Bonds 68,030 68,030 Level 2 Secured notes payable and other 224,917 224,917 Level 2 Interest rate swap derivative contracts 10,799 10,799 Level 2 Non-qualified retirement plan assets 19,301 19,301 Level 2

Allowance For Doubtful Accoun_2

Allowance For Doubtful Accounts (Narrative) (Details) - USD ($)	Dec. 26, 2020	Sep. 26, 2020
Allowance For Doubtful Accounts [Abstract]
Allowance for doubtful accounts receivable	$ 325,000	$ 325,000

Accrued Expenses And Current _3

Accrued Expenses And Current Portion Of Other Long-Term Liabilities (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 26, 2020	Dec. 28, 2019	Sep. 26, 2020
Accrued Expenses And Current Portion Of Other Long-Term Liabilities [Abstract]
Workers' compensation per occurrence covered under insurance cost	$ 1,000
Medical care benefits per person covered under insurance cost	450
Self insurance liabilities	34,500		$ 34,100
Self insurance liabilities, current	14,200		14,100
Self insurance liabilities, noncurrent	20,300		20,000
Receivable for expected self-insurance recoveries from excess cost insurance	4,800		$ 4,700
Employee insurance expense	$ 12,300	$ 10,600

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 ($)	Dec. 26, 2020	Sep. 26, 2020
Accrued Expenses And Current Portion Of Other Long-Term Liabilities [Abstract]
Property, payroll and other taxes payable	$ 21,296,793	$ 22,334,471
Salaries, wages and bonuses payable	30,016,704	44,975,510
Self-insurance liabilities	14,231,397	14,064,210
Interest payable	2,468,868	6,686,195
Income taxes payable	10,208,918
Other	3,441,653	3,951,960
Total	$ 81,664,333	$ 92,012,346

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details) - USD ($)	Nov. 01, 2019	Jul. 31, 2020	Dec. 26, 2020	Dec. 28, 2019	Jun. 30, 2013	Dec. 31, 2010
Debt Instrument [Line Items]
Debt extinguishment costs				$ (3,719,209)
Loan redeption period after rdemption notice	30 days
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
Other comprehensive income, net of income taxes			$ 2,763,738	2,848,879
Property and equipment with undepreciated cost pledge as collateral for long term debt			298,100,000
Excess net worth calculated under covenants in the Notes, the Bonds, and the Line			222,400,000
Interest Rate Swap Two [Member]
Debt Instrument [Line Items]
Derivative notional amount			$ 146,000,000
Derivative, fixed interest rate			2.95%
Interest Rate Swap Two [Member] | One-Month LIBOR [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate			1.50%
Interest Rate Swap [Member]
Debt Instrument [Line Items]
Derivative notional amount			$ 41,000,000
Derivative, fixed interest rate			3.92%
Other comprehensive income, net of income taxes			$ 2,100,000	$ 2,200,000
Unrealized losses on cash flow hedge			$ (10,800,000)
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
Debt instrument, redemption price as percentage of principal amount				101.917%
Maturity period of senior notes			2023
Debt instrument stated interest rate					5.75%
Debt instrument outstanding balance			$ 295,000,000
Senior Notes, Interest Rate of 5.75%, Maturing 2023 [Member] | Notes Redeemed on July 9, 2020 [Member]
Debt Instrument [Line Items]
Debt redemeed amount			$ 150,000,000
Debt instrument, redemption price as percentage of principal amount			100.958%
Senior Notes, Interest Rate of 5.75%, Maturing 2023 [Member] | Notes Redeemed on August 27, 2020 [Member]
Debt Instrument [Line Items]
Debt redemeed amount		$ 100,000,000
Debt instrument, redemption price as percentage of principal amount		100.958%
Secured Debt [Member] | Interest Rate Swap Two [Member]
Debt Instrument [Line Items]
Monthly principal amortization			$ 650,000
Secured Debt [Member] | Interest Rate Swap [Member]
Debt Instrument [Line Items]
Debt maturity date			Oct. 1, 2027
Monthly principal amortization			$ 500,000
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.
Debt instrument outstanding balance			$ 68,000,000			$ 99,700,000
Credit Line [Member]
Debt Instrument [Line Items]
Line of credit facility borrowing capacity			175,000,000
Borrowings outstanding			25,000,000
Credit Line [Member] | Unused Letters Of Credit [Member]
Debt Instrument [Line Items]
Line of credit facility borrowing capacity			20,000,000
Unused letters of credit issued			$ 1,100,000
Real Estate Loan (the “Loan”) [Member]
Debt Instrument [Line Items]
Debt instrument principal amount	$ 155,000,000
Debt instrument term	10 years
Debt instrument, periodic principal payment	$ 650,000
Debt maturity date			Jan. 31, 2030
Real Estate Loan (the “Loan”) [Member] | Senior Notes, Interest Rate of 5.75%, Maturing 2023 [Member]
Debt Instrument [Line Items]
Debt extinguishment costs				$ 3,700,000

Long-Term Debt (Schedule Of Red

Long-Term Debt (Schedule Of Redemption Prices Of Senior Notes) (Details)	3 Months Ended
	Dec. 26, 2020
2018
Debt instrument, redemption price as percentage of principal amount	102.875%
2019
Debt instrument, redemption price as percentage of principal amount	101.917%
2020
Debt instrument, redemption price as percentage of principal amount	100.958%
2021 and thereafter
Debt instrument, redemption price as percentage of principal amount	100.00%

Dividends (Narrative) (Details)

Dividends (Narrative) (Details) - $ / shares	Oct. 15, 2020	Dec. 26, 2020	Dec. 28, 2019
Class A Common Stock [Member]
Dividends Payable [Line Items]
Cash dividends per share of common stock		$ 0.165	$ 0.165
Class B Common Stock [Member]
Dividends Payable [Line Items]
Cash dividends per share of common stock		$ 0.150	$ 0.150
Dividend I [Member]
Dividends Payable [Line Items]
Dividend payment date		Oct. 15, 2020
Dividend record date		Oct. 8, 2020
Dividend I [Member] | Class A Common Stock [Member]
Dividends Payable [Line Items]
Cash dividends per share of common stock	$ 0.165
Dividend I [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)	3 Months Ended
	Dec. 26, 2020item
Earnings Per Share [Line Items]
Number of classes of common stock	2
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
	Dec. 26, 2020	Dec. 28, 2019
Class A Common Stock [Member]
Reconciliation Of Numerators And Denominators Of Basic And Diluted Earnings Per Share [Line Items]
Net income allocated, basic	$ 38,813,986	$ 12,728,647
Conversion of Class B to Class A shares	15,010,101	4,958,706
Net income allocated, diluted	$ 53,824,087	$ 17,687,353
Weighted average shares outstanding, basic	14,213,562	14,182,683
Conversion of Class B to Class A shares	6,046,214	6,077,093
Weighted average shares outstanding, diluted	20,259,776	20,259,776
Earnings per share, Basic	$ 2.73	$ 0.90
Earnings per share, Diluted	$ 2.66	$ 0.87
Class B Common Stock [Member]
Reconciliation Of Numerators And Denominators Of Basic And Diluted Earnings Per Share [Line Items]
Net income allocated, basic	$ 15,010,101	$ 4,958,706
Net income allocated, diluted	$ 15,010,101	$ 4,958,706
Weighted average shares outstanding, basic	6,046,214	6,077,093
Weighted average shares outstanding, diluted	6,046,214	6,077,093
Earnings per share, Basic	$ 2.48	$ 0.82
Earnings per share, Diluted	$ 2.48	$ 0.82

Leases (Narrative) (Details)

Leases (Narrative) (Details) $ in Millions	3 Months Ended
	Dec. 26, 2020USD ($)item
Leases [Abstract]
Initial terms of leases	20 years
Operating lease cost | $	$ 2.7
Weighted average remaining lease term	12 years 10 months 24 days
Operating lease weighted average discount rate	3.51%
Lessor non-cancelable operating lease agreements	20 years
Number of shopping centers owned and operated | item	83

Leases (Maturities Of Operating

Leases (Maturities Of Operating Lease Liabilities) (Details)	Dec. 26, 2020USD ($)
Maturities Of Operating Lease Liabilities [Abstract]
Remainder of 2021	$ 7,438,683
2022	9,732,036
2023	8,041,690
2024	5,257,390
2025	4,456,683
Thereafter	25,611,667
Total lease payments	60,538,149
Less amount representing interest	12,957,293
Present value of lease liabilities	$ 47,580,856

Leases (Schedule Of Rental Inco

Leases (Schedule Of Rental Income) (Details)	3 Months Ended
	Dec. 26, 2020USD ($)
Operating Leases, Income Statement, Lease Revenue [Abstract]
Base rentals	$ 4,675,352
Variable rentals	72,458
Total	4,747,810
Depreciation on owned properties leased to others	(1,319,635)
Other shopping center expenses	(851,493)
Total	$ 2,576,682

Leases (Future Minimum Operatin

Leases (Future Minimum Operating Lease Receipts) (Details)	Dec. 26, 2020USD ($)
Future Minimum Operating Lease Receipts [Abstract]
Remainder of 2021	$ 10,343,513
2022	12,969,906
2023	11,869,911
2024	10,918,920
2025	9,679,470
Thereafter	36,937,146
Total minimum future rental income	$ 92,718,866

Segment Information (Narrative)

Segment Information (Narrative) (Details) $ in Millions	3 Months Ended
	Dec. 26, 2020USD ($)segment	Dec. 28, 2019USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment	1
Fluid dairy [Member]
Segment Reporting Information [Line Items]
Sales eliminated in consolidation | $	$ 12.3	$ 11.5

Segment Information (Operations

Segment Information (Operations By Lines Of Business) (Details) - USD ($)	3 Months Ended
	Dec. 26, 2020	Dec. 28, 2019	Sep. 26, 2020
Segment Reporting Information By Segment [Line Items]
Total revenues from unaffiliated customers	$ 1,190,443,141	$ 1,078,354,937
Total income from operations	76,440,784	38,475,361
Total assets	1,928,500,293		$ 1,899,298,902
Elimination of intercompany receivable
Segment Reporting Information By Segment [Line Items]
Total assets	(2,133,000)		(2,511,000)
Grocery [Member]
Segment Reporting Information By Segment [Line Items]
Total revenues from unaffiliated customers	442,121,000	378,329,000
Non-foods [Member]
Segment Reporting Information By Segment [Line Items]
Total revenues from unaffiliated customers	279,688,000	246,030,000
Perishables [Member]
Segment Reporting Information By Segment [Line Items]
Total revenues from unaffiliated customers	321,263,000	280,805,000
Gasoline [Member]
Segment Reporting Information By Segment [Line Items]
Total revenues from unaffiliated customers	110,469,000	139,112,000
Retail [Member]
Segment Reporting Information By Segment [Line Items]
Total revenues from unaffiliated customers	1,153,541,000	1,044,276,000
Total income from operations	71,519,000	34,221,000
Total assets	1,737,607,000		1,712,203,000
Other Segment [Member]
Segment Reporting Information By Segment [Line Items]
Total revenues from unaffiliated customers	36,902,000	34,079,000
Total income from operations	4,922,000	$ 4,254,000
Total assets	$ 193,026,000		$ 189,607,000

Fair Values Of Financial Inst_3

Fair Values Of Financial Instruments (Carrying Amount And Fair Value Of Debt, Interest Rate Swap And Non-Qualified Plan Assets) (Details) - Fair Value, Inputs, Level 2 [Member] $ in Thousands	Dec. 26, 2020USD ($)
Carrying Amount [Member] | Non-Qualified Retirement Plan [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Retirement plan assets	$ 19,301
Fair Value [Member] | Non-Qualified Retirement Plan [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Retirement plan assets	19,301
Senior Notes [Member] | Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	295,000
Senior Notes [Member] | Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	297,950
Facility Bonds [Member] | Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	68,030
Facility Bonds [Member] | Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	68,030
Interest Rate Swap Derivative Contract [Member] | Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative contract asset	10,799
Interest Rate Swap Derivative Contract [Member] | Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative contract asset	10,799
Secured Notes Payable And Other [Member] | Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	224,917
Secured Notes Payable And Other [Member] | Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 224,917