Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Mar. 26, 2022 | May 02, 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 26, 2022 | |
Document Transition Report | false | |
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 | |
Title of 12(b) Security | Class A Common Stock, $0.05 par value per share | |
Trading Symbol | IMKTA | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Current Fiscal Year End Date | --09-24 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Entity Central Index Key | 0000050493 | |
Amendment Flag | false | |
Class A Common Stock | ||
Entity Common Stock, Shares Outstanding | 14,355,235 | |
Class B Common Stock | ||
Entity Common Stock, Shares Outstanding | 4,639,141 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 26, 2022 | Sep. 25, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 65,624,291 | $ 70,313,350 |
Short term investments | 115,007,106 | 5,000,000 |
Receivables - net | 98,010,655 | 95,082,014 |
Inventories | 397,891,256 | 389,953,456 |
Other current assets | 24,906,417 | 15,091,595 |
Total current assets | 701,439,725 | 575,440,415 |
Property and equipment – net | 1,343,410,698 | 1,370,769,432 |
Operating lease right of use assets | 41,667,691 | 40,145,098 |
Other assets | 37,658,397 | 31,989,010 |
Total assets | 2,124,176,511 | 2,018,343,955 |
Current Liabilities: | ||
Current portion of long-term debt | 17,618,760 | 17,600,739 |
Current portion of operating lease liabilities | 8,395,245 | 8,635,998 |
Accounts payable - trade | 188,102,503 | 189,432,027 |
Accrued expenses and current portion of other long-term liabilities | 73,872,036 | 90,428,567 |
Total current liabilities | 287,988,544 | 306,097,331 |
Deferred income taxes | 73,964,000 | 72,768,000 |
Long-term debt | 560,832,573 | 571,913,204 |
Noncurrent operating lease liabilities | 35,461,720 | 33,887,935 |
Other long-term liabilities | 45,078,425 | 50,418,947 |
Total liabilities | 1,003,325,262 | 1,035,085,417 |
Stockholders’ Equity | ||
Preferred stock, $0.05 par value; 10,000,000 shares authorized; no shares issued | ||
Accumulated other comprehensive income | 5,463,160 | (3,426,140) |
Retained earnings | 1,114,438,370 | 985,734,959 |
Total stockholders’ equity | 1,120,851,249 | 983,258,538 |
Total liabilities and stockholders’ equity | 2,124,176,511 | 2,018,343,955 |
Class A Common Stock | ||
Stockholders’ Equity | ||
Common stocks | 716,262 | 713,567 |
Class B Common Stock | ||
Stockholders’ Equity | ||
Common stocks | $ 233,457 | $ 236,152 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 26, 2022 | Sep. 25, 2021 |
Preferred stock, par value | $ 0.05 | |
Preferred stock, shares authorized | 10,000,000 | |
Preferred stock, shares issued | 0 | |
Class A Common Stock | ||
Common stock, par value | $ 0.05 | |
Common stock, shares authorized | 150,000,000 | |
Common stock, shares issued | 14,325,235 | 14,271,335 |
Common stock, shares outstanding | 14,325,235 | 14,271,335 |
Class B Common Stock | ||
Common stock, par value | $ 0.05 | |
Common stock, shares authorized | 100,000,000 | |
Common stock, shares issued | 4,669,141 | 4,723,041 |
Common stock, shares outstanding | 4,669,141 | 4,723,041 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Income And Other Comprehensive Income - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 26, 2022 | Mar. 27, 2021 | Mar. 26, 2022 | Mar. 27, 2021 | |
Net sales | $ 1,377,118,668 | $ 1,184,554,737 | $ 2,768,648,179 | $ 2,374,997,878 |
Cost of goods sold | 1,028,556,135 | 874,054,346 | 2,069,541,379 | 1,750,309,345 |
Gross profit | 348,562,533 | 310,500,391 | 699,106,800 | 624,688,533 |
Operating and administrative expenses | 254,739,175 | 236,850,173 | 514,824,580 | 475,049,250 |
Gain from sale or disposal of assets | 1,265,254 | 663,278 | 1,209,226 | 1,114,997 |
Income from operations | 95,088,612 | 74,313,496 | 185,491,446 | 150,754,280 |
Other income, net | 1,344,269 | 645,287 | 2,936,323 | 1,337,304 |
Interest expense | 5,425,534 | 6,194,790 | 10,839,405 | 12,595,503 |
Income before income taxes | 91,007,347 | 68,763,993 | 177,588,364 | 139,496,081 |
Income tax expense | 22,366,000 | 16,575,000 | 42,758,000 | 33,483,000 |
Net income | 68,641,347 | 52,188,993 | 134,830,364 | 106,013,081 |
Other comprehensive income (expense): | ||||
Change in fair value of interest rate swap | 9,896,413 | 6,755,876 | 11,763,300 | 9,519,614 |
Income tax (expense) benefit | (2,418,000) | (1,650,000) | (2,874,000) | (2,325,000) |
Other comprehensive income (expense), net of tax | 7,478,413 | 5,105,876 | 8,889,300 | 7,194,614 |
Comprehensive income | $ 76,119,760 | $ 57,294,869 | $ 143,719,664 | $ 113,207,695 |
Class A Common Stock | ||||
Per share amounts: | ||||
Basic earnings per common share | $ 3.70 | $ 2.65 | $ 7.26 | $ 5.38 |
Diluted earnings per common share | 3.61 | 2.58 | 7.10 | 5.24 |
Cash dividends per common share | 0.165 | 0.165 | 0.33 | 0.33 |
Class B Common Stock | ||||
Per share amounts: | ||||
Basic earnings per common share | 3.36 | 2.41 | 6.60 | 4.89 |
Diluted earnings per common share | 3.36 | 2.41 | 6.60 | 4.89 |
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 StockCommon Stock [Member] | Class B Common StockCommon Stock [Member] | Paid-in Capital in Excess of Par Value | Accumulated Other Comprehensive Loss [Member] | Retained Earnings | Total |
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 | ||||
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 | 106,013,081 | |||||
Other comprehensive income, net of income tax | 7,194,614 | |||||
Balance at Mar. 27, 2021 | $ 712,665 | $ 237,054 | (3,056,682) | 848,142,599 | 846,035,636 | |
Balance (in shares) at Mar. 27, 2021 | 14,253,285 | 4,741,091 | ||||
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 | ||||
Net income | 52,188,993 | 52,188,993 | ||||
Other comprehensive income, net of income tax | 5,105,876 | 5,105,876 | ||||
Cash dividends | (3,252,276) | (3,252,276) | ||||
Stock repurchases, at cost | $ (63,270) | $ (12,311,249) | (67,624,069) | (79,998,588) | ||
Stock repurchases, at cost, Shares | (1,265,400) | |||||
Common stock conversions | $ 1,638 | $ (1,638) | ||||
Common stock conversions (in shares) | 32,750 | (32,750) | ||||
Balance at Mar. 27, 2021 | $ 712,665 | $ 237,054 | (3,056,682) | 848,142,599 | 846,035,636 | |
Balance (in shares) at Mar. 27, 2021 | 14,253,285 | 4,741,091 | ||||
Balance at Sep. 25, 2021 | $ 713,567 | $ 236,152 | (3,426,140) | 985,734,959 | 983,258,538 | |
Balance (in shares) at Sep. 25, 2021 | 14,271,335 | 4,723,041 | ||||
Net income | 66,189,018 | 66,189,018 | ||||
Other comprehensive income, net of income tax | 1,410,887 | 1,410,887 | ||||
Cash dividends | (3,063,227) | (3,063,227) | ||||
Common stock conversions | $ 1,665 | $ (1,665) | ||||
Common stock conversions (in shares) | 33,300 | (33,300) | ||||
Balance at Dec. 25, 2021 | $ 715,232 | $ 234,487 | (2,015,253) | 1,048,860,750 | 1,047,795,216 | |
Balance (in shares) at Dec. 25, 2021 | 14,304,635 | 4,689,741 | ||||
Balance at Sep. 25, 2021 | $ 713,567 | $ 236,152 | (3,426,140) | 985,734,959 | 983,258,538 | |
Balance (in shares) at Sep. 25, 2021 | 14,271,335 | 4,723,041 | ||||
Net income | 134,830,364 | |||||
Other comprehensive income, net of income tax | 8,889,300 | |||||
Balance at Mar. 26, 2022 | $ 716,262 | $ 233,457 | 5,463,160 | 1,114,438,370 | 1,120,851,249 | |
Balance (in shares) at Mar. 26, 2022 | 14,325,235 | 4,669,141 | ||||
Balance at Dec. 25, 2021 | $ 715,232 | $ 234,487 | (2,015,253) | 1,048,860,750 | 1,047,795,216 | |
Balance (in shares) at Dec. 25, 2021 | 14,304,635 | 4,689,741 | ||||
Net income | 68,641,347 | 68,641,347 | ||||
Other comprehensive income, net of income tax | 7,478,413 | 7,478,413 | ||||
Cash dividends | (3,063,727) | (3,063,727) | ||||
Common stock conversions | $ 1,030 | $ (1,030) | ||||
Common stock conversions (in shares) | 20,600 | (20,600) | ||||
Balance at Mar. 26, 2022 | $ 716,262 | $ 233,457 | $ 5,463,160 | $ 1,114,438,370 | $ 1,120,851,249 | |
Balance (in shares) at Mar. 26, 2022 | 14,325,235 | 4,669,141 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Cash Flows - USD ($) | 6 Months Ended | |
Mar. 26, 2022 | Mar. 27, 2021 | |
Cash Flows From Operating Activities: | ||
Net income | $ 134,830,364 | $ 106,013,081 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 59,264,873 | 60,205,801 |
Non cash operating lease cost | 3,493,003 | 4,011,403 |
Gain from sale or disposal of assets | (1,209,226) | (1,114,997) |
Receipt of advance payments on purchases contracts | 1,147,709 | 775,000 |
Recognition of advance payments on purchases contracts | (1,494,340) | (1,511,486) |
Deferred income taxes | (1,678,000) | 858,000 |
Changes in operating assets and liabilities: | ||
Receivables | (2,928,641) | (7,442,313) |
Inventory | (7,937,800) | (19,763,979) |
Other assets | (8,462,044) | (1,415,060) |
Operating lease liabilities | (3,682,564) | (4,199,960) |
Accounts payable and accrued expenses | (15,861,984) | (21,731,932) |
Net Cash Provided By Operating Activities | 155,481,350 | 114,683,558 |
Cash Flows From Investing Activities: | ||
Purchase of short term investments | (110,007,106) | |
Proceeds from sales of property and equipment | 1,509,285 | 1,356,964 |
Capital expenditures | (34,096,602) | (69,444,630) |
Net Cash Used By Investing Activities | (142,594,423) | (68,087,666) |
Cash Flows From Financing Activities: | ||
Proceeds from short-term borrowings | 600,674,373 | |
Payments on short-term borrowings | (546,496,281) | |
Principal payments on long-term borrowings | (11,449,032) | (12,317,464) |
Stock repurchases | (79,998,588) | |
Dividends paid | (6,126,954) | (6,504,427) |
Net Cash Used By Financing Activities | (17,575,986) | (44,642,387) |
Net Increase in Cash and Cash Equivalents | (4,689,059) | 1,953,505 |
Cash and Cash Equivalents at Beginning of Period | 70,313,350 | 6,903,955 |
Cash and Cash Equivalents at End of Period | $ 65,624,291 | $ 8,857,460 |
Basis Of Preparation
Basis Of Preparation | 6 Months Ended |
Mar. 26, 2022 | |
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 March 26, 2022, and the results of operations and changes in stockholders’ equity for the three-month and six-month periods ended March 26, 2022 and March 27, 2021, and cash flows for the six months ended March 26, 2022 and March 27, 2021. 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 Company’s Annual Report on Form 10-K for the year ended September 25, 2021, filed with the Securities Exchange Commission on November 24, 2021. The results of operations for the three-month and six-month periods ended March 26, 2022 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. 26, 2022 | |
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 | 6 Months Ended |
Mar. 26, 2022 | |
Allowance For Doubtful Accounts [Abstract] | |
Allowance For Doubtful Accounts | D. ALLOWANCE FOR DOUBTFUL ACCOUNTS Receivables are presented net of an allowance for doubtful accounts of $ 602,000 at March 26, 2022 and $ 157,000 at September 25, 2021. |
Short Term Investments
Short Term Investments | 6 Months Ended |
Mar. 26, 2022 | |
Short Term Investments [Abstract] | |
Short Term Investments | C. SHORT TERM INVESTMENTS The Company purchases financial products that can be readily converted into cash, and the Company accounts for such financial products as short-term investments. The financial products include money market funds, bonds and mutual funds. The carrying values of the Company’s short-term investments approximate fair value because of their liquidity. |
Income Taxes
Income Taxes | 6 Months Ended |
Mar. 26, 2022 | |
Income Taxes [Abstract] | |
Income Taxes | E. 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 | 6 Months Ended |
Mar. 26, 2022 | |
Accrued Expenses And Current Portion Of Other Long-Term Liabilities [Abstract] | |
Accrued Expenses And Current Portion Of Other Long-Term Liabilities | F. 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 26, September 25, 2022 2021 Property, payroll and other taxes payable $ 14,013,131 $ 22,621,486 Salaries, wages and bonuses payable 38,052,944 45,890,517 Self-insurance liabilities 13,346,387 13,319,556 Interest payable 4,411,506 4,481,104 Other 4,048,068 4,115,904 $ 73,872,036 $ 90,428,567 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 $ 32.3 million and $ 32.1 million at March 26, 2022 and September 25, 2021, respectively. Of this amount, $ 13.3 million is accounted for as a current liability and $ 19.0 million as a long-term liability, which is inclusive of $ 4.2 million of expected self-insurance recoveries from excess cost insurance or other sources that are recorded as a receivable at March 26, 2022. At September 25, 2021, $ 13.3 million was accounted for as a current liability and $ 18.8 million as a long-term liability, which is inclusive of $ 4.2 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 $ 7.0 million and $ 8.2 million for the three-month periods ended March 26, 2022 and March 27, 2021, respectively. For the six-month periods ended March 26, 2022 and March 27, 2021, employee insurance expense, net of employee contributions totaled $ 20.3 million and $ 20.5 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 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 March 26, 2022 and September 25, 2021. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Mar. 26, 2022 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | G. LONG-TERM DEBT In June 2021, the Company issued at par $ 350.0 million aggregate principal amount of 4.00 % senior notes due in 2031 (the “Notes”). 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 2026 102.000 % 2027 101.333 % 2028 100.667 % 2029 and thereafter 100.000 % The Company had a $ 175.0 million line of credit that was scheduled to mature in S eptember 2022 . In June 2021, the Company replaced that line by entering into a $ 150.0 million line of credit (the “Line”) that matures in June 2026. 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 $ 10.0 million in letters of credit, of which none were issued at March 26, 2022. The Company is not required to maintain compensating balances in connection with the Line. At March 26, 2022, the Company had no 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 December 2029, 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 was $ 59.0 million as of March 26, 2022. The Company may redeem the Bonds without penalty or premium at any time prior to December 17, 2029 . The Covenant Agreement was amended during the quarter ended December 25, 2021 to extend the holding period and reduce the interest rate on the Bonds. 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. In September 2017, the Company refinanced approximately $ 60 million secured borrowing obligations with a LIBOR-based amortizing floating rate loan secured by real estate maturing in October 2027 . The Company has an interest rate swap agreement for a current notional amount of $ 33.5 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 . In December 2019, the Company closed a $ 155 million LIBOR-based amortizing floating rate loan secured by real estate maturing in January 2030. The Company has an interest rate swap agreement for a current notional amount of $ 136.3 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- and six-month periods ended March 26, 2022, the Company recorded $ 7.5 million and $ 8.9 million of other comprehensive income, respectively, net of income taxes, in its Consolidated Statements of Comprehensive Income. Unrealized gains of $ 7.2 million were recorded as an asset at fair value in the line “Other Assets” on the Consolidated Balance Sheet as of March 26, 2022. For the three- and six-month periods ended March 27, 2021, the Company recorded $ 5.1 million and $ 7.2 million of other comprehensive income, respectively, net of income taxes, in its Consolidated Statements of Comprehensive Income. Unrealized losses of $ 4.0 million were recorded as a liability at fair value in the line “Other Long Term Liabilities” on the Consolidated Balance Sheet as of March 27, 2021. 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 March 26, 2022. 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 March 26, 2022, property and equipment with an undepreciated cost of approximately $ 274.4 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 26, 2022, the Company had excess net worth totaling $ 305.9 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 | 6 Months Ended |
Mar. 26, 2022 | |
Dividends [Abstract] | |
Dividends | H. 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 14, 2021 to stockholders of record on October 7, 2021 . 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 13, 2022 to stockholders of record on January 6, 2022 . 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 contained in the Company’s Annual Report on Form 10-K filed by the Company with the Securities Exchange Commission on November 24, 2021. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Mar. 26, 2022 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | I. 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 Six Months Ended March 26, 2022 March 26, 2022 Class A Class B Class A Class B Numerator: Allocated net income Net income allocated, basic $ 52,934,311 $ 15,707,036 $ 103,831,190 $ 30,999,174 Conversion of Class B to Class A shares 15,707,036 — 30,999,174 — Net income allocated, diluted $ 68,641,347 $ 15,707,036 $ 134,830,364 $ 30,999,174 Denominator: Weighted average shares outstanding Weighted average shares outstanding, basic 14,320,981 4,673,395 14,299,096 4,695,280 Conversion of Class B to Class A shares 4,673,395 — 4,695,280 — Weighted average shares outstanding, diluted 18,994,376 4,673,395 18,994,376 4,695,280 Earnings per share Basic $ 3.70 $ 3.36 $ 7.26 $ 6.60 Diluted $ 3.61 $ 3.36 $ 7.10 $ 6.60 Three Months Ended Six Months Ended March 27, 2021 March 27, 2021 Class A Class B Class A Class B Numerator: Allocated net income Net income allocated, basic $ 37,772,564 $ 14,416,429 $ 76,588,658 $ 29,424,423 Conversion of Class B to Class A shares 14,416,429 — 29,424,423 — Net income allocated, diluted $ 52,188,993 $ 14,416,429 $ 106,013,081 $ 29,424,423 Denominator: Weighted average shares outstanding Weighted average shares outstanding, basic 14,233,200 5,970,954 14,223,381 6,008,584 Conversion of Class B to Class A shares 5,970,954 — 6,008,584 — Weighted average shares outstanding, diluted 20,204,154 5,970,954 20,231,965 6,008,584 Earnings per share Basic $ 2.65 $ 2.41 $ 5.38 $ 4.89 Diluted $ 2.58 $ 2.41 $ 5.24 $ 4.89 |
Leases
Leases | 6 Months Ended |
Mar. 26, 2022 | |
Leases [Abstract] | |
Leases | J. 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 includes 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 $ 3.0 million for the three months ended March 26, 2022 and $ 5.6 million for the six months ended March 26, 2022. 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 March 26, 2022 were as follows: Fiscal Year Remainder of 2022 $ 4,996,500 2023 9,547,692 2024 6,763,393 2025 5,962,685 2026 4,230,737 Thereafter 24,152,866 Total lease payments $ 55,653,873 Less amount representing interest 11,796,908 Present value of lease liabilities $ 43,856,965 On the Condensed Consolidated Balance Sheets, lease extensions exercised during fiscal year 2022 increased the line items “Operating lease right of use assets” and “Noncurrent operating lease liabilities” by $ 5.0 million each during the six months ended March 26, 2022. The weighted average remaining lease term for the Company’s operating leases is 12.7 years. The weighted average discount rate used to determine lease liability balances as of March 26, 2022 was 3.51 %, based on recent Company financings collateralized by store properties. Leases as Lessor At March 26, 2022, 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 Six Months Ended March 26, 2022 March 26, 2022 Rents earned on owned and subleased properties: Base rentals $ 4,773,104 $ 9,670,462 Variable rentals 67,892 135,784 Total 4,840,996 9,806,246 Depreciation on owned properties leased to others ( 1,463,937 ) ( 2,927,875 ) Other shopping center expenses ( 670,365 ) ( 1,318,152 ) Total $ 2,706,694 $ 5,560,219 Future minimum operating lease receipts at March 26, 2022 were as follows: Fiscal Year Remainder of 2022 $ 7,530,608 2023 13,805,776 2024 12,605,769 2025 11,241,965 2026 8,353,538 Thereafter 34,011,392 Total minimum future rental income $ 87,549,048 |
Segment Information
Segment Information | 6 Months Ended |
Mar. 26, 2022 | |
Segment Information [Abstract] | |
Segment Information | K. 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 Six Months Ended March 26, March 27, March 26, March 27, 2022 2021 2022 2021 Revenues from unaffiliated customers: Grocery $ 482,179 $ 427,219 $ 970,585 $ 869,339 Non-foods 289,419 268,799 594,091 548,487 Perishables 355,651 320,493 720,001 641,756 Gasoline 200,192 130,679 391,025 241,148 Total Retail $ 1,327,441 $ 1,147,190 $ 2,675,702 $ 2,300,730 Other 49,678 37,365 92,946 74,268 Total revenues from unaffiliated customers $ 1,377,119 $ 1,184,555 $ 2,768,648 $ 2,374,998 Income from operations: Retail $ 88,663 $ 67,645 $ 174,162 $ 139,164 Other 6,426 6,668 11,329 11,590 Total income from operations $ 95,089 $ 74,313 $ 185,491 $ 150,754 March 26, September 25, 2022 2021 Assets: Retail $ 1,893,939 $ 1,794,160 Other 233,375 226,762 Elimination of intercompany receivable ( 3,137 ) ( 2,578 ) Total assets $ 2,124,177 $ 2,018,344 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. The fluid dairy operation had $ 13.1 million and $ 12.3 million in sales to the retail grocery segment for the three-month periods ended March 26, 2022 and March 27, 2021, respectively. The fluid dairy had $ 25.6 million and $ 23.7 million in sales to the retail grocery segment for the six-month periods ended March 26, 2022 and March 27, 2021, respectively. These sales have been eliminated in consolidation and are excluded from the amounts in the table above. |
Fair Values Of Financial Instru
Fair Values Of Financial Instruments | 6 Months Ended |
Mar. 26, 2022 | |
Fair Values Of Financial Instruments [Abstract] | |
Fair Values Of Financial Instruments | L. 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 March 26, 2022 were as follows (in thousands): Carrying Fair Value Amount Fair Value Measurements Senior Notes $ 350,000 $ 327,250 Level 2 Facility Bonds 58,970 58,970 Level 2 Secured notes payable and other 169,481 169,462 Level 2 Interest rate swap derivative contracts asset ( 7,232 ) ( 7,232 ) Level 2 Non-qualified retirement plan assets 19,702 19,702 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 | 6 Months Ended |
Mar. 26, 2022 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | M. 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. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Mar. 26, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | N. RELATED PARTY TRANSACTIONS The Company will from time to time make short-term non-interest bearing loans to the Company’s Investment/Profit Sharing Plan to allow the plan to meet distribution obligations during a time when the plan was prohibited from selling shares of the Company’s Class A Common Stock. During the three months ended March 26, 2022, there were no such loans made, repaid or outstanding. |
Accrued Expenses And Current _2
Accrued Expenses And Current Portion Of Other Long-Term Liabilities (Tables) | 6 Months Ended |
Mar. 26, 2022 | |
Accrued Expenses And Current Portion Of Other Long-Term Liabilities [Abstract] | |
Accrued Expenses And Current Portion Of Other Long-Term Liabilities | March 26, September 25, 2022 2021 Property, payroll and other taxes payable $ 14,013,131 $ 22,621,486 Salaries, wages and bonuses payable 38,052,944 45,890,517 Self-insurance liabilities 13,346,387 13,319,556 Interest payable 4,411,506 4,481,104 Other 4,048,068 4,115,904 $ 73,872,036 $ 90,428,567 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Mar. 26, 2022 | |
Long-Term Debt [Abstract] | |
Schedule Of Redemption Prices Of Senior Notes | Year 2026 102.000 % 2027 101.333 % 2028 100.667 % 2029 and thereafter 100.000 % |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Mar. 26, 2022 | |
Earnings Per Common Share [Abstract] | |
Reconciliation Of Numerators And Denominators Of Basic And Diluted Earnings Per Share | Three Months Ended Six Months Ended March 26, 2022 March 26, 2022 Class A Class B Class A Class B Numerator: Allocated net income Net income allocated, basic $ 52,934,311 $ 15,707,036 $ 103,831,190 $ 30,999,174 Conversion of Class B to Class A shares 15,707,036 — 30,999,174 — Net income allocated, diluted $ 68,641,347 $ 15,707,036 $ 134,830,364 $ 30,999,174 Denominator: Weighted average shares outstanding Weighted average shares outstanding, basic 14,320,981 4,673,395 14,299,096 4,695,280 Conversion of Class B to Class A shares 4,673,395 — 4,695,280 — Weighted average shares outstanding, diluted 18,994,376 4,673,395 18,994,376 4,695,280 Earnings per share Basic $ 3.70 $ 3.36 $ 7.26 $ 6.60 Diluted $ 3.61 $ 3.36 $ 7.10 $ 6.60 Three Months Ended Six Months Ended March 27, 2021 March 27, 2021 Class A Class B Class A Class B Numerator: Allocated net income Net income allocated, basic $ 37,772,564 $ 14,416,429 $ 76,588,658 $ 29,424,423 Conversion of Class B to Class A shares 14,416,429 — 29,424,423 — Net income allocated, diluted $ 52,188,993 $ 14,416,429 $ 106,013,081 $ 29,424,423 Denominator: Weighted average shares outstanding Weighted average shares outstanding, basic 14,233,200 5,970,954 14,223,381 6,008,584 Conversion of Class B to Class A shares 5,970,954 — 6,008,584 — Weighted average shares outstanding, diluted 20,204,154 5,970,954 20,231,965 6,008,584 Earnings per share Basic $ 2.65 $ 2.41 $ 5.38 $ 4.89 Diluted $ 2.58 $ 2.41 $ 5.24 $ 4.89 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Mar. 26, 2022 | |
Leases [Abstract] | |
Maturities Of Operating Lease Liabilities | Fiscal Year Remainder of 2022 $ 4,996,500 2023 9,547,692 2024 6,763,393 2025 5,962,685 2026 4,230,737 Thereafter 24,152,866 Total lease payments $ 55,653,873 Less amount representing interest 11,796,908 Present value of lease liabilities $ 43,856,965 |
Schedule Of Rental Income | Three Months Ended Six Months Ended March 26, 2022 March 26, 2022 Rents earned on owned and subleased properties: Base rentals $ 4,773,104 $ 9,670,462 Variable rentals 67,892 135,784 Total 4,840,996 9,806,246 Depreciation on owned properties leased to others ( 1,463,937 ) ( 2,927,875 ) Other shopping center expenses ( 670,365 ) ( 1,318,152 ) Total $ 2,706,694 $ 5,560,219 |
Future Minimum Operating Lease Receipts | Fiscal Year Remainder of 2022 $ 7,530,608 2023 13,805,776 2024 12,605,769 2025 11,241,965 2026 8,353,538 Thereafter 34,011,392 Total minimum future rental income $ 87,549,048 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Mar. 26, 2022 | |
Segment Information [Abstract] | |
Operations By Lines Of Business | Three Months Ended Six Months Ended March 26, March 27, March 26, March 27, 2022 2021 2022 2021 Revenues from unaffiliated customers: Grocery $ 482,179 $ 427,219 $ 970,585 $ 869,339 Non-foods 289,419 268,799 594,091 548,487 Perishables 355,651 320,493 720,001 641,756 Gasoline 200,192 130,679 391,025 241,148 Total Retail $ 1,327,441 $ 1,147,190 $ 2,675,702 $ 2,300,730 Other 49,678 37,365 92,946 74,268 Total revenues from unaffiliated customers $ 1,377,119 $ 1,184,555 $ 2,768,648 $ 2,374,998 Income from operations: Retail $ 88,663 $ 67,645 $ 174,162 $ 139,164 Other 6,426 6,668 11,329 11,590 Total income from operations $ 95,089 $ 74,313 $ 185,491 $ 150,754 March 26, September 25, 2022 2021 Assets: Retail $ 1,893,939 $ 1,794,160 Other 233,375 226,762 Elimination of intercompany receivable ( 3,137 ) ( 2,578 ) Total assets $ 2,124,177 $ 2,018,344 |
Fair Values Of Financial Inst_2
Fair Values Of Financial Instruments (Tables) | 6 Months Ended |
Mar. 26, 2022 | |
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 $ 350,000 $ 327,250 Level 2 Facility Bonds 58,970 58,970 Level 2 Secured notes payable and other 169,481 169,462 Level 2 Interest rate swap derivative contracts asset ( 7,232 ) ( 7,232 ) Level 2 Non-qualified retirement plan assets 19,702 19,702 Level 2 |
Allowance For Doubtful Accoun_2
Allowance For Doubtful Accounts (Narrative) (Details) - USD ($) | Mar. 26, 2022 | Sep. 25, 2021 |
Allowance For Doubtful Accounts [Abstract] | ||
Allowance for doubtful accounts receivable | $ 602,000 | $ 157,000 |
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. 26, 2022 | Mar. 27, 2021 | Mar. 26, 2022 | Mar. 27, 2021 | Sep. 25, 2021 | |
Accrued Expenses And Current Portion Of Other Long-Term Liabilities [Abstract] | |||||
Workers' compensation per occurrence covered under insurance cost | $ 1,000 | $ 1,000 | |||
Medical care benefits per person covered under insurance cost | 450 | 450 | |||
Self insurance liabilities | 32,300 | 32,300 | $ 32,100 | ||
Self insurance liabilities, current | 13,300 | 13,300 | 13,300 | ||
Self insurance liabilities, noncurrent | 19,000 | 19,000 | 18,800 | ||
Receivable for expected self-insurance recoveries from excess cost insurance | 4,200 | 4,200 | $ 4,200 | ||
Employee insurance expense | $ 7,000 | $ 8,200 | $ 20,300 | $ 20,500 |
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. 26, 2022 | Sep. 25, 2021 |
Accrued Expenses And Current Portion Of Other Long-Term Liabilities [Abstract] | ||
Property, payroll and other taxes payable | $ 14,013,131 | $ 22,621,486 |
Salaries, wages and bonuses payable | 38,052,944 | 45,890,517 |
Self-insurance liabilities | 13,346,387 | 13,319,556 |
Interest payable | 4,411,506 | 4,481,104 |
Other | 4,048,068 | 4,115,904 |
Total | $ 73,872,036 | $ 90,428,567 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||
Sep. 30, 2017 | Mar. 26, 2022 | Mar. 27, 2021 | Mar. 26, 2022 | Mar. 27, 2021 | Sep. 25, 2021 | Jun. 30, 2021 | Jun. 26, 2021 | May 31, 2021 | Dec. 31, 2019 | Dec. 31, 2010 | |
Debt Instrument [Line Items] | |||||||||||
Annual amount of redemption of bonds | $ 4,500,000 | $ 4,500,000 | |||||||||
Mandatory bonds redemption beginning period | Jan. 1, 2014 | ||||||||||
Mandatory bonds redemption period end date | Dec. 17, 2029 | ||||||||||
Derivative notional amount | 136,300,000 | $ 136,300,000 | |||||||||
Other comprehensive income, net of income taxes | 9,896,413 | $ 6,755,876 | 11,763,300 | $ 9,519,614 | |||||||
Other long-term liabilities | 45,078,425 | 4,000,000 | 45,078,425 | 4,000,000 | $ 50,418,947 | ||||||
Property and equipment with undepreciated cost pledge as collateral for long term debt | 274,400,000 | 274,400,000 | |||||||||
Excess net worth calculated under covenants in the Notes, the Bonds, and the Line | 305,900,000 | 305,900,000 | |||||||||
Cash Flow Hedging [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Other comprehensive income, net of income taxes | $ 5,100,000 | $ 7,200,000 | |||||||||
Interest Rate Swap at Fixed Rate of 3.92% [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Unrealized gain on cash flow hedge | (7,200,000) | ||||||||||
Other comprehensive expense, net of income taxes | $ 7,500,000 | $ 8,900,000 | |||||||||
Senior Notes, Interest Rate of 5.75%, Maturing 2023 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maturity period of senior notes | 2031 | ||||||||||
Senior Notes, Interest Rate of 4.00%, Maturing 2031 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument principal amount | $ 350,000,000 | ||||||||||
Debt instrument stated interest rate | 4.00% | 4.00% | |||||||||
Secured Debt Maturing January 2030 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument principal amount | $ 155,000,000 | ||||||||||
Derivative, fixed interest rate | 2.95% | 2.95% | |||||||||
Debt instrument variable interest rate | 1.50% | ||||||||||
Monthly principal amortization | $ 650,000 | ||||||||||
Secured Debt Maturing 2037 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt maturity date | Oct. 1, 2027 | ||||||||||
Secured borrowing | $ 60,000,000 | ||||||||||
Derivative notional amount | $ 33,500,000 | $ 33,500,000 | |||||||||
Derivative, fixed interest rate | 3.92% | 3.92% | |||||||||
Derivative maturity date | Oct. 1, 2027 | ||||||||||
Monthly principal amortization | $ 500,000 | ||||||||||
Secured Debt Maturing 2037 [Member] | One-Month LIBOR [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument variable interest rate | 1.65% | ||||||||||
Line of credit Maturing September 2022 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility borrowing capacity | $ 175,000,000 | ||||||||||
Recovery Zone Facility Bonds [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt maturity date | Jan. 1, 2036 | ||||||||||
Description of interest rate on bonds | The interest rate on the Bonds is equal to one-month LIBOR (adjusted monthly) plus a credit spread, adjusted to reflect the income tax exemption. | ||||||||||
Debt instrument outstanding amount | $ 59,000,000 | $ 59,000,000 | $ 99,700,000 | ||||||||
Credit Line [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility borrowing capacity | $ 150 | ||||||||||
Credit Line [Member] | Unused Letters Of Credit [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility borrowing capacity | $ 10,000,000 | $ 10,000,000 |
Long-Term Debt (Schedule Of Red
Long-Term Debt (Schedule Of Redemption Prices Of Senior Notes) (Details) | 6 Months Ended |
Mar. 26, 2022 | |
2026 [Member] | |
Debt instrument, redemption price as percentage of principal amount | 102.00% |
2027 [Member] | |
Debt instrument, redemption price as percentage of principal amount | 101.333% |
2028 [Member] | |
Debt instrument, redemption price as percentage of principal amount | 100.667% |
2029 and thereafter [Member] | |
Debt instrument, redemption price as percentage of principal amount | 100.00% |
Dividends (Narrative) (Details)
Dividends (Narrative) (Details) - $ / shares | Jan. 13, 2022 | Oct. 14, 2021 | Mar. 26, 2022 | Mar. 27, 2021 | Mar. 26, 2022 | Mar. 27, 2021 |
Class A Common Stock | ||||||
Dividends Payable [Line Items] | ||||||
Cash dividends per share of common stock | $ 0.165 | $ 0.165 | $ 0.33 | $ 0.33 | ||
Class B Common Stock | ||||||
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. 14, 2021 | |||||
Dividend record date | Oct. 7, 2021 | |||||
Dividend 1 [Member] | Class A Common Stock | ||||||
Dividends Payable [Line Items] | ||||||
Cash dividends per share of common stock | $ 0.165 | |||||
Dividend 1 [Member] | Class B Common Stock | ||||||
Dividends Payable [Line Items] | ||||||
Cash dividends per share of common stock | $ 0.15 | |||||
Dividend 2 [Member] | ||||||
Dividends Payable [Line Items] | ||||||
Dividend payment date | Jan. 13, 2022 | |||||
Dividend record date | Jan. 6, 2022 | |||||
Dividend 2 [Member] | Class A Common Stock | ||||||
Dividends Payable [Line Items] | ||||||
Cash dividends per share of common stock | $ 0.165 | |||||
Dividend 2 [Member] | Class B Common Stock | ||||||
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. 26, 2022item | |
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 | |
Earnings Per Share [Line Items] | |
Number of votes for common stock | 1 |
Class B Common Stock | |
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. 26, 2022 | Mar. 27, 2021 | Mar. 26, 2022 | Mar. 27, 2021 | |
Class A Common Stock | ||||
Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share [Line Items] | ||||
Net income allocated, basic | $ 52,934,311 | $ 37,772,564 | $ 103,831,190 | $ 76,588,658 |
Conversion of Class B to Class A shares | 15,707,036 | 14,416,429 | 30,999,174 | 29,424,423 |
Net income allocated, diluted | $ 68,641,347 | $ 52,188,993 | $ 134,830,364 | $ 106,013,081 |
Weighted average shares outstanding, basic | 14,320,981 | 14,233,200 | 14,299,096 | 14,223,381 |
Conversion of Class B to Class A shares | 4,673,395 | 5,970,954 | 4,695,280 | 6,008,584 |
Weighted average shares outstanding, diluted | 18,994,376 | 20,204,154 | 18,994,376 | 20,231,965 |
Earnings per share, Basic | $ 3.70 | $ 2.65 | $ 7.26 | $ 5.38 |
Earnings per share, Diluted | $ 3.61 | $ 2.58 | $ 7.10 | $ 5.24 |
Class B Common Stock | ||||
Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share [Line Items] | ||||
Net income allocated, basic | $ 15,707,036 | $ 14,416,429 | $ 30,999,174 | $ 29,424,423 |
Net income allocated, diluted | $ 15,707,036 | $ 14,416,429 | $ 30,999,174 | $ 29,424,423 |
Weighted average shares outstanding, basic | 4,673,395 | 5,970,954 | 4,695,280 | 6,008,584 |
Weighted average shares outstanding, diluted | 4,673,395 | 5,970,954 | 4,695,280 | 6,008,584 |
Earnings per share, Basic | $ 3.36 | $ 2.41 | $ 6.60 | $ 4.89 |
Earnings per share, Diluted | $ 3.36 | $ 2.41 | $ 6.60 | $ 4.89 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | 3 Months Ended | 6 Months Ended | |
Mar. 26, 2022USD ($) | Mar. 26, 2022USD ($)item | Sep. 25, 2021USD ($) | |
Operating Leased Assets [Line Items] | |||
Initial terms of leases | 20 years | 20 years | |
Operating lease cost | $ 3,000,000 | $ 5,600,000 | |
Number of shopping centers owned and operated | item | 83 | ||
Lessor non-cancelable operating lease agreements | 20 years | 20 years | |
Weighted average remaining lease term | 12 years 8 months 12 days | 12 years 8 months 12 days | |
Weighted average discount rate | 3.51% | 3.51% | |
Operating Lease, Liability, Noncurrent | $ 35,461,720 | $ 35,461,720 | $ 33,887,935 |
Lease Extensions [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating Lease, Liability, Noncurrent | $ 5,000,000 | $ 5,000,000 |
Leases (Maturities Of Operating
Leases (Maturities Of Operating Lease Liabilities) (Details) | Mar. 26, 2022USD ($) |
Leases [Abstract] | |
Remainder of 2022 | $ 4,996,500 |
2023 | 9,547,692 |
2024 | 6,763,393 |
2025 | 5,962,685 |
2026 | 4,230,737 |
Thereafter | 24,152,866 |
Total lease payments | 55,653,873 |
Less amount representing interest | 11,796,908 |
Present value of lease liabilities | $ 43,856,965 |
Leases (Schedule Of Rental Inco
Leases (Schedule Of Rental Income) (Details) - USD ($) | 3 Months Ended | 6 Months Ended |
Mar. 26, 2022 | Mar. 26, 2022 | |
Property Held For Lease And Rental Income [Abstract] | ||
Base rentals | $ 4,773,104 | $ 9,670,462 |
Variable rentals | 67,892 | 135,784 |
Total | 4,840,996 | 9,806,246 |
Depreciation on owned properties leased to others | (1,463,937) | (2,927,875) |
Other shopping center expenses | (670,365) | (1,318,152) |
Total | $ 2,706,694 | $ 5,560,219 |
Leases (Schedule Of Minimum Fut
Leases (Schedule Of Minimum Future Rental Income On Non-cancelable Operating Leases) (Details) | Mar. 26, 2022USD ($) |
Property Held For Lease And Rental Income [Abstract] | |
Remainder of 2022 | $ 7,530,608 |
2023 | 13,805,776 |
2024 | 12,605,769 |
2025 | 11,241,965 |
2026 | 8,353,538 |
Thereafter | 34,011,392 |
Total minimum future rental income | $ 87,549,048 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 26, 2022USD ($) | Mar. 27, 2021USD ($) | Mar. 26, 2022USD ($)segment | Mar. 27, 2021USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of operating segments | segment | 1 | |||
Fluid dairy [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales eliminated in consolidation | $ | $ 13.1 | $ 12.3 | $ 25.6 | $ 23.7 |
Segment Information (Operations
Segment Information (Operations By Lines Of Business) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Mar. 26, 2022 | Mar. 27, 2021 | Mar. 26, 2022 | Mar. 27, 2021 | Sep. 25, 2021 | |
Segment Reporting Information By Segment [Line Items] | |||||
Total revenues from unaffiliated customers | $ 1,377,118,668 | $ 1,184,554,737 | $ 2,768,648,179 | $ 2,374,997,878 | |
Total income from operations | 95,088,612 | 74,313,496 | 185,491,446 | 150,754,280 | |
Total assets | 2,124,176,511 | 2,124,176,511 | $ 2,018,343,955 | ||
Elimination of intercompany receivable [Member] | |||||
Segment Reporting Information By Segment [Line Items] | |||||
Total assets | (3,137,000) | (3,137,000) | (2,578,000) | ||
Grocery [Member] | |||||
Segment Reporting Information By Segment [Line Items] | |||||
Total revenues from unaffiliated customers | 482,179,000 | 427,219,000 | 970,585,000 | 869,339,000 | |
Non-foods [Member] | |||||
Segment Reporting Information By Segment [Line Items] | |||||
Total revenues from unaffiliated customers | 289,419,000 | 268,799,000 | 594,091,000 | 548,487,000 | |
Perishables [Member] | |||||
Segment Reporting Information By Segment [Line Items] | |||||
Total revenues from unaffiliated customers | 355,651,000 | 320,493,000 | 720,001,000 | 641,756,000 | |
Gasoline [Member] | |||||
Segment Reporting Information By Segment [Line Items] | |||||
Total revenues from unaffiliated customers | 200,192,000 | 130,679,000 | 391,025,000 | 241,148,000 | |
Retail Segment [Member] | |||||
Segment Reporting Information By Segment [Line Items] | |||||
Total revenues from unaffiliated customers | 1,327,441,000 | 1,147,190,000 | 2,675,702,000 | 2,300,730,000 | |
Total income from operations | 88,663,000 | 67,645,000 | 174,162,000 | 139,164,000 | |
Total assets | 1,893,939,000 | 1,893,939,000 | 1,794,160,000 | ||
Other Segment [Member] | |||||
Segment Reporting Information By Segment [Line Items] | |||||
Total revenues from unaffiliated customers | 49,678,000 | 37,365,000 | 92,946,000 | 74,268,000 | |
Total income from operations | 6,426,000 | $ 6,668,000 | 11,329,000 | $ 11,590,000 | |
Total assets | $ 233,375,000 | $ 233,375,000 | $ 226,762,000 |
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 Assetst) (Details) - Level 2 [Member] $ in Thousands | Mar. 26, 2022USD ($) |
Carrying Amount [Member] | Non-qualified retirement plan [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Retirement plan assets | $ 19,702 |
Fair Value [Member] | Non-qualified retirement plan [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Retirement plan assets | 19,702 |
Senior Notes, net of unamortized original issue discount [Member] | Carrying Amount [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Debt | 350,000 |
Senior Notes, net of unamortized original issue discount [Member] | Fair Value [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Debt | 327,250 |
Recovery Zone Facility Bonds [Member] | Carrying Amount [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Debt | 58,970 |
Recovery Zone Facility Bonds [Member] | Fair Value [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Debt | 58,970 |
Interest rate swaps derivative contract [Member] | Carrying Amount [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Derivative contract asset | (7,232) |
Interest rate swaps derivative contract [Member] | Fair Value [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Derivative contract asset | (7,232) |
Secured notes payable and other [Member] | Carrying Amount [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Debt | 169,481 |
Secured notes payable and other [Member] | Fair Value [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Debt | $ 169,462 |