10-Q Filing

INGLES MARKETS INC CIK: 50493 Q2 2020

Filing Information

Form Type	10-Q
Accession Number	`0000050493-20-000009`
Period End Date	20200331
Filing Date	20200507
Fiscal Year	2020
Fiscal Period	Q2
XBRL Instance	imkt-20200328.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 57 Income Statement 65 Cash Flow Statement 58 Stockholders Equity 28

Balance Sheet 57 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.05	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.05	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$144.97M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$42.13M	USD	Point-in-time
Receivables - net	`ReceivablesNetCurrent`	$82.27M	USD	Point-in-time
Receivables - net	`ReceivablesNetCurrent`	$71.95M	USD	Point-in-time
Inventories	`InventoryNet`	$315.27M	USD	Point-in-time
Inventories	`InventoryNet`	$374.13M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$13.52M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$8.90M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$556.04M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$497.10M	USD	Point-in-time
Property and Equipment Net	`PropertyPlantAndEquipmentNet`	$1.34B	USD	Point-in-time
Property and Equipment Net	`PropertyPlantAndEquipmentNet`	$1.34B	USD	Point-in-time
Operating lease right of use assets	`OperatingLeaseRightOfUseAsset`	$39.68M	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$25.84M	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$25.96M	USD	Point-in-time
Total Assets	`Assets`	$1.87B	USD	Point-in-time
Total Assets	`Assets`	$1.96B	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$12.60M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$38.08M	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$7.68M	USD	Point-in-time
Accounts payable - trade	`AccountsPayableTradeCurrent`	$151.33M	USD	Point-in-time
Accounts payable - trade	`AccountsPayableTradeCurrent`	$168.26M	USD	Point-in-time
Accrued expenses and current portion of other long-term liabilities	`AccruedLiabilitiesCurrent`	$83.65M	USD	Point-in-time
Accrued expenses and current portion of other long-term liabilities	`AccruedLiabilitiesCurrent`	$80.85M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$294.87M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$247.58M	USD	Point-in-time
Deferred Income Taxes	`DeferredIncomeTaxLiabilitiesNet`	$75.50M	USD	Point-in-time
Deferred Income Taxes	`DeferredIncomeTaxLiabilitiesNet`	$73.29M	USD	Point-in-time
Long-Term Debt	`LongTermDebtNoncurrent`	$803.98M	USD	Point-in-time
Long-Term Debt	`LongTermDebtNoncurrent`	$839.64M	USD	Point-in-time
Noncurrent operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$34.95M	USD	Point-in-time
Other Long-Term Liabilities	`OtherLiabilitiesNoncurrent`	$41.89M	USD	Point-in-time
Other Long-Term Liabilities	`OtherLiabilitiesNoncurrent`	$51.32M	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.20B	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.26B	USD	Point-in-time
Preferred stock, $0.05 par value; 10,000,000 shares authorized; no shares issued	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.05 par value; 10,000,000 shares authorized; no shares issued	`PreferredStockValue`	-	USD	Point-in-time
Paid-in capital in excess of par value	`AdditionalPaidInCapital`	$12.31M	USD	Point-in-time
Paid-in capital in excess of par value	`AdditionalPaidInCapital`	$12.31M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.27M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-9.64M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$702.14M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$650.66M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$705.83M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$662.72M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$614.66M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$595.41M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$679.31M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$625.94M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$1.87B	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$1.96B	USD	Point-in-time

Income Statement 65 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$2.22B	USD	2 Qtrs
Net sales	`Revenues`	$2.06B	USD	2 Qtrs
Net sales	`Revenues`	$1.15B	USD	1 Quarter
Net sales	`Revenues`	$1.00B	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$757.54M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$853.89M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$1.67B	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$1.56B	USD	2 Qtrs
Gross profit	`GrossProfit`	$549.08M	USD	2 Qtrs
Gross profit	`GrossProfit`	$502.71M	USD	2 Qtrs
Gross profit	`GrossProfit`	$291.59M	USD	1 Quarter
Gross profit	`GrossProfit`	$244.30M	USD	1 Quarter
Operating and administrative expenses	`OperatingExpenses`	$216.47M	USD	1 Quarter
Operating and administrative expenses	`OperatingExpenses`	$228.40M	USD	1 Quarter
Operating and administrative expenses	`OperatingExpenses`	$435.15M	USD	2 Qtrs
Operating and administrative expenses	`OperatingExpenses`	$450.37M	USD	2 Qtrs
Gain from sale or disposal of assets	`GainLossOnDispositionOfAssets`	$3.07M	USD	2 Qtrs
Gain from sale or disposal of assets	`GainLossOnDispositionOfAssets`	$2.91M	USD	1 Quarter
Gain from sale or disposal of assets	`GainLossOnDispositionOfAssets`	$108.35K	USD	1 Quarter
Gain from sale or disposal of assets	`GainLossOnDispositionOfAssets`	$2.65M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$30.75M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$70.21M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$63.30M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$101.78M	USD	2 Qtrs
Other income, net	`OtherNonoperatingIncomeExpense`	$404.93K	USD	2 Qtrs
Other income, net	`OtherNonoperatingIncomeExpense`	$207.44K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$447.91K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$1.34M	USD	2 Qtrs
Interest expense	`InterestExpense`	$12.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$22.13M	USD	2 Qtrs
Interest expense	`InterestExpense`	$10.18M	USD	1 Quarter
Interest expense	`InterestExpense`	$24.21M	USD	2 Qtrs
Loss on early extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-3.72M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$47.34M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$76.33M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$19.20M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$53.32M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$18.35M	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$10.19M	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$4.20M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$13.03M	USD	1 Quarter
Net income	`NetIncomeLoss`	$15.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$17.69M	USD	1 Quarter
Net income	`NetIncomeLoss`	$22.15M	USD	1 Quarter
Net income	`NetIncomeLoss`	$37.15M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$40.29M	USD	1 Quarter
Net income	`NetIncomeLoss`	$57.98M	USD	2 Qtrs
Change in fair value of interest rate swap	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent`	$-13.93M	USD	1 Quarter
Change in fair value of interest rate swap	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent`	$-154.73K	USD	2 Qtrs
Change in fair value of interest rate swap	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent`	$-11.08M	USD	2 Qtrs
Change in fair value of interest rate swap	`OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent`	$-598.76K	USD	1 Quarter
Income tax benefit	`OtherComprehensiveIncomeLossTaxPortionAttributableToParent1`	$-139.32K	USD	1 Quarter
Income tax benefit	`OtherComprehensiveIncomeLossTaxPortionAttributableToParent1`	$-35.62K	USD	2 Qtrs
Income tax benefit	`OtherComprehensiveIncomeLossTaxPortionAttributableToParent1`	$-2.70M	USD	2 Qtrs
Income tax benefit	`OtherComprehensiveIncomeLossTaxPortionAttributableToParent1`	$-3.40M	USD	1 Quarter
Other comprehensive expense, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-10.53M	USD	1 Quarter
Other comprehensive expense, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$2.15M	USD	1 Quarter
Other comprehensive expense, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$340.34K	USD	1 Quarter
Other comprehensive expense, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-8.37M	USD	2 Qtrs
Other comprehensive expense, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-459.45K	USD	1 Quarter
Other comprehensive expense, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-119.11K	USD	2 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$29.77M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$14.54M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$37.03M	USD	2 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$49.61M	USD	2 Qtrs

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$15.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$17.69M	USD	1 Quarter
Net income	`NetIncomeLoss`	$22.15M	USD	1 Quarter
Net income	`NetIncomeLoss`	$37.15M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$40.29M	USD	1 Quarter
Net income	`NetIncomeLoss`	$57.98M	USD	2 Qtrs
Depreciation and amortization expense	`DepreciationAndAmortization`	$55.61M	USD	2 Qtrs
Depreciation and amortization expense	`DepreciationAndAmortization`	$57.36M	USD	2 Qtrs
Non cash operating lease cost	`NoncashOperatingLeaseCost`	$5.33M	USD	2 Qtrs
Gain from sale or disposal of assets	`GainLossOnDispositionOfAssets`	$3.07M	USD	2 Qtrs
Gain from sale or disposal of assets	`GainLossOnDispositionOfAssets`	$2.91M	USD	1 Quarter
Gain from sale or disposal of assets	`GainLossOnDispositionOfAssets`	$108.35K	USD	1 Quarter
Gain from sale or disposal of assets	`GainLossOnDispositionOfAssets`	$2.65M	USD	2 Qtrs
Loss on early extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-3.72M	USD	2 Qtrs
Receipt of advance payments on purchases contracts	`ReceiptOfAdvancePaymentsOnPurchasesContracts`	$500.00K	USD	2 Qtrs
Receipt of advance payments on purchases contracts	`ReceiptOfAdvancePaymentsOnPurchasesContracts`	$1.00M	USD	2 Qtrs
Recognition of advance payments on purchases contracts	`RecognitionOfAdvancePaymentsOnPurchasesContracts`	$-1.27M	USD	2 Qtrs
Recognition of advance payments on purchases contracts	`RecognitionOfAdvancePaymentsOnPurchasesContracts`	$-1.31M	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$499.00K	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$7.14M	USD	2 Qtrs
Receivables	`IncreaseDecreaseInAccountsAndOtherReceivables`	$3.53M	USD	2 Qtrs
Receivables	`IncreaseDecreaseInAccountsAndOtherReceivables`	$10.32M	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$-6.44M	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$-58.86M	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$4.51M	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-16.36M	USD	2 Qtrs
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$-5.52M	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-8.04M	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$15.84M	USD	2 Qtrs
Net Cash Provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$175.36M	USD	2 Qtrs
Net Cash Provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$108.21M	USD	2 Qtrs
Proceeds from sales of property and equipment	`ProceedsFromSaleOfOtherPropertyPlantAndEquipment`	$5.32M	USD	2 Qtrs
Proceeds from sales of property and equipment	`ProceedsFromSaleOfOtherPropertyPlantAndEquipment`	$7.28M	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$56.82M	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$94.22M	USD	2 Qtrs
Net Cash Used by Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-51.50M	USD	2 Qtrs
Net Cash Used by Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-86.94M	USD	2 Qtrs
Proceeds from short-term borrowings	`ProceedsFromLinesOfCredit`	$300.19M	USD	2 Qtrs
Payments on short-term borrowings	`RepaymentsOfLinesOfCredit`	$299.50M	USD	2 Qtrs
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$854.79K	USD	2 Qtrs
Proceeds from new long term debt	`ProceedsFromIssuanceOfLongTermDebt`	$155.00M	USD	2 Qtrs
Principal payments on long-term borrowings	`RepaymentsOfLongTermDebt`	$165.68M	USD	2 Qtrs
Principal payments on long-term borrowings	`RepaymentsOfLongTermDebt`	$9.31M	USD	2 Qtrs
Prepayment penalties on debt extinguishment	`PaymentsOfDebtExtinguishmentCosts`	$2.97M	USD	2 Qtrs
Dividends paid	`PaymentsOfDividendsCommonStock`	$6.50M	USD	2 Qtrs
Dividends paid	`PaymentsOfDividendsCommonStock`	$6.50M	USD	2 Qtrs
Net Cash Used by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-15.13M	USD	2 Qtrs
Net Cash Used by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-21.01M	USD	2 Qtrs
Net Increase in Cash and Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$6.14M	USD	2 Qtrs
Net Increase in Cash and Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$102.85M	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.54M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$42.13M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$16.68M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$144.97M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$10.54M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$42.13M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$16.68M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$144.97M	USD	Point-in-time

Stockholders Equity 28 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$705.83M	USD	Point-in-time
Balance	`StockholdersEquity`	$662.72M	USD	Point-in-time
Balance	`StockholdersEquity`	$614.66M	USD	Point-in-time
Balance	`StockholdersEquity`	$595.41M	USD	Point-in-time
Balance	`StockholdersEquity`	$679.31M	USD	Point-in-time
Balance	`StockholdersEquity`	$625.94M	USD	Point-in-time
Net income	`NetIncomeLoss`	$15.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$17.69M	USD	1 Quarter
Net income	`NetIncomeLoss`	$22.15M	USD	1 Quarter
Net income	`NetIncomeLoss`	$37.15M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$40.29M	USD	1 Quarter
Net income	`NetIncomeLoss`	$57.98M	USD	2 Qtrs
Other comprehensive (expense) income, net of income tax	`OtherComprehensiveIncomeLossNetOfTax`	$-10.53M	USD	1 Quarter
Other comprehensive (expense) income, net of income tax	`OtherComprehensiveIncomeLossNetOfTax`	$2.15M	USD	1 Quarter
Other comprehensive (expense) income, net of income tax	`OtherComprehensiveIncomeLossNetOfTax`	$340.34K	USD	1 Quarter
Other comprehensive (expense) income, net of income tax	`OtherComprehensiveIncomeLossNetOfTax`	$-8.37M	USD	2 Qtrs
Other comprehensive (expense) income, net of income tax	`OtherComprehensiveIncomeLossNetOfTax`	$-459.45K	USD	1 Quarter
Other comprehensive (expense) income, net of income tax	`OtherComprehensiveIncomeLossNetOfTax`	$-119.11K	USD	2 Qtrs
Cash dividends	`DividendsCommonStockCash`	$3.25M	USD	1 Quarter
Cash dividends	`DividendsCommonStockCash`	$3.25M	USD	1 Quarter
Cash dividends	`DividendsCommonStockCash`	$3.25M	USD	1 Quarter
Cash dividends	`DividendsCommonStockCash`	$3.25M	USD	1 Quarter
Balance	`StockholdersEquity`	$705.83M	USD	Point-in-time
Balance	`StockholdersEquity`	$662.72M	USD	Point-in-time
Balance	`StockholdersEquity`	$614.66M	USD	Point-in-time
Balance	`StockholdersEquity`	$595.41M	USD	Point-in-time
Balance	`StockholdersEquity`	$679.31M	USD	Point-in-time
Balance	`StockholdersEquity`	$625.94M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.