10-Q Filing

INGLES MARKETS INC CIK: 50493 Q2 2022

Filing Information

Form Type	10-Q
Accession Number	`0000050493-22-000009`
Period End Date	20220331
Filing Date	20220505
Fiscal Year	2022
Fiscal Period	Q2
XBRL Instance	imkt-20220326x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 64 Cash Flow Statement 58 Stockholders Equity 29

Balance Sheet 58 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.05	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashEquivalentsAtCarryingValue`	$65.62M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashEquivalentsAtCarryingValue`	$70.31M	USD	Point-in-time
Short term investments	`ShortTermInvestments`	$5.00M	USD	Point-in-time
Short term investments	`ShortTermInvestments`	$115.01M	USD	Point-in-time
Receivables - net	`ReceivablesNetCurrent`	$98.01M	USD	Point-in-time
Receivables - net	`ReceivablesNetCurrent`	$95.08M	USD	Point-in-time
Inventories	`InventoryNet`	$397.89M	USD	Point-in-time
Inventories	`InventoryNet`	$389.95M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$24.91M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$15.09M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$701.44M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$575.44M	USD	Point-in-time
Property and equipment net	`PropertyPlantAndEquipmentNet`	$1.34B	USD	Point-in-time
Property and equipment net	`PropertyPlantAndEquipmentNet`	$1.37B	USD	Point-in-time
Operating lease right of use assets	`OperatingLeaseRightOfUseAsset`	$40.15M	USD	Point-in-time
Operating lease right of use assets	`OperatingLeaseRightOfUseAsset`	$41.67M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$37.66M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$31.99M	USD	Point-in-time
Total assets	`Assets`	$2.12B	USD	Point-in-time
Total assets	`Assets`	$2.02B	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$17.60M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$17.62M	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$8.40M	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$8.64M	USD	Point-in-time
Accounts payable - trade	`AccountsPayableTradeCurrent`	$188.10M	USD	Point-in-time
Accounts payable - trade	`AccountsPayableTradeCurrent`	$189.43M	USD	Point-in-time
Accrued expenses and current portion of other long-term liabilities	`AccruedLiabilitiesCurrent`	$73.87M	USD	Point-in-time
Accrued expenses and current portion of other long-term liabilities	`AccruedLiabilitiesCurrent`	$90.43M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$287.99M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$306.10M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$72.77M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$73.96M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$571.91M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$560.83M	USD	Point-in-time
Noncurrent operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$35.46M	USD	Point-in-time
Noncurrent operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$33.89M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$50.42M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$45.08M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$4.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.00B	USD	Point-in-time
Total liabilities	`Liabilities`	$1.04B	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
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$5.46M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-3.43M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$985.73M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.11B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$983.26M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$846.04M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$1.12B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$1.05B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$871.99M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$819.33M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$2.12B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$2.02B	USD	Point-in-time

Income Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$1.18B	USD	1 Quarter
Net sales	`Revenues`	$2.77B	USD	2 Qtrs
Net sales	`Revenues`	$1.38B	USD	1 Quarter
Net sales	`Revenues`	$2.37B	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$2.07B	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$1.03B	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$874.05M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$1.75B	USD	2 Qtrs
Gross profit	`GrossProfit`	$310.50M	USD	1 Quarter
Gross profit	`GrossProfit`	$699.11M	USD	2 Qtrs
Gross profit	`GrossProfit`	$624.69M	USD	2 Qtrs
Gross profit	`GrossProfit`	$348.56M	USD	1 Quarter
Operating and administrative expenses	`OperatingExpenses`	$254.74M	USD	1 Quarter
Operating and administrative expenses	`OperatingExpenses`	$475.05M	USD	2 Qtrs
Operating and administrative expenses	`OperatingExpenses`	$236.85M	USD	1 Quarter
Operating and administrative expenses	`OperatingExpenses`	$514.82M	USD	2 Qtrs
Gain from sale or disposal of assets	`GainLossOnDispositionOfAssets`	$1.27M	USD	1 Quarter
Gain from sale or disposal of assets	`GainLossOnDispositionOfAssets`	$1.11M	USD	2 Qtrs
Gain from sale or disposal of assets	`GainLossOnDispositionOfAssets`	$1.21M	USD	2 Qtrs
Gain from sale or disposal of assets	`GainLossOnDispositionOfAssets`	$663.28K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$150.75M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$74.31M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$95.09M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$185.49M	USD	2 Qtrs
Other income, net	`OtherNonoperatingIncomeExpense`	$1.34M	USD	2 Qtrs
Other income, net	`OtherNonoperatingIncomeExpense`	$2.94M	USD	2 Qtrs
Other income, net	`OtherNonoperatingIncomeExpense`	$1.34M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$645.29K	USD	1 Quarter
Interest expense	`InterestExpense`	$12.60M	USD	2 Qtrs
Interest expense	`InterestExpense`	$6.19M	USD	1 Quarter
Interest expense	`InterestExpense`	$5.43M	USD	1 Quarter
Interest expense	`InterestExpense`	$10.84M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$68.76M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$139.50M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$91.01M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$177.59M	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$16.57M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$22.37M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$33.48M	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$42.76M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$134.83M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$68.64M	USD	1 Quarter
Net income	`NetIncomeLoss`	$52.19M	USD	1 Quarter
Net income	`NetIncomeLoss`	$53.82M	USD	1 Quarter
Net income	`NetIncomeLoss`	$106.01M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$66.19M	USD	1 Quarter
Change in fair value of interest rate swap	`OtherComprehensiveIncomeLossDerivativeExcludedComponentIncreaseDecreaseAfterAdjustmentsBeforeTaxParent`	$9.90M	USD	1 Quarter
Change in fair value of interest rate swap	`OtherComprehensiveIncomeLossDerivativeExcludedComponentIncreaseDecreaseAfterAdjustmentsBeforeTaxParent`	$9.52M	USD	2 Qtrs
Change in fair value of interest rate swap	`OtherComprehensiveIncomeLossDerivativeExcludedComponentIncreaseDecreaseAfterAdjustmentsBeforeTaxParent`	$11.76M	USD	2 Qtrs
Change in fair value of interest rate swap	`OtherComprehensiveIncomeLossDerivativeExcludedComponentIncreaseDecreaseAfterAdjustmentsBeforeTaxParent`	$6.76M	USD	1 Quarter
Income tax (expense) benefit	`OtherComprehensiveIncomeLossTax`	$1.65M	USD	1 Quarter
Income tax (expense) benefit	`OtherComprehensiveIncomeLossTax`	$2.42M	USD	1 Quarter
Income tax (expense) benefit	`OtherComprehensiveIncomeLossTax`	$2.33M	USD	2 Qtrs
Income tax (expense) benefit	`OtherComprehensiveIncomeLossTax`	$2.87M	USD	2 Qtrs
Other comprehensive income (expense), net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$7.19M	USD	2 Qtrs
Other comprehensive income (expense), net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$1.41M	USD	1 Quarter
Other comprehensive income (expense), net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$5.11M	USD	1 Quarter
Other comprehensive income (expense), net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$2.09M	USD	1 Quarter
Other comprehensive income (expense), net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$8.89M	USD	2 Qtrs
Other comprehensive income (expense), net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$7.48M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$57.29M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$76.12M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$143.72M	USD	2 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$113.21M	USD	2 Qtrs

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$134.83M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$68.64M	USD	1 Quarter
Net income	`NetIncomeLoss`	$52.19M	USD	1 Quarter
Net income	`NetIncomeLoss`	$53.82M	USD	1 Quarter
Net income	`NetIncomeLoss`	$106.01M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$66.19M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$59.26M	USD	2 Qtrs
Depreciation and amortization expense	`DepreciationAndAmortization`	$60.21M	USD	2 Qtrs
Non cash operating lease cost	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$4.01M	USD	2 Qtrs
Non cash operating lease cost	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$3.49M	USD	2 Qtrs
Gain from sale or disposal of assets	`GainLossOnDispositionOfAssets`	$1.27M	USD	1 Quarter
Gain from sale or disposal of assets	`GainLossOnDispositionOfAssets`	$1.11M	USD	2 Qtrs
Gain from sale or disposal of assets	`GainLossOnDispositionOfAssets`	$1.21M	USD	2 Qtrs
Gain from sale or disposal of assets	`GainLossOnDispositionOfAssets`	$663.28K	USD	1 Quarter
Receipt of advance payments on purchases contracts	`ReceiptOfAdvancePaymentsOnPurchasesContracts`	$1.15M	USD	2 Qtrs
Receipt of advance payments on purchases contracts	`ReceiptOfAdvancePaymentsOnPurchasesContracts`	$775.00K	USD	2 Qtrs
Recognition of advance payments on purchases contracts	`RecognitionOfAdvancePaymentsOnPurchasesContracts`	$-1.49M	USD	2 Qtrs
Recognition of advance payments on purchases contracts	`RecognitionOfAdvancePaymentsOnPurchasesContracts`	$-1.51M	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-1.68M	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$858.00K	USD	2 Qtrs
Receivables	`IncreaseDecreaseInAccountsAndOtherReceivables`	$7.44M	USD	2 Qtrs
Receivables	`IncreaseDecreaseInAccountsAndOtherReceivables`	$2.93M	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$7.94M	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$19.76M	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$8.46M	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$1.42M	USD	2 Qtrs
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$4.20M	USD	2 Qtrs
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$3.68M	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-15.86M	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-21.73M	USD	2 Qtrs
Net Cash Provided By Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$114.68M	USD	2 Qtrs
Net Cash Provided By Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$155.48M	USD	2 Qtrs
Purchase of short term investments	`PaymentsToAcquireShortTermInvestments`	$110.01M	USD	2 Qtrs
Proceeds from sales of property and equipment	`ProceedsFromSaleOfOtherPropertyPlantAndEquipment`	$1.51M	USD	2 Qtrs
Proceeds from sales of property and equipment	`ProceedsFromSaleOfOtherPropertyPlantAndEquipment`	$1.36M	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$69.44M	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$34.10M	USD	2 Qtrs
Net Cash Used By Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-142.59M	USD	2 Qtrs
Net Cash Used By Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-68.09M	USD	2 Qtrs
Proceeds from short-term borrowings	`ProceedsFromLinesOfCredit`	$600.67M	USD	2 Qtrs
Payments on short-term borrowings	`RepaymentsOfLinesOfCredit`	$546.50M	USD	2 Qtrs
Principal payments on long-term borrowings	`RepaymentsOfLongTermDebt`	$11.45M	USD	2 Qtrs
Principal payments on long-term borrowings	`RepaymentsOfLongTermDebt`	$12.32M	USD	2 Qtrs
Stock repurchases	`PaymentsForRepurchaseOfCommonStock`	$80.00M	USD	2 Qtrs
Dividends paid	`PaymentsOfDividendsCommonStock`	$6.50M	USD	2 Qtrs
Dividends paid	`PaymentsOfDividendsCommonStock`	$6.13M	USD	2 Qtrs
Net Cash Used By Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-17.58M	USD	2 Qtrs
Net Cash Used By Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-44.64M	USD	2 Qtrs
Net Increase in Cash and Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$1.95M	USD	2 Qtrs
Net Increase in Cash and Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-4.69M	USD	2 Qtrs
Cash and Cash Equivalents at Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$65.62M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.86M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$70.31M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.90M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$65.62M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.86M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$70.31M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.90M	USD	Point-in-time

Stockholders Equity 29 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$983.26M	USD	Point-in-time
Balance	`StockholdersEquity`	$846.04M	USD	Point-in-time
Balance	`StockholdersEquity`	$1.12B	USD	Point-in-time
Balance	`StockholdersEquity`	$1.05B	USD	Point-in-time
Balance	`StockholdersEquity`	$871.99M	USD	Point-in-time
Balance	`StockholdersEquity`	$819.33M	USD	Point-in-time
Net income	`NetIncomeLoss`	$134.83M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$68.64M	USD	1 Quarter
Net income	`NetIncomeLoss`	$52.19M	USD	1 Quarter
Net income	`NetIncomeLoss`	$53.82M	USD	1 Quarter
Net income	`NetIncomeLoss`	$106.01M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$66.19M	USD	1 Quarter
Other comprehensive income, net of income tax	`OtherComprehensiveIncomeLossNetOfTax`	$7.19M	USD	2 Qtrs
Other comprehensive income, net of income tax	`OtherComprehensiveIncomeLossNetOfTax`	$1.41M	USD	1 Quarter
Other comprehensive income, net of income tax	`OtherComprehensiveIncomeLossNetOfTax`	$5.11M	USD	1 Quarter
Other comprehensive income, net of income tax	`OtherComprehensiveIncomeLossNetOfTax`	$2.09M	USD	1 Quarter
Other comprehensive income, net of income tax	`OtherComprehensiveIncomeLossNetOfTax`	$8.89M	USD	2 Qtrs
Other comprehensive income, net of income tax	`OtherComprehensiveIncomeLossNetOfTax`	$7.48M	USD	1 Quarter
Cash dividends	`DividendsCommonStockCash`	$3.25M	USD	1 Quarter
Cash dividends	`DividendsCommonStockCash`	$3.06M	USD	1 Quarter
Cash dividends	`DividendsCommonStockCash`	$3.06M	USD	1 Quarter
Cash dividends	`DividendsCommonStockCash`	$3.25M	USD	1 Quarter
Stock repurchases, at cost	`StockRepurchasedDuringPeriodValue`	$80.00M	USD	1 Quarter
Balance	`StockholdersEquity`	$983.26M	USD	Point-in-time
Balance	`StockholdersEquity`	$846.04M	USD	Point-in-time
Balance	`StockholdersEquity`	$1.12B	USD	Point-in-time
Balance	`StockholdersEquity`	$1.05B	USD	Point-in-time
Balance	`StockholdersEquity`	$871.99M	USD	Point-in-time
Balance	`StockholdersEquity`	$819.33M	USD	Point-in-time

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