10-Q Filing

INGLES MARKETS INC CIK: 50493 Q2 2023

Filing Information

Form Type	10-Q
Accession Number	`0000050493-23-000012`
Period End Date	20230331
Filing Date	20230504
Fiscal Year	2023
Fiscal Period	Q2
XBRL Instance	imkt-20230325x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 60 Income Statement 64 Cash Flow Statement 55 Stockholders Equity 28

Balance Sheet 60 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$120.06K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$382.66K	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.05	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.05	USD	Point-in-time
Cash and cash equivalents	`CashEquivalentsAtCarryingValue`	$267.20M	USD	Point-in-time
Cash and cash equivalents	`CashEquivalentsAtCarryingValue`	$250.30M	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
Receivables - net	`ReceivablesNetCurrent`	$97.16M	USD	Point-in-time
Receivables - net	`ReceivablesNetCurrent`	$96.84M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Inventories	`InventoryNet`	$474.25M	USD	Point-in-time
Inventories	`InventoryNet`	$457.95M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$15.83M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$32.27M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$838.13M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$853.67M	USD	Point-in-time
Property and Equipment - Net	`PropertyPlantAndEquipmentNet`	$1.37B	USD	Point-in-time
Property and Equipment - Net	`PropertyPlantAndEquipmentNet`	$1.40B	USD	Point-in-time
Operating lease right of use assets	`OperatingLeaseRightOfUseAsset`	$40.14M	USD	Point-in-time
Operating lease right of use assets	`OperatingLeaseRightOfUseAsset`	$38.59M	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$44.75M	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$43.26M	USD	Point-in-time
Total Assets	`Assets`	$2.34B	USD	Point-in-time
Total Assets	`Assets`	$2.30B	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$17.53M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$17.62M	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$7.02M	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$7.80M	USD	Point-in-time
Accounts payable - trade	`AccountsPayableTradeCurrent`	$213.39M	USD	Point-in-time
Accounts payable - trade	`AccountsPayableTradeCurrent`	$192.29M	USD	Point-in-time
Accrued expenses and current portion of other long-term liabilities	`AccruedLiabilitiesCurrent`	$94.97M	USD	Point-in-time
Accrued expenses and current portion of other long-term liabilities	`AccruedLiabilitiesCurrent`	$75.66M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$333.78M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$292.50M	USD	Point-in-time
Deferred Income Taxes	`DeferredIncomeTaxLiabilitiesNet`	$73.58M	USD	Point-in-time
Deferred Income Taxes	`DeferredIncomeTaxLiabilitiesNet`	$69.71M	USD	Point-in-time
Long-Term Debt	`LongTermDebtNoncurrent`	$539.16M	USD	Point-in-time
Long-Term Debt	`LongTermDebtNoncurrent`	$554.29M	USD	Point-in-time
Noncurrent operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$35.12M	USD	Point-in-time
Noncurrent operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$32.79M	USD	Point-in-time
Other Long-Term Liabilities	`OtherLiabilitiesNoncurrent`	$41.48M	USD	Point-in-time
Other Long-Term Liabilities	`OtherLiabilitiesNoncurrent`	$44.36M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.04B	USD	Point-in-time
Total liabilities	`Liabilities`	$980.86M	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`	$9.24M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$12.41M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.25B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.35B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$1.05B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$1.12B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$1.36B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$1.32B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$1.26B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$983.26M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$2.30B	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$2.34B	USD	Point-in-time

Income Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$2.87B	USD	2 Qtrs
Net sales	`Revenues`	$1.38B	USD	1 Quarter
Net sales	`Revenues`	$1.38B	USD	1 Quarter
Net sales	`Revenues`	$2.77B	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$2.07B	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$2.18B	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$1.03B	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$1.05B	USD	1 Quarter
Gross profit	`GrossProfit`	$697.09M	USD	2 Qtrs
Gross profit	`GrossProfit`	$699.11M	USD	2 Qtrs
Gross profit	`GrossProfit`	$348.56M	USD	1 Quarter
Gross profit	`GrossProfit`	$325.94M	USD	1 Quarter
Operating and administrative expenses	`OperatingExpenses`	$514.82M	USD	2 Qtrs
Operating and administrative expenses	`OperatingExpenses`	$545.07M	USD	2 Qtrs
Operating and administrative expenses	`OperatingExpenses`	$268.89M	USD	1 Quarter
Operating and administrative expenses	`OperatingExpenses`	$254.74M	USD	1 Quarter
Gain from sale or disposal of assets	`GainLossOnDispositionOfAssets`	$1.27M	USD	1 Quarter
Gain from sale or disposal of assets	`GainLossOnDispositionOfAssets`	$1.38M	USD	2 Qtrs
Gain from sale or disposal of assets	`GainLossOnDispositionOfAssets`	$597.22K	USD	1 Quarter
Gain from sale or disposal of assets	`GainLossOnDispositionOfAssets`	$1.21M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$153.40M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$185.49M	USD	2 Qtrs
Income from operations	`OperatingIncomeLoss`	$95.09M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$57.65M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$1.34M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$2.94M	USD	2 Qtrs
Other income, net	`OtherNonoperatingIncomeExpense`	$1.73M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$3.18M	USD	2 Qtrs
Interest expense	`InterestExpense`	$10.84M	USD	2 Qtrs
Interest expense	`InterestExpense`	$5.34M	USD	1 Quarter
Interest expense	`InterestExpense`	$10.69M	USD	2 Qtrs
Interest expense	`InterestExpense`	$5.43M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$54.04M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$91.01M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$145.89M	USD	2 Qtrs
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$177.59M	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$13.50M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$35.98M	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$42.76M	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$22.37M	USD	1 Quarter
Net income	`NetIncomeLoss`	$68.64M	USD	1 Quarter
Net income	`NetIncomeLoss`	$40.54M	USD	1 Quarter
Net income	`NetIncomeLoss`	$134.83M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$109.91M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$66.19M	USD	1 Quarter
Net income	`NetIncomeLoss`	$69.37M	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`	$11.76M	USD	2 Qtrs
Change in fair value of interest rate swap	`OtherComprehensiveIncomeLossDerivativeExcludedComponentIncreaseDecreaseAfterAdjustmentsBeforeTaxParent`	$-4.19M	USD	2 Qtrs
Change in fair value of interest rate swap	`OtherComprehensiveIncomeLossDerivativeExcludedComponentIncreaseDecreaseAfterAdjustmentsBeforeTaxParent`	$-2.67M	USD	1 Quarter
Income tax benefit (expense)	`OtherComprehensiveIncomeLossTax`	$2.42M	USD	1 Quarter
Income tax benefit (expense)	`OtherComprehensiveIncomeLossTax`	$-1.02M	USD	2 Qtrs
Income tax benefit (expense)	`OtherComprehensiveIncomeLossTax`	$-652.00K	USD	1 Quarter
Income tax benefit (expense)	`OtherComprehensiveIncomeLossTax`	$2.87M	USD	2 Qtrs
Other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-2.02M	USD	1 Quarter
Other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$8.89M	USD	2 Qtrs
Other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$7.48M	USD	1 Quarter
Other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$1.41M	USD	1 Quarter
Other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-1.15M	USD	1 Quarter
Other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-3.17M	USD	2 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$76.12M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$106.74M	USD	2 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$38.52M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$143.72M	USD	2 Qtrs

Cash Flow Statement 55 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$68.64M	USD	1 Quarter
Net income	`NetIncomeLoss`	$40.54M	USD	1 Quarter
Net income	`NetIncomeLoss`	$134.83M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$109.91M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$66.19M	USD	1 Quarter
Net income	`NetIncomeLoss`	$69.37M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationAndAmortization`	$59.26M	USD	2 Qtrs
Depreciation and amortization expense	`DepreciationAndAmortization`	$57.97M	USD	2 Qtrs
Non cash operating lease cost	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$3.49M	USD	2 Qtrs
Non cash operating lease cost	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$3.84M	USD	2 Qtrs
Gain from sale or disposal of assets	`GainLossOnDispositionOfAssets`	$1.27M	USD	1 Quarter
Gain from sale or disposal of assets	`GainLossOnDispositionOfAssets`	$1.38M	USD	2 Qtrs
Gain from sale or disposal of assets	`GainLossOnDispositionOfAssets`	$597.22K	USD	1 Quarter
Gain from sale or disposal of assets	`GainLossOnDispositionOfAssets`	$1.21M	USD	2 Qtrs
Receipt of advance payments on purchases contracts	`ReceiptOfAdvancePaymentsOnPurchasesContracts`	$1.58M	USD	2 Qtrs
Receipt of advance payments on purchases contracts	`ReceiptOfAdvancePaymentsOnPurchasesContracts`	$1.15M	USD	2 Qtrs
Recognition of advance payments on purchases contracts	`RecognitionOfAdvancePaymentsOnPurchasesContracts`	$-1.49M	USD	2 Qtrs
Recognition of advance payments on purchases contracts	`RecognitionOfAdvancePaymentsOnPurchasesContracts`	$-1.43M	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-2.84M	USD	2 Qtrs
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-1.68M	USD	2 Qtrs
Receivables	`IncreaseDecreaseInAccountsAndOtherReceivables`	$-312.67K	USD	2 Qtrs
Receivables	`IncreaseDecreaseInAccountsAndOtherReceivables`	$2.93M	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$16.30M	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$7.94M	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$19.15M	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$8.46M	USD	2 Qtrs
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$3.68M	USD	2 Qtrs
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$3.84M	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-34.27M	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-15.86M	USD	2 Qtrs
Net Cash Provided By Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$94.41M	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`	$1.77M	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$34.10M	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$91.35M	USD	2 Qtrs
Net Cash Used By Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-89.59M	USD	2 Qtrs
Net Cash Used By Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-142.59M	USD	2 Qtrs
Principal payments on long-term borrowings	`RepaymentsOfLongTermDebt`	$15.59M	USD	2 Qtrs
Principal payments on long-term borrowings	`RepaymentsOfLongTermDebt`	$11.45M	USD	2 Qtrs
Dividends paid	`PaymentsOfDividendsCommonStock`	$6.13M	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`	$-21.72M	USD	2 Qtrs
Net Decrease in Cash and Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-16.89M	USD	2 Qtrs
Net Decrease in Cash and Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-4.69M	USD	2 Qtrs
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$70.31M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$250.30M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$65.62M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$267.20M	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`	$250.30M	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`	$267.20M	USD	Point-in-time

Stockholders Equity 28 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$1.05B	USD	Point-in-time
Balance	`StockholdersEquity`	$1.12B	USD	Point-in-time
Balance	`StockholdersEquity`	$1.36B	USD	Point-in-time
Balance	`StockholdersEquity`	$1.32B	USD	Point-in-time
Balance	`StockholdersEquity`	$1.26B	USD	Point-in-time
Balance	`StockholdersEquity`	$983.26M	USD	Point-in-time
Net income	`NetIncomeLoss`	$68.64M	USD	1 Quarter
Net income	`NetIncomeLoss`	$40.54M	USD	1 Quarter
Net income	`NetIncomeLoss`	$134.83M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$109.91M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$66.19M	USD	1 Quarter
Net income	`NetIncomeLoss`	$69.37M	USD	1 Quarter
Other comprehensive income, net of income tax	`OtherComprehensiveIncomeLossNetOfTax`	$-2.02M	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
Other comprehensive income, net of income tax	`OtherComprehensiveIncomeLossNetOfTax`	$1.41M	USD	1 Quarter
Other comprehensive income, net of income tax	`OtherComprehensiveIncomeLossNetOfTax`	$-1.15M	USD	1 Quarter
Other comprehensive income, net of income tax	`OtherComprehensiveIncomeLossNetOfTax`	$-3.17M	USD	2 Qtrs
Cash dividends	`DividendsCommonStockCash`	$3.06M	USD	1 Quarter
Cash dividends	`DividendsCommonStockCash`	$3.06M	USD	1 Quarter
Cash dividends	`DividendsCommonStockCash`	$3.06M	USD	1 Quarter
Cash dividends	`DividendsCommonStockCash`	$3.06M	USD	1 Quarter
Balance	`StockholdersEquity`	$1.05B	USD	Point-in-time
Balance	`StockholdersEquity`	$1.12B	USD	Point-in-time
Balance	`StockholdersEquity`	$1.36B	USD	Point-in-time
Balance	`StockholdersEquity`	$1.32B	USD	Point-in-time
Balance	`StockholdersEquity`	$1.26B	USD	Point-in-time
Balance	`StockholdersEquity`	$983.26M	USD	Point-in-time

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