10-Q Filing

WEIS MARKETS INC CIK: 105418 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0000105418-21-000031`
Period End Date	20210331
Filing Date	20210506
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	wmk-20210327x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 26 Cash Flow Statement 58 Stockholders Equity 14 Comprehensive Income 13

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value	`CommonStockNoParValue`	-	USD	Point-in-time
Common stock, par value	`CommonStockNoParValue`	-	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.80M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.80M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	33.05M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$66.87M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$158.28M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$101.22M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	33.05M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$136.61M	USD	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesCurrent`	$114.73M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	26.90M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	26.90M	shares	Point-in-time
Marketable securities	`AvailableForSaleSecuritiesCurrent`	$111.86M	USD	Point-in-time
Accumulated other comprehensive income, deferred taxes	`AociTaxAttributableToParent`	$1.30M	USD	Point-in-time
SERP investment	`SerpInvestment`	$22.76M	USD	Point-in-time
SERP investment	`SerpInvestment`	$24.14M	USD	Point-in-time
Accumulated other comprehensive income, deferred taxes	`AociTaxAttributableToParent`	$993.00K	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	6.15M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	6.15M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$44.60M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$56.76M	USD	Point-in-time
Inventories	`InventoryNet`	$269.02M	USD	Point-in-time
Inventories	`InventoryNet`	$276.73M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$29.19M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseCurrent`	$25.59M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$587.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$626.20M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$924.43M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$932.55M	USD	Point-in-time
Operating lease right-to-use	`OperatingLeaseRightOfUseAsset`	$195.64M	USD	Point-in-time
Operating lease right-to-use	`OperatingLeaseRightOfUseAsset`	$199.90M	USD	Point-in-time
Goodwill	`Goodwill`	$52.33M	USD	Point-in-time
Goodwill	`Goodwill`	$52.33M	USD	Point-in-time
Intangible and other assets, net	`IntangibleAssetsAssetsAndOtherAssetsNetExcludingGoodwill`	$17.41M	USD	Point-in-time
Intangible and other assets, net	`IntangibleAssetsAssetsAndOtherAssetsNetExcludingGoodwill`	$17.56M	USD	Point-in-time
Total assets	`Assets`	$1.82B	USD	Point-in-time
Total assets	`Assets`	$1.78B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$184.54M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$221.57M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$50.59M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$35.39M	USD	Point-in-time
Operating leases	`OperatingLeaseLiabilityCurrent`	$39.16M	USD	Point-in-time
Operating leases	`OperatingLeaseLiabilityCurrent`	$39.35M	USD	Point-in-time
Accrued self-insurance	`SelfInsuranceReserveCurrent`	$19.31M	USD	Point-in-time
Accrued self-insurance	`SelfInsuranceReserveCurrent`	$20.61M	USD	Point-in-time
Deferred revenue, net	`ContractWithCustomerLiabilityCurrent`	$10.58M	USD	Point-in-time
Deferred revenue, net	`ContractWithCustomerLiabilityCurrent`	$7.95M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$5.06M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$10.20M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$298.04M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$346.27M	USD	Point-in-time
Postretirement benefit obligations	`PostretirementBenefitObligations`	$26.30M	USD	Point-in-time
Postretirement benefit obligations	`PostretirementBenefitObligations`	$25.76M	USD	Point-in-time
Accrued self-insurance	`SelfInsuranceReserveNoncurrent`	$20.30M	USD	Point-in-time
Accrued self-insurance	`SelfInsuranceReserveNoncurrent`	$20.28M	USD	Point-in-time
Operating leases	`OperatingLeaseLiabilityNoncurrent`	$164.55M	USD	Point-in-time
Operating leases	`OperatingLeaseLiabilityNoncurrent`	$169.06M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$105.23M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$103.40M	USD	Point-in-time
Other	`OtherLiabilitiesNoncurrent`	$9.52M	USD	Point-in-time
Other	`OtherLiabilitiesNoncurrent`	$9.27M	USD	Point-in-time
Total liabilities	`Liabilities`	$623.67M	USD	Point-in-time
Total liabilities	`Liabilities`	$674.31M	USD	Point-in-time
Common stock, no par value, 100,800,000 shares authorized, 33,047,807 shares issued, 26,898,443 shares outstanding	`CommonStockValue`	$9.95M	USD	Point-in-time
Common stock, no par value, 100,800,000 shares authorized, 33,047,807 shares issued, 26,898,443 shares outstanding	`CommonStockValue`	$9.95M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.28B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.30B	USD	Point-in-time
Accumulated other comprehensive income (Net of deferred taxes of $993 in 2021 and $1,299 in 2020)	`AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$2.51M	USD	Point-in-time
Accumulated other comprehensive income (Net of deferred taxes of $993 in 2021 and $1,299 in 2020)	`AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$3.29M	USD	Point-in-time
Shareholders' equity before treasury stock	`StockholdersEquityBeforeTreasuryStock`	$1.30B	USD	Point-in-time
Shareholders' equity before treasury stock	`StockholdersEquityBeforeTreasuryStock`	$1.31B	USD	Point-in-time
Treasury stock at cost, 6,149,364 shares	`TreasuryStockValue`	$150.86M	USD	Point-in-time
Treasury stock at cost, 6,149,364 shares	`TreasuryStockValue`	$150.86M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.08B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.15B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.06B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.16B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$1.78B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$1.82B	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.01B	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$985.82M	USD	1 Quarter
Cost of sales, including advertising, warehousing and distribution expenses	`CostOfSalesIncludingWarehousingAndDistributionExpenses`	$738.95M	USD	1 Quarter
Cost of sales, including advertising, warehousing and distribution expenses	`CostOfSalesIncludingWarehousingAndDistributionExpenses`	$721.67M	USD	1 Quarter
Gross profit on sales	`GrossProfit`	$267.39M	USD	1 Quarter
Gross profit on sales	`GrossProfit`	$264.15M	USD	1 Quarter
Operating, general and administrative expenses	`GeneralAndAdministrativeExpense`	$235.56M	USD	1 Quarter
Operating, general and administrative expenses	`GeneralAndAdministrativeExpense`	$226.72M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$31.83M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$37.43M	USD	1 Quarter
Investment income (loss) and interest expense	`InvestmentIncomeLossAndInterestExpense`	$1.61M	USD	1 Quarter
Investment income (loss) and interest expense	`InvestmentIncomeLossAndInterestExpense`	$-4.02M	USD	1 Quarter
Other income (expense)	`NonoperatingIncomeExpense`	$-775.00K	USD	1 Quarter
Other income (expense)	`NonoperatingIncomeExpense`	$2.68M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$36.09M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$32.67M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$9.40M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$8.41M	USD	1 Quarter
Net income	`NetIncomeLoss`	$24.25M	USD	1 Quarter
Net income	`NetIncomeLoss`	$26.69M	USD	1 Quarter
Weighted-average shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	26.90M	shares	1 Quarter
Weighted-average shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	26.90M	shares	1 Quarter
Cash dividends per share	`CommonStockDividendsPerShareDeclared`	$0.31	USD	1 Quarter
Cash dividends per share	`CommonStockDividendsPerShareDeclared`	$0.31	USD	1 Quarter
Basic and diluted earnings per share	`EarningsPerShareBasicAndDiluted`	$0.90	USD	1 Quarter
Basic and diluted earnings per share	`EarningsPerShareBasicAndDiluted`	$0.99	USD	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Income taxes paid	`IncomeTaxesPaidNet`	$1.10M	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaidNet`	$89.00K	USD	1 Quarter
Interest paid	`InterestPaidNet`	$10.00K	USD	1 Quarter
Interest paid	`InterestPaidNet`	$9.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$24.25M	USD	1 Quarter
Net income	`NetIncomeLoss`	$26.69M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$25.36M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$23.89M	USD	1 Quarter
Loss on disposition of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-63.00K	USD	1 Quarter
Loss on disposition of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-1.43M	USD	1 Quarter
(Gain) on sale of marketable securities	`AvailableForSaleSecuritiesGrossRealizedGainLossNet`	-	USD	1 Quarter
(Gain) on sale of marketable securities	`AvailableForSaleSecuritiesGrossRealizedGainLossNet`	$8.00K	USD	1 Quarter
Unrealized (gain) loss in value of equity securities	`EquitySecuritiesFvNiUnrealizedGainLoss`	$237.00K	USD	1 Quarter
Unrealized (gain) loss in value of equity securities	`EquitySecuritiesFvNiUnrealizedGainLoss`	$-1.92M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$2.13M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-21.00K	USD	1 Quarter
Unrealized (gain) loss in SERP	`UnrealizedGainLossInSerp`	$448.00K	USD	1 Quarter
Unrealized (gain) loss in SERP	`UnrealizedGainLossInSerp`	$-2.68M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$7.71M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-46.38M	USD	1 Quarter
Accounts receivable and prepaid expenses	`IncreaseDecreaseInAccountsReceivableAndPrepaidExpenses`	$-15.76M	USD	1 Quarter
Accounts receivable and prepaid expenses	`IncreaseDecreaseInAccountsReceivableAndPrepaidExpenses`	$2.49M	USD	1 Quarter
Accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-49.78M	USD	1 Quarter
Accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$14.92M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$5.15M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$9.33M	USD	1 Quarter
Other	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-53.00K	USD	1 Quarter
Other	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-388.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$14.94M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$124.76M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$37.04M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$24.85M	USD	1 Quarter
Proceeds from the sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$29.00K	USD	1 Quarter
Proceeds from the sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$161.00K	USD	1 Quarter
Purchase of marketable securities	`PaymentsToAcquireAvailableForSaleSecurities`	$2.08M	USD	1 Quarter
Purchase of marketable securities	`PaymentsToAcquireAvailableForSaleSecurities`	$10.16M	USD	1 Quarter
Proceeds from the sale and maturities of marketable securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$6.12M	USD	1 Quarter
Proceeds from the sale and maturities of marketable securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$1.80M	USD	1 Quarter
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssetsNet`	$-41.00K	USD	1 Quarter
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssetsNet`	$17.00K	USD	1 Quarter
Change in SERP investment	`PaymentsForSerpInvestments`	$91.00K	USD	1 Quarter
Change in SERP investment	`PaymentsForSerpInvestments`	$922.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-25.02M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-41.99M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$8.34M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$8.34M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-8.34M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-8.34M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-35.40M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$91.41M	USD	1 Quarter
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$66.87M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$158.28M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$101.22M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$136.61M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$66.87M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$158.28M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$101.22M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$136.61M	USD	Point-in-time

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Balance,	`StockholdersEquity`	$1.08B	USD	Point-in-time
Balance,	`StockholdersEquity`	$1.15B	USD	Point-in-time
Balance,	`StockholdersEquity`	$1.06B	USD	Point-in-time
Balance,	`StockholdersEquity`	$1.16B	USD	Point-in-time
Net income	`NetIncomeLoss`	$24.25M	USD	1 Quarter
Net income	`NetIncomeLoss`	$26.69M	USD	1 Quarter
Other comprehensive income, net of reclassification adjustments and tax	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$-774.00K	USD	1 Quarter
Other comprehensive income, net of reclassification adjustments and tax	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$89.00K	USD	1 Quarter
Dividends paid	`Dividends`	$8.34M	USD	1 Quarter
Dividends paid	`Dividends`	$8.34M	USD	1 Quarter
Balance,	`StockholdersEquity`	$1.08B	USD	Point-in-time
Balance,	`StockholdersEquity`	$1.15B	USD	Point-in-time
Balance,	`StockholdersEquity`	$1.06B	USD	Point-in-time
Balance,	`StockholdersEquity`	$1.16B	USD	Point-in-time

Comprehensive Income 13 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$24.25M	USD	1 Quarter
Net income	`NetIncomeLoss`	$26.69M	USD	1 Quarter
Unrealized holding gains (losses) arising during period, deferred taxes	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	$38.00K	USD	1 Quarter
Unrealized holding gains (losses) arising during period, deferred taxes	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	$306.00K	USD	1 Quarter
Reclassification adjustment for (gains) losses included in net income, deferred taxes	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax`	-	USD	1 Quarter
Reclassification adjustment for (gains) losses included in net income, deferred taxes	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax`	$2.00K	USD	1 Quarter
Unrealized holding gains (losses) arising during period (Net of deferred taxes of $306 and $38, respectively for the thirteen weeks ended)	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeReclassificationAdjustmentsNetOfTax`	$95.00K	USD	1 Quarter
Unrealized holding gains (losses) arising during period (Net of deferred taxes of $306 and $38, respectively for the thirteen weeks ended)	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeReclassificationAdjustmentsNetOfTax`	$-774.00K	USD	1 Quarter
Reclassification adjustment for (gains) losses included in net income (Net of deferred taxes of $0 and $2, respectively for the thirteen weeks ended)	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax`	$6.00K	USD	1 Quarter
Other comprehensive income gain (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$89.00K	USD	1 Quarter
Other comprehensive income gain (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-774.00K	USD	1 Quarter
Comprehensive income, net of tax	`ComprehensiveIncomeNetOfTax`	$26.78M	USD	1 Quarter
Comprehensive income, net of tax	`ComprehensiveIncomeNetOfTax`	$23.48M	USD	1 Quarter

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