10-Q Filing

WEIS MARKETS INC CIK: 105418 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0000105418-22-000021`
Period End Date	20220331
Filing Date	20220505
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	wmk-20220326x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 30 Cash Flow Statement 57 Stockholders Equity 22 Comprehensive Income 10

Balance Sheet 78 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
Common stock, shares issued	`CommonStockSharesIssued`	33.05M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$86.05M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$93.09M	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$198.76M	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	`MarketableSecuritiesCurrent`	$205.74M	USD	Point-in-time
SERP investment	`SerpInvestment`	$24.52M	USD	Point-in-time
Accumulated other comprehensive income, deferred taxes	`AociTaxAttributableToParent`	$669.00K	USD	Point-in-time
Accumulated other comprehensive income, deferred taxes	`AociTaxAttributableToParent`	$1.33M	USD	Point-in-time
SERP investment	`SerpInvestment`	$27.06M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$47.31M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockCommonShares`	6.15M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$52.11M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockCommonShares`	6.15M	shares	Point-in-time
Inventories	`InventoryNet`	$269.59M	USD	Point-in-time
Inventories	`InventoryNet`	$285.36M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$29.61M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$31.11M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$678.64M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$671.66M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$954.52M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$977.79M	USD	Point-in-time
Operating lease right-to-use	`OperatingLeaseRightOfUseAsset`	$193.60M	USD	Point-in-time
Operating lease right-to-use	`OperatingLeaseRightOfUseAsset`	$191.18M	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`	$17.52M	USD	Point-in-time
Intangible and other assets, net	`IntangibleAssetsAssetsAndOtherAssetsNetExcludingGoodwill`	$17.85M	USD	Point-in-time
Total assets	`Assets`	$1.90B	USD	Point-in-time
Total assets	`Assets`	$1.91B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$218.77M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$193.23M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$48.65M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$49.04M	USD	Point-in-time
Operating leases	`OperatingLeaseLiabilityCurrent`	$39.94M	USD	Point-in-time
Operating leases	`OperatingLeaseLiabilityCurrent`	$44.10M	USD	Point-in-time
Accrued self-insurance	`SelfInsuranceReserveCurrent`	$19.00M	USD	Point-in-time
Accrued self-insurance	`SelfInsuranceReserveCurrent`	$18.57M	USD	Point-in-time
Deferred revenue, net	`ContractWithCustomerLiabilityCurrent`	$8.51M	USD	Point-in-time
Deferred revenue, net	`ContractWithCustomerLiabilityCurrent`	$11.90M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$14.92M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$7.36M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$328.80M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$345.20M	USD	Point-in-time
Postretirement Benefit Obligations	`PostretirementBenefitObligations`	$29.96M	USD	Point-in-time
Postretirement Benefit Obligations	`PostretirementBenefitObligations`	$26.47M	USD	Point-in-time
Accrued self-insurance	`SelfInsuranceReserveNoncurrent`	$23.40M	USD	Point-in-time
Accrued self-insurance	`SelfInsuranceReserveNoncurrent`	$23.39M	USD	Point-in-time
Operating leases	`OperatingLeaseLiabilityNoncurrent`	$159.62M	USD	Point-in-time
Operating leases	`OperatingLeaseLiabilityNoncurrent`	$161.67M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$115.09M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$116.64M	USD	Point-in-time
Other	`OtherLiabilitiesNoncurrent`	$4.54M	USD	Point-in-time
Other	`OtherLiabilitiesNoncurrent`	$15.42M	USD	Point-in-time
Total liabilities	`Liabilities`	$659.46M	USD	Point-in-time
Total liabilities	`Liabilities`	$690.73M	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`	$1.38B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.36B	USD	Point-in-time
Accumulated other comprehensive income (Net of deferred taxes of $1,332 in 2022 and $669 in 2021)	`AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$-3.36M	USD	Point-in-time
Accumulated other comprehensive income (Net of deferred taxes of $1,332 in 2022 and $669 in 2021)	`AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$1.69M	USD	Point-in-time
Shareholders' equity before treasury stock	`StockholdersEquityBeforeTreasuryStock`	$1.37B	USD	Point-in-time
Shareholders' equity before treasury stock	`StockholdersEquityBeforeTreasuryStock`	$1.39B	USD	Point-in-time
Treasury stock at cost, 6,149,364 shares	`TreasuryStockCommonValue`	$150.86M	USD	Point-in-time
Treasury stock at cost, 6,149,364 shares	`TreasuryStockCommonValue`	$150.86M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.24B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.15B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.16B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.22B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$1.90B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$1.91B	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.01B	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.10B	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`	$810.38M	USD	1 Quarter
Gross profit on sales	`GrossProfit`	$267.39M	USD	1 Quarter
Gross profit on sales	`GrossProfit`	$293.69M	USD	1 Quarter
Operating, general and administrative expenses	`GeneralAndAdministrativeExpense`	$235.56M	USD	1 Quarter
Operating, general and administrative expenses	`GeneralAndAdministrativeExpense`	$252.27M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$31.83M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$41.41M	USD	1 Quarter
Investment income (loss) and interest expense	`InvestmentIncomeLossAndInterestExpense`	$1.61M	USD	1 Quarter
Investment income (loss) and interest expense	`InvestmentIncomeLossAndInterestExpense`	$-881.00K	USD	1 Quarter
Other income (expense)	`NonoperatingIncomeExpense`	$1.50M	USD	1 Quarter
Other income (expense)	`NonoperatingIncomeExpense`	$-775.00K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$32.67M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$42.04M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$10.65M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$8.41M	USD	1 Quarter
Net income	`NetIncomeLoss`	$31.39M	USD	1 Quarter
Net income	`NetIncomeLoss`	$24.25M	USD	1 Quarter
Weighted-average shares outstanding, basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.90M	shares	1 Quarter
Weighted-average shares outstanding, basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.90M	shares	1 Quarter
Weighted-average shares outstanding, diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.90M	shares	1 Quarter
Weighted-average shares outstanding, diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.90M	shares	1 Quarter
Cash dividends per share	`CommonStockDividendsPerShareDeclared`	$0.32	USD	1 Quarter
Cash dividends per share	`CommonStockDividendsPerShareDeclared`	$0.31	USD	1 Quarter
Basic earnings per share	`EarningsPerShareBasic`	$0.90	USD	1 Quarter
Basic earnings per share	`EarningsPerShareBasic`	$1.17	USD	1 Quarter
Diluted earnings per share	`EarningsPerShareDiluted`	$0.90	USD	1 Quarter
Diluted earnings per share	`EarningsPerShareDiluted`	$1.17	USD	1 Quarter

Cash Flow Statement 57 line items

Line Item	Tag	Value	Unit	Period
Income taxes paid	`IncomeTaxesPaidNet`	$233.00K	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaidNet`	$1.10M	USD	1 Quarter
Interest paid	`InterestPaidNet`	$9.00K	USD	1 Quarter
Net income	`ProfitLoss`	$24.25M	USD	1 Quarter
Interest paid	`InterestPaidNet`	$8.00K	USD	1 Quarter
Net income	`ProfitLoss`	$31.39M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$25.63M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$25.36M	USD	1 Quarter
(Gain) loss on disposition of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-63.00K	USD	1 Quarter
(Gain) loss on disposition of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$3.00K	USD	1 Quarter
Unrealized (gain) loss in value of equity securities	`EquitySecuritiesFvNiUnrealizedGainLoss`	$-214.00K	USD	1 Quarter
Unrealized (gain) loss in value of equity securities	`EquitySecuritiesFvNiUnrealizedGainLoss`	$237.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$2.13M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$3.56M	USD	1 Quarter
Unrealized (gain) loss in SERP	`UnrealizedGainLossInSerp`	$448.00K	USD	1 Quarter
Unrealized (gain) loss in SERP	`UnrealizedGainLossInSerp`	$-2.18M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$7.71M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$15.77M	USD	1 Quarter
Accounts receivable and prepaid expenses	`IncreaseDecreaseInAccountsReceivableAndPrepaidExpenses`	$-15.76M	USD	1 Quarter
Accounts receivable and prepaid expenses	`IncreaseDecreaseInAccountsReceivableAndPrepaidExpenses`	$-6.30M	USD	1 Quarter
Accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-26.32M	USD	1 Quarter
Accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-49.78M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$7.56M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$5.15M	USD	1 Quarter
Other	`IncreaseDecreaseInOtherOperatingCapitalNet`	$262.00K	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`	$34.48M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$37.04M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$18.79M	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`	$13.00K	USD	1 Quarter
Purchase of marketable securities	`PaymentsToAcquireMarketableSecurities`	$25.96M	USD	1 Quarter
Purchase of marketable securities	`PaymentsToAcquireMarketableSecurities`	$10.16M	USD	1 Quarter
Proceeds from the sale and maturities of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$6.12M	USD	1 Quarter
Proceeds from the sale and maturities of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$25.48M	USD	1 Quarter
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	$17.00K	USD	1 Quarter
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	$48.00K	USD	1 Quarter
Proceeds from sale of intangible assets	`ProceedsFromSaleOfIntangibleAssets`	$125.00K	USD	1 Quarter
Change in SERP investment	`PaymentsForSerpInvestments`	$-359.00K	USD	1 Quarter
Change in SERP investment	`PaymentsForSerpInvestments`	$922.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-18.83M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-41.99M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$8.61M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$8.34M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-8.61M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-8.34M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-35.40M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$7.04M	USD	1 Quarter
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$93.09M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$86.05M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$136.61M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$101.22M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$93.09M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$86.05M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$136.61M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$101.22M	USD	Point-in-time

Stockholders Equity 22 line items

Line Item	Tag	Value	Unit	Period
Balance,	`StockholdersEquity`	$1.24B	USD	Point-in-time
Balance,	`StockholdersEquity`	$1.15B	USD	Point-in-time
Balance,	`StockholdersEquity`	$1.16B	USD	Point-in-time
Balance,	`StockholdersEquity`	$1.22B	USD	Point-in-time
Balance, shares	`CommonStockSharesOutstanding`	26.90M	shares	Point-in-time
Balance, shares	`CommonStockSharesOutstanding`	26.90M	shares	Point-in-time
Balance, treasury shares	`TreasuryStockCommonShares`	6.15M	shares	Point-in-time
Balance, treasury shares	`TreasuryStockCommonShares`	6.15M	shares	Point-in-time
Net income	`NetIncomeLoss`	$31.39M	USD	1 Quarter
Net income	`NetIncomeLoss`	$24.25M	USD	1 Quarter
Other comprehensive income (loss), net of reclassification adjustments and tax	`OtherComprehensiveIncomeLossNetOfTax`	$-5.05M	USD	1 Quarter
Other comprehensive income (loss), net of reclassification adjustments and tax	`OtherComprehensiveIncomeLossNetOfTax`	$-774.00K	USD	1 Quarter
Dividends paid	`DividendsCommonStockCash`	$8.61M	USD	1 Quarter
Dividends paid	`DividendsCommonStockCash`	$8.34M	USD	1 Quarter
Balance,	`StockholdersEquity`	$1.24B	USD	Point-in-time
Balance,	`StockholdersEquity`	$1.15B	USD	Point-in-time
Balance,	`StockholdersEquity`	$1.16B	USD	Point-in-time
Balance,	`StockholdersEquity`	$1.22B	USD	Point-in-time
Balance, shares	`CommonStockSharesOutstanding`	26.90M	shares	Point-in-time
Balance, shares	`CommonStockSharesOutstanding`	26.90M	shares	Point-in-time
Balance, treasury shares	`TreasuryStockCommonShares`	6.15M	shares	Point-in-time
Balance, treasury shares	`TreasuryStockCommonShares`	6.15M	shares	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$31.39M	USD	1 Quarter
Net income	`NetIncomeLoss`	$24.25M	USD	1 Quarter
Unrealized holding gains (losses) arising during period, deferred taxes	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	$306.00K	USD	1 Quarter
Unrealized holding gains (losses) arising during period, deferred taxes	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	$2.00M	USD	1 Quarter
Unrealized holding gains (losses) arising during period (Net of deferred taxes of $2,001 and $306, respectively for the thirteen weeks ended)	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeReclassificationAdjustmentsNetOfTax`	$-5.05M	USD	1 Quarter
Unrealized holding gains (losses) arising during period (Net of deferred taxes of $2,001 and $306, respectively for the thirteen weeks ended)	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeReclassificationAdjustmentsNetOfTax`	$-774.00K	USD	1 Quarter
Other comprehensive income gain (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-5.05M	USD	1 Quarter
Other comprehensive income gain (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-774.00K	USD	1 Quarter
Comprehensive income, net of tax	`ComprehensiveIncomeNetOfTax`	$23.48M	USD	1 Quarter
Comprehensive income, net of tax	`ComprehensiveIncomeNetOfTax`	$26.34M	USD	1 Quarter

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