10-Q Filing

WEIS MARKETS INC CIK: 105418 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0000105418-23-000026`
Period End Date	20230331
Filing Date	20230511
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	wmk-20230401x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 77 Income Statement 30 Cash Flow Statement 57 Stockholders Equity 20 Comprehensive Income 10

Balance Sheet 77 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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$113.58M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	33.05M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$158.00M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	33.05M	shares	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`	$186.42M	USD	Point-in-time
Marketable securities	`MarketableSecuritiesCurrent`	$214.23M	USD	Point-in-time
Accumulated other comprehensive income, deferred taxes	`AociTaxAttributableToParent`	$2.34M	USD	Point-in-time
SERP investment	`SerpInvestment`	$23.81M	USD	Point-in-time
Accumulated other comprehensive income, deferred taxes	`AociTaxAttributableToParent`	$1.71M	USD	Point-in-time
SERP investment	`SerpInvestment`	$22.70M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$49.95M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$50.86M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockCommonShares`	6.15M	shares	Point-in-time
Inventories	`InventoryNet`	$293.27M	USD	Point-in-time
Inventories	`InventoryNet`	$307.80M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$29.43M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$29.92M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$738.78M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$741.17M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$961.73M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$970.91M	USD	Point-in-time
Operating lease right-to-use	`OperatingLeaseRightOfUseAsset`	$173.81M	USD	Point-in-time
Operating lease right-to-use	`OperatingLeaseRightOfUseAsset`	$175.95M	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`	$18.05M	USD	Point-in-time
Intangible and other assets, net	`IntangibleAssetsAssetsAndOtherAssetsNetExcludingGoodwill`	$18.79M	USD	Point-in-time
Total assets	`Assets`	$1.94B	USD	Point-in-time
Total assets	`Assets`	$1.96B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$206.85M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$198.91M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$32.56M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$57.43M	USD	Point-in-time
Operating leases	`OperatingLeaseLiabilityCurrent`	$43.23M	USD	Point-in-time
Operating leases	`OperatingLeaseLiabilityCurrent`	$43.53M	USD	Point-in-time
Accrued self-insurance	`SelfInsuranceReserveCurrent`	$19.42M	USD	Point-in-time
Accrued self-insurance	`SelfInsuranceReserveCurrent`	$18.30M	USD	Point-in-time
Deferred revenue, net	`ContractWithCustomerLiabilityCurrent`	$11.77M	USD	Point-in-time
Deferred revenue, net	`ContractWithCustomerLiabilityCurrent`	$9.45M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$12.97M	USD	Point-in-time
Income taxes payable	`AccruedIncomeTaxesCurrent`	$6.35M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$315.41M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$345.35M	USD	Point-in-time
Postretirement benefit obligations	`PostretirementBenefitObligations`	$25.27M	USD	Point-in-time
Postretirement benefit obligations	`PostretirementBenefitObligations`	$25.58M	USD	Point-in-time
Accrued self-insurance	`SelfInsuranceReserveNoncurrent`	$23.56M	USD	Point-in-time
Accrued self-insurance	`SelfInsuranceReserveNoncurrent`	$23.71M	USD	Point-in-time
Operating leases	`OperatingLeaseLiabilityNoncurrent`	$142.42M	USD	Point-in-time
Operating leases	`OperatingLeaseLiabilityNoncurrent`	$140.29M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$111.22M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$114.41M	USD	Point-in-time
Other	`OtherLiabilitiesNoncurrent`	$9.33M	USD	Point-in-time
Other	`OtherLiabilitiesNoncurrent`	$5.24M	USD	Point-in-time
Total liabilities	`Liabilities`	$624.49M	USD	Point-in-time
Total liabilities	`Liabilities`	$657.32M	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`	$1.45B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.47B	USD	Point-in-time
Accumulated other comprehensive income (loss) (Net of deferred taxes of $1,710 in 2023 and $2,342 in 2022)	`AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$-6.45M	USD	Point-in-time
Accumulated other comprehensive income (loss) (Net of deferred taxes of $1,710 in 2023 and $2,342 in 2022)	`AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$-4.74M	USD	Point-in-time
Shareholders' equity before treasury stock	`StockholdersEquityBeforeTreasuryStock`	$1.45B	USD	Point-in-time
Shareholders' equity before treasury stock	`StockholdersEquityBeforeTreasuryStock`	$1.47B	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`	$1.32B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.30B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.22B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$1.94B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$1.96B	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.14B	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.10B	USD	1 Quarter
Cost of sales, including advertising, warehousing and distribution expenses	`CostOfSalesIncludingWarehousingAndDistributionExpenses`	$810.38M	USD	1 Quarter
Cost of sales, including advertising, warehousing and distribution expenses	`CostOfSalesIncludingWarehousingAndDistributionExpenses`	$859.18M	USD	1 Quarter
Gross profit on sales	`GrossProfit`	$285.79M	USD	1 Quarter
Gross profit on sales	`GrossProfit`	$293.69M	USD	1 Quarter
Operating, general and administrative expenses	`GeneralAndAdministrativeExpense`	$253.17M	USD	1 Quarter
Operating, general and administrative expenses	`GeneralAndAdministrativeExpense`	$252.27M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$32.62M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$41.41M	USD	1 Quarter
Investment income (loss) and interest expense	`InvestmentIncomeLossAndInterestExpense`	$-881.00K	USD	1 Quarter
Investment income (loss) and interest expense	`InvestmentIncomeLossAndInterestExpense`	$3.80M	USD	1 Quarter
Other income (expense)	`NonoperatingIncomeExpense`	$1.50M	USD	1 Quarter
Other income (expense)	`NonoperatingIncomeExpense`	$-1.26M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$35.16M	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`	$9.34M	USD	1 Quarter
Net income	`NetIncomeLoss`	$31.39M	USD	1 Quarter
Net income	`NetIncomeLoss`	$25.81M	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`	$0.34	USD	1 Quarter
Basic earnings per share	`EarningsPerShareBasic`	$1.17	USD	1 Quarter
Basic earnings per share	`EarningsPerShareBasic`	$0.96	USD	1 Quarter
Diluted earnings per share	`EarningsPerShareDiluted`	$1.17	USD	1 Quarter
Diluted earnings per share	`EarningsPerShareDiluted`	$0.96	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`	$179.00K	USD	1 Quarter
Net income	`ProfitLoss`	$25.81M	USD	1 Quarter
Interest paid	`InterestPaidNet`	$8.00K	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`	$26.69M	USD	1 Quarter
(Gain) loss on disposition of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$3.00K	USD	1 Quarter
(Gain) loss on disposition of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-1.00K	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`	$325.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$2.55M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$3.56M	USD	1 Quarter
Unrealized (gain) loss in SERP	`UnrealizedGainLossInSerp`	$1.20M	USD	1 Quarter
Unrealized (gain) loss in SERP	`UnrealizedGainLossInSerp`	$-2.18M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$14.53M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$15.77M	USD	1 Quarter
Accounts receivable and prepaid expenses	`IncreaseDecreaseInAccountsReceivableAndPrepaidExpenses`	$-1.41M	USD	1 Quarter
Accounts receivable and prepaid expenses	`IncreaseDecreaseInAccountsReceivableAndPrepaidExpenses`	$-6.30M	USD	1 Quarter
Accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-40.19M	USD	1 Quarter
Accounts payable and other liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-26.32M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$7.56M	USD	1 Quarter
Income taxes	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$6.62M	USD	1 Quarter
Other	`IncreaseDecreaseInOtherOperatingCapitalNet`	$262.00K	USD	1 Quarter
Other	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-1.10M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$7.94M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$34.48M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$17.73M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$18.79M	USD	1 Quarter
Proceeds from the sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$16.00K	USD	1 Quarter
Proceeds from the sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$13.00K	USD	1 Quarter
Purchase of marketable securities	`PaymentsToAcquireMarketableSecurities`	$35.96M	USD	1 Quarter
Purchase of marketable securities	`PaymentsToAcquireMarketableSecurities`	$25.96M	USD	1 Quarter
Proceeds from the sale and maturities of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$10.37M	USD	1 Quarter
Proceeds from the sale and maturities of marketable securities	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$25.48M	USD	1 Quarter
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	$6.00K	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`	$-86.00K	USD	1 Quarter
Change in SERP investment	`PaymentsForSerpInvestments`	$-359.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-18.83M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-43.22M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$8.61M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$9.14M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-8.61M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-9.14M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-44.42M	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`	$113.58M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$158.00M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$86.05M	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`	$113.58M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$158.00M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$86.05M	USD	Point-in-time

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Accumulated other comprehensive income (loss) balance, Beginning	`StockholdersEquity`	$1.24B	USD	Point-in-time
Accumulated other comprehensive income (loss) balance, Beginning	`StockholdersEquity`	$1.32B	USD	Point-in-time
Accumulated other comprehensive income (loss) balance, Beginning	`StockholdersEquity`	$1.30B	USD	Point-in-time
Accumulated other comprehensive income (loss) balance, Beginning	`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
Net income	`NetIncomeLoss`	$31.39M	USD	1 Quarter
Net income	`NetIncomeLoss`	$25.81M	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$1.71M	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-5.05M	USD	1 Quarter
Dividends paid	`DividendsCommonStockCash`	$8.61M	USD	1 Quarter
Dividends paid	`DividendsCommonStockCash`	$9.14M	USD	1 Quarter
Accumulated other comprehensive income (loss) balance, Ending	`StockholdersEquity`	$1.24B	USD	Point-in-time
Accumulated other comprehensive income (loss) balance, Ending	`StockholdersEquity`	$1.32B	USD	Point-in-time
Accumulated other comprehensive income (loss) balance, Ending	`StockholdersEquity`	$1.30B	USD	Point-in-time
Accumulated other comprehensive income (loss) balance, Ending	`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

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Unrealized holding gains (losses) arising during period, deferred taxes	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	$632.00K	USD	1 Quarter
Unrealized holding gains (losses) arising during period, deferred taxes	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax`	$2.00M	USD	1 Quarter
Net income	`NetIncomeLoss`	$31.39M	USD	1 Quarter
Net income	`NetIncomeLoss`	$25.81M	USD	1 Quarter
Unrealized holding gains (losses) arising during period (Net of deferred taxes of $632 and $2,001, respectively for the thirteen weeks ended)	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeReclassificationAdjustmentsNetOfTax`	$1.71M	USD	1 Quarter
Unrealized holding gains (losses) arising during period (Net of deferred taxes of $632 and $2,001, respectively for the thirteen weeks ended)	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeReclassificationAdjustmentsNetOfTax`	$-5.05M	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`	$1.71M	USD	1 Quarter
Comprehensive income, net of tax	`ComprehensiveIncomeNetOfTax`	$27.52M	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.