Florida | 59-0324412 | |
(State of incorporation) | (I.R.S. Employer Identification No.) | |
3300 Publix Corporate Parkway Lakeland, Florida | 33811 | |
(Address of principal executive offices) | (Zip code) |
September 26, 2015 | December 27, 2014 | |||||||||
(Unaudited) | ||||||||||
ASSETS | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 327,498 | 407,493 | |||||||
Short-term investments | 1,113,729 | 999,169 | ||||||||
Trade receivables | 597,918 | 549,443 | ||||||||
Merchandise inventories | 1,601,841 | 1,597,683 | ||||||||
Deferred tax assets | 64,715 | 71,142 | ||||||||
Prepaid expenses | 34,693 | 108,619 | ||||||||
Total current assets | 3,740,394 | 3,733,549 | ||||||||
Long-term investments | 5,710,550 | 5,231,561 | ||||||||
Other noncurrent assets | 407,802 | 395,428 | ||||||||
Property, plant and equipment | 10,335,199 | 9,666,790 | ||||||||
Accumulated depreciation | (4,247,886 | ) | (3,943,848 | ) | ||||||
Net property, plant and equipment | 6,087,313 | 5,722,942 | ||||||||
$ | 15,946,059 | 15,083,480 | ||||||||
LIABILITIES AND EQUITY | ||||||||||
Current liabilities: | ||||||||||
Accounts payable | $ | 1,489,523 | 1,538,108 | |||||||
Accrued expenses: | ||||||||||
Contributions to retirement plans | 426,777 | 477,154 | ||||||||
Self-insurance reserves | 147,874 | 151,153 | ||||||||
Salaries and wages | 244,290 | 120,372 | ||||||||
Other | 461,682 | 373,086 | ||||||||
Current portion of long-term debt | 56,554 | 24,936 | ||||||||
Federal and state income taxes | 74,177 | 12,982 | ||||||||
Total current liabilities | 2,900,877 | 2,697,791 | ||||||||
Deferred tax liabilities | 284,849 | 388,667 | ||||||||
Self-insurance reserves | 215,675 | 213,213 | ||||||||
Accrued postretirement benefit cost | 106,774 | 106,570 | ||||||||
Long-term debt | 176,006 | 192,702 | ||||||||
Other noncurrent liabilities | 112,106 | 139,314 | ||||||||
Total liabilities | 3,796,287 | 3,738,257 | ||||||||
Common stock related to Employee Stock Ownership Plan (ESOP) | 2,988,709 | 2,680,528 | ||||||||
Stockholders’ equity: | ||||||||||
Common stock of $1 par value. Authorized 1,000,000 shares; issued 783,044 shares in 2015 and 774,472 shares in 2014 | 783,044 | 774,472 | ||||||||
Additional paid-in capital | 2,541,872 | 2,200,892 | ||||||||
Retained earnings | 9,203,991 | 8,218,340 | ||||||||
Treasury stock at cost, 10,563 shares in 2015 | (430,934 | ) | — | |||||||
Accumulated other comprehensive earnings | 14,642 | 109,134 | ||||||||
Common stock related to ESOP | (2,988,709 | ) | (2,680,528 | ) | ||||||
Total stockholders’ equity | 9,123,906 | 8,622,310 | ||||||||
Noncontrolling interests | 37,157 | 42,385 | ||||||||
Total equity | 12,149,772 | 11,345,223 | ||||||||
$ | 15,946,059 | 15,083,480 |
Three Months Ended | ||||||||||
September 26, 2015 | September 27, 2014 | |||||||||
(Unaudited) | ||||||||||
Revenues: | ||||||||||
Sales | $ | 7,842,135 | 7,379,339 | |||||||
Other operating income | 60,009 | 57,770 | ||||||||
Total revenues | 7,902,144 | 7,437,109 | ||||||||
Costs and expenses: | ||||||||||
Cost of merchandise sold | 5,738,223 | 5,392,655 | ||||||||
Operating and administrative expenses | 1,605,795 | 1,526,468 | ||||||||
Total costs and expenses | 7,344,018 | 6,919,123 | ||||||||
Operating profit | 558,126 | 517,986 | ||||||||
Investment income | 35,372 | 32,881 | ||||||||
Other nonoperating income, net | 7,134 | 6,027 | ||||||||
Earnings before income tax expense | 600,632 | 556,894 | ||||||||
Income tax expense | 188,318 | 172,676 | ||||||||
Net earnings | $ | 412,314 | 384,218 | |||||||
Weighted average shares outstanding | 774,240 | 778,672 | ||||||||
Basic and diluted earnings per share | $ | 0.53 | 0.49 | |||||||
Dividends paid per common share | $ | 0.20 | — |
Three Months Ended | ||||||||||
September 26, 2015 | September 27, 2014 | |||||||||
(Unaudited) | ||||||||||
Net earnings | $ | 412,314 | 384,218 | |||||||
Other comprehensive earnings: | ||||||||||
Unrealized loss on available-for-sale (AFS) securities net of income taxes of $(36,921) and $(8,205) in 2015 and 2014, respectively | (58,631 | ) | (13,030 | ) | ||||||
Reclassification adjustment for net realized gain on AFS securities net of income taxes of $(5,614) and $(4,998) in 2015 and 2014, respectively | (8,914 | ) | (7,936 | ) | ||||||
Adjustment to postretirement benefit plan obligation net of income taxes of $91 and $54 in 2015 and 2014, respectively | 145 | 85 | ||||||||
Comprehensive earnings | $ | 344,914 | 363,337 |
Nine Months Ended | ||||||||||
September 26, 2015 | September 27, 2014 | |||||||||
(Unaudited) | ||||||||||
Revenues: | ||||||||||
Sales | $ | 24,146,926 | 22,699,665 | |||||||
Other operating income | 185,994 | 177,806 | ||||||||
Total revenues | 24,332,920 | 22,877,471 | ||||||||
Costs and expenses: | ||||||||||
Cost of merchandise sold | 17,461,792 | 16,472,115 | ||||||||
Operating and administrative expenses | 4,870,768 | 4,619,397 | ||||||||
Total costs and expenses | 22,332,560 | 21,091,512 | ||||||||
Operating profit | 2,000,360 | 1,785,959 | ||||||||
Investment income | 116,540 | 96,441 | ||||||||
Other nonoperating income, net | 23,715 | 18,447 | ||||||||
Earnings before income tax expense | 2,140,615 | 1,900,847 | ||||||||
Income tax expense | 696,642 | 618,863 | ||||||||
Net earnings | $ | 1,443,973 | 1,281,984 | |||||||
Weighted average shares outstanding | 775,422 | 779,595 | ||||||||
Basic and diluted earnings per share | $ | 1.86 | 1.64 | |||||||
Dividends paid per common share | $ | 0.59 | 0.37 |
Nine Months Ended | ||||||||||
September 26, 2015 | September 27, 2014 | |||||||||
(Unaudited) | ||||||||||
Net earnings | $ | 1,443,973 | 1,281,984 | |||||||
Other comprehensive earnings: | ||||||||||
Unrealized (loss) gain on AFS securities net of income taxes of $(39,387) and $23,437 in 2015 and 2014, respectively | (62,548 | ) | 37,218 | |||||||
Reclassification adjustment for net realized gain on AFS securities net of income taxes of $(20,392) and $(13,026) in 2015 and 2014, respectively | (32,379 | ) | (20,685 | ) | ||||||
Adjustment to postretirement benefit plan obligation net of income taxes of $274 and $160 in 2015 and 2014, respectively | 435 | 254 | ||||||||
Comprehensive earnings | $ | 1,349,481 | 1,298,771 |
Nine Months Ended | ||||||||||
September 26, 2015 | September 27, 2014 | |||||||||
(Unaudited) | ||||||||||
Cash flows from operating activities: | ||||||||||
Cash received from customers | $ | 24,146,330 | 22,732,291 | |||||||
Cash paid to employees and suppliers | (21,301,936 | ) | (19,969,321 | ) | ||||||
Income taxes paid | (566,823 | ) | (713,049 | ) | ||||||
Self-insured claims paid | (227,008 | ) | (233,311 | ) | ||||||
Dividends and interest received | 161,545 | 166,057 | ||||||||
Other operating cash receipts | 181,032 | 172,335 | ||||||||
Other operating cash payments | (15,543 | ) | (13,594 | ) | ||||||
Net cash provided by operating activities | 2,377,597 | 2,141,408 | ||||||||
Cash flows from investing activities: | ||||||||||
Payment for capital expenditures | (779,036 | ) | (905,166 | ) | ||||||
Proceeds from sale of property, plant and equipment | 3,161 | 13,457 | ||||||||
Payment for investments | (2,285,154 | ) | (1,522,394 | ) | ||||||
Proceeds from sale and maturity of investments | 1,497,765 | 1,010,266 | ||||||||
Net cash used in investing activities | (1,563,264 | ) | (1,403,837 | ) | ||||||
Cash flows from financing activities: | ||||||||||
Payment for acquisition of common stock | (682,167 | ) | (552,163 | ) | ||||||
Proceeds from sale of common stock | 268,226 | 229,931 | ||||||||
Dividends paid | (458,322 | ) | (289,826 | ) | ||||||
Repayment of long-term debt | (25,522 | ) | (49,673 | ) | ||||||
Other, net | 3,457 | 9,409 | ||||||||
Net cash used in financing activities | (894,328 | ) | (652,322 | ) | ||||||
Net (decrease) increase in cash and cash equivalents | (79,995 | ) | 85,249 | |||||||
Cash and cash equivalents at beginning of period | 407,493 | 301,868 | ||||||||
Cash and cash equivalents at end of period | $ | 327,498 | 387,117 |
Nine Months Ended | ||||||||||
September 26, 2015 | September 27, 2014 | |||||||||
(Unaudited) | ||||||||||
Reconciliation of net earnings to net cash provided by operating activities: | ||||||||||
Net earnings | $ | 1,443,973 | 1,281,984 | |||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||||||
Depreciation and amortization | 422,127 | 381,194 | ||||||||
Increase in LIFO reserve | 28,861 | 27,940 | ||||||||
Retirement contributions paid or payable in common stock | 282,597 | 247,397 | ||||||||
Deferred income taxes | (37,886 | ) | (73,024 | ) | ||||||
Loss on disposal and impairment of property, plant and equipment | 43,564 | 17,955 | ||||||||
Gain on AFS securities | (52,771 | ) | (33,711 | ) | ||||||
Net amortization of investments | 102,357 | 104,592 | ||||||||
Changes in operating assets and liabilities providing (requiring) cash: | ||||||||||
Trade receivables | (45,969 | ) | (1,877 | ) | ||||||
Merchandise inventories | (33,019 | ) | (19,036 | ) | ||||||
Prepaid expenses and other noncurrent assets | (7,645 | ) | (7,965 | ) | ||||||
Accounts payable and accrued expenses | 97,064 | 260,703 | ||||||||
Self-insurance reserves | (817 | ) | (623 | ) | ||||||
Federal and state income taxes | 141,171 | (40,747 | ) | |||||||
Other noncurrent liabilities | (6,010 | ) | (3,374 | ) | ||||||
Total adjustments | 933,624 | 859,424 | ||||||||
Net cash provided by operating activities | $ | 2,377,597 | 2,141,408 |
(1) | Basis of Presentation |
(2) | Recently Issued Accounting Standards |
(3) | Fair Value of Financial Instruments |
Fair Value | Level 1 | Level 2 | Level 3 | |||||||||
(Amounts are in thousands) | ||||||||||||
September 26, 2015 | $ | 6,824,279 | 1,146,658 | 5,677,621 | — | |||||||
December 27, 2014 | 6,230,730 | 1,439,360 | 4,791,370 | — |
(4) | Investments |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
(Amounts are in thousands) | ||||||||||||||||
September 26, 2015 | ||||||||||||||||
Tax exempt bonds | $ | 3,437,844 | 17,125 | 2,425 | 3,452,544 | |||||||||||
Taxable bonds | 2,224,258 | 3,405 | 3,198 | 2,224,465 | ||||||||||||
Restricted investments | 164,549 | — | 309 | 164,240 | ||||||||||||
Equity securities | 960,064 | 63,612 | 40,646 | 983,030 | ||||||||||||
$ | 6,786,715 | 84,142 | 46,578 | 6,824,279 | ||||||||||||
December 27, 2014 | ||||||||||||||||
Tax exempt bonds | $ | 3,205,647 | 17,460 | 4,011 | 3,219,096 | |||||||||||
Taxable bonds | 1,569,828 | 3,005 | 4,592 | 1,568,241 | ||||||||||||
Restricted investments | 170,000 | — | 776 | 169,224 | ||||||||||||
Equity securities | 1,092,985 | 191,493 | 10,309 | 1,274,169 | ||||||||||||
$ | 6,038,460 | 211,958 | 19,688 | 6,230,730 |
September 26, 2015 | December 27, 2014 | ||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||
(Amounts are in thousands) | |||||||||||||
Due in one year or less | $ | 1,111,207 | 1,113,729 | 996,674 | 999,169 | ||||||||
Due after one year through five years | 4,277,592 | 4,288,374 | 3,493,708 | 3,501,821 | |||||||||
Due after five years through ten years | 202,258 | 202,630 | 183,552 | 183,168 | |||||||||
Due after ten years | 71,045 | 72,276 | 101,541 | 103,179 | |||||||||
5,662,102 | 5,677,009 | 4,775,475 | 4,787,337 | ||||||||||
Restricted investments | 164,549 | 164,240 | 170,000 | 169,224 | |||||||||
Equity securities | 960,064 | 983,030 | 1,092,985 | 1,274,169 | |||||||||
$ | 6,786,715 | 6,824,279 | 6,038,460 | 6,230,730 |
Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||
(Amounts are in thousands) | |||||||||||||||||||||||||
September 26, 2015 | |||||||||||||||||||||||||
Tax exempt bonds | $ | 401,652 | 1,721 | 81,065 | 704 | 482,717 | 2,425 | ||||||||||||||||||
Taxable bonds | 1,035,031 | 2,834 | 78,557 | 364 | 1,113,588 | 3,198 | |||||||||||||||||||
Restricted investments | 164,240 | 309 | — | — | 164,240 | 309 | |||||||||||||||||||
Equity securities | 520,390 | 35,420 | 15,053 | 5,226 | 535,443 | 40,646 | |||||||||||||||||||
Total temporarily impaired AFS securities | $ | 2,121,313 | 40,284 | 174,675 | 6,294 | 2,295,988 | 46,578 | ||||||||||||||||||
December 27, 2014 | |||||||||||||||||||||||||
Tax exempt bonds | $ | 689,909 | 2,359 | 93,454 | 1,652 | 783,363 | 4,011 | ||||||||||||||||||
Taxable bonds | 936,512 | 3,666 | 68,035 | 926 | 1,004,547 | 4,592 | |||||||||||||||||||
Restricted investments | 169,224 | 776 | — | — | 169,224 | 776 | |||||||||||||||||||
Equity securities | 107,352 | 8,373 | 6,229 | 1,936 | 113,581 | 10,309 | |||||||||||||||||||
Total temporarily impaired AFS securities | $ | 1,902,997 | 15,174 | 167,718 | 4,514 | 2,070,715 | 19,688 |
(5) | Consolidation of Joint Ventures and Long-Term Debt |
(6) | Retirement Plan |
(7) | Accumulated Other Comprehensive Earnings |
AFS Securities | Postretirement Benefits | Accumulated Other Comprehensive Earnings | ||||||||||||||
(Amounts are in thousands) | ||||||||||||||||
2015 | ||||||||||||||||
Balances at June 27, 2015 | $ | 90,580 | (8,538 | ) | 82,042 | |||||||||||
Unrealized loss on AFS securities | (58,631 | ) | — | (58,631 | ) | |||||||||||
Net realized gain on AFS securities reclassified to investment income | (8,914 | ) | — | (8,914 | ) | |||||||||||
Amortization of actuarial losses reclassified to operating and administrative expenses | — | 145 | 145 | |||||||||||||
Net other comprehensive (losses) earnings | (67,545 | ) | 145 | (67,400 | ) | |||||||||||
Balances at September 26, 2015 | $ | 23,035 | (8,393 | ) | 14,642 | |||||||||||
2014 | ||||||||||||||||
Balances at June 28, 2014 | $ | 132,335 | (7,668 | ) | 124,667 | |||||||||||
Unrealized loss on AFS securities | (13,030 | ) | — | (13,030 | ) | |||||||||||
Net realized gain on AFS securities reclassified to investment income | (7,936 | ) | — | (7,936 | ) | |||||||||||
Amortization of actuarial losses reclassified to operating and administrative expenses | — | 85 | 85 | |||||||||||||
Net other comprehensive (losses) earnings | (20,966 | ) | 85 | (20,881 | ) | |||||||||||
Balances at September 27, 2014 | $ | 111,369 | (7,583 | ) | 103,786 | |||||||||||
AFS Securities | Postretirement Benefits | Accumulated Other Comprehensive Earnings | ||||||||||||||
(Amounts are in thousands) | ||||||||||||||||
2015 | ||||||||||||||||
Balances at December 27, 2014 | $ | 117,962 | (8,828 | ) | 109,134 | |||||||||||
Unrealized loss on AFS securities | (62,548 | ) | — | (62,548 | ) | |||||||||||
Net realized gain on AFS securities reclassified to investment income | (32,379 | ) | — | (32,379 | ) | |||||||||||
Amortization of actuarial losses reclassified to operating and administrative expenses | — | 435 | 435 | |||||||||||||
Net other comprehensive (losses) earnings | (94,927 | ) | 435 | (94,492 | ) | |||||||||||
Balances at September 26, 2015 | $ | 23,035 | (8,393 | ) | 14,642 | |||||||||||
2014 | ||||||||||||||||
Balances at December 28, 2013 | $ | 94,836 | (7,837 | ) | 86,999 | |||||||||||
Unrealized gain on AFS securities | 37,218 | — | 37,218 | |||||||||||||
Net realized gain on AFS securities reclassified to investment income | (20,685 | ) | — | (20,685 | ) | |||||||||||
Amortization of actuarial losses reclassified to operating and administrative expenses | — | 254 | 254 | |||||||||||||
Net other comprehensive earnings | 16,533 | 254 | 16,787 | |||||||||||||
Balances at September 27, 2014 | $ | 111,369 | (7,583 | ) | 103,786 | |||||||||||
(8) | Subsequent Event |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (1) | ||||||||||||
June 28, 2015 through August 1, 2015 | 590 | $ | 42.10 | N/A | N/A | |||||||||||
August 2, 2015 through August 29, 2015 | 2,309 | 42.00 | N/A | N/A | ||||||||||||
August 30, 2015 through September 26, 2015 | 1,866 | 42.00 | N/A | N/A | ||||||||||||
Total | 4,765 | $ | 42.01 | N/A | N/A |
(1) | Common stock is made available for sale to the Company’s current employees and members of the Company’s Board of Directors through the ESPP and Directors Plan and to participants of the 401(k) Plan. In addition, common stock is provided to employees through the ESOP. The Company currently repurchases common stock subject to certain terms and conditions. The ESPP, Directors Plan, 401(k) Plan and ESOP each contain provisions prohibiting any transfer for value without the owner first offering the common stock to the Company. |
101 | The following financial information from the Quarterly Report on Form 10-Q for the quarter ended September 26, 2015, is formatted in Extensible Business Reporting Language: (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Earnings, (iii) Condensed Consolidated Statements of Comprehensive Earnings, (iv) Condensed Consolidated Statements of Cash Flows and (v) Notes to Condensed Consolidated Financial Statements. |
PUBLIX SUPER MARKETS, INC. | |||
Date: | November 2, 2015 | /s/ John A. Attaway, Jr. | |
John A. Attaway, Jr., Secretary | |||
Date: | November 2, 2015 | /s/ David P. Phillips | |
David P. Phillips, Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ William E. Crenshaw |
William E. Crenshaw |
Chief Executive Officer |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ David P. Phillips |
David P. Phillips |
Chief Financial Officer and Treasurer |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ William E. Crenshaw |
William E. Crenshaw |
Chief Executive Officer |
/s/ David P. Phillips |
David P. Phillips |
Chief Financial Officer and Treasurer |
,TI92,5
7W\R-S;B?=DONVM
M.4'"*Q3'?MC>K;39^Y7VKW 8/>MQ'158@B3A4W2H$D:$-BO3$*80]@D"YID`8%?
M*Y,`YA"O3/#B=G!0C6\"C4K9"]]RB^C<9_>)OUU?\"+O2`._B6JHT.@BC;VC
M_B;54AJPJ<1WMN#6O@3S@D%MW'1OYVILCG%A9'=K]?F]*?X#4$L#!!0````(
M`&538D="*P^`HP$``+$#```9````>&PO=V]R:W-H965T +;B>A=]1-2^@S[7`@KB8^FW"ZL$7GUI\8X@D`\Y7\HM2)1`8;PH"C>W
MW))9L.R$RZZ#`F7J6>BISMD:BV7.D9Q6;.S"X)UP<_?'8!#"H:5##/"%AH^Z
M'R*WS:B;Y+:2D@RU.XHG=K0Z,RVLV3!@FW2PY"%ZV?P0C0?]Q2@2W#.!UIEI
M0V]]P>^C!,T,L1KE;U\T'W#6/1.4.T1J$%\%BFJ)X7VA)DKV%!K\8B<@+&A*"IPGC#X07JPLGVK[M5>%'*J;)YP
M%@,8ZH!Y%H-YY[?2LBM38_;<2NTP]U`4E39/6%N$M9,_0ES%?!=_3Y;&2_>!
M,JBO>4+8I![LY!X#5<)^4*BQ>4+9HZKD5-F<.ILGI#TJ2WY.4=3?/"$PD86=
M8-Y5;P)$M:A)0\L
M!6'IJ/$7)=V096,3"_,;H+0I58FI8*J"IBI@*@I3E2[*5U4D%I:`+F3S+F%#
M`1H*P%`2A@)H)0I&&M\@'3/;0@M%:"AJ0U8,D'54!=G*>N>%'R2KC`_83H)V
M$K!CA9VDRXG6L)RD0!9R^Q3FVO"^9XR`+?G&_MC
MK-:KOW`+#RA_B<;U7FQ"20,M'Z5[QND;+"4<`F&-TL:5U*-UJ&X02A1_FW>A
MXS[--WFZP/8!V0+(5L"7)`J?$T697[GC56EP(F9N[<##"Z;'S#>B#LY8=[SS
M0JWW7JNTR$MV#41+S'F.R;8Q:P3S[&N*;"_%.?L'GNW#\UV%>83G'Q06^P3%
M+D$1"8K_EK@7<_@K"=OT5('IXNA84N.HXZ!NO.MTWF?Q3=[#JW+@'?S@IA/:
MD@LZ_[*Q_RVB`R\EN3M0TOO_LQH26A>.G_W9S",U&PZ'VP=9?VGU!U!+`P04
M````"`!E4V)'D8G)_*`!``"Q`P``&````'AL+W=O
&PO=V]R:W-H965T
M
"[`48'L[&SJUZ]%7ZQ7;7-:M.?).!;CG.L['D;N:;PY#=3TW]"S;KC[
MMB:M5]G;6-&LV9PU=*VY53P`A;U(LL'`Q05!%S25YZOR.O>X`H85\%2!N>E&
M9')SUOA)=W(3)8+)89\]NDC7B((8.XLY!?..`
M.]GN&=$Q9<=(&L5N/GR*6%=<.#D!6*0(
Recently Issued Accounting Standard |
9 Months Ended |
---|---|
Sep. 26, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued Accounting Standard | Recently Issued Accounting Standards In January 2014, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) permitting companies to make an accounting policy election to account for qualified affordable housing investments using the proportional amortization method if certain criteria are met. Under this method, the investment is amortized in proportion to the tax credits received and the net investment performance is recognized in the statements of earnings as a component of income tax expense. This ASU was effective for reporting periods beginning after December 15, 2014 with early adoption permitted. The Company elected to adopt the ASU early. The cumulative effect of the change from adopting the ASU was recorded during the quarter ended March 29, 2014 as the effect on that quarter and prior periods was not material to the Company’s financial condition or results of operations. In May 2014, the FASB issued an ASU on the recognition of revenue from contracts with customers. The ASU requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. This ASU is effective for reporting periods beginning after December 15, 2017 and early adoption will be permitted only for reporting periods beginning after December 15, 2016. The adoption of this ASU will not have an effect on the Company’s financial condition, results of operations or cash flows. |
6(ID890S#5H950UF9@BD:AO!XC]FDS?B.EY&>92Y*5UGA%K(A25*Y0VBHFL
M00(\LMXCIO<"[W=8RI&Q],X9QB6D#3$DGD15AR)CJ4C]5`Q%V\R;6JWB2%/2
M#J>>S[LVZ6=YTEYZ:/LQ;J>EQ2)<1:(1(T*;&/OJU#+6&M=6JB'#1FI^4^11
MF9ZMPLKU5RN%UA(YX2(;.V*H+S?8!->:UP^= 0S!2`SJ!!RVP!:1$3__`DX
M/)"!/[]^N?ZV6+Q;K`>Y/R#1@QPHDZL`&;0`3,;+6&IHL3Q1C.V'ERH!@XSB
M+$7'TC_9"I*"4AHJD,0#(;-J7&LL#\+FOF16:S68`'H8_:NGZLW_+1 [R^//_PG:`B$:-.)TLP+,CIK;`'2SY:V==F8EB!
M=@FOI!#\P[J;S1)V&^.CMC-I+HP@P5F\-^PV$=L6$T%"KK\2_F:B*[SIC#)3
M<]V0O&70BP:+:9JW!,AT++H5?S;:L/I2EY;[$B5<^IKO%_%OUD#$NL,ZE[5(
M,MB$S=%,/LR>BVE5<;N:F0C31CW(391REM_,J].B2A=OO=YB(&=MW)X;@S2J
MQ'S8_G@+W[K?N.86,>N9T<[(ZTB;X\G_NJ_5H'I _MR7R]H#.@_ZN]^[WU;?D#8+K5S"
MI(S^J2MO=W%-V[L)_C\]UWR6VZN17H_JCWNZKNW^U93CB_HMQ+J*Y?1"EL\S
MP$7=5O&\J3^46)_GM[^/V]T69]?0(!C5^Y,X*3^LO&NQQV(*#BA=@0&Q$"GQ
MK;!QG+&^=VM.+P+$UK0Z#ES#[>5K=[9._>]/GYTMOEL&U43Z%\]Q9
MJBR)-,?V)3."N$0%8:#PAY4VF^T#JSN]E'=O[*B'Q7V(J>WK-BR\56?Y>%T_
MDR)GFZW7D?!H+`G2H:#PB1,CDA9!6JOH]O=5?*?LZQ'T_5!O?G7+W7ZL^14N
M=X-IY5VAW3(L#'6.TD1)-H&2X!0EX%'5H,BQ.0H=A#9;*[3OE)([ZH#]T/.+
M4VSM$>ZO=I5WFJ:795@H3;5R69)`P9',42>[H!TQFJ88F6 -?Q$<<%@`8%EF4AVDLM>1B5(!C2ITU
M>:THQ9WD9MY=AM%DMJDA2-TQ)R<6O>?*.]RQ8N)"SA$RJT-M\:DR)`O_[G9;
M+$`P0T6&\Y1`6`08D"+MB\-Q)#5_:UK&U'P1PM2VL!N[J(<9%P8:DD;*NTEH
M OQ=/SMGYES7U9;>[X_U_+[UMV
MNQMOOXNS`N=9&A9!B-.HB&F*2"\21*G4.=?S*',^]WVH&M;N?5F/M;>;Z_@#
M+*[[$Z+;;!_U'<(S1?,RCY2-4.:5L%;ZRY/4?[ET_V'G[U^GIXHB+>G?BU
M"^_M3G*;\A+"NZG71_'(=AVOOV^8?ZF'2PU,>'ZI8Q0(`'"1,IXAJI3CMB0^MDXH
\XYA75K<>I44#O).\:Q]TG
M63Z[?A"0=DYC1ZU?A6Z9\(S0D3.'G,_+T'25%,I+7]20Q1=CQ,OUAN&.UZ*[LF2
M54V/6@XQ`R:=%)>4M>H3X,GK_1`X-",ZNQ/AS\+'^?K4JD0V]%`ELH\I%A^W
M]1&!?+9.N-Q3-%AL\!PZG"1J9ABW=-;'[(3VW-Y:MATFA9![%YL!`GS*[4T4
M0:!5/NWS]9JI>NHM76>'BJQ+9:G+\MP!@7IO;3#JSA!V/+3OS:](@==
M/$24`10&.EV?#!:7XM:<6]D-R7"46J=-`T)+,1_'PGEMU;]U''!6#TZ[S3K2(%>V*N[[K=;IO
M/MQP2Y5E)_SM#^DX9Z>S#\MXB0LO/44V_R1F#3'VY..1*#B;\1=6?9D?_+Z(
M%A^SM9=9%2H-/Q=L#*:BKB>457F!94]F8V>ELDUE@/RH2$^NN+'DDN4WGUU^2DAT[<6K'
MH2Q2?@K,P'(DFGIXSL-S#LESV/WTYH:#S-B8(UM2T6L^!`R!@@WA-;U-<]XZ
MPYJA0LY8U_GL1:R1F+1<\B6MQ[P+3$FBI)B*=V['FB:KLX`8T(8YQ:WB77A/
MQ./-O?%L,N/S#>M1TS?^&OR^6#`6N2F+2?M#[=C.7X7#Q)R,A-%Z.?\;$Y62
M=YOF_`^,8^,QL<.VYU$E[IG_3-YP_/P1/C9LJF"HS+'@/Y(7-9-8(1_9?&C;
MUULD4/2_K\C-0HL8A;)!YZ@(@*M9UHQ:P9IMYI9O3Q_;,DC0$X/\,UIA#\8+
MR[3`QJ:9O.=2W"!QPRX_4V80-.,IK$@VFU2--,6L[TQLR]:(X(V4?&HN^0R>
M-&@R9)/%#,B^OBYFC3SE4.'3Q^)SJ3KWDR7,[Z^E3QT-V
MZFE:D8B/?,9
OKLK__^K__RT[\1\H_G;]\7-VF""!T[W($K'_!LESA@P<5^S4+ZHON1U^YK8OP#J\_+?-I
M?NB&L^@*P\`C*6;!%PM%B02F'F,JI5"O?PKVK:_<[!U>7\YZ]I',5%%OHCSL
M@F9/VM//M.[JLK3F"-PH"1H%"?-D$.@7+]G9$,RD7W5.E@?VS^U!L&_C5OJ*
MB\U!9\"N21>#]L*P`"B5@USK_&AI-92,G,=0:M':*7//V51YXA[J#4P+TE;3
M:+V=X^'$A'LM.RUE4&@5..\#B>E,_.\Q0+#2!8^&Z[XYR]L0NA]A]NOSG@U*
M,X-RC[&/V7E[S:N%@LYI`=P3^Y.Q(B$%&^B05LH(*:7E/0-/VERY#4+N@9!I
MDDF%#+F;A^.W^=H.R>[]IIT3CBMC(CB3+R"9(M":05TC)-"(J>KK=&3_6'
M%N(#(-2*YE?EK\ME7G]8S@^]I-UKV2D;"S
[&*A^KJ-M\^1139?+F./ZL6
MY5_2/1!&`8<`2A#1-(1[00\8.C]9D8E>7!A^4$R`T13,.*PU>ZQ/0'6`:+-<
MFW5ES>HQ2C#0*R<$``IQI3EF"HD&`X-%O_C-=$5YQ^9).JBFI,O1XA>ESF^S
MH@=;N@<)#'C/!);>(LB49TP)LD?`PGX!H.EJYZ8BR^A(7_!=JOUFGVQX_LCYNX3,!CF?Y8+N^237R>+^.J,7]75?<_GIU]^_;MA\>;
M8OU#7GPYLPP#GO6_]>HGV'>GW<=.V8].3>L4FC\\EJL/H'8R*QO;'$:ZCS]^
M]_EOL/FTB1`Z:_ZU_VB9'OI@_5CS[)^?SJ\:/T_3K*SB;)E\J-D`H.6CR-?)
M97(+V-^_7GY\%1XZ8Y\XRY(OC/+/29'FJZLJ+JKS^"99USB:I]T5R>WA1ZR+
MXMD3&$6(462ZC*(_O?'@ZND^^?E#F6[NUS4_9T,
L)MKQ2
MCQ?GV2X\]R'1O/@L'OJY99%QG=>P""T;`NY,%7R-TS5;Z:9Y<16ODRMFOD&X
M""*#^J87AH@:CN5ZQ"&XLV@Y!EY\38J;G#?Q##`D(BS[F,3TY6LSXY_?@KA#
M>GJ;%Z=EC164/5C!M#"$7CZ-'XE7,<$.OJ?PBH-"+8K[.D%'Y%,!JS/10A6>
MY,J;'*=*+?\PV'^^:;CF(OJ?A[1Z^I14=_GJ8_8U*:MF"::6S;_G:5;]5G_3
M;`'-5F%R4_4[00W7"P+#M4(GM'!H&]BG00/)"@,7F_2-?C8&!'T=L04,6L1@
M#W)3&C6@08>Z^1'#S;55>OPXK;8O735O2KV;>#U#/8.XO=#8?;H:!360U;[F
MH(#(`P([9G@F5N!17
5$YOS\2H`91K#`+.,)Q3$0JD))MMR4F?*QYB%1OL$&D?N=DZ::_]F[0
MI+5F-6>Y7Z@Y*,$P1_'+`:OG7(;K78I;?O:W_>9M]7ZE9==Y&
MA2P)`QJ(2)5`*`E00AL<6#%;CD)O<,=>X;?LKL0V>]L3:SSOBUV'!^_877!I']
M2UA>OBZS_W\IQTU>:]5O5)T&:82IBDF$?8()(E5WWPBGOL\#05#?SUG[^0XS
MIRTD;XWI@CU03K#3585A2NA(OC3S>1Q69-@A1OO+V?E4_2CA/E4^CCH"1BQ(@KAW9.%)5BF@Z-JL`'
MNJ("4IPX-.OE<%^8Y0J&"\UJQ!Y^W_8[V*P?5V$:%U$2`NS#,(HRDJ8(#`/X
M420\K>6>:GA>'\%X'(W$Q);DYOK,-D>+W-06943#W#XS^8W)K4:+`[-;$7@S
M]XU0B-H?AXM>\'I?KB@(,<9^1',:41@`$A$T#)0&A5`)N/K3;<7Q#E5[00W'
MI1#2)5D3C^WF"%,,\L)<:8SW9R1<"?QJA#F@$3,-N)`*S*%"2C-HM;M;;_ZK
M7&\I^Y/=BH9,A=(L1(CD/BD("0GN2CQ`D(:)M&K(/M^6;G2X/`[,:Y$I*(1EC6Z-/J=B1->
M5TF8%@&(,G<:)O<
M[,6V+[+N.,VO,@&8B)P7O%2"IXV8+):?5BIW%:'V+#2@Z%=V**OM5[85B.F3
M8=O3Z)($XSP%45)$U$]\D)"P5T!PEEM!J';IT_#S=R8N\-EMJC8'?U!G3%%]
MTW41ZM9HF_SLE'HGJ=ZMC.T3L?,C$Y7`:1R)Q5+3O&97D6G)/`->WC=,Y)GV
MN3*G%)D>X:@=PZY"G!20H#3-8HPAR$**DT%-'F(K[+2B9!J.GJ1ZK-/8]8VZ
MQ9<=?]J.7+](1FDE&\/53H1T03M=5&Q"MP]0G^-W[KNB*T&9"+TRMBIAV&J<
M%HMDN[6\BF<'IEJ8(#@E8HN]K.MU