<SEC-DOCUMENT>0000050493-17-000006.txt : 20170517
<SEC-HEADER>0000050493-17-000006.hdr.sgml : 20170517
<ACCEPTANCE-DATETIME>20170417111646
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000050493-17-000006
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20170417

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INGLES MARKETS INC
		CENTRAL INDEX KEY:			0000050493
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-GROCERY STORES [5411]
		IRS NUMBER:				560846267
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			0928

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 6676
		CITY:			ASHEVILLE
		STATE:			NC
		ZIP:			28816
		BUSINESS PHONE:		828-669-2941

	MAIL ADDRESS:	
		STREET 1:		P O BOX 6676
		CITY:			ASHEVILLE
		STATE:			NC
		ZIP:			28816
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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			Response to April 6, 2017 SEC comment letter QE 09-24-16
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			<font style="display: inline;">April 17, 2017</font>
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			<font style="display: inline;">William H. Thompson</font>
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			<font style="display: inline;">Accounting Branch Chief</font>
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			<font style="display: inline;">Office of Consumer Products</font>
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			<font style="display: inline;">Adam Phippen</font>
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			<font style="display: inline;">Staff Accountant</font>
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			<font style="display: inline;">United States Securities and Exchange Commission</font>
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			<font style="display: inline;">Mail Stop 3561</font>
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			<font style="display: inline;">100 F Street N.E.</font>
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			<font style="display: inline;">Washington, DC&nbsp;&nbsp;20549-7010</font>
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			<font style="display: inline;">Dear Messrs. Thompson and Phippen</font><font style="display: inline;">:</font>
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			<font style="display: inline;">We are in receipt of your letter dated April </font><font style="display: inline;">6</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;">2017 </font><font style="display: inline;">regarding our Form 10-K for the fiscal year ended September </font><font style="display: inline;">24</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;">2016 filed December 16</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;">2016</font><font style="display: inline;">.&nbsp;&nbsp;Our responses to your comments are provided below.&nbsp;&nbsp;We have repeated each of your comments in full and the response to each such comment is noted directly below the quoted comment. </font>
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			<font style="display: inline;text-decoration:underline;">Item 7. Management&#x2019;s Discussion and Analysis of Financial Condition and Results of Operations</font>
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			<font style="display: inline;text-decoration:underline;">Liquidity and Capital Resources</font>
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			<font style="display: inline;text-decoration:underline;">Contractual Obligations and Commercial Commitments, page 25 </font>
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		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 22.00pt; display: inline;">
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				<font style="margin:0pt;line-height:100%;border-bottom:1pt none #D9D9D9;font-family:Calibri;font-size:12pt;;"> 1.</font>
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		</td><td style="width:14pt;"><p style="width:14pt;width:14pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:100%;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 12pt;margin:0pt;">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">We note that long-term liabilities related to self-insurance, workers compensation and general liability insurance and nonqualified investment plan are not included in the table of contractual obligations. In future filings, please add a footnote to the table that discusses these liabilities and the reason why such amounts are excluded from the table.</font></p></td></tr></table></div>
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			<font style="display: inline;text-decoration:underline;color:#000000;">Response</font><font style="display: inline;color:#000000;">:</font>
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			<font style="display: inline;color:#000000;">Beginning with the Form 10-K for the fiscal year ended September 30, 2017 we will add the following footnote to the table:</font>
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			<font style="display: inline;color:#000000;">&#x201C;The Company is self-insured for workers&#x2019; compensation, general liability, and group medical and dental benefits.&nbsp;&nbsp;The Company&#x2019;s self-insurance reserves totaled $xx.x million at September 30, 2017 and $35.9 million at September 24, 2016.&nbsp;&nbsp;Self-insurance liabilities are based on estimates and actuarial assumptions and can fluctuate in both amount and in timing of cash settlement if historical trends are not predictive of the future.&nbsp;&nbsp;For this reason they are not included in the above table.</font>
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			<font style="display: inline;">United</font><font style="display: inline;"> States Securities and Exchange Commission</font>

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			<font style="display: inline;">April 17, 2017</font>

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			<font style="display: inline;">Page </font><font style="display: inline;"></font><font style="display: inline;">2</font><font style="display: inline;"></font><font style="display: inline;"> of </font><font style="display: inline;"></font><font style="display: inline;">4</font><font style="display: inline;"></font>

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			<font style="text-indent:0pt;margin-left:0pt; padding-right:178pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:center"><font style="display: inline;text-decoration:underline;"></font></font>

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			&nbsp;

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		<p style="margin:0pt 0pt 0pt 36pt;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">The Company has a nonqualified investment plan to provide retirement benefits to certain of the Company&#x2019;s management employees who are otherwise subject to limited participation in the 401(k) feature of the Company&#x2019;s Investment/Profit Sharing Plan.&nbsp;&nbsp;The liability to plan participants totaled $xx.x million at September 30, 2017 and $10.7 million at September 24, 2016.&nbsp;&nbsp;The settlement of this obligation is dependent upon participant elections to withdraw funds, which cannot be predicted.&nbsp;&nbsp;For this reason they are not included in the above table.&#x201D;</font>
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				<font style="margin:0pt;line-height:100%;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-family:Calibri;font-size:12pt;;"> 2.</font>
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		</td><td style="width:14pt;"><p style="width:14pt;width:14pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="line-height:100%;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Calibri;font-size: 12pt;margin:0pt;">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">In future filings, please add a footnote to the table to disclose whether operating lease obligations include common area maintenance, utility and tax payments to which you are obligated and provide context for the reader to understand the impact of such costs on your total operating lease obligations. </font></p></td></tr></table></div>
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			<font style="display: inline;text-decoration:underline;color:#000000;">Response</font><font style="display: inline;color:#000000;">:</font>
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			<font style="display: inline;color:#000000;">Beginning with the Form 10-K for the fiscal year ended September 30, 2017 we will add the following footnote to the table:</font>
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			<font style="display: inline;color:#000000;">&#x201C;Operating lease obligations in the above table do not include common area maintenance, insurance, utility and tax payments for which the Company is obligated under certain operating leases.&nbsp;&nbsp;These amounts are not significant compared with the operating lease payments listed in the above table.&#x201D;</font>
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		<p style="margin:0pt 0pt 10.8pt 36pt;text-indent: -36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;text-decoration:underline;color:#000000;">Consolidated Financial Statements</font>
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			<font style="display: inline;text-decoration:underline;color:#000000;">Consolidated Balance Sheets, page 38</font>
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		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">3.</font><font style="display: inline;color:#000000;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 28.8pt 0pt 0pt;"></font><font style="display: inline;color:#000000;">Please tell us your consideration of recording asset retirement obligations in connection with the future removal of gasoline tanks from your gasoline stations.&nbsp;&nbsp;Refer to ASC 410.</font>
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			<font style="display: inline;text-decoration:underline;color:#000000;">Response</font><font style="display: inline;color:#000000;">:</font>
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		<p style="margin:0pt 0pt 10.8pt 36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">Beginning with the Form 10-K for the fiscal year ended September 30, 2017 we will add the following paragraph to Footnote 6 &#x201C;Other Long-Term Liabilities&#x201D;:</font>
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			<font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">&#x201C;The Company reviewed ASC 410 and determined we have a legal obligation to remove the tanks at a point in the future and accordingly determined we have met the requirements of an asset retirement obligation.&nbsp;&nbsp;The Company followed the ASC 410 model for determining the asset retirement cost and asset retirement obligation.&nbsp;&nbsp;The amounts recorded are immaterial for each fuel center as well as in the aggregate at September 30, 2017 and September 24, 2016.&#x201D;</font>
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			<font style="display: inline;">United</font><font style="display: inline;"> States Securities and Exchange Commission</font>

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			<font style="display: inline;">April 17, 2017</font>

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			<font style="display: inline;">Page </font><font style="display: inline;"></font><font style="display: inline;">3</font><font style="display: inline;"></font><font style="display: inline;"> of </font><font style="display: inline;"></font><font style="display: inline;">4</font><font style="display: inline;"></font>

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			<font style="text-indent:0pt;margin-left:0pt; padding-right:178pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:center"><font style="display: inline;text-decoration:underline;"></font></font>

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			&nbsp;

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			<font style="display: inline;text-decoration:underline;">Notes to Consolidated Financial Statements</font>
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			<font style="display: inline;text-decoration:underline;">7. Long-Term Debt, page 49</font>
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		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">4.</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 28.8pt 0pt 0pt;"></font><font style="display: inline;">Reference is made to the last paragraph on page 50 which discusses agreements that restrict your ability to pay dividends.&nbsp;&nbsp;In future filings, please disclose the amount of retained earnings or net income restricted or free of restrictions for the payment of dividends.&nbsp;&nbsp;&nbsp;Refer to Rule 4-08(e)(1) of Regulation S-X.</font>
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			<font style="display: inline;">&#xFEFF;</font>
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			<font style="display: inline;text-decoration:underline;">Response</font><font style="display: inline;">:</font>
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			<font style="display: inline;">Beginning with the Form 10-K for the fiscal year ended September 30, 2017 w</font><font style="display: inline;">e will replace the last paragraph on page 50 to read as follows (2016 amounts provided here for illustrative purposes):</font>
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			<font style="display: inline;">&#xFEFF;</font>
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			<font style="display: inline;">&#x201C;At September 24, 2016, property and equipment with an undepreciated cost of approximately $249 million was pledged as collateral for long-term debt.&nbsp;&nbsp;Long-term debt and Line agreements contain various restrictive covenants requiring, among other things, minimum levels of net worth and maintenance of certain financial ratios.&nbsp;&nbsp;At September 24, 2016 the Company had excess net worth totaling $58.9 million calculated under covenants in the Notes, the Bonds, and the Line.&nbsp;&nbsp;This amount is available to pay </font><font style="display: inline;">dividends;</font><font style="display: inline;"> however certain loan agreements contain additional provisions that restrict the ability of the Company to pay cash dividends in excess of the current annual per share dividends paid on the Company&#x2019;s Class A and Class B Common Stock.&nbsp;&nbsp;Further, the Company is prevented from paying cash dividends at any time that it is in default under the indenture governing the Notes.&#x201D;</font>
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			<font style="display: inline;">&#xFEFF;</font>
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			<font style="display: inline;text-decoration:underline;">13. Commitments and Contingencies, page 55</font>
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			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">5.</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 28.8pt 0pt 0pt;"></font><font style="display: inline;">Reference is made to the first paragraph of this note.&nbsp;&nbsp;In future filings, please also disclose whether you expect the ultimate liability from all pending legal proceedings and claims will materially affect your cash flows.</font>
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			<font style="display: inline;">&#xFEFF;</font>
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			<font style="display: inline;text-decoration:underline;">Response</font><font style="display: inline;">:</font>
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			<font style="display: inline;">Beginning with the Form 10-K for the fiscal year ended September 30, 2017 w</font><font style="display: inline;">e will modify the last sentence of the first paragraph of the note to read as follows:</font>
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			<font style="display: inline;font-size:12pt;">&#x201C;In the opinion of management, the ultimate liability, if any, from all pending legal proceedings and claims will not materially affect the Company&#x2019;s financial position, the results of its operations, or its cash flows.&#x201D; </font>
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			<font style="display: inline;">United</font><font style="display: inline;"> States Securities and Exchange Commission</font>

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			<font style="display: inline;">April 17, 2017</font>

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			<font style="display: inline;">Page </font><font style="display: inline;"></font><font style="display: inline;">4</font><font style="display: inline;"></font><font style="display: inline;"> of </font><font style="display: inline;"></font><font style="display: inline;">4</font><font style="display: inline;"></font>

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			&nbsp;

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			<font style="display: inline;text-decoration:underline;">Signatures, page 58</font>
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			<font style="display: inline;">6.</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 28.8pt 0pt 0pt;"></font><font style="display: inline;">The signatures by persons on behalf of the Registrant are not dated. In future filings, please disclose the signature date.&nbsp;&nbsp;Refer to Form 10-K.</font>
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			<font style="display: inline;text-decoration:underline;">Response:</font>
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			<font style="display: inline;text-decoration:underline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">We will disclose the signature date in all future filings.</font>
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			<font style="display: inline;">_________________________________________</font>
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			<font style="display: inline;">If you have any questions or comments regarding the foregoing responses, please contact the undersigned at 828-669-2941, Ext. 223.</font>
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			<font style="display: inline;">Very truly yours,</font>
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		<p style="margin:0pt 0pt 10.8pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Ingles Markets, Incorporated</font>
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			<font style="display: inline;text-decoration:underline;">/s/ Ronald B. Freeman</font><font style="display: inline;text-decoration:underline;"> &nbsp;&nbsp;&nbsp; </font><font style="display: inline;"> &nbsp;&nbsp;&nbsp;&nbsp; </font>
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			<font style="display: inline;">Ronald B. Freeman</font>
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			<font style="display: inline;">Chief Financial Officer</font>
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