Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 07, 2017 | Jun. 24, 2016 | |
Document Documentand Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ck0000081061 | ||
Entity Registrant Name | PUBLIX SUPER MARKETS INC | ||
Entity Central Index Key | 81,061 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 761,952,000 | ||
Entity Public Float | $ 18,853,076,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 26, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 438,319 | $ 352,176 |
Short-term investments | 1,591,740 | 1,376,698 |
Trade receivables | 715,292 | 723,685 |
Merchandise inventories | 1,722,392 | 1,740,513 |
Deferred tax assets | 77,496 | 51,216 |
Prepaid expenses | 50,434 | 70,145 |
Total current assets | 4,595,673 | 4,314,433 |
Long-term investments | 5,146,878 | 5,226,236 |
Other noncurrent assets | 434,280 | 431,311 |
Property, plant and equipment: | ||
Land | 1,415,565 | 1,157,619 |
Buildings and improvements | 4,066,743 | 3,467,015 |
Furniture, fixtures and equipment | 4,581,924 | 4,303,132 |
Leasehold improvements | 1,727,952 | 1,635,791 |
Construction in progress | 189,448 | 148,755 |
Property, plant and equipment | 11,981,632 | 10,712,312 |
Accumulated depreciation | (4,694,509) | (4,325,014) |
Net property, plant and equipment | 7,287,123 | 6,387,298 |
Total assets | 17,463,954 | 16,359,278 |
Current liabilities: | ||
Accounts payable | 1,609,652 | 1,675,858 |
Accrued expenses: | ||
Contributions to retirement plans | 525,668 | 513,072 |
Self-insurance reserves | 139,554 | 135,865 |
Salaries and wages | 127,856 | 131,253 |
Other | 414,197 | 380,314 |
Current portion of long-term debt | 113,999 | 56,693 |
Federal and state income taxes | 12,787 | 9,634 |
Total current liabilities | 2,943,713 | 2,902,689 |
Deferred tax liabilities | 473,980 | 425,132 |
Self-insurance reserves | 216,125 | 214,474 |
Accrued postretirement benefit cost | 102,540 | 101,725 |
Long-term debt | 136,585 | 179,753 |
Other noncurrent liabilities | 93,574 | 104,243 |
Total liabilities | 3,966,517 | 3,928,016 |
Common stock related to Employee Stock Ownership Plan (ESOP) | 3,068,097 | 2,953,878 |
Stockholders’ equity: | ||
Common stock of $1 par value. Authorized 1,000,000 shares; issued and outstanding 763,198 shares in 2016 and 770,175 shares in 2015 | 763,198 | 770,175 |
Additional paid-in capital | 2,849,947 | 2,556,391 |
Retained earnings | 9,836,696 | 9,041,497 |
Accumulated other comprehensive earnings | 23,427 | 26,268 |
Common stock related to ESOP | (3,068,097) | (2,953,878) |
Total stockholders’ equity | 10,405,171 | 9,440,453 |
Noncontrolling interests | 24,169 | 36,931 |
Total equity | 13,497,437 | 12,431,262 |
Commitments and contingencies | 0 | 0 |
Total liabilities and stockholders' equity | $ 17,463,954 | $ 16,359,278 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 26, 2015 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 763,198,000 | 770,175,000 |
Common stock, shares outstanding | 763,198,000 | 770,175,000 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Revenues: | |||
Sales | $ 33,999,921 | $ 32,362,579 | $ 30,559,505 |
Other operating income | 274,188 | 256,180 | 242,961 |
Total revenues | 34,274,109 | 32,618,759 | 30,802,466 |
Costs and expenses: | |||
Cost of merchandise sold | 24,734,305 | 23,459,610 | 22,232,650 |
Operating and administrative expenses | 6,788,153 | 6,480,908 | 6,168,955 |
Total costs and expenses | 31,522,458 | 29,940,518 | 28,401,605 |
Operating profit | 2,751,651 | 2,678,241 | 2,400,861 |
Investment income | 133,067 | 156,026 | 143,875 |
Other nonoperating income, net | 55,658 | 34,994 | 25,385 |
Earnings before income tax expense | 2,940,376 | 2,869,261 | 2,570,121 |
Income tax expense | 914,688 | 904,213 | 834,813 |
Net earnings | $ 2,025,688 | $ 1,965,048 | $ 1,735,308 |
Weighted average shares outstanding | 769,267 | 774,428 | 778,708 |
Basic and diluted earnings per share (in dollars per share) | $ 2.63 | $ 2.54 | $ 2.23 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 2,025,688 | $ 1,965,048 | $ 1,735,308 |
Other comprehensive earnings: | |||
Unrealized gain (loss) on available-for-sale (AFS) securities net of income taxes of $11,093, $(27,605) and $37,133 in 2016, 2015 and 2014, respectively | 17,615 | (43,838) | 58,968 |
Reclassification adjustment for net realized gain on AFS securities net of income taxes of $(12,464), $(26,972) and $(22,571) in 2016, 2015 and 2014, respectively | (19,792) | (42,829) | (35,842) |
Adjustment to postretirement benefit obligation net of income taxes of $(418), $2,394 and $(624) in 2016, 2015 and 2014, respectively | (664) | 3,801 | (991) |
Comprehensive earnings | $ 2,022,847 | $ 1,882,182 | $ 1,757,443 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Earnings (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Unrealized gain (loss) on AFS securities, tax effect | $ 11,093 | $ (27,605) | $ 37,133 |
Reclassification adjustment for net realized gain on AFS securities, tax effect | (12,464) | (26,972) | (22,571) |
Adjustment to postretirement benefit plan obligation, tax effect | $ (418) | $ 2,394 | $ (624) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Cash flows from operating activities: | |||
Cash received from customers | $ 34,088,337 | $ 32,249,651 | $ 30,596,486 |
Cash paid to employees and suppliers | (30,291,186) | (28,718,224) | (27,045,219) |
Income taxes paid | (683,464) | (721,226) | (895,758) |
Self-insured claims paid | (338,010) | (315,624) | (317,441) |
Dividends and interest received | 246,202 | 219,589 | 222,134 |
Other operating cash receipts | 268,347 | 249,588 | 235,642 |
Other operating cash payments | (37,271) | (22,389) | (18,612) |
Net cash provided by operating activities | 3,252,955 | 2,941,365 | 2,777,232 |
Cash flows from investing activities: | |||
Payment for capital expenditures | (1,443,827) | (1,235,648) | (1,374,124) |
Proceeds from sale of property, plant and equipment | 6,268 | 4,350 | 40,222 |
Payment for investments | (2,526,973) | (2,764,436) | (1,839,814) |
Proceeds from sale and maturity of investments | 2,158,434 | 2,149,233 | 1,532,007 |
Net cash used in investing activities | (1,806,098) | (1,846,501) | (1,641,709) |
Cash flows from financing activities: | |||
Payment for acquisition of common stock | (960,262) | (855,801) | (688,339) |
Proceeds from sale of common stock | 330,040 | 345,319 | 284,105 |
Dividends paid | (667,902) | (612,766) | (577,227) |
Repayments of long-term debt | (49,828) | (30,164) | (57,442) |
Other, net | (12,762) | 3,231 | 9,005 |
Net cash used in financing activities | (1,360,714) | (1,150,181) | (1,029,898) |
Net increase (decrease) in cash and cash equivalents | 86,143 | (55,317) | 105,625 |
Cash and cash equivalents at beginning of year | 352,176 | 407,493 | 301,868 |
Cash and cash equivalents at end of year | 438,319 | 352,176 | 407,493 |
Reconciliation of net earnings to net cash provided by operating activities: | |||
Net earnings | 2,025,688 | 1,965,048 | 1,735,308 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 624,203 | 581,892 | 513,393 |
(Decrease) increase in LIFO reserve | (4,643) | 25,996 | 30,743 |
Retirement contributions paid or payable in common stock | 365,936 | 369,017 | 338,979 |
Deferred income taxes | 24,357 | 108,574 | 2,392 |
Loss on disposal and impairment of property, plant and equipment | 11,035 | 49,596 | 26,155 |
Gain on AFS securities | (32,256) | (69,801) | (58,413) |
Net amortization of investments | 141,869 | 137,883 | 137,533 |
Change in operating assets and liabilities providing (requiring) cash: | |||
Trade receivables | 8,306 | (174,610) | (8,829) |
Merchandise inventories | 22,764 | (168,826) | (121,449) |
Prepaid expenses and other noncurrent assets | (14,307) | (12,571) | (4,210) |
Accounts payable and accrued expenses | (74,917) | 114,811 | 268,491 |
Self-insurance reserves | 5,340 | (14,027) | 8,325 |
Federal and state income taxes | 159,426 | 38,920 | (86,910) |
Other noncurrent liabilities | (9,846) | (10,537) | (4,276) |
Total adjustments | 1,227,267 | 976,317 | 1,041,924 |
Net cash provided by operating activities | $ 3,252,955 | $ 2,941,365 | $ 2,777,232 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Common Stock (Acquired from) Sold to Stock- holders | Accumulated Other Comprehensive Earnings (Losses) | Common Stock Related to ESOP |
Beginning Balance at Dec. 28, 2013 | $ 7,894,239 | $ 776,721 | $ 1,898,974 | $ 7,454,448 | $ 0 | $ 86,999 | $ (2,322,903) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive earnings | 1,757,443 | 1,735,308 | 22,135 | ||||
Dividends per share | (577,227) | (577,227) | |||||
Contribution of shares to retirement plans | 309,714 | 8,063 | 235,362 | 66,289 | |||
Acquisition of shares from stockholders | (688,339) | (688,339) | |||||
Sale of shares to stockholders | 284,105 | 2,168 | 66,556 | 215,381 | |||
Retirement of shares | 0 | (12,480) | (394,189) | 406,669 | |||
Change for ESOP related shares | (357,625) | (357,625) | |||||
Ending Balance at Dec. 27, 2014 | 8,622,310 | 774,472 | 2,200,892 | 8,218,340 | 0 | 109,134 | (2,680,528) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive earnings | 1,882,182 | 1,965,048 | (82,866) | ||||
Dividends per share | (612,766) | (612,766) | |||||
Contribution of shares to retirement plans | 332,559 | 6,172 | 247,139 | 79,248 | |||
Acquisition of shares from stockholders | (855,801) | (855,801) | |||||
Sale of shares to stockholders | 345,319 | 2,756 | 108,360 | 234,203 | |||
Retirement of shares | 0 | (13,225) | (529,125) | 542,350 | |||
Change for ESOP related shares | (273,350) | (273,350) | |||||
Ending Balance at Dec. 26, 2015 | 9,440,453 | 770,175 | 2,556,391 | 9,041,497 | 0 | 26,268 | (2,953,878) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive earnings | 2,022,847 | 2,025,688 | (2,841) | ||||
Dividends per share | (667,902) | (667,902) | |||||
Contribution of shares to retirement plans | 354,214 | 5,216 | 239,436 | 109,562 | |||
Acquisition of shares from stockholders | (960,262) | (960,262) | |||||
Sale of shares to stockholders | 330,040 | 1,283 | 54,120 | 274,637 | |||
Retirement of shares | 0 | (13,476) | (562,587) | 576,063 | |||
Change for ESOP related shares | (114,219) | (114,219) | |||||
Ending Balance at Dec. 31, 2016 | $ 10,405,171 | $ 763,198 | $ 2,849,947 | $ 9,836,696 | $ 0 | $ 23,427 | $ (3,068,097) |
Consolidated Statements of Sto9
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.8675 | $ 0.79 | $ 0.74 |
Contribution of shares to retirement plans | 7,837 | 8,516 | 10,272 |
Acquisition of shares from stockholders | 22,500 | 21,276 | 21,356 |
Sale of shares to stockholders | 7,686 | 8,463 | 8,835 |
Retirement of shares | 13,476 | 13,225 | 12,480 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | (1) Summary of Significant Accounting Policies (a) Business Publix Super Markets, Inc. and its wholly owned subsidiaries (the Company) are in the business of operating retail food supermarkets in Florida, Georgia, Alabama, South Carolina, Tennessee and North Carolina. The Company plans to expand its retail operations into Virginia in 2017. The Company was founded in 1930 and later merged into another corporation that was originally incorporated in 1921. The Company has no other significant lines of business or industry segments. See percentage of consolidated sales by merchandise category on page 1. (b) Principles of Consolidation The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries and certain joint ventures in which the Company has a controlling financial interest. All significant intercompany balances and transactions are eliminated in consolidation. (c) Fiscal Year The Company’s fiscal year ends on the last Saturday in December. Fiscal year 2016 includes 53 weeks and fiscal years 2015 and 2014 include 52 weeks. (d) Cash Equivalents The Company considers all liquid investments with maturities of three months or less to be cash equivalents. (e) Trade Receivables Trade receivables primarily include amounts due from vendor allowances, debit and credit card sales and third party insurance pharmacy billings. (f) Inventories Inventories are valued at the lower of cost or market. The cost for 83% and 84% of inventories was determined using the dollar value last-in, first-out (LIFO) method as of December 31, 2016 and December 26, 2015 , respectively. Under this method, inventory is stated at cost, which is determined by applying a cost-to-retail ratio to each similar merchandise category’s ending retail value. The cost of the remaining inventories was determined using the first-in, first-out (FIFO) method. The FIFO cost of inventory approximates replacement or current cost. The FIFO method is used to value manufactured, seasonal, certain perishable and other miscellaneous inventory items because of fluctuating costs and inconsistent product availability. The Company also reduces inventory for estimated losses related to shrink. If all inventories were valued using the FIFO method, inventories and current assets would have been higher than reported by $441,860,000 and $446,503,000 as of December 31, 2016 and December 26, 2015 , respectively. (g) Investments Debt and equity securities are classified as available-for-sale (AFS) and carried at fair value. The Company evaluates whether AFS securities are other-than-temporarily impaired (OTTI) based on criteria that include the extent to which cost exceeds market value, the duration of the market value decline, the credit rating of the issuer or security, the failure of the issuer to make scheduled principal or interest payments and the financial health and prospects of the issuer or security. Declines in the value of AFS securities determined to be OTTI are recognized in earnings and reported as OTTI losses. Debt securities with unrealized losses are considered OTTI if the Company intends to sell the debt security or if the Company will be required to sell the debt security prior to any anticipated recovery. If the Company determines that a debt security is OTTI under these circumstances, the impairment recognized in earnings is measured as the difference between the amortized cost and the current fair value. A debt security is also determined to be OTTI if the Company does not expect to recover the amortized cost of the debt security. However, in this circumstance, if the Company does not intend to sell the debt security and will not be required to sell the debt security, the impairment recognized in earnings equals the estimated credit loss as measured by the difference between the present value of expected cash flows and the amortized cost of the debt security. Expected cash flows are discounted using the debt security’s effective interest rate. An equity security is determined to be OTTI if the Company does not expect to recover the cost of the equity security. Declines in the value of AFS securities determined to be temporary are reported net of income taxes as other comprehensive losses and included as a component of stockholders’ equity. Interest and dividend income, amortization of premiums, accretion of discounts and realized gains and losses on AFS securities are included in investment income. Interest income is accrued as earned. Dividend income is recognized as income on the ex-dividend date of the security. The cost of AFS securities sold is based on the FIFO method. (h) Property, Plant and Equipment and Depreciation Assets are recorded at cost and are depreciated using the straight-line method over their estimated useful lives or the terms of the related leases, if shorter, as follows: Buildings and improvements 10–40 years Furniture, fixtures and equipment 3–20 years Leasehold improvements 10–20 years Maintenance and repairs are charged to operating expenses as incurred. Expenditures for renewals and betterments are capitalized. The gain or loss realized on disposed assets or assets to be disposed of is recorded as operating and administrative expenses in the consolidated statements of earnings. (i) Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the net book value of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the net book value of an asset to the future net undiscounted cash flows expected to be generated by the asset. An impairment loss is recorded for the excess of the net book value over the fair value of the asset. The fair value is estimated based on expected discounted future cash flows. Assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell and are no longer depreciated. Long-lived assets, including buildings and improvements, leasehold improvements, and furniture, fixtures and equipment, are evaluated for impairment at the supermarket level. (j) Self-Insurance The Company is self-insured for health care claims and property, plant and equipment losses. The Company has insurance coverage for losses in excess of self-insurance limits for workers’ compensation, general liability and fleet liability claims. Self-insurance reserves are established for health care, workers’ compensation, general liability and fleet liability claims. These reserves are determined based on actual claims experience and an estimate of claims incurred but not reported including, where necessary, actuarial studies. Actuarial projections of losses for general liability and workers’ compensation claims are discounted. (k) Postretirement Benefit The Company provides a postretirement life insurance benefit for certain salaried and hourly full-time employees who meet the eligibility requirements. Effective January 1, 2002, the Company amended the postretirement life insurance benefit under its Group Life Insurance Plan. To receive the postretirement life insurance benefit after the amendment, an employee must have had at least five years of full-time service and the employee’s age plus years of credited service must have equaled 65 or greater as of October 1, 2001. At retirement, such employees also must be at least age 55 with at least 10 years of full-time service to be eligible to receive the postretirement life insurance benefit. Actuarial projections are used to calculate the year end postretirement benefit obligation, discounted using a yield curve methodology based on high quality bonds with a rating of AA or better. Actuarial losses are amortized from accumulated other comprehensive earnings into net periodic postretirement benefit cost over future years when the accumulation of such losses exceeds 10% of the year end postretirement benefit obligation. (l) Comprehensive Earnings Comprehensive earnings include net earnings and other comprehensive earnings. Other comprehensive earnings include revenues, expenses, gains and losses that have been excluded from net earnings and recorded directly to stockholders’ equity. Included in other comprehensive earnings for the Company are unrealized gains and losses on AFS securities and adjustments to the postretirement benefit obligation. (m) Revenue Recognition Revenue is recognized at the point of sale for retail sales. Customer returns are immaterial. Vendor coupons that are reimbursed are accounted for as sales. Coupons and other sales incentives offered by the Company that are not reimbursed are recorded as a reduction of sales. (n) Sales Taxes The Company records sales net of applicable sales taxes. (o) Other Operating Income Other operating income is recognized on a net revenue basis as earned. Other operating income includes income generated from other activities, primarily lottery commissions, licensee sales commissions, automated teller transaction fees, mall gift card commissions, vending machine commissions, money transfer fees and coupon redemption income. (p) Cost of Merchandise Sold Cost of merchandise sold includes costs of inventory and costs related to in-store production. Cost of merchandise sold also includes inbound freight charges, purchasing and receiving costs, warehousing costs and other costs of the Company’s distribution network. Allowances and credits, including cooperative advertising allowances, received from a vendor in connection with the purchase or promotion of the vendor’s products are recognized as a reduction of cost of merchandise sold as earned. These allowances and credits are recognized as earned in accordance with the underlying agreement with the vendor and completion of the earnings process. Short-term vendor agreements with advance payment provisions are recorded as a current liability and recognized over the appropriate period as earned according to the underlying agreements. Long-term vendor agreements with advance payment provisions are recorded as a noncurrent liability and recognized over the appropriate period as earned according to the underlying agreements. (q) Advertising Costs Advertising costs are expensed as incurred and were $260,367,000 , $248,454,000 and $232,499,000 for 2016 , 2015 and 2014 , respectively. (r) Other Nonoperating Income, net Other nonoperating income, net includes rent received from tenants in owned shopping centers, net of related expenses, and other miscellaneous nonoperating income. (s) Income Taxes Deferred tax assets and liabilities are established for temporary differences between financial and tax reporting bases and are subsequently adjusted to reflect changes in tax rates expected to be in effect when the temporary differences reverse. The Company recognizes accrued interest and penalties related to income tax liabilities as a component of income tax expense. The Company invests in certain investment related tax credits that promote affordable housing and renewable energy. These investments generate a return primarily through the realization of federal and state tax credits and other tax benefits. The Company accounts for its affordable housing investments using the proportional amortization method. Under this method, the investment is amortized into income tax expense in proportion to the tax credits received and the investment tax credits are recognized as a reduction of income tax expense. The Company accounts for its renewable energy investments using the deferral method. Under this method, the investment tax credits are recognized as a reduction of the renewable energy investments. (t) Common Stock and Earnings Per Share Basic and diluted earnings per share are calculated by dividing net earnings by the weighted average shares outstanding. Basic and diluted earnings per share are the same because the Company does not have options or other stock compensation programs that impact the calculation of diluted earnings per share. All shares owned by the Employee Stock Ownership Plan (ESOP) are included in the earnings per share calculations. Dividends paid to the ESOP, as well as dividends on all other common stock shares, are reflected as a reduction of retained earnings. All common stock shares, including ESOP and 401(k) Plan shares, receive one vote per share and have the same dividend rights. The voting rights for ESOP shares allocated to participants’ accounts are passed through to the participants. The Trustee of the Company’s common stock in the 401(k) Plan votes the shares held in that plan. (u) Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | (2) Fair Value of Financial Instruments The fair value of certain of the Company’s financial instruments, including cash and cash equivalents, trade receivables and accounts payable, approximates their respective carrying amounts due to their short-term maturity. The fair value of AFS securities is based on market prices using the following measurement categories: Level 1 – Fair value is determined by using quoted prices in active markets for identical investments. AFS securities that are included in this category are primarily mutual funds, exchange traded funds and equity securities. Level 2 – Fair value is determined by using other than quoted prices. By using observable inputs (for example, benchmark yields, interest rates, reported trades and broker dealer quotes), the fair value is determined through processes such as benchmark curves, benchmarking of like securities and matrix pricing of corporate, state and municipal bonds by using pricing of similar bonds based on coupons, ratings and maturities. AFS securities that are included in this category are primarily debt securities (tax exempt and taxable bonds). Level 3 – Fair value is determined by using other than observable inputs. Fair value is determined by using the best information available in the circumstances and requires significant management judgment or estimation. No AFS securities are currently included in this category. Following is a summary of fair value measurements for AFS securities as of December 31, 2016 and December 26, 2015 : Fair Value Level 1 Level 2 Level 3 (Amounts are in thousands) December 31, 2016 $ 6,738,618 1,286,625 5,451,993 — December 26, 2015 6,602,934 1,049,791 5,553,143 — |
Investments
Investments | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | (3) Investments Following is a summary of AFS securities as of December 31, 2016 and December 26, 2015 : Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Amounts are in thousands) 2016 Tax exempt bonds $ 3,036,060 2,211 24,649 3,013,622 Taxable bonds 2,469,192 1,359 33,903 2,436,648 Restricted investments 164,548 — 463 164,085 Equity securities 1,021,340 110,879 7,956 1,124,263 $ 6,691,140 114,449 66,971 6,738,618 2015 Tax exempt bonds $ 3,336,841 12,038 2,737 3,346,142 Taxable bonds 2,214,366 1,492 10,399 2,205,459 Restricted investments 164,548 — 1,389 163,159 Equity securities 836,153 78,378 26,357 888,174 $ 6,551,908 91,908 40,882 6,602,934 Realized gains on sales of AFS securities totaled $47,633,000 for 2016 . Realized losses on sales of AFS securities totaled $15,377,000 for 2016 . Realized gains on sales of AFS securities totaled $94,778,000 for 2015 . Realized losses on sales of AFS securities totaled $24,977,000 for 2015 . Realized gains on sales of AFS securities totaled $61,390,000 for 2014 . Realized losses on sales of AFS securities totaled $2,977,000 for 2014 . The amortized cost and fair value of AFS securities by expected maturity as of December 31, 2016 and December 26, 2015 are as follows: 2016 2015 Amortized Cost Fair Value Amortized Cost Fair Value (Amounts are in thousands) Due in one year or less $ 1,592,144 1,591,740 1,375,450 1,376,698 Due after one year through five years 3,218,371 3,187,739 3,951,600 3,948,654 Due after five years through ten years 680,641 656,162 161,732 162,999 Due after ten years 14,096 14,629 62,425 63,250 5,505,252 5,450,270 5,551,207 5,551,601 Restricted investments 164,548 164,085 164,548 163,159 Equity securities 1,021,340 1,124,263 836,153 888,174 $ 6,691,140 6,738,618 6,551,908 6,602,934 Following is a summary of temporarily impaired AFS securities by the time period impaired as of December 31, 2016 and December 26, 2015 : 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) 2016 Tax exempt bonds $ 2,360,143 24,416 6,099 233 2,366,242 24,649 Taxable bonds 1,921,367 33,354 51,769 549 1,973,136 33,903 Restricted investments 164,085 463 — — 164,085 463 Equity securities 61,625 3,924 38,141 4,032 99,766 7,956 Total temporarily impaired AFS securities $ 4,507,220 62,157 96,009 4,814 4,603,229 66,971 2015 Tax exempt bonds $ 890,907 2,264 63,474 473 954,381 2,737 Taxable bonds 1,676,719 9,988 70,309 411 1,747,028 10,399 Restricted investments 163,159 1,389 — — 163,159 1,389 Equity securities 274,517 20,561 16,112 5,796 290,629 26,357 Total temporarily impaired AFS securities $ 3,005,302 34,202 149,895 6,680 3,155,197 40,882 There are 649 AFS securities contributing to the total unrealized loss of $66,971,000 as of December 31, 2016 . Unrealized losses related to debt securities are primarily due to interest rate volatility impacting the market value of certain bonds. The Company continues to receive scheduled principal and interest payments on these debt securities. Unrealized losses related to equity securities are primarily due to temporary equity market fluctuations that are expected to recover. |
Consolidation of Joint Ventures
Consolidation of Joint Ventures and Long-Term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Consolidation Of Joint Ventures And Long Term Debt [Abstract] | |
Consolidation of Joint Ventures and Long-Term Debt | (4) Consolidation of Joint Ventures and Long-Term Debt From time to time, the Company enters into Joint Ventures (JV), in the legal form of limited liability companies, with certain real estate developers to partner in the development of shopping centers with the Company as the anchor tenant. The Company consolidates certain of these JVs in which it has a controlling financial interest. The Company is considered to have a controlling financial interest in a JV when it has (1) the power to direct the activities of the JV that most significantly impact the JV’s economic performance and (2) the obligation to absorb losses or the right to receive benefits from the JV that could potentially be significant to such JV. The Company evaluates a JV using specific criteria to determine whether the Company has a controlling financial interest and is the primary beneficiary of the JV. Factors considered in determining whether the Company is the primary beneficiary include risk and reward sharing, experience and financial condition of the other JV members, voting rights, involvement in routine capital and operating decisions and each member’s influence over the JV owned shopping center’s economic performance. Generally, most major JV decision making is shared between all members. In particular, the use and sale of JV assets, business plans and budgets are generally required to be approved by all members. However, the Company, through its anchor tenant operating lease agreement, has the power to direct the activities that most significantly influence the economic performance of the JV owned shopping center. Additionally, through its member equity interest in the JV, the Company will receive a significant portion of the JV’s benefits or is obligated to absorb a significant portion of the JV’s losses. As of December 31, 2016 , the carrying amounts of the assets and liabilities of the consolidated JVs were $102,254,000 and $53,278,000 , respectively. As of December 26, 2015 , the carrying amounts of the assets and liabilities of the consolidated JVs were $141,355,000 and $64,928,000 , respectively. The assets are owned by and the liabilities are obligations of the JVs, not the Company, except for a portion of the long-term debt of certain JVs guaranteed by the Company. The JVs are financed with capital contributions from the members, loans and/or the cash flows generated by the JV owned shopping centers once in operation. Total earnings attributable to noncontrolling interests for 2016 , 2015 and 2014 were immaterial. The Company’s involvement with these JVs does not have a significant effect on the Company’s financial condition, results of operations or cash flows. The Company’s long-term debt results primarily from the consolidation of loans of certain JVs and loans assumed in connection with the acquisition of certain shopping centers with the Company as the anchor tenant. The Company assumed loans totaling $63,966,000 and $40,287,000 during 2016 and 2015 , respectively. Maturities of JV loans range from April 2017 through June 2017 and have variable interest rates based on a LIBOR index plus 175 to 250 basis points. Maturities of assumed shopping center loans range from March 2017 through January 2027 and have fixed interest rates ranging from 3.7% to 7.5% . As of December 31, 2016 , the aggregate annual maturities and scheduled payments of long-term debt are as follows: Year (Amounts are in thousands) 2017 $ 113,999 2018 37,873 2019 4,649 2020 19,150 2021 15,323 Thereafter 59,590 $ 250,584 |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2016 | |
Retirement Plans Disclosure [Abstract] | |
Retirement Plans | (5) Retirement Plans The Company has a trusteed, noncontributory ESOP for the benefit of eligible employees. The Company recognizes an expense related to the Company’s discretionary contribution to the ESOP based on a percent of net earnings before taxes that is approved by the Board of Directors each year. ESOP contributions can be made in Company common stock or cash. Compensation expense recorded for contributions to this plan was $334,422,000 , $337,703,000 and $310,050,000 for 2016 , 2015 and 2014 , respectively. Since the Company’s common stock is not traded on an established securities market, the ESOP includes a put option for shares of the Company’s common stock distributed from the ESOP. Shares are distributed from the ESOP primarily to separated vested participants and certain eligible participants who elect to diversify their account balances. Under the Company’s administration of the ESOP’s put option, if the owners of distributed shares desire to sell their shares, the Company is required to purchase the shares at fair value for a specified time period after distribution of the shares from the ESOP. The fair value of distributed shares subject to the put option totaled $425,514,000 and $427,226,000 as of December 31, 2016 and December 26, 2015 , respectively. The cost of the shares held by the ESOP totaled $2,642,583,000 and $2,526,652,000 as of December 31, 2016 and December 26, 2015 , respectively. Due to the Company’s obligation under the put option, the distributed shares subject to the put option and the shares held by the ESOP are classified as temporary equity in the mezzanine section of the consolidated balance sheets and totaled $3,068,097,000 and $2,953,878,000 as of December 31, 2016 and December 26, 2015 , respectively. The fair value of the shares held by the ESOP totaled $8,356,659,000 and $9,201,171,000 as of December 31, 2016 and December 26, 2015 , respectively. The Company has a 401(k) Plan for the benefit of eligible employees. The 401(k) Plan is a voluntary defined contribution plan. Eligible employees may contribute up to 10% of their eligible annual compensation, subject to the maximum contribution limits established by federal law. The Company may make a discretionary annual matching contribution to eligible participants of this plan as determined by the Board of Directors. During 2016 , 2015 and 2014 , the Board of Directors approved a match of 50% of eligible annual contributions up to 3% of annual compensation, not to exceed a maximum match of $750 per employee. The match, which is determined as of the last day of the plan year and paid in the subsequent plan year, is in common stock of the Company. Compensation expense recorded for the Company’s match to the 401(k) Plan was $30,899,000 , $30,775,000 and $28,475,000 for 2016 , 2015 and 2014 , respectively. The Company intends to continue its retirement plans; however, the right to modify, amend, terminate or merge these plans has been reserved. In the event of termination, all amounts contributed under the plans must be paid to the participants or their beneficiaries. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (6) Income Taxes Total income taxes for 2016 , 2015 and 2014 were allocated as follows: 2016 2015 2014 (Amounts are in thousands) Earnings $ 914,688 904,213 834,813 Other comprehensive (losses) earnings (1,789 ) (52,183 ) 13,938 $ 912,899 852,030 848,751 The provision for income taxes consists of the following: Current Deferred Total (Amounts are in thousands) 2016 Federal $ 820,989 20,697 841,686 State 69,342 3,660 73,002 $ 890,331 24,357 914,688 2015 Federal $ 758,084 97,586 855,670 State 37,555 10,988 48,543 $ 795,639 108,574 904,213 2014 Federal $ 754,187 2,021 756,208 State 78,234 371 78,605 $ 832,421 2,392 834,813 A reconciliation of the provision for income taxes at the federal statutory tax rate of 35% to earnings before income taxes compared to the Company’s actual income tax expense is as follows: 2016 2015 2014 (Amounts are in thousands) Federal tax at statutory tax rate $ 1,029,132 1,004,241 899,542 State income taxes (net of federal tax benefit) 47,451 31,553 51,093 ESOP dividend (65,232 ) (62,630 ) (61,270 ) Other, net (96,663 ) (68,951 ) (54,552 ) $ 914,688 904,213 834,813 The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities as of December 31, 2016 and December 26, 2015 are as follows: 2016 2015 (Amounts are in thousands) Deferred tax assets: Self-insurance reserves $ 119,613 118,082 Retirement plan contributions 63,432 61,898 Postretirement benefit cost 41,362 40,883 Investment tax credits 33,170 6,832 Inventory capitalization 18,294 15,072 Purchase allowances 18,005 13,792 Leases 15,903 19,250 Reserves not currently deductible 8,675 10,873 Other 3,649 1,489 Total deferred tax assets $ 322,103 288,171 Deferred tax liabilities: Property, plant and equipment, primarily due to depreciation $ 704,233 615,408 Other 14,354 46,679 Total deferred tax liabilities $ 718,587 662,087 The Company expects the results of future operations and the reversal of deferred tax liabilities to generate sufficient taxable income to allow utilization of deferred tax assets; therefore, no valuation allowance has been recorded as of December 31, 2016 and December 26, 2015 . The Company has analyzed filing positions in all of the federal and state jurisdictions where it is required to file income tax returns as well as all open tax years in these jurisdictions. The periods subject to examination for the Company’s federal return are the 2010 through 2015 tax years. The periods subject to examination for the Company’s state returns are the 2011 through 2015 tax years. The Company believes that the outcome of any examination will not have a material effect on its financial condition, results of operations or cash flows. The Company had no unrecognized tax benefits in 2016 and 2015 . As a result, there will be no effect on the Company’s effective income tax rate in future periods due to the recognition of unrecognized tax benefits. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Earnings | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Earnings | (7) Accumulated Other Comprehensive Earnings A reconciliation of the changes in accumulated other comprehensive earnings net of income taxes for 2016 , 2015 and 2014 is as follows: AFS Securities Postretirement Benefit Accumulated Other Comprehensive Earnings (Amounts are in thousands) Balances at December 28, 2013 $ 94,836 (7,837 ) 86,999 Unrealized gain on AFS securities 58,968 — 58,968 Net realized gain on AFS securities reclassified to investment income (35,842 ) — (35,842 ) Amortization of actuarial loss reclassified to operating and administrative expenses — (991 ) (991 ) Net other comprehensive earnings (losses) 23,126 (991 ) 22,135 Balances at December 27, 2014 117,962 (8,828 ) 109,134 Unrealized loss on AFS securities (43,838 ) — (43,838 ) Net realized gain on AFS securities reclassified to investment income (42,829 ) — (42,829 ) Amortization of actuarial gain reclassified to operating and administrative expenses — 3,801 3,801 Net other comprehensive (losses) earnings (86,667 ) 3,801 (82,866 ) Balances at December 26, 2015 31,295 (5,027 ) 26,268 Unrealized gain on AFS securities 17,615 — 17,615 Net realized gain on AFS securities reclassified to investment income (19,792 ) — (19,792 ) Amortization of actuarial loss reclassified to operating and administrative expenses — (664 ) (664 ) Net other comprehensive losses (2,177 ) (664 ) (2,841 ) Balances at December 31, 2016 $ 29,118 (5,691 ) 23,427 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (8) Commitments and Contingencies (a) Operating Leases The Company conducts a major portion of its retail operations from leased premises. Initial terms of the leases are typically 20 years, followed by renewal options at five year intervals, and may include rent escalation clauses. Minimum rentals represent fixed lease obligations, including insurance and maintenance to the extent they are fixed in the lease. Contingent rentals represent variable lease obligations, including real estate taxes, insurance, maintenance and, for certain premises, additional rentals based on a percentage of sales in excess of stipulated minimums (excess rent). The payment of variable real estate taxes, insurance and maintenance is generally based on the Company’s pro-rata share of total shopping center square footage. The Company recognizes rent expense for operating leases with rent escalation clauses on a straight-line basis over the applicable lease term. The Company estimates excess rent, where applicable, based on annual sales projections and uses the straight-line method to amortize the cost to rent expense. The annual sales projections are reviewed periodically and adjusted if necessary. Additionally, the Company has operating leases for certain transportation and other equipment. Total rental expense for 2016 , 2015 and 2014 is as follows: 2016 2015 2014 (Amounts are in thousands) Minimum rentals $ 419,032 426,703 439,525 Contingent rentals 125,406 123,152 118,839 Sublease rental income (4,577 ) (4,979 ) (4,867 ) $ 539,861 544,876 553,497 As of December 31, 2016 , future minimum lease payments for all noncancelable operating leases and related subleases are as follows: Year Minimum Rental Commitments Sublease Rental Income Net (Amounts are in thousands) 2017 $ 428,303 4,869 423,434 2018 405,174 3,968 401,206 2019 375,484 3,601 371,883 2020 337,991 440 337,551 2021 301,747 230 301,517 Thereafter 1,893,907 1,066 1,892,841 $ 3,742,606 14,174 3,728,432 The Company also owns shopping centers which are leased to tenants for minimum monthly rentals plus contingent rentals. Minimum rentals represent fixed lease obligations, including insurance and maintenance. Contingent rentals represent variable lease obligations, including real estate taxes, insurance, maintenance and, for certain premises, excess rent. Rental income was $133,656,000 , $95,519,000 and $63,026,000 for 2016 , 2015 and 2014 , respectively. As of December 31, 2016 , future minimum rental payments to be received for all noncancelable operating leases are as follows: Year (Amounts are in thousands) 2017 $ 105,570 2018 88,336 2019 69,811 2020 52,371 2021 32,995 Thereafter 125,202 $ 474,285 (b) Letters of Credit As of December 31, 2016 , the Company had outstanding $7,597,000 in trade letters of credit and $11,799,000 in standby letters of credit to support certain purchase obligations. (c) Litigation The Company is subject from time to time to various lawsuits, claims and charges arising in the normal course of business. The Company believes its recorded reserves are adequate in light of the probable and estimable liabilities. The estimated amount of reasonably possible losses for lawsuits, claims and charges, individually and in the aggregate, is considered to be immaterial. In the opinion of management, the ultimate resolution of these legal proceedings will not have a material adverse effect on the Company’s financial condition, results of operations or cash flows. |
Subsequent Event Subsequent Eve
Subsequent Event Subsequent Event (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | (9) Subsequent Event On January 2, 2017 , the Company declared a quarterly dividend on its common stock of $0.2225 per share or $169,700,000 , payable February 1, 2017 to stockholders of record as of the close of business January 13, 2017 . |
Quarterly Information (unaudite
Quarterly Information (unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Information (unaudited) | (10) Quarterly Information (unaudited) Following is a summary of the quarterly results of operations for 2016 and 2015 . All quarters have 13 weeks, except the fourth quarter of 2016 which has 14 weeks. . Quarter First Second Third Fourth (Amounts are in thousands, except per share amounts) 2016 Revenues $ 8,790,561 8,190,537 8,090,649 9,202,362 Costs and expenses 7,963,774 7,531,186 7,555,012 8,472,486 Net earnings 581,889 478,187 421,135 544,477 Basic and diluted earnings per share 0.75 0.62 0.55 0.71 2015 Revenues $ 8,412,745 8,018,031 7,902,144 8,285,839 Costs and expenses 7,638,951 7,349,591 7,344,018 7,607,958 Net earnings 548,918 482,741 412,314 521,075 Basic and diluted earnings per share 0.71 0.62 0.53 0.68 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Schedule II PUBLIX SUPER MARKETS, INC. Valuation and Qualifying Accounts Years ended December 31, 2016 , December 26, 2015 and December 27, 2014 Balance at Beginning of Year Additions Charged to Income Deductions From Reserves Balance at End of Year (Amounts are in thousands) Year Ended December 31, 2016 Reserves not deducted from assets: Self-insurance reserves: Current $ 135,865 341,699 338,010 139,554 Noncurrent 214,474 1,651 — 216,125 $ 350,339 343,350 338,010 355,679 Year Ended December 26, 2015 Reserves not deducted from assets: Self-insurance reserves: Current $ 151,153 300,336 315,624 135,865 Noncurrent 213,213 1,261 — 214,474 $ 364,366 301,597 315,624 350,339 Year Ended December 27, 2014 Reserves not deducted from assets: Self-insurance reserves: Current $ 150,860 317,734 317,441 151,153 Noncurrent 205,181 8,032 — 213,213 $ 356,041 325,766 317,441 364,366 |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Business | Business Publix Super Markets, Inc. and its wholly owned subsidiaries (the Company) are in the business of operating retail food supermarkets in Florida, Georgia, Alabama, South Carolina, Tennessee and North Carolina. The Company plans to expand its retail operations into Virginia in 2017. The Company was founded in 1930 and later merged into another corporation that was originally incorporated in 1921. The Company has no other significant lines of business or industry segments. See percentage of consolidated sales by merchandise category on page 1. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries and certain joint ventures in which the Company has a controlling financial interest. All significant intercompany balances and transactions are eliminated in consolidation. |
Fiscal Year | Fiscal Year The Company’s fiscal year ends on the last Saturday in December. Fiscal year 2016 includes 53 weeks and fiscal years 2015 and 2014 include 52 weeks. |
Cash Equivalents | Cash Equivalents The Company considers all liquid investments with maturities of three months or less to be cash equivalents. |
Trade Receivables | Trade Receivables Trade receivables primarily include amounts due from vendor allowances, debit and credit card sales and third party insurance pharmacy billings. |
Inventories | Inventories Inventories are valued at the lower of cost or market. The cost for 83% and 84% of inventories was determined using the dollar value last-in, first-out (LIFO) method as of December 31, 2016 and December 26, 2015 , respectively. Under this method, inventory is stated at cost, which is determined by applying a cost-to-retail ratio to each similar merchandise category’s ending retail value. The cost of the remaining inventories was determined using the first-in, first-out (FIFO) method. The FIFO cost of inventory approximates replacement or current cost. The FIFO method is used to value manufactured, seasonal, certain perishable and other miscellaneous inventory items because of fluctuating costs and inconsistent product availability. The Company also reduces inventory for estimated losses related to shrink. If all inventories were valued using the FIFO method, inventories and current assets would have been higher than reported by $441,860,000 and $446,503,000 as of December 31, 2016 and December 26, 2015 , respectively. |
Investments | Investments Debt and equity securities are classified as available-for-sale (AFS) and carried at fair value. The Company evaluates whether AFS securities are other-than-temporarily impaired (OTTI) based on criteria that include the extent to which cost exceeds market value, the duration of the market value decline, the credit rating of the issuer or security, the failure of the issuer to make scheduled principal or interest payments and the financial health and prospects of the issuer or security. Declines in the value of AFS securities determined to be OTTI are recognized in earnings and reported as OTTI losses. Debt securities with unrealized losses are considered OTTI if the Company intends to sell the debt security or if the Company will be required to sell the debt security prior to any anticipated recovery. If the Company determines that a debt security is OTTI under these circumstances, the impairment recognized in earnings is measured as the difference between the amortized cost and the current fair value. A debt security is also determined to be OTTI if the Company does not expect to recover the amortized cost of the debt security. However, in this circumstance, if the Company does not intend to sell the debt security and will not be required to sell the debt security, the impairment recognized in earnings equals the estimated credit loss as measured by the difference between the present value of expected cash flows and the amortized cost of the debt security. Expected cash flows are discounted using the debt security’s effective interest rate. An equity security is determined to be OTTI if the Company does not expect to recover the cost of the equity security. Declines in the value of AFS securities determined to be temporary are reported net of income taxes as other comprehensive losses and included as a component of stockholders’ equity. Interest and dividend income, amortization of premiums, accretion of discounts and realized gains and losses on AFS securities are included in investment income. Interest income is accrued as earned. Dividend income is recognized as income on the ex-dividend date of the security. The cost of AFS securities sold is based on the FIFO method. |
Property, Plant and Equipment and Depreciation | Property, Plant and Equipment and Depreciation Assets are recorded at cost and are depreciated using the straight-line method over their estimated useful lives or the terms of the related leases, if shorter, as follows: Buildings and improvements 10–40 years Furniture, fixtures and equipment 3–20 years Leasehold improvements 10–20 years Maintenance and repairs are charged to operating expenses as incurred. Expenditures for renewals and betterments are capitalized. The gain or loss realized on disposed assets or assets to be disposed of is recorded as operating and administrative expenses in the consolidated statements of earnings. |
Long-Lived Assets | Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the net book value of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the net book value of an asset to the future net undiscounted cash flows expected to be generated by the asset. An impairment loss is recorded for the excess of the net book value over the fair value of the asset. The fair value is estimated based on expected discounted future cash flows. Assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell and are no longer depreciated. Long-lived assets, including buildings and improvements, leasehold improvements, and furniture, fixtures and equipment, are evaluated for impairment at the supermarket level. |
Self-Insurance | Self-Insurance The Company is self-insured for health care claims and property, plant and equipment losses. The Company has insurance coverage for losses in excess of self-insurance limits for workers’ compensation, general liability and fleet liability claims. Self-insurance reserves are established for health care, workers’ compensation, general liability and fleet liability claims. These reserves are determined based on actual claims experience and an estimate of claims incurred but not reported including, where necessary, actuarial studies. Actuarial projections of losses for general liability and workers’ compensation claims are discounted. |
Postretirement Benefit | Postretirement Benefit The Company provides a postretirement life insurance benefit for certain salaried and hourly full-time employees who meet the eligibility requirements. Effective January 1, 2002, the Company amended the postretirement life insurance benefit under its Group Life Insurance Plan. To receive the postretirement life insurance benefit after the amendment, an employee must have had at least five years of full-time service and the employee’s age plus years of credited service must have equaled 65 or greater as of October 1, 2001. At retirement, such employees also must be at least age 55 with at least 10 years of full-time service to be eligible to receive the postretirement life insurance benefit. Actuarial projections are used to calculate the year end postretirement benefit obligation, discounted using a yield curve methodology based on high quality bonds with a rating of AA or better. Actuarial losses are amortized from accumulated other comprehensive earnings into net periodic postretirement benefit cost over future years when the accumulation of such losses exceeds 10% of the year end postretirement benefit obligation. |
Comprehensive Earnings | Comprehensive Earnings Comprehensive earnings include net earnings and other comprehensive earnings. Other comprehensive earnings include revenues, expenses, gains and losses that have been excluded from net earnings and recorded directly to stockholders’ equity. Included in other comprehensive earnings for the Company are unrealized gains and losses on AFS securities and adjustments to the postretirement benefit obligation. |
Revenue Recognition | Revenue Recognition Revenue is recognized at the point of sale for retail sales. Customer returns are immaterial. Vendor coupons that are reimbursed are accounted for as sales. Coupons and other sales incentives offered by the Company that are not reimbursed are recorded as a reduction of sales. |
Sales Taxes | Sales Taxes The Company records sales net of applicable sales taxes. |
Other Operating Income | Other Operating Income Other operating income is recognized on a net revenue basis as earned. Other operating income includes income generated from other activities, primarily lottery commissions, licensee sales commissions, automated teller transaction fees, mall gift card commissions, vending machine commissions, money transfer fees and coupon redemption income. |
Cost of Merchandise Sold | Cost of Merchandise Sold Cost of merchandise sold includes costs of inventory and costs related to in-store production. Cost of merchandise sold also includes inbound freight charges, purchasing and receiving costs, warehousing costs and other costs of the Company’s distribution network. Allowances and credits, including cooperative advertising allowances, received from a vendor in connection with the purchase or promotion of the vendor’s products are recognized as a reduction of cost of merchandise sold as earned. These allowances and credits are recognized as earned in accordance with the underlying agreement with the vendor and completion of the earnings process. Short-term vendor agreements with advance payment provisions are recorded as a current liability and recognized over the appropriate period as earned according to the underlying agreements. Long-term vendor agreements with advance payment provisions are recorded as a noncurrent liability and recognized over the appropriate period as earned according to the underlying agreements. |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred and were $260,367,000 , $248,454,000 and $232,499,000 for 2016 , 2015 and 2014 , respectively. |
Other Nonoperating Income, net | Other Nonoperating Income, net Other nonoperating income, net includes rent received from tenants in owned shopping centers, net of related expenses, and other miscellaneous nonoperating income. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are established for temporary differences between financial and tax reporting bases and are subsequently adjusted to reflect changes in tax rates expected to be in effect when the temporary differences reverse. The Company recognizes accrued interest and penalties related to income tax liabilities as a component of income tax expense. The Company invests in certain investment related tax credits that promote affordable housing and renewable energy. These investments generate a return primarily through the realization of federal and state tax credits and other tax benefits. The Company accounts for its affordable housing investments using the proportional amortization method. Under this method, the investment is amortized into income tax expense in proportion to the tax credits received and the investment tax credits are recognized as a reduction of income tax expense. The Company accounts for its renewable energy investments using the deferral method. Under this method, the investment tax credits are recognized as a reduction of the renewable energy investments. |
Common Stock and Earnings Per Share | Common Stock and Earnings Per Share Basic and diluted earnings per share are calculated by dividing net earnings by the weighted average shares outstanding. Basic and diluted earnings per share are the same because the Company does not have options or other stock compensation programs that impact the calculation of diluted earnings per share. All shares owned by the Employee Stock Ownership Plan (ESOP) are included in the earnings per share calculations. Dividends paid to the ESOP, as well as dividends on all other common stock shares, are reflected as a reduction of retained earnings. All common stock shares, including ESOP and 401(k) Plan shares, receive one vote per share and have the same dividend rights. The voting rights for ESOP shares allocated to participants’ accounts are passed through to the participants. The Trustee of the Company’s common stock in the 401(k) Plan votes the shares held in that plan. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Assets Recorded at Cost and Depreciated Using Straight-Line Method Over Estimated Useful Lives or Terms of Related Leases, If Shorter | Assets are recorded at cost and are depreciated using the straight-line method over their estimated useful lives or the terms of the related leases, if shorter, as follows: Buildings and improvements 10–40 years Furniture, fixtures and equipment 3–20 years Leasehold improvements 10–20 years |
Fair Value of Financial Instr23
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value Measurements for Available for Sale Securities | Following is a summary of fair value measurements for AFS securities as of December 31, 2016 and December 26, 2015 : Fair Value Level 1 Level 2 Level 3 (Amounts are in thousands) December 31, 2016 $ 6,738,618 1,286,625 5,451,993 — December 26, 2015 6,602,934 1,049,791 5,553,143 — |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Available For Sale Securities | Following is a summary of AFS securities as of December 31, 2016 and December 26, 2015 : Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Amounts are in thousands) 2016 Tax exempt bonds $ 3,036,060 2,211 24,649 3,013,622 Taxable bonds 2,469,192 1,359 33,903 2,436,648 Restricted investments 164,548 — 463 164,085 Equity securities 1,021,340 110,879 7,956 1,124,263 $ 6,691,140 114,449 66,971 6,738,618 2015 Tax exempt bonds $ 3,336,841 12,038 2,737 3,346,142 Taxable bonds 2,214,366 1,492 10,399 2,205,459 Restricted investments 164,548 — 1,389 163,159 Equity securities 836,153 78,378 26,357 888,174 $ 6,551,908 91,908 40,882 6,602,934 |
Amortized Cost and Fair Value of Available for Sale Securities by Expected Maturity | The amortized cost and fair value of AFS securities by expected maturity as of December 31, 2016 and December 26, 2015 are as follows: 2016 2015 Amortized Cost Fair Value Amortized Cost Fair Value (Amounts are in thousands) Due in one year or less $ 1,592,144 1,591,740 1,375,450 1,376,698 Due after one year through five years 3,218,371 3,187,739 3,951,600 3,948,654 Due after five years through ten years 680,641 656,162 161,732 162,999 Due after ten years 14,096 14,629 62,425 63,250 5,505,252 5,450,270 5,551,207 5,551,601 Restricted investments 164,548 164,085 164,548 163,159 Equity securities 1,021,340 1,124,263 836,153 888,174 $ 6,691,140 6,738,618 6,551,908 6,602,934 |
Temporarily Impaired Available for Sale Securities by Time Period Impaired | Following is a summary of temporarily impaired AFS securities by the time period impaired as of December 31, 2016 and December 26, 2015 : 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) 2016 Tax exempt bonds $ 2,360,143 24,416 6,099 233 2,366,242 24,649 Taxable bonds 1,921,367 33,354 51,769 549 1,973,136 33,903 Restricted investments 164,085 463 — — 164,085 463 Equity securities 61,625 3,924 38,141 4,032 99,766 7,956 Total temporarily impaired AFS securities $ 4,507,220 62,157 96,009 4,814 4,603,229 66,971 2015 Tax exempt bonds $ 890,907 2,264 63,474 473 954,381 2,737 Taxable bonds 1,676,719 9,988 70,309 411 1,747,028 10,399 Restricted investments 163,159 1,389 — — 163,159 1,389 Equity securities 274,517 20,561 16,112 5,796 290,629 26,357 Total temporarily impaired AFS securities $ 3,005,302 34,202 149,895 6,680 3,155,197 40,882 |
Aggregate Maturities of Long-Te
Aggregate Maturities of Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Maturities of Long-term Debt [Abstract] | |
Aggregate Annual Maturities and Scheduled Payments of Long-Term Debt | As of December 31, 2016 , the aggregate annual maturities and scheduled payments of long-term debt are as follows: Year (Amounts are in thousands) 2017 $ 113,999 2018 37,873 2019 4,649 2020 19,150 2021 15,323 Thereafter 59,590 $ 250,584 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Allocation Of Income Taxes [Table Text Block] | Total income taxes for 2016 , 2015 and 2014 were allocated as follows: 2016 2015 2014 (Amounts are in thousands) Earnings $ 914,688 904,213 834,813 Other comprehensive (losses) earnings (1,789 ) (52,183 ) 13,938 $ 912,899 852,030 848,751 |
Provision for Income Taxes | The provision for income taxes consists of the following: Current Deferred Total (Amounts are in thousands) 2016 Federal $ 820,989 20,697 841,686 State 69,342 3,660 73,002 $ 890,331 24,357 914,688 2015 Federal $ 758,084 97,586 855,670 State 37,555 10,988 48,543 $ 795,639 108,574 904,213 2014 Federal $ 754,187 2,021 756,208 State 78,234 371 78,605 $ 832,421 2,392 834,813 |
Reconciliation of Provision for Income Taxes at Federal Statutory Tax Rate to Earnings Before Income Taxes | A reconciliation of the provision for income taxes at the federal statutory tax rate of 35% to earnings before income taxes compared to the Company’s actual income tax expense is as follows: 2016 2015 2014 (Amounts are in thousands) Federal tax at statutory tax rate $ 1,029,132 1,004,241 899,542 State income taxes (net of federal tax benefit) 47,451 31,553 51,093 ESOP dividend (65,232 ) (62,630 ) (61,270 ) Other, net (96,663 ) (68,951 ) (54,552 ) $ 914,688 904,213 834,813 |
Tax Effects of Temporary Differences That Give Rise to Deferred Tax Assets and Deferred Tax Liabilities | The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities as of December 31, 2016 and December 26, 2015 are as follows: 2016 2015 (Amounts are in thousands) Deferred tax assets: Self-insurance reserves $ 119,613 118,082 Retirement plan contributions 63,432 61,898 Postretirement benefit cost 41,362 40,883 Investment tax credits 33,170 6,832 Inventory capitalization 18,294 15,072 Purchase allowances 18,005 13,792 Leases 15,903 19,250 Reserves not currently deductible 8,675 10,873 Other 3,649 1,489 Total deferred tax assets $ 322,103 288,171 Deferred tax liabilities: Property, plant and equipment, primarily due to depreciation $ 704,233 615,408 Other 14,354 46,679 Total deferred tax liabilities $ 718,587 662,087 |
Accumulated Other Comprehensi27
Accumulated Other Comprehensive Earnings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Earnings (Losses) | AFS Securities Postretirement Benefit Accumulated Other Comprehensive Earnings (Amounts are in thousands) Balances at December 28, 2013 $ 94,836 (7,837 ) 86,999 Unrealized gain on AFS securities 58,968 — 58,968 Net realized gain on AFS securities reclassified to investment income (35,842 ) — (35,842 ) Amortization of actuarial loss reclassified to operating and administrative expenses — (991 ) (991 ) Net other comprehensive earnings (losses) 23,126 (991 ) 22,135 Balances at December 27, 2014 117,962 (8,828 ) 109,134 Unrealized loss on AFS securities (43,838 ) — (43,838 ) Net realized gain on AFS securities reclassified to investment income (42,829 ) — (42,829 ) Amortization of actuarial gain reclassified to operating and administrative expenses — 3,801 3,801 Net other comprehensive (losses) earnings (86,667 ) 3,801 (82,866 ) Balances at December 26, 2015 31,295 (5,027 ) 26,268 Unrealized gain on AFS securities 17,615 — 17,615 Net realized gain on AFS securities reclassified to investment income (19,792 ) — (19,792 ) Amortization of actuarial loss reclassified to operating and administrative expenses — (664 ) (664 ) Net other comprehensive losses (2,177 ) (664 ) (2,841 ) Balances at December 31, 2016 $ 29,118 (5,691 ) 23,427 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases, Operating [Abstract] | |
Total Rental Expense | Total rental expense for 2016 , 2015 and 2014 is as follows: 2016 2015 2014 (Amounts are in thousands) Minimum rentals $ 419,032 426,703 439,525 Contingent rentals 125,406 123,152 118,839 Sublease rental income (4,577 ) (4,979 ) (4,867 ) $ 539,861 544,876 553,497 |
Future Minimum Lease Payments for All Noncancelable Operating Leases and Related Subleases | As of December 31, 2016 , future minimum lease payments for all noncancelable operating leases and related subleases are as follows: Year Minimum Rental Commitments Sublease Rental Income Net (Amounts are in thousands) 2017 $ 428,303 4,869 423,434 2018 405,174 3,968 401,206 2019 375,484 3,601 371,883 2020 337,991 440 337,551 2021 301,747 230 301,517 Thereafter 1,893,907 1,066 1,892,841 $ 3,742,606 14,174 3,728,432 |
Operating Leases Future Minimum Payments Received Fiscal Year Maturity Schedule [Table Text Block] | As of December 31, 2016 , future minimum rental payments to be received for all noncancelable operating leases are as follows: Year (Amounts are in thousands) 2017 $ 105,570 2018 88,336 2019 69,811 2020 52,371 2021 32,995 Thereafter 125,202 $ 474,285 |
Quarterly Information (unaudi29
Quarterly Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations | Following is a summary of the quarterly results of operations for 2016 and 2015 . All quarters have 13 weeks, except the fourth quarter of 2016 which has 14 weeks. . Quarter First Second Third Fourth (Amounts are in thousands, except per share amounts) 2016 Revenues $ 8,790,561 8,190,537 8,090,649 9,202,362 Costs and expenses 7,963,774 7,531,186 7,555,012 8,472,486 Net earnings 581,889 478,187 421,135 544,477 Basic and diluted earnings per share 0.75 0.62 0.55 0.71 2015 Revenues $ 8,412,745 8,018,031 7,902,144 8,285,839 Costs and expenses 7,638,951 7,349,591 7,344,018 7,607,958 Net earnings 548,918 482,741 412,314 521,075 Basic and diluted earnings per share 0.71 0.62 0.53 0.68 |
Schedule II - Valuation and Q30
Schedule II - Valuation and Qualifying Accounts Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II Valuation of Qualifying Accounts [Table Text Block] | Balance at Beginning of Year Additions Charged to Income Deductions From Reserves Balance at End of Year (Amounts are in thousands) Year Ended December 31, 2016 Reserves not deducted from assets: Self-insurance reserves: Current $ 135,865 341,699 338,010 139,554 Noncurrent 214,474 1,651 — 216,125 $ 350,339 343,350 338,010 355,679 Year Ended December 26, 2015 Reserves not deducted from assets: Self-insurance reserves: Current $ 151,153 300,336 315,624 135,865 Noncurrent 213,213 1,261 — 214,474 $ 364,366 301,597 315,624 350,339 Year Ended December 27, 2014 Reserves not deducted from assets: Self-insurance reserves: Current $ 150,860 317,734 317,441 151,153 Noncurrent 205,181 8,032 — 213,213 $ 356,041 325,766 317,441 364,366 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2016USD ($)Age | Dec. 26, 2015USD ($) | Dec. 27, 2014USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||
Percent of cost for inventories determined using LIFO | 83.00% | 84.00% | |
Inventories and current assets excess if reported as FIFO | $ | $ 441,860,000 | $ 446,503,000 | |
Advertising costs | $ | $ 260,367,000 | $ 248,454,000 | $ 232,499,000 |
Postretirement Benefits Number Of Years Of Service For Eligibility | 5 years | ||
Age Plus Years Of Service Required To Qualify For Post Retirement Benefits | Age | 65 | ||
Minimum Retirement Age For Eligible Employees Of Postretirement Plans | Age | 55 | ||
Minimum Years Of Service For Eligible Employees Of Postretirement Plans | 10 years | ||
Accumulation Of Losses Exceeds Benefit Obligation | 10.00% |
Assets Recorded at Cost and Dep
Assets Recorded at Cost and Depreciated Using Straight-Line Method Over Estimated Useful Lives or Terms of Related Leases, If Shorter (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Buildings and improvements | Minimum | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Estimated useful life, years | 10 years |
Buildings and improvements | Maximum | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Estimated useful life, years | 40 years |
Furniture and Fixtures [Member] | Minimum | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Estimated useful life, years | 3 years |
Furniture and Fixtures [Member] | Maximum | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Estimated useful life, years | 20 years |
Leasehold improvements | Minimum | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Estimated useful life, years | 10 years |
Leasehold improvements | Maximum | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Estimated useful life, years | 20 years |
Summary of Fair Value Measureme
Summary of Fair Value Measurements for Available for Sale Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 26, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of available-for-sale securities | $ 6,738,618 | $ 6,602,934 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of available-for-sale securities | 1,286,625 | 1,049,791 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of available-for-sale securities | 5,451,993 | 5,553,143 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of available-for-sale securities | $ 0 | $ 0 |
Available for Sale Securities (
Available for Sale Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 26, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 6,691,140 | $ 6,551,908 |
Gross Unrealized Gains | 114,449 | 91,908 |
Gross Unrealized Losses | 66,971 | 40,882 |
Fair Value | 6,738,618 | 6,602,934 |
Tax exempt bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 3,036,060 | 3,336,841 |
Gross Unrealized Gains | 2,211 | 12,038 |
Gross Unrealized Losses | 24,649 | 2,737 |
Fair Value | 3,013,622 | 3,346,142 |
Taxable bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,469,192 | 2,214,366 |
Gross Unrealized Gains | 1,359 | 1,492 |
Gross Unrealized Losses | 33,903 | 10,399 |
Fair Value | 2,436,648 | 2,205,459 |
Restricted investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 164,548 | 164,548 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 463 | 1,389 |
Fair Value | 164,085 | 163,159 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,021,340 | 836,153 |
Gross Unrealized Gains | 110,879 | 78,378 |
Gross Unrealized Losses | 7,956 | 26,357 |
Fair Value | $ 1,124,263 | $ 888,174 |
Investments - Additional Inform
Investments - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2016USD ($)Securities | Dec. 26, 2015USD ($) | Dec. 27, 2014USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |||
Total realized gains on sales of AFS securities | $ 47,633,000 | $ 94,778,000 | $ 61,390,000 |
Total realized losses on sales of AFS securities | $ 15,377,000 | 24,977,000 | $ 2,977,000 |
Number of AFS securities issues contributing to total unrealized loss | Securities | 649 | ||
Total, Unrealized Losses | $ 66,971,000 | $ 40,882,000 |
Amortized Cost and Fair Value o
Amortized Cost and Fair Value of Available for Sale Securities by Expected Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 26, 2015 |
Amortized Cost | ||
Due in one year or less | $ 1,592,144 | $ 1,375,450 |
Due after one year through five years | 3,218,371 | 3,951,600 |
Due after five years through ten years | 680,641 | 161,732 |
Due after ten years | 14,096 | 62,425 |
Available-for-sale Securities, Debt Maturities, Amortized Cost | 5,505,252 | 5,551,207 |
Amortized cost of available-for-sale securities | 6,691,140 | 6,551,908 |
Fair Value | ||
Due in one year or less | 1,591,740 | 1,376,698 |
Due after one year through five years | 3,187,739 | 3,948,654 |
Due after five years through ten years | 656,162 | 162,999 |
Due after ten years | 14,629 | 63,250 |
Available-for-sale Securities, Debt Maturities, Fair Value | 5,450,270 | 5,551,601 |
Fair value of available-for-sale securities | 6,738,618 | 6,602,934 |
Restricted investments | ||
Amortized Cost | ||
Amortized cost of available-for-sale securities | 164,548 | 164,548 |
Fair Value | ||
Fair value of available-for-sale securities | 164,085 | 163,159 |
Equity securities | ||
Amortized Cost | ||
Amortized cost of available-for-sale securities | 1,021,340 | 836,153 |
Fair Value | ||
Fair value of available-for-sale securities | $ 1,124,263 | $ 888,174 |
Temporarily Impaired Available
Temporarily Impaired Available for Sale Securities by Time Period Impaired (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 26, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | $ 4,507,220 | $ 3,005,302 |
Less than 12 Months, Unrealized Loss | 62,157 | 34,202 |
12 Months or Longer, Fair Value | 96,009 | 149,895 |
12 Months or Longer, Unrealized Loss | 4,814 | 6,680 |
Total, Fair Value | 4,603,229 | 3,155,197 |
Total, Unrealized Loss | 66,971 | 40,882 |
Tax exempt bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 2,360,143 | 890,907 |
Less than 12 Months, Unrealized Loss | 24,416 | 2,264 |
12 Months or Longer, Fair Value | 6,099 | 63,474 |
12 Months or Longer, Unrealized Loss | 233 | 473 |
Total, Fair Value | 2,366,242 | 954,381 |
Total, Unrealized Loss | 24,649 | 2,737 |
Taxable bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 1,921,367 | 1,676,719 |
Less than 12 Months, Unrealized Loss | 33,354 | 9,988 |
12 Months or Longer, Fair Value | 51,769 | 70,309 |
12 Months or Longer, Unrealized Loss | 549 | 411 |
Total, Fair Value | 1,973,136 | 1,747,028 |
Total, Unrealized Loss | 33,903 | 10,399 |
Restricted investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 164,085 | 163,159 |
Less than 12 Months, Unrealized Loss | 463 | 1,389 |
12 Months or Longer, Fair Value | 0 | 0 |
12 Months or Longer, Unrealized Loss | 0 | 0 |
Total, Fair Value | 164,085 | 163,159 |
Total, Unrealized Loss | 463 | 1,389 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 61,625 | 274,517 |
Less than 12 Months, Unrealized Loss | 3,924 | 20,561 |
12 Months or Longer, Fair Value | 38,141 | 16,112 |
12 Months or Longer, Unrealized Loss | 4,032 | 5,796 |
Total, Fair Value | 99,766 | 290,629 |
Total, Unrealized Loss | $ 7,956 | $ 26,357 |
Consolidation of Joint Ventur38
Consolidation of Joint Ventures and Long-Term Debt Joint Ventures - Additional Information (Details) - USD ($) | Dec. 31, 2016 | Dec. 26, 2015 |
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||
Carrying amount of assets of the consolidated JVs | $ 102,254,000 | $ 141,355,000 |
Carrying amount of liabilities of the consolidated JVs | $ 53,278,000 | $ 64,928,000 |
Consolidation of Joint Ventur39
Consolidation of Joint Ventures and Long-Term Debt Long Term Debt Assumptions, Maturities and Interest Rates (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 26, 2015 | |
Debt Instrument [Line Items] | ||
Loans Assumed | $ 63,966,000 | $ 40,287,000 |
JV Loans [Member] | Minimum | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |
Debt Instrument Maturity Month And Year | 2017-04 | |
JV Loans [Member] | Maximum | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |
Debt Instrument Maturity Month And Year | 2017-06 | |
Secured Debt [Member] | Minimum | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | |
Debt Instrument Maturity Month And Year | 2017-03 | |
Secured Debt [Member] | Maximum | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | |
Debt Instrument Maturity Month And Year | 2027-01 |
Aggregate Annual Maturities and
Aggregate Annual Maturities and Scheduled Payments of Long-Term Debt (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2,017 | $ 113,999 |
2,018 | 37,873 |
2,019 | 4,649 |
2,020 | 19,150 |
2,021 | 15,323 |
Thereafter | 59,590 |
Long-term Debt, Total | $ 250,584 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Retirement Plans Disclosure [Abstract] | |||
Compensation expense (ESOP) | $ 334,422,000 | $ 337,703,000 | $ 310,050,000 |
Distributed shares subject to put option, fair value | 425,514,000 | 427,226,000 | |
ESOP, shares cost | 2,642,583,000 | 2,526,652,000 | |
Common stock related to ESOP | 3,068,097,000 | 2,953,878,000 | |
ESOP shares, fair value | $ 8,356,659,000 | $ 9,201,171,000 | |
Maximum contribution percentage of employees' eligible annual compensation | 10.00% | ||
Percentage of company match approved for eligible contributions | 50.00% | 50.00% | |
Percentage of eligible wages for matching contributions | 3.00% | 3.00% | |
Maximum amount match per employee | $ 750 | $ 750 | |
Compensation Expense (401(k)) | $ 30,899,000 | $ 30,775,000 | $ 28,475,000 |
Total Income Taxes (Detail)
Total Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Income Tax Disclosure [Abstract] | |||
Earnings | $ 914,688 | $ 904,213 | $ 834,813 |
Other comprehensive (losses) earnings | (1,789) | (52,183) | 13,938 |
Income Tax Expense, Intraperiod Tax Allocation | $ 912,899 | $ 852,030 | $ 848,751 |
Provision for Income Taxes (Det
Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Current | |||
Federal | $ 820,989 | $ 758,084 | $ 754,187 |
State | 69,342 | 37,555 | 78,234 |
Current income tax expense | 890,331 | 795,639 | 832,421 |
Deferred | |||
Federal | 20,697 | 97,586 | 2,021 |
State | 3,660 | 10,988 | 371 |
Deferred income taxes | 24,357 | 108,574 | 2,392 |
Federal | 841,686 | 855,670 | 756,208 |
State | 73,002 | 48,543 | 78,605 |
Income tax expense | $ 914,688 | $ 904,213 | $ 834,813 |
Reconciliation of Provision for
Reconciliation of Provision for Income Taxes at Federal Statutory Tax Rate to Earnings Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Income Tax Disclosure [Abstract] | |||
Federal tax at statutory tax rate | $ 1,029,132 | $ 1,004,241 | $ 899,542 |
State income taxes (net of federal tax benefit) | 47,451 | 31,553 | 51,093 |
ESOP dividend | (65,232) | (62,630) | (61,270) |
Other, net | (96,663) | (68,951) | (54,552) |
Income tax expense | $ 914,688 | $ 904,213 | $ 834,813 |
Tax Effect of Temporary Differe
Tax Effect of Temporary Differences That Give Rise to Deferred Tax Assets and Deferred Tax Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 26, 2015 |
Deferred tax assets: | ||
Self-insurance reserves | $ 119,613 | $ 118,082 |
Retirement plan contributions | 63,432 | 61,898 |
Postretirement benefit cost | 41,362 | 40,883 |
Investment tax credits | 33,170 | 6,832 |
Inventory capitalization | 18,294 | 15,072 |
Purchase allowances | 18,005 | 13,792 |
Leases | 15,903 | 19,250 |
Reserves not currently deductible | 8,675 | 10,873 |
Other | 3,649 | 1,489 |
Total deferred tax assets | 322,103 | 288,171 |
Deferred tax liabilities: | ||
Property, plant and equipment, primarily due to depreciation | 704,233 | 615,408 |
Other | 14,354 | 46,679 |
Total deferred tax liabilities | $ 718,587 | $ 662,087 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 26, 2015 | |
Income Tax Disclosure [Abstract] | ||
Federal statutory tax rate | 35.00% | 35.00% |
Deferred Tax Assets, Valuation Allowance | $ 0 | $ 0 |
Unrecognized tax benefits | $ 0 | $ 0 |
Accumulated Other Comprehensi47
Accumulated Other Comprehensive Earnings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Accumulated Other Comprehensive Earnings (Losses), Net of Tax [Roll Forward] | |||
Balances at beginning of period | $ 26,268 | $ 109,134 | $ 86,999 |
Unrealized gain on AFS securities | 17,615 | (43,838) | 58,968 |
Net realized gain on AFS securities reclassified to investment income | (19,792) | (42,829) | (35,842) |
Amortization of actuarial loss reclassified to operating and administrative expenses | (664) | 3,801 | (991) |
Net other comprehensive earnings (losses) | (2,841) | (82,866) | 22,135 |
Balances at end of period | 23,427 | 26,268 | 109,134 |
AFS Securities | |||
Accumulated Other Comprehensive Earnings (Losses), Net of Tax [Roll Forward] | |||
Balances at beginning of period | 31,295 | 117,962 | 94,836 |
Unrealized gain on AFS securities | 17,615 | (43,838) | 58,968 |
Net realized gain on AFS securities reclassified to investment income | (19,792) | (42,829) | (35,842) |
Net other comprehensive earnings (losses) | (2,177) | (86,667) | 23,126 |
Balances at end of period | 29,118 | 31,295 | 117,962 |
Postretirement Benefit | |||
Accumulated Other Comprehensive Earnings (Losses), Net of Tax [Roll Forward] | |||
Balances at beginning of period | (5,027) | (8,828) | (7,837) |
Amortization of actuarial loss reclassified to operating and administrative expenses | (664) | 3,801 | (991) |
Net other comprehensive earnings (losses) | (664) | 3,801 | (991) |
Balances at end of period | $ (5,691) | $ (5,027) | $ (8,828) |
Commitments and Contingencies O
Commitments and Contingencies Operating Leases - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 20 years |
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 5 years |
Total Rental Expense (Detail)
Total Rental Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Leases, Operating [Abstract] | |||
Minimum rentals | $ 419,032 | $ 426,703 | $ 439,525 |
Contingent rentals | 125,406 | 123,152 | 118,839 |
Sublease rental income | (4,577) | (4,979) | (4,867) |
Operating leases rent expense total | $ 539,861 | $ 544,876 | $ 553,497 |
Future Minimum Lease Payments f
Future Minimum Lease Payments for All Noncancelable Operating Leases and Related Subleases (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Operating Leased Assets [Line Items] | |
2,017 | $ 423,434 |
2,018 | 401,206 |
2,019 | 371,883 |
2,020 | 337,551 |
2,021 | 301,517 |
Thereafter | 1,892,841 |
Operating Leases, Future Minimum Payments Due, Total | 3,728,432 |
Minimum Rental Commitments | |
Operating Leased Assets [Line Items] | |
2,017 | 428,303 |
2,018 | 405,174 |
2,019 | 375,484 |
2,020 | 337,991 |
2,021 | 301,747 |
Thereafter | 1,893,907 |
Operating Leases, Future Minimum Payments Due, Total | 3,742,606 |
Sublease Rental Income | |
Operating Leased Assets [Line Items] | |
2,017 | 4,869 |
2,018 | 3,968 |
2,019 | 3,601 |
2,020 | 440 |
2,021 | 230 |
Thereafter | 1,066 |
Operating Leases, Future Minimum Payments Due, Total | $ 14,174 |
Commitments and Contingencies51
Commitments and Contingencies Operating Leases Lessor - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Leases [Abstract] | |||
Rental Income, Nonoperating | $ 133,656,000 | $ 95,519,000 | $ 63,026,000 |
Commitments and Contingencies F
Commitments and Contingencies Future Minimum Rental Payments to be Received (Details) | Dec. 31, 2016USD ($) |
Leases, Operating [Abstract] | |
2,017 | $ 105,570 |
2,018 | 88,336 |
2,019 | 69,811 |
2,020 | 52,371 |
2,021 | 32,995 |
Thereafter | 125,202 |
Operating Leases, Future Minimum Payments Receivable | $ 474,285 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Trade Letter of Credit | |
Commitments and Contingencies [Line Items] | |
Letter of credit to support purchase obligation | $ 7,597 |
Standby Letters of Credit | |
Commitments and Contingencies [Line Items] | |
Letter of credit to support purchase obligation | $ 11,799 |
Subsequent Event Subsequent E54
Subsequent Event Subsequent Event (Details) - USD ($) | Feb. 01, 2017 | Jan. 13, 2017 | Jan. 02, 2017 |
Subsequent Events [Abstract] | |||
Dividends Payable, Date Declared | Jan. 2, 2017 | ||
Common Stock, Dividends, Per Share, Declared | $ 0.2225 | ||
Dividends, Common Stock, Cash | $ 169,700,000 | ||
Dividends Payable, Date to be Paid | Feb. 1, 2017 | ||
Dividends Payable, Date of Record | Jan. 13, 2017 |
Quarterly Results of Operations
Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 24, 2016 | Jun. 25, 2016 | Mar. 26, 2016 | Dec. 26, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 9,202,362 | $ 8,090,649 | $ 8,190,537 | $ 8,790,561 | $ 8,285,839 | $ 7,902,144 | $ 8,018,031 | $ 8,412,745 | $ 34,274,109 | $ 32,618,759 | $ 30,802,466 |
Costs and expenses | 8,472,486 | 7,555,012 | 7,531,186 | 7,963,774 | 7,607,958 | 7,344,018 | 7,349,591 | 7,638,951 | 31,522,458 | 29,940,518 | 28,401,605 |
Net earnings | $ 544,477 | $ 421,135 | $ 478,187 | $ 581,889 | $ 521,075 | $ 412,314 | $ 482,741 | $ 548,918 | $ 2,025,688 | $ 1,965,048 | $ 1,735,308 |
Basic and diluted earnings per share (in dollars per share) | $ 0.71 | $ 0.55 | $ 0.62 | $ 0.75 | $ 0.68 | $ 0.53 | $ 0.62 | $ 0.71 | $ 2.63 | $ 2.54 | $ 2.23 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 26, 2015 | Dec. 27, 2014 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 350,339 | $ 364,366 | $ 356,041 |
Additions Charged to Income | 343,350 | 301,597 | 325,766 |
Deductions From Reserves | 338,010 | 315,624 | 317,441 |
Balance at End of Year | 355,679 | 350,339 | 364,366 |
Self-Insurance Reserves, Current | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 135,865 | 151,153 | 150,860 |
Additions Charged to Income | 341,699 | 300,336 | 317,734 |
Deductions From Reserves | 338,010 | 315,624 | 317,441 |
Balance at End of Year | 139,554 | 135,865 | 151,153 |
Self-Insurance Reserves, Noncurrent | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 214,474 | 213,213 | 205,181 |
Additions Charged to Income | 1,651 | 1,261 | 8,032 |
Deductions From Reserves | 0 | 0 | 0 |
Balance at End of Year | $ 216,125 | $ 214,474 | $ 213,213 |