Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 29, 2019 | Jul. 15, 2019 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 29, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | PUBLIX SUPER MARKETS INC | |
Entity Central Index Key | 0000081061 | |
Current Fiscal Year End Date | --12-28 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 713,825,000 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 29, 2019 | Dec. 29, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 820,610 | $ 599,264 |
Short-term investments | 443,636 | 560,992 |
Trade receivables | 680,737 | 682,981 |
Inventories | 1,780,464 | 1,848,735 |
Prepaid expenses | 81,196 | 122,224 |
Total current assets | 3,806,643 | 3,814,196 |
Long-term investments | 7,214,453 | 6,016,438 |
Other noncurrent assets | 459,494 | 515,265 |
Operating lease right-of-use assets | 2,852,599 | 0 |
Property, plant and equipment | 14,862,041 | 14,174,564 |
Accumulated depreciation | (5,811,601) | (5,537,947) |
Net property, plant and equipment | 9,050,440 | 8,636,617 |
Total assets | 23,383,629 | 18,982,516 |
Current liabilities: | ||
Accounts payable | 1,873,569 | 1,864,604 |
Accrued expenses: | ||
Contributions to retirement plans | 372,762 | 540,760 |
Self-insurance reserves | 151,162 | 145,241 |
Salaries and wages | 247,055 | 132,916 |
Other | 383,915 | 321,080 |
Current portion of long-term debt | 5,071 | 4,954 |
Current portion of operating lease liabilities | 327,735 | 0 |
Federal and state income taxes | 15,217 | 0 |
Total current liabilities | 3,376,486 | 3,009,555 |
Deferred income taxes | 568,217 | 420,757 |
Self-insurance reserves | 223,607 | 222,419 |
Accrued postretirement benefit cost | 105,492 | 105,308 |
Long-term debt | 166,926 | 162,711 |
Operating lease liabilities | 2,520,256 | 0 |
Other noncurrent liabilities | 136,791 | 67,102 |
Total liabilities | 7,097,775 | 3,987,852 |
Common stock related to Employee Stock Ownership Plan (ESOP) | 3,350,623 | 3,134,999 |
Stockholders’ equity: | ||
Common stock of $1 par value. Authorized 1,000,000 shares; issued 721,671 shares in 2019 and 715,445 shares in 2018 | 721,671 | 715,445 |
Additional paid-in capital | 3,719,046 | 3,458,004 |
Retained earnings | 12,081,295 | 10,840,654 |
Treasury stock at cost, 7,686 shares in 2019 | (336,547) | 0 |
Accumulated other comprehensive earnings (losses) | 62,219 | (55,762) |
Common stock related to ESOP | (3,350,623) | (3,134,999) |
Total stockholders’ equity | 12,897,061 | 11,823,342 |
Noncontrolling interests | 38,170 | 36,323 |
Total equity | 16,285,854 | 14,994,664 |
Total liabilities and stockholders' equity | $ 23,383,629 | $ 18,982,516 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 29, 2019 | Dec. 29, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 721,671,000 | 715,445,000 |
Treasury stock at cost, shares | 7,686,000 | 0 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Revenues: | ||||
Sales | $ 9,348,444 | $ 8,752,333 | $ 19,022,641 | $ 18,025,799 |
Other operating income | 98,472 | 73,670 | 184,385 | 146,011 |
Total revenues | 9,446,916 | 8,826,003 | 19,207,026 | 18,171,810 |
Costs and expenses: | ||||
Cost of merchandise sold | 6,812,590 | 6,366,046 | 13,778,982 | 13,047,503 |
Operating and administrative expenses | 1,954,888 | 1,817,165 | 3,892,031 | 3,647,558 |
Total costs and expenses | 8,767,478 | 8,183,211 | 17,671,013 | 16,695,061 |
Operating profit | 679,438 | 642,792 | 1,536,013 | 1,476,749 |
Investment income | 145,142 | 108,315 | 512,329 | 112,453 |
Other nonoperating income, net | 17,282 | 23,630 | 36,595 | 45,658 |
Earnings before income tax expense | 841,862 | 774,737 | 2,084,937 | 1,634,860 |
Income tax expense | 180,805 | 158,565 | 442,909 | 338,417 |
Net earnings | $ 661,057 | $ 616,172 | $ 1,642,028 | $ 1,296,443 |
Weighted average shares outstanding | 716,529 | 730,873 | 716,277 | 732,534 |
Earnings per share | $ 0.92 | $ 0.84 | $ 2.29 | $ 1.77 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 661,057 | $ 616,172 | $ 1,642,028 | $ 1,296,443 |
Other comprehensive earnings: | ||||
Unrealized gain (loss) on debt securities net of income taxes in 2019 and 2018, respectively. | 58,130 | (2,600) | 117,651 | (26,581) |
Reclassification adjustment for net realized loss on debt securities net of income taxes in 2019 and 2018, respectively. | 37 | 425 | 330 | 447 |
Adjustment to postretirement benefit obligation net of income taxes in 2018. | 0 | 564 | 0 | 1,129 |
Comprehensive earnings | $ 719,224 | $ 614,561 | $ 1,760,009 | $ 1,271,438 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized gain (loss) on debt securities net of income taxes in 2019 and 2018, respectively. | $ 19,817 | $ (887) | $ 40,109 | $ (9,062) |
Reclassification adjustment for net realized loss on debt securities net of income taxes in 2019 and 2018, respectively. | 13 | 145 | 113 | 153 |
Adjustment to postretirement benefit obligation net of income taxes in 2018. | $ 0 | $ 192 | $ 0 | $ 385 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Cash received from customers | $ 19,109,152 | $ 18,151,097 |
Cash paid to employees and suppliers | (16,671,028) | (15,831,134) |
Income taxes paid | (265,296) | (531,571) |
Self-insured claims paid | (184,324) | (184,068) |
Dividends and interest received | 101,159 | 93,307 |
Other operating cash receipts | 182,159 | 143,692 |
Other operating cash payments | (9,858) | (7,862) |
Net cash provided by operating activities | 2,261,964 | 1,833,461 |
Cash flows from investing activities: | ||
Payment for capital expenditures | (651,213) | (731,373) |
Proceeds from sale of property, plant and equipment | 3,360 | 7,990 |
Payment for investments | (1,662,396) | (1,138,033) |
Proceeds from sale and maturity of investments | 1,103,933 | 983,841 |
Net cash used in investing activities | (1,206,316) | (877,575) |
Cash flows from financing activities: | ||
Payment for acquisition of common stock | (590,708) | (750,771) |
Proceeds from sale of common stock | 153,478 | 154,275 |
Dividends paid | (401,387) | (359,252) |
Repayment of long-term debt | (4,984) | (22,930) |
Other, net | 9,299 | 4,797 |
Net cash used in financing activities | (834,302) | (973,881) |
Net increase (decrease) in cash and cash equivalents | 221,346 | (17,995) |
Cash and cash equivalents at beginning of period | 599,264 | 579,925 |
Cash and cash equivalents at end of period | 820,610 | 561,930 |
Reconciliation of net earnings to net cash provided by operating activities: | ||
Net earnings | 1,642,028 | 1,296,443 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 350,976 | 328,381 |
Increase in last-in, first out (LIFO) reserve | 20,468 | 15,224 |
Retirement contributions paid or payable in common stock | 200,329 | 179,757 |
Deferred income taxes | 107,238 | 11,508 |
Loss on disposal and impairment of property, plant and equipment | 2,794 | 4,987 |
Gain on investments | (423,599) | (52,300) |
Net amortization of investments | 23,252 | 35,801 |
Changes in operating assets and liabilities providing (requiring) cash: | ||
Trade receivables | 1,466 | 41,474 |
Inventories | 47,803 | 62,240 |
Other assets | 21,055 | (29,552) |
Accounts payable and accrued expenses | 210,727 | 158,441 |
Federal and state income taxes | 59,815 | (214,478) |
Other liabilities | (2,388) | (4,465) |
Total adjustments | 619,936 | 537,018 |
Net cash provided by operating activities | $ 2,261,964 | $ 1,833,461 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS EQUITY CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Common Stock (Acquired from) Sold to Stockholders | Accumulated Other Comprehensive Earnings (Losses) | Common Stock Related To ESOP |
Beginning Balance at Dec. 30, 2017 | $ 11,017,149 | $ 733,440 | $ 3,139,647 | $ 10,044,564 | $ 0 | $ 152,636 | $ (3,053,138) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive Earnings | 656,877 | 680,271 | (23,394) | ||||
Dividends per share | (168,597) | (168,597) | |||||
Contribution of shares to retirement plans | 349,424 | 6,221 | 261,423 | 81,780 | |||
Acquisition of shares from stockholders | (432,894) | (432,894) | |||||
Sale of shares to stockholders | 106,814 | 531 | 21,632 | 84,651 | |||
Change for ESOP related shares | (402,207) | (402,207) | |||||
Cumulative effect of net unrealized gain on equity securities reclassified to retained earnings | 0 | 198,310 | (198,310) | ||||
Ending Balance at Mar. 31, 2018 | 11,126,566 | 740,192 | 3,422,702 | 10,754,548 | (266,463) | (69,068) | (3,455,345) |
Beginning Balance at Dec. 30, 2017 | 11,017,149 | 733,440 | 3,139,647 | 10,044,564 | 0 | 152,636 | (3,053,138) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive Earnings | 1,271,438 | ||||||
Ending Balance at Jun. 30, 2018 | 11,485,083 | 740,193 | 3,422,708 | 11,180,065 | (536,886) | (70,679) | (3,250,318) |
Beginning Balance at Mar. 31, 2018 | 11,126,566 | 740,192 | 3,422,702 | 10,754,548 | (266,463) | (69,068) | (3,455,345) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive Earnings | 614,561 | 616,172 | (1,611) | ||||
Dividends per share | (190,655) | (190,655) | |||||
Acquisition of shares from stockholders | (317,877) | (317,877) | |||||
Sale of shares to stockholders | 47,461 | 1 | 6 | 47,454 | |||
Change for ESOP related shares | 205,027 | 205,027 | |||||
Ending Balance at Jun. 30, 2018 | 11,485,083 | 740,193 | 3,422,708 | 11,180,065 | (536,886) | (70,679) | (3,250,318) |
Beginning Balance at Dec. 29, 2018 | 11,823,342 | 715,445 | 3,458,004 | 10,840,654 | 0 | (55,762) | (3,134,999) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive Earnings | 1,040,785 | 980,971 | 59,814 | ||||
Dividends per share | (185,835) | (185,835) | |||||
Contribution of shares to retirement plans | 367,951 | 5,605 | 235,017 | 127,329 | |||
Acquisition of shares from stockholders | (333,857) | (333,857) | |||||
Sale of shares to stockholders | 113,196 | 621 | 26,019 | 86,556 | |||
Change for ESOP related shares | (375,184) | (375,184) | |||||
Ending Balance at Mar. 30, 2019 | 12,450,398 | 721,671 | 3,719,040 | 11,635,790 | (119,972) | 4,052 | (3,510,183) |
Beginning Balance at Dec. 29, 2018 | 11,823,342 | 715,445 | 3,458,004 | 10,840,654 | 0 | (55,762) | (3,134,999) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive Earnings | 1,760,009 | ||||||
Ending Balance at Jun. 29, 2019 | 12,897,061 | 721,671 | 3,719,046 | 12,081,295 | (336,547) | 62,219 | (3,350,623) |
Beginning Balance at Mar. 30, 2019 | 12,450,398 | 721,671 | 3,719,040 | 11,635,790 | (119,972) | 4,052 | (3,510,183) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive Earnings | 719,224 | 661,057 | 58,167 | ||||
Dividends per share | (215,552) | (215,552) | |||||
Acquisition of shares from stockholders | (256,851) | (256,851) | |||||
Sale of shares to stockholders | 40,282 | 0 | 6 | 40,276 | |||
Change for ESOP related shares | 159,560 | 159,560 | |||||
Ending Balance at Jun. 29, 2019 | $ 12,897,061 | $ 721,671 | $ 3,719,046 | $ 12,081,295 | $ (336,547) | $ 62,219 | $ (3,350,623) |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) (Parentheticals) - $ / shares shares in Thousands | 3 Months Ended | |||
Jun. 29, 2019 | Mar. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | |
Statements of Stockholders' Equity (Parenthetical) [Abstract] | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.30 | $ 0.26 | $ 0.26 | $ 0.23 |
Contribution of shares to retirement plans | 0 | 8,587 | 0 | 8,440 |
Acquisition of shares from stockholders | 5,790 | 7,802 | 7,623 | 10,714 |
Sale of shares to stockholders | 904 | 2,641 | 1,139 | 2,590 |
Basis of Presentation (Notes)
Basis of Presentation (Notes) | 6 Months Ended |
Jun. 29, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation [Text Block] | (1) Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Publix Super Markets, Inc. and subsidiaries (the Company) have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting. Accordingly, the accompanying statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these statements include all adjustments that are of a normal and recurring nature necessary to present fairly the Company’s financial position and results of operations. Due to the seasonal nature of the Company’s business, the results of operations for the three and six months ended June 29, 2019 are not necessarily indicative of the results for the entire 2019 fiscal year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 29, 2018 . The preparation of financial statements in conformity with GAAP 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 (Notes) | 6 Months Ended |
Jun. 29, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments [Text Block] | (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 investments 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. Investments included in this category are equity securities (exchange traded funds and individual 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. Investments included in this category are primarily debt securities (tax exempt and taxable bonds), including restricted investments in taxable bonds held as collateral. 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 investments are currently included in this category. Following is a summary of fair value measurements for investments as of June 29, 2019 and December 29, 2018 : Fair Value Level 1 Level 2 Level 3 (Amounts are in thousands) June 29, 2019 $ 7,658,089 2,240,264 5,417,825 — December 29, 2018 6,577,430 2,372,931 4,204,499 — |
Investments (Notes)
Investments (Notes) | 6 Months Ended |
Jun. 29, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments [Tex Block] | (3) Investments (a) Debt Securities Following is a summary of debt securities as of June 29, 2019 and December 29, 2018 : Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Amounts are in thousands) June 29, 2019 Tax exempt bonds $ 1,019,864 1,746 1,359 1,020,251 Taxable bonds 3,809,977 89,836 6,654 3,893,159 Restricted investments 169,681 8,885 — 178,566 $ 4,999,522 100,467 8,013 5,091,976 December 29, 2018 Tax exempt bonds $ 1,256,673 184 12,759 1,244,098 Taxable bonds 2,527,468 1,737 55,085 2,474,120 Restricted investment 160,318 520 346 160,492 $ 3,944,459 2,441 68,190 3,878,710 The Company maintains restricted investments primarily for the benefit of the Company’s insurance carrier related to self-insurance reserves. These investments are held as collateral and not used for claim payments. The cost and fair value of debt securities by expected maturity as of June 29, 2019 and December 29, 2018 are as follows: June 29, 2019 December 29, 2018 Cost Fair Value Cost Fair Value (Amounts are in thousands) Due in one year or less $ 444,036 443,636 563,272 560,992 Due after one year through five years 3,334,452 3,372,629 2,831,916 2,768,971 Due after five years through ten years 1,214,955 1,269,396 542,488 541,852 Due after ten years 6,079 6,315 6,783 6,895 $ 4,999,522 5,091,976 3,944,459 3,878,710 Following is a summary of temporarily impaired debt securities by the time period impaired as of June 29, 2019 and December 29, 2018 : 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) June 29, 2019 Tax exempt bonds $ — — 702,766 1,359 702,766 1,359 Taxable bonds 31,196 136 997,595 6,518 1,028,791 6,654 $ 31,196 136 1,700,361 7,877 1,731,557 8,013 December 29, 2018 Tax exempt bonds $ 25,150 95 1,182,783 12,664 1,207,933 12,759 Taxable bonds 645,379 5,821 1,464,208 49,264 2,109,587 55,085 Restricted investment 28,687 346 — — 28,687 346 $ 699,216 6,262 2,646,991 61,928 3,346,207 68,190 There are 208 debt securities contributing to the total unrealized losses of $8,013,000 as of June 29, 2019 . Unrealized losses related to debt securities are primarily due to increases in interest rates impacting the market value of certain bonds. The Company continues to receive scheduled principal and interest payments on these debt securities. (b) Equity Securities In 2018, the Company adopted the Accounting Standards Update (ASU) requiring equity securities be measured at fair value with net unrealized gains and losses from changes in the fair value recognized in earnings (fair value adjustment). The fair value of equity securities was $2,566,113,000 and $2,698,720,000 as of June 29, 2019 and December 29, 2018 , respectively. Prior to adoption of the ASU, equity securities were classified as available-for-sale and measured at fair value. Changes in fair value determined to be temporary were reported in other comprehensive earnings net of income taxes. Upon adoption of the ASU, the Company reclassified the cumulative effect of the net unrealized gain on equity securities net of income taxes as of December 31, 2017 of $198,310,000 from accumulated other comprehensive earnings to retained earnings. The fair value adjustment includes the cumulative effect of the ASU reclassified to retained earnings as of December 31, 2017. (c) Investment Income In the following table, net realized gain on the sale of investments represents the difference between the cost and the proceeds from the sale of debt and equity securities. The net realized gain on the sale of investments excludes the net gain on the sale of equity securities previously recognized through the fair value adjustment, which is presented separately. Following is a summary of investment income for the three and six months ended June 29, 2019 and June 30, 2018 : Three Months Ended Six Months Ended June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 (Amounts are in thousands) Interest and dividend income $ 46,714 31,061 88,730 60,153 Net realized gain on sale of investments 66,233 16,642 70,444 23,667 112,947 47,703 159,174 83,820 Fair value adjustment, due to net unrealized gain, on equity securities held at end of period 4,969 76,829 319,317 51,047 Net loss (gain) on sale of equity securities previously recognized through fair value adjustment 27,226 (16,217 ) 33,838 (22,414 ) $ 145,142 108,315 512,329 112,453 |
Lessee, Lease Lessee, Lease (No
Lessee, Lease Lessee, Lease (Notes) | 6 Months Ended |
Jun. 29, 2019 | |
Lessee Disclosure [Abstract] | |
Leases of Lessee Disclosure [Text Block] | (4) Leases (a) Lessee In 2019 , the Company adopted the ASU requiring the lease rights and obligations arising from existing and new lease agreements be recognized as assets and liabilities on the balance sheet. The Company adopted the ASU on a modified retrospective basis and elected the transitional provisions eliminating the requirement to restate reporting periods prior to the date of adoption. The Company also elected to not reassess the original conclusions reached regarding lease identification, lease classification and initial direct costs for leases entered into prior to the adoption of the ASU. As of December 30, 2018, the Company recognized its operating lease right-of-use assets and operating lease liabilities on the balance sheet. The adoption of the ASU did not have a material effect on the Company’s results of operations and had no effect on the Company’s cash flows. The Company included finance lease right-of-use assets of $134,541,000 in net property, plant and equipment and finance lease liabilities of $4,831,000 and $111,982,000 in other accrued expenses and other noncurrent liabilities, respectively, on the condensed consolidated balance sheet as of June 29, 2019 . The Company conducts a major portion of its retail operations from leased locations. The Company determines whether a lease exists at inception. Initial lease terms are typically 20 years followed by five year renewal options and may include rent escalation clauses. A renewal option is included in the right-of-use asset and lease liability to the extent it is reasonably certain the option will be exercised. The present value of future payments for each lease is determined by using the Company’s incremental borrowing rate at the time of lease commencement. Additionally, the Company has operating leases for certain transportation and other equipment with initial lease terms ranging up to five years. Operating lease expense primarily represents fixed lease payments for operating leases recognized on a straight-line basis over the applicable lease term. Variable lease expense represents the payment of real estate taxes, insurance, maintenance and, for certain locations, 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 estimates excess rent, where applicable, based on annual sales projections and uses the straight-line method to amortize the cost to variable lease expense. Lease expense for the three and six months ended June 29, 2019 was as follows: Three Months Ended Six Months Ended June 29, 2019 June 29, 2019 (Amounts are in thousands) Operating lease expense $ 106,808 217,473 Finance lease expense: Amortization of right-of-use assets 2,396 4,336 Interest on lease liabilities 789 1,437 Variable lease expense 14,471 28,888 Sublease rental income (650 ) (1,543 ) $ 123,814 250,591 Supplemental cash flow information related to leases for the six months ended June 29, 2019 was as follows: Six Months Ended June 29, 2019 (Amounts are in thousands) Operating cash flows from rent paid for operating lease liabilities 210,008 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 202,392 Finance leases 46,339 The weighted-average remaining lease term and weighted-average discount rate as of June 29, 2019 are as follows: June 29, 2019 Weighted-average remaining lease term: Operating leases 12 years Finance leases 18 years Weighted-average discount rate: Operating leases 3.5 % Finance leases 4.0 % Maturities of lease liabilities as of June 29, 2019 are as follows: Year Operating Leases Finance Leases (Amounts are in thousands) 2019 $ 210,606 3,902 2020 409,915 31,596 2021 376,811 6,629 2022 341,069 6,629 2023 298,538 21,344 Thereafter 1,902,650 76,548 3,539,589 146,648 Less: Imputed interest (691,598 ) (29,835 ) $ 2,847,991 116,813 As of June 29, 2019 , the Company has lease agreements that have not yet commenced with fixed lease payments totaling $ 318,361,000 . These leases will commence in future periods with terms ranging up to 20 years. |
Lessor, Lease Lessor, Lease (No
Lessor, Lease Lessor, Lease (Notes) | 6 Months Ended |
Jun. 29, 2019 | |
Lessor Disclosure [Abstract] | |
Lessor, Operating Leases [Text Block] | (b) Lessor The Company leases space in owned shopping centers to tenants under noncancelable operating leases. The Company determines whether a lease exists at inception. Initial lease terms are typically five years followed by five year renewal options and may include rent escalation clauses. Lease income primarily represents fixed lease payments received from tenants recognized on a straight-line basis over the applicable lease term. Variable lease income represents the receipt of real estate taxes, insurance, maintenance and, for certain locations, excess rent. Total lease income for the three and six months ended June 29, 2019 was as follows: Three Months Ended Six Months Ended June 29, 2019 June 29, 2019 (Amounts are in thousands) Lease income $ 37,490 73,407 Variable lease income 11,325 21,200 $ 48,815 94,607 Fixed lease payments to be received for all noncancelable operating leases as of June 29, 2019 are as follows: Year (Amounts are in thousands) 2019 $ 75,831 2020 132,931 2021 106,398 2022 80,482 2023 58,145 Thereafter 193,531 $ 647,318 |
Consolidation of Joint Ventures
Consolidation of Joint Ventures and Long-Term Debt (Notes) | 6 Months Ended |
Jun. 29, 2019 | |
Consolidation Of Joint Ventures And Long Term Debt [Abstract] | |
Consolidation Of Joint Ventures And Long Term Debt Disclosure [Text Block] | (5) Consolidation of Joint Ventures and Long-Term Debt From time to time, the Company enters into a joint venture (JV), in the legal form of a limited liability company, with certain real estate developers to partner in the development of a shopping center with the Company as the anchor tenant. The Company consolidates certain of these JVs in which it has a controlling financial interest. As of June 29, 2019 , the carrying amounts of the assets and liabilities of the consolidated JVs were $153,188,000 and $76,608,000 , respectively. As of December 29, 2018 , the carrying amounts of the assets and liabilities of the consolidated JVs were $144,197,000 and $71,342,000 , 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 2019 and 2018 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. No loans were assumed during the six months ended June 29, 2019 . The Company assumed loans totaling $9,936,000 during the six months ended June 30, 2018 . Maturities of JV loans range from June 2020 through April 2027 and have variable interest rates based on a LIBOR index plus 175 to 250 basis points. Maturities of assumed shopping center loans range from December 2020 through January 2027 and have fixed interest rates ranging from 3.7% to 7.5% . |
Retirement Plan (Notes)
Retirement Plan (Notes) | 6 Months Ended |
Jun. 29, 2019 | |
Retirement Benefits [Abstract] | |
Retirement Plan [Text Block] | (6) Retirement Plan The Company has a trusteed, noncontributory Employee Stock Ownership Plan (ESOP) for the benefit of eligible employees. 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 $307,535,000 and $288,580,000 as of June 29, 2019 and December 29, 2018 , respectively. The cost of the shares held by the ESOP totaled $3,043,088,000 and $2,846,419,000 as of June 29, 2019 and December 29, 2018 , 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 condensed consolidated balance sheets and totaled $3,350,623,000 and $3,134,999,000 as of June 29, 2019 and December 29, 2018 , respectively. The fair value of the shares held by the ESOP totaled $8,350,697,000 and $8,061,399,000 as of June 29, 2019 and December 29, 2018 , respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Earnings (Notes) | 6 Months Ended |
Jun. 29, 2019 | |
Equity [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | (7) Accumulated Other Comprehensive Earnings (Losses) A reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the three months ended June 29, 2019 and June 30, 2018 is as follows: Investments Postretirement Benefit Accumulated Other Comprehensive Earnings (Losses) (Amounts are in thousands) 2019 Balances at March 30, 2019 $ 10,781 (6,729 ) 4,052 Unrealized gain on debt securities 58,130 — 58,130 Net realized loss on debt securities reclassified to investment income 37 — 37 Net other comprehensive earnings 58,167 — 58,167 Balances at June 29, 2019 $ 68,948 (6,729 ) 62,219 2018 Balances at March 31, 2018 $ (54,212 ) (14,856 ) (69,068 ) Unrealized loss on debt securities (2,600 ) — (2,600 ) Net realized loss on debt securities reclassified to investment income 425 — 425 Adjustment to postretirement benefit obligation — 564 564 Net other comprehensive (losses) earnings (2,175 ) 564 (1,611 ) Balances at June 30, 2018 $ (56,387 ) (14,292 ) (70,679 ) A reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the six months ended June 29, 2019 and June 30, 2018 is as follows: Investments Postretirement Benefits Accumulated Other Comprehensive Earnings (Losses) (Amounts are in thousands) 2019 Balances at December 29, 2018 $ (49,033 ) (6,729 ) (55,762 ) Unrealized gain on debt securities 117,651 — 117,651 Net realized loss on debt securities reclassified to investment income 330 — 330 Net other comprehensive earnings 117,981 — 117,981 Balances at June 29, 2019 $ 68,948 (6,729 ) 62,219 2018 Balances at December 30, 2017 $ 168,057 (15,421 ) 152,636 Unrealized loss on debt securities (26,581 ) — (26,581 ) Net realized loss on debt securities reclassified to investment income 447 — 447 Adjustment to postretirement benefit obligation — 1,129 1,129 Net other comprehensive (losses) earnings (26,134 ) 1,129 (25,005 ) Cumulative effect of net unrealized gain on equity securities reclassified to retained earnings (198,310 ) — (198,310 ) Balances at June 30, 2018 $ (56,387 ) (14,292 ) (70,679 ) |
Subsequent Event (Notes)
Subsequent Event (Notes) | 6 Months Ended |
Jun. 29, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | (8) Subsequent Event On July 1, 2019 , the Company declared a quarterly dividend on its common stock of $0.30 per share or $214,100,000 , payable August 1, 2019 to stockholders of record as of the close of business July 15, 2019 . |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 29, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation [Policy Text Block] | (1) Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Publix Super Markets, Inc. and subsidiaries (the Company) have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting. Accordingly, the accompanying statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these statements include all adjustments that are of a normal and recurring nature necessary to present fairly the Company’s financial position and results of operations. Due to the seasonal nature of the Company’s business, the results of operations for the three and six months ended June 29, 2019 are not necessarily indicative of the results for the entire 2019 fiscal year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 29, 2018 . The preparation of financial statements in conformity with GAAP 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 Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements for Investments [Table Text Block] | Following is a summary of fair value measurements for investments as of June 29, 2019 and December 29, 2018 : Fair Value Level 1 Level 2 Level 3 (Amounts are in thousands) June 29, 2019 $ 7,658,089 2,240,264 5,417,825 — December 29, 2018 6,577,430 2,372,931 4,204,499 — |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Available For Sale Debt Securities [Table Text Block] | Following is a summary of debt securities as of June 29, 2019 and December 29, 2018 : Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Amounts are in thousands) June 29, 2019 Tax exempt bonds $ 1,019,864 1,746 1,359 1,020,251 Taxable bonds 3,809,977 89,836 6,654 3,893,159 Restricted investments 169,681 8,885 — 178,566 $ 4,999,522 100,467 8,013 5,091,976 December 29, 2018 Tax exempt bonds $ 1,256,673 184 12,759 1,244,098 Taxable bonds 2,527,468 1,737 55,085 2,474,120 Restricted investment 160,318 520 346 160,492 $ 3,944,459 2,441 68,190 3,878,710 |
Amortized Cost and Fair Value of Available For Sale Debt Securities by Expected Maturity [Table Text Block] | The cost and fair value of debt securities by expected maturity as of June 29, 2019 and December 29, 2018 are as follows: June 29, 2019 December 29, 2018 Cost Fair Value Cost Fair Value (Amounts are in thousands) Due in one year or less $ 444,036 443,636 563,272 560,992 Due after one year through five years 3,334,452 3,372,629 2,831,916 2,768,971 Due after five years through ten years 1,214,955 1,269,396 542,488 541,852 Due after ten years 6,079 6,315 6,783 6,895 $ 4,999,522 5,091,976 3,944,459 3,878,710 |
Temporarily Impaired Available For Sale Debt Securities by Time Period Impaired [Table Text Block] | Following is a summary of temporarily impaired debt securities by the time period impaired as of June 29, 2019 and December 29, 2018 : 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) June 29, 2019 Tax exempt bonds $ — — 702,766 1,359 702,766 1,359 Taxable bonds 31,196 136 997,595 6,518 1,028,791 6,654 $ 31,196 136 1,700,361 7,877 1,731,557 8,013 December 29, 2018 Tax exempt bonds $ 25,150 95 1,182,783 12,664 1,207,933 12,759 Taxable bonds 645,379 5,821 1,464,208 49,264 2,109,587 55,085 Restricted investment 28,687 346 — — 28,687 346 $ 699,216 6,262 2,646,991 61,928 3,346,207 68,190 |
Investment Income [Table Text Block] | Following is a summary of investment income for the three and six months ended June 29, 2019 and June 30, 2018 : Three Months Ended Six Months Ended June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 (Amounts are in thousands) Interest and dividend income $ 46,714 31,061 88,730 60,153 Net realized gain on sale of investments 66,233 16,642 70,444 23,667 112,947 47,703 159,174 83,820 Fair value adjustment, due to net unrealized gain, on equity securities held at end of period 4,969 76,829 319,317 51,047 Net loss (gain) on sale of equity securities previously recognized through fair value adjustment 27,226 (16,217 ) 33,838 (22,414 ) $ 145,142 108,315 512,329 112,453 |
Lessee, Lease Lessee, Lease (Ta
Lessee, Lease Lessee, Lease (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Lease, Cost [Abstract] | |
Lease, Cost [Table Text Block] | Lease expense for the three and six months ended June 29, 2019 was as follows: Three Months Ended Six Months Ended June 29, 2019 June 29, 2019 (Amounts are in thousands) Operating lease expense $ 106,808 217,473 Finance lease expense: Amortization of right-of-use assets 2,396 4,336 Interest on lease liabilities 789 1,437 Variable lease expense 14,471 28,888 Sublease rental income (650 ) (1,543 ) $ 123,814 250,591 Supplemental cash flow information related to leases for the six months ended June 29, 2019 was as follows: Six Months Ended June 29, 2019 (Amounts are in thousands) Operating cash flows from rent paid for operating lease liabilities 210,008 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 202,392 Finance leases 46,339 The weighted-average remaining lease term and weighted-average discount rate as of June 29, 2019 are as follows: June 29, 2019 Weighted-average remaining lease term: Operating leases 12 years Finance leases 18 years Weighted-average discount rate: Operating leases 3.5 % Finance leases 4.0 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturities of operating lease liabilities as of June 29, 2019 are as follows: Year Operating Leases (Amounts are in thousands) 2019 $ 210,606 2020 409,915 2021 376,811 2022 341,069 2023 298,538 Thereafter 1,902,650 3,539,589 Less: Imputed interest (691,598 ) $ 2,847,991 |
Finance Lease, Liability, Maturity [Table Text Block] | Maturities of finance lease liabilities as of June 29, 2019 are as follows: Year Finance Leases 2019 3,902 2020 31,596 2021 6,629 2022 6,629 2023 21,344 Thereafter 76,548 146,648 Less: Imputed interest (29,835 ) 116,813 |
Lessor, Lease Lessor, Lease (Ta
Lessor, Lease Lessor, Lease (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Lessor Disclosure [Abstract] | |
Operating Lease, Lease Income [Table Text Block] | Total lease income for the three and six months ended June 29, 2019 was as follows: Three Months Ended Six Months Ended June 29, 2019 June 29, 2019 (Amounts are in thousands) Lease income $ 37,490 73,407 Variable lease income 11,325 21,200 $ 48,815 94,607 |
Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block] | Fixed lease payments to be received for all noncancelable operating leases as of June 29, 2019 are as follows: Year (Amounts are in thousands) 2019 $ 75,831 2020 132,931 2021 106,398 2022 80,482 2023 58,145 Thereafter 193,531 $ 647,318 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Earnings (Tables) | 6 Months Ended |
Jun. 29, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | A reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the three months ended June 29, 2019 and June 30, 2018 is as follows: Investments Postretirement Benefit Accumulated Other Comprehensive Earnings (Losses) (Amounts are in thousands) 2019 Balances at March 30, 2019 $ 10,781 (6,729 ) 4,052 Unrealized gain on debt securities 58,130 — 58,130 Net realized loss on debt securities reclassified to investment income 37 — 37 Net other comprehensive earnings 58,167 — 58,167 Balances at June 29, 2019 $ 68,948 (6,729 ) 62,219 2018 Balances at March 31, 2018 $ (54,212 ) (14,856 ) (69,068 ) Unrealized loss on debt securities (2,600 ) — (2,600 ) Net realized loss on debt securities reclassified to investment income 425 — 425 Adjustment to postretirement benefit obligation — 564 564 Net other comprehensive (losses) earnings (2,175 ) 564 (1,611 ) Balances at June 30, 2018 $ (56,387 ) (14,292 ) (70,679 ) A reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the six months ended June 29, 2019 and June 30, 2018 is as follows: Investments Postretirement Benefits Accumulated Other Comprehensive Earnings (Losses) (Amounts are in thousands) 2019 Balances at December 29, 2018 $ (49,033 ) (6,729 ) (55,762 ) Unrealized gain on debt securities 117,651 — 117,651 Net realized loss on debt securities reclassified to investment income 330 — 330 Net other comprehensive earnings 117,981 — 117,981 Balances at June 29, 2019 $ 68,948 (6,729 ) 62,219 2018 Balances at December 30, 2017 $ 168,057 (15,421 ) 152,636 Unrealized loss on debt securities (26,581 ) — (26,581 ) Net realized loss on debt securities reclassified to investment income 447 — 447 Adjustment to postretirement benefit obligation — 1,129 1,129 Net other comprehensive (losses) earnings (26,134 ) 1,129 (25,005 ) Cumulative effect of net unrealized gain on equity securities reclassified to retained earnings (198,310 ) — (198,310 ) Balances at June 30, 2018 $ (56,387 ) (14,292 ) (70,679 ) |
Fair Value Measurements for Inv
Fair Value Measurements for Investments (Details) - USD ($) $ in Thousands | Jun. 29, 2019 | Dec. 29, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | $ 7,658,089 | $ 6,577,430 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 2,240,264 | 2,372,931 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 5,417,825 | 4,204,499 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | $ 0 | $ 0 |
Investments Available for Sale
Investments Available for Sale Securities Reconciliation (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 29, 2019 | Dec. 29, 2018 | |
Debt Securities, Available-for-sale [Line Items] | ||
Cost | $ 4,999,522 | $ 3,944,459 |
Debt Securities, Available-for-sale, Unrealized Gain | 100,467 | 2,441 |
Debt Securities, Available-for-sale, Unrealized Loss | 8,013 | 68,190 |
Debt Securities, Available-for-sale | 5,091,976 | 3,878,710 |
Nontaxable Municipal Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 1,019,864 | 1,256,673 |
Debt Securities, Available-for-sale, Unrealized Gain | 1,746 | 184 |
Debt Securities, Available-for-sale, Unrealized Loss | 1,359 | 12,759 |
Debt Securities, Available-for-sale | 1,020,251 | 1,244,098 |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 3,809,977 | 2,527,468 |
Debt Securities, Available-for-sale, Unrealized Gain | 89,836 | 1,737 |
Debt Securities, Available-for-sale, Unrealized Loss | 6,654 | 55,085 |
Debt Securities, Available-for-sale | 3,893,159 | 2,474,120 |
Debt Securities, Restricted [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 169,681 | 160,318 |
Debt Securities, Available-for-sale, Unrealized Gain | 8,885 | 520 |
Debt Securities, Available-for-sale, Unrealized Loss | 0 | 346 |
Debt Securities, Available-for-sale | $ 178,566 | $ 160,492 |
Amortized Cost and Fair Value o
Amortized Cost and Fair Value of Available for Sale Securities by Expected Maturity (Detail) - USD ($) $ in Thousands | Jun. 29, 2019 | Dec. 29, 2018 |
Cost | ||
Due in one year or less | $ 444,036 | $ 563,272 |
Due after one year through five years | 3,334,452 | 2,831,916 |
Due after five years through ten years | 1,214,955 | 542,488 |
Due after ten years | 6,079 | 6,783 |
Total | 4,999,522 | 3,944,459 |
Fair Value | ||
Due in one year or less | 443,636 | 560,992 |
Due after one year through five years | 3,372,629 | 2,768,971 |
Due after five years through ten years | 1,269,396 | 541,852 |
Due after ten years | 6,315 | 6,895 |
Total | $ 5,091,976 | $ 3,878,710 |
Temporarily Impaired Available
Temporarily Impaired Available for Sale Securities by Time Period Impaired (Detail) - USD ($) $ in Thousands | Jun. 29, 2019 | Dec. 29, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 31,196 | $ 699,216 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 136 | 6,262 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,700,361 | 2,646,991 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 7,877 | 61,928 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,731,557 | 3,346,207 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 8,013 | 68,190 |
Nontaxable Municipal Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | 25,150 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 95 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 702,766 | 1,182,783 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1,359 | 12,664 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 702,766 | 1,207,933 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 1,359 | 12,759 |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 31,196 | 645,379 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 136 | 5,821 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 997,595 | 1,464,208 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 6,518 | 49,264 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,028,791 | 2,109,587 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 6,654 | 55,085 |
Debt Securities, Restricted [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | 28,687 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 346 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 0 | 28,687 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 0 | $ 346 |
Investments - Additional Inform
Investments - Additional Information (Detail) $ in Thousands | Jun. 29, 2019USD ($)AFS_security | Dec. 29, 2018USD ($) |
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract] | ||
Number of debt securities issues contributing to total unrealized loss | AFS_security | 208 | |
Total, unrealized Losses | $ | $ 8,013 | $ 68,190 |
Investments Equity Securities (
Investments Equity Securities (Details) - USD ($) | Jun. 29, 2019 | Dec. 29, 2018 |
Equity Securities [Line Items] | ||
Equity Securities, FV-NI | $ 2,566,113,000 | $ 2,698,720,000 |
Investments Recently Issued Acc
Investments Recently Issued Accounting Standard (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Mar. 31, 2018 | Jun. 30, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 0 | |
Accounting Standards Update 2016-01 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 198,310 |
Investments Investment Income (
Investments Investment Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Investment Income, Net [Abstract] | ||||
Interest and Dividend Income | $ 46,714 | $ 31,061 | $ 88,730 | $ 60,153 |
Net realized gain on sale of investments | 66,233 | 16,642 | 70,444 | 23,667 |
Investment Income Before Fair Value Adjustment | 112,947 | 47,703 | 159,174 | 83,820 |
Fair value adjustment, due to net unrealized gain, on equity securities held at end of period | 4,969 | 76,829 | 319,317 | 51,047 |
Net loss (gain) on sale of equity securities previously recognized through fair value adjustment | 27,226 | (16,217) | 33,838 | (22,414) |
Investment Income | $ 145,142 | $ 108,315 | $ 512,329 | $ 112,453 |
Lessee, Lease Finance Lease Rig
Lessee, Lease Finance Lease Right of Use Assets and Lease Liabilities (Details) | Jun. 29, 2019USD ($) |
Finance Lease Right of Use Assets and Lease Liabilities [Abstract] | |
Finance Lease, Right-of-Use Asset | $ 134,541,000 |
Finance Lease, Liability, Current | 4,831,000 |
Finance Lease, Liability, Noncurrent | $ 111,982,000 |
Lessee, Lease Lessee, Lease - A
Lessee, Lease Lessee, Lease - Additional Information (Details) | 6 Months Ended |
Jun. 29, 2019 | |
Lessee, Lease, Description [Line Items] | |
Lessee, Lease, Existence of Option to Extend [true false] | true |
Lessee, Lease, Assumptions and Judgments, Discount Rate, Description | The present value of future payments for each lease is determined by using the Company’s incremental borrowing rate at the time of lease commencement. |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Lease, Term of Contract | 20 years |
Lessee Lease, Renewal Term | 5 years |
Lessee, Lease Lease Cost (Detai
Lessee, Lease Lease Cost (Details) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 29, 2019USD ($) | Jun. 29, 2019USD ($) | |
Lease, Cost [Abstract] | ||
Operating lease expense | $ 106,808 | $ 217,473 |
Amortization of right-of-use assets | 2,396 | 4,336 |
Interest on lease liabilities | 789 | 1,437 |
Variable lease expense | 14,471 | 28,888 |
Sublease rental income | (650) | (1,543) |
Lease, Cost | $ 123,814 | 250,591 |
Rent paid for operating leases | 210,008 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 202,392 | |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 46,339 | |
Operating Lease, Weighted Average Remaining Lease Term | 12 years | 12 years |
Finance Lease, Weighted Average Remaining Lease Term | 18 years | 18 years |
Operating Lease, Weighted Average Discount Rate, Percent | 3.50% | 3.50% |
Finance Lease, Weighted Average Discount Rate, Percent | 4.00% | 4.00% |
Lessee, Lease Maturities of Ope
Lessee, Lease Maturities of Operting Lease Liabilities (Details) $ in Thousands | Jun. 29, 2019USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2019 | $ 210,606 |
2020 | 409,915 |
2021 | 376,811 |
2022 | 341,069 |
2023 | 298,538 |
Thereafter | 1,902,650 |
Total Payments Due | 3,539,589 |
Less: Imputed Interest | (691,598) |
Operating Lease, Liability | $ 2,847,991 |
Lessee, Lease Maturities of Fin
Lessee, Lease Maturities of Finance Lease Liabilities (Details) $ in Thousands | Jun. 29, 2019USD ($) |
Finance Lease, Liability, Payment, Due [Abstract] | |
2019 | $ 3,902 |
2020 | 31,596 |
2021 | 6,629 |
2022 | 6,629 |
2023 | 21,344 |
Thereafter | 76,548 |
Total Payments Due | 146,648 |
Less: Imputed Interest | (29,835) |
Finance Lease, Liability | $ 116,813 |
Lessee, Lease Lessee, Lease, No
Lessee, Lease Lessee, Lease, Not Yet Commenced (Details) | 6 Months Ended |
Jun. 29, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |
Lessee Lease, Lease Not Yet Commenced | $ 318,361,000 |
Lessee, Lease Not Yet Commenced Description | As of June 29, 2019 the Company has operating leases not yet commenced. |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee Lease Not Yet Commenced Term of Contract | 20 years |
Lessor, Lease Lessor, Lease Inc
Lessor, Lease Lessor, Lease Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 29, 2019 | Jun. 29, 2019 | |
Operating Lease, Lease Income [Abstract] | ||
Operating Lease, Lease Income, Lease Payments | $ 37,490 | $ 73,407 |
Operating Lease, Variable Lease Income | 11,325 | 21,200 |
Operating Lease, Lease Income | $ 48,815 | $ 94,607 |
Lessor, Lease Lessor, Fixed Lea
Lessor, Lease Lessor, Fixed Lease Payments to be Received (Details) $ in Thousands | Jun. 29, 2019USD ($) |
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | |
2019 | $ 75,831 |
2020 | 132,931 |
2021 | 106,398 |
2022 | 80,482 |
2013 | 58,145 |
Thereafter | 193,531 |
Total | $ 647,318 |
Consolidation of Joint Ventur_2
Consolidation of Joint Ventures and Long-Term Debt Joint Venture - Additional Information (Details) - USD ($) | Jun. 29, 2019 | Dec. 29, 2018 |
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 153,188,000 | $ 144,197,000 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | $ 76,608,000 | $ 71,342,000 |
Consolidation of Joint Ventur_3
Consolidation of Joint Ventures and Long-Term Debt Long-Term Debt Assumptions, Maturities and Interest Rates (Details) - USD ($) | 6 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | |
Debt Instrument [Line Items] | ||
Loans Assumed | $ 0 | $ 9,936,000 |
JV Loans [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Maturity Month And Year | June 2020 | |
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |
JV Loans [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Maturity Month And Year | April 2027 | |
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |
Shopping Center Loans [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Maturity Month And Year | December 2020 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | |
Shopping Center Loans [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Maturity Month And Year | January 2027 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.50% |
Retirement Plan - Additional In
Retirement Plan - Additional Information (Detail) - USD ($) | Jun. 29, 2019 | Dec. 29, 2018 |
Retirement Benefits [Abstract] | ||
Distributed shares subject to put option, fair value | $ 307,535,000 | $ 288,580,000 |
ESOP, shares cost | 3,043,088,000 | 2,846,419,000 |
Common stock related to ESOP | 3,350,623,000 | 3,134,999,000 |
ESOP shares, fair value | $ 8,350,697,000 | $ 8,061,399,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Earnings (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances at Beginning of Period | $ 4,052 | $ (69,068) | $ (55,762) | $ 152,636 |
Unrealized gain (loss) on debt securities in 2019 and 2018, respectively. | 58,130 | (2,600) | 117,651 | (26,581) |
Net realized loss on debt securities reclassified to investment income in 2019 and 2018, respectively. | 37 | 425 | 330 | 447 |
Adjustment to postretirement benefit obligation | 0 | 564 | 0 | 1,129 |
Net other comprehensive earnings (losses) | 58,167 | (1,611) | 117,981 | (25,005) |
Cumulative effect of net unrealized gain on equity securities reclassified to retained earnings | 0 | 0 | 0 | (198,310) |
Balances at End of Period | 62,219 | (70,679) | 62,219 | (70,679) |
AFS Securities [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances at Beginning of Period | 10,781 | (54,212) | (49,033) | 168,057 |
Unrealized gain (loss) on debt securities in 2019 and 2018, respectively. | 58,130 | (2,600) | 117,651 | (26,581) |
Net realized loss on debt securities reclassified to investment income in 2019 and 2018, respectively. | 37 | 425 | 330 | 447 |
Net other comprehensive earnings (losses) | 58,167 | (2,175) | 117,981 | (26,134) |
Cumulative effect of net unrealized gain on equity securities reclassified to retained earnings | 0 | 0 | 0 | (198,310) |
Balances at End of Period | 68,948 | (56,387) | 68,948 | (56,387) |
Postretirement Benefits [Member} | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances at Beginning of Period | (6,729) | (14,856) | (6,729) | (15,421) |
Adjustment to postretirement benefit obligation | 0 | 564 | 0 | 1,129 |
Net other comprehensive earnings (losses) | 0 | 564 | 0 | 1,129 |
Balances at End of Period | $ (6,729) | $ (14,292) | $ (6,729) | $ (14,292) |
Subsequent Event (Details)
Subsequent Event (Details) - Subsequent Event [Member] - USD ($) | Aug. 01, 2019 | Jul. 15, 2019 | Jul. 01, 2019 |
Subsequent Event [Line Items] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.30 | ||
Dividends Payable, Date Declared | Jul. 1, 2019 | ||
Dividends Payable, Date to be Paid | Aug. 1, 2019 | ||
Dividends Payable, Date of Record | Jul. 15, 2019 | ||
Dividends, Common Stock, Cash | $ 214,100,000 |