Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 28, 2020 | Apr. 15, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 28, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | PUBLIX SUPER MARKETS INC | |
Entity Central Index Key | 0000081061 | |
Current Fiscal Year End Date | --12-26 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | 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 | 704,659,000 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 28, 2020 | Dec. 28, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 1,618,875 | $ 763,382 |
Short-term investments | 454,111 | 438,105 |
Trade receivables | 834,391 | 737,093 |
Inventories | 1,618,908 | 1,913,310 |
Prepaid expenses | 51,719 | 75,710 |
Total current assets | 4,578,004 | 3,927,600 |
Long-term investments | 7,919,444 | 7,988,280 |
Other noncurrent assets | 444,916 | 441,938 |
Operating lease right-of-use assets | 2,991,588 | 2,964,780 |
Property, plant and equipment | 15,454,042 | 15,222,409 |
Accumulated depreciation | (6,185,677) | (6,037,887) |
Net property, plant and equipment | 9,268,365 | 9,184,522 |
Total assets | 25,202,317 | 24,507,120 |
Current liabilities: | ||
Accounts payable | 2,502,165 | 1,984,761 |
Accrued expenses: | ||
Contributions to retirement plans | 292,624 | 581,699 |
Self-insurance reserves | 151,804 | 149,082 |
Salaries and wages | 228,871 | 148,662 |
Other | 412,605 | 461,427 |
Current portion of long-term debt | 53,659 | 39,692 |
Current portion of operating lease liabilities | 337,270 | 335,391 |
Federal and state income taxes | 223,073 | 0 |
Total current liabilities | 4,202,071 | 3,700,714 |
Deferred income taxes | 535,610 | 682,484 |
Self-insurance reserves | 226,995 | 226,727 |
Accrued postretirement benefit cost | 120,092 | 120,015 |
Long-term debt | 121,457 | 131,997 |
Operating lease liabilities | 2,610,655 | 2,603,206 |
Other noncurrent liabilities | 138,719 | 140,633 |
Total liabilities | 7,955,599 | 7,605,776 |
Common stock related to Employee Stock Ownership Plan (ESOP) | 3,703,244 | 3,259,230 |
Stockholders’ equity: | ||
Common stock of $1 par value. Authorized 1,000,000 shares; issued 711,636 shares in 2020 and 706,552 shares in 2019 | 711,636 | 706,552 |
Additional paid-in capital | 4,005,969 | 3,758,066 |
Retained earnings | 12,772,966 | 12,317,478 |
Treasury stock at cost, 4,589 shares in 2020 | (224,393) | 0 |
Accumulated other comprehensive (losses) earnings | (57,205) | 81,289 |
Common stock related to ESOP | (3,703,244) | (3,259,230) |
Total stockholders’ equity | 13,505,729 | 13,604,155 |
Noncontrolling interests | 37,745 | 37,959 |
Total equity | 17,246,718 | 16,901,344 |
Total liabilities and stockholders' equity | $ 25,202,317 | $ 24,507,120 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 28, 2020 | Dec. 28, 2019 |
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 | 711,636,000 | 706,552,000 |
Treasury stock at cost, shares | 4,589,000 | 0 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Revenues: | ||
Sales | $ 11,228,537 | $ 9,674,197 |
Other operating income | 78,414 | 85,913 |
Total revenues | 11,306,951 | 9,760,110 |
Costs and expenses: | ||
Cost of merchandise sold | 8,037,568 | 6,966,392 |
Operating and administrative expenses | 2,117,772 | 1,937,143 |
Total costs and expenses | 10,155,340 | 8,903,535 |
Operating profit | 1,151,611 | 856,575 |
Investment (loss) | (330,845) | |
Investment income | 367,187 | |
Other nonoperating income, net | 16,924 | 19,313 |
Earnings before income tax expense | 837,690 | 1,243,075 |
Income tax expense | 170,355 | 262,104 |
Net earnings | $ 667,335 | $ 980,971 |
Weighted average shares outstanding | 706,758 | 716,026 |
Earnings per share | $ 0.94 | $ 1.37 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $ 667,335 | $ 980,971 |
Other comprehensive earnings: | ||
Unrealized (loss) gain on debt securities net of income taxes in 2020 and 2019, respectively. | (137,583) | 59,521 |
Reclassification adjustment for net realized (gain) loss on debt securities net of income taxes in 2020 and 2019, respectively. | (1,726) | 293 |
Adjustment to postretirement benefit obligation net of income taxes in 2020. | 815 | 0 |
Comprehensive earnings | $ 528,841 | $ 1,040,785 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Unrealized (loss) gain on debt securities net of income taxes in 2020 and 2019, respectively. | $ (46,904) | $ 20,292 |
Reclassification adjustment for net realized (gain) loss on debt securities net of income taxes in 2020 and 2019, respectively. | (588) | 100 |
Adjustment to postretirement benefit obligation net of income taxes in 2020. | $ 278 | $ 0 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Cash flows from operating activities: | ||
Cash received from customers | $ 11,208,724 | $ 9,698,829 |
Cash paid to employees and suppliers | (8,951,051) | (8,317,811) |
Income taxes (paid) refunded | (5,941) | 1,152 |
Self-insured claims paid | (94,811) | (81,196) |
Dividends and interest received | 63,598 | 47,433 |
Other operating cash receipts | 77,018 | 84,794 |
Other operating cash payments | (5,032) | (4,845) |
Net cash provided by operating activities | 2,292,505 | 1,428,356 |
Cash flows from investing activities: | ||
Payment for capital expenditures | (269,288) | (254,836) |
Proceeds from sale of property, plant and equipment | 1,186 | 2,196 |
Payment for investments | (924,827) | (664,667) |
Proceeds from sale and maturity of investments | 299,116 | 310,379 |
Net cash used in investing activities | (893,813) | (606,928) |
Cash flows from financing activities: | ||
Payment for acquisition of common stock | (442,509) | (333,857) |
Proceeds from sale of common stock | 109,348 | 113,196 |
Dividends paid | (211,847) | (185,835) |
Repayment of long-term debt | (2,816) | (2,263) |
Other, net | 4,625 | 209 |
Net cash used in financing activities | (543,199) | (408,550) |
Net increase in cash and cash equivalents | 855,493 | 412,878 |
Cash and cash equivalents at beginning of period | 763,382 | 599,264 |
Cash and cash equivalents at end of period | 1,618,875 | 1,012,142 |
Reconciliation of net earnings to net cash provided by operating activities: | ||
Net earnings | 667,335 | 980,971 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 178,969 | 174,049 |
Increase in last-in, first out (LIFO) reserve | 9,525 | 10,230 |
Retirement contributions paid or payable in common stock | 98,651 | 101,071 |
Deferred income taxes | (99,660) | 65,997 |
Loss (gain) on disposal and impairment of property, plant and equipment | 1,625 | (1,146) |
Loss (gain) on investments | 385,113 | (325,171) |
Net amortization of investments | 10,277 | 12,280 |
Changes in operating assets and liabilities providing (requiring) cash: | ||
Trade receivables | (97,298) | (12,718) |
Inventories | 284,877 | 101,241 |
Other assets | (6,765) | 81,108 |
Accounts payable and accrued expenses | 604,049 | 133,002 |
Federal and state income taxes | 255,215 | 192,131 |
Other liabilities | 592 | (84,689) |
Total adjustments | 1,625,170 | 447,385 |
Net cash provided by operating activities | $ 2,292,505 | $ 1,428,356 |
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. 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. 28, 2019 | 13,604,155 | 706,552 | 3,758,066 | 12,317,478 | 0 | 81,289 | (3,259,230) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive Earnings | 528,841 | 667,335 | (138,494) | ||||
Dividends per share | (211,847) | (211,847) | |||||
Contribution of shares to retirement plans | 361,755 | 4,977 | 242,724 | 114,054 | |||
Acquisition of shares from stockholders | (442,509) | (442,509) | |||||
Sale of shares to stockholders | 109,348 | 107 | 5,179 | 104,062 | |||
Change for ESOP related shares | (444,014) | (444,014) | |||||
Ending Balance at Mar. 28, 2020 | $ 13,505,729 | $ 711,636 | $ 4,005,969 | $ 12,772,966 | $ (224,393) | $ (57,205) | $ (3,703,244) |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) (Parentheticals) - $ / shares shares in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Statements of Stockholders' Equity (Parenthetical) [Abstract] | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.30 | $ 0.26 |
Contribution of shares to retirement plans | 7,398 | 8,587 |
Acquisition of shares from stockholders | 9,142 | 7,802 |
Sale of shares to stockholders | 2,239 | 2,641 |
Basis of Presentation (Notes)
Basis of Presentation (Notes) | 3 Months Ended |
Mar. 28, 2020 | |
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 (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 and the impact of the coronavirus pandemic, the results of operations for the three months ended March 28, 2020 are not necessarily indicative of the results for the entire 2020 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 28, 2019 . 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) | 3 Months Ended |
Mar. 28, 2020 | |
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 March 28, 2020 and December 28, 2019 : Fair Value Level 1 Level 2 Level 3 (Amounts are in thousands) March 28, 2020 $ 8,373,555 2,154,460 6,219,095 — December 28, 2019 8,426,385 2,028,547 6,397,838 — |
Investments (Notes)
Investments (Notes) | 3 Months Ended |
Mar. 28, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments [Tex Block] | (3) Investments (a) Debt Securities In 2020, the Company adopted the Accounting Standards Update (ASU) requiring companies to recognize credit losses on debt securities in earnings as an allowance that is reevaluated each reporting period. The Company adopted the ASU on a prospective basis as of December 29, 2019. Prior to the adoption of the ASU, credit losses in which the Company did not expect to recover the cost of the debt security were recognized in earnings as an other-than-temporary impairment. The adoption of the ASU did not have an effect on the Company’s financial position, results of operations or cash flows. Debt securities are classified as available-for-sale and measured at fair value. The Company evaluates debt securities on an individual security basis to determine if an unrealized loss is due to a credit loss or other factors, including interest rate fluctuations. The collectability of debt securities is evaluated based on criteria that include the extent to which the cost (cost of the debt security adjusted for amortization of premium or accretion of discount) exceeds fair value, 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. Credit losses on debt securities the Company does not intend to sell and will not be required to sell prior to any anticipated recovery are recognized in earnings through an allowance. The allowance is measured as the difference between the present value of expected cash flows and the cost of the debt security, limited to the difference between the cost and the fair value of the debt security. Expected cash flows are discounted using the debt security’s effective interest rate. Subsequent changes to the allowance are recognized in earnings in the period of the change. Credit losses on debt securities the Company intends to sell or will be required to sell prior to any anticipated recovery are recognized in earnings and measured as the difference between the cost and the fair value of the debt security. Other unrealized losses on debt securities the Company does not intend to sell and will not be required to sell prior to any anticipated recovery are reported in other comprehensive earnings net of income taxes and included as a component of stockholders’ equity. Other unrealized losses on debt securities the Company intends to sell or will be required to sell prior to any anticipated recovery are recognized in earnings and measured as the difference between the cost and the fair value of the debt security. Following is a summary of debt securities as of March 28, 2020 and December 28, 2019 : Cost Gross Gains Gross Losses Fair Value (Amounts are in thousands) March 28, 2020 Tax exempt bonds $ 728,671 3,090 137 731,624 Taxable bonds 5,049,543 56,270 121,408 4,984,405 Restricted investments 170,134 7,473 — 177,607 $ 5,948,348 66,833 121,545 5,893,636 December 28, 2019 Tax exempt bonds $ 767,931 3,429 130 771,230 Taxable bonds 5,002,036 120,132 1,443 5,120,725 Restricted investments 169,983 10,101 — 180,084 $ 5,939,950 133,662 1,573 6,072,039 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 March 28, 2020 and December 28, 2019 are as follows: March 28, 2020 December 28, 2019 Cost Fair Value Cost Fair Value (Amounts are in thousands) Due in one year or less $ 455,411 454,111 437,236 438,105 Due after one year through five years 3,990,481 3,943,648 3,836,333 3,900,904 Due after five years through ten years 1,497,558 1,490,730 1,661,143 1,727,594 Due after ten years 4,898 5,147 5,238 5,436 $ 5,948,348 5,893,636 5,939,950 6,072,039 The Company had no debt securities with credit losses as of March 28, 2020 . Following is a summary of debt securities with other unrealized losses by the time period impaired as of March 28, 2020 and December 28, 2019 : 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) March 28, 2020 Tax exempt bonds $ 123,117 133 12,234 4 135,351 137 Taxable bonds 2,896,391 120,881 14,616 527 2,911,007 121,408 $ 3,019,508 121,014 26,850 531 3,046,358 121,545 December 28, 2019 Tax exempt bonds $ 48,462 11 99,976 119 148,438 130 Taxable bonds 573,315 888 197,641 555 770,956 1,443 $ 621,777 899 297,617 674 919,394 1,573 There are 203 debt securities contributing to the total unrealized losses of $121,545,000 as of March 28, 2020 . Unrealized losses related to debt securities are primarily due to increases in yields for taxable bonds due to changes in demand. The Company continues to receive scheduled principal and interest payments on these debt securities. (b) Equity Securities Equity securities are 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 $2,479,919,000 and $2,354,346,000 as of March 28, 2020 and December 28, 2019 , respectively. (c) Investment Income (Loss) 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 or loss on the sale of equity securities previously recognized through the fair value adjustment, which is presented separately in the following table. Following is a summary of investment (loss) income for the three months ended March 28, 2020 and March 30, 2019 : Three Months Ended March 28, 2020 March 30, 2019 (Amounts are in thousands) Interest and dividend income $ 54,268 42,016 Net realized gain on sale of investments 2,314 4,211 56,582 46,227 Fair value adjustment, due to net unrealized (loss) gain, on equity securities held at end of period (387,427 ) 314,348 Net loss on sale of equity securities previously recognized through fair value adjustment — 6,612 $ (330,845 ) 367,187 |
Consolidation of Joint Ventures
Consolidation of Joint Ventures and Long-Term Debt (Notes) | 3 Months Ended |
Mar. 28, 2020 | |
Consolidation Of Joint Ventures And Long Term Debt [Abstract] | |
Consolidation Of Joint Ventures And Long Term Debt Disclosure [Text Block] | (4) 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 March 28, 2020 , the carrying amounts of the assets and liabilities of the consolidated JVs were $158,811,000 and $83,035,000 , respectively. As of December 28, 2019 , the carrying amounts of the assets and liabilities of the consolidated JVs were $154,659,000 and $78,472,000 , 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 2020 and 2019 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 three months ended March 28, 2020 and March 30, 2019 . 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) | 3 Months Ended |
Mar. 28, 2020 | |
Retirement Benefits [Abstract] | |
Retirement Plan [Text Block] | (5) 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 $454,890,000 and $287,328,000 as of March 28, 2020 and December 28, 2019 , respectively. The cost of the shares held by the ESOP totaled $3,248,354,000 and $2,971,902,000 as of March 28, 2020 and December 28, 2019 , 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 $3,703,244,000 and $3,259,230,000 as of March 28, 2020 and December 28, 2019 , respectively. The fair value of the shares held by the ESOP totaled $8,948,648,000 and $8,585,189,000 as of March 28, 2020 and December 28, 2019 , respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Earnings (Losses) (Notes) | 3 Months Ended |
Mar. 28, 2020 | |
Equity [Abstract] | |
Comprehensive Earnings (Losses) Note [Text Block] | (6) 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 March 28, 2020 and March 30, 2019 is as follows: Investments Postretirement Benefit Accumulated Other Comprehensive Earnings (Losses) (Amounts are in thousands) 2020 Balances at December 28, 2019 $ 98,506 (17,217 ) 81,289 Unrealized loss on debt securities (137,583 ) — (137,583 ) Net realized gain on debt securities reclassified to investment income (1,726 ) — (1,726 ) Adjustment to postretirement benefit obligation — 815 815 Net other comprehensive (losses) earnings (139,309 ) 815 (138,494 ) Balances at March 28, 2020 $ (40,803 ) (16,402 ) (57,205 ) 2019 Balances at December 29, 2018 $ (49,033 ) (6,729 ) (55,762 ) Unrealized gain on debt securities 59,521 — 59,521 Net realized loss on debt securities reclassified to investment income 293 — 293 Net other comprehensive earnings 59,814 — 59,814 Balances at March 30, 2019 $ 10,781 (6,729 ) 4,052 |
Subsequent Event (Notes)
Subsequent Event (Notes) | 3 Months Ended |
Mar. 28, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | (7) Subsequent Event On April 1, 2020 , the Company declared a quarterly dividend on its common stock of $0.32 per share or $225,500,000 , payable May 1, 2020 to stockholders of record as of the close of business April 15, 2020 . |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 28, 2020 | |
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 (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 and the impact of the coronavirus pandemic, the results of operations for the three months ended March 28, 2020 are not necessarily indicative of the results for the entire 2020 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 28, 2019 . 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. |
Investments Debt Securities AFS
Investments Debt Securities AFS Accounting Policy (Policies) | 3 Months Ended |
Mar. 28, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Credit Loss, Financial Instrument [Policy Text Block] | Debt securities are classified as available-for-sale and measured at fair value. The Company evaluates debt securities on an individual security basis to determine if an unrealized loss is due to a credit loss or other factors, including interest rate fluctuations. The collectability of debt securities is evaluated based on criteria that include the extent to which the cost (cost of the debt security adjusted for amortization of premium or accretion of discount) exceeds fair value, 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. Credit losses on debt securities the Company does not intend to sell and will not be required to sell prior to any anticipated recovery are recognized in earnings through an allowance. The allowance is measured as the difference between the present value of expected cash flows and the cost of the debt security, limited to the difference between the cost and the fair value of the debt security. Expected cash flows are discounted using the debt security’s effective interest rate. Subsequent changes to the allowance are recognized in earnings in the period of the change. Credit losses on debt securities the Company intends to sell or will be required to sell prior to any anticipated recovery are recognized in earnings and measured as the difference between the cost and the fair value of the debt security. Other unrealized losses on debt securities the Company does not intend to sell and will not be required to sell prior to any anticipated recovery are reported in other comprehensive earnings net of income taxes and included as a component of stockholders’ equity. Other unrealized losses on debt securities the Company intends to sell or will be required to sell prior to any anticipated recovery are recognized in earnings and measured as the difference between the cost and the fair value of the debt security. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements for Investments [Table Text Block] | Following is a summary of fair value measurements for investments as of March 28, 2020 and December 28, 2019 : Fair Value Level 1 Level 2 Level 3 (Amounts are in thousands) March 28, 2020 $ 8,373,555 2,154,460 6,219,095 — December 28, 2019 8,426,385 2,028,547 6,397,838 — |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Available For Sale Debt Securities [Table Text Block] | Following is a summary of debt securities as of March 28, 2020 and December 28, 2019 : Cost Gross Gains Gross Losses Fair Value (Amounts are in thousands) March 28, 2020 Tax exempt bonds $ 728,671 3,090 137 731,624 Taxable bonds 5,049,543 56,270 121,408 4,984,405 Restricted investments 170,134 7,473 — 177,607 $ 5,948,348 66,833 121,545 5,893,636 December 28, 2019 Tax exempt bonds $ 767,931 3,429 130 771,230 Taxable bonds 5,002,036 120,132 1,443 5,120,725 Restricted investments 169,983 10,101 — 180,084 $ 5,939,950 133,662 1,573 6,072,039 |
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 March 28, 2020 and December 28, 2019 are as follows: March 28, 2020 December 28, 2019 Cost Fair Value Cost Fair Value (Amounts are in thousands) Due in one year or less $ 455,411 454,111 437,236 438,105 Due after one year through five years 3,990,481 3,943,648 3,836,333 3,900,904 Due after five years through ten years 1,497,558 1,490,730 1,661,143 1,727,594 Due after ten years 4,898 5,147 5,238 5,436 $ 5,948,348 5,893,636 5,939,950 6,072,039 |
Available For Sale Debt Securities in an Unrealized Loss Position by Time Period Impaired [Table Text Block] | Following is a summary of debt securities with other unrealized losses by the time period impaired as of March 28, 2020 and December 28, 2019 : 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) March 28, 2020 Tax exempt bonds $ 123,117 133 12,234 4 135,351 137 Taxable bonds 2,896,391 120,881 14,616 527 2,911,007 121,408 $ 3,019,508 121,014 26,850 531 3,046,358 121,545 December 28, 2019 Tax exempt bonds $ 48,462 11 99,976 119 148,438 130 Taxable bonds 573,315 888 197,641 555 770,956 1,443 $ 621,777 899 297,617 674 919,394 1,573 |
Investment Income (Loss) [Table Text Block] | Following is a summary of investment (loss) income for the three months ended March 28, 2020 and March 30, 2019 : Three Months Ended March 28, 2020 March 30, 2019 (Amounts are in thousands) Interest and dividend income $ 54,268 42,016 Net realized gain on sale of investments 2,314 4,211 56,582 46,227 Fair value adjustment, due to net unrealized (loss) gain, on equity securities held at end of period (387,427 ) 314,348 Net loss on sale of equity securities previously recognized through fair value adjustment — 6,612 $ (330,845 ) 367,187 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Earnings (Losses) (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Earnings (Losses) [Table Text Block] | A reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the three months ended March 28, 2020 and March 30, 2019 is as follows: Investments Postretirement Benefit Accumulated Other Comprehensive Earnings (Losses) (Amounts are in thousands) 2020 Balances at December 28, 2019 $ 98,506 (17,217 ) 81,289 Unrealized loss on debt securities (137,583 ) — (137,583 ) Net realized gain on debt securities reclassified to investment income (1,726 ) — (1,726 ) Adjustment to postretirement benefit obligation — 815 815 Net other comprehensive (losses) earnings (139,309 ) 815 (138,494 ) Balances at March 28, 2020 $ (40,803 ) (16,402 ) (57,205 ) 2019 Balances at December 29, 2018 $ (49,033 ) (6,729 ) (55,762 ) Unrealized gain on debt securities 59,521 — 59,521 Net realized loss on debt securities reclassified to investment income 293 — 293 Net other comprehensive earnings 59,814 — 59,814 Balances at March 30, 2019 $ 10,781 (6,729 ) 4,052 |
Fair Value Measurements for Inv
Fair Value Measurements for Investments (Details) - USD ($) $ in Thousands | Mar. 28, 2020 | Dec. 28, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | $ 8,373,555 | $ 8,426,385 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 2,154,460 | 2,028,547 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 6,219,095 | 6,397,838 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | $ 0 | $ 0 |
Investments Recently Issued Acc
Investments Recently Issued Accounting Standard (Details) | Mar. 28, 2020 |
Accounting Standards Update 2016-13 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Adoption of ASU 2016-13 had an immaterial effect [true false] | true |
Investments Available for Sale
Investments Available for Sale Securities Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 28, 2020 | Dec. 28, 2019 | |
Debt Securities, Available-for-sale [Line Items] | ||
Cost | $ 5,948,348 | $ 5,939,950 |
Debt Securities, Available-for-sale, Unrealized Gain | 66,833 | 133,662 |
Debt Securities, Available-for-sale, Unrealized Loss | 121,545 | 1,573 |
Debt Securities, Available-for-sale | 5,893,636 | 6,072,039 |
Nontaxable Municipal Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 728,671 | 767,931 |
Debt Securities, Available-for-sale, Unrealized Gain | 3,090 | 3,429 |
Debt Securities, Available-for-sale, Unrealized Loss | 137 | 130 |
Debt Securities, Available-for-sale | 731,624 | 771,230 |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 5,049,543 | 5,002,036 |
Debt Securities, Available-for-sale, Unrealized Gain | 56,270 | 120,132 |
Debt Securities, Available-for-sale, Unrealized Loss | 121,408 | 1,443 |
Debt Securities, Available-for-sale | 4,984,405 | 5,120,725 |
Restricted Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 170,134 | 169,983 |
Debt Securities, Available-for-sale, Unrealized Gain | 7,473 | 10,101 |
Debt Securities, Available-for-sale, Unrealized Loss | 0 | 0 |
Debt Securities, Available-for-sale | $ 177,607 | $ 180,084 |
Amortized Cost and Fair Value o
Amortized Cost and Fair Value of Available for Sale Securities by Expected Maturity (Detail) - USD ($) $ in Thousands | Mar. 28, 2020 | Dec. 28, 2019 |
Cost | ||
Due in one year or less | $ 455,411 | $ 437,236 |
Due after one year through five years | 3,990,481 | 3,836,333 |
Due after five years through ten years | 1,497,558 | 1,661,143 |
Due after ten years | 4,898 | 5,238 |
Total | 5,948,348 | 5,939,950 |
Fair Value | ||
Due in one year or less | 454,111 | 438,105 |
Due after one year through five years | 3,943,648 | 3,900,904 |
Due after five years through ten years | 1,490,730 | 1,727,594 |
Due after ten years | 5,147 | 5,436 |
Total | $ 5,893,636 | $ 6,072,039 |
Temporarily Impaired Available
Temporarily Impaired Available for Sale Securities by Time Period Impaired (Detail) - USD ($) $ in Thousands | Mar. 28, 2020 | Dec. 28, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 3,019,508 | $ 621,777 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 121,014 | 899 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 26,850 | 297,617 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 531 | 674 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 3,046,358 | 919,394 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 121,545 | 1,573 |
Nontaxable Municipal Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 123,117 | 48,462 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 133 | 11 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 12,234 | 99,976 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 4 | 119 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 135,351 | 148,438 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 137 | 130 |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 2,896,391 | 573,315 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 120,881 | 888 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 14,616 | 197,641 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 527 | 555 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 2,911,007 | 770,956 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 121,408 | $ 1,443 |
Investments Investments Allowan
Investments Investments Allowance for Credit Losses (Details) $ in Thousands | Mar. 28, 2020USD ($) |
Credit Loss [Abstract] | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | $ 0 |
Investments - Additional Inform
Investments - Additional Information (Detail) $ in Thousands | Mar. 28, 2020USD ($)AFS_security | Dec. 28, 2019USD ($) |
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract] | ||
Number of debt securities issues contributing to total unrealized loss | AFS_security | 203 | |
Total, unrealized Losses | $ | $ 121,545 | $ 1,573 |
Investments Equity Securities (
Investments Equity Securities (Details) - USD ($) | Mar. 28, 2020 | Dec. 28, 2019 |
Equity Securities [Line Items] | ||
Equity Securities, FV-NI | $ 2,479,919,000 | $ 2,354,346,000 |
Investments Investment Income (
Investments Investment Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Investment Income, Net [Abstract] | ||
Interest and dividend income | $ 54,268 | $ 42,016 |
Net realized gain on sale of investments | 2,314 | 4,211 |
Investment income before fair value adjustment | 56,582 | 46,227 |
Fair value adjustment, due to net unrealized (loss) gain, on equity securities held at end of period | (387,427) | 314,348 |
Net loss on sale of equity securities previously recognized through fair value adjustment | 0 | 6,612 |
Investment (loss) | $ (330,845) | |
Investment income | $ 367,187 |
Consolidation of Joint Ventur_2
Consolidation of Joint Ventures and Long-Term Debt Joint Venture - Additional Information (Details) - USD ($) | Mar. 28, 2020 | Dec. 28, 2019 |
Variable Interest Entity [Line Items] | ||
Assets | $ 25,202,317,000 | $ 24,507,120,000 |
Liabilities | 7,955,599,000 | 7,605,776,000 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 158,811,000 | 154,659,000 |
Liabilities | $ 83,035,000 | $ 78,472,000 |
Consolidation of Joint Ventur_3
Consolidation of Joint Ventures and Long-Term Debt Long-Term Debt Assumptions, Maturities and Interest Rates (Details) - USD ($) | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Debt Instrument [Line Items] | ||
Loans Assumed | $ 0 | $ 0 |
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 ($) | Mar. 28, 2020 | Dec. 28, 2019 |
Retirement Benefits [Abstract] | ||
Distributed shares subject to put option, fair value | $ 454,890,000 | $ 287,328,000 |
ESOP, shares cost | 3,248,354,000 | 2,971,902,000 |
Common stock related to ESOP | 3,703,244,000 | 3,259,230,000 |
ESOP shares, fair value | $ 8,948,648,000 | $ 8,585,189,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Earnings (Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balances at Beginning of Period | $ 81,289 | $ (55,762) |
Unrealized (loss) gain on debt securities in 2020 and 2019, respectively. | (137,583) | 59,521 |
Net realized (gain) loss on debt securities reclassified to investment income in 2020 and 2019, respectively. | (1,726) | 293 |
Adjustment to postretirement benefit obligation | 815 | 0 |
Net other comprehensive earnings (losses) | (138,494) | 59,814 |
Balances at End of Period | (57,205) | 4,052 |
AFS Securities [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balances at Beginning of Period | 98,506 | (49,033) |
Unrealized (loss) gain on debt securities in 2020 and 2019, respectively. | (137,583) | 59,521 |
Net realized (gain) loss on debt securities reclassified to investment income in 2020 and 2019, respectively. | (1,726) | 293 |
Net other comprehensive earnings (losses) | (139,309) | 59,814 |
Balances at End of Period | (40,803) | 10,781 |
Postretirement Benefits [Member} | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balances at Beginning of Period | (17,217) | (6,729) |
Adjustment to postretirement benefit obligation | 815 | 0 |
Net other comprehensive earnings (losses) | 815 | 0 |
Balances at End of Period | $ (16,402) | $ (6,729) |
Subsequent Event (Details)
Subsequent Event (Details) - Subsequent Event [Member] - USD ($) | May 01, 2020 | Apr. 15, 2020 | Apr. 01, 2020 |
Subsequent Event [Line Items] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.32 | ||
Dividends Payable, Date Declared | Apr. 1, 2020 | ||
Dividends Payable, Date to be Paid | May 1, 2020 | ||
Dividends Payable, Date of Record | Apr. 15, 2020 | ||
Dividends, Common Stock, Cash | $ 225,500,000 |