Publix Super Markets (PUSH) 10-Q 1 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 28, 2015	Apr. 17, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	28-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Trading Symbol	ck0000081061
Entity Registrant Name	PUBLIX SUPER MARKETS INC
Entity Central Index Key	81061
Current Fiscal Year End Date	-14
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		777,972,000

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 28, 2015	Dec. 27, 2014
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents	$455,751	$407,493
Short-term investments	1,055,958	999,169
Trade receivables	594,071	549,443
Merchandise inventories	1,612,344	1,597,683
Deferred tax assets	74,529	71,142
Prepaid expenses	40,094	108,619
Total current assets	3,832,747	3,733,549
Long-term investments	5,843,613	5,231,561
Other noncurrent assets	390,307	395,428
Property, plant and equipment	9,880,528	9,666,790
Accumulated depreciation	-4,041,258	-3,943,848
Net property, plant and equipment	5,839,270	5,722,942
Total assets	15,905,937	15,083,480
Current liabilities:
Accounts payable	1,642,287	1,538,108
Accrued expenses:
Contribution to retirement plans	251,576	477,154
Self-insurance reserves	149,489	151,153
Salaries and wages	173,463	120,372
Dividends payable	305,486	0
Other	381,611	373,086
Current portion of long-term debt	36,145	24,936
Federal and state income taxes	211,938	12,982
Total current liabilities	3,151,995	2,697,791
Deferred tax liabilities	362,924	388,667
Self-insurance reserves	215,945	213,213
Accrued postretirement benefit cost	106,910	106,570
Long-term debt	209,039	192,702
Other noncurrent liabilities	130,171	139,314
Total liabilities	4,176,984	3,738,257
Common stock related to Employee Stock Ownership Plan (ESOP)	3,095,090	2,680,528
Stockholders’ equity:
Common stock of $1 par value. Authorized 1,000,000 shares; issued 782,252 shares in 2015 and 774,472 shares in 2014	782,252	774,472
Additional paid-in capital	2,509,382	2,200,892
Retained earnings	8,463,892	8,218,340
Treasury stock at cost, 4,239 shares in 2015	-165,535	0
Accumulated other comprehensive earnings	96,634	109,134
Common stock related to ESOP	-3,095,090	-2,680,528
Total stockholders’ equity	8,591,535	8,622,310
Noncontrolling interests	42,328	42,385
Total equity	11,728,953	11,345,223
Total liabilities and stockholders' equity	$15,905,937	$15,083,480

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 28, 2015	Dec. 27, 2014
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	782,252,000	774,472,000
Treasury stock at cost, shares	4,239,000

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 28, 2015	Mar. 29, 2014
Revenues:
Sales	$8,349,317	$7,814,740
Other operating income	63,428	60,962
Total revenues	8,412,745	7,875,702
Costs and expenses:
Cost of merchandise sold	6,001,231	5,610,868
Operating and administrative expenses	1,637,720	1,557,780
Total costs and expenses	7,638,951	7,168,648
Operating profit	773,794	707,054
Investment income	35,764	25,628
Other nonoperating income, net	7,649	7,493
Earnings before income tax expense	817,207	740,175
Income tax expense	268,289	246,469
Net earnings	$548,918	$493,706
Weighted average shares outstanding	775,297	777,979
Basic and diluted earnings per share	$0.71	$0.63
Dividends declared per common share	$0.39	$0.37

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 28, 2015	Mar. 29, 2014
Statement of Comprehensive Income [Abstract]
Net earnings	$548,918	$493,706
Other comprehensive earnings:
Unrealized (loss) gain on available-for-sale (AFS) securities, net of tax effect	-3,212	11,913
Reclassification adjustment for net realized gain on AFS securities, net of tax effect	-9,433	-3,437
Adjustment to postretirement benefit plan obligation, net of tax effect	145	84
Comprehensive earnings	$536,418	$502,266

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 28, 2015	Mar. 29, 2014
Statement of Comprehensive Income [Abstract]
Unrealized (loss) gain on available-for-sale (AFS) securities, tax effect	($2,022)	$7,502
Reclassification adjustment for net realized gain on AFS securities, tax effect	-5,941	-2,165
Adjustment to postretirement benefit plan obligation, tax effect	$91	$53

CONDENSED_CONSOLIDATED_STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 28, 2015	Mar. 29, 2014
Cash flows from operating activities:
Cash received from customers	$8,320,290	$7,819,033
Cash paid to employees and suppliers	-7,226,004	-6,739,340
Income taxes paid	-6,145	-30,979
Self-insured claims paid	-61,937	-70,227
Dividends and interest received	52,067	50,906
Other operating cash receipts	61,780	59,147
Other operating cash payments	-4,663	-3,793
Net cash provided by operating activities	1,135,388	1,084,747
Cash flows from investing activities:
Payment for capital expenditures	-221,571	-205,145
Proceeds from sale of property, plant and equipment	640	2,398
Payment for investments	-929,244	-754,707
Proceeds from sale and maturity of investments	249,139	253,400
Net cash used in investing activities	-901,036	-704,054
Cash flows from financing activities:
Payment for acquisition of common stock	-277,730	-202,995
Proceeds from sale of common stock	95,906	94,851
Repayment of long-term debt	-8,698	-5,464
Other, net	4,428	-808
Net cash used in financing activities	-186,094	-114,416
Net increase in cash and cash equivalents	48,258	266,277
Cash and cash equivalents at beginning of period	407,493	301,868
Cash and cash equivalents at end of period	455,751	568,145
Reconciliation of net earnings to net cash provided by operating activities:
Net earnings	548,918	493,706
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	134,073	130,459
Increase in LIFO reserve	9,989	9,357
Retirement contributions paid or payable in common stock	107,102	95,399
Deferred income taxes	-21,258	-31,429
Loss on disposal and impairment of property, plant and equipment	8,312	9,513
Gain on AFS securities	-15,374	-5,602
Net amortization of investments	33,773	35,408
Changes in operating assets and liabilities providing (requiring) cash:
Trade receivables	-44,430	-12,524
Merchandise inventories	-24,650	-3,566
Prepaid expenses and other noncurrent assets	-12,101	-9,360
Accounts payable and accrued expenses	131,079	138,690
Self-insurance reserves	1,068	223
Federal and state income taxes	278,932	235,398
Other noncurrent liabilities	-45	-925
Total adjustments	586,470	591,041
Net cash provided by operating activities	$1,135,388	$1,084,747

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Mar. 28, 2015
Accounting Policies [Abstract]
Basis of Presentation	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 months ended March 28, 2015 are not necessarily indicative of the results for the entire 2015 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 27, 2014.
	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.
	Certain 2014 amounts have been reclassified to conform with the 2015 presentation in the condensed consolidated statements of cash flows.

Recently_Adopted_Accounting_St

Recently Adopted Accounting Standard	3 Months Ended
	Mar. 28, 2015
Accounting Changes and Error Corrections [Abstract]
Recently Adopted Accounting Standard	Recently Issued Accounting Standards
	In January 2014, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) permitting companies to make an accounting policy election to account for qualified affordable housing investments using the proportional amortization method if certain criteria are met. Under this method, the investment is amortized in proportion to the tax credits received and the net investment performance is recognized in the statements of earnings as a component of income tax expense. This ASU is effective for reporting periods beginning after December 15, 2014 with early adoption permitted. The Company elected to adopt the ASU early. The cumulative effect of the change from adopting the ASU was recorded during the quarter ended March 29, 2014 as the effect on that quarter and prior periods was not material to the Company’s financial condition or results of operations.
	In May 2014, the FASB issued an ASU on the recognition of revenue from contracts with customers. The ASU requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. This ASU is effective for reporting periods beginning after December 15, 2016 and early adoption is not permitted. The adoption of this ASU will not have an effect on the Company’s financial condition, results of operations or cash flows.

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	3 Months Ended
	Mar. 28, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	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 available-for-sale (AFS) securities is based on market prices using the following measurement categories:
	Level 1 – Fair value is determined by using quoted prices in active markets for identical investments. AFS securities that are included in this category are primarily a mutual fund, exchange traded funds and equity securities.
	Level 2 – Fair value is determined by using other than quoted prices. By using observable inputs (for example, benchmark yields, interest rates, reported trades and broker dealer quotes), the fair value is determined through processes such as benchmark curves, benchmarking of like securities and matrix pricing of corporate and municipal bonds by using pricing of similar bonds based on coupons, ratings and maturities. AFS securities that are included in this category are primarily debt securities (tax exempt and taxable bonds).
	Level 3 – Fair value is determined by using other than observable inputs. Fair value is determined by using the best information available in the circumstances and requires significant management judgment or estimation. No AFS securities are currently included in this category.
	Following is a summary of fair value measurements for AFS securities as of March 28, 2015 and December 27, 2014:
		Fair		Level 1	Level 2	Level 3
		Value
		(Amounts are in thousands)
	March 28, 2015	$	6,899,571	1,685,435	5,214,136	—
	December 27, 2014	6,230,730		1,439,360	4,791,370	—

Investments

Investments	3 Months Ended
	Mar. 28, 2015
Investments, Debt and Equity Securities [Abstract]
Investments	Investments
	All of the Company’s debt and equity securities are classified as AFS and are carried at fair value. The Company evaluates whether AFS securities are other-than-temporarily impaired (OTTI) based on criteria that include the extent to which cost exceeds market value, the duration of the market value decline, the credit rating of the issuer or security, the failure of the issuer to make scheduled principal or interest payments and the financial health and prospects of the issuer or security.
	Declines in the value of AFS securities determined to be OTTI are recognized in earnings and reported as OTTI losses. Debt securities with unrealized losses are considered OTTI if the Company intends to sell the debt security or if the Company will be required to sell the debt security prior to any anticipated recovery. If the Company determines that a debt security is OTTI under these circumstances, the impairment recognized in earnings is measured as the difference between the amortized cost and the current fair value. A debt security is also determined to be OTTI if the Company does not expect to recover the amortized cost of the debt security. However, in this circumstance, if the Company does not intend to sell the debt security and will not be required to sell the debt security, the impairment recognized in earnings equals the estimated credit loss as measured by the difference between the present value of expected cash flows and the amortized cost of the debt security. Expected cash flows are discounted using the debt security’s effective interest rate. An equity security is determined to be OTTI if the Company does not expect to recover the cost of the equity security. Declines in the value of AFS securities determined to be temporary are reported net of income taxes as other comprehensive losses and included as a component of stockholders’ equity.
	Interest and dividend income, amortization of premiums, accretion of discounts and realized gains and losses on AFS securities are included in investment income. Interest income is accrued as earned. Dividend income is recognized as income on the ex-dividend date of the equity security. The cost of AFS securities sold is based on the first-in, first-out method.
	Following is a summary of AFS securities as of March 28, 2015 and December 27, 2014:
		Amortized		Gross			Gross				Fair
		Cost		Unrealized			Unrealized				Value
				Gains			Losses
		(Amounts are in thousands)
	28-Mar-15
	Tax exempt bonds	$	3,358,175		18,210			3,638			3,372,747
	Taxable bonds	1,923,064			5,736			1,673			1,927,127
	Restricted investments	170,000			—			1,121			168,879
	Equity securities	1,276,670			165,798			11,650			1,430,818
		$	6,727,909		189,744			18,082			6,899,571
	27-Dec-14
	Tax exempt bonds	$	3,205,647		17,460			4,011			3,219,096
	Taxable bonds	1,569,828			3,005			4,592			1,568,241
	Restricted investments	170,000			—			776			169,224
	Equity securities	1,092,985			191,493			10,309			1,274,169
		$	6,038,460		211,958			19,688			6,230,730
	Realized gains on sales of AFS securities totaled $16,266,000 for the three months ended March 28, 2015. Realized losses on sales of AFS securities totaled $892,000 for the three months ended March 28, 2015.
	Realized gains on sales of AFS securities totaled $6,173,000 for the three months ended March 29, 2014. Realized losses on sales of AFS securities totaled $571,000 for the three months ended March 29, 2014.
	The amortized cost and fair value of AFS securities by expected maturity as of March 28, 2015 and December 27, 2014 are as follows:
		28-Mar-15				27-Dec-14
		Amortized		Fair		Amortized			Fair
		Cost		Value		Cost			Value
		(Amounts are in thousands)
	Due in one year or less	$	1,053,686	1,055,958		996,674			999,169
	Due after one year through five years	3,866,476		3,881,250		3,493,708			3,501,821
	Due after five years through ten years	264,836		264,805		183,552			183,168
	Due after ten years	96,241		97,861		101,541			103,179
		5,281,239		5,299,874		4,775,475			4,787,337
	Restricted investments	170,000		168,879		170,000			169,224
	Equity securities	1,276,670		1,430,818		1,092,985			1,274,169
		$	6,727,909	6,899,571		6,038,460			6,230,730
	Following is a summary of temporarily impaired AFS securities by the time period impaired as of March 28, 2015 and December 27, 2014:
		Less Than						12 Months				Total
		12 Months						or Longer
		Fair		Unrealized				Fair		Unrealized		Fair	Unrealized
		Value		Losses				Value		Losses		Value	Losses
		(Amounts are in thousands)
	28-Mar-15
	Tax exempt bonds	$	602,522		2,696			82,148			942	684,670		3,638
	Taxable bonds	522,279			1,250			69,398			423	591,677		1,673
	Restricted investments	168,879			1,121			—			—	168,879		1,121
	Equity securities	113,280			9,330			7,789			2,320	121,069		11,650
	Total temporarily impaired AFS securities	$	1,406,960		14,397			159,335			3,685	1,566,295		18,082
	27-Dec-14
	Tax exempt bonds	$	689,909		2,359			93,454			1,652	783,363		4,011
	Taxable bonds	936,512			3,666			68,035			926	1,004,547		4,592
	Restricted investments	169,224			776			—			—	169,224		776
	Equity securities	107,352			8,373			6,229			1,936	113,581		10,309
	Total temporarily impaired AFS securities	$	1,902,997		15,174			167,718			4,514	2,070,715		19,688
	There are 252 AFS securities issues contributing to the total unrealized loss of $18,082,000 as of March 28, 2015. Unrealized losses related to debt securities are primarily due to interest rate volatility impacting the market value of certain bonds. The Company continues to receive scheduled principal and interest payments on these debt securities. Unrealized losses related to equity securities are primarily due to temporary equity market fluctuations that are expected to recover.

Consolidation_of_Joint_Venture

Consolidation of Joint Ventures and Long-Term Debt	3 Months Ended
	Mar. 28, 2015
Equity Method Investments and Joint Ventures and Debt [Abstract]
Consolidation of Joint Ventures and Long-Term Debt	onsolidation of Joint Ventures and Long-Term Debt
	From time to time, the Company enters into Joint Ventures (JV), in the legal form of limited liability companies, with certain real estate developers to partner in the development of shopping centers with the Company as the anchor tenant. The Company consolidates certain of these JVs in which it has a controlling financial interest. The Company is considered to have a controlling financial interest in a JV when it has (1) the power to direct the activities of the JV that most significantly impact the JV’s economic performance and (2) the obligation to absorb losses or the right to receive benefits from the JV that could potentially be significant to such JV.
	The Company evaluates a JV using specific criteria to determine whether the Company has a controlling financial interest and is the primary beneficiary of the JV. Factors considered in determining whether the Company is the primary beneficiary include risk and reward sharing, experience and financial condition of the other JV members, voting rights, involvement in routine capital and operating decisions and each member’s influence over the JV owned shopping center’s economic performance.
	Generally, most major JV decision making is shared between all members. In particular, the use and sale of JV assets, business plans and budgets are generally required to be approved by all members. However, the Company, through its anchor tenant operating lease agreement, has the power to direct the activities that most significantly influence the economic performance of the JV owned shopping center. Additionally, through its member equity interest in the JV, the Company will receive a significant portion of the JV’s benefits or is obligated to absorb a significant portion of the JV’s losses.
	As of March 28, 2015, the carrying amounts of the assets and liabilities of the consolidated JVs were $155,374,000 and $68,241,000, respectively. As of December 27, 2014, the carrying amounts of the assets and liabilities of the consolidated JVs were $149,745,000 and $62,867,000, 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 2015 and 2014 were immaterial. The Company’s involvement with these JVs does not have a significant effect on the Company’s financial condition, results of operations or cash flows.
	The Company’s long-term debt results primarily from the consolidation of loans of certain JVs and loans assumed in connection with the acquisition of certain shopping centers with the Company as the anchor tenant. The Company assumed loans totaling $31,759,000 during the three months ended March 28, 2015. The Company assumed loans totaling $13,335,000 during the three months ended March 29, 2014. Maturities of JV loans range from June 2016 through August 2017 and have variable interest rates based on a LIBOR index plus 175 to 250 basis points. Maturities of assumed shopping center loans range from May 2015 through January 2027 and have fixed interest rates ranging from 4.0% to 7.5%.

Retirement_Plan

Retirement Plan	3 Months Ended
	Mar. 28, 2015
Compensation and Retirement Disclosure [Abstract]
Retirement Plan	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 15-month period after distribution of the shares from the ESOP. The fair value of distributed shares subject to the put option totaled $462,008,000 and $243,992,000 as of March 28, 2015 and December 27, 2014, respectively. The cost of the shares held by the ESOP totaled $2,633,082,000 and $2,436,536,000 as of March 28, 2015 and December 27, 2014, 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 $3,095,090,000 and $2,680,528,000 as of March 28, 2015 and December 27, 2014, respectively. The fair value of the shares held by the ESOP totaled $8,985,297,000 and $7,811,906,000 as of March 28, 2015 and December 27, 2014, respectively.

Accumulated_Other_Comprehensiv

Accumulated Other Comprehensive Earnings (Notes)	3 Months Ended
	Mar. 28, 2015
Equity [Abstract]
Comprehensive Income (Loss) Note [Text Block]	Accumulated Other Comprehensive Earnings
	A reconciliation of the changes in accumulated other comprehensive earnings net of income taxes for the three months ended March 28, 2015 and March 29, 2014 is as follows:
		AFS Securities				Postretirement Benefits			Accumulated Other Comprehensive Earnings
			(Amounts are in thousands)
	2015
	Balances at December 27, 2014		$	117,962			(8,828	)		109,134
	Unrealized loss on AFS securities		(3,212		)		—			(3,212	)
	Net realized gain on AFS securities reclassified to investment income		(9,433		)		—			(9,433	)
	Amortization of actuarial losses reclassified to operating and administrative expenses		—				145			145
	Net other comprehensive (losses) earnings		(12,645		)		145			(12,500	)
	Balances at March 28, 2015		$	105,317			(8,683	)		96,634
	2014
	Balances at December 28, 2013		$	94,836			(7,837	)		86,999
	Unrealized gain on AFS securities		11,913				—			11,913
	Net realized gain on AFS securities reclassified to investment income		(3,437		)		—			(3,437	)
	Amortization of actuarial losses reclassified to operating and administrative expenses		—				84			84
	Net other comprehensive earnings		8,476				84			8,560
	Balances at March 29, 2014		$	103,312			(7,753	)		95,559

Basis_of_Presentation_Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 28, 2015
Accounting Policies [Abstract]
Basis of Presentation	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 months ended March 28, 2015 are not necessarily indicative of the results for the entire 2015 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 27, 2014.
	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.
	Certain 2014 amounts have been reclassified to conform with the 2015 presentation in the condensed consolidated statements of cash flows.
Recently Adopted Accounting Standard	Recently Issued Accounting Standards
	In January 2014, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) permitting companies to make an accounting policy election to account for qualified affordable housing investments using the proportional amortization method if certain criteria are met. Under this method, the investment is amortized in proportion to the tax credits received and the net investment performance is recognized in the statements of earnings as a component of income tax expense. This ASU is effective for reporting periods beginning after December 15, 2014 with early adoption permitted. The Company elected to adopt the ASU early. The cumulative effect of the change from adopting the ASU was recorded during the quarter ended March 29, 2014 as the effect on that quarter and prior periods was not material to the Company’s financial condition or results of operations.
	In May 2014, the FASB issued an ASU on the recognition of revenue from contracts with customers. The ASU requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. This ASU is effective for reporting periods beginning after December 15, 2016 and early adoption is not permitted. The adoption of this ASU will not have an effect on the Company’s financial condition, results of operations or cash flows.

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 28, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements for Available for Sale Securities	Following is a summary of fair value measurements for AFS securities as of March 28, 2015 and December 27, 2014:
		Fair		Level 1	Level 2	Level 3
		Value
		(Amounts are in thousands)
	March 28, 2015	$	6,899,571	1,685,435	5,214,136	—
	December 27, 2014	6,230,730		1,439,360	4,791,370	—

Investments_Tables

Investments (Tables)	3 Months Ended
	Mar. 28, 2015
Investments, Debt and Equity Securities [Abstract]
Available For Sale Securities	Following is a summary of AFS securities as of March 28, 2015 and December 27, 2014:
		Amortized		Gross			Gross				Fair
		Cost		Unrealized			Unrealized				Value
				Gains			Losses
		(Amounts are in thousands)
	28-Mar-15
	Tax exempt bonds	$	3,358,175		18,210			3,638			3,372,747
	Taxable bonds	1,923,064			5,736			1,673			1,927,127
	Restricted investments	170,000			—			1,121			168,879
	Equity securities	1,276,670			165,798			11,650			1,430,818
		$	6,727,909		189,744			18,082			6,899,571
	27-Dec-14
	Tax exempt bonds	$	3,205,647		17,460			4,011			3,219,096
	Taxable bonds	1,569,828			3,005			4,592			1,568,241
	Restricted investments	170,000			—			776			169,224
	Equity securities	1,092,985			191,493			10,309			1,274,169
		$	6,038,460		211,958			19,688			6,230,730
Amortized Cost and Fair Value of Available For Sale Securities by Expected Maturity	The amortized cost and fair value of AFS securities by expected maturity as of March 28, 2015 and December 27, 2014 are as follows:
		28-Mar-15				27-Dec-14
		Amortized		Fair		Amortized			Fair
		Cost		Value		Cost			Value
		(Amounts are in thousands)
	Due in one year or less	$	1,053,686	1,055,958		996,674			999,169
	Due after one year through five years	3,866,476		3,881,250		3,493,708			3,501,821
	Due after five years through ten years	264,836		264,805		183,552			183,168
	Due after ten years	96,241		97,861		101,541			103,179
		5,281,239		5,299,874		4,775,475			4,787,337
	Restricted investments	170,000		168,879		170,000			169,224
	Equity securities	1,276,670		1,430,818		1,092,985			1,274,169
		$	6,727,909	6,899,571		6,038,460			6,230,730
Temporarily Impaired Available For Sale Securities by Time Period Impaired	Following is a summary of temporarily impaired AFS securities by the time period impaired as of March 28, 2015 and December 27, 2014:
		Less Than						12 Months				Total
		12 Months						or Longer
		Fair		Unrealized				Fair		Unrealized		Fair	Unrealized
		Value		Losses				Value		Losses		Value	Losses
		(Amounts are in thousands)
	28-Mar-15
	Tax exempt bonds	$	602,522		2,696			82,148			942	684,670		3,638
	Taxable bonds	522,279			1,250			69,398			423	591,677		1,673
	Restricted investments	168,879			1,121			—			—	168,879		1,121
	Equity securities	113,280			9,330			7,789			2,320	121,069		11,650
	Total temporarily impaired AFS securities	$	1,406,960		14,397			159,335			3,685	1,566,295		18,082
	27-Dec-14
	Tax exempt bonds	$	689,909		2,359			93,454			1,652	783,363		4,011
	Taxable bonds	936,512			3,666			68,035			926	1,004,547		4,592
	Restricted investments	169,224			776			—			—	169,224		776
	Equity securities	107,352			8,373			6,229			1,936	113,581		10,309
	Total temporarily impaired AFS securities	$	1,902,997		15,174			167,718			4,514	2,070,715		19,688

Accumulated_Other_Comprehensiv1

Accumulated Other Comprehensive Earnings (Tables)	3 Months Ended
	Mar. 28, 2015
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	reconciliation of the changes in accumulated other comprehensive earnings net of income taxes for the three months ended March 28, 2015 and March 29, 2014 is as follows:
		AFS Securities				Postretirement Benefits			Accumulated Other Comprehensive Earnings
			(Amounts are in thousands)
	2015
	Balances at December 27, 2014		$	117,962			(8,828	)		109,134
	Unrealized loss on AFS securities		(3,212		)		—			(3,212	)
	Net realized gain on AFS securities reclassified to investment income		(9,433		)		—			(9,433	)
	Amortization of actuarial losses reclassified to operating and administrative expenses		—				145			145
	Net other comprehensive (losses) earnings		(12,645		)		145			(12,500	)
	Balances at March 28, 2015		$	105,317			(8,683	)		96,634
	2014
	Balances at December 28, 2013		$	94,836			(7,837	)		86,999
	Unrealized gain on AFS securities		11,913				—			11,913
	Net realized gain on AFS securities reclassified to investment income		(3,437		)		—			(3,437	)
	Amortization of actuarial losses reclassified to operating and administrative expenses		—				84			84
	Net other comprehensive earnings		8,476				84			8,560
	Balances at March 29, 2014		$	103,312			(7,753	)		95,559

Fair_Value_Measurements_for_Av

Fair Value Measurements for Available for Sale Securities (Detail) (USD $)	Mar. 28, 2015	Dec. 27, 2014
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of available-for-sale securities	$6,899,571	$6,230,730
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of available-for-sale securities	1,685,435	1,439,360
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of available-for-sale securities	5,214,136	4,791,370
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of available-for-sale securities	$0	$0

Available_for_Sale_Securities_

Available for Sale Securities (Detail) (USD $)	Mar. 28, 2015	Dec. 27, 2014
In Thousands, unless otherwise specified
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$6,727,909	$6,038,460
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	189,744	211,958
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	18,082	19,688
Fair Value	6,899,571	6,230,730
Tax exempt bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	3,358,175	3,205,647
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	18,210	17,460
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	3,638	4,011
Fair Value	3,372,747	3,219,096
Taxable bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,923,064	1,569,828
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	5,736	3,005
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	1,673	4,592
Fair Value	1,927,127	1,568,241
Restricted investments
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	170,000	170,000
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	0	0
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	1,121	776
Fair Value	168,879	169,224
Equity securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,276,670	1,092,985
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	165,798	191,493
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	11,650	10,309
Fair Value	$1,430,818	$1,274,169

Investments_Additional_Informa

Investments - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 28, 2015	Mar. 29, 2014	Dec. 27, 2014
	AFS_security
Investments, Debt and Equity Securities [Abstract]
Total realized gains on sales of AFS securities	$16,266	$6,173
Total realized losses on sales of AFS securities	892	571
Number of AFS securities issues contributing to total unrealized loss	252
Total, unrealized Losses	$18,082		$19,688

Amortized_Cost_and_Fair_Value_

Amortized Cost and Fair Value of Available for Sale Securities by Expected Maturity (Detail) (USD $)	Mar. 28, 2015	Dec. 27, 2014
In Thousands, unless otherwise specified
Amortized Cost
Due in one year or less	$1,053,686	$996,674
Due after one year through five years	3,866,476	3,493,708
Due after five years through ten years	264,836	183,552
Due after ten years	96,241	101,541
Total	5,281,239	4,775,475
Amortized cost of available-for-sale securities	6,727,909	6,038,460
Fair Value
Due in one year or less	1,055,958	999,169
Due after one year through five years	3,881,250	3,501,821
Due after five years through ten years	264,805	183,168
Due after ten years	97,861	103,179
Total	5,299,874	4,787,337
Fair value of available-for-sale securities	6,899,571	6,230,730
Restricted investments
Amortized Cost
Amortized cost of available-for-sale securities	170,000	170,000
Fair Value
Fair value of available-for-sale securities	168,879	169,224
Equity securities
Amortized Cost
Amortized cost of available-for-sale securities	1,276,670	1,092,985
Fair Value
Fair value of available-for-sale securities	$1,430,818	$1,274,169

Temporarily_Impaired_Available

Temporarily Impaired Available for Sale Securities by Time Period Impaired (Detail) (USD $)	Mar. 28, 2015	Dec. 27, 2014
In Thousands, unless otherwise specified
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	$1,406,960	$1,902,997
Less Than 12 Months, Unrealized Losses	14,397	15,174
12 Months or Longer, Fair Value	159,335	167,718
12 Months or Longer, Unrealized Losses	3,685	4,514
Total, Fair Value	1,566,295	2,070,715
Total, Unrealized Losses	18,082	19,688
Tax exempt bonds
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	602,522	689,909
Less Than 12 Months, Unrealized Losses	2,696	2,359
12 Months or Longer, Fair Value	82,148	93,454
12 Months or Longer, Unrealized Losses	942	1,652
Total, Fair Value	684,670	783,363
Total, Unrealized Losses	3,638	4,011
Taxable bonds
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	522,279	936,512
Less Than 12 Months, Unrealized Losses	1,250	3,666
12 Months or Longer, Fair Value	69,398	68,035
12 Months or Longer, Unrealized Losses	423	926
Total, Fair Value	591,677	1,004,547
Total, Unrealized Losses	1,673	4,592
Restricted investments
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	168,879	169,224
Less Than 12 Months, Unrealized Losses	1,121	776
12 Months or Longer, Fair Value	0	0
12 Months or Longer, Unrealized Losses	0	0
Total, Fair Value	168,879	169,224
Total, Unrealized Losses	1,121	776
Equity securities
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	113,280	107,352
Less Than 12 Months, Unrealized Losses	9,330	8,373
12 Months or Longer, Fair Value	7,789	6,229
12 Months or Longer, Unrealized Losses	2,320	1,936
Total, Fair Value	121,069	113,581
Total, Unrealized Losses	$11,650	$10,309

Consolidation_of_Joint_Venture1

Consolidation of Joint Ventures and Long-Term Debt - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 28, 2015	Mar. 29, 2014	Dec. 27, 2014
Variable Interest Entity [Line Items]
Carrying amounts of assets of the consolidated joint ventures (JVs)	$155,374,000		$149,745,000
Carrying amounts of liabilities of the consolidated joint ventures (JVs)	68,241,000		62,867,000
Loans assumed	$31,759,000	$13,335,000
Minimum [Member]
Variable Interest Entity [Line Items]
Debt Instrument Maturity Month And Year	2016-06
Basis points added to LIBOR to determine variable interest rate	1.75%
Maximum [Member]
Variable Interest Entity [Line Items]
Debt Instrument Maturity Month And Year	2017-08
Basis points added to LIBOR to determine variable interest rate	2.50%
Shopping Center Loans
Variable Interest Entity [Line Items]
Debt instrument fixed interest rate, minimum	4.00%
Debt instrument fixed interest rate, maximum	7.50%
Shopping Center Loans | Minimum [Member]
Variable Interest Entity [Line Items]
Debt Instrument Maturity Month And Year	2015-05
Shopping Center Loans | Maximum [Member]
Variable Interest Entity [Line Items]
Debt Instrument Maturity Month And Year	2027-01

Retirement_Plan_Additional_Inf

Retirement Plan - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 28, 2015	Dec. 27, 2014
Compensation and Retirement Disclosure [Abstract]
Period during which company is required to purchase shares at fair value after distribution of shares from ESOP	15 months
Distributed shares subject to put option, fair value	$462,008	$243,992
ESOP, shares cost	2,633,082	2,436,536
Common stock related to ESOP	3,095,090	2,680,528
ESOP shares, fair value	$8,985,297	$7,811,906

Accumulated_Other_Comprehensiv2

Accumulated Other Comprehensive Earnings (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 28, 2015	Mar. 29, 2014
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Balances at Beginning of Period	$109,134	$86,999
Unrealized (loss) gain on AFS securities	-3,212	11,913
Net realized gain on AFS securities reclassified to investment income, net	-9,433	-3,437
Amortization of actuarial losses reclassified to operating and administrative expenses	145	84
Net other comprehensive (losses) earnings	-12,500	8,560
Balances at End of Period	96,634	95,559
AFS Securities
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Balances at Beginning of Period	117,962	94,836
Unrealized (loss) gain on AFS securities	-3,212	11,913
Net realized gain on AFS securities reclassified to investment income, net	-9,433	-3,437
Net other comprehensive (losses) earnings	-12,645	8,476
Balances at End of Period	105,317	103,312
Postretirement Benefits
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Balances at Beginning of Period	-8,828	-7,837
Amortization of actuarial losses reclassified to operating and administrative expenses	145	84
Net other comprehensive (losses) earnings	145	84
Balances at End of Period	($8,683)	($7,753)