Publix Super Markets (PUSH) 10-Q 3 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 27, 2015	Jul. 15, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 27, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	ck0000081061
Entity Registrant Name	PUBLIX SUPER MARKETS INC
Entity Central Index Key	81,061
Current Fiscal Year End Date	--12-26
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		774,808,000

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 27, 2015	Dec. 27, 2014
Current assets:
Cash and cash equivalents	$ 277,244	$ 407,493
Short-term investments	1,147,371	999,169
Trade receivables	565,474	549,443
Merchandise inventories	1,529,304	1,597,683
Deferred tax assets	68,468	71,142
Prepaid expenses	61,480	108,619
Total current assets	3,649,341	3,733,549
Long-term investments	5,700,274	5,231,561
Other noncurrent assets	399,965	395,428
Property, plant and equipment	10,109,305	9,666,790
Accumulated depreciation	(4,144,566)	(3,943,848)
Net property, plant and equipment	5,964,739	5,722,942
Total assets	15,714,319	15,083,480
Current liabilities:
Accounts payable	1,476,418	1,538,108
Accrued expenses:
Contribution to retirement plans	346,897	477,154
Self-insurance reserves	149,789	151,153
Salaries and wages	218,591	120,372
Other	410,555	373,086
Current portion of long-term debt	22,498	24,936
Federal and state income taxes	42,119	12,982
Total current liabilities	2,666,867	2,697,791
Deferred tax liabilities	340,966	388,667
Self-insurance reserves	216,444	213,213
Accrued postretirement benefit cost	106,745	106,570
Long-term debt	212,030	192,702
Other noncurrent liabilities	119,122	139,314
Total liabilities	3,662,174	3,738,257
Common stock related to Employee Stock Ownership Plan (ESOP)	3,030,271	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	8,946,645	8,218,340
Treasury stock at cost, 7,575 shares in 2015	(305,428)	0
Accumulated other comprehensive earnings	82,042	109,134
Common stock related to ESOP	(3,030,271)	(2,680,528)
Total stockholders’ equity	8,984,622	8,622,310
Noncontrolling interests	37,252	42,385
Total equity	12,052,145	11,345,223
Total liabilities and stockholders' equity	$ 15,714,319	$ 15,083,480

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 27, 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	7,575,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Jun. 27, 2015	Jun. 28, 2014
Revenues:
Sales	$ 7,955,474	$ 7,505,586	$ 16,304,791	$ 15,320,326
Other operating income	62,557	59,074	125,985	120,036
Total revenues	8,018,031	7,564,660	16,430,776	15,440,362
Costs and expenses:
Cost of merchandise sold	5,722,339	5,468,593	11,723,570	11,079,461
Operating and administrative expenses	1,627,252	1,535,148	3,264,972	3,092,928
Total costs and expenses	7,349,591	7,003,741	14,988,542	14,172,389
Operating profit	668,440	560,919	1,442,234	1,267,973
Investment income	45,404	37,932	81,167	63,560
Other nonoperating income, net	8,932	4,927	16,582	12,419
Earnings before income tax expense	722,776	603,778	1,539,983	1,343,952
Income tax expense	240,035	199,718	508,324	446,186
Net earnings	$ 482,741	$ 404,060	$ 1,031,659	$ 897,766
Weighted average shares outstanding	776,730	782,132	776,014	780,056
Basic and diluted earnings per share	$ 0.62	$ 0.52	$ 1.33	$ 1.15
Dividends paid per common share	$ 0.39	$ 0.37	$ 0.39	$ 0.37

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Jun. 27, 2015	Jun. 28, 2014
Statement of Comprehensive Income [Abstract]
Net earnings	$ 482,741	$ 404,060	$ 1,031,659	$ 897,766
Other comprehensive earnings:
Unrealized (loss) gain on available-for-sale (AFS) securities net income taxes	(705)	38,335	(3,917)	50,248
Reclassification adjustment for net realized gain on AFS securities net of income taxes	(14,032)	(9,312)	(23,465)	(12,749)
Adjustment to postretirement benefit plan obligation net of income taxes	145	85	290	169
Comprehensive earnings	$ 468,149	$ 433,168	$ 1,004,567	$ 935,434

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Jun. 27, 2015	Jun. 28, 2014
Statement of Comprehensive Income [Abstract]
Unrealized (loss) gain on available-for-sale (AFS) securities, tax effect	$ (444)	$ 24,140	$ (2,466)	$ 31,642
Reclassification adjustment for net realized gain on AFS securities, tax effect	(8,837)	(5,863)	(14,778)	(8,028)
Adjustment to postretirement benefit plan obligation, tax effect	$ 92	$ 53	$ 183	$ 106

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014
Cash flows from operating activities:
Cash received from customers	$ 16,321,489	$ 15,338,994
Cash paid to employees and suppliers	(14,284,168)	(13,352,472)
Income taxes paid	(436,729)	(533,388)
Self-insured claims paid	(140,840)	(154,078)
Dividends and interest received	106,524	109,856
Other operating cash receipts	122,676	116,419
Other operating cash payments	(10,524)	(8,513)
Net cash provided by operating activities	1,678,428	1,516,818
Cash flows from investing activities:
Payment for capital expenditures	(504,936)	(540,466)
Proceeds from sale of property, plant and equipment	2,231	11,923
Payment for investments	(1,336,122)	(1,200,079)
Proceeds from sale and maturity of investments	675,223	640,366
Net cash used in investing activities	(1,163,604)	(1,088,256)
Cash flows from financing activities:
Payment for acquisition of common stock	(481,950)	(378,106)
Proceeds from sale of common stock	160,233	142,618
Dividends paid	303,354	289,821
Repayment of long-term debt	(23,262)	(6,413)
Other, net	3,260	1,988
Net cash used in financing activities	(645,073)	(529,734)
Net decrease in cash and cash equivalents	(130,249)	(101,172)
Cash and cash equivalents at beginning of period	407,493	301,868
Cash and cash equivalents at end of period	277,244	200,696
Reconciliation of net earnings to net cash provided by operating activities:
Net earnings	1,031,659	897,766
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	269,766	253,665
Increase in LIFO reserve	19,936	20,724
Retirement contributions paid or payable in common stock	202,559	174,526
Deferred income taxes	(27,966)	(58,477)
Loss on disposal and impairment of property, plant and equipment	19,650	14,611
Gain on AFS securities	(38,243)	(20,777)
Net amortization of investments	67,874	70,649
Changes in operating assets and liabilities providing (requiring) cash:
Trade receivables	(15,671)	(7,600)
Merchandise inventories	48,443	24,306
Prepaid expenses and other noncurrent assets	(15,311)	(7,254)
Accounts payable and accrued expenses	27,723	200,451
Self-insurance reserves	1,867	696
Federal and state income taxes	90,553	(44,393)
Other noncurrent liabilities	(4,411)	(2,075)
Total adjustments	646,769	619,052
Net cash provided by operating activities	$ 1,678,428	$ 1,516,818

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 27, 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 and six months ended June 27, 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 Sta

Recently Adopted Accounting Standard	6 Months Ended
	Jun. 27, 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 was 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, 2017 and early adoption will be permitted only for reporting periods beginning after December 15, 2016. 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 Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 27, 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 June 27, 2015 and December 27, 2014 : Fair Value Level 1 Level 2 Level 3 (Amounts are in thousands) June 27, 2015 $ 6,847,645 1,546,104 5,301,541 — December 27, 2014 6,230,730 1,439,360 4,791,370 —

Investments

Investments	6 Months Ended
	Jun. 27, 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 June 27, 2015 and December 27, 2014 : Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Amounts are in thousands) June 27, 2015 Tax exempt bonds $ 3,400,539 12,465 6,944 3,406,060 Taxable bonds 1,983,197 3,108 5,210 1,981,095 Restricted investments 165,000 — 452 164,548 Equity securities 1,151,265 157,427 12,750 1,295,942 $ 6,700,001 173,000 25,356 6,847,645 December 27, 2014 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 $27,656,000 and $43,922,000 for the three and six months ended June 27, 2015 , respectively. Realized losses on sales of AFS securities totaled $4,787,000 and $5,679,000 for the three and six months ended June 27, 2015 , respectively. Realized gains on sales of AFS securities totaled $15,558,000 and $21,731,000 for the three and six months ended June 28, 2014 , respectively. Realized losses on sales of AFS securities totaled $383,000 and $954,000 for the three and six months ended June 28, 2014 , respectively. The amortized cost and fair value of AFS securities by expected maturity as of June 27, 2015 and December 27, 2014 are as follows: June 27, 2015 December 27, 2014 Amortized Cost Fair Value Amortized Cost Fair Value (Amounts are in thousands) Due in one year or less $ 1,145,813 1,147,371 996,674 999,169 Due after one year through five years 3,893,543 3,895,836 3,493,708 3,501,821 Due after five years through ten years 252,350 250,759 183,552 183,168 Due after ten years 92,030 93,189 101,541 103,179 5,383,736 5,387,155 4,775,475 4,787,337 Restricted investments 165,000 164,548 170,000 169,224 Equity securities 1,151,265 1,295,942 1,092,985 1,274,169 $ 6,700,001 6,847,645 6,038,460 6,230,730 Following is a summary of temporarily impaired AFS securities by the time period impaired as of June 27, 2015 and December 27, 2014 : 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 27, 2015 Tax exempt bonds $ 1,062,954 5,789 81,768 1,155 1,144,722 6,944 Taxable bonds 1,011,082 4,695 63,471 515 1,074,553 5,210 Restricted investments 164,548 452 — — 164,548 452 Equity securities 88,983 10,142 10,004 2,608 98,987 12,750 Total temporarily impaired AFS securities $ 2,327,567 21,078 155,243 4,278 2,482,810 25,356 December 27, 2014 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 385 AFS securities issues contributing to the total unrealized loss of $25,356,000 as of June 27, 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 Ventures

Consolidation of Joint Ventures and Long-Term Debt	6 Months Ended
	Jun. 27, 2015
Equity Method Investments and Joint Ventures and Debt [Abstract]
Consolidation of Joint Ventures and Long-Term Debt	Consolidation of Joint Ventures and Long-Term Debt From time to time, the Company enters into Joint Ventures (JV), in the legal form of limited liability companies, with certain real estate developers to partner in the development of shopping centers with the Company as the anchor tenant. The Company consolidates certain of these JVs in which it has a controlling financial interest. The Company is considered to have a controlling financial interest in a JV when it has (1) the power to direct the activities of the JV that most significantly impact the JV’s economic performance and (2) the obligation to absorb losses or the right to receive benefits from the JV that could potentially be significant to such JV. The Company evaluates a JV using specific criteria to determine whether the Company has a controlling financial interest and is the primary beneficiary of the JV. Factors considered in determining whether the Company is the primary beneficiary include risk and reward sharing, experience and financial condition of the other JV members, voting rights, involvement in routine capital and operating decisions and each member’s influence over the JV owned shopping center’s economic performance. Generally, most major JV decision making is shared between all members. In particular, the use and sale of JV assets, business plans and budgets are generally required to be approved by all members. However, the Company, through its anchor tenant operating lease agreement, has the power to direct the activities that most significantly influence the economic performance of the JV owned shopping center. Additionally, through its member equity interest in the JV, the Company will receive a significant portion of the JV’s benefits or is obligated to absorb a significant portion of the JV’s losses. As of June 27, 2015 , the carrying amounts of the assets and liabilities of the consolidated JVs were $146,729,000 and $69,712,000 , 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 six months ended June 27, 2015 . The Company assumed loans totaling $16,975,000 during the six months ended June 28, 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 January 2016 through January 2027 and have fixed interest rates ranging from 4.0% to 7.5% .

Retirement Plan

Retirement Plan	6 Months Ended
	Jun. 27, 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 specified time period after distribution of the shares from the ESOP. The fair value of distributed shares subject to the put option totaled $441,536,000 and $243,992,000 as of June 27, 2015 and December 27, 2014 , respectively. The cost of the shares held by the ESOP totaled $2,588,735,000 and $2,436,536,000 as of June 27, 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 $3,030,271,000 and $2,680,528,000 as of June 27, 2015 and December 27, 2014 , respectively. The fair value of the shares held by the ESOP totaled $9,507,211,000 and $7,811,906,000 as of June 27, 2015 and December 27, 2014 , respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Earnings (Notes)	6 Months Ended
	Jun. 27, 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 June 27, 2015 and June 28, 2014 is as follows: AFS Securities Postretirement Benefits Accumulated Other Comprehensive Earnings (Amounts are in thousands) 2015 Balances at March 28, 2015 $ 105,317 (8,683 ) 96,634 Unrealized loss on AFS securities (705 ) — (705 ) Net realized gain on AFS securities reclassified to investment income (14,032 ) — (14,032 ) Amortization of actuarial losses reclassified to operating and administrative expenses — 145 145 Net other comprehensive (losses) earnings (14,737 ) 145 (14,592 ) Balances at June 27, 2015 $ 90,580 (8,538 ) 82,042 2014 Balances at March 29, 2014 $ 103,312 (7,753 ) 95,559 Unrealized gain on AFS securities 38,335 — 38,335 Net realized gain on AFS securities reclassified to investment income (9,312 ) — (9,312 ) Amortization of actuarial losses reclassified to operating and administrative expenses — 85 85 Net other comprehensive earnings 29,023 85 29,108 Balances at June 28, 2014 $ 132,335 (7,668 ) 124,667 A reconciliation of the changes in accumulated other comprehensive earnings net of income taxes for the six months ended June 27, 2015 and June 28, 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 (3,917 ) — (3,917 ) Net realized gain on AFS securities reclassified to investment income (23,465 ) — (23,465 ) Amortization of actuarial losses reclassified to operating and administrative expenses — 290 290 Net other comprehensive (losses) earnings (27,382 ) 290 (27,092 ) Balances at June 27, 2015 $ 90,580 (8,538 ) 82,042 2014 Balances at December 28, 2013 $ 94,836 (7,837 ) 86,999 Unrealized gain on AFS securities 50,248 — 50,248 Net realized gain on AFS securities reclassified to investment income (12,749 ) — (12,749 ) Amortization of actuarial losses reclassified to operating and administrative expenses — 169 169 Net other comprehensive earnings 37,499 169 37,668 Balances at June 28, 2014 $ 132,335 (7,668 ) 124,667

Subsequent Event (Notes)

Subsequent Event (Notes)	6 Months Ended
	Jun. 27, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent Event The Company’s Board of Directors decided to begin paying dividends quarterly rather than semiannually. The first quarterly dividend of $0.20 per share was declared July 1, 2015 , payable August 3, 2015 to stockholders of record as of the close of business July 15, 2015 . The Company estimates the dividend will be $155,000,000 . The Company plans to pay another quarterly dividend in November 2015 .

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 27, 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 and six months ended June 27, 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 was 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, 2017 and early adoption will be permitted only for reporting periods beginning after December 15, 2016. 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 Instr17

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 27, 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 June 27, 2015 and December 27, 2014 : Fair Value Level 1 Level 2 Level 3 (Amounts are in thousands) June 27, 2015 $ 6,847,645 1,546,104 5,301,541 — December 27, 2014 6,230,730 1,439,360 4,791,370 —

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 27, 2015
Investments, Debt and Equity Securities [Abstract]
Available For Sale Securities	Following is a summary of AFS securities as of June 27, 2015 and December 27, 2014 : Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Amounts are in thousands) June 27, 2015 Tax exempt bonds $ 3,400,539 12,465 6,944 3,406,060 Taxable bonds 1,983,197 3,108 5,210 1,981,095 Restricted investments 165,000 — 452 164,548 Equity securities 1,151,265 157,427 12,750 1,295,942 $ 6,700,001 173,000 25,356 6,847,645 December 27, 2014 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 June 27, 2015 and December 27, 2014 are as follows: June 27, 2015 December 27, 2014 Amortized Cost Fair Value Amortized Cost Fair Value (Amounts are in thousands) Due in one year or less $ 1,145,813 1,147,371 996,674 999,169 Due after one year through five years 3,893,543 3,895,836 3,493,708 3,501,821 Due after five years through ten years 252,350 250,759 183,552 183,168 Due after ten years 92,030 93,189 101,541 103,179 5,383,736 5,387,155 4,775,475 4,787,337 Restricted investments 165,000 164,548 170,000 169,224 Equity securities 1,151,265 1,295,942 1,092,985 1,274,169 $ 6,700,001 6,847,645 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 June 27, 2015 and December 27, 2014 : 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 27, 2015 Tax exempt bonds $ 1,062,954 5,789 81,768 1,155 1,144,722 6,944 Taxable bonds 1,011,082 4,695 63,471 515 1,074,553 5,210 Restricted investments 164,548 452 — — 164,548 452 Equity securities 88,983 10,142 10,004 2,608 98,987 12,750 Total temporarily impaired AFS securities $ 2,327,567 21,078 155,243 4,278 2,482,810 25,356 December 27, 2014 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 Comprehensi19

Accumulated Other Comprehensive Earnings (Tables)	6 Months Ended
	Jun. 27, 2015
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table 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 June 27, 2015 and June 28, 2014 is as follows: AFS Securities Postretirement Benefits Accumulated Other Comprehensive Earnings (Amounts are in thousands) 2015 Balances at March 28, 2015 $ 105,317 (8,683 ) 96,634 Unrealized loss on AFS securities (705 ) — (705 ) Net realized gain on AFS securities reclassified to investment income (14,032 ) — (14,032 ) Amortization of actuarial losses reclassified to operating and administrative expenses — 145 145 Net other comprehensive (losses) earnings (14,737 ) 145 (14,592 ) Balances at June 27, 2015 $ 90,580 (8,538 ) 82,042 2014 Balances at March 29, 2014 $ 103,312 (7,753 ) 95,559 Unrealized gain on AFS securities 38,335 — 38,335 Net realized gain on AFS securities reclassified to investment income (9,312 ) — (9,312 ) Amortization of actuarial losses reclassified to operating and administrative expenses — 85 85 Net other comprehensive earnings 29,023 85 29,108 Balances at June 28, 2014 $ 132,335 (7,668 ) 124,667 A reconciliation of the changes in accumulated other comprehensive earnings net of income taxes for the six months ended June 27, 2015 and June 28, 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 (3,917 ) — (3,917 ) Net realized gain on AFS securities reclassified to investment income (23,465 ) — (23,465 ) Amortization of actuarial losses reclassified to operating and administrative expenses — 290 290 Net other comprehensive (losses) earnings (27,382 ) 290 (27,092 ) Balances at June 27, 2015 $ 90,580 (8,538 ) 82,042 2014 Balances at December 28, 2013 $ 94,836 (7,837 ) 86,999 Unrealized gain on AFS securities 50,248 — 50,248 Net realized gain on AFS securities reclassified to investment income (12,749 ) — (12,749 ) Amortization of actuarial losses reclassified to operating and administrative expenses — 169 169 Net other comprehensive earnings 37,499 169 37,668 Balances at June 28, 2014 $ 132,335 (7,668 ) 124,667

Fair Value Measurements for Ava

Fair Value Measurements for Available for Sale Securities (Detail) - USD ($) $ in Thousands	Jun. 27, 2015	Dec. 27, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of available-for-sale securities	$ 6,847,645	$ 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	1,546,104	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	5,301,541	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 ($) $ in Thousands	Jun. 27, 2015	Dec. 27, 2014
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 6,700,001	$ 6,038,460
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	173,000	211,958
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	25,356	19,688
Fair Value	6,847,645	6,230,730
Tax exempt bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	3,400,539	3,205,647
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	12,465	17,460
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	6,944	4,011
Fair Value	3,406,060	3,219,096
Taxable bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,983,197	1,569,828
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	3,108	3,005
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	5,210	4,592
Fair Value	1,981,095	1,568,241
Restricted investments
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	165,000	170,000
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	0	0
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	452	776
Fair Value	164,548	169,224
Equity securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,151,265	1,092,985
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	157,427	191,493
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	12,750	10,309
Fair Value	$ 1,295,942	$ 1,274,169

Investments - Additional Inform

Investments - Additional Information (Detail) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2015USD ($)AFS_security	Jun. 28, 2014USD ($)	Jun. 27, 2015USD ($)AFS_security	Jun. 28, 2014USD ($)	Dec. 27, 2014USD ($)
Investments, Debt and Equity Securities [Abstract]
Total realized gains on sales of AFS securities	$ 27,656	$ 15,558	$ 43,922	$ 21,731
Total realized losses on sales of AFS securities	$ 4,787	$ 383	$ 5,679	$ 954
Number of AFS securities issues contributing to total unrealized loss | AFS_security	385		385
Total, unrealized Losses	$ 25,356		$ 25,356		$ 19,688

Amortized Cost and Fair Value o

Amortized Cost and Fair Value of Available for Sale Securities by Expected Maturity (Detail) - USD ($) $ in Thousands	Jun. 27, 2015	Dec. 27, 2014
Amortized Cost
Due in one year or less	$ 1,145,813	$ 996,674
Due after one year through five years	3,893,543	3,493,708
Due after five years through ten years	252,350	183,552
Due after ten years	92,030	101,541
Total	5,383,736	4,775,475
Amortized cost of available-for-sale securities	6,700,001	6,038,460
Fair Value
Due in one year or less	1,147,371	999,169
Due after one year through five years	3,895,836	3,501,821
Due after five years through ten years	250,759	183,168
Due after ten years	93,189	103,179
Total	5,387,155	4,787,337
Fair value of available-for-sale securities	6,847,645	6,230,730
Restricted investments
Amortized Cost
Amortized cost of available-for-sale securities	165,000	170,000
Fair Value
Fair value of available-for-sale securities	164,548	169,224
Equity securities
Amortized Cost
Amortized cost of available-for-sale securities	1,151,265	1,092,985
Fair Value
Fair value of available-for-sale securities	$ 1,295,942	$ 1,274,169

Temporarily Impaired Available

Temporarily Impaired Available for Sale Securities by Time Period Impaired (Detail) - USD ($) $ in Thousands	Jun. 27, 2015	Dec. 27, 2014
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	$ 2,327,567	$ 1,902,997
Less Than 12 Months, Unrealized Losses	21,078	15,174
12 Months or Longer, Fair Value	155,243	167,718
12 Months or Longer, Unrealized Losses	4,278	4,514
Total, Fair Value	2,482,810	2,070,715
Total, Unrealized Losses	25,356	19,688
Tax exempt bonds
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	1,062,954	689,909
Less Than 12 Months, Unrealized Losses	5,789	2,359
12 Months or Longer, Fair Value	81,768	93,454
12 Months or Longer, Unrealized Losses	1,155	1,652
Total, Fair Value	1,144,722	783,363
Total, Unrealized Losses	6,944	4,011
Taxable bonds
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	1,011,082	936,512
Less Than 12 Months, Unrealized Losses	4,695	3,666
12 Months or Longer, Fair Value	63,471	68,035
12 Months or Longer, Unrealized Losses	515	926
Total, Fair Value	1,074,553	1,004,547
Total, Unrealized Losses	5,210	4,592
Restricted investments
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	164,548	169,224
Less Than 12 Months, Unrealized Losses	452	776
12 Months or Longer, Fair Value	0	0
12 Months or Longer, Unrealized Losses	0	0
Total, Fair Value	164,548	169,224
Total, Unrealized Losses	452	776
Equity securities
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	88,983	107,352
Less Than 12 Months, Unrealized Losses	10,142	8,373
12 Months or Longer, Fair Value	10,004	6,229
12 Months or Longer, Unrealized Losses	2,608	1,936
Total, Fair Value	98,987	113,581
Total, Unrealized Losses	$ 12,750	$ 10,309

Consolidation of Joint Ventur25

Consolidation of Joint Ventures and Long-Term Debt - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Dec. 27, 2014
Variable Interest Entity [Line Items]
Carrying amounts of assets of the consolidated joint ventures (JVs)	$ 146,729,000		$ 149,745,000
Carrying amounts of liabilities of the consolidated joint ventures (JVs)	69,712,000		$ 62,867,000
Loans assumed	$ 31,759,000	$ 16,975,000
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	2016-01
Shopping Center Loans | Maximum [Member]
Variable Interest Entity [Line Items]
Debt Instrument Maturity Month And Year	2027-01

Retirement Plan - Additional In

Retirement Plan - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 27, 2015	Dec. 27, 2014
Compensation and Retirement Disclosure [Abstract]
Distributed shares subject to put option, fair value	$ 441,536	$ 243,992
ESOP, shares cost	2,588,735	2,436,536
Common stock related to ESOP	3,030,271	2,680,528
ESOP shares, fair value	$ 9,507,211	$ 7,811,906

Accumulated Other Comprehensi27

Accumulated Other Comprehensive Earnings (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2015	Jun. 28, 2014	Jun. 27, 2015	Jun. 28, 2014
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Balances at Beginning of Period	$ 96,634	$ 95,559	$ 109,134	$ 86,999
Unrealized (loss) gain on AFS securities	(705)	38,335	(3,917)	50,248
Net realized gain on AFS securities reclassified to investment income, net	(14,032)	(9,312)	(23,465)	(12,749)
Amortization of actuarial losses reclassified to operating and administrative expenses	145	85	290	169
Net other comprehensive (losses) earnings	(14,592)	29,108	(27,092)	37,668
Balances at End of Period	82,042	124,667	82,042	124,667
AFS Securities
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Balances at Beginning of Period	105,317	103,312	117,962	94,836
Unrealized (loss) gain on AFS securities	(705)	38,335	(3,917)	50,248
Net realized gain on AFS securities reclassified to investment income, net	(14,032)	(9,312)	(23,465)	(12,749)
Net other comprehensive (losses) earnings	(14,737)	29,023	(27,382)	37,499
Balances at End of Period	90,580	132,335	90,580	132,335
Postretirement Benefits
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Balances at Beginning of Period	(8,683)	(7,753)	(8,828)	(7,837)
Amortization of actuarial losses reclassified to operating and administrative expenses	145	85	290	169
Net other comprehensive (losses) earnings	145	85	290	169
Balances at End of Period	$ (8,538)	$ (7,668)	$ (8,538)	$ (7,668)

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event [Member] - USD ($)	Nov. 02, 2015	Aug. 03, 2015	Jul. 15, 2015	Jul. 01, 2015
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared				$ 0.20
Dividends Payable, Date Declared				Jul. 1, 2015
Dividends Payable, Date to be Paid		Aug. 3, 2015
Dividends Payable, Date of Record			Jul. 15, 2015
Dividends, Common Stock, Cash		$ 155,000,000
Future Dividends Expected to be Paid Date	Nov. 2, 2015