Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 26, 2015 | Oct. 15, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 26, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
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 | 772,086,000 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 26, 2015 | Dec. 27, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 327,498 | $ 407,493 |
Short-term investments | 1,113,729 | 999,169 |
Trade receivables | 597,918 | 549,443 |
Merchandise inventories | 1,601,841 | 1,597,683 |
Deferred tax assets | 64,715 | 71,142 |
Prepaid expenses | 34,693 | 108,619 |
Total current assets | 3,740,394 | 3,733,549 |
Long-term investments | 5,710,550 | 5,231,561 |
Other noncurrent assets | 407,802 | 395,428 |
Property, plant and equipment | 10,335,199 | 9,666,790 |
Accumulated depreciation | (4,247,886) | (3,943,848) |
Net property, plant and equipment | 6,087,313 | 5,722,942 |
Total assets | 15,946,059 | 15,083,480 |
Current liabilities: | ||
Accounts payable | 1,489,523 | 1,538,108 |
Accrued expenses: | ||
Contributions to retirement plans | 426,777 | 477,154 |
Self-insurance reserves | 147,874 | 151,153 |
Salaries and wages | 244,290 | 120,372 |
Other | 461,682 | 373,086 |
Current portion of long-term debt | 56,554 | 24,936 |
Federal and state income taxes | 74,177 | 12,982 |
Total current liabilities | 2,900,877 | 2,697,791 |
Deferred tax liabilities | 284,849 | 388,667 |
Self-insurance reserves | 215,675 | 213,213 |
Accrued postretirement benefit cost | 106,774 | 106,570 |
Long-term debt | 176,006 | 192,702 |
Other noncurrent liabilities | 112,106 | 139,314 |
Total liabilities | 3,796,287 | 3,738,257 |
Common stock related to Employee Stock Ownership Plan (ESOP) | 2,988,709 | 2,680,528 |
Stockholders’ equity: | ||
Common stock of $1 par value. Authorized 1,000,000 shares; issued 783,044 shares in 2015 and 774,472 shares in 2014 | 783,044 | 774,472 |
Additional paid-in capital | 2,541,872 | 2,200,892 |
Retained earnings | 9,203,991 | 8,218,340 |
Treasury stock at cost, 10,563 shares in 2015 | (430,934) | 0 |
Accumulated other comprehensive earnings | 14,642 | 109,134 |
Common stock related to ESOP | (2,988,709) | (2,680,528) |
Total stockholders’ equity | 9,123,906 | 8,622,310 |
Noncontrolling interests | 37,157 | 42,385 |
Total equity | 12,149,772 | 11,345,223 |
Total liabilities and stockholders' equity | $ 15,946,059 | $ 15,083,480 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 26, 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 | 783,044,000 | 774,472,000 |
Treasury stock at cost, shares | 10,563,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Revenues: | ||||
Sales | $ 7,842,135 | $ 7,379,339 | $ 24,146,926 | $ 22,699,665 |
Other operating income | 60,009 | 57,770 | 185,994 | 177,806 |
Total revenues | 7,902,144 | 7,437,109 | 24,332,920 | 22,877,471 |
Costs and expenses: | ||||
Cost of merchandise sold | 5,738,223 | 5,392,655 | 17,461,792 | 16,472,115 |
Operating and administrative expenses | 1,605,795 | 1,526,468 | 4,870,768 | 4,619,397 |
Total costs and expenses | 7,344,018 | 6,919,123 | 22,332,560 | 21,091,512 |
Operating profit | 558,126 | 517,986 | 2,000,360 | 1,785,959 |
Investment income | 35,372 | 32,881 | 116,540 | 96,441 |
Other nonoperating income, net | 7,134 | 6,027 | 23,715 | 18,447 |
Earnings before income tax expense | 600,632 | 556,894 | 2,140,615 | 1,900,847 |
Income tax expense | 188,318 | 172,676 | 696,642 | 618,863 |
Net earnings | $ 412,314 | $ 384,218 | $ 1,443,973 | $ 1,281,984 |
Weighted average shares outstanding | 774,240 | 778,672 | 775,422 | 779,595 |
Basic and diluted earnings per share | $ 0.53 | $ 0.49 | $ 1.86 | $ 1.64 |
Dividends paid per common share | $ 0.20 | $ 0 | $ 0.59 | $ 0.37 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 412,314 | $ 384,218 | $ 1,443,973 | $ 1,281,984 |
Other comprehensive earnings: | ||||
Unrealized (loss) gain on available-for-sale (AFS) securities net income taxes | (58,631) | (13,030) | (62,548) | 37,218 |
Reclassification adjustment for net realized gain on AFS securities net of income taxes | (8,914) | (7,936) | (32,379) | (20,685) |
Adjustment to postretirement benefit plan obligation net of income taxes | 145 | 85 | 435 | 254 |
Comprehensive earnings | $ 344,914 | $ 363,337 | $ 1,349,481 | $ 1,298,771 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized (loss) gain on available-for-sale (AFS) securities, tax effect | $ (36,921) | $ (8,205) | $ (39,387) | $ 23,437 |
Reclassification adjustment for net realized gain on AFS securities, tax effect | (5,614) | (4,998) | (20,392) | (13,026) |
Adjustment to postretirement benefit plan obligation, tax effect | $ 91 | $ 54 | $ 274 | $ 160 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 26, 2015 | Sep. 27, 2014 | |
Cash flows from operating activities: | ||
Cash received from customers | $ 24,146,330 | $ 22,732,291 |
Cash paid to employees and suppliers | (21,301,936) | (19,969,321) |
Income taxes paid | (566,823) | (713,049) |
Self-insured claims paid | (227,008) | (233,311) |
Dividends and interest received | 161,545 | 166,057 |
Other operating cash receipts | 181,032 | 172,335 |
Other operating cash payments | (15,543) | (13,594) |
Net cash provided by operating activities | 2,377,597 | 2,141,408 |
Cash flows from investing activities: | ||
Payment for capital expenditures | (779,036) | (905,166) |
Proceeds from sale of property, plant and equipment | 3,161 | 13,457 |
Payment for investments | (2,285,154) | (1,522,394) |
Proceeds from sale and maturity of investments | 1,497,765 | 1,010,266 |
Net cash used in investing activities | (1,563,264) | (1,403,837) |
Cash flows from financing activities: | ||
Payment for acquisition of common stock | (682,167) | (552,163) |
Proceeds from sale of common stock | 268,226 | 229,931 |
Dividends paid | 458,322 | 289,826 |
Repayment of long-term debt | (25,522) | (49,673) |
Other, net | 3,457 | 9,409 |
Net cash used in financing activities | (894,328) | (652,322) |
Net (decrease) increase in cash and cash equivalents | (79,995) | 85,249 |
Cash and cash equivalents at beginning of period | 407,493 | 301,868 |
Cash and cash equivalents at end of period | 327,498 | 387,117 |
Reconciliation of net earnings to net cash provided by operating activities: | ||
Net earnings | 1,443,973 | 1,281,984 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 422,127 | 381,194 |
Increase in LIFO reserve | 28,861 | 27,940 |
Retirement contributions paid or payable in common stock | 282,597 | 247,397 |
Deferred income taxes | (37,886) | (73,024) |
Loss on disposal and impairment of property, plant and equipment | 43,564 | 17,955 |
Gain on AFS securities | (52,771) | (33,711) |
Net amortization of investments | 102,357 | 104,592 |
Changes in operating assets and liabilities providing (requiring) cash: | ||
Trade receivables | (45,969) | (1,877) |
Merchandise inventories | (33,019) | (19,036) |
Prepaid expenses and other noncurrent assets | (7,645) | (7,965) |
Accounts payable and accrued expenses | 97,064 | 260,703 |
Self-insurance reserves | (817) | (623) |
Federal and state income taxes | 141,171 | (40,747) |
Other noncurrent liabilities | (6,010) | (3,374) |
Total adjustments | 933,624 | 859,424 |
Net cash provided by operating activities | $ 2,377,597 | $ 2,141,408 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 26, 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 nine months ended September 26, 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 Issued Accounting Stan
Recently Issued Accounting Standard | 9 Months Ended |
Sep. 26, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued 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 | 9 Months Ended |
Sep. 26, 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 September 26, 2015 and December 27, 2014 : Fair Value Level 1 Level 2 Level 3 (Amounts are in thousands) September 26, 2015 $ 6,824,279 1,146,658 5,677,621 — December 27, 2014 6,230,730 1,439,360 4,791,370 — |
Investments
Investments | 9 Months Ended |
Sep. 26, 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 September 26, 2015 and December 27, 2014 : Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Amounts are in thousands) September 26, 2015 Tax exempt bonds $ 3,437,844 17,125 2,425 3,452,544 Taxable bonds 2,224,258 3,405 3,198 2,224,465 Restricted investments 164,549 — 309 164,240 Equity securities 960,064 63,612 40,646 983,030 $ 6,786,715 84,142 46,578 6,824,279 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 $29,620,000 and $73,542,000 for the three and nine months ended September 26, 2015 , respectively. Realized losses on sales of AFS securities totaled $15,092,000 and $20,771,000 for the three and nine months ended September 26, 2015 , respectively. Realized gains on sales of AFS securities totaled $13,933,000 and $35,664,000 for the three and nine months ended September 27, 2014, respectively. Realized losses on sales of AFS securities totaled $999,000 and $1,953,000 for the three and nine months ended September 27, 2014 , respectively. The amortized cost and fair value of AFS securities by expected maturity as of September 26, 2015 and December 27, 2014 are as follows: September 26, 2015 December 27, 2014 Amortized Cost Fair Value Amortized Cost Fair Value (Amounts are in thousands) Due in one year or less $ 1,111,207 1,113,729 996,674 999,169 Due after one year through five years 4,277,592 4,288,374 3,493,708 3,501,821 Due after five years through ten years 202,258 202,630 183,552 183,168 Due after ten years 71,045 72,276 101,541 103,179 5,662,102 5,677,009 4,775,475 4,787,337 Restricted investments 164,549 164,240 170,000 169,224 Equity securities 960,064 983,030 1,092,985 1,274,169 $ 6,786,715 6,824,279 6,038,460 6,230,730 Following is a summary of temporarily impaired AFS securities by the time period impaired as of September 26, 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) September 26, 2015 Tax exempt bonds $ 401,652 1,721 81,065 704 482,717 2,425 Taxable bonds 1,035,031 2,834 78,557 364 1,113,588 3,198 Restricted investments 164,240 309 — — 164,240 309 Equity securities 520,390 35,420 15,053 5,226 535,443 40,646 Total temporarily impaired AFS securities $ 2,121,313 40,284 174,675 6,294 2,295,988 46,578 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 343 AFS securities contributing to the total unrealized loss of $46,578,000 as of September 26, 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 | 9 Months Ended |
Sep. 26, 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 September 26, 2015 , the carrying amounts of the assets and liabilities of the consolidated JVs were $145,992,000 and $69,146,000 , 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 nine months ended September 26, 2015 . The Company assumed loans totaling $46,377,000 during the nine months ended September 27, 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 | 9 Months Ended |
Sep. 26, 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 $436,200,000 and $243,992,000 as of September 26, 2015 and December 27, 2014 , respectively. The cost of the shares held by the ESOP totaled $2,552,509,000 and $2,436,536,000 as of September 26, 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 $2,988,709,000 and $2,680,528,000 as of September 26, 2015 and December 27, 2014 , respectively. The fair value of the shares held by the ESOP totaled $9,344,804,000 and $7,811,906,000 as of September 26, 2015 and December 27, 2014 , respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Earnings (Notes) | 9 Months Ended |
Sep. 26, 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 September 26, 2015 and September 27, 2014 is as follows: AFS Securities Postretirement Benefits Accumulated Other Comprehensive Earnings (Amounts are in thousands) 2015 Balances at June 27, 2015 $ 90,580 (8,538 ) 82,042 Unrealized loss on AFS securities (58,631 ) — (58,631 ) Net realized gain on AFS securities reclassified to investment income (8,914 ) — (8,914 ) Amortization of actuarial losses reclassified to operating and administrative expenses — 145 145 Net other comprehensive (losses) earnings (67,545 ) 145 (67,400 ) Balances at September 26, 2015 $ 23,035 (8,393 ) 14,642 2014 Balances at June 28, 2014 $ 132,335 (7,668 ) 124,667 Unrealized loss on AFS securities (13,030 ) — (13,030 ) Net realized gain on AFS securities reclassified to investment income (7,936 ) — (7,936 ) Amortization of actuarial losses reclassified to operating and administrative expenses — 85 85 Net other comprehensive (losses) earnings (20,966 ) 85 (20,881 ) Balances at September 27, 2014 $ 111,369 (7,583 ) 103,786 A reconciliation of the changes in accumulated other comprehensive earnings net of income taxes for the nine months ended September 26, 2015 and September 27, 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 (62,548 ) — (62,548 ) Net realized gain on AFS securities reclassified to investment income (32,379 ) — (32,379 ) Amortization of actuarial losses reclassified to operating and administrative expenses — 435 435 Net other comprehensive (losses) earnings (94,927 ) 435 (94,492 ) Balances at September 26, 2015 $ 23,035 (8,393 ) 14,642 2014 Balances at December 28, 2013 $ 94,836 (7,837 ) 86,999 Unrealized gain on AFS securities 37,218 — 37,218 Net realized gain on AFS securities reclassified to investment income (20,685 ) — (20,685 ) Amortization of actuarial losses reclassified to operating and administrative expenses — 254 254 Net other comprehensive earnings 16,533 254 16,787 Balances at September 27, 2014 $ 111,369 (7,583 ) 103,786 |
Subsequent Event (Notes)
Subsequent Event (Notes) | 9 Months Ended |
Sep. 26, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Event On October 1, 2015 , the Company declared a quarterly dividend on its common stock of $0.20 per share or approximately $154,400,000 , payable November 2, 2015 to stockholders of record as of the close of business October 15, 2015 . |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 26, 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 nine months ended September 26, 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 Issued Accounting St17
Recently Issued Accounting Standard (Policies) | 9 Months Ended |
Sep. 26, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Issued 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 Instr18
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 26, 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 September 26, 2015 and December 27, 2014 : Fair Value Level 1 Level 2 Level 3 (Amounts are in thousands) September 26, 2015 $ 6,824,279 1,146,658 5,677,621 — December 27, 2014 6,230,730 1,439,360 4,791,370 — |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 26, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Available For Sale Securities | Following is a summary of AFS securities as of September 26, 2015 and December 27, 2014 : Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Amounts are in thousands) September 26, 2015 Tax exempt bonds $ 3,437,844 17,125 2,425 3,452,544 Taxable bonds 2,224,258 3,405 3,198 2,224,465 Restricted investments 164,549 — 309 164,240 Equity securities 960,064 63,612 40,646 983,030 $ 6,786,715 84,142 46,578 6,824,279 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 September 26, 2015 and December 27, 2014 are as follows: September 26, 2015 December 27, 2014 Amortized Cost Fair Value Amortized Cost Fair Value (Amounts are in thousands) Due in one year or less $ 1,111,207 1,113,729 996,674 999,169 Due after one year through five years 4,277,592 4,288,374 3,493,708 3,501,821 Due after five years through ten years 202,258 202,630 183,552 183,168 Due after ten years 71,045 72,276 101,541 103,179 5,662,102 5,677,009 4,775,475 4,787,337 Restricted investments 164,549 164,240 170,000 169,224 Equity securities 960,064 983,030 1,092,985 1,274,169 $ 6,786,715 6,824,279 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 September 26, 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) September 26, 2015 Tax exempt bonds $ 401,652 1,721 81,065 704 482,717 2,425 Taxable bonds 1,035,031 2,834 78,557 364 1,113,588 3,198 Restricted investments 164,240 309 — — 164,240 309 Equity securities 520,390 35,420 15,053 5,226 535,443 40,646 Total temporarily impaired AFS securities $ 2,121,313 40,284 174,675 6,294 2,295,988 46,578 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 Comprehensi20
Accumulated Other Comprehensive Earnings (Tables) | 9 Months Ended |
Sep. 26, 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 September 26, 2015 and September 27, 2014 is as follows: AFS Securities Postretirement Benefits Accumulated Other Comprehensive Earnings (Amounts are in thousands) 2015 Balances at June 27, 2015 $ 90,580 (8,538 ) 82,042 Unrealized loss on AFS securities (58,631 ) — (58,631 ) Net realized gain on AFS securities reclassified to investment income (8,914 ) — (8,914 ) Amortization of actuarial losses reclassified to operating and administrative expenses — 145 145 Net other comprehensive (losses) earnings (67,545 ) 145 (67,400 ) Balances at September 26, 2015 $ 23,035 (8,393 ) 14,642 2014 Balances at June 28, 2014 $ 132,335 (7,668 ) 124,667 Unrealized loss on AFS securities (13,030 ) — (13,030 ) Net realized gain on AFS securities reclassified to investment income (7,936 ) — (7,936 ) Amortization of actuarial losses reclassified to operating and administrative expenses — 85 85 Net other comprehensive (losses) earnings (20,966 ) 85 (20,881 ) Balances at September 27, 2014 $ 111,369 (7,583 ) 103,786 A reconciliation of the changes in accumulated other comprehensive earnings net of income taxes for the nine months ended September 26, 2015 and September 27, 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 (62,548 ) — (62,548 ) Net realized gain on AFS securities reclassified to investment income (32,379 ) — (32,379 ) Amortization of actuarial losses reclassified to operating and administrative expenses — 435 435 Net other comprehensive (losses) earnings (94,927 ) 435 (94,492 ) Balances at September 26, 2015 $ 23,035 (8,393 ) 14,642 2014 Balances at December 28, 2013 $ 94,836 (7,837 ) 86,999 Unrealized gain on AFS securities 37,218 — 37,218 Net realized gain on AFS securities reclassified to investment income (20,685 ) — (20,685 ) Amortization of actuarial losses reclassified to operating and administrative expenses — 254 254 Net other comprehensive earnings 16,533 254 16,787 Balances at September 27, 2014 $ 111,369 (7,583 ) 103,786 |
Fair Value Measurements for Ava
Fair Value Measurements for Available for Sale Securities (Detail) - USD ($) $ in Thousands | Sep. 26, 2015 | Dec. 27, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of available-for-sale securities | $ 6,824,279 | $ 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 | 1,146,658 | 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 | 5,677,621 | 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 | Sep. 26, 2015 | Dec. 27, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 6,786,715 | $ 6,038,460 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 84,142 | 211,958 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 46,578 | 19,688 |
Fair Value | 6,824,279 | 6,230,730 |
Tax exempt bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 3,437,844 | 3,205,647 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 17,125 | 17,460 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 2,425 | 4,011 |
Fair Value | 3,452,544 | 3,219,096 |
Taxable bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,224,258 | 1,569,828 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 3,405 | 3,005 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 3,198 | 4,592 |
Fair Value | 2,224,465 | 1,568,241 |
Restricted investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 164,549 | 170,000 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 309 | 776 |
Fair Value | 164,240 | 169,224 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 960,064 | 1,092,985 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 63,612 | 191,493 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 40,646 | 10,309 |
Fair Value | $ 983,030 | $ 1,274,169 |
Investments - Additional Inform
Investments - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 26, 2015USD ($)AFS_security | Sep. 27, 2014USD ($) | Sep. 26, 2015USD ($)AFS_security | Sep. 27, 2014USD ($) | Dec. 27, 2014USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |||||
Total realized gains on sales of AFS securities | $ 29,620 | $ 13,933 | $ 73,542 | $ 35,664 | |
Total realized losses on sales of AFS securities | $ 15,092 | $ 999 | $ 20,771 | $ 1,953 | |
Number of AFS securities issues contributing to total unrealized loss | AFS_security | 343 | 343 | |||
Total, unrealized Losses | $ 46,578 | $ 46,578 | $ 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 | Sep. 26, 2015 | Dec. 27, 2014 |
Amortized Cost | ||
Due in one year or less | $ 1,111,207 | $ 996,674 |
Due after one year through five years | 4,277,592 | 3,493,708 |
Due after five years through ten years | 202,258 | 183,552 |
Due after ten years | 71,045 | 101,541 |
Total | 5,662,102 | 4,775,475 |
Amortized cost of available-for-sale securities | 6,786,715 | 6,038,460 |
Fair Value | ||
Due in one year or less | 1,113,729 | 999,169 |
Due after one year through five years | 4,288,374 | 3,501,821 |
Due after five years through ten years | 202,630 | 183,168 |
Due after ten years | 72,276 | 103,179 |
Total | 5,677,009 | 4,787,337 |
Fair value of available-for-sale securities | 6,824,279 | 6,230,730 |
Restricted investments | ||
Amortized Cost | ||
Amortized cost of available-for-sale securities | 164,549 | 170,000 |
Fair Value | ||
Fair value of available-for-sale securities | 164,240 | 169,224 |
Equity securities | ||
Amortized Cost | ||
Amortized cost of available-for-sale securities | 960,064 | 1,092,985 |
Fair Value | ||
Fair value of available-for-sale securities | $ 983,030 | $ 1,274,169 |
Temporarily Impaired Available
Temporarily Impaired Available for Sale Securities by Time Period Impaired (Detail) - USD ($) $ in Thousands | Sep. 26, 2015 | Dec. 27, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | $ 2,121,313 | $ 1,902,997 |
Less Than 12 Months, Unrealized Losses | 40,284 | 15,174 |
12 Months or Longer, Fair Value | 174,675 | 167,718 |
12 Months or Longer, Unrealized Losses | 6,294 | 4,514 |
Total, Fair Value | 2,295,988 | 2,070,715 |
Total, Unrealized Losses | 46,578 | 19,688 |
Tax exempt bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 401,652 | 689,909 |
Less Than 12 Months, Unrealized Losses | 1,721 | 2,359 |
12 Months or Longer, Fair Value | 81,065 | 93,454 |
12 Months or Longer, Unrealized Losses | 704 | 1,652 |
Total, Fair Value | 482,717 | 783,363 |
Total, Unrealized Losses | 2,425 | 4,011 |
Taxable bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 1,035,031 | 936,512 |
Less Than 12 Months, Unrealized Losses | 2,834 | 3,666 |
12 Months or Longer, Fair Value | 78,557 | 68,035 |
12 Months or Longer, Unrealized Losses | 364 | 926 |
Total, Fair Value | 1,113,588 | 1,004,547 |
Total, Unrealized Losses | 3,198 | 4,592 |
Restricted investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 164,240 | 169,224 |
Less Than 12 Months, Unrealized Losses | 309 | 776 |
12 Months or Longer, Fair Value | 0 | 0 |
12 Months or Longer, Unrealized Losses | 0 | 0 |
Total, Fair Value | 164,240 | 169,224 |
Total, Unrealized Losses | 309 | 776 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 520,390 | 107,352 |
Less Than 12 Months, Unrealized Losses | 35,420 | 8,373 |
12 Months or Longer, Fair Value | 15,053 | 6,229 |
12 Months or Longer, Unrealized Losses | 5,226 | 1,936 |
Total, Fair Value | 535,443 | 113,581 |
Total, Unrealized Losses | $ 40,646 | $ 10,309 |
Consolidation of Joint Ventur26
Consolidation of Joint Ventures and Long-Term Debt - Additional Information (Detail) - USD ($) | 9 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Dec. 27, 2014 | |
Variable Interest Entity [Line Items] | |||
Carrying amounts of assets of the consolidated joint ventures (JVs) | $ 145,992,000 | $ 149,745,000 | |
Carrying amounts of liabilities of the consolidated joint ventures (JVs) | 69,146,000 | $ 62,867,000 | |
Loans assumed | $ 31,759,000 | $ 46,377,000 | |
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 | Sep. 26, 2015 | Dec. 27, 2014 |
Compensation and Retirement Disclosure [Abstract] | ||
Distributed shares subject to put option, fair value | $ 436,200 | $ 243,992 |
ESOP, shares cost | 2,552,509 | 2,436,536 |
Common stock related to ESOP | 2,988,709 | 2,680,528 |
ESOP shares, fair value | $ 9,344,804 | $ 7,811,906 |
Accumulated Other Comprehensi28
Accumulated Other Comprehensive Earnings (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 26, 2015 | Sep. 27, 2014 | Sep. 26, 2015 | Sep. 27, 2014 | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Balances at Beginning of Period | $ 82,042 | $ 124,667 | $ 109,134 | $ 86,999 |
Unrealized (loss) gain on AFS securities | (58,631) | (13,030) | (62,548) | 37,218 |
Net realized gain on AFS securities reclassified to investment income, net | (8,914) | (7,936) | (32,379) | (20,685) |
Amortization of actuarial losses reclassified to operating and administrative expenses | 145 | 85 | 435 | 254 |
Net other comprehensive (losses) earnings | (67,400) | (20,881) | (94,492) | 16,787 |
Balances at End of Period | 14,642 | 103,786 | 14,642 | 103,786 |
AFS Securities | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Balances at Beginning of Period | 90,580 | 132,335 | 117,962 | 94,836 |
Unrealized (loss) gain on AFS securities | (58,631) | (13,030) | (62,548) | 37,218 |
Net realized gain on AFS securities reclassified to investment income, net | (8,914) | (7,936) | (32,379) | (20,685) |
Net other comprehensive (losses) earnings | (67,545) | (20,966) | (94,927) | 16,533 |
Balances at End of Period | 23,035 | 111,369 | 23,035 | 111,369 |
Postretirement Benefits | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Balances at Beginning of Period | (8,538) | (7,668) | (8,828) | (7,837) |
Amortization of actuarial losses reclassified to operating and administrative expenses | 145 | 85 | 435 | 254 |
Net other comprehensive (losses) earnings | 145 | 85 | 435 | 254 |
Balances at End of Period | $ (8,393) | $ (7,583) | $ (8,393) | $ (7,583) |
Subsequent Event (Details)
Subsequent Event (Details) - Subsequent Event [Member] - USD ($) | Nov. 02, 2015 | Oct. 15, 2015 | Oct. 01, 2015 |
Subsequent Event [Line Items] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.20 | ||
Dividends Payable, Date Declared | Oct. 1, 2015 | ||
Dividends Payable, Date to be Paid | Nov. 2, 2015 | ||
Dividends Payable, Date of Record | Oct. 15, 2015 | ||
Dividends, Common Stock, Cash | $ 154,400,000 |