Publix Super Markets (PUSH) 10-Q 2 Nov 15 2015 Q3 Quarterly report Financial data

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