Publix Super Markets (PUSH) 10-Q 2 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 26, 2016	Apr. 15, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 26, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	ck0000081061
Entity Registrant Name	PUBLIX SUPER MARKETS INC
Entity Central Index Key	81,061
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		773,551,000

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 26, 2016	Dec. 26, 2015
Current assets:
Cash and cash equivalents	$ 493,677	$ 352,176
Short-term investments	1,402,034	1,376,698
Trade receivables	724,195	723,685
Merchandise inventories	1,623,332	1,740,513
Deferred tax assets	53,110	51,216
Prepaid expenses	38,106	70,145
Total current assets	4,334,454	4,314,433
Long-term investments	5,665,497	5,226,236
Other noncurrent assets	423,819	431,311
Property, plant and equipment	11,006,159	10,712,312
Accumulated depreciation	(4,425,873)	(4,325,014)
Net property, plant and equipment	6,580,286	6,387,298
Total assets	17,004,056	16,359,278
Current liabilities:
Accounts payable	1,650,496	1,675,858
Accrued expenses:
Contributions to retirement plans	271,384	513,072
Self-insurance reserves	135,871	135,865
Salaries and wages	180,325	131,253
Other	410,861	380,314
Current portion of long-term debt	46,251	56,693
Federal and state income taxes	229,051	9,634
Total current liabilities	2,924,239	2,902,689
Deferred tax liabilities	436,660	425,132
Self-insurance reserves	214,314	214,474
Accrued postretirement benefit cost	101,762	101,725
Long-term debt	171,398	179,753
Other noncurrent liabilities	102,323	104,243
Total liabilities	3,950,696	3,928,016
Common stock related to Employee Stock Ownership Plan (ESOP)	3,425,381	2,953,878
Stockholders’ equity:
Common stock of $1 par value. Authorized 1,000,000 shares; issued 776,025 shares in 2016 and 770,175 shares in 2015	776,025	770,175
Additional paid-in capital	2,823,792	2,556,391
Retained earnings	9,469,429	9,041,497
Treasury stock at cost, 1,913 shares in 2016	(86,471)	0
Accumulated other comprehensive earnings	33,738	26,268
Common Stock Related To Employee Stock Ownership Plan	(3,425,381)	(2,953,878)
Total stockholders’ equity	9,591,132	9,440,453
Noncontrolling interests	36,847	36,931
Total equity	13,053,360	12,431,262
Total liabilities and stockholders' equity	$ 17,004,056	$ 16,359,278

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 26, 2016	Dec. 26, 2015
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	776,025,000	770,175,000
Treasury stock at cost, shares	1,913,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Revenues:
Sales	$ 8,722,190	$ 8,349,317
Other operating income	68,371	63,428
Total revenues	8,790,561	8,412,745
Costs and expenses:
Cost of merchandise sold	6,271,124	6,001,231
Operating and administrative expenses	1,692,650	1,637,720
Total costs and expenses	7,963,774	7,638,951
Operating profit	826,787	773,794
Investment income	27,830	35,764
Other nonoperating income, net	11,688	7,649
Earnings before income tax expense	866,305	817,207
Income tax expense	284,416	268,289
Net earnings	$ 581,889	$ 548,918
Weighted average shares outstanding	770,776	775,297
Basic and diluted earnings per share	$ 0.75	$ 0.71
Common Stock, Dividends, Per Share, Declared	$ 0.20	$ 0.39

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Statement of Comprehensive Income [Abstract]
Net earnings	$ 581,889	$ 548,918
Other comprehensive earnings:
Unrealized gain (loss) on available-for-sale (AFS) securities net income taxes	10,965	(3,212)
Reclassification adjustment for net realized gain on AFS securities net of income taxes	(3,495)	(9,433)
Adjustment to postretirement benefit plan obligation net of income taxes	0	145
Comprehensive earnings	$ 589,359	$ 536,418

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) on available-for-sale (AFS) securities, tax effect	$ 6,905	$ (2,022)
Reclassification adjustment for net realized gain on AFS securities, tax effect	(2,201)	(5,941)
Adjustment to postretirement benefit plan obligation, tax effect	$ 0	$ 91

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Cash flows from operating activities:
Cash received from customers	$ 8,742,020	$ 8,320,290
Cash paid to employees and suppliers	(7,519,371)	(7,226,004)
Income taxes paid	(10,021)	(6,145)
Self-insured claims paid	(75,632)	(61,937)
Dividends and interest received	55,727	52,067
Other operating cash receipts	66,912	61,780
Other operating cash payments	(11,218)	(4,663)
Net cash provided by operating activities	1,248,417	1,135,388
Cash flows from investing activities:
Payment for capital expenditures	(336,682)	(221,571)
Proceeds from sale of property, plant and equipment	2,589	640
Payment for investments	(747,159)	(929,244)
Proceeds from sale and maturity of investments	314,608	249,139
Net cash used in investing activities	(766,644)	(901,036)
Cash flows from financing activities:
Payment for acquisition of common stock	(277,919)	(277,730)
Proceeds from sale of common stock	110,485	95,906
Dividends paid	(153,957)	0
Repayment of long-term debt	(18,797)	(8,698)
Other, net	(84)	4,428
Net cash used in financing activities	(340,272)	(186,094)
Net increase in cash and cash equivalents	141,501	48,258
Cash and cash equivalents at beginning of period	352,176	407,493
Cash and cash equivalents at end of period	493,677	455,751
Reconciliation of net earnings to net cash provided by operating activities:
Net earnings	581,889	548,918
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	149,934	134,073
Increase in LIFO reserve	7,100	9,989
Retirement contributions paid or payable in common stock	111,193	107,102
Deferred income taxes	4,930	(21,258)
Loss on disposal and impairment of property, plant and equipment	635	8,312
Gain on AFS securities	(5,696)	(15,374)
Net amortization of investments	35,566	33,773
Changes in operating assets and liabilities providing (requiring) cash:
Trade receivables	(548)	(44,430)
Merchandise inventories	110,081	(24,650)
Prepaid expenses and other noncurrent assets	(6,909)	(12,101)
Accounts payable and accrued expenses	4,687	131,079
Self-insurance reserves	(154)	1,068
Federal and state income taxes	257,125	278,932
Other noncurrent liabilities	(1,416)	(45)
Total adjustments	666,528	586,470
Net cash provided by operating activities	$ 1,248,417	$ 1,135,388

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 26, 2016
Accounting Policies [Abstract]
Basis of Presentation	(1) Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Publix Super Markets, Inc. and subsidiaries (the Company) have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting. Accordingly, the accompanying statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these statements include all adjustments that are of a normal and recurring nature necessary to present fairly the Company’s financial position and results of operations. Due to the seasonal nature of the Company’s business, the results of operations for the three months ended March 26, 2016 are not necessarily indicative of the results for the entire 2016 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 26, 2015 . 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.

Recently Issued Accounting Stan

Recently Issued Accounting Standard	3 Months Ended
	Mar. 26, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recently Issued Accounting Standard	(2) Recently Issued Accounting Standards In February 2016, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) on lease accounting. The ASU requires the lease rights and obligations arising from lease contracts, including existing and new arrangements, to be recognized as assets and liabilities on the balance sheet. The ASU is effective for reporting periods beginning after December 15, 2018 with early adoption permitted. While the Company is still evaluating the ASU, the Company expects the adoption of the ASU to have a material effect on the Company’s financial condition due to the recognition of the lease rights and obligations as assets and liabilities on the Consolidated Balance Sheets. The Company does not expect the ASU to have a material effect on the Company’s results of operations, and the ASU will have no effect on cash flows. In January 2016, the FASB issued an ASU requiring companies to measure equity securities at fair value with changes in fair value recognized in net earnings as opposed to other comprehensive earnings. The ASU is effective for reporting periods beginning after December 15, 2017. The adoption of the ASU will have an effect on the Company’s results of operations. The extent of the effect on results of operations will vary with the changes in the fair value of equity securities. The ASU will not have an effect on the Company’s financial condition or cash flows. In November 2015, the FASB issued an ASU requiring companies to classify deferred tax assets and liabilities in the noncurrent section of the balance sheet. The ASU is effective for reporting periods beginning after December 15, 2016 with early adoption permitted. The adoption of the ASU will not have a material effect on the Company’s financial condition and will not have an effect on the Company’s results of operations or cash flows. 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. The ASU is effective for reporting periods beginning after December 15, 2017 with early adoption permitted only for reporting periods beginning after December 15, 2016. The adoption of the ASU will not have a material effect on the Company’s financial condition, results of operations or cash flows.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 26, 2016
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	(3) 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 mutual funds, 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, state and municipal bonds by using pricing of similar bonds based on coupons, ratings and maturities. AFS securities that are included in this category are primarily debt securities (tax exempt and taxable bonds). Level 3 – Fair value is determined by using other than observable inputs. Fair value is determined by using the best information available in the circumstances and requires significant management judgment or estimation. No AFS securities are currently included in this category. Following is a summary of fair value measurements for AFS securities as of March 26, 2016 and December 26, 2015 : Fair Value Level 1 Level 2 Level 3 (Amounts are in thousands) March 26, 2016 $ 7,067,531 1,056,036 6,011,495 — December 26, 2015 6,602,934 1,049,791 5,553,143 —

Investments

Investments	3 Months Ended
	Mar. 26, 2016
Investments, Debt and Equity Securities [Abstract]
Investments	(4) Investments Debt and equity securities are classified as AFS and are carried at fair value. The Company evaluates whether AFS securities are other-than-temporarily impaired (OTTI) based on criteria that include the extent to which cost exceeds market value, the duration of the market value decline, the credit rating of the issuer or security, the failure of the issuer to make scheduled principal or interest payments and the financial health and prospects of the issuer or security. Declines in the value of AFS securities determined to be OTTI are recognized in earnings and reported as OTTI losses. Debt securities with unrealized losses are considered OTTI if the Company intends to sell the debt security or if the Company will be required to sell the debt security prior to any anticipated recovery. If the Company determines that a debt security is OTTI under these circumstances, the impairment recognized in earnings is measured as the difference between the amortized cost and the current fair value. A debt security is also determined to be OTTI if the Company does not expect to recover the amortized cost of the debt security. However, in this circumstance, if the Company does not intend to sell the debt security and will not be required to sell the debt security, the impairment recognized in earnings equals the estimated credit loss as measured by the difference between the present value of expected cash flows and the amortized cost of the debt security. Expected cash flows are discounted using the debt security’s effective interest rate. An equity security is determined to be OTTI if the Company does not expect to recover the cost of the equity security. Declines in the value of AFS securities determined to be temporary are reported net of income taxes as other comprehensive losses and included as a component of stockholders’ equity. Interest and dividend income, amortization of premiums, accretion of discounts and realized gains and losses on AFS securities are included in investment income. Interest income is accrued as earned. Dividend income is recognized as income on the ex-dividend date of the equity security. The cost of AFS securities sold is based on the first-in, first-out method. Following is a summary of AFS securities as of March 26, 2016 and December 26, 2015 : Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Amounts are in thousands) March 26, 2016 Tax exempt bonds $ 3,515,795 17,502 2,781 3,530,516 Taxable bonds 2,478,317 5,761 3,549 2,480,529 Restricted investments 164,549 — 309 164,240 Equity securities 845,670 79,480 32,904 892,246 $ 7,004,331 102,743 39,543 7,067,531 December 26, 2015 Tax exempt bonds $ 3,336,841 12,038 2,737 3,346,142 Taxable bonds 2,214,366 1,492 10,399 2,205,459 Restricted investments 164,548 — 1,389 163,159 Equity securities 836,153 78,378 26,357 888,174 $ 6,551,908 91,908 40,882 6,602,934 Realized gains on sales of AFS securities totaled $9,251,000 for the three months ended March 26, 2016 . Realized losses on sales of AFS securities totaled $3,555,000 for the three months ended March 26, 2016 . Realized gains on sales of AFS securities totaled $16,266,000 for the three months ended March 28, 2015 . Realized losses on sales of AFS securities totaled $892,000 for the three months ended March 28, 2015 . The amortized cost and fair value of AFS securities by expected maturity as of March 26, 2016 and December 26, 2015 are as follows: March 26, 2016 December 26, 2015 Amortized Cost Fair Value Amortized Cost Fair Value (Amounts are in thousands) Due in one year or less $ 1,400,279 1,402,034 1,375,450 1,376,698 Due after one year through five years 4,089,875 4,103,952 3,951,600 3,948,654 Due after five years through ten years 444,990 445,322 161,732 162,999 Due after ten years 58,968 59,737 62,425 63,250 5,994,112 6,011,045 5,551,207 5,551,601 Restricted investments 164,549 164,240 164,548 163,159 Equity securities 845,670 892,246 836,153 888,174 $ 7,004,331 7,067,531 6,551,908 6,602,934 Following is a summary of temporarily impaired AFS securities by the time period impaired as of March 26, 2016 and December 26, 2015 : Less Than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (Amounts are in thousands) March 26, 2016 Tax exempt bonds $ 533,673 2,736 11,743 45 545,416 2,781 Taxable bonds 730,768 2,950 176,955 599 907,723 3,549 Restricted investments 164,240 309 — — 164,240 309 Equity securities 357,258 25,288 21,831 7,616 379,089 32,904 $ 1,785,939 31,283 210,529 8,260 1,996,468 39,543 December 26, 2015 Tax exempt bonds $ 890,907 2,264 63,474 473 954,381 2,737 Taxable bonds 1,676,719 9,988 70,309 411 1,747,028 10,399 Restricted investments 163,159 1,389 — — 163,159 1,389 Equity securities 274,517 20,561 16,112 5,796 290,629 26,357 $ 3,005,302 34,202 149,895 6,680 3,155,197 40,882 There are 296 AFS securities contributing to the total unrealized loss of $39,543,000 as of March 26, 2016 . 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	3 Months Ended
	Mar. 26, 2016
Equity Method Investments and Joint Ventures and Debt [Abstract]
Consolidation of Joint Ventures and Long-Term Debt	(5) 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 March 26, 2016 , the carrying amounts of the assets and liabilities of the consolidated JVs were $141,444,000 and $65,056,000 , respectively. As of December 26, 2015 , the carrying amounts of the assets and liabilities of the consolidated JVs were $141,355,000 and $64,928,000 , 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 2016 and 2015 were immaterial. The Company’s involvement with these JVs does not have a significant effect on the Company’s financial condition, results of operations or cash flows. The Company’s long-term debt results primarily from the consolidation of loans of certain JVs and loans assumed in connection with the acquisition of certain shopping centers with the Company as the anchor tenant. No loans were assumed during the three months ended March 26, 2016 . The Company assumed loans totaling $31,759,000 during the three months ended March 28, 2015 . 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 August 2016 through January 2027 and have fixed interest rates ranging from 4.0% to 7.5% .

Retirement Plan

Retirement Plan	3 Months Ended
	Mar. 26, 2016
Compensation and Retirement Disclosure [Abstract]
Retirement Plan	(6) 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 $657,270,000 and $427,226,000 as of March 26, 2016 and December 26, 2015 , respectively. The cost of the shares held by the ESOP totaled $2,768,111,000 and $2,526,652,000 as of March 26, 2016 and December 26, 2015 , respectively. Due to the Company’s obligation under the put option, the distributed shares subject to the put option and the shares held by the ESOP are classified as temporary equity in the mezzanine section of the condensed consolidated balance sheets and totaled $3,425,381,000 and $2,953,878,000 as of March 26, 2016 and December 26, 2015 , respectively. The fair value of the shares held by the ESOP totaled $9,898,691,000 and $9,201,171,000 as of March 26, 2016 and December 26, 2015 , respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Earnings (Notes)	3 Months Ended
	Mar. 26, 2016
Equity [Abstract]
Comprehensive Income (Loss) Note [Text Block]	(7) Accumulated Other Comprehensive Earnings A reconciliation of the changes in accumulated other comprehensive earnings net of income taxes for the three months ended March 26, 2016 and March 28, 2015 is as follows: AFS Securities Postretirement Benefits Accumulated Other Comprehensive Earnings (Amounts are in thousands) 2016 Balances at December 26, 2015 $ 31,295 (5,027 ) 26,268 Unrealized gain on AFS securities 10,965 — 10,965 Net realized gain on AFS securities reclassified to investment income (3,495 ) — (3,495 ) Net other comprehensive earnings 7,470 — 7,470 Balances at March 26, 2016 $ 38,765 (5,027 ) 33,738 2015 Balances at December 27, 2014 $ 117,962 (8,828 ) 109,134 Unrealized loss on AFS securities (3,212 ) — (3,212 ) Net realized gain on AFS securities reclassified to investment income (9,433 ) — (9,433 ) Amortization of actuarial gain reclassified to operating and administrative expenses — 145 145 Net other comprehensive (losses) earnings (12,645 ) 145 (12,500 ) Balances at March 28, 2015 $ 105,317 (8,683 ) 96,634

Subsequent Event (Notes)

Subsequent Event (Notes)	3 Months Ended
	Mar. 26, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	(8) Subsequent Event On April 1, 2016 , the Company declared a quarterly dividend on its common stock of $0.2225 per share or approximately $172,100,000 , payable May 2, 2016 to stockholders of record as of the close of business April 15, 2016 .

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 26, 2016
Accounting Policies [Abstract]
Basis of Presentation	(1) Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Publix Super Markets, Inc. and subsidiaries (the Company) have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting. Accordingly, the accompanying statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these statements include all adjustments that are of a normal and recurring nature necessary to present fairly the Company’s financial position and results of operations. Due to the seasonal nature of the Company’s business, the results of operations for the three months ended March 26, 2016 are not necessarily indicative of the results for the entire 2016 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 26, 2015 . 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.

Recently Issued Accounting St17

Recently Issued Accounting Standard (Policies)	3 Months Ended
	Mar. 26, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recently Issued Accounting Standard	(2) Recently Issued Accounting Standards In February 2016, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) on lease accounting. The ASU requires the lease rights and obligations arising from lease contracts, including existing and new arrangements, to be recognized as assets and liabilities on the balance sheet. The ASU is effective for reporting periods beginning after December 15, 2018 with early adoption permitted. While the Company is still evaluating the ASU, the Company expects the adoption of the ASU to have a material effect on the Company’s financial condition due to the recognition of the lease rights and obligations as assets and liabilities on the Consolidated Balance Sheets. The Company does not expect the ASU to have a material effect on the Company’s results of operations, and the ASU will have no effect on cash flows. In January 2016, the FASB issued an ASU requiring companies to measure equity securities at fair value with changes in fair value recognized in net earnings as opposed to other comprehensive earnings. The ASU is effective for reporting periods beginning after December 15, 2017. The adoption of the ASU will have an effect on the Company’s results of operations. The extent of the effect on results of operations will vary with the changes in the fair value of equity securities. The ASU will not have an effect on the Company’s financial condition or cash flows. In November 2015, the FASB issued an ASU requiring companies to classify deferred tax assets and liabilities in the noncurrent section of the balance sheet. The ASU is effective for reporting periods beginning after December 15, 2016 with early adoption permitted. The adoption of the ASU will not have a material effect on the Company’s financial condition and will not have an effect on the Company’s results of operations or cash flows. 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. The ASU is effective for reporting periods beginning after December 15, 2017 with early adoption permitted only for reporting periods beginning after December 15, 2016. The adoption of the ASU will not have a material effect on the Company’s financial condition, results of operations or cash flows.

Fair Value of Financial Instr18

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 26, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements for Available for Sale Securities	Following is a summary of fair value measurements for AFS securities as of March 26, 2016 and December 26, 2015 : Fair Value Level 1 Level 2 Level 3 (Amounts are in thousands) March 26, 2016 $ 7,067,531 1,056,036 6,011,495 — December 26, 2015 6,602,934 1,049,791 5,553,143 —

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 26, 2016
Investments, Debt and Equity Securities [Abstract]
Available For Sale Securities	Following is a summary of AFS securities as of March 26, 2016 and December 26, 2015 : Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Amounts are in thousands) March 26, 2016 Tax exempt bonds $ 3,515,795 17,502 2,781 3,530,516 Taxable bonds 2,478,317 5,761 3,549 2,480,529 Restricted investments 164,549 — 309 164,240 Equity securities 845,670 79,480 32,904 892,246 $ 7,004,331 102,743 39,543 7,067,531 December 26, 2015 Tax exempt bonds $ 3,336,841 12,038 2,737 3,346,142 Taxable bonds 2,214,366 1,492 10,399 2,205,459 Restricted investments 164,548 — 1,389 163,159 Equity securities 836,153 78,378 26,357 888,174 $ 6,551,908 91,908 40,882 6,602,934
Amortized Cost and Fair Value of Available For Sale Securities by Expected Maturity	The amortized cost and fair value of AFS securities by expected maturity as of March 26, 2016 and December 26, 2015 are as follows: March 26, 2016 December 26, 2015 Amortized Cost Fair Value Amortized Cost Fair Value (Amounts are in thousands) Due in one year or less $ 1,400,279 1,402,034 1,375,450 1,376,698 Due after one year through five years 4,089,875 4,103,952 3,951,600 3,948,654 Due after five years through ten years 444,990 445,322 161,732 162,999 Due after ten years 58,968 59,737 62,425 63,250 5,994,112 6,011,045 5,551,207 5,551,601 Restricted investments 164,549 164,240 164,548 163,159 Equity securities 845,670 892,246 836,153 888,174 $ 7,004,331 7,067,531 6,551,908 6,602,934
Temporarily Impaired Available For Sale Securities by Time Period Impaired	Following is a summary of temporarily impaired AFS securities by the time period impaired as of March 26, 2016 and December 26, 2015 : Less Than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (Amounts are in thousands) March 26, 2016 Tax exempt bonds $ 533,673 2,736 11,743 45 545,416 2,781 Taxable bonds 730,768 2,950 176,955 599 907,723 3,549 Restricted investments 164,240 309 — — 164,240 309 Equity securities 357,258 25,288 21,831 7,616 379,089 32,904 $ 1,785,939 31,283 210,529 8,260 1,996,468 39,543 December 26, 2015 Tax exempt bonds $ 890,907 2,264 63,474 473 954,381 2,737 Taxable bonds 1,676,719 9,988 70,309 411 1,747,028 10,399 Restricted investments 163,159 1,389 — — 163,159 1,389 Equity securities 274,517 20,561 16,112 5,796 290,629 26,357 $ 3,005,302 34,202 149,895 6,680 3,155,197 40,882

Accumulated Other Comprehensi20

Accumulated Other Comprehensive Earnings (Tables)	3 Months Ended
	Mar. 26, 2016
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	A reconciliation of the changes in accumulated other comprehensive earnings net of income taxes for the three months ended March 26, 2016 and March 28, 2015 is as follows: AFS Securities Postretirement Benefits Accumulated Other Comprehensive Earnings (Amounts are in thousands) 2016 Balances at December 26, 2015 $ 31,295 (5,027 ) 26,268 Unrealized gain on AFS securities 10,965 — 10,965 Net realized gain on AFS securities reclassified to investment income (3,495 ) — (3,495 ) Net other comprehensive earnings 7,470 — 7,470 Balances at March 26, 2016 $ 38,765 (5,027 ) 33,738 2015 Balances at December 27, 2014 $ 117,962 (8,828 ) 109,134 Unrealized loss on AFS securities (3,212 ) — (3,212 ) Net realized gain on AFS securities reclassified to investment income (9,433 ) — (9,433 ) Amortization of actuarial gain reclassified to operating and administrative expenses — 145 145 Net other comprehensive (losses) earnings (12,645 ) 145 (12,500 ) Balances at March 28, 2015 $ 105,317 (8,683 ) 96,634

Fair Value Measurements for Ava

Fair Value Measurements for Available for Sale Securities (Detail) - USD ($) $ in Thousands	Mar. 26, 2016	Dec. 26, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of available-for-sale securities	$ 7,067,531	$ 6,602,934
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of available-for-sale securities	1,056,036	1,049,791
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of available-for-sale securities	6,011,495	5,553,143
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	Mar. 26, 2016	Dec. 26, 2015
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 7,004,331	$ 6,551,908
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	102,743	91,908
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	39,543	40,882
Fair Value	7,067,531	6,602,934
Tax exempt bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	3,515,795	3,336,841
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	17,502	12,038
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	2,781	2,737
Fair Value	3,530,516	3,346,142
Taxable bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	2,478,317	2,214,366
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	5,761	1,492
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	3,549	10,399
Fair Value	2,480,529	2,205,459
Restricted investments
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	164,549	164,548
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	0	0
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	309	1,389
Fair Value	164,240	163,159
Equity securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	845,670	836,153
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	79,480	78,378
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	32,904	26,357
Fair Value	$ 892,246	$ 888,174

Investments - Additional Inform

Investments - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 26, 2016USD ($)AFS_security	Mar. 28, 2015USD ($)	Dec. 26, 2015USD ($)
Investments, Debt and Equity Securities [Abstract]
Total realized gains on sales of AFS securities	$ 9,251	$ 16,266
Total realized losses on sales of AFS securities	$ 3,555	$ 892
Number of AFS securities issues contributing to total unrealized loss | AFS_security	296
Total, Unrealized Losses	$ 39,543		$ 40,882

Amortized Cost and Fair Value o

Amortized Cost and Fair Value of Available for Sale Securities by Expected Maturity (Detail) - USD ($) $ in Thousands	Mar. 26, 2016	Dec. 26, 2015
Amortized Cost
Due in one year or less	$ 1,400,279	$ 1,375,450
Due after one year through five years	4,089,875	3,951,600
Due after five years through ten years	444,990	161,732
Due after ten years	58,968	62,425
Total	5,994,112	5,551,207
Amortized cost of available-for-sale securities	7,004,331	6,551,908
Fair Value
Due in one year or less	1,402,034	1,376,698
Due after one year through five years	4,103,952	3,948,654
Due after five years through ten years	445,322	162,999
Due after ten years	59,737	63,250
Total	6,011,045	5,551,601
Fair value of available-for-sale securities	7,067,531	6,602,934
Restricted investments
Amortized Cost
Amortized cost of available-for-sale securities	164,549	164,548
Fair Value
Fair value of available-for-sale securities	164,240	163,159
Equity securities
Amortized Cost
Amortized cost of available-for-sale securities	845,670	836,153
Fair Value
Fair value of available-for-sale securities	$ 892,246	$ 888,174

Temporarily Impaired Available

Temporarily Impaired Available for Sale Securities by Time Period Impaired (Detail) - USD ($) $ in Thousands	Mar. 26, 2016	Dec. 26, 2015
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	$ 1,785,939	$ 3,005,302
Less Than 12 Months, Unrealized Losses	31,283	34,202
12 Months or Longer, Fair Value	210,529	149,895
12 Months or Longer, Unrealized Losses	8,260	6,680
Total, Fair Value	1,996,468	3,155,197
Total, Unrealized Losses	39,543	40,882
Tax exempt bonds
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	533,673	890,907
Less Than 12 Months, Unrealized Losses	2,736	2,264
12 Months or Longer, Fair Value	11,743	63,474
12 Months or Longer, Unrealized Losses	45	473
Total, Fair Value	545,416	954,381
Total, Unrealized Losses	2,781	2,737
Taxable bonds
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	730,768	1,676,719
Less Than 12 Months, Unrealized Losses	2,950	9,988
12 Months or Longer, Fair Value	176,955	70,309
12 Months or Longer, Unrealized Losses	599	411
Total, Fair Value	907,723	1,747,028
Total, Unrealized Losses	3,549	10,399
Restricted investments
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	164,240	163,159
Less Than 12 Months, Unrealized Losses	309	1,389
12 Months or Longer, Fair Value	0	0
12 Months or Longer, Unrealized Losses	0	0
Total, Fair Value	164,240	163,159
Total, Unrealized Losses	309	1,389
Equity securities
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	357,258	274,517
Less Than 12 Months, Unrealized Losses	25,288	20,561
12 Months or Longer, Fair Value	21,831	16,112
12 Months or Longer, Unrealized Losses	7,616	5,796
Total, Fair Value	379,089	290,629
Total, Unrealized Losses	$ 32,904	$ 26,357

Consolidation of Joint Ventur26

Consolidation of Joint Ventures and Long-Term Debt Joint Ventures - Additional Information (Details) - USD ($)	Mar. 26, 2016	Dec. 26, 2015
Joint Venture Balance Sheet Carrying Amounts [Abstract]
Carrying amounts of assets of the consolidated joint ventures (JVs)	$ 141,444,000	$ 141,355,000
Carrying amounts of liabilities of the consolidated joint ventures (JVs)	$ 65,056,000	$ 64,928,000

Consolidation of Joint Ventur27

Consolidation of Joint Ventures and Long-Term Debt Long-Term Debt Assumptions, Maturities and Interest Rates (Details) - USD ($)	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Debt Instrument [Line Items]
Loans Assumed	$ 0	$ 31,759,000
JV Loans [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis points added to LIBOR to determine variable interest rate	1.75%
Debt Instrument Maturity Month And Year	2016-06
JV Loans [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis points added to LIBOR to determine variable interest rate	2.50%
Debt Instrument Maturity Month And Year	2017-08
Shopping Center Loans [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage Rate Range	4.00%
Debt Instrument Maturity Month And Year	2016-08
Shopping Center Loans [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage Rate Range	7.50%
Debt Instrument Maturity Month And Year	2027-01

Retirement Plan - Additional In

Retirement Plan - Additional Information (Detail) - USD ($)	Mar. 26, 2016	Dec. 26, 2015
Compensation and Retirement Disclosure [Abstract]
Distributed shares subject to put option, fair value	$ 657,270,000	$ 427,226,000
ESOP, shares cost	2,768,111,000	2,526,652,000
Temporary Equity, Carrying Amount, Attributable to Parent	3,425,381,000	2,953,878,000
ESOP shares, fair value	$ 9,898,691,000	$ 9,201,171,000

Accumulated Other Comprehensi29

Accumulated Other Comprehensive Earnings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Balances at Beginning of Period	$ 26,268	$ 109,134
Unrealized gain (loss) on AFS securities	10,965	(3,212)
Net realized gain on AFS securities reclassified to investment income, net	(3,495)	(9,433)
Amortization of actuarial losses reclassified to operating and administrative expenses	0	145
Net other comprehensive earnings	7,470	(12,500)
Balances at End of Period	33,738	96,634
AFS Securities
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Balances at Beginning of Period	31,295	117,962
Unrealized gain (loss) on AFS securities	10,965	(3,212)
Net realized gain on AFS securities reclassified to investment income, net	(3,495)	(9,433)
Net other comprehensive earnings	7,470	(12,645)
Balances at End of Period	38,765	105,317
Postretirement Benefits
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Balances at Beginning of Period	(5,027)	(8,828)
Amortization of actuarial losses reclassified to operating and administrative expenses	0	145
Net other comprehensive earnings	0	145
Balances at End of Period	$ (5,027)	$ (8,683)

Subsequent Event (Details)

Subsequent Event (Details) - USD ($)	May. 02, 2016	Apr. 15, 2016	Apr. 01, 2016	Mar. 26, 2016	Mar. 28, 2015
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared				$ 0.20	$ 0.39
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends Payable, Date Declared			Apr. 1, 2016
Common Stock, Dividends, Per Share, Declared	$ 0.2225
Dividends Payable, Date to be Paid	May 2, 2016
Dividends Payable, Date of Record		Apr. 15, 2016
Dividends, Common Stock, Cash	$ 172,100,000