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 |