Publix Super Markets (PUSH) 10-Q 1 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 13, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
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	--12-30
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		738,568,000

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 670,695	$ 438,319
Short-term investments	1,256,724	1,591,740
Trade receivables	647,332	715,292
Merchandise inventories	1,706,304	1,722,392
Prepaid expenses	48,915	50,434
Total current assets	4,329,970	4,518,177
Long-term investments	5,243,817	5,146,878
Other noncurrent assets	562,896	434,280
Property, plant and equipment	12,825,095	11,981,632
Accumulated depreciation	(4,992,734)	(4,694,509)
Net property, plant and equipment	7,832,361	7,287,123
Total assets	17,969,044	17,386,458
Current liabilities:
Accounts payable	1,778,927	1,609,652
Accrued expenses:
Contributions to retirement plans	444,509	525,668
Self-insurance reserves	142,825	139,554
Salaries and wages	253,615	127,856
Other	398,274	414,197
Current portion of long-term debt	65,417	113,999
Federal and state income taxes	162,361	12,787
Total current liabilities	3,245,928	2,943,713
Deferred tax liabilities	462,537	396,484
Self-insurance reserves	214,546	216,125
Accrued postretirement benefit cost	102,884	102,540
Long-term debt	153,186	136,585
Other noncurrent liabilities	87,428	93,574
Total liabilities	4,266,509	3,889,021
Common stock related to Employee Stock Ownership Plan (ESOP)	3,122,163	3,068,097
Stockholders’ equity:
Common stock of $1 par value. Authorized 1,000,000 shares; issued 770,415 shares in 2017 and 763,198 shares in 2016	770,415	763,198
Additional paid-in capital	3,139,647	2,849,947
Retained earnings	10,842,179	9,836,696
Treasury stock at cost; 30,247 shares in 2017	(1,158,839)	0
Accumulated other comprehensive earnings	70,657	23,427
Common stock related to ESOP	(3,122,163)	(3,068,097)
Total stockholders’ equity	10,541,896	10,405,171
Noncontrolling interests	38,476	24,169
Total equity	13,702,535	13,497,437
Total liabilities and stockholders' equity	$ 17,969,044	$ 17,386,458

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2017	Dec. 31, 2016
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	770,415,000	763,198,000
Treasury stock at cost, shares	30,247,000	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 24, 2016	Sep. 30, 2017	Sep. 24, 2016
Revenues:
Sales	$ 8,520,569	$ 8,026,548	$ 25,620,710	$ 24,873,954
Other operating income	65,511	64,101	201,143	197,793
Total revenues	8,586,080	8,090,649	25,821,853	25,071,747
Costs and expenses:
Cost of merchandise sold	6,219,735	5,902,079	18,592,991	18,054,675
Operating and administrative expenses	1,731,551	1,652,933	5,240,753	4,995,297
Total costs and expenses	7,951,286	7,555,012	23,833,744	23,049,972
Operating profit	634,794	535,637	1,988,109	2,021,775
Investment income	38,430	29,000	192,906	82,222
Other nonoperating income, net	17,218	13,721	49,745	39,737
Earnings before income tax expense	690,442	578,358	2,230,760	2,143,734
Income tax expense	215,515	157,223	705,490	662,523
Net earnings	$ 474,927	$ 421,135	$ 1,525,270	$ 1,481,211
Weighted average shares outstanding	748,347	768,941	759,284	770,695
Basic and diluted earnings per share	$ 0.63	$ 0.55	$ 2.01	$ 1.92
Dividends paid per share	$ 0.23	$ 0.2225	$ 0.6825	$ 0.645

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 24, 2016	Sep. 30, 2017	Sep. 24, 2016
Statement of Comprehensive Income [Abstract]
Net earnings	$ 474,927	$ 421,135	$ 1,525,270	$ 1,481,211
Other comprehensive earnings:
Unrealized gain on available-for-sale (AFS) securities net of income taxes	49,043	21,263	111,585	54,019
Reclassification adjustment for net realized gain on AFS securities net of income taxes	(6,334)	(3,725)	(64,355)	(7,951)
Comprehensive earnings	$ 517,636	$ 438,673	$ 1,572,500	$ 1,527,279

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 24, 2016	Sep. 30, 2017	Sep. 24, 2016
Statement of Comprehensive Income [Abstract]
Unrealized gain on AFS securities, net of income taxes	$ 30,884	$ 13,390	$ 70,268	$ 34,017
Reclassification adjustment for net realized gain on AFS securities, net of income taxes	$ (3,989)	$ (2,346)	$ (40,526)	$ (5,007)

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 24, 2016
Cash flows from operating activities:
Cash received from customers	$ 25,786,802	$ 25,024,422
Cash paid to employees and suppliers	(22,593,366)	(21,995,448)
Income taxes paid	(478,456)	(505,330)
Self-insured claims paid	(270,036)	(242,803)
Dividends and interest received	185,542	175,698
Other operating cash receipts	197,277	193,482
Other operating cash payments	(14,748)	(31,258)
Net cash provided by operating activities	2,813,015	2,618,763
Cash flows from investing activities:
Payment for capital expenditures	(1,063,152)	(1,110,516)
Proceeds from sale of property, plant and equipment	4,460	4,300
Payment for investments	(2,353,947)	(1,891,611)
Proceeds from sale and maturity of investments	2,593,592	1,352,848
Net cash used in investing activities	(819,047)	(1,644,979)
Cash flows from financing activities:
Payment for acquisition of common stock	(1,438,628)	(722,641)
Proceeds from sale of common stock	215,424	252,803
Dividends paid	(519,787)	(497,318)
Repayment of long-term debt	(46,019)	(40,831)
Other, net	27,418	(13,412)
Net cash used in financing activities	(1,761,592)	(1,021,399)
Net increase (decrease) in cash and cash equivalents	232,376	(47,615)
Cash and cash equivalents at beginning of period	438,319	352,176
Cash and cash equivalents at end of period	670,695	304,561
Reconciliation of net earnings to net cash provided by operating activities:
Net earnings	1,525,270	1,481,211
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	484,307	458,694
Increase in LIFO reserve	20,720	7,020
Retirement contributions paid or payable in common stock	280,571	278,335
Deferred income taxes	36,311	(10,889)
Loss on disposal and impairment of property, plant and equipment	1,991	2,756
Gain on AFS securities	(104,881)	(12,958)
Net amortization of investments	87,982	105,968
Changes in operating assets and liabilities providing (requiring) cash:
Trade receivables	67,952	90,128
Merchandise inventories	(4,632)	70,809
Prepaid expenses and other noncurrent assets	(5,410)	(18,999)
Accounts payable and accrued expenses	264,196	42,951
Self-insurance reserves	1,692	930
Federal and state income taxes	162,748	129,501
Other noncurrent liabilities	(5,802)	(6,694)
Total adjustments	1,287,745	1,137,552
Net cash provided by operating activities	$ 2,813,015	$ 2,618,763

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2017
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 and nine months ended September 30, 2017 are not necessarily indicative of the results for the entire 2017 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 31, 2016 . 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	9 Months Ended
	Sep. 30, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recently Issued Accounting Standard	(2) Recently Issued Accounting Standards In June 2016, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) requiring companies to change the methodology used to measure credit losses on financial instruments. The ASU is effective for reporting periods beginning after December 15, 2019 with early adoption permitted only for reporting periods beginning after December 15, 2018. The Company does not expect the adoption of the ASU to have a material effect on the Company’s financial condition or results of operations. The adoption of the ASU will have no effect on the Company’s cash flows. In February 2016, the FASB issued an 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 adoption of the ASU to have a material effect on the Company’s results of operations. The adoption of the ASU will have no effect on the Company’s 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 adoption of the ASU will have no 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. The Company retrospectively adopted the ASU during the quarter ended April 1, 2017, and therefore reclassified $77,496,000 from current deferred tax assets to noncurrent deferred tax liabilities as of December 31, 2016 on the condensed consolidated balance sheet. 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. The Company does not expect the adoption of the ASU to 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	9 Months Ended
	Sep. 30, 2017
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 September 30, 2017 and December 31, 2016 : Fair Value Level 1 Level 2 Level 3 (Amounts are in thousands) September 30, 2017 $ 6,500,541 2,266,877 4,233,664 — December 31, 2016 6,738,618 1,286,625 5,451,993 —

Investments

Investments	9 Months Ended
	Sep. 30, 2017
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 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 30, 2017 and December 31, 2016 : Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Amounts are in thousands) September 30, 2017 Tax exempt bonds $ 2,054,341 5,308 2,841 2,056,808 Taxable bonds 2,185,377 3,639 14,000 2,175,016 Restricted investments 164,548 463 — 165,011 Equity securities 1,971,825 134,123 2,242 2,103,706 $ 6,376,091 143,533 19,083 6,500,541 December 31, 2016 Tax exempt bonds $ 3,036,060 2,211 24,649 3,013,622 Taxable bonds 2,469,192 1,359 33,903 2,436,648 Restricted investments 164,548 — 463 164,085 Equity securities 1,021,340 110,879 7,956 1,124,263 $ 6,691,140 114,449 66,971 6,738,618 Realized gains on sales of AFS securities totaled $11,179,000 and $109,815,000 for the three and nine months ended September 30, 2017 , respectively. Realized losses on sales of AFS securities totaled $856,000 and $4,934,000 for the three and nine months ended September 30, 2017 , respectively. Realized gains on sales of AFS securities totaled $7,012,000 and $18,896,000 for the three and nine months ended September 24, 2016, respectively. Realized losses on sales of AFS securities totaled $941,000 and $5,938,000 for the three and nine months ended September 24, 2016 , respectively. The amortized cost and fair value of AFS securities by expected maturity as of September 30, 2017 and December 31, 2016 are as follows: September 30, 2017 December 31, 2016 Amortized Cost Fair Value Amortized Cost Fair Value (Amounts are in thousands) Due in one year or less $ 1,256,912 1,256,724 1,592,144 1,591,740 Due after one year through five years 2,583,254 2,577,163 3,218,371 3,187,739 Due after five years through ten years 389,425 387,386 680,641 656,162 Due after ten years 10,127 10,551 14,096 14,629 4,239,718 4,231,824 5,505,252 5,450,270 Restricted investments 164,548 165,011 164,548 164,085 Equity securities 1,971,825 2,103,706 1,021,340 1,124,263 $ 6,376,091 6,500,541 6,691,140 6,738,618 Following is a summary of temporarily impaired AFS securities by the time period impaired as of September 30, 2017 and December 31, 2016 : 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 30, 2017 Tax exempt bonds $ 510,790 1,699 232,906 1,142 743,696 2,841 Taxable bonds 964,755 5,332 643,454 8,668 1,608,209 14,000 Equity securities 62,700 1,239 3,526 1,003 66,226 2,242 $ 1,538,245 8,270 879,886 10,813 2,418,131 19,083 December 31, 2016 Tax exempt bonds $ 2,360,143 24,416 6,099 233 2,366,242 24,649 Taxable bonds 1,921,367 33,354 51,769 549 1,973,136 33,903 Restricted investments 164,085 463 — — 164,085 463 Equity securities 61,625 3,924 38,141 4,032 99,766 7,956 $ 4,507,220 62,157 96,009 4,814 4,603,229 66,971 There are 282 AFS securities contributing to the total unrealized loss of $19,083,000 as of September 30, 2017 . 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. 30, 2017
Consolidation Of Joint Ventures And Long Term Debt [Abstract]
Consolidation Of Joint Ventures And Long Term Debt Disclosure [Text Block]	(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 September 30, 2017 , the carrying amounts of the assets and liabilities of the consolidated JVs were $143,312,000 and $66,018,000 , respectively. As of December 31, 2016 , the carrying amounts of the assets and liabilities of the consolidated JVs were $102,254,000 and $53,278,000 , 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 2017 and 2016 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 nine months ended September 30, 2017 . The Company assumed loans totaling $63,971,000 during the nine months ended September 24, 2016 . Maturities of JV loans range from June 2020 through April 2027 and have variable interest rates based on a LIBOR index plus 175 to 250 basis points. Maturities of assumed shopping center loans range from October 2017 through January 2027 and have fixed interest rates ranging from 3.7% to 7.5% .

Retirement Plan

Retirement Plan	9 Months Ended
	Sep. 30, 2017
Retirement Benefits [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 $348,486,000 and $425,514,000 as of September 30, 2017 and December 31, 2016 , respectively. The cost of the shares held by the ESOP totaled $2,773,677,000 and $2,642,583,000 as of September 30, 2017 and December 31, 2016 , 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 $3,122,163,000 and $3,068,097,000 as of September 30, 2017 and December 31, 2016 , respectively. The fair value of the shares held by the ESOP totaled $7,173,372,000 and $8,356,659,000 as of September 30, 2017 and December 31, 2016 , respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Earnings (Notes)	9 Months Ended
	Sep. 30, 2017
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 September 30, 2017 and September 24, 2016 is as follows: AFS Securities Postretirement Benefits Accumulated Other Comprehensive Earnings (Amounts are in thousands) 2017 Balances at July 1, 2017 $ 33,639 (5,691 ) 27,948 Unrealized gain on AFS securities 49,043 — 49,043 Net realized gain on AFS securities reclassified to investment income (6,334 ) — (6,334 ) Net other comprehensive earnings 42,709 — 42,709 Balances at September 30, 2017 $ 76,348 (5,691 ) 70,657 2016 Balances at June 25, 2016 $ 59,825 (5,027 ) 54,798 Unrealized gain on AFS securities 21,263 — 21,263 Net realized gain on AFS securities reclassified to investment income (3,725 ) — (3,725 ) Net other comprehensive earnings 17,538 — 17,538 Balances at September 24, 2016 $ 77,363 (5,027 ) 72,336 A reconciliation of the changes in accumulated other comprehensive earnings net of income taxes for the nine months ended September 30, 2017 and September 24, 2016 is as follows: AFS Securities Postretirement Benefits Accumulated Other Comprehensive Earnings (Amounts are in thousands) 2017 Balances at December 31, 2016 $ 29,118 (5,691 ) 23,427 Unrealized gain on AFS securities 111,585 — 111,585 Net realized gain on AFS securities reclassified to investment income (64,355 ) — (64,355 ) Net other comprehensive earnings 47,230 — 47,230 Balances at September 30, 2017 $ 76,348 (5,691 ) 70,657 2016 Balances at December 26, 2015 $ 31,295 (5,027 ) 26,268 Unrealized gain on AFS securities 54,019 — 54,019 Net realized gain on AFS securities reclassified to investment income (7,951 ) — (7,951 ) Net other comprehensive earnings 46,068 — 46,068 Balances at September 24, 2016 $ 77,363 (5,027 ) 72,336

Subsequent Event (Notes)

Subsequent Event (Notes)	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events [Text Block]	(8) Subsequent Event On October 2, 2017 , the Company declared a quarterly dividend of $0.23 per share or $169,900,000 , payable November 1, 2017 to stockholders of record as of the close of business October 13, 2017 .

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2017
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 and nine months ended September 30, 2017 are not necessarily indicative of the results for the entire 2017 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 31, 2016 . 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)	9 Months Ended
	Sep. 30, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recently Issued Accounting Standard	(2) Recently Issued Accounting Standards In June 2016, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) requiring companies to change the methodology used to measure credit losses on financial instruments. The ASU is effective for reporting periods beginning after December 15, 2019 with early adoption permitted only for reporting periods beginning after December 15, 2018. The Company does not expect the adoption of the ASU to have a material effect on the Company’s financial condition or results of operations. The adoption of the ASU will have no effect on the Company’s cash flows. In February 2016, the FASB issued an 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 adoption of the ASU to have a material effect on the Company’s results of operations. The adoption of the ASU will have no effect on the Company’s 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 adoption of the ASU will have no 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. The Company retrospectively adopted the ASU during the quarter ended April 1, 2017, and therefore reclassified $77,496,000 from current deferred tax assets to noncurrent deferred tax liabilities as of December 31, 2016 on the condensed consolidated balance sheet. 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. The Company does not expect the adoption of the ASU to 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)	9 Months Ended
	Sep. 30, 2017
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 30, 2017 and December 31, 2016 : Fair Value Level 1 Level 2 Level 3 (Amounts are in thousands) September 30, 2017 $ 6,500,541 2,266,877 4,233,664 — December 31, 2016 6,738,618 1,286,625 5,451,993 —

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2017
Investments, Debt and Equity Securities [Abstract]
Available For Sale Securities	Following is a summary of AFS securities as of September 30, 2017 and December 31, 2016 : Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Amounts are in thousands) September 30, 2017 Tax exempt bonds $ 2,054,341 5,308 2,841 2,056,808 Taxable bonds 2,185,377 3,639 14,000 2,175,016 Restricted investments 164,548 463 — 165,011 Equity securities 1,971,825 134,123 2,242 2,103,706 $ 6,376,091 143,533 19,083 6,500,541 December 31, 2016 Tax exempt bonds $ 3,036,060 2,211 24,649 3,013,622 Taxable bonds 2,469,192 1,359 33,903 2,436,648 Restricted investments 164,548 — 463 164,085 Equity securities 1,021,340 110,879 7,956 1,124,263 $ 6,691,140 114,449 66,971 6,738,618
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 30, 2017 and December 31, 2016 are as follows: September 30, 2017 December 31, 2016 Amortized Cost Fair Value Amortized Cost Fair Value (Amounts are in thousands) Due in one year or less $ 1,256,912 1,256,724 1,592,144 1,591,740 Due after one year through five years 2,583,254 2,577,163 3,218,371 3,187,739 Due after five years through ten years 389,425 387,386 680,641 656,162 Due after ten years 10,127 10,551 14,096 14,629 4,239,718 4,231,824 5,505,252 5,450,270 Restricted investments 164,548 165,011 164,548 164,085 Equity securities 1,971,825 2,103,706 1,021,340 1,124,263 $ 6,376,091 6,500,541 6,691,140 6,738,618
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 30, 2017 and December 31, 2016 : 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 30, 2017 Tax exempt bonds $ 510,790 1,699 232,906 1,142 743,696 2,841 Taxable bonds 964,755 5,332 643,454 8,668 1,608,209 14,000 Equity securities 62,700 1,239 3,526 1,003 66,226 2,242 $ 1,538,245 8,270 879,886 10,813 2,418,131 19,083 December 31, 2016 Tax exempt bonds $ 2,360,143 24,416 6,099 233 2,366,242 24,649 Taxable bonds 1,921,367 33,354 51,769 549 1,973,136 33,903 Restricted investments 164,085 463 — — 164,085 463 Equity securities 61,625 3,924 38,141 4,032 99,766 7,956 $ 4,507,220 62,157 96,009 4,814 4,603,229 66,971

Accumulated Other Comprehensi20

Accumulated Other Comprehensive Earnings (Tables)	9 Months Ended
	Sep. 30, 2017
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 30, 2017 and September 24, 2016 is as follows: AFS Securities Postretirement Benefits Accumulated Other Comprehensive Earnings (Amounts are in thousands) 2017 Balances at July 1, 2017 $ 33,639 (5,691 ) 27,948 Unrealized gain on AFS securities 49,043 — 49,043 Net realized gain on AFS securities reclassified to investment income (6,334 ) — (6,334 ) Net other comprehensive earnings 42,709 — 42,709 Balances at September 30, 2017 $ 76,348 (5,691 ) 70,657 2016 Balances at June 25, 2016 $ 59,825 (5,027 ) 54,798 Unrealized gain on AFS securities 21,263 — 21,263 Net realized gain on AFS securities reclassified to investment income (3,725 ) — (3,725 ) Net other comprehensive earnings 17,538 — 17,538 Balances at September 24, 2016 $ 77,363 (5,027 ) 72,336 AFS Securities Postretirement Benefits Accumulated Other Comprehensive Earnings (Amounts are in thousands) 2017 Balances at December 31, 2016 $ 29,118 (5,691 ) 23,427 Unrealized gain on AFS securities 111,585 — 111,585 Net realized gain on AFS securities reclassified to investment income (64,355 ) — (64,355 ) Net other comprehensive earnings 47,230 — 47,230 Balances at September 30, 2017 $ 76,348 (5,691 ) 70,657 2016 Balances at December 26, 2015 $ 31,295 (5,027 ) 26,268 Unrealized gain on AFS securities 54,019 — 54,019 Net realized gain on AFS securities reclassified to investment income (7,951 ) — (7,951 ) Net other comprehensive earnings 46,068 — 46,068 Balances at September 24, 2016 $ 77,363 (5,027 ) 72,336

Fair Value Measurements for Ava

Fair Value Measurements for Available for Sale Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of available-for-sale securities	$ 6,500,541	$ 6,738,618
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of available-for-sale securities	2,266,877	1,286,625
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of available-for-sale securities	4,233,664	5,451,993
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. 30, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 6,376,091	$ 6,691,140
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	143,533	114,449
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	19,083	66,971
Fair Value	6,500,541	6,738,618
Tax exempt bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	2,054,341	3,036,060
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	5,308	2,211
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	2,841	24,649
Fair Value	2,056,808	3,013,622
Taxable bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	2,185,377	2,469,192
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	3,639	1,359
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	14,000	33,903
Fair Value	2,175,016	2,436,648
Restricted investments
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	164,548	164,548
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	463	0
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	0	463
Fair Value	165,011	164,085
Equity securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,971,825	1,021,340
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	134,123	110,879
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax	2,242	7,956
Fair Value	$ 2,103,706	$ 1,124,263

Investments - Additional Inform

Investments - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2017USD ($)AFS_security	Sep. 24, 2016USD ($)	Sep. 30, 2017USD ($)AFS_security	Sep. 24, 2016USD ($)	Dec. 31, 2016USD ($)
Investments, Debt and Equity Securities [Abstract]
Total realized gains on sales of AFS securities	$ 11,179,000	$ 7,012,000	$ 109,815,000	$ 18,896,000
Total realized losses on sales of AFS securities	$ 856,000	$ 941,000	$ 4,934,000	$ 5,938,000
Number of AFS securities issues contributing to total unrealized loss | AFS_security	282		282
Total, unrealized Losses	$ 19,083,000		$ 19,083,000		$ 66,971,000

Amortized Cost and Fair Value o

Amortized Cost and Fair Value of Available for Sale Securities by Expected Maturity (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Amortized Cost
Due in one year or less	$ 1,256,912	$ 1,592,144
Due after one year through five years	2,583,254	3,218,371
Due after five years through ten years	389,425	680,641
Due after ten years	10,127	14,096
Total	4,239,718	5,505,252
Amortized cost of available-for-sale securities	6,376,091	6,691,140
Fair Value
Due in one year or less	1,256,724	1,591,740
Due after one year through five years	2,577,163	3,187,739
Due after five years through ten years	387,386	656,162
Due after ten years	10,551	14,629
Total	4,231,824	5,450,270
Fair value of available-for-sale securities	6,500,541	6,738,618
Restricted investments
Amortized Cost
Amortized cost of available-for-sale securities	164,548	164,548
Fair Value
Fair value of available-for-sale securities	165,011	164,085
Equity securities
Amortized Cost
Amortized cost of available-for-sale securities	1,971,825	1,021,340
Fair Value
Fair value of available-for-sale securities	$ 2,103,706	$ 1,124,263

Temporarily Impaired Available

Temporarily Impaired Available for Sale Securities by Time Period Impaired (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	$ 1,538,245	$ 4,507,220
Less Than 12 Months, Unrealized Losses	8,270	62,157
12 Months or Longer, Fair Value	879,886	96,009
12 Months or Longer, Unrealized Losses	10,813	4,814
Total, Fair Value	2,418,131	4,603,229
Total, Unrealized Losses	19,083	66,971
Tax exempt bonds
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	510,790	2,360,143
Less Than 12 Months, Unrealized Losses	1,699	24,416
12 Months or Longer, Fair Value	232,906	6,099
12 Months or Longer, Unrealized Losses	1,142	233
Total, Fair Value	743,696	2,366,242
Total, Unrealized Losses	2,841	24,649
Taxable bonds
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	964,755	1,921,367
Less Than 12 Months, Unrealized Losses	5,332	33,354
12 Months or Longer, Fair Value	643,454	51,769
12 Months or Longer, Unrealized Losses	8,668	549
Total, Fair Value	1,608,209	1,973,136
Total, Unrealized Losses	14,000	33,903
Restricted investments
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	0	164,085
Less Than 12 Months, Unrealized Losses	0	463
12 Months or Longer, Fair Value	0	0
12 Months or Longer, Unrealized Losses	0	0
Total, Fair Value	0	164,085
Total, Unrealized Losses	0	463
Equity securities
Schedule of Available-for-sale Securities [Line Items]
Less Than 12 Months, Fair Value	62,700	61,625
Less Than 12 Months, Unrealized Losses	1,239	3,924
12 Months or Longer, Fair Value	3,526	38,141
12 Months or Longer, Unrealized Losses	1,003	4,032
Total, Fair Value	66,226	99,766
Total, Unrealized Losses	$ 2,242	$ 7,956

Consolidation of Joint Ventur26

Consolidation of Joint Ventures and Long-Term Debt Joint Venture - Additional Information (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Variable Interest Entity, Consolidated, Carrying Amount, Assets	$ 143,312,000	$ 102,254,000
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities	$ 66,018,000	$ 53,278,000

Consolidation of Joint Ventur27

Consolidation of Joint Ventures and Long-Term Debt Long-Term Debt Assumptions, Maturities and Interest Rates (Details) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 24, 2016
Debt Instrument [Line Items]
Loans Assumed	$ 0	$ 63,971,000
JV Loans [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Month And Year	June 2,020
Debt Instrument, Basis Spread on Variable Rate	1.75%
JV Loans [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Month And Year	April 2,027
Debt Instrument, Basis Spread on Variable Rate	2.50%
Shopping Center Loans [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Month And Year	October 2,017
Debt Instrument, Interest Rate, Stated Percentage	3.70%
Shopping Center Loans [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Month And Year	January 2,027
Debt Instrument, Interest Rate, Stated Percentage	7.50%

Retirement Plan - Additional In

Retirement Plan - Additional Information (Detail) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Retirement Benefits [Abstract]
Distributed shares subject to put option, fair value	$ 348,486,000	$ 425,514,000
ESOP, shares cost	2,773,677,000	2,642,583,000
Common stock related to ESOP	3,122,163,000	3,068,097,000
ESOP shares, fair value	$ 7,173,372,000	$ 8,356,659,000

Accumulated Other Comprehensi29

Accumulated Other Comprehensive Earnings (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 24, 2016	Sep. 30, 2017	Sep. 24, 2016
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at Beginning of Period	$ 27,948	$ 54,798	$ 23,427	$ 26,268
Unrealized gain on AFS securities	49,043	21,263	111,585	54,019
Net realized gain on AFS securities reclassified to investment income	(6,334)	(3,725)	(64,355)	(7,951)
Net other comprehensive earnings (losses)	42,709	17,538	47,230	46,068
Balances at End of Period	70,657	72,336	70,657	72,336
AFS Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at Beginning of Period	33,639	59,825	29,118	31,295
Unrealized gain on AFS securities	49,043	21,263	111,585	54,019
Net realized gain on AFS securities reclassified to investment income	(6,334)	(3,725)	(64,355)	(7,951)
Net other comprehensive earnings (losses)	42,709	17,538	47,230	46,068
Balances at End of Period	76,348	77,363	76,348	77,363
Postretirement Benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at Beginning of Period	(5,691)	(5,027)	(5,691)	(5,027)
Net other comprehensive earnings (losses)	0	0	0	0
Balances at End of Period	$ (5,691)	$ (5,027)	$ (5,691)	$ (5,027)

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event [Member] - USD ($)	Nov. 01, 2017	Oct. 13, 2017	Oct. 02, 2017
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared			$ 0.23
Dividends Payable, Date Declared			Oct. 2, 2017
Dividends Payable, Date to be Paid	Nov. 1, 2017
Dividends Payable, Date of Record		Oct. 13, 2017
Dividends, Common Stock, Cash			$ 169,900,000