Publix Super Markets (PUSH) 10-Q 1 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 13, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
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	--12-29
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		733,280,000

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 30, 2017
Current assets:
Cash and cash equivalents	$ 644,355	$ 579,925
Short-term investments	753,054	915,579
Trade receivables	746,904	671,414
Inventories	1,802,941	1,876,519
Prepaid expenses	53,538	41,484
Total current assets	4,000,792	4,084,921
Long-term investments	5,762,493	5,517,732
Other noncurrent assets	505,286	583,149
Property, plant and equipment	13,500,434	13,085,492
Accumulated depreciation	(5,222,868)	(5,087,788)
Net property, plant and equipment	8,277,566	7,997,704
Total assets	18,546,137	18,183,506
Current liabilities:
Accounts payable	1,893,710	1,754,706
Accrued expenses:
Contributions to retirement plans	260,092	517,493
Self-insurance reserves	139,037	137,100
Salaries and wages	187,874	124,423
Other	316,624	329,420
Current portion of long-term debt	17,332	37,873
Federal and state income taxes	191,927	241,299
Total current liabilities	3,006,596	3,142,314
Deferred income taxes	346,544	360,952
Self-insurance reserves	220,044	218,598
Accrued postretirement benefit cost	113,197	113,461
Long-term debt	157,836	155,201
Other noncurrent liabilities	84,152	84,361
Total liabilities	3,928,369	4,074,887
Common stock related to Employee Stock Ownership Plan (ESOP)	3,455,345	3,053,138
Stockholders’ equity:
Common stock of $1 par value. Authorized 1,000,000 shares; issued 740,192 shares in 2018 and 733,440 shares in 2017	740,192	733,440
Additional paid-in capital	3,422,702	3,139,647
Retained earnings	10,754,548	10,044,564
Treasury stock at cost, 6,436 shares in 2018	(266,463)	0
Accumulated other comprehensive (losses) earnings	(69,068)	152,636
Common stock related to ESOP	(3,455,345)	(3,053,138)
Total stockholders’ equity	11,126,566	11,017,149
Noncontrolling interests	35,857	38,332
Total equity	14,617,768	14,108,619
Total liabilities and stockholders' equity	$ 18,546,137	$ 18,183,506

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 30, 2017
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	740,192,000	733,440,000
Treasury stock at cost, shares	6,436,000	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Revenues:
Sales	$ 9,273,466	$ 8,685,145
Other operating income	72,341	67,801
Total revenues	9,345,807	8,752,946
Costs and expenses:
Cost of merchandise sold	6,681,457	6,256,904
Operating and administrative expenses	1,830,393	1,756,030
Total costs and expenses	8,511,850	8,012,934
Operating profit	833,957	740,012
Investment income	4,138	60,750
Other nonoperating income, net	22,028	14,255
Earnings before income tax expense	860,123	815,017
Income tax expense	179,852	259,746
Net earnings	$ 680,271	$ 555,271
Weighted average shares outstanding	734,195	764,695
Basic and diluted earnings per share	$ 0.93	$ 0.73
Dividends paid per share	$ 0.23	$ 0.2225

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Statement of Comprehensive Income [Abstract]
Net earnings	$ 680,271	$ 555,271
Other comprehensive earnings:
Unrealized (loss) on debt securities net of income taxes of $(8,175) in 2018. Unrealized gain on debt and equity securities net of income taxes of $24,507 in 2017.	(23,981)	38,918
Reclassification adjustment for net realized loss on debt securities net of income taxes of $8 in 2018. Reclassification adjustment for net realized (gain) on debt and equity securities net of income taxes of $(12,082) in 2017.	22	(19,187)
Adjustment to postretirement benefit obligation net of income taxes of $193 in 2018.	565	0
Comprehensive earnings	$ 656,877	$ 575,002

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Statement of Comprehensive Income [Abstract]
Unrealized (loss) on debt securities net of income taxes of $(8,175) in 2018. Unrealized gain on debt and equity securities net of income taxes of $24,507 in 2017.	$ (8,175)	$ 24,507
Reclassification adjustment for net realized loss on debt securities net of income taxes of $8 in 2018. Reclassification adjustment for net realized (gain) on debt and equity securities net of income taxes of $(12,082)in 2017.	8	(12,082)
Adjustment to postretirement benefit obligation net of income taxes of $193 in 2018.	$ 193	$ 0

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Cash flows from operating activities:
Cash received from customers	$ 9,258,298	$ 8,736,477
Cash paid to employees and suppliers	(7,945,490)	(7,604,800)
Income taxes paid	(232,909)	(9,576)
Self-insured claims paid	(89,413)	(82,262)
Dividends and interest received	47,053	59,759
Other operating cash receipts	71,169	66,493
Other operating cash payments	(3,906)	(4,565)
Net cash provided by operating activities	1,104,802	1,161,526
Cash flows from investing activities:
Payment for capital expenditures	(449,980)	(287,654)
Proceeds from sale of property, plant and equipment	5,750	536
Payment for investments	(392,027)	(861,677)
Proceeds from sale and maturity of investments	310,943	471,840
Net cash used in investing activities	(525,314)	(676,955)
Cash flows from financing activities:
Payment for acquisition of common stock	(432,894)	(287,451)
Proceeds from sale of common stock	106,814	107,743
Dividends paid	(168,597)	(169,722)
Repayment of long-term debt	(21,687)	(8,616)
Other, net	1,306	3,788
Net cash used in financing activities	(515,058)	(354,258)
Net increase in cash and cash equivalents	64,430	130,313
Cash and cash equivalents at beginning of period	579,925	438,319
Cash and cash equivalents at end of period	644,355	568,632
Reconciliation of net earnings to net cash provided by operating activities:
Net earnings	680,271	555,271
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	160,170	157,291
Increase in last-in, first out (LIFO) reserve	7,664	4,582
Retirement contributions paid or payable in common stock	92,225	102,337
Deferred income taxes	(6,434)	8,377
Loss on disposal and impairment of property, plant and equipment	724	1,780
Loss (gain) on investments	24,955	(31,269)
Net amortization of investments	18,917	32,234
Changes in operating assets and liabilities providing (requiring) cash:
Trade receivables	(75,403)	49,885
Inventories	65,914	(18,051)
Prepaid expenses and other noncurrent assets	(30,468)	(9,494)
Accounts payable and accrued expenses	212,173	68,633
Self-insurance reserves	3,383	2,268
Federal and state income taxes	(49,372)	236,741
Other noncurrent liabilities	83	941
Total adjustments	424,531	606,255
Net cash provided by operating activities	$ 1,104,802	$ 1,161,526

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	(1) Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Publix Super Markets, Inc. and subsidiaries (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 31, 2018 are not necessarily indicative of the results for the entire 2018 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 30, 2017 . 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. 31, 2018
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 requiring the lease rights and obligations arising from lease contracts, including existing and new arrangements, 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 approximately $3 billion of 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 equity securities be measured at fair value with net unrealized gains and losses from changes in the fair value recognized in earnings. The ASU is effective for reporting periods beginning after December 15, 2017. In 2018, the Company prospectively adopted the ASU and reclassified the cumulative effect of the net unrealized gain on equity securities net of income taxes as of December 31, 2017 of $198,310,000 from accumulated other comprehensive earnings to retained earnings. The effect of the ASU on results of operations will vary with changes in the fair value of equity securities. In May 2014, the FASB issued an ASU requiring additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The ASU is effective for reporting periods beginning after December 15, 2017. In 2018, the Company adopted the ASU on a modified retrospective basis. The adoption of the ASU did 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. 31, 2018
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 investments 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. Investments included in this category are equity securities (exchange traded funds and individual equity securities) and a restricted investment (mutual fund), collectively referred to as 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. Investments 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 investments are currently included in this category. Following is a summary of fair value measurements for investments as of March 31, 2018 and December 30, 2017 : Fair Value Level 1 Level 2 Level 3 (Amounts are in thousands) March 31, 2018 $ 6,515,547 2,685,794 3,829,753 — December 30, 2017 6,433,311 2,545,320 3,887,991 —

Investments

Investments	3 Months Ended
	Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Investments	(4) Investments (a) Debt Securities Debt securities are classified as available-for-sale and carried at fair value. The Company evaluates whether debt securities are other-than-temporarily impaired (OTTI) based on criteria that include the extent to which the cost (cost of the debt security adjusted for amortization of premium or accretion of discount) 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 fair value of debt 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 cost and the fair value. A debt security is also determined to be OTTI if the Company does not expect to recover the 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 cost of the debt security. Expected cash flows are discounted using the debt security’s effective interest rate. Changes in the fair value of debt securities determined to be temporary are reported in other comprehensive earnings net of income taxes and included as a component of stockholders’ equity. Following is a summary of debt securities as of March 31, 2018 and December 30, 2017 : Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Amounts are in thousands) March 31, 2018 Tax exempt bonds $ 1,677,884 187 20,095 1,657,976 Taxable bonds 2,022,754 238 53,022 1,969,970 $ 3,700,638 425 73,117 3,627,946 December 30, 2017 Tax exempt bonds $ 1,811,523 602 16,420 1,795,705 Taxable bonds 2,115,174 695 25,443 2,090,426 $ 3,926,697 1,297 41,863 3,886,131 The cost and fair value of debt securities by expected maturity as of March 31, 2018 and December 30, 2017 are as follows: March 31, 2018 December 30, 2017 Cost Fair Value Cost Fair Value (Amounts are in thousands) Due in one year or less $ 755,101 753,054 917,576 915,579 Due after one year through five years 2,712,787 2,646,338 2,794,099 2,757,504 Due after five years through ten years 195,028 190,699 205,792 203,533 Due after ten years 37,722 37,855 9,230 9,515 $ 3,700,638 3,627,946 3,926,697 3,886,131 Following is a summary of temporarily impaired debt securities by the time period impaired as of March 31, 2018 and December 30, 2017 : 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 31, 2018 Tax exempt bonds $ 1,506,384 17,243 131,685 2,852 1,638,069 20,095 Taxable bonds 884,032 17,522 1,046,755 35,500 1,930,787 53,022 $ 2,390,416 34,765 1,178,440 38,352 3,568,856 73,117 December 30, 2017 Tax exempt bonds $ 1,543,151 13,827 136,217 2,593 1,679,368 16,420 Taxable bonds 811,886 4,908 1,153,645 20,535 1,965,531 25,443 $ 2,355,037 18,735 1,289,862 23,128 3,644,899 41,863 There are 474 debt securities contributing to the total unrealized loss of $73,117,000 as of March 31, 2018 . Unrealized losses related to debt securities are primarily due to increases in interest rates impacting the market value of certain bonds. The Company continues to receive scheduled principal and interest payments on these debt securities. (b) Equity Securities In 2018, the Company adopted the ASU requiring equity securities be measured at fair value with net unrealized gains and losses from changes in the fair value recognized in earnings (fair value adjustment). The fair value adjustment also includes the cumulative effect of the ASU as of December 31, 2017 reclassified from accumulated other comprehensive earnings to retained earnings. Prior to adoption of the ASU, changes in the fair value of equity securities were accounted for similar to changes in the fair value of debt securities. Equity securities were classified as available-for-sale and carried at fair value. Declines in the fair value of equity securities determined to be OTTI were recognized in earnings and reported as OTTI losses. An equity security was determined to be OTTI if the Company did not expect to recover the cost of the equity security. Changes in the fair value of equity securities determined to be temporary were reported in other comprehensive earnings net of income taxes and included as a component of stockholders’ equity. Following is a summary of the fair value of equity securities as of March 31, 2018 and December 30, 2017 : March 31, 2018 December 30, 2017 (Amounts are in thousands) Equity securities $ 2,725,368 2,383,095 Equity security - restricted 162,233 164,085 $ 2,887,601 2,547,180 (c) Investment Income Interest and dividend income, amortization of premiums, accretion of discounts and realized gains and losses from the sale of debt and equity securities are included in investment income. Interest income is accrued as earned. Dividend income is recognized as income on the ex-dividend date. The cost of debt and equity securities sold is based on the first-in, first-out method. With the adoption of the ASU, the fair value adjustment of equity securities held as of March 31, 2018 is also included in investment income. In the following table, net realized gain on sale of investments represents the difference between the cost and the proceeds from the sale of debt and equity securities. For the three months ended March 31, 2018 , the net realized gain on sale of investments excludes the net gain on sale of equity securities previously recognized through the fair value adjustment, which is presented separately. Following is a summary of investment income for the three months ended March 31, 2018 and April 1, 2017 : Three Months Ended March 31, 2018 April 1, 2017 (Amounts are in thousands) Interest income $ 18,494 21,139 Dividend income 10,599 8,342 Net realized gain on sale of investments 7,024 31,269 36,117 60,750 Fair value adjustment (net unrealized loss) of equity securities held at end of period (25,782 ) — Net gain on sale of equity securities previously recognized through fair value adjustment (6,197 ) — $ 4,138 60,750

Consolidation of Joint Ventures

Consolidation of Joint Ventures and Long-Term Debt	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 , the carrying amounts of the assets and liabilities of the consolidated JVs were $144,609,000 and $72,683,000 , respectively. As of December 30, 2017 , the carrying amounts of the assets and liabilities of the consolidated JVs were $144,559,000 and $67,631,000 , 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 2018 and 2017 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 31, 2018 and April 1, 2017 . 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 August 2018 through January 2027 and have fixed interest rates ranging from 3.7% to 7.5% .

Retirement Plan

Retirement Plan	3 Months Ended
	Mar. 31, 2018
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 $477,464,000 and $311,315,000 as of March 31, 2018 and December 30, 2017 , respectively. The cost of the shares held by the ESOP totaled $2,977,881,000 and $2,741,823,000 as of March 31, 2018 and December 30, 2017 , 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 $3,455,345,000 and $3,053,138,000 as of March 31, 2018 and December 30, 2017 , respectively. The fair value of the shares held by the ESOP totaled $8,186,846,000 and $7,252,657,000 as of March 31, 2018 and December 30, 2017 , respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Earnings (Notes)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Comprehensive Income (Loss) Note [Text Block]	(7) Accumulated Other Comprehensive Earnings A reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the three months ended March 31, 2018 and April 1, 2017 is as follows: Investments Postretirement Benefits Accumulated Other Comprehensive Earnings (Amounts are in thousands) 2018 Balances at December 30, 2017 $ 168,057 (15,421 ) 152,636 Unrealized loss on debt securities (23,981 ) — (23,981 ) Net realized loss on debt securities reclassified to investment income 22 — 22 Amortization of actuarial loss reclassified to operating and administrative expenses — 565 565 Net other comprehensive (losses) earnings (23,959 ) 565 (23,394 ) Cumulative effect of net unrealized gain on equity securities reclassified to retained earnings (198,310 ) — (198,310 ) Balances at March 31, 2018 $ (54,212 ) (14,856 ) (69,068 ) 2017 Balances at December 31, 2016 $ 29,118 (5,691 ) 23,427 Unrealized gain on debt and equity securities 38,918 — 38,918 Net realized gain on debt and equity securities reclassified to investment income (19,187 ) — (19,187 ) Net other comprehensive earnings 19,731 — 19,731 Balances at April 1, 2017 $ 48,849 (5,691 ) 43,158 In 2018, the Company adopted the ASU requiring equity securities be measured at fair value with net unrealized gains and losses from changes in the fair value recognized in earnings. Prior to adoption of the ASU, equity securities were classified as available-for-sale and carried at fair value. Changes in fair value determined to be temporary were reported in other comprehensive earnings net of income taxes. Upon adoption of the ASU, the Company reclassified the cumulative effect of the net unrealized gain on equity securities net of income taxes as of December 31, 2017 of $198,310,000 from accumulated other comprehensive earnings to retained earnings.

Subsequent Event (Notes)

Subsequent Event (Notes)	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events [Text Block]	(8) Subsequent Event On April 2, 2018 , the Company declared a quarterly dividend of $0.26 per share or $190,700,000 , payable May 1, 2018 to stockholders of record as of the close of business April 13, 2018 .

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	(1) Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Publix Super Markets, Inc. and subsidiaries (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 31, 2018 are not necessarily indicative of the results for the entire 2018 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 30, 2017 . 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. 31, 2018
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 requiring the lease rights and obligations arising from lease contracts, including existing and new arrangements, 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 approximately $3 billion of 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 equity securities be measured at fair value with net unrealized gains and losses from changes in the fair value recognized in earnings. The ASU is effective for reporting periods beginning after December 15, 2017. In 2018, the Company prospectively adopted the ASU and reclassified the cumulative effect of the net unrealized gain on equity securities net of income taxes as of December 31, 2017 of $198,310,000 from accumulated other comprehensive earnings to retained earnings. The effect of the ASU on results of operations will vary with changes in the fair value of equity securities. In May 2014, the FASB issued an ASU requiring additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The ASU is effective for reporting periods beginning after December 15, 2017. In 2018, the Company adopted the ASU on a modified retrospective basis. The adoption of the ASU did 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. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements for Investments	Following is a summary of fair value measurements for investments as of March 31, 2018 and December 30, 2017 : Fair Value Level 1 Level 2 Level 3 (Amounts are in thousands) March 31, 2018 $ 6,515,547 2,685,794 3,829,753 — December 30, 2017 6,433,311 2,545,320 3,887,991 —

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Available For Sale Securities	Following is a summary of debt securities as of March 31, 2018 and December 30, 2017 : Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Amounts are in thousands) March 31, 2018 Tax exempt bonds $ 1,677,884 187 20,095 1,657,976 Taxable bonds 2,022,754 238 53,022 1,969,970 $ 3,700,638 425 73,117 3,627,946 December 30, 2017 Tax exempt bonds $ 1,811,523 602 16,420 1,795,705 Taxable bonds 2,115,174 695 25,443 2,090,426 $ 3,926,697 1,297 41,863 3,886,131
Amortized Cost and Fair Value of Available For Sale Securities by Expected Maturity	The cost and fair value of debt securities by expected maturity as of March 31, 2018 and December 30, 2017 are as follows: March 31, 2018 December 30, 2017 Cost Fair Value Cost Fair Value (Amounts are in thousands) Due in one year or less $ 755,101 753,054 917,576 915,579 Due after one year through five years 2,712,787 2,646,338 2,794,099 2,757,504 Due after five years through ten years 195,028 190,699 205,792 203,533 Due after ten years 37,722 37,855 9,230 9,515 $ 3,700,638 3,627,946 3,926,697 3,886,131
Temporarily Impaired Available For Sale Securities by Time Period Impaired	Following is a summary of temporarily impaired debt securities by the time period impaired as of March 31, 2018 and December 30, 2017 : 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 31, 2018 Tax exempt bonds $ 1,506,384 17,243 131,685 2,852 1,638,069 20,095 Taxable bonds 884,032 17,522 1,046,755 35,500 1,930,787 53,022 $ 2,390,416 34,765 1,178,440 38,352 3,568,856 73,117 December 30, 2017 Tax exempt bonds $ 1,543,151 13,827 136,217 2,593 1,679,368 16,420 Taxable bonds 811,886 4,908 1,153,645 20,535 1,965,531 25,443 $ 2,355,037 18,735 1,289,862 23,128 3,644,899 41,863
Equity Securities [Table Text Block]	Following is a summary of the fair value of equity securities as of March 31, 2018 and December 30, 2017 : March 31, 2018 December 30, 2017 (Amounts are in thousands) Equity securities $ 2,725,368 2,383,095 Equity security - restricted 162,233 164,085 $ 2,887,601 2,547,180
Investment Income [Table Text Block]	Following is a summary of investment income for the three months ended March 31, 2018 and April 1, 2017 : Three Months Ended March 31, 2018 April 1, 2017 (Amounts are in thousands) Interest income $ 18,494 21,139 Dividend income 10,599 8,342 Net realized gain on sale of investments 7,024 31,269 36,117 60,750 Fair value adjustment (net unrealized loss) of equity securities held at end of period (25,782 ) — Net gain on sale of equity securities previously recognized through fair value adjustment (6,197 ) — $ 4,138 60,750

Accumulated Other Comprehensi20

Accumulated Other Comprehensive Earnings (Tables)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	A reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the three months ended March 31, 2018 and April 1, 2017 is as follows: Investments Postretirement Benefits Accumulated Other Comprehensive Earnings (Amounts are in thousands) 2018 Balances at December 30, 2017 $ 168,057 (15,421 ) 152,636 Unrealized loss on debt securities (23,981 ) — (23,981 ) Net realized loss on debt securities reclassified to investment income 22 — 22 Amortization of actuarial loss reclassified to operating and administrative expenses — 565 565 Net other comprehensive (losses) earnings (23,959 ) 565 (23,394 ) Cumulative effect of net unrealized gain on equity securities reclassified to retained earnings (198,310 ) — (198,310 ) Balances at March 31, 2018 $ (54,212 ) (14,856 ) (69,068 ) 2017 Balances at December 31, 2016 $ 29,118 (5,691 ) 23,427 Unrealized gain on debt and equity securities 38,918 — 38,918 Net realized gain on debt and equity securities reclassified to investment income (19,187 ) — (19,187 ) Net other comprehensive earnings 19,731 — 19,731 Balances at April 1, 2017 $ 48,849 (5,691 ) 43,158 In 2018, the Company adopted the ASU requiring equity securities be measured at fair value with net unrealized gains and losses from changes in the fair value recognized in earnings. Prior to adoption of the ASU, equity securities were classified as available-for-sale and carried at fair value. Changes in fair value determined to be temporary were reported in other comprehensive earnings net of income taxes. Upon adoption of the ASU, the Company reclassified the cumulative effect of the net unrealized gain on equity securities net of income taxes as of December 31, 2017 of $198,310,000 from accumulated other comprehensive earnings to retained earnings.

Recently Issued Accounting St21

Recently Issued Accounting Standard Recently Issued Accounting Principles (Details)	3 Months Ended
	Mar. 31, 2018USD ($)
Change In Accounting Principle [Abstract]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ 198,310,000

Fair Value Measurements for Inv

Fair Value Measurements for Investments (Detail) - USD ($)	Mar. 31, 2018	Dec. 30, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	$ 6,515,547,000	$ 6,433,311,000
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	2,685,794,000	2,545,320,000
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	3,829,753,000	3,887,991,000
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	$ 0	$ 0

Investments Available for Sale

Investments Available for Sale Securities Reconciliation (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 30, 2017
Schedule of Available-for-sale Securities [Line Items]
Cost	$ 3,700,638	$ 3,926,697
Gross Unrealized Gains	425	1,297
Gross Unrealized Losses	73,117	41,863
Fair Value	3,627,946	3,886,131
Nontaxable Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost	1,677,884	1,811,523
Gross Unrealized Gains	187	602
Gross Unrealized Losses	20,095	16,420
Fair Value	1,657,976	1,795,705
Fixed Income Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost	2,022,754	2,115,174
Gross Unrealized Gains	238	695
Gross Unrealized Losses	53,022	25,443
Fair Value	$ 1,969,970	$ 2,090,426

Investments - Additional Inform

Investments - Additional Information (Detail)	Mar. 31, 2018USD ($)AFS_security	Dec. 30, 2017USD ($)
Investments, Debt Securities [Abstract]
Number of debt securities issues contributing to total unrealized loss | AFS_security	474
Total, unrealized Losses | $	$ 73,117,000	$ 41,863,000

Amortized Cost and Fair Value o

Amortized Cost and Fair Value of Available for Sale Securities by Expected Maturity (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 30, 2017
Cost
Due in one year or less	$ 755,101	$ 917,576
Due after one year through five years	2,712,787	2,794,099
Due after five years through ten years	195,028	205,792
Due after ten years	37,722	9,230
Total	3,700,638	3,926,697
Fair Value
Due in one year or less	753,054	915,579
Due after one year through five years	2,646,338	2,757,504
Due after five years through ten years	190,699	203,533
Due after ten years	37,855	9,515
Total	$ 3,627,946	$ 3,886,131

Temporarily Impaired Available

Temporarily Impaired Available for Sale Securities by Time Period Impaired (Detail) - USD ($)	Mar. 31, 2018	Dec. 30, 2017
Schedule of Available-for-sale Securities [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 2,390,416,000	$ 2,355,037,000
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	34,765,000	18,735,000
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	1,178,440,000	1,289,862,000
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	38,352,000	23,128,000
Debt Securities, Available-for-sale, Unrealized Loss Position	3,568,856,000	3,644,899,000
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	73,117,000	41,863,000
Nontaxable Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	1,506,384,000	1,543,151,000
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	17,243,000	13,827,000
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	131,685,000	136,217,000
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	2,852,000	2,593,000
Debt Securities, Available-for-sale, Unrealized Loss Position	1,638,069,000	1,679,368,000
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	20,095,000	16,420,000
Fixed Income Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	884,032,000	811,886,000
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	17,522,000	4,908,000
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	1,046,755,000	1,153,645,000
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	35,500,000	20,535,000
Debt Securities, Available-for-sale, Unrealized Loss Position	1,930,787,000	1,965,531,000
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 53,022,000	$ 25,443,000

Investments Equity Securities (

Investments Equity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 30, 2017
Equity Securities [Line Items]
Equity Securities, FV-NI	$ 2,887,601	$ 2,547,180
Equity Securities [Member]
Equity Securities [Line Items]
Equity Securities, FV-NI	2,725,368	2,383,095
Equity Securities, Restricted [Member]
Equity Securities [Line Items]
Equity Securities, FV-NI, Restricted	$ 162,233	$ 164,085

Investments Investment Income (

Investments Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Investment Income, Net [Abstract]
Interest Income	$ 18,494	$ 21,139
Dividend income	10,599	8,342
Net realized gain on sale of investments	7,024	31,269
Investment Income And Other	36,117	60,750
Fair value adjustment (net unrealized loss) of equity securities held at end of period	(25,782)	0
Net gain on sale of equity securities previously recognized through fair value adjustment	(6,197)	0
Total Investment Income	$ 4,138	$ 60,750

Consolidation of Joint Ventur29

Consolidation of Joint Ventures and Long-Term Debt Joint Venture - Additional Information (Details) - USD ($)	Mar. 31, 2018	Dec. 30, 2017
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Variable Interest Entity, Consolidated, Carrying Amount, Assets	$ 144,609,000	$ 144,559,000
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities	$ 72,683,000	$ 67,631,000

Consolidation of Joint Ventur30

Consolidation of Joint Ventures and Long-Term Debt Long-Term Debt Assumptions, Maturities and Interest Rates (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
Debt Instrument [Line Items]
Loans Assumed	$ 0	$ 0
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 2027
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	August 2,018
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 ($)	Mar. 31, 2018	Dec. 30, 2017
Retirement Benefits [Abstract]
Distributed shares subject to put option, fair value	$ 477,464,000	$ 311,315,000
ESOP, shares cost	2,977,881,000	2,741,823,000
Common stock related to ESOP	3,455,345,000	3,053,138,000
ESOP shares, fair value	$ 8,186,846,000	$ 7,252,657,000

Accumulated Other Comprehensi32

Accumulated Other Comprehensive Earnings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Apr. 01, 2017
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at Beginning of Period	$ 152,636	$ 23,427
Unrealized (loss) gain on AFS securities	(23,981)	38,918
Net realized loss (gain) on AFS securities reclassified to investment income	22	(19,187)
Amortization of actuarial loss reclassified to operating and administrative expenses	565	0
Net other comprehensive earnings (losses)	(23,394)	19,731
Cumulative Effect on Retained Earnings, Net of Tax	(198,310)
Balances at End of Period	(69,068)	43,158
AFS Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at Beginning of Period	168,057	29,118
Unrealized (loss) gain on AFS securities	(23,981)	38,918
Net realized loss (gain) on AFS securities reclassified to investment income	22	(19,187)
Net other comprehensive earnings (losses)	(23,959)	19,731
Cumulative Effect on Retained Earnings, Net of Tax	(198,310)
Balances at End of Period	(54,212)	48,849
Postretirement Benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at Beginning of Period	(15,421)	(5,691)
Amortization of actuarial loss reclassified to operating and administrative expenses	565
Net other comprehensive earnings (losses)	565	0
Balances at End of Period	$ (14,856)	$ (5,691)

Accumulated Other Comprehensi33

Accumulated Other Comprehensive Earnings Change in Accounting Principle (Details)	3 Months Ended
	Mar. 31, 2018USD ($)
Change In Accounting Principle [Abstract]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ 198,310,000

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event [Member] - USD ($)	May 01, 2018	Apr. 13, 2018	Apr. 02, 2018
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared			$ 0.26
Dividends Payable, Date Declared			Apr. 2, 2018
Dividends Payable, Date to be Paid	May 1, 2018
Dividends Payable, Date of Record		Apr. 13, 2018
Dividends, Common Stock, Cash			$ 190,700,000