Publix Super Markets (PUSH) 10-Q 1 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 29, 2019	Jul. 15, 2019
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 29, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Registrant Name	PUBLIX SUPER MARKETS INC
Entity Central Index Key	0000081061
Current Fiscal Year End Date	--12-28
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		713,825,000

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 29, 2019	Dec. 29, 2018
Current assets:
Cash and cash equivalents	$ 820,610	$ 599,264
Short-term investments	443,636	560,992
Trade receivables	680,737	682,981
Inventories	1,780,464	1,848,735
Prepaid expenses	81,196	122,224
Total current assets	3,806,643	3,814,196
Long-term investments	7,214,453	6,016,438
Other noncurrent assets	459,494	515,265
Operating lease right-of-use assets	2,852,599	0
Property, plant and equipment	14,862,041	14,174,564
Accumulated depreciation	(5,811,601)	(5,537,947)
Net property, plant and equipment	9,050,440	8,636,617
Total assets	23,383,629	18,982,516
Current liabilities:
Accounts payable	1,873,569	1,864,604
Accrued expenses:
Contributions to retirement plans	372,762	540,760
Self-insurance reserves	151,162	145,241
Salaries and wages	247,055	132,916
Other	383,915	321,080
Current portion of long-term debt	5,071	4,954
Current portion of operating lease liabilities	327,735	0
Federal and state income taxes	15,217	0
Total current liabilities	3,376,486	3,009,555
Deferred income taxes	568,217	420,757
Self-insurance reserves	223,607	222,419
Accrued postretirement benefit cost	105,492	105,308
Long-term debt	166,926	162,711
Operating lease liabilities	2,520,256	0
Other noncurrent liabilities	136,791	67,102
Total liabilities	7,097,775	3,987,852
Common stock related to Employee Stock Ownership Plan (ESOP)	3,350,623	3,134,999
Stockholders’ equity:
Common stock of $1 par value. Authorized 1,000,000 shares; issued 721,671 shares in 2019 and 715,445 shares in 2018	721,671	715,445
Additional paid-in capital	3,719,046	3,458,004
Retained earnings	12,081,295	10,840,654
Treasury stock at cost, 7,686 shares in 2019	(336,547)	0
Accumulated other comprehensive earnings (losses)	62,219	(55,762)
Common stock related to ESOP	(3,350,623)	(3,134,999)
Total stockholders’ equity	12,897,061	11,823,342
Noncontrolling interests	38,170	36,323
Total equity	16,285,854	14,994,664
Total liabilities and stockholders' equity	$ 23,383,629	$ 18,982,516

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 29, 2019	Dec. 29, 2018
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	721,671,000	715,445,000
Treasury stock at cost, shares	7,686,000	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018
Revenues:
Sales	$ 9,348,444	$ 8,752,333	$ 19,022,641	$ 18,025,799
Other operating income	98,472	73,670	184,385	146,011
Total revenues	9,446,916	8,826,003	19,207,026	18,171,810
Costs and expenses:
Cost of merchandise sold	6,812,590	6,366,046	13,778,982	13,047,503
Operating and administrative expenses	1,954,888	1,817,165	3,892,031	3,647,558
Total costs and expenses	8,767,478	8,183,211	17,671,013	16,695,061
Operating profit	679,438	642,792	1,536,013	1,476,749
Investment income	145,142	108,315	512,329	112,453
Other nonoperating income, net	17,282	23,630	36,595	45,658
Earnings before income tax expense	841,862	774,737	2,084,937	1,634,860
Income tax expense	180,805	158,565	442,909	338,417
Net earnings	$ 661,057	$ 616,172	$ 1,642,028	$ 1,296,443
Weighted average shares outstanding	716,529	730,873	716,277	732,534
Earnings per share	$ 0.92	$ 0.84	$ 2.29	$ 1.77

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net earnings	$ 661,057	$ 616,172	$ 1,642,028	$ 1,296,443
Other comprehensive earnings:
Unrealized gain (loss) on debt securities net of income taxes in 2019 and 2018, respectively.	58,130	(2,600)	117,651	(26,581)
Reclassification adjustment for net realized loss on debt securities net of income taxes in 2019 and 2018, respectively.	37	425	330	447
Adjustment to postretirement benefit obligation net of income taxes in 2018.	0	564	0	1,129
Comprehensive earnings	$ 719,224	$ 614,561	$ 1,760,009	$ 1,271,438

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) on debt securities net of income taxes in 2019 and 2018, respectively.	$ 19,817	$ (887)	$ 40,109	$ (9,062)
Reclassification adjustment for net realized loss on debt securities net of income taxes in 2019 and 2018, respectively.	13	145	113	153
Adjustment to postretirement benefit obligation net of income taxes in 2018.	$ 0	$ 192	$ 0	$ 385

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
Cash flows from operating activities:
Cash received from customers	$ 19,109,152	$ 18,151,097
Cash paid to employees and suppliers	(16,671,028)	(15,831,134)
Income taxes paid	(265,296)	(531,571)
Self-insured claims paid	(184,324)	(184,068)
Dividends and interest received	101,159	93,307
Other operating cash receipts	182,159	143,692
Other operating cash payments	(9,858)	(7,862)
Net cash provided by operating activities	2,261,964	1,833,461
Cash flows from investing activities:
Payment for capital expenditures	(651,213)	(731,373)
Proceeds from sale of property, plant and equipment	3,360	7,990
Payment for investments	(1,662,396)	(1,138,033)
Proceeds from sale and maturity of investments	1,103,933	983,841
Net cash used in investing activities	(1,206,316)	(877,575)
Cash flows from financing activities:
Payment for acquisition of common stock	(590,708)	(750,771)
Proceeds from sale of common stock	153,478	154,275
Dividends paid	(401,387)	(359,252)
Repayment of long-term debt	(4,984)	(22,930)
Other, net	9,299	4,797
Net cash used in financing activities	(834,302)	(973,881)
Net increase (decrease) in cash and cash equivalents	221,346	(17,995)
Cash and cash equivalents at beginning of period	599,264	579,925
Cash and cash equivalents at end of period	820,610	561,930
Reconciliation of net earnings to net cash provided by operating activities:
Net earnings	1,642,028	1,296,443
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	350,976	328,381
Increase in last-in, first out (LIFO) reserve	20,468	15,224
Retirement contributions paid or payable in common stock	200,329	179,757
Deferred income taxes	107,238	11,508
Loss on disposal and impairment of property, plant and equipment	2,794	4,987
Gain on investments	(423,599)	(52,300)
Net amortization of investments	23,252	35,801
Changes in operating assets and liabilities providing (requiring) cash:
Trade receivables	1,466	41,474
Inventories	47,803	62,240
Other assets	21,055	(29,552)
Accounts payable and accrued expenses	210,727	158,441
Federal and state income taxes	59,815	(214,478)
Other liabilities	(2,388)	(4,465)
Total adjustments	619,936	537,018
Net cash provided by operating activities	$ 2,261,964	$ 1,833,461

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS EQUITY CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Common Stock (Acquired from) Sold to Stockholders	Accumulated Other Comprehensive Earnings (Losses)	Common Stock Related To ESOP
Beginning Balance at Dec. 30, 2017	$ 11,017,149	$ 733,440	$ 3,139,647	$ 10,044,564	$ 0	$ 152,636	$ (3,053,138)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Earnings	656,877			680,271		(23,394)
Dividends per share	(168,597)			(168,597)
Contribution of shares to retirement plans	349,424	6,221	261,423		81,780
Acquisition of shares from stockholders	(432,894)				(432,894)
Sale of shares to stockholders	106,814	531	21,632		84,651
Change for ESOP related shares	(402,207)						(402,207)
Cumulative effect of net unrealized gain on equity securities reclassified to retained earnings	0			198,310		(198,310)
Ending Balance at Mar. 31, 2018	11,126,566	740,192	3,422,702	10,754,548	(266,463)	(69,068)	(3,455,345)
Beginning Balance at Dec. 30, 2017	11,017,149	733,440	3,139,647	10,044,564	0	152,636	(3,053,138)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Earnings	1,271,438
Ending Balance at Jun. 30, 2018	11,485,083	740,193	3,422,708	11,180,065	(536,886)	(70,679)	(3,250,318)
Beginning Balance at Mar. 31, 2018	11,126,566	740,192	3,422,702	10,754,548	(266,463)	(69,068)	(3,455,345)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Earnings	614,561			616,172		(1,611)
Dividends per share	(190,655)			(190,655)
Acquisition of shares from stockholders	(317,877)				(317,877)
Sale of shares to stockholders	47,461	1	6		47,454
Change for ESOP related shares	205,027						205,027
Ending Balance at Jun. 30, 2018	11,485,083	740,193	3,422,708	11,180,065	(536,886)	(70,679)	(3,250,318)
Beginning Balance at Dec. 29, 2018	11,823,342	715,445	3,458,004	10,840,654	0	(55,762)	(3,134,999)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Earnings	1,040,785			980,971		59,814
Dividends per share	(185,835)			(185,835)
Contribution of shares to retirement plans	367,951	5,605	235,017		127,329
Acquisition of shares from stockholders	(333,857)				(333,857)
Sale of shares to stockholders	113,196	621	26,019		86,556
Change for ESOP related shares	(375,184)						(375,184)
Ending Balance at Mar. 30, 2019	12,450,398	721,671	3,719,040	11,635,790	(119,972)	4,052	(3,510,183)
Beginning Balance at Dec. 29, 2018	11,823,342	715,445	3,458,004	10,840,654	0	(55,762)	(3,134,999)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Earnings	1,760,009
Ending Balance at Jun. 29, 2019	12,897,061	721,671	3,719,046	12,081,295	(336,547)	62,219	(3,350,623)
Beginning Balance at Mar. 30, 2019	12,450,398	721,671	3,719,040	11,635,790	(119,972)	4,052	(3,510,183)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Earnings	719,224			661,057		58,167
Dividends per share	(215,552)			(215,552)
Acquisition of shares from stockholders	(256,851)				(256,851)
Sale of shares to stockholders	40,282	0	6		40,276
Change for ESOP related shares	159,560						159,560
Ending Balance at Jun. 29, 2019	$ 12,897,061	$ 721,671	$ 3,719,046	$ 12,081,295	$ (336,547)	$ 62,219	$ (3,350,623)

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) (Parentheticals) - $ / shares shares in Thousands	3 Months Ended
	Jun. 29, 2019	Mar. 30, 2019	Jun. 30, 2018	Mar. 31, 2018
Statements of Stockholders' Equity (Parenthetical) [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.30	$ 0.26	$ 0.26	$ 0.23
Contribution of shares to retirement plans	0	8,587	0	8,440
Acquisition of shares from stockholders	5,790	7,802	7,623	10,714
Sale of shares to stockholders	904	2,641	1,139	2,590

Basis of Presentation (Notes)

Basis of Presentation (Notes)	6 Months Ended
	Jun. 29, 2019
Accounting Policies [Abstract]
Basis of Presentation [Text Block]	(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 six months ended June 29, 2019 are not necessarily indicative of the results for the entire 2019 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 29, 2018 . 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.

Fair Value of Financial Instrum

Fair Value of Financial Instruments (Notes)	6 Months Ended
	Jun. 29, 2019
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments [Text Block]	(2) 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). 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), including restricted investments in taxable bonds held as collateral. 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 June 29, 2019 and December 29, 2018 : Fair Value Level 1 Level 2 Level 3 (Amounts are in thousands) June 29, 2019 $ 7,658,089 2,240,264 5,417,825 — December 29, 2018 6,577,430 2,372,931 4,204,499 —

Investments (Notes)

Investments (Notes)	6 Months Ended
	Jun. 29, 2019
Investments, Debt and Equity Securities [Abstract]
Investments [Tex Block]	(3) Investments (a) Debt Securities Following is a summary of debt securities as of June 29, 2019 and December 29, 2018 : Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Amounts are in thousands) June 29, 2019 Tax exempt bonds $ 1,019,864 1,746 1,359 1,020,251 Taxable bonds 3,809,977 89,836 6,654 3,893,159 Restricted investments 169,681 8,885 — 178,566 $ 4,999,522 100,467 8,013 5,091,976 December 29, 2018 Tax exempt bonds $ 1,256,673 184 12,759 1,244,098 Taxable bonds 2,527,468 1,737 55,085 2,474,120 Restricted investment 160,318 520 346 160,492 $ 3,944,459 2,441 68,190 3,878,710 The Company maintains restricted investments primarily for the benefit of the Company’s insurance carrier related to self-insurance reserves. These investments are held as collateral and not used for claim payments. The cost and fair value of debt securities by expected maturity as of June 29, 2019 and December 29, 2018 are as follows: June 29, 2019 December 29, 2018 Cost Fair Value Cost Fair Value (Amounts are in thousands) Due in one year or less $ 444,036 443,636 563,272 560,992 Due after one year through five years 3,334,452 3,372,629 2,831,916 2,768,971 Due after five years through ten years 1,214,955 1,269,396 542,488 541,852 Due after ten years 6,079 6,315 6,783 6,895 $ 4,999,522 5,091,976 3,944,459 3,878,710 Following is a summary of temporarily impaired debt securities by the time period impaired as of June 29, 2019 and December 29, 2018 : 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) June 29, 2019 Tax exempt bonds $ — — 702,766 1,359 702,766 1,359 Taxable bonds 31,196 136 997,595 6,518 1,028,791 6,654 $ 31,196 136 1,700,361 7,877 1,731,557 8,013 December 29, 2018 Tax exempt bonds $ 25,150 95 1,182,783 12,664 1,207,933 12,759 Taxable bonds 645,379 5,821 1,464,208 49,264 2,109,587 55,085 Restricted investment 28,687 346 — — 28,687 346 $ 699,216 6,262 2,646,991 61,928 3,346,207 68,190 There are 208 debt securities contributing to the total unrealized losses of $8,013,000 as of June 29, 2019 . 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 Accounting Standards Update (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 of equity securities was $2,566,113,000 and $2,698,720,000 as of June 29, 2019 and December 29, 2018 , respectively. Prior to adoption of the ASU, equity securities were classified as available-for-sale and measured 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. The fair value adjustment includes the cumulative effect of the ASU reclassified to retained earnings as of December 31, 2017. (c) Investment Income In the following table, net realized gain on the sale of investments represents the difference between the cost and the proceeds from the sale of debt and equity securities. The net realized gain on the sale of investments excludes the net gain on the 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 and six months ended June 29, 2019 and June 30, 2018 : Three Months Ended Six Months Ended June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 (Amounts are in thousands) Interest and dividend income $ 46,714 31,061 88,730 60,153 Net realized gain on sale of investments 66,233 16,642 70,444 23,667 112,947 47,703 159,174 83,820 Fair value adjustment, due to net unrealized gain, on equity securities held at end of period 4,969 76,829 319,317 51,047 Net loss (gain) on sale of equity securities previously recognized through fair value adjustment 27,226 (16,217 ) 33,838 (22,414 ) $ 145,142 108,315 512,329 112,453

Lessee, Lease Lessee, Lease (No

Lessee, Lease Lessee, Lease (Notes)	6 Months Ended
	Jun. 29, 2019
Lessee Disclosure [Abstract]
Leases of Lessee Disclosure [Text Block]	(4) Leases (a) Lessee In 2019 , the Company adopted the ASU requiring the lease rights and obligations arising from existing and new lease agreements be recognized as assets and liabilities on the balance sheet. The Company adopted the ASU on a modified retrospective basis and elected the transitional provisions eliminating the requirement to restate reporting periods prior to the date of adoption. The Company also elected to not reassess the original conclusions reached regarding lease identification, lease classification and initial direct costs for leases entered into prior to the adoption of the ASU. As of December 30, 2018, the Company recognized its operating lease right-of-use assets and operating lease liabilities on the balance sheet. The adoption of the ASU did not have a material effect on the Company’s results of operations and had no effect on the Company’s cash flows. The Company included finance lease right-of-use assets of $134,541,000 in net property, plant and equipment and finance lease liabilities of $4,831,000 and $111,982,000 in other accrued expenses and other noncurrent liabilities, respectively, on the condensed consolidated balance sheet as of June 29, 2019 . The Company conducts a major portion of its retail operations from leased locations. The Company determines whether a lease exists at inception. Initial lease terms are typically 20 years followed by five year renewal options and may include rent escalation clauses. A renewal option is included in the right-of-use asset and lease liability to the extent it is reasonably certain the option will be exercised. The present value of future payments for each lease is determined by using the Company’s incremental borrowing rate at the time of lease commencement. Additionally, the Company has operating leases for certain transportation and other equipment with initial lease terms ranging up to five years. Operating lease expense primarily represents fixed lease payments for operating leases recognized on a straight-line basis over the applicable lease term. Variable lease expense represents the payment of real estate taxes, insurance, maintenance and, for certain locations, additional rentals based on a percentage of sales in excess of stipulated minimums (excess rent). The payment of variable real estate taxes, insurance and maintenance is generally based on the Company’s pro-rata share of total shopping center square footage. The Company estimates excess rent, where applicable, based on annual sales projections and uses the straight-line method to amortize the cost to variable lease expense. Lease expense for the three and six months ended June 29, 2019 was as follows: Three Months Ended Six Months Ended June 29, 2019 June 29, 2019 (Amounts are in thousands) Operating lease expense $ 106,808 217,473 Finance lease expense: Amortization of right-of-use assets 2,396 4,336 Interest on lease liabilities 789 1,437 Variable lease expense 14,471 28,888 Sublease rental income (650 ) (1,543 ) $ 123,814 250,591 Supplemental cash flow information related to leases for the six months ended June 29, 2019 was as follows: Six Months Ended June 29, 2019 (Amounts are in thousands) Operating cash flows from rent paid for operating lease liabilities 210,008 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 202,392 Finance leases 46,339 The weighted-average remaining lease term and weighted-average discount rate as of June 29, 2019 are as follows: June 29, 2019 Weighted-average remaining lease term: Operating leases 12 years Finance leases 18 years Weighted-average discount rate: Operating leases 3.5 % Finance leases 4.0 % Maturities of lease liabilities as of June 29, 2019 are as follows: Year Operating Leases Finance Leases (Amounts are in thousands) 2019 $ 210,606 3,902 2020 409,915 31,596 2021 376,811 6,629 2022 341,069 6,629 2023 298,538 21,344 Thereafter 1,902,650 76,548 3,539,589 146,648 Less: Imputed interest (691,598 ) (29,835 ) $ 2,847,991 116,813 As of June 29, 2019 , the Company has lease agreements that have not yet commenced with fixed lease payments totaling $ 318,361,000 . These leases will commence in future periods with terms ranging up to 20 years.

Lessor, Lease Lessor, Lease (No

Lessor, Lease Lessor, Lease (Notes)	6 Months Ended
	Jun. 29, 2019
Lessor Disclosure [Abstract]
Lessor, Operating Leases [Text Block]	(b) Lessor The Company leases space in owned shopping centers to tenants under noncancelable operating leases. The Company determines whether a lease exists at inception. Initial lease terms are typically five years followed by five year renewal options and may include rent escalation clauses. Lease income primarily represents fixed lease payments received from tenants recognized on a straight-line basis over the applicable lease term. Variable lease income represents the receipt of real estate taxes, insurance, maintenance and, for certain locations, excess rent. Total lease income for the three and six months ended June 29, 2019 was as follows: Three Months Ended Six Months Ended June 29, 2019 June 29, 2019 (Amounts are in thousands) Lease income $ 37,490 73,407 Variable lease income 11,325 21,200 $ 48,815 94,607 Fixed lease payments to be received for all noncancelable operating leases as of June 29, 2019 are as follows: Year (Amounts are in thousands) 2019 $ 75,831 2020 132,931 2021 106,398 2022 80,482 2023 58,145 Thereafter 193,531 $ 647,318

Consolidation of Joint Ventures

Consolidation of Joint Ventures and Long-Term Debt (Notes)	6 Months Ended
	Jun. 29, 2019
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 a joint venture (JV), in the legal form of a limited liability company, with certain real estate developers to partner in the development of a shopping center with the Company as the anchor tenant. The Company consolidates certain of these JVs in which it has a controlling financial interest. As of June 29, 2019 , the carrying amounts of the assets and liabilities of the consolidated JVs were $153,188,000 and $76,608,000 , respectively. As of December 29, 2018 , the carrying amounts of the assets and liabilities of the consolidated JVs were $144,197,000 and $71,342,000 , 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 2019 and 2018 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 six months ended June 29, 2019 . The Company assumed loans totaling $9,936,000 during the six months ended June 30, 2018 . 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 December 2020 through January 2027 and have fixed interest rates ranging from 3.7% to 7.5% .

Retirement Plan (Notes)

Retirement Plan (Notes)	6 Months Ended
	Jun. 29, 2019
Retirement Benefits [Abstract]
Retirement Plan [Text Block]	(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 $307,535,000 and $288,580,000 as of June 29, 2019 and December 29, 2018 , respectively. The cost of the shares held by the ESOP totaled $3,043,088,000 and $2,846,419,000 as of June 29, 2019 and December 29, 2018 , 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 $3,350,623,000 and $3,134,999,000 as of June 29, 2019 and December 29, 2018 , respectively. The fair value of the shares held by the ESOP totaled $8,350,697,000 and $8,061,399,000 as of June 29, 2019 and December 29, 2018 , respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Earnings (Notes)	6 Months Ended
	Jun. 29, 2019
Equity [Abstract]
Comprehensive Income (Loss) Note [Text Block]	(7) Accumulated Other Comprehensive Earnings (Losses) A reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the three months ended June 29, 2019 and June 30, 2018 is as follows: Investments Postretirement Benefit Accumulated Other Comprehensive Earnings (Losses) (Amounts are in thousands) 2019 Balances at March 30, 2019 $ 10,781 (6,729 ) 4,052 Unrealized gain on debt securities 58,130 — 58,130 Net realized loss on debt securities reclassified to investment income 37 — 37 Net other comprehensive earnings 58,167 — 58,167 Balances at June 29, 2019 $ 68,948 (6,729 ) 62,219 2018 Balances at March 31, 2018 $ (54,212 ) (14,856 ) (69,068 ) Unrealized loss on debt securities (2,600 ) — (2,600 ) Net realized loss on debt securities reclassified to investment income 425 — 425 Adjustment to postretirement benefit obligation — 564 564 Net other comprehensive (losses) earnings (2,175 ) 564 (1,611 ) Balances at June 30, 2018 $ (56,387 ) (14,292 ) (70,679 ) A reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the six months ended June 29, 2019 and June 30, 2018 is as follows: Investments Postretirement Benefits Accumulated Other Comprehensive Earnings (Losses) (Amounts are in thousands) 2019 Balances at December 29, 2018 $ (49,033 ) (6,729 ) (55,762 ) Unrealized gain on debt securities 117,651 — 117,651 Net realized loss on debt securities reclassified to investment income 330 — 330 Net other comprehensive earnings 117,981 — 117,981 Balances at June 29, 2019 $ 68,948 (6,729 ) 62,219 2018 Balances at December 30, 2017 $ 168,057 (15,421 ) 152,636 Unrealized loss on debt securities (26,581 ) — (26,581 ) Net realized loss on debt securities reclassified to investment income 447 — 447 Adjustment to postretirement benefit obligation — 1,129 1,129 Net other comprehensive (losses) earnings (26,134 ) 1,129 (25,005 ) Cumulative effect of net unrealized gain on equity securities reclassified to retained earnings (198,310 ) — (198,310 ) Balances at June 30, 2018 $ (56,387 ) (14,292 ) (70,679 )

Subsequent Event (Notes)

Subsequent Event (Notes)	6 Months Ended
	Jun. 29, 2019
Subsequent Events [Abstract]
Subsequent Events [Text Block]	(8) Subsequent Event On July 1, 2019 , the Company declared a quarterly dividend on its common stock of $0.30 per share or $214,100,000 , payable August 1, 2019 to stockholders of record as of the close of business July 15, 2019 .

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 29, 2019
Accounting Policies [Abstract]
Basis of Presentation [Policy Text Block]	(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 six months ended June 29, 2019 are not necessarily indicative of the results for the entire 2019 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 29, 2018 . 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.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 29, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements for Investments [Table Text Block]	Following is a summary of fair value measurements for investments as of June 29, 2019 and December 29, 2018 : Fair Value Level 1 Level 2 Level 3 (Amounts are in thousands) June 29, 2019 $ 7,658,089 2,240,264 5,417,825 — December 29, 2018 6,577,430 2,372,931 4,204,499 —

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 29, 2019
Investments, Debt and Equity Securities [Abstract]
Available For Sale Debt Securities [Table Text Block]	Following is a summary of debt securities as of June 29, 2019 and December 29, 2018 : Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Amounts are in thousands) June 29, 2019 Tax exempt bonds $ 1,019,864 1,746 1,359 1,020,251 Taxable bonds 3,809,977 89,836 6,654 3,893,159 Restricted investments 169,681 8,885 — 178,566 $ 4,999,522 100,467 8,013 5,091,976 December 29, 2018 Tax exempt bonds $ 1,256,673 184 12,759 1,244,098 Taxable bonds 2,527,468 1,737 55,085 2,474,120 Restricted investment 160,318 520 346 160,492 $ 3,944,459 2,441 68,190 3,878,710
Amortized Cost and Fair Value of Available For Sale Debt Securities by Expected Maturity [Table Text Block]	The cost and fair value of debt securities by expected maturity as of June 29, 2019 and December 29, 2018 are as follows: June 29, 2019 December 29, 2018 Cost Fair Value Cost Fair Value (Amounts are in thousands) Due in one year or less $ 444,036 443,636 563,272 560,992 Due after one year through five years 3,334,452 3,372,629 2,831,916 2,768,971 Due after five years through ten years 1,214,955 1,269,396 542,488 541,852 Due after ten years 6,079 6,315 6,783 6,895 $ 4,999,522 5,091,976 3,944,459 3,878,710
Temporarily Impaired Available For Sale Debt Securities by Time Period Impaired [Table Text Block]	Following is a summary of temporarily impaired debt securities by the time period impaired as of June 29, 2019 and December 29, 2018 : 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) June 29, 2019 Tax exempt bonds $ — — 702,766 1,359 702,766 1,359 Taxable bonds 31,196 136 997,595 6,518 1,028,791 6,654 $ 31,196 136 1,700,361 7,877 1,731,557 8,013 December 29, 2018 Tax exempt bonds $ 25,150 95 1,182,783 12,664 1,207,933 12,759 Taxable bonds 645,379 5,821 1,464,208 49,264 2,109,587 55,085 Restricted investment 28,687 346 — — 28,687 346 $ 699,216 6,262 2,646,991 61,928 3,346,207 68,190
Investment Income [Table Text Block]	Following is a summary of investment income for the three and six months ended June 29, 2019 and June 30, 2018 : Three Months Ended Six Months Ended June 29, 2019 June 30, 2018 June 29, 2019 June 30, 2018 (Amounts are in thousands) Interest and dividend income $ 46,714 31,061 88,730 60,153 Net realized gain on sale of investments 66,233 16,642 70,444 23,667 112,947 47,703 159,174 83,820 Fair value adjustment, due to net unrealized gain, on equity securities held at end of period 4,969 76,829 319,317 51,047 Net loss (gain) on sale of equity securities previously recognized through fair value adjustment 27,226 (16,217 ) 33,838 (22,414 ) $ 145,142 108,315 512,329 112,453

Lessee, Lease Lessee, Lease (Ta

Lessee, Lease Lessee, Lease (Tables)	6 Months Ended
	Jun. 29, 2019
Lease, Cost [Abstract]
Lease, Cost [Table Text Block]	Lease expense for the three and six months ended June 29, 2019 was as follows: Three Months Ended Six Months Ended June 29, 2019 June 29, 2019 (Amounts are in thousands) Operating lease expense $ 106,808 217,473 Finance lease expense: Amortization of right-of-use assets 2,396 4,336 Interest on lease liabilities 789 1,437 Variable lease expense 14,471 28,888 Sublease rental income (650 ) (1,543 ) $ 123,814 250,591 Supplemental cash flow information related to leases for the six months ended June 29, 2019 was as follows: Six Months Ended June 29, 2019 (Amounts are in thousands) Operating cash flows from rent paid for operating lease liabilities 210,008 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 202,392 Finance leases 46,339 The weighted-average remaining lease term and weighted-average discount rate as of June 29, 2019 are as follows: June 29, 2019 Weighted-average remaining lease term: Operating leases 12 years Finance leases 18 years Weighted-average discount rate: Operating leases 3.5 % Finance leases 4.0 %
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Maturities of operating lease liabilities as of June 29, 2019 are as follows: Year Operating Leases (Amounts are in thousands) 2019 $ 210,606 2020 409,915 2021 376,811 2022 341,069 2023 298,538 Thereafter 1,902,650 3,539,589 Less: Imputed interest (691,598 ) $ 2,847,991
Finance Lease, Liability, Maturity [Table Text Block]	Maturities of finance lease liabilities as of June 29, 2019 are as follows: Year Finance Leases 2019 3,902 2020 31,596 2021 6,629 2022 6,629 2023 21,344 Thereafter 76,548 146,648 Less: Imputed interest (29,835 ) 116,813

Lessor, Lease Lessor, Lease (Ta

Lessor, Lease Lessor, Lease (Tables)	6 Months Ended
	Jun. 29, 2019
Lessor Disclosure [Abstract]
Operating Lease, Lease Income [Table Text Block]	Total lease income for the three and six months ended June 29, 2019 was as follows: Three Months Ended Six Months Ended June 29, 2019 June 29, 2019 (Amounts are in thousands) Lease income $ 37,490 73,407 Variable lease income 11,325 21,200 $ 48,815 94,607
Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block]	Fixed lease payments to be received for all noncancelable operating leases as of June 29, 2019 are as follows: Year (Amounts are in thousands) 2019 $ 75,831 2020 132,931 2021 106,398 2022 80,482 2023 58,145 Thereafter 193,531 $ 647,318

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Earnings (Tables)	6 Months Ended
	Jun. 29, 2019
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 June 29, 2019 and June 30, 2018 is as follows: Investments Postretirement Benefit Accumulated Other Comprehensive Earnings (Losses) (Amounts are in thousands) 2019 Balances at March 30, 2019 $ 10,781 (6,729 ) 4,052 Unrealized gain on debt securities 58,130 — 58,130 Net realized loss on debt securities reclassified to investment income 37 — 37 Net other comprehensive earnings 58,167 — 58,167 Balances at June 29, 2019 $ 68,948 (6,729 ) 62,219 2018 Balances at March 31, 2018 $ (54,212 ) (14,856 ) (69,068 ) Unrealized loss on debt securities (2,600 ) — (2,600 ) Net realized loss on debt securities reclassified to investment income 425 — 425 Adjustment to postretirement benefit obligation — 564 564 Net other comprehensive (losses) earnings (2,175 ) 564 (1,611 ) Balances at June 30, 2018 $ (56,387 ) (14,292 ) (70,679 ) A reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the six months ended June 29, 2019 and June 30, 2018 is as follows: Investments Postretirement Benefits Accumulated Other Comprehensive Earnings (Losses) (Amounts are in thousands) 2019 Balances at December 29, 2018 $ (49,033 ) (6,729 ) (55,762 ) Unrealized gain on debt securities 117,651 — 117,651 Net realized loss on debt securities reclassified to investment income 330 — 330 Net other comprehensive earnings 117,981 — 117,981 Balances at June 29, 2019 $ 68,948 (6,729 ) 62,219 2018 Balances at December 30, 2017 $ 168,057 (15,421 ) 152,636 Unrealized loss on debt securities (26,581 ) — (26,581 ) Net realized loss on debt securities reclassified to investment income 447 — 447 Adjustment to postretirement benefit obligation — 1,129 1,129 Net other comprehensive (losses) earnings (26,134 ) 1,129 (25,005 ) Cumulative effect of net unrealized gain on equity securities reclassified to retained earnings (198,310 ) — (198,310 ) Balances at June 30, 2018 $ (56,387 ) (14,292 ) (70,679 )

Fair Value Measurements for Inv

Fair Value Measurements for Investments (Details) - USD ($) $ in Thousands	Jun. 29, 2019	Dec. 29, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	$ 7,658,089	$ 6,577,430
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	2,240,264	2,372,931
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	5,417,825	4,204,499
Level 3 [Member]
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	6 Months Ended	12 Months Ended
	Jun. 29, 2019	Dec. 29, 2018
Debt Securities, Available-for-sale [Line Items]
Cost	$ 4,999,522	$ 3,944,459
Debt Securities, Available-for-sale, Unrealized Gain	100,467	2,441
Debt Securities, Available-for-sale, Unrealized Loss	8,013	68,190
Debt Securities, Available-for-sale	5,091,976	3,878,710
Nontaxable Municipal Bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Cost	1,019,864	1,256,673
Debt Securities, Available-for-sale, Unrealized Gain	1,746	184
Debt Securities, Available-for-sale, Unrealized Loss	1,359	12,759
Debt Securities, Available-for-sale	1,020,251	1,244,098
Corporate Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Cost	3,809,977	2,527,468
Debt Securities, Available-for-sale, Unrealized Gain	89,836	1,737
Debt Securities, Available-for-sale, Unrealized Loss	6,654	55,085
Debt Securities, Available-for-sale	3,893,159	2,474,120
Debt Securities, Restricted [Member]
Debt Securities, Available-for-sale [Line Items]
Cost	169,681	160,318
Debt Securities, Available-for-sale, Unrealized Gain	8,885	520
Debt Securities, Available-for-sale, Unrealized Loss	0	346
Debt Securities, Available-for-sale	$ 178,566	$ 160,492

Amortized Cost and Fair Value o

Amortized Cost and Fair Value of Available for Sale Securities by Expected Maturity (Detail) - USD ($) $ in Thousands	Jun. 29, 2019	Dec. 29, 2018
Cost
Due in one year or less	$ 444,036	$ 563,272
Due after one year through five years	3,334,452	2,831,916
Due after five years through ten years	1,214,955	542,488
Due after ten years	6,079	6,783
Total	4,999,522	3,944,459
Fair Value
Due in one year or less	443,636	560,992
Due after one year through five years	3,372,629	2,768,971
Due after five years through ten years	1,269,396	541,852
Due after ten years	6,315	6,895
Total	$ 5,091,976	$ 3,878,710

Temporarily Impaired Available

Temporarily Impaired Available for Sale Securities by Time Period Impaired (Detail) - USD ($) $ in Thousands	Jun. 29, 2019	Dec. 29, 2018
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 31,196	$ 699,216
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	136	6,262
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	1,700,361	2,646,991
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	7,877	61,928
Debt Securities, Available-for-sale, Unrealized Loss Position	1,731,557	3,346,207
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	8,013	68,190
Nontaxable Municipal Bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	0	25,150
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	0	95
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	702,766	1,182,783
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	1,359	12,664
Debt Securities, Available-for-sale, Unrealized Loss Position	702,766	1,207,933
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	1,359	12,759
Corporate Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	31,196	645,379
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	136	5,821
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	997,595	1,464,208
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	6,518	49,264
Debt Securities, Available-for-sale, Unrealized Loss Position	1,028,791	2,109,587
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	6,654	55,085
Debt Securities, Restricted [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	0	28,687
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	0	346
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	0	0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0	0
Debt Securities, Available-for-sale, Unrealized Loss Position	0	28,687
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 0	$ 346

Investments - Additional Inform

Investments - Additional Information (Detail) $ in Thousands	Jun. 29, 2019USD ($)AFS_security	Dec. 29, 2018USD ($)
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract]
Number of debt securities issues contributing to total unrealized loss | AFS_security	208
Total, unrealized Losses | $	$ 8,013	$ 68,190

Investments Equity Securities (

Investments Equity Securities (Details) - USD ($)	Jun. 29, 2019	Dec. 29, 2018
Equity Securities [Line Items]
Equity Securities, FV-NI	$ 2,566,113,000	$ 2,698,720,000

Investments Recently Issued Acc

Investments Recently Issued Accounting Standard (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2018	Jun. 30, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ 0
Accounting Standards Update 2016-01 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification		$ 198,310

Investments Investment Income (

Investments Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018
Investment Income, Net [Abstract]
Interest and Dividend Income	$ 46,714	$ 31,061	$ 88,730	$ 60,153
Net realized gain on sale of investments	66,233	16,642	70,444	23,667
Investment Income Before Fair Value Adjustment	112,947	47,703	159,174	83,820
Fair value adjustment, due to net unrealized gain, on equity securities held at end of period	4,969	76,829	319,317	51,047
Net loss (gain) on sale of equity securities previously recognized through fair value adjustment	27,226	(16,217)	33,838	(22,414)
Investment Income	$ 145,142	$ 108,315	$ 512,329	$ 112,453

Lessee, Lease Finance Lease Rig

Lessee, Lease Finance Lease Right of Use Assets and Lease Liabilities (Details)	Jun. 29, 2019USD ($)
Finance Lease Right of Use Assets and Lease Liabilities [Abstract]
Finance Lease, Right-of-Use Asset	$ 134,541,000
Finance Lease, Liability, Current	4,831,000
Finance Lease, Liability, Noncurrent	$ 111,982,000

Lessee, Lease Lessee, Lease - A

Lessee, Lease Lessee, Lease - Additional Information (Details)	6 Months Ended
	Jun. 29, 2019
Lessee, Lease, Description [Line Items]
Lessee, Lease, Existence of Option to Extend [true false]	true
Lessee, Lease, Assumptions and Judgments, Discount Rate, Description	The present value of future payments for each lease is determined by using the Company’s incremental borrowing rate at the time of lease commencement.
Maximum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Lease, Term of Contract	20 years
Lessee Lease, Renewal Term	5 years

Lessee, Lease Lease Cost (Detai

Lessee, Lease Lease Cost (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 29, 2019USD ($)	Jun. 29, 2019USD ($)
Lease, Cost [Abstract]
Operating lease expense	$ 106,808	$ 217,473
Amortization of right-of-use assets	2,396	4,336
Interest on lease liabilities	789	1,437
Variable lease expense	14,471	28,888
Sublease rental income	(650)	(1,543)
Lease, Cost	$ 123,814	250,591
Rent paid for operating leases		210,008
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability		202,392
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability		$ 46,339
Operating Lease, Weighted Average Remaining Lease Term	12 years	12 years
Finance Lease, Weighted Average Remaining Lease Term	18 years	18 years
Operating Lease, Weighted Average Discount Rate, Percent	3.50%	3.50%
Finance Lease, Weighted Average Discount Rate, Percent	4.00%	4.00%

Lessee, Lease Maturities of Ope

Lessee, Lease Maturities of Operting Lease Liabilities (Details) $ in Thousands	Jun. 29, 2019USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2019	$ 210,606
2020	409,915
2021	376,811
2022	341,069
2023	298,538
Thereafter	1,902,650
Total Payments Due	3,539,589
Less: Imputed Interest	(691,598)
Operating Lease, Liability	$ 2,847,991

Lessee, Lease Maturities of Fin

Lessee, Lease Maturities of Finance Lease Liabilities (Details) $ in Thousands	Jun. 29, 2019USD ($)
Finance Lease, Liability, Payment, Due [Abstract]
2019	$ 3,902
2020	31,596
2021	6,629
2022	6,629
2023	21,344
Thereafter	76,548
Total Payments Due	146,648
Less: Imputed Interest	(29,835)
Finance Lease, Liability	$ 116,813

Lessee, Lease Lessee, Lease, No

Lessee, Lease Lessee, Lease, Not Yet Commenced (Details)	6 Months Ended
	Jun. 29, 2019USD ($)
Lessee, Lease, Description [Line Items]
Lessee Lease, Lease Not Yet Commenced	$ 318,361,000
Lessee, Lease Not Yet Commenced Description	As of June 29, 2019 the Company has operating leases not yet commenced.
Maximum [Member]
Lessee, Lease, Description [Line Items]
Lessee Lease Not Yet Commenced Term of Contract	20 years

Lessor, Lease Lessor, Lease Inc

Lessor, Lease Lessor, Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 29, 2019	Jun. 29, 2019
Operating Lease, Lease Income [Abstract]
Operating Lease, Lease Income, Lease Payments	$ 37,490	$ 73,407
Operating Lease, Variable Lease Income	11,325	21,200
Operating Lease, Lease Income	$ 48,815	$ 94,607

Lessor, Lease Lessor, Fixed Lea

Lessor, Lease Lessor, Fixed Lease Payments to be Received (Details) $ in Thousands	Jun. 29, 2019USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
2019	$ 75,831
2020	132,931
2021	106,398
2022	80,482
2013	58,145
Thereafter	193,531
Total	$ 647,318

Consolidation of Joint Ventur_2

Consolidation of Joint Ventures and Long-Term Debt Joint Venture - Additional Information (Details) - USD ($)	Jun. 29, 2019	Dec. 29, 2018
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Variable Interest Entity, Consolidated, Carrying Amount, Assets	$ 153,188,000	$ 144,197,000
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities	$ 76,608,000	$ 71,342,000

Consolidation of Joint Ventur_3

Consolidation of Joint Ventures and Long-Term Debt Long-Term Debt Assumptions, Maturities and Interest Rates (Details) - USD ($)	6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018
Debt Instrument [Line Items]
Loans Assumed	$ 0	$ 9,936,000
JV Loans [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Month And Year	June 2020
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	December 2020
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 2027
Debt Instrument, Interest Rate, Stated Percentage	7.50%

Retirement Plan - Additional In

Retirement Plan - Additional Information (Detail) - USD ($)	Jun. 29, 2019	Dec. 29, 2018
Retirement Benefits [Abstract]
Distributed shares subject to put option, fair value	$ 307,535,000	$ 288,580,000
ESOP, shares cost	3,043,088,000	2,846,419,000
Common stock related to ESOP	3,350,623,000	3,134,999,000
ESOP shares, fair value	$ 8,350,697,000	$ 8,061,399,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Earnings (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2019	Jun. 30, 2018	Jun. 29, 2019	Jun. 30, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at Beginning of Period	$ 4,052	$ (69,068)	$ (55,762)	$ 152,636
Unrealized gain (loss) on debt securities in 2019 and 2018, respectively.	58,130	(2,600)	117,651	(26,581)
Net realized loss on debt securities reclassified to investment income in 2019 and 2018, respectively.	37	425	330	447
Adjustment to postretirement benefit obligation	0	564	0	1,129
Net other comprehensive earnings (losses)	58,167	(1,611)	117,981	(25,005)
Cumulative effect of net unrealized gain on equity securities reclassified to retained earnings	0	0	0	(198,310)
Balances at End of Period	62,219	(70,679)	62,219	(70,679)
AFS Securities [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at Beginning of Period	10,781	(54,212)	(49,033)	168,057
Unrealized gain (loss) on debt securities in 2019 and 2018, respectively.	58,130	(2,600)	117,651	(26,581)
Net realized loss on debt securities reclassified to investment income in 2019 and 2018, respectively.	37	425	330	447
Net other comprehensive earnings (losses)	58,167	(2,175)	117,981	(26,134)
Cumulative effect of net unrealized gain on equity securities reclassified to retained earnings	0	0	0	(198,310)
Balances at End of Period	68,948	(56,387)	68,948	(56,387)
Postretirement Benefits [Member}
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at Beginning of Period	(6,729)	(14,856)	(6,729)	(15,421)
Adjustment to postretirement benefit obligation	0	564	0	1,129
Net other comprehensive earnings (losses)	0	564	0	1,129
Balances at End of Period	$ (6,729)	$ (14,292)	$ (6,729)	$ (14,292)

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event [Member] - USD ($)	Aug. 01, 2019	Jul. 15, 2019	Jul. 01, 2019
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared			$ 0.30
Dividends Payable, Date Declared			Jul. 1, 2019
Dividends Payable, Date to be Paid	Aug. 1, 2019
Dividends Payable, Date of Record		Jul. 15, 2019
Dividends, Common Stock, Cash			$ 214,100,000