Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 28, 2019 | Feb. 04, 2020 | Jun. 28, 2019 | |
Document Documentand Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 28, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | PUBLIX SUPER MARKETS INC | ||
Entity Central Index Key | 0000081061 | ||
Current Fiscal Year End Date | --12-28 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | 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 | 705,063,000 | ||
Entity Public Float | $ 17,909,696,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 763,382 | $ 599,264 |
Short-term investments | 438,105 | 560,992 |
Trade receivables | 737,093 | 682,981 |
Inventories | 1,913,310 | 1,848,735 |
Prepaid expenses | 75,710 | 122,224 |
Total current assets | 3,927,600 | 3,814,196 |
Long-term investments | 7,988,280 | 6,016,438 |
Other noncurrent assets | 441,938 | 515,265 |
Operating lease right-of-use assets | 2,964,780 | 0 |
Property, plant and equipment: | ||
Land | 1,984,400 | 1,850,718 |
Buildings and improvements | 5,948,039 | 5,535,538 |
Furniture, fixtures and equipment | 5,477,534 | 5,114,698 |
Leasehold improvements | 1,660,164 | 1,564,243 |
Construction in progress | 152,272 | 109,367 |
Property, plant and equipment | 15,222,409 | 14,174,564 |
Accumulated depreciation | (6,037,887) | (5,537,947) |
Net property, plant and equipment | 9,184,522 | 8,636,617 |
Total assets | 24,507,120 | 18,982,516 |
Current liabilities: | ||
Accounts payable | 1,984,761 | 1,864,604 |
Accrued expenses: | ||
Contributions to retirement plans | 581,699 | 540,760 |
Self-insurance reserves | 149,082 | 145,241 |
Salaries and wages | 148,662 | 132,916 |
Other | 461,427 | 321,080 |
Current portion of long-term debt | 39,692 | 4,954 |
Current portion of operating lease liabilities | 335,391 | 0 |
Total current liabilities | 3,700,714 | 3,009,555 |
Deferred income taxes | 682,484 | 420,757 |
Self-insurance reserves | 226,727 | 222,419 |
Accrued postretirement benefit cost | 120,015 | 105,308 |
Long-term debt | 131,997 | 162,711 |
Operating lease liabilities | 2,603,206 | 0 |
Other noncurrent liabilities | 140,633 | 67,102 |
Total liabilities | 7,605,776 | 3,987,852 |
Common stock related to Employee Stock Ownership Plan (ESOP) | 3,259,230 | 3,134,999 |
Stockholders’ equity: | ||
Common stock of $1 par value. Authorized 1,000,000 shares; issued and outstanding 706,552 shares in 2019 and 715,445 shares in 2018 | 706,552 | 715,445 |
Additional paid-in capital | 3,758,066 | 3,458,004 |
Retained earnings | 12,317,478 | 10,840,654 |
Accumulated other comprehensive earnings (losses) | 81,289 | (55,762) |
Common stock related to ESOP | (3,259,230) | (3,134,999) |
Total stockholders’ equity | 13,604,155 | 11,823,342 |
Noncontrolling interests | 37,959 | 36,323 |
Total equity | 16,901,344 | 14,994,664 |
Commitments and contingencies | 0 | 0 |
Total liabilities and stockholders' equity | $ 24,507,120 | $ 18,982,516 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 28, 2019 | Dec. 29, 2018 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 706,552,000 | 715,445,000 |
Common stock, shares outstanding | 706,552,000 | 715,445,000 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Revenues: | |||
Sales | $ 38,116,402 | $ 36,093,907 | $ 34,558,286 |
Other operating income | 346,351 | 301,811 | 278,552 |
Total revenues | 38,462,753 | 36,395,718 | 34,836,838 |
Costs and expenses: | |||
Cost of merchandise sold | 27,740,469 | 26,311,391 | 25,129,717 |
Operating and administrative expenses | 7,833,035 | 7,339,924 | 6,974,297 |
Total costs and expenses | 35,573,504 | 33,651,315 | 32,104,014 |
Operating profit | 2,889,249 | 2,744,403 | 2,732,824 |
Investment income | 814,372 | 56,699 | 226,626 |
Other nonoperating income, net | 82,365 | 119,866 | 68,056 |
Earnings before income tax expense | 3,785,986 | 2,920,968 | 3,027,506 |
Income tax expense | 780,591 | 539,801 | 735,612 |
Net earnings | $ 3,005,395 | $ 2,381,167 | $ 2,291,894 |
Weighted average shares outstanding | 713,535 | 726,407 | 753,483 |
Earnings per share | $ 4.21 | $ 3.28 | $ 3.04 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net earnings | $ 789,341 | $ 574,026 | $ 661,057 | $ 980,971 | $ 406,980 | $ 677,744 | $ 616,172 | $ 680,271 | $ 3,005,395 | $ 2,381,167 | $ 2,291,894 |
Other comprehensive earnings: | |||||||||||
Unrealized gain (loss) on debt securities net of income taxes of $50,504 and $(6,521) in 2019 and 2018, respectively. Unrealized gain on debt and equity securities net of income taxes of $110,818 in 2017. | 148,141 | (19,126) | 175,978 | ||||||||
Reclassification adjustment for net realized (gain) loss on debt securities net of income taxes of $(205) and $118 in 2019 and 2018, respectively. Reclassification adjustment for net realized (gain) on debt and equity securities net of income taxes of $(42,088) in 2017. | (602) | 346 | (66,836) | ||||||||
Adjustment to postretirement benefit obligation net of income taxes of $(3,576), $2,963 and $(4,406) in 2019, 2018 and 2017, respectively. | (10,488) | 8,692 | (6,997) | ||||||||
Comprehensive earnings | $ 3,142,446 | $ 2,371,079 | $ 2,394,039 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Earnings (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Unrealized gain (loss) on debt securities net of income taxes in 2019 and 2018. Unrealized gain on debt and equity securities net of income taxes in 2017. | $ 50,504 | $ (6,521) | $ 110,818 |
Reclassification adjustment for net realized (gain) loss on debt securities net of income taxes in 2019 and 2018. Reclassification adjustment for net realized (gain) on debt and equity securities net of income taxes in 2017. | (205) | 118 | (42,088) |
Adjustment to postretirement benefit obligation net of income taxes in 2019, 2018 and 2017. | $ (3,576) | $ 2,963 | $ (4,406) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Cash flows from operating activities: | |||
Cash received from customers | $ 38,269,943 | $ 36,296,870 | $ 34,729,287 |
Cash paid to employees and suppliers | (34,017,408) | (32,177,582) | (30,821,593) |
Income taxes paid | (373,172) | (563,983) | (478,457) |
Self-insured claims paid | (394,495) | (395,457) | (344,905) |
Dividends and interest received | 217,574 | 192,528 | 241,773 |
Other operating cash receipts | 341,929 | 297,098 | 273,435 |
Other operating cash payments | (19,940) | (17,548) | (19,259) |
Net cash provided by operating activities | 4,024,431 | 3,631,926 | 3,580,281 |
Cash flows from investing activities: | |||
Payment for capital expenditures | (1,141,118) | (1,350,089) | (1,429,059) |
Proceeds from sale of property, plant and equipment | 8,609 | 43,834 | 6,300 |
Payment for investments | (3,237,807) | (2,778,691) | (3,069,417) |
Proceeds from sale and maturity of investments | 2,113,287 | 2,342,162 | 3,256,077 |
Net cash used in investing activities | (2,257,029) | (1,742,784) | (1,236,099) |
Cash flows from financing activities: | |||
Payment for acquisition of common stock | (1,088,570) | (1,405,872) | (1,751,864) |
Proceeds from sale of common stock | 311,950 | 307,933 | 283,222 |
Dividends paid | (828,733) | (734,510) | (689,660) |
Repayment of long-term debt | (11,061) | (43,593) | (75,325) |
Other, net | 13,130 | 6,239 | 31,051 |
Net cash used in financing activities | (1,603,284) | (1,869,803) | (2,202,576) |
Net increase in cash and cash equivalents | 164,118 | 19,339 | 141,606 |
Cash and cash equivalents at beginning of year | 599,264 | 579,925 | 438,319 |
Cash and cash equivalents at end of year | 763,382 | 599,264 | 579,925 |
Reconciliation of net earnings to net cash provided by operating activities: | |||
Net earnings | 3,005,395 | 2,381,167 | 2,291,894 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 716,669 | 677,154 | 664,009 |
Increase in last-in, first out (LIFO) reserve | 39,939 | 24,170 | 23,028 |
Retirement contributions paid or payable in common stock | 409,614 | 373,350 | 353,659 |
Deferred income taxes | 215,004 | 63,245 | (99,856) |
Loss (gain) on disposal and impairment of property, plant and equipment | 11,036 | (13,185) | 15,231 |
(Gain) loss on investments | (627,624) | 73,254 | (108,924) |
Net amortization of investments | 42,753 | 63,654 | 109,240 |
Change in operating assets and liabilities providing (requiring) cash: | |||
Trade receivables | (54,890) | (10,790) | 43,870 |
Inventories | (104,514) | 3,614 | (177,155) |
Other assets | 136,796 | 199,930 | 82,089 |
Accounts payable and accrued expenses | 181,154 | 112,383 | 151,186 |
Federal and state income taxes | 40,548 | (313,989) | 241,686 |
Other liabilities | 12,551 | (2,031) | (9,676) |
Total adjustments | 1,019,036 | 1,250,759 | 1,288,387 |
Net cash provided by operating activities | $ 4,024,431 | $ 3,631,926 | $ 3,580,281 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Common Stock (Acquired from) Sold to Stock- holders | Accumu- lated Other Compre- hensive Earnings (Losses) | Common Stock Related to ESOP |
Beginning Balance at Dec. 31, 2016 | $ 10,405,171 | $ 763,198 | $ 2,849,947 | $ 9,836,696 | $ 0 | $ 23,427 | $ (3,068,097) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive earnings | 2,394,039 | 2,291,894 | 102,145 | ||||
Dividends per share | (689,660) | (689,660) | |||||
Contribution of shares to retirement plans | 361,282 | 6,540 | 262,684 | 92,058 | |||
Acquisition of shares from stockholders | (1,751,864) | (1,751,864) | |||||
Sale of shares to stockholders | 283,222 | 677 | 27,016 | 255,529 | |||
Retirement of shares | 0 | (36,975) | (1,367,302) | 1,404,277 | |||
Change for ESOP related shares | 14,959 | 14,959 | |||||
Remeasurement of deferred income taxes reclassified to retained earnings | 0 | (27,064) | 27,064 | ||||
Cumulative effect of net unrealized gain on equity securities reclassified to retained earnings | 0 | ||||||
Ending 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 | 2,371,079 | 2,381,167 | (10,088) | ||||
Dividends per share | (734,510) | (734,510) | |||||
Contribution of shares to retirement plans | 349,424 | 6,221 | 261,423 | 81,780 | |||
Acquisition of shares from stockholders | (1,405,872) | (1,405,872) | |||||
Sale of shares to stockholders | 307,933 | 1,380 | 56,934 | 249,619 | |||
Retirement of shares | 0 | (25,596) | (1,048,877) | 1,074,473 | |||
Change for ESOP related shares | (81,861) | (81,861) | |||||
Remeasurement of deferred income taxes reclassified to retained earnings | 0 | ||||||
Cumulative effect of net unrealized gain on equity securities reclassified to retained earnings | 0 | 198,310 | (198,310) | ||||
Ending 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 | 3,142,446 | 3,005,395 | 137,051 | ||||
Dividends per share | (828,733) | (828,733) | |||||
Contribution of shares to retirement plans | 367,951 | 5,605 | 235,017 | 127,329 | |||
Acquisition of shares from stockholders | (1,088,570) | (1,088,570) | |||||
Sale of shares to stockholders | 311,950 | 1,497 | 65,045 | 245,408 | |||
Retirement of shares | 0 | (15,995) | (699,838) | 715,833 | |||
Change for ESOP related shares | (124,231) | (124,231) | |||||
Remeasurement of deferred income taxes reclassified to retained earnings | 0 | ||||||
Cumulative effect of net unrealized gain on equity securities reclassified to retained earnings | 0 | ||||||
Ending Balance at Dec. 28, 2019 | $ 13,604,155 | $ 706,552 | $ 3,758,066 | $ 12,317,478 | $ 0 | $ 81,289 | $ (3,259,230) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends, per share | $ 1.16 | $ 1.0100 | $ 0.9125 |
Contribution of shares to retirement plans | 8,587 | 8,440 | 8,833 |
Acquisition of shares from stockholders | 24,506 | 33,770 | 45,952 |
Sale of shares to stockholders | 7,026 | 7,335 | 7,361 |
Retirement of shares | 15,995 | 25,596 | 36,975 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 28, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies [Text Block] | (1) Summary of Significant Accounting Policies (a) Business Publix Super Markets, Inc. and its wholly owned subsidiaries (Company) are in the business of operating retail food supermarkets in Florida, Georgia, Alabama, South Carolina, Tennessee, North Carolina and Virginia. The Company was founded in 1930 and later merged into another corporation that was originally incorporated in 1921. The Company has no other significant lines of business or industry segments. (b) Principles of Consolidation The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries and certain joint ventures in which the Company has a controlling financial interest. All significant intercompany balances and transactions are eliminated in consolidation. (c) Fiscal Year The Company’s fiscal year ends on the last Saturday in December. Fiscal years 2019 , 2018 and 2017 include 52 weeks. (d) Cash Equivalents The Company considers all liquid investments with maturities of three months or less to be cash equivalents. (e) Trade Receivables Trade receivables primarily include amounts due from vendor allowances, debit and credit card sales and third party insurance pharmacy billings. (f) Inventories Inventories are valued at the lower of cost or market. The dollar value last-in, first-out (LIFO) method was used to determine the cost for 85% of inventories as of December 28, 2019 and December 29, 2018 . Under this method, inventory is stated at cost, which is determined by applying a cost-to-retail ratio to each similar merchandise category’s ending retail value. The cost of the remaining inventories was determined using the first-in, first-out (FIFO) method. The FIFO cost of inventory approximates replacement or current cost. The FIFO method is used to value certain manufactured, seasonal, perishable and other miscellaneous inventory items because of fluctuating costs and inconsistent product availability. The Company also reduces inventory for estimated losses related to shrink. If all inventories were valued using the FIFO method, inventories and current assets would have been higher than reported by $528,997,000 and $489,058,000 as of December 28, 2019 and December 29, 2018 , respectively. (g) Investments Debt securities are classified as available-for-sale and measured 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. 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 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 the 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 measured 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. Interest and dividend income, amortization of premiums, accretion of discounts and realized gains and losses on 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 specific identification method. With the adoption of the ASU, the fair value adjustment on equity securities held as of December 28, 2019 and December 29, 2018 is also included in investment income. (h) Leases The Company conducts a major portion of its retail operations from leased locations. 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. Prior to the adoption of the ASU, the Company was not required to record operating leases on the balance sheet when it was the lessee. 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. The incremental borrowing rate is estimated based on a composite index of debt for similarly rated companies with comparable terms. 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. The annual sales projections are reviewed periodically and adjusted if necessary. (i) Property, Plant and Equipment and Depreciation Assets are recorded at cost and depreciated or amortized using the straight-line method over their estimated useful lives or the terms of the related leases, if shorter, as follows: buildings and improvements (10–40 years); furniture, fixtures and equipment (3–20 years); and leasehold improvements (10–20 years). Maintenance and repairs are expensed as incurred. Expenditures for renewals and betterments are capitalized. The gain or loss realized on disposed assets or assets to be disposed of is recorded in earnings. (j) Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the net book value of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the net book value of an asset to the future net undiscounted cash flows expected to be generated by the asset. An impairment loss is recorded for the excess of the net book value over the fair value of the asset. The fair value is estimated based on expected discounted future cash flows. Assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell and are no longer depreciated or amortized. Long-lived assets, including operating lease right-of-use assets, buildings and improvements, leasehold improvements, and furniture, fixtures and equipment, are evaluated for impairment at the supermarket level. (k) Self-Insurance The Company is self-insured for health care claims and certain property, plant and equipment losses. The Company has third party insurance for losses in excess of self-insurance limits for workers’ compensation, general liability and fleet liability claims. Self-insurance reserves are established for health care, workers’ compensation, general liability and fleet liability claims. These reserves are determined based on actual claims experience and an estimate of claims incurred but not reported including, where necessary, actuarial studies. Actuarial projections of losses for general liability and workers’ compensation claims are discounted. (l) Postretirement Benefit The Company provides a postretirement life insurance benefit for certain salaried and hourly full-time employees who meet the eligibility requirements. Effective January 1, 2002, the Company amended the postretirement life insurance benefit under its Group Life Insurance Plan. To receive the postretirement life insurance benefit after the amendment, an employee must have had at least five years of full-time service and the employee’s age plus years of credited service must have equaled 65 or greater as of October 1, 2001. At retirement, such employees also must be at least age 55 with at least 10 years of full-time service to be eligible to receive the postretirement life insurance benefit. Actuarial projections are used to calculate the year end postretirement benefit obligation, discounted using a yield curve methodology based on high quality bonds with a rating of AA or better. Actuarial losses are amortized from accumulated other comprehensive earnings into net periodic postretirement benefit cost over future years when the accumulation of such losses exceeds 10% of the year end postretirement benefit obligation. (m) Comprehensive Earnings Comprehensive earnings include net earnings and other comprehensive earnings. Other comprehensive earnings include revenues, expenses, gains and losses that have been excluded from net earnings and recorded directly to stockholders’ equity. Included in other comprehensive earnings for the Company are unrealized gains and losses on debt securities in 2019 and 2018, unrealized gains and losses on debt and equity securities in 2017 and adjustments to the postretirement benefit obligation. (n) Revenue Recognition The Company sells grocery (including dairy, produce, floral, deli, bakery, meat and seafood), health and beauty care, general merchandise, pharmacy and other products and services. Grocery was 84% of sales for 2019 , 2018 and 2017 . All other products and services were 16% of sales for 2019 , 2018 and 2017 . Revenue is recognized at the point of sale for retail sales. Customer returns are immaterial. Vendor coupons that are reimbursed are accounted for as sales. Coupons and other sales incentives offered by the Company that are not reimbursed are recorded as a reduction of sales. The Company records sales net of applicable sales taxes. (o) Other Operating Income Other operating income is recognized on a net basis as earned. Other operating income includes income generated from other activities, primarily lottery commissions, licensee sales commissions, mall gift card commissions, automated teller transaction fees, vending machine commissions, money transfer fees and money order commissions. (p) Cost of Merchandise Sold Cost of merchandise sold includes costs of inventory and costs related to in-store production. Cost of merchandise sold also includes inbound freight charges, purchasing and receiving costs, warehousing costs and other costs of the Company’s distribution network. Allowances and credits, including cooperative advertising allowances, received from a vendor in connection with the purchase or promotion of the vendor’s products are recognized as a reduction of cost of merchandise sold as earned. These allowances and credits are recognized as earned in accordance with the underlying agreement with the vendor and completion of the earnings process. Short-term vendor agreements with advance payment provisions are recorded as a current liability and recognized over the appropriate period as earned according to the underlying agreements. Long-term vendor agreements with advance payment provisions are recorded as a noncurrent liability and recognized over the appropriate period as earned according to the underlying agreements. (q) Advertising Costs Advertising costs are expensed as incurred and were $245,403,000 , $249,123,000 and $251,933,000 for 2019 , 2018 and 2017 , respectively. (r) Other Nonoperating Income, net Other nonoperating income, net includes rent from tenants in owned shopping centers, net of related expenses, and other miscellaneous nonoperating income. (s) Income Taxes Deferred income taxes are established for temporary differences between financial and tax reporting bases and are subsequently adjusted to reflect changes in income tax rates expected to be in effect when the temporary differences reverse. The Company recognizes accrued interest and penalties related to income tax liabilities as a component of income tax expense. The Company invests in certain investment related tax credits that promote affordable housing and renewable energy. These investments generate a return primarily through the realization of federal and state tax credits and other tax benefits. The Company accounts for its affordable housing investments using the proportional amortization method. Under this method, the investment is amortized into income tax expense in proportion to the tax credits received and the investment tax credits are recognized as a reduction of income tax expense. The Company accounts for its renewable energy investments using the deferral method. Under this method, the investment tax credits are recognized as a reduction of the renewable energy investments. (t) Common Stock and Earnings Per Share Earnings per share is calculated by dividing net earnings by the weighted average shares outstanding. Basic and diluted earnings per share are the same because the Company does not have options or other stock compensation programs that impact the calculation of diluted earnings per share. All shares owned by the Employee Stock Ownership Plan (ESOP) are included in the earnings per share calculations. Dividends paid to the ESOP, as well as dividends on all other common stock shares, are reflected as a reduction of retained earnings. All common stock shares, including ESOP and 401(k) Plan shares, receive one vote per share and have the same dividend rights. The voting rights for ESOP shares allocated to participants’ accounts are passed through to the participants. The Trustee of the Company’s common stock in the 401(k) Plan votes the shares held in that plan. (u) Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles 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 | 12 Months Ended |
Dec. 28, 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 December 28, 2019 and December 29, 2018 : Fair Value Level 1 Level 2 Level 3 (Amounts are in thousands) December 28, 2019 $ 8,426,385 2,028,547 6,397,838 — December 29, 2018 6,577,430 2,372,931 4,204,499 — |
Investments (Notes)
Investments (Notes) | 12 Months Ended |
Dec. 28, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments Disclosure [Text Block] | (3) Investments (a) Debt Securities Following is a summary of debt securities as of December 28, 2019 and December 29, 2018 : Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Amounts are in thousands) 2019 Tax exempt bonds $ 767,931 3,429 130 771,230 Taxable bonds 5,002,036 120,132 1,443 5,120,725 Restricted investments 169,983 10,101 — 180,084 $ 5,939,950 133,662 1,573 6,072,039 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 December 28, 2019 and December 29, 2018 are as follows: 2019 2018 Cost Fair Value Cost Fair Value (Amounts are in thousands) Due in one year or less $ 437,236 438,105 563,272 560,992 Due after one year through five years 3,836,333 3,900,904 2,831,916 2,768,971 Due after five years through ten years 1,661,143 1,727,594 542,488 541,852 Due after ten years 5,238 5,436 6,783 6,895 $ 5,939,950 6,072,039 3,944,459 3,878,710 Following is a summary of temporarily impaired debt securities by the time period impaired as of December 28, 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) 2019 Tax exempt bonds $ 48,462 11 99,976 119 148,438 130 Taxable bonds 573,315 888 197,641 555 770,956 1,443 $ 621,777 899 297,617 674 919,394 1,573 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 80 debt securities contributing to the total unrealized losses of $1,573,000 as of December 28, 2019 . Unrealized losses related to debt securities are primarily due to increases in interest rates that occurred since the debt securities were purchased. The Company continues to receive scheduled principal and interest payments on these debt securities. (b) Equity Securities The fair value of equity securities was $2,354,346,000 and $2,698,720,000 as of December 28, 2019 and December 29, 2018 , respectively. (c) Investment Income 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. For 2019 and 2018 , the net realized gain on the sale of investments excludes the net gain or loss on the sale of equity securities previously recognized through the fair value adjustment, which is presented separately in the following table. Following is a summary of investment income for 2019 , 2018 and 2017 : 2019 2018 2017 (Amounts are in thousands) Interest and dividend income $ 186,748 129,953 117,702 Net realized gain on sale of investments 104,905 109,547 108,924 291,653 239,500 226,626 Fair value adjustment, due to net unrealized gain (loss), on equity securities held at end of year 472,490 (107,466 ) — Net loss (gain) on sale of equity securities previously recognized through fair value adjustment 50,229 (75,335 ) — $ 814,372 56,699 226,626 |
Lessee, Leases Lessee, Leases (
Lessee, Leases Lessee, Leases (Notes) | 12 Months Ended |
Dec. 28, 2019 | |
Lessee Disclosure [Abstract] | |
Lessee, Operating and Finance Leases [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. As of December 30, 2018, the Company recognized $2,922,446,000 of operating lease right-of-use assets and operating lease liabilities on the consolidated 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 $154,217,000 in net property, plant and equipment and finance lease liabilities of $29,480,000 and $104,806,000 in other accrued expenses and other noncurrent liabilities, respectively, on the consolidated balance sheet as of December 28, 2019 . Lease expense for 2019 was as follows: 2019 (Amounts are in thousands) Operating lease expense $ 434,555 Finance lease expense: Amortization of right-of-use assets 8,128 Interest on lease liabilities 3,105 Variable lease expense 147,463 Sublease rental income (2,874 ) $ 590,377 Supplemental cash flow information related to leases for 2019 was as follows: 2019 (Amounts are in thousands) Operating cash flows from rent paid for operating lease liabilities $ 422,596 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 463,727 Finance leases 65,539 The weighted-average remaining lease term and weighted-average discount rate as of December 28, 2019 are as follows: December 28, 2019 Weighted-average remaining lease term: Operating leases 12 years Finance leases 18 years Weighted-average discount rate: Operating leases 3.5 % Finance leases 3.9 % Maturities of lease liabilities as of December 28, 2019 are as follows: Year Operating Leases Finance Leases (Amounts are in thousands) 2020 $ 430,983 33,068 2021 405,096 8,101 2022 369,434 8,101 2023 327,091 22,817 2024 280,317 7,132 Thereafter 1,852,831 91,140 3,665,752 170,359 Less: Imputed interest (727,155 ) (36,073 ) $ 2,938,597 134,286 As of December 28, 2019 , the Company has lease agreements that have not yet commenced with fixed lease payments totaling $282,322,000 . These leases will commence in future periods with terms ranging up to 20 years. Prior to the adoption of the ASU, minimum rentals represented fixed lease obligations, including insurance and maintenance to the extent they were fixed in the lease. Contingent rentals represented variable lease obligations, including real estate taxes, insurance, maintenance and, for certain locations, excess rent. The Company recognized rent expense for operating leases with rent escalation clauses on a straight-line basis over the applicable lease term. Total rental expense for 2018 and 2017 was as follows: 2018 2017 (Amounts are in thousands) Minimum rentals $ 449,138 437,403 Contingent rentals 133,382 126,855 Sublease rental income (4,339 ) (4,617 ) $ 578,181 559,641 |
Lessor, Leases Lessor, Leases (
Lessor, Leases Lessor, Leases (Notes) | 12 Months Ended |
Dec. 28, 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 from tenants recognized on a straight-line basis over the applicable lease term. Variable lease income represents tenant payments for real estate taxes, insurance, maintenance and, for certain locations, excess rent. Total lease income was $190,785,000 , $183,963,000 and $158,121,000 for 2019 , 2018 and 2017 , respectively. Total lease income for 2019 was as follows: 2019 (Amounts are in thousands) Lease income $ 149,313 Variable lease income 41,472 $ 190,785 Future fixed lease payments for all noncancelable operating leases as of December 28, 2019 are as follows: Year (Amounts are in thousands) 2020 $ 146,201 2021 120,281 2022 94,365 2023 70,620 2024 44,703 Thereafter 169,422 $ 645,592 |
Consolidation of Joint Ventures
Consolidation of Joint Ventures and Long-Term Debt (Notes) | 12 Months Ended |
Dec. 28, 2019 | |
Consolidation Of Joint Ventures And Long Term Debt [Abstract] | |
Consolidation of Joint Ventures and Long-Term Debt [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. 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 December 28, 2019 , the carrying amounts of the assets and liabilities of the consolidated JVs were $154,659,000 and $78,472,000 , 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 , 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 2019 . The Company assumed loans totaling $9,936,000 during 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% . As of December 28, 2019 , the aggregate annual maturities and scheduled payments of long-term debt are as follows: Year (Amounts are in thousands) 2020 $ 39,692 2021 35,415 2022 25,096 2023 18,693 2024 22,293 Thereafter 30,500 $ 171,689 |
Retirement Plans (Notes)
Retirement Plans (Notes) | 12 Months Ended |
Dec. 28, 2019 | |
Retirement Benefits [Abstract] | |
Retirement Plans [Text Block] | (6) Retirement Plans The Company has a trusteed, noncontributory ESOP for the benefit of eligible employees. The Company recognizes an expense related to the Company’s discretionary contribution to the ESOP that is approved by the Board of Directors each year. ESOP contributions can be made in Company common stock or cash. Compensation expense recorded for contributions to this plan was $370,778,000 , $337,712,000 and $319,470,000 for 2019 , 2018 and 2017 , respectively. 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 $287,328,000 and $288,580,000 as of December 28, 2019 and December 29, 2018 , respectively. The cost of the shares held by the ESOP totaled $2,971,902,000 and $2,846,419,000 as of December 28, 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 consolidated balance sheets and totaled $3,259,230,000 and $3,134,999,000 as of December 28, 2019 and December 29, 2018 , respectively. The fair value of the shares held by the ESOP totaled $8,585,189,000 and $8,061,399,000 as of December 28, 2019 and December 29, 2018 , respectively. The Company has a 401(k) Plan for the benefit of eligible employees. The 401(k) Plan is a voluntary defined contribution plan. Eligible employees may contribute up to 10% of their eligible annual compensation, subject to the maximum contribution limits established by federal law. The Company may make a discretionary annual matching contribution to eligible participants of this plan as determined by the Board of Directors. During 2019 , 2018 and 2017 , the Board of Directors approved a match of 50% of eligible annual contributions up to 3% of eligible annual compensation, not to exceed a maximum match of $750 per employee. The match is determined as of the last day of the plan year and paid in the subsequent plan year. Compensation expense recorded for the Company’s match to the 401(k) Plan was $38,112,000 , $34,980,000 and $33,636,000 for 2019 , 2018 and 2017 , respectively. The Company intends to continue its retirement plans; however, the right to modify, amend, terminate or merge these plans has been reserved. In the event of termination, all amounts contributed under the plans must be paid to the participants or their beneficiaries. |
Income Taxes (Notes)
Income Taxes (Notes) | 12 Months Ended |
Dec. 28, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes Disclosure [Text Block] | (7) Income Taxes The Tax Cuts and Jobs Act of 2017 (Tax Act), signed into law on December 22, 2017, made significant changes to the Internal Revenue Code. These changes included, among others, a decrease in the federal statutory income tax rate from 35% to 21% beginning in 2018. Total income taxes for 2019 , 2018 and 2017 were allocated as follows: 2019 2018 2017 (Amounts are in thousands) Earnings $ 780,591 539,801 735,612 Other comprehensive earnings (losses) 46,723 (3,440 ) 64,324 $ 827,314 536,361 799,936 The provision for income taxes consists of the following: Current Deferred Total (Amounts are in thousands) 2019 Federal $ 504,047 171,422 675,469 State 61,540 43,582 105,122 $ 565,587 215,004 780,591 2018 Federal $ 413,735 59,377 473,112 State 62,821 3,868 66,689 $ 476,556 63,245 539,801 2017 Federal $ 771,355 (113,620 ) 657,735 State 64,113 13,764 77,877 $ 835,468 (99,856 ) 735,612 A reconciliation of the provision for income taxes at the federal statutory income tax rate of 21% for 2019 and 2018 and 35% for 2017 to earnings before income taxes compared to the Company’s actual income tax expense is as follows: 2019 2018 2017 (Amounts are in thousands) Federal tax at statutory income tax rate $ 795,057 613,403 1,059,627 State income taxes (net of federal tax benefit) 83,046 52,684 50,621 ESOP dividend (45,493 ) (41,175 ) (65,111 ) Other, net (52,019 ) (85,111 ) (85,330 ) Remeasurement of deferred income taxes — — (224,195 ) $ 780,591 539,801 735,612 The impact of the reduction of the federal statutory income tax rate decreased the Company’s income tax expense for 2017 by $224,195,000 due to the remeasurement of deferred income taxes. The Company had no incomplete or provisional amounts in the remeasurement of deferred income taxes. The tax effects of temporary differences that give rise to significant portions of deferred income taxes as of December 28, 2019 and December 29, 2018 are as follows: 2019 2018 (Amounts are in thousands) Deferred tax liabilities and (assets): Lease assets $ 770,182 — Property, plant and equipment 671,864 581,290 Investments 176,744 (10,811 ) Inventories 30,398 25,989 Lease liabilities (781,250 ) (4,662 ) Self-insurance reserves (80,655 ) (79,467 ) Retirement plan contributions (46,196 ) (41,424 ) Postretirement benefit cost (32,064 ) (28,224 ) Purchase allowances (15,299 ) (11,114 ) Other (11,240 ) (10,820 ) $ 682,484 420,757 The Company expects the results of future operations and the reversal of deferred tax liabilities to generate sufficient taxable income to allow utilization of deferred tax assets; therefore, no valuation allowance has been recorded as of December 28, 2019 and December 29, 2018 . The Company has analyzed filing positions in all of the federal and state jurisdictions where it is required to file income tax returns as well as all open tax years in these jurisdictions. The periods subject to examination for the Company’s federal income tax returns are the 2016 through 2018 tax years. The periods subject to examination for the Company’s state income tax returns are the 2013 through 2018 tax years. The Company believes that the outcome of any examinations will not have a material effect on its financial condition, results of operations or cash flows. The Company had no unrecognized tax benefits in 2019 and 2018 . As a result, there will be no effect on the Company’s effective income tax rate in future periods due to the recognition of unrecognized tax benefits. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Earnings (Notes) | 12 Months Ended |
Dec. 28, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Earnings [Text Block] | (8) Accumulated Other Comprehensive Earnings (Losses) A reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for 2019 , 2018 and 2017 is as follows: Investments Postretirement Benefit Accumulated Other Comprehensive Earnings (Losses) (Amounts are in thousands) Balances at December 31, 2016 $ 29,118 (5,691 ) 23,427 Unrealized gain on debt and equity securities 175,978 — 175,978 Net realized gain on debt and equity securities reclassified to investment income (66,836 ) — (66,836 ) Adjustment to postretirement benefit obligation — (6,997 ) (6,997 ) Net other comprehensive earnings (losses) 109,142 (6,997 ) 102,145 Remeasurement of deferred income taxes reclassified to retained earnings 29,797 (2,733 ) 27,064 Balances at December 30, 2017 168,057 (15,421 ) 152,636 Unrealized loss on debt securities (19,126 ) — (19,126 ) Net realized loss on debt securities reclassified to investment income 346 — 346 Adjustment to postretirement benefit obligation — 8,692 8,692 Net other comprehensive (losses) earnings (18,780 ) 8,692 (10,088 ) Cumulative effect of net unrealized gain on equity securities reclassified to retained earnings (198,310 ) — (198,310 ) Balances at December 29, 2018 (49,033 ) (6,729 ) (55,762 ) Unrealized gain on debt securities 148,141 — 148,141 Net realized gain on debt securities reclassified to investment income (602 ) — (602 ) Adjustment to postretirement benefit obligation — (10,488 ) (10,488 ) Net other comprehensive earnings (losses) 147,539 (10,488 ) 137,051 Balances at December 28, 2019 $ 98,506 (17,217 ) 81,289 In February 2018, an ASU was issued in response to the Tax Act. The ASU permitted companies to reclassify stranded tax effects due to the reduction of the federal statutory income tax rate from accumulated other comprehensive earnings to retained earnings. The Company elected to adopt the ASU early and reclassified $27,064,000 from accumulated other comprehensive earnings to retained earnings in 2017. 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 the 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. |
Commitments and Contingencies (
Commitments and Contingencies (Notes) | 12 Months Ended |
Dec. 28, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies [Text Block] | (9) Commitments and Contingencies (a) Letters of Credit As of December 28, 2019 , the Company had outstanding $4,101,000 in trade letters of credit and $5,355,000 in standby letters of credit to support certain purchase obligations. (b) Litigation The Company is subject from time to time to various lawsuits, claims and charges arising in the normal course of business. The Company believes its recorded reserves are adequate in light of the probable and estimable liabilities. The estimated amount of reasonably possible losses for lawsuits, claims and charges, individually and in the aggregate, is considered to be immaterial. In the opinion of management, the ultimate resolution of these legal proceedings will not have a material adverse effect on the Company’s financial condition, results of operations or cash flows. |
Subsequent Event Subsequent Eve
Subsequent Event Subsequent Event (Notes) | 12 Months Ended |
Dec. 28, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | (10) Subsequent Event On January 2, 2020 , the Company declared a quarterly dividend on its common stock of $0.30 per share or $211,800,000 , payable February 3, 2020 to stockholders of record as of the close of business January 15, 2020 . |
Quarterly Information (unaudite
Quarterly Information (unaudited) (Notes) | 12 Months Ended |
Dec. 28, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Information (unaudited) [Text Block] | (11) Quarterly Information (unaudited) Following is a summary of the quarterly results of operations for 2019 and 2018 . All quarters have 13 weeks. Quarter First Second Third Fourth (Amounts are in thousands, except per share amounts) 2019 Revenues $ 9,760,110 9,446,916 9,417,933 9,837,794 Costs and expenses 8,903,535 8,767,478 8,805,903 9,096,588 Net earnings 980,971 661,057 574,026 789,341 Earnings per share 1.37 0.92 0.81 1.11 2018 Revenues $ 9,345,807 8,826,003 8,858,101 9,365,807 Costs and expenses 8,511,850 8,183,211 8,274,949 8,681,305 Net earnings 680,271 616,172 677,744 406,980 Earnings per share 0.93 0.84 0.94 0.57 Following is a summary of the quarterly net earnings and earnings per share excluding the impact of net unrealized gains and losses on equity securities for 2019 and 2018 . Quarter First Second Third Fourth (Amounts are in thousands, except per share amounts) 2019 Net earnings $ 741,700 637,000 580,300 656,600 Earnings per share 1.04 0.89 0.81 0.93 2018 Net earnings $ 704,200 571,000 582,000 660,300 Earnings per share 0.96 0.78 0.80 0.92 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Notes) | 12 Months Ended |
Dec. 28, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts [Text Block] | Schedule II PUBLIX SUPER MARKETS, INC. Valuation and Qualifying Accounts Years ended December 28, 2019 , December 29, 2018 and December 30, 2017 Balance at Year Additions Income Deductions Reserves Balance at Year (Amounts are in thousands) 2019 Reserves not deducted from assets: Self-insurance reserves: Current $ 145,241 398,336 394,495 149,082 Noncurrent 222,419 4,308 — 226,727 $ 367,660 402,644 394,495 375,809 2018 Reserves not deducted from assets: Self-insurance reserves: Current $ 137,100 403,598 395,457 145,241 Noncurrent 218,598 3,821 — 222,419 $ 355,698 407,419 395,457 367,660 2017 Reserves not deducted from assets: Self-insurance reserves: Current $ 139,554 342,451 344,905 137,100 Noncurrent 216,125 2,473 — 218,598 $ 355,679 344,924 344,905 355,698 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 28, 2019 | |
Accounting Policies [Abstract] | |
Business [Text Block] | (a) Business Publix Super Markets, Inc. and its wholly owned subsidiaries (Company) are in the business of operating retail food supermarkets in Florida, Georgia, Alabama, South Carolina, Tennessee, North Carolina and Virginia. The Company was founded in 1930 and later merged into another corporation that was originally incorporated in 1921. The Company has no other significant lines of business or industry segments. |
Principles of Consolidation [Policy Text Block] | (b) Principles of Consolidation The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries and certain joint ventures in which the Company has a controlling financial interest. All significant intercompany balances and transactions are eliminated in consolidation. |
Fiscal Year [Policy Text Block] | (c) Fiscal Year The Company’s fiscal year ends on the last Saturday in December. Fiscal years 2019 , 2018 and 2017 include 52 weeks. |
Cash Equivalents [Policy Text Block] | (d) Cash Equivalents The Company considers all liquid investments with maturities of three months or less to be cash equivalents. |
Trade Receivables [Policy Text Block] | (e) Trade Receivables Trade receivables primarily include amounts due from vendor allowances, debit and credit card sales and third party insurance pharmacy billings. |
Inventories [Policy Text Block] | (f) Inventories Inventories are valued at the lower of cost or market. The dollar value last-in, first-out (LIFO) method was used to determine the cost for 85% of inventories as of December 28, 2019 and December 29, 2018 . Under this method, inventory is stated at cost, which is determined by applying a cost-to-retail ratio to each similar merchandise category’s ending retail value. The cost of the remaining inventories was determined using the first-in, first-out (FIFO) method. The FIFO cost of inventory approximates replacement or current cost. The FIFO method is used to value certain manufactured, seasonal, perishable and other miscellaneous inventory items because of fluctuating costs and inconsistent product availability. The Company also reduces inventory for estimated losses related to shrink. If all inventories were valued using the FIFO method, inventories and current assets would have been higher than reported by $528,997,000 and $489,058,000 as of December 28, 2019 and December 29, 2018 , respectively. |
Investments [Policy Text Block] | (g) Investments Debt securities are classified as available-for-sale and measured 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. 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 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 the 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 measured 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. Interest and dividend income, amortization of premiums, accretion of discounts and realized gains and losses on 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 specific identification method. With the adoption of the ASU, the fair value adjustment on equity securities held as of December 28, 2019 and December 29, 2018 is also included in investment income. |
Lessee, Leases [Policy Text Block] | (h) Leases The Company conducts a major portion of its retail operations from leased locations. 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. Prior to the adoption of the ASU, the Company was not required to record operating leases on the balance sheet when it was the lessee. 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. The incremental borrowing rate is estimated based on a composite index of debt for similarly rated companies with comparable terms. 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. The annual sales projections are reviewed periodically and adjusted if necessary. |
Property, Plant and Equipment and Depreciation [Policy Text Block] | (i) Property, Plant and Equipment and Depreciation Assets are recorded at cost and depreciated or amortized using the straight-line method over their estimated useful lives or the terms of the related leases, if shorter, as follows: buildings and improvements (10–40 years); furniture, fixtures and equipment (3–20 years); and leasehold improvements (10–20 years). Maintenance and repairs are expensed as incurred. Expenditures for renewals and betterments are capitalized. The gain or loss realized on disposed assets or assets to be disposed of is recorded in earnings. |
Long-Lived Assets [Policy Text Block] | (j) Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the net book value of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the net book value of an asset to the future net undiscounted cash flows expected to be generated by the asset. An impairment loss is recorded for the excess of the net book value over the fair value of the asset. The fair value is estimated based on expected discounted future cash flows. Assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell and are no longer depreciated or amortized. Long-lived assets, including operating lease right-of-use assets, buildings and improvements, leasehold improvements, and furniture, fixtures and equipment, are evaluated for impairment at the supermarket level. |
Self-Insurance [Policy Text Block] | (k) Self-Insurance The Company is self-insured for health care claims and certain property, plant and equipment losses. The Company has third party insurance for losses in excess of self-insurance limits for workers’ compensation, general liability and fleet liability claims. Self-insurance reserves are established for health care, workers’ compensation, general liability and fleet liability claims. These reserves are determined based on actual claims experience and an estimate of claims incurred but not reported including, where necessary, actuarial studies. Actuarial projections of losses for general liability and workers’ compensation claims are discounted. |
Postretirement Benefit [Policy Text Block] | (l) Postretirement Benefit The Company provides a postretirement life insurance benefit for certain salaried and hourly full-time employees who meet the eligibility requirements. Effective January 1, 2002, the Company amended the postretirement life insurance benefit under its Group Life Insurance Plan. To receive the postretirement life insurance benefit after the amendment, an employee must have had at least five years of full-time service and the employee’s age plus years of credited service must have equaled 65 or greater as of October 1, 2001. At retirement, such employees also must be at least age 55 with at least 10 years of full-time service to be eligible to receive the postretirement life insurance benefit. Actuarial projections are used to calculate the year end postretirement benefit obligation, discounted using a yield curve methodology based on high quality bonds with a rating of AA or better. Actuarial losses are amortized from accumulated other comprehensive earnings into net periodic postretirement benefit cost over future years when the accumulation of such losses exceeds 10% of the year end postretirement benefit obligation. |
Comprehensive Earnings [Policy Text Block] | (m) Comprehensive Earnings Comprehensive earnings include net earnings and other comprehensive earnings. Other comprehensive earnings include revenues, expenses, gains and losses that have been excluded from net earnings and recorded directly to stockholders’ equity. Included in other comprehensive earnings for the Company are unrealized gains and losses on debt securities in 2019 and 2018, unrealized gains and losses on debt and equity securities in 2017 and adjustments to the postretirement benefit obligation. |
Revenue Recognition [Policy Text Block] | (n) Revenue Recognition The Company sells grocery (including dairy, produce, floral, deli, bakery, meat and seafood), health and beauty care, general merchandise, pharmacy and other products and services. Grocery was 84% of sales for 2019 , 2018 and 2017 . All other products and services were 16% of sales for 2019 , 2018 and 2017 . Revenue is recognized at the point of sale for retail sales. Customer returns are immaterial. Vendor coupons that are reimbursed are accounted for as sales. Coupons and other sales incentives offered by the Company that are not reimbursed are recorded as a reduction of sales. The Company records sales net of applicable sales taxes. |
Other Operating Income [Policy Text Block] | (o) Other Operating Income Other operating income is recognized on a net basis as earned. Other operating income includes income generated from other activities, primarily lottery commissions, licensee sales commissions, mall gift card commissions, automated teller transaction fees, vending machine commissions, money transfer fees and money order commissions. |
Cost of Merchandise Sold [Policy Text Block] | (p) Cost of Merchandise Sold Cost of merchandise sold includes costs of inventory and costs related to in-store production. Cost of merchandise sold also includes inbound freight charges, purchasing and receiving costs, warehousing costs and other costs of the Company’s distribution network. Allowances and credits, including cooperative advertising allowances, received from a vendor in connection with the purchase or promotion of the vendor’s products are recognized as a reduction of cost of merchandise sold as earned. These allowances and credits are recognized as earned in accordance with the underlying agreement with the vendor and completion of the earnings process. Short-term vendor agreements with advance payment provisions are recorded as a current liability and recognized over the appropriate period as earned according to the underlying agreements. Long-term vendor agreements with advance payment provisions are recorded as a noncurrent liability and recognized over the appropriate period as earned according to the underlying agreements. |
Advertising Costs [Policy Text Block] | (q) Advertising Costs Advertising costs are expensed as incurred and were $245,403,000 , $249,123,000 and $251,933,000 for 2019 , 2018 and 2017 , respectively. |
Other Nonoperating Income, net [Policy Text Block] | (r) Other Nonoperating Income, net Other nonoperating income, net includes rent from tenants in owned shopping centers, net of related expenses, and other miscellaneous nonoperating income. |
Income Taxes [Policy Text Block] | (s) Income Taxes Deferred income taxes are established for temporary differences between financial and tax reporting bases and are subsequently adjusted to reflect changes in income tax rates expected to be in effect when the temporary differences reverse. The Company recognizes accrued interest and penalties related to income tax liabilities as a component of income tax expense. The Company invests in certain investment related tax credits that promote affordable housing and renewable energy. These investments generate a return primarily through the realization of federal and state tax credits and other tax benefits. The Company accounts for its affordable housing investments using the proportional amortization method. Under this method, the investment is amortized into income tax expense in proportion to the tax credits received and the investment tax credits are recognized as a reduction of income tax expense. The Company accounts for its renewable energy investments using the deferral method. Under this method, the investment tax credits are recognized as a reduction of the renewable energy investments. |
Common Stock and Earnings Per Share [Policy Text Block] | (t) Common Stock and Earnings Per Share Earnings per share is calculated by dividing net earnings by the weighted average shares outstanding. Basic and diluted earnings per share are the same because the Company does not have options or other stock compensation programs that impact the calculation of diluted earnings per share. All shares owned by the Employee Stock Ownership Plan (ESOP) are included in the earnings per share calculations. Dividends paid to the ESOP, as well as dividends on all other common stock shares, are reflected as a reduction of retained earnings. All common stock shares, including ESOP and 401(k) Plan shares, receive one vote per share and have the same dividend rights. The voting rights for ESOP shares allocated to participants’ accounts are passed through to the participants. The Trustee of the Company’s common stock in the 401(k) Plan votes the shares held in that plan. |
Use of Estimates [Policy Text Block] | (u) Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles 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) | 12 Months Ended |
Dec. 28, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value Measurements [Table Text Block] | Following is a summary of fair value measurements for investments as of December 28, 2019 and December 29, 2018 : Fair Value Level 1 Level 2 Level 3 (Amounts are in thousands) December 28, 2019 $ 8,426,385 2,028,547 6,397,838 — December 29, 2018 6,577,430 2,372,931 4,204,499 — |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Available For Sale Debt Securities [Table Text Block] | Following is a summary of debt securities as of December 28, 2019 and December 29, 2018 : Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Amounts are in thousands) 2019 Tax exempt bonds $ 767,931 3,429 130 771,230 Taxable bonds 5,002,036 120,132 1,443 5,120,725 Restricted investments 169,983 10,101 — 180,084 $ 5,939,950 133,662 1,573 6,072,039 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 December 28, 2019 and December 29, 2018 are as follows: 2019 2018 Cost Fair Value Cost Fair Value (Amounts are in thousands) Due in one year or less $ 437,236 438,105 563,272 560,992 Due after one year through five years 3,836,333 3,900,904 2,831,916 2,768,971 Due after five years through ten years 1,661,143 1,727,594 542,488 541,852 Due after ten years 5,238 5,436 6,783 6,895 $ 5,939,950 6,072,039 3,944,459 3,878,710 |
Temporarily Impaired Available for Sale Debt Securities by Time Period Impaired [Table Text Bock} | Following is a summary of temporarily impaired debt securities by the time period impaired as of December 28, 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) 2019 Tax exempt bonds $ 48,462 11 99,976 119 148,438 130 Taxable bonds 573,315 888 197,641 555 770,956 1,443 $ 621,777 899 297,617 674 919,394 1,573 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 2019 , 2018 and 2017 : 2019 2018 2017 (Amounts are in thousands) Interest and dividend income $ 186,748 129,953 117,702 Net realized gain on sale of investments 104,905 109,547 108,924 291,653 239,500 226,626 Fair value adjustment, due to net unrealized gain (loss), on equity securities held at end of year 472,490 (107,466 ) — Net loss (gain) on sale of equity securities previously recognized through fair value adjustment 50,229 (75,335 ) — $ 814,372 56,699 226,626 |
Lessee, Leases Lessee, Leases_2
Lessee, Leases Lessee, Leases (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Lessee Disclosure [Abstract] | |
Lease, Cost [Table Text Block] | Lease expense for 2019 was as follows: 2019 (Amounts are in thousands) Operating lease expense $ 434,555 Finance lease expense: Amortization of right-of-use assets 8,128 Interest on lease liabilities 3,105 Variable lease expense 147,463 Sublease rental income (2,874 ) $ 590,377 Supplemental cash flow information related to leases for 2019 was as follows: 2019 (Amounts are in thousands) Operating cash flows from rent paid for operating lease liabilities $ 422,596 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases 463,727 Finance leases 65,539 The weighted-average remaining lease term and weighted-average discount rate as of December 28, 2019 are as follows: December 28, 2019 Weighted-average remaining lease term: Operating leases 12 years Finance leases 18 years Weighted-average discount rate: Operating leases 3.5 % Finance leases 3.9 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturities of operating lease liabilities as of December 28, 2019 are as follows: Year Operating Leases (Amounts are in thousands) 2020 $ 430,983 2021 405,096 2022 369,434 2023 327,091 2024 280,317 Thereafter 1,852,831 3,665,752 Less: Imputed interest (727,155 ) $ 2,938,597 |
Finance Lease, Liability, Maturity [Table Text Block] | Maturities of finance lease liabilities as of December 28, 2019 are as follows: Year Finance Leases 2020 33,068 2021 8,101 2022 8,101 2023 22,817 2024 7,132 Thereafter 91,140 170,359 Less: Imputed interest (36,073 ) $ 134,286 |
Schedule of Rent Expense [Table Text Block] | Total rental expense for 2018 and 2017 was as follows: 2018 2017 (Amounts are in thousands) Minimum rentals $ 449,138 437,403 Contingent rentals 133,382 126,855 Sublease rental income (4,339 ) (4,617 ) $ 578,181 559,641 |
Lessor, Leases Lessor, Operatin
Lessor, Leases Lessor, Operating Leases (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Lessor Disclosure [Abstract] | |
Operating Lease, Lease Income [Table Text Block] | Total lease income for 2019 was as follows: 2019 (Amounts are in thousands) Lease income $ 149,313 Variable lease income 41,472 $ 190,785 |
Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block] | Future fixed lease payments for all noncancelable operating leases as of December 28, 2019 are as follows: Year (Amounts are in thousands) 2020 $ 146,201 2021 120,281 2022 94,365 2023 70,620 2024 44,703 Thereafter 169,422 $ 645,592 |
Aggregate Maturities of Long-Te
Aggregate Maturities of Long-Term Debt (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Maturities of Long-term Debt [Abstract] | |
Aggregate Annual Maturities and Scheduled Payments of Long-Term Debt [Table Text Block] | As of December 28, 2019 , the aggregate annual maturities and scheduled payments of long-term debt are as follows: Year (Amounts are in thousands) 2020 $ 39,692 2021 35,415 2022 25,096 2023 18,693 2024 22,293 Thereafter 30,500 $ 171,689 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Allocation Of Income Taxes [Table Text Block] | Total income taxes for 2019 , 2018 and 2017 were allocated as follows: 2019 2018 2017 (Amounts are in thousands) Earnings $ 780,591 539,801 735,612 Other comprehensive earnings (losses) 46,723 (3,440 ) 64,324 $ 827,314 536,361 799,936 |
Provision for Income Taxes [Table Text Block] | The provision for income taxes consists of the following: Current Deferred Total (Amounts are in thousands) 2019 Federal $ 504,047 171,422 675,469 State 61,540 43,582 105,122 $ 565,587 215,004 780,591 2018 Federal $ 413,735 59,377 473,112 State 62,821 3,868 66,689 $ 476,556 63,245 539,801 2017 Federal $ 771,355 (113,620 ) 657,735 State 64,113 13,764 77,877 $ 835,468 (99,856 ) 735,612 |
Reconciliation of Provision for Income Taxes at Federal Statutory Tax Rate to Earnings Before Income Taxes [Table Text Block] | A reconciliation of the provision for income taxes at the federal statutory income tax rate of 21% for 2019 and 2018 and 35% for 2017 to earnings before income taxes compared to the Company’s actual income tax expense is as follows: 2019 2018 2017 (Amounts are in thousands) Federal tax at statutory income tax rate $ 795,057 613,403 1,059,627 State income taxes (net of federal tax benefit) 83,046 52,684 50,621 ESOP dividend (45,493 ) (41,175 ) (65,111 ) Other, net (52,019 ) (85,111 ) (85,330 ) Remeasurement of deferred income taxes — — (224,195 ) $ 780,591 539,801 735,612 |
Tax Effects of Temporary Differences That Give Rise to Deferred Income Taxes [Table Text Bock] | The tax effects of temporary differences that give rise to significant portions of deferred income taxes as of December 28, 2019 and December 29, 2018 are as follows: 2019 2018 (Amounts are in thousands) Deferred tax liabilities and (assets): Lease assets $ 770,182 — Property, plant and equipment 671,864 581,290 Investments 176,744 (10,811 ) Inventories 30,398 25,989 Lease liabilities (781,250 ) (4,662 ) Self-insurance reserves (80,655 ) (79,467 ) Retirement plan contributions (46,196 ) (41,424 ) Postretirement benefit cost (32,064 ) (28,224 ) Purchase allowances (15,299 ) (11,114 ) Other (11,240 ) (10,820 ) $ 682,484 420,757 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Earnings (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Earnings (Losses) [Table Text Block] | Investments Postretirement Benefit Accumulated Other Comprehensive Earnings (Losses) (Amounts are in thousands) Balances at December 31, 2016 $ 29,118 (5,691 ) 23,427 Unrealized gain on debt and equity securities 175,978 — 175,978 Net realized gain on debt and equity securities reclassified to investment income (66,836 ) — (66,836 ) Adjustment to postretirement benefit obligation — (6,997 ) (6,997 ) Net other comprehensive earnings (losses) 109,142 (6,997 ) 102,145 Remeasurement of deferred income taxes reclassified to retained earnings 29,797 (2,733 ) 27,064 Balances at December 30, 2017 168,057 (15,421 ) 152,636 Unrealized loss on debt securities (19,126 ) — (19,126 ) Net realized loss on debt securities reclassified to investment income 346 — 346 Adjustment to postretirement benefit obligation — 8,692 8,692 Net other comprehensive (losses) earnings (18,780 ) 8,692 (10,088 ) Cumulative effect of net unrealized gain on equity securities reclassified to retained earnings (198,310 ) — (198,310 ) Balances at December 29, 2018 (49,033 ) (6,729 ) (55,762 ) Unrealized gain on debt securities 148,141 — 148,141 Net realized gain on debt securities reclassified to investment income (602 ) — (602 ) Adjustment to postretirement benefit obligation — (10,488 ) (10,488 ) Net other comprehensive earnings (losses) 147,539 (10,488 ) 137,051 Balances at December 28, 2019 $ 98,506 (17,217 ) 81,289 |
Quarterly Information (unaudi_2
Quarterly Information (unaudited) (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations [Table Text Block] | Following is a summary of the quarterly results of operations for 2019 and 2018 . All quarters have 13 weeks. Quarter First Second Third Fourth (Amounts are in thousands, except per share amounts) 2019 Revenues $ 9,760,110 9,446,916 9,417,933 9,837,794 Costs and expenses 8,903,535 8,767,478 8,805,903 9,096,588 Net earnings 980,971 661,057 574,026 789,341 Earnings per share 1.37 0.92 0.81 1.11 2018 Revenues $ 9,345,807 8,826,003 8,858,101 9,365,807 Costs and expenses 8,511,850 8,183,211 8,274,949 8,681,305 Net earnings 680,271 616,172 677,744 406,980 Earnings per share 0.93 0.84 0.94 0.57 |
Quarterly Results of Operations Excluding Unrealized Gains and Losses [Table Text Block] | Following is a summary of the quarterly net earnings and earnings per share excluding the impact of net unrealized gains and losses on equity securities for 2019 and 2018 . Quarter First Second Third Fourth (Amounts are in thousands, except per share amounts) 2019 Net earnings $ 741,700 637,000 580,300 656,600 Earnings per share 1.04 0.89 0.81 0.93 2018 Net earnings $ 704,200 571,000 582,000 660,300 Earnings per share 0.96 0.78 0.80 0.92 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 28, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II Valuation of Qualifying Accounts [Table Text Block] | Balance at Year Additions Income Deductions Reserves Balance at Year (Amounts are in thousands) 2019 Reserves not deducted from assets: Self-insurance reserves: Current $ 145,241 398,336 394,495 149,082 Noncurrent 222,419 4,308 — 226,727 $ 367,660 402,644 394,495 375,809 2018 Reserves not deducted from assets: Self-insurance reserves: Current $ 137,100 403,598 395,457 145,241 Noncurrent 218,598 3,821 — 222,419 $ 355,698 407,419 395,457 367,660 2017 Reserves not deducted from assets: Self-insurance reserves: Current $ 139,554 342,451 344,905 137,100 Noncurrent 216,125 2,473 — 218,598 $ 355,679 344,924 344,905 355,698 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 28, 2019USD ($)Age | Dec. 29, 2018USD ($) | Dec. 30, 2017USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||
Percent of cost for inventories determined using LIFO | 85.00% | 85.00% | |
Excess of Replacement or Current Costs over Stated LIFO Value | $ | $ 528,997,000 | $ 489,058,000 | |
Lessee, Lease, Existence of Option to Extend [true false] | true | ||
Lessee, Operating Lease, Description | Leases include five year renewal options. Renewal options are included in the right-of-use asset and lease liability to the extent it is reasonably certain the option will be exercised. | ||
Lessee, Lease, Assumptions and Judgments, Discount Rate, Description | The incremental borrowing rate is estimated based on a composite index of debt for similarly rated companies with comparable terms. | ||
Postretirement Benefits Number of Years of Full Time Service for Eligibility | 5 years | ||
Age Plus Years of Service Required to Qualify for Post Retirement Benefits | Age | 65 | ||
Minimum Retirement Age For Eligible Employees Of Postretirement Plans | Age | 55 | ||
Minimum Years of Full Time Service for Eligible Employees of Postretirement Plans | 10 years | ||
Accumulation of Losses Exceeds Benefit Obligation | 10.00% | ||
Percent Revenue from Grocery Sales | 84.00% | ||
Percent Revenue from other products and Services | 16.00% | ||
Advertising costs | $ | $ 245,403,000 | $ 249,123,000 | $ 251,933,000 |
Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Lessee, Lease, Term of Contract | 20 years | ||
Lessee Leases, Renewal Term | 5 years |
Assets Recorded at Cost and Dep
Assets Recorded at Cost and Depreciated Using Straight-Line Method Over Estimated Useful Lives or Terms of Related Leases, If Shorter (Detail) | 12 Months Ended |
Dec. 28, 2019 | |
Buildings and improvements | Minimum [Member] | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Estimated useful life, years | 10 years |
Buildings and improvements | Maximum [Member] | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Estimated useful life, years | 40 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Estimated useful life, years | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Estimated useful life, years | 20 years |
Leasehold improvements | Minimum [Member] | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Estimated useful life, years | 10 years |
Leasehold improvements | Maximum [Member] | |
Property Plant and Equipment Estimated Useful Lives [Line Items] | |
Estimated useful life, years | 20 years |
Summary of Fair Value Measureme
Summary of Fair Value Measurements for Available for Sale Securities (Detail) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | $ 8,426,385 | $ 6,577,430 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 2,028,547 | 2,372,931 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 6,397,838 | 4,204,499 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | $ 0 | $ 0 |
Available for Sale Debt Securit
Available for Sale Debt Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 28, 2019 | Dec. 29, 2018 | |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 5,939,950 | $ 3,944,459 |
Unrealized Gain | 133,662 | 2,441 |
Unrealized Loss | 1,573 | 68,190 |
Fair Value | 6,072,039 | 3,878,710 |
Tax exempt bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 767,931 | 1,256,673 |
Unrealized Gain | 3,429 | 184 |
Unrealized Loss | 130 | 12,759 |
Fair Value | 771,230 | 1,244,098 |
Taxable Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 5,002,036 | 2,527,468 |
Unrealized Gain | 120,132 | 1,737 |
Unrealized Loss | 1,443 | 55,085 |
Fair Value | 5,120,725 | 2,474,120 |
Restricted Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 169,983 | 160,318 |
Unrealized Gain | 10,101 | 520 |
Unrealized Loss | 0 | 346 |
Fair Value | $ 180,084 | $ 160,492 |
Amortized Cost and Fair Value o
Amortized Cost and Fair Value of Available for Sale Debt Securities by Expected Maturity (Details) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Cost | ||
Due in one year or less | $ 437,236 | $ 563,272 |
Due after one year through five years | 3,836,333 | 2,831,916 |
Due after five years through ten years | 1,661,143 | 542,488 |
Due after ten years | 5,238 | 6,783 |
Amortized Cost | 5,939,950 | 3,944,459 |
Fair Value | ||
Due in one year or less | 438,105 | 560,992 |
Due after one year through five years | 3,900,904 | 2,768,971 |
Due after five years through ten years | 1,727,594 | 541,852 |
Due after ten years | 5,436 | 6,895 |
Available-for-sale Securities, Debt Maturities, Fair Value | $ 6,072,039 | $ 3,878,710 |
Temporarily Impaired Available
Temporarily Impaired Available for Sale Debt Securities by Time Period Impaired (Details) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Continuous Unrealized Loss Position, Less than 12 Months | $ 621,777 | $ 699,216 |
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 899 | 6,262 |
Continuous Unrealized Loss Position, 12 Months or Longer | 297,617 | 2,646,991 |
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 674 | 61,928 |
Debt Securities, Unrealized Loss Position | 919,394 | 3,346,207 |
Debt Securities, Unrealized Loss Position, Accumulated Loss | 1,573 | 68,190 |
Tax exempt bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Continuous Unrealized Loss Position, Less than 12 Months | 48,462 | 25,150 |
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 11 | 95 |
Continuous Unrealized Loss Position, 12 Months or Longer | 99,976 | 1,182,783 |
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 119 | 12,664 |
Debt Securities, Unrealized Loss Position | 148,438 | 1,207,933 |
Debt Securities, Unrealized Loss Position, Accumulated Loss | 130 | 12,759 |
Taxable Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Continuous Unrealized Loss Position, Less than 12 Months | 573,315 | 645,379 |
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 888 | 5,821 |
Continuous Unrealized Loss Position, 12 Months or Longer | 197,641 | 1,464,208 |
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 555 | 49,264 |
Debt Securities, Unrealized Loss Position | 770,956 | 2,109,587 |
Debt Securities, Unrealized Loss Position, Accumulated Loss | 1,443 | 55,085 |
Restricted Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Continuous Unrealized Loss Position, Less than 12 Months | 0 | 28,687 |
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 346 |
Continuous Unrealized Loss Position, 12 Months or Longer | 0 | 0 |
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Debt Securities, Unrealized Loss Position | 0 | 28,687 |
Debt Securities, Unrealized Loss Position, Accumulated Loss | $ 0 | $ 346 |
Investments - Additional Inform
Investments - Additional Information (Details) $ in Thousands | Dec. 28, 2019USD ($)Securities | Dec. 29, 2018USD ($) |
Debt Securities, Available-for-sale [Line Items] | ||
Number of AFS securities issues contributing to total unrealized loss | Securities | 80 | |
Total, Unrealized Losses | $ | $ 1,573 | $ 68,190 |
Investments Investments Equity
Investments Investments Equity Securities (Details) - USD ($) | Dec. 28, 2019 | Dec. 29, 2018 |
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract] | ||
Equity Securities | $ 2,354,346,000 | $ 2,698,720,000 |
Investments Investment Income (
Investments Investment Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Investment Income Debt and Equity Securities [Abstract] | |||
Interest and dividend income | $ 186,748 | $ 129,953 | $ 117,702 |
Net realized gain on sale of investments | 104,905 | 109,547 | 108,924 |
Investment Income Before Fair Value Adjustment | 291,653 | 239,500 | 226,626 |
Fair value adjustment, due to net unrealized gain (loss), on equity securities held at end of year | 472,490 | (107,466) | 0 |
Net loss (gain) on sale of equity securities previously recognized through fair value adjustment | 50,229 | (75,335) | 0 |
Investment Income | $ 814,372 | $ 56,699 | $ 226,626 |
Lessee, Leases ASC 842 Adoption
Lessee, Leases ASC 842 Adoption Impact (Details) | Dec. 30, 2018USD ($) |
Leases, ASU 2016-02 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Adoption of Leases ASU, Impact on Balance Sheet | $ 2,922,446,000 |
Lessee, Leases Finance Lease Ri
Lessee, Leases Finance Lease Right of Use Assets and Lease Liabilities (Details) | Dec. 28, 2019USD ($) |
Assets and Liabilities, Lessee [Abstract] | |
Finance Lease, Right-of-Use Asset | $ 154,217,000 |
Finance Lease, Liability, Current | 29,480,000 |
Finance Lease, Liability, Noncurrent | $ 104,806,000 |
Lessee, Leases Lease Cost ASC 8
Lessee, Leases Lease Cost ASC 842 (Details) $ in Thousands | 12 Months Ended |
Dec. 28, 2019USD ($) | |
Lease, Cost [Abstract] | |
Operating lease expense | $ 434,555 |
Finance Lease, Right-of-Use Asset, Amortization | 8,128 |
Finance Lease, Interest Expense | 3,105 |
Variable lease expense | 147,463 |
Sublease rental income | (2,874) |
Lease, Cost | 590,377 |
Leases, Supplemental Cash Flow Information [Abstract] | |
Operating cash flows from rent paid for operating lease liabilities | 422,596 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 463,727 |
Right-of-use assets obtained in exchange for new finance lease liabilities | $ 65,539 |
Weighted Average Remaining Lease Term/Discount Rate [Abstract] | |
Operating Lease, Weighted Average Remaining Lease Term | 12 years |
Finance Lease, Weighted Average Remaining Lease Term | 18 years |
Operating Lease, Weighted Average Discount Rate, Percent | 3.50% |
Finance Lease, Weighted Average Discount Rate, Percent | 3.90% |
Lessee, Leases Maturities of Op
Lessee, Leases Maturities of Operating Lease Liabilities (Details) $ in Thousands | Dec. 28, 2019USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2020 | $ 430,983 |
2021 | 405,096 |
2022 | 369,434 |
2023 | 327,091 |
2024 | 280,317 |
Thereafter | 1,852,831 |
Total Payments Due | 3,665,752 |
Less: Imputed Interest | (727,155) |
Operating Lease Liability | $ 2,938,597 |
Lessee, Leases Maturities of Fi
Lessee, Leases Maturities of Finance Lease Liabilities (Details) $ in Thousands | Dec. 28, 2019USD ($) |
Finance Lease, Liability, Payment, Due [Abstract] | |
2020 | $ 33,068 |
2021 | 8,101 |
2022 | 8,101 |
2023 | 22,817 |
2024 | 7,132 |
Thereafter | 91,140 |
Total Payments Due | 170,359 |
Less: Imputed Interest | (36,073) |
Finance Lease Liability | $ 134,286 |
Lessee, Leases Lessee, Lease, N
Lessee, Leases Lessee, Lease, Not Yet Commenced (Details) | 12 Months Ended |
Dec. 28, 2019USD ($) | |
Lessee, Operating Lease, Not yet Commenced, Description [Abstract] | |
Lessee, Operating Lease, Lease Not yet Commenced, Description | As of December 28, 2019, the Company has operating leases not yet commenced. |
Lessee, Lease, Description [Line Items] | |
Operating Lease, Lease Not Yet Commenced, Expense | $ 282,322,000 |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract | 20 years |
Lessee, Leases Rental Expense A
Lessee, Leases Rental Expense ASC 840 (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Operating Leases, Rental Expense ASC 840 [Abstract] | ||
Minimum rentals | $ 449,138 | $ 437,403 |
Contingent rentals | 133,382 | 126,855 |
Sublease rental income | (4,339) | (4,617) |
Operating Leases Rent Expense, Net | $ 578,181 | $ 559,641 |
Lessor, Leases Lessor, Operat_2
Lessor, Leases Lessor, Operating Leases, Lease Income ASC 842 (Details) $ in Thousands | 12 Months Ended |
Dec. 28, 2019USD ($) | |
Operating Lease, Lease Income [Abstract] | |
Lease Income | $ 149,313 |
Variable Lease Income | 41,472 |
Operating Lease Income | $ 190,785 |
Lessor, Leases Lessor, Operat_3
Lessor, Leases Lessor, Operating Leases, Lease Income ASC 840 (Details) - USD ($) | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Operating Leases, Income Statement, Lease Revenue [Abstract] | ||
Operating Leases, Income Statement, Lease Revenue | $ 183,963,000 | $ 158,121,000 |
Lessor, Leases Lessor, Fixed Le
Lessor, Leases Lessor, Fixed Lease Payments to be Received (Details) $ in Thousands | Dec. 28, 2019USD ($) |
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | |
2020 | $ 146,201 |
2021 | 120,281 |
2022 | 94,365 |
2023 | 70,620 |
2024 | 44,703 |
Thereafter | 169,422 |
Total | $ 645,592 |
Consolidation of Joint Ventur_2
Consolidation of Joint Ventures and Long-Term Debt Joint Ventures - Additional Information (Details) - USD ($) | Dec. 28, 2019 | Dec. 29, 2018 |
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||
Carrying amount of assets of the consolidated JVs | $ 154,659,000 | $ 144,197,000 |
Carrying amount of liabilities of the consolidated JVs | $ 78,472,000 | $ 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 ($) | 12 Months Ended | |
Dec. 28, 2019 | Dec. 29, 2018 | |
Debt Instrument [Line Items] | ||
Loans Assumed | $ 0 | $ 9,936,000 |
JV Loans [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |
Debt Instrument Maturity Month And Year | 2020-06 | |
JV Loans [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |
Debt Instrument Maturity Month And Year | 2027-04 | |
Secured Debt [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | |
Debt Instrument Maturity Month And Year | 2020-12 | |
Secured Debt [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | |
Debt Instrument Maturity Month And Year | 2027-01 |
Aggregate Annual Maturities and
Aggregate Annual Maturities and Scheduled Payments of Long-Term Debt (Detail) $ in Thousands | Dec. 28, 2019USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2020 | $ 39,692 |
2021 | 35,415 |
2022 | 25,096 |
2023 | 18,693 |
2024 | 22,293 |
Thereafter | 30,500 |
Long-term Debt, Total | $ 171,689 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Retirement Benefits [Abstract] | |||
Compensation expense (ESOP) | $ 370,778,000 | $ 337,712,000 | $ 319,470,000 |
Distributed shares subject to put option, fair value | 287,328,000 | 288,580,000 | |
ESOP, shares cost | 2,971,902,000 | 2,846,419,000 | |
Common stock related to ESOP | 3,259,230,000 | 3,134,999,000 | |
ESOP shares, fair value | $ 8,585,189,000 | $ 8,061,399,000 | |
Maximum contribution percentage of employees' eligible annual compensation | 10.00% | ||
Percentage of company match approved for eligible contributions | 50.00% | 50.00% | |
Percentage of eligible wages for matching contributions | 3.00% | 3.00% | |
Maximum amount match per employee | $ 750 | $ 750 | |
Compensation Expense (401(k)) | $ 38,112,000 | $ 34,980,000 | $ 33,636,000 |
Total Income Taxes (Detail)
Total Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Income Tax Disclosure [Abstract] | |||
Earnings | $ 780,591 | $ 539,801 | $ 735,612 |
Other comprehensive earnings (losses) | 46,723 | (3,440) | 64,324 |
Income tax expense | $ 827,314 | $ 536,361 | $ 799,936 |
Provision for Income Taxes (Det
Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Current | |||
Federal | $ 504,047 | $ 413,735 | $ 771,355 |
State | 61,540 | 62,821 | 64,113 |
Current income tax expense | 565,587 | 476,556 | 835,468 |
Deferred | |||
Federal | 171,422 | 59,377 | (113,620) |
State | 43,582 | 3,868 | 13,764 |
Deferred income taxes | 215,004 | 63,245 | (99,856) |
Federal | 675,469 | 473,112 | 657,735 |
State | 105,122 | 66,689 | 77,877 |
Income tax expense | $ 780,591 | $ 539,801 | $ 735,612 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory tax rate | 21.00% | 21.00% | 35.00% |
Tax Cuts and Jobs Act, Change in Tax Rate, Income Tax Benefit | $ 0 | $ 0 | $ 224,195,000 |
Deferred Tax Assets, Valuation Allowance | 0 | 0 | |
Unrecognized tax benefits | $ 0 | $ 0 |
Reconciliation of Provision for
Reconciliation of Provision for Income Taxes at Federal Statutory Tax Rate to Earnings Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Income Tax Disclosure [Abstract] | |||
Federal tax at statutory income tax rate | $ 795,057 | $ 613,403 | $ 1,059,627 |
State income taxes (net of federal tax benefit) | 83,046 | 52,684 | 50,621 |
ESOP dividend | (45,493) | (41,175) | (65,111) |
Other, net | (52,019) | (85,111) | (85,330) |
Remeasurement of deferred income taxes | 0 | 0 | (224,195) |
Income tax expense | $ 780,591 | $ 539,801 | $ 735,612 |
Tax Effect of Temporary Differe
Tax Effect of Temporary Differences That Give Rise to Deferred Income Taxes (Detail) - USD ($) $ in Thousands | Dec. 28, 2019 | Dec. 29, 2018 |
Deferred tax liabilities and (assets): | ||
Lease assets | $ 770,182 | $ 0 |
Property, plant and equipment | 671,864 | 581,290 |
Deferred Tax Liabilities, Investments | 176,744 | |
Deferred Tax Assets, Investments | (10,811) | |
Inventories | 30,398 | 25,989 |
Lease liabilities | (781,250) | (4,662) |
Self-insurance reserves | (80,655) | (79,467) |
Retirement plan contributions | (46,196) | (41,424) |
Postretirement benefit cost | (32,064) | (28,224) |
Purchase allowances | (15,299) | (11,114) |
Other | (11,240) | (10,820) |
Deferred Tax Liabilities, Net | $ 682,484 | $ 420,757 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Earnings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Accumulated Other Comprehensive Earnings (Losses), Net of Tax [Roll Forward] | |||
Balances at beginning of period | $ (55,762) | ||
Unrealized gain (loss) on debt securities reclassified to investment income in 2019 and 2018. Unrealized gain on debt and equity securities reclassified to investment income in in 2017. | 148,141 | $ (19,126) | $ 175,978 |
Net realized (gain) loss on debt securities reclassified to investment income in 2019 and 2018. Net realized (gain) on debt and equity securities reclassified to investment income in 2017. | (602) | 346 | (66,836) |
Adjustment to postretirement benefit obligation | (10,488) | 8,692 | (6,997) |
Remeasurement of deferred income taxes reclassified to retained earnings | 0 | ||
Cumulative effect of net unrealized gain on equity securities reclassified to retained earnings | 0 | ||
Balances at end of period | 81,289 | (55,762) | |
Investments | |||
Accumulated Other Comprehensive Earnings (Losses), Net of Tax [Roll Forward] | |||
Balances at beginning of period | (49,033) | 168,057 | 29,118 |
Unrealized gain (loss) on debt securities reclassified to investment income in 2019 and 2018. Unrealized gain on debt and equity securities reclassified to investment income in in 2017. | 148,141 | (19,126) | 175,978 |
Net realized (gain) loss on debt securities reclassified to investment income in 2019 and 2018. Net realized (gain) on debt and equity securities reclassified to investment income in 2017. | (602) | 346 | (66,836) |
Net other comprehensive (losses) earnings | 147,539 | (18,780) | 109,142 |
Remeasurement of deferred income taxes reclassified to retained earnings | 0 | 0 | 29,797 |
Cumulative effect of net unrealized gain on equity securities reclassified to retained earnings | 0 | (198,310) | 0 |
Balances at end of period | 98,506 | (49,033) | 168,057 |
Postretirement Benefit | |||
Accumulated Other Comprehensive Earnings (Losses), Net of Tax [Roll Forward] | |||
Balances at beginning of period | (6,729) | (15,421) | (5,691) |
Adjustment to postretirement benefit obligation | (10,488) | 8,692 | (6,997) |
Net other comprehensive (losses) earnings | (10,488) | 8,692 | (6,997) |
Remeasurement of deferred income taxes reclassified to retained earnings | 0 | 0 | (2,733) |
Balances at end of period | (17,217) | (6,729) | (15,421) |
Accumulated Other Comprehensive Earnings | |||
Accumulated Other Comprehensive Earnings (Losses), Net of Tax [Roll Forward] | |||
Balances at beginning of period | (55,762) | 152,636 | 23,427 |
Unrealized gain (loss) on debt securities reclassified to investment income in 2019 and 2018. Unrealized gain on debt and equity securities reclassified to investment income in in 2017. | 148,141 | (19,126) | 175,978 |
Net realized (gain) loss on debt securities reclassified to investment income in 2019 and 2018. Net realized (gain) on debt and equity securities reclassified to investment income in 2017. | (602) | 346 | (66,836) |
Adjustment to postretirement benefit obligation | (10,488) | 8,692 | (6,997) |
Net other comprehensive (losses) earnings | 137,051 | (10,088) | 102,145 |
Remeasurement of deferred income taxes reclassified to retained earnings | 0 | 0 | 27,064 |
Cumulative effect of net unrealized gain on equity securities reclassified to retained earnings | 0 | (198,310) | 0 |
Balances at end of period | $ 81,289 | $ (55,762) | $ 152,636 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Earnings Accumulated Other Comprehensive Earnings Change in Accounting Principle (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Remeasurement of deferred income taxes reclassified to retained earnings | $ 0 | |
Cumulative effect of net unrealized gain on equity securities reclassified to retained earnings | $ 0 | |
Tax Act Reclassification [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Remeasurement of deferred income taxes reclassified to retained earnings | $ 27,064 | |
Accounting Standards Update 2016-01 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative effect of net unrealized gain on equity securities reclassified to retained earnings | $ 198,310 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Dec. 28, 2019USD ($) |
Trade Letter of Credit | |
Commitments and Contingencies [Line Items] | |
Letter of credit to support purchase obligation | $ 4,101,000 |
Standby Letters of Credit | |
Commitments and Contingencies [Line Items] | |
Letter of credit to support purchase obligation | $ 5,355,000 |
Subsequent Event Subsequent E_2
Subsequent Event Subsequent Event (Details) - Subsequent Event [Member] - USD ($) | Feb. 03, 2020 | Jan. 15, 2020 | Jan. 02, 2020 |
Subsequent Event [Line Items] | |||
Dividends Payable, Date Declared | Jan. 2, 2020 | ||
Common Stock, Dividends, Per Share, Declared | $ 0.30 | ||
Dividends, Common Stock, Cash | $ 211,800,000 | ||
Dividends Payable, Date to be Paid | Feb. 3, 2020 | ||
Dividends Payable, Date of Record | Jan. 15, 2020 |
Quarterly Information (unaudi_3
Quarterly Information (unaudited) Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
Revenues | $ 9,837,794 | $ 9,417,933 | $ 9,446,916 | $ 9,760,110 | $ 9,365,807 | $ 8,858,101 | $ 8,826,003 | $ 9,345,807 | $ 38,462,753 | $ 36,395,718 | $ 34,836,838 |
Costs and Expenses | 9,096,588 | 8,805,903 | 8,767,478 | 8,903,535 | 8,681,305 | 8,274,949 | 8,183,211 | 8,511,850 | 35,573,504 | 33,651,315 | 32,104,014 |
Net earnings | $ 789,341 | $ 574,026 | $ 661,057 | $ 980,971 | $ 406,980 | $ 677,744 | $ 616,172 | $ 680,271 | $ 3,005,395 | $ 2,381,167 | $ 2,291,894 |
Earnings per share | $ 1.11 | $ 0.81 | $ 0.92 | $ 1.37 | $ 0.57 | $ 0.94 | $ 0.84 | $ 0.93 | $ 4.21 | $ 3.28 | $ 3.04 |
Impact of the Tax Act and the A
Impact of the Tax Act and the ASU (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||||||
Dec. 28, 2019 | Sep. 28, 2019 | Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | |
Net Earnings Excluding Unrealized Gain (Loss) [Abstract] | ||||||||
Net Earnings Excluding Unrealized Gain (Loss) | $ 656,600 | $ 580,300 | $ 637,000 | $ 741,700 | $ 660,300 | $ 582,000 | $ 571,000 | $ 704,200 |
Earnings Per Share Excluding Unrealized Gain (Loss) | $ 0.93 | $ 0.81 | $ 0.89 | $ 1.04 | $ 0.92 | $ 0.80 | $ 0.78 | $ 0.96 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 367,660 | $ 355,698 | $ 355,679 |
Additions Charged to Income | 402,644 | 407,419 | 344,924 |
Deductions From Reserves | 394,495 | 395,457 | 344,905 |
Balance at End of Year | 375,809 | 367,660 | 355,698 |
Self-Insurance Reserves, Current | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 145,241 | 137,100 | 139,554 |
Additions Charged to Income | 398,336 | 403,598 | 342,451 |
Deductions From Reserves | 394,495 | 395,457 | 344,905 |
Balance at End of Year | 149,082 | 145,241 | 137,100 |
Self-Insurance Reserves, Noncurrent | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 222,419 | 218,598 | 216,125 |
Additions Charged to Income | 4,308 | 3,821 | 2,473 |
Deductions From Reserves | 0 | 0 | 0 |
Balance at End of Year | $ 226,727 | $ 222,419 | $ 218,598 |