Publix Super Markets (PUSH) 10-Q 3 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 27, 2020	Jul. 15, 2020
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 27, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Registrant Name	PUBLIX SUPER MARKETS INC
Entity Central Index Key	0000081061
Current Fiscal Year End Date	--12-26
Entity Current Reporting Status	Yes
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		700,789,000

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 27, 2020	Dec. 28, 2019
Current assets:
Cash and cash equivalents	$ 1,423,493	$ 763,382
Short-term investments	566,920	438,105
Trade receivables	725,568	737,093
Inventories	1,868,544	1,913,310
Prepaid expenses	65,747	75,710
Total current assets	4,650,272	3,927,600
Long-term investments	9,459,373	7,988,280
Other noncurrent assets	442,883	441,938
Operating lease right-of-use assets	2,977,399	2,964,780
Property, plant and equipment	15,699,381	15,222,409
Accumulated depreciation	(6,383,465)	(6,037,887)
Net property, plant and equipment	9,315,916	9,184,522
Total assets	26,845,843	24,507,120
Current liabilities:
Accounts payable	2,155,743	1,984,761
Accrued expenses:
Contributions to retirement plans	406,751	581,699
Self-insurance reserves	155,066	149,082
Salaries and wages	297,204	148,662
Other	661,588	461,427
Current portion of long-term debt	53,354	39,692
Current portion of operating lease liabilities	340,461	335,391
Federal and state income taxes	491,016	0
Total current liabilities	4,561,183	3,700,714
Deferred income taxes	710,607	682,484
Self-insurance reserves	230,293	226,727
Accrued postretirement benefit cost	119,738	120,015
Long-term debt	124,764	131,997
Operating lease liabilities	2,605,433	2,603,206
Other noncurrent liabilities	154,820	140,633
Total liabilities	8,506,838	7,605,776
Common stock related to Employee Stock Ownership Plan (ESOP)	3,566,704	3,259,230
Stockholders’ equity:
Common stock of $1 par value. Authorized 1,000,000 shares; issued 711,636 shares in 2020 and 706,552 shares in 2019	711,636	706,552
Additional paid-in capital	4,005,969	3,758,066
Retained earnings	13,914,526	12,317,478
Treasury stock at cost, 10,811 shares in 2020	(532,522)	0
Accumulated other comprehensive earnings	201,492	81,289
Common stock related to ESOP	(3,566,704)	(3,259,230)
Total stockholders’ equity	14,734,397	13,604,155
Noncontrolling interests	37,904	37,959
Total equity	18,339,005	16,901,344
Total liabilities and stockholders' equity	$ 26,845,843	$ 24,507,120

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 27, 2020	Dec. 28, 2019
Statement of Financial Position [Abstract]
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	711,636,000	706,552,000
Treasury stock at cost, shares	10,811,000	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Revenues:
Sales	$ 11,389,065	$ 9,348,444	$ 22,617,602	$ 19,022,641
Other operating income	79,498	98,472	157,912	184,385
Total revenues	11,468,563	9,446,916	22,775,514	19,207,026
Costs and expenses:
Cost of merchandise sold	8,155,674	6,812,590	16,193,243	13,778,982
Operating and administrative expenses	2,235,844	1,954,888	4,353,615	3,892,031
Total costs and expenses	10,391,518	8,767,478	20,546,858	17,671,013
Operating profit	1,077,045	679,438	2,228,656	1,536,013
Investment income	674,463	145,142	343,618	512,329
Other nonoperating (loss) income, net	(3,170)	17,282	13,754	36,595
Earnings before income tax expense	1,748,338	841,862	2,586,028	2,084,937
Income tax expense	381,283	180,805	551,638	442,909
Net earnings	$ 1,367,055	$ 661,057	$ 2,034,390	$ 1,642,028
Weighted average shares outstanding	703,036	716,529	704,897	716,277
Earnings per share	$ 1.94	$ 0.92	$ 2.89	$ 2.29

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Statement of Comprehensive Income [Abstract]
Net earnings	$ 1,367,055	$ 661,057	$ 2,034,390	$ 1,642,028
Other comprehensive earnings:
Unrealized gain on debt securities net of income taxes in 2020 and 2019, respectively.	260,078	58,130	122,495	117,651
Reclassification adjustment for net realized (gain) loss on debt securities net of income taxes in 2020 and 2019, respectively.	(2,195)	37	(3,921)	330
Adjustment to postretirement benefit obligation net of income taxes in 2020.	814	0	1,629	0
Comprehensive earnings	$ 1,625,752	$ 719,224	$ 2,154,593	$ 1,760,009

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Statement of Comprehensive Income [Abstract]
Unrealized (loss) gain on debt securities net of income taxes in 2020 and 2019, respectively.	$ 88,664	$ 19,817	$ 41,760	$ 40,109
Reclassification adjustment for net realized (gain) loss on debt securities net of income taxes in 2020 and 2019, respectively.	(749)	13	(1,337)	113
Adjustment to postretirement benefit obligation net of income taxes in 2020.	$ 278	$ 0	$ 556	$ 0

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019
Cash flows from operating activities:
Cash received from customers	$ 22,659,014	$ 19,109,152
Cash paid to employees and suppliers	(19,177,711)	(16,671,028)
Income taxes paid	(25,981)	(265,296)
Self-insured claims paid	(176,148)	(184,324)
Dividends and interest received	118,684	101,159
Other operating cash receipts	155,659	182,159
Other operating cash payments	(9,819)	(9,858)
Net cash provided by operating activities	3,543,698	2,261,964
Cash flows from investing activities:
Payment for capital expenditures	(574,003)	(651,213)
Proceeds from sale of property, plant and equipment	3,441	3,360
Payment for investments	(2,433,868)	(1,662,396)
Proceeds from sale and maturity of investments	1,195,829	1,103,933
Net cash used in investing activities	(1,808,601)	(1,206,316)
Cash flows from financing activities:
Payment for acquisition of common stock	(775,114)	(590,708)
Proceeds from sale of common stock	133,824	153,478
Dividends paid	(437,342)	(401,387)
Repayment of long-term debt	(5,617)	(4,984)
Other, net	9,263	9,299
Net cash used in financing activities	(1,074,986)	(834,302)
Net increase in cash and cash equivalents	660,111	221,346
Cash and cash equivalents at beginning of period	763,382	599,264
Cash and cash equivalents at end of period	1,423,493	820,610
Reconciliation of net earnings to net cash provided by operating activities:
Net earnings	2,034,390	1,642,028
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	359,268	350,976
Increase in last-in, first out (LIFO) reserve	31,975	20,468
Retirement contributions paid or payable in common stock	201,713	200,329
Deferred income taxes	(12,856)	107,238
Loss on disposal and impairment of long-lived assets	80,888	2,794
Gain on investments	(242,440)	(423,599)
Net amortization of investments	21,566	23,252
Changes in operating assets and liabilities providing (requiring) cash:
Trade receivables	11,525	1,466
Inventories	12,791	47,803
Other assets	6,153	21,055
Accounts payable and accrued expenses	511,455	210,727
Federal and state income taxes	523,158	59,815
Other liabilities	4,112	(2,388)
Total adjustments	1,509,308	619,936
Net cash provided by operating activities	$ 3,543,698	$ 2,261,964

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS EQUITY CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Common Stock (Acquired from) Sold to Stockholders	Accumulated Other Comprehensive Earnings (Losses)	Common Stock Related To ESOP
Beginning Balance at Dec. 29, 2018	$ 11,823,342	$ 715,445	$ 3,458,004	$ 10,840,654	$ 0	$ (55,762)	$ (3,134,999)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Earnings	1,040,785			980,971		59,814
Dividends per share	(185,835)			(185,835)
Contribution of shares to retirement plans	367,951	5,605	235,017		127,329
Acquisition of shares from stockholders	(333,857)				(333,857)
Sale of shares to stockholders	113,196	621	26,019		86,556
Change for ESOP related shares	(375,184)						(375,184)
Ending Balance at Mar. 30, 2019	12,450,398	721,671	3,719,040	11,635,790	(119,972)	4,052	(3,510,183)
Beginning Balance at Dec. 29, 2018	11,823,342	715,445	3,458,004	10,840,654	0	(55,762)	(3,134,999)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Earnings	1,760,009
Ending Balance at Jun. 29, 2019	12,897,061	721,671	3,719,046	12,081,295	(336,547)	62,219	(3,350,623)
Beginning Balance at Mar. 30, 2019	12,450,398	721,671	3,719,040	11,635,790	(119,972)	4,052	(3,510,183)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Earnings	719,224			661,057		58,167
Dividends per share	(215,552)			(215,552)
Acquisition of shares from stockholders	(256,851)				(256,851)
Sale of shares to stockholders	40,282	0	6		40,276
Change for ESOP related shares	159,560						159,560
Ending Balance at Jun. 29, 2019	12,897,061	721,671	3,719,046	12,081,295	(336,547)	62,219	(3,350,623)
Beginning Balance at Dec. 28, 2019	13,604,155	706,552	3,758,066	12,317,478	0	81,289	(3,259,230)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Earnings	528,841			667,335		(138,494)
Dividends per share	(211,847)			(211,847)
Contribution of shares to retirement plans	361,755	4,977	242,724		114,054
Acquisition of shares from stockholders	(442,509)				(442,509)
Sale of shares to stockholders	109,348	107	5,179		104,062
Change for ESOP related shares	(444,014)						(444,014)
Ending Balance at Mar. 28, 2020	13,505,729	711,636	4,005,969	12,772,966	(224,393)	(57,205)	(3,703,244)
Beginning Balance at Dec. 28, 2019	13,604,155	706,552	3,758,066	12,317,478	0	81,289	(3,259,230)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Earnings	2,154,593
Ending Balance at Jun. 27, 2020	14,734,397	711,636	4,005,969	13,914,526	(532,522)	201,492	(3,566,704)
Beginning Balance at Mar. 28, 2020	13,505,729	711,636	4,005,969	12,772,966	(224,393)	(57,205)	(3,703,244)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Earnings	1,625,752			1,367,055		258,697
Dividends per share	(225,495)			(225,495)
Acquisition of shares from stockholders	(332,605)				(332,605)
Sale of shares to stockholders	24,476	0	0		24,476
Change for ESOP related shares	136,540						136,540
Ending Balance at Jun. 27, 2020	$ 14,734,397	$ 711,636	$ 4,005,969	$ 13,914,526	$ (532,522)	$ 201,492	$ (3,566,704)

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) (Parentheticals) - $ / shares shares in Thousands	3 Months Ended
	Jun. 27, 2020	Mar. 28, 2020	Jun. 29, 2019	Mar. 30, 2019
Statements of Stockholders' Equity (Parenthetical) [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.32	$ 0.30	$ 0.30	$ 0.26
Contribution of shares to retirement plans	0	7,398	0	8,587
Acquisition of shares from stockholders	6,714	9,142	5,790	7,802
Sale of shares to stockholders	492	2,239	904	2,641

Basis of Presentation (Notes)

Basis of Presentation (Notes)	6 Months Ended
	Jun. 27, 2020
Accounting Policies [Abstract]
Basis of Presentation [Text Block]	(1) Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Publix Super Markets, Inc. and subsidiaries (Company) have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting. Accordingly, the accompanying statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these statements include all adjustments that are of a normal and recurring nature necessary to present fairly the Company’s financial position and results of operations. Due to the seasonal nature of the Company’s business and the impact of the coronavirus pandemic, the results of operations for the three and six months ended June 27, 2020 are not necessarily indicative of the results for the entire 2020 fiscal year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 28, 2019 . The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Fair Value of Financial Instrum

Fair Value of Financial Instruments (Notes)	6 Months Ended
	Jun. 27, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments [Text Block]	(2) Fair Value of Financial Instruments The fair value of certain of the Company’s financial instruments, including cash and cash equivalents, trade receivables and accounts payable, approximates their respective carrying amounts due to their short-term maturity. The fair value of investments is based on market prices using the following measurement categories: Level 1 – Fair value is determined by using quoted prices in active markets for identical investments. Investments included in this category are equity securities (exchange traded funds and individual equity securities). Level 2 – Fair value is determined by using other than quoted prices. By using observable inputs (for example, benchmark yields, interest rates, reported trades and broker dealer quotes), the fair value is determined through processes such as benchmark curves, benchmarking of like securities and matrix pricing of corporate, state and municipal bonds by using pricing of similar bonds based on coupons, ratings and maturities. Investments included in this category are primarily debt securities (tax exempt and taxable bonds), including restricted investments in taxable bonds held as collateral. Level 3 – Fair value is determined by using other than observable inputs. Fair value is determined by using the best information available in the circumstances and requires significant management judgment or estimation. No investments are currently included in this category. Following is a summary of fair value measurements for investments as of June 27, 2020 and December 28, 2019 : Fair Value Level 1 Level 2 Level 3 (Amounts are in thousands) June 27, 2020 $ 10,026,293 2,064,634 7,961,659 — December 28, 2019 8,426,385 2,028,547 6,397,838 —

Investments (Notes)

Investments (Notes)	6 Months Ended
	Jun. 27, 2020
Investments, Debt and Equity Securities [Abstract]
Investments [Tex Block]	(3) Investments (a) Debt Securities In 2020, the Company adopted the Accounting Standards Update (ASU) requiring companies to recognize credit losses on debt securities in earnings as an allowance that is reevaluated each reporting period. The Company adopted the ASU on a prospective basis as of December 29, 2019. Prior to the adoption of the ASU, credit losses in which the Company did not expect to recover the cost of the debt security were recognized in earnings as an other-than-temporary impairment. The adoption of the ASU did not have an effect on the Company’s financial position, results of operations or cash flows. Debt securities are classified as available-for-sale and measured at fair value. The Company evaluates debt securities on an individual security basis to determine if an unrealized loss is due to a credit loss or other factors, including interest rate fluctuations. The collectability of debt securities is evaluated 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 fair value, 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. Credit losses on debt securities the Company does not intend to sell and will not be required to sell prior to any anticipated recovery are recognized in earnings through an allowance. The allowance is measured as the difference between the present value of expected cash flows and the cost of the debt security, limited to the difference between the cost and the fair value of the debt security. Expected cash flows are discounted using the debt security’s effective interest rate. Subsequent changes to the allowance are recognized in earnings in the period of the change. Credit losses on debt securities the Company intends to sell or will be required to sell prior to any anticipated recovery are recognized in earnings and measured as the difference between the cost and the fair value of the debt security. Other unrealized losses on debt securities the Company does not intend to sell and will not be required to sell prior to any anticipated recovery are reported in other comprehensive earnings net of income taxes and included as a component of stockholders’ equity. Other unrealized losses on debt securities the Company intends to sell or will be required to sell prior to any anticipated recovery are recognized in earnings and measured as the difference between the cost and the fair value of the debt security. Following is a summary of debt securities as of June 27, 2020 and December 28, 2019 : Cost Gross Gains Gross Losses Fair Value (Amounts are in thousands) June 27, 2020 Tax exempt bonds $ 666,943 9,507 6 676,444 Taxable bonds 6,335,759 276,047 10,253 6,601,553 Restricted investments 167,452 15,791 — 183,243 $ 7,170,154 301,345 10,259 7,461,240 December 28, 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 The Company maintains restricted investments primarily for the benefit of the Company’s insurance carrier related to self-insurance reserves. These investments are held as collateral and not used for claim payments. The cost and fair value of debt securities by expected maturity as of June 27, 2020 and December 28, 2019 are as follows: June 27, 2020 December 28, 2019 Cost Fair Value Cost Fair Value (Amounts are in thousands) Due in one year or less $ 563,109 566,920 437,236 438,105 Due after one year through five years 4,615,681 4,778,702 3,836,333 3,900,904 Due after five years through ten years 1,986,843 2,110,774 1,661,143 1,727,594 Due after ten years 4,521 4,844 5,238 5,436 $ 7,170,154 7,461,240 5,939,950 6,072,039 The Company had no debt securities with credit losses as of June 27, 2020 . Following is a summary of debt securities with other unrealized losses by the time period impaired as of June 27, 2020 and December 28, 2019 : Less Than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (Amounts are in thousands) June 27, 2020 Tax exempt bonds $ 23,433 6 — — 23,433 6 Taxable bonds 824,691 10,209 7,513 44 832,204 10,253 $ 848,124 10,215 7,513 44 855,637 10,259 December 28, 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 There are 36 debt securities contributing to the total unrealized losses of $10,259,000 as of June 27, 2020 . 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 Equity securities are measured at fair value with net unrealized gains and losses from changes in the fair value recognized in earnings (fair value adjustment). The fair value of equity securities was $2,565,053,000 and $2,354,346,000 as of June 27, 2020 and December 28, 2019 , 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. 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 the three and six months ended June 27, 2020 and June 29, 2019 : Three Months Ended Six Months Ended June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019 (Amounts are in thousands) Interest and dividend income $ 46,910 46,714 101,178 88,730 Net realized gain on sale of investments 106,150 66,233 108,464 70,444 153,060 112,947 209,642 159,174 Fair value adjustment, due to net unrealized gain, on equity securities held at end of period 597,408 4,969 209,981 319,317 Net (gain) loss on sale of equity securities previously recognized through fair value adjustment (76,005 ) 27,226 (76,005 ) 33,838 $ 674,463 145,142 343,618 512,329

Consolidation of Joint Ventures

Consolidation of Joint Ventures and Long-Term Debt (Notes)	6 Months Ended
	Jun. 27, 2020
Consolidation Of Joint Ventures And Long Term Debt [Abstract]
Consolidation Of Joint Ventures And Long Term Debt Disclosure [Text Block]	(4) Consolidation of Joint Ventures and Long-Term Debt From time to time, the Company enters into a joint venture (JV), in the legal form of a limited liability company, with certain real estate developers to partner in the development of a shopping center with the Company as the anchor tenant. The Company consolidates certain of these JVs in which it has a controlling financial interest. As of June 27, 2020 , the carrying amounts of the assets and liabilities of the consolidated JVs were $164,282,000 and $80,714,000 , respectively. 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. 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 2020 and 2019 were immaterial. The Company’s involvement with these JVs does not have a significant effect on the Company’s financial condition, results of operations or cash flows. The Company’s long-term debt results primarily from the consolidation of loans of certain JVs and loans assumed in connection with the acquisition of certain shopping centers with the Company as the anchor tenant. No loans were assumed during the six months ended June 27, 2020 and June 29, 2019 . Maturities of JV loans range from June 2020 through April 2027 and have variable interest rates based on a LIBOR index plus 175 to 250 basis points. Maturities of assumed shopping center loans range from December 2020 through January 2027 and have fixed interest rates ranging from 3.7% to 7.5% .

Retirement Plan (Notes)

Retirement Plan (Notes)	6 Months Ended
	Jun. 27, 2020
Retirement Benefits [Abstract]
Retirement Plan [Text Block]	(5) Retirement Plan The Company has a trusteed, noncontributory Employee Stock Ownership Plan (ESOP) for the benefit of eligible employees. Since the Company’s common stock is not traded on an established securities market, the ESOP includes a put option for shares of the Company’s common stock distributed from the ESOP. Shares are distributed from the ESOP primarily to separated vested participants and certain eligible participants who elect to diversify their account balances. Under the Company’s administration of the ESOP’s put option, if the owners of distributed shares desire to sell their shares, the Company is required to purchase the shares at fair value for a specified time period after distribution of the shares from the ESOP. The fair value of distributed shares subject to the put option totaled $375,565,000 and $287,328,000 as of June 27, 2020 and December 28, 2019 , respectively. The cost of the shares held by the ESOP totaled $3,191,139,000 and $2,971,902,000 as of June 27, 2020 and December 28, 2019 , respectively. Due to the Company’s obligation under the put option, the distributed shares subject to the put option and the shares held by the ESOP are classified as temporary equity in the mezzanine section of the condensed consolidated balance sheets and totaled $3,566,704,000 and $3,259,230,000 as of June 27, 2020 and December 28, 2019 , respectively. The fair value of the shares held by the ESOP totaled $8,984,877,000 and $8,585,189,000 as of June 27, 2020 and December 28, 2019 , respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Earnings (Losses) (Notes)	6 Months Ended
	Jun. 27, 2020
Equity [Abstract]
Accumulated Other Comprehensive Earnings (Losses) Note [Text Block]	(6) Accumulated Other Comprehensive Earnings (Losses) A reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the three months ended June 27, 2020 and June 29, 2019 is as follows: Investments Postretirement Benefit Accumulated Other Comprehensive Earnings (Losses) (Amounts are in thousands) 2020 Balances at March 28, 2020 $ (40,803 ) (16,402 ) (57,205 ) Unrealized gain on debt securities 260,078 — 260,078 Net realized gain on debt securities reclassified to investment income (2,195 ) — (2,195 ) Adjustment to postretirement benefit obligation — 814 814 Net other comprehensive earnings 257,883 814 258,697 Balances at June 27, 2020 $ 217,080 (15,588 ) 201,492 2019 Balances at March 30, 2019 $ 10,781 (6,729 ) 4,052 Unrealized gain on debt securities 58,130 — 58,130 Net realized loss on debt securities reclassified to investment income 37 — 37 Net other comprehensive earnings 58,167 — 58,167 Balances at June 29, 2019 $ 68,948 (6,729 ) 62,219 A reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the six months ended June 27, 2020 and June 29, 2019 is as follows: Investments Postretirement Benefits Accumulated Other Comprehensive Earnings (Losses) (Amounts are in thousands) 2020 Balances at December 28, 2019 $ 98,506 (17,217 ) 81,289 Unrealized gain on debt securities 122,495 — 122,495 Net realized gain on debt securities reclassified to investment income (3,921 ) — (3,921 ) Adjustment to postretirement benefit obligation — 1,629 1,629 Net other comprehensive earnings 118,574 1,629 120,203 Balances at June 27, 2020 $ 217,080 (15,588 ) 201,492 2019 Balances at December 29, 2018 $ (49,033 ) (6,729 ) (55,762 ) Unrealized gain on debt securities 117,651 — 117,651 Net realized loss on debt securities reclassified to investment income 330 — 330 Net other comprehensive earnings 117,981 — 117,981 Balances at June 29, 2019 $ 68,948 (6,729 ) 62,219

Subsequent Event (Notes)

Subsequent Event (Notes)	6 Months Ended
	Jun. 27, 2020
Subsequent Events [Abstract]
Subsequent Events [Text Block]	(7) Subsequent Event On July 1, 2020 , the Company declared a quarterly dividend on its common stock of $0.32 per share or $224,300,000 , payable August 3, 2020 to stockholders of record as of the close of business July 15, 2020 .

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 27, 2020
Accounting Policies [Abstract]
Basis of Presentation [Policy Text Block]	(1) Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Publix Super Markets, Inc. and subsidiaries (Company) have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting. Accordingly, the accompanying statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these statements include all adjustments that are of a normal and recurring nature necessary to present fairly the Company’s financial position and results of operations. Due to the seasonal nature of the Company’s business and the impact of the coronavirus pandemic, the results of operations for the three and six months ended June 27, 2020 are not necessarily indicative of the results for the entire 2020 fiscal year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 28, 2019 . The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Investments Debt Securities AFS

Investments Debt Securities AFS Accounting Policy (Policies)	6 Months Ended
	Jun. 27, 2020
Investments, Debt and Equity Securities [Abstract]
Credit Loss, Financial Instrument [Policy Text Block]	Debt securities are classified as available-for-sale and measured at fair value. The Company evaluates debt securities on an individual security basis to determine if an unrealized loss is due to a credit loss or other factors, including interest rate fluctuations. The collectability of debt securities is evaluated 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 fair value, 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. Credit losses on debt securities the Company does not intend to sell and will not be required to sell prior to any anticipated recovery are recognized in earnings through an allowance. The allowance is measured as the difference between the present value of expected cash flows and the cost of the debt security, limited to the difference between the cost and the fair value of the debt security. Expected cash flows are discounted using the debt security’s effective interest rate. Subsequent changes to the allowance are recognized in earnings in the period of the change. Credit losses on debt securities the Company intends to sell or will be required to sell prior to any anticipated recovery are recognized in earnings and measured as the difference between the cost and the fair value of the debt security. Other unrealized losses on debt securities the Company does not intend to sell and will not be required to sell prior to any anticipated recovery are reported in other comprehensive earnings net of income taxes and included as a component of stockholders’ equity. Other unrealized losses on debt securities the Company intends to sell or will be required to sell prior to any anticipated recovery are recognized in earnings and measured as the difference between the cost and the fair value of the debt security.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 27, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements for Investments [Table Text Block]	Following is a summary of fair value measurements for investments as of June 27, 2020 and December 28, 2019 : Fair Value Level 1 Level 2 Level 3 (Amounts are in thousands) June 27, 2020 $ 10,026,293 2,064,634 7,961,659 — December 28, 2019 8,426,385 2,028,547 6,397,838 —

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 27, 2020
Investments, Debt and Equity Securities [Abstract]
Available For Sale Debt Securities [Table Text Block]	Following is a summary of debt securities as of June 27, 2020 and December 28, 2019 : Cost Gross Gains Gross Losses Fair Value (Amounts are in thousands) June 27, 2020 Tax exempt bonds $ 666,943 9,507 6 676,444 Taxable bonds 6,335,759 276,047 10,253 6,601,553 Restricted investments 167,452 15,791 — 183,243 $ 7,170,154 301,345 10,259 7,461,240 December 28, 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
Amortized Cost and Fair Value of Available For Sale Debt Securities by Expected Maturity [Table Text Block]	The cost and fair value of debt securities by expected maturity as of June 27, 2020 and December 28, 2019 are as follows: June 27, 2020 December 28, 2019 Cost Fair Value Cost Fair Value (Amounts are in thousands) Due in one year or less $ 563,109 566,920 437,236 438,105 Due after one year through five years 4,615,681 4,778,702 3,836,333 3,900,904 Due after five years through ten years 1,986,843 2,110,774 1,661,143 1,727,594 Due after ten years 4,521 4,844 5,238 5,436 $ 7,170,154 7,461,240 5,939,950 6,072,039
Available For Sale Debt Securities in an Unrealized Loss Position by Time Period Impaired [Table Text Block]	Following is a summary of debt securities with other unrealized losses by the time period impaired as of June 27, 2020 and December 28, 2019 : Less Than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (Amounts are in thousands) June 27, 2020 Tax exempt bonds $ 23,433 6 — — 23,433 6 Taxable bonds 824,691 10,209 7,513 44 832,204 10,253 $ 848,124 10,215 7,513 44 855,637 10,259 December 28, 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
Investment Income [Table Text Block]	Following is a summary of investment income for the three and six months ended June 27, 2020 and June 29, 2019 : Three Months Ended Six Months Ended June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019 (Amounts are in thousands) Interest and dividend income $ 46,910 46,714 101,178 88,730 Net realized gain on sale of investments 106,150 66,233 108,464 70,444 153,060 112,947 209,642 159,174 Fair value adjustment, due to net unrealized gain, on equity securities held at end of period 597,408 4,969 209,981 319,317 Net (gain) loss on sale of equity securities previously recognized through fair value adjustment (76,005 ) 27,226 (76,005 ) 33,838 $ 674,463 145,142 343,618 512,329

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Earnings (Losses) (Tables)	6 Months Ended
	Jun. 27, 2020
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Earnings (Losses) [Table Text Block]	A reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the three months ended June 27, 2020 and June 29, 2019 is as follows: Investments Postretirement Benefit Accumulated Other Comprehensive Earnings (Losses) (Amounts are in thousands) 2020 Balances at March 28, 2020 $ (40,803 ) (16,402 ) (57,205 ) Unrealized gain on debt securities 260,078 — 260,078 Net realized gain on debt securities reclassified to investment income (2,195 ) — (2,195 ) Adjustment to postretirement benefit obligation — 814 814 Net other comprehensive earnings 257,883 814 258,697 Balances at June 27, 2020 $ 217,080 (15,588 ) 201,492 2019 Balances at March 30, 2019 $ 10,781 (6,729 ) 4,052 Unrealized gain on debt securities 58,130 — 58,130 Net realized loss on debt securities reclassified to investment income 37 — 37 Net other comprehensive earnings 58,167 — 58,167 Balances at June 29, 2019 $ 68,948 (6,729 ) 62,219 A reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the six months ended June 27, 2020 and June 29, 2019 is as follows: Investments Postretirement Benefits Accumulated Other Comprehensive Earnings (Losses) (Amounts are in thousands) 2020 Balances at December 28, 2019 $ 98,506 (17,217 ) 81,289 Unrealized gain on debt securities 122,495 — 122,495 Net realized gain on debt securities reclassified to investment income (3,921 ) — (3,921 ) Adjustment to postretirement benefit obligation — 1,629 1,629 Net other comprehensive earnings 118,574 1,629 120,203 Balances at June 27, 2020 $ 217,080 (15,588 ) 201,492 2019 Balances at December 29, 2018 $ (49,033 ) (6,729 ) (55,762 ) Unrealized gain on debt securities 117,651 — 117,651 Net realized loss on debt securities reclassified to investment income 330 — 330 Net other comprehensive earnings 117,981 — 117,981 Balances at June 29, 2019 $ 68,948 (6,729 ) 62,219

Fair Value Measurements for Inv

Fair Value Measurements for Investments (Details) - USD ($) $ in Thousands	Jun. 27, 2020	Dec. 28, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	$ 10,026,293	$ 8,426,385
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	2,064,634	2,028,547
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	7,961,659	6,397,838
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	$ 0	$ 0

Investments Recently Issued Acc

Investments Recently Issued Accounting Standard (Details)	Jun. 27, 2020
Accounting Standards Update 2016-13 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Adoption of ASU 2016-13 had an immaterial effect [true false]	true

Investments Available for Sale

Investments Available for Sale Debt Securities Reconciliation (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 27, 2020	Dec. 28, 2019
Debt Securities, Available-for-sale [Line Items]
Cost	$ 7,170,154	$ 5,939,950
Debt Securities, Available-for-sale, Unrealized Gain	301,345	133,662
Debt Securities, Available-for-sale, Unrealized Loss	10,259	1,573
Debt Securities, Available-for-sale	7,461,240	6,072,039
Nontaxable Municipal Bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Cost	666,943	767,931
Debt Securities, Available-for-sale, Unrealized Gain	9,507	3,429
Debt Securities, Available-for-sale, Unrealized Loss	6	130
Debt Securities, Available-for-sale	676,444	771,230
Corporate Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Cost	6,335,759	5,002,036
Debt Securities, Available-for-sale, Unrealized Gain	276,047	120,132
Debt Securities, Available-for-sale, Unrealized Loss	10,253	1,443
Debt Securities, Available-for-sale	6,601,553	5,120,725
Restricted Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Cost	167,452	169,983
Debt Securities, Available-for-sale, Unrealized Gain	15,791	10,101
Debt Securities, Available-for-sale, Unrealized Loss	0	0
Debt Securities, Available-for-sale	$ 183,243	$ 180,084

Amortized Cost and Fair Value o

Amortized Cost and Fair Value of Available for Sale Securities by Expected Maturity (Detail) - USD ($) $ in Thousands	Jun. 27, 2020	Dec. 28, 2019
Cost
Due in one year or less	$ 563,109	$ 437,236
Due after one year through five years	4,615,681	3,836,333
Due after five years through ten years	1,986,843	1,661,143
Due after ten years	4,521	5,238
Total	7,170,154	5,939,950
Fair Value
Due in one year or less	566,920	438,105
Due after one year through five years	4,778,702	3,900,904
Due after five years through ten years	2,110,774	1,727,594
Due after ten years	4,844	5,436
Total	$ 7,461,240	$ 6,072,039

Temporarily Impaired Available

Temporarily Impaired Available for Sale Securities by Time Period Impaired (Detail) - USD ($) $ in Thousands	Jun. 27, 2020	Dec. 28, 2019
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 848,124	$ 621,777
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	10,215	899
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	7,513	297,617
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	44	674
Debt Securities, Available-for-sale, Unrealized Loss Position	855,637	919,394
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	10,259	1,573
Nontaxable Municipal Bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	23,433	48,462
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	6	11
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	0	99,976
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0	119
Debt Securities, Available-for-sale, Unrealized Loss Position	23,433	148,438
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	6	130
Corporate Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	824,691	573,315
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	10,209	888
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	7,513	197,641
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	44	555
Debt Securities, Available-for-sale, Unrealized Loss Position	832,204	770,956
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 10,253	$ 1,443

Investments Investments Allowan

Investments Investments Allowance for Credit Losses (Details) $ in Thousands	Jun. 27, 2020USD ($)
Credit Loss [Abstract]
Debt Securities, Available-for-sale, Allowance for Credit Loss	$ 0

Investments - Additional Inform

Investments - Additional Information (Detail) $ in Thousands	Jun. 27, 2020USD ($)AFS_security	Dec. 28, 2019USD ($)
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract]
Number of debt securities issues contributing to total unrealized loss | AFS_security	36
Total, unrealized Losses | $	$ 10,259	$ 1,573

Investments Equity Securities (

Investments Equity Securities (Details) - USD ($)	Jun. 27, 2020	Dec. 28, 2019
Equity Securities [Line Items]
Equity Securities, FV-NI	$ 2,565,053,000	$ 2,354,346,000

Investments Investment Income (

Investments Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
Investment Income, Net [Abstract]
Interest and dividend income	$ 46,910	$ 46,714	$ 101,178	$ 88,730
Net realized gain on sale of investments	106,150	66,233	108,464	70,444
Investment income before fair value adjustment	153,060	112,947	209,642	159,174
Fair value adjustment, due to net unrealized gain, on equity securities held at end of period	597,408	4,969	209,981	319,317
Net (gain) loss on sale of equity securities previously recognized through fair value adjustment	(76,005)	27,226	(76,005)	33,838
Investment income	$ 674,463	$ 145,142	$ 343,618	$ 512,329

Consolidation of Joint Ventur_2

Consolidation of Joint Ventures and Long-Term Debt Joint Venture - Additional Information (Details) - USD ($)	Jun. 27, 2020	Dec. 28, 2019
Variable Interest Entity [Line Items]
Assets	$ 26,845,843,000	$ 24,507,120,000
Liabilities	8,506,838,000	7,605,776,000
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Assets	164,282,000	154,659,000
Liabilities	$ 80,714,000	$ 78,472,000

Consolidation of Joint Ventur_3

Consolidation of Joint Ventures and Long-Term Debt Long-Term Debt Assumptions, Maturities and Interest Rates (Details) - USD ($)	6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019
Debt Instrument [Line Items]
Loans Assumed	$ 0	$ 0
JV Loans [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Month And Year	June 2020
Debt Instrument, Basis Spread on Variable Rate	1.75%
JV Loans [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Month And Year	April 2027
Debt Instrument, Basis Spread on Variable Rate	2.50%
Shopping Center Loans [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Month And Year	December 2020
Debt Instrument, Interest Rate, Stated Percentage	3.70%
Shopping Center Loans [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Month And Year	January 2027
Debt Instrument, Interest Rate, Stated Percentage	7.50%

Retirement Plan - Additional In

Retirement Plan - Additional Information (Detail) - USD ($)	Jun. 27, 2020	Dec. 28, 2019
Retirement Benefits [Abstract]
Distributed shares subject to put option, fair value	$ 375,565,000	$ 287,328,000
ESOP, shares cost	3,191,139,000	2,971,902,000
Common stock related to ESOP	3,566,704,000	3,259,230,000
ESOP shares, fair value	$ 8,984,877,000	$ 8,585,189,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Earnings (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2020	Jun. 29, 2019	Jun. 27, 2020	Jun. 29, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at Beginning of Period	$ (57,205)	$ 4,052	$ 81,289	$ (55,762)
Unrealized gain on debt securities in 2020 and 2019, respectively.	260,078	58,130	122,495	117,651
Net realized (gain) loss on debt securities reclassified to investment income in 2020 and 2019, respectively.	(2,195)	37	(3,921)	330
Adjustment to postretirement benefit obligation	814	0	1,629	0
Net other comprehensive earnings (losses)	258,697	58,167	120,203	117,981
Balances at End of Period	201,492	62,219	201,492	62,219
AFS Securities [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at Beginning of Period	(40,803)	10,781	98,506	(49,033)
Unrealized gain on debt securities in 2020 and 2019, respectively.	260,078	58,130	122,495	117,651
Net realized (gain) loss on debt securities reclassified to investment income in 2020 and 2019, respectively.	(2,195)	37	(3,921)	330
Net other comprehensive earnings (losses)	257,883	58,167	118,574	117,981
Balances at End of Period	217,080	68,948	217,080	68,948
Postretirement Benefits [Member}
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at Beginning of Period	(16,402)	(6,729)	(17,217)	(6,729)
Adjustment to postretirement benefit obligation	814	0	1,629	0
Net other comprehensive earnings (losses)	814	0	1,629	0
Balances at End of Period	$ (15,588)	$ (6,729)	$ (15,588)	$ (6,729)

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event [Member] - USD ($)	Aug. 03, 2020	Jul. 15, 2020	Jul. 01, 2020
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared			$ 0.32
Dividends Payable, Date Declared			Jul. 1, 2020
Dividends Payable, Date to be Paid	Aug. 3, 2020
Dividends Payable, Date of Record		Jul. 15, 2020
Dividends, Common Stock, Cash			$ 224,300,000