Publix Super Markets (PUSH) 10-Q 3 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 27, 2021	Apr. 15, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Amendment Flag	false
Document Period End Date	Mar. 27, 2021
Document Transition Report	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity File Number	000-00981
Entity Registrant Name	PUBLIX SUPER MARKETS, INC.
Entity Central Index Key	0000081061
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	59-0324412
Entity Address, Address Line One	3300 Publix Corporate Parkway
Entity Address, City or Town	Lakeland
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33811
City Area Code	(863)
Local Phone Number	688-1188
Current Fiscal Year End Date	--12-25
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		693,397,000

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 27, 2021	Dec. 26, 2020
Current assets:
Cash and cash equivalents	$ 979,059	$ 673,483
Short-term investments	661,992	682,965
Trade receivables	831,308	917,531
Inventories	2,052,343	2,033,792
Prepaid expenses	65,897	110,025
Total current assets	4,590,599	4,417,796
Long-term investments	11,624,617	10,605,234
Other noncurrent assets	423,018	415,103
Operating lease right-of-use assets	2,925,750	2,965,424
Property, plant and equipment	16,594,487	16,256,993
Accumulated depreciation	(6,712,051)	(6,566,473)
Net property, plant and equipment	9,882,436	9,690,520
Total assets	29,446,420	28,094,077
Current liabilities:
Accounts payable	2,374,395	2,414,798
Accrued expenses:
Contributions to retirement plans	309,271	639,581
Self-insurance reserves	165,821	161,223
Salaries and wages	235,000	197,721
Other	693,466	499,970
Current portion of long-term debt	44,151	36,392
Current portion of operating lease liabilities	347,015	345,805
Federal and state income taxes	247,499	71,354
Total current liabilities	4,416,618	4,366,844
Deferred income taxes	899,277	772,722
Self-insurance reserves	240,170	235,858
Accrued postretirement benefit cost	130,801	131,356
Long-term debt	115,064	123,835
Operating lease liabilities	2,550,441	2,588,258
Other noncurrent liabilities	484,329	589,340
Total liabilities	8,836,700	8,808,213
Common stock related to Employee Stock Ownership Plan (ESOP)	4,045,233	3,484,549
Stockholders’ equity:
Common stock of $1 par value. Authorized 1,000,000 shares; issued 695,725 shares in 2021 and 690,982 shares in 2020	695,725	690,982
Additional paid-in capital	4,291,412	4,005,969
Retained earnings	15,617,983	14,343,865
Treasury stock at cost, 2,173 shares in 2021	(130,827)	0
Accumulated other comprehensive earnings	93,199	200,951
Common stock related to ESOP	(4,045,233)	(3,484,549)
Total stockholders’ equity	16,522,259	15,757,218
Noncontrolling interests	42,228	44,097
Total equity	20,609,720	19,285,864
Total liabilities and stockholders' equity	$ 29,446,420	$ 28,094,077

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Mar. 27, 2021	Dec. 26, 2020
Statement of Financial Position [Abstract]
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	1,000,000	1,000,000
Common stock, shares issued	695,725	690,982
Treasury stock at cost, shares	2,173	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Revenues:
Sales	$ 11,665,299	$ 11,228,537
Other operating income	94,936	78,414
Total revenues	11,760,235	11,306,951
Costs and expenses:
Cost of merchandise sold	8,383,222	8,037,568
Operating and administrative expenses	2,325,409	2,117,772
Total costs and expenses	10,708,631	10,155,340
Operating profit	1,051,604	1,151,611
Investment income	841,009
Investment (loss)		(330,845)
Other nonoperating income, net	14,637	16,924
Earnings before income tax expense	1,907,250	837,690
Income tax expense	412,157	170,355
Net earnings	$ 1,495,093	$ 667,335
Weighted average shares outstanding	691,235	706,758
Earnings per share	$ 2.16	$ 0.94

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Statement of Comprehensive Income [Abstract]
Net earnings	$ 1,495,093	$ 667,335
Other Comprehensive Earnings [Abstract]
Unrealized loss on debt securities net of income taxes of $(35,287) and $(46,904) in 2021 and 2020, respectively.	(103,548)	(137,583)
Reclassification adjustment for net realized gain on debt securities net of income taxes of $(1,904) and $(588) in 2021 and 2020, respectively.	(5,583)	(1,726)
Adjustment to postretirement benefit obligation	1,379	815
Comprehensive earnings	$ 1,387,341	$ 528,841

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Statement of Comprehensive Income [Abstract]
Unrealized loss on debt securities net of income taxes in 2021 and 2020, respectively.	$ (35,287)	$ (46,904)
Reclassification adjustment for net realized gain on debt securities net of income taxes in 2021 and 2020, respectively.	(1,904)	(588)
Adjustment to postretirement benefit obligation net of income taxes in 2021 and 2020, respectively	$ 470	$ 278

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Cash flows from operating activities:
Cash received from customers	$ 11,770,839	$ 11,208,724
Cash paid to employees and suppliers	(10,315,725)	(8,951,051)
Income taxes paid	(23,464)	(5,941)
Self-insured claims paid	(100,347)	(94,811)
Dividends and interest received	69,002	63,598
Other operating cash receipts	94,083	77,018
Other operating cash payments	(6,091)	(5,032)
Net cash provided by operating activities	1,488,297	2,292,505
Cash flows from investing activities:
Payment for capital expenditures	(345,933)	(269,288)
Proceeds from sale of property, plant and equipment	1,403	1,186
Payment for investments	(627,866)	(924,827)
Proceeds from sale and maturity of investments	265,360	299,116
Net cash used in investing activities	(707,036)	(893,813)
Cash flows from financing activities:
Payment for acquisition of common stock	(340,092)	(442,509)
Proceeds from sale of common stock	90,882	109,348
Dividends paid	(220,975)	(211,847)
Repayment of long-term debt	(3,986)	(2,816)
Other, net	(1,514)	4,625
Net cash used in financing activities	(475,685)	(543,199)
Net increase in cash and cash equivalents	305,576	855,493
Cash and cash equivalents at beginning of period	673,483	763,382
Cash and cash equivalents at end of period	979,059	1,618,875
Reconciliation of net earnings to net cash provided by operating activities:
Net earnings	1,495,093	667,335
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	192,241	178,969
Increase in last-in, first out (LIFO) reserve	11,291	9,525
Retirement contributions paid or payable in common stock	106,140	98,651
Deferred income taxes	163,276	(99,660)
Loss on disposal and impairment of long-lived assets	11,485	1,625
(Gain) loss on investments	(792,339)	385,113
Net amortization of investments	19,373	10,277
Changes in operating assets and liabilities providing (requiring) cash:
Trade receivables	86,223	(97,298)
Inventories	(29,842)	284,877
Other assets	5,169	(6,765)
Accounts payable and accrued expenses	(5,754)	604,049
Federal and state income taxes	220,740	255,215
Other liabilities	5,201	592
Total adjustments	(6,796)	1,625,170
Net cash provided by operating activities	$ 1,488,297	$ 2,292,505

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. 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. 26, 2020	15,757,218	690,982	4,005,969	14,343,865	0	200,951	(3,484,549)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive earnings	1,387,341			1,495,093		(107,752)
Dividends per share	(220,975)			(220,975)
Contribution of shares to retirement plans	408,569	4,743	285,438		118,388
Acquisition of shares from stockholders	(340,092)				(340,092)
Sale of shares to stockholders	90,882	0	5		90,877
Change for ESOP related shares	(560,684)						(560,684)
Ending Balance at Mar. 27, 2021	$ 16,522,259	$ 695,725	$ 4,291,412	$ 15,617,983	$ (130,827)	$ 93,199	$ (4,045,233)

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) (Parentheticals) - $ / shares shares in Thousands	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Statements of Stockholders' Equity (Parenthetical) [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.32	$ 0.30
Contribution of shares to retirement plans	6,786	7,398
Acquisition of shares from stockholders	5,731	9,142
Sale of shares to stockholders	1,515	2,239

Basis of Presentation (Notes)

Basis of Presentation (Notes)	3 Months Ended
	Mar. 27, 2021
Accounting Policies [Abstract]
Basis of Presentation [Text Block]	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 months ended March 27, 2021 are not necessarily indicative of the results for the entire 2021 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 26, 2020. 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)	3 Months Ended
	Mar. 27, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments [Text Block]	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). 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 similar 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 March 27, 2021 and December 26, 2020: Fair Value Level 1 Level 2 Level 3 (Amounts are in thousands) March 27, 2021 $ 12,286,609 1,756,758 10,529,851 — December 26, 2020 11,288,199 1,465,987 9,822,212 —

Investments (Notes)

Investments (Notes)	3 Months Ended
	Mar. 27, 2021
Investments, Debt and Equity Securities [Abstract]
Investments [Tex Block]	Investments (a) Debt Securities Following is a summary of debt securities as of March 27, 2021 and December 26, 2020: Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Amounts are in thousands) March 27, 2021 Tax exempt bonds $ 494,115 5,776 47 499,844 Taxable bonds 8,315,795 194,900 59,194 8,451,501 Restricted investments 167,840 12,367 — 180,207 $ 8,977,750 213,043 59,241 9,131,552 December 26, 2020 Tax exempt bonds $ 548,438 7,408 88 555,758 Taxable bonds 8,182,003 286,745 8,324 8,460,424 Restricted investments 167,727 14,383 — 182,110 $ 8,898,168 308,536 8,412 9,198,292 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 March 27, 2021 and December 26, 2020 are as follows: March 27, 2021 December 26, 2020 Cost Fair Value Cost Fair Value (Amounts are in thousands) Due in one year or less $ 657,850 661,992 677,453 682,965 Due after one year through five years 5,551,701 5,705,691 5,330,696 5,533,074 Due after five years through ten years 2,764,758 2,760,188 2,886,333 2,978,301 Due after ten years 3,441 3,681 3,686 3,952 $ 8,977,750 9,131,552 8,898,168 9,198,292 The Company had no debt securities with credit losses as of March 27, 2021 and December 26, 2020. Following is a summary of debt securities with other unrealized losses by the time period impaired as of March 27, 2021 and December 26, 2020: Less Than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (Amounts are in thousands) March 27, 2021 Tax exempt bonds $ 9,961 47 — — 9,961 47 Taxable bonds 2,963,006 58,823 39,629 371 3,002,635 59,194 $ 2,972,967 58,870 39,629 371 3,012,596 59,241 December 26, 2020 Tax exempt bonds $ 3,704 88 — — 3,704 88 Taxable bonds 1,157,387 7,946 39,622 378 1,197,009 8,324 $ 1,161,091 8,034 39,622 378 1,200,713 8,412 There are 132 debt securities contributing to the total unrealized losses of $59,241,000 as of March 27, 2021. 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 $3,155,057,000 and $2,089,907,000 as of March 27, 2021 and December 26, 2020, respectively. (c) Investment Income (Loss) Net realized gain on investments represents the difference between the cost and the proceeds from the sale of debt and equity securities. The net realized gain on 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 (loss) for the three months ended March 27, 2021 and March 28, 2020: Three Months Ended March 27, 2021 March 28, 2020 (Amounts are in thousands) Interest and dividend income $ 48,670 54,268 Net realized gain on investments 7,489 2,314 56,159 56,582 Fair value adjustment, due to net unrealized gain (loss), on equity securities held at end of period 784,850 (387,427) $ 841,009 (330,845)

Consolidation of Joint Ventures

Consolidation of Joint Ventures and Long-Term Debt (Notes)	3 Months Ended
	Mar. 27, 2021
Consolidation Of Joint Ventures And Long Term Debt [Abstract]
Consolidation Of Joint Ventures And Long Term Debt Disclosure [Text Block]	Consolidation of Joint Ventures and Long-Term DebtFrom 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 March 27, 2021, the carrying amounts of the assets and liabilities of the consolidated JVs were $196,041,000 and $78,276,000, respectively. As of December 26, 2020, the carrying amounts of the assets and liabilities of the consolidated JVs were $199,230,000 and $77,565,000, 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 2021 and 2020 were immaterial. The Company’s involvement with these JVs does not have a significant effect on the Company’s financial condition, results of operations or cash flows.The Company’s long-term debt results primarily from the consolidation of loans of certain JVs and loans assumed in connection with the acquisition of certain shopping centers with the Company as the anchor tenant. No loans were assumed during the three months ended March 27, 2021 or March 28, 2020. Maturities of JV loans range from January 2022 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 April 2021 through January 2027 and have fixed interest rates ranging from 3.7% to 7.5%

Retirement Plan (Notes)

Retirement Plan (Notes)	3 Months Ended
	Mar. 27, 2021
Retirement Benefits [Abstract]
Retirement Plan [Text Block]	Retirement PlanThe 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 $683,394,000 and $444,801,000 as of March 27, 2021 and December 26, 2020, respectively. The cost of the shares held by the ESOP totaled $3,361,839,000 and $3,039,748,000 as of March 27, 2021 and December 26, 2020, 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 $4,045,233,000 and $3,484,549,000 as of March 27, 2021 and December 26, 2020, respectively. The fair value of the shares held by the ESOP totaled $10,376,875,000 and $9,976,034,000 as of March 27, 2021 and December 26, 2020, respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Earnings (Losses) (Notes)	3 Months Ended
	Mar. 27, 2021
Equity [Abstract]
Accumulated Other Comprehensive Earnings (Losses) Note [Text Block]	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 March 27, 2021 and March 28, 2020 is as follows: Investments Postretirement Benefit Accumulated Other Comprehensive Earnings (Losses) (Amounts are in thousands) 2021 Balances at December 26, 2020 $ 223,904 (22,953) 200,951 Unrealized loss on debt securities (103,548) — (103,548) Net realized gain on debt securities reclassified to investment income (5,583) — (5,583) Adjustment to postretirement benefit obligation — 1,379 1,379 Net other comprehensive (losses) earnings (109,131) 1,379 (107,752) Balances at March 27, 2021 $ 114,773 (21,574) 93,199 2020 Balances at December 28, 2019 $ 98,506 (17,217) 81,289 Unrealized loss on debt securities (137,583) — (137,583) Net realized gain on debt securities reclassified to investment income (1,726) — (1,726) Adjustment to postretirement benefit obligation — 815 815 Net other comprehensive (losses) earnings (139,309) 815 (138,494) Balances at March 28, 2020 $ (40,803) (16,402) (57,205)

Subsequent Event (Notes)

Subsequent Event (Notes)	3 Months Ended
	Mar. 27, 2021
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent EventOn April 1, 2021, the Company declared a quarterly dividend on its common stock of $0.37 per share or $256,600,000, payable May 3, 2021 to stockholders of record as of the close of business April 15, 2021.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 27, 2021
Accounting Policies [Abstract]
Basis of Presentation [Policy Text Block]	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 months ended March 27, 2021 are not necessarily indicative of the results for the entire 2021 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 26, 2020. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 27, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments [Table Text Block]	Following is a summary of fair value measurements for investments as of March 27, 2021 and December 26, 2020: Fair Value Level 1 Level 2 Level 3 (Amounts are in thousands) March 27, 2021 $ 12,286,609 1,756,758 10,529,851 — December 26, 2020 11,288,199 1,465,987 9,822,212 —

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 27, 2021
Investments, Debt and Equity Securities [Abstract]
Available For Sale Debt Securities [Table Text Block]	Following is a summary of debt securities as of March 27, 2021 and December 26, 2020: Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Amounts are in thousands) March 27, 2021 Tax exempt bonds $ 494,115 5,776 47 499,844 Taxable bonds 8,315,795 194,900 59,194 8,451,501 Restricted investments 167,840 12,367 — 180,207 $ 8,977,750 213,043 59,241 9,131,552 December 26, 2020 Tax exempt bonds $ 548,438 7,408 88 555,758 Taxable bonds 8,182,003 286,745 8,324 8,460,424 Restricted investments 167,727 14,383 — 182,110 $ 8,898,168 308,536 8,412 9,198,292
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 March 27, 2021 and December 26, 2020 are as follows: March 27, 2021 December 26, 2020 Cost Fair Value Cost Fair Value (Amounts are in thousands) Due in one year or less $ 657,850 661,992 677,453 682,965 Due after one year through five years 5,551,701 5,705,691 5,330,696 5,533,074 Due after five years through ten years 2,764,758 2,760,188 2,886,333 2,978,301 Due after ten years 3,441 3,681 3,686 3,952 $ 8,977,750 9,131,552 8,898,168 9,198,292
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 March 27, 2021 and December 26, 2020: Less Than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (Amounts are in thousands) March 27, 2021 Tax exempt bonds $ 9,961 47 — — 9,961 47 Taxable bonds 2,963,006 58,823 39,629 371 3,002,635 59,194 $ 2,972,967 58,870 39,629 371 3,012,596 59,241 December 26, 2020 Tax exempt bonds $ 3,704 88 — — 3,704 88 Taxable bonds 1,157,387 7,946 39,622 378 1,197,009 8,324 $ 1,161,091 8,034 39,622 378 1,200,713 8,412
Investment Income (Loss) [Table Text Block]	Following is a summary of investment income (loss) for the three months ended March 27, 2021 and March 28, 2020: Three Months Ended March 27, 2021 March 28, 2020 (Amounts are in thousands) Interest and dividend income $ 48,670 54,268 Net realized gain on investments 7,489 2,314 56,159 56,582 Fair value adjustment, due to net unrealized gain (loss), on equity securities held at end of period 784,850 (387,427) $ 841,009 (330,845)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Earnings (Losses) (Tables)	3 Months Ended
	Mar. 27, 2021
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 March 27, 2021 and March 28, 2020 is as follows: Investments Postretirement Benefit Accumulated Other Comprehensive Earnings (Losses) (Amounts are in thousands) 2021 Balances at December 26, 2020 $ 223,904 (22,953) 200,951 Unrealized loss on debt securities (103,548) — (103,548) Net realized gain on debt securities reclassified to investment income (5,583) — (5,583) Adjustment to postretirement benefit obligation — 1,379 1,379 Net other comprehensive (losses) earnings (109,131) 1,379 (107,752) Balances at March 27, 2021 $ 114,773 (21,574) 93,199 2020 Balances at December 28, 2019 $ 98,506 (17,217) 81,289 Unrealized loss on debt securities (137,583) — (137,583) Net realized gain on debt securities reclassified to investment income (1,726) — (1,726) Adjustment to postretirement benefit obligation — 815 815 Net other comprehensive (losses) earnings (139,309) 815 (138,494) Balances at March 28, 2020 $ (40,803) (16,402) (57,205)

Fair Value Measurements for Inv

Fair Value Measurements for Investments (Details) - USD ($) $ in Thousands	Mar. 27, 2021	Dec. 26, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 12,286,609	$ 11,288,199
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	1,756,758	1,465,987
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	10,529,851	9,822,212
Level 3 [Member]
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 Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 27, 2021	Dec. 26, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 8,977,750	$ 8,898,168
Unrealized Gains	213,043	308,536
Unrealized Losses	59,241	8,412
Fair Value	9,131,552	9,198,292
Tax exempt bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	494,115	548,438
Unrealized Gains	5,776	7,408
Unrealized Losses	47	88
Fair Value	499,844	555,758
Taxable bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	8,315,795	8,182,003
Unrealized Gains	194,900	286,745
Unrealized Losses	59,194	8,324
Fair Value	8,451,501	8,460,424
Restricted investments [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	167,840	167,727
Unrealized Gains	12,367	14,383
Unrealized Losses	0	0
Fair Value	$ 180,207	$ 182,110

Amortized Cost and Fair Value o

Amortized Cost and Fair Value of Available for Sale Securities by Expected Maturity (Details) - USD ($) $ in Thousands	Mar. 27, 2021	Dec. 26, 2020
Amortized Cost [Abstract]
Due in one year or less	$ 657,850	$ 677,453
Due after one year through five years	5,551,701	5,330,696
Due after five years through ten years	2,764,758	2,886,333
Due after ten years	3,441	3,686
Total amortized cost	8,977,750	8,898,168
Fair Value [Abstract]
Due in one year or less	661,992	682,965
Due after one year through five years	5,705,691	5,533,074
Due after five years through ten years	2,760,188	2,978,301
Due after ten years	3,681	3,952
Total fair value	$ 9,131,552	$ 9,198,292

Temporarily Impaired Available

Temporarily Impaired Available for Sale Debt Securities by Time Period Impaired (Details) - USD ($) $ in Thousands	Mar. 27, 2021	Dec. 26, 2020
Debt Securities, Available-for-sale [Line Items]
Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	$ 2,972,967	$ 1,161,091
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	58,870	8,034
Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value	39,629	39,622
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	371	378
Unrealized Loss Position, Fair Value	3,012,596	1,200,713
Unrealized Loss Position, Accumulated Loss	59,241	8,412
Tax exempt bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	9,961	3,704
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	47	88
Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value	0	0
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0	0
Unrealized Loss Position, Fair Value	9,961	3,704
Unrealized Loss Position, Accumulated Loss	47	88
Taxable bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	2,963,006	1,157,387
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	58,823	7,946
Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value	39,629	39,622
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	371	378
Unrealized Loss Position, Fair Value	3,002,635	1,197,009
Unrealized Loss Position, Accumulated Loss	$ 59,194	$ 8,324

Investments Allowance for Credi

Investments Allowance for Credit Losses (Details) - USD ($) $ in Thousands	Mar. 27, 2021	Dec. 26, 2020
Credit Loss [Abstract]
Debt Securities, Available-for-sale, Allowance for Credit Losses	$ 0	$ 0

Investments - Additional Inform

Investments - Additional Information (Details) $ in Thousands	Mar. 27, 2021USD ($)AFS_security	Dec. 26, 2020USD ($)
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract]
Number of debt securities issues contributing to total unrealized losses | AFS_security	132
Total, Unrealized Losses | $	$ 59,241	$ 8,412

Investments Equity Securities (

Investments Equity Securities (Details) - USD ($)	Mar. 27, 2021	Dec. 26, 2020
Equity Securities [Line Items]
Equity Securities	$ 3,155,057,000	$ 2,089,907,000

Investment Income (Details)

Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Investment Income, Net [Abstract]
Interest and dividend income	$ 48,670	$ 54,268
Net realized gain on investments	7,489	2,314
Investment income before fair value adjustment	56,159	56,582
Fair value adjustment, due to net unrealized gain (loss), on equity securities held at end of period	784,850	(387,427)
Investment income	$ 841,009
Investment (loss)		$ (330,845)

Consolidation of Joint Ventur_2

Consolidation of Joint Ventures and Long-Term Debt Joint Venture - Additional Information (Details) - USD ($)	Mar. 27, 2021	Dec. 26, 2020
Variable Interest Entity [Line Items]
Assets	$ 29,446,420,000	$ 28,094,077,000
Liabilities	8,836,700,000	8,808,213,000
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Assets	196,041,000	199,230,000
Liabilities	$ 78,276,000	$ 77,565,000

Consolidation of Joint Ventur_3

Consolidation of Joint Ventures and Long-Term Debt Long-Term Debt Assumptions, Maturities and Interest Rates (Details) - USD ($)	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Debt Instrument [Line Items]
Loans Assumed	$ 0	$ 0
JV Loans [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Month And Year	January 2022
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	April 2021
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 (Details) - USD ($)	Mar. 27, 2021	Dec. 26, 2020
Retirement Benefits [Abstract]
Distributed shares subject to put option, fair value	$ 683,394,000	$ 444,801,000
ESOP, shares cost	3,361,839,000	3,039,748,000
Common stock related to ESOP	4,045,233,000	3,484,549,000
ESOP shares, fair value	$ 10,376,875,000	$ 9,976,034,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Earnings (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at Beginning of Period	$ 200,951	$ 81,289
Unrealized loss on debt securities	(103,548)	(137,583)
Net realized gain on debt securities reclassified to investment income	(5,583)	(1,726)
Adjustment to postretirement benefit obligation	1,379	815
Net other comprehensive earnings (losses)	(107,752)	(138,494)
Balances at End of Period	93,199	(57,205)
Investments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at Beginning of Period	223,904	98,506
Unrealized loss on debt securities	(103,548)	(137,583)
Net realized gain on debt securities reclassified to investment income	(5,583)	(1,726)
Net other comprehensive earnings (losses)	(109,131)	(139,309)
Balances at End of Period	114,773	(40,803)
Postretirement Benefit obligation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at Beginning of Period	(22,953)	(17,217)
Adjustment to postretirement benefit obligation	1,379	815
Net other comprehensive earnings (losses)	1,379	815
Balances at End of Period	$ (21,574)	$ (16,402)

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event [Member] - USD ($)	May 03, 2021	Apr. 15, 2021	Apr. 01, 2021
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared			$ 0.37
Dividends Payable, Date Declared			Apr. 1, 2021
Dividends Payable, Date to be Paid	May 3, 2021
Dividends Payable, Date of Record		Apr. 15, 2021
Dividends, Common Stock, Cash			$ 256,600,000