Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 24, 2022 | Oct. 14, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Amendment Flag | false | |
Document Period End Date | Sep. 24, 2022 | |
Document Transition Report | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
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 | --12-31 | |
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 | 3,354,213,000 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 24, 2022 | Dec. 25, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 1,599,459 | $ 1,131,901 |
Short-term investments | 533,339 | 883,066 |
Trade receivables | 966,408 | 903,570 |
Inventories | 2,179,799 | 2,054,394 |
Prepaid expenses | 70,552 | 131,655 |
Total current assets | 5,349,557 | 5,104,586 |
Long-term investments | 10,673,266 | 12,768,411 |
Other noncurrent assets | 539,373 | 445,120 |
Operating lease right-of-use assets | 2,915,642 | 2,950,460 |
Property, plant and equipment | 18,396,648 | 17,305,064 |
Accumulated depreciation | (7,526,929) | (7,049,294) |
Net property, plant and equipment | 10,869,719 | 10,255,770 |
Total assets | 30,347,557 | 31,524,347 |
Current liabilities: | ||
Accounts payable | 2,668,854 | 2,594,976 |
Accrued expenses: | ||
Contributions to retirement plans | 569,492 | 661,046 |
Self-insurance reserves | 207,500 | 191,477 |
Salaries and wages | 421,931 | 215,617 |
Other | 800,097 | 764,365 |
Current portion of long-term debt | 61,690 | 39,168 |
Current portion of operating lease liabilities | 357,457 | 355,066 |
Income taxes | 55,872 | 0 |
Total current liabilities | 5,142,893 | 4,821,715 |
Deferred income taxes | 524,681 | 1,030,677 |
Self-insurance reserves | 258,244 | 248,913 |
Long-term debt | 61,680 | 98,185 |
Operating lease liabilities | 2,528,313 | 2,570,421 |
Finance lease liabilities | 424,591 | 411,620 |
Other noncurrent liabilities | 164,826 | 304,951 |
Total liabilities | 9,105,228 | 9,486,482 |
Common stock related to Employee Stock Ownership Plan (ESOP) | 4,135,533 | 3,825,128 |
Stockholders’ equity: | ||
Common stock of $1 par value. Authorized 4,000,000 shares; issued 3,437,891 shares in 2022 and 3,418,395 shares in 2021 | 3,437,891 | 3,418,395 |
Additional paid-in capital | 1,680,184 | 1,425,967 |
Retained earnings | 17,932,479 | 17,156,208 |
Treasury stock at cost, 82,149 shares in 2022 | (1,177,763) | 0 |
Accumulated other comprehensive losses | (672,208) | (5,421) |
Common stock related to ESOP | (4,135,533) | (3,825,128) |
Total stockholders’ equity | 17,065,050 | 18,170,021 |
Noncontrolling interests | 41,746 | 42,716 |
Total equity | 21,242,329 | 22,037,865 |
Total liabilities and stockholders' equity | $ 30,347,557 | $ 31,524,347 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 24, 2022 | Dec. 25, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 4,000,000,000 | 4,000,000,000 |
Common stock, shares issued | 3,437,891,000 | 3,418,395,000 |
Treasury stock at cost, shares | 82,149,000 | 0 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | |
Revenues: | ||||
Sales | $ 13,010,824 | $ 11,919,567 | $ 39,188,650 | $ 35,416,585 |
Other operating income | 96,387 | 87,595 | 289,250 | 277,873 |
Total revenues | 13,107,211 | 12,007,162 | 39,477,900 | 35,694,458 |
Costs and expenses: | ||||
Cost of merchandise sold | 9,637,331 | 8,711,636 | 28,681,480 | 25,610,936 |
Operating and administrative expenses | 2,534,689 | 2,386,006 | 7,506,587 | 7,013,040 |
Total costs and expenses | 12,172,020 | 11,097,642 | 36,188,067 | 32,623,976 |
Operating profit | 935,191 | 909,520 | 3,289,833 | 3,070,482 |
Investment (loss) | (497,394) | (1,323,618) | ||
Investment income | 130,328 | 1,153,309 | ||
Other nonoperating income, net | 19,982 | 21,968 | 68,805 | 53,227 |
Earnings before income tax expense | 457,779 | 1,061,816 | 2,035,020 | 4,277,018 |
Income tax expense | 63,727 | 204,910 | 394,537 | 915,615 |
Net earnings | $ 394,052 | $ 856,906 | $ 1,640,483 | $ 3,361,403 |
Weighted average shares outstanding | 3,366,117 | 3,444,361 | 3,394,424 | 3,453,598 |
Earnings per share | $ 0.12 | $ 0.25 | $ 0.48 | $ 0.97 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 24, 2022 | Jun. 25, 2022 | Mar. 26, 2022 | Sep. 25, 2021 | Jun. 26, 2021 | Mar. 27, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||||||
Net earnings | $ 394,052 | $ 856,906 | $ 1,640,483 | $ 3,361,403 | ||||
Other Comprehensive Earnings [Abstract] | ||||||||
Unrealized loss on debt securities net of income taxes in 2022 and 2021, respectively. | (119,057) | (12,611) | (668,784) | (103,182) | ||||
Reclassification adjustment for net realized loss (gain) on debt securities net of income taxes in 2022 and 2021, respectively. | 1,889 | (6,258) | 981 | (15,174) | ||||
Adjustment to postretirement benefit obligation net of income taxes in 2022 and 2021, respectively. | 339 | 1,378 | 1,016 | 4,137 | ||||
Comprehensive earnings | $ 277,223 | $ 453,578 | $ 242,895 | $ 839,415 | $ 1,020,428 | $ 1,387,341 | $ 973,696 | $ 3,247,184 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized loss on debt securities income taxes in 2022 and 2021, respectively. | $ (40,566) | $ (4,292) | $ (227,883) | $ (35,156) |
Reclassification adjustment for net realized loss (gain) on debt securities income taxes in 2022 and 2021, respectively. | 645 | (2,133) | 335 | (5,149) |
Adjustment to postretirement benefit obligation income taxes in 2022 and 2021, respectively | $ 116 | $ 470 | $ 346 | $ 1,410 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 24, 2022 | Sep. 25, 2021 | |
Cash flows from operating activities: | ||
Cash received from customers | $ 39,279,962 | $ 35,626,167 |
Cash paid to employees and suppliers | (34,823,928) | (30,926,435) |
Income taxes paid | (496,229) | (668,248) |
Self-insured claims paid | (366,388) | (364,315) |
Dividends and interest received | 233,326 | 201,996 |
Other operating cash receipts | 287,036 | 275,448 |
Other operating cash payments | (26,632) | (17,892) |
Net cash provided by operating activities | 4,087,147 | 4,126,721 |
Cash flows from investing activities: | ||
Payment for capital expenditures | (1,286,327) | (983,331) |
Proceeds from sale of property, plant and equipment | 20,405 | 10,309 |
Payment for investments | (1,293,810) | (2,503,504) |
Proceeds from sale and maturity of investments | 1,164,125 | 1,237,953 |
Net cash used in investing activities | (1,395,607) | (2,238,573) |
Cash flows from financing activities: | ||
Payment for acquisition of common stock | (1,645,591) | (832,446) |
Proceeds from sale of common stock | 314,414 | 197,768 |
Dividends paid | (864,212) | (732,886) |
Repayment of long-term debt | (28,268) | (22,548) |
Other, net | (325) | 13 |
Net cash used in financing activities | (2,223,982) | (1,390,099) |
Net increase in cash and cash equivalents | 467,558 | 498,049 |
Cash and cash equivalents at beginning of period | 1,131,901 | 673,483 |
Cash and cash equivalents at end of period | 1,599,459 | 1,171,532 |
Reconciliation of net earnings to net cash provided by operating activities: | ||
Net earnings | 1,640,483 | 3,361,403 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 619,081 | 588,336 |
Increase in last-in, first-out (LIFO) reserve | 131,723 | 70,138 |
Retirement contributions paid or payable in common stock | 341,959 | 321,775 |
Deferred income taxes | (278,794) | 278,374 |
Loss on disposal and impairment of long-lived assets | 4,900 | 57,167 |
Loss (gain) on investments | 1,496,591 | (1,009,691) |
Net amortization of investments | 61,229 | 58,055 |
Changes in operating assets and liabilities providing (requiring) cash: | ||
Trade receivables | (62,838) | 119,626 |
Inventories | (257,128) | 25,272 |
Other assets | 45,181 | (2,828) |
Accounts payable and accrued expenses | 218,150 | 282,482 |
Income taxes | 122,401 | (42,690) |
Other liabilities | 4,209 | 19,302 |
Total adjustments | 2,446,664 | 765,318 |
Net cash provided by operating activities | $ 4,087,147 | $ 4,126,721 |
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. 26, 2020 | $ 15,757,218 | $ 3,454,907 | $ 1,159,428 | $ 14,426,481 | $ 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 | 23,719 | 266,462 | 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 | 3,478,626 | 1,425,895 | 15,700,599 | (130,827) | 93,199 | (4,045,233) |
Beginning Balance at Dec. 26, 2020 | 15,757,218 | 3,454,907 | 1,159,428 | 14,426,481 | 0 | 200,951 | (3,484,549) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive earnings | 3,247,184 | ||||||
Ending Balance at Sep. 25, 2021 | 17,706,884 | 3,478,626 | 1,425,967 | 17,054,998 | (516,367) | 86,732 | (3,823,072) |
Beginning Balance at Mar. 27, 2021 | 16,522,259 | 3,478,626 | 1,425,895 | 15,700,599 | (130,827) | 93,199 | (4,045,233) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive earnings | 1,020,428 | 1,009,404 | 11,024 | ||||
Dividends per share | (256,562) | (256,562) | |||||
Acquisition of shares from stockholders | (248,145) | (248,145) | |||||
Sale of shares to stockholders | 44,022 | 0 | 72 | 43,950 | |||
Change for ESOP related shares | 184,578 | 184,578 | |||||
Ending Balance at Jun. 26, 2021 | 17,266,580 | 3,478,626 | 1,425,967 | 16,453,441 | (335,022) | 104,223 | (3,860,655) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive earnings | 839,415 | 856,906 | (17,491) | ||||
Dividends per share | (255,349) | (255,349) | |||||
Acquisition of shares from stockholders | (244,209) | (244,209) | |||||
Sale of shares to stockholders | 62,864 | 0 | 0 | 62,864 | |||
Change for ESOP related shares | 37,583 | 37,583 | |||||
Ending Balance at Sep. 25, 2021 | 17,706,884 | 3,478,626 | 1,425,967 | 17,054,998 | (516,367) | 86,732 | (3,823,072) |
Beginning Balance at Dec. 25, 2021 | 18,170,021 | 3,418,395 | 1,425,967 | 17,156,208 | 0 | (5,421) | (3,825,128) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive earnings | 242,895 | 618,026 | (375,131) | ||||
Dividends per share | (252,821) | (252,821) | |||||
Contribution of shares to retirement plans | 427,127 | 19,485 | 254,176 | 153,466 | |||
Acquisition of shares from stockholders | (537,681) | (537,681) | |||||
Sale of shares to stockholders | 100,843 | 0 | (34) | 100,877 | |||
Change for ESOP related shares | (601,311) | (601,311) | |||||
Ending Balance at Mar. 26, 2022 | 17,549,073 | 3,437,880 | 1,680,109 | 17,521,413 | (283,338) | (380,552) | (4,426,439) |
Beginning Balance at Dec. 25, 2021 | 18,170,021 | 3,418,395 | 1,425,967 | 17,156,208 | 0 | (5,421) | (3,825,128) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive earnings | 973,696 | ||||||
Ending Balance at Sep. 24, 2022 | 17,065,050 | 3,437,891 | 1,680,184 | 17,932,479 | (1,177,763) | (672,208) | (4,135,533) |
Beginning Balance at Mar. 26, 2022 | 17,549,073 | 3,437,880 | 1,680,109 | 17,521,413 | (283,338) | (380,552) | (4,426,439) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive earnings | 453,578 | 628,405 | (174,827) | ||||
Dividends per share | (307,456) | (307,456) | |||||
Acquisition of shares from stockholders | (733,336) | (733,336) | |||||
Sale of shares to stockholders | 106,784 | 11 | 75 | 106,698 | |||
Change for ESOP related shares | 174,564 | 174,564 | |||||
Ending Balance at Jun. 25, 2022 | 17,243,207 | 3,437,891 | 1,680,184 | 17,842,362 | (909,976) | (555,379) | (4,251,875) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive earnings | 277,223 | 394,052 | (116,829) | ||||
Dividends per share | (303,935) | (303,935) | |||||
Acquisition of shares from stockholders | (374,574) | (374,574) | |||||
Sale of shares to stockholders | 106,787 | 0 | 0 | 106,787 | |||
Change for ESOP related shares | 116,342 | 116,342 | |||||
Ending Balance at Sep. 24, 2022 | $ 17,065,050 | $ 3,437,891 | $ 1,680,184 | $ 17,932,479 | $ (1,177,763) | $ (672,208) | $ (4,135,533) |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) (Parentheticals) - $ / shares shares in Thousands | 3 Months Ended | |||||
Sep. 24, 2022 | Jun. 25, 2022 | Mar. 26, 2022 | Sep. 25, 2021 | Jun. 26, 2021 | Mar. 27, 2021 | |
Statements of Stockholders' Equity (Parenthetical) [Abstract] | ||||||
Dividends per share | $ 0.09 | $ 0.09 | $ 0.074 | $ 0.074 | $ 0.074 | $ 0.064 |
Contribution of shares to retirement plans | 0 | 0 | 31,041 | 0 | 0 | 33,934 |
Acquisition of shares from stockholders | 26,856 | 49,414 | 39,506 | 19,461 | 20,298 | 28,656 |
Sale of shares to stockholders | 7,485 | 7,238 | 7,359 | 4,995 | 3,607 | 7,575 |
Basis of Presentation (Notes)
Basis of Presentation (Notes) | 9 Months Ended |
Sep. 24, 2022 | |
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, the results of operations for the three and nine months ended September 24, 2022 are not necessarily indicative of the results for the entire 2022 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 25, 2021 (Annual Report). 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. On April 1, 2022, the Company filed Articles of Amendment to its Restated Articles of Incorporation in order to effect a 5-for-1 stock split of the Company’s common stock, par value $1.00 per share (Common Stock), and an increase in the number of authorized shares of Common Stock from 1,000,000,000 to 4,000,000,000, effective as of the close of business April 14, 2022. The Articles of Amendment were approved by the Company’s Board of Directors on April 1, 2022. All applicable data, including share and per share amounts, in the condensed consolidated financial statements and accompanying notes have been retroactively adjusted to give effect to the stock split. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments (Notes) | 9 Months Ended |
Sep. 24, 2022 | |
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, government-sponsored agency, 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 (taxable and tax exempt 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 September 24, 2022 and December 25, 2021: Fair Value Level 1 Level 2 Level 3 (Amounts are in thousands) September 24, 2022 $ 11,206,605 2,051,091 9,155,514 — December 25, 2021 13,651,477 2,159,365 11,492,112 — |
Investments (Notes)
Investments (Notes) | 9 Months Ended |
Sep. 24, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments [Text Block] | Investments (a) Debt Securities Following is a summary of debt securities as of September 24, 2022 and December 25, 2021: Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Amounts are in thousands) September 24, 2022 Taxable bonds $ 9,345,448 167 881,631 8,463,984 Tax exempt bonds 97,135 5 669 96,471 Restricted investments 170,200 — 3,811 166,389 $ 9,612,783 172 886,111 8,726,844 December 25, 2021 Taxable bonds $ 9,644,692 108,697 108,906 9,644,483 Tax exempt bonds 268,899 2,351 — 271,250 Restricted investments 170,769 7,629 359 178,039 $ 10,084,360 118,677 109,265 10,093,772 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 September 24, 2022 and December 25, 2021 are as follows: September 24, 2022 December 25, 2021 Cost Fair Value Cost Fair Value (Amounts are in thousands) Due in one year or less $ 536,267 533,339 875,740 883,066 Due after one year through five years 7,477,381 6,827,732 6,353,221 6,403,573 Due after five years through ten years 1,596,773 1,363,457 2,852,531 2,804,131 Due after ten years 2,362 2,316 2,868 3,002 $ 9,612,783 8,726,844 10,084,360 10,093,772 The Company had no debt securities with credit losses as of September 24, 2022 and December 25, 2021. Following is a summary of debt securities with other unrealized losses by the time period impaired as of September 24, 2022 and December 25, 2021: 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) September 24, 2022 Taxable bonds $ 5,240,412 422,826 3,094,972 458,805 8,335,384 881,631 Tax exempt bonds 92,896 669 — — 92,896 669 Restricted investments 166,389 3,811 — — 166,389 3,811 $ 5,499,697 427,306 3,094,972 458,805 8,594,669 886,111 December 25, 2021 Taxable bonds $ 4,225,323 72,862 1,131,942 36,044 5,357,265 108,906 Restricted investments 17,115 359 — — 17,115 359 $ 4,242,438 73,221 1,131,942 36,044 5,374,380 109,265 There are 456 debt securities contributing to the total unrealized losses of $886,111,000 as of September 24, 2022. 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 $2,479,761,000 and $3,557,705,000 as of September 24, 2022 and December 25, 2021, respectively. (c) Investment Income (Loss) Net realized gain or loss on investments represents the difference between the cost and the proceeds from the sale of debt and equity securities. The net realized gain or loss 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 and nine months ended September 24, 2022 and September 25, 2021: Three Months Ended Nine Months Ended September 24, 2022 September 25, 2021 September 24, 2022 September 25, 2021 (Amounts are in thousands) Interest and dividend income $ 61,455 48,992 172,973 143,618 Net realized (loss) gain on investments (2,534) 8,391 (1,316) 32,376 58,921 57,383 171,657 175,994 Fair value adjustment, due to net unrealized (loss) gain, on equity securities held at end of period (556,315) 72,945 (1,495,275) 986,756 Net gain on sale of equity securities previously recognized through fair value adjustment — — — (9,441) $ (497,394) 130,328 (1,323,618) 1,153,309 |
Consolidation of Joint Ventures
Consolidation of Joint Ventures and Long-Term Debt (Notes) | 9 Months Ended |
Sep. 24, 2022 | |
Consolidation Of Joint Ventures And Long Term Debt [Abstract] | |
Consolidation Of Joint Ventures And Long-Term Debt [Text Block] | 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 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 September 24, 2022, the carrying amounts of the assets and liabilities of the consolidated JVs were $181,818,000 and $74,669,000, respectively. As of December 25, 2021, the carrying amounts of the assets and liabilities of the consolidated JVs were $194,493,000 and $76,027,000, 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 2022 and 2021 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 nine months ended September 24, 2022 or September 25, 2021. Maturities of JV loans range from January 2023 through April 2027 and have variable interest rates based on a London Interbank Offered Rate (LIBOR) index or Secured Overnight Financing Rate (SOFR) index plus 200 to 250 basis points. Maturities of assumed shopping center loans range from November 2022 through January 2027 and have fixed interest rates ranging from 3.7% to 7.5%. |
Retirement Plan (Notes)
Retirement Plan (Notes) | 9 Months Ended |
Sep. 24, 2022 | |
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 $705,491,000 and $608,089,000 as of September 24, 2022 and December 25, 2021, respectively. The cost of the shares held by the ESOP totaled $3,430,042,000 and $3,217,039,000 as of September 24, 2022 and December 25, 2021, 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 $4,135,533,000 and $3,825,128,000 as of September 24, 2022 and December 25, 2021, respectively. The fair value of the shares held by the ESOP totaled $10,845,578,000 and $10,855,152,000 as of September 24, 2022 and December 25, 2021, respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Earnings (Losses) (Notes) | 9 Months Ended |
Sep. 24, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Earnings (Losses) [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 September 24, 2022 and September 25, 2021 is as follows: Investments Postretirement Benefit Accumulated Other Comprehensive Earnings (Losses) (Amounts are in thousands) 2022 Balances at June 25, 2022 $ (543,581) (11,798) (555,379) Unrealized loss on debt securities (119,057) — (119,057) Net realized loss on debt securities reclassified to investment income 1,889 — 1,889 Adjustment to postretirement benefit obligation — 339 339 Net other comprehensive (losses) earnings (117,168) 339 (116,829) Balances at September 24, 2022 $ (660,749) (11,459) (672,208) 2021 Balances at June 26, 2021 $ 124,417 (20,194) 104,223 Unrealized loss on debt securities (12,611) — (12,611) Net realized gain on debt securities reclassified to investment income (6,258) — (6,258) Adjustment to postretirement benefit obligation — 1,378 1,378 Net other comprehensive (losses) earnings (18,869) 1,378 (17,491) Balances at September 25, 2021 $ 105,548 (18,816) 86,732 A reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the nine months ended September 24, 2022 and September 25, 2021 is as follows: Investments Postretirement Benefits Accumulated Other Comprehensive Earnings (Losses) (Amounts are in thousands) 2022 Balances at December 25, 2021 $ 7,054 (12,475) (5,421) Unrealized loss on debt securities (668,784) — (668,784) Net realized loss on debt securities reclassified to investment income 981 — 981 Adjustment to postretirement benefit obligation — 1,016 1,016 Net other comprehensive (losses) earnings (667,803) 1,016 (666,787) Balances at September 24, 2022 $ (660,749) (11,459) (672,208) 2021 Balances at December 26, 2020 $ 223,904 (22,953) 200,951 Unrealized loss on debt securities (103,182) — (103,182) Net realized gain on debt securities reclassified to investment income (15,174) — (15,174) Adjustment to postretirement benefit obligation — 4,137 4,137 Net other comprehensive (losses) earnings (118,356) 4,137 (114,219) Balances at September 25, 2021 $ 105,548 (18,816) 86,732 |
Subsequent Event (Notes)
Subsequent Event (Notes) | 9 Months Ended |
Sep. 24, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Event On October 3, 2022, the Company declared a quarterly dividend on its common stock of $0.09 per share or $301,900,000, payable November 1, 2022 to stockholders of record as of the close of business October 14, 2022. The Company was impacted by Hurricane Ian which made landfall in southwest Florida on September 28, 2022. As a result, temporary supermarket closings occurred due to weather conditions and evacuations of certain areas. The impact of the hurricane is not expected to have a material adverse effect on the Company’s financial condition or results of operations. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 24, 2022 | |
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, the results of operations for the three and nine months ended September 24, 2022 are not necessarily indicative of the results for the entire 2022 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 25, 2021 (Annual Report). 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) | 9 Months Ended |
Sep. 24, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments [Table Text Block] | Following is a summary of fair value measurements for investments as of September 24, 2022 and December 25, 2021: Fair Value Level 1 Level 2 Level 3 (Amounts are in thousands) September 24, 2022 $ 11,206,605 2,051,091 9,155,514 — December 25, 2021 13,651,477 2,159,365 11,492,112 — |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 24, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Available For Sale Debt Securities [Table Text Block] | Following is a summary of debt securities as of September 24, 2022 and December 25, 2021: Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Amounts are in thousands) September 24, 2022 Taxable bonds $ 9,345,448 167 881,631 8,463,984 Tax exempt bonds 97,135 5 669 96,471 Restricted investments 170,200 — 3,811 166,389 $ 9,612,783 172 886,111 8,726,844 December 25, 2021 Taxable bonds $ 9,644,692 108,697 108,906 9,644,483 Tax exempt bonds 268,899 2,351 — 271,250 Restricted investments 170,769 7,629 359 178,039 $ 10,084,360 118,677 109,265 10,093,772 |
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 September 24, 2022 and December 25, 2021 are as follows: September 24, 2022 December 25, 2021 Cost Fair Value Cost Fair Value (Amounts are in thousands) Due in one year or less $ 536,267 533,339 875,740 883,066 Due after one year through five years 7,477,381 6,827,732 6,353,221 6,403,573 Due after five years through ten years 1,596,773 1,363,457 2,852,531 2,804,131 Due after ten years 2,362 2,316 2,868 3,002 $ 9,612,783 8,726,844 10,084,360 10,093,772 |
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 September 24, 2022 and December 25, 2021: 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) September 24, 2022 Taxable bonds $ 5,240,412 422,826 3,094,972 458,805 8,335,384 881,631 Tax exempt bonds 92,896 669 — — 92,896 669 Restricted investments 166,389 3,811 — — 166,389 3,811 $ 5,499,697 427,306 3,094,972 458,805 8,594,669 886,111 December 25, 2021 Taxable bonds $ 4,225,323 72,862 1,131,942 36,044 5,357,265 108,906 Restricted investments 17,115 359 — — 17,115 359 $ 4,242,438 73,221 1,131,942 36,044 5,374,380 109,265 |
Investment Income (Loss) [Table Text Block] | Following is a summary of investment income (loss) for the three and nine months ended September 24, 2022 and September 25, 2021: Three Months Ended Nine Months Ended September 24, 2022 September 25, 2021 September 24, 2022 September 25, 2021 (Amounts are in thousands) Interest and dividend income $ 61,455 48,992 172,973 143,618 Net realized (loss) gain on investments (2,534) 8,391 (1,316) 32,376 58,921 57,383 171,657 175,994 Fair value adjustment, due to net unrealized (loss) gain, on equity securities held at end of period (556,315) 72,945 (1,495,275) 986,756 Net gain on sale of equity securities previously recognized through fair value adjustment — — — (9,441) $ (497,394) 130,328 (1,323,618) 1,153,309 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Earnings (Losses) (Tables) | 9 Months Ended |
Sep. 24, 2022 | |
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 September 24, 2022 and September 25, 2021 is as follows: Investments Postretirement Benefit Accumulated Other Comprehensive Earnings (Losses) (Amounts are in thousands) 2022 Balances at June 25, 2022 $ (543,581) (11,798) (555,379) Unrealized loss on debt securities (119,057) — (119,057) Net realized loss on debt securities reclassified to investment income 1,889 — 1,889 Adjustment to postretirement benefit obligation — 339 339 Net other comprehensive (losses) earnings (117,168) 339 (116,829) Balances at September 24, 2022 $ (660,749) (11,459) (672,208) 2021 Balances at June 26, 2021 $ 124,417 (20,194) 104,223 Unrealized loss on debt securities (12,611) — (12,611) Net realized gain on debt securities reclassified to investment income (6,258) — (6,258) Adjustment to postretirement benefit obligation — 1,378 1,378 Net other comprehensive (losses) earnings (18,869) 1,378 (17,491) Balances at September 25, 2021 $ 105,548 (18,816) 86,732 A reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the nine months ended September 24, 2022 and September 25, 2021 is as follows: Investments Postretirement Benefits Accumulated Other Comprehensive Earnings (Losses) (Amounts are in thousands) 2022 Balances at December 25, 2021 $ 7,054 (12,475) (5,421) Unrealized loss on debt securities (668,784) — (668,784) Net realized loss on debt securities reclassified to investment income 981 — 981 Adjustment to postretirement benefit obligation — 1,016 1,016 Net other comprehensive (losses) earnings (667,803) 1,016 (666,787) Balances at September 24, 2022 $ (660,749) (11,459) (672,208) 2021 Balances at December 26, 2020 $ 223,904 (22,953) 200,951 Unrealized loss on debt securities (103,182) — (103,182) Net realized gain on debt securities reclassified to investment income (15,174) — (15,174) Adjustment to postretirement benefit obligation — 4,137 4,137 Net other comprehensive (losses) earnings (118,356) 4,137 (114,219) Balances at September 25, 2021 $ 105,548 (18,816) 86,732 |
Basis of Presentation (Details)
Basis of Presentation (Details) | Apr. 01, 2022 shares | Sep. 24, 2022 $ / shares shares | Apr. 14, 2022 $ / shares shares | Dec. 25, 2021 $ / shares shares |
Accounting Policies [Abstract] | ||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 5 | |||
Common stock, par value | $ / shares | $ 1 | $ 1 | $ 1 | |
Common stock, shares authorized | shares | 1,000,000,000 | 4,000,000,000 | 4,000,000,000 | 4,000,000,000 |
Fair Value Measurements for Inv
Fair Value Measurements for Investments (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Dec. 25, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | $ 11,206,605 | $ 13,651,477 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 2,051,091 | 2,159,365 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 9,155,514 | 11,492,112 |
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 | 9 Months Ended | 12 Months Ended |
Sep. 24, 2022 | Dec. 25, 2021 | |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 9,612,783 | $ 10,084,360 |
Unrealized Gains | 172 | 118,677 |
Unrealized Losses | 886,111 | 109,265 |
Fair Value | 8,726,844 | 10,093,772 |
Taxable bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 9,345,448 | 9,644,692 |
Unrealized Gains | 167 | 108,697 |
Unrealized Losses | 881,631 | 108,906 |
Fair Value | 8,463,984 | 9,644,483 |
Tax exempt bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 97,135 | 268,899 |
Unrealized Gains | 5 | 2,351 |
Unrealized Losses | 669 | 0 |
Fair Value | 96,471 | 271,250 |
Restricted investments [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 170,200 | 170,769 |
Unrealized Gains | 0 | 7,629 |
Unrealized Losses | 3,811 | 359 |
Fair Value | $ 166,389 | $ 178,039 |
Amortized Cost and Fair Value o
Amortized Cost and Fair Value of Available for Sale Securities by Expected Maturity (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Dec. 25, 2021 |
Amortized Cost [Abstract] | ||
Due in one year or less | $ 536,267 | $ 875,740 |
Due after one year through five years | 7,477,381 | 6,353,221 |
Due after five years through ten years | 1,596,773 | 2,852,531 |
Due after ten years | 2,362 | 2,868 |
Total amortized cost | 9,612,783 | 10,084,360 |
Fair Value [Abstract] | ||
Due in one year or less | 533,339 | 883,066 |
Due after one year through five years | 6,827,732 | 6,403,573 |
Due after five years through ten years | 1,363,457 | 2,804,131 |
Due after ten years | 2,316 | 3,002 |
Total fair value | $ 8,726,844 | $ 10,093,772 |
Investments Allowance for Credi
Investments Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Dec. 25, 2021 |
Credit Loss [Abstract] | ||
Debt Securities, Available-for-sale, Allowance for Credit Losses | $ 0 | $ 0 |
Temporarily Impaired Available
Temporarily Impaired Available for Sale Debt Securities by Time Period Impaired (Details) - USD ($) $ in Thousands | Sep. 24, 2022 | Dec. 25, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 5,499,697 | $ 4,242,438 |
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 427,306 | 73,221 |
Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 3,094,972 | 1,131,942 |
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 458,805 | 36,044 |
Unrealized Loss Position, Fair Value | 8,594,669 | 5,374,380 |
Unrealized Loss Position, Accumulated Loss | 886,111 | 109,265 |
Taxable bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 5,240,412 | 4,225,323 |
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 422,826 | 72,862 |
Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 3,094,972 | 1,131,942 |
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 458,805 | 36,044 |
Unrealized Loss Position, Fair Value | 8,335,384 | 5,357,265 |
Unrealized Loss Position, Accumulated Loss | 881,631 | 108,906 |
Tax exempt bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 92,896 | 0 |
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 669 | 0 |
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 | 92,896 | 0 |
Unrealized Loss Position, Accumulated Loss | 669 | 0 |
Restricted investments [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 166,389 | 17,115 |
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 3,811 | 359 |
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 | 166,389 | 17,115 |
Unrealized Loss Position, Accumulated Loss | $ 3,811 | $ 359 |
Investments - Additional Inform
Investments - Additional Information (Details) $ in Thousands | Sep. 24, 2022 USD ($) AFS_security | Dec. 25, 2021 USD ($) |
Debt Securities, Available-for-Sale, Unrealized Gain (Loss) [Abstract] | ||
Number of debt securities issues contributing to total unrealized losses | AFS_security | 456 | |
Total, Unrealized Losses | $ | $ 886,111 | $ 109,265 |
Investments Equity Securities (
Investments Equity Securities (Details) - USD ($) | Sep. 24, 2022 | Dec. 25, 2021 |
Equity Securities [Line Items] | ||
Equity Securities | $ 2,479,761,000 | $ 3,557,705,000 |
Investment Income (Details)
Investment Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | |
Investment Income, Net [Abstract] | ||||
Interest and dividend income | $ 61,455 | $ 48,992 | $ 172,973 | $ 143,618 |
Net realized (loss) gain on investments | (2,534) | 8,391 | (1,316) | 32,376 |
Investment income before fair value adjustment | 58,921 | 57,383 | 171,657 | 175,994 |
Fair value adjustment, due to net unrealized (loss) gain, on equity securities held at end of period | (556,315) | 72,945 | (1,495,275) | 986,756 |
Net gain on sale of equity securities previously recognized through fair value adjustment | 0 | 0 | 0 | (9,441) |
Investment (loss) | $ (497,394) | $ (1,323,618) | ||
Investment income | $ 130,328 | $ 1,153,309 |
Consolidation of Joint Ventur_2
Consolidation of Joint Ventures and Long-Term Debt Joint Venture - Additional Information (Details) - USD ($) | Sep. 24, 2022 | Dec. 25, 2021 |
Variable Interest Entity [Line Items] | ||
Assets | $ 30,347,557,000 | $ 31,524,347,000 |
Liabilities | 9,105,228,000 | 9,486,482,000 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 181,818,000 | 194,493,000 |
Liabilities | $ 74,669,000 | $ 76,027,000 |
Consolidation of Joint Ventur_3
Consolidation of Joint Ventures and Long-Term Debt Long-Term Debt Assumptions, Maturities and Interest Rates (Details) - USD ($) | 9 Months Ended | |
Sep. 24, 2022 | Sep. 25, 2021 | |
Debt Instrument [Line Items] | ||
Loans Assumed | $ 0 | $ 0 |
JV Loans [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Maturity Month And Year | January 2023 | |
Debt Instrument, Basis Spread on Variable Rate | 2% | |
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 | November 2022 | |
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 ($) | Sep. 24, 2022 | Dec. 25, 2021 |
Retirement Benefits [Abstract] | ||
Distributed shares subject to put option, fair value | $ 705,491,000 | $ 608,089,000 |
ESOP, shares cost | 3,430,042,000 | 3,217,039,000 |
Common stock related to ESOP | 4,135,533,000 | 3,825,128,000 |
ESOP shares, fair value | $ 10,845,578,000 | $ 10,855,152,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Earnings (Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 24, 2022 | Sep. 25, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances at Beginning of Period | $ (555,379) | $ 104,223 | $ (5,421) | $ 200,951 |
Unrealized loss on debt securities | (119,057) | (12,611) | (668,784) | (103,182) |
Net realized loss (gain) on debt securities reclassified to investment income | 1,889 | (6,258) | 981 | (15,174) |
Adjustment to postretirement benefit obligation | 339 | 1,378 | 1,016 | 4,137 |
Net other comprehensive (losses) earnings | (116,829) | (17,491) | (666,787) | (114,219) |
Balances at End of Period | (672,208) | 86,732 | (672,208) | 86,732 |
Investments [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances at Beginning of Period | (543,581) | 124,417 | 7,054 | 223,904 |
Unrealized loss on debt securities | (119,057) | (12,611) | (668,784) | (103,182) |
Net realized loss (gain) on debt securities reclassified to investment income | 1,889 | (6,258) | 981 | (15,174) |
Net other comprehensive (losses) earnings | (117,168) | (18,869) | (667,803) | (118,356) |
Balances at End of Period | (660,749) | 105,548 | (660,749) | 105,548 |
Postretirement Benefit Obligation [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balances at Beginning of Period | (11,798) | (20,194) | (12,475) | (22,953) |
Adjustment to postretirement benefit obligation | 339 | 1,378 | 1,016 | 4,137 |
Net other comprehensive (losses) earnings | 339 | 1,378 | 1,016 | 4,137 |
Balances at End of Period | $ (11,459) | $ (18,816) | $ (11,459) | $ (18,816) |
Subsequent Event (Details)
Subsequent Event (Details) - Subsequent Event [Member] - USD ($) | Nov. 01, 2022 | Oct. 14, 2022 | Oct. 03, 2022 | Sep. 28, 2022 |
Subsequent Event [Line Items] | ||||
Dividends Payable, Date Declared | Oct. 03, 2022 | |||
Common Stock, Dividends, Per Share, Declared | $ 0.09 | |||
Dividends, Common Stock, Cash | $ 301,900,000 | |||
Dividends Payable, Date to be Paid | Nov. 01, 2022 | |||
Dividends Payable, Date of Record | Oct. 14, 2022 | |||
Subsequent Event, Description | The Company was impacted by Hurricane Ian which made landfall in southwest Florida on September 28, 2022. As a result, temporary supermarket closings occurred due to weather conditions and evacuations of certain areas. The impact of the hurricane is not expected to have a material adverse effect on the Company’s financial condition or results of operations. | |||
Subsequent Event, Date | Sep. 28, 2022 |