Publix Super Markets (PUSH) 10-Q 1 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Oct. 13, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Document Fiscal Year Focus	2023
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	--12-30
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		3,307,000,000

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 1,089	$ 1,336
Short-term investments	1,771	566
Trade receivables	1,074	1,106
Inventories	2,424	2,341
Prepaid expenses	86	74
Total current assets	6,444	5,423
Long-term investments	11,459	10,992
Other noncurrent assets	623	561
Operating lease right-of-use assets	3,093	2,979
Property, plant and equipment	19,876	18,688
Accumulated depreciation	(8,141)	(7,596)
Net property, plant and equipment	11,735	11,092
Total assets	33,354	31,047
Current liabilities:
Accounts payable	2,763	2,812
Accrued expenses:
Contributions to retirement plans	592	687
Self-insurance reserves	225	210
Salaries and wages	438	205
Other	663	637
Current portion of long-term debt	18	36
Current portion of operating lease liabilities	360	359
Income taxes	292	226
Total current liabilities	5,351	5,172
Deferred income taxes	629	575
Self-insurance reserves	289	268
Long-term debt	42	43
Operating lease liabilities	2,613	2,573
Finance lease liabilities	482	423
Other noncurrent liabilities	127	141
Total liabilities	9,533	9,195
Common stock related to Employee Stock Ownership Plan (ESOP)	4,288	4,029
Stockholders’ equity:
Common stock of $1 par value. Authorized 4,000 shares; issued 3,347 shares in 2023 and 3,324 shares in 2022	3,347	3,324
Additional paid-in capital	2,005	1,687
Retained earnings	19,619	17,413
Treasury stock at cost, 39 shares in 2023	(574)	0
Accumulated other comprehensive losses	(613)	(609)
Common stock related to ESOP	(4,288)	(4,029)
Total stockholders’ equity	19,496	17,786
Noncontrolling interests	37	37
Total equity	23,821	21,852
Total liabilities and stockholders' equity	$ 33,354	$ 31,047

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	4,000	4,000
Common stock, shares issued	3,347	3,324
Treasury Stock, Common, Shares	39	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Revenues:
Sales	$ 13,952	$ 13,011	$ 42,370	$ 39,189
Other operating income	110	96	319	289
Total revenues	14,062	13,107	42,689	39,478
Costs and expenses:
Cost of merchandise sold	10,282	9,637	31,190	28,681
Operating and administrative expenses	2,724	2,535	8,158	7,507
Total costs and expenses	13,006	12,172	39,348	36,188
Operating profit	1,056	935	3,341	3,290
Investment income			584
Investment (loss)	(43)	(498)		(1,324)
Other nonoperating income, net	24	21	82	69
Earnings before income tax expense	1,037	458	4,007	2,035
Income tax expense	204	64	836	395
Net earnings	$ 833	$ 394	$ 3,171	$ 1,640
Weighted average shares outstanding	3,320	3,366	3,327	3,394
Earnings per share	$ 0.25	$ 0.12	$ 0.95	$ 0.48

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Sep. 24, 2022	Jun. 25, 2022	Mar. 26, 2022	Sep. 30, 2023	Sep. 24, 2022
Statement of Comprehensive Income [Abstract]
Net earnings	$ 833			$ 394			$ 3,171	$ 1,640
Other Comprehensive Earnings (Losses) [Abstract]
Unrealized gain (loss) on debt securities net of income taxes	(37)			(119)			(4)	(669)
Reclassification adjustment for net realized gain on debt securities net of income taxes	0			2			0	1
Adjustment to postretirement benefit obligation net of income taxes	0			0			0	1
Comprehensive earnings	$ 796	$ 1,032	$ 1,339	$ 277	$ 454	$ 242	$ 3,167	$ 973

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) on debt securities income taxes	$ (12,500)	$ (40,600)	$ (1,200)	$ (227,900)
Reclassification adjustment for net realized gain on debt securities income taxes	0	600	0	300
Adjustment to postretirement benefit obligation income taxes	$ 0	$ 0	$ 0	$ 200

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022
Cash flows from operating activities:
Cash received from customers	$ 42,598	$ 39,280
Cash paid to employees and suppliers	(37,909)	(34,824)
Income taxes paid	(622)	(496)
Self-insured claims paid	(395)	(366)
Dividends and interest received	291	233
Other operating cash receipts	317	287
Other operating cash payments	(23)	(27)
Net cash provided by operating activities	4,257	4,087
Cash flows from investing activities:
Payment for capital expenditures	(1,325)	(1,286)
Proceeds from sale of property, plant and equipment	13	20
Payment for investments	(2,372)	(1,294)
Proceeds from sale and maturity of investments	861	1,164
Net cash used in investing activities	(2,823)	(1,396)
Cash flows from financing activities:
Payment for acquisition of common stock	(895)	(1,646)
Proceeds from sale of common stock	212	315
Dividends paid	(965)	(864)
Repayment of long-term debt	(34)	(28)
Other, net	1	(1)
Net cash used in financing activities	(1,681)	(2,224)
Net (decrease) increase in cash and cash equivalents	(247)	467
Cash and cash equivalents at beginning of period	1,336	1,132
Cash and cash equivalents at end of period	1,089	1,599
Reconciliation of net earnings to net cash provided by operating activities:
Net earnings	3,171	1,640
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	676	619
Increase in last-in, first-out (LIFO) reserve	85	132
Retirement contributions paid or payable in common stock	362	342
Deferred income taxes	55	(279)
(Gain) loss on disposal and impairment of long-lived assets	(5)	5
(Gain) loss on investments	(311)	1,497
Net amortization of investments	39	61
Changes in operating assets and liabilities providing (requiring) cash:
Trade receivables	32	(63)
Inventories	(168)	(257)
Other assets	78	45
Accounts payable and accrued expenses	162	218
Income taxes	66	122
Other liabilities	15	5
Total adjustments	1,086	2,447
Net cash provided by operating activities	$ 4,257	$ 4,087

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS EQUITY CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	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. 25, 2021	$ 18,170	$ 3,418	$ 1,426	$ 17,156	$ 0	$ (5)	$ (3,825)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive earnings	242			618		(376)
Dividends per share	(253)			(253)
Contribution of shares to retirement plans	427	20	254		153
Acquisition of shares from stockholders	(538)				(538)
Sale of shares to stockholders	101	0	0		101
Change for ESOP related shares	(600)						(600)
Ending Balance at Mar. 26, 2022	17,549	3,438	1,680	17,521	(284)	(381)	(4,425)
Beginning Balance at Dec. 25, 2021	18,170	3,418	1,426	17,156	0	(5)	(3,825)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive earnings	973
Ending Balance at Sep. 24, 2022	17,065	3,438	1,680	17,932	(1,178)	(672)	(4,135)
Beginning Balance at Mar. 26, 2022	17,549	3,438	1,680	17,521	(284)	(381)	(4,425)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive earnings	454			628		(174)
Dividends per share	(307)			(307)
Acquisition of shares from stockholders	(733)				(733)
Sale of shares to stockholders	107	0	0		107
Change for ESOP related shares	173						173
Ending Balance at Jun. 25, 2022	17,243	3,438	1,680	17,842	(910)	(555)	(4,252)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive earnings	277			394		(117)
Dividends per share	(304)			(304)
Acquisition of shares from stockholders	(375)				(375)
Sale of shares to stockholders	107	0	0		107
Change for ESOP related shares	117						117
Ending Balance at Sep. 24, 2022	17,065	3,438	1,680	17,932	(1,178)	(672)	(4,135)
Beginning Balance at Dec. 31, 2022	17,786	3,324	1,687	17,413	0	(609)	(4,029)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive earnings	1,339			1,241		98
Dividends per share	(299)			(299)
Contribution of shares to retirement plans	450	22	309		119
Acquisition of shares from stockholders	(317)				(317)
Sale of shares to stockholders	108	1	8		99
Change for ESOP related shares	(635)						(635)
Ending Balance at Apr. 01, 2023	18,432	3,347	2,004	18,355	(99)	(511)	(4,664)
Beginning Balance at Dec. 31, 2022	17,786	3,324	1,687	17,413	0	(609)	(4,029)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive earnings	3,167
Ending Balance at Sep. 30, 2023	19,496	3,347	2,005	19,619	(574)	(613)	(4,288)
Beginning Balance at Apr. 01, 2023	18,432	3,347	2,004	18,355	(99)	(511)	(4,664)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive earnings	1,032			1,097		(65)
Dividends per share	(334)			(334)
Acquisition of shares from stockholders	(258)				(258)
Sale of shares to stockholders	38	0	0		38
Change for ESOP related shares	273						273
Ending Balance at Jul. 01, 2023	19,183	3,347	2,004	19,118	(319)	(576)	(4,391)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive earnings	796			833		(37)
Dividends per share	(332)			(332)
Acquisition of shares from stockholders	(320)				(320)
Sale of shares to stockholders	66	0	1		65
Change for ESOP related shares	103						103
Ending Balance at Sep. 30, 2023	$ 19,496	$ 3,347	$ 2,005	$ 19,619	$ (574)	$ (613)	$ (4,288)

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) (Parentheticals) - $ / shares shares in Millions	3 Months Ended
	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Sep. 24, 2022	Jun. 25, 2022	Mar. 26, 2022
Statements of Stockholders' Equity (Parenthetical) [Abstract]
Dividends per share	$ 0.10	$ 0.10	$ 0.09	$ 0.09	$ 0.09	$ 0.074
Contribution of shares to retirement plans	0	0	31	0	0	31
Acquisition of shares from stockholders	22	17	23	27	49	40
Sale of shares to stockholders	5	2	8	8	7	8

Basis of Presentation (Notes)

Basis of Presentation (Notes)	9 Months Ended
	Sep. 30, 2023
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 30, 2023 are not necessarily indicative of the results for the entire 2023 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 31, 2022 (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 Instrum

Fair Value of Financial Instruments (Notes)	9 Months Ended
	Sep. 30, 2023
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 (primarily 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 30, 2023 and December 31, 2022: Fair Value Level 1 Level 2 Level 3 (Amounts are in millions) September 30, 2023 $ 13,230 2,483 10,747 — December 31, 2022 11,558 2,137 9,421 —

Investments (Notes)

Investments (Notes)	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Investments [Text Block]	Investments (a) Debt Securities Following is a summary of debt securities as of September 30, 2023 and December 31, 2022: Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Amounts are in millions) September 30, 2023 Taxable bonds $ 11,373 1 829 10,545 Tax exempt bonds 20 — — 20 Restricted investments 187 — 5 182 $ 11,580 1 834 10,747 December 31, 2022 Taxable bonds $ 9,705 6 830 8,881 Tax exempt bonds 37 — — 37 Restricted investments 170 — 4 166 $ 9,912 6 834 9,084 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. Following is a summary of the cost and fair value of debt securities by expected maturity as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Cost Fair Value Cost Fair Value (Amounts are in millions) Due in one year or less $ 1,783 1,771 570 566 Due after one year through five years 9,239 8,466 8,355 7,661 Due after five years through ten years 542 495 985 855 Due after ten years 16 15 2 2 $ 11,580 10,747 9,912 9,084 The Company had no debt securities with credit losses as of September 30, 2023 and December 31, 2022. Following is a summary of debt securities with other unrealized losses by the time period impaired as of September 30, 2023 and December 31, 2022: Less Than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (Amounts are in millions) September 30, 2023 Taxable bonds $ 2,442 29 7,648 800 10,090 829 Restricted investments 62 2 120 3 182 5 $ 2,504 31 7,768 803 10,272 834 December 31, 2022 Taxable bonds $ 3,705 199 4,627 631 8,332 830 Restricted investments 151 2 15 2 166 4 $ 3,856 201 4,642 633 8,498 834 There are 546 debt securities contributing to the total unrealized losses of $834 million as of September 30, 2023. 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 $2.5 billion as of September 30, 2023 and December 31, 2022. (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 30, 2023 and September 24, 2022: Three Months Ended Nine Months Ended September 30, 2023 September 24, 2022 September 30, 2023 September 24, 2022 (Amounts are in millions) Interest and dividend income $ 101 61 273 173 Net realized (loss) gain on investments — (3) 134 (2) 101 58 407 171 Fair value adjustment, due to net unrealized (loss) gain, on equity securities held at end of period (144) (556) 225 (1,495) Net gain on sale of equity securities previously recognized through fair value adjustment — — (48) — $ (43) (498) 584 (1,324)

Consolidation of Joint Ventures

Consolidation of Joint Ventures and Long-Term Debt (Notes)	9 Months Ended
	Sep. 30, 2023
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 30, 2023, the carrying amounts of the assets and liabilities of the consolidated JVs were $146 million and $40 million, respectively. As of December 31, 2022, the carrying amounts of the assets and liabilities of the consolidated JVs were $136 million and $40 million, 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 2023 and 2022 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 30, 2023 or September 24, 2022. Maturities of JV loans range from June 2026 through April 2027 and have variable interest rates based on a Secured Overnight Financing Rate (SOFR) index plus 200 to 210 basis points. Maturities of assumed shopping center loans range from April 2024 through January 2027 and have fixed interest rates ranging from 4.5% to 7.5%.

Retirement Plan (Notes)

Retirement Plan (Notes)	9 Months Ended
	Sep. 30, 2023
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 $637 million and $629 million as of September 30, 2023 and December 31, 2022, respectively. The cost of the shares held by the ESOP totaled $3.7 billion and $3.4 billion as of September 30, 2023 and December 31, 2022, 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 $4.3 billion and $4.0 billion as of September 30, 2023 and December 31, 2022, respectively. The fair value of the shares held by the ESOP totaled $11.1 billion and $10.2 billion as of September 30, 2023 and December 31, 2022, respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Earnings (Losses) (Notes)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Accumulated Other Comprehensive Earnings (Losses) [Text Block]	Accumulated Other Comprehensive Earnings (Losses) Following is a reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the three months ended September 30, 2023 and September 24, 2022: Investments Postretirement Benefit Accumulated Other Comprehensive Earnings (Losses) (Amounts are in millions) 2023 Balances at July 1, 2023 $ (585) 9 (576) Unrealized loss on debt securities (37) — (37) Net other comprehensive losses (37) — (37) Balances at September 30, 2023 $ (622) 9 (613) 2022 Balances at June 25, 2022 $ (544) (11) (555) Unrealized loss on debt securities (119) — (119) Net realized loss on debt securities reclassified to investment income 2 — 2 Net other comprehensive losses (117) — (117) Balances at September 24, 2022 $ (661) (11) (672) Following is a reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the nine months ended September 30, 2023 and September 24, 2022: Investments Postretirement Benefits Accumulated Other Comprehensive Earnings (Losses) (Amounts are in millions) 2023 Balances at December 31, 2022 $ (618) 9 (609) Unrealized loss on debt securities (4) — (4) Net other comprehensive losses (4) — (4) Balances at September 30, 2023 $ (622) 9 (613) 2022 Balances at December 25, 2021 $ 7 (12) (5) Unrealized loss on debt securities (669) — (669) Net realized loss on debt securities reclassified to investment income 1 — 1 Adjustment to postretirement benefit obligation — 1 1 Net other comprehensive (losses) earnings (668) 1 (667) Balances at September 24, 2022 $ (661) (11) (672)

Subsequent Event (Notes)

Subsequent Event (Notes)	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent EventOn October 2, 2023, the Company declared a quarterly dividend on its common stock of $0.10 per share or $331 million, payable November 1, 2023 to stockholders of record as of the close of business October 13, 2023.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2023
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 30, 2023 are not necessarily indicative of the results for the entire 2023 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 31, 2022 (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. 30, 2023
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 30, 2023 and December 31, 2022: Fair Value Level 1 Level 2 Level 3 (Amounts are in millions) September 30, 2023 $ 13,230 2,483 10,747 — December 31, 2022 11,558 2,137 9,421 —

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Available For Sale Debt Securities [Table Text Block]	Following is a summary of debt securities as of September 30, 2023 and December 31, 2022: Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Amounts are in millions) September 30, 2023 Taxable bonds $ 11,373 1 829 10,545 Tax exempt bonds 20 — — 20 Restricted investments 187 — 5 182 $ 11,580 1 834 10,747 December 31, 2022 Taxable bonds $ 9,705 6 830 8,881 Tax exempt bonds 37 — — 37 Restricted investments 170 — 4 166 $ 9,912 6 834 9,084
Amortized Cost and Fair Value of Available For Sale Debt Securities by Expected Maturity [Table Text Block]	Following is a summary of the cost and fair value of debt securities by expected maturity as of September 30, 2023 and December 31, 2022: September 30, 2023 December 31, 2022 Cost Fair Value Cost Fair Value (Amounts are in millions) Due in one year or less $ 1,783 1,771 570 566 Due after one year through five years 9,239 8,466 8,355 7,661 Due after five years through ten years 542 495 985 855 Due after ten years 16 15 2 2 $ 11,580 10,747 9,912 9,084
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 30, 2023 and December 31, 2022: Less Than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (Amounts are in millions) September 30, 2023 Taxable bonds $ 2,442 29 7,648 800 10,090 829 Restricted investments 62 2 120 3 182 5 $ 2,504 31 7,768 803 10,272 834 December 31, 2022 Taxable bonds $ 3,705 199 4,627 631 8,332 830 Restricted investments 151 2 15 2 166 4 $ 3,856 201 4,642 633 8,498 834
Investment Income (Loss) [Table Text Block]	Following is a summary of investment income (loss) for the three and nine months ended September 30, 2023 and September 24, 2022: Three Months Ended Nine Months Ended September 30, 2023 September 24, 2022 September 30, 2023 September 24, 2022 (Amounts are in millions) Interest and dividend income $ 101 61 273 173 Net realized (loss) gain on investments — (3) 134 (2) 101 58 407 171 Fair value adjustment, due to net unrealized (loss) gain, on equity securities held at end of period (144) (556) 225 (1,495) Net gain on sale of equity securities previously recognized through fair value adjustment — — (48) — $ (43) (498) 584 (1,324)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Earnings (Losses) (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Earnings (Losses) [Table Text Block]	Following is a reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the three months ended September 30, 2023 and September 24, 2022: Investments Postretirement Benefit Accumulated Other Comprehensive Earnings (Losses) (Amounts are in millions) 2023 Balances at July 1, 2023 $ (585) 9 (576) Unrealized loss on debt securities (37) — (37) Net other comprehensive losses (37) — (37) Balances at September 30, 2023 $ (622) 9 (613) 2022 Balances at June 25, 2022 $ (544) (11) (555) Unrealized loss on debt securities (119) — (119) Net realized loss on debt securities reclassified to investment income 2 — 2 Net other comprehensive losses (117) — (117) Balances at September 24, 2022 $ (661) (11) (672) Following is a reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the nine months ended September 30, 2023 and September 24, 2022: Investments Postretirement Benefits Accumulated Other Comprehensive Earnings (Losses) (Amounts are in millions) 2023 Balances at December 31, 2022 $ (618) 9 (609) Unrealized loss on debt securities (4) — (4) Net other comprehensive losses (4) — (4) Balances at September 30, 2023 $ (622) 9 (613) 2022 Balances at December 25, 2021 $ 7 (12) (5) Unrealized loss on debt securities (669) — (669) Net realized loss on debt securities reclassified to investment income 1 — 1 Adjustment to postretirement benefit obligation — 1 1 Net other comprehensive (losses) earnings (668) 1 (667) Balances at September 24, 2022 $ (661) (11) (672)

Fair Value Measurements for Inv

Fair Value Measurements for Investments (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 13,230	$ 11,558
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	2,483	2,137
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	10,747	9,421
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 Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 11,580	$ 9,912
Unrealized Gains	1	6
Unrealized Losses	834	834
Fair Value	10,747	9,084
Taxable bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	11,373	9,705
Unrealized Gains	1	6
Unrealized Losses	829	830
Fair Value	10,545	8,881
Tax exempt bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	20	37
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	20	37
Restricted investments [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	187	170
Unrealized Gains	0	0
Unrealized Losses	5	4
Fair Value	$ 182	$ 166

Amortized Cost and Fair Value o

Amortized Cost and Fair Value of Available for Sale Securities by Expected Maturity (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Amortized Cost [Abstract]
Due in one year or less	$ 1,783	$ 570
Due after one year through five years	9,239	8,355
Due after five years through ten years	542	985
Due after ten years	16	2
Total amortized cost	11,580	9,912
Fair Value [Abstract]
Due in one year or less	1,771	566
Due after one year through five years	8,466	7,661
Due after five years through ten years	495	855
Due after ten years	15	2
Total fair value	$ 10,747	$ 9,084

Investments Allowance for Credi

Investments Allowance for Credit Losses (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
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 Millions	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	$ 2,504	$ 3,856
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	31	201
Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value	7,768	4,642
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	803	633
Unrealized Loss Position, Fair Value	10,272	8,498
Unrealized Loss Position, Accumulated Loss	834	834
Taxable bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	2,442	3,705
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	29	199
Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value	7,648	4,627
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	800	631
Unrealized Loss Position, Fair Value	10,090	8,332
Unrealized Loss Position, Accumulated Loss	829	830
Restricted investments [Member]
Debt Securities, Available-for-sale [Line Items]
Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	62	151
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	2	2
Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value	120	15
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	3	2
Unrealized Loss Position, Fair Value	182	166
Unrealized Loss Position, Accumulated Loss	$ 5	$ 4

Investments - Additional Inform

Investments - Additional Information (Details) $ in Millions	Sep. 30, 2023 USD ($) AFS_security	Dec. 31, 2022 USD ($)
Debt Securities, Available-for-Sale, Unrealized Gain (Loss) [Abstract]
Number of debt securities issues contributing to total unrealized losses | AFS_security	546
Total, Unrealized Losses | $	$ 834	$ 834

Investments Equity Securities (

Investments Equity Securities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Equity Securities [Line Items]
Equity Securities	$ 2,500	$ 2,500

Investment Income (Details)

Investment Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
Investment Income, Net [Abstract]
Interest and dividend income	$ 101	$ 61	$ 273	$ 173
Net realized (loss) gain on investments	0	(3)	134	(2)
Investment income before fair value adjustment	101	58	407	171
Fair value adjustment, due to net unrealized (loss) gain, on equity securities held at end of period	(144)	(556)	225	(1,495)
Net gain on sale of equity securities previously recognized through fair value adjustment	0	0	(48)	0
Investment (loss)	$ (43)	$ (498)		$ (1,324)
Investment income			$ 584

Consolidation of Joint Ventur_2

Consolidation of Joint Ventures and Long-Term Debt Joint Venture - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Assets	$ 33,354	$ 31,047
Liabilities	9,533	9,195
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Assets	146	136
Liabilities	$ 40	$ 40

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. 30, 2023	Sep. 24, 2022
Debt Instrument [Line Items]
Loans Assumed	$ 0	$ 0
JV Loans [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Month And Year	June 2026
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	2.10%
Shopping Center Loans [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Month And Year	April 2024
Debt Instrument, Interest Rate, Stated Percentage	4.50%
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 ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Distributed shares subject to put option, fair value	$ 637	$ 629
ESOP, shares cost	3,700	3,400
Common stock related to ESOP	4,288	4,029
ESOP shares, fair value	$ 11,100	$ 10,200

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Earnings (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 24, 2022	Sep. 30, 2023	Sep. 24, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at Beginning of Period	$ (576)	$ (555)	$ (609)	$ (5)
Unrealized gain (loss) on debt securities	(37)	(119)	(4)	(669)
Net realized gain on debt securities reclassified to investment income	0	2	0	1
Adjustment to postretirement benefit obligation income taxes	0	0	0	1
Net other comprehensive losses	(37)	(117)	(4)	(667)
Balances at End of Period	(613)	(672)	(613)	(672)
Investments [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at Beginning of Period	(585)	(544)	(618)	7
Unrealized gain (loss) on debt securities	(37)	(119)	(4)	(669)
Net realized gain on debt securities reclassified to investment income	0	2	0	1
Net other comprehensive losses	(37)	(117)	(4)	(668)
Balances at End of Period	(622)	(661)	(622)	(661)
Postretirement Benefit Obligation [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at Beginning of Period	9	(11)	9	(12)
Adjustment to postretirement benefit obligation income taxes	0	0	0	1
Net other comprehensive losses	0	0	0	1
Balances at End of Period	$ 9	$ (11)	$ 9	$ (11)

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions	Nov. 01, 2023	Oct. 13, 2023	Oct. 02, 2023
Subsequent Event [Line Items]
Dividends Payable, Date Declared			Oct. 02, 2023
Common Stock, Dividends, Per Share, Declared			$ 0.10
Dividends, Common Stock, Cash			$ 331
Dividends Payable, Date to be Paid	Nov. 01, 2023
Dividends Payable, Date of Record		Oct. 13, 2023