Statement Of Financial Position
Statement Of Financial Position Classified (USD $) | ||
In Thousands | 12 Months Ended
Dec. 26, 2009 | 12 Months Ended
Dec. 27, 2008 |
Current assets: | ||
Cash and cash equivalents | $370,516 | $201,813 |
Short-term investments | 110,499 | 26,495 |
Trade receivables | 506,500 | 366,418 |
Merchandise inventories | 1,385,273 | 1,387,575 |
Deferred tax assets | 54,087 | 44,628 |
Prepaid expenses | 22,477 | 23,727 |
Total current assets | 2,449,352 | 2,050,656 |
Long-term investments | 2,146,716 | 1,810,048 |
Other noncurrent assets | 146,640 | 154,639 |
Property, plant and equipment: | ||
Land | 397,618 | 313,750 |
Buildings and improvements | 1,704,908 | 1,494,560 |
Furniture, fixtures and equipment | 4,366,123 | 4,166,752 |
Leasehold improvements | 1,261,390 | 1,153,979 |
Construction in progress | 191,907 | 298,364 |
Property, Plant and Equipment, Gross, Total | 7,921,946 | 7,427,405 |
Accumulated depreciation | (3,660,362) | (3,353,076) |
Net property, plant and equipment | 4,261,584 | 4,074,329 |
Assets, Total | 9,004,292 | 8,089,672 |
Current liabilities: | ||
Accounts payable | 1,125,073 | 1,039,858 |
Accrued expenses: | ||
Contribution to retirement plans | 349,650 | 335,245 |
Self-insurance reserves | 119,375 | 132,275 |
Salaries and wages | 99,548 | 92,484 |
Other | 228,720 | 217,985 |
Federal and state income taxes | 28,575 | 0 |
Total current liabilities | 1,950,941 | 1,817,847 |
Deferred tax liabilities | 203,069 | 131,433 |
Self-insurance reserves | 229,589 | 231,070 |
Accrued postretirement benefit cost | 83,368 | 79,478 |
Other noncurrent liabilities | 237,701 | 186,546 |
Total liabilities | 2,704,668 | 2,446,374 |
Stockholders' equity: | ||
Common stock of $1 par value. Authorized 1,000,000 shares; issued and outstanding 780,566 shares in 2009 and 793,966 shares in 2008 | 780,566 | 793,966 |
Additional paid-in capital | 837,969 | 806,526 |
Retained earnings | 4,637,884 | 4,055,432 |
Stockholders' Equity Subtotal, Total | 6,256,419 | 5,655,924 |
Accumulated other comprehensive earnings (losses) | 43,205 | (12,626) |
Total stockholders' equity | 6,299,624 | 5,643,298 |
Commitments and contingencies | - | - |
Liabilities and Stockholders' Equity, Total | $9,004,292 | $8,089,672 |
1_Statement Of Financial Positi
Statement Of Financial Position Classified (Parenthetical) (USD $) | ||
Share data in Thousands, except Per Share data | Dec. 26, 2009
| Dec. 27, 2008
|
Common stock, par value | $1 | $1 |
Common stock, Authorized | 1,000,000 | 1,000,000 |
Common stock, issued | 780,566 | 793,966 |
Common stock, outstanding | 780,566 | 793,966 |
Statement Of Income Alternative
Statement Of Income Alternative (USD $) | |||
In Thousands, except Per Share data | 12 Months Ended
Dec. 26, 2009 | 12 Months Ended
Dec. 27, 2008 | 12 Months Ended
Dec. 29, 2007 |
Revenues: | |||
Sales | $24,319,716 | $23,929,064 | $23,016,568 |
Other operating income | 195,244 | 180,520 | 177,022 |
Total revenues | 24,514,960 | 24,109,584 | 23,193,590 |
Costs and expenses: | |||
Cost of merchandise sold | 17,592,679 | 17,486,823 | 16,805,829 |
Operating and administrative expenses | 5,241,368 | 5,056,962 | 4,743,456 |
Total costs and expenses | 22,834,047 | 22,543,785 | 21,549,285 |
Operating profit | 1,680,913 | 1,565,799 | 1,644,305 |
Investment income | 87,555 | 118,293 | 146,857 |
Other-than-temporary impairment losses | (19,283) | (60,800) | 0 |
Investment income, net | 68,272 | 57,493 | 146,857 |
Other income, net | 25,529 | 28,120 | 26,411 |
Earnings before income tax expense | 1,774,714 | 1,651,412 | 1,817,573 |
Income tax expense | 613,272 | 561,642 | 633,648 |
Net earnings | $1,161,442 | $1,089,770 | $1,183,925 |
Weighted average shares outstanding | 788,835 | 818,248 | 840,523 |
Basic and diluted earnings per share | 1.47 | 1.33 | 1.41 |
Statement Of Other Comprehensiv
Statement Of Other Comprehensive Income (USD $) | |||
In Thousands | 12 Months Ended
Dec. 26, 2009 | 12 Months Ended
Dec. 27, 2008 | 12 Months Ended
Dec. 29, 2007 |
Net earnings | $1,161,442 | $1,089,770 | $1,183,925 |
Other comprehensive earnings (losses): | |||
Unrealized gain (loss) on investment securities - available-for-sale (AFS), net of tax effect of $33,777, ($25,089) and $619 in 2009, 2008 and 2007, respectively | 53,637 | (39,841) | 978 |
Reclassification adjustment for net realized loss (gain) on investment securities - AFS, net of tax effect of $2,628, $26,210 and ($2,832) in 2009, 2008 and 2007, respectively | 4,173 | 41,622 | (4,496) |
Adjustment to postretirement benefit plan obligation, net of tax effect of ($1,246), ($155) and $1,775 in 2009, 2008 and 2007, respectively | (1,979) | (245) | 2,818 |
Comprehensive earnings | $1,217,273 | $1,091,306 | $1,183,225 |
2_Statement Of Other Comprehens
Statement Of Other Comprehensive Income (Parenthetical) (USD $) | |||
In Thousands | 12 Months Ended
Dec. 26, 2009 | 12 Months Ended
Dec. 27, 2008 | 12 Months Ended
Dec. 29, 2007 |
Unrealized gain (loss) on investment securities - available-for-sale (AFS), tax effect | $33,777 | ($25,089) | $619 |
Reclassification adjustment for net realized loss (gain) on investment securities - AFS, tax effect | 2,628 | 26,210 | (2,832) |
Adjustment to postretirement benefit plan obligation, tax effect | ($1,246) | ($155) | $1,775 |
Statement Of Cash Flows Indirec
Statement Of Cash Flows Indirect (USD $) | |||
In Thousands | 12 Months Ended
Dec. 26, 2009 | 12 Months Ended
Dec. 27, 2008 | 12 Months Ended
Dec. 29, 2007 |
Cash flows from operating activities: | |||
Cash received from customers | $24,231,980 | $23,956,284 | $23,057,677 |
Cash paid to employees and suppliers | (21,646,622) | (21,570,749) | (20,695,114) |
Income taxes paid | (553,235) | (641,307) | (672,833) |
Payment for self-insured claims | (283,079) | (267,780) | (228,216) |
Dividends and interest received | 73,087 | 135,382 | 142,454 |
Other operating cash receipts | 185,331 | 170,124 | 165,809 |
Other operating cash payments | (9,230) | (9,100) | (13,101) |
Net cash provided by operating activities | 1,998,232 | 1,772,854 | 1,756,676 |
Cash flows from investing activities: | |||
Payment for property, plant and equipment | (693,489) | (1,289,707) | (683,290) |
Proceeds from sale of property, plant and equipment | 4,150 | 10,074 | 7,760 |
Payment for investments | (1,133,449) | (317,020) | (844,199) |
Proceeds from sale and maturity of investments | 777,381 | 1,155,615 | 667,417 |
Net cash used in investing activities | (1,045,407) | (441,038) | (852,312) |
Cash flows from financing activities: | |||
Payment for acquisition of common stock | (629,453) | (1,127,581) | (647,324) |
Proceeds from sale of common stock | 152,096 | 148,281 | 207,546 |
Dividends paid | (325,295) | (364,583) | (338,575) |
Other, net | 18,530 | 31,013 | 16,260 |
Net cash used in financing activities | (784,122) | (1,312,870) | (762,093) |
Net increase in cash and cash equivalents | 168,703 | 18,946 | 142,271 |
Cash and cash equivalents at beginning of year | 201,813 | 182,867 | 40,596 |
Cash and cash equivalents at end of year | 370,516 | 201,813 | 182,867 |
Reconciliation of net earnings to net cash provided by operating activities: | |||
Net earnings | 1,161,442 | 1,089,770 | 1,183,925 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 496,106 | 444,311 | 406,358 |
Retirement contributions paid or payable in common stock | 256,110 | 231,892 | 259,219 |
Deferred income taxes | 27,018 | (14,666) | (66,439) |
Loss on disposal and impairment of property, plant and equipment and goodwill | 32,482 | 23,383 | 41,554 |
Loss (gain) on sale and impairment of investments | 6,801 | 67,832 | (7,328) |
Net amortization of investments | 15,625 | 8,489 | 9,130 |
Change in operating assets and liabilities providing (requiring) cash: | |||
Trade receivables | (140,082) | (6,158) | 2,760 |
Merchandise inventories | 2,302 | (108,044) | (127,624) |
Prepaid expenses and other noncurrent assets | (5,825) | (768) | 14,693 |
Accounts payable and accrued expenses | 103,014 | 71,733 | 28,971 |
Self-insurance reserves | (14,381) | 18,899 | (18,791) |
Federal and state income taxes | 33,186 | (65,020) | 27,170 |
Other noncurrent liabilities | 24,434 | 11,201 | 3,078 |
Total adjustments | 836,790 | 683,084 | 572,751 |
Net cash provided by operating activities | $1,998,232 | $1,772,854 | $1,756,676 |
Statement Of Shareholders Equit
Statement Of Shareholders Equity And Other Comprehensive Income (USD $) | ||||||
In Thousands | Common Stock
| Additional Paid-in Capital
| Retained Earnings
| Common Stock (Acquired from) Sold to Stockholders
| Accumulated Other Comprehensive Earnings (Losses)
| Total
|
Beginning Balance at Dec. 30, 2006 | $839,715 | $533,559 | $3,616,368 | $0 | ($14,777) | $4,974,865 |
Comprehensive earnings (losses) | 1,183,925 | (700) | 1,183,225 | |||
Cash dividends, $0.41 in 2009, $0.44 in 2008 and $0.40 in 2007 per share | (338,575) | (338,575) | ||||
Contribution of 15,013 in 2009, 12,231 in 2008 and 13,188 in 2007 shares to retirement plans | 10,694 | 202,862 | 48,893 | 262,449 | ||
Acquired 37,895 in 2009, 57,337 in 2008 and 31,527 in 2007 shares from stockholders | (647,324) | (647,324) | ||||
Sale of 9,482 in 2009, 7,596 in 2008 and 10,100 in 2007 shares to stockholders | 529 | 10,338 | 196,679 | 207,546 | ||
Retirement of 16,929 in 2009, 40,713 in 2008 and 19,462 in 2007 shares | (19,462) | (382,290) | 401,752 | 0 | ||
Ending Balance at Dec. 29, 2007 | 831,476 | 746,759 | 4,079,428 | 0 | (15,477) | 5,642,186 |
Comprehensive earnings (losses) | 1,089,770 | 1,536 | 1,091,306 | |||
Cash dividends, $0.41 in 2009, $0.44 in 2008 and $0.40 in 2007 per share | (364,583) | (364,583) | ||||
Contribution of 15,013 in 2009, 12,231 in 2008 and 13,188 in 2007 shares to retirement plans | 1,697 | 32,296 | 219,182 | 253,175 | ||
Acquired 37,895 in 2009, 57,337 in 2008 and 31,527 in 2007 shares from stockholders | (1,127,581) | (1,127,581) | ||||
Sale of 9,482 in 2009, 7,596 in 2008 and 10,100 in 2007 shares to stockholders | 1,506 | 27,471 | 119,304 | 148,281 | ||
Retirement of 16,929 in 2009, 40,713 in 2008 and 19,462 in 2007 shares | (40,713) | (748,382) | 789,095 | 0 | ||
Adjustment to reflect the impact of the measurement date provision on postretirement benefits | (801) | 1,315 | 514 | |||
Ending Balance at Dec. 27, 2008 | 793,966 | 806,526 | 4,055,432 | 0 | (12,626) | 5,643,298 |
Comprehensive earnings (losses) | 1,161,442 | 55,831 | 1,217,273 | |||
Cash dividends, $0.41 in 2009, $0.44 in 2008 and $0.40 in 2007 per share | (325,295) | (325,295) | ||||
Contribution of 15,013 in 2009, 12,231 in 2008 and 13,188 in 2007 shares to retirement plans | 3,522 | 31,594 | 206,589 | 241,705 | ||
Acquired 37,895 in 2009, 57,337 in 2008 and 31,527 in 2007 shares from stockholders | (629,453) | (629,453) | ||||
Sale of 9,482 in 2009, 7,596 in 2008 and 10,100 in 2007 shares to stockholders | 7 | (151) | 152,240 | 152,096 | ||
Retirement of 16,929 in 2009, 40,713 in 2008 and 19,462 in 2007 shares | (16,929) | (253,695) | 270,624 | 0 | ||
Ending Balance at Dec. 26, 2009 | $780,566 | $837,969 | $4,637,884 | $0 | $43,205 | $6,299,624 |
3_Statement Of Shareholders Equ
Statement Of Shareholders Equity And Other Comprehensive Income (Parenthetical) (USD $) | |||
Share data in Thousands, except Per Share data | 12 Months Ended
Dec. 26, 2009 | 12 Months Ended
Dec. 27, 2008 | 12 Months Ended
Dec. 29, 2007 |
Cash dividends, per share | 0.41 | 0.44 | 0.4 |
Contribution of shares to retirement plans | 15,013 | 12,231 | 13,188 |
Acquired shares from stockholders | 37,895 | 57,337 | 31,527 |
Sale of shares to stockholders | 9,482 | 7,596 | 10,100 |
Retirement of shares | 16,929 | 40,713 | 19,462 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | |
12 Months Ended
Dec. 26, 2009 USD / shares | |
Summary of Significant Accounting Policies | (1) Summary of Significant Accounting Policies (a) Business Publix Super Markets, Inc. and its wholly owned subsidiaries (the Company) are in the primary business of operating retail food supermarkets in Florida, Georgia, South Carolina, Alabama and Tennessee. The Company operates in a single industry segment. (b) Principles of Consolidation The consolidated financial statements include all entities over which the Company has control, including its majority-owned subsidiaries. The Company accounts for equity investments in companies over which it has the ability to exercise significant influence, but does not hold a controlling interest, under the equity method. All significant intercompany balances and transactions are eliminated in consolidation. (c) Fiscal Year The fiscal year ends on the last Saturday in December. Fiscal years 2009, 2008 and 2007 include 52 weeks. (d) Cash Equivalents The Company considers all liquid investments with maturities of three months or less to be cash equivalents. (e) Trade Receivables Trade receivables primarily include amounts due from vendor allowances, debit and credit card sales and third party insurance pharmacy billings. (f) Inventories Inventories are valued at the lower of cost or market. The cost for 86% of inventories was determined using the dollar value last-in, first-out method as of December26, 2009 and December27, 2008. The cost of the remaining inventories was determined using the first-in, first-out (FIFO) method. The FIFO cost of inventory approximates replacement or current cost. The FIFO method is used to value manufactured, seasonal, certain perishable and other miscellaneous inventory items because of fluctuating costs and inconsistent product availability. The Company also reduces inventory for estimated losses related to shrink. If the FIFO method of valuing inventories had been used by the Company to value all inventories, inventories and current assets would have been higher than reported by $265,289,000 and $267,187,000 as of December26, 2009 and December27, 2008, respectively. (g) Investments All of the Companys debt and equity securities are classified as available-for-sale (AFS) and are carried at fair value. The Company evaluates whether AFS securities are other-than-temporarily impaired (OTTI) based on criteria that include the extent to which cost exceeds market value, the duration of the market decline, the credit rating of the issuer or security, the failure of the issuer to make scheduled principal or interest payments and the financial health and prospects of the issuer or security. Declines in the value of AFS securities determined to be OTTI are recognized in earnings and reported as other-than-temporary impairment losses. Debt securities with unrealized losses are considered OTTI if the Company intends to sell the debt security or if the Company will be required to sell the debt security prior to any anticipated recovery. If the Company determines that a debt security is OTTI under these circumstances, the impairment recognized in earnings is measured as the difference between |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | |
12 Months Ended
Dec. 26, 2009 USD / shares | |
Fair Value of Financial Instruments | (2) Fair Value of Financial Instruments The fair value of certain of the Companys financial instruments, including cash and cash equivalents, trade receivables and accounts payable, approximate their respective carrying amounts due to their short-term maturity. The fair value of AFS securities are 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. AFS securities that are included in this category are primarily equity securities. Level 2 Fair value is determined by using other than quoted prices. By using observable inputs (for example, interest rates), the fair value is determined through the use of models or other valuation methodologies. AFS securities that are included in this category are primarily tax exempt and taxable bonds. 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 AFS securities are currently included in this category. Following is a summary of fair value measurements for AFS securities as of December26, 2009 and December27, 2008: Fair Value Level1 Level2 Level3 (Amountsareinthousands) December26, 2009 $2,197,031 189,053 2,007,978 December27, 2008 1,771,150 119,668 1,651,482 The fair value of other investments that are accounted for using the equity method approximate their respective carrying amounts. |
Investments
Investments | |
12 Months Ended
Dec. 26, 2009 USD / shares | |
Investments | (3) Investments Following is a summary of investments as of December26, 2009 and December27, 2008: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Amountsareinthousands) 2009 Available-for-sale: Tax exempt bonds $ 1,193,775 20,210 598 1,213,387 Taxable bonds 772,399 10,383 3,304 779,478 Equity securities 151,294 55,080 2,208 204,166 2,117,468 85,673 6,110 2,197,031 Other investments 60,184 60,184 $ 2,177,652 85,673 6,110 2,257,215 2008 Available-for-sale: Tax exempt bonds $ 390,526 8,277 334 398,469 Taxable bonds 1,236,777 6,556 10,662 1,232,671 Equity securities 158,499 3,424 21,913 140,010 1,785,802 18,257 32,909 1,771,150 Other investments 65,393 65,393 $ 1,851,195 18,257 32,909 1,836,543 The realized gains on sales of AFS securities totaled $21,423,000, $22,445,000 and $13,414,000 for 2009, 2008 and 2007, respectively. Realized losses on sales and OTTI of AFS securities totaled $28,224,000, $90,277,000 and $6,086,000 for 2009, 2008 and 2007, respectively. The Company recorded OTTI losses on equity securities of $19,283,000 and $58,990,000 for 2009 and 2008, respectively. There were no OTTI losses on equity securities in 2007. The Company recorded OTTI losses on debt securities of $1,810,000 in 2008. There were no OTTI losses on debt securities in 2009 and 2007. The amortized cost and fair value of debt and equity securities classified as AFS and other investments as of December26, 2009 and December27, 2008, by expected maturity, are as follows: 2009 2008 Amortized Cost Fair Value Amortized Cost Fair Value (Amountsareinthousands) Due in one year or less $ 109,290 110,499 26,241 26,495 Due after one year through five years 934,195 946,971 279,778 283,940 Due after five years through ten years 150,839 153,506 56,597 56,472 Due after ten years 771,850 781,889 1,264,687 1,264,233 1,966,174 1,992,865 1,627,303 1,631,140 Equity securities 151,294 204,166 158,499 140,010 Other investments 60,184 60,184 65,393 65,393 $ 2,177,652 2,257,215 1,851,195 1,836,543 Following is a summary of temporarily impaired investments by the time period impaired as of December26, 2009 and December27, 2008: LessThan 12Months 12Months orLonger Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (Amountsareinthousands) 2009 Tax exempt bonds $ 108,628 598 108,628 598 Taxable bonds 202,633 1 |
Postretirement Benefits
Postretirement Benefits | |
12 Months Ended
Dec. 26, 2009 USD / shares | |
Postretirement Benefits | (4) Postretirement Benefits The Company provides postretirement life insurance benefits for certain salaried and hourly full-time employees who meet the eligibility requirements. Effective January1, 2002, the Companyamendedthe retiree life insurance benefit under its Group Life Insurance Plan. To receive the retiree life insurance benefit after the amendment, an employee must have had at least five years of full-time service and the employees age plus years of credited service must have equaled 65 or greater as of October1, 2001. At retirement, such employees also must be at least age 55 with ten years of full-time service to be eligible to receive postretirement life insurance benefits. On December30, 2007, the Company adopted a new accounting standard on postretirement benefits that requires measurement of the funded status as of the end of the Companys fiscal year. Previously, the measurement date was October1. Upon adoption, the Company re-measured the postretirement benefit obligation which resulted in a reduction to retained earnings of $1,306,000, net of tax effect of $505,000, and an actuarial gain to accumulated other comprehensive earnings of $2,143,000, net of tax effect of $828,000, as of December27, 2008. An actuarial loss was recognized in other comprehensive earnings of $3,225,000, net of tax effect of $1,246,000, in 2009. An actuarial loss was recognized in other comprehensive earnings of $400,000, net of tax effect of $155,000, in 2008. An actuarial gain was recognized in other comprehensive earnings of $4,593,000, net of tax effect of $1,775,000, in 2007. The Company made benefit payments to beneficiaries of retirees of $4,483,000, $2,746,000 and $2,440,000 during 2009, 2008 and 2007, respectively. The following tables provide a reconciliation of the changes in the benefit obligation and fair value of plan assets and the unfunded status of the plan measured as of December26, 2009 and December27, 2008: 2009 2008 (Amountsareinthousands) Change in benefit obligation: Benefit obligation as of beginning of year $82,750 80,623 Service cost 194 217 Interest cost 5,204 5,093 Actuarial loss 3,225 400 Benefit payments (4,483 ) (2,746 ) Adoption of new measurement date (837 ) Benefit obligation as of end of year 86,890 82,750 Change in fair value of plan assets: Fair value of plan assets as of beginning of year Employer contributions 4,483 2,746 Benefit payments (4,483 ) (2,746 ) Fair value of plan assets as of end of year Unfunded status of the plan as of end of year $86,890 82,750 Current liability $3,522 3,272 Noncurrent liability 83,368 79,478 Total recognized liability $86,890 82,750 The estimated future benefit payments are expected to be paid as follows: Year (Amountsareinthousands) 2010 $ 3,522 2011 3,764 2012 4,026 201 |
Retirement Plans
Retirement Plans | |
12 Months Ended
Dec. 26, 2009 USD / shares | |
Retirement Plans | (5) Retirement Plans The Company has a trusteed, noncontributory Employee Stock Ownership Plan (ESOP) for the benefit of eligible employees. The amount of the Companys discretionary contribution to the ESOP is determined annually by the Board of Directors and can be made in Company common stock or cash. The expense recorded for contributions to this plan was $234,336,000, $210,593,000 and $239,197,000 for 2009, 2008 and 2007, respectively. The Company has a 401(k) plan for the benefit of eligible employees. The 401(k) plan is a voluntary defined contribution plan. Eligible employees may contribute up to 10% of their eligible annual compensation, subject to the maximum contribution limits established by federal law. The Company may make a discretionary annual matching contribution to eligible participants of this plan as determined by the Board of Directors. During 2009, 2008 and 2007, the Board of Directors approved a match of 50% of eligible contributions up to 3% of eligible wages, not to exceed a maximum match of $750 per employee. The match, which is determined as of the last day of the plan year and paid in the subsequent plan year, is in common stock of the Company. The expense recorded for the Companys match to the 401(k) plan was $21,774,000, $21,300,000 and $20,022,000 for 2009, 2008 and 2007, respectively. The Company intends to continue its retirement plans; however, the right to modify, amend, terminate or merge these plans has been reserved. In the event of termination, all amounts contributed under the plans must be paid to the participants or their beneficiaries. |
Income Taxes
Income Taxes | |
12 Months Ended
Dec. 26, 2009 USD / shares | |
Income Taxes | (6) Income Taxes Total income taxes for 2009, 2008 and 2007 were allocated as follows: 2009 2008 2007 (Amounts are in thousands) Earnings $ 613,272 561,642 633,648 Other comprehensive earnings (losses) 35,159 966 (438 ) Accumulated other comprehensive earnings and retained earnings 323 $ 648,431 562,931 633,210 The provision for income taxes consists of the following: Current Deferred Total (Amounts are in thousands) 2009 Federal $ 518,269 28,064 546,333 State 67,985 (1,046 ) 66,939 $ 586,254 27,018 613,272 2008 Federal $ 509,003 (7,597 ) 501,406 State 67,305 (7,069 ) 60,236 $ 576,308 (14,666 ) 561,642 2007 Federal $ 615,121 (59,077 ) 556,044 State 84,966 (7,362 ) 77,604 $ 700,087 (66,439 ) 633,648 A reconciliation of the provision for income taxes at the federal statutory tax rate of 35% to earnings before income taxes compared to the Companys actual income tax expense is as follows: 2009 2008 2007 (Amounts are in thousands) Federal tax at statutory tax rate $ 621,150 577,994 636,150 State income taxes (net of federal tax benefit) 43,511 39,153 50,443 ESOP dividend (36,033 ) (39,077 ) (36,588 ) Other, net (15,356 ) (16,428 ) (16,357 ) $ 613,272 561,642 633,648 The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities as of December26, 2009 and December27, 2008 are as follows: 2009 2008 (Amountsareinthousands) Deferred tax assets: Self-insurance reserves $114,512 121,707 Retirement plan contributions 39,225 36,374 Postretirement benefit cost 33,519 31,914 Reserves not currently deductible 26,846 16,964 Unrealized losses and impairments on AFS securities 909 35,203 Advance purchase allowances 9,253 6,806 Inventory capitalization 12,130 11,502 Other 10,111 1,064 Total deferred tax assets $246,505 261,534 Deferred tax liabilities: Property, plant and equipment, primarily due to depreciation $391,356 340,260 Other 4,131 8,079 Total deferred tax liabilities $395,487 348,339 The Company expects the results of future operations and the reversal of deferred tax liabilities to generate sufficient taxable income to allow utilization of deferred tax assets; therefore, no valuation allowance has been recorded as of December26, 2009 or December27, 2008. The Company has analyzed filing positions in all of the federal and state jurisdictions where i |
Commitments and Contingencies
Commitments and Contingencies | |
12 Months Ended
Dec. 26, 2009 USD / shares | |
Commitments and Contingencies | (7) Commitments and Contingencies (a) Operating Leases The Company conducts a major portion of its retail operations from leased premises. Initial terms of the leases are typically 20 years, followed by renewal options at five year intervals, and may include rent escalation clauses. Minimum rentals represent fixed lease obligations, including insurance and maintenance to the extent they are fixed in the lease. Contingent rentals represent payment of variable lease obligations, including real estate taxes, insurance, maintenance and, for certain premises, additional rentals based on a percentage of sales in excess of stipulated minimums (excess rent). The payment of variable real estate taxes, insurance and maintenance is generally based on the Companys pro-rata share of total shopping center square footage. The Company recognizes rent expense for operating leases with rent escalation clauses on a straight-line basis over the applicable lease term. The Company estimates excess rent, where applicable, based on annual sales projections and uses the straight-line method to amortize this cost to rent expense. The annual sales projections are reviewed periodically and adjusted if necessary. Additionally, the Company has operating leases for certain transportation and other equipment. Total rental expense for 2009, 2008 and 2007 is as follows: 2009 2008 2007 (Amounts are in thousands) Minimum rentals $ 437,857 398,992 361,960 Contingent rentals 123,736 118,106 110,989 Sublease rental income (5,953 ) (7,022 ) (8,836 ) $ 555,640 510,076 464,113 As of December26, 2009, future minimum lease payments for all noncancelable operating leases and related subleases are as follows: Year Minimum Rental Commitments Sublease Rental Income Net (Amounts are in thousands) 2010 $417,257 (6,494) 410,763 2011 402,465 (2,674) 399,791 2012 381,122 (2,115) 379,007 2013 359,970 (1,625) 358,345 2014 330,703 (837) 329,866 Thereafter 2,563,713 (174) 2,563,539 $4,455,230 (13,919) 4,441,311 The Company also owns shopping centers which are leased to tenants for minimum monthly rentals plus, in certain instances, contingent rentals. Minimum rentals represent fixed lease commitments, including insurance and maintenance. Contingent rentals include variable real estate taxes, insurance, maintenance and, in certain instances, additional rentals based on a percentage of sales in excess of stipulated minimums. Total rental amounts included in trade receivables were $1,446,000 and $1,478,000 as of December26, 2009 and December27, 2008, respectively. Rental income was $25,590,000, $25,272,000 and $23,638,000 for 2009, 2008 and 2007, respectively. The amounts of minimum future rental payments to be received under noncancelable operating leases are $19,998,000, $18,097,000, $14,712,000, $11,196,000 and $7,626,000 for the years 2010 through 2014, respectively, a |
Subsequent Events
Subsequent Events | |
12 Months Ended
Dec. 26, 2009 USD / shares | |
Subsequent Events | (8) Subsequent Events The Company evaluated events that occurred subsequent to December26, 2009 through when this Form 10-K was filed with the SEC on February26, 2010 for potential recognition or disclosure in the consolidated financial statements. |
Quarterly Information
Quarterly Information (unaudited) | |
12 Months Ended
Dec. 26, 2009 USD / shares | |
Quarterly Information (unaudited) | (9) Quarterly Information (unaudited) Following is a summary of the quarterly results of operations for 2009 and 2008. All quarters have 13 weeks. Quarter First Second Third Fourth (Amountsareinthousands,exceptpershareamounts) 2009 Revenues $ 6,416,647 6,055,977 5,878,716 6,163,620 Costs and expenses $ 5,928,173 5,626,651 5,521,738 5,757,485 Net earnings $ 321,508 300,840 254,934 284,160 Basic and diluted earnings per share $ 0.41 0.38 0.32 0.36 2008 Revenues $ 6,276,413 5,894,769 5,842,889 6,095,513 Costs and expenses $ 5,792,199 5,484,554 5,550,024 5,717,008 Net earnings $ 343,160 295,754 201,829 249,027 Basic and diluted earnings per share $ 0.41 0.36 0.25 0.31 |
Schedule II PUBLIX SUPER MARKET
Schedule II PUBLIX SUPER MARKETS, INC. Valuation and Qualifying Accounts | |
12 Months Ended
Dec. 26, 2009 USD / shares | |
Schedule II PUBLIX SUPER MARKETS, INC. Valuation and Qualifying Accounts | Schedule II PUBLIX SUPER MARKETS, INC. Valuation and Qualifying Accounts Years ended December 26, 2009, December 27, 2008 and December 29, 2007 (Amounts are in thousands) Description Balanceat Beginning ofYear Additions Chargedto Income Deductions From Reserves Balanceat Endof Year Year ended December26, 2009 Reserves not deducted from assets: Self-insurance reserves: Current $ 132,275 270,179 283,079 119,375 Noncurrent 231,070 1,481 229,589 $ 363,345 270,179 284,560 348,964 Year ended December27, 2008 Reserves not deducted from assets: Self-insurance reserves: Current $ 113,597 286,458 267,780 132,275 Noncurrent 230,849 221 231,070 $ 344,446 286,679 267,780 363,345 Year ended December29, 2007 Reserves not deducted from assets: Self-insurance reserves: Current $ 112,177 229,636 228,216 113,597 Noncurrent 251,060 20,211 230,849 $ 363,237 229,636 248,427 344,446 |
Document Information
Document Information | |
12 Months Ended
Dec. 26, 2009 USD / shares | |
Document Type | 10-K |
Amendment Flag | false |
Document Period End Date | 2009-12-26 |
Entity Information
Entity Information (USD $) | |||
12 Months Ended
Dec. 26, 2009 | Feb. 05, 2010
| Jun. 26, 2009
| |
Entity Registrant Name | PUBLIX SUPER MARKETS INC | ||
Entity Central Index Key | 0000081061 | ||
Current Fiscal Year End Date | --12-26 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 779,234,000 | ||
Entity Public Float | $5,999,592,000 |