-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DyUun2B50nAoC5CA5SvNUKa+KsnqU029LEKF3SWYIdsrRa/DIQX5e2nmeC9OAITj 7EJoOjK+EZjPnV9FjWV4Yg== 0000081061-96-000035.txt : 19961016 0000081061-96-000035.hdr.sgml : 19961016 ACCESSION NUMBER: 0000081061-96-000035 CONFORMED SUBMISSION TYPE: 11-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19961015 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUBLIX SUPER MARKETS INC CENTRAL INDEX KEY: 0000081061 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-GROCERY STORES [5411] IRS NUMBER: 590324412 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-00981 FILM NUMBER: 96643673 BUSINESS ADDRESS: STREET 1: PO BOX 407 CITY: LAKELAND STATE: FL ZIP: 33802-0407 BUSINESS PHONE: 9416887407 MAIL ADDRESS: STREET 2: P O BOX 407 CITY: LAKELAND STATE: FL ZIP: 33802 11-K/A 1 PUBLIX SUPER MARKETS, INC. 401(K) SMART PLAN 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K ANNUAL REPORT (Mark One) [x] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1995 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________. Commission file number 0-981 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN 1936 GEORGE JENKINS BOULEVARD LAKELAND, FLORIDA 33801 B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: PUBLIX SUPER MARKETS, INC. 1936 GEORGE JENKINS BOULEVARD LAKELAND, FLORIDA 33801 2 PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN Index to Financial Statements and Schedules Independent Auditors' Report Financial Statements: Statement of Net Assets Available for Plan Benefits, with Fund Information - December 31, 1995 Statement of Changes in Net Assets Available for Plan Benefits, with Fund Information - Year ended December 31, 1995 Notes to Financial Statements Schedules: I. Item 27a. Schedule of Assets held for Investment Purposes -December 31, 1995 II. Item 27d. Schedule of Reportable Transactions - Year ended December 31, 1995 3 INDEPENDENT AUDITORS' REPORT To the Plan Administrator of the Publix Super Markets, Inc. 401(k) SMART Plan: We have audited the accompanying statement of net assets available for plan benefits, with fund information, of the Publix Super Markets, Inc. 401(k) SMART Plan (the "Plan") as of December 31, 1995, and the related statement of changes in net assets available for plan benefits, with fund information, for the year then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for plan benefits of the Plan as of December 31, 1995, and the changes in net assets available for plan benefits for the year then ended in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes as of December 31, 1995 and reportable transactions for the year then ended are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedules have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. KPMG PEAT MARWICK LLP Tampa, Florida May 31, 1996 4 PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Statement of Net Assets Available for Plan Benefits, with Fund Information December 31, 1995 Aggressive Publix Equity Asset Fixed Participant Growth Stock Index Allocation Income Assets Loans Fund Fund Fund Fund Fund Total ------ ----- ---- ---- ---- ---- ---- ----- Investments $43,591 4,861,758 10,692,518 1,756,841 720,250 1,164,606 19,239,564 Employer Contribution Receivable --- --- 5,441,587 --- --- --- 5,441,587 Interfund Transfers --- (16,043) 81,577 (22,519) (17,245) (25,770) --- ------ --------- ---------- --------- ------ ------ --------- Total Assets $43,591 4,845,715 16,215,682 1,734,322 703,005 1,138,836 24,681,151 ====== ========= ========== ========= ======= ========= ========== Net Assets Available for Plan Benefits: Active Participants $43,591 4,777,833 16,073,637 1,708,220 692,353 1,121,267 24,416,901 Non-active Participants --- 67,882 142,045 26,102 10,652 17,569 264,250 ------ --------- ---------- --------- ------- --------- ---------- $43,591 4,845,715 16,215,682 1,734,322 703,005 1,138,836 24,681,151 ====== ========= ========== ========= ======= ========= ==========
See accompanying notes to financial statements. 5 PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Statement of Changes in Net Assets Available for Plan Benefits, with Fund Information Year ended December 31, 1995 Aggressive Publix Equity Asset Fixed Participant Growth Stock Index Allocation Income Loans Fund Fund Fund Fund Fund Total ----- ---- ---- ---- ---- ---- ----- Contributions: Employee $ --- 4,358,065 9,745,550 1,560,436 671,799 1,152,391 17,488,241 Employer - Stock --- --- 5,441,587 --- --- --- 5,441,587 ------ --------- ---------- --------- ------- --------- ---------- Total Contributions --- 4,358,065 15,187,137 1,560,436 671,799 1,152,391 22,929,828 ------ --------- ---------- --------- ------- --------- ---------- Investment Income: Net Appreciation --- 223,790 1,050,217 222,507 42,854 34,716 1,574,084 Dividends --- 361,852 16,014 --- 17,185 --- 395,051 Interest --- --- 54,269 --- --- --- 54,269 ------ ------- --------- --------- ------- --------- ---------- Total Investment Income --- 585,642 1,120,500 222,507 60,039 34,716 2,023,404 ------ ------- --------- --------- ------- --------- ---------- Participant Loans 43,591 (13,970) (24,852) (2,535) (617) (1,147) 470 ------ --------- ---------- --------- ------- --------- ---------- Total Increase in Plan Assets 43,591 4,929,737 16,282,785 1,780,408 731,221 1,185,960 24,953,702 ------ --------- ---------- --------- ------- --------- ---------- Distributions to Participants --- (67,979) (148,680) (23,567) (10,971) (21,354) (272,551) Interfund Transfers --- (16,043) 81,577 (22,519) (17,245) (25,770) --- ------ --------- ---------- --------- ------- --------- ---------- Total Decrease in Plan Assets --- (84,022) (67,103) (46,086) (28,216) (47,124) (272,551) ------ --------- ---------- --------- ------- --------- ---------- Net Increase in Plan Assets 43,591 4,845,715 16,215,682 1,734,322 703,005 1,138,836 24,681,151 Net Assets Available for Plan Benefits: Beginning of year --- --- --- --- --- --- --- ------ --------- ---------- --------- ------- --------- ---------- End of year $43,591 4,845,715 16,215,682 1,734,322 703,005 1,138,836 24,681,151 ====== ========= ========== ========= ======= ========= ==========
See accompanying notes to financial statements. 6 PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN Notes to Financial Statements December 31, 1995 (1) Description of Plan and Summary of Accounting Policies ------------------------------------------------------ The following description of the Publix Super Markets, Inc. 401(k) SMART Plan (the "Plan") provides only general information. Participants should refer to the Summary Plan Description for a more complete description of the Plan's provisions. The Plan, which became effective January 1, 1995, is a defined contribution plan subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). Employees of Publix Super Markets, Inc. (the "Company" or "Publix") who have attained the age of 19 and have completed one year of service during which they worked 1,000 hours or more are eligible to participate in the Plan. The Plan year is a calendar year. (a) Contributions ------------- Employees may contribute up to 6% of their annual compensation, not to exceed the maximum limits established by Federal law. The Company may make a discretionary annual matching contribution to eligible participants of the Plan as determined by the Company's Board of Directors. During 1995, the Company's Board of Directors approved a match of 50% of eligible contributions up to 3% of eligible wages not to exceed a maximum of $750 per employee. The match, determined as of the last day of the Plan year, was in the form of common stock of the Company. (b) Participant Accounts -------------------- Two separate accounts are maintained for each participant, a Savings Contribution Account and a Matching Contribution Account (the "Accounts"). Plan earnings are allocated and credited to the Accounts as of each valuation date. Each participant's share of earnings is determined by the Plan Administrator on a weighted average basis, so that each participant shall receive a pro-rata share. Forfeitures of non-vested Company contributions by terminated or former participants may be used to reduce future Company matching contributions. (c) Vesting ------- Participants are immediately vested in their contributions and earnings thereon. Company matching contributions and earnings thereon are 100% vested upon completing five years of service, reaching age 60, disability or death. Matching contributions cannot be withdrawn or distributed until vested. (continued) 7 PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN Notes to Financial Statements (d) Loans to Participants --------------------- All actively employed Plan participants with available account balances may apply for a loan from their own Plan accounts. The minimum amount a participant may borrow is $1,000. The maximum amount that a participant may borrow is the lesser of: 1) 50% of the balances in the participant's Savings Contribution Account and vested Matching Contribution Account; or 2) $50,000 less a participant's highest outstanding loan balance during the previous twelve month period. However, the actual loan amount cannot exceed the balance in the participant's Savings Contribution Account. Participants may request one loan each year and may only have one outstanding loan at a time. All legal and administrative costs incurred as a result of a loan are paid by the participant. The interest rate is determined by the Trustee as of the first day of each calendar quarter and represents the prime lending rate charged by the Trustee. The interest rate on a loan will be fixed for the term of the loan. A participant can choose repayment terms on a new loan up to five years. Repayment of principal and interest are made through after tax payroll deductions each pay period. Repayment of principal and interest are credited to the participant's Savings Contribution Account and reinvested according to the participant's current investment options. Upon termination of employment all unpaid principal and accrued interest on any loan outstanding is immediately due and payable. Participants may repay a loan in total at any time after the loan has been in effect for at least one year. (e) Termination of Plan ------------------- The Company expects to continue the Plan indefinitely, but is not contractually obligated to do so. The Company reserves the right to amend or discontinue the Plan at any time. If the Plan is ever terminated, participants will be fully vested in all amounts credited to their accounts. (f) Distribution of Benefits ------------------------ Upon termination of employment, participants may elect to receive payment in full of the vested portion of their Savings Contribution Account and Matching Contribution Account balances as of the valuation date immediately preceding or concurring with the date of termination. If the value of the terminating participant's account exceeds $3,500, the participant may elect to defer distribution. Payment of deferred distributions must be made no later than 60 days after the end of the Plan year during which a participant dies or attains age 62. Payment for actively employed participants must begin on or before April 1st of the calendar year following the year the participant attains age 70 1/2. -2- (continued) 8 PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN Notes to Financial Statements (g) Basis of Accounting ------------------- The accounts of the Plan are maintained on the accrual basis. (h) Investments ----------- The market value of Publix Super Markets, Inc. common stock is determined by the Company's Board of Directors based upon appraisals prepared by independent appraisers. The market value of other investments is determined based upon quoted market prices. (i) Use of Estimates ---------------- The preparation of financial statements in conformity with generally accepted accounting principles and ERISA requires management to make estimates and assumptions that affect the reported amounts of net assets available for plan benefits and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of changes in net assets available for plan benefits during the reporting period. Actual results could differ from those estimates. (2) Investments ----------- The Plan currently offers the following investment options: (a) Aggressive Growth Fund ---------------------- This fund may consist of a portfolio invested primarily in common stocks and other securities or investment opportunities providing long-term capital appreciation. The fund can be expected to experience wider variation in its value than the other funds described herein. The Plan Administrator has selected the "Fidelity ContraFund," a mutual fund, as the investment vehicle for the Aggressive Growth Fund. This fund invests in the securities of companies that are believed to be undervalued or out of favor. (b) Publix Stock Fund ----------------- This fund includes two components: cash and Publix common stock. Cash awaiting investment in Publix stock is invested in a short-term fixed income funding vehicle. The cash component of this fund includes employee contributions and loan repayments, transfers from other investments to purchase Publix stock, dividends earned on Publix stock and income earned on all of these deposits. The cash component of this fund will be used to purchase Publix stock on specified purchase dates. The fund provides an opportunity for long-term capital appreciation. Because this fund is not diversified, it may experience wider variations in value than other funds described herein. -3- (continued) 9 PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN Notes to Financial Statements (c) Equity Index Fund ----------------- This fund may consist of a portfolio invested primarily in common stocks which, in the aggregate, are intended to mirror the performance of the Standard & Poor's Corporate Stock Price Index (S&P 500 Index), and/or a portfolio of comparable investments. The fund is intended to provide for long-term growth of capital, and secondarily for long-term growth of income (or to provide a similar investment return). The fund can be expected to experience wider variations in its value than the other funds described herein. The Plan Administrator has selected the "MetLife Stock Market Index Guarantee Account" as the investment vehicle for the Equity Index Fund. It consists of most of the stocks of the S&P 500 Index. (d) Asset Allocation Fund --------------------- This fund is a growth and income fund which uses an asset allocation approach. The fund may consist of common and preferred stocks, governmental and corporate bonds, and other securities or investment opportunities designed to provide for both current income and capital appreciation. The fund can be expected to experience wider variations in its value than the Fixed Income Fund. The Plan Administrator has selected the "State Street Research Strategic Portfolios: Moderate" mutual fund as the investment vehicle for the Asset Allocation Fund. This fund is actively managed and represents a diversified mix of stocks and bonds. Stocks are generally expected to represent between 45% and 65% of fund assets; bonds are generally expected to represent between 35% and 55% of fund assets. The fund may vary investments within these ranges based upon the portfolio manager's view of economic and market conditions. The stock portion of the fund generally will consist of common stocks and securities convertible into common stocks with long-term growth potential. The bond portion of the fund generally will consist of a broad range of corporate and governmental securities and may include mortgage-related securities. (e) Fixed Income Fund ----------------- This fund may consist of a portfolio invested in commercial paper, U.S. Government or federal agency obligations, short-term corporate obligations, bank certificates of deposit, savings accounts and/or comparable investments designed to provide maximum protection of capital with a conservative rate of return. The Plan Administrator has selected the "MetLife Guaranteed Fixed Income Account" as the investment vehicle for the Fixed Income Fund. It consists of one or more MetLife guaranteed interest-type contracts, which are intended to provide the advantage of intermediate-term rates with protection from potential market fluctuations. -4- (continued) 10 PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN Notes to Financial Statements (3) Administration of the Plan -------------------------- The Primary Trustee for the Plan, Chase Manhattan Bank, N.A., is generally responsible for maintaining custody of the investment funds and other assets in which the participants contributions are invested, excluding Publix stock. The Publix Stock Fund Trustee, Tina P. Johnson, is responsible for maintaining the Publix Stock Fund for participants. Metropolitan Life Insurance Company serves as the third-party Plan Administrator. The Plan administration costs are paid by Publix. (4) Federal Income Tax ------------------ The Plan has been determined to be a qualified plan as described in Sections 401(a) and 401(k) of the Internal Revenue Code, as amended. As such, the Plan is exempt from federal income taxes under Section 501(a) of the Internal Revenue Code. The Company received a favorable determination letter from the Internal Revenue Service confirming such status. -5- 11 Schedule I
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN Item 27a. Schedule of Assets Held for Investment Purposes December 31, 1995 Number of Market Name of Issuer and Title of Issue Shares Cost Value - --------------------------------- ------ ---- ----- Marketable: Aggressive Growth Fund ---------------------- Fidelity ContraFund --- $ 4,647,102 4,845,715 Equity Index Fund ----------------- MetLife Stock Market Index Guarantee Account * --- 1,518,317 1,734,322 Asset Allocation Fund --------------------- State Street Research Strategic Portfolios: Moderate * --- 662,295 703,005 Fixed Income Fund ----------------- MetLife Guaranteed Fixed Income Account * --- 1,138,747 1,138,836 Non-Marketable: Publix Stock Fund ----------------- Common Stock of Publix Super Markets, Inc.* 643,162 9,741,717 10,774,095 Participant Loans 43,591 43,591 ---------- ---------- $17,751,769 19,239,564 ========== ==========
* Parties-in-interest 12 Schedule II
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN Item 27d. Schedule of Reportable Transactions Year ended December 31, 1995 Gain Asset Purchases Sales Cost (Loss) ----- --------- ----- ---- ---- Aggressive Growth Fund - ---------------------- Fidelity ContraFund $ 4,719,659 --- --- --- Equity Index Fund - ----------------- MetLife Stock Market Index Guarantee Account 1,560,523 --- --- --- Fixed Income Fund - ----------------- MetLife Guaranteed Fixed Income Account 1,152,302 --- --- --- Publix Stock Fund - ----------------- Common Stock of Publix Super Markets, Inc. 9,997,685 --- --- ---
13 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the Publix Super Markets, Inc. 401(k) SMART Plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN Date: March 29, 1996 By: /s/Tina P. Johnson -------------------------- Tina P. Johnson Vice President, Treasurer and Trustee of the 401(k) SMART Plan - Publix Stock Fund -----END PRIVACY-ENHANCED MESSAGE-----