10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 28, 2019

Commission File Number: 000-00981

PUBLIX SUPER MARKETS, INC.

(Exact name of Registrant as specified in its charter)

Florida	59-0324412
(State of incorporation)	(I.R.S. Employer Identification No.)
3300 Publix Corporate Parkway Lakeland, Florida	33811
(Address of principal executive offices)	(Zip Code)

(863) 688-1188

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days.

Yes    X          No  

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months.

Yes    X          No  

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer     Accelerated filer    Non-accelerated filer    X  

Smaller reporting company     Emerging growth company  

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes          No    X  

The number of shares of the Registrant’s common stock outstanding as of October 15, 2019 was 710,518,000.

PART I. FINANCIAL INFORMATION

Item 1.    Financial Statements

PUBLIX SUPER MARKETS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts are in thousands, except par value)

(Unaudited)

	September 28, 2019				December 29, 2018
ASSETS
Current assets:
Cash and cash equivalents		$	1,294,010			599,264
Short-term investments		453,132				560,992
Trade receivables		700,836				682,981
Inventories		1,760,688				1,848,735
Prepaid expenses		98,527				122,224
Total current assets		4,307,193				3,814,196
Long-term investments		7,145,508				6,016,438
Other noncurrent assets		458,207				515,265
Operating lease right-of-use assets		2,909,462				—
Property, plant and equipment		15,058,784				14,174,564
Accumulated depreciation		(5,949,761		)		(5,537,947	)
Net property, plant and equipment		9,109,023				8,636,617
		$	23,929,393			18,982,516
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	1,815,800			1,864,604
Accrued expenses:
Contributions to retirement plans		467,665				540,760
Self-insurance reserves		153,719				145,241
Salaries and wages		291,702				132,916
Other		564,356				321,080
Current portion of long-term debt		26,354				4,954
Current portion of operating lease liabilities		332,648				—
Total current liabilities		3,652,244				3,009,555
Deferred income taxes		588,319				420,757
Self-insurance reserves		225,324				222,419
Accrued postretirement benefit cost		105,487				105,308
Long-term debt		145,300				162,711
Operating lease liabilities		2,562,160				—
Other noncurrent liabilities		127,010				67,102
Total liabilities		7,405,844				3,987,852
Common stock related to Employee Stock Ownership Plan (ESOP)		3,284,701				3,134,999
Stockholders’ equity:
Common stock of $1 par value. Authorized 1,000,000 shares; issued 722,126 shares in 2019 and 715,445 shares in 2018		722,126				715,445
Additional paid-in capital		3,738,659				3,458,004
Retained earnings		12,441,159				10,840,654
Treasury stock at cost, 11,391 shares in 2019		(500,296		)		—
Accumulated other comprehensive earnings (losses)		83,911				(55,762	)
Common stock related to ESOP		(3,284,701		)		(3,134,999	)
Total stockholders’ equity		13,200,858				11,823,342
Noncontrolling interests		37,990				36,323
Total equity		16,523,549				14,994,664
		$	23,929,393			18,982,516

See accompanying notes to condensed consolidated financial statements.     

1

PUBLIX SUPER MARKETS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Amounts are in thousands, except per share amounts)

(Unaudited)

		Three Months Ended
	September 28, 2019			September 29, 2018
Revenues:
Sales		$	9,343,380		8,788,762
Other operating income		74,553			69,339
Total revenues		9,417,933			8,858,101
Costs and expenses:
Cost of merchandise sold		6,840,075			6,436,041
Operating and administrative expenses		1,965,828			1,838,908
Total costs and expenses		8,805,903			8,274,949
Operating profit		612,030			583,152
Investment income		70,049			230,234
Other nonoperating income, net		20,241			19,051
Earnings before income tax expense		702,320			832,437
Income tax expense		128,294			154,693
Net earnings		$	574,026		677,744
Weighted average shares outstanding		712,605			723,236
Earnings per share		$	0.81		0.94

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS

(Amounts are in thousands)

(Unaudited)

		Three Months Ended
	September 28, 2019				September 29, 2018
Net earnings		$	574,026			677,744
Other comprehensive earnings:
Unrealized gain (loss) on debt securities net of income taxes of $6,776 and $(708) in 2019 and 2018, respectively.		22,131				(2,076	)
Reclassification adjustment for net realized gain on debt securities net of income taxes of $(149) and $(62) in 2019 and 2018, respectively.		(439		)		(181	)
Adjustment to postretirement benefit obligation net of income taxes of $192 in 2018.		—				564
Comprehensive earnings		$	595,718			676,051

See accompanying notes to condensed consolidated financial statements.     

2

PUBLIX SUPER MARKETS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Amounts are in thousands, except per share amounts)

(Unaudited)

		Nine Months Ended
	September 28, 2019			September 29, 2018
Revenues:
Sales		$	28,366,021		26,814,561
Other operating income		258,938			215,350
Total revenues		28,624,959			27,029,911
Costs and expenses:
Cost of merchandise sold		20,619,057			19,483,545
Operating and administrative expenses		5,857,859			5,486,465
Total costs and expenses		26,476,916			24,970,010
Operating profit		2,148,043			2,059,901
Investment income		582,378			342,687
Other nonoperating income, net		56,836			64,709
Earnings before income tax expense		2,787,257			2,467,297
Income tax expense		571,203			493,110
Net earnings		$	2,216,054		1,974,187
Weighted average shares outstanding		715,053			729,434
Earnings per share		$	3.10		2.71

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS

(Amounts are in thousands)

(Unaudited)

		Nine Months Ended
	September 28, 2019				September 29, 2018
Net earnings		$	2,216,054			1,974,187
Other comprehensive earnings:
Unrealized gain (loss) on debt securities net of income taxes of $46,885 and $(9,770) in 2019 and 2018, respectively.		139,782				(28,657	)
Reclassification adjustment for net realized (gain) loss on debt securities net of income taxes of $(36) and $91 in 2019 and 2018, respectively.		(109		)		266
Adjustment to postretirement benefit obligation net of income taxes of $577 in 2018.		—				1,693
Comprehensive earnings		$	2,355,727			1,947,489

See accompanying notes to condensed consolidated financial statements.         

3

PUBLIX SUPER MARKETS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts are in thousands)

(Unaudited)

		Nine Months Ended
	September 28, 2019				September 29, 2018
Cash flows from operating activities:
Cash received from customers		$	28,478,388			26,976,556
Cash paid to employees and suppliers		(25,061,839		)		(23,613,609	)
Income taxes paid		(361,130		)		(548,092	)
Self-insured claims paid		(288,782		)		(292,064	)
Dividends and interest received		159,812				140,673
Other operating cash receipts		255,608				211,856
Other operating cash payments		(15,069		)		(12,329	)
Net cash provided by operating activities		3,166,988				2,862,991
Cash flows from investing activities:
Payment for capital expenditures		(885,386		)		(1,098,845	)
Proceeds from sale of property, plant and equipment		7,561				9,408
Payment for investments		(2,214,737		)		(1,941,469	)
Proceeds from sale and maturity of investments		1,813,477				1,752,100
Net cash used in investing activities		(1,279,085		)		(1,278,806	)
Cash flows from financing activities:
Payment for acquisition of common stock		(814,306		)		(1,192,046	)
Proceeds from sale of common stock		233,395				228,032
Dividends paid		(615,549		)		(547,693	)
Repayment of long-term debt		(7,427		)		(42,253	)
Other, net		10,730				6,133
Net cash used in financing activities		(1,193,157		)		(1,547,827	)
Net increase in cash and cash equivalents		694,746				36,358
Cash and cash equivalents at beginning of period		599,264				579,925
Cash and cash equivalents at end of period		$	1,294,010			616,283

See accompanying notes to condensed consolidated financial statements.     (Continued)

4

PUBLIX SUPER MARKETS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts are in thousands)

(Unaudited)

		Nine Months Ended
	September 28, 2019				September 29, 2018
Reconciliation of net earnings to net cash provided by operating activities:
Net earnings		$	2,216,054			1,974,187
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		534,747				501,098
Increase in last-in, first out (LIFO) reserve		30,788				22,926
Retirement contributions paid or payable in common stock		295,407				273,950
Deferred income taxes		120,713				47,828
Loss on disposal and impairment of property, plant and equipment		5,775				10,612
Gain on investments		(446,852		)		(249,808	)
Net amortization of investments		33,102				50,357
Changes in operating assets and liabilities providing (requiring) cash:
Trade receivables		(18,633		)		21,566
Inventories		57,259				100,983
Other assets		47,293				64,758
Accounts payable and accrued expenses		264,323				262,581
Federal and state income taxes		27,863				(217,775	)
Other liabilities		(851		)		(272	)
Total adjustments		950,934				888,804
Net cash provided by operating activities		$	3,166,988			2,862,991

See accompanying notes to condensed consolidated financial statements.         

5

PUBLIX SUPER MARKETS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Amounts are in thousands, except per share amounts)

(Unaudited)

	Common Stock		Additional Paid-in Capital	Retained Earnings		Common Stock (Acquired from) Sold to Stock- holders			Accumu- lated Other Compre- hensive Earnings(Losses)			Common Stock Related to ESOP		Total Stock- holders’ Equity
2019
Balances at December 29, 2018	$	715,445	3,458,004	10,840,654			—			(55,762	)	(3,134,999	)	11,823,342
Comprehensive earnings	—		—	980,971			—			59,814		—		1,040,785
Dividends, $0.26 per share	—		—	(185,835	)		—			—		—		(185,835	)
Contribution of 8,587 shares to retirement plans	5,605		235,017	—			127,329			—		—		367,951
Acquisition of 7,802 shares from stockholders	—		—	—			(333,857	)		—		—		(333,857	)
Sale of 2,641 shares to stockholders	621		26,019	—			86,556			—		—		113,196
Change for ESOP related shares	—		—	—			—			—		(375,184	)	(375,184	)
Balances at March 30, 2019	721,671		3,719,040	11,635,790			(119,972	)		4,052		(3,510,183	)	12,450,398
Comprehensive earnings	—		—	661,057			—			58,167		—		719,224
Dividends, $0.30 per share	—		—	(215,552	)		—			—		—		(215,552	)
Acquisition of 5,790 shares from stockholders	—		—	—			(256,851	)		—		—		(256,851	)
Sale of 904 shares to stockholders	—		6	—			40,276			—		—		40,282
Change for ESOP related shares	—		—	—			—			—		159,560		159,560
Balances at June 29, 2019	721,671		3,719,046	12,081,295			(336,547	)		62,219		(3,350,623	)	12,897,061
Comprehensive earnings	—		—	574,026			—			21,692		—		595,718
Dividends, $0.30 per share	—		—	(214,162	)		—			—		—		(214,162	)
Acquisition of 5,061 shares from stockholders	—		—	—			(223,598	)		—		—		(223,598	)
Sale of 1,811 shares to stockholders	455		19,613	—			59,849			—		—		79,917
Change for ESOP related shares	—		—	—			—			—		65,922		65,922
Balances at September 28, 2019	$	722,126	3,738,659	12,441,159			(500,296	)		83,911		(3,284,701	)	13,200,858

See accompanying notes to condensed consolidated financial statements.         

6

PUBLIX SUPER MARKETS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Amounts are in thousands, except per share amounts)

(Unaudited)

	Common Stock		Additional Paid-in Capital	Retained Earnings		Common Stock (Acquired from) Sold to Stock- holders			Accumu- lated Other Compre- hensive Earnings (Losses)			Common Stock Related to ESOP		Total Stock- holders’ Equity
2018
Balances at December 30, 2017	$	733,440	3,139,647	10,044,564			—			152,636		(3,053,138	)	11,017,149
Comprehensive earnings	—		—	680,271			—			(23,394	)	—		656,877
Dividends, $0.23 per share	—		—	(168,597	)		—			—		—		(168,597	)
Contribution of 8,440 shares to retirement plans	6,221		261,423	—			81,780			—		—		349,424
Acquisition of 10,714 shares from stockholders	—		—	—			(432,894	)		—		—		(432,894	)
Sale of 2,590 shares to stockholders	531		21,632	—			84,651			—		—		106,814
Change for ESOP related shares	—		—	—			—			—		(402,207	)	(402,207	)
Cumulative effect of net unrealized gain on equity securities reclassified to retained earnings	—		—	198,310			—			(198,310	)	—		—
Balances at March 31, 2018	740,192		3,422,702	10,754,548			(266,463	)		(69,068	)	(3,455,345	)	11,126,566
Comprehensive earnings	—		—	616,172			—			(1,611	)	—		614,561
Dividends, $0.26 per share	—		—	(190,655	)		—			—		—		(190,655	)
Acquisition of 7,623 shares from stockholders	—		—	—			(317,877	)		—		—		(317,877	)
Sale of 1,139 shares to stockholders	1		6	—			47,454			—		—		47,461
Change for ESOP related shares	—		—	—			—			—		205,027		205,027
Balances at June 30, 2018	740,193		3,422,708	11,180,065			(536,886	)		(70,679	)	(3,250,318	)	11,485,083
Comprehensive earnings	—		—	677,744			—			(1,693	)	—		676,051
Dividends, $0.26 per share	—		—	(188,441	)		—			—		—		(188,441	)
Acquisition of 10,424 shares from stockholders	—		—	—			(441,275	)		—		—		(441,275	)
Sale of 1,735 shares to stockholders	402		16,704	—			56,651			—		—		73,757
Change for ESOP related shares	—		—	—			—			—		61,821		61,821
Balances at September 29, 2018	$	740,595	3,439,412	11,669,368			(921,510	)		(72,372	)	(3,188,497	)	11,666,996

See accompanying notes to condensed consolidated financial statements.         

7

PUBLIX SUPER MARKETS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(1) Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of Publix Super Markets, Inc. and subsidiaries (the 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 28, 2019 are not necessarily indicative of the results for the entire 2019 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 29, 2018.

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.

(2) Fair Value of Financial Instruments

The fair value of certain of the Company’s financial instruments, including cash and cash equivalents, trade receivables and accounts payable, approximates their respective carrying amounts due to their short-term maturity.

The fair value of investments is based on market prices using the following measurement categories:

Level 1 – Fair value is determined by using quoted prices in active markets for identical investments. Investments included in this category are equity securities (exchange traded funds and individual equity securities).

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 like securities and matrix pricing of corporate, state and municipal bonds by using pricing of similar bonds based on coupons, ratings and maturities. Investments included in this category are primarily debt securities (tax exempt and taxable bonds), including restricted investments in taxable bonds held as collateral.

Level 3 – Fair value is determined by using other than observable inputs. Fair value is determined by using the best information available in the circumstances and requires significant management judgment or estimation. No investments are currently included in this category.

Following is a summary of fair value measurements for investments as of September 28, 2019 and December 29, 2018:

	Fair Value		Level 1	Level 2	Level 3
	(Amounts are in thousands)
September 28, 2019	$	7,598,640	1,844,244	5,754,396	—
December 29, 2018	6,577,430		2,372,931	4,204,499	—

8

PUBLIX SUPER MARKETS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(3) Investments

(a) Debt Securities

Following is a summary of debt securities as of September 28, 2019 and December 29, 2018:

	Cost		Gross Unrealized Gains	Gross Unrealized Losses	Fair Value
	(Amounts are in thousands)
September 28, 2019
Tax exempt bonds	$	893,665	1,930	889	894,706
Taxable bonds	4,244,287		113,021	3,369	4,353,939
Restricted investments	169,832		10,080	—	179,912
	$	5,307,784	125,031	4,258	5,428,557
December 29, 2018
Tax exempt bonds	$	1,256,673	184	12,759	1,244,098
Taxable bonds	2,527,468		1,737	55,085	2,474,120
Restricted investment	160,318		520	346	160,492
	$	3,944,459	2,441	68,190	3,878,710

The Company maintains restricted investments primarily for the benefit of the Company’s insurance carrier related to self-insurance reserves. These investments are held as collateral and not used for claim payments.

The cost and fair value of debt securities by expected maturity as of September 28, 2019 and December 29, 2018 are as follows:

	September 28, 2019			December 29, 2018
	Cost		Fair Value	Cost	Fair Value
	(Amounts are in thousands)
Due in one year or less	$	453,132	453,132	563,272	560,992
Due after one year through five years	3,556,932		3,610,463	2,831,916	2,768,971
Due after five years through ten years	1,292,049		1,359,068	542,488	541,852
Due after ten years	5,671		5,894	6,783	6,895
	$	5,307,784	5,428,557	3,944,459	3,878,710

9

PUBLIX SUPER MARKETS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Following is a summary of temporarily impaired debt securities by the time period impaired as of September 28, 2019 and December 29, 2018:

	Less Than 12 Months				12 Months or Longer			Total
	Fair Value		Unrealized Losses		Fair Value	Unrealized Losses		Fair Value	Unrealized Losses
	(Amounts are in thousands)
September 28, 2019
Tax exempt bonds	$	383,034		501	171,681		388	554,715		889
Taxable bonds	420,027			1,297	518,304		2,072	938,331		3,369
	$	803,061		1,798	689,985		2,460	1,493,046		4,258
December 29, 2018
Tax exempt bonds	$	25,150		95	1,182,783		12,664	1,207,933		12,759
Taxable bonds	645,379			5,821	1,464,208		49,264	2,109,587		55,085
Restricted investment	28,687			346	—		—	28,687		346
	$	699,216		6,262	2,646,991		61,928	3,346,207		68,190

There are 169 debt securities contributing to the total unrealized losses of $4,258,000 as of September 28, 2019. 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

In 2018, the Company adopted the Accounting Standards Update (ASU) requiring equity securities be 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 $2,170,083,000 and $2,698,720,000 as of September 28, 2019 and December 29, 2018, respectively.

Prior to adoption of the ASU, equity securities were classified as available-for-sale and measured at fair value. Changes in fair value determined to be temporary were reported in other comprehensive earnings net of income taxes. Upon adoption of the ASU, the Company reclassified the cumulative effect of the net unrealized gain on equity securities net of income taxes as of December 31, 2017 of $198,310,000 from accumulated other comprehensive earnings to retained earnings. The fair value adjustment includes the cumulative effect of the ASU reclassified to retained earnings as of December 31, 2017.

10

PUBLIX SUPER MARKETS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(c) Investment Income

In the following table, net realized gain on the sale of investments represents the difference between the cost and the proceeds from the sale of debt and equity securities. The net realized gain on the sale of investments excludes the net gain or loss on the sale of equity securities previously recognized through the fair value adjustment, which is presented separately.

Following is a summary of investment income for the three and nine months ended September 28, 2019 and September 29, 2018:

		Three Months Ended							Nine Months Ended
	September 28, 2019				September 29, 2018			September 28, 2019		September 29, 2018
	(Amounts are in thousands)
Interest and dividend income		$	46,796			32,726			135,526		92,879
Net realized gain on sale of investments		33,798				69,251			104,242		92,918
		80,594				101,977			239,768		185,797
Fair value adjustment, due to net unrealized (loss) gain, on equity securities held at end of period		(26,936		)		166,267			292,381		217,314
Net loss (gain) on sale of equity securities previously recognized through fair value adjustment		16,391				(38,010	)		50,229		(60,424	)
		$	70,049			230,234			582,378		342,687

(4) Leases

(a) Lessee

In 2019, the Company adopted the ASU requiring the lease rights and obligations arising from existing and new lease agreements be recognized as assets and liabilities on the balance sheet. The Company adopted the ASU on a modified retrospective basis and elected the transitional provisions eliminating the requirement to restate reporting periods prior to the date of adoption. The Company also elected to not reassess the original conclusions reached regarding lease identification, lease classification and initial direct costs for leases entered into prior to the adoption of the ASU. As of December 30, 2018, the Company recognized its operating lease right-of-use assets and operating lease liabilities on the balance sheet. The adoption of the ASU did not have a material effect on the Company’s results of operations and had no effect on the Company’s cash flows.

The Company included finance lease right-of-use assets of $149,309,000 in net property, plant and equipment and finance lease liabilities of $29,410,000 and $102,247,000 in other accrued expenses and other noncurrent liabilities, respectively, on the condensed consolidated balance sheet as of September 28, 2019.

The Company conducts a major portion of its retail operations from leased locations. The Company determines whether a lease exists at inception. Initial lease terms are typically 20 years followed by five year renewal options and may include rent escalation clauses. A renewal option is included in the right-of-use asset and lease liability to the extent it is reasonably certain the option will be exercised. The present value of future payments for each lease is determined by using the Company’s incremental borrowing rate at the time of lease commencement. Additionally, the Company has operating leases for certain transportation and other equipment with initial lease terms ranging up to five years.

Operating lease expense primarily represents fixed lease payments for operating leases recognized on a straight-line basis over the applicable lease term. Variable lease expense represents the payment of real estate taxes, insurance, maintenance and, for certain locations, 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 Company’s pro-rata share of total shopping center square footage. The Company estimates excess rent, where applicable, based on annual sales projections and uses the straight-line method to amortize the cost to variable lease expense.

11

PUBLIX SUPER MARKETS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Lease expense for the three and nine months ended September 28, 2019 was as follows:

	Three Months Ended				Nine Months Ended
	September 28, 2019				September 28, 2019
	(Amounts are in thousands)
Operating lease expense		$	107,262			324,735
Finance lease expense:
Amortization of right-of-use assets		1,686				6,022
Interest on lease liabilities		752				2,189
Variable lease expense		15,189				44,077
Sublease rental income		(660		)		(2,203	)
		$	124,229			374,820

Supplemental cash flow information related to leases for the nine months ended September 28, 2019 was as follows:

	Nine Months Ended
	September 28, 2019
	(Amounts are in thousands)
Operating cash flows from rent paid for operating lease liabilities		$	315,418
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases		331,274
Finance leases		61,672

The weighted-average remaining lease term and weighted-average discount rate as of September 28, 2019 are as follows:

	September 28, 2019
Weighted-average remaining lease term:
Operating leases		12 years
Finance leases		18 years
Weighted-average discount rate:
Operating leases		3.5	%
Finance leases		3.9	%

12

PUBLIX SUPER MARKETS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Maturities of lease liabilities as of September 28, 2019 are as follows:

Year	Operating Leases			Finance Leases
	(Amounts are in thousands)
2019	$	106,457		2,130
2020	423,548			32,749
2021	394,701			7,781
2022	358,936			7,781
2023	316,511			22,497
Thereafter	1,997,096			94,752
	3,597,249			167,690
Less: Imputed interest	(702,441		)	(36,033	)
	$	2,894,808		131,657

As of September 28, 2019, the Company has lease agreements that have not yet commenced with fixed lease payments totaling $309,611,000. These leases will commence in future periods with terms ranging up to 20 years.

(b) Lessor

The Company leases space in owned shopping centers to tenants under noncancelable operating leases. The Company determines whether a lease exists at inception. Initial lease terms are typically five years followed by five year renewal options and may include rent escalation clauses. Lease income primarily represents fixed lease payments received from tenants recognized on a straight-line basis over the applicable lease term. Variable lease income represents the receipt of real estate taxes, insurance, maintenance and, for certain locations, excess rent.

Total lease income for the three and nine months ended September 28, 2019 was as follows:

	Three Months Ended			Nine Months Ended
	September 28, 2019			September 28, 2019
	(Amounts are in thousands)
Lease income		$	37,924		111,331
Variable lease income		11,155			32,355
		$	49,079		143,686

13

PUBLIX SUPER MARKETS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Fixed lease payments to be received for all noncancelable operating leases as of September 28, 2019 are as follows:

Year
(Amounts are in thousands)
2019	$	39,407
2020	139,491
2021	113,695
2022	87,697
2023	64,394
Thereafter	201,943
	$	646,627

(5) 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 certain real estate developers to partner in the development of a shopping center with the Company as the anchor tenant. The Company consolidates certain of these JVs in which it has a controlling financial interest. As of September 28, 2019, the carrying amounts of the assets and liabilities of the consolidated JVs were $154,123,000 and $77,897,000, respectively. As of December 29, 2018, the carrying amounts of the assets and liabilities of the consolidated JVs were $144,197,000 and $71,342,000, respectively. The assets are owned by and the liabilities are obligations of the JVs, not the Company, except for a portion of the long-term debt of certain JVs guaranteed by the Company. The JVs are financed with capital contributions from the members, loans and/or the cash flows generated by the JV owned shopping centers once in operation. Total earnings attributable to noncontrolling interests for 2019 and 2018 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 28, 2019. The Company assumed loans totaling $9,936,000 during the nine months ended September 29, 2018. Maturities of JV loans range from June 2020 through April 2027 and have variable interest rates based on a LIBOR index plus 175 to 250 basis points. Maturities of assumed shopping center loans range from December 2020 through January 2027 and have fixed interest rates ranging from 3.7% to 7.5%.

(6) Retirement Plan

The 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 $283,179,000 and $288,580,000 as of September 28, 2019 and December 29, 2018, respectively. The cost of the shares held by the ESOP totaled $3,001,522,000 and $2,846,419,000 as of September 28, 2019 and December 29, 2018, 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 $3,284,701,000 and $3,134,999,000 as of September 28, 2019 and December 29, 2018, respectively. The fair value of the shares held by the ESOP totaled $8,121,725,000 and $8,061,399,000 as of September 28, 2019 and December 29, 2018, respectively.

14

PUBLIX SUPER MARKETS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(7) Accumulated Other Comprehensive Earnings (Losses)

A reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the three months ended September 28, 2019 and September 29, 2018 is as follows:

	Investments				Postretirement Benefit			Accumulated Other Comprehensive Earnings (Losses)
		(Amounts are in thousands)
2019
Balances at June 29, 2019		$	68,948			(6,729	)		62,219
Unrealized gain on debt securities		22,131				—			22,131
Net realized gain on debt securities reclassified to investment income		(439		)		—			(439	)
Net other comprehensive earnings		21,692				—			21,692
Balances at September 28, 2019		$	90,640			(6,729	)		83,911
2018
Balances at June 30, 2018		$	(56,387	)		(14,292	)		(70,679	)
Unrealized loss on debt securities		(2,076		)		—			(2,076	)
Net realized gain on debt securities reclassified to investment income		(181		)		—			(181	)
Adjustment to postretirement benefit obligation		—				564			564
Net other comprehensive (losses) earnings		(2,257		)		564			(1,693	)
Balances at September 29, 2018		$	(58,644	)		(13,728	)		(72,372	)

15

PUBLIX SUPER MARKETS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

A reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the nine months endedSeptember 28, 2019 and September 29, 2018 is as follows:

	Investments				Postretirement Benefits			Accumulated Other Comprehensive Earnings (Losses)
		(Amounts are in thousands)
2019
Balances at December 29, 2018		$	(49,033	)		(6,729	)		(55,762	)
Unrealized gain on debt securities		139,782				—			139,782
Net realized gain on debt securities reclassified to investment income		(109		)		—			(109	)
Net other comprehensive earnings		139,673				—			139,673
Balances at September 28, 2019		$	90,640			(6,729	)		83,911
2018
Balances at December 30, 2017		$	168,057			(15,421	)		152,636
Unrealized loss on debt securities		(28,657		)		—			(28,657	)
Net realized loss on debt securities reclassified to investment income		266				—			266
Adjustment to postretirement benefit obligation		—				1,693			1,693
Net other comprehensive (losses) earnings		(28,391		)		1,693			(26,698	)
Cumulative effect of net unrealized gain on equity securities reclassified to retained earnings		(198,310		)		—			(198,310	)
Balances at September 29, 2018		$	(58,644	)		(13,728	)		(72,372	)

(8) Subsequent Event

On October 1, 2019, the Company declared a quarterly dividend on its common stock of $0.30 per share or $213,200,000, payable November 1, 2019 to stockholders of record as of the close of business October 15, 2019.

16

Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

The Company is engaged in the retail food industry and as of September 28, 2019 operated 1,228 supermarkets in Florida, Georgia, Alabama, South Carolina, Tennessee, North Carolina and Virginia. For the nine months ended September 28, 2019, 22 supermarkets were opened (including four replacement supermarkets) and 120 supermarkets were remodeled. Five supermarkets were closed during the period. The replacement supermarkets that opened during the nine months ended September 28, 2019 replaced one supermarket closed during the same period and three supermarkets closed during a previous period. The remaining supermarkets closed in 2019 will be replaced on site in a subsequent period. In the normal course of operations, the Company replaces supermarkets and closes supermarkets that are not meeting performance expectations. The impact of future supermarket closings is not expected to be material.

Results of Operations

Sales

Sales for the three months ended September 28, 2019 were $9.3 billion as compared with $8.8 billion for the three months ended September 29, 2018, an increase of $554.6 million or 6.3%. The increase in sales for the three months ended September 28, 2019 as compared with the three months ended September 29, 2018 was primarily due to new supermarket sales and a 4.3% increase in comparable store sales (supermarkets open for the same weeks in both periods, including replacement supermarkets). Sales for supermarkets that are replaced on site are classified as new supermarket sales since the replacement period for the supermarket is generally 9 to 12 months. The Company estimates that its sales for the three months ended September 28, 2019 increased $80 million or 0.9% due to the impact of Hurricane Dorian. Comparable store sales for the three months ended September 28, 2019 increased primarily due to increased product costs and the impact of the hurricane.

Sales for the nine months ended September 28, 2019 were $28.4 billion as compared with $26.8 billion for the nine months ended September 29, 2018, an increase of $1,551.5 million or 5.8%. The increase in sales for the nine months ended September 28, 2019 as compared with the nine months ended September 29, 2018 was primarily due to new supermarket sales and a 3.7% increase in comparable store sales. Comparable store sales for the nine months ended September 28, 2019 increased primarily due to increased product costs.

Gross profit

Gross profit (sales less cost of merchandise sold) as a percentage of sales was 26.8% for the three months ended September 28, 2019 and September 29, 2018. Gross profit as a percentage of sales was 27.3% for the nine months ended September 28, 2019 and September 29, 2018.

Operating and administrative expenses

Operating and administrative expenses as a percentage of sales were 21.0% and 20.9% for the three months ended September 28, 2019 and September 29, 2018, respectively. Operating and administrative expenses as a percentage of sales were 20.7% and 20.5% for the nine months ended September 28, 2019 and September 29, 2018, respectively. The increase in operating and administrative expenses as a percentage of sales for the three and nine months ended September 28, 2019 as compared with the three and nine months ended September 29, 2018 was primarily due to an increase in payroll costs as a percentage of sales.

Operating profit

Operating profit as a percentage of sales was 6.6% for the three months ended September 28, 2019 and September 29, 2018. Operating profit as a percentage of sales was 7.6% and 7.7% for the nine months ended September 28, 2019 and September 29, 2018, respectively. Operating profit as a percentage of sales for the nine months ended September 28, 2019 as compared with the nine months ended September 29, 2018 remained relatively unchanged.

17

Investment income

Investment income was $70.0 million and $230.2 million for the three months ended September 28, 2019 and September 29, 2018, respectively. The decrease in investment income for the three months ended September 28, 2019 as compared with the three months ended September 29, 2018 was primarily due to net unrealized losses on equity securities in 2019 and net unrealized gains on equity securities in 2018 and a decrease in realized gains on the sale of equity securities. Excluding the impact of net unrealized losses on equity securities in 2019 and net unrealized gains on equity securities in 2018, investment income would have been $80.6 million and $102.0 million for the three months ended September 28, 2019 and September 29, 2018, respectively.

Investment income was $582.4 million and $342.7 million for the nine months ended September 28, 2019 and September 29, 2018, respectively. The increase in investment income for the nine months ended September 28, 2019 as compared with the nine months ended September 29, 2018 was primarily due to increases in net unrealized gains on equity securities and realized gains on the sale of equity securities. Excluding the impact of net unrealized gains on equity securities in 2019 and 2018, investment income would have been $239.8 million and $185.8 million for the nine months ended September 28, 2019 and September 29, 2018, respectively.

Income tax expense

The effective income tax rate was 18.3% and 18.6% for the three months ended September 28, 2019 and September 29, 2018, respectively. The decrease in the effective income tax rate for the three months ended September 28, 2019 as compared with the three months ended September 29, 2018 was primarily due to the impact of net unrealized losses on equity securities in 2019 compared with net unrealized gains on equity securities in 2018. The effective income tax rate was 20.5% and 20.0% for the nine months ended September 28, 2019 and September 29, 2018, respectively. The increase in the effective income tax rate for the nine months ended September 28, 2019 as compared with the nine months ended September 29, 2018 was primarily due to the increase in net unrealized gains on equity securities.

Net earnings

Net earnings were $574.0 million or $0.81 per share and $677.7 million or $0.94 per share for the three months ended September 28, 2019 and September 29, 2018, respectively. Net earnings as a percentage of sales were 6.1% and 7.7% for the three months ended September 28, 2019 and September 29, 2018, respectively. The decrease in net earnings as a percentage of sales for the three months ended September 28, 2019 as compared with the three months ended September 29, 2018 was primarily due to a decrease in investment income. Net earnings and earnings per share for the three months ended September 28, 2019 and September 29, 2018 were impacted by net unrealized gains and losses on equity securities. Excluding the impact of net unrealized losses on equity securities in 2019 and net unrealized gains on equity securities in 2018, net earnings would have been $580.3 million or $0.81 per share and 6.2% as a percentage of sales for the three months ended September 28, 2019 and $582.0 million or $0.80 per share and 6.6% as a percentage of sales for the three months ended September 29, 2018. Excluding the impact of net unrealized losses on equity securities in 2019 and net unrealized gains on equity securities in 2018, the decrease in net earnings as a percentage of sales for the three months ended September 28, 2019 as compared with the three months ended September 29, 2018 was primarily due to a decrease in realized gains on the sale of equity securities.

Net earnings were $2,216.1 million or $3.10 per share and $1,974.2 million or $2.71 per share for the nine months ended September 28, 2019 and September 29, 2018, respectively. Net earnings as a percentage of sales were 7.8% and 7.4% for the nine months ended September 28, 2019 and September 29, 2018, respectively. The increase in net earnings as a percentage of sales for the nine months ended September 28, 2019 as compared with the nine months ended September 29, 2018 was primarily due to an increase in investment income. Net earnings and earnings per share for the nine months ended September 28, 2019 and September 29, 2018 were impacted by net unrealized gains on equity securities. Excluding the impact of net unrealized gains on equity securities in 2019 and 2018, net earnings would have been $1,959.0 million or $2.74 per share and 6.9% as a percentage of sales for the nine months ended September 28, 2019 and $1,857.2 million or $2.55 per share and 6.9% as a percentage of sales for the nine months ended September 29, 2018.

18

Non-GAAP Financial Measures

In addition to reporting financial results for the three and nine months ended September 28, 2019 and September 29, 2018 in accordance with GAAP, the Company presents net earnings and earnings per share excluding the impact of equity securities being measured at fair value with net unrealized gains and losses from changes in the fair value recognized in earnings (fair value adjustment). These measures are not in accordance with, or an alternative to, GAAP. The Company excludes the impact of the fair value adjustment since it is primarily due to temporary equity market fluctuations that do not reflect the Company’s operations. The Company believes this information is useful in providing period-to-period comparisons of the results of operations. Following is a reconciliation of net earnings to net earnings excluding the impact of the fair value adjustment for the three and nine months ended September 28, 2019 and September 29, 2018:

		Three Months Ended							Nine Months Ended
	September 28, 2019				September 29, 2018			September 28, 2019			September 29, 2018
	(amounts are in millions, except per share amounts)
Net earnings		$	574.0			677.7			2,216.1			1,974.2
Fair value adjustment, due to net unrealized loss (gain), on equity securities held at end of period		26.9				(166.3	)		(292.4	)		(217.3	)
Net (loss) gain on sale of equity securities previously recognized through fair value adjustment		(16.4		)		38.0			(50.2	)		60.4
Income tax (benefit) expense (1)		(4.2		)		32.6			85.5			39.9
Net earnings excluding impact of fair value adjustment		$	580.3			582.0			1,959.0			1,857.2
Weighted average shares outstanding		712.6				723.2			715.1			729.4
Earnings per share excluding impact of fair value adjustment		$	0.81			0.80			2.74			2.55

⁽¹⁾  Income tax (benefit) expense is based on the Company’s combined federal and state statutory income tax rates.

19

Liquidity and Capital Resources

Cash and cash equivalents, short-term investments and long-term investments totaled $8,892.7 million as of September 28, 2019, as compared with $7,176.7 million as ofDecember 29, 2018 and $7,469.8 million as of September 29, 2018. The increase from the third quarter of 2018 to the third quarter of 2019 was primarily due to net unrealized gains on investment securities and decreases in income taxes paid, capital expenditures and common stock repurchases.

Net cash provided by operating activities

Net cash provided by operating activities was $3,167.0 million and $2,863.0 million for the nine months ended September 28, 2019 and September 29, 2018, respectively. The increase in net cash provided by operating activities for the nine months ended September 28, 2019 as compared with the nine months ended September 29, 2018 was primarily due to 2017 federal income tax payments extended to 2018 due to Hurricane Irma in 2017.

Net cash used in investing activities

Net cash used in investing activities was $1,279.1 million and $1,278.8 million for the nine months ended September 28, 2019 and September 29, 2018, respectively. The primary use of net cash in investing activities for the nine months ended September 28, 2019 was funding capital expenditures and net increases in investment securities. Capital expenditures for the nine months ended September 28, 2019 totaled $885.4 million. These expenditures were incurred in connection with the opening of 22 supermarkets (including four replacement supermarkets) and the remodeling of 120 supermarkets. Expenditures were also incurred for new supermarkets and remodels in progress, new or enhanced information technology hardware and applications and the acquisition of shopping centers with the Company as the anchor tenant. For the nine months ended September 28, 2019, the payment for investments, net of the proceeds from the sale and maturity of investments, was $401.3 million.

Net cash used in financing activities

Net cash used in financing activities was $1,193.2 million and $1,547.8 million for the nine months ended September 28, 2019 and September 29, 2018, respectively. The primary use of net cash in financing activities was funding net common stock repurchases and dividend payments. Net common stock repurchases totaled $580.9 million and $964.0 million for the nine months ended September 28, 2019 and September 29, 2018, respectively. The Company currently repurchases common stock at the stockholders’ request in accordance with the terms of the Company’s Employee Stock Purchase Plan (ESPP), Non-Employee Directors Stock Purchase Plan (Directors Plan), 401(k) Plan and ESOP. The amount of common stock offered to the Company for repurchase is not within the control of the Company, but is at the discretion of the stockholders. The Company expects to continue to repurchase its common stock, as offered by its stockholders from time to time, at its then current value. However, with the exception of certain shares distributed from the ESOP, such purchases are not required and the Company retains the right to discontinue them at any time.

Dividends

The Company paid quarterly dividends on its common stock totaling $615.5 million or $0.86 per share and $547.7 million or $0.75 per share during the nine months ended September 28, 2019 and September 29, 2018, respectively.

Capital expenditures projection

Capital expenditures for the remainder of 2019 are expected to be approximately $350 million, primarily related to new supermarkets, remodeling existing supermarkets, new or enhanced information technology hardware and applications and the acquisition of shopping centers with the Company as the anchor tenant. The shopping center acquisitions are financed with internally generated funds and assumed debt, if prepayment penalties for the debt are determined to be significant. This capital program is subject to continuing change and review.

Cash requirements

In 2019, cash requirements for operations, capital expenditures, common stock repurchases and dividend payments are expected to be financed by internally generated funds or liquid assets. Based on the Company’s financial position, it is expected that short-term and long-term borrowings would be available to support the Company’s liquidity requirements, if needed.

20

Forward-Looking Statements

From time to time, certain information provided by the Company, including written or oral statements made by its representatives, may contain forward-looking information as defined in Section 21E of the Securities Exchange Act of 1934 (the Exchange Act). Forward-looking information includes statements about the future performance of the Company, which is based on management’s assumptions and beliefs in light of the information currently available to them. When used, the words “plan,” “estimate,” “project,” “intend,” “expect,” “believe,” “will” and other similar expressions, as they relate to the Company, are intended to identify such forward-looking statements. These forward-looking statements are subject to uncertainties and other factors that could cause actual results to differ materially from those statements including, but not limited to, the following: competitive practices and pricing in the food and drug industries generally and particularly in the Company’s principal markets; results of programs to increase sales, including private label sales; results of programs to control or reduce costs; changes in buying, pricing and promotional practices; changes in shrink management; changes in the general economy; changes in consumer spending; changes in population, employment and job growth in the Company’s principal markets; and other factors affecting the Company’s business within or beyond the Company’s control. These factors include changes in the rate of inflation, changes in federal, state and local laws and regulations, adverse determinations with respect to litigation or other claims, ability to recruit and retain employees, increases in operating costs including, but not limited to, labor costs, credit card fees and utility costs, particularly electric rates, ability to construct new supermarkets or complete remodels as rapidly as planned and stability of product costs. Other factors and assumptions not identified above could also cause the actual results to differ materially from those set forth in the forward-looking statements. Except as may be required by applicable law, the Company assumes no obligation to publicly update these forward-looking statements.

Item 3.        Quantitative and Qualitative Disclosures About Market Risk

The Company does not utilize financial instruments for trading or other speculative purposes, nor does it utilize leveraged financial instruments. There have been no material changes in the market risk factors from those disclosed in the Company’s Form 10-K for the year ended December 29, 2018.

Item 4.    Controls and Procedures

As of the end of the period covered by this Quarterly Report on Form 10-Q, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Exchange Act Rule 13a-15. Based upon this evaluation, the Chief Executive Officer and Chief Financial Officer each concluded that the Company’s disclosure controls and procedures are effective to provide reasonable assurance that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the SEC’s rules and forms, and that such information has been accumulated and communicated to the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, in a manner that allows timely decisions regarding required disclosure. There have been no changes in the Company’s internal control over financial reporting identified in connection with the evaluation that occurred during the quarter ended September 28, 2019 that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting.

21

PART II. OTHER INFORMATION

Item 1.    Legal Proceedings

As reported in the Company’s Form 10-K for the year ended December 29, 2018, the Company is subject from time to time to various lawsuits, claims and charges arising in the normal course of business. The Company believes its recorded reserves are adequate in light of the probable and estimable liabilities. The estimated amount of reasonably possible losses for lawsuits, claims and charges, individually and in the aggregate, is considered to be immaterial. In the opinion of management, the ultimate resolution of these legal proceedings will not have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

Item 1A.    Risk Factors

There have been no material changes in the risk factors from those disclosed in the Company’s Form 10-K for the year ended December 29, 2018.

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

Shares of common stock repurchased by the Company during the three months ended September 28, 2019 were as follows (amounts are in thousands, except per share amounts):

Period		Total Number of Shares Purchased		Average Price Paid per Share			Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1)	Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs(1)
June 30, 2019 through August 3, 2019			1,784		$	44.33	N/A	N/A
August 4, 2019 through August 31, 2019			2,208		44.10		N/A	N/A
September 1, 2019 through September 28, 2019			1,069		44.10		N/A	N/A
	Total		5,061		$	44.18	N/A	N/A

⁽¹⁾  Common stock is made available for sale by the Company only to its current employees and members of its Board of Directors through the ESPP and Directors Plan and to participants of the 401(k) Plan. In addition, common stock is provided to employees through the ESOP. The Company currently repurchases common stock subject to certain terms and conditions. The ESPP, Directors Plan, 401(k) Plan and ESOP each contain provisions prohibiting any transfer for value without the owner first offering the common stock to the Company.

The Company’s common stock is not traded on an established securities market. The amount of common stock offered to the Company for repurchase is not within the control of the Company, but is at the discretion of the stockholders. The Company does not believe that these repurchases of its common stock are within the scope of a publicly announced plan or program (although the terms of the plans discussed above have been communicated to the participants). Thus, the Company does not believe that it has made any repurchases during the three months ended September 28, 2019 required to be disclosed in the last two columns of the table.

Item 3.    Defaults Upon Senior Securities

Not Applicable

Item 4.    Mine Safety Disclosures

Not Applicable

22

Item 5.    Other Information

Not Applicable

Item 6.    Exhibits

31.1    Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2    Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1    Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2    Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101 The following financial information from the Quarterly Report on Form 10-Q for the quarter ended September 28, 2019 is formatted in Extensible Business Reporting Language: (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Earnings, (iii) Condensed Consolidated Statements of Comprehensive Earnings, (iv) Condensed Consolidated Statements of Cash Flows, (v) Condensed Consolidated Statements of Stockholders’ Equity and (vi) Notes to Condensed Consolidated Financial Statements.

23

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		PUBLIX SUPER MARKETS, INC.
Date:	November 1, 2019	/s/  Merriann M. Metz
		Merriann M. Metz, Secretary
Date:	November 1, 2019	/s/  David P. Phillips
		David P. Phillips, Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer)

24

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

Certification

I, Randall T. Jones, Sr., certify that:

1.    I have reviewed this quarterly report on Form 10-Q of Publix Super Markets, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 1, 2019

/s/ Randall T. Jones, Sr.

Randall T. Jones, Sr.

Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

Certification

I, David P. Phillips, certify that:

1.    I have reviewed this quarterly report on Form 10-Q of Publix Super Markets, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 1, 2019

/s/ David P. Phillips

David P. Phillips

Executive Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The certification set forth below is being submitted in connection with the Quarterly Report of Publix Super Markets, Inc. (the Company) on Form 10-Q for the period ended September 28, 2019 (the Report) for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the Exchange Act) and Section 1350 of Chapter 63 of Title 18 of the United States Code.

I, Randall T. Jones, Sr., Chief Executive Officer of the Company, certify, to the best of my knowledge, that on the date hereof:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 1, 2019

/s/ Randall T. Jones, Sr.

Randall T. Jones, Sr.

Chief Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The certification set forth below is being submitted in connection with the Quarterly Report of Publix Super Markets, Inc. (the Company) on Form 10-Q for the period ended September 28, 2019 (the Report) for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the Exchange Act) and Section 1350 of Chapter 63 of Title 18 of the United States Code.

I, David P. Phillips, Chief Financial Officer of the Company, certify, to the best of my knowledge, that on the date hereof:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 1, 2019

/s/ David P. Phillips

David P. Phillips

Executive Vice President and Chief Financial Officer

XML

Lessee, Lease Maturities of Finance Lease Liabilities (Details) $ in Thousands	Sep. 28, 2019 USD ($)
Finance Lease, Liability, Payment, Due [Abstract]
2019	$ 2,130
2020	32,749
2021	7,781
2022	7,781
2023	22,497
Thereafter	94,752
Total Payments Due	167,690
Less: Imputed Interest	(36,033)
Finance Lease, Liability	$ 131,657

XML

Lessee, Lease Finance Lease Right of Use Assets and Lease Liabilities (Details)	Sep. 28, 2019 USD ($)
Finance Lease Right of Use Assets and Lease Liabilities [Abstract]
Finance Lease, Right-of-Use Asset	$ 149,309,000
Finance Lease, Liability, Current	29,410,000
Finance Lease, Liability, Noncurrent	$ 102,247,000

XML

Basis of Presentation (Notes)

9 Months Ended

Sep. 28, 2019

Accounting Policies [Abstract]

Basis of Presentation [Text Block]

(1) Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of Publix Super Markets, Inc. and subsidiaries (the 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 28, 2019 are not necessarily indicative of the results for the entire 2019 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 29, 2018.

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.

XML

Lessor, Lease Lessor, Lease (Notes)

9 Months Ended

Sep. 28, 2019

Lessor Disclosure [Abstract]

Lessor, Operating Leases [Text Block]

(b) Lessor

The Company leases space in owned shopping centers to tenants under noncancelable operating leases. The Company determines whether a lease exists at inception. Initial lease terms are typically five years followed by five year renewal options and may include rent escalation clauses. Lease income primarily represents fixed lease payments received from tenants recognized on a straight-line basis over the applicable lease term. Variable lease income represents the receipt of real estate taxes, insurance, maintenance and, for certain locations, excess rent.

Total lease income for the three and nine months ended September 28, 2019 was as follows:

	Three Months Ended			Nine Months Ended
	September 28, 2019			September 28, 2019
	(Amounts are in thousands)
Lease income		$	37,924		111,331
Variable lease income		11,155			32,355
		$	49,079		143,686

Fixed lease payments to be received for all noncancelable operating leases as of September 28, 2019 are as follows:

Year
(Amounts are in thousands)
2019	$	39,407
2020	139,491
2021	113,695
2022	87,697
2023	64,394
Thereafter	201,943
	$	646,627

XML

Subsequent Event (Notes)

9 Months Ended

Sep. 28, 2019

Subsequent Events [Abstract]

Subsequent Events [Text Block]

(8) Subsequent Event

On October 1, 2019, the Company declared a quarterly dividend on its common stock of $0.30 per share or $213,200,000, payable November 1, 2019 to stockholders of record as of the close of business October 15, 2019.

XML

Lessee, Lease Lessee, Lease (Tables)

9 Months Ended

Sep. 28, 2019

Lessee Disclosure [Abstract]

Lease, Cost [Table Text Block]

Lease expense for the three and nine months ended September 28, 2019 was as follows:

	Three Months Ended				Nine Months Ended
	September 28, 2019				September 28, 2019
	(Amounts are in thousands)
Operating lease expense		$	107,262			324,735
Finance lease expense:
Amortization of right-of-use assets		1,686				6,022
Interest on lease liabilities		752				2,189
Variable lease expense		15,189				44,077
Sublease rental income		(660		)		(2,203	)
		$	124,229			374,820

Supplemental cash flow information related to leases for the nine months ended September 28, 2019 was as follows:

	Nine Months Ended
	September 28, 2019
	(Amounts are in thousands)
Operating cash flows from rent paid for operating lease liabilities		$	315,418
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases		331,274
Finance leases		61,672

The weighted-average remaining lease term and weighted-average discount rate as of September 28, 2019 are as follows:

	September 28, 2019
Weighted-average remaining lease term:
Operating leases		12 years
Finance leases		18 years
Weighted-average discount rate:
Operating leases		3.5	%
Finance leases		3.9	%

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Maturities of operating lease liabilities as of September 28, 2019 are as follows:

Year	Operating Leases
	(Amounts are in thousands)
2019	$	106,457
2020	423,548
2021	394,701
2022	358,936
2023	316,511
Thereafter	1,997,096
	3,597,249
Less: Imputed interest	(702,441		)
	$	2,894,808

Finance Lease, Liability, Maturity [Table Text Block]

Maturities of finance lease liabilities as of September 28, 2019 are as follows:

Year	Finance Leases
2019	2,130
2020	32,749
2021	7,781
2022	7,781
2023	22,497
Thereafter	94,752
	167,690
Less: Imputed interest	(36,033	)
	131,657

XML

Investments Available for Sale Securities Reconciliation (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 28, 2019	Dec. 29, 2018
Debt Securities, Available-for-sale [Line Items]
Cost	$ 5,307,784	$ 3,944,459
Debt Securities, Available-for-sale, Unrealized Gain	125,031	2,441
Debt Securities, Available-for-sale, Unrealized Loss	4,258	68,190
Debt Securities, Available-for-sale	5,428,557	3,878,710
Nontaxable Municipal Bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Cost	893,665	1,256,673
Debt Securities, Available-for-sale, Unrealized Gain	1,930	184
Debt Securities, Available-for-sale, Unrealized Loss	889	12,759
Debt Securities, Available-for-sale	894,706	1,244,098
Corporate Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Cost	4,244,287	2,527,468
Debt Securities, Available-for-sale, Unrealized Gain	113,021	1,737
Debt Securities, Available-for-sale, Unrealized Loss	3,369	55,085
Debt Securities, Available-for-sale	4,353,939	2,474,120
Debt Securities, Restricted [Member]
Debt Securities, Available-for-sale [Line Items]
Cost	169,832	160,318
Debt Securities, Available-for-sale, Unrealized Gain	10,080	520
Debt Securities, Available-for-sale, Unrealized Loss	0	346
Debt Securities, Available-for-sale	$ 179,912	$ 160,492

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CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS EQUITY CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Common Stock (Acquired from) Sold to Stockholders	Accumulated Other Comprehensive Earnings (Losses)	Common Stock Related To ESOP
Beginning Balance at Dec. 30, 2017	$ 11,017,149	$ 733,440	$ 3,139,647	$ 10,044,564	$ 0	$ 152,636	$ (3,053,138)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Earnings	656,877			680,271		(23,394)
Dividends per share	(168,597)			(168,597)
Contribution of shares to retirement plans	349,424	6,221	261,423		81,780
Acquisition of shares from stockholders	(432,894)				(432,894)
Sale of shares to stockholders	106,814	531	21,632		84,651
Change for ESOP related shares	(402,207)						(402,207)
Cumulative effect of net unrealized gain on equity securities reclassified to retained earnings	0			198,310		(198,310)
Ending Balance at Mar. 31, 2018	11,126,566	740,192	3,422,702	10,754,548	(266,463)	(69,068)	(3,455,345)
Beginning Balance at Dec. 30, 2017	11,017,149	733,440	3,139,647	10,044,564	0	152,636	(3,053,138)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Earnings	1,947,489
Ending Balance at Sep. 29, 2018	11,666,996	740,595	3,439,412	11,669,368	(921,510)	(72,372)	(3,188,497)
Beginning Balance at Mar. 31, 2018	11,126,566	740,192	3,422,702	10,754,548	(266,463)	(69,068)	(3,455,345)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Earnings	614,561			616,172		(1,611)
Dividends per share	(190,655)			(190,655)
Acquisition of shares from stockholders	(317,877)				(317,877)
Sale of shares to stockholders	47,461	1	6		47,454
Change for ESOP related shares	205,027						205,027
Ending Balance at Jun. 30, 2018	11,485,083	740,193	3,422,708	11,180,065	(536,886)	(70,679)	(3,250,318)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Earnings	676,051			677,744		(1,693)
Dividends per share	(188,441)			(188,441)
Acquisition of shares from stockholders	(441,275)				(441,275)
Sale of shares to stockholders	73,757	402	16,704		56,651
Change for ESOP related shares	61,821						61,821
Ending Balance at Sep. 29, 2018	11,666,996	740,595	3,439,412	11,669,368	(921,510)	(72,372)	(3,188,497)
Beginning Balance at Dec. 29, 2018	11,823,342	715,445	3,458,004	10,840,654	0	(55,762)	(3,134,999)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Earnings	1,040,785			980,971		59,814
Dividends per share	(185,835)			(185,835)
Contribution of shares to retirement plans	367,951	5,605	235,017		127,329
Acquisition of shares from stockholders	(333,857)				(333,857)
Sale of shares to stockholders	113,196	621	26,019		86,556
Change for ESOP related shares	(375,184)						(375,184)
Ending Balance at Mar. 30, 2019	12,450,398	721,671	3,719,040	11,635,790	(119,972)	4,052	(3,510,183)
Beginning Balance at Dec. 29, 2018	11,823,342	715,445	3,458,004	10,840,654	0	(55,762)	(3,134,999)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Earnings	2,355,727
Ending Balance at Sep. 28, 2019	13,200,858	722,126	3,738,659	12,441,159	(500,296)	83,911	(3,284,701)
Beginning Balance at Mar. 30, 2019	12,450,398	721,671	3,719,040	11,635,790	(119,972)	4,052	(3,510,183)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Earnings	719,224			661,057		58,167
Dividends per share	(215,552)			(215,552)
Acquisition of shares from stockholders	(256,851)				(256,851)
Sale of shares to stockholders	40,282	0	6		40,276
Change for ESOP related shares	159,560						159,560
Ending Balance at Jun. 29, 2019	12,897,061	721,671	3,719,046	12,081,295	(336,547)	62,219	(3,350,623)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive Earnings	595,718			574,026		21,692
Dividends per share	(214,162)			(214,162)
Acquisition of shares from stockholders	(223,598)				(223,598)
Sale of shares to stockholders	79,917	455	19,613		59,849
Change for ESOP related shares	65,922						65,922
Ending Balance at Sep. 28, 2019	$ 13,200,858	$ 722,126	$ 3,738,659	$ 12,441,159	$ (500,296)	$ 83,911	$ (3,284,701)

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Retirement Plan - Additional Information (Detail) - USD ($)	Sep. 28, 2019	Dec. 29, 2018
Retirement Benefits [Abstract]
Distributed shares subject to put option, fair value	$ 283,179,000	$ 288,580,000
ESOP, shares cost	3,001,522,000	2,846,419,000
Common stock related to ESOP	3,284,701,000	3,134,999,000
ESOP shares, fair value	$ 8,121,725,000	$ 8,061,399,000

XML

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Revenues:
Sales	$ 9,343,380	$ 8,788,762	$ 28,366,021	$ 26,814,561
Other operating income	74,553	69,339	258,938	215,350
Total revenues	9,417,933	8,858,101	28,624,959	27,029,911
Costs and expenses:
Cost of merchandise sold	6,840,075	6,436,041	20,619,057	19,483,545
Operating and administrative expenses	1,965,828	1,838,908	5,857,859	5,486,465
Total costs and expenses	8,805,903	8,274,949	26,476,916	24,970,010
Operating profit	612,030	583,152	2,148,043	2,059,901
Investment income	70,049	230,234	582,378	342,687
Other nonoperating income, net	20,241	19,051	56,836	64,709
Earnings before income tax expense	702,320	832,437	2,787,257	2,467,297
Income tax expense	128,294	154,693	571,203	493,110
Net earnings	$ 574,026	$ 677,744	$ 2,216,054	$ 1,974,187
Weighted average shares outstanding	712,605	723,236	715,053	729,434
Earnings per share	$ 0.81	$ 0.94	$ 3.10	$ 2.71

XML

Lessor, Lease Lessor, Lease (Tables)

9 Months Ended

Sep. 28, 2019

Lessor Disclosure [Abstract]

Operating Lease, Lease Income [Table Text Block]

Total lease income for the three and nine months ended September 28, 2019 was as follows:

	Three Months Ended			Nine Months Ended
	September 28, 2019			September 28, 2019
	(Amounts are in thousands)
Lease income		$	37,924		111,331
Variable lease income		11,155			32,355
		$	49,079		143,686

Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block]

Fixed lease payments to be received for all noncancelable operating leases as of September 28, 2019 are as follows:

Year
(Amounts are in thousands)
2019	$	39,407
2020	139,491
2021	113,695
2022	87,697
2023	64,394
Thereafter	201,943
	$	646,627

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Amortized Cost and Fair Value of Available for Sale Securities by Expected Maturity (Detail) - USD ($) $ in Thousands	Sep. 28, 2019	Dec. 29, 2018
Cost
Due in one year or less	$ 453,132	$ 563,272
Due after one year through five years	3,556,932	2,831,916
Due after five years through ten years	1,292,049	542,488
Due after ten years	5,671	6,783
Total	5,307,784	3,944,459
Fair Value
Due in one year or less	453,132	560,992
Due after one year through five years	3,610,463	2,768,971
Due after five years through ten years	1,359,068	541,852
Due after ten years	5,894	6,895
Total	$ 5,428,557	$ 3,878,710

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Statement of Comprehensive Income [Abstract]
Net earnings	$ 574,026	$ 677,744	$ 2,216,054	$ 1,974,187
Other comprehensive earnings:
Unrealized gain (loss) on debt securities net of income taxes in 2019 and 2018, respectively.	22,131	(2,076)	139,782	(28,657)
Reclassification adjustment for net realized (gain) loss on debt securities net of income taxes in 2019 and 2018, respectively.	(439)	(181)	(109)	266
Adjustment to postretirement benefit obligation net of income taxes in 2018.	0	564	0	1,693
Comprehensive earnings	$ 595,718	$ 676,051	$ 2,355,727	$ 1,947,489

XML

Document and Entity Information - shares	9 Months Ended
	Sep. 28, 2019	Oct. 15, 2019
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 28, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Registrant Name	PUBLIX SUPER MARKETS INC
Entity Central Index Key	0000081061
Current Fiscal Year End Date	--12-28
Entity Current Reporting Status	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		710,518,000

XML

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) (Parentheticals) - $ / shares shares in Thousands	3 Months Ended
	Sep. 28, 2019	Jun. 29, 2019	Mar. 30, 2019	Sep. 29, 2018	Jun. 30, 2018	Mar. 31, 2018
Statements of Stockholders' Equity (Parenthetical) [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.30	$ 0.30	$ 0.26	$ 0.26	$ 0.26	$ 0.23
Contribution of shares to retirement plans	0	0	8,587	0	0	8,440
Acquisition of shares from stockholders	5,061	5,790	7,802	10,424	7,623	10,714
Sale of shares to stockholders	1,811	904	2,641	1,735	1,139	2,590

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Consolidation of Joint Ventures and Long-Term Debt Long-Term Debt Assumptions, Maturities and Interest Rates (Details) - USD ($)	9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018
Debt Instrument [Line Items]
Loans Assumed	$ 0.00	$ 9,936,000
JV Loans [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Month And Year	June 2020
Debt Instrument, Basis Spread on Variable Rate	1.75%
JV Loans [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Month And Year	April 2027
Debt Instrument, Basis Spread on Variable Rate	2.50%
Shopping Center Loans [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Month And Year	December 2020
Debt Instrument, Interest Rate, Stated Percentage	3.70%
Shopping Center Loans [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Month And Year	January 2027
Debt Instrument, Interest Rate, Stated Percentage	7.50%

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Lessee, Lease Maturities of Operting Lease Liabilities (Details) $ in Thousands	Sep. 28, 2019 USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2019	$ 106,457
2020	423,548
2021	394,701
2022	358,936
2023	316,511
Thereafter	1,997,096
Total Payments Due	3,597,249
Less: Imputed Interest	(702,441)
Operating Lease, Liability	$ 2,894,808

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Investments Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Investment Income, Net [Abstract]
Interest and Dividend Income	$ 46,796	$ 32,726	$ 135,526	$ 92,879
Net realized gain on sale of investments	33,798	69,251	104,242	92,918
Investment Income Before Fair Value Adjustment	80,594	101,977	239,768	185,797
Fair value adjustment, due to net unrealized (loss) gain, on equity securities held at end of period	(26,936)	166,267	292,381	217,314
Net loss (gain) on sale of equity securities previously recognized through fair value adjustment	16,391	(38,010)	50,229	(60,424)
Investment Income	$ 70,049	$ 230,234	$ 582,378	$ 342,687

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Basis of Presentation (Policies)

9 Months Ended

Sep. 28, 2019

Accounting Policies [Abstract]

Basis of Presentation [Policy Text Block]

(1) Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of Publix Super Markets, Inc. and subsidiaries (the 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 28, 2019 are not necessarily indicative of the results for the entire 2019 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 29, 2018.

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.

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Fair Value of Financial Instruments (Notes)

9 Months Ended

Sep. 28, 2019

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments [Text Block]

(2) Fair Value of Financial Instruments

The fair value of certain of the Company’s financial instruments, including cash and cash equivalents, trade receivables and accounts payable, approximates their respective carrying amounts due to their short-term maturity.

The fair value of investments is based on market prices using the following measurement categories:

Level 1 – Fair value is determined by using quoted prices in active markets for identical investments. Investments included in this category are equity securities (exchange traded funds and individual equity securities).

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 like securities and matrix pricing of corporate, state and municipal bonds by using pricing of similar bonds based on coupons, ratings and maturities. Investments included in this category are primarily debt securities (tax exempt and taxable bonds), including restricted investments in taxable bonds held as collateral.

Level 3 – Fair value is determined by using other than observable inputs. Fair value is determined by using the best information available in the circumstances and requires significant management judgment or estimation. No investments are currently included in this category.

Following is a summary of fair value measurements for investments as of September 28, 2019 and December 29, 2018:

	Fair Value		Level 1	Level 2	Level 3
	(Amounts are in thousands)
September 28, 2019	$	7,598,640	1,844,244	5,754,396	—
December 29, 2018	6,577,430		2,372,931	4,204,499	—

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Consolidation of Joint Ventures and Long-Term Debt (Notes)

9 Months Ended

Sep. 28, 2019

Consolidation Of Joint Ventures And Long Term Debt [Abstract]

Consolidation Of Joint Ventures And Long Term Debt Disclosure [Text Block]

(5) 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 certain real estate developers to partner in the development of a shopping center with the Company as the anchor tenant. The Company consolidates certain of these JVs in which it has a controlling financial interest. As of September 28, 2019, the carrying amounts of the assets and liabilities of the consolidated JVs were $154,123,000 and $77,897,000, respectively. As of December 29, 2018, the carrying amounts of the assets and liabilities of the consolidated JVs were $144,197,000 and $71,342,000, respectively. The assets are owned by and the liabilities are obligations of the JVs, not the Company, except for a portion of the long-term debt of certain JVs guaranteed by the Company. The JVs are financed with capital contributions from the members, loans and/or the cash flows generated by the JV owned shopping centers once in operation. Total earnings attributable to noncontrolling interests for 2019 and 2018 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 28, 2019. The Company assumed loans totaling $9,936,000 during the nine months ended September 29, 2018. Maturities of JV loans range from June 2020 through April 2027 and have variable interest rates based on a LIBOR index plus 175 to 250 basis points. Maturities of assumed shopping center loans range from December 2020 through January 2027 and have fixed interest rates ranging from 3.7% to 7.5%.

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Investments (Tables)

9 Months Ended

Sep. 28, 2019

Investments, Debt and Equity Securities [Abstract]

Available For Sale Debt Securities [Table Text Block]

Following is a summary of debt securities as of September 28, 2019 and December 29, 2018:

	Cost		Gross Unrealized Gains	Gross Unrealized Losses	Fair Value
	(Amounts are in thousands)
September 28, 2019
Tax exempt bonds	$	893,665	1,930	889	894,706
Taxable bonds	4,244,287		113,021	3,369	4,353,939
Restricted investments	169,832		10,080	—	179,912
	$	5,307,784	125,031	4,258	5,428,557
December 29, 2018
Tax exempt bonds	$	1,256,673	184	12,759	1,244,098
Taxable bonds	2,527,468		1,737	55,085	2,474,120
Restricted investment	160,318		520	346	160,492
	$	3,944,459	2,441	68,190	3,878,710

Amortized Cost and Fair Value of Available For Sale Debt Securities by Expected Maturity [Table Text Block]

The cost and fair value of debt securities by expected maturity as of September 28, 2019 and December 29, 2018 are as follows:

	September 28, 2019			December 29, 2018
	Cost		Fair Value	Cost	Fair Value
	(Amounts are in thousands)
Due in one year or less	$	453,132	453,132	563,272	560,992
Due after one year through five years	3,556,932		3,610,463	2,831,916	2,768,971
Due after five years through ten years	1,292,049		1,359,068	542,488	541,852
Due after ten years	5,671		5,894	6,783	6,895
	$	5,307,784	5,428,557	3,944,459	3,878,710

Temporarily Impaired Available For Sale Debt Securities by Time Period Impaired [Table Text Block]

Following is a summary of temporarily impaired debt securities by the time period impaired as of September 28, 2019 and December 29, 2018:

	Less Than 12 Months				12 Months or Longer			Total
	Fair Value		Unrealized Losses		Fair Value	Unrealized Losses		Fair Value	Unrealized Losses
	(Amounts are in thousands)
September 28, 2019
Tax exempt bonds	$	383,034		501	171,681		388	554,715		889
Taxable bonds	420,027			1,297	518,304		2,072	938,331		3,369
	$	803,061		1,798	689,985		2,460	1,493,046		4,258
December 29, 2018
Tax exempt bonds	$	25,150		95	1,182,783		12,664	1,207,933		12,759
Taxable bonds	645,379			5,821	1,464,208		49,264	2,109,587		55,085
Restricted investment	28,687			346	—		—	28,687		346
	$	699,216		6,262	2,646,991		61,928	3,346,207		68,190

Investment Income [Table Text Block]

Following is a summary of investment income for the three and nine months ended September 28, 2019 and September 29, 2018:

		Three Months Ended							Nine Months Ended
	September 28, 2019				September 29, 2018			September 28, 2019		September 29, 2018
	(Amounts are in thousands)
Interest and dividend income		$	46,796			32,726			135,526		92,879
Net realized gain on sale of investments		33,798				69,251			104,242		92,918
		80,594				101,977			239,768		185,797
Fair value adjustment, due to net unrealized (loss) gain, on equity securities held at end of period		(26,936		)		166,267			292,381		217,314
Net loss (gain) on sale of equity securities previously recognized through fair value adjustment		16,391				(38,010	)		50,229		(60,424	)
		$	70,049			230,234			582,378		342,687

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Fair Value Measurements for Investments (Details) - USD ($) $ in Thousands	Sep. 28, 2019	Dec. 29, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	$ 7,598,640	$ 6,577,430
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	1,844,244	2,372,931
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	5,754,396	4,204,499
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	$ 0	$ 0

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Investments - Additional Information (Detail) $ in Thousands	Sep. 28, 2019 USD ($) AFS_security	Dec. 29, 2018 USD ($)
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract]
Number of debt securities issues contributing to total unrealized loss | AFS_security	169
Total, unrealized Losses | $	$ 4,258	$ 68,190

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018
Cash flows from operating activities:
Cash received from customers	$ 28,478,388	$ 26,976,556
Cash paid to employees and suppliers	(25,061,839)	(23,613,609)
Income taxes paid	(361,130)	(548,092)
Self-insured claims paid	(288,782)	(292,064)
Dividends and interest received	159,812	140,673
Other operating cash receipts	255,608	211,856
Other operating cash payments	(15,069)	(12,329)
Net cash provided by operating activities	3,166,988	2,862,991
Cash flows from investing activities:
Payment for capital expenditures	(885,386)	(1,098,845)
Proceeds from sale of property, plant and equipment	7,561	9,408
Payment for investments	(2,214,737)	(1,941,469)
Proceeds from sale and maturity of investments	1,813,477	1,752,100
Net cash used in investing activities	(1,279,085)	(1,278,806)
Cash flows from financing activities:
Payment for acquisition of common stock	(814,306)	(1,192,046)
Proceeds from sale of common stock	233,395	228,032
Dividends paid	(615,549)	(547,693)
Repayment of long-term debt	(7,427)	(42,253)
Other, net	10,730	6,133
Net cash used in financing activities	(1,193,157)	(1,547,827)
Net increase in cash and cash equivalents	694,746	36,358
Cash and cash equivalents at beginning of period	599,264	579,925
Cash and cash equivalents at end of period	1,294,010	616,283
Reconciliation of net earnings to net cash provided by operating activities:
Net earnings	2,216,054	1,974,187
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	534,747	501,098
Increase in last-in, first out (LIFO) reserve	30,788	22,926
Retirement contributions paid or payable in common stock	295,407	273,950
Deferred income taxes	120,713	47,828
Loss on disposal and impairment of property, plant and equipment	5,775	10,612
Gain on investments	(446,852)	(249,808)
Net amortization of investments	33,102	50,357
Changes in operating assets and liabilities providing (requiring) cash:
Trade receivables	(18,633)	21,566
Inventories	57,259	100,983
Other assets	47,293	64,758
Accounts payable and accrued expenses	264,323	262,581
Federal and state income taxes	27,863	(217,775)
Other liabilities	(851)	(272)
Total adjustments	950,934	888,804
Net cash provided by operating activities	$ 3,166,988	$ 2,862,991

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 28, 2019	Dec. 29, 2018
Statement of Financial Position [Abstract]
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	722,126,000	715,445,000
Treasury stock at cost, shares	11,391,000	0

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Accumulated Other Comprehensive Earnings (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at Beginning of Period	$ 62,219	$ (70,679)	$ (55,762)	$ 152,636
Unrealized gain (loss) on debt securities in 2019 and 2018, respectively.	22,131	(2,076)	139,782	(28,657)
Net realized (gain) loss on debt securities reclassified to investment income in 2019 and 2018, respectively.	(439)	(181)	(109)	266
Adjustment to postretirement benefit obligation	0	564	0	1,693
Net other comprehensive earnings (losses)	21,692	(1,693)	139,673	(26,698)
Cumulative effect of net unrealized gain on equity securities reclassified to retained earnings	0	0	0	(198,310)
Balances at End of Period	83,911	(72,372)	83,911	(72,372)
AFS Securities [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at Beginning of Period	68,948	(56,387)	(49,033)	168,057
Unrealized gain (loss) on debt securities in 2019 and 2018, respectively.	22,131	(2,076)	139,782	(28,657)
Net realized (gain) loss on debt securities reclassified to investment income in 2019 and 2018, respectively.	(439)	(181)	(109)	266
Net other comprehensive earnings (losses)	21,692	(2,257)	139,673	(28,391)
Cumulative effect of net unrealized gain on equity securities reclassified to retained earnings	0	0	0	(198,310)
Balances at End of Period	90,640	(58,644)	90,640	(58,644)
Postretirement Benefits [Member}
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at Beginning of Period	(6,729)	(14,292)	(6,729)	(15,421)
Adjustment to postretirement benefit obligation	0	564	0	1,693
Net other comprehensive earnings (losses)	0	564	0	1,693
Balances at End of Period	$ (6,729)	$ (13,728)	$ (6,729)	$ (13,728)

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Lessor, Lease Lessor, Fixed Lease Payments to be Received (Details) $ in Thousands	Sep. 28, 2019 USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
2019	$ 39,407
2020	139,491
2021	113,695
2022	87,697
2013	64,394
Thereafter	201,943
Total	$ 646,627

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Lessee, Lease Lessee, Lease (Notes)

9 Months Ended

Sep. 28, 2019

Lessee Disclosure [Abstract]

Leases of Lessee Disclosure [Text Block]

(4) Leases

(a) Lessee

In 2019, the Company adopted the ASU requiring the lease rights and obligations arising from existing and new lease agreements be recognized as assets and liabilities on the balance sheet. The Company adopted the ASU on a modified retrospective basis and elected the transitional provisions eliminating the requirement to restate reporting periods prior to the date of adoption. The Company also elected to not reassess the original conclusions reached regarding lease identification, lease classification and initial direct costs for leases entered into prior to the adoption of the ASU. As of December 30, 2018, the Company recognized its operating lease right-of-use assets and operating lease liabilities on the balance sheet. The adoption of the ASU did not have a material effect on the Company’s results of operations and had no effect on the Company’s cash flows.

The Company included finance lease right-of-use assets of $149,309,000 in net property, plant and equipment and finance lease liabilities of $29,410,000 and $102,247,000 in other accrued expenses and other noncurrent liabilities, respectively, on the condensed consolidated balance sheet as of September 28, 2019.

The Company conducts a major portion of its retail operations from leased locations. The Company determines whether a lease exists at inception. Initial lease terms are typically 20 years followed by five year renewal options and may include rent escalation clauses. A renewal option is included in the right-of-use asset and lease liability to the extent it is reasonably certain the option will be exercised. The present value of future payments for each lease is determined by using the Company’s incremental borrowing rate at the time of lease commencement. Additionally, the Company has operating leases for certain transportation and other equipment with initial lease terms ranging up to five years.

Operating lease expense primarily represents fixed lease payments for operating leases recognized on a straight-line basis over the applicable lease term. Variable lease expense represents the payment of real estate taxes, insurance, maintenance and, for certain locations, 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 Company’s pro-rata share of total shopping center square footage. The Company estimates excess rent, where applicable, based on annual sales projections and uses the straight-line method to amortize the cost to variable lease expense.

Lease expense for the three and nine months ended September 28, 2019 was as follows:

	Three Months Ended				Nine Months Ended
	September 28, 2019				September 28, 2019
	(Amounts are in thousands)
Operating lease expense		$	107,262			324,735
Finance lease expense:
Amortization of right-of-use assets		1,686				6,022
Interest on lease liabilities		752				2,189
Variable lease expense		15,189				44,077
Sublease rental income		(660		)		(2,203	)
		$	124,229			374,820

Supplemental cash flow information related to leases for the nine months ended September 28, 2019 was as follows:

	Nine Months Ended
	September 28, 2019
	(Amounts are in thousands)
Operating cash flows from rent paid for operating lease liabilities		$	315,418
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases		331,274
Finance leases		61,672

The weighted-average remaining lease term and weighted-average discount rate as of September 28, 2019 are as follows:

	September 28, 2019
Weighted-average remaining lease term:
Operating leases		12 years
Finance leases		18 years
Weighted-average discount rate:
Operating leases		3.5	%
Finance leases		3.9	%

Maturities of lease liabilities as of September 28, 2019 are as follows:

Year	Operating Leases			Finance Leases
	(Amounts are in thousands)
2019	$	106,457		2,130
2020	423,548			32,749
2021	394,701			7,781
2022	358,936			7,781
2023	316,511			22,497
Thereafter	1,997,096			94,752
	3,597,249			167,690
Less: Imputed interest	(702,441		)	(36,033	)
	$	2,894,808		131,657

As of September 28, 2019, the Company has lease agreements that have not yet commenced with fixed lease payments totaling $309,611,000. These leases will commence in future periods with terms ranging up to 20 years.

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Accumulated Other Comprehensive Earnings (Losses) (Notes)

9 Months Ended

Sep. 28, 2019

Equity [Abstract]

Comprehensive Earnings (Losses) Note [Text Block]

(7) Accumulated Other Comprehensive Earnings (Losses)

A reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the three months ended September 28, 2019 and September 29, 2018 is as follows:

	Investments				Postretirement Benefit			Accumulated Other Comprehensive Earnings (Losses)
		(Amounts are in thousands)
2019
Balances at June 29, 2019		$	68,948			(6,729	)		62,219
Unrealized gain on debt securities		22,131				—			22,131
Net realized gain on debt securities reclassified to investment income		(439		)		—			(439	)
Net other comprehensive earnings		21,692				—			21,692
Balances at September 28, 2019		$	90,640			(6,729	)		83,911
2018
Balances at June 30, 2018		$	(56,387	)		(14,292	)		(70,679	)
Unrealized loss on debt securities		(2,076		)		—			(2,076	)
Net realized gain on debt securities reclassified to investment income		(181		)		—			(181	)
Adjustment to postretirement benefit obligation		—				564			564
Net other comprehensive (losses) earnings		(2,257		)		564			(1,693	)
Balances at September 29, 2018		$	(58,644	)		(13,728	)		(72,372	)

A reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the nine months endedSeptember 28, 2019 and September 29, 2018 is as follows:

	Investments				Postretirement Benefits			Accumulated Other Comprehensive Earnings (Losses)
		(Amounts are in thousands)
2019
Balances at December 29, 2018		$	(49,033	)		(6,729	)		(55,762	)
Unrealized gain on debt securities		139,782				—			139,782
Net realized gain on debt securities reclassified to investment income		(109		)		—			(109	)
Net other comprehensive earnings		139,673				—			139,673
Balances at September 28, 2019		$	90,640			(6,729	)		83,911
2018
Balances at December 30, 2017		$	168,057			(15,421	)		152,636
Unrealized loss on debt securities		(28,657		)		—			(28,657	)
Net realized loss on debt securities reclassified to investment income		266				—			266
Adjustment to postretirement benefit obligation		—				1,693			1,693
Net other comprehensive (losses) earnings		(28,391		)		1,693			(26,698	)
Cumulative effect of net unrealized gain on equity securities reclassified to retained earnings		(198,310		)		—			(198,310	)
Balances at September 29, 2018		$	(58,644	)		(13,728	)		(72,372	)

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Lessee, Lease Lessee, Lease, Not Yet Commenced (Details)	9 Months Ended
	Sep. 28, 2019 USD ($)
Lessee, Lease, Description [Line Items]
Lessee Lease, Lease Not Yet Commenced	$ 309,611,000
Lessee, Lease Not Yet Commenced Description	As of September 28, 2019 the Company has lease agreements that have not yet commenced.
Maximum [Member]
Lessee, Lease, Description [Line Items]
Lessee Lease Not Yet Commenced Term of Contract	20 years

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Lessee, Lease Lessee, Lease - Additional Information (Details)	9 Months Ended
	Sep. 28, 2019
Lessee, Lease, Description [Line Items]
Lessee, Lease, Existence of Option to Extend [true false]	true
Lessee, Lease, Assumptions and Judgments, Discount Rate, Description	The present value of future payments for each lease is determined by using the Company’s incremental borrowing rate at the time of lease commencement.
Maximum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Lease, Term of Contract	20 years
Lessee Lease, Renewal Term	5 years

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Investments Equity Securities (Details) - USD ($)	Sep. 28, 2019	Dec. 29, 2018
Equity Securities [Line Items]
Equity Securities, FV-NI	$ 2,170,083,000	$ 2,698,720,000

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Investments (Notes)

9 Months Ended

Sep. 28, 2019

Investments, Debt and Equity Securities [Abstract]

Investments [Tex Block]

(3) Investments

(a) Debt Securities

Following is a summary of debt securities as of September 28, 2019 and December 29, 2018:

	Cost		Gross Unrealized Gains	Gross Unrealized Losses	Fair Value
	(Amounts are in thousands)
September 28, 2019
Tax exempt bonds	$	893,665	1,930	889	894,706
Taxable bonds	4,244,287		113,021	3,369	4,353,939
Restricted investments	169,832		10,080	—	179,912
	$	5,307,784	125,031	4,258	5,428,557
December 29, 2018
Tax exempt bonds	$	1,256,673	184	12,759	1,244,098
Taxable bonds	2,527,468		1,737	55,085	2,474,120
Restricted investment	160,318		520	346	160,492
	$	3,944,459	2,441	68,190	3,878,710

The Company maintains restricted investments primarily for the benefit of the Company’s insurance carrier related to self-insurance reserves. These investments are held as collateral and not used for claim payments.

The cost and fair value of debt securities by expected maturity as of September 28, 2019 and December 29, 2018 are as follows:

	September 28, 2019			December 29, 2018
	Cost		Fair Value	Cost	Fair Value
	(Amounts are in thousands)
Due in one year or less	$	453,132	453,132	563,272	560,992
Due after one year through five years	3,556,932		3,610,463	2,831,916	2,768,971
Due after five years through ten years	1,292,049		1,359,068	542,488	541,852
Due after ten years	5,671		5,894	6,783	6,895
	$	5,307,784	5,428,557	3,944,459	3,878,710

Following is a summary of temporarily impaired debt securities by the time period impaired as of September 28, 2019 and December 29, 2018:

	Less Than 12 Months				12 Months or Longer			Total
	Fair Value		Unrealized Losses		Fair Value	Unrealized Losses		Fair Value	Unrealized Losses
	(Amounts are in thousands)
September 28, 2019
Tax exempt bonds	$	383,034		501	171,681		388	554,715		889
Taxable bonds	420,027			1,297	518,304		2,072	938,331		3,369
	$	803,061		1,798	689,985		2,460	1,493,046		4,258
December 29, 2018
Tax exempt bonds	$	25,150		95	1,182,783		12,664	1,207,933		12,759
Taxable bonds	645,379			5,821	1,464,208		49,264	2,109,587		55,085
Restricted investment	28,687			346	—		—	28,687		346
	$	699,216		6,262	2,646,991		61,928	3,346,207		68,190

There are 169 debt securities contributing to the total unrealized losses of $4,258,000 as of September 28, 2019. 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

In 2018, the Company adopted the Accounting Standards Update (ASU) requiring equity securities be 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 $2,170,083,000 and $2,698,720,000 as of September 28, 2019 and December 29, 2018, respectively.

Prior to adoption of the ASU, equity securities were classified as available-for-sale and measured at fair value. Changes in fair value determined to be temporary were reported in other comprehensive earnings net of income taxes. Upon adoption of the ASU, the Company reclassified the cumulative effect of the net unrealized gain on equity securities net of income taxes as of December 31, 2017 of $198,310,000 from accumulated other comprehensive earnings to retained earnings. The fair value adjustment includes the cumulative effect of the ASU reclassified to retained earnings as of December 31, 2017.

(c) Investment Income

In the following table, net realized gain on the sale of investments represents the difference between the cost and the proceeds from the sale of debt and equity securities. The net realized gain on the sale of investments excludes the net gain or loss on the sale of equity securities previously recognized through the fair value adjustment, which is presented separately.

Following is a summary of investment income for the three and nine months ended September 28, 2019 and September 29, 2018:

		Three Months Ended							Nine Months Ended
	September 28, 2019				September 29, 2018			September 28, 2019		September 29, 2018
	(Amounts are in thousands)
Interest and dividend income		$	46,796			32,726			135,526		92,879
Net realized gain on sale of investments		33,798				69,251			104,242		92,918
		80,594				101,977			239,768		185,797
Fair value adjustment, due to net unrealized (loss) gain, on equity securities held at end of period		(26,936		)		166,267			292,381		217,314
Net loss (gain) on sale of equity securities previously recognized through fair value adjustment		16,391				(38,010	)		50,229		(60,424	)
		$	70,049			230,234			582,378		342,687

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Retirement Plan (Notes)

9 Months Ended

Sep. 28, 2019

Retirement Benefits [Abstract]

Retirement Plan [Text Block]

(6) Retirement Plan

The 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 $283,179,000 and $288,580,000 as of September 28, 2019 and December 29, 2018, respectively. The cost of the shares held by the ESOP totaled $3,001,522,000 and $2,846,419,000 as of September 28, 2019 and December 29, 2018, 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 $3,284,701,000 and $3,134,999,000 as of September 28, 2019 and December 29, 2018, respectively. The fair value of the shares held by the ESOP totaled $8,121,725,000 and $8,061,399,000 as of September 28, 2019 and December 29, 2018, respectively.

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Lessee, Lease Lease Cost (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 28, 2019 USD ($)	Sep. 28, 2019 USD ($)
Lease, Cost [Abstract]
Operating lease expense	$ 107,262	$ 324,735
Amortization of right-of-use assets	1,686	6,022
Interest on lease liabilities	752	2,189
Variable lease expense	15,189	44,077
Sublease rental income	(660)	(2,203)
Lease, Cost	$ 124,229	374,820
Rent paid for operating leases		315,418
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability		331,274
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability		$ 61,672
Operating Lease, Weighted Average Remaining Lease Term	12 years	12 years
Finance Lease, Weighted Average Remaining Lease Term	18 years	18 years
Operating Lease, Weighted Average Discount Rate, Percent	3.50%	3.50%
Finance Lease, Weighted Average Discount Rate, Percent	3.90%	3.90%

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Investments Recently Issued Accounting Standard (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2018	Sep. 29, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ 0
Accounting Standards Update 2016-01 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification		$ 198,310

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Lessor, Lease Lessor, Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 28, 2019	Sep. 28, 2019
Operating Lease, Lease Income [Abstract]
Operating Lease, Lease Income, Lease Payments	$ 37,924	$ 111,331
Operating Lease, Variable Lease Income	11,155	32,355
Operating Lease, Lease Income	$ 49,079	$ 143,686

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Temporarily Impaired Available for Sale Securities by Time Period Impaired (Detail) - USD ($) $ in Thousands	Sep. 28, 2019	Dec. 29, 2018
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 803,061	$ 699,216
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	1,798	6,262
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	689,985	2,646,991
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	2,460	61,928
Debt Securities, Available-for-sale, Unrealized Loss Position	1,493,046	3,346,207
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	4,258	68,190
Nontaxable Municipal Bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	383,034	25,150
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	501	95
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	171,681	1,182,783
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	388	12,664
Debt Securities, Available-for-sale, Unrealized Loss Position	554,715	1,207,933
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	889	12,759
Corporate Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	420,027	645,379
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	1,297	5,821
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	518,304	1,464,208
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	2,072	49,264
Debt Securities, Available-for-sale, Unrealized Loss Position	938,331	2,109,587
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	3,369	55,085
Debt Securities, Restricted [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	0	28,687
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	0	346
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	0	0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0	0
Debt Securities, Available-for-sale, Unrealized Loss Position	0	28,687
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 0	$ 346

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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 28, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements for Investments [Table Text Block]

Following is a summary of fair value measurements for investments as of September 28, 2019 and December 29, 2018:

	Fair Value		Level 1	Level 2	Level 3
	(Amounts are in thousands)
September 28, 2019	$	7,598,640	1,844,244	5,754,396	—
December 29, 2018	6,577,430		2,372,931	4,204,499	—

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Accumulated Other Comprehensive Earnings (Losses) (Tables)

9 Months Ended

Sep. 28, 2019

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Earnings (Losses) [Table Text Block]

A reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the three months ended September 28, 2019 and September 29, 2018 is as follows:

	Investments				Postretirement Benefit			Accumulated Other Comprehensive Earnings (Losses)
		(Amounts are in thousands)
2019
Balances at June 29, 2019		$	68,948			(6,729	)		62,219
Unrealized gain on debt securities		22,131				—			22,131
Net realized gain on debt securities reclassified to investment income		(439		)		—			(439	)
Net other comprehensive earnings		21,692				—			21,692
Balances at September 28, 2019		$	90,640			(6,729	)		83,911
2018
Balances at June 30, 2018		$	(56,387	)		(14,292	)		(70,679	)
Unrealized loss on debt securities		(2,076		)		—			(2,076	)
Net realized gain on debt securities reclassified to investment income		(181		)		—			(181	)
Adjustment to postretirement benefit obligation		—				564			564
Net other comprehensive (losses) earnings		(2,257		)		564			(1,693	)
Balances at September 29, 2018		$	(58,644	)		(13,728	)		(72,372	)

A reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the nine months endedSeptember 28, 2019 and September 29, 2018 is as follows:

	Investments				Postretirement Benefits			Accumulated Other Comprehensive Earnings (Losses)
		(Amounts are in thousands)
2019
Balances at December 29, 2018		$	(49,033	)		(6,729	)		(55,762	)
Unrealized gain on debt securities		139,782				—			139,782
Net realized gain on debt securities reclassified to investment income		(109		)		—			(109	)
Net other comprehensive earnings		139,673				—			139,673
Balances at September 28, 2019		$	90,640			(6,729	)		83,911
2018
Balances at December 30, 2017		$	168,057			(15,421	)		152,636
Unrealized loss on debt securities		(28,657		)		—			(28,657	)
Net realized loss on debt securities reclassified to investment income		266				—			266
Adjustment to postretirement benefit obligation		—				1,693			1,693
Net other comprehensive (losses) earnings		(28,391		)		1,693			(26,698	)
Cumulative effect of net unrealized gain on equity securities reclassified to retained earnings		(198,310		)		—			(198,310	)
Balances at September 29, 2018		$	(58,644	)		(13,728	)		(72,372	)

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Subsequent Event (Details) - Subsequent Event [Member] - USD ($)	Nov. 01, 2019	Oct. 15, 2019	Oct. 01, 2019
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared			$ 0.30
Dividends Payable, Date Declared			Oct. 01, 2019
Dividends Payable, Date to be Paid	Nov. 01, 2019
Dividends Payable, Date of Record		Oct. 15, 2019
Dividends, Common Stock, Cash			$ 213,200,000

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Consolidation of Joint Ventures and Long-Term Debt Joint Venture - Additional Information (Details) - USD ($)	Sep. 28, 2019	Dec. 29, 2018
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Variable Interest Entity, Consolidated, Carrying Amount, Assets	$ 154,123,000	$ 144,197,000
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities	$ 77,897,000	$ 71,342,000

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) on debt securities net of income taxes in 2019 and 2018, respectively.	$ 6,776	$ (708)	$ 46,885	$ (9,770)
Reclassification adjustment for net realized (gain) loss on debt securities net of income taxes in 2019 and 2018, respectively.	(149)	(62)	(36)	91
Adjustment to postretirement benefit obligation net of income taxes in 2018.	$ 0	$ 192	$ 0	$ 577

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 28, 2019	Dec. 29, 2018
Current assets:
Cash and cash equivalents	$ 1,294,010	$ 599,264
Short-term investments	453,132	560,992
Trade receivables	700,836	682,981
Inventories	1,760,688	1,848,735
Prepaid expenses	98,527	122,224
Total current assets	4,307,193	3,814,196
Long-term investments	7,145,508	6,016,438
Other noncurrent assets	458,207	515,265
Operating lease right-of-use assets	2,909,462	0
Property, plant and equipment	15,058,784	14,174,564
Accumulated depreciation	(5,949,761)	(5,537,947)
Net property, plant and equipment	9,109,023	8,636,617
Total assets	23,929,393	18,982,516
Current liabilities:
Accounts payable	1,815,800	1,864,604
Accrued expenses:
Contributions to retirement plans	467,665	540,760
Self-insurance reserves	153,719	145,241
Salaries and wages	291,702	132,916
Other	564,356	321,080
Current portion of long-term debt	26,354	4,954
Current portion of operating lease liabilities	332,648	0
Total current liabilities	3,652,244	3,009,555
Deferred income taxes	588,319	420,757
Self-insurance reserves	225,324	222,419
Accrued postretirement benefit cost	105,487	105,308
Long-term debt	145,300	162,711
Operating lease liabilities	2,562,160	0
Other noncurrent liabilities	127,010	67,102
Total liabilities	7,405,844	3,987,852
Common stock related to Employee Stock Ownership Plan (ESOP)	3,284,701	3,134,999
Stockholders’ equity:
Common stock of $1 par value. Authorized 1,000,000 shares; issued 722,126 shares in 2019 and 715,445 shares in 2018	722,126	715,445
Additional paid-in capital	3,738,659	3,458,004
Retained earnings	12,441,159	10,840,654
Treasury stock at cost, 11,391 shares in 2019	(500,296)	0
Accumulated other comprehensive earnings (losses)	83,911	(55,762)
Common stock related to ESOP	(3,284,701)	(3,134,999)
Total stockholders’ equity	13,200,858	11,823,342
Noncontrolling interests	37,990	36,323
Total equity	16,523,549	14,994,664
Total liabilities and stockholders' equity	$ 23,929,393	$ 18,982,516