(State of incorporation) | (I.R.S. Employer Identification No.) | |||||||
(Address of principal executive offices) | (Zip Code) |
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2021 | 2020 | |||||||||||||
January - February | $ | 57.95 | 47.10 | |||||||||||
March - April | 60.20 | 48.90 | ||||||||||||
May - July | 61.30 | 50.10 | ||||||||||||
August - October | 63.10 | 54.35 | ||||||||||||
November - December | 66.40 | 57.95 |
Quarter | 2021 | 2020 | ||||||||||||
First | $ | 0.32 | 0.30 | |||||||||||
Second | 0.37 | 0.32 | ||||||||||||
Third | 0.37 | 0.32 | ||||||||||||
Fourth | 0.37 | 0.32 | ||||||||||||
$ | 1.43 | 1.26 |
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) | |||||||||||||||||||||||||||||||||||||
September 26 - October 30, 2021 | 860 | $ | 63.10 | N/A | N/A | ||||||||||||||||||||||||||||||||||||
October 31 - November 27, 2021 | 2,642 | 66.40 | N/A | N/A | |||||||||||||||||||||||||||||||||||||
November 28 - December 25, 2021 | 1,129 | 66.40 | N/A | N/A | |||||||||||||||||||||||||||||||||||||
Total | 4,631 | $ | 65.79 | N/A | N/A |
2016 | 2017 | 2018 | 2019 | 2020 | 2021 | ||||||||||||||||||||||||||||||||||||
Publix | $100.00 | 93.99 | 111.59 | 126.29 | 159.14 | 186.53 | |||||||||||||||||||||||||||||||||||
S&P 500 | 100.00 | 121.83 | 115.49 | 153.58 | 178.76 | 231.39 | |||||||||||||||||||||||||||||||||||
Peer Group (1) | 100.00 | 92.07 | 102.22 | 109.29 | 119.88 | 170.62 |
2021 | 2020 | 2019 | |||||||||||||||||||||||||||
(Amounts are in millions, except per share amounts) | |||||||||||||||||||||||||||||
Net earnings | $ | 4,412.2 | 3,971.8 | 3,005.4 | |||||||||||||||||||||||||
Fair value adjustment, due to net unrealized gain, on equity securities held at end of year | (1,109.0) | (554.6) | (472.5) | ||||||||||||||||||||||||||
Net gain (loss) on sale of equity securities previously recognized through fair value adjustment | 9.4 | 175.6 | (50.2) | ||||||||||||||||||||||||||
Income tax expense (1) | 279.6 | 96.4 | 132.9 | ||||||||||||||||||||||||||
Net earnings excluding impact of fair value adjustment | $ | 3,592.2 | 3,689.2 | 2,615.6 | |||||||||||||||||||||||||
Weighted average shares outstanding | 689.4 | 700.6 | 713.5 | ||||||||||||||||||||||||||
Earnings per share excluding impact of fair value adjustment | $ | 5.21 | 5.27 | 3.67 |
Index to Consolidated Financial Statements and Schedule | ||||||||
Page | ||||||||
Consolidated Financial Statements: | ||||||||
The following consolidated financial statement schedule of the Company for the years ended December 25, 2021, December 26, 2020 and December 28, 2019 is submitted herewith: | ||||||||
All other schedules are omitted as the required information is inapplicable or the information is presented in the consolidated financial statements or related notes. |
2021 | 2020 | ||||||||||||||||
ASSETS | (Amounts are in thousands) | ||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | ||||||||||||||||
Short-term investments | |||||||||||||||||
Trade receivables | |||||||||||||||||
Inventories | |||||||||||||||||
Prepaid expenses | |||||||||||||||||
Total current assets | |||||||||||||||||
Long-term investments | |||||||||||||||||
Other noncurrent assets | |||||||||||||||||
Operating lease right-of-use assets | |||||||||||||||||
Property, plant and equipment: | |||||||||||||||||
Land | |||||||||||||||||
Buildings and improvements | |||||||||||||||||
Furniture, fixtures and equipment | |||||||||||||||||
Leasehold improvements | |||||||||||||||||
Finance lease right-of-use assets | |||||||||||||||||
Construction in progress | |||||||||||||||||
Accumulated depreciation | ( | ( | |||||||||||||||
Net property, plant and equipment | |||||||||||||||||
$ | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
LIABILITIES AND EQUITY | (Amounts are in thousands, except par value) | ||||||||||||||||
Current liabilities: | |||||||||||||||||
Accounts payable | $ | ||||||||||||||||
Accrued expenses: | |||||||||||||||||
Contributions to retirement plans | |||||||||||||||||
Self-insurance reserves | |||||||||||||||||
Salaries and wages | |||||||||||||||||
Other | |||||||||||||||||
Current portion of long-term debt | |||||||||||||||||
Current portion of operating lease liabilities | |||||||||||||||||
Income taxes | |||||||||||||||||
Total current liabilities | |||||||||||||||||
Deferred income taxes | |||||||||||||||||
Self-insurance reserves | |||||||||||||||||
Long-term debt | |||||||||||||||||
Operating lease liabilities | |||||||||||||||||
Finance lease liabilities | |||||||||||||||||
Other noncurrent liabilities | |||||||||||||||||
Total liabilities | |||||||||||||||||
Common stock related to Employee Stock Ownership Plan (ESOP) | |||||||||||||||||
Stockholders’ equity: | |||||||||||||||||
Common stock of $ and outstanding | |||||||||||||||||
Additional paid-in capital | |||||||||||||||||
Retained earnings | |||||||||||||||||
Accumulated other comprehensive (losses) earnings | ( | ||||||||||||||||
Common stock related to ESOP | ( | ( | |||||||||||||||
Total stockholders’ equity | |||||||||||||||||
Noncontrolling interests | |||||||||||||||||
Total equity | |||||||||||||||||
Commitments and contingencies | |||||||||||||||||
$ |
2021 | 2020 | 2019 | |||||||||||||||||||||
(Amounts are in thousands, except per share amounts) | |||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Sales | $ | ||||||||||||||||||||||
Other operating income | |||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of merchandise sold | |||||||||||||||||||||||
Operating and administrative expenses | |||||||||||||||||||||||
Total costs and expenses | |||||||||||||||||||||||
Operating profit | |||||||||||||||||||||||
Investment income | |||||||||||||||||||||||
Other nonoperating income, net | |||||||||||||||||||||||
Earnings before income tax expense | |||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Net earnings | $ | ||||||||||||||||||||||
Weighted average shares outstanding | |||||||||||||||||||||||
Earnings per share | $ |
2021 | 2020 | 2019 | |||||||||||||||||||||
(Amounts are in thousands) | |||||||||||||||||||||||
Net earnings | $ | ||||||||||||||||||||||
Other comprehensive earnings: | |||||||||||||||||||||||
Unrealized (loss) gain on debt securities net of income taxes of $( | ( | ||||||||||||||||||||||
Reclassification adjustment for net realized gain on debt securities net of income taxes of $( | ( | ( | ( | ||||||||||||||||||||
Adjustment to postretirement benefit obligation net of income taxes of $ | ( | ( | |||||||||||||||||||||
Comprehensive earnings | $ |
2021 | 2020 | 2019 | |||||||||||||||||||||
(Amounts are in thousands) | |||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||
Cash received from customers | $ | ||||||||||||||||||||||
Cash paid to employees and suppliers | ( | ( | ( | ||||||||||||||||||||
Income taxes paid | ( | ( | ( | ||||||||||||||||||||
Self-insured claims paid | ( | ( | ( | ||||||||||||||||||||
Dividends and interest received | |||||||||||||||||||||||
Other operating cash receipts | |||||||||||||||||||||||
Other operating cash payments | ( | ( | ( | ||||||||||||||||||||
Net cash provided by operating activities | |||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Payment for capital expenditures | ( | ( | ( | ||||||||||||||||||||
Proceeds from sale of property, plant and equipment | |||||||||||||||||||||||
Payment for investments | ( | ( | ( | ||||||||||||||||||||
Proceeds from sale and maturity of investments | |||||||||||||||||||||||
Net cash used in investing activities | ( | ( | ( | ||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Payment for acquisition of common stock | ( | ( | ( | ||||||||||||||||||||
Proceeds from sale of common stock | |||||||||||||||||||||||
Dividends paid | ( | ( | ( | ||||||||||||||||||||
Repayment of long-term debt | ( | ( | ( | ||||||||||||||||||||
Other, net | |||||||||||||||||||||||
Net cash used in financing activities | ( | ( | ( | ||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | ( | ||||||||||||||||||||||
Cash and cash equivalents at beginning of year | |||||||||||||||||||||||
Cash and cash equivalents at end of year | $ |
2021 | 2020 | 2019 | |||||||||||||||||||||
(Amounts are in thousands) | |||||||||||||||||||||||
Reconciliation of net earnings to net cash provided by operating activities: | |||||||||||||||||||||||
Net earnings | $ | ||||||||||||||||||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Increase in last-in, first-out (LIFO) reserve | |||||||||||||||||||||||
Retirement contributions paid or payable in common stock | |||||||||||||||||||||||
Deferred income taxes | |||||||||||||||||||||||
Loss on disposal and impairment of long-lived assets | |||||||||||||||||||||||
Gain on investments | ( | ( | ( | ||||||||||||||||||||
Net amortization of investments | |||||||||||||||||||||||
Change in operating assets and liabilities providing (requiring) cash: | |||||||||||||||||||||||
Trade receivables | ( | ( | |||||||||||||||||||||
Inventories | ( | ( | ( | ||||||||||||||||||||
Other assets | |||||||||||||||||||||||
Accounts payable and accrued expenses | |||||||||||||||||||||||
Income taxes | ( | ||||||||||||||||||||||
Other liabilities | |||||||||||||||||||||||
Total adjustments | |||||||||||||||||||||||
Net cash provided by operating activities | $ |
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 | |||||||||||||||||||||||||||||||||||||||||||||||
(Amounts are in thousands, except per share amounts) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 29, 2018 | $ | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive earnings | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends, $ | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Contribution of | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Sale of | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement of | ( | — | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Change for ESOP related shares | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 28, 2019 | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive earnings | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends, $ | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Contribution of | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Sale of | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement of | ( | — | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Change for ESOP related shares | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 26, 2020 | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive earnings | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends, $ | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Contribution of | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Sale of | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement of | ( | — | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Change for ESOP related shares | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 25, 2021 | $ | ( | ( |
Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
(Amounts are in thousands) | ||||||||||||||||||||||||||
December 25, 2021 | $ | |||||||||||||||||||||||||
December 26, 2020 |
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||||||||||
(Amounts are in thousands) | |||||||||||||||||||||||||||||||||||
2021 | |||||||||||||||||||||||||||||||||||
Tax exempt bonds | $ | ||||||||||||||||||||||||||||||||||
Taxable bonds | |||||||||||||||||||||||||||||||||||
Restricted investments | |||||||||||||||||||||||||||||||||||
$ | |||||||||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||||||
Tax exempt bonds | $ | ||||||||||||||||||||||||||||||||||
Taxable bonds | |||||||||||||||||||||||||||||||||||
Restricted investments | |||||||||||||||||||||||||||||||||||
$ |
2021 | 2020 | |||||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | |||||||||||||||||||||||
(Amounts are in thousands) | ||||||||||||||||||||||||||
Due in one year or less | $ | |||||||||||||||||||||||||
Due after one year through five years | ||||||||||||||||||||||||||
Due after five years through ten years | ||||||||||||||||||||||||||
Due after ten years | ||||||||||||||||||||||||||
$ |
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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable bonds | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax exempt bonds | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable bonds | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ |
2021 | 2020 | 2019 | |||||||||||||||||||||||||||
(Amounts are in thousands) | |||||||||||||||||||||||||||||
Interest and dividend income | $ | ||||||||||||||||||||||||||||
Net realized gain on investments | |||||||||||||||||||||||||||||
Fair value adjustment, due to net unrealized gain, on equity securities held at end of year | |||||||||||||||||||||||||||||
Net (gain) loss on sale of equity securities previously recognized through fair value adjustment | ( | ( | |||||||||||||||||||||||||||
$ |
2021 | 2020 | 2019 | |||||||||||||||||||||||||||
(Amounts are in thousands) | |||||||||||||||||||||||||||||
Operating lease expense | $ | ||||||||||||||||||||||||||||
Finance lease expense: | |||||||||||||||||||||||||||||
Amortization of right-of-use assets | |||||||||||||||||||||||||||||
Interest on lease liabilities | |||||||||||||||||||||||||||||
Variable lease expense | |||||||||||||||||||||||||||||
Sublease rental income | ( | ( | ( | ||||||||||||||||||||||||||
$ |
2021 | 2020 | 2019 | |||||||||||||||||||||||||||
(Amounts are in thousands) | |||||||||||||||||||||||||||||
Operating cash flows from rent paid for operating lease liabilities | $ | ||||||||||||||||||||||||||||
Right-of-use assets obtained in exchange for new lease liabilities: | |||||||||||||||||||||||||||||
Operating leases | |||||||||||||||||||||||||||||
Finance leases | |||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Weighted average remaining lease term: | ||||||||||||||||||||
Operating leases | ||||||||||||||||||||
Finance leases | ||||||||||||||||||||
Weighted average discount rate: | ||||||||||||||||||||
Operating leases | % | % | ||||||||||||||||||
Finance leases | % | % |
Year | Operating Leases | Finance Leases | ||||||||||||||||||
(Amounts are in thousands) | ||||||||||||||||||||
2022 | $ | |||||||||||||||||||
2023 | ||||||||||||||||||||
2024 | ||||||||||||||||||||
2025 | ||||||||||||||||||||
2026 | ||||||||||||||||||||
Thereafter | ||||||||||||||||||||
Less: Imputed interest | ( | ( | ||||||||||||||||||
$ |
2021 | 2020 | 2019 | |||||||||||||||||||||||||||
(Amounts are in thousands) | |||||||||||||||||||||||||||||
Lease income | $ | ||||||||||||||||||||||||||||
Variable lease income | | ||||||||||||||||||||||||||||
$ |
Year | |||||
(Amounts are in thousands) | |||||
2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Thereafter | |||||
$ |
Year | |||||
(Amounts are in thousands) | |||||
2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Thereafter | |||||
$ | |||||
2021 | 2020 | 2019 | |||||||||||||||||||||
(Amounts are in thousands) | |||||||||||||||||||||||
Earnings | $ | ||||||||||||||||||||||
Other comprehensive (losses) earnings | ( | ||||||||||||||||||||||
$ |
Current | Deferred | Total | |||||||||||||||||||||
(Amounts are in thousands) | |||||||||||||||||||||||
2021 | |||||||||||||||||||||||
Federal | $ | ||||||||||||||||||||||
State | |||||||||||||||||||||||
$ | |||||||||||||||||||||||
2020 | |||||||||||||||||||||||
Federal | $ | ||||||||||||||||||||||
State | ( | ||||||||||||||||||||||
$ | |||||||||||||||||||||||
2019 | |||||||||||||||||||||||
Federal | $ | ||||||||||||||||||||||
State | |||||||||||||||||||||||
$ |
2021 | 2020 | 2019 | |||||||||||||||||||||
(Amounts are in thousands) | |||||||||||||||||||||||
Federal tax at statutory income tax rate | $ | ||||||||||||||||||||||
State income taxes (net of federal tax benefit) | |||||||||||||||||||||||
ESOP dividend | ( | ( | ( | ||||||||||||||||||||
Other, net | ( | ( | ( | ||||||||||||||||||||
$ |
2021 | 2020 | ||||||||||||||||
(Amounts are in thousands) | |||||||||||||||||
Deferred tax liabilities and (assets): | |||||||||||||||||
Lease assets | $ | ||||||||||||||||
Property, plant and equipment | |||||||||||||||||
Investments | |||||||||||||||||
Inventories | |||||||||||||||||
Lease liabilities | ( | ( | |||||||||||||||
Self-insurance reserves | ( | ( | |||||||||||||||
Retirement plan contributions | ( | ( | |||||||||||||||
Payroll tax deferral | ( | ( | |||||||||||||||
Postretirement benefit cost | ( | ( | |||||||||||||||
Vendor rebates | ( | ( | |||||||||||||||
Other | ( | ( | |||||||||||||||
$ |
Investments | Postretirement Benefit | Accumulated Other Comprehensive Earnings (Losses) | |||||||||||||||||||||||||||||||||||||||
(Amounts are in thousands) | |||||||||||||||||||||||||||||||||||||||||
Balances at December 29, 2018 | $ | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Unrealized gain on debt securities | — | ||||||||||||||||||||||||||||||||||||||||
Net realized gain on debt securities reclassified to investment income | ( | — | ( | ||||||||||||||||||||||||||||||||||||||
Adjustment to postretirement benefit obligation | — | ( | ( | ||||||||||||||||||||||||||||||||||||||
Net other comprehensive earnings (losses) | ( | ||||||||||||||||||||||||||||||||||||||||
Balances at December 28, 2019 | ( | ||||||||||||||||||||||||||||||||||||||||
Unrealized gain on debt securities | — | ||||||||||||||||||||||||||||||||||||||||
Net realized gain on debt securities reclassified to investment income | ( | — | ( | ||||||||||||||||||||||||||||||||||||||
Adjustment to postretirement benefit obligation | — | ( | ( | ||||||||||||||||||||||||||||||||||||||
Net other comprehensive earnings (losses) | ( | ||||||||||||||||||||||||||||||||||||||||
Balances at December 26, 2020 | ( | ||||||||||||||||||||||||||||||||||||||||
Unrealized loss on debt securities | ( | — | ( | ||||||||||||||||||||||||||||||||||||||
Net realized gain on debt securities reclassified to investment income | ( | — | ( | ||||||||||||||||||||||||||||||||||||||
Adjustment to postretirement benefit obligation | — | ||||||||||||||||||||||||||||||||||||||||
Net other comprehensive (losses) earnings | ( | ( | |||||||||||||||||||||||||||||||||||||||
Balances at December 25, 2021 | $ | ( | ( |
Balance at Beginning of Year | Additions Charged to Income | Deductions From Reserves | Balance at End of Year | |||||||||||||||||||||||||||||||||||||||||||||||
(Amounts are in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Reserves not deducted from assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Self-insurance reserves: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Current | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent | ||||||||||||||||||||||||||||||||||||||||||||||||||
$ | ||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Reserves not deducted from assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Self-insurance reserves: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Current | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent | ||||||||||||||||||||||||||||||||||||||||||||||||||
$ | ||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Reserves not deducted from assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Self-insurance reserves: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Current | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent | ||||||||||||||||||||||||||||||||||||||||||||||||||
$ |
Name | Age | Business Experience During Last Five Years | Served as Officer of Company Since | |||||||||||||||||
Executive Officers of the Company | ||||||||||||||||||||
David E. Bornmann | 64 | Senior Vice President of the Company. | 1998 | |||||||||||||||||
Laurie Z. Douglas | 58 | Senior Vice President and Chief Information Officer of the Company to January 2019, Senior Vice President, Chief Information Officer and Chief Digital Officer thereafter. | 2006 | |||||||||||||||||
John L. Goff, Jr. | 48 | Regional Director of Retail Operations of the Company to January 2019, Vice President to January 2022, Senior Vice President thereafter. | 2019 | |||||||||||||||||
Randall T. Jones, Sr. | 59 | Chief Executive Officer and President of the Company to January 2019, Chief Executive Officer thereafter. | 2003 | |||||||||||||||||
Merriann M. Metz | 46 | Assistant General Counsel and Assistant Secretary of the Company to June 2019, Vice President, General Counsel and Secretary to January 2022, Senior Vice President, General Counsel and Secretary thereafter. | 2016 | |||||||||||||||||
Kevin S. Murphy | 51 | Senior Vice President of the Company to January 2019, President thereafter. | 2014 | |||||||||||||||||
David P. Phillips | 62 | Executive Vice President, Chief Financial Officer and Treasurer of the Company and Trustee of the Committee of Trustees of the ESOP. | 1990 | |||||||||||||||||
Michael R. Smith | 62 | Senior Vice President of the Company. | 2005 | |||||||||||||||||
Officers of the Company | ||||||||||||||||||||
Norman J. Badger | 43 | District Manager of Retail Operations of the Company to July 2017, Regional Director of Retail Operations to May 2020, Vice President thereafter. | 2020 | |||||||||||||||||
Robert S. Balcerak, Jr. | 61 | Director of Real Estate Strategy of the Company to April 2017, Vice President thereafter. | 2017 | |||||||||||||||||
Randolph L. Barber | 59 | Director of Industrial Maintenance of the Company to January 2018, Vice President thereafter. | 2018 | |||||||||||||||||
Robert J. Bechtel | 58 | Vice President of the Company. | 2016 | |||||||||||||||||
Adrian Bennett | 52 | Regional Director of Retail Operations of the Company to July 2021, Vice President thereafter. | 2021 | |||||||||||||||||
Marcy P. Benton | 53 | Director of Retail Associate Relations of the Company to September 2017, Vice President thereafter. | 2017 | |||||||||||||||||
Matthew I. Crawley | 53 | Regional Director of Retail Operations of the Company to January 2022, Vice President thereafter. | 2022 | |||||||||||||||||
Kyle C. Davis | 59 | Director of Warehousing of the Company to January 2022, Vice President thereafter. | 2022 | |||||||||||||||||
G. Gino DiGrazia | 59 | Vice President of the Company. | 2002 | |||||||||||||||||
Christopher P. Haake | 53 | Business Development Director of General Merchandise and Health and Beauty Care of the Company to June 2018, Business Development Director of Dry Grocery to February 2019, Business Development Director of Grocery Retail Support to January 2022, Vice President thereafter. | 2022 | |||||||||||||||||
Linda S. Hall | 62 | Vice President of the Company. | 2002 | |||||||||||||||||
Douglas A. Harris, Jr. | 49 | General Manager of Manufacturing Operations of the Company to March 2018, Director of Manufacturing Operations to May 2019, Vice President thereafter. | 2019 | |||||||||||||||||
Kris Jonczyk | 52 | Regional Director of Retail Operations of the Company to January 2020, Vice President thereafter. | 2020 | |||||||||||||||||
Linda S. Kane | 56 | Vice President and Assistant Secretary of the Company. | 2000 | |||||||||||||||||
Erik J. Katenkamp | 50 | Vice President of the Company. | 2013 | |||||||||||||||||
L. Renee Kelly | 60 | Vice President of the Company. | 2013 | |||||||||||||||||
Michael E. Lester | 56 | Director of Warehousing of the Company to January 2019, Vice President thereafter. | 2019 | |||||||||||||||||
Christopher M. Litz | 58 | Vice President of the Company. | 2016 |
Name | Age | Business Experience During Last Five Years | Served as Officer of Company Since | |||||||||||||||||
Officers of the Company (Continued) | ||||||||||||||||||||
Robert J. McGarrity | 60 | Vice President of the Company. | 2017 | |||||||||||||||||
Christopher J. Mesa | 52 | Director of Tax of the Company to February 2018, Director of Tax and Treasury to January 2022, Vice President thereafter. | 2022 | |||||||||||||||||
Brad E. Oliver | 48 | Business Development Director of Grocery Retail Support of the Company to March 2017, Business Development Director of DSD Products to January 2018, Vice President thereafter. | 2018 | |||||||||||||||||
Samuel J. Pero | 59 | Vice President of the Company. | 2016 | |||||||||||||||||
John F. Provenzano | 48 | Executive Director of the National Association of State Treasurers to June 2017, Vice President of the Company thereafter. | 2017 | |||||||||||||||||
William W. Rayburn, IV | 59 | Director of Real Estate Assets of the Company to September 2017, Vice President thereafter. | 2017 | |||||||||||||||||
Malinda G. Renfroe | 42 | Manager of Marketing Brand Management of the Company to April 2019, Director of Marketing Operations to March 2022, Vice President thereafter. | 2022 | |||||||||||||||||
Charles B. Roskovich, Jr. | 60 | Vice President of the Company. | 2008 | |||||||||||||||||
Dain Rusk | 48 | Group Vice President of Pharmacy Operations of Albertsons Companies to June 2018, Vice President of the Company thereafter. | 2018 | |||||||||||||||||
Marc H. Salm | 61 | Vice President of the Company. | 2008 | |||||||||||||||||
D. Doug Stalbaum | 42 | Director of Finance of Rooms To Go to March 2019, Director of Business Analysis and Reporting of the Company to January 2022, Vice President thereafter. | 2022 | |||||||||||||||||
Steven B. Wellslager | 55 | Vice President of the Company. | 2013 |
3.1 | |||||
3.2 | |||||
4.1 | |||||
10* | |||||
10.2* | |||||
10.5* | |||||
10.6* | |||||
10.7* | |||||
14 | |||||
21 | |||||
23 | |||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
101 | The following financial information from this Annual Report is formatted in Extensible Business Reporting Language: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Earnings, (iii) Consolidated Statements of Comprehensive Earnings, (iv) Consolidated Statements of Cash Flows, (v) Consolidated Statements of Stockholders’ Equity and (vi) Notes to Consolidated Financial Statements. | ||||
* Represents management contract or compensatory plan or arrangement. |
PUBLIX SUPER MARKETS, INC. | |||||||||||
March 1, 2022 | By: | /s/ Merriann M. Metz | |||||||||
Merriann M. Metz | |||||||||||
Secretary |
/s/ Jessica L. Blume | Director | March 1, 2022 | |||||||||
Jessica L. Blume | |||||||||||
/s/ William E. Crenshaw | Chairman of the Board and Director | March 1, 2022 | |||||||||
William E. Crenshaw | |||||||||||
/s/ Joseph DiBenedetto, Jr. | Director | March 1, 2022 | |||||||||
Joseph DiBenedetto, Jr. | |||||||||||
/s/ Howard M. Jenkins | Director | March 1, 2022 | |||||||||
Howard M. Jenkins | |||||||||||
/s/ Jennifer A. Jenkins | Director | March 1, 2022 | |||||||||
Jennifer A. Jenkins | |||||||||||
/s/ Randall T. Jones, Sr. | Chief Executive Officer and Director | March 1, 2022 | |||||||||
Randall T. Jones, Sr. | (Principal Executive Officer) | ||||||||||
/s/ Stephen M. Knopik | Director | March 1, 2022 | |||||||||
Stephen M. Knopik | |||||||||||
/s/ David P. Phillips | Executive Vice President, Chief Financial Officer, Treasurer | March 1, 2022 | |||||||||
David P. Phillips | and Director (Principal Financial and Accounting Officer) |
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Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands |
Dec. 25, 2021 |
Dec. 26, 2020 |
---|---|---|
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 1,000,000 | 1,000,000 |
Common stock, shares issued | 683,680 | 690,982 |
Common stock, shares outstanding | 683,680 | 690,982 |
Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Revenues: | |||
Sales | $ 47,996,551 | $ 44,863,507 | $ 38,116,402 |
Other operating income | 397,356 | 340,452 | 346,351 |
Total revenues | 48,393,907 | 45,203,959 | 38,462,753 |
Costs and expenses: | |||
Cost of merchandise sold | 34,828,309 | 32,354,606 | 27,740,469 |
Operating and administrative expenses | 9,412,872 | 8,837,380 | 7,833,035 |
Total costs and expenses | 44,241,181 | 41,191,986 | 35,573,504 |
Operating profit | 4,152,726 | 4,011,973 | 2,889,249 |
Investment income | 1,330,204 | 975,006 | 814,372 |
Other nonoperating income, net | 76,849 | 49,676 | 82,365 |
Income (Loss) Attributable to Parent, before Tax | 5,559,779 | 5,036,655 | 3,785,986 |
Income tax expense | 1,147,559 | 1,064,817 | 780,591 |
Net earnings | $ 4,412,220 | $ 3,971,838 | $ 3,005,395 |
Weighted average shares outstanding | 689,423 | 700,587 | 713,535 |
Earnings per share | $ 6.40 | $ 5.67 | $ 4.21 |
Consolidated Statements of Comprehensive Earnings - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $ 4,412,220 | $ 3,971,838 | $ 3,005,395 |
Other comprehensive earnings: | |||
Unrealized (loss) gain on debt securities net of income taxes of $(68,470), $47,253 and $50,504 in 2021, 2020 and 2019, respectively. | (200,964) | 138,989 | 148,141 |
Reclassification adjustment for net realized gain on debt securities net of income taxes of $(5,392), $(4,616) and $(205) in 2021, 2020 and 2019, respectively. | (15,886) | (13,591) | (602) |
Adjustment to postretirement benefit obligation net of income taxes of $3,572, $(1,955) and $(3,576) in 2021, 2020 and 2019, respectively. | 10,478 | (5,736) | (10,488) |
Comprehensive earnings | $ 4,205,848 | $ 4,091,500 | $ 3,142,446 |
Consolidated Statements of Comprehensive Earnings (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Statement of Comprehensive Income [Abstract] | |||
Unrealized (loss) gain on debt securities net of income taxes | $ (68,470) | $ 47,253 | $ 50,504 |
Reclassification adjustment for net realized gain on debt securities net of income taxes | (5,392) | (4,616) | (205) |
Adjustment to postretirement benefit obligation net of income taxes | $ 3,572 | $ (1,955) | $ (3,576) |
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands |
Total |
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 |
---|---|---|---|---|---|---|---|
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 | 3,142,446 | 3,005,395 | 137,051 | ||||
Dividends per share | (828,733) | (828,733) | |||||
Contribution of shares to retirement plans | 367,951 | 5,605 | 235,017 | 127,329 | |||
Acquisition of shares from stockholders | (1,088,570) | (1,088,570) | |||||
Sale of shares to stockholders | 311,950 | 1,497 | 65,045 | 245,408 | |||
Retirement of shares | 0 | (15,995) | (699,838) | 715,833 | |||
Change for ESOP related shares | (124,231) | (124,231) | |||||
Ending Balance at Dec. 28, 2019 | 13,604,155 | 706,552 | 3,758,066 | 12,317,478 | 0 | 81,289 | (3,259,230) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive earnings | 4,091,500 | 3,971,838 | 119,662 | ||||
Dividends per share | (884,369) | (884,369) | |||||
Contribution of shares to retirement plans | 361,755 | 4,977 | 242,724 | 114,054 | |||
Acquisition of shares from stockholders | (1,440,312) | (1,440,312) | |||||
Sale of shares to stockholders | 249,808 | 107 | 5,179 | 244,522 | |||
Retirement of shares | 0 | (20,654) | (1,061,082) | 1,081,736 | |||
Change for ESOP related shares | (225,319) | (225,319) | |||||
Ending Balance at Dec. 26, 2020 | 15,757,218 | 690,982 | 4,005,969 | 14,343,865 | 0 | 200,951 | (3,484,549) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive earnings | 4,205,848 | 4,412,220 | (206,372) | ||||
Dividends per share | (986,987) | (986,987) | |||||
Contribution of shares to retirement plans | 408,569 | 4,743 | 285,438 | 118,388 | |||
Acquisition of shares from stockholders | (1,137,131) | (1,137,131) | |||||
Sale of shares to stockholders | 263,083 | 0 | 77 | 263,006 | |||
Retirement of shares | 0 | (12,045) | (743,692) | 755,737 | |||
Change for ESOP related shares | (340,579) | (340,579) | |||||
Ending Balance at Dec. 25, 2021 | $ 18,170,021 | $ 683,680 | $ 4,291,484 | $ 17,025,406 | $ 0 | $ (5,421) | $ (3,825,128) |
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares shares in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Statement of Stockholders' Equity [Abstract] | |||
Dividends, per share | $ 1.43 | $ 1.26 | $ 1.16 |
Contribution of shares to retirement plans | 6,786 | 7,398 | 8,587 |
Acquisition of shares from stockholders | 18,314 | 27,797 | 24,506 |
Sale of shares to stockholders | 4,226 | 4,829 | 7,026 |
Retirement of shares | 12,045 | 20,654 | 15,995 |
Summary of Significant Accounting Policies |
12 Months Ended |
---|---|
Dec. 25, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies [Text Block] | (1) Summary of Significant Accounting Policies (a)Business Publix Super Markets, Inc. and its wholly owned subsidiaries (Company) are in the business of operating retail food supermarkets in Florida, Georgia, Alabama, South Carolina, Tennessee, North Carolina and Virginia. The Company plans to expand its retail operations into Kentucky in 2023. The Company was founded in 1930 and has no other significant lines of business or industry segments. (b)Principles of Consolidation The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries and certain joint ventures in which the Company has a controlling financial interest. All significant intercompany balances and transactions are eliminated in consolidation. (c)Fiscal Year The Company’s fiscal year ends on the last Saturday in December. Fiscal years 2021, 2020 and 2019 include 52 weeks. (d)Cash Equivalents The Company considers all liquid investments with maturities of three months or less to be cash equivalents. (e)Trade Receivables Trade receivables primarily include amounts due from vendor rebates, debit and credit card sales and third party insurance pharmacy billings. (f)Inventories Inventories are valued at the lower of cost or market. The dollar value last-in, first-out (LIFO) method was used to determine the cost for 83% and 84% of inventories as of December 25, 2021 and December 26, 2020, respectively. Under this method, inventory is stated at cost, which is determined by applying a cost-to-retail ratio to each similar merchandise category’s ending retail value. The cost of the remaining inventories was determined using the first-in, first-out (FIFO) method. The FIFO cost of inventory approximates replacement or current cost. The FIFO method is used to value certain manufactured, seasonal, perishable and other miscellaneous inventory items due to fluctuating costs and inconsistent product availability. The Company also reduces inventory for estimated losses related to shrink. If all inventories were valued using the FIFO method, inventories and current assets would have been higher than reported by $658,098,000 and $548,749,000 as of December 25, 2021 and December 26, 2020, respectively. (g)Investments Debt securities are classified as available-for-sale and measured at fair value. The Company evaluates debt securities on an individual security basis to determine if an unrealized loss is due to a credit loss or other factors, including interest rate fluctuations. The collectability of debt securities is evaluated based on criteria that include the extent to which the cost (cost of the debt security adjusted for amortization of premium or accretion of discount) exceeds fair value, the credit rating of the issuer or security, the failure of the issuer to make scheduled principal or interest payments and the financial health and prospects of the issuer or security. Credit losses on debt securities the Company does not intend to sell and will not be required to sell prior to any anticipated recovery are recognized in earnings through an allowance. The allowance is measured as the difference between the present value of expected cash flows and the cost of the debt security, limited to the difference between the cost and the fair value of the debt security. Expected cash flows are discounted using the debt security’s effective interest rate. Subsequent changes to the allowance are recognized in earnings in the period of the change. Credit losses on debt securities the Company intends to sell or will be required to sell prior to any anticipated recovery are recognized in earnings and measured as the difference between the cost and the fair value of the debt security. Other unrealized losses on debt securities the Company does not intend to sell and will not be required to sell prior to any anticipated recovery are reported in other comprehensive earnings net of income taxes and included as a component of stockholders’ equity. Other unrealized losses on debt securities the Company intends to sell or will be required to sell prior to any anticipated recovery are recognized in earnings and measured as the difference between the cost and the fair value of the debt security. Equity securities are measured at fair value with net unrealized gains and losses from changes in the fair value recognized in earnings (fair value adjustment). Interest and dividend income, amortization of premiums, accretion of discounts and realized gains and losses on debt and equity securities are included in investment income. Interest income is accrued as earned. Dividend income is recognized as income on the ex-dividend date. The cost of debt and equity securities sold is based on the specific identification method. (h)Leases 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 year renewal options and may include rent escalation clauses. The Company recognizes right-of-use assets and lease liabilities based on the present value of future lease payments. Future lease payments include the initial lease term and any renewal options to the extent it is reasonably certain the option will be exercised. The present value of future lease payments is determined by using the Company’s incremental borrowing rate at the time of lease commencement. The incremental borrowing rate is estimated based on a composite index of debt for similarly rated companies with comparable terms. 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. The annual sales projections are reviewed periodically and adjusted if necessary. (i)Property, Plant and Equipment and Depreciation Assets are recorded at cost and depreciated or amortized using the straight-line method over their estimated useful lives or the terms of the related leases, if shorter, as follows: buildings and improvements (10‑40 years); furniture, fixtures and equipment (3‑20 years); leasehold improvements (10‑20 years); and finance lease right-of-use assets (5‑20 years). Maintenance and repairs are expensed as incurred. Expenditures for renewals and betterments are capitalized. The gain or loss realized on disposed assets or assets to be disposed of is recorded in earnings. (j)Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the net book value of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the net book value of an asset to the future net undiscounted cash flows expected to be generated by the asset. An impairment loss is recorded for the excess of the net book value over the fair value of the asset. The fair value is estimated based on expected discounted future cash flows. Assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell and are no longer depreciated or amortized. Long-lived assets, including operating lease right-of-use assets, buildings and improvements, furniture, fixtures and equipment, leasehold improvements and finance lease right-of-use assets, are evaluated for impairment at the supermarket level. (k)Self-Insurance The Company is generally self-insured for claims related to health care, employee benefits, workers’ compensation, general liability, property, plant and equipment, fleet liability and directors and officers liability. The Company uses third party insurance in certain instances to partially mitigate the risk related to these potential losses. Self-insurance reserves are established for health care, workers’ compensation, general liability and fleet liability claims. These reserves are determined based on actual claims experience and an estimate of claims incurred but not reported including, where necessary, actuarial studies. Actuarial projections of losses for general liability and workers’ compensation claims are discounted. (l)Postretirement Benefit The Company provides a postretirement life insurance benefit for certain salaried and hourly full-time employees who meet the eligibility requirements. Effective January 1, 2002, the Company amended the postretirement life insurance benefit under its Group Life Insurance Plan. To receive the postretirement life insurance benefit after the amendment, an employee must have had at least years of full-time service and the employee’s age plus years of credited service must have equaled 65 or greater as of October 1, 2001. At retirement, such employees also must be at least age 55 with at least 10 years of full-time service to be eligible to receive the postretirement life insurance benefit. Actuarial projections are used to calculate the year end postretirement benefit obligation, discounted using a yield curve methodology based on high quality bonds with a rating of AA or better. Actuarial losses are amortized from accumulated other comprehensive earnings into net periodic postretirement benefit cost over future years when the accumulation of such losses exceeds 10% of the year end postretirement benefit obligation. The Company included the accrued postretirement benefit obligation of $122,668,000 and $131,356,000 in other noncurrent liabilities on the consolidated balance sheets as of December 25, 2021 and December 26, 2020, respectively. (m)Comprehensive Earnings Comprehensive earnings include net earnings and other comprehensive earnings. Other comprehensive earnings include revenues, expenses, gains and losses that have been excluded from net earnings and recorded directly to stockholders’ equity. Included in other comprehensive earnings are certain unrealized gains and losses on debt securities and adjustments to the postretirement benefit obligation net of income taxes. (n)Revenue Recognition The Company sells grocery (including dairy, produce, floral, deli, bakery, meat and seafood), health and beauty care, general merchandise, pharmacy and other products and services. Grocery was 84% of sales for 2021, 85% of sales for 2020 and 84% of sales for 2019. All other products and services were 16% of sales for 2021, 15% of sales for 2020 and 16% of sales for 2019. Revenue is recognized at the point of sale for retail sales. Customer returns are immaterial. Vendor coupons that are reimbursed are accounted for as sales. Coupons and other sales incentives offered by the Company that are not reimbursed are recorded as a reduction of sales. The Company records sales net of applicable sales taxes. (o)Other Operating Income Other operating income is recognized on a net basis as earned. Other operating income includes income generated from other activities, primarily automated teller transaction fees, licensee sales commissions, lottery commissions, mall gift card commissions, money order commissions, money transfer fees and vending machine commissions. (p)Cost of Merchandise Sold Cost of merchandise sold includes costs of inventory and costs related to in-store production. Cost of merchandise sold also includes inbound freight charges, purchasing and receiving costs, warehousing costs and other costs of the Company’s distribution network. Rebates received from a vendor in connection with the purchase or promotion of the vendor’s products are recognized as a reduction of cost of merchandise sold as earned. These vendor rebates are recognized as earned in accordance with the underlying agreement with the vendor and completion of the earnings process. Short-term vendor agreements with advance payment provisions are recorded as a current liability and recognized over the appropriate period as earned according to the underlying agreements. Long-term vendor agreements with advance payment provisions are recorded as a noncurrent liability and recognized over the appropriate period as earned according to the underlying agreements. (q)Advertising Costs Advertising costs are expensed as incurred and were $280,199,000, $244,839,000 and $245,403,000 for 2021, 2020 and 2019, respectively. (r)Other Nonoperating Income, net Other nonoperating income, net includes rent from tenants in owned shopping centers, net of related expenses, and other miscellaneous nonoperating income. (s)Income Taxes Deferred income taxes are established for temporary differences between financial and tax reporting bases and are subsequently adjusted to reflect changes in income tax rates expected to be in effect when the temporary differences reverse. The Company recognizes accrued interest and penalties related to income tax liabilities as a component of income tax expense. The Company invests in certain investment related tax credits that promote affordable housing and renewable energy. These investments generate a return primarily through the realization of federal and state tax credits and other tax benefits. The Company accounts for its affordable housing investments using the proportional amortization method. Under this method, the investment is amortized into income tax expense in proportion to the tax credits received and the investment tax credits are recognized as a reduction of income tax expense. The Company accounts for its renewable energy investments using the deferral method. Under this method, the investment tax credits are recognized as a reduction of the renewable energy investments. (t)Common Stock and Earnings Per Share Earnings per share is calculated by dividing net earnings by the weighted average shares outstanding. Basic and diluted earnings per share are the same because the Company does not have options or other stock compensation programs that impact the calculation of diluted earnings per share. All shares owned by the Employee Stock Ownership Plan (ESOP) are included in the earnings per share calculations. Dividends paid to the ESOP, as well as dividends on all other common stock shares, are reflected as a reduction of retained earnings. All common stock shares, including ESOP and 401(k) Plan shares, receive one vote per share and have the same dividend rights. The voting rights for ESOP shares allocated to participants’ accounts are passed through to the participants. The Trustee of the Company’s common stock in the 401(k) Plan votes the shares held in that plan. (u)Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles 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. (v)Reclassifications Certain 2020 amounts have been reclassified to conform with the 2021 presentation in the consolidated balance sheets.
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Fair Value of Financial Instruments |
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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). Level 2 – Fair value is determined by using other than quoted prices. By using observable inputs (for example, benchmark yields, interest rates, reported trades and broker dealer quotes), the fair value is determined through processes such as benchmark curves, benchmarking of similar securities and matrix pricing of corporate, government-sponsored agency, state and municipal bonds by using pricing of similar bonds based on coupons, ratings and maturities. Investments included in this category are primarily debt securities (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 December 25, 2021 and December 26, 2020:
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Investments (Notes) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Disclosure [Text Block] | (3) Investments (a)Debt Securities Following is a summary of debt securities as of December 25, 2021 and December 26, 2020:
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 December 25, 2021 and December 26, 2020 are as follows:
The Company had no debt securities with credit losses as of December 25, 2021 and December 26, 2020. Following is a summary of debt securities with other unrealized losses by the time period impaired as of December 25, 2021 and December 26, 2020:
There are 219 debt securities contributing to the total unrealized losses of $109,265,000 as of December 25, 2021. 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 The fair value of equity securities was $3,557,705,000 and $2,089,907,000 as of December 25, 2021 and December 26, 2020, respectively. (c)Investment Income Net realized gain on investments represents the difference between the cost and the proceeds from the sale of debt and equity securities. The net realized gain on investments excludes the net gain or loss on the sale of equity securities previously recognized through the fair value adjustment, which is presented separately in the following table. Following is a summary of investment income for 2021, 2020 and 2019:
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Lessee, Leases (Notes) |
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Lessee Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Operating Leases [Text Block] | Lessee Following is a summary of lease expense for 2021, 2020 and 2019:
Supplemental cash flow information related to leases for 2021, 2020 and 2019 was as follows:
The weighted average remaining lease term and weighted average discount rate as of December 25, 2021 and December 26, 2020 are as follows:
Maturities of lease liabilities as of December 25, 2021 are as follows:
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Lessee, Finance Leases [Text Block] | Lessee Following is a summary of lease expense for 2021, 2020 and 2019:
Supplemental cash flow information related to leases for 2021, 2020 and 2019 was as follows:
The weighted average remaining lease term and weighted average discount rate as of December 25, 2021 and December 26, 2020 are as follows:
Maturities of lease liabilities as of December 25, 2021 are as follows:
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Lessor, Leases (Notes) |
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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 from tenants recognized on a straight-line basis over the applicable lease term. Variable lease income represents tenant payments for real estate taxes, insurance, maintenance and, for certain locations, excess rent. Following is a summary of total lease income for 2021, 2020 and 2019:
In 2020, the Company offered two months of rent relief to tenants in Company owned shopping centers that were impacted by the coronavirus pandemic. The rent relief was recorded as a reduction to lease income and variable lease income. Future fixed lease payments for all noncancelable operating leases as of December 25, 2021 are as follows:
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Consolidation of Joint Ventures and Long-Term Debt (Notes) |
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Dec. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidation Of Joint Ventures And Long Term Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidation of Joint Ventures and Long-Term Debt [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. The Company is considered to have a controlling financial interest in a JV when it has (1) the power to direct the activities of the JV that most significantly impact the JV’s economic performance and (2) the obligation to absorb losses or the right to receive benefits from the JV that could potentially be significant to such JV. The Company evaluates a JV using specific criteria to determine whether the Company has a controlling financial interest and is the primary beneficiary of the JV. Factors considered in determining whether the Company is the primary beneficiary include risk and reward sharing, experience and financial condition of the other JV members, voting rights, involvement in routine capital and operating decisions and each member’s influence over the JV owned shopping center’s economic performance. Generally, most major JV decision making is shared between all members. In particular, the use and sale of JV assets, business plans and budgets are generally required to be approved by all members. However, the Company, through its anchor tenant operating lease agreement, has the power to direct the activities that most significantly influence the economic performance of the JV owned shopping center. Additionally, through its member equity interest in the JV, the Company will receive a significant portion of the JV’s benefits or is obligated to absorb a significant portion of the JV’s losses. Substantially all of the JVs are consolidated as the Company is the primary beneficiary of the JVs. As of December 25, 2021, the carrying amounts of the assets and liabilities of the consolidated JVs were $194,493,000 and $76,027,000, respectively. As of December 26, 2020, the carrying amounts of the assets and liabilities of the consolidated JVs were $199,230,000 and $77,565,000, 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 2021, 2020 and 2019 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 2021 or 2020. Maturities of JV loans range from January 2022 through April 2027 and have variable interest rates based on a LIBOR index plus 200 to 250 basis points. Maturities of assumed shopping center loans range from January 2022 through January 2027 and have fixed interest rates ranging from 3.7% to 7.5%. As of December 25, 2021, the aggregate annual maturities and scheduled payments of long-term debt are as follows:
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Retirement Plans (Notes) |
12 Months Ended |
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Dec. 25, 2021 | |
Retirement Benefits [Abstract] | |
Retirement Plans [Text Block] | (6) Retirement Plans The Company has a trusteed, noncontributory ESOP for the benefit of eligible employees. The Company recognizes an expense related to the Company’s discretionary contribution to the ESOP that is approved by the Board of Directors each year. ESOP contributions can be made in Company common stock or cash. Compensation expense recorded for contributions to this plan was $427,128,000, $417,800,000 and $370,778,000 for 2021, 2020 and 2019, respectively. 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 $608,089,000 and $444,801,000 as of December 25, 2021 and December 26, 2020, respectively. The cost of the shares held by the ESOP totaled $3,217,039,000 and $3,039,748,000 as of December 25, 2021 and December 26, 2020, 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 consolidated balance sheets and totaled $3,825,128,000 and $3,484,549,000 as of December 25, 2021 and December 26, 2020, respectively. The fair value of the shares held by the ESOP totaled $10,855,152,000 and $9,976,034,000 as of December 25, 2021 and December 26, 2020, respectively. The Company has a 401(k) Plan for the benefit of eligible employees. The 401(k) Plan is a voluntary defined contribution plan. Eligible employees may contribute up to 30% of their eligible annual compensation, subject to the maximum contribution limits established by federal law. The Company may make a discretionary annual matching contribution to eligible participants of this plan as determined by the Board of Directors. During 2021, 2020 and 2019, the Board of Directors approved a match of 50% of eligible annual contributions up to 3% of eligible annual compensation, not to exceed a maximum match of $750 per employee. Compensation expense recorded for the Company’s match to the 401(k) Plan was $43,604,000, $39,858,000 and $38,112,000 for 2021, 2020 and 2019, respectively. The Company intends to continue its retirement plans; however, the right to modify, amend, terminate or merge these plans has been reserved. In the event of termination, all amounts contributed under the plans must be paid to the participants or their beneficiaries.
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Income Taxes (Notes) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes Disclosure [Text Block] | (7) Income Taxes Total income taxes for 2021, 2020 and 2019 were allocated as follows:
The provision for income taxes consists of the following:
A reconciliation of the provision for income taxes at the federal statutory income tax rate of 21% to earnings before income taxes compared to the Company’s actual income tax expense is as follows:
The tax effects of temporary differences that give rise to significant portions of deferred income taxes as of December 25, 2021 and December 26, 2020 are as follows:
The Company expects the results of future operations and the reversal of deferred tax liabilities to generate sufficient taxable income to allow utilization of deferred tax assets; therefore, no valuation allowance has been recorded as of December 25, 2021 and December 26, 2020. The Company has analyzed filing positions in all of the federal and state jurisdictions where it is required to file income tax returns as well as all open tax years in these jurisdictions. The periods subject to examination for the Company’s federal income tax returns are the 2018 through 2020 tax years. The periods subject to examination for the Company’s state income tax returns are the 2016 through 2020 tax years. The Company believes that the outcome of any examinations will not have a material effect on its financial condition, results of operations or cash flows. The Company had no unrecognized tax benefits in 2021 and 2020. As a result, there will be no effect on the Company’s effective income tax rate in future periods due to the recognition of unrecognized tax benefits.
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Accumulated Other Comprehensive Earnings (Losses) (Notes) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Earnings (Losses)[Text Block] | (8) Accumulated Other Comprehensive Earnings (Losses) A reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for 2021, 2020 and 2019 is as follows:
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Commitments and Contingencies (Notes) |
12 Months Ended |
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Dec. 25, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies [Text Block] | (9) Commitments and Contingencies 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.
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Subsequent Event (Notes) |
12 Months Ended |
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Dec. 25, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | (10) Subsequent EventOn January 3, 2022, the Company declared a quarterly dividend on its common stock of $0.37 per share or $252,800,000, payable February 1, 2022 to stockholders of record as of the close of business January 14, 2022. |
Schedule II - Valuation and Qualifying Accounts (Notes) |
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SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts [Text Block] | Schedule II PUBLIX SUPER MARKETS, INC. Valuation and Qualifying Accounts Years ended December 25, 2021, December 26, 2020 and December 28, 2019
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Summary of Significant Accounting Policies (Policies) |
12 Months Ended |
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Dec. 25, 2021 | |
Accounting Policies [Abstract] | |
Business [Text Block] | BusinessPublix Super Markets, Inc. and its wholly owned subsidiaries (Company) are in the business of operating retail food supermarkets in Florida, Georgia, Alabama, South Carolina, Tennessee, North Carolina and Virginia. The Company plans to expand its retail operations into Kentucky in 2023. The Company was founded in 1930 and has no other significant lines of business or industry segments. |
Principles of Consolidation [Policy Text Block] | Principles of ConsolidationThe consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries and certain joint ventures in which the Company has a controlling financial interest. All significant intercompany balances and transactions are eliminated in consolidation. |
Fiscal Year [Policy Text Block] | Fiscal YearThe Company’s fiscal year ends on the last Saturday in December. Fiscal years 2021, 2020 and 2019 include 52 weeks. |
Cash Equivalents [Policy Text Block] | Cash EquivalentsThe Company considers all liquid investments with maturities of three months or less to be cash equivalents. |
Trade Receivables [Policy Text Block] | Trade ReceivablesTrade receivables primarily include amounts due from vendor rebates, debit and credit card sales and third party insurance pharmacy billings. |
Inventories [Policy Text Block] | InventoriesInventories are valued at the lower of cost or market. The dollar value last-in, first-out (LIFO) method was used to determine the cost for 83% and 84% of inventories as of December 25, 2021 and December 26, 2020, respectively. Under this method, inventory is stated at cost, which is determined by applying a cost-to-retail ratio to each similar merchandise category’s ending retail value. The cost of the remaining inventories was determined using the first-in, first-out (FIFO) method. The FIFO cost of inventory approximates replacement or current cost. The FIFO method is used to value certain manufactured, seasonal, perishable and other miscellaneous inventory items due to fluctuating costs and inconsistent product availability. The Company also reduces inventory for estimated losses related to shrink. If all inventories were valued using the FIFO method, inventories and current assets would have been higher than reported by $658,098,000 and $548,749,000 as of December 25, 2021 and December 26, 2020, respectively. |
Investments [Policy Text Block] | Investments Debt securities are classified as available-for-sale and measured at fair value. The Company evaluates debt securities on an individual security basis to determine if an unrealized loss is due to a credit loss or other factors, including interest rate fluctuations. The collectability of debt securities is evaluated based on criteria that include the extent to which the cost (cost of the debt security adjusted for amortization of premium or accretion of discount) exceeds fair value, the credit rating of the issuer or security, the failure of the issuer to make scheduled principal or interest payments and the financial health and prospects of the issuer or security. Credit losses on debt securities the Company does not intend to sell and will not be required to sell prior to any anticipated recovery are recognized in earnings through an allowance. The allowance is measured as the difference between the present value of expected cash flows and the cost of the debt security, limited to the difference between the cost and the fair value of the debt security. Expected cash flows are discounted using the debt security’s effective interest rate. Subsequent changes to the allowance are recognized in earnings in the period of the change. Credit losses on debt securities the Company intends to sell or will be required to sell prior to any anticipated recovery are recognized in earnings and measured as the difference between the cost and the fair value of the debt security. Other unrealized losses on debt securities the Company does not intend to sell and will not be required to sell prior to any anticipated recovery are reported in other comprehensive earnings net of income taxes and included as a component of stockholders’ equity. Other unrealized losses on debt securities the Company intends to sell or will be required to sell prior to any anticipated recovery are recognized in earnings and measured as the difference between the cost and the fair value of the debt security. Equity securities are measured at fair value with net unrealized gains and losses from changes in the fair value recognized in earnings (fair value adjustment). Interest and dividend income, amortization of premiums, accretion of discounts and realized gains and losses on debt and equity securities are included in investment income. Interest income is accrued as earned. Dividend income is recognized as income on the ex-dividend date. The cost of debt and equity securities sold is based on the specific identification method.
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Lessee, Leases [Policy Text Block] | Leases 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 year renewal options and may include rent escalation clauses. The Company recognizes right-of-use assets and lease liabilities based on the present value of future lease payments. Future lease payments include the initial lease term and any renewal options to the extent it is reasonably certain the option will be exercised. The present value of future lease payments is determined by using the Company’s incremental borrowing rate at the time of lease commencement. The incremental borrowing rate is estimated based on a composite index of debt for similarly rated companies with comparable terms. 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. The annual sales projections are reviewed periodically and adjusted if necessary.
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Property, Plant and Equipment and Depreciation [Policy Text Block] | Property, Plant and Equipment and Depreciation Assets are recorded at cost and depreciated or amortized using the straight-line method over their estimated useful lives or the terms of the related leases, if shorter, as follows: buildings and improvements (10‑40 years); furniture, fixtures and equipment (3‑20 years); leasehold improvements (10‑20 years); and finance lease right-of-use assets (5‑20 years). Maintenance and repairs are expensed as incurred. Expenditures for renewals and betterments are capitalized. The gain or loss realized on disposed assets or assets to be disposed of is recorded in earnings.
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Long-Lived Assets [Policy Text Block] | Long-Lived AssetsThe Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the net book value of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the net book value of an asset to the future net undiscounted cash flows expected to be generated by the asset. An impairment loss is recorded for the excess of the net book value over the fair value of the asset. The fair value is estimated based on expected discounted future cash flows. Assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell and are no longer depreciated or amortized. Long-lived assets, including operating lease right-of-use assets, buildings and improvements, furniture, fixtures and equipment, leasehold improvements and finance lease right-of-use assets, are evaluated for impairment at the supermarket level. |
Self-Insurance [Policy Text Block] | Self-InsuranceThe Company is generally self-insured for claims related to health care, employee benefits, workers’ compensation, general liability, property, plant and equipment, fleet liability and directors and officers liability. The Company uses third party insurance in certain instances to partially mitigate the risk related to these potential losses. Self-insurance reserves are established for health care, workers’ compensation, general liability and fleet liability claims. These reserves are determined based on actual claims experience and an estimate of claims incurred but not reported including, where necessary, actuarial studies. Actuarial projections of losses for general liability and workers’ compensation claims are discounted. |
Postretirement Benefit [Policy Text Block] | Postretirement Benefit The Company provides a postretirement life insurance benefit for certain salaried and hourly full-time employees who meet the eligibility requirements. Effective January 1, 2002, the Company amended the postretirement life insurance benefit under its Group Life Insurance Plan. To receive the postretirement life insurance benefit after the amendment, an employee must have had at least years of full-time service and the employee’s age plus years of credited service must have equaled 65 or greater as of October 1, 2001. At retirement, such employees also must be at least age 55 with at least 10 years of full-time service to be eligible to receive the postretirement life insurance benefit. Actuarial projections are used to calculate the year end postretirement benefit obligation, discounted using a yield curve methodology based on high quality bonds with a rating of AA or better. Actuarial losses are amortized from accumulated other comprehensive earnings into net periodic postretirement benefit cost over future years when the accumulation of such losses exceeds 10% of the year end postretirement benefit obligation. The Company included the accrued postretirement benefit obligation of $122,668,000 and $131,356,000 in other noncurrent liabilities on the consolidated balance sheets as of December 25, 2021 and December 26, 2020, respectively.
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Comprehensive Earnings [Policy Text Block] | Comprehensive EarningsComprehensive earnings include net earnings and other comprehensive earnings. Other comprehensive earnings include revenues, expenses, gains and losses that have been excluded from net earnings and recorded directly to stockholders’ equity. Included in other comprehensive earnings are certain unrealized gains and losses on debt securities and adjustments to the postretirement benefit obligation net of income taxes. |
Revenue Recognition [Policy Text Block] | Revenue Recognition The Company sells grocery (including dairy, produce, floral, deli, bakery, meat and seafood), health and beauty care, general merchandise, pharmacy and other products and services. Grocery was 84% of sales for 2021, 85% of sales for 2020 and 84% of sales for 2019. All other products and services were 16% of sales for 2021, 15% of sales for 2020 and 16% of sales for 2019. Revenue is recognized at the point of sale for retail sales. Customer returns are immaterial. Vendor coupons that are reimbursed are accounted for as sales. Coupons and other sales incentives offered by the Company that are not reimbursed are recorded as a reduction of sales. The Company records sales net of applicable sales taxes.
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Other Operating Income [Policy Text Block] | Other Operating IncomeOther operating income is recognized on a net basis as earned. Other operating income includes income generated from other activities, primarily automated teller transaction fees, licensee sales commissions, lottery commissions, mall gift card commissions, money order commissions, money transfer fees and vending machine commissions. |
Cost of Merchandise Sold [Policy Text Block] | Cost of Merchandise Sold Cost of merchandise sold includes costs of inventory and costs related to in-store production. Cost of merchandise sold also includes inbound freight charges, purchasing and receiving costs, warehousing costs and other costs of the Company’s distribution network. Rebates received from a vendor in connection with the purchase or promotion of the vendor’s products are recognized as a reduction of cost of merchandise sold as earned. These vendor rebates are recognized as earned in accordance with the underlying agreement with the vendor and completion of the earnings process. Short-term vendor agreements with advance payment provisions are recorded as a current liability and recognized over the appropriate period as earned according to the underlying agreements. Long-term vendor agreements with advance payment provisions are recorded as a noncurrent liability and recognized over the appropriate period as earned according to the underlying agreements.
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Advertising Costs [Policy Text Block] | Advertising CostsAdvertising costs are expensed as incurred and were $280,199,000, $244,839,000 and $245,403,000 for 2021, 2020 and 2019, respectively. |
Other Nonoperating Income, net [Policy Text Block] | Other Nonoperating Income, netOther nonoperating income, net includes rent from tenants in owned shopping centers, net of related expenses, and other miscellaneous nonoperating income. |
Income Taxes [Policy Text Block] | Income TaxesDeferred income taxes are established for temporary differences between financial and tax reporting bases and are subsequently adjusted to reflect changes in income tax rates expected to be in effect when the temporary differences reverse. The Company recognizes accrued interest and penalties related to income tax liabilities as a component of income tax expense. The Company invests in certain investment related tax credits that promote affordable housing and renewable energy. These investments generate a return primarily through the realization of federal and state tax credits and other tax benefits. The Company accounts for its affordable housing investments using the proportional amortization method. Under this method, the investment is amortized into income tax expense in proportion to the tax credits received and the investment tax credits are recognized as a reduction of income tax expense. The Company accounts for its renewable energy investments using the deferral method. Under this method, the investment tax credits are recognized as a reduction of the renewable energy investments. |
Common Stock and Earnings Per Share [Policy Text Block] | Common Stock and Earnings Per ShareEarnings per share is calculated by dividing net earnings by the weighted average shares outstanding. Basic and diluted earnings per share are the same because the Company does not have options or other stock compensation programs that impact the calculation of diluted earnings per share. All shares owned by the Employee Stock Ownership Plan (ESOP) are included in the earnings per share calculations. Dividends paid to the ESOP, as well as dividends on all other common stock shares, are reflected as a reduction of retained earnings. All common stock shares, including ESOP and 401(k) Plan shares, receive one vote per share and have the same dividend rights. The voting rights for ESOP shares allocated to participants’ accounts are passed through to the participants. The Trustee of the Company’s common stock in the 401(k) Plan votes the shares held in that plan. |
Use of Estimates [Policy Text Block] | Use of EstimatesThe preparation of financial statements in conformity with U.S. generally accepted accounting principles 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. |
Reclassifications [Policy Text Block] | ReclassificationsCertain 2020 amounts have been reclassified to conform with the 2021 presentation in the consolidated balance sheets. |
Fair Value of Financial Instruments (Tables) |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Fair Value Measurements [Table Text Block] | Following is a summary of fair value measurements for investments as of December 25, 2021 and December 26, 2020:
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Investments (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available For Sale Debt Securities [Table Text Block] | Following is a summary of debt securities as of December 25, 2021 and December 26, 2020:
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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 December 25, 2021 and December 26, 2020 are as follows:
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Temporarily Impaired Available for Sale Debt Securities by Time Period Impaired [Table Text Bock] | Following is a summary of debt securities with other unrealized losses by the time period impaired as of December 25, 2021 and December 26, 2020:
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Investment Income [Table Text Block] | Following is a summary of investment income for 2021, 2020 and 2019:
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Lessee, Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease, Cost [Table Text Block] | Following is a summary of lease expense for 2021, 2020 and 2019:
Supplemental cash flow information related to leases for 2021, 2020 and 2019 was as follows:
The weighted average remaining lease term and weighted average discount rate as of December 25, 2021 and December 26, 2020 are as follows:
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Lessee, Operating Lease, Liability, Maturity [Table Text Block] |
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Finance Lease, Liability, Maturity [Table Text Block] |
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Lessor, Operating Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessor Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Lease, Lease Income [Table Text Block] | Following is a summary of total lease income for 2021, 2020 and 2019:
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Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block] | Future fixed lease payments for all noncancelable operating leases as of December 25, 2021 are as follows:
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Aggregate Maturities of Long-Term Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate Annual Maturities and Scheduled Payments of Long-Term Debt [Table Text Block] | As of December 25, 2021, the aggregate annual maturities and scheduled payments of long-term debt are as follows:
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Allocation Of Income Taxes [Table Text Block] | Total income taxes for 2021, 2020 and 2019 were allocated as follows:
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Provision for Income Taxes [Table Text Block] | The provision for income taxes consists of the following:
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Reconciliation of Provision for Income Taxes at Federal Statutory Tax Rate to Earnings Before Income Taxes [Table Text Block] | A reconciliation of the provision for income taxes at the federal statutory income tax rate of 21% to earnings before income taxes compared to the Company’s actual income tax expense is as follows:
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Tax Effects of Temporary Differences That Give Rise to Deferred Income Taxes [Table Text Bock] | The tax effects of temporary differences that give rise to significant portions of deferred income taxes as of December 25, 2021 and December 26, 2020 are as follows:
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Accumulated Other Comprehensive Earnings (Losses) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Accumulated Other Comprehensive Earnings (Losses) [Table Text Block] | A reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for 2021, 2020 and 2019 is as follows:
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Schedule II - Valuation and Qualifying Accounts Schedule II - Valuation and Qualifying Accounts (Tables) |
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SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule II Valuation of Qualifying Accounts [Table Text Block] |
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Summary of Fair Value Measurements for Available for Sale Securities (Detail) - USD ($) $ in Thousands |
Dec. 25, 2021 |
Dec. 26, 2020 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | $ 13,651,477 | $ 11,288,199 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 2,159,365 | 1,465,987 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 11,492,112 | 9,822,212 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | $ 0 | $ 0 |
Available for Sale Debt Securities (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
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Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 10,084,360 | $ 8,898,168 |
Unrealized Gain | 118,677 | 308,536 |
Unrealized Loss | 109,265 | 8,412 |
Fair Value | 10,093,772 | 9,198,292 |
Tax exempt bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 268,899 | 548,438 |
Unrealized Gain | 2,351 | 7,408 |
Unrealized Loss | 0 | 88 |
Fair Value | 271,250 | 555,758 |
Taxable Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 9,644,692 | 8,182,003 |
Unrealized Gain | 108,697 | 286,745 |
Unrealized Loss | 108,906 | 8,324 |
Fair Value | 9,644,483 | 8,460,424 |
Restricted Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 170,769 | 167,727 |
Unrealized Gain | 7,629 | 14,383 |
Unrealized Loss | 359 | 0 |
Fair Value | $ 178,039 | $ 182,110 |
Amortized Cost and Fair Value of Available for Sale Debt Securities by Expected Maturity (Details) - USD ($) $ in Thousands |
Dec. 25, 2021 |
Dec. 26, 2020 |
---|---|---|
Cost | ||
Due in one year or less | $ 875,740 | $ 677,453 |
Due after one year through five years | 6,353,221 | 5,330,696 |
Due after five years through ten years | 2,852,531 | 2,886,333 |
Due after ten years | 2,868 | 3,686 |
Amortized Cost | 10,084,360 | 8,898,168 |
Fair Value | ||
Due in one year or less | 883,066 | 682,965 |
Due after one year through five years | 6,403,573 | 5,533,074 |
Due after five years through ten years | 2,804,131 | 2,978,301 |
Due after ten years | 3,002 | 3,952 |
Fair Value | $ 10,093,772 | $ 9,198,292 |
Investments Investments Allowance for Credit Losses (Details) - USD ($) |
Dec. 25, 2021 |
Dec. 26, 2020 |
---|---|---|
Credit Loss [Abstract] | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss | $ 0 | $ 0 |
Investments - Additional Information (Details) $ in Thousands |
Dec. 25, 2021
USD ($)
Securities
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Dec. 26, 2020
USD ($)
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---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | Securities | 219 | |
Total, Unrealized Losses | $ | $ 109,265 | $ 8,412 |
Investments Investments Equity Securities (Details) - USD ($) |
Dec. 25, 2021 |
Dec. 26, 2020 |
---|---|---|
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract] | ||
Equity Securities | $ 3,557,705,000 | $ 2,089,907,000 |
Investments Investment Income (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
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Investment Income Debt and Equity Securities [Abstract] | |||
Interest and dividend income | $ 197,354 | $ 199,435 | $ 186,748 |
Net realized gain on investments | 33,335 | 396,584 | 104,905 |
Investment Income Before Fair Value Adjustment | 230,689 | 596,019 | 291,653 |
Fair value adjustment, due to net unrealized gain, on equity securities held at end of year | 1,108,956 | 554,547 | 472,490 |
Net (gain) loss on sale of equity securities previously recognized through fair value adjustment | (9,441) | (175,560) | 50,229 |
Investment Income | $ 1,330,204 | $ 975,006 | $ 814,372 |
Lessee, Leases Maturities of Operating Lease Liabilities (Details) $ in Thousands |
Dec. 25, 2021
USD ($)
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Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2022 | $ 447,517 |
2023 | 414,328 |
2024 | 368,259 |
2025 | 318,446 |
2026 | 273,853 |
Thereafter | 1,766,073 |
Total Payments Due | 3,588,476 |
Less: Imputed Interest | (662,989) |
Operating Lease Liability | $ 2,925,487 |
Lessee, Leases Maturities of Finance Lease Liabilities (Details) $ in Thousands |
Dec. 25, 2021
USD ($)
|
---|---|
Finance Lease, Liability, Payment, Due [Abstract] | |
2022 | $ 30,254 |
2023 | 45,041 |
2024 | 29,357 |
2025 | 29,357 |
2026 | 29,357 |
Thereafter | 400,310 |
Total Payments Due | 563,676 |
Less: Imputed Interest | (131,269) |
Finance Lease, Liability | $ 432,407 |
Lessee, Leases, Not Yet Commenced (Details) |
12 Months Ended |
---|---|
Dec. 25, 2021
USD ($)
| |
Lessee, Operating Lease, Not yet Commenced, Description [Abstract] | |
Operating Lease, Lease Not Yet Commenced, Expense | $ 594,654,000 |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract | 20 years |
Lessor, Operating Leases, Lease Income ASC 842 (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
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Operating Lease, Lease Income [Abstract] | |||
Lease Income | $ 162,313 | $ 133,512 | $ 149,313 |
Variable Lease Income | 44,046 | 38,797 | 41,472 |
Operating Lease Income | $ 206,359 | $ 172,309 | $ 190,785 |
Lessor, Fixed Lease Payments to be Received (Details) $ in Thousands |
Dec. 25, 2021
USD ($)
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Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | |
2022 | $ 155,672 |
2023 | 129,035 |
2024 | 100,159 |
2025 | 72,208 |
2026 | 47,208 |
Thereafter | 167,496 |
Total | $ 671,778 |
Consolidation of Joint Ventures and Long-Term Debt Joint Ventures - Additional Information (Details) - USD ($) |
Dec. 25, 2021 |
Dec. 26, 2020 |
---|---|---|
Variable Interest Entity [Line Items] | ||
Assets | $ 31,524,347,000 | $ 28,094,077,000 |
Liabilities | 9,486,482,000 | 8,808,213,000 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Assets | 194,493,000 | 199,230,000 |
Liabilities | $ 76,027,000 | $ 77,565,000 |
Consolidation of Joint Ventures and Long-Term Debt Long Term Debt Assumptions, Maturities and Interest Rates (Details) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
|
Debt Instrument [Line Items] | ||
Loans Assumed | $ 0 | $ 0 |
JV Loans [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |
Debt Instrument Maturity Month And Year | January 2022 | |
JV Loans [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |
Debt Instrument Maturity Month And Year | April 2027 | |
Shopping Center Loans [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | |
Debt Instrument Maturity Month And Year | January 2022 | |
Shopping Center Loans [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | |
Debt Instrument Maturity Month And Year | January 2027 |
Aggregate Annual Maturities and Scheduled Payments of Long-Term Debt (Detail) $ in Thousands |
Dec. 25, 2021
USD ($)
|
---|---|
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2022 | $ 39,168 |
2023 | 37,387 |
2024 | 33,878 |
2025 | 400 |
2026 | 3,488 |
Thereafter | 23,032 |
Long-term Debt, Total | $ 137,353 |
Retirement Plans - Additional Information (Detail) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Retirement Benefits [Abstract] | |||
Compensation expense (ESOP) | $ 427,128,000 | $ 417,800,000 | $ 370,778,000 |
Distributed shares subject to put option, fair value | 608,089,000 | 444,801,000 | |
ESOP, shares cost | 3,217,039,000 | 3,039,748,000 | |
Common stock related to ESOP | 3,825,128,000 | 3,484,549,000 | |
ESOP shares, fair value | $ 10,855,152,000 | $ 9,976,034,000 | |
Maximum contribution percentage of employees' eligible annual compensation | 30.00% | ||
Percentage of company match approved for eligible contributions | 50.00% | 50.00% | 50.00% |
Percentage of eligible wages for matching contributions | 3.00% | 3.00% | 3.00% |
Maximum amount match per employee | $ 750 | $ 750 | $ 750 |
Compensation Expense (401(k)) | $ 43,604,000 | $ 39,858,000 | $ 38,112,000 |
Total Income Taxes (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Income Tax Disclosure [Abstract] | |||
Earnings | $ 1,147,559 | $ 1,064,817 | $ 780,591 |
Other comprehensive (losses) earnings | (70,290) | 40,682 | 46,723 |
Income tax expense | $ 1,077,269 | $ 1,105,499 | $ 827,314 |
Provision for Income Taxes (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Current | |||
Federal | $ 755,008 | $ 871,187 | $ 504,047 |
State | 64,306 | 144,074 | 61,540 |
Current income tax expense | 819,314 | 1,015,261 | 565,587 |
Deferred | |||
Federal | 263,845 | 56,382 | 171,422 |
State | 64,400 | (6,826) | 43,582 |
Deferred income taxes | 328,245 | 49,556 | 215,004 |
Federal | 1,018,853 | 927,569 | 675,469 |
State | 128,706 | 137,248 | 105,122 |
Income tax expense | $ 1,147,559 | $ 1,064,817 | $ 780,591 |
Income Taxes - Additional Information (Detail) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Income Tax Disclosure [Abstract] | |||
Federal statutory tax rate | 21.00% | 21.00% | 21.00% |
Deferred Tax Assets, Valuation Allowance | $ 0 | $ 0 | |
Unrecognized tax benefits | $ 0 | $ 0 |
Reconciliation of Provision for Income Taxes at Federal Statutory Tax Rate to Earnings Before Income Taxes (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 25, 2021 |
Dec. 26, 2020 |
Dec. 28, 2019 |
|
Income Tax Disclosure [Abstract] | |||
Federal tax at statutory income tax rate | $ 1,167,554 | $ 1,057,698 | $ 795,057 |
State income taxes (net of federal tax benefit) | 101,677 | 108,426 | 83,046 |
ESOP dividend | (50,789) | (47,449) | (45,493) |
Other, net | (70,883) | (53,858) | (52,019) |
Income tax expense | $ 1,147,559 | $ 1,064,817 | $ 780,591 |
Tax Effect of Temporary Differences That Give Rise to Deferred Income Taxes (Detail) - USD ($) $ in Thousands |
Dec. 25, 2021 |
Dec. 26, 2020 |
---|---|---|
Deferred tax liabilities and (assets): | ||
Lease assets | $ 816,777 | $ 789,369 |
Property, plant and equipment | 763,625 | 719,212 |
Investments | 519,928 | 337,147 |
Inventories | 32,580 | 30,906 |
Lease liabilities | (853,711) | (815,024) |
Self-insurance reserves | (90,519) | (84,509) |
Retirement plan contributions | (48,390) | (48,390) |
Payroll tax deferral | (37,885) | (75,770) |
Postretirement benefit cost | (32,885) | (35,031) |
Vendor rebates | (18,940) | (18,517) |
Other | (19,903) | (26,671) |
Deferred Tax Liabilities, Net | $ 1,030,677 | $ 772,722 |
Subsequent Event (Details) - Subsequent Event [Member] - USD ($) |
Feb. 01, 2022 |
Jan. 14, 2022 |
Jan. 03, 2022 |
---|---|---|---|
Subsequent Event [Line Items] | |||
Dividends Payable, Date Declared | Jan. 03, 2022 | ||
Common Stock, Dividends, Per Share, Declared | $ 0.37 | ||
Dividends, Common Stock, Cash | $ 252,800,000 | ||
Dividends Payable, Date to be Paid | Feb. 01, 2022 | ||
Dividends Payable, Date of Record | Jan. 14, 2022 |
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