10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 1, 2023

Commission File Number: 000-00981

 

PUBLIX SUPER MARKETS, INC.

(Exact name of Registrant as specified in its charter)

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

(863) 688-1188

(Registrant’s telephone number, including area code)

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

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

Yes    X          No         

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

Yes    X          No         

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

Large accelerated filer            Accelerated filer           Non-accelerated filer    X    

Smaller reporting company            Emerging growth company           

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

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

Yes                 No    X  

The number of shares of the Registrant’s common stock outstanding as of July 14, 2023 was 3,324,000,000.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

PUBLIX SUPER MARKETS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts are in millions, except par value)

(Unaudited)

	July 1, 2023			December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents		$	1,563		1,336
Short-term investments		1,087			566
Trade receivables		1,072			1,106
Inventories		2,346			2,341
Prepaid expenses		83			74
Total current assets		6,151			5,423
Long-term investments		11,464			10,992
Other noncurrent assets		566			561
Operating lease right-of-use assets		3,079			2,979
Property, plant and equipment		19,494			18,688
Accumulated depreciation		(7,978)			(7,596)
Net property, plant and equipment		11,516			11,092
		$	32,776		31,047
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	2,807		2,812
Accrued expenses:
Contributions to retirement plans		458			687
Self-insurance reserves		220			210
Salaries and wages		371			205
Other		582			637
Current portion of long-term debt		8			36
Current portion of operating lease liabilities		360			359
Income taxes		130			226
Total current liabilities		4,936			5,172
Deferred income taxes		686			575
Self-insurance reserves		278			268
Long-term debt		52			43
Operating lease liabilities		2,619			2,573
Finance lease liabilities		464			423
Other noncurrent liabilities		130			141
Total liabilities		9,165			9,195
Common stock related to Employee Stock Ownership Plan (ESOP)		4,391			4,029
Stockholders’ equity:
Common stock of $1 par value. Authorized 4,000 shares; issued 3,347 shares in 2023 and 3,324 shares in 2022		3,347			3,324
Additional paid-in capital		2,004			1,687
Retained earnings		19,118			17,413
Treasury stock at cost, 22 shares in 2023		(319)			—
Accumulated other comprehensive losses		(576)			(609)
Common stock related to ESOP		(4,391)			(4,029)
Total stockholders’ equity		19,183			17,786
Noncontrolling interests		37			37
Total equity		23,611			21,852
		$	32,776		31,047

See accompanying notes to condensed consolidated financial statements.

1

PUBLIX SUPER MARKETS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Amounts are in millions, except per share amounts)

(Unaudited)

		Three Months Ended
	July 1, 2023			June 25, 2022
Revenues:
Sales		$	14,086		12,937
Other operating income		103			98
Total revenues		14,189			13,035
Costs and expenses:
Cost of merchandise sold		10,380			9,477
Operating and administrative expenses		2,739			2,485
Total costs and expenses		13,119			11,962
Operating profit		1,070			1,073
Investment income (loss)		299			(303)
Other nonoperating income, net		32			22
Earnings before income tax expense		1,401			792
Income tax expense		304			164
Net earnings		$	1,097		628
Weighted average shares outstanding		3,332			3,401
Earnings per share		$	0.33		0.18

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS

(Amounts are in millions)

(Unaudited)

		Three Months Ended
	July 1, 2023			June 25, 2022
Net earnings		$	1,097		628
Other comprehensive (losses) earnings:
Unrealized loss on debt securities net of income taxes of $(22.1) and $(59.6) in 2023 and 2022, respectively.		(65)			(175)
Adjustment to postretirement benefit obligation net of income taxes of $0.2 in 2022.		—			1
Comprehensive earnings		$	1,032		454

See accompanying notes to condensed consolidated financial statements.

2

PUBLIX SUPER MARKETS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Amounts are in millions, except per share amounts)

(Unaudited)

		Six Months Ended
	July 1, 2023			June 25, 2022
Revenues:
Sales		$	28,418		26,178
Other operating income		209			193
Total revenues		28,627			26,371
Costs and expenses:
Cost of merchandise sold		20,908			19,044
Operating and administrative expenses		5,434			4,972
Total costs and expenses		26,342			24,016
Operating profit		2,285			2,355
Investment income (loss)		627			(826)
Other nonoperating income, net		58			48
Earnings before income tax expense		2,970			1,577
Income tax expense		632			331
Net earnings		$	2,338		1,246
Weighted average shares outstanding		3,330			3,409
Earnings per share		$	0.70		0.37

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS

(Amounts are in millions)

(Unaudited)

		Six Months Ended
	July 1, 2023			June 25, 2022
Net earnings		$	2,338		1,246
Other comprehensive earnings (losses):
Unrealized gain (loss) on debt securities net of income taxes of $11.3 and $(187.3) in 2023 and 2022, respectively.		33			(550)
Reclassification adjustment for net realized gain on debt securities net of income taxes of $(0.3) in 2022.		—			(1)
Adjustment to postretirement benefit obligation net of income taxes of $0.2 in 2022.		—			1
Comprehensive earnings		$	2,371		696

See accompanying notes to condensed consolidated financial statements.

3

PUBLIX SUPER MARKETS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts are in millions)

(Unaudited)

		Six Months Ended
	July 1, 2023			June 25, 2022
Cash flows from operating activities:
Cash received from customers		$	28,577		26,343
Cash paid to employees and suppliers		(25,368)			(23,249)
Income taxes paid		(605)			(403)
Self-insured claims paid		(256)			(240)
Dividends and interest received		188			153
Other operating cash receipts		208			191
Other operating cash payments		(14)			(18)
Net cash provided by operating activities		2,730			2,777
Cash flows from investing activities:
Payment for capital expenditures		(884)			(788)
Proceeds from sale of property, plant and equipment		11			19
Payment for investments		(1,160)			(1,155)
Proceeds from sale and maturity of investments		620			689
Net cash used in investing activities		(1,413)			(1,235)
Cash flows from financing activities:
Payment for acquisition of common stock		(575)			(1,271)
Proceeds from sale of common stock		146			208
Dividends paid		(633)			(560)
Repayment of long-term debt		(28)			(21)
Other, net		—			(2)
Net cash used in financing activities		(1,090)			(1,646)
Net increase (decrease) in cash and cash equivalents		227			(104)
Cash and cash equivalents at beginning of period		1,336			1,132
Cash and cash equivalents at end of period		$	1,563		1,028

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

4

PUBLIX SUPER MARKETS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts are in millions)

(Unaudited)

		Six Months Ended
	July 1, 2023			June 25, 2022
Reconciliation of net earnings to net cash provided by operating activities:
Net earnings		$	2,338		1,246
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		447			408
Increase in last-in, first-out (LIFO) reserve		70			88
Retirement contributions paid or payable in common stock		238			225
Deferred income taxes		100			(211)
(Gain) loss on disposal and impairment of long-lived assets		(7)			2
(Gain) loss on investments		(455)			938
Net amortization of investments		29			42
Changes in operating assets and liabilities providing (requiring) cash:
Trade receivables		34			72
Inventories		(75)			(85)
Other assets		13			(8)
Accounts payable and accrued expenses		85			(72)
Income taxes		(96)			131
Other liabilities		9			1
Total adjustments		392			1,531
Net cash provided by operating activities		$	2,730		2,777

See accompanying notes to condensed consolidated financial statements.

5

PUBLIX SUPER MARKETS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Amounts are in millions, except per share amounts)

(Unaudited)

	Common Stock			Additional Paid-in Capital		Retained Earnings		Common Stock (Acquired from) Sold to Stock- holders		Accumu- lated Other Compre- hensive Earnings (Losses)		Common Stock Related to ESOP		Total Stock- holders’ Equity
2023
Balances at December 31, 2022		$	3,324		1,687		17,413		—		(609)		(4,029)		17,786
Comprehensive earnings		—			—		1,241		—		98		—		1,339
Dividends, $0.09 per share		—			—		(299)		—		—		—		(299)
Contribution of 31 shares to retirement plan		22			309		—		119		—		—		450
Acquisition of 23 shares from stockholders		—			—		—		(317)		—		—		(317)
Sale of 8 shares to stockholders		1			8		—		99		—		—		108
Change for ESOP related shares		—			—		—		—		—		(635)		(635)
Balances at April 1, 2023		3,347			2,004		18,355		(99)		(511)		(4,664)		18,432
Comprehensive earnings		—			—		1,097		—		(65)		—		1,032
Dividends, $0.10 per share		—			—		(334)		—		—		—		(334)
Acquisition of 17 shares from stockholders		—			—		—		(258)		—		—		(258)
Sale of 2 shares to stockholders		—			—		—		38		—		—		38
Change for ESOP related shares		—			—		—		—		—		273		273
Balances at July 1, 2023		$	3,347		2,004		19,118		(319)		(576)		(4,391)		19,183

See accompanying notes to condensed consolidated financial statements.

6

PUBLIX SUPER MARKETS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Amounts are in millions, except per share amounts)

(Unaudited)

	Common Stock			Additional Paid-in Capital		Retained Earnings		Common Stock (Acquired from) Sold to Stock- holders		Accumu- lated Other Compre- hensive Earnings (Losses)		Common Stock Related to ESOP		Total Stock- holders’ Equity
2022
Balances at December 25, 2021		$	3,418		1,426		17,156		—		(5)		(3,825)		18,170
Comprehensive earnings		—			—		618		—		(376)		—		242
Dividends, $0.074 per share		—			—		(253)		—		—		—		(253)
Contribution of 31 shares to retirement plan		20			254		—		153		—		—		427
Acquisition of 40 shares from stockholders		—			—		—		(538)		—		—		(538)
Sale of 8 shares to stockholders		—			—		—		101		—		—		101
Change for ESOP related shares		—			—		—		—		—		(600)		(600)
Balances at March 26, 2022		3,438			1,680		17,521		(284)		(381)		(4,425)		17,549
Comprehensive earnings		—			—		628		—		(174)		—		454
Dividends, $0.09 per share		—			—		(307)		—		—		—		(307)
Acquisition of 49 shares from stockholders		—			—		—		(733)		—		—		(733)
Sale of 7 shares to stockholders		—			—		—		107		—		—		107
Change for ESOP related shares		—			—		—		—		—		173		173
Balances at June 25, 2022		$	3,438		1,680		17,842		(910)		(555)		(4,252)		17,243

See accompanying notes to condensed consolidated financial statements.

7

PUBLIX SUPER MARKETS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(1)Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of Publix Super Markets, Inc. and subsidiaries (Company) have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting. Accordingly, the accompanying statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these statements include all adjustments that are of a normal and recurring nature necessary to present fairly the Company’s financial position and results of operations. Due to the seasonal nature of the Company’s business, the results of operations for the three and six months ended July 1, 2023 are not necessarily indicative of the results for the entire 2023 fiscal year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (Annual Report).

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

(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 (taxable and tax exempt bonds), including restricted investments in taxable bonds held as collateral.

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

Following is a summary of fair value measurements for investments as of July 1, 2023 and December 31, 2022:

	Fair Value		Level 1	Level 2	Level 3
	(Amounts are in millions)
July 1, 2023	$	12,551	2,219	10,332	—
December 31, 2022	11,558		2,137	9,421	—

8

PUBLIX SUPER MARKETS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(3)Investments

(a)Debt Securities

Following is a summary of debt securities as of July 1, 2023 and December 31, 2022:

	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(Amounts are in millions)
July 1, 2023
Taxable bonds	$	10,501		4		783	9,722
Tax exempt bonds	30			—		—	30
Restricted investments	185			—		5	180
	$	10,716		4		788	9,932
December 31, 2022
Taxable bonds	$	9,705		6		830	8,881
Tax exempt bonds	37			—		—	37
Restricted investments	170			—		4	166
	$	9,912		6		834	9,084

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

Following is a summary of the cost and fair value of debt securities by expected maturity as of July 1, 2023 and December 31, 2022:

	July 1, 2023				December 31, 2022
	Cost		Fair Value		Cost		Fair Value
	(Amounts are in millions)
Due in one year or less	$	1,094		1,087		570	566
Due after one year through five years	8,909			8,191		8,355	7,661
Due after five years through ten years	653			594		985	855
Due after ten years	60			60		2	2
	$	10,716		9,932		9,912	9,084

9

PUBLIX SUPER MARKETS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The Company had no debt securities with credit losses as of July 1, 2023 and December 31, 2022.

Following is a summary of debt securities with other unrealized losses by the time period impaired as of July 1, 2023 and December 31, 2022:

	Less Than 12 Months				12 Months or Longer			Total
	Fair Value		Unrealized Losses		Fair Value	Unrealized Losses		Fair Value	Unrealized Losses
	(Amounts are in millions)
July 1, 2023
Taxable bonds	$	1,740		22	7,350		761	9,090		783
Restricted investments	158			3	22		2	180		5
	$	1,898		25	7,372		763	9,270		788
December 31, 2022
Taxable bonds	$	3,705		199	4,627		631	8,332		830
Restricted investments	151			2	15		2	166		4
	$	3,856		201	4,642		633	8,498		834

There are 500 debt securities contributing to the total unrealized losses of $788 million as of July 1, 2023. Unrealized losses related to debt securities are primarily due to increases in interest rates that occurred since the debt securities were purchased. The Company continues to receive scheduled principal and interest payments on these debt securities.

(b)Equity Securities

Equity securities are measured at fair value with net unrealized gains and losses from changes in the fair value recognized in earnings (fair value adjustment). The fair value of equity securities was $2.6 billion and $2.5 billion as of July 1, 2023 and December 31, 2022, respectively.

(c)Investment Income (Loss)

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

Following is a summary of investment income (loss) for the three and six months ended July 1, 2023 and June 25, 2022:

		Three Months Ended					Six Months Ended
	July 1, 2023			June 25, 2022		July 1, 2023		June 25, 2022
	(Amounts are in millions)
Interest and dividend income		$	90		55		172		112
Net realized gain on investments		134			—		134		1
		224			55		306		113
Fair value adjustment, due to net unrealized gain (loss), on equity securities held at end of period		123			(358)		369		(939)
Net gain on sale of equity securities previously recognized through fair value adjustment		(48)			—		(48)		—
		$	299		(303)		627		(826)

10

PUBLIX SUPER MARKETS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

From time to time, the Company enters into a joint venture (JV), in the legal form of a limited liability company, with real estate developers to partner in the development of a shopping center with the Company as the anchor tenant. The Company consolidates certain of these JVs in which it has a controlling financial interest. As of July 1, 2023, the carrying amounts of the assets and liabilities of the consolidated JVs were $135 million and $39 million, respectively. As of December 31, 2022, the carrying amounts of the assets and liabilities of the consolidated JVs were $136 million and $40 million, respectively. The assets are owned by and the liabilities are obligations of the JVs, not the Company, except for a portion of the long-term debt of certain JVs guaranteed by the Company. The JVs are financed with capital contributions from the members, loans and/or the cash flows generated by the JV owned shopping centers once in operation. Total earnings attributable to noncontrolling interests for 2023 and 2022 were immaterial. The Company’s involvement with these JVs does not have a significant effect on the Company’s financial condition, results of operations or cash flows.

The Company’s long-term debt results primarily from the consolidation of loans of certain JVs and loans assumed in connection with the acquisition of certain shopping centers with the Company as the anchor tenant. No loans were assumed during the six months ended July 1, 2023 or June 25, 2022. Maturities of JV loans range from June 2026 through April 2027 and have variable interest rates based on a Secured Overnight Financing Rate (SOFR) index plus 200 to 210 basis points. Maturities of assumed shopping center loans range from April 2024 through January 2027 and have fixed interest rates ranging from 4.5% to 7.5%.

(5)Retirement Plan

The Company has a trusteed, noncontributory Employee Stock Ownership Plan (ESOP) for the benefit of eligible employees. Since the Company’s common stock is not traded on an established securities market, the ESOP includes a put option for shares of the Company’s common stock distributed from the ESOP. Shares are distributed from the ESOP primarily to separated vested participants and certain eligible participants who elect to diversify their account balances. Under the Company’s administration of the ESOP’s put option, if the owners of distributed shares desire to sell their shares, the Company is required to purchase the shares at fair value for a specified time period after distribution of the shares from the ESOP. The fair value of distributed shares subject to the put option totaled $697 million and $629 million as of July 1, 2023 and December 31, 2022, respectively. The cost of the shares held by the ESOP totaled $3.7 billion and $3.4 billion as of July 1, 2023 and December 31, 2022, respectively. Due to the Company’s obligation under the put option, the distributed shares subject to the put option and the shares held by the ESOP are classified as temporary equity in the mezzanine section of the condensed consolidated balance sheets and totaled $4.4 billion and $4.0 billion as of July 1, 2023 and December 31, 2022, respectively. The fair value of the shares held by the ESOP totaled $11.4 billion and $10.2 billion as of July 1, 2023 and December 31, 2022, respectively.

11

PUBLIX SUPER MARKETS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(6)Accumulated Other Comprehensive Earnings (Losses)

Following is a reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the three months ended July 1, 2023 and June 25, 2022:

	Investments			Postretirement Benefit		Accumulated Other Comprehensive Earnings (Losses)
		(Amounts are in millions)
2023
Balances at April 1, 2023		$	(520)		9		(511)
Unrealized loss on debt securities		(65)			—		(65)
Net other comprehensive losses		(65)			—		(65)
Balances at July 1, 2023		$	(585)		9		(576)
2022
Balances at March 26, 2022		$	(369)		(12)		(381)
Unrealized loss on debt securities		(175)			—		(175)
Adjustment to postretirement benefit obligation		—			1		1
Net other comprehensive (losses) earnings		(175)			1		(174)
Balances at June 25, 2022		$	(544)		(11)		(555)

12

PUBLIX SUPER MARKETS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Following is a reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the six months ended July 1, 2023 and June 25, 2022:

	Investments			Postretirement Benefits		Accumulated Other Comprehensive Earnings (Losses)
		(Amounts are in millions)
2023
Balances at December 31, 2022		$	(618)		9		(609)
Unrealized gain on debt securities		33			—		33
Net other comprehensive earnings		33			—		33
Balances at July 1, 2023		$	(585)		9		(576)
2022
Balances at December 25, 2021		$	7		(12)		(5)
Unrealized loss on debt securities		(550)			—		(550)
Net realized gain on debt securities reclassified to investment income		(1)			—		(1)
Adjustment to postretirement benefit obligation		—			1		1
Net other comprehensive (losses) earnings		(551)			1		(550)
Balances at June 25, 2022		$	(544)		(11)		(555)

(7)Subsequent Event

On July 3, 2023, the Company declared a quarterly dividend on its common stock of $0.10 per share or $332 million, payable August 1, 2023 to stockholders of record as of the close of business July 14, 2023.

13

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

The objective of this section is to provide a summary of material information relevant to enhancing the stockholders’ understanding of the financial condition and results of operations of the Company. Following is an analysis of the financial condition and results of operations of the Company for the three and six months ended July 1, 2023 as compared with the three and six months ended June 25, 2022. This information should be read in conjunction with the Company’s condensed consolidated financial statements and accompanying notes and the Annual Report.

Overview

The Company is engaged in the retail food industry and as of July 1, 2023 operated 1,346 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 has no other significant lines of business or industry segments. For the six months ended July 1, 2023, 25 supermarkets were opened (including six replacement supermarkets) and 58 supermarkets were remodeled. One supermarket was closed during the period. The replacement supermarkets that opened during the six months ended July 1, 2023 replaced six supermarkets closed in a previous period. The supermarket closed in 2023 will be replaced on site in a subsequent period. In the normal course of operations, the Company replaces supermarkets and closes supermarkets that are not meeting performance expectations. The impact of future supermarket closings is not expected to be material.

Results of Operations

Sales

Sales for the three months ended July 1, 2023 were $14.1 billion as compared with $12.9 billion for the three months ended June 25, 2022, an increase of $1.1 billion or 8.9%. The increase in sales for the three months ended July 1, 2023 as compared with the three months ended June 25, 2022 was primarily due to new supermarket sales and a 6.2% increase in comparable store sales (supermarkets open for the same weeks in both periods, including replacement supermarkets). Comparable store sales for the three months ended July 1, 2023 increased primarily due to the impact of inflation on product costs. Sales for supermarkets that are replaced on site are classified as new supermarket sales since the replacement period for the supermarket is generally 12 to 15 months.

Sales for the six months ended July 1, 2023 were $28.4 billion as compared with $26.2 billion for the six months ended June 25, 2022, an increase of $2.2 billion or 8.6%. The increase in sales for the six months ended July 1, 2023 as compared with the six months ended June 25, 2022 was primarily due to new supermarket sales and a 6.3% increase in comparable store sales. Comparable store sales for the six months ended July 1, 2023 increased primarily due to the impact of inflation on product costs.

Gross profit

Gross profit (sales less cost of merchandise sold) as a percentage of sales was 26.3% and 26.7% for the three months ended July 1, 2023 and June 25, 2022, respectively. Gross profit as a percentage of sales was 26.4% and 27.3% for the six months ended July 1, 2023 and June 25, 2022, respectively. The decrease in gross profit as a percentage of sales for the three and six months ended July 1, 2023 as compared with the three and six months ended June 25, 2022 was primarily due to the impact of inflation on product costs which was not passed on to customers and increased shrink.

Operating and administrative expenses

Operating and administrative expenses as a percentage of sales were 19.4% and 19.2% for the three months ended July 1, 2023 and June 25, 2022, respectively. The increase in operating and administrative expenses as a percentage of sales for the three months ended July 1, 2023 as compared with the three months ended June 25, 2022 was primarily due to increases in payroll costs as a percentage of sales and facility costs as a percentage of sales. Operating and administrative expenses as a percentage of sales were 19.1% and 19.0% for the six months ended July 1, 2023 and June 25, 2022, respectively. Operating and administrative expenses as a percentage of sales for the six months ended July 1, 2023 as compared with the six months ended June 25, 2022 remained relatively unchanged.

Operating profit

Operating profit as a percentage of sales was 7.6% and 8.3% for the three months ended July 1, 2023 and June 25, 2022, respectively. The decrease in operating profit as a percentage of sales for the three months ended July 1, 2023 as compared with the three months ended June 25, 2022 was due to the decrease in gross profit as a percentage of sales and the increase in operating and administrative expenses as a percentage of sales. Operating profit as a percentage of sales was 8.0% and 9.0% for the six months ended July 1, 2023 and June 25, 2022, respectively. The decrease in operating profit as a percentage of sales for the six months ended July 1, 2023 as compared with the six months ended June 25, 2022 was primarily due to the decrease in gross profit as a percentage of sales.

14

Investment income (loss)

Investment income for the three months ended July 1, 2023 was $299 million as compared with an investment loss for the three months ended June 25, 2022 of $303 million. Excluding the impact of net unrealized gains on equity securities in 2023 and net unrealized losses on equity securities in 2022, investment income would have been $224 million and $55 million for the three months ended July 1, 2023 and June 25, 2022, respectively. Excluding the impact of net unrealized gains on equity securities in 2023 and net unrealized losses on equity securities in 2022, the increase in investment income for the three months ended July 1, 2023 as compared with the three months ended June 25, 2022 was primarily due to the increase in net realized gains on investments.

Investment income for the six months ended July 1, 2023 was $627 million as compared with an investment loss for the six months ended June 25, 2022 of $826 million. Excluding the impact of net unrealized gains on equity securities in 2023 and net unrealized losses on equity securities in 2022, investment income would have been $306 million and $113 million for the six months ended July 1, 2023 and June 25, 2022, respectively. Excluding the impact of net unrealized gains on equity securities in 2023 and net unrealized losses on equity securities in 2022, the increase in investment income for the six months ended July 1, 2023 as compared with the six months ended June 25, 2022 was primarily due to the increase in net realized gains on investments.

Income tax expense

The effective income tax rate was 21.7% and 20.7% for the three months ended July 1, 2023 and June 25, 2022, respectively. The effective income tax rate was 21.3% and 21.0% for the six months ended July 1, 2023 and June 25, 2022, respectively. The increase in the effective income tax rate for the three and six months ended July 1, 2023 as compared with the three and six months ended June 25, 2022 was primarily due to the decreased impact of permanent deductions and credits relative to earnings before income tax expense.

Net earnings

Net earnings were $1.1 billion or $0.33 per share and $628 million or $0.18 per share for the three months ended July 1, 2023 and June 25, 2022, respectively. Net earnings as a percentage of sales were 7.8% and 4.9% for the three months ended July 1, 2023 and June 25, 2022, respectively. Excluding the impact of net unrealized gains on equity securities in 2023 and net unrealized losses on equity securities in 2022, net earnings would have been $1.0 billion or $0.31 per share and 7.4% as a percentage of sales for the three months ended July 1, 2023 and $896 million or $0.26 per share and 6.9% as a percentage of sales for the three months ended June 25, 2022. Excluding the impact of net unrealized gains on equity securities in 2023 and net unrealized losses on equity securities in 2022, the increase in net earnings as a percentage of sales for the three months ended July 1, 2023 as compared with the three months ended June 25, 2022 was primarily due to the increase in net realized gains on investments, partially offset by the decrease in operating profit as a percentage of sales.

Net earnings were $2.3 billion or $0.70 per share and $1.2 billion or $0.37 per share for the six months ended July 1, 2023 and June 25, 2022, respectively. Net earnings as a percentage of sales were 8.2% and 4.8% for the six months ended July 1, 2023 and June 25, 2022, respectively. Excluding the impact of net unrealized gains on equity securities in 2023 and net unrealized losses on equity securities in 2022, net earnings would have been $2.1 billion or $0.63 per share and 7.4% as a percentage of sales for the six months ended July 1, 2023 and $1.9 billion or $0.57 per share and 7.4% as a percentage of sales for the six months ended June 25, 2022. Excluding the impact of net unrealized gains on equity securities in 2023 and net unrealized losses on equity securities in 2022, net earnings as a percentage of sales for the six months ended July 1, 2023 as compared with the six months ended June 25, 2022 remained relatively unchanged primarily due to the decrease in operating profit as a percentage of sales, offset by the increase in net realized gains on investments.

15

Non-GAAP Financial Measures

In addition to reporting financial results for the three and six months ended July 1, 2023 and June 25, 2022 in accordance with GAAP, the Company presents net earnings and earnings per share excluding the impact of equity securities being measured at fair value with net unrealized gains and losses from changes in the fair value recognized in earnings (fair value adjustment). These measures are not in accordance with, or an alternative to, GAAP. The Company excludes the impact of the fair value adjustment since it is primarily due to temporary equity market fluctuations that do not reflect the Company’s operations. The Company believes this information is useful in providing period-to-period comparisons of the results of operations. Following is a reconciliation of net earnings to net earnings excluding the impact of the fair value adjustment for the three and six months ended July 1, 2023 and June 25, 2022:

		Three Months Ended					Six Months Ended
	July 1, 2023			June 25, 2022		July 1, 2023		June 25, 2022
	(Amounts are in millions, except per share amounts)
Net earnings		$	1,097		628		2,338		1,246
Fair value adjustment, due to net unrealized (gain) loss, on equity securities held at end of period		(123)			358		(369)		939
Net gain on sale of equity securities previously recognized through fair value adjustment		48			—		48		—
Income tax expense (benefit) (1)		20			(90)		82		(238)
Net earnings excluding impact of fair value adjustment		$	1,042		896		2,099		1,947
Weighted average shares outstanding		3,332			3,401		3,330		3,409
Earnings per share excluding impact of fair value adjustment		$	0.31		0.26		0.63		0.57

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

16

Liquidity and Capital Resources

Cash and cash equivalents, short-term investments and long-term investments totaled $14.1 billion as of July 1, 2023, as compared with $12.9 billion as of December 31, 2022 and $13.4 billion as of June 25, 2022. The increase from the second quarter of 2022 to the second quarter of 2023 was primarily due to the increase in the fair value of investments.

Net cash provided by operating activities

Net cash provided by operating activities was $2.7 billion and $2.8 billion for the six months ended July 1, 2023 and June 25, 2022, respectively. The decrease in net cash provided by operating activities for the six months ended July 1, 2023 as compared with the six months ended June 25, 2022 was primarily due to 2022 income tax payments deferred to 2023 due to Hurricane Ian, partially offset by the timing of payments for merchandise.

Net cash used in investing activities

Net cash used in investing activities was $1.4 billion and $1.2 billion for the six months ended July 1, 2023 and June 25, 2022, respectively. The primary use of net cash in investing activities for the six months ended July 1, 2023 was funding capital expenditures and net increases in investments. Capital expenditures for the six months ended July 1, 2023 totaled $884 million. These expenditures were incurred in connection with the opening of 25 supermarkets (including six replacement supermarkets) and the remodeling of 58 supermarkets. Expenditures were also incurred for new supermarkets and remodels in progress, construction or expansion of warehouses, new or enhanced information technology hardware and software and the acquisition or development of shopping centers in which the Company operates. For the six months ended July 1, 2023, the payment for investments, net of the proceeds from the sale and maturity of investments, was $540 million.

Net cash used in financing activities

Net cash used in financing activities was $1.1 billion and $1.6 billion for the six months ended July 1, 2023 and June 25, 2022, respectively. The primary use of net cash in financing activities was funding net common stock repurchases and dividend payments. Net common stock repurchases totaled $429 million and $1.1 billion for the six months ended July 1, 2023 and June 25, 2022, respectively. The Company currently repurchases common stock at the stockholders’ request in accordance with the terms of the Company’s Employee Stock Purchase Plan (ESPP), Non-Employee Directors Stock Purchase Plan (Directors Plan), 401(k) Plan and ESOP. The amount of common stock offered to the Company for repurchase is not within the control of the Company, but is at the discretion of the stockholders. The Company expects to continue to repurchase its common stock, as offered by its stockholders from time to time, at its then current value. However, with the exception of certain shares distributed from the ESOP, such purchases are not required and the Company retains the right to discontinue them at any time.

Dividends

The Company paid quarterly dividends on its common stock totaling $633 million or $0.19 per share and $560 million or $0.164 per share during the six months ended July 1, 2023 and June 25, 2022, respectively.

Capital expenditures projection

Capital expenditures for the remainder of 2023 are expected to be approximately $1.4 billion, primarily related to new supermarkets, remodeling existing supermarkets, construction or expansion of warehouses, new or enhanced information technology hardware and software and the acquisition or development of shopping centers in which the Company operates. The shopping center acquisitions are financed with internally generated funds and assumed debt, if prepayment penalties for the debt are determined to be significant. This capital program is subject to continuing change and review.

Cash requirements

In 2023, cash requirements for operations, capital expenditures, common stock repurchases and dividend payments are expected to be financed by internally generated funds or liquid assets. Based on the Company’s financial position, it is expected that short-term and long-term borrowings would be available to support the Company’s liquidity requirements, if needed.

17

Forward-Looking Statements

Certain information provided by the Company in this Quarterly Report on Form 10-Q (Quarterly Report) may be forward-looking information as defined in Section 21E of the Securities Exchange Act of 1934 (Exchange Act). Forward-looking information includes statements about the future performance of the Company and is based on management’s assumptions and beliefs in light of the information currently available to them. When used, the words “plan,” “estimate,” “project,” “intend,” “expect,” “believe,” “will” and other similar expressions, as they relate to the Company, are intended to identify such forward-looking statements. These forward-looking statements are subject to uncertainties and other factors that could cause actual results to differ materially from those statements including, but not limited to, competitive practices and pricing in the food and drug industries generally and particularly in the Company’s principal markets; results of programs to increase sales, including private label sales; results of programs to control or reduce costs; changes in buying, pricing and promotional practices; changes in shrink management; supply chain disruptions; changes in the general economy, including an economic downturn associated with inflation, the coronavirus pandemic, international conflicts, acts of terrorism or other disruptions; changes in consumer spending; changes in population, employment and job growth in the Company’s principal markets; impacts of a public health crisis, geopolitical conditions or other significant catastrophic events; impacts of an intrusion into, compromise of or disruption in the Company’s information technology systems; and other factors affecting the Company’s business within or beyond the Company’s control. These factors include changes in the rate of inflation; changes in federal, state and local laws and regulations; adverse determinations with respect to litigation or other claims; ability to recruit and retain employees; ability to construct new supermarkets or complete remodels as rapidly as planned; increases in product costs; and increases in operating costs including, but not limited to, labor, fuel and energy costs, debit and credit card fees and pharmacy fees. Other factors and assumptions not identified above could also cause the actual results to differ materially from those set forth in the forward-looking statements. Except as may be required by applicable law, the Company assumes no obligation to publicly update these forward-looking statements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The Company does not utilize financial instruments for trading or other speculative purposes, nor does it utilize leveraged financial instruments. There have been no material changes in the market risk factors from those disclosed in the Annual Report.

Item 4. Controls and Procedures

As of the end of the period covered by this Quarterly Report, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Exchange Act Rule 13a-15. Based upon this evaluation, the Chief Executive Officer and Chief Financial Officer each concluded that the Company’s disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the SEC’s rules and forms, and that such information has been accumulated and communicated to the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, in a manner that allows timely decisions regarding required disclosure. There have been no changes in the Company’s internal control over financial reporting identified in connection with the evaluation that occurred during the quarter ended July 1, 2023 that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting.

18

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

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

Item 1A. Risk Factors

There have been no material changes in the risk factors from those disclosed in the Annual Report.

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

Issuer Purchases of Equity Securities

Following are the shares of common stock repurchased by the Company during the three months ended July 1, 2023 (amounts are in millions, except per share amounts):

 

Period		Total Number of Shares Purchased		Average Price Paid per Share			Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)	Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (1)
April 2, 2023 through May 6, 2023			7		$	14.81	N/A	N/A
May 7, 2023 through June 3, 2023			6		14.97		N/A	N/A
June 4, 2023 through July 1, 2023			4		14.97		N/A	N/A
	Total		17		$	14.90	N/A	N/A

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

The Company’s common stock is not traded on an established securities market. The amount of common stock offered to the Company for repurchase is not within the control of the Company, but is at the discretion of the stockholders. The Company does not believe that these repurchases of its common stock are within the scope of a publicly announced plan or program (although the terms of the plans discussed above have been communicated to the participants). Thus, the Company does not believe that it has made any repurchases during the three months ended July 1, 2023 required to be disclosed in the last two columns of the table.

Item 3. Defaults Upon Senior Securities

Not Applicable

Item 4. Mine Safety Disclosures

Not Applicable

Item 5. Other Information

Not Applicable

19

Item 6. Exhibits

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

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

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

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

101    The following financial information from this Quarterly Report is formatted in Extensible Business Reporting Language: (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Earnings, (iii) Condensed Consolidated Statements of Comprehensive Earnings, (iv) Condensed Consolidated Statements of Cash Flows, (v) Condensed Consolidated Statements of Stockholders’ Equity and (vi) Notes to Condensed Consolidated Financial Statements.

104     Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).

20

SIGNATURES

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

		PUBLIX SUPER MARKETS, INC.
Date:	August 1, 2023	/s/  Merriann M. Metz
		Merriann M. Metz, Secretary
Date:	August 1, 2023	/s/  David P. Phillips
		David P. Phillips, Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer)

21

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

Certification

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

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

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

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

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

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

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

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

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

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

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

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

Date: August 1, 2023

/s/ Randall T. Jones, Sr.

Randall T. Jones, Sr.

Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

Certification

I, David P. Phillips, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: August 1, 2023

/s/ David P. Phillips

David P. Phillips

Executive Vice President, Chief Financial Officer and Treasurer

EX-32.1

Exhibit 32.1

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

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The certification set forth below is being submitted in connection with the Quarterly Report of Publix Super Markets, Inc. (the Company) on Form 10-Q for the period ended July 1, 2023 (the Report) for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the Exchange Act) and Section 1350 of Chapter 63 of Title 18 of the United States Code.

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

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

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

Date: August 1, 2023

/s/ Randall T. Jones, Sr.

Randall T. Jones, Sr.

Chief Executive Officer

EX-32.2

Exhibit 32.2

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

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The certification set forth below is being submitted in connection with the Quarterly Report of Publix Super Markets, Inc. (the Company) on Form 10-Q for the period ended July 1, 2023 (the Report) for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the Exchange Act) and Section 1350 of Chapter 63 of Title 18 of the United States Code.

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

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

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

Date: August 1, 2023

/s/ David P. Phillips

David P. Phillips

Executive Vice President, Chief Financial Officer and Treasurer

XML

Document and Entity Information - shares	6 Months Ended
	Jul. 01, 2023	Jul. 14, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Amendment Flag	false
Document Period End Date	Jul. 01, 2023
Document Transition Report	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity File Number	000-00981
Entity Registrant Name	PUBLIX SUPER MARKETS, INC.
Entity Central Index Key	0000081061
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	59-0324412
Entity Address, Address Line One	3300 Publix Corporate Parkway
Entity Address, City or Town	Lakeland
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33811
City Area Code	(863)
Local Phone Number	688-1188
Current Fiscal Year End Date	--12-30
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,324,000,000

XML

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 1,563	$ 1,336
Short-term investments	1,087	566
Trade receivables	1,072	1,106
Inventories	2,346	2,341
Prepaid expenses	83	74
Total current assets	6,151	5,423
Long-term investments	11,464	10,992
Other noncurrent assets	566	561
Operating lease right-of-use assets	3,079	2,979
Property, plant and equipment	19,494	18,688
Accumulated depreciation	(7,978)	(7,596)
Net property, plant and equipment	11,516	11,092
Total assets	32,776	31,047
Current liabilities:
Accounts payable	2,807	2,812
Accrued expenses:
Contributions to retirement plans	458	687
Self-insurance reserves	220	210
Salaries and wages	371	205
Other	582	637
Current portion of long-term debt	8	36
Current portion of operating lease liabilities	360	359
Income taxes	130	226
Total current liabilities	4,936	5,172
Deferred income taxes	686	575
Self-insurance reserves	278	268
Long-term debt	52	43
Operating lease liabilities	2,619	2,573
Finance lease liabilities	464	423
Other noncurrent liabilities	130	141
Total liabilities	9,165	9,195
Common stock related to Employee Stock Ownership Plan (ESOP)	4,391	4,029
Stockholders’ equity:
Common stock of $1 par value. Authorized 4,000 shares; issued 3,347 shares in 2023 and 3,324 shares in 2022	3,347	3,324
Additional paid-in capital	2,004	1,687
Retained earnings	19,118	17,413
Treasury stock at cost, 22 shares in 2023	(319)	0
Accumulated other comprehensive losses	(576)	(609)
Common stock related to ESOP	(4,391)	(4,029)
Total stockholders’ equity	19,183	17,786
Noncontrolling interests	37	37
Total equity	23,611	21,852
Total liabilities and stockholders' equity	$ 32,776	$ 31,047

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Jul. 01, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	4,000	4,000
Common stock, shares issued	3,347	3,324
Treasury Stock, Common, Shares	22	0

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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jun. 25, 2022	Jul. 01, 2023	Jun. 25, 2022
Revenues:
Sales	$ 14,086	$ 12,937	$ 28,418	$ 26,178
Other operating income	103	98	209	193
Total revenues	14,189	13,035	28,627	26,371
Costs and expenses:
Cost of merchandise sold	10,380	9,477	20,908	19,044
Operating and administrative expenses	2,739	2,485	5,434	4,972
Total costs and expenses	13,119	11,962	26,342	24,016
Operating profit	1,070	1,073	2,285	2,355
Investment income	299		627
Investment (loss)		(303)		(826)
Other nonoperating income, net	32	22	58	48
Earnings before income tax expense	1,401	792	2,970	1,577
Income tax expense	304	164	632	331
Net earnings	$ 1,097	$ 628	$ 2,338	$ 1,246
Weighted average shares outstanding	3,332	3,401	3,330	3,409
Earnings per share	$ 0.33	$ 0.18	$ 0.70	$ 0.37

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jul. 01, 2023	Apr. 01, 2023	Jun. 25, 2022	Mar. 26, 2022	Jul. 01, 2023	Jun. 25, 2022
Statement of Comprehensive Income [Abstract]
Net earnings	$ 1,097		$ 628		$ 2,338	$ 1,246
Other Comprehensive Earnings (Losses) [Abstract]
Unrealized gain (loss) on debt securities net of income taxes	(65)		(175)		33	(550)
Reclassification adjustment for net realized gain on debt securities net of income taxes	0		0		0	(1)
Adjustment to postretirement benefit obligation net of income taxes	0		1		0	1
Comprehensive earnings	$ 1,032	$ 1,339	$ 454	$ 242	$ 2,371	$ 696

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jun. 25, 2022	Jul. 01, 2023	Jun. 25, 2022
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) on debt securities income taxes	$ (22,100)	$ (59,600)	$ 11,300	$ (187,300)
Reclassification adjustment for net realized gain on debt securities income taxes	0	0	0	(300)
Adjustment to postretirement benefit obligation income taxes	$ 0	$ 200	$ 0	$ 200

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jul. 01, 2023	Jun. 25, 2022
Cash flows from operating activities:
Cash received from customers	$ 28,577	$ 26,343
Cash paid to employees and suppliers	(25,368)	(23,249)
Income taxes paid	(605)	(403)
Self-insured claims paid	(256)	(240)
Dividends and interest received	188	153
Other operating cash receipts	208	191
Other operating cash payments	(14)	(18)
Net cash provided by operating activities	2,730	2,777
Cash flows from investing activities:
Payment for capital expenditures	(884)	(788)
Proceeds from sale of property, plant and equipment	11	19
Payment for investments	(1,160)	(1,155)
Proceeds from sale and maturity of investments	620	689
Net cash used in investing activities	(1,413)	(1,235)
Cash flows from financing activities:
Payment for acquisition of common stock	(575)	(1,271)
Proceeds from sale of common stock	146	208
Dividends paid	(633)	(560)
Repayment of long-term debt	(28)	(21)
Other, net	0	(2)
Net cash used in financing activities	(1,090)	(1,646)
Net increase (decrease) in cash and cash equivalents	227	(104)
Cash and cash equivalents at beginning of period	1,336	1,132
Cash and cash equivalents at end of period	1,563	1,028
Reconciliation of net earnings to net cash provided by operating activities:
Net earnings	2,338	1,246
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	447	408
Increase in last-in, first-out (LIFO) reserve	70	88
Retirement contributions paid or payable in common stock	238	225
Deferred income taxes	100	(211)
(Gain) loss on disposal and impairment of long-lived assets	(7)	2
(Gain) loss on investments	(455)	938
Net amortization of investments	29	42
Changes in operating assets and liabilities providing (requiring) cash:
Trade receivables	34	72
Inventories	(75)	(85)
Other assets	13	(8)
Accounts payable and accrued expenses	85	(72)
Income taxes	(96)	131
Other liabilities	9	1
Total adjustments	392	1,531
Net cash provided by operating activities	$ 2,730	$ 2,777

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CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS EQUITY CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Common Stock (Acquired from) Sold to Stockholders	Accumulated Other Comprehensive Earnings (Losses)	Common Stock Related To ESOP
Beginning Balance at Dec. 25, 2021	$ 18,170	$ 3,418	$ 1,426	$ 17,156	$ 0	$ (5)	$ (3,825)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive earnings	242			618		(376)
Dividends per share	(253)			(253)
Contribution of shares to retirement plans	427	20	254		153
Acquisition of shares from stockholders	(538)				(538)
Sale of shares to stockholders	101	0	0		101
Change for ESOP related shares	(600)						(600)
Ending Balance at Mar. 26, 2022	17,549	3,438	1,680	17,521	(284)	(381)	(4,425)
Beginning Balance at Dec. 25, 2021	18,170	3,418	1,426	17,156	0	(5)	(3,825)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive earnings	696
Ending Balance at Jun. 25, 2022	17,243	3,438	1,680	17,842	(910)	(555)	(4,252)
Beginning Balance at Mar. 26, 2022	17,549	3,438	1,680	17,521	(284)	(381)	(4,425)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive earnings	454			628		(174)
Dividends per share	(307)			(307)
Acquisition of shares from stockholders	(733)				(733)
Sale of shares to stockholders	107	0	0		107
Change for ESOP related shares	173						173
Ending Balance at Jun. 25, 2022	17,243	3,438	1,680	17,842	(910)	(555)	(4,252)
Beginning Balance at Dec. 31, 2022	17,786	3,324	1,687	17,413	0	(609)	(4,029)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive earnings	1,339			1,241		98
Dividends per share	(299)			(299)
Contribution of shares to retirement plans	450	22	309		119
Acquisition of shares from stockholders	(317)				(317)
Sale of shares to stockholders	108	1	8		99
Change for ESOP related shares	(635)						(635)
Ending Balance at Apr. 01, 2023	18,432	3,347	2,004	18,355	(99)	(511)	(4,664)
Beginning Balance at Dec. 31, 2022	17,786	3,324	1,687	17,413	0	(609)	(4,029)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive earnings	2,371
Ending Balance at Jul. 01, 2023	19,183	3,347	2,004	19,118	(319)	(576)	(4,391)
Beginning Balance at Apr. 01, 2023	18,432	3,347	2,004	18,355	(99)	(511)	(4,664)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive earnings	1,032			1,097		(65)
Dividends per share	(334)			(334)
Acquisition of shares from stockholders	(258)				(258)
Sale of shares to stockholders	38	0	0		38
Change for ESOP related shares	273						273
Ending Balance at Jul. 01, 2023	$ 19,183	$ 3,347	$ 2,004	$ 19,118	$ (319)	$ (576)	$ (4,391)

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

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Basis of Presentation (Notes)

6 Months Ended

Jul. 01, 2023

Accounting Policies [Abstract]

Basis of Presentation [Text Block]

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of Publix Super Markets, Inc. and subsidiaries (Company) have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting. Accordingly, the accompanying statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these statements include all adjustments that are of a normal and recurring nature necessary to present fairly the Company’s financial position and results of operations. Due to the seasonal nature of the Company’s business, the results of operations for the three and six months ended July 1, 2023 are not necessarily indicative of the results for the entire 2023 fiscal year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (Annual Report).

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

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Fair Value of Financial Instruments (Notes)

6 Months Ended

Jul. 01, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments [Text Block]

Fair Value of Financial Instruments

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

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

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

Level 2 – Fair value is determined by using other than quoted prices. By using observable inputs (for example, benchmark yields, interest rates, reported trades and broker dealer quotes), the fair value is determined through processes such as benchmark curves, benchmarking of similar securities and matrix pricing of corporate, government-sponsored agency, state and municipal bonds by using pricing of similar bonds based on coupons, ratings and maturities. Investments included in this category are primarily debt securities (taxable and tax exempt bonds), including restricted investments in taxable bonds held as collateral.

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

Following is a summary of fair value measurements for investments as of July 1, 2023 and December 31, 2022:

	Fair Value		Level 1	Level 2	Level 3
	(Amounts are in millions)
July 1, 2023	$	12,551	2,219	10,332	—
December 31, 2022	11,558		2,137	9,421	—

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Investments (Notes)

6 Months Ended

Jul. 01, 2023

Investments, Debt and Equity Securities [Abstract]

Investments [Text Block]

Investments

(a)Debt Securities

Following is a summary of debt securities as of July 1, 2023 and December 31, 2022:

	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(Amounts are in millions)
July 1, 2023
Taxable bonds	$	10,501		4		783	9,722
Tax exempt bonds	30			—		—	30
Restricted investments	185			—		5	180
	$	10,716		4		788	9,932
December 31, 2022
Taxable bonds	$	9,705		6		830	8,881
Tax exempt bonds	37			—		—	37
Restricted investments	170			—		4	166
	$	9,912		6		834	9,084

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

Following is a summary of the cost and fair value of debt securities by expected maturity as of July 1, 2023 and December 31, 2022:

	July 1, 2023				December 31, 2022
	Cost		Fair Value		Cost		Fair Value
	(Amounts are in millions)
Due in one year or less	$	1,094		1,087		570	566
Due after one year through five years	8,909			8,191		8,355	7,661
Due after five years through ten years	653			594		985	855
Due after ten years	60			60		2	2
	$	10,716		9,932		9,912	9,084

The Company had no debt securities with credit losses as of July 1, 2023 and December 31, 2022.

Following is a summary of debt securities with other unrealized losses by the time period impaired as of July 1, 2023 and December 31, 2022:

	Less Than 12 Months				12 Months or Longer			Total
	Fair Value		Unrealized Losses		Fair Value	Unrealized Losses		Fair Value	Unrealized Losses
	(Amounts are in millions)
July 1, 2023
Taxable bonds	$	1,740		22	7,350		761	9,090		783
Restricted investments	158			3	22		2	180		5
	$	1,898		25	7,372		763	9,270		788
December 31, 2022
Taxable bonds	$	3,705		199	4,627		631	8,332		830
Restricted investments	151			2	15		2	166		4
	$	3,856		201	4,642		633	8,498		834

There are 500 debt securities contributing to the total unrealized losses of $788 million as of July 1, 2023. Unrealized losses related to debt securities are primarily due to increases in interest rates that occurred since the debt securities were purchased. The Company continues to receive scheduled principal and interest payments on these debt securities.

(b)Equity Securities

Equity securities are measured at fair value with net unrealized gains and losses from changes in the fair value recognized in earnings (fair value adjustment). The fair value of equity securities was $2.6 billion and $2.5 billion as of July 1, 2023 and December 31, 2022, respectively.

(c)Investment Income (Loss)

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

Following is a summary of investment income (loss) for the three and six months ended July 1, 2023 and June 25, 2022:

		Three Months Ended					Six Months Ended
	July 1, 2023			June 25, 2022		July 1, 2023		June 25, 2022
	(Amounts are in millions)
Interest and dividend income		$	90		55		172		112
Net realized gain on investments		134			—		134		1
		224			55		306		113
Fair value adjustment, due to net unrealized gain (loss), on equity securities held at end of period		123			(358)		369		(939)
Net gain on sale of equity securities previously recognized through fair value adjustment		(48)			—		(48)		—
		$	299		(303)		627		(826)

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

6 Months Ended

Jul. 01, 2023

Consolidation Of Joint Ventures And Long Term Debt [Abstract]

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

Consolidation of Joint Ventures and Long-Term Debt

From time to time, the Company enters into a joint venture (JV), in the legal form of a limited liability company, with real estate developers to partner in the development of a shopping center with the Company as the anchor tenant. The Company consolidates certain of these JVs in which it has a controlling financial interest. As of July 1, 2023, the carrying amounts of the assets and liabilities of the consolidated JVs were $135 million and $39 million, respectively. As of December 31, 2022, the carrying amounts of the assets and liabilities of the consolidated JVs were $136 million and $40 million, respectively. The assets are owned by and the liabilities are obligations of the JVs, not the Company, except for a portion of the long-term debt of certain JVs guaranteed by the Company. The JVs are financed with capital contributions from the members, loans and/or the cash flows generated by the JV owned shopping centers once in operation. Total earnings attributable to noncontrolling interests for 2023 and 2022 were immaterial. The Company’s involvement with these JVs does not have a significant effect on the Company’s financial condition, results of operations or cash flows.

The Company’s long-term debt results primarily from the consolidation of loans of certain JVs and loans assumed in connection with the acquisition of certain shopping centers with the Company as the anchor tenant. No loans were assumed during the six months ended July 1, 2023 or June 25, 2022. Maturities of JV loans range from June 2026 through April 2027 and have variable interest rates based on a Secured Overnight Financing Rate (SOFR) index plus 200 to 210 basis points. Maturities of assumed shopping center loans range from April 2024 through January 2027 and have fixed interest rates ranging from 4.5% to 7.5%.

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Retirement Plan (Notes)	6 Months Ended
	Jul. 01, 2023
Retirement Benefits [Abstract]
Retirement Plan [Text Block]	Retirement PlanThe Company has a trusteed, noncontributory Employee Stock Ownership Plan (ESOP) for the benefit of eligible employees. Since the Company’s common stock is not traded on an established securities market, the ESOP includes a put option for shares of the Company’s common stock distributed from the ESOP. Shares are distributed from the ESOP primarily to separated vested participants and certain eligible participants who elect to diversify their account balances. Under the Company’s administration of the ESOP’s put option, if the owners of distributed shares desire to sell their shares, the Company is required to purchase the shares at fair value for a specified time period after distribution of the shares from the ESOP. The fair value of distributed shares subject to the put option totaled $697 million and $629 million as of July 1, 2023 and December 31, 2022, respectively. The cost of the shares held by the ESOP totaled $3.7 billion and $3.4 billion as of July 1, 2023 and December 31, 2022, respectively. Due to the Company’s obligation under the put option, the distributed shares subject to the put option and the shares held by the ESOP are classified as temporary equity in the mezzanine section of the condensed consolidated balance sheets and totaled $4.4 billion and $4.0 billion as of July 1, 2023 and December 31, 2022, respectively. The fair value of the shares held by the ESOP totaled $11.4 billion and $10.2 billion as of July 1, 2023 and December 31, 2022, respectively.

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Accumulated Other Comprehensive Earnings (Losses) (Notes)

6 Months Ended

Jul. 01, 2023

Equity [Abstract]

Accumulated Other Comprehensive Earnings (Losses) [Text Block]

Accumulated Other Comprehensive Earnings (Losses)

Following is a reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the three months ended July 1, 2023 and June 25, 2022:

	Investments			Postretirement Benefit		Accumulated Other Comprehensive Earnings (Losses)
		(Amounts are in millions)
2023
Balances at April 1, 2023		$	(520)		9		(511)
Unrealized loss on debt securities		(65)			—		(65)
Net other comprehensive losses		(65)			—		(65)
Balances at July 1, 2023		$	(585)		9		(576)
2022
Balances at March 26, 2022		$	(369)		(12)		(381)
Unrealized loss on debt securities		(175)			—		(175)
Adjustment to postretirement benefit obligation		—			1		1
Net other comprehensive (losses) earnings		(175)			1		(174)
Balances at June 25, 2022		$	(544)		(11)		(555)

Following is a reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the six months ended July 1, 2023 and June 25, 2022:

	Investments			Postretirement Benefits		Accumulated Other Comprehensive Earnings (Losses)
		(Amounts are in millions)
2023
Balances at December 31, 2022		$	(618)		9		(609)
Unrealized gain on debt securities		33			—		33
Net other comprehensive earnings		33			—		33
Balances at July 1, 2023		$	(585)		9		(576)
2022
Balances at December 25, 2021		$	7		(12)		(5)
Unrealized loss on debt securities		(550)			—		(550)
Net realized gain on debt securities reclassified to investment income		(1)			—		(1)
Adjustment to postretirement benefit obligation		—			1		1
Net other comprehensive (losses) earnings		(551)			1		(550)
Balances at June 25, 2022		$	(544)		(11)		(555)

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Subsequent Event (Notes)	6 Months Ended
	Jul. 01, 2023
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent EventOn July 3, 2023, the Company declared a quarterly dividend on its common stock of $0.10 per share or $332 million, payable August 1, 2023 to stockholders of record as of the close of business July 14, 2023.

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Basis of Presentation (Policies)

6 Months Ended

Jul. 01, 2023

Accounting Policies [Abstract]

Basis of Presentation [Policy Text Block]

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of Publix Super Markets, Inc. and subsidiaries (Company) have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting. Accordingly, the accompanying statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these statements include all adjustments that are of a normal and recurring nature necessary to present fairly the Company’s financial position and results of operations. Due to the seasonal nature of the Company’s business, the results of operations for the three and six months ended July 1, 2023 are not necessarily indicative of the results for the entire 2023 fiscal year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (Annual Report).

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jul. 01, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments [Table Text Block]

Following is a summary of fair value measurements for investments as of July 1, 2023 and December 31, 2022:

	Fair Value		Level 1	Level 2	Level 3
	(Amounts are in millions)
July 1, 2023	$	12,551	2,219	10,332	—
December 31, 2022	11,558		2,137	9,421	—

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Investments (Tables)

6 Months Ended

Jul. 01, 2023

Investments, Debt and Equity Securities [Abstract]

Available For Sale Debt Securities [Table Text Block]

Following is a summary of debt securities as of July 1, 2023 and December 31, 2022:

	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(Amounts are in millions)
July 1, 2023
Taxable bonds	$	10,501		4		783	9,722
Tax exempt bonds	30			—		—	30
Restricted investments	185			—		5	180
	$	10,716		4		788	9,932
December 31, 2022
Taxable bonds	$	9,705		6		830	8,881
Tax exempt bonds	37			—		—	37
Restricted investments	170			—		4	166
	$	9,912		6		834	9,084

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

Following is a summary of the cost and fair value of debt securities by expected maturity as of July 1, 2023 and December 31, 2022:

	July 1, 2023				December 31, 2022
	Cost		Fair Value		Cost		Fair Value
	(Amounts are in millions)
Due in one year or less	$	1,094		1,087		570	566
Due after one year through five years	8,909			8,191		8,355	7,661
Due after five years through ten years	653			594		985	855
Due after ten years	60			60		2	2
	$	10,716		9,932		9,912	9,084

Available For Sale Debt Securities in an Unrealized Loss Position by Time Period Impaired [Table Text Block]

Following is a summary of debt securities with other unrealized losses by the time period impaired as of July 1, 2023 and December 31, 2022:

	Less Than 12 Months				12 Months or Longer			Total
	Fair Value		Unrealized Losses		Fair Value	Unrealized Losses		Fair Value	Unrealized Losses
	(Amounts are in millions)
July 1, 2023
Taxable bonds	$	1,740		22	7,350		761	9,090		783
Restricted investments	158			3	22		2	180		5
	$	1,898		25	7,372		763	9,270		788
December 31, 2022
Taxable bonds	$	3,705		199	4,627		631	8,332		830
Restricted investments	151			2	15		2	166		4
	$	3,856		201	4,642		633	8,498		834

Investment Income (Loss) [Table Text Block]

Following is a summary of investment income (loss) for the three and six months ended July 1, 2023 and June 25, 2022:

		Three Months Ended					Six Months Ended
	July 1, 2023			June 25, 2022		July 1, 2023		June 25, 2022
	(Amounts are in millions)
Interest and dividend income		$	90		55		172		112
Net realized gain on investments		134			—		134		1
		224			55		306		113
Fair value adjustment, due to net unrealized gain (loss), on equity securities held at end of period		123			(358)		369		(939)
Net gain on sale of equity securities previously recognized through fair value adjustment		(48)			—		(48)		—
		$	299		(303)		627		(826)

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Accumulated Other Comprehensive Earnings (Losses) (Tables)

6 Months Ended

Jul. 01, 2023

Equity [Abstract]

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

Following is a reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the three months ended July 1, 2023 and June 25, 2022:

	Investments			Postretirement Benefit		Accumulated Other Comprehensive Earnings (Losses)
		(Amounts are in millions)
2023
Balances at April 1, 2023		$	(520)		9		(511)
Unrealized loss on debt securities		(65)			—		(65)
Net other comprehensive losses		(65)			—		(65)
Balances at July 1, 2023		$	(585)		9		(576)
2022
Balances at March 26, 2022		$	(369)		(12)		(381)
Unrealized loss on debt securities		(175)			—		(175)
Adjustment to postretirement benefit obligation		—			1		1
Net other comprehensive (losses) earnings		(175)			1		(174)
Balances at June 25, 2022		$	(544)		(11)		(555)

Following is a reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the six months ended July 1, 2023 and June 25, 2022:

	Investments			Postretirement Benefits		Accumulated Other Comprehensive Earnings (Losses)
		(Amounts are in millions)
2023
Balances at December 31, 2022		$	(618)		9		(609)
Unrealized gain on debt securities		33			—		33
Net other comprehensive earnings		33			—		33
Balances at July 1, 2023		$	(585)		9		(576)
2022
Balances at December 25, 2021		$	7		(12)		(5)
Unrealized loss on debt securities		(550)			—		(550)
Net realized gain on debt securities reclassified to investment income		(1)			—		(1)
Adjustment to postretirement benefit obligation		—			1		1
Net other comprehensive (losses) earnings		(551)			1		(550)
Balances at June 25, 2022		$	(544)		(11)		(555)

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Fair Value Measurements for Investments (Details) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 12,551	$ 11,558
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	2,219	2,137
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	10,332	9,421
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 0	$ 0

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Available for Sale Debt Securities Reconciliation (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jul. 01, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 10,716	$ 9,912
Unrealized Gains	4	6
Unrealized Losses	788	834
Fair Value	9,932	9,084
Taxable bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	10,501	9,705
Unrealized Gains	4	6
Unrealized Losses	783	830
Fair Value	9,722	8,881
Tax exempt bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	30	37
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	30	37
Restricted investments [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	185	170
Unrealized Gains	0	0
Unrealized Losses	5	4
Fair Value	$ 180	$ 166

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Amortized Cost and Fair Value of Available for Sale Securities by Expected Maturity (Details) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Amortized Cost [Abstract]
Due in one year or less	$ 1,094	$ 570
Due after one year through five years	8,909	8,355
Due after five years through ten years	653	985
Due after ten years	60	2
Total amortized cost	10,716	9,912
Fair Value [Abstract]
Due in one year or less	1,087	566
Due after one year through five years	8,191	7,661
Due after five years through ten years	594	855
Due after ten years	60	2
Total fair value	$ 9,932	$ 9,084

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Investments Allowance for Credit Losses (Details) - USD ($)	Jul. 01, 2023	Dec. 31, 2022
Credit Loss [Abstract]
Debt Securities, Available-for-sale, Allowance for Credit Losses	$ 0	$ 0

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Temporarily Impaired Available for Sale Debt Securities by Time Period Impaired (Details) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	$ 1,898	$ 3,856
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	25	201
Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value	7,372	4,642
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	763	633
Unrealized Loss Position, Fair Value	9,270	8,498
Unrealized Loss Position, Accumulated Loss	788	834
Taxable bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	1,740	3,705
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	22	199
Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value	7,350	4,627
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	761	631
Unrealized Loss Position, Fair Value	9,090	8,332
Unrealized Loss Position, Accumulated Loss	783	830
Restricted investments [Member]
Debt Securities, Available-for-sale [Line Items]
Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	158	151
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	3	2
Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value	22	15
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	2	2
Unrealized Loss Position, Fair Value	180	166
Unrealized Loss Position, Accumulated Loss	$ 5	$ 4

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Investments - Additional Information (Details) $ in Millions	Jul. 01, 2023 USD ($) AFS_security	Dec. 31, 2022 USD ($)
Debt Securities, Available-for-Sale, Unrealized Gain (Loss) [Abstract]
Number of debt securities issues contributing to total unrealized losses | AFS_security	500
Total, Unrealized Losses | $	$ 788	$ 834

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Investments Equity Securities (Details) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Equity Securities [Line Items]
Equity Securities	$ 2,600	$ 2,500

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Investment Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jun. 25, 2022	Jul. 01, 2023	Jun. 25, 2022
Investment Income, Net [Abstract]
Interest and dividend income	$ 90	$ 55	$ 172	$ 112
Net realized gain on investments	134	0	134	1
Investment income before fair value adjustment	224	55	306	113
Fair value adjustment, due to net unrealized gain (loss), on equity securities held at end of period	123	(358)	369	(939)
Net gain on sale of equity securities previously recognized through fair value adjustment	(48)	0	(48)	0
Investment income	$ 299		$ 627
Investment (loss)		$ (303)		$ (826)

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Consolidation of Joint Ventures and Long-Term Debt Joint Venture - Additional Information (Details) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Assets	$ 32,776	$ 31,047
Liabilities	9,165	9,195
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Assets	135	136
Liabilities	$ 39	$ 40

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Consolidation of Joint Ventures and Long-Term Debt Long-Term Debt Assumptions, Maturities and Interest Rates (Details) - USD ($)	6 Months Ended
	Jul. 01, 2023	Jun. 25, 2022
Debt Instrument [Line Items]
Loans Assumed	$ 0	$ 0
JV Loans [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Month And Year	June 2026
Debt Instrument, Basis Spread on Variable Rate	2.00%
JV Loans [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Month And Year	April 2027
Debt Instrument, Basis Spread on Variable Rate	2.10%
Shopping Center Loans [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Month And Year	April 2024
Debt Instrument, Interest Rate, Stated Percentage	4.50%
Shopping Center Loans [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Month And Year	January 2027
Debt Instrument, Interest Rate, Stated Percentage	7.50%

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Retirement Plan - Additional Information (Details) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Distributed shares subject to put option, fair value	$ 697	$ 629
ESOP, shares cost	3,700	3,400
Common stock related to ESOP	4,391	4,029
ESOP shares, fair value	$ 11,400	$ 10,200

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Accumulated Other Comprehensive Earnings (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jun. 25, 2022	Jul. 01, 2023	Jun. 25, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at Beginning of Period	$ (511)	$ (381)	$ (609)	$ (5)
Unrealized gain (loss) on debt securities	(65)	(175)	33	(550)
Net realized gain on debt securities reclassified to investment income	0	0	0	(1)
Adjustment to postretirement benefit obligation income taxes	0	1	0	1
Net other comprehensive losses	(65)	(174)	33	(550)
Balances at End of Period	(576)	(555)	(576)	(555)
Investments [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at Beginning of Period	(520)	(369)	(618)	7
Unrealized gain (loss) on debt securities	(65)	(175)	33	(550)
Net realized gain on debt securities reclassified to investment income	0	0	0	(1)
Net other comprehensive losses	(65)	(175)	33	(551)
Balances at End of Period	(585)	(544)	(585)	(544)
Postretirement Benefit Obligation [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at Beginning of Period	9	(12)	9	(12)
Adjustment to postretirement benefit obligation income taxes	0	1	0	1
Net other comprehensive losses	0	1	0	1
Balances at End of Period	$ 9	$ (11)	$ 9	$ (11)

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Subsequent Event (Details) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions	Aug. 01, 2023	Jul. 14, 2023	Jul. 03, 2023
Subsequent Event [Line Items]
Dividends Payable, Date Declared			Jul. 03, 2023
Common Stock, Dividends, Per Share, Declared			$ 0.10
Dividends, Common Stock, Cash			$ 332
Dividends Payable, Date to be Paid	Aug. 01, 2023
Dividends Payable, Date of Record		Jul. 14, 2023