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