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, 1999
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
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 33815
<PAGE>
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, 1999
Statement of Net Assets Available for Plan Benefits,
with Fund Information - December 31, 1998
Statement of Changes in Net Assets Available for Plan Benefits,
with Fund Information - Year ended December 31, 1999
Statement of Changes in Net Assets Available for Plan Benefits,
with Fund Information - Year ended December 31, 1998
Notes to Financial Statements
Schedules:
1 Schedule of Assets Held for Investment Purposes -
December 31, 1999
2 Schedule of Reportable Transactions - Year ended
December 31, 1999
<PAGE>
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Plan Administrator of the
Publix Super Markets, Inc.
401(k) SMART Plan:
We have audited the accompanying statements 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, 1999 and 1998, and the related statements
of changes in net assets available for plan benefits, with fund information, for
the years 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 audits.
We conducted our audits 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 audits provide 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, 1999 and 1998, and the changes in net assets available for plan
benefits for the years then ended in conformity with generally accepted
accounting principles.
Our audits were performed 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 and reportable transactions 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
are the responsibility of the Plan's management. The fund information in the
statements of net assets available for plan benefits and the statements of
changes in net assets available for plan benefits is presented for purposes of
additional analysis rather than to present the net assets available for plan
benefits and changes in net assets available for plan benefits of each fund. The
supplemental schedules and fund information have been subjected to the auditing
procedures applied in the audits 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 LLP
Tampa, Florida
June 2, 2000
<PAGE>
<TABLE>
<CAPTION>
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Statement of Net Assets Available for Plan Benefits, with Fund Information
December 31, 1999
Asset Allocation Fund
------------------------------------------
Aggressive
Participant International Growth
Assets Loans Fund Long-Term Medium-Term Short-Term Fund
------ ----- ---- --------- ----------- ---------- ----
<S> <C> <C> <C> <C> <C> <C>
Investments $17,902,223 1,362,273 406,660 3,260,486 148,035 36,578,967
Employer Contribution
Receivable --- --- --- --- --- ---
----------- --------- ------- --------- ------- ----------
Total Assets $17,902,223 1,362,273 406,660 3,260,486 148,035 36,578,967
=========== ========= ======= ========= ======= ==========
Net Assets Available
for Plan Benefits:
Active Participants $17,902,223 1,161,436 353,911 2,873,015 137,256 32,359,182
Non-active Participants --- 200,837 52,749 387,471 10,779 4,219,785
----------- --------- ------- --------- ------- ----------
$17,902,223 1,362,273 406,660 3,260,486 148,035 36,578,967
=========== ========= ======= ========= ======= ==========
Publix Equity Fixed
Stock Index Income
Assets Fund Fund Fund Total
------ ---- ---- ---- -----
<S> <C> <C> <C> <C>
Investments $203,221,170 13,904,993 7,265,770 284,050,577
Employer Contribution
Receivable 12,783,088 --- --- 12,783,088
------------ ---------- --------- -----------
Total Assets 216,004,258 13,904,993 7,265,770 296,833,665
============ ========== ========= ===========
Net Assets Available
for Plan Benefits:
Active Participants 194,812,943 12,387,780 6,463,179 268,450,925
Non-active participants 21,191,315 1,517,213 802,591 28,382,740
------------ ---------- --------- -----------
$216,004,258 13,904,993 7,265,770 296,833,665
============ ========== ========= ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Statement of Net Assets Available for Plan Benefits, with Fund Information
December 31, 1998
Asset Allocation Fund
-------------------------------------------- Aggressive
Participant International Growth
Assets Loans Fund Long-Term Medium-Term Short-Term Fund
------ ----- ---- --------- ----------- ---------- ----
<S> <C> <C> <C> <C> <C> <C>
Investments $9,606,168 106,720 68,187 2,487,019 18,108 24,078,120
Employer Contribution
Receivable --- --- --- --- --- ---
---------- ------- ------ --------- ------ ----------
Total Assets $9,606,168 106,720 68,187 2,487,019 18,108 24,078,120
========== ======= ====== ========= ====== ==========
Net Assets Available
for Plan Benefits:
Active Participants $9,606,168 101,739 62,541 2,231,297 17,549 21,776,307
Non-active Participants --- 4,981 5,646 255,722 559 2,301,813
---------- ------- ------ --------- ------ ----------
$9,606,168 106,720 68,187 2,487,019 18,108 24,078,120
========== ======= ====== ========= ====== ==========
Publix Equity Fixed
Stock Index Income
Assets Fund Fund Fund Total
------ ---- ---- ---- -----
<S> <C> <C> <C> <C>
Investments $177,732,891 9,695,217 4,591,685 228,384,115
Employer Contribution
Receivable 11,484,147 --- --- 11,484,147
------------ --------- --------- -----------
Total Assets 189,217,038 9,695,217 4,591,685 239,868,262
============ ========= ========= ===========
Net Assets Available
for Plan Benefits:
Active Participants 176,261,880 8,835,614 4,126,108 223,019,203
Non-active participants 12,955,158 859,603 465,577 16,849,059
------------ --------- --------- -----------
$189,217,038 9,695,217 4,591,685 239,868,262
============ ========= ========= ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Statement of Changes in Net Assets Available for Plan Benefits, with Fund Information
Year ended December 31, 1999
Asset Allocation Fund
---------------------------------------
Aggressive
Participant International Growth
Loans Fund Long-Term Medium-Term Short-Term Fund
----- ---- --------- ----------- ---------- ----
<S> <C> <C> <C> <C> <C> <C>
Contributions:
Employee $ --- 284,165 256,500 983,570 100,834 8,009,150
Employer - Stock --- --- --- --- --- ---
----------- --------- ------- --------- ------- ----------
Total Contributions --- 284,165 256,500 983,570 100,834 8,009,150
----------- --------- ------- --------- ------- ----------
Investment Income (Loss):
Net Appreciation
(Depreciation) --- 166,185 35,884 306,614 4,013 1,408,476
Dividends --- 33,756 --- --- --- 5,361,831
Interest --- --- --- --- --- ---
----------- --------- ------- --------- ------- ----------
Total Investment
Income (Loss) --- 199,941 35,884 306,614 4,013 6,770,307
----------- --------- ------- --------- ------ ----------
Participant Loans 8,296,055 (10,182) 1,000 (100,985) (1,617) (948,209)
----------- --------- ------- --------- ------- ----------
Total Increase in Plan
Assets 8,296,055 473,924 293,384 1,189,199 103,230 13,831,248
----------- --------- ------- --------- ------- ----------
Distributions to Participants --- (23,909) (16,564) (170,784) (7,553) (1,592,838)
Interfund Transfers --- 805,538 61,653 (244,948) 34,250 262,437
----------- --------- ------- --------- ------- ----------
Total Increase (Decrease)
in Plan Assets --- 781,629 45,089 (415,732) 26,697 (1,330,401)
----------- --------- ------- --------- ------- ----------
Net Increase in Plan Assets 8,296,055 1,255,553 338,473 773,467 129,927 12,500,847
Net Assets Available for
Plan Benefits:
Beginning of year 9,606,168 106,720 68,187 2,487,019 18,108 24,078,120
----------- --------- ------- --------- ------- ----------
End of year $17,902,223 1,362,273 406,660 3,260,486 148,035 36,578,967
=========== ========= ======= ========= ======= ==========
Publix Equity Fixed
Stock Index Income
Fund Fund Fund Total
---- ---- ---- -----
<S> <C> <C> <C> <C>
Contributions:
Employee $ 39,586,898 3,434,932 2,140,115 54,796,164
Employer - Stock 12,783,088 --- --- 12,783,088
------------ ---------- --------- -----------
Total Contributions 52,369,986 3,434,932 2,140,115 67,579,252
------------ ---------- --------- -----------
Investment Income (Loss):
Net Appreciation
(Depreciation) (7,375,255) 2,195,781 --- (3,258,302)
Dividends 928,543 --- --- 6,324,130
Interest 270,707 --- 340,920 611,627
------------ ---------- --------- -----------
Total Investment
Income (Loss) (6,176,005) 2,195,781 340,920 3,677,455
------------ ---------- --------- -----------
Participant Loans (6,967,288) (445,586) (236,364) (413,176)
------------ ---------- --------- -----------
Total Increase in Plan 39,226,693 5,185,127 2,244,671 70,843,531
Assets ------------ ---------- --------- -----------
Distributions to Participants (10,971,403) (635,970) (459,107) (13,878,128)
Interfund Transfers (1,468,070) (339,381) 888,521 ---
------------ ---------- --------- -----------
Total Increase (Decrease)
in Plan Assets (12,439,473) (975,351) 429,414 (13,878,128)
------------ ---------- --------- -----------
Net Increase in Plan Assets 26,787,220 4,209,776 2,674,085 56,965,403
Net Assets Available for
Plan Benefits:
Beginning of year 189,217,038 9,695,217 4,591,685 239,868,262
------------ ---------- --------- -----------
End of year $216,004,258 13,904,993 7,265,770 296,833,665
============ ========== ========= ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Statement of Changes in Net Assets Available for Plan Benefits, with Fund Information
Year ended December 31, 1998
Asset Allocation Fund
-------------------------------------------------------
Participant International
Loans Fund Strategic Long-Term Medium-Term Short-Term
----- ---- --------- --------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Contributions:
Employee $ --- 29,020 465,411 31,935 435,584 8,393
Employer - Stock --- --- --- --- --- ---
---------- ------- ---------- ------- --------- ------
Total Contributions --- 29,020 465,411 31,935 435,584 8,393
---------- ------- ---------- ------- --------- ------
Investment Income (Loss):
Net Appreciation
(Depreciation) --- (12,690) 197,362 4,921 35,363 97
Dividends --- 6,068 29,253 --- --- ---
Interest --- --- --- --- --- ---
---------- ------- ---------- ------- --------- ------
Total Investment
Income (Loss) --- (6,622) 226,615 4,921 35,363 97
---------- ------- ---------- ------- --------- ------
Participant Loans 5,687,448 (6,021) (36,383) 2,132 (26,541) (3)
---------- ------- ---------- ------- --------- ------
Total Increase in Plan
Assets 5,687,448 16,377 655,643 38,988 444,406 8,487
---------- ------- ---------- ------- --------- ------
Distributions to Participants --- (60) (62,822) (1,106) (69,444) (23)
Interfund Transfers --- 90,403 (2,826,456) 30,305 2,112,057 9,644
---------- ------- ---------- ------- --------- ------
Total Increase (Decrease)
in Plan Assets --- 90,343 (2,889,278) 29,199 2,042,613 9,621
---------- ------- ---------- ------- --------- ------
Net Increase (Decrease) in 5,687,448 106,720 (2,233,635) 68,187 2,487,019 18,108
Plan Assets
Net Assets Available for
Plan Benefits:
Beginning of year 3,918,720 --- 2,233,635 --- --- ---
---------- ------- ---------- ------- --------- ------
End of year $9,606,168 106,720 --- 68,187 2,487,019 18,108
========== ======= ========== ======= ========= ======
Aggressive Publix Equity Fixed
Growth Stock Index Income
Fund Fund Fund Fund Total
---- ---- ---- ---- -----
<S> <C> <C> <C> <C> <C>
Contributions:
Employee $ 7,197,897 27,332,392 2,837,026 1,763,034 40,100,692
Employer - Stock --- 11,484,147 --- --- 11,484,147
----------- ----------- ---------- --------- -----------
Total Contributions 7,197,897 38,816,539 2,837,026 1,763,034 51,584,839
----------- ----------- ---------- --------- -----------
Investment Income (Loss):
Net Appreciation
(Depreciation) 4,224,133 54,899,858 2,160,681 256,667 61,766,392
Dividends 1,777,999 659,556 --- --- 2,472,876
Interest --- 217,806 --- --- 217,806
Total Investment ----------- ----------- ---------- --------- -----------
Income (Loss) 6,002,132 55,777,220 2,160,681 256,667 64,457,074
----------- ----------- ---------- --------- -----------
Participant Loans (874,106) (4,247,355) (375,090) (156,145) (32,064)
------------ ----------- ---------- --------- -----------
Total Increase in Plan
Assets 12,325,923 90,346,404 4,622,617 1,863,556 116,009,849
----------- ----------- ---------- --------- -----------
Distributions to Participants (956,622) (5,220,767) (381,467) (231,646) (6,923,957)
Interfund Transfers (5,825,026) 8,579,244 (1,598,292) (571,879) ---
----------- ----------- ---------- --------- -----------
Total Increase (Decrease)
in Plan Assets (6,781,648) 3,358,477 (1,979,759) (803,525) (6,923,957)
----------- ----------- ---------- --------- -----------
Net Increase (Decrease) in 5,544,275 93,704,881 2,642,858 1,060,031 109,085,892
Plan Assets
Net Assets Available for
Plan Benefits:
Beginning of year 18,533,845 95,512,157 7,052,359 3,531,654 130,782,370
----------- ----------- ---------- --------- -----------
End of year $24,078,120 189,217,038 9,695,217 4,591,685 239,868,262
=========== =========== ========== ========= ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Notes to Financial Statements
December 31, 1999 and 1998
(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. and its wholly owned subsidiary Publix Alabama, Inc. (the
"Company" or "Publix") who have attained the age of 19 and have
completed one year of service during which they are credited 1,000 or
more hours are eligible to participate in the Plan. The Plan year is a
calendar year.
(a) Contributions
-------------
During Plan years 1999 and 1998, employees could contribute up
to 8% and 6%, respectively, 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 1999 and 1998, 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 match 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 receives a
pro-rata share. Forfeitures of non-vested Company contributions
by separated or former participants are used to reduce future
Company matching contributions. Forfeitures, and earnings
thereon, totaled $399,494 and $285,840 for the years ended
December 31, 1999 and 1998, respectively.
(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 credited
service, reaching age 60, disability or death. Matching
contributions cannot be withdrawn or distributed until vested.
(Continued)
<PAGE>
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Notes to Financial Statements
December 31, 1999 and 1998
(d) Loans to Participants
---------------------
All actively employed Plan participants with available account
balances may apply for a loan from their 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 the
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
Primary Trustee as of the first day of each calendar quarter and
represents the prime lending rate charged by the Primary
Trustee. The interest rate on a loan is fixed for the term of
the loan.
A participant can choose repayment terms of 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 separation 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 reaching age 59 1/2, a participant who is actively employed
by the Company may elect to withdraw all or a portion of his/her
Savings Contribution Account and the vested portion of his/her
Matching Contribution Account. The minimum withdrawal amount is
$1,000 or the vested balance in the Accounts if less than
$1,000.
A participant who reaches age 70 1/2 may begin receiving a
distribution of benefits on or before April 1st of the calendar
year following the year in which the participant reaches age
70 1/2 or retires, whichever is later.
Upon separation of employment with the Company, participants may
elect to receive full distribution of their Savings Contribution
Account and their vested Matching Contribution Account balances
as of the valuation date immediately preceding the date of
distribution. If the value of the participant's vested Accounts
is $5,000 or less, the participant will receive an automatic
distribution from the Plan no later than 60 days after the end
of the Plan year in which the participant separates from
employment. If the value of the participant's Savings
Contribution Account and vested Matching Contribution Account
exceeds $5,000, 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 in which the participant
reaches age 62.
-2- (Continued)
<PAGE>
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Notes to Financial Statements
December 31, 1999 and 1998
(g) Basis of Accounting
-------------------
The financial statements of the Plan are prepared under the
accrual basis of accounting.
(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 an independent appraiser.
Guaranteed investment contracts are carried at contract value,
which approximates market value. 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 the
Plan 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) Administration of the Plan
--------------------------
The Primary Trustee for the Plan, Chase Manhattan Bank, N.A., is
responsible for maintaining custody of the investment funds and other
assets in which the employee 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.
(3) Investments
-----------
The Plan consists of the following investment options:
(a) International Fund
------------------
This fund seeks long-term capital growth by investing in stocks
and debt obligations of companies and governments outside the
United States. International investments contain additional
risks not associated with U.S. domestic issues. The fund can be
expected to experience wider variation in its value than the
other funds described herein.
The "Templeton Foreign Fund - Class A" has been selected as the
investment vehicle for the International Fund. This fund is
generally diversified across approximately 40 countries and more
than 30 different industries. This fund is designed for
long-term investors who seek growth of capital and can tolerate
the greater risks associated with investments in foreign
securities.
-3- (Continued)
<PAGE>
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Notes to Financial Statements
December 31, 1999 and 1998
(b) 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 variation in its value than the
Fixed Income Fund.
Three MetLife/UAM TimeStyle Portfolios have been selected as the
investment vehicles for the Asset Allocation Fund. These
portfolios offer diversification by automatically blending risk
across different types of investments. The assets in these
portfolios are rebalanced periodically to ensure that the asset
allocation is consistent over time.
MetLife/UAM Long-Term TimeStyle Portfolio
-----------------------------------------
This portfolio seeks to provide long-term growth of capital by
utilizing an aggressive balanced approach. This portfolio is
expected to be approximately 80% invested in equities, including
exposure to global markets, and 20% invested in U.S.
investment-grade bonds. This is a growth portfolio for use by
aggressive investors.
MetLife/UAM Medium-Term TimeStyle Portfolio
-------------------------------------------
This portfolio seeks to provide growth of capital and a moderate
level of income by utilizing a moderate balanced approach. This
portfolio is expected to be approximately 60% invested in
equities, including exposure to global markets, and 40% invested
in U.S. investment-grade bonds or short-term securities. This is
a growth and income portfolio for use by moderate investors
seeking growth of capital and some current income.
MetLife/UAM Extended Short-Term TimeStyle Portfolio
---------------------------------------------------
This portfolio seeks to provide capital preservation
with moderate growth and current income utilizing a
conservative balanced approach. This portfolio is expected to be
approximately 40% invested in equities, including exposure to
global markets, 45% invested in U.S. investment-grade bonds and
15% in short-term securities. This is an income-oriented
portfolio for use by conservative investors seeking some growth
of capital.
(c) 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 "Fidelity Contrafund," a mutual fund, has been selected as
the investment vehicle for the Aggressive Growth Fund. This fund
invests in the securities of U.S. and international companies
that are believed to be undervalued.
-4- (Continued)
<PAGE>
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Notes to Financial Statements
December 31, 1999 and 1998
(d) Publix Stock Fund
-----------------
This fund contains participant directed and non-participant
directed contributions (through the Company match) and includes
two components: cash and Publix common stock. Cash awaiting
investment in Publix stock is invested in a short-term fixed
income funding vehicle (Money Market Fund). 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 is 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
variation in value than the other funds described herein.
(e) 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 500 Composite 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 may
experience wider variation in its value than the other funds
described herein.
The "MetLife Stock Market Index Guarantee Account" has been
selected as the investment vehicle for the Equity Index Fund. It
consists of most of the stocks of the S&P 500 Index.
(f) 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 "MetLife Guaranteed Fixed Income Account" has been selected
as the investment vehicle for the Fixed Income Fund. It consists
of one or more MetLife guaranteed interest contracts (GICs),
which are intended to provide the advantage of intermediate-term
rates with protection from potential fluctuations in interest
rates during the guarantee period. The GIC rates as of
December 31, 1999 and 1998, were 5.70% and 6.05%, respectively.
As of December 31, 1999, investments in the Fidelity ContraFund, Publix
Stock Fund and the MetLife Stock Market Index Guarantee Account each
represented 5.0% or more of the Plan's net assets available for plan
benefits. As of December 31, 1998, investments in the Fidelity
Contrafund and the Publix Stock Fund each represented 5.0% or more of
the Plan's net assets available for plan benefits.
-5- (Continued)
<PAGE>
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Notes to Financial Statements
December 31, 1999 and 1998
(4) Reconciliation of Financial Statements to Form 5500
---------------------------------------------------
The following is a reconciliation of net assets available for plan
benefits per the financial statements to the Form 5500:
<TABLE>
<CAPTION>
December 31,
------------
1999 1998
---- ----
<S> <C> <C>
Net assets available for plan benefits
per the financial statements $296,833,665 $239,868,262
Amounts allocated to withdrawing participants (1,373,082) (658,824)
Excess contributions (298,958) (99,066)
------------ ------------
Net assets available for plan benefits
per the Form 5500 $295,161,625 $239,110,372
============ ============
</TABLE>
The following is a reconciliation of employee contributions and
distributions to participants per the financial statements to the Form
5500:
<TABLE>
Year ended
December 31, 1999
-----------------
<S> <C>
Employee Contributions
----------------------
Per the financial statements $54,796,164
Less: Excess contributions for year
ended December 31, 1999 (298,958)
Add: Excess contributions for year
ended December 31, 1998 99,066
-----------
Per the Form 5500 $54,596,272
===========
Distributions to Participants
-----------------------------
Per the financial statements $13,878,128
Add: Amounts allocated to withdrawing
participants at December 31, 1999 1,373,082
Less: Amounts allocated to withdrawing
participants at December 31, 1998 (658,824)
-----------
Per the Form 5500 $14,592,386
===========
</TABLE>
(5) Federal Income Tax
------------------
The Plan's design has been determined to be a qualified plan as
described in Sections 401(a) and 401(k) of the Internal Revenue Code
(the "Code"), as amended. As such, the Plan is exempt from Federal
income taxes under Section 501(a) of the Code. The Plan Administrator
believes that the Plan has been and is currently being operated in
compliance with applicable requirements of the Code and the Plan
document.
-6-
<PAGE>
<TABLE>
<CAPTION>
Schedule 1
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Schedule of Assets Held for Investment Purposes
December 31, 1999
Fair
Number of Market
Name of Issuer and Title of Issue Shares Cost Value
--------------------------------- ------ ---- -----
<S> <C> <C> <C>
Marketable:
International Fund
------------------
Templeton Foreign Fund --- $ 1,269,519 1,362,273
Asset Allocation Fund
---------------------
MetLife/UAM TimeStyle Portfolios:
Long-Term TimeStyle Portfolio * --- 370,504 406,660
Medium-Term TimeStyle Portfolio * --- 2,937,519 3,260,486
Extended Short-Term TimeStyle
Portfolio * --- 143,759 148,035
Aggressive Growth Fund
----------------------
Fidelity Contrafund --- 33,429,245 36,578,967
Equity Index Fund
-----------------
MetLife Stock Market Index
Guarantee Account * --- 10,628,841 13,904,993
Fixed Income Fund
-----------------
MetLife Guaranteed Fixed
Income Account * --- 7,265,770 7,265,770
Non-Marketable:
Publix Stock Fund
-----------------
Common Stock of Publix Super
Markets, Inc. * 4,516,026 146,514,796 203,221,170
Participant Loans 17,902,223 17,902,223
------------ -----------
$220,462,176 284,050,577
============ ===========
* Parties-in-interest
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Schedule 2
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Schedule of Reportable Transactions
Year ended December 31, 1999
Purchase Selling Cost of Net
Asset Price Price Asset Gain
----- -------- ------- ------- ----
<S> <C> <C> <C> <C>
Aggressive Growth Fund
----------------------
Fidelity Contrafund $ 25,834,931 14,742,560 12,303,455 2,439,105
Fixed Income Fund
-----------------
MetLife Guaranteed Fixed
Income Account * 13,763,102 11,429,937 11,429,937 ---
Publix Stock Fund
-----------------
Common Stock of Publix
Super Markets, Inc. * 77,003,919 43,350,349 28,759,772 14,590,577
Money Market Fund 110,365,875 110,637,154 110,366,447 270,707
=========== =========== =========== ==========
* Parties-in-interest
</TABLE>
<PAGE>
SIGNATURE
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: June 28, 2000 By: /s/Tina P. Johnson
------------------
Tina P. Johnson
Senior Vice President
and Trustee of the 401(k)
SMART Plan - Publix Stock
Fund
