SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K/A
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, 2000
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
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, 2000
Statement of Net Assets Available for Plan Benefits, with Fund Information -
December 31, 1999
Statement of Changes in Net Assets Available for Plan Benefits,
with Fund Information - Year ended December 31, 2000
Statement of Changes in Net Assets Available for Plan Benefits,
with Fund Information - Year ended December 31, 1999
Notes to Financial Statements
Schedules:
1 Schedule of Assets Held for Investment Purposes -
December 31, 2000
2 Schedule of Reportable Transactions - Year ended
December 31, 2000
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, 2000 and 1999, 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 auditing standards generally accepted
in the United States of America. 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, 2000 and 1999, and the changes in net assets available for plan
benefits for the years then ended in conformity with accounting principles
generally accepted in the United States of America.
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 8, 2001
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Statement of Net Assets Available for Plan Benefits, with Fund Information
December 31, 2000
Asset Allocation
------------------------------------------
Aggressive
Participant International Growth
Assets Loans Fund Long-Term Medium-Term Short-Term Fund
------ ----- ---- --------- ----------- ---------- ----
Investments $23,230,724 2,534,318 1,362,380 4,176,867 554,627 46,032,092
Employer Contribution
Receivable --- --- --- --- --- ---
----------- --------- --------- --------- ------- ----------
Total Assets $23,230,724 2,534,318 1,362,380 4,176,867 554,627 46,032,092
=========== ========= ========= ========= ======= ==========
Net Assets Available
for Plan Benefits:
Active Participants $23,230,724 2,322,088 1,244,604 3,802,185 516,900 41,188,604
Non-active Participants --- 212,230 117,776 374,682 37,727 4,843,488
----------- --------- --------- --------- ------- ----------
$23,230,724 2,534,318 1,362,380 4,176,867 554,627 46,032,092
=========== ========= ========= ========= ======= ==========
Publix Equity Fixed
Stock Index Income
Assets Fund Fund Fund Total
------ ---- ---- ---- -----
Investments $244,861,436 15,909,627 10,225,007 348,887,078
Employer Contribution
Receivable 13,818,591 --- --- 13,818,591
------------ ---------- ---------- -----------
Total Assets 258,680,027 15,909,627 10,225,007 362,705,669
============ ========== ========== ===========
Net Assets Available
for Plan Benefits:
Active Participants 231,556,715 14,533,598 9,371,135 327,766,553
Non-active Participants 27,123,312 1,376,029 853,872 34,939,116
------------ ---------- ---------- -----------
$258,680,027 15,909,627 10,225,007 362,705,669
============ ========== ========== ===========
See accompanying notes to financial statements.
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Statement of Net Assets Available for Plan Benefits, with Fund Information
December 31, 1999
Asset Allocation
----------------------------------------
Aggressive
Participant International Growth
Assets Loans Fund Long-Term Medium-Term Short-Term Fund
------ ----- ---- --------- ----------- ---------- ----
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
------ ---- ---- ---- -----
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
============ ========== ========= ===========
See accompanying notes to financial statements.
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, 2000
Asset Allocation Fund
---------------------------------------------
Aggressive
Participant International Growth
Loans Fund Long-Term Medium-Term Short-Term Fund
----- ---- --------- ----------- ---------- ----
Contributions:
Employee $ --- 962,474 618,027 1,099,706 230,889 10,084,015
Employer - Stock --- --- --- --- --- ---
----------- --------- --------- --------- ------- ----------
Total Contributions --- 962,474 618,027 1,099,706 230,889 10,084,015
----------- --------- --------- --------- ------- ----------
Investment Income (Loss):
Net Appreciation
(Depreciation) --- (116,856) (33,480) 16,145 13,425 (8,427,167)
Dividends --- 103,166 --- --- --- 5,490,935
Interest --- 224 14,354 48,285 5,151 2,981
----------- --------- --------- --------- ------- ----------
Total Investment
Income (Loss) --- (13,466) (19,126) 64,430 18,576 (2,933,251)
----------- --------- --------- --------- ------- ----------
Participant Loans 5,328,501 (33,559) (19,620) (85,474) (5,911) (1,218,995)
----------- --------- --------- --------- ------- ----------
Total Increase in Plan
Assets 5,328,501 915,449 579,281 1,078,662 243,554 5,931,769
----------- --------- --------- --------- ------- ----------
Distributions to Participants --- (193,862) (54,918) (279,097) (18,631) (2,829,094)
Interfund Transfers --- 450,458 431,357 116,816 181,669 6,350,450
----------- --------- --------- --------- ------- ----------
Total Increase (Decrease)
in Plan Assets --- 256,596 376,439 (162,281) 163,038 3,521,356
----------- --------- --------- --------- ------- ----------
Net Increase in Plan Assets 5,328,501 1,172,045 955,720 916,381 406,592 9,453,125
Net Assets Available for
Plan Benefits:
Beginning of year 17,902,223 1,362,273 406,660 3,260,486 148,035 36,578,967
----------- --------- --------- --------- ------- ----------
End of year $23,230,724 2,534,318 1,362,380 4,176,867 554,627 46,032,092
=========== ========= ========= ========= ======= ==========
Publix Equity Fixed
Stock Index Income
Fund Fund Fund Total
---- ---- ---- -----
Contributions:
Employee $ 40,507,976 4,018,473 2,562,422 60,083,982
Employer - Stock 13,818,591 --- --- 13,818,591
------------ ---------- ---------- -----------
Total Contributions 54,326,567 4,018,473 2,562,422 73,902,573
------------ ---------- ---------- -----------
Investment Income (Loss):
Net Appreciation
(Depreciation) 14,757,589 (1,421,184) --- 4,788,472
Dividends 1,271,717 --- --- 6,865,818
Interest 388,525 78,873 572,056 1,110,449
------------ ---------- ---------- -----------
Total Investment
Income (Loss) 16,417,831 (1,342,311) 572,056 12,764,739
------------ ---------- ---------- -----------
Participant Loans (4,374,829) (340,067) (345,806) (1,095,760)
------------ ---------- ---------- -----------
Total Increase in Plan
Assets 66,369,569 2,336,095 2,788,672 85,571,552
------------ ---------- ---------- -----------
Distributions to Participants (14,470,055) (1,018,257) (835,634) (19,699,548)
Interfund Transfers (9,223,745) 686,796 1,006,199 ---
------------ ---------- ---------- -----------
Total Increase (Decrease)
in Plan Assets (23,693,800) (331,461) 170,565 (19,699,548)
------------ ---------- ---------- -----------
Net Increase in Plan Assets 42,675,769 2,004,634 2,959,237 65,872,004
Net Assets Available for
Plan Benefits:
Beginning of year 216,004,258 13,904,993 7,265,770 296,833,665
------------ ---------- ---------- -----------
End of year $258,680,027 15,909,627 10,225,007 362,705,669
============ ========== ========== ===========
See accompanying notes to financial statements.
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
----- ---- --------- ----------- ---------- ----
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
---- ---- ---- -----
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
Assets 39,226,693 5,185,127 2,244,671 70,843,531
------------ ---------- --------- -----------
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
============ ========== ========= ===========
See accompanying notes to financial statements.
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Notes to Financial Statements
December 31, 2000 and 1999
(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 Plan document or the Summary Plan Description for specific
Plan provisions.
The Plan, which became effective January 1, 1995, is a voluntary defined
contribution plan subject to the provisions of the Employee Retirement
Income Security Act of 1974, as amended ("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 credited 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 2000 and 1999, eligible employees could contribute
up to 8% of their annual eligible compensation, subject to the
maximum contribution 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 2000 and 1999, 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, which is determined as of the last day of the Plan year
and paid in the subsequent Plan year, was in the form of common stock
of Publix Super Markets, Inc.
(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 $348,131 and $399,494 for
the years ended December 31, 2000 and 1999, 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, total disability or death. Matching contributions
cannot be withdrawn or distributed until vested.
(Continued)
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Notes to Financial Statements
December 31, 2000 and 1999
(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 initiate
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 elections. 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.
-2- (Continued)
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Notes to Financial Statements
December 31, 2000 and 1999
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 to a participant or
his/her beneficiary no later than 60 days after the end of the Plan
year in which the participant reaches age 62. If the beneficiary is
the participant's surviving spouse, such beneficiary may defer
distribution until the participant would have reached age 70 1/2.
(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 based
upon an appraisal 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. Tina P. Johnson is the Trustee responsible for maintaining custody
of the Publix stock component of the Publix Stock Fund. Metropolitan Life
Insurance Company serves as the third-party Plan Administrator. The Plan
administration costs, excluding loan fees, are paid by Publix.
-3- (Continued)
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Notes to Financial Statements
December 31, 2000 and 1999
The Board of Directors approved Plan design changes to the Plan on
December 12, 2000. Effective July 3, 2001, State Street Bank and Trust
Company will replace Chase Manhattan Bank, N.A. as the Primary Trustee.
The Trustee over Publix stock will remain Tina P. Johnson. Effective July
3, 2001, CitiStreet LLC will replace Metropolitan Life Insurance Company
as the third-party Plan Administrator. The Plan administration costs,
excluding loan fees, will continue to be 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 located 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," a mutual fund, 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.
(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
international markets, and 20% invested in U.S. investment-grade
bonds. This is a growth portfolio for use by aggressive investors.
-4- (Continued)
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Notes to Financial Statements
December 31, 2000 and 1999
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 international 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 international 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 growth. 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.
(d) Publix Stock Fund
-----------------
This fund contains participant directed and non-participant directed
contributions (through the Company match) and includes two
components: Publix stock and cash awaiting investment in Publix
stock. Cash awaiting investment in Publix stock is invested in a
short-term fixed income funding vehicle (MetLife guaranteed interest
contract). 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 growth. Because this
fund is not diversified, it may experience wider variation in value
than the other funds described herein.
-5- (Continued)
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Notes to Financial Statements
December 31, 2000 and 1999
(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, 2000 and 1999,
were 6.50% and 5.70%, respectively.
As of December 31, 2000, 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, 1999, 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.
-6- (Continued)
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Notes to Financial Statements
December 31, 2000 and 1999
(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:
December 31,
------------
2000 1999
---- ----
Net assets available for plan benefits
per the financial statements $362,705,669 296,833,665
Amounts allocated to withdrawing
participants (2,292,367) (1,373,082)
Excess contributions (473,846) (298,958)
------------ -----------
Net assets available for plan benefits
per the Form 5500 $359,939,456 295,161,625
============ ===========
The following is a reconciliation of employee contributions and
distributions to participants per the financial statements to the Form
5500:
Year ended
December 31, 2000
-----------------
Employee Contributions
----------------------
Per the financial statements $60,083,982
Less: Excess contributions for year
ended December 31, 2000 (473,846)
Add: Excess contributions for year
ended December 31, 1999 298,958
-----------
Per the Form 5500 $59,909,094
===========
Distributions to Participants
-----------------------------
Per the financial statements $19,699,548
Add: Amounts allocated to withdrawing
participants at December 31, 2000 2,292,367
Less: Amounts allocated to withdrawing
participants at December 31, 1999 (1,373,082)
-----------
Per the Form 5500 $20,618,833
===========
(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.
-7- (Continued)
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Notes to Financial Statements
December 31, 2000 and 1999
(6) Accounting Standards
--------------------
In June 1998, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standard No. 133, "Accounting for Derivative
Instruments and Hedging Activities," (SFAS 133) effective for fiscal years
beginning after June 15, 1999. In June 1999, the Financial Accounting
Standards Board issued Statement of Financial Accounting Standard No. 137,
"Accounting for Derivative Instruments and Hedging Activities - Deferral
of the Effective Date of FASB Statement No. 133" (SFAS 137) which deferred
the effective date of adoption of SFAS 133 for one year. SFAS 133 requires
that derivatives be carried at fair value and provides for hedge
accounting when certain conditions are met. Pursuant to SFAS No. 137, the
Plan is required to adopt SFAS No. 133 effective January 1, 2001. The Plan
Administrator is currently evaluating the effect of adopting SFAS 133 on
the Plan financial statements.
-8-
Schedule 1
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Schedule of Assets Held for Investment Purposes
December 31, 2000
Fair
Number of Market
Name of Issuer and Title of Issue Shares Cost Value
--------------------------------- ------ ---- -----
Marketable:
International Fund
------------------
Templeton Foreign Fund --- $ 2,520,202 2,534,318
Asset Allocation Fund
---------------------
MetLife/UAM TimeStyle Portfolios:
Long-Term TimeStyle Portfolio * --- 1,395,808 1,362,380
Medium-Term TimeStyle Portfolio * --- 3,939,150 4,176,867
Extended Short-Term TimeStyle
Portfolio * --- 547,422 554,627
Aggressive Growth Fund
----------------------
Fidelity Contrafund --- 52,116,628 46,032,092
Equity Index Fund
-----------------
MetLife Stock Market Index
Guarantee Account * --- 15,399,652 15,909,627
Fixed Income Fund
-----------------
MetLife Guaranteed Fixed
Income Account * --- 9,653,066 10,225,007
Non-Marketable:
Publix Stock Fund
-----------------
Common Stock of Publix Super
Markets, Inc. * 5,074,848 188,790,985 244,861,436
Participant Loans 23,230,724 23,230,724
------------ -----------
$297,593,637 348,887,078
============ ===========
* Parties-in-interest
Schedule 2
PUBLIX SUPER MARKETS, INC. 401(k) SMART PLAN
Schedule of Reportable Transactions
Year ended December 31, 2000
Purchase Selling Cost of Net
Asset Price Price Asset Gain
----- ----- ----- ----- ----
Aggressive Growth Fund
----------------------
Fidelity Contrafund $ 45,013,463 27,133,171 26,326,080 807,091
Fixed Income Fund
-----------------
MetLife Guaranteed Fixed
Income Account * 20,611,175 18,223,879 18,223,879 ---
Publix Stock Fund
-----------------
Common Stock of Publix
Super Markets, Inc. * 92,317,726 65,416,301 50,041,441 15,374,860
MetLife guaranteed
interest contract * 149,032,726 149,420,886 149,032,361 388,525
=========== =========== =========== ==========
* Parties-in-interest
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 29, 2001 By: /s/Tina P. Johnson
--------------------------
Tina P. Johnson
Senior Vice President
and Trustee of the 401(k)
SMART Plan - Publix Stock Fund