Publix Super Markets (PUSH) 10-Q 2 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 26, 2022	Apr. 13, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Amendment Flag	false
Document Period End Date	Mar. 26, 2022
Document Transition Report	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
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	--12-31
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		683,255,000

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 26, 2022	Dec. 25, 2021
Current assets:
Cash and cash equivalents	$ 679,816	$ 1,131,901
Short-term investments	905,060	883,066
Trade receivables	842,069	903,570
Inventories	2,007,275	2,054,394
Prepaid expenses	80,777	131,655
Total current assets	4,514,997	5,104,586
Long-term investments	12,534,245	12,768,411
Other noncurrent assets	507,210	445,120
Operating lease right-of-use assets	2,897,144	2,950,460
Property, plant and equipment	17,662,221	17,305,064
Accumulated depreciation	(7,204,449)	(7,049,294)
Net property, plant and equipment	10,457,772	10,255,770
Total assets	30,911,368	31,524,347
Current liabilities:
Accounts payable	2,566,290	2,594,976
Accrued expenses:
Contributions to retirement plans	316,817	661,046
Self-insurance reserves	197,403	191,477
Salaries and wages	250,761	215,617
Other	691,034	764,365
Current portion of long-term debt	43,898	39,168
Current portion of operating lease liabilities	355,025	355,066
Income taxes	251,680	0
Total current liabilities	4,672,908	4,821,715
Deferred income taxes	748,763	1,030,677
Self-insurance reserves	251,905	248,913
Long-term debt	82,746	98,185
Operating lease liabilities	2,516,022	2,570,421
Finance lease liabilities	450,874	411,620
Other noncurrent liabilities	170,823	304,951
Total liabilities	8,894,041	9,486,482
Common stock related to Employee Stock Ownership Plan (ESOP)	4,426,439	3,825,128
Stockholders’ equity:
Common stock of $1 par value. Authorized 1,000,000 shares; issued 687,577 shares in 2022 and 683,680 shares in 2021	687,577	683,680
Additional paid-in capital	4,561,214	4,291,484
Retained earnings	17,390,611	17,025,406
Treasury stock at cost, 4,118 shares in 2022	(283,338)	0
Accumulated other comprehensive losses	(380,552)	(5,421)
Common stock related to ESOP	(4,426,439)	(3,825,128)
Total stockholders’ equity	17,549,073	18,170,021
Noncontrolling interests	41,815	42,716
Total equity	22,017,327	22,037,865
Total liabilities and stockholders' equity	$ 30,911,368	$ 31,524,347

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 26, 2022	Dec. 25, 2021
Statement of Financial Position [Abstract]
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	687,577,000	683,680,000
Treasury stock at cost, shares	4,118,000	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Revenues:
Sales	$ 13,240,630	$ 11,665,299
Other operating income	94,917	94,936
Total revenues	13,335,547	11,760,235
Costs and expenses:
Cost of merchandise sold	9,566,429	8,383,222
Operating and administrative expenses	2,487,211	2,325,409
Total costs and expenses	12,053,640	10,708,631
Operating profit	1,281,907	1,051,604
Investment (loss)	(522,976)
Investment income		841,009
Other nonoperating income, net	25,964	14,637
Earnings before income tax expense	784,895	1,907,250
Income tax expense	166,869	412,157
Net earnings	$ 618,026	$ 1,495,093
Weighted average shares outstanding	683,165	691,235
Earnings per share	$ 0.90	$ 2.16

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Statement of Comprehensive Income [Abstract]
Net earnings	$ 618,026	$ 1,495,093
Other Comprehensive Earnings [Abstract]
Unrealized loss on debt securities net of income taxes in 2022 and 2021, respectively.	(374,643)	(103,548)
Reclassification adjustment for net realized gain on debt securities net of income taxes in 2022 and 2021, respectively.	(826)	(5,583)
Adjustment to postretirement benefit obligation net of income taxes in 2022 and 2021, respectively.	338	1,379
Comprehensive earnings	$ 242,895	$ 1,387,341

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Statement of Comprehensive Income [Abstract]
Unrealized loss on debt securities income taxes in 2022 and 2021, respectively.	$ (127,659)	$ (35,287)
Reclassification adjustment for net realized gain on debt securities income taxes in 2022 and 2021, respectively.	(282)	(1,904)
Adjustment to postretirement benefit obligation income taxes in 2022 and 2021, respectively	$ 115	$ 470

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Cash flows from operating activities:
Cash received from customers	$ 13,329,586	$ 11,770,839
Cash paid to employees and suppliers	(11,800,135)	(10,315,725)
Income taxes paid	(6,097)	(23,464)
Self-insured claims paid	(112,215)	(100,347)
Dividends and interest received	73,830	69,002
Other operating cash receipts	94,173	94,083
Other operating cash payments	(5,889)	(6,091)
Net cash provided by operating activities	1,573,253	1,488,297
Cash flows from investing activities:
Payment for capital expenditures	(401,982)	(345,933)
Proceeds from sale of property, plant and equipment	18,126	1,403
Payment for investments	(1,138,916)	(627,866)
Proceeds from sale and maturity of investments	202,846	265,360
Net cash used in investing activities	(1,319,926)	(707,036)
Cash flows from financing activities:
Payment for acquisition of common stock	(537,681)	(340,092)
Proceeds from sale of common stock	100,843	90,882
Dividends paid	(252,821)	(220,975)
Repayment of long-term debt	(14,978)	(3,986)
Other, net	(775)	(1,514)
Net cash used in financing activities	(705,412)	(475,685)
Net (decrease) increase in cash and cash equivalents	(452,085)	305,576
Cash and cash equivalents at beginning of period	1,131,901	673,483
Cash and cash equivalents at end of period	679,816	979,059
Reconciliation of net earnings to net cash provided by operating activities:
Net earnings	618,026	1,495,093
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	202,294	192,241
Increase in last-in, first-out (LIFO) reserve	32,207	11,291
Retirement contributions paid or payable in common stock	112,796	106,140
Deferred income taxes	(154,088)	163,276
(Gain) loss on disposal and impairment of long-lived assets	(962)	11,485
Loss (gain) on investments	579,730	(792,339)
Net amortization of investments	21,212	19,373
Changes in operating assets and liabilities providing (requiring) cash:
Trade receivables	61,494	86,223
Inventories	14,912	(29,842)
Other assets	(1,940)	5,169
Accounts payable and accrued expenses	(221,989)	(5,754)
Income taxes	310,956	220,740
Other liabilities	(1,395)	5,201
Total adjustments	955,227	(6,796)
Net cash provided by operating activities	$ 1,573,253	$ 1,488,297

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS EQUITY CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	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. 26, 2020	$ 15,757,218	$ 690,982	$ 4,005,969	$ 14,343,865	$ 0	$ 200,951	$ (3,484,549)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive earnings	1,387,341			1,495,093		(107,752)
Dividends per share	(220,975)			(220,975)
Contribution of shares to retirement plans	408,569	4,743	285,438		118,388
Acquisition of shares from stockholders	(340,092)				(340,092)
Sale of shares to stockholders	90,882	0	5		90,877
Change for ESOP related shares	(560,684)						(560,684)
Ending Balance at Mar. 27, 2021	16,522,259	695,725	4,291,412	15,617,983	(130,827)	93,199	(4,045,233)
Beginning Balance at Dec. 25, 2021	18,170,021	683,680	4,291,484	17,025,406	0	(5,421)	(3,825,128)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive earnings	242,895			618,026		(375,131)
Dividends per share	(252,821)			(252,821)
Contribution of shares to retirement plans	427,127	3,897	269,764		153,466
Acquisition of shares from stockholders	(537,681)				(537,681)
Sale of shares to stockholders	100,843	0	(34)		100,877
Change for ESOP related shares	(601,311)						(601,311)
Ending Balance at Mar. 26, 2022	$ 17,549,073	$ 687,577	$ 4,561,214	$ 17,390,611	$ (283,338)	$ (380,552)	$ (4,426,439)

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) (Parentheticals) - $ / shares shares in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Statements of Stockholders' Equity (Parenthetical) [Abstract]
Dividends per share	$ 0.37	$ 0.32
Contribution of shares to retirement plans	6,208	6,786
Acquisition of shares from stockholders	7,901	5,731
Sale of shares to stockholders	1,472	1,515

Basis of Presentation (Notes)

Basis of Presentation (Notes)	3 Months Ended
	Mar. 26, 2022
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 months ended March 26, 2022 are not necessarily indicative of the results for the entire 2022 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 25, 2021. 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.

Fair Value of Financial Instrum

Fair Value of Financial Instruments (Notes)	3 Months Ended
	Mar. 26, 2022
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 (tax exempt and taxable bonds), including restricted investments in taxable bonds held as collateral. Level 3 – Fair value is determined by using other than observable inputs. Fair value is determined by using the best information available in the circumstances and requires significant management judgment or estimation. No investments are currently included in this category. Following is a summary of fair value measurements for investments as of March 26, 2022 and December 25, 2021: Fair Value Level 1 Level 2 Level 3 (Amounts are in thousands) March 26, 2022 $ 13,439,305 2,525,527 10,913,778 — December 25, 2021 13,651,477 2,159,365 11,492,112 —

Investments (Notes)

Investments (Notes)	3 Months Ended
	Mar. 26, 2022
Investments, Debt and Equity Securities [Abstract]
Investments [Text Block]	Investments (a) Debt Securities Following is a summary of debt securities as of March 26, 2022 and December 25, 2021: Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Amounts are in thousands) March 26, 2022 Tax exempt bonds $ 229,832 151 142 229,841 Taxable bonds 10,153,631 14,721 510,023 9,658,329 Restricted investments 165,194 2,662 1,367 166,489 $ 10,548,657 17,534 511,532 10,054,659 December 25, 2021 Tax exempt bonds $ 268,899 2,351 — 271,250 Taxable bonds 9,644,692 108,697 108,906 9,644,483 Restricted investments 170,769 7,629 359 178,039 $ 10,084,360 118,677 109,265 10,093,772 The Company maintains restricted investments primarily for the benefit of the Company’s insurance carrier related to self-insurance reserves. These investments are held as collateral and not used for claim payments. The cost and fair value of debt securities by expected maturity as of March 26, 2022 and December 25, 2021 are as follows: March 26, 2022 December 25, 2021 Cost Fair Value Cost Fair Value (Amounts are in thousands) Due in one year or less $ 902,854 905,060 875,740 883,066 Due after one year through five years 6,986,259 6,707,998 6,353,221 6,403,573 Due after five years through ten years 2,656,820 2,438,840 2,852,531 2,804,131 Due after ten years 2,724 2,761 2,868 3,002 $ 10,548,657 10,054,659 10,084,360 10,093,772 The Company had no debt securities with credit losses as of March 26, 2022 and December 25, 2021. Following is a summary of debt securities with other unrealized losses by the time period impaired as of March 26, 2022 and December 25, 2021: Less Than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (Amounts are in thousands) March 26, 2022 Tax exempt bonds $ 89,564 142 — — 89,564 142 Taxable bonds 5,959,756 331,921 1,867,847 178,102 7,827,603 510,023 Restricted investments 7,037 575 8,988 792 16,025 1,367 $ 6,056,357 332,638 1,876,835 178,894 7,933,192 511,532 December 25, 2021 Taxable bonds $ 4,225,323 72,862 1,131,942 36,044 5,357,265 108,906 Restricted investments 17,115 359 — — 17,115 359 $ 4,242,438 73,221 1,131,942 36,044 5,374,380 109,265 There are 370 debt securities contributing to the total unrealized losses of $511,532,000 as of March 26, 2022. 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 $3,384,646,000 and $3,557,705,000 as of March 26, 2022 and December 25, 2021, respectively. (c) Investment Income (Loss) Net realized gain on investments represents the difference between the cost and the proceeds from the sale of debt and equity securities. The net realized gain on investments excludes the net gain or loss on the sale of equity securities previously recognized through the fair value adjustment, which is presented separately in the following table. Following is a summary of investment (loss) income for the three months ended March 26, 2022 and March 27, 2021: Three Months Ended March 26, 2022 March 27, 2021 (Amounts are in thousands) Interest and dividend income $ 56,754 48,670 Net realized gain on investments 1,108 7,489 57,862 56,159 Fair value adjustment, due to net unrealized (loss) gain, on equity securities held at end of period (580,838) 784,850 $ (522,976) 841,009

Consolidation of Joint Ventures

Consolidation of Joint Ventures and Long-Term Debt (Notes)	3 Months Ended
	Mar. 26, 2022
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 certain real estate developers to partner in the development of a shopping center with the Company as the anchor tenant. The Company consolidates certain of these JVs in which it has a controlling financial interest. As of March 26, 2022, the carrying amounts of the assets and liabilities of the consolidated JVs were $183,056,000 and $75,362,000, respectively. As of December 25, 2021, the carrying amounts of the assets and liabilities of the consolidated JVs were $194,493,000 and $76,027,000, respectively. 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 2022 and 2021 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 three months ended March 26, 2022 or March 27, 2021. Maturities of JV loans range from January 2023 through April 2027 and have variable interest rates based on a London Interbank Offered Rate (LIBOR) index or Secured Overnight Financing Rate (SOFR) index plus 205 to 250 basis points. Maturities of assumed shopping center loans range from November 2022 through January 2027 and have fixed interest rates ranging from 3.7% to 7.5%.

Retirement Plan (Notes)

Retirement Plan (Notes)	3 Months Ended
	Mar. 26, 2022
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 $894,207,000 and $608,089,000 as of March 26, 2022 and December 25, 2021, respectively. The cost of the shares held by the ESOP totaled $3,532,232,000 and $3,217,039,000 as of March 26, 2022 and December 25, 2021, 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 $4,426,439,000 and $3,825,128,000 as of March 26, 2022 and December 25, 2021, respectively. The fair value of the shares held by the ESOP totaled $11,172,710,000 and $10,855,152,000 as of March 26, 2022 and December 25, 2021, respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Earnings (Losses) (Notes)	3 Months Ended
	Mar. 26, 2022
Equity [Abstract]
Accumulated Other Comprehensive Earnings (Losses) [Text Block]	Accumulated Other Comprehensive Earnings (Losses) A reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the three months ended March 26, 2022 and March 27, 2021 is as follows: Investments Postretirement Benefit Accumulated Other Comprehensive Earnings (Losses) (Amounts are in thousands) 2022 Balances at December 25, 2021 $ 7,054 (12,475) (5,421) Unrealized loss on debt securities (374,643) — (374,643) Net realized gain on debt securities reclassified to investment income (826) — (826) Adjustment to postretirement benefit obligation — 338 338 Net other comprehensive (losses) earnings (375,469) 338 (375,131) Balances at March 26, 2022 $ (368,415) (12,137) (380,552) 2021 Balances at December 26, 2020 $ 223,904 (22,953) 200,951 Unrealized loss on debt securities (103,548) — (103,548) Net realized gain on debt securities reclassified to investment income (5,583) — (5,583) Adjustment to postretirement benefit obligation — 1,379 1,379 Net other comprehensive (losses) earnings (109,131) 1,379 (107,752) Balances at March 27, 2021 $ 114,773 (21,574) 93,199

Subsequent Event (Notes)

Subsequent Event (Notes)	3 Months Ended
	Mar. 26, 2022
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent Event On April 1, 2022, the Company filed Articles of Amendment to its Restated Articles of Incorporation in order to effect a 5-for-1 stock split of the Company’s common stock, par value $1.00 per share (Common Stock), and an increase in the number of authorized shares of Common Stock from 1,000,000,000 to 4,000,000,000 shares, effective as of the close of business April 14, 2022. In accordance with Section 607.10025 of the Florida Business Corporation Act, the Articles of Amendment were approved by the Company’s Board of Directors on April 1, 2022 without the need for stockholder approval. On April 1, 2022, the Company declared a post-split quarterly dividend on its common stock of $0.09 per share or $307,400,000, payable May 2, 2022 to stockholders of record as of the close of business April 15, 2022. The post-split quarterly dividend of $0.09 per share is equivalent to a pre-split quarterly dividend of $0.45 per share.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 26, 2022
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 months ended March 26, 2022 are not necessarily indicative of the results for the entire 2022 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 25, 2021. 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.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 26, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments [Table Text Block]	Following is a summary of fair value measurements for investments as of March 26, 2022 and December 25, 2021: Fair Value Level 1 Level 2 Level 3 (Amounts are in thousands) March 26, 2022 $ 13,439,305 2,525,527 10,913,778 — December 25, 2021 13,651,477 2,159,365 11,492,112 —

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 26, 2022
Investments, Debt and Equity Securities [Abstract]
Available For Sale Debt Securities [Table Text Block]	Following is a summary of debt securities as of March 26, 2022 and December 25, 2021: Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Amounts are in thousands) March 26, 2022 Tax exempt bonds $ 229,832 151 142 229,841 Taxable bonds 10,153,631 14,721 510,023 9,658,329 Restricted investments 165,194 2,662 1,367 166,489 $ 10,548,657 17,534 511,532 10,054,659 December 25, 2021 Tax exempt bonds $ 268,899 2,351 — 271,250 Taxable bonds 9,644,692 108,697 108,906 9,644,483 Restricted investments 170,769 7,629 359 178,039 $ 10,084,360 118,677 109,265 10,093,772
Amortized Cost and Fair Value of Available For Sale Debt Securities by Expected Maturity [Table Text Block]	The cost and fair value of debt securities by expected maturity as of March 26, 2022 and December 25, 2021 are as follows: March 26, 2022 December 25, 2021 Cost Fair Value Cost Fair Value (Amounts are in thousands) Due in one year or less $ 902,854 905,060 875,740 883,066 Due after one year through five years 6,986,259 6,707,998 6,353,221 6,403,573 Due after five years through ten years 2,656,820 2,438,840 2,852,531 2,804,131 Due after ten years 2,724 2,761 2,868 3,002 $ 10,548,657 10,054,659 10,084,360 10,093,772
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 March 26, 2022 and December 25, 2021: Less Than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (Amounts are in thousands) March 26, 2022 Tax exempt bonds $ 89,564 142 — — 89,564 142 Taxable bonds 5,959,756 331,921 1,867,847 178,102 7,827,603 510,023 Restricted investments 7,037 575 8,988 792 16,025 1,367 $ 6,056,357 332,638 1,876,835 178,894 7,933,192 511,532 December 25, 2021 Taxable bonds $ 4,225,323 72,862 1,131,942 36,044 5,357,265 108,906 Restricted investments 17,115 359 — — 17,115 359 $ 4,242,438 73,221 1,131,942 36,044 5,374,380 109,265
Investment Income (Loss) [Table Text Block]	Following is a summary of investment (loss) income for the three months ended March 26, 2022 and March 27, 2021: Three Months Ended March 26, 2022 March 27, 2021 (Amounts are in thousands) Interest and dividend income $ 56,754 48,670 Net realized gain on investments 1,108 7,489 57,862 56,159 Fair value adjustment, due to net unrealized (loss) gain, on equity securities held at end of period (580,838) 784,850 $ (522,976) 841,009

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Earnings (Losses) (Tables)	3 Months Ended
	Mar. 26, 2022
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Earnings (Losses) [Table Text Block]	A reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the three months ended March 26, 2022 and March 27, 2021 is as follows: Investments Postretirement Benefit Accumulated Other Comprehensive Earnings (Losses) (Amounts are in thousands) 2022 Balances at December 25, 2021 $ 7,054 (12,475) (5,421) Unrealized loss on debt securities (374,643) — (374,643) Net realized gain on debt securities reclassified to investment income (826) — (826) Adjustment to postretirement benefit obligation — 338 338 Net other comprehensive (losses) earnings (375,469) 338 (375,131) Balances at March 26, 2022 $ (368,415) (12,137) (380,552) 2021 Balances at December 26, 2020 $ 223,904 (22,953) 200,951 Unrealized loss on debt securities (103,548) — (103,548) Net realized gain on debt securities reclassified to investment income (5,583) — (5,583) Adjustment to postretirement benefit obligation — 1,379 1,379 Net other comprehensive (losses) earnings (109,131) 1,379 (107,752) Balances at March 27, 2021 $ 114,773 (21,574) 93,199

Fair Value Measurements for Inv

Fair Value Measurements for Investments (Details) - USD ($) $ in Thousands	Mar. 26, 2022	Dec. 25, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 13,439,305	$ 13,651,477
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	2,525,527	2,159,365
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	10,913,778	11,492,112
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 0	$ 0

Available for Sale Debt Securit

Available for Sale Debt Securities Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 26, 2022	Dec. 25, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 10,548,657	$ 10,084,360
Unrealized Gains	17,534	118,677
Unrealized Losses	511,532	109,265
Fair Value	10,054,659	10,093,772
Tax exempt bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	229,832	268,899
Unrealized Gains	151	2,351
Unrealized Losses	142	0
Fair Value	229,841	271,250
Taxable bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	10,153,631	9,644,692
Unrealized Gains	14,721	108,697
Unrealized Losses	510,023	108,906
Fair Value	9,658,329	9,644,483
Restricted investments [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	165,194	170,769
Unrealized Gains	2,662	7,629
Unrealized Losses	1,367	359
Fair Value	$ 166,489	$ 178,039

Amortized Cost and Fair Value o

Amortized Cost and Fair Value of Available for Sale Securities by Expected Maturity (Details) - USD ($) $ in Thousands	Mar. 26, 2022	Dec. 25, 2021
Amortized Cost [Abstract]
Due in one year or less	$ 902,854	$ 875,740
Due after one year through five years	6,986,259	6,353,221
Due after five years through ten years	2,656,820	2,852,531
Due after ten years	2,724	2,868
Total amortized cost	10,548,657	10,084,360
Fair Value [Abstract]
Due in one year or less	905,060	883,066
Due after one year through five years	6,707,998	6,403,573
Due after five years through ten years	2,438,840	2,804,131
Due after ten years	2,761	3,002
Total fair value	$ 10,054,659	$ 10,093,772

Investments Allowance for Credi

Investments Allowance for Credit Losses (Details) - USD ($) $ in Thousands	Mar. 26, 2022	Dec. 25, 2021
Credit Loss [Abstract]
Debt Securities, Available-for-sale, Allowance for Credit Losses	$ 0	$ 0

Temporarily Impaired Available

Temporarily Impaired Available for Sale Debt Securities by Time Period Impaired (Details) - USD ($) $ in Thousands	Mar. 26, 2022	Dec. 25, 2021
Debt Securities, Available-for-sale [Line Items]
Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	$ 6,056,357	$ 4,242,438
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	332,638	73,221
Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value	1,876,835	1,131,942
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	178,894	36,044
Unrealized Loss Position, Fair Value	7,933,192	5,374,380
Unrealized Loss Position, Accumulated Loss	511,532	109,265
Tax exempt bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	89,564	0
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	142	0
Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value	0	0
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	0	0
Unrealized Loss Position, Fair Value	89,564	0
Unrealized Loss Position, Accumulated Loss	142	0
Taxable bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	5,959,756	4,225,323
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	331,921	72,862
Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value	1,867,847	1,131,942
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	178,102	36,044
Unrealized Loss Position, Fair Value	7,827,603	5,357,265
Unrealized Loss Position, Accumulated Loss	510,023	108,906
Restricted investments [Member]
Debt Securities, Available-for-sale [Line Items]
Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	7,037	17,115
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	575	359
Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value	8,988	0
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	792	0
Unrealized Loss Position, Fair Value	16,025	17,115
Unrealized Loss Position, Accumulated Loss	$ 1,367	$ 359

Investments - Additional Inform

Investments - Additional Information (Details) $ in Thousands	Mar. 26, 2022USD ($)AFS_security	Dec. 25, 2021USD ($)
Debt Securities, Available-for-sale, Unrealized Gain (Loss) [Abstract]
Number of debt securities issues contributing to total unrealized losses | AFS_security	370
Total, Unrealized Losses | $	$ 511,532	$ 109,265

Investments Equity Securities (

Investments Equity Securities (Details) - USD ($)	Mar. 26, 2022	Dec. 25, 2021
Equity Securities [Line Items]
Equity Securities	$ 3,384,646,000	$ 3,557,705,000

Investment Income (Details)

Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Investment Income, Net [Abstract]
Interest and dividend income	$ 56,754	$ 48,670
Net realized gain on investments	1,108	7,489
Investment income before fair value adjustment	57,862	56,159
Fair value adjustment, due to net unrealized (loss) gain, on equity securities held at end of period	(580,838)	784,850
Investment (loss)	$ (522,976)
Investment income		$ 841,009

Consolidation of Joint Ventur_2

Consolidation of Joint Ventures and Long-Term Debt Joint Venture - Additional Information (Details) - USD ($)	Mar. 26, 2022	Dec. 25, 2021
Variable Interest Entity [Line Items]
Assets	$ 30,911,368,000	$ 31,524,347,000
Liabilities	8,894,041,000	9,486,482,000
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Assets	183,056,000	194,493,000
Liabilities	$ 75,362,000	$ 76,027,000

Consolidation of Joint Ventur_3

Consolidation of Joint Ventures and Long-Term Debt Long-Term Debt Assumptions, Maturities and Interest Rates (Details) - USD ($)	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
Debt Instrument [Line Items]
Loans Assumed	$ 0	$ 0
JV Loans [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Month And Year	January 2023
Debt Instrument, Basis Spread on Variable Rate	2.05%
JV Loans [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Month And Year	April 2027
Debt Instrument, Basis Spread on Variable Rate	2.50%
Shopping Center Loans [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Month And Year	November 2022
Debt Instrument, Interest Rate, Stated Percentage	3.70%
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%

Retirement Plan - Additional In

Retirement Plan - Additional Information (Details) - USD ($)	Mar. 26, 2022	Dec. 25, 2021
Retirement Benefits [Abstract]
Distributed shares subject to put option, fair value	$ 894,207,000	$ 608,089,000
ESOP, shares cost	3,532,232,000	3,217,039,000
Common stock related to ESOP	4,426,439,000	3,825,128,000
ESOP shares, fair value	$ 11,172,710,000	$ 10,855,152,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Earnings (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2022	Mar. 27, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at Beginning of Period	$ (5,421)	$ 200,951
Unrealized loss on debt securities	(374,643)	(103,548)
Net realized gain on debt securities reclassified to investment income	(826)	(5,583)
Adjustment to postretirement benefit obligation	338	1,379
Net other comprehensive (losses) earnings	(375,131)	(107,752)
Balances at End of Period	(380,552)	93,199
Investments [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at Beginning of Period	7,054	223,904
Unrealized loss on debt securities	(374,643)	(103,548)
Net realized gain on debt securities reclassified to investment income	(826)	(5,583)
Net other comprehensive (losses) earnings	(375,469)	(109,131)
Balances at End of Period	(368,415)	114,773
Postretirement Benefit Obligation [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at Beginning of Period	(12,475)	(22,953)
Adjustment to postretirement benefit obligation	338	1,379
Net other comprehensive (losses) earnings	338	1,379
Balances at End of Period	$ (12,137)	$ (21,574)

Subsequent Event (Details)

Subsequent Event (Details)	May 02, 2022	Apr. 15, 2022	Apr. 14, 2022$ / sharesshares	Apr. 01, 2022USD ($)$ / shares	Mar. 26, 2022$ / sharesshares	Dec. 25, 2021$ / sharesshares
Subsequent Event [Line Items]
Common stock, par value					$ 1	$ 1
Common Stock, Shares Authorized | shares					1,000,000,000	1,000,000,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Stockholders' Equity Note, Stock Split, Conversion Ratio				5
Common stock, par value			$ 1
Stockholders' Equity Note, Changes in Capital Structure, Subsequent Changes to Number of Common Shares | shares			4,000,000,000
Dividends Payable, Date Declared				Apr. 1, 2022
Common Stock, Dividends, Per Share, Declared				$ 0.09
Dividends, Common Stock, Cash | $				$ 307,400,000
Dividends Payable, Date to be Paid	May 2, 2022
Dividends Payable, Date of Record		Apr. 15, 2022
Common Stock, Dividends, Per Share, Declared, Pre-Split				$ 0.45