Publix Super Markets (PUSH) 10-Q 1 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Apr. 01, 2023	Apr. 14, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Amendment Flag	false
Document Period End Date	Apr. 01, 2023
Document Transition Report	false
Document Fiscal Year Focus	2023
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	--12-30
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,339,000,000

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Apr. 01, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 1,561	$ 1,336
Short-term investments	751	566
Trade receivables	1,078	1,106
Inventories	2,399	2,341
Prepaid expenses	81	74
Total current assets	5,870	5,423
Long-term investments	11,429	10,992
Other noncurrent assets	561	561
Operating lease right-of-use assets	3,044	2,979
Property, plant and equipment	19,122	18,688
Accumulated depreciation	(7,785)	(7,596)
Net property, plant and equipment	11,337	11,092
Total assets	32,241	31,047
Current liabilities:
Accounts payable	2,954	2,812
Accrued expenses:
Contributions to retirement plans	324	687
Self-insurance reserves	217	210
Salaries and wages	283	205
Other	529	637
Current portion of long-term debt	22	36
Current portion of operating lease liabilities	359	359
Income taxes	269	226
Total current liabilities	4,957	5,172
Deferred income taxes	668	575
Self-insurance reserves	272	268
Long-term debt	43	43
Operating lease liabilities	2,606	2,573
Finance lease liabilities	432	423
Other noncurrent liabilities	131	141
Total liabilities	9,109	9,195
Common stock related to Employee Stock Ownership Plan (ESOP)	4,664	4,029
Stockholders’ equity:
Common stock of $1 par value. Authorized 4,000 shares; issued 3,347 shares in 2023 and 3,324 shares in 2022	3,347	3,324
Additional paid-in capital	2,004	1,687
Retained earnings	18,355	17,413
Treasury stock at cost, 7 shares in 2023	(99)	0
Accumulated other comprehensive losses	(511)	(609)
Common stock related to ESOP	(4,664)	(4,029)
Total stockholders’ equity	18,432	17,786
Noncontrolling interests	36	37
Total equity	23,132	21,852
Total liabilities and stockholders' equity	$ 32,241	$ 31,047

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Apr. 01, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	4,000	4,000
Common stock, shares issued	3,347	3,324
Treasury Stock, Common, Shares	7	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Revenues:
Sales	$ 14,332	$ 13,241
Other operating income	106	95
Total revenues	14,438	13,336
Costs and expenses:
Cost of merchandise sold	10,528	9,567
Operating and administrative expenses	2,695	2,487
Total costs and expenses	13,223	12,054
Operating profit	1,215	1,282
Investment income	328
Investment (loss)		(523)
Other nonoperating income, net	26	26
Earnings before income tax expense	1,569	785
Income tax expense	328	167
Net earnings	$ 1,241	$ 618
Weighted average shares outstanding	3,328	3,416
Earnings per share	$ 0.37	$ 0.18

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Statement of Comprehensive Income [Abstract]
Net earnings	$ 1,241	$ 618
Other Comprehensive Earnings [Abstract]
Unrealized gain (loss) on debt securities net of income taxes in 2023 and 2022, respectively.	98	(375)
Reclassification adjustment for net realized gain on debt securities net of income taxes in 2022.	0	(1)
Comprehensive earnings	$ 1,339	$ 242

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) on debt securities net of income taxes in 2023 and 2022, respectively.	$ 33,400	$ (127,700)
Reclassification adjustment for net realized gain on debt securities income taxes in 2022.	$ 0	$ (300)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Cash flows from operating activities:
Cash received from customers	$ 14,422	$ 13,329
Cash paid to employees and suppliers	(12,768)	(11,800)
Income taxes paid	(223)	(6)
Self-insured claims paid	(113)	(112)
Dividends and interest received	94	74
Other operating cash receipts	105	94
Other operating cash payments	(8)	(6)
Net cash provided by operating activities	1,509	1,573
Cash flows from investing activities:
Payment for capital expenditures	(492)	(402)
Proceeds from sale of property, plant and equipment	1	18
Payment for investments	(459)	(1,139)
Proceeds from sale and maturity of investments	193	203
Net cash used in investing activities	(757)	(1,320)
Cash flows from financing activities:
Payment for acquisition of common stock	(317)	(538)
Proceeds from sale of common stock	108	101
Dividends paid	(299)	(253)
Repayment of long-term debt	(19)	(15)
Net cash used in financing activities	(527)	(705)
Net increase (decrease) in cash and cash equivalents	225	(452)
Cash and cash equivalents at beginning of period	1,336	1,132
Cash and cash equivalents at end of period	1,561	680
Reconciliation of net earnings to net cash provided by operating activities:
Net earnings	1,241	618
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	222	202
Increase in last-in, first-out (LIFO) reserve	34	32
Retirement contributions paid or payable in common stock	118	113
Deferred income taxes	60	(154)
Loss (gain) on disposal and impairment of long-lived assets	1	(1)
(Gain) loss on investments	(246)	580
Net amortization of investments	15	21
Changes in operating assets and liabilities providing (requiring) cash:
Trade receivables	28	61
Inventories	(92)	15
Other assets	(5)	(2)
Accounts payable and accrued expenses	86	(222)
Income taxes	43	311
Other liabilities	4	(1)
Total adjustments	268	955
Net cash provided by operating activities	$ 1,509	$ 1,573

CONDENSED CONSOLIDATED STATEM_5

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

Condensed Consolidated Statem_6

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

Basis of Presentation (Notes)

Basis of Presentation (Notes)	3 Months Ended
	Apr. 01, 2023
Accounting Policies [Abstract]
Basis of Presentation [Text Block]	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Publix Super Markets, Inc. and subsidiaries (Company) have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting. Accordingly, the accompanying statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these statements include all adjustments that are of a normal and recurring nature necessary to present fairly the Company’s financial position and results of operations. Due to the seasonal nature of the Company’s business, the results of operations for the three months ended April 1, 2023 are not necessarily indicative of the results for the entire 2023 fiscal year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (Annual Report). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 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 billion to 4 billion, effective as of the close of business April 14, 2022. The Articles of Amendment were approved by the Company’s Board of Directors on April 1, 2022. All applicable data, including share and per share amounts, in the condensed consolidated financial statements and accompanying notes have been retroactively adjusted to give effect to the stock split.

Fair Value of Financial Instrum

Fair Value of Financial Instruments (Notes)	3 Months Ended
	Apr. 01, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments [Text Block]	Fair Value of Financial Instruments The fair value of certain of the Company’s financial instruments, including cash and cash equivalents, trade receivables and accounts payable, approximates their respective carrying amounts due to their short-term maturity. The fair value of investments is based on market prices using the following measurement categories: Level 1 – Fair value is determined by using quoted prices in active markets for identical investments. Investments included in this category are equity securities (exchange traded funds). Level 2 – Fair value is determined by using other than quoted prices. By using observable inputs (for example, benchmark yields, interest rates, reported trades and broker dealer quotes), the fair value is determined through processes such as benchmark curves, benchmarking of similar securities and matrix pricing of corporate, government-sponsored agency, state and municipal bonds by using pricing of similar bonds based on coupons, ratings and maturities. Investments included in this category are primarily debt securities (taxable and tax exempt bonds), including restricted investments in taxable bonds held as collateral. Level 3 – Fair value is determined by using other than observable inputs. Fair value is determined by using the best information available in the circumstances and requires significant management judgment or estimation. No investments are currently included in this category. Following is a summary of fair value measurements for investments as of April 1, 2023 and December 31, 2022: Fair Value Level 1 Level 2 Level 3 (Amounts are in millions) April 1, 2023 $ 12,180 2,331 9,849 — December 31, 2022 11,558 2,137 9,421 —

Investments (Notes)

Investments (Notes)	3 Months Ended
	Apr. 01, 2023
Investments, Debt and Equity Securities [Abstract]
Investments [Text Block]	Investments (a) Debt Securities Following is a summary of debt securities as of April 1, 2023 and December 31, 2022: Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Amounts are in millions) April 1, 2023 Taxable bonds $ 9,931 10 703 9,238 Tax exempt bonds 30 — — 30 Restricted investments 187 — 4 183 $ 10,148 10 707 9,451 December 31, 2022 Taxable bonds $ 9,705 6 830 8,881 Tax exempt bonds 37 — — 37 Restricted investments 170 — 4 166 $ 9,912 6 834 9,084 The Company maintains restricted investments primarily for the benefit of the Company’s insurance carrier related to self-insurance reserves. These investments are held as collateral and not used for claim payments. Following is a summary of the cost and fair value of debt securities by expected maturity as of April 1, 2023 and December 31, 2022: April 1, 2023 December 31, 2022 Cost Fair Value Cost Fair Value (Amounts are in millions) Due in one year or less $ 758 751 570 566 Due after one year through five years 8,681 8,064 8,355 7,661 Due after five years through ten years 707 634 985 855 Due after ten years 2 2 2 2 $ 10,148 9,451 9,912 9,084 The Company had no debt securities with credit losses as of April 1, 2023 and December 31, 2022. Following is a summary of debt securities with other unrealized losses by the time period impaired as of April 1, 2023 and December 31, 2022: Less Than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (Amounts are in millions) April 1, 2023 Taxable bonds $ 1,303 15 7,223 688 8,526 703 Restricted investments 168 2 15 2 183 4 $ 1,471 17 7,238 690 8,709 707 December 31, 2022 Taxable bonds $ 3,705 199 4,627 631 8,332 830 Restricted investments 151 2 15 2 166 4 $ 3,856 201 4,642 633 8,498 834 There are 448 debt securities contributing to the total unrealized losses of $707 million as of April 1, 2023. Unrealized losses related to debt securities are primarily due to increases in interest rates that occurred since the debt securities were purchased. The Company continues to receive scheduled principal and interest payments on these debt securities. (b) Equity Securities Equity securities are measured at fair value with net unrealized gains and losses from changes in the fair value recognized in earnings (fair value adjustment). The fair value of equity securities was $2.7 billion and $2.5 billion as of April 1, 2023 and December 31, 2022, respectively. (c) Investment Income (Loss) Net realized gain or loss on investments represents the difference between the cost and the proceeds from the sale of debt and equity securities. The net realized gain or loss on investments excludes the net gain or loss on the sale of equity securities previously recognized through the fair value adjustment, which is presented separately in the following table. Following is a summary of investment income (loss) for the three months ended April 1, 2023 and March 26, 2022: Three Months Ended April 1, 2023 March 26, 2022 (Amounts are in millions) Interest and dividend income $ 82 57 Net realized gain on investments — 1 82 58 Fair value adjustment, due to net unrealized gain (loss), on equity securities held at end of period 246 (581) $ 328 (523)

Consolidation of Joint Ventures

Consolidation of Joint Ventures and Long-Term Debt (Notes)	3 Months Ended
	Apr. 01, 2023
Consolidation Of Joint Ventures And Long Term Debt [Abstract]
Consolidation Of Joint Ventures And Long-Term Debt [Text Block]	Consolidation of Joint Ventures and Long-Term Debt From time to time, the Company enters into a joint venture (JV), in the legal form of a limited liability company, with real estate developers to partner in the development of a shopping center with the Company as the anchor tenant. The Company consolidates certain of these JVs in which it has a controlling financial interest. As of April 1, 2023 and December 31, 2022, the carrying amounts of the assets and liabilities of the consolidated JVs were $136 million and $40 million, respectively. The assets are owned by and the liabilities are obligations of the JVs, not the Company, except for a portion of the long-term debt of certain JVs guaranteed by the Company. The JVs are financed with capital contributions from the members, loans and/or the cash flows generated by the JV owned shopping centers once in operation. Total earnings attributable to noncontrolling interests for 2023 and 2022 were immaterial. The Company’s involvement with these JVs does not have a significant effect on the Company’s financial condition, results of operations or cash flows. The Company’s long-term debt results primarily from the consolidation of loans of certain JVs and loans assumed in connection with the acquisition of certain shopping centers with the Company as the anchor tenant. No loans were assumed during the three months ended April 1, 2023 or March 26, 2022. Maturities of JV loans range from June 2023 through April 2027 and have variable interest rates based on a London Interbank Offered Rate (LIBOR) index plus 200 to 210 basis points. Maturities of assumed shopping center loans range from July 2023 through January 2027 and have fixed interest rates ranging from 4.0% to 7.5%.

Retirement Plan (Notes)

Retirement Plan (Notes)	3 Months Ended
	Apr. 01, 2023
Retirement Benefits [Abstract]
Retirement Plan [Text Block]	Retirement PlanThe Company has a trusteed, noncontributory Employee Stock Ownership Plan (ESOP) for the benefit of eligible employees. Since the Company’s common stock is not traded on an established securities market, the ESOP includes a put option for shares of the Company’s common stock distributed from the ESOP. Shares are distributed from the ESOP primarily to separated vested participants and certain eligible participants who elect to diversify their account balances. Under the Company’s administration of the ESOP’s put option, if the owners of distributed shares desire to sell their shares, the Company is required to purchase the shares at fair value for a specified time period after distribution of the shares from the ESOP. The fair value of distributed shares subject to the put option totaled $914 million and $629 million as of April 1, 2023 and December 31, 2022, respectively. The cost of the shares held by the ESOP totaled $3.8 billion and $3.4 billion as of April 1, 2023 and December 31, 2022, respectively. Due to the Company’s obligation under the put option, the distributed shares subject to the put option and the shares held by the ESOP are classified as temporary equity in the mezzanine section of the condensed consolidated balance sheets and totaled $4.7 billion and $4.0 billion as of April 1, 2023 and December 31, 2022, respectively. The fair value of the shares held by the ESOP totaled $11.3 billion and $10.2 billion as of April 1, 2023 and December 31, 2022, respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Earnings (Losses) (Notes)	3 Months Ended
	Apr. 01, 2023
Equity [Abstract]
Accumulated Other Comprehensive Earnings (Losses) [Text Block]	Accumulated Other Comprehensive Earnings (Losses) Following is a reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the three months ended April 1, 2023 and March 26, 2022: Investments Postretirement Benefit Accumulated Other Comprehensive Earnings (Losses) (Amounts are in millions) 2023 Balances at December 31, 2022 $ (618) 9 (609) Unrealized gain on debt securities 98 — 98 Net other comprehensive earnings 98 — 98 Balances at April 1, 2023 $ (520) 9 (511) 2022 Balances at December 25, 2021 $ 7 (12) (5) Unrealized loss on debt securities (375) — (375) Net realized gain on debt securities reclassified to investment income (1) — (1) Net other comprehensive losses (376) — (376) Balances at March 26, 2022 $ (369) (12) (381)

Subsequent Event (Notes)

Subsequent Event (Notes)	3 Months Ended
	Apr. 01, 2023
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent EventOn April 3, 2023, the Company declared a quarterly dividend on its common stock of $0.10 per share or $334 million, payable May 1, 2023 to stockholders of record as of the close of business April 14, 2023.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Apr. 01, 2023
Accounting Policies [Abstract]
Basis of Presentation [Policy Text Block]	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Publix Super Markets, Inc. and subsidiaries (Company) have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial reporting. Accordingly, the accompanying statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these statements include all adjustments that are of a normal and recurring nature necessary to present fairly the Company’s financial position and results of operations. Due to the seasonal nature of the Company’s business, the results of operations for the three months ended April 1, 2023 are not necessarily indicative of the results for the entire 2023 fiscal year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (Annual Report). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Stock Split [Text Block]	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 billion to 4 billion, effective as of the close of business April 14, 2022. The Articles of Amendment were approved by the Company’s Board of Directors on April 1, 2022. All applicable data, including share and per share amounts, in the condensed consolidated financial statements and accompanying notes have been retroactively adjusted to give effect to the stock split.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Apr. 01, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments [Table Text Block]	Following is a summary of fair value measurements for investments as of April 1, 2023 and December 31, 2022: Fair Value Level 1 Level 2 Level 3 (Amounts are in millions) April 1, 2023 $ 12,180 2,331 9,849 — December 31, 2022 11,558 2,137 9,421 —

Investments (Tables)

Investments (Tables)	3 Months Ended
	Apr. 01, 2023
Investments, Debt and Equity Securities [Abstract]
Available For Sale Debt Securities [Table Text Block]	Following is a summary of debt securities as of April 1, 2023 and December 31, 2022: Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Amounts are in millions) April 1, 2023 Taxable bonds $ 9,931 10 703 9,238 Tax exempt bonds 30 — — 30 Restricted investments 187 — 4 183 $ 10,148 10 707 9,451 December 31, 2022 Taxable bonds $ 9,705 6 830 8,881 Tax exempt bonds 37 — — 37 Restricted investments 170 — 4 166 $ 9,912 6 834 9,084
Amortized Cost and Fair Value of Available For Sale Debt Securities by Expected Maturity [Table Text Block]	Following is a summary of the cost and fair value of debt securities by expected maturity as of April 1, 2023 and December 31, 2022: April 1, 2023 December 31, 2022 Cost Fair Value Cost Fair Value (Amounts are in millions) Due in one year or less $ 758 751 570 566 Due after one year through five years 8,681 8,064 8,355 7,661 Due after five years through ten years 707 634 985 855 Due after ten years 2 2 2 2 $ 10,148 9,451 9,912 9,084
Available For Sale Debt Securities in an Unrealized Loss Position by Time Period Impaired [Table Text Block]	Following is a summary of debt securities with other unrealized losses by the time period impaired as of April 1, 2023 and December 31, 2022: Less Than 12 Months 12 Months or Longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (Amounts are in millions) April 1, 2023 Taxable bonds $ 1,303 15 7,223 688 8,526 703 Restricted investments 168 2 15 2 183 4 $ 1,471 17 7,238 690 8,709 707 December 31, 2022 Taxable bonds $ 3,705 199 4,627 631 8,332 830 Restricted investments 151 2 15 2 166 4 $ 3,856 201 4,642 633 8,498 834
Investment Income (Loss) [Table Text Block]	Following is a summary of investment income (loss) for the three months ended April 1, 2023 and March 26, 2022: Three Months Ended April 1, 2023 March 26, 2022 (Amounts are in millions) Interest and dividend income $ 82 57 Net realized gain on investments — 1 82 58 Fair value adjustment, due to net unrealized gain (loss), on equity securities held at end of period 246 (581) $ 328 (523)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Earnings (Losses) (Tables)	3 Months Ended
	Apr. 01, 2023
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Earnings (Losses) [Table Text Block]	Following is a reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the three months ended April 1, 2023 and March 26, 2022: Investments Postretirement Benefit Accumulated Other Comprehensive Earnings (Losses) (Amounts are in millions) 2023 Balances at December 31, 2022 $ (618) 9 (609) Unrealized gain on debt securities 98 — 98 Net other comprehensive earnings 98 — 98 Balances at April 1, 2023 $ (520) 9 (511) 2022 Balances at December 25, 2021 $ 7 (12) (5) Unrealized loss on debt securities (375) — (375) Net realized gain on debt securities reclassified to investment income (1) — (1) Net other comprehensive losses (376) — (376) Balances at March 26, 2022 $ (369) (12) (381)

Basis of Presentation (Details)

Basis of Presentation (Details) shares in Millions	Apr. 01, 2022 shares	Apr. 01, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares	Apr. 14, 2022 $ / shares shares
Accounting Policies [Abstract]
Stockholders' Equity Note, Stock Split, Conversion Ratio	5
Common stock, par value | $ / shares		$ 1	$ 1	$ 1
Common stock, shares authorized | shares	1,000	4,000	4,000	4,000

Fair Value Measurements for Inv

Fair Value Measurements for Investments (Details) - USD ($) $ in Millions	Apr. 01, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 12,180	$ 11,558
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	2,331	2,137
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	9,849	9,421
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 Millions	3 Months Ended	12 Months Ended
	Apr. 01, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 10,148	$ 9,912
Unrealized Gains	10	6
Unrealized Losses	707	834
Fair Value	9,451	9,084
Taxable bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	9,931	9,705
Unrealized Gains	10	6
Unrealized Losses	703	830
Fair Value	9,238	8,881
Tax exempt bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	30	37
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	30	37
Restricted investments [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	187	170
Unrealized Gains	0	0
Unrealized Losses	4	4
Fair Value	$ 183	$ 166

Amortized Cost and Fair Value o

Amortized Cost and Fair Value of Available for Sale Securities by Expected Maturity (Details) - USD ($) $ in Millions	Apr. 01, 2023	Dec. 31, 2022
Amortized Cost [Abstract]
Due in one year or less	$ 758	$ 570
Due after one year through five years	8,681	8,355
Due after five years through ten years	707	985
Due after ten years	2	2
Total amortized cost	10,148	9,912
Fair Value [Abstract]
Due in one year or less	751	566
Due after one year through five years	8,064	7,661
Due after five years through ten years	634	855
Due after ten years	2	2
Total fair value	$ 9,451	$ 9,084

Investments Allowance for Credi

Investments Allowance for Credit Losses (Details) - USD ($)	Apr. 01, 2023	Dec. 31, 2022
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 Millions	Apr. 01, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	$ 1,471	$ 3,856
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	17	201
Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value	7,238	4,642
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	690	633
Unrealized Loss Position, Fair Value	8,709	8,498
Unrealized Loss Position, Accumulated Loss	707	834
Taxable bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	1,303	3,705
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	15	199
Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value	7,223	4,627
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	688	631
Unrealized Loss Position, Fair Value	8,526	8,332
Unrealized Loss Position, Accumulated Loss	703	830
Restricted investments [Member]
Debt Securities, Available-for-sale [Line Items]
Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	168	151
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	2	2
Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value	15	15
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	2	2
Unrealized Loss Position, Fair Value	183	166
Unrealized Loss Position, Accumulated Loss	$ 4	$ 4

Investments - Additional Inform

Investments - Additional Information (Details) $ in Millions	Apr. 01, 2023 USD ($) AFS_security	Dec. 31, 2022 USD ($)
Debt Securities, Available-for-Sale, Unrealized Gain (Loss) [Abstract]
Number of debt securities issues contributing to total unrealized losses | AFS_security	448
Total, Unrealized Losses | $	$ 707	$ 834

Investments Equity Securities (

Investments Equity Securities (Details) - USD ($) $ in Millions	Apr. 01, 2023	Dec. 31, 2022
Equity Securities [Line Items]
Equity Securities	$ 2,700	$ 2,500

Investment Income (Details)

Investment Income (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
Investment Income, Net [Abstract]
Interest and dividend income	$ 82	$ 57
Net realized gain on investments	0	1
Investment income before fair value adjustment	82	58
Fair value adjustment, due to net unrealized gain (loss), on equity securities held at end of period	246	(581)
Investment income	$ 328
Investment (loss)		$ 523

Consolidation of Joint Ventur_2

Consolidation of Joint Ventures and Long-Term Debt Joint Venture - Additional Information (Details) - USD ($) $ in Millions	Apr. 01, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Assets	$ 32,241	$ 31,047
Liabilities	9,109	9,195
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Assets	136	136
Liabilities	$ 40	$ 40

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
	Apr. 01, 2023	Mar. 26, 2022
Debt Instrument [Line Items]
Loans Assumed	$ 0	$ 0
JV Loans [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Month And Year	June 2023
Debt Instrument, Basis Spread on Variable Rate	2%
JV Loans [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Month And Year	April 2027
Debt Instrument, Basis Spread on Variable Rate	2.10%
Shopping Center Loans [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument Maturity Month And Year	July 2023
Debt Instrument, Interest Rate, Stated Percentage	4%
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 ($) $ in Millions	Apr. 01, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Distributed shares subject to put option, fair value	$ 914	$ 629
ESOP, shares cost	3,800	3,400
Common stock related to ESOP	4,664	4,029
ESOP shares, fair value	$ 11,300	$ 10,200

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Earnings (Losses) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 01, 2023	Mar. 26, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at Beginning of Period	$ (609)	$ (5)
Unrealized gain (loss) on debt securities	98	(375)
Net realized gain on debt securities reclassified to investment income	0	(1)
Net other comprehensive earnings	98	(376)
Balances at End of Period	(511)	(381)
Investments [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at Beginning of Period	(618)	7
Unrealized gain (loss) on debt securities	98	(375)
Net realized gain on debt securities reclassified to investment income		(1)
Net other comprehensive earnings	98	(376)
Balances at End of Period	(520)	(369)
Postretirement Benefit Obligation [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at Beginning of Period	9	(12)
Net other comprehensive earnings	0	0
Balances at End of Period	$ 9	$ (12)

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions	May 01, 2023	Apr. 14, 2023	Apr. 03, 2023
Subsequent Event [Line Items]
Dividends Payable, Date Declared			Apr. 03, 2023
Common Stock, Dividends, Per Share, Declared			$ 0.10
Dividends, Common Stock, Cash			$ 334
Dividends Payable, Date to be Paid	May 01, 2023
Dividends Payable, Date of Record		Apr. 14, 2023