Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 30, 2024 | Apr. 15, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Amendment Flag | false | |
Document Period End Date | Mar. 30, 2024 | |
Document Transition Report | false | |
Document Fiscal Year Focus | 2024 | |
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 | --12-28 | |
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 | 3,306,000,000 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Mar. 30, 2024 | Dec. 30, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 756 | $ 865 |
Short-term investments | 2,322 | 1,899 |
Trade receivables | 1,293 | 1,174 |
Inventories | 2,431 | 2,462 |
Prepaid expenses | 85 | 82 |
Total current assets | 6,887 | 6,482 |
Long-term investments | 12,445 | 11,867 |
Other noncurrent assets | 760 | 730 |
Operating lease right-of-use assets | 3,128 | 3,121 |
Property, plant and equipment | 20,943 | 20,393 |
Accumulated depreciation | (8,399) | (8,209) |
Net property, plant and equipment | 12,544 | 12,184 |
Total assets | 35,764 | 34,384 |
Current liabilities: | ||
Accounts payable | 3,077 | 2,931 |
Accrued expenses: | ||
Contributions to retirement plans | 338 | 730 |
Self-insurance reserves | 271 | 263 |
Salaries and wages | 339 | 226 |
Other | 624 | 537 |
Current portion of long-term debt | 17 | 17 |
Current portion of operating lease liabilities | 358 | 361 |
Income taxes | 252 | 217 |
Total current liabilities | 5,276 | 5,282 |
Deferred income taxes | 849 | 764 |
Self-insurance reserves | 269 | 263 |
Long-term debt | 41 | 42 |
Operating lease liabilities | 2,608 | 2,624 |
Finance lease liabilities | 609 | 536 |
Other noncurrent liabilities | 212 | 202 |
Total liabilities | 9,864 | 9,713 |
Common stock related to Employee Stock Ownership Plan (ESOP) | 4,835 | 4,220 |
Stockholders’ equity: | ||
Common stock of $1 par value. Authorized 4,000 shares; issued 3,316 shares in 2024 and 3,294 shares in 2023 | 3,316 | 3,294 |
Additional paid-in capital | 2,323 | 2,005 |
Retained earnings | 20,778 | 19,741 |
Treasury stock at cost, 9 shares in 2024 | (133) | 0 |
Accumulated other comprehensive losses | (419) | (404) |
Common stock related to ESOP | (4,835) | (4,220) |
Total stockholders’ equity | 21,030 | 20,416 |
Noncontrolling interests | 35 | 35 |
Total equity | 25,900 | 24,671 |
Total liabilities and stockholders' equity | $ 35,764 | $ 34,384 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions | Mar. 30, 2024 | Dec. 30, 2023 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 4,000 | 4,000 |
Common stock, shares issued | 3,316 | 3,294 |
Treasury Stock, Common, Shares | 9 | 0 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Revenues: | ||
Sales | $ 15,054 | $ 14,332 |
Other operating income | 108 | 106 |
Total revenues | 15,162 | 14,438 |
Costs and expenses: | ||
Cost of merchandise sold | 11,159 | 10,528 |
Operating and administrative expenses | 2,808 | 2,695 |
Total costs and expenses | 13,967 | 13,223 |
Operating profit | 1,195 | 1,215 |
Investment income | 495 | 328 |
Other nonoperating income, net | 32 | 26 |
Earnings before income tax expense | 1,722 | 1,569 |
Income tax expense | 356 | 328 |
Net earnings | $ 1,366 | $ 1,241 |
Weighted average shares outstanding | 3,297 | 3,328 |
Earnings per share | $ 0.41 | $ 0.37 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $ 1,366 | $ 1,241 |
Other Comprehensive Earnings (Losses) [Abstract] | ||
Unrealized gain (loss) on debt securities net of income taxes | (15) | 98 |
Comprehensive earnings | $ 1,351 | $ 1,339 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Unrealized gain (loss) on debt securities income taxes | $ (4,800) | $ 33,400 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Cash flows from operating activities: | ||
Cash received from customers | $ 15,048 | $ 14,422 |
Cash paid to employees and suppliers | (13,244) | (12,768) |
Income taxes paid | (205) | (223) |
Self-insured claims paid | (131) | (113) |
Dividends and interest received | 110 | 94 |
Other operating cash receipts | 106 | 105 |
Other operating cash payments | (9) | (8) |
Net cash provided by operating activities | 1,675 | 1,509 |
Cash flows from investing activities: | ||
Payment for capital expenditures | (576) | (492) |
Proceeds from sale of property, plant and equipment | 9 | 1 |
Payment for investments | (1,050) | (459) |
Proceeds from sale and maturity of investments | 452 | 193 |
Net cash used in investing activities | (1,165) | (757) |
Cash flows from financing activities: | ||
Payment for acquisition of common stock | (394) | (317) |
Proceeds from sale of common stock | 110 | 108 |
Dividends paid | (329) | (299) |
Repayment of long-term debt | (6) | (19) |
Net cash used in financing activities | (619) | (527) |
Net (decrease) increase in cash and cash equivalents | (109) | 225 |
Cash and cash equivalents at beginning of period | 865 | 1,336 |
Cash and cash equivalents at end of period | 756 | 1,561 |
Reconciliation of net earnings to net cash provided by operating activities: | ||
Net earnings | 1,366 | 1,241 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 243 | 222 |
Increase in last-in, first-out (LIFO) reserve | 9 | 34 |
Retirement contributions paid or payable in common stock | 130 | 118 |
Deferred income taxes | 90 | 60 |
(Gain) loss on disposal and impairment of long-lived assets | (6) | 1 |
Gain on investments | (387) | (246) |
Net amortization of investments | 6 | 15 |
Changes in operating assets and liabilities providing (requiring) cash: | ||
Trade receivables | (119) | 28 |
Inventories | 22 | (92) |
Other assets | 21 | (5) |
Accounts payable and accrued expenses | 257 | 86 |
Income taxes | 35 | 43 |
Other liabilities | 8 | 4 |
Total adjustments | 309 | 268 |
Net cash provided by operating activities | $ 1,675 | $ 1,509 |
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. 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) |
Beginning Balance at Dec. 30, 2023 | 20,416 | 3,294 | 2,005 | 19,741 | 0 | (404) | (4,220) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Comprehensive earnings | 1,351 | 1,366 | (15) | ||||
Dividends per share | (329) | (329) | |||||
Contribution of shares to retirement plans | 491 | 22 | 312 | 157 | |||
Acquisition of shares from stockholders | (394) | (394) | |||||
Sale of shares to stockholders | 110 | 0 | 6 | 104 | |||
Change for ESOP related shares | (615) | (615) | |||||
Ending Balance at Mar. 30, 2024 | $ 21,030 | $ 3,316 | $ 2,323 | $ 20,778 | $ (133) | $ (419) | $ (4,835) |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) (Parentheticals) - $ / shares shares in Millions | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Statements of Stockholders' Equity (Parenthetical) [Abstract] | ||
Dividends per share | $ 0.10 | $ 0.09 |
Contribution of shares to retirement plans | 32 | 31 |
Acquisition of shares from stockholders | 26 | 23 |
Sale of shares to stockholders | 7 | 8 |
Basis of Presentation (Notes)
Basis of Presentation (Notes) | 3 Months Ended |
Mar. 30, 2024 | |
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 30, 2024 may not necessarily be indicative of the results for the entire 2024 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 30, 2023 (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. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments (Notes) | 3 Months Ended |
Mar. 30, 2024 | |
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 (primarily 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 and government-sponsored agency bonds by using pricing of similar bonds based on coupons, ratings and maturities. Investments included in this category are debt securities (primarily 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 30, 2024 and December 30, 2023: Fair Value Level 1 Level 2 Level 3 (Amounts are in millions) March 30, 2024 $ 14,767 3,062 11,705 — December 30, 2023 13,766 2,665 11,101 — |
Investments (Notes)
Investments (Notes) | 3 Months Ended |
Mar. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments [Text Block] | Investments (a) Debt Securities Following is a summary of debt securities as of March 30, 2024 and December 30, 2023: Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Amounts are in millions) March 30, 2024 Taxable bonds $ 12,093 14 584 11,523 Restricted investments 184 — 2 182 $ 12,277 14 586 11,705 December 30, 2023 Taxable bonds $ 11,467 23 574 10,916 Restricted investments 186 2 3 185 $ 11,653 25 577 11,101 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 March 30, 2024 and December 30, 2023: March 30, 2024 December 30, 2023 Cost Fair Value Cost Fair Value (Amounts are in millions) Due in one year or less $ 2,341 2,322 1,906 1,899 Due after one year through five years 9,241 8,688 9,404 8,853 Due after five years through ten years 694 694 327 333 Due after ten years 1 1 16 16 $ 12,277 11,705 11,653 11,101 The Company had no debt securities with credit losses as of March 30, 2024 and December 30, 2023. Following is a summary of debt securities with other unrealized losses by the time period impaired as of March 30, 2024 and December 30, 2023: 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) March 30, 2024 Taxable bonds $ 1,635 7 7,876 577 9,511 584 Restricted investments 59 — 62 2 121 2 $ 1,694 7 7,938 579 9,632 586 December 30, 2023 Taxable bonds $ 1,276 2 7,845 572 9,121 574 Restricted investments 30 1 76 2 106 3 $ 1,306 3 7,921 574 9,227 577 There were 466 debt securities contributing to the total unrealized losses of $586 million as of March 30, 2024. 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 $3.1 billion and $2.7 billion as of March 30, 2024 and December 30, 2023, 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. The Company had no net realized gain or loss on investments during the three months ended March 30, 2024 and April 1, 2023. Following is a summary of investment income for the three months ended March 30, 2024 and April 1, 2023: Three Months Ended March 30, 2024 April 1, 2023 (Amounts are in millions) Interest and dividend income $ 108 82 Fair value adjustment, due to net unrealized gain, on equity securities held at end of period 387 246 $ 495 328 |
Retirement Plan (Notes)
Retirement Plan (Notes) | 3 Months Ended |
Mar. 30, 2024 | |
Retirement Benefits [Abstract] | |
Retirement Plan [Text Block] | Retirement Plan |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Earnings (Losses) (Notes) | 3 Months Ended |
Mar. 30, 2024 | |
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 March 30, 2024 and April 1, 2023: Investments Postretirement Benefit Accumulated Other Comprehensive Earnings (Losses) (Amounts are in millions) 2024 Balances at December 30, 2023 $ (412) 8 (404) Unrealized loss on debt securities (15) — (15) Net other comprehensive losses (15) — (15) Balances at March 30, 2024 $ (427) 8 (419) 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) |
Subsequent Event (Notes)
Subsequent Event (Notes) | 3 Months Ended |
Mar. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Event On April 1, 2024, the Company declared a quarterly dividend on its common stock of $0.1075 per share or $355 million, payable May 1, 2024 to stockholders of record as of the close of business April 15, 2024. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 30, 2024 | |
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 30, 2024 may not necessarily be indicative of the results for the entire 2024 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 30, 2023 (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. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 30, 2024 | |
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 30, 2024 and December 30, 2023: Fair Value Level 1 Level 2 Level 3 (Amounts are in millions) March 30, 2024 $ 14,767 3,062 11,705 — December 30, 2023 13,766 2,665 11,101 — |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Available For Sale Debt Securities [Table Text Block] | Following is a summary of debt securities as of March 30, 2024 and December 30, 2023: Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Amounts are in millions) March 30, 2024 Taxable bonds $ 12,093 14 584 11,523 Restricted investments 184 — 2 182 $ 12,277 14 586 11,705 December 30, 2023 Taxable bonds $ 11,467 23 574 10,916 Restricted investments 186 2 3 185 $ 11,653 25 577 11,101 |
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 March 30, 2024 and December 30, 2023: March 30, 2024 December 30, 2023 Cost Fair Value Cost Fair Value (Amounts are in millions) Due in one year or less $ 2,341 2,322 1,906 1,899 Due after one year through five years 9,241 8,688 9,404 8,853 Due after five years through ten years 694 694 327 333 Due after ten years 1 1 16 16 $ 12,277 11,705 11,653 11,101 |
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 30, 2024 and December 30, 2023: 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) March 30, 2024 Taxable bonds $ 1,635 7 7,876 577 9,511 584 Restricted investments 59 — 62 2 121 2 $ 1,694 7 7,938 579 9,632 586 December 30, 2023 Taxable bonds $ 1,276 2 7,845 572 9,121 574 Restricted investments 30 1 76 2 106 3 $ 1,306 3 7,921 574 9,227 577 |
Investment Income (Loss) [Table Text Block] | Following is a summary of investment income for the three months ended March 30, 2024 and April 1, 2023: Three Months Ended March 30, 2024 April 1, 2023 (Amounts are in millions) Interest and dividend income $ 108 82 Fair value adjustment, due to net unrealized gain, on equity securities held at end of period 387 246 $ 495 328 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Earnings (Losses) (Tables) | 3 Months Ended |
Mar. 30, 2024 | |
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 March 30, 2024 and April 1, 2023: Investments Postretirement Benefit Accumulated Other Comprehensive Earnings (Losses) (Amounts are in millions) 2024 Balances at December 30, 2023 $ (412) 8 (404) Unrealized loss on debt securities (15) — (15) Net other comprehensive losses (15) — (15) Balances at March 30, 2024 $ (427) 8 (419) 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) |
Fair Value Measurements for Inv
Fair Value Measurements for Investments (Details) - USD ($) $ in Millions | Mar. 30, 2024 | Dec. 30, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | $ 14,767 | $ 13,766 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 3,062 | 2,665 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments | 11,705 | 11,101 |
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 |
Mar. 30, 2024 | Dec. 30, 2023 | |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 12,277 | $ 11,653 |
Unrealized Gains | 14 | 25 |
Unrealized Losses | 586 | 577 |
Fair Value | 11,705 | 11,101 |
Taxable bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 12,093 | 11,467 |
Unrealized Gains | 14 | 23 |
Unrealized Losses | 584 | 574 |
Fair Value | 11,523 | 10,916 |
Restricted investments [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 184 | 186 |
Unrealized Gains | 0 | 2 |
Unrealized Losses | 2 | 3 |
Fair Value | $ 182 | $ 185 |
Amortized Cost and Fair Value o
Amortized Cost and Fair Value of Available for Sale Securities by Expected Maturity (Details) - USD ($) $ in Millions | Mar. 30, 2024 | Dec. 30, 2023 |
Amortized Cost [Abstract] | ||
Due in one year or less | $ 2,341 | $ 1,906 |
Due after one year through five years | 9,241 | 9,404 |
Due after five years through ten years | 694 | 327 |
Due after ten years | 1 | 16 |
Total amortized cost | 12,277 | 11,653 |
Fair Value [Abstract] | ||
Due in one year or less | 2,322 | 1,899 |
Due after one year through five years | 8,688 | 8,853 |
Due after five years through ten years | 694 | 333 |
Due after ten years | 1 | 16 |
Total fair value | $ 11,705 | $ 11,101 |
Investments Allowance for Credi
Investments Allowance for Credit Losses (Details) - USD ($) | Mar. 30, 2024 | Dec. 30, 2023 |
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 | Mar. 30, 2024 | Dec. 30, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | $ 1,694 | $ 1,306 |
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 7 | 3 |
Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 7,938 | 7,921 |
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 579 | 574 |
Unrealized Loss Position, Fair Value | 9,632 | 9,227 |
Unrealized Loss Position, Accumulated Loss | 586 | 577 |
Taxable bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 1,635 | 1,276 |
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 7 | 2 |
Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 7,876 | 7,845 |
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 577 | 572 |
Unrealized Loss Position, Fair Value | 9,511 | 9,121 |
Unrealized Loss Position, Accumulated Loss | 584 | 574 |
Restricted investments [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 59 | 30 |
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 1 |
Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 62 | 76 |
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 2 | 2 |
Unrealized Loss Position, Fair Value | 121 | 106 |
Unrealized Loss Position, Accumulated Loss | $ 2 | $ 3 |
Investments - Additional Inform
Investments - Additional Information (Details) $ in Millions | Mar. 30, 2024 USD ($) AFS_security | Dec. 30, 2023 USD ($) |
Debt Securities, Available-for-Sale, Unrealized Gain (Loss) [Abstract] | ||
Number of debt securities issues contributing to total unrealized losses | AFS_security | 466 | |
Total, Unrealized Losses | $ | $ 586 | $ 577 |
Investments Equity Securities (
Investments Equity Securities (Details) - USD ($) $ in Millions | Mar. 30, 2024 | Dec. 30, 2023 |
Equity Securities [Line Items] | ||
Equity Securities | $ 3,100 | $ 2,700 |
Investment Income (Details)
Investment Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
Investment Income, Net [Abstract] | ||
Interest and dividend income | $ 108 | $ 82 |
Fair value adjustment, due to net unrealized gain, on equity securities held at end of period | 387 | 246 |
Investment income | $ 495 | $ 328 |
Retirement Plan - Additional In
Retirement Plan - Additional Information (Details) - USD ($) $ in Millions | Mar. 30, 2024 | Dec. 30, 2023 |
Retirement Benefits [Abstract] | ||
Distributed shares subject to put option, fair value | $ 827 | $ 604 |
ESOP, shares cost | 4,000 | 3,600 |
Common stock related to ESOP | 4,835 | 4,220 |
ESOP shares, fair value | $ 11,400 | $ 11,200 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Earnings (Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 30, 2024 | Apr. 01, 2023 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balances at Beginning of Period | $ (404) | $ (609) |
Unrealized gain (loss) on debt securities | (15) | 98 |
Net other comprehensive losses | (15) | 98 |
Balances at End of Period | (419) | (511) |
Investments [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balances at Beginning of Period | (412) | (618) |
Unrealized gain (loss) on debt securities | (15) | 98 |
Net other comprehensive losses | (15) | 98 |
Balances at End of Period | (427) | (520) |
Postretirement Benefit Obligation [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balances at Beginning of Period | 8 | 9 |
Net other comprehensive losses | 0 | 0 |
Balances at End of Period | $ 8 | $ 9 |
Subsequent Event (Details)
Subsequent Event (Details) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions | May 01, 2024 | Apr. 15, 2024 | Apr. 01, 2024 |
Subsequent Event [Line Items] | |||
Dividends Payable, Date Declared | Apr. 01, 2024 | ||
Common Stock, Dividends, Per Share, Declared | $ 0.1075 | ||
Dividends, Common Stock, Cash | $ 355 | ||
Dividends Payable, Date to be Paid | May 01, 2024 | ||
Dividends Payable, Date of Record | Apr. 15, 2024 |