Publix Super Markets (PUSH) 10-Q 1 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 29, 2024	Jul. 15, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Amendment Flag	false
Document Period End Date	Jun. 29, 2024
Document Transition Report	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
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		3,283,000,000

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Current assets:
Cash and cash equivalents	$ 485	$ 865
Short-term investments	2,547	1,899
Trade receivables	1,148	1,174
Inventories	2,449	2,462
Prepaid expenses	169	82
Total current assets	6,798	6,482
Long-term investments	12,130	11,867
Other noncurrent assets	803	730
Operating lease right-of-use assets	3,122	3,121
Property, plant and equipment	21,492	20,393
Accumulated depreciation	(8,593)	(8,209)
Net property, plant and equipment	12,899	12,184
Total assets	35,752	34,384
Current liabilities:
Accounts payable	2,809	2,931
Accrued expenses:
Contributions to retirement plans	479	730
Self-insurance reserves	279	263
Salaries and wages	432	226
Other	604	537
Current portion of long-term debt	11	17
Current portion of operating lease liabilities	356	361
Income taxes	30	217
Total current liabilities	5,000	5,282
Deferred income taxes	869	764
Self-insurance reserves	275	263
Long-term debt	40	42
Operating lease liabilities	2,602	2,624
Finance lease liabilities	614	536
Other noncurrent liabilities	209	202
Total liabilities	9,609	9,713
Common stock related to Employee Stock Ownership Plan (ESOP)	4,615	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	21,394	19,741
Treasury stock at cost, 33 shares in 2024	(519)	0
Accumulated other comprehensive losses	(406)	(404)
Common stock related to ESOP	(4,615)	(4,220)
Total stockholders’ equity	21,493	20,416
Noncontrolling interests	35	35
Total equity	26,143	24,671
Total liabilities and stockholders' equity	$ 35,752	$ 34,384

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Jun. 29, 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	33	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Revenues:
Sales	$ 14,523	$ 14,086	$ 29,577	$ 28,418
Other operating income	113	103	221	209
Total revenues	14,636	14,189	29,798	28,627
Costs and expenses:
Cost of merchandise sold	10,805	10,380	21,964	20,908
Operating and administrative expenses	2,779	2,739	5,587	5,434
Total costs and expenses	13,584	13,119	27,551	26,342
Operating profit	1,052	1,070	2,247	2,285
Investment income	151	299	646	627
Other nonoperating income, net	29	32	61	58
Earnings before income tax expense	1,232	1,401	2,954	2,970
Income tax expense	260	304	616	632
Net earnings	$ 972	$ 1,097	$ 2,338	$ 2,338
Weighted average shares outstanding	3,296	3,332	3,296	3,330
Earnings per share	$ 0.29	$ 0.33	$ 0.71	$ 0.70

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 29, 2024	Mar. 30, 2024	Jul. 01, 2023	Apr. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Statement of Comprehensive Income [Abstract]
Net earnings	$ 972		$ 1,097		$ 2,338	$ 2,338
Other Comprehensive Earnings (Losses) [Abstract]
Unrealized gain (loss) on debt securities net of income taxes	13		(65)		(2)	33
Comprehensive earnings	$ 985	$ 1,351	$ 1,032	$ 1,339	$ 2,336	$ 2,371

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) on debt securities income taxes	$ 4,500	$ (22,100)	$ (300)	$ 11,300

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Cash flows from operating activities:
Cash received from customers	$ 29,744	$ 28,577
Cash paid to employees and suppliers	(26,398)	(25,368)
Income taxes paid	(743)	(605)
Self-insured claims paid	(289)	(256)
Dividends and interest received	216	188
Other operating cash receipts	220	208
Other operating cash payments	(18)	(14)
Net cash provided by operating activities	2,732	2,730
Cash flows from investing activities:
Payment for capital expenditures	(1,199)	(884)
Proceeds from sale of property, plant and equipment	17	11
Payment for investments	(1,766)	(1,160)
Proceeds from sale and maturity of investments	1,209	620
Net cash used in investing activities	(1,739)	(1,413)
Cash flows from financing activities:
Payment for acquisition of common stock	(815)	(575)
Proceeds from sale of common stock	145	146
Dividends paid	(685)	(633)
Repayment of long-term debt	(18)	(28)
Net cash used in financing activities	(1,373)	(1,090)
Net (decrease) increase in cash and cash equivalents	(380)	227
Cash and cash equivalents at beginning of period	865	1,336
Cash and cash equivalents at end of period	485	1,563
Reconciliation of net earnings to net cash provided by operating activities:
Net earnings	2,338	2,338
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	494	447
Increase in last-in, first-out (LIFO) reserve	15	70
Retirement contributions paid or payable in common stock	257	238
Deferred income taxes	105	100
Gain on disposal and impairment of long-lived assets	(9)	(7)
Gain on investments	(430)	(455)
Net amortization of investments	10	29
Changes in operating assets and liabilities providing (requiring) cash:
Trade receivables	26	34
Inventories	(2)	(75)
Other assets	14	13
Accounts payable and accrued expenses	161	85
Income taxes	(261)	(96)
Other liabilities	14	9
Total adjustments	394	392
Net cash provided by operating activities	$ 2,732	$ 2,730

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. 31, 2022	17,786	3,324	1,687	17,413	0	(609)	(4,029)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive earnings	2,371
Ending Balance at Jul. 01, 2023	19,183	3,347	2,004	19,118	(319)	(576)	(4,391)
Beginning Balance at Apr. 01, 2023	18,432	3,347	2,004	18,355	(99)	(511)	(4,664)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive earnings	1,032			1,097		(65)
Dividends per share	(334)			(334)
Acquisition of shares from stockholders	(258)				(258)
Sale of shares to stockholders	38	0	0		38
Change for ESOP related shares	273						273
Ending Balance at Jul. 01, 2023	19,183	3,347	2,004	19,118	(319)	(576)	(4,391)
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)
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	2,336
Ending Balance at Jun. 29, 2024	21,493	3,316	2,323	21,394	(519)	(406)	(4,615)
Beginning Balance at Mar. 30, 2024	21,030	3,316	2,323	20,778	(133)	(419)	(4,835)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive earnings	985			972		13
Dividends per share	(356)			(356)
Acquisition of shares from stockholders	(421)				(421)
Sale of shares to stockholders	35	0	0		35
Change for ESOP related shares	220						220
Ending Balance at Jun. 29, 2024	$ 21,493	$ 3,316	$ 2,323	$ 21,394	$ (519)	$ (406)	$ (4,615)

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) (Parentheticals) - $ / shares shares in Millions	3 Months Ended
	Jun. 29, 2024	Mar. 30, 2024	Jul. 01, 2023	Apr. 01, 2023
Statements of Stockholders' Equity (Parenthetical) [Abstract]
Dividends per share	$ 0.1075	$ 0.10	$ 0.10	$ 0.09
Contribution of shares to retirement plans	0	32	0	31
Acquisition of shares from stockholders	26	26	17	23
Sale of shares to stockholders	2	7	2	8

Basis of Presentation (Notes)

Basis of Presentation (Notes)	6 Months Ended
	Jun. 29, 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 and six months ended June 29, 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)	6 Months Ended
	Jun. 29, 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 June 29, 2024 and December 30, 2023: Fair Value Level 1 Level 2 Level 3 (Amounts are in millions) June 29, 2024 $ 14,677 3,114 11,563 — December 30, 2023 13,766 2,665 11,101 —

Investments (Notes)

Investments (Notes)	6 Months Ended
	Jun. 29, 2024
Investments, Debt and Equity Securities [Abstract]
Investments [Text Block]	Investments (a) Debt Securities Following is a summary of debt securities as of June 29, 2024 and December 30, 2023: Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Amounts are in millions) June 29, 2024 Taxable bonds $ 11,932 10 562 11,380 Restricted investments 185 — 2 183 $ 12,117 10 564 11,563 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 June 29, 2024 and December 30, 2023: June 29, 2024 December 30, 2023 Cost Fair Value Cost Fair Value (Amounts are in millions) Due in one year or less $ 2,580 2,547 1,906 1,899 Due after one year through five years 8,501 7,985 9,404 8,853 Due after five years through ten years 1,025 1,020 327 333 Due after ten years 11 11 16 16 $ 12,117 11,563 11,653 11,101 The Company had no debt securities with credit losses as of June 29, 2024 and December 30, 2023. Following is a summary of debt securities with other unrealized losses by the time period impaired as of June 29, 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) June 29, 2024 Taxable bonds $ 1,704 6 8,164 556 9,868 562 Restricted investments 105 — 46 2 151 2 $ 1,809 6 8,210 558 10,019 564 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 525 debt securities contributing to the total unrealized losses of $564 million as of June 29, 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 June 29, 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, which is presented separately in the following table. Following is a summary of investment income for the three and six months ended June 29, 2024 and July 1, 2023: Three Months Ended Six Months Ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 (Amounts are in millions) Interest and dividend income $ 108 90 216 172 Net realized gain on investments — 134 — 134 108 224 216 306 Fair value adjustment, due to net unrealized gain, on equity securities held at end of period 43 123 430 369 Net gain on sale of equity securities previously recognized through fair value adjustment — (48) — (48) $ 151 299 646 627

Retirement Plan (Notes)

Retirement Plan (Notes)	6 Months Ended
	Jun. 29, 2024
Retirement Benefits [Abstract]
Retirement Plan [Text Block]	Retirement Plan

Accumulated Other Comprehensive

Accumulated Other Comprehensive Earnings (Losses) (Notes)	6 Months Ended
	Jun. 29, 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 June 29, 2024 and July 1, 2023: Investments Postretirement Benefit Accumulated Other Comprehensive Earnings (Losses) (Amounts are in millions) 2024 Balances at March 30, 2024 $ (427) 8 (419) Unrealized gain on debt securities 13 — 13 Net other comprehensive earnings 13 — 13 Balances at June 29, 2024 $ (414) 8 (406) 2023 Balances at April 1, 2023 $ (520) 9 (511) Unrealized loss on debt securities (65) — (65) Net other comprehensive losses (65) — (65) Balances at July 1, 2023 $ (585) 9 (576) Following is a reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the six months ended June 29, 2024 and July 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 (2) — (2) Net other comprehensive losses (2) — (2) Balances at June 29, 2024 $ (414) 8 (406) 2023 Balances at December 31, 2022 $ (618) 9 (609) Unrealized gain on debt securities 33 — 33 Net other comprehensive earnings 33 — 33 Balances at July 1, 2023 $ (585) 9 (576)

Subsequent Event (Notes)

Subsequent Event (Notes)	6 Months Ended
	Jun. 29, 2024
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent Event On July 1, 2024, the Company declared a quarterly dividend on its common stock of $0.1075 per share or $353 million, payable August 1, 2024 to stockholders of record as of the close of business July 15, 2024.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 29, 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 and six months ended June 29, 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)	6 Months Ended
	Jun. 29, 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 June 29, 2024 and December 30, 2023: Fair Value Level 1 Level 2 Level 3 (Amounts are in millions) June 29, 2024 $ 14,677 3,114 11,563 — December 30, 2023 13,766 2,665 11,101 —

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 29, 2024
Investments, Debt and Equity Securities [Abstract]
Available For Sale Debt Securities [Table Text Block]	Following is a summary of debt securities as of June 29, 2024 and December 30, 2023: Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Amounts are in millions) June 29, 2024 Taxable bonds $ 11,932 10 562 11,380 Restricted investments 185 — 2 183 $ 12,117 10 564 11,563 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 June 29, 2024 and December 30, 2023: June 29, 2024 December 30, 2023 Cost Fair Value Cost Fair Value (Amounts are in millions) Due in one year or less $ 2,580 2,547 1,906 1,899 Due after one year through five years 8,501 7,985 9,404 8,853 Due after five years through ten years 1,025 1,020 327 333 Due after ten years 11 11 16 16 $ 12,117 11,563 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 June 29, 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) June 29, 2024 Taxable bonds $ 1,704 6 8,164 556 9,868 562 Restricted investments 105 — 46 2 151 2 $ 1,809 6 8,210 558 10,019 564 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 and six months ended June 29, 2024 and July 1, 2023: Three Months Ended Six Months Ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 (Amounts are in millions) Interest and dividend income $ 108 90 216 172 Net realized gain on investments — 134 — 134 108 224 216 306 Fair value adjustment, due to net unrealized gain, on equity securities held at end of period 43 123 430 369 Net gain on sale of equity securities previously recognized through fair value adjustment — (48) — (48) $ 151 299 646 627

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Earnings (Losses) (Tables)	6 Months Ended
	Jun. 29, 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 June 29, 2024 and July 1, 2023: Investments Postretirement Benefit Accumulated Other Comprehensive Earnings (Losses) (Amounts are in millions) 2024 Balances at March 30, 2024 $ (427) 8 (419) Unrealized gain on debt securities 13 — 13 Net other comprehensive earnings 13 — 13 Balances at June 29, 2024 $ (414) 8 (406) 2023 Balances at April 1, 2023 $ (520) 9 (511) Unrealized loss on debt securities (65) — (65) Net other comprehensive losses (65) — (65) Balances at July 1, 2023 $ (585) 9 (576) Following is a reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the six months ended June 29, 2024 and July 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 (2) — (2) Net other comprehensive losses (2) — (2) Balances at June 29, 2024 $ (414) 8 (406) 2023 Balances at December 31, 2022 $ (618) 9 (609) Unrealized gain on debt securities 33 — 33 Net other comprehensive earnings 33 — 33 Balances at July 1, 2023 $ (585) 9 (576)

Fair Value Measurements for Inv

Fair Value Measurements for Investments (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 14,677	$ 13,766
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	3,114	2,665
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	11,563	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	6 Months Ended	12 Months Ended
	Jun. 29, 2024	Dec. 30, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 12,117	$ 11,653
Unrealized Gains	10	25
Unrealized Losses	564	577
Fair Value	11,563	11,101
Taxable bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	11,932	11,467
Unrealized Gains	10	23
Unrealized Losses	562	574
Fair Value	11,380	10,916
Restricted investments [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	185	186
Unrealized Gains	0	2
Unrealized Losses	2	3
Fair Value	$ 183	$ 185

Amortized Cost and Fair Value o

Amortized Cost and Fair Value of Available for Sale Securities by Expected Maturity (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Amortized Cost [Abstract]
Due in one year or less	$ 2,580	$ 1,906
Due after one year through five years	8,501	9,404
Due after five years through ten years	1,025	327
Due after ten years	11	16
Total amortized cost	12,117	11,653
Fair Value [Abstract]
Due in one year or less	2,547	1,899
Due after one year through five years	7,985	8,853
Due after five years through ten years	1,020	333
Due after ten years	11	16
Total fair value	$ 11,563	$ 11,101

Investments Allowance for Credi

Investments Allowance for Credit Losses (Details) - USD ($)	Jun. 29, 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	Jun. 29, 2024	Dec. 30, 2023
Debt Securities, Available-for-sale [Line Items]
Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	$ 1,809	$ 1,306
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	6	3
Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value	8,210	7,921
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	558	574
Unrealized Loss Position, Fair Value	10,019	9,227
Unrealized Loss Position, Accumulated Loss	564	577
Taxable bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	1,704	1,276
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	6	2
Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value	8,164	7,845
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	556	572
Unrealized Loss Position, Fair Value	9,868	9,121
Unrealized Loss Position, Accumulated Loss	562	574
Restricted investments [Member]
Debt Securities, Available-for-sale [Line Items]
Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	105	30
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	0	1
Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value	46	76
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	2	2
Unrealized Loss Position, Fair Value	151	106
Unrealized Loss Position, Accumulated Loss	$ 2	$ 3

Investments - Additional Inform

Investments - Additional Information (Details) $ in Millions	Jun. 29, 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	525
Total, Unrealized Losses | $	$ 564	$ 577

Investments Equity Securities (

Investments Equity Securities (Details) - USD ($) $ in Millions	Jun. 29, 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		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Investment Income, Net [Abstract]
Interest and dividend income	$ 108	$ 90	$ 216	$ 172
Marketable Securities, Realized Gain (Loss)	0	134	0	134
Investment income before fair value adjustment	108	224	216	306
Fair value adjustment, due to net unrealized gain, on equity securities held at end of period	43	123	430	369
Net gain on sale of equity securities previously recognized through fair value adjustment	0	(48)	0	(48)
Investment income	$ 151	$ 299	$ 646	$ 627

Retirement Plan - Additional In

Retirement Plan - Additional Information (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Retirement Benefits [Abstract]
Distributed shares subject to put option, fair value	$ 669	$ 604
ESOP, shares cost	3,900	3,600
Common stock related to ESOP	4,615	4,220
ESOP shares, fair value	$ 11,900	$ 11,200

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Earnings (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at Beginning of Period	$ (419)	$ (511)	$ (404)	$ (609)
Unrealized gain (loss) on debt securities	13	(65)	(2)	33
Net other comprehensive earnings	13	(65)	(2)	33
Balances at End of Period	(406)	(576)	(406)	(576)
Investments [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at Beginning of Period	(427)	(520)	(412)	(618)
Unrealized gain (loss) on debt securities	13	(65)	(2)	33
Net other comprehensive earnings	13	(65)	(2)	33
Balances at End of Period	(414)	(585)	(414)	(585)
Postretirement Benefit Obligation [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at Beginning of Period	8	9	8	9
Net other comprehensive earnings	0	0	0	0
Balances at End of Period	$ 8	$ 9	$ 8	$ 9

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions	Aug. 01, 2024	Jul. 15, 2024	Jul. 01, 2024
Subsequent Event [Line Items]
Dividends Payable, Date Declared			Jul. 01, 2024
Common Stock, Dividends, Per Share, Declared			$ 0.1075
Dividends, Common Stock, Cash			$ 353
Dividends Payable, Date to be Paid	Aug. 01, 2024
Dividends Payable, Date of Record		Jul. 15, 2024