Publix Super Markets (PUSH) 10-Q 1 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 28, 2024	Oct. 15, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Amendment Flag	false
Document Period End Date	Sep. 28, 2024
Document Transition Report	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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		3,270,000,000

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023
Current assets:
Cash and cash equivalents	$ 945	$ 865
Short-term investments	2,563	1,899
Trade receivables	1,177	1,174
Inventories	2,405	2,462
Prepaid expenses	81	82
Total current assets	7,171	6,482
Long-term investments	12,336	11,867
Other noncurrent assets	841	730
Operating lease right-of-use assets	3,090	3,121
Property, plant and equipment	22,146	20,393
Accumulated depreciation	(8,733)	(8,209)
Net property, plant and equipment	13,413	12,184
Total assets	36,851	34,384
Current liabilities:
Accounts payable	2,738	2,931
Accrued expenses:
Contributions to retirement plans	620	730
Self-insurance reserves	283	263
Salaries and wages	507	226
Other	661	537
Current portion of long-term debt	4	17
Current portion of operating lease liabilities	353	361
Income taxes	75	217
Total current liabilities	5,241	5,282
Deferred income taxes	1,005	764
Self-insurance reserves	279	263
Long-term debt	40	42
Operating lease liabilities	2,569	2,624
Finance lease liabilities	645	536
Other noncurrent liabilities	205	202
Total liabilities	9,984	9,713
Common stock related to Employee Stock Ownership Plan (ESOP)	4,548	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	22,139	19,741
Treasury stock at cost, 46 shares in 2024	(740)	0
Accumulated other comprehensive losses	(206)	(404)
Common stock related to ESOP	(4,548)	(4,220)
Total stockholders’ equity	22,284	20,416
Noncontrolling interests	35	35
Total equity	26,867	24,671
Total liabilities and stockholders' equity	$ 36,851	$ 34,384

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Sep. 28, 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	46	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Revenues:
Sales	$ 14,630	$ 13,952	$ 44,207	$ 42,370
Other operating income	103	110	324	319
Total revenues	14,733	14,062	44,531	42,689
Costs and expenses:
Cost of merchandise sold	10,915	10,282	32,879	31,190
Operating and administrative expenses	2,798	2,724	8,385	8,158
Total costs and expenses	13,713	13,006	41,264	39,348
Operating profit	1,020	1,056	3,267	3,341
Investment income	332		978	584
Investment (loss)		(43)
Other nonoperating income, net	22	24	83	82
Earnings before income tax expense	1,374	1,037	4,328	4,007
Income tax expense	277	204	893	836
Net earnings	$ 1,097	$ 833	$ 3,435	$ 3,171
Weighted average shares outstanding	3,278	3,320	3,290	3,327
Earnings per share	$ 0.33	$ 0.25	$ 1.04	$ 0.95

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 28, 2024	Jun. 29, 2024	Mar. 30, 2024	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Sep. 28, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net earnings	$ 1,097			$ 833			$ 3,435	$ 3,171
Other Comprehensive Earnings (Losses) [Abstract]
Unrealized gain (loss) on debt securities net of income taxes	201			(37)			199	(4)
Reclassification adjustment for net realized (gain) loss on debt securities net of income taxes	(1)			0			(1)	0
Comprehensive earnings	$ 1,297	$ 985	$ 1,351	$ 796	$ 1,032	$ 1,339	$ 3,633	$ 3,167

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) on debt securities income taxes	$ 68,400	$ (12,500)	$ 68,100	$ (1,200)
Reclassification adjustment for net realized (gain) loss on debt securities income taxes	$ (200)	$ 0	$ (200)	$ 0

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Cash flows from operating activities:
Cash received from customers	$ 44,420	$ 42,598
Cash paid to employees and suppliers	(39,468)	(37,909)
Income taxes paid	(828)	(622)
Self-insured claims paid	(456)	(395)
Dividends and interest received	334	291
Other operating cash receipts	321	317
Other operating cash payments	(26)	(23)
Net cash provided by operating activities	4,297	4,257
Cash flows from investing activities:
Payment for capital expenditures	(1,991)	(1,325)
Proceeds from sale of property, plant and equipment	20	13
Payment for investments	(2,390)	(2,372)
Proceeds from sale and maturity of investments	2,105	861
Net cash used in investing activities	(2,256)	(2,823)
Cash flows from financing activities:
Payment for acquisition of common stock	(1,102)	(895)
Proceeds from sale of common stock	211	212
Dividends paid	(1,037)	(965)
Repayment of long-term debt	(33)	(34)
Other, net	0	1
Net cash used in financing activities	(1,961)	(1,681)
Net increase (decrease) in cash and cash equivalents	80	(247)
Cash and cash equivalents at beginning of period	865	1,336
Cash and cash equivalents at end of period	945	1,089
Reconciliation of net earnings to net cash provided by operating activities:
Net earnings	3,435	3,171
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	752	676
Increase in last-in, first-out (LIFO) reserve	22	85
Retirement contributions paid or payable in common stock	388	362
Deferred income taxes	173	55
Gain on disposal and impairment of long-lived assets	(7)	(5)
Gain on investments	(655)	(311)
Net amortization of investments	17	39
Changes in operating assets and liabilities providing (requiring) cash:
Trade receivables	(3)	32
Inventories	35	(168)
Other assets	30	78
Accounts payable and accrued expenses	236	162
Income taxes	(142)	66
Other liabilities	16	15
Total adjustments	862	1,086
Net cash provided by operating activities	$ 4,297	$ 4,257

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	3,167
Ending Balance at Sep. 30, 2023	19,496	3,347	2,005	19,619	(574)	(613)	(4,288)
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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive earnings	796			833		(37)
Dividends per share	(332)			(332)
Acquisition of shares from stockholders	(320)				(320)
Sale of shares to stockholders	66	0	1		65
Change for ESOP related shares	103						103
Ending Balance at Sep. 30, 2023	19,496	3,347	2,005	19,619	(574)	(613)	(4,288)
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	3,633
Ending Balance at Sep. 28, 2024	22,284	3,316	2,323	22,139	(740)	(206)	(4,548)
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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive earnings	1,297			1,097		200
Dividends per share	(352)			(352)
Acquisition of shares from stockholders	(287)				(287)
Sale of shares to stockholders	66	0	0		66
Change for ESOP related shares	67						67
Ending Balance at Sep. 28, 2024	$ 22,284	$ 3,316	$ 2,323	$ 22,139	$ (740)	$ (206)	$ (4,548)

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) (Parentheticals) - $ / shares shares in Millions	3 Months Ended
	Sep. 28, 2024	Jun. 29, 2024	Mar. 30, 2024	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023
Statements of Stockholders' Equity (Parenthetical) [Abstract]
Dividends per share	$ 0.1075	$ 0.1075	$ 0.10	$ 0.10	$ 0.10	$ 0.09
Contribution of shares to retirement plans	0	0	32	0	0	31
Acquisition of shares from stockholders	17	26	26	22	17	23
Sale of shares to stockholders	4	2	7	5	2	8

Basis of Presentation (Notes)

Basis of Presentation (Notes)	9 Months Ended
	Sep. 28, 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 nine months ended September 28, 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)	9 Months Ended
	Sep. 28, 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 September 28, 2024 and December 30, 2023: Fair Value Level 1 Level 2 Level 3 (Amounts are in millions) September 28, 2024 $ 14,899 3,348 11,551 — December 30, 2023 13,766 2,665 11,101 —

Investments (Notes)

Investments (Notes)	9 Months Ended
	Sep. 28, 2024
Investments, Debt and Equity Securities [Abstract]
Investments [Text Block]	Investments (a) Debt Securities Following is a summary of debt securities as of September 28, 2024 and December 30, 2023: Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Amounts are in millions) September 28, 2024 Taxable bonds $ 11,652 59 346 11,365 Restricted investments 185 2 1 186 $ 11,837 61 347 11,551 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 September 28, 2024 and December 30, 2023: September 28, 2024 December 30, 2023 Cost Fair Value Cost Fair Value (Amounts are in millions) Due in one year or less $ 2,588 2,563 1,906 1,899 Due after one year through five years 7,969 7,681 9,404 8,853 Due after five years through ten years 1,219 1,246 327 333 Due after ten years 61 61 16 16 $ 11,837 11,551 11,653 11,101 The Company had no debt securities with credit losses as of September 28, 2024 and December 30, 2023. Following is a summary of debt securities with other unrealized losses by the time period impaired as of September 28, 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) September 28, 2024 Taxable bonds $ 244 — 7,534 346 7,778 346 Restricted investments 15 — 31 1 46 1 $ 259 — 7,565 347 7,824 347 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 345 debt securities contributing to the total unrealized losses of $347 million as of September 28, 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 $3.3 billion and $2.7 billion as of September 28, 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 (loss) for the three and nine months ended September 28, 2024 and September 30, 2023: Three Months Ended Nine Months Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 (Amounts are in millions) Interest and dividend income $ 107 101 323 273 Net realized gain on investments 1 — 1 134 108 101 324 407 Fair value adjustment, due to net unrealized gain (loss), on equity securities held at end of period 224 (144) 654 225 Net gain on sale of equity securities previously recognized through fair value adjustment — — — (48) $ 332 (43) 978 584

Retirement Plan (Notes)

Retirement Plan (Notes)	9 Months Ended
	Sep. 28, 2024
Retirement Benefits [Abstract]
Retirement Plan [Text Block]	Retirement Plan

Accumulated Other Comprehensive

Accumulated Other Comprehensive Earnings (Losses) (Notes)	9 Months Ended
	Sep. 28, 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 September 28, 2024 and September 30, 2023: Investments Postretirement Benefit Accumulated Other Comprehensive Earnings (Losses) (Amounts are in millions) 2024 Balances at June 29, 2024 $ (414) 8 (406) Unrealized gain on debt securities 201 — 201 Net realized gain on debt securities reclassified to investment income (1) — (1) Net other comprehensive earnings 200 — 200 Balances at September 28, 2024 $ (214) 8 (206) 2023 Balances at July 1, 2023 $ (585) 9 (576) Unrealized loss on debt securities (37) — (37) Net other comprehensive losses (37) — (37) Balances at September 30, 2023 $ (622) 9 (613) Following is a reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the nine months ended September 28, 2024 and September 30, 2023: Investments Postretirement Benefit Accumulated Other Comprehensive Earnings (Losses) (Amounts are in millions) 2024 Balances at December 30, 2023 $ (412) 8 (404) Unrealized gain on debt securities 199 — 199 Net realized gain on debt securities reclassified to investment income (1) — (1) Net other comprehensive earnings 198 — 198 Balances at September 28, 2024 $ (214) 8 (206) 2023 Balances at December 31, 2022 $ (618) 9 (609) Unrealized loss on debt securities (4) — (4) Net other comprehensive losses (4) — (4) Balances at September 30, 2023 $ (622) 9 (613)

Subsequent Event (Notes)

Subsequent Event (Notes)	9 Months Ended
	Sep. 28, 2024
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent Event On October 1, 2024, the Company declared a quarterly dividend on its common stock of $0.1075 per share or $351 million, payable November 1, 2024 to stockholders of record as of the close of business October 15, 2024. The Company was impacted by Hurricane Milton which made landfall in Florida on October 9, 2024. As a result, temporary supermarket closings occurred due to weather conditions and evacuations of certain areas. The impact of the hurricane is not expected to have a material adverse effect on the Company’s financial condition or results of operations.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 28, 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 nine months ended September 28, 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)	9 Months Ended
	Sep. 28, 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 September 28, 2024 and December 30, 2023: Fair Value Level 1 Level 2 Level 3 (Amounts are in millions) September 28, 2024 $ 14,899 3,348 11,551 — December 30, 2023 13,766 2,665 11,101 —

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 28, 2024
Investments, Debt and Equity Securities [Abstract]
Available For Sale Debt Securities [Table Text Block]	Following is a summary of debt securities as of September 28, 2024 and December 30, 2023: Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Amounts are in millions) September 28, 2024 Taxable bonds $ 11,652 59 346 11,365 Restricted investments 185 2 1 186 $ 11,837 61 347 11,551 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 September 28, 2024 and December 30, 2023: September 28, 2024 December 30, 2023 Cost Fair Value Cost Fair Value (Amounts are in millions) Due in one year or less $ 2,588 2,563 1,906 1,899 Due after one year through five years 7,969 7,681 9,404 8,853 Due after five years through ten years 1,219 1,246 327 333 Due after ten years 61 61 16 16 $ 11,837 11,551 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 September 28, 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) September 28, 2024 Taxable bonds $ 244 — 7,534 346 7,778 346 Restricted investments 15 — 31 1 46 1 $ 259 — 7,565 347 7,824 347 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 (loss) for the three and nine months ended September 28, 2024 and September 30, 2023: Three Months Ended Nine Months Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 (Amounts are in millions) Interest and dividend income $ 107 101 323 273 Net realized gain on investments 1 — 1 134 108 101 324 407 Fair value adjustment, due to net unrealized gain (loss), on equity securities held at end of period 224 (144) 654 225 Net gain on sale of equity securities previously recognized through fair value adjustment — — — (48) $ 332 (43) 978 584

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Earnings (Losses) (Tables)	9 Months Ended
	Sep. 28, 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 September 28, 2024 and September 30, 2023: Investments Postretirement Benefit Accumulated Other Comprehensive Earnings (Losses) (Amounts are in millions) 2024 Balances at June 29, 2024 $ (414) 8 (406) Unrealized gain on debt securities 201 — 201 Net realized gain on debt securities reclassified to investment income (1) — (1) Net other comprehensive earnings 200 — 200 Balances at September 28, 2024 $ (214) 8 (206) 2023 Balances at July 1, 2023 $ (585) 9 (576) Unrealized loss on debt securities (37) — (37) Net other comprehensive losses (37) — (37) Balances at September 30, 2023 $ (622) 9 (613) Following is a reconciliation of the changes in accumulated other comprehensive earnings (losses) net of income taxes for the nine months ended September 28, 2024 and September 30, 2023: Investments Postretirement Benefit Accumulated Other Comprehensive Earnings (Losses) (Amounts are in millions) 2024 Balances at December 30, 2023 $ (412) 8 (404) Unrealized gain on debt securities 199 — 199 Net realized gain on debt securities reclassified to investment income (1) — (1) Net other comprehensive earnings 198 — 198 Balances at September 28, 2024 $ (214) 8 (206) 2023 Balances at December 31, 2022 $ (618) 9 (609) Unrealized loss on debt securities (4) — (4) Net other comprehensive losses (4) — (4) Balances at September 30, 2023 $ (622) 9 (613)

Fair Value Measurements for Inv

Fair Value Measurements for Investments (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 14,899	$ 13,766
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	3,348	2,665
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	11,551	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	9 Months Ended	12 Months Ended
	Sep. 28, 2024	Dec. 30, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 11,837	$ 11,653
Unrealized Gains	61	25
Unrealized Losses	347	577
Fair Value	11,551	11,101
Taxable bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	11,652	11,467
Unrealized Gains	59	23
Unrealized Losses	346	574
Fair Value	11,365	10,916
Restricted investments [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	185	186
Unrealized Gains	2	2
Unrealized Losses	1	3
Fair Value	$ 186	$ 185

Amortized Cost and Fair Value o

Amortized Cost and Fair Value of Available for Sale Securities by Expected Maturity (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023
Amortized Cost [Abstract]
Due in one year or less	$ 2,588	$ 1,906
Due after one year through five years	7,969	9,404
Due after five years through ten years	1,219	327
Due after ten years	61	16
Total amortized cost	11,837	11,653
Fair Value [Abstract]
Due in one year or less	2,563	1,899
Due after one year through five years	7,681	8,853
Due after five years through ten years	1,246	333
Due after ten years	61	16
Total fair value	$ 11,551	$ 11,101

Investments Allowance for Credi

Investments Allowance for Credit Losses (Details) - USD ($)	Sep. 28, 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	Sep. 28, 2024	Dec. 30, 2023
Debt Securities, Available-for-sale [Line Items]
Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	$ 259	$ 1,306
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	0	3
Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value	7,565	7,921
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	347	574
Unrealized Loss Position, Fair Value	7,824	9,227
Unrealized Loss Position, Accumulated Loss	347	577
Taxable bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	244	1,276
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	0	2
Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value	7,534	7,845
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	346	572
Unrealized Loss Position, Fair Value	7,778	9,121
Unrealized Loss Position, Accumulated Loss	346	574
Restricted investments [Member]
Debt Securities, Available-for-sale [Line Items]
Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	15	30
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	0	1
Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value	31	76
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	1	2
Unrealized Loss Position, Fair Value	46	106
Unrealized Loss Position, Accumulated Loss	$ 1	$ 3

Investments - Additional Inform

Investments - Additional Information (Details) $ in Millions	Sep. 28, 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	345
Total, Unrealized Losses | $	$ 347	$ 577

Investments Equity Securities (

Investments Equity Securities (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023
Equity Securities [Line Items]
Equity Securities	$ 3,300	$ 2,700

Investment Income (Details)

Investment Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Investment Income, Net [Abstract]
Interest and dividend income	$ 107	$ 101	$ 323	$ 273
Marketable Securities, Realized Gain (Loss)	1	0	1	134
Investment income before fair value adjustment	108	101	324	407
Fair value adjustment, due to net unrealized gain (loss), on equity securities held at end of period	224	(144)	654	225
Net gain on sale of equity securities previously recognized through fair value adjustment	0	0	0	(48)
Investment (loss)		$ (43)
Investment income	$ 332		$ 978	$ 584

Retirement Plan - Additional In

Retirement Plan - Additional Information (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023
Retirement Benefits [Abstract]
Distributed shares subject to put option, fair value	$ 631	$ 604
ESOP, shares cost	3,900	3,600
Common stock related to ESOP	4,548	4,220
ESOP shares, fair value	$ 12,000	$ 11,200

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Earnings (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at Beginning of Period	$ (406)	$ (576)	$ (404)	$ (609)
Unrealized gain (loss) on debt securities	201	(37)	199	(4)
Reclassification adjustment for net realized (gain) loss on debt securities net of income taxes	(1)	0	(1)	0
Net other comprehensive earnings (losses)	200	(37)	198	(4)
Balances at End of Period	(206)	(613)	(206)	(613)
Investments [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances at Beginning of Period	(414)	(585)	(412)	(618)
Unrealized gain (loss) on debt securities	201	(37)	199	(4)
Reclassification adjustment for net realized (gain) loss on debt securities net of income taxes	(1)	0	(1)	0
Net other comprehensive earnings (losses)	200	(37)	198	(4)
Balances at End of Period	(214)	(622)	(214)	(622)
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 (losses)	0	0	0	0
Balances at End of Period	$ 8	$ 9	$ 8	$ 9

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event [Member] - Dividend Declared - USD ($) $ / shares in Units, $ in Millions	Nov. 01, 2024	Oct. 15, 2024	Oct. 01, 2024
Subsequent Event [Line Items]
Dividends Payable, Date Declared			Oct. 01, 2024
Common Stock, Dividends, Per Share, Declared			$ 0.1075
Dividends, Common Stock, Cash			$ 351
Dividends Payable, Date to be Paid	Nov. 01, 2024
Dividends Payable, Date of Record		Oct. 15, 2024