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Investments (Notes)
 3 Months Ended
Mar. 26, 2022
Investments, Debt and Equity Securities [Abstract]  
Investments [Text Block] Investments
(a)Debt Securities
Following is a summary of debt securities as of March 26, 2022 and December 25, 2021:
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
 (Amounts are in thousands)
March 26, 2022
Tax exempt bonds$229,832 151 142 229,841 
Taxable bonds10,153,631 14,721 510,023 9,658,329 
Restricted investments165,194 2,662 1,367 166,489 
$10,548,657 17,534 511,532 10,054,659 
December 25, 2021
Tax exempt bonds$268,899 2,351 — 271,250 
Taxable bonds9,644,692 108,697 108,906 9,644,483 
Restricted investments170,769 7,629 359 178,039 
$10,084,360 118,677 109,265 10,093,772 
The Company maintains restricted investments primarily for the benefit of the Company’s insurance carrier related to self-insurance reserves. These investments are held as collateral and not used for claim payments.
The cost and fair value of debt securities by expected maturity as of March 26, 2022 and December 25, 2021 are as follows:
 March 26, 2022December 25, 2021
 Cost
Fair
Value
Cost
Fair
Value
 (Amounts are in thousands)
Due in one year or less$902,854 905,060 875,740 883,066 
Due after one year through five years6,986,259 6,707,998 6,353,221 6,403,573 
Due after five years through ten years2,656,820 2,438,840 2,852,531 2,804,131 
Due after ten years2,724 2,761 2,868 3,002 
$10,548,657 10,054,659 10,084,360 10,093,772 
The Company had no debt securities with credit losses as of March 26, 2022 and December 25, 2021.
Following is a summary of debt securities with other unrealized losses by the time period impaired as of March 26, 2022 and December 25, 2021:
 
Less Than
12 Months
12 Months
or Longer
Total
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized Losses
Fair
Value
Unrealized Losses
 (Amounts are in thousands)
March 26, 2022
Tax exempt bonds$89,564 142 — — 89,564 142 
Taxable bonds5,959,756 331,921 1,867,847 178,102 7,827,603 510,023 
Restricted investments7,037 575 8,988 792 16,025 1,367 
$6,056,357 332,638 1,876,835 178,894 7,933,192 511,532 
December 25, 2021
Taxable bonds$4,225,323 72,862 1,131,942 36,044 5,357,265 108,906 
Restricted investments17,115 359 — — 17,115 359 
$4,242,438 73,221 1,131,942 36,044 5,374,380 109,265 
There are 370 debt securities contributing to the total unrealized losses of $511,532,000 as of March 26, 2022. Unrealized losses related to debt securities are primarily due to increases in interest rates that occurred since the debt securities were purchased. The Company continues to receive scheduled principal and interest payments on these debt securities.
(b)Equity Securities
Equity securities are measured at fair value with net unrealized gains and losses from changes in the fair value recognized in earnings (fair value adjustment). The fair value of equity securities was $3,384,646,000 and $3,557,705,000 as of March 26, 2022 and December 25, 2021, respectively.
(c)Investment Income (Loss)
Net realized gain on investments represents the difference between the cost and the proceeds from the sale of debt and equity securities. The net realized gain on investments excludes the net gain or loss on the sale of equity securities previously recognized through the fair value adjustment, which is presented separately in the following table.
Following is a summary of investment (loss) income for the three months ended March 26, 2022 and March 27, 2021:
 Three Months Ended
March 26, 2022March 27, 2021
 (Amounts are in thousands)
Interest and dividend income$56,754 48,670 
Net realized gain on investments1,108 7,489 
57,862 56,159 
Fair value adjustment, due to net unrealized (loss) gain, on equity securities held at end of period(580,838)784,850 
$(522,976)841,009