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Investments (Notes)
 6 Months Ended
Jun. 25, 2022
Investments, Debt and Equity Securities [Abstract]  
Investments [Text Block] Investments
(a)Debt Securities
Following is a summary of debt securities as of June 25, 2022 and December 25, 2021:
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
 (Amounts are in thousands)
June 25, 2022
Taxable bonds$9,683,628 597 727,727 8,956,498 
Tax exempt bonds204,333 26 211 204,148 
Restricted investments155,281 421 1,956 153,746 
$10,043,242 1,044 729,894 9,314,392 
December 25, 2021
Taxable bonds$9,644,692 108,697 108,906 9,644,483 
Tax exempt bonds268,899 2,351 — 271,250 
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 June 25, 2022 and December 25, 2021 are as follows:
 June 25, 2022December 25, 2021
 Cost
Fair
Value
Cost
Fair
Value
 (Amounts are in thousands)
Due in one year or less$738,303 737,709 875,740 883,066 
Due after one year through five years7,333,651 6,836,664 6,353,221 6,403,573 
Due after five years through ten years1,968,718 1,737,443 2,852,531 2,804,131 
Due after ten years2,570 2,576 2,868 3,002 
$10,043,242 9,314,392 10,084,360 10,093,772 
The Company had no debt securities with credit losses as of June 25, 2022 and December 25, 2021.
Following is a summary of debt securities with other unrealized losses by the time period impaired as of June 25, 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)
June 25, 2022
Taxable bonds$6,896,368 509,148 1,763,638 218,579 8,660,006 727,727 
Tax exempt bonds167,063 211 — — 167,063 211 
Restricted investments46,504 955 8,742 1,001 55,246 1,956 
$7,109,935 510,314 1,772,380 219,580 8,882,315 729,894 
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 436 debt securities contributing to the total unrealized losses of $729,894,000 as of June 25, 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 $3,034,694,000 and $3,557,705,000 as of June 25, 2022 and December 25, 2021, 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 six months ended June 25, 2022 and June 26, 2021:
 Three Months EndedSix Months Ended
June 25, 2022June 26, 2021June 25, 2022June 26, 2021
 (Amounts are in thousands)
Interest and dividend income$54,764 45,956 111,518 94,626 
Net realized gain on investments110 16,496 1,218 23,985 
54,874 62,452 112,736 118,611 
Fair value adjustment, due to net unrealized (loss) gain, on equity securities held at end of period(358,122)128,961 (938,960)913,811 
Net gain on sale of equity securities previously recognized through fair value adjustment— (9,441)— (9,441)
$(303,248)181,972 (826,224)1,022,981