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Investments (Notes)
 9 Months Ended
Sep. 24, 2022
Investments, Debt and Equity Securities [Abstract]  
Investments [Text Block] Investments
(a)Debt Securities
Following is a summary of debt securities as of September 24, 2022 and December 25, 2021:
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
 (Amounts are in thousands)
September 24, 2022
Taxable bonds$9,345,448 167 881,631 8,463,984 
Tax exempt bonds97,135 5 669 96,471 
Restricted investments170,200 — 3,811 166,389 
$9,612,783 172 886,111 8,726,844 
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 September 24, 2022 and December 25, 2021 are as follows:
 September 24, 2022December 25, 2021
 Cost
Fair
Value
Cost
Fair
Value
 (Amounts are in thousands)
Due in one year or less$536,267 533,339 875,740 883,066 
Due after one year through five years7,477,381 6,827,732 6,353,221 6,403,573 
Due after five years through ten years1,596,773 1,363,457 2,852,531 2,804,131 
Due after ten years2,362 2,316 2,868 3,002 
$9,612,783 8,726,844 10,084,360 10,093,772 
The Company had no debt securities with credit losses as of September 24, 2022 and December 25, 2021.
Following is a summary of debt securities with other unrealized losses by the time period impaired as of September 24, 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)
September 24, 2022
Taxable bonds$5,240,412 422,826 3,094,972 458,805 8,335,384 881,631 
Tax exempt bonds92,896 669 — — 92,896 669 
Restricted investments166,389 3,811 — — 166,389 3,811 
$5,499,697 427,306 3,094,972 458,805 8,594,669 886,111 
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 456 debt securities contributing to the total unrealized losses of $886,111,000 as of September 24, 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 $2,479,761,000 and $3,557,705,000 as of September 24, 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 nine months ended September 24, 2022 and September 25, 2021:
 Three Months EndedNine Months Ended
September 24, 2022September 25, 2021September 24, 2022September 25, 2021
 (Amounts are in thousands)
Interest and dividend income$61,455 48,992 172,973 143,618 
Net realized (loss) gain on investments(2,534)8,391 (1,316)32,376 
58,921 57,383 171,657 175,994 
Fair value adjustment, due to net unrealized (loss) gain, on equity securities held at end of period(556,315)72,945 (1,495,275)986,756 
Net gain on sale of equity securities previously recognized through fair value adjustment— — — (9,441)
$(497,394)130,328 (1,323,618)1,153,309