Investments (Notes)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Investments Disclosure [Text Block]

(3)    Investments

(a)Debt Securities

Following is a summary of debt securities as of December 31, 2022 and December 25, 2021:

	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(Amounts are in millions)
2022
Taxable bonds	$	9,705		6		830	8,881
Tax exempt bonds	37			—		—	37
Restricted investments	170			—		4	166
	$	9,912		6		834	9,084
2021
Taxable bonds	$	9,644		109		108	9,645
Tax exempt bonds	269			2		—	271
Restricted investments	171			8		1	178
	$	10,084		119		109	10,094

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 December 31, 2022 and December 25, 2021 are as follows:

	2022			2021
	Cost		Fair Value	Cost	Fair Value
			(Amounts are in millions)
Due in one year or less	$	570	566	876	883
Due after one year through five years	8,355		7,661	6,353	6,404
Due after five years through ten years	985		855	2,852	2,804
Due after ten years	2		2	3	3
	$	9,912	9,084	10,084	10,094

The Company had no debt securities with credit losses as of December 31, 2022 and December 25, 2021.

Following is a summary of debt securities with other unrealized losses by the time period impaired as of December 31, 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 millions)
2022
Taxable bonds	$	3,705		199	4,627		631	8,332		830
Restricted investments	151			2	15		2	166		4
	$	3,856		201	4,642		633	8,498		834
2021
Taxable bonds	$	4,225		72	1,132		36	5,357		108
Restricted investments	17			1	—		—	17		1
	$	4,242		73	1,132		36	5,374		109

There are 446 debt securities contributing to the total unrealized losses of $834 million as of December 31, 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

The fair value of equity securities was $2.5 billion and $3.6 billion as of December 31, 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 2022, 2021 and 2020:

	2022			2021		2020
	(Amounts are in millions)
Interest and dividend income		$	256		197		199
Net realized (loss) gain on investments		(2)			33		397
		254			230		596
Fair value adjustment, due to net unrealized (loss) gain, on equity securities held at end of year		(1,516)			1,109		555
Net gain on sale of equity securities previously recognized through fair value adjustment		—			(9)		(176)
		$	(1,262)		1,330		975