Income Taxes (Notes)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes Disclosure [Text Block]

(8)    Income Taxes

Total income taxes for 2022, 2021 and 2020 were allocated as follows:

	2022		2021	2020
	(Amounts are in millions)
Earnings	$	668	1,148	1,065
Other comprehensive (losses) earnings	(206)		(70)	40
	$	462	1,078	1,105

The provision for income taxes consists of the following:

	Current		Deferred	Total
	(Amounts are in millions)
2022
Federal	$	810	(175)	635
State	108		(75)	33
	$	918	(250)	668
2021
Federal	$	755	264	1,019
State	65		64	129
	$	820	328	1,148
2020
Federal	$	871	57	928
State	143		(6)	137
	$	1,014	51	1,065

A reconciliation of the provision for income taxes at the federal statutory income tax rate of 21% to earnings before income taxes compared to the Company’s actual income tax expense is as follows:

	2022		2021	2020
	(Amounts are in millions)
Federal tax at statutory income tax rate	$	753	1,168	1,058
State income taxes (net of federal tax benefit)	26		102	108
ESOP dividend	(58)		(51)	(47)
Other, net	(53)		(71)	(54)
	$	668	1,148	1,065

The tax effects of temporary differences that give rise to significant portions of deferred income taxes as of December 31, 2022 and December 25, 2021 are as follows:

	2022		2021
	(Amounts are in millions)
Deferred tax liabilities and (assets):
Property, plant and equipment	$	857	764
Lease assets	812		817
Inventories	52		33
Lease liabilities	(858)		(854)
Self-insurance reserves	(96)		(91)
Investments	(75)		520
Retirement plan contributions	(48)		(48)
Postretirement benefit cost	(25)		(33)
Vendor rebates	(20)		(19)
Payroll tax deferral	—		(38)
Other	(24)		(20)
	$	575	1,031

The Company expects the results of future operations and the reversal of deferred tax liabilities to generate sufficient taxable income to allow utilization of deferred tax assets; therefore, no valuation allowance has been recorded as of December 31, 2022 and December 25, 2021.

The Company has analyzed filing positions in all of the federal and state jurisdictions where it is required to file income tax returns as well as all open tax years in these jurisdictions. The periods subject to examination for the Company’s federal income tax returns are the 2018 through 2021 tax years. The periods subject to examination for the Company’s state income tax returns are the 2016 through 2021 tax years. The Company believes that the outcome of any examinations will not have a material effect on its financial condition, results of operations or cash flows.

The Company had no unrecognized tax benefits in 2022 and 2021. As a result, there will be no effect on the Company’s effective income tax rate in future periods due to the recognition of unrecognized tax benefits.