Investments (Notes)

12 Months Ended

Dec. 30, 2023

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 30, 2023 and December 31, 2022:

	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(Amounts are in millions)
2023
Taxable bonds	$	11,467		23		574	10,916
Restricted investments	186			2		3	185
	$	11,653		25		577	11,101
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

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.

Following is a summary of the cost and fair value of debt securities by expected maturity as of December 30, 2023 and December 31, 2022:

	2023			2022
	Cost		Fair Value	Cost	Fair Value
			(Amounts are in millions)
Due in one year or less	$	1,906	1,899	570	566
Due after one year through five years	9,404		8,853	8,355	7,661
Due after five years through ten years	327		333	985	855
Due after ten years	16		16	2	2
	$	11,653	11,101	9,912	9,084

The Company had no debt securities with credit losses as of December 30, 2023 and December 31, 2022.

Following is a summary of debt securities with other unrealized losses by the time period impaired as of December 30, 2023 and December 31, 2022:

	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)
2023
Taxable bonds	$	1,276		2	7,845		572	9,121		574
Restricted investments	30			1	76		2	106		3
	$	1,306		3	7,921		574	9,227		577
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

There are 437 debt securities contributing to the total unrealized losses of $577 million as of December 30, 2023. 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 $2.7 billion and $2.5 billion as of December 30, 2023 and December 31, 2022, 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 2023, 2022 and 2021:

	2023			2022		2021
	(Amounts are in millions)
Interest and dividend income		$	379		256		197
Net realized gain (loss) on investments		134			(2)		33
		513			254		230
Fair value adjustment, due to net unrealized gain (loss), on equity securities held at end of year		398			(1,516)		1,109
Net gain on sale of equity securities previously recognized through fair value adjustment		(48)			—		(9)
		$	863		(1,262)		1,330