Income Taxes (Notes)

12 Months Ended

Dec. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes Disclosure [Text Block]

(8)    Income Taxes

Following is a summary of the allocation of total income taxes for 2023, 2022 and 2021:

	2023		2022	2021
	(Amounts are in millions)
Earnings	$	1,093	668	1,148
Other comprehensive earnings (losses)	70		(206)	(70)
	$	1,163	462	1,078

Following is a summary of the provision for income taxes for 2023, 2022 and 2021:

	Current		Deferred	Total
	(Amounts are in millions)
2023
Federal	$	848	111	959
State	126		8	134
	$	974	119	1,093
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

Following is 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 for 2023, 2022 and 2021:

	2023		2022	2021
	(Amounts are in millions)
Federal tax at statutory income tax rate	$	1,143	753	1,168
State income taxes (net of federal tax benefit)	106		26	102
ESOP dividend	(62)		(58)	(51)
Renewable energy investment tax credits	(58)		(16)	(36)
Other, net	(36)		(37)	(35)
	$	1,093	668	1,148

Following is a summary of the tax effects of temporary differences that give rise to significant portions of deferred income taxes as of December 30, 2023 and December 31, 2022:

	2023		2022
	(Amounts are in millions)
Deferred tax liabilities and (assets):
Property, plant and equipment	$	905	857
Lease assets	847		812
Investments	67		(75)
Inventories	60		52
Lease liabilities	(901)		(858)
Self-insurance reserves	(108)		(96)
Retirement plan contributions	(48)		(48)
Postretirement benefit cost	(25)		(25)
Vendor rebates	(15)		(20)
Other	(18)		(24)
	$	764	575

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 30, 2023 and December 31, 2022.

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 2022 tax years. The periods subject to examination for the Company’s state income tax returns are the 2016 through 2022 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 2023 and 2022. 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.