BENEFIT PLANS (Tables)

12 Months Ended

Aug. 03, 2019

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

Net periodic benefit (income) cost and other changes in plan assets and benefit obligations recognized consist of the following:



	2019
(in thousands)	Pension Benefits			Other Postretirement Benefits
Net Periodic Benefit (Income) Cost
Service cost	$	—		$	173
Interest cost	75,706			1,447
Expected return on plan assets	(111,695		)	(184		)
Net periodic benefit (income) cost	(35,989		)	1,436
Other Changes in Plan Assets and Benefits Obligations Recognized in Other Comprehensive Income (Loss)
Prior service benefit	—			(4,199		)
Amortization of prior service benefit	—			—
Net actuarial loss (gain)	57,902			(9,912		)
Total expense (benefit) recognized in Other comprehensive income (loss)	57,902			(14,111		)
Total expense (benefit) recognized in net periodic benefit cost (income) and Other comprehensive income (loss)	$	21,913		$	(12,675	)

The benefit obligation, fair value of plan assets and funded status of our defined benefit pension plans and other postretirement benefit plans consisted of the following:



	2019
(in thousands)	Pension Benefits			Other Postretirement Benefits
Changes in Benefit Obligation
Benefit obligation at acquisition date of October 22, 2018	$	2,499,954		$	52,276
Plan amendment	—			(4,199		)
Service cost	—			173
Interest cost	75,706			1,447
Actuarial loss (gain)	249,899			(9,836		)
Benefits paid	(116,285		)	(2,179		)
Benefit obligation at end of year	2,709,274			37,682
Changes in Plan Assets
Fair value of plan assets at acquisition date of October 22, 2018	2,305,020			11,586
Actual return on plan assets	303,696			260
Employer contributions	4,116			1,636
Benefits paid	(116,285		)	(2,239		)
Fair value of plan assets at end of year	2,496,547			11,243
Unfunded status at end of year	$	(212,727	)	$	(26,439	)

Schedule of Amounts Recognized in Balance Sheet

Amounts recognized in the Consolidated Balance Sheets consisted of the following (in thousands):



	Post-Employment Benefits
	August 3, 2019
Accrued compensation and benefits	$	2,356
Other long-term liabilities	5,053
Total	$	7,409

Amounts recognized in the Consolidated Balance Sheets as of August 3, 2019 consist of the following:



	August 3, 2019
(in thousands)	Pension Benefits		Other Postretirement Benefits
Accrued compensation and benefits	$	1,900	$	—
Pension and other postretirement benefit obligations	210,827		26,439
Total	$	212,727	$	26,439

Schedule of Assumptions Used

Weighted average assumptions used to determine benefit obligations and net periodic benefit cost consisted of the following:



	2019
Benefit obligation assumptions:
Discount rate	2.99% - 3.49%
Net periodic benefit cost assumptions:
Discount rate	4.30% - 4.42%
Rate of compensation increase	—	%
Expected return on plan assets⁽¹⁾	2.25% - 6.50%

(1)

Expected return on plan assets is estimated by utilizing forward-looking, long-term return, risk and correlation assumptions developed and updated annually by the Company. These assumptions are weighted by the actual or target allocation to each underlying asset class represented in the pension plan asset portfolio. We also assess the expected long-term return on plan assets assumption by comparison to long-term historical performance on an asset class to ensure the assumption is reasonable. Long-term trends are also evaluated relative to market factors such as inflation, interest rates, and fiscal and monetary policies in order to assess the capital market assumptions.

Schedule of Allocation of Plan Assets

The fair value of assets of our defined benefit pension plans and other postretirement benefits plans held in master trusts as of August 3, 2019, by asset category, consisted of the following (in thousands):



	Level 1		Level 2		Level 3		Measured at NAV as a Practical Expedient		Total
Common stock	$	397,800	$	—	$		$		$	397,800
Common collective trusts	—		1,046,590		—		83,504		1,130,094
Corporate bonds	—		362,251		—		—		362,251
Government securities	—		248,872		—		—		248,872
Mutual funds	469		62,254		—		—		62,723
Mortgage-backed securities	—		10,920		—		—		10,920
Other	5,603		73,745		—		—		79,348
Private equity and real estate partnerships	—		—		—		204,539		204,539
Total plan assets at fair value	$	403,872	$	1,804,632	$	—	$	288,043	$	2,496,547

The asset allocation targets and the actual allocation of pension plan assets are as follows:



Asset Category	Target		2019
Domestic equity	21.2	%	22.1	%
International equity	6.7	%	6.2	%
Private equity	5.3	%	4.2	%
Fixed income	60.9	%	62.3	%
Real estate	5.9	%	5.2	%
Total	100.0	%	100.0	%

Schedule of Expected Benefit Payments

The estimated future benefit payments to be made from our defined benefit pension and other postretirement benefit plans, which reflect expected future service, are as follows (in thousands):



Fiscal Year	Pension Benefits		Other Postretirement Benefits
2020	$	608,400	$	4,000
2021	119,700		3,800
2022	125,200		3,600
2023	127,800		3,500
2024	131,300		3,300
Years 2025-2029	671,200		13,400

Schedule of Multiemployer Plans

The following table contains information about the Company’s significant multiemployer plans (in millions):

Pension Protection Act Zone Status

Contributions

Pension Fund

EIN-Pension
Plan Number

Plan
Month/Day
End Date

2018

FIP/RP Status Pending/Implemented

2019

Surcharges Imposed⁽¹⁾

Amortization Provisions

Minneapolis Food Distributing Industry Pension Plan⁽²⁾

416047047-001

12/31

Green

Minneapolis Retail Meat Cutters and Food Handlers Pension Fund⁽³⁾

410905139-001

2/28

Red

Implemented

Minneapolis Retail Meat Cutters and Food Handlers Variable Annuity Pension Fund⁽³⁾

83-2598425

12/31

N/A

Central States, Southeast and Southwest Areas Pension Fund⁽²⁾

366044243-001

12/31

Deep Red

Implemented

Yes

UFCW Unions and Participating Employer Pension Fund⁽³⁾

526117495-001

12/31

Red

Implemented

Western Conference of Teamsters Pension Plan Trust⁽²⁾

916145047-001

12/31

Green

UFCW Unions and Employers Pension Plan⁽³⁾

396069053-001

10/31

Deep Red

Implemented

Yes

All Other Multiemployer Pension Plans⁽⁴⁾

Total


(1)	PPA surcharges are 5 percent or 10 percent of eligible contributions and may not apply to all collective bargaining agreements or total contributions to each plan.


(2)	These multiemployer pension plans are associated with continuing operations.


(3)	These multiemployer pension plans are associated with discontinued operations.


(4)	All Other Multiemployer Pension Plans include 6 plans, none of which is individually significant when considering contributions to the plan, severity of the underfunded status or other factors.

Schedule Of Collective Bargaining Agreement Dates And Contributions To Each Plan Table

The following table describes the expiration of the Company’s collective bargaining agreements associated with the significant multiemployer plans in which we participate:



			Most Significant Collective Bargaining Agreement
Pension Fund	Range of Collective Bargaining Agreement Expiration Dates	Total Collective Bargaining Agreements	Expiration Date	% of Associates under Collective Bargaining Agreement ⁽¹⁾		Over 5% Contributions 2019
Minneapolis Food Distributing Industry Pension Plan⁽²⁾	5/31/2022	1	5/31/2022	100.0	%	Yes
Minneapolis Retail Meat Cutters and Food Handlers Pension Fund⁽³⁾	3/4/2023	1	3/4/2023	100.0	%	Yes
Minneapolis Retail Meat Cutters and Food Handlers Variable Annuity Pension Fund⁽³⁾	3/4/2023	1	3/4/2023	100.0	%	N/A (contributions began 1/1/2019)
Central States, Southeast and Southwest Areas Pension Fund⁽²⁾	5/31/2019	4	9/14/2019	39.4	%	No
UFCW Unions and Participating Employer Pension Fund⁽³⁾	7/11/2020	2	7/11/2020	71.3	%	Yes
Western Conference of Teamsters Pension Plan Trust⁽²⁾	4/20/2019	20	4/22/2023	15.6	%	No
UFCW Unions and Employers Pension Plan⁽³⁾	4/9/2022	1	4/9/2022	100.0	%	Yes


(1)	Company participating employees in the most significant collective bargaining agreement as a percent of all Company employees participating in the respective fund.


(2)	These multiemployer pension plans are associated with continuing operations.


(3)	These multiemployer pension plans are associated with discontinued operations.