XML 42 R29.htm IDEA: XBRL DOCUMENT v3.23.3
PENSION PLANS (Tables)
12 Months Ended
Jul. 29, 2023
Compensation Related Costs [Abstract]  
Schedule of Net Benefit Costs Recognized Net periodic pension cost for the plans include the following components: 20232022Service cost$135 $187 Interest cost on projected benefit obligation279 1,306 Expected return on plan assets(75)(1,258)Loss on settlement39 12,341 Amortization of net (gains) and losses(556)335 Net periodic pension cost$(178)$12,911 
Schedule of Amounts Recognized In Plan Assets and Benefit Obligations Recognized The changes in benefit obligations and the reconciliation of the funded status of the Company’s plans to the consolidated balance sheets were as follows: 20232022Changes in Benefit Obligation:  Benefit obligation at beginning of year$7,513 $73,229 Service cost135 187 Interest cost279 1,306 Benefits paid(36)(676)Settlement(315)(54,742)Actuarial loss(279)(11,791)Benefit obligation at end of year$7,297 $7,513 Changes in Plan Assets:  Fair value of plan assets at beginning of year$2,944 $63,047 Actual return on plan assets(189)(6,170)Employer contributions— 1,485 Benefits paid(36)(676)Settlements paid(315)(54,742)Fair value of plan assets at end of year2,404 2,944 Funded status at end of year$4,893 $4,569 Amounts recognized in the consolidated balance sheets:  Pension liabilities4,893 4,569 Accumulated other comprehensive income(1,652)(1,962)Amounts included in Accumulated other comprehensive income (pre-tax):  Net actuarial loss$(2,370)$(2,872)
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets The following information is presented for those plans with an accumulated benefit obligation in excess of plan assets: 20232022Projected benefit obligation$7,297 $7,513 Accumulated benefit obligation7,297 7,513 Fair value of plan assets2,404 2,944 
Schedule of Assumptions Used Weighted average assumptions used to determine benefit obligations and net periodic pension cost for the Company’s defined benefit plans were as follows: 20232022Assumed discount rate — net periodic pension cost3.77 %2.44 %Assumed discount rate — benefit obligation4.85 %3.77 %Assumed rate of increase in compensation levels4.50 %4.50 %Expected rate of return on plan assets5.75 %5.25 %
Schedule of Allocation of Plan Assets The fair value of the pension assets were as follows: July 29, 2023July 30, 2022Asset CategoryAssets Measured at NAVTotalAssets Measured at NAVTotalEquity securities:   Mutual/Collective Trust Funds - U.S. (1)750 750 915 915 Mutual/Collective Trust Funds - International (1)248 248 301 301 Fixed income securities:  Mutual/Collective Trust Funds - Fixed Income (1)1,406 1,406 1,728 1,728 Total$2,404 $2,404 $2,944 $2,944  (1)Includes pools of investments that are measured at fair value using the Net Asset Value (NAV) per share (or its equivalent) practical expedient. The NAV is based on the underlying net assets owned by the fund and the relative interest of each participating investor in the fair value of the underlying assets. The underlying investments are classified as either level 1 or 2 of the fair value hierarchy.
Schedule of Expected Benefit Payments Based on actuarial assumptions, estimated future defined benefit payments, which may be significantly impacted by participant elections related to retirement dates and forms of payment, are as follows:Fiscal Year 2024$540 2025220 2026240 2027270 20286,880 2028 - 2031850 
Schedule of Multiemployer Plans The Company’s participation in these plans is outlined in the following tables.  The “EIN / Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three-digit pension plan number.  The most recent “Pension Protection Act Zone Status” available in 2022 and 2021 is for the plan’s year-end at December 31, 2022 and December 31, 2021, respectively, unless otherwise noted.  Among other factors, generally, plans in the red zone are less than 65 percent funded, plans in the yellow zone are between 65 and 80 percent funded and plans in the green zone are at least 80 percent funded.  The “FIP/RP Status Pending / Implemented” column indicates plans for which a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented.    Pension Protection Act Zone StatusFIP/RP StatusPending/ ImplementedContributions for theyear ended (5) Expiration date ofCollective-BargainingAgreement Pension Fund EIN / Pension Plan Number20222021July 29,2023July 30,2022Surcharge Imposed (6)Pension Plan of Local 464A (1)22-6051600-001GreenGreenN/A$887 $808 N/AAugust 2025UFCW Local 1262 & Employers Pension Fund (2), (4)22-6074414-001RedRedImplemented2,671 2,745 NoOctober 2027UFCW Regional Pension Plan (3), (4)16-6062287-074RedRedImplemented$1,305 $1,288 NoJune 2024Total Contributions    $4,863 $4,841    (1)The information for this fund was obtained from the Form 5500 filed for the plan’s year-end at December 31, 2022 and December 31, 2021.(2)The information for this fund was obtained from the Form 5500 filed for the plan’s year-end at December 31, 2021 and December 31, 2020.(3)The information for this fund was obtained from the Form 5500 filed for the plan’s year-end at September 30, 2022 and September 30, 2021.(4)This plan has elected to utilize special amortization provisions provided under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010.  There were no changes to the plan’s zone status as a result of this election.(5)The Company’s contributions represent more than 5% of the total contributions received by each applicable pension fund for all periods presented.(6)Under the Pension Protection Act, a surcharge may be imposed when employers make contributions under a collective bargaining agreement that is not in compliance with a rehabilitation plan.  As of July 29, 2023, the collective bargaining agreements under which the Company was making contributions were in compliance with rehabilitation plans adopted by each applicable pension fund.