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EMPLOYEE BENEFIT PLANS AND COLLECTIVE BARGAINING AGREEMENTS (Tables)
 12 Months Ended
Feb. 29, 2020
Retirement Benefits [Abstract]  
Schedule of Changes in Retirement Plan's Benefit Obligation and Fair Value of Assets
The following table provides a reconciliation of the changes in the retirement plans' benefit obligation and fair value of assets over the two-year period ended February 29, 2020 and a statement of funded status as of February 29, 2020 and February 23, 2019 (in millions):
 
Pension
 
Other Post-Retirement Benefits
  
February 29,
2020
 
February 23,
2019
 
February 29,
2020
 
February 23,
2019
Change in projected benefit obligation:
 
 
 
 
 
 
 
Beginning balance
$
2,325.8

 
$
2,351.8

 
$
23.8

 
$
26.9

Service cost
14.7

 
52.4

 
0.6

 
1.0

Interest cost
80.6

 
85.8

 
0.7

 
0.5

Actuarial loss (gain)
315.1

 
0.5

 
(2.6
)
 
(2.4
)
Plan participant contributions
—

 
—

 
0.4

 
0.4

Benefit payments (including settlements)
(218.9
)
 
(167.8
)
 
(2.0
)
 
(2.6
)
Plan amendments
(1.1
)
 
3.1

 
—

 
—

Ending balance
$
2,516.2

 
$
2,325.8

 
$
20.9

 
$
23.8

 
 
 
 
 
 
 
 
Change in fair value of plan assets:
 
 
 
 
 
 
 
Beginning balance
$
1,847.0

 
$
1,814.0

 
$
—

 
$
—

Actual return on plan assets
106.2

 
3.6

 
—

 
—

Employer contributions
9.4

 
197.2

 
1.6

 
2.1

Plan participant contributions
—

 
—

 
0.4

 
0.4

Benefit payments (including settlements)
(218.9
)
 
(167.8
)
 
(2.0
)
 
(2.5
)
Ending balance
$
1,743.7

 
$
1,847.0

 
$
—

 
$
—

 
 
 
 
 
 
 
 
Components of net amount recognized in financial position:
 
 
 
 
 
 
 
Other current liabilities
$
(6.7
)
 
$
(6.7
)
 
$
(2.5
)
 
$
(2.1
)
Other long-term liabilities
(765.8
)
 
(472.1
)
 
(18.4
)
 
(21.7
)
Funded status
$
(772.5
)
 
$
(478.8
)
 
$
(20.9
)
 
$
(23.8
)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Amounts recognized in Accumulated other comprehensive (loss) income consisted of the following (in millions):
 
Pension
 
Other Post-Retirement
Benefits
 
February 29,
2020
 
February 23,
2019
 
February 29,
2020
 
February 23,
2019
Net actuarial loss (gain)
$
170.4

 
$
(140.6
)
 
$
(10.3
)
 
$
(8.2
)
Prior service cost
1.6

 
3.1

 
1.9

 
5.6

 
$
172.0

 
$
(137.5
)
 
$
(8.4
)
 
$
(2.6
)
Schedule of Accumulated Benefit Obligation in Excess of Plan Assets
Information for the Company's pension plans, all of which have an accumulated benefit obligation in excess of plan assets as of February 29, 2020 and February 23, 2019, is shown below (in millions):
 
February 29,
2020
 
February 23,
2019
Projected benefit obligation
$
2,516.2

 
$
2,325.8

Accumulated benefit obligation
2,513.4

 
2,323.9

Fair value of plan assets
1,743.7

 
1,847.0
Schedule of Components of Net Pension and Post-retirement Expense
The following table provides the components of net pension and post retirement (income) expense for the retirement plans and other changes in plan assets and benefit obligations recognized in Other comprehensive (loss) income (in millions):
 
Pension
 
Other Post-Retirement
Benefits
 
Fiscal
2019
 
Fiscal
2018
 
Fiscal
2019
 
Fiscal
2018
Components of net expense:
 
 
 
 
 
 
 
Estimated return on plan assets
$
(110.1
)
 
$
(112.6
)
 
$
—

 
$
—

Service cost
14.7

 
52.4

 
0.6

 
1.0

Interest cost
80.6

 
85.8

 
0.7

 
0.5

Amortization of prior service cost
0.4

 
0.1

 
3.7

 
3.7

Amortization of net actuarial loss (gain)
0.5

 
(6.3
)
 
(0.5
)
 
(0.2
)
Loss due to settlement accounting
7.4

 
—

 
—

 
—

Loss due to curtailment accounting
—

 
0.1

 
—

 
—

(Income) expense, net
(6.5
)
 
19.5

 
4.5

 
5.0

 
 
 
 
 
 
 
 
Changes in plan assets and benefit obligations recognized in Other comprehensive (loss) income:
 
 
 
 
 
 
 
Net actuarial loss (gain)
318.9

 
109.4

 
(2.6
)
 
(2.4
)
Settlement loss
(7.4
)
 
—

 
—

 
—

Curtailment loss
—

 
(0.1
)
 
—

 
—

Amortization of net actuarial (loss) gain
(0.5
)
 
6.3

 
0.5

 
0.2

Prior service cost
(1.1
)
 
3.1

 
—

 
—

Amortization of prior service cost
(0.4
)
 
(0.1
)
 
(3.7
)
 
(3.7
)
Total recognized in Other comprehensive (loss) income
309.5

 
118.6

 
(5.8
)
 
(5.9
)
Total net expense and changes in plan assets and benefit obligations recognized in Other comprehensive (loss) income
$
303.0

 
$
138.1

 
$
(1.3
)
 
$
(0.9
)
Schedule of Assumptions Used
The weighted average actuarial assumptions used to determine year-end projected benefit obligations for pension plans were as follows:
 
February 29,
2020
 
February 23,
2019
Discount rate
2.83
%
 
4.17
%
Rate of compensation increase
3.02
%
 
2.87
%
The weighted average actuarial assumptions used to determine net periodic benefit costs for pension plans were as follows: 
 
February 29,
2020
 
February 23,
2019
Discount rate
4.17
%
 
4.12
%
Expected return on plan assets:
6.36
%
 
6.38
%
Schedule of Allocation of Plan Assets
The following table summarizes actual allocations for the Safeway Plan which had approximately $1,445 million in plan assets as of February 29, 2020: 
 
 
 
 
Plan Assets
Asset category
 
Target
 
February 29,
2020
 
February 23,
2019
Equity
 
65%
 
64.0
 %
 
62.5
%
Fixed income
 
35%
 
39.2
 %
 
35.6
%
Cash and other
 
—%
 
(3.2
)%
 
1.9
%
Total
 
100%
 
100.0
 %
 
100.0
%

The following table summarizes the actual allocations for the Shaw's Plan which had approximately $264 million in plan assets as of February 29, 2020:    
 
 
 
 
Plan Assets
Asset category
 
Target
 
February 29,
2020
 
February 23,
2019
Equity
 
65%
 
64.5
%
 
60.5
%
Fixed income
 
35%
 
35.4
%
 
35.9
%
Cash and other
 
—%
 
0.1
%
 
3.6
%
Total
 
100%
 
100.0
%
 
100.0
%


The following table summarizes the actual allocations for the United Plan which had approximately $35 million in plan assets as of February 29, 2020:
 
 
 
 
Plan Assets
Asset category
 
Target (1)
 
February 29,
2020
 
February 23,
2019
Equity
 
50%
 
47.8
%
 
50.3
 %
Fixed income
 
50%
 
50.4
%
 
50.0
 %
Cash and other
 
—%
 
1.8
%
 
(0.3
)%
Total
 
100%
 
100.0
%
 
100.0
 %
(1)
The target market value of equity securities for the United Plan is 50% of plan assets. If the equity percentage exceeds 60% or drops below 40%, the asset allocation is adjusted to target.
The fair value of the Company's pension plan assets as of February 29, 2020, excluding pending transactions of $95.1 million payable to an intermediary agent, by asset category are as follows (in millions): 
 
 
Fair Value Measurements
Asset category
 
Total
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Assets Measured at NAV
Cash and cash equivalents (1)
 
$
6.3

 
$
3.4

 
$
2.9

 
$
—

 
$
—

Short-term investment collective trust (2)
 
37.4

 
—

 
37.4

 
—

 
—

Common and preferred stock: (3)
 
 
 
 
 
 
 
 
 
 
Domestic common and preferred stock
 
167.8

 
167.8

 
—

 
—

 
—

International common stock
 
57.8

 
57.8

 
—

 
—

 
—

Collective trust funds (2)
 
710.6

 
—

 
—

 
—

 
710.6

Corporate bonds (4)
 
135.9

 
—

 
135.9

 
—

 
—

Mortgage- and other asset-backed securities (5)
 
45.0

 
—

 
45.0

 
—

 
—

Mutual funds (6)
 
272.0

 
138.4

 
22.7

 
—

 
110.9

U.S. government securities (7)
 
359.0

 
—

 
359.0

 
—

 
—

Other securities (8)
 
47.0

 
—

 
12.1

 
—

 
34.9

Total
 
$
1,838.8

 
$
367.4

 
$
615.0

 
$
—

 
$
856.4

(1)
The carrying value of these items approximates fair value.
(2)
These investments are valued based on the Net Asset Value ("NAV") of the underlying investments and are provided by the fund issuers. There are no unfunded commitments or redemption restrictions for these funds. Funds meeting the practical expedient are included in the Assets Measured at NAV column.
(3)
The fair value of common stock is based on the exchange quoted market prices. When quoted prices are not available for identical stock, an industry valuation model is used which maximizes observable inputs.
(4)
The fair value of corporate bonds is generally based on yields currently available on comparable securities of the same or similar issuers with similar credit ratings and maturities. When quoted prices are not available for identical or similar bonds, the fair value is based upon an industry valuation model, which maximizes observable inputs.
(5)
The fair value of mortgage- and other asset-backed securities is generally based on yields currently available on comparable securities of the same or similar issuers with similar credit ratings and maturities. When quoted prices are not available for comparable securities, the fair value is based upon an industry valuation model which maximizes observable inputs.
(6)
These investments are open-ended mutual funds that are registered with the SEC which are valued using the NAV. The NAV of the mutual funds is a published price in an active market. The NAV is determined once a day after the closing of the exchange based upon the underlying assets in the fund, less the fund's liabilities, expressed on a per-share basis. There are no unfunded commitments, or redemption restrictions for these funds, and the funds are required to transact at the published price.
(7)
The fair value of U.S. government securities is based on quoted market prices when available. When quoted prices are not available, the fair value of U.S. government securities is based on yields currently available on comparable securities or on an industry valuation model which maximizes observable inputs.
(8)
Level 2 Other securities, which consist primarily of U.S. municipal bonds, foreign government bonds and foreign agency securities are valued based on yields currently available on comparable securities of issuers with similar credit ratings. Also included in Other securities is a commingled fund valued based on the NAV of the underlying investments and is provided by the issuer and exchange-traded derivatives that are valued based on quoted prices in an active market for identical derivatives, assets and liabilities. Funds meeting the practical expedient are included in the Assets Measured at NAV column. Exchange-traded derivatives are valued based on quoted prices in an active market for identical derivatives assets and liabilities. Non-exchange-traded derivatives are valued using industry valuation models, which maximize observable inputs, such as interest-rate yield curve data, foreign exchange rates and applicable spot and forward rates.
The fair value of the Company's pension plan assets as of February 23, 2019, excluding pending transactions of $79.5 million payable to an intermediary agent, by asset category are as follows (in millions): 
 
 
Fair Value Measurements
Asset category
 
Total
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Assets Measured at NAV
Cash and cash equivalents (1)
 
$
10.8

 
$
1.6

 
$
9.2

 
$
—

 
$
—

Short-term investment collective trust (2)
 
73.3

 
—

 
73.3

 
—

 
—

Common and preferred stock: (3)
 
 
 
 
 
 
 
 
 
 
Domestic common and preferred stock
 
254.5

 
254.5

 
—

 
—

 
—

International common stock
 
64.0

 
64.0

 
—

 
—

 
—

Collective trust funds (2)
 
649.9

 
—

 
—

 
—

 
649.9

Corporate bonds (4)
 
126.0

 
—

 
126.0

 
—

 
—

Mortgage- and other asset-backed securities (5)
 
42.8

 
—

 
42.8

 
—

 
—

Mutual funds (6)
 
257.2

 
139.9

 
29.2

 
—

 
88.1

U.S. government securities (7)
 
362.5

 
—

 
362.5

 
—

 
—

Other securities (8)
 
85.5

 
—

 
51.6

 
—

 
33.9

Total
 
$
1,926.5

 
$
460.0

 
$
694.6

 
$
—

 
$
771.9

(1)
The carrying value of these items approximates fair value.
(2)
These investments are valued based on the NAV of the underlying investments and are provided by the fund issuers. There are no unfunded commitments or redemption restrictions for these funds. Funds meeting the practical expedient are included in the Assets Measured at NAV column.
(3)
The fair value of common stock is based on the exchange quoted market prices. When quoted prices are not available for identical stock, an industry valuation model is used which maximizes observable inputs.
(4)
The fair value of corporate bonds is generally based on yields currently available on comparable securities of the same or similar issuers with similar credit ratings and maturities. When quoted prices are not available for identical or similar bonds, the fair value is based upon an industry valuation model, which maximizes observable inputs.
(5)
The fair value of mortgage- and other asset-backed securities is generally based on yields currently available on comparable securities of the same or similar issuers with similar credit ratings and maturities. When quoted prices are not available for comparable securities, the fair value is based upon an industry valuation model which maximizes observable inputs.
(6)
These investments are open-ended mutual funds that are registered with the SEC which are valued using the NAV. The NAV of the mutual funds is a published price in an active market. The NAV is determined once a day after the closing of the exchange based upon the underlying assets in the fund, less the fund's liabilities, expressed on a per-share basis. There are no unfunded commitments, or redemption restrictions for these funds, and the funds are required to transact at the published price.
(7)
The fair value of U.S. government securities is based on quoted market prices when available. When quoted prices are not available, the fair value of U.S. government securities is based on yields currently available on comparable securities or on an industry valuation model which maximizes observable inputs.
(8)
Level 2 Other securities, which consist primarily of U.S. municipal bonds, foreign government bonds and foreign agency securities are valued based on yields currently available on comparable securities of issuers with similar credit ratings. Also included in Other securities is a commingled fund valued based on the NAV of the underlying investments and is provided by the issuer and exchange-traded derivatives that are valued based on quoted prices in an active market for identical derivatives, assets and liabilities. Funds meeting the practical expedient are included in the Assets Measured at NAV column. Exchange-traded derivatives are valued based on quoted prices in an active market for identical derivatives assets and liabilities. Non-exchange-traded derivatives are valued using industry valuation models, which maximize observable inputs, such as interest-rate yield curve data, foreign exchange rates and applicable spot and forward rates.
Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service as appropriate, are expected to be paid (in millions):
 
Pension Benefits
 
Other Benefits
2020
$
238.6

 
$
2.6

2021
190.9

 
2.4

2022
186.5

 
2.2

2023
193.0

 
1.9

2024
225.6

 
1.7

2025 – 2029
705.9

 
6.0
Schedule of Multiemployer Plans

 
EIN - PN
Pension Protection Act zone status (1)
Company's 5% of total plan contributions
FIP/RP status pending/implemented
 
 
Pension fund
2019
2018
2018
2017
UFCW-Northern California Employers Joint Pension Trust Fund
946313554 - 001
Red
Red
Yes
Yes
Implemented
Western Conference of Teamsters Pension Plan
916145047 - 001
Green
Green
No
No
No
Southern California United Food & Commercial Workers Unions and Food Employers Joint Pension Plan (4)
951939092 - 001
Red
Red
Yes
Yes
Implemented
Food Employers Labor Relations Association and United Food and Commercial Workers Pension Fund
526128473 - 001
Red
Red
Yes
Yes
Implemented
Sound Retirement Trust (6)
916069306 - 001
Red
Green
Yes
Yes
Implemented
Bakery and Confectionery Union and Industry International Pension Fund
526118572 - 001
Red
Red
Yes
Yes
Implemented
UFCW Union and Participating Food Industry Employers Tri-State Pension Fund
236396097 - 001
Red
Red
Yes
Yes
Implemented
Rocky Mountain UFCW Unions & Employers Pension Plan
846045986 - 001
Green
Green
Yes
Yes
No
UFCW Local 152 Retail Meat Pension Fund (5)
236209656 - 001
Red
Red
Yes
Yes
Implemented
Desert States Employers & UFCW Unions Pension Plan
846277982 - 001
Green
Green
Yes
Yes
No
UFCW International Union - Industry Pension Fund (5)
516055922 - 001
Green
Green
Yes
Yes
No
Mid Atlantic Pension Fund
461000515 - 001
Green
Green
Yes
Yes
No
Retail Food Employers and UFCW Local 711 Pension Trust Fund
516031512 - 001
Red
Yellow
Yes
Yes
Implemented
Oregon Retail Employees Pension Trust
936074377 - 001
Green
Green
Yes
Yes
No
Intermountain Retail Store Employees Pension Trust (7)
916187192 - 001
Red
Red
Yes
Yes
Implemented

 
Contributions of Company (in millions)
Surcharge imposed (2)
Expiration date of collective bargaining agreements
Total collective bargaining agreements
Most significant collective bargaining agreement(s)(3)
Pension fund
2019
2018
2017
Count
Expiration
UFCW-Northern California Employers Joint Pension Trust Fund
$
103.8

$
104.4

$
110.2

No
10/13/2018 to 10/9/2021
71
50
10/13/2018
Western Conference of Teamsters Pension Plan
64.9

63.7

61.2

No
9/14/2019 to 10/7/2023
50
15
9/20/2020
Southern California United Food & Commercial Workers Unions and Food Employers Joint Pension Plan (4)
116.1

108.4

92.4

No
3/11/2018 to 3/6/2022
45
43
3/6/2022
Food Employers Labor Relations Association and United Food and Commercial Workers Pension Fund
18.8

20.4

20.4

No
10/26/2019 to 4/15/2020
21
16
10/26/2019
Sound Retirement Trust (6)
44.3

39.1

32.1

No
10/13/2018 to 3/18/2023
128
25
5/8/2022
Bakery and Confectionery Union and Industry International Pension Fund
18.5

17.4

16.6

No
9/3/2011 to 5/6/2023
103
34
9/6/2020
UFCW Union and Participating Food Industry Employers Tri-State Pension Fund
14.9

14.0

15.8

No
2/1/2020 to 1/31/2022
6
2
3/28/2020
Rocky Mountain UFCW Unions & Employers Pension Plan
12.3

10.8

10.8

No
11/23/2019 to 11/26/2022
85
27
2/19/2022
UFCW Local 152 Retail Meat Pension Fund (5)
10.9

10.8

11.0

No
5/2/2020
4
4
5/2/2020
Desert States Employers & UFCW Unions Pension Plan
8.9

9.1

9.3

No
10/24/2020 to 11/5/2022
16
13
10/24/2020
UFCW International Union - Industry Pension Fund (5)
9.5

13.1

12.4

No
8/3/2019 to 12/16/2023
28
6
5/1/2021
Mid Atlantic Pension Fund
7.4

6.6

6.8

No
10/26/2019 to 2/22/2020
19
16
10/26/2019
Retail Food Employers and UFCW Local 711 Pension Trust Fund
7.3

7.1

6.6

No
5/19/2018 to 12/13/2020
7
2
3/2/2019
Oregon Retail Employees Pension Trust
8.9

7.6

6.6

No
7/31/2021 to 11/12/2022
136
23
1/29/2022
Intermountain Retail Store Employees Pension Trust (7)
5.8

4.8

3.8

No
5/19/2013 to 12/10/2022
54
19
4/4/2020
Other funds
17.0

13.8

15.2

 
 
 
 
 
Total Company contributions to U.S. multiemployer pension plans
$
469.3

$
451.1

$
431.2

 
 
 
 
 
(1) PPA established three categories (or "zones") of plans: (1) "Green Zone" for healthy; (2) "Yellow Zone" for endangered; and (3) "Red Zone" for critical. These categories are based upon the funding ratio of the plan assets to plan liabilities. In general, Green Zone plans have a funding ratio greater than 80%, Yellow Zone plans have a funding ratio between 65% - 79%, and Red Zone plans have a funding ratio less than 65%.
(2)
Under the PPA, 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 February 29, 2020, the collective bargaining agreements under which the Company was making contributions were in compliance with rehabilitation plans adopted by the applicable pension fund.
(3)
These columns represent the number of most significant collective bargaining agreements aggregated by common expiration dates for each of the Company's pension funds listed above.
(4)
The information for this fund was obtained from the Form 5500 filed for the plan's year-end at March 31, 2019 and March 31, 2018.
(5)
The information for this fund was obtained from the Form 5500 filed for the plan's year-end at June 30, 2018 and June 30, 2017.
(6) The information for this fund was obtained from the Form 5500 filed for the plan's year-end at September 30, 2018 and September 30, 2017.
(7)
The information for this fund was obtained from the Form 5500 filed for the plan's year-end at August 31, 2018 and August 31, 2017.