DERIVATIVE FINANCIAL INSTRUMENTS

12 Months Ended

Feb. 27, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The aggregate notional amount of all Swaps as of February 27, 2021 and February 29, 2020, were $1,653.0 million and $2,023.0 million, respectively, of which none were designated as cash flow hedges as defined by GAAP.

On February 5, 2020, the Company repaid in full the Albertsons Term Loans (as defined in Note 7 - Long-term debt and finance lease obligations) using cash on hand and proceeds from the issuance of new notes (as further discussed in Note 7 - Long-term debt and finance lease obligations). Consequently, the Company discontinued cash flow hedge accounting for the interest rate swap agreements that were entered into to hedge the interest rate risk on the then existing variable rate term loans. In accordance with hedge accounting guidance, the net unrealized loss of $37.1 million, associated with the discontinued hedging relationship, recorded within Accumulated other comprehensive income (loss), was reclassified into Other (income) expense, net in fiscal 2019 in the Consolidated Statements of Operations and Comprehensive Income.

Activity related to the Swaps consisted of the following (in millions):


	Fiscal 2020		Fiscal 2019		Fiscal 2018		Location of loss recognized from derivatives
Loss on undesignated portion of interest rate swaps	$	(19.5)	$	(47.9)	$	—	Other (income) expense, net
Loss on designated portion of interest rate swaps	$	—	$	(3.4)	$	(15.5)	Other comprehensive income (loss), net of tax