EMPLOYEE BENEFIT PLANS AND COLLECTIVE BARGAINING AGREEMENTS (Tables)

12 Months Ended

Feb. 27, 2021

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 27, 2021 and a statement of funded status as of February 27, 2021 and February 29, 2020 (in millions):

	Pension				Other Post-Retirement Benefits
	February 27, 2021		February 29, 2020		February 27, 2021		February 29, 2020
Change in projected benefit obligation:
Beginning balance	$	2,516.2	$	2,325.8	$	20.9	$	23.8
Service cost	15.7		14.7		—		0.6
Interest cost	48.6		80.6		0.4		0.7
Actuarial loss (gain)	11.9		315.1		1.3		(2.6)
Plan participant contributions	—		—		0.2		0.4
Benefit payments (including settlements)	(221.9)		(218.9)		(1.6)		(2.0)
Plan amendments	—		(1.1)		—		—
Ending balance	$	2,370.5	$	2,516.2	$	21.2	$	20.9
Change in fair value of plan assets:
Beginning balance	$	1,743.7	$	1,847.0	$	—	$	—
Actual return on plan assets	361.2		106.2		—		—
Employer contributions	58.6		9.4		1.4		1.6
Plan participant contributions	—		—		0.2		0.4
Benefit payments (including settlements)	(221.9)		(218.9)		(1.6)		(2.0)
Ending balance	$	1,941.6	$	1,743.7	$	—	$	—
Components of net amount recognized in financial position:
Other current liabilities	$	(6.3)	$	(6.7)	$	(2.8)	$	(2.5)
Other long-term liabilities	(422.6)		(765.8)		(18.4)		(18.4)
Funded status	$	(428.9)	$	(772.5)	$	(21.2)	$	(20.9)

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

Amounts recognized in Accumulated other comprehensive income (loss) consisted of the following (in millions):

	Pension				Other Post-Retirement Benefits
	February 27, 2021		February 29, 2020		February 27, 2021		February 29, 2020
Net actuarial (gain) loss	$	(76.7)	$	170.4	$	(8.4)	$	(10.3)
Prior service cost	1.4		1.6		—		1.9
	$	(75.3)	$	172.0	$	(8.4)	$	(8.4)

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 27, 2021 and February 29, 2020, is shown below (in millions):

	February 27, 2021		February 29, 2020
Projected benefit obligation	$	2,370.5	$	2,516.2
Accumulated benefit obligation	2,366.4		2,513.4
Fair value of plan assets	1,941.6		1,743.7

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 income (loss) (in millions):

	Pension				Other Post-Retirement Benefits
	Fiscal  2020		Fiscal  2019		Fiscal  2020		Fiscal  2019
Components of net (income) expense:
Estimated return on plan assets	$	(103.9)	$	(110.1)	$	—	$	—
Service cost	15.7		14.7		—		0.6
Interest cost	48.6		80.6		0.4		0.7
Amortization of prior service cost	0.2		0.4		1.9		3.7
Amortization of net actuarial loss (gain)	2.0		0.5		(0.6)		(0.5)
(Income) loss due to settlement accounting	(0.7)		7.4		—		—
(Income) expense, net	(38.1)		(6.5)		1.7		4.5
Changes in plan assets and benefit obligations recognized in Other comprehensive income (loss):
Net actuarial (gain) loss	(245.8)		318.9		1.3		(2.6)
Settlement income (loss)	0.7		(7.4)		—		—
Amortization of net actuarial (loss) gain	(2.0)		(0.5)		0.6		0.5
Prior service cost	—		(1.1)		—		—
Amortization of prior service cost	(0.2)		(0.4)		(1.9)		(3.7)
Total recognized in Other comprehensive income (loss)	(247.3)		309.5		—		(5.8)
Total net expense and changes in plan assets and benefit obligations recognized in Other comprehensive income (loss)	$	(285.4)	$	303.0	$	1.7	$	(1.3)

Schedule of Assumptions Used

The weighted average actuarial assumptions used to determine year-end projected benefit obligations for pension plans were as follows:

	February 27, 2021		February 29, 2020
Discount rate	2.84	%	2.83	%
Rate of compensation increase	3.01	%	3.02	%
Cash balance plan interest crediting rate	2.35	%	2.40	%

The weighted average actuarial assumptions used to determine net periodic benefit costs for pension plans were as follows: 

	February 27, 2021		February 29, 2020
Discount rate	2.83	%	4.17	%
Expected return on plan assets	6.18	%	6.36	%
Cash balance plan interest crediting rate	2.40	%	3.05	%

Schedule of Allocation of Plan Assets

The following table summarizes actual allocations for the Safeway Plan which had approximately $1,597 million in plan assets as of February 27, 2021: 

		Plan Assets
Asset category	Target	February 27, 2021		February 29, 2020
Equity	65%	68.3	%	64.0	%
Fixed income	35%	31.2	%	39.2	%
Cash and other	—%	0.5	%	(3.2)	%
Total	100%	100.0	%	100.0	%

The following table summarizes the actual allocations for the Shaw's Plan which had approximately $302 million in plan assets as of February 27, 2021:    

		Plan Assets
Asset category	Target	February 27, 2021		February 29, 2020
Equity	65%	69.2	%	64.5	%
Fixed income	35%	28.2	%	35.4	%
Cash and other	—%	2.6	%	0.1	%
Total	100%	100.0	%	100.0	%

The following table summarizes the actual allocations for the United Plan which had approximately $43 million in plan assets as of February 27, 2021:

		Plan Assets
Asset category	Target (1)	February 27, 2021		February 29, 2020
Equity	50%	45.0	%	47.8	%
Fixed income	50%	55.0	%	50.4	%
Cash and other	—%	—	%	1.8	%
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 27, 2021, excluding pending transactions of $76.1 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)	$	5.3	$	15.3	$	(10.0)	$	—	$	—
Short-term investment collective trust (2)	63.1		—		63.1		—		—
Common and preferred stock: (3)
Domestic common and preferred stock	169.8		169.8		—		—		—
International common stock	56.3		56.3		—		—		—
Collective trust funds (2)	868.6		—		—		—		868.6
Corporate bonds (4)	120.9		—		120.9		—		—
Mortgage- and other asset-backed securities (5)	34.1		—		34.1		—		—
Mutual funds (6)	346.4		178.7		61.0		—		106.7
U.S. government securities (7)	282.0		—		282.0		—		—
Other securities (8)	71.2		—		25.2		—		46.0
Total	$	2,017.7	$	420.1	$	576.3	$	—	$	1,021.3

(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.

(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 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 NAV of the underlying investments and are provided by the fund issuers. There are no unfunded commitments or redemption restrictions for these funds.

(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
2021	$	190.3	$	2.8
2022	182.8		2.7
2023	177.3		2.4
2024	191.8		2.2
2025	272.7		1.9
2026 – 2030	679.2		6.3

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		2020	2019	2019	2018
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 (8)	526128473 - 001	Red	Red	Yes	Yes	Implemented
Sound Retirement Trust (6)	916069306 - 001	Red	Red	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)(9)	516055922 - 001	Green	Green	Yes	Yes	No
Mid Atlantic Pension Fund (8)	461000515 - 001	Green	Green	Yes	Yes	No
Retail Food Employers and UFCW Local 711 Pension Trust Fund	516031512 - 001	Red	Red	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	2020		2019		2018					Count	Expiration
UFCW-Northern California Employers Joint Pension Trust Fund	$	123.2	$	103.8	$	104.4	No	8/3/2019 to 10/9/2021	83	78	10/9/2021
Western Conference of Teamsters Pension Plan	66.9		64.9		63.7		No	3/4/2020 to 9/21/2025	51	10	9/21/2025
Southern California United Food & Commercial Workers Unions and Food Employers Joint Pension Plan (4)	133.7		116.1		108.4		No	3/11/2018 to 3/6/2026	43	41	3/6/2022
Food Employers Labor Relations Association and United Food and Commercial Workers Pension Fund (8)	19.3		18.8		20.4		No	10/26/2019 to 2/24/2024	21	15	10/28/2023
Sound Retirement Trust (6)	53.8		44.3		39.1		No	5/4/2019 to 1/20/2024	119	14	5/7/2022
Bakery and Confectionery Union and Industry International Pension Fund	18.7		18.5		17.4		No	9/3/2011 to 3/9/2024	107	33	9/6/2020
UFCW Union and Participating Food Industry Employers Tri-State Pension Fund	12.0		14.9		14.0		No	3/28/2020 to 2/1/2024	6	2	3/28/2020
Rocky Mountain UFCW Unions & Employers Pension Plan	15.5		12.3		10.8		No	11/23/2019 to 11/26/2022	85	27	2/19/2022
UFCW Local 152 Retail Meat Pension Fund (5)	11.1		10.9		10.8		No	5/2/2024	4	4	5/2/2024
Desert States Employers & UFCW Unions Pension Plan	8.9		8.9		9.1		No	10/24/2020 to 11/5/2022	16	13	10/24/2020
UFCW International Union - Industry Pension Fund (5)(9)	4.6		9.5		13.1		No	8/3/2019 to 7/13/2024	20	6	6/11/2022
Mid Atlantic Pension Fund (8)	7.3		7.4		6.6		No	(8)	(8)	(8)	(8)
Retail Food Employers and UFCW Local 711 Pension Trust Fund	8.6		7.3		7.1		No	5/19/2018 to 12/17/2023	7	4	3/5/2022
Oregon Retail Employees Pension Trust	10.0		8.9		7.6		No	7/31/2021 to 11/12/2022	142	25	1/29/2022
Intermountain Retail Store Employees Pension Trust (7)	6.9		5.8		4.8		No	5/19/2013 to 4/8/2023	56	13	4/4/2020
Other funds	23.5		17.0		13.8
Total Company contributions to U.S. multiemployer pension plans	$	524.0	$	469.3	$	451.1

(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 multiple factors, including the funding ratio of the plan assets to plan liabilities.

(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 27, 2021, 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 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, 2020 and March 31, 2019.

(5) The information for this fund was obtained from the Form 5500 filed for the plan's year-end at June 30, 2019 and June 30, 2018.

(6) The information for this fund was obtained from the Form 5500 filed for the plan's year-end at September 30, 2019 and September 30, 2018.

(7) The information for this fund was obtained from the Form 5500 filed for the plan's year-end at August 31, 2019 and August 31, 2018.

(8) As further described below, effective December 31, 2020, the Mid Atlantic Pension Fund combined into the Food Employers Labor Relations Association and United Food and Commercial Workers Pension Fund to form the Combined Plan, and immediately upon combination the Company withdrew from the Combined Plan under the terms of the agreement with the applicable local unions, the largest contributing employer and the PBGC.

(9) As further described below, effective June 30, 2020, the Company withdrew from the UFCW National Fund.