XML 21 R11.htm IDEA: XBRL DOCUMENT v3.22.2.2
EMPLOYEE BENEFIT PLANS
 6 Months Ended
Sep. 10, 2022
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS
Pension and Other Post-Retirement Benefits

The following table provides the components of net pension and post-retirement (income) expense (in millions):
12 weeks ended
PensionOther post-retirement benefits
September 10,
2022		September 11,
2021		September 10,
2022		September 11,
2021
Estimated return on plan assets$(21.4)$(24.5)$— $— 
Service cost4.5 5.1 — — 
Interest cost11.9 9.7 0.1 0.1 
Amortization of prior service cost0.1 — — — 
Amortization of net actuarial loss (gain)0.1 0.2 (0.1)(0.1)
Settlement gain— (14.3)— — 
(Income) expense, net$(4.8)$(23.8)$— $— 
28 weeks ended
PensionOther post-retirement benefits
September 10,
2022		September 11,
2021		September 10,
2022		September 11,
2021
Estimated return on plan assets$(50.0)$(57.2)$— $— 
Service cost10.7 12.0 — — 
Interest cost27.7 22.7 0.2 0.2 
Amortization of prior service cost0.2 0.1 — — 
Amortization of net actuarial loss (gain)0.3 0.5 (0.2)(0.3)
Settlement gain— (14.3)— — 
(Income) expense, net$(11.1)$(36.2)$— $(0.1)

The Company contributed $1.8 million and $5.0 million to its defined pension plans and post-retirement benefit plans during the 12 and 28 weeks ended September 10, 2022, respectively. For the 12 and 28 weeks ended September 11, 2021, the Company contributed $9.2 million and $11.2 million, respectively. At the Company's discretion, additional funds may be contributed to the defined benefit pension plans that are determined to be beneficial to the Company. The Company currently anticipates contributing an additional $17.0 million to these plans for the remainder of fiscal 2022.

During the 12 and 28 weeks ended September 11, 2021, the Company purchased a group annuity policy and transferred $203.5 million of pension plan assets to an insurance company, thereby reducing the Company's defined benefit pension obligations by $205.4 million. As a result of the annuity purchase, the Company recorded a settlement gain of $11.1 million during the 12 and 28 weeks ended September 11, 2021.

Multiemployer Pension Plans

ARP Act: The American Rescue Plan Act ("ARP Act"), which was signed into law on March 11, 2021, established a special financial assistance ("SFA") program for financially troubled multiemployer pension plans. Under the ARP Act, eligible multiemployer plans can apply to receive a cash payment in an amount projected by the Pension Benefit Guaranty Corporation ("PBGC") to pay pension benefits through the plan year ending 2051. In the fourth quarter of fiscal 2021, the Combined Plan submitted its application to receive SFA. During the first quarter of fiscal 2022, the Combined Plan received approval and payment from the PBGC for $1.2 billion in SFA.

During the 12 weeks ended September 10, 2022, the PBGC issued the final rule with respect to the SFA program which allowed for both additional funding and the investment of one third of the SFA funds into return-seeking investments. Based on the final rule, on August 8, 2022, the Combined Plan submitted a supplemented application for additional funding of approximately $120 million. The Combined Plan is now expected to remain solvent and therefore the Company currently does not expect to have any funding requirements for the Excess Plan. As a result, during the 12 weeks ended September 10, 2022, the Company recorded a non-cash pre-tax gain of $19.0 million to remove the pension liability for the Excess Plan. For additional information, including a description and definition of the Combined Plan, as well as the impact on the Excess Plan, as defined therein, see "Part II—Item 8. Financial Statements and Supplementary Data—Note 12" of the Company's Annual Report on Form 10-K for the fiscal year ended February 26, 2022.