EMPLOYEE BENEFIT PLANS AND COLLECTIVE BARGAINING AGREEMENTS (Tables)

12 Months Ended

Feb. 22, 2025

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 22, 2025 and a statement of funded status as of February 22, 2025 and February 24, 2024 (in millions):

	Pension				Other Post-Retirement Benefits
	February 22, 2025		February 24, 2024		February 22, 2025		February 24, 2024
Change in projected benefit obligation:
Beginning balance	$	1,691.5	$	1,697.5	$	12.0	$	12.4
Service cost	16.7		17.3		—		—
Interest cost	83.4		83.6		0.5		0.6
Actuarial loss	16.4		28.6		1.1		0.9
Benefit payments (including settlements)	(166.7)		(135.4)		(1.5)		(1.9)
Plan amendments	0.1		(0.1)		—		—
Ending balance	$	1,641.4	$	1,691.5	$	12.1	$	12.0
Change in fair value of plan assets:
Beginning balance	$	1,443.7	$	1,407.3	$	—	$	—
Actual return on plan assets	116.4		155.4		—		—
Employer contributions	89.8		16.4		1.5		1.9
Benefit payments (including settlements)	(166.7)		(135.4)		(1.5)		(1.9)
Ending balance	$	1,483.2	$	1,443.7	$	—	$	—
Components of net amount recognized in financial position:
Other current liabilities	$	(4.4)	$	(13.8)	$	(2.3)	$	(2.0)
Other long-term liabilities	(153.8)		(234.0)		(9.8)		(10.0)
Funded status	$	(158.2)	$	(247.8)	$	(12.1)	$	(12.0)

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 22, 2025		February 24, 2024		February 22, 2025		February 24, 2024
Net actuarial gain	$	(116.2)	$	(108.0)	$	(9.7)	$	(11.5)
Prior service cost	1.2		1.4		—		—
	$	(115.0)	$	(106.6)	$	(9.7)	$	(11.5)

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 22, 2025 and February 24, 2024, is shown below (in millions):

	February 22, 2025		February 24, 2024
Projected benefit obligation	$	1,641.4	$	1,691.5
Accumulated benefit obligation	1,637.8		1,688.6
Fair value of plan assets	1,483.2		1,443.7

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  2024		Fiscal  2023		Fiscal 2022		Fiscal  2024		Fiscal  2023		Fiscal 2022
Components of net (income) expense:
Estimated return on plan assets	$	(91.1)	$	(98.5)	$	(92.9)	$	—	$	—	$	—
Service cost	16.7		17.3		19.9		—		—		—
Interest cost	83.4		83.6		51.4		0.5		0.6		0.4
Amortization of prior service cost	0.3		0.4		0.3		—		—		—
Amortization of net actuarial (gain) loss	(3.9)		(5.5)		0.2		(0.7)		(1.1)		(0.4)
Loss (income) due to settlement accounting	3.5		0.3		(0.6)		—		—		—
Expense (income), net	8.9		(2.4)		(21.7)		(0.2)		(0.5)		—
Changes in plan assets and benefit obligations recognized in Other comprehensive income (loss):
Net actuarial (gain) loss	(8.6)		(28.0)		(1.1)		1.1		0.8		(5.4)
Amortization of net actuarial gain (loss)	3.9		5.5		(0.2)		0.7		1.1		0.4
Prior service cost	0.1		(0.2)		0.5		—		—		—
Amortization of prior service cost	(0.3)		(0.4)		(0.3)		—		—		—
(Loss) income due to settlement accounting	(3.5)		(0.3)		0.6		—		—		—
Total recognized in Other comprehensive income (loss)	(8.4)		(23.4)		(0.5)		1.8		1.9		(5.0)
Total net expense and changes in plan assets and benefit obligations recognized in Other comprehensive income (loss)	$	0.5	$	(25.8)	$	(22.2)	$	1.6	$	1.4	$	(5.0)

Schedule of Assumptions Used

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

	February 22, 2025		February 24, 2024
Discount rate	5.34	%	5.31	%
Rate of compensation increase	3.20	%	3.20	%
Cash balance plan interest crediting rate	4.85	%	4.25	%

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

	February 22, 2025		February 24, 2024		February 25, 2023
Discount rate	5.32	%	5.17	%	3.26	%
Expected return on plan assets	6.67	%	7.40	%	5.97	%
Cash balance plan interest crediting rate	4.25	%	3.65	%	2.35	%

Schedule of Allocation of Plan Assets

The following table summarizes actual allocations for the Safeway Plan which had $1,220.5 million in plan assets as of February 22, 2025: 

		Plan Assets
Asset category	Target (1)	February 22, 2025		February 24, 2024
Return-seeking	62%	63.4	%	76.8	%
Liability-hedging	38%	36.6	%	23.2	%
Total	100%	100.0	%	100.0	%

(1) In accordance with the Safeway Plan investment policy, the target asset allocation was adjusted in fiscal 2024 based on the funded ratio of the Safeway Plan.

The following table summarizes the actual allocations for the Shaw's Plan which had $223.3 million in plan assets as of February 22, 2025:    

		Plan Assets
Asset category	Target (1)	February 22, 2025		February 24, 2024
Return-seeking	59%	58.9	%	63.9	%
Liability-hedging	41%	41.1	%	36.1	%
Total	100%	100.0	%	100.0	%

(1) In accordance with the Shaw's Plan investment policy, the target asset allocation was adjusted in fiscal 2024 based on the funded ratio of the Shaw's Plan.

The following table summarizes the actual allocations for the Safeway VAPP which had $32.2 million in plan assets as of February 22, 2025:

		Plan Assets
Asset category	Target	February 22, 2025		February 24, 2024
Equity	15%	18.1	%	13.9	%
Fixed income	60%	60.9	%	58.9	%
Other (1)	25%	18.5	%	23.5	%
Cash	—%	2.5	%	3.7	%
Total	100%	100.0	%	100.0	%

(1) Includes real estate, global tactical asset allocation, private equity investments and money market funds.

The fair value of the Company's pension plan assets as of February 22, 2025 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)(1)		Significant Unobservable Inputs (Level 3)		Assets Measured at NAV (1)
Cash and cash equivalents (2)	$	1.9	$	1.9	$	—	$	—	$	—
Short-term investment collective trust (3)	53.2		—		—		—		53.2
Mutual funds (4)	6.7		6.7		—		—		—
Public equity funds (5)	490.2		—		490.2		—		—
Return-seeking fixed income funds (6)	172.2		—		15.5		—		156.7
Debt funds (7)	499.1		—		499.1		—		—
Hedge funds (8)	82.4		—		—		—		82.4
Real estate funds (9)	168.9		—		46.9		—		122.0
Other securities (10)	8.6		—		8.6		—		—
Total	$	1,483.2	$	8.6	$	1,060.3	$	—	$	414.3

(1) Certain of the Company's pension assets are invested in common collective trusts managed and valued by the fund administrator. The fair value of the funds is based on the Net Asset Value ("NAV") of the underlying investments owned by the fund minus its liabilities. Certain of these funds are classified outside of the fair value hierarchy because fair value for those funds is measured using the NAV practical expedient. These specific funds have been determined not to have a readily determinable fair value and the NAV is not the basis for current transactions, as the NAV is only published monthly or quarterly for these funds, and the Company can only redeem these investments monthly or quarterly. The remaining common collective trusts have a daily published NAV, and the Company can redeem those investments daily, therefore these funds are classified within the fair value hierarchy as the Company has determined the funds have a readily determinable fair value that is the basis for current transactions.

(2) The carrying value of these items approximates fair value.

(3) Invested in a fund comprised of high-grade, short term money market instruments. There are no unfunded commitments or redemption restrictions for these funds.

(4) Invested in 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. There are no unfunded commitments, or redemption restrictions for these funds, and the funds are required to transact at the published price.

(5) Invested in funds comprised of U.S. and international equity.

(6) Invested in funds comprised of high yield, emerging market debt, leveraged loans and real estate debt.

(7) Invested in funds comprised of intermediate and long duration corporate and private bonds and U.S. government securities.

(8) Invested in hedge funds comprised of a combination of equity, fixed income, private assets and derivatives.

(9) Invested in a fund comprised of underlying real estate properties as well as a fund comprised of underlying real estate investment trusts.

(10) These investments primarily consist of foreign government bonds valued based on yields currently available on comparable securities of issuers with similar credit ratings.

The fair value of the Company's pension plan assets as of February 24, 2024, excluding pending transactions of $47.8 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)	$	5.7	$	5.2	$	0.5	$	—	$	—
Short-term investment collective trust (2)	34.3		—		—		—		34.3
Common and preferred stock: (3)
Domestic common and preferred stock	164.8		164.8		—		—		—
International common stock	57.7		57.7		—		—		—
Collective trust funds (2)	636.5		—		—		—		636.5
Corporate bonds (4)	84.0		—		84.0		—		—
Mortgage- and other asset-backed securities (5)	22.3		—		22.3		—		—
Mutual funds (6)	166.2		138.8		27.4		—		—
U.S. government securities (7)	250.2		—		250.2		—		—
Other securities (8)	69.8		—		19.3		—		50.5
Total	$	1,491.5	$	366.5	$	403.7	$	—	$	721.3

(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 to plan participants (in millions):

	Pension Benefits		Other Benefits
2025	$	151.0	$	2.3
2026	143.0		2.0
2027	143.0		1.8
2028	140.4		1.5
2029	138.7		1.3
2030 – 2034	650.0		4.0

Schedule of Multiemployer Plans

The following tables contain information about the Company's multiemployer plans. Certain plans have been aggregated in the Other funds line in the following table, as the contributions to each of these plans are not individually material.

	EIN - PN	Pension Protection Act zone status (1)		Company's 5% of total plan contributions		FIP/RP status pending/implemented
Pension fund		2024	2023	2023	2022
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
Sound Retirement Trust (6)	916069306 - 001	Green	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 Int'l Union- Albertsons Variable Annuity Pension Fund (5)	853326342 - 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	Red	Red	Yes	Yes	Implemented
Intermountain Retail Store Employees Pension Trust (7)	916187192 - 001	Red	Red	Yes	Yes	Implemented
UFCW Local 1245 Labor Management Pension Plan	516090661 - 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	2024		2023		2022					Count	Expiration
UFCW-Northern California Employers Joint Pension Trust Fund	$	130.8	$	132.1	$	135.2	No	4/12/2025 to 2/26/2026	84	80	4/12/2025
Western Conference of Teamsters Pension Plan	78.2		75.9		73.5		No	4/19/2025 to 9/30/2029	55	10	9/21/2025
Southern California United Food & Commercial Workers Unions and Food Employers Joint Pension Plan (4)	136.6		138.5		141.8		No	3/4/2025 to 3/6/2026	40	38	3/4/2025
Sound Retirement Trust (6)	73.7		70.1		66.6		No	4/26/2025 to 8/3/2029	145	37	5/3/2025
Bakery and Confectionery Union and Industry International Pension Fund	18.6		18.7		18.3		No	7/21/2025 to 3/6/2027	119	42	9/6/2025
UFCW Union and Participating Food Industry Employers Tri-State Pension Fund	10.7		10.7		11.5		No	3/29/2025 to 2/1/2028	6	2	3/29/2025
Rocky Mountain UFCW Unions & Employers Pension Plan	16.5		16.9		17.2		No	6/14/2025 to 8/29/2026	84	12	11/15/2025
UFCW Local 152 Retail Meat Pension Fund (5)	11.1		11.2		11.4		No	5/2/2028	4	4	5/2/2028
Desert States Employers & UFCW Unions Pension Plan	11.2		11.0		10.8		No	6/14/2025 to 3/7/2026	20	18	3/7/2026
UFCW Int'l Union- Albertsons Variable Annuity Pension Fund (5)	9.6		9.6		8.9		No	6/14/2025 to 12/16/2027	24	7	6/14/2025
Retail Food Employers and UFCW Local 711 Pension Trust Fund	8.5		8.6		9.0		No	3/1/2025 to 12/19/2026	7	4	3/1/2025
Oregon Retail Employees Pension Trust	13.0		12.8		12.1		No	3/1/2025 to 3/4/2028	125	36	8/14/2027
Intermountain Retail Store Employees Pension Trust (7)	7.8		7.9		8.0		No	3/1/2025 to 12/13/2025	54	4	3/1/2025
UFCW Local 1245 Labor Management Pension Plan	6.1		6.0		5.7		No	11/28/2026 to 4/8/2028	4	3	11/28/2026
Other funds	15.3		15.5		16.5
Total Company contributions to U.S. multiemployer pension plans	$	547.7	$	545.5	$	546.5

(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 22, 2025, 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, 2024 and March 31, 2023.

(5) The information for this fund was obtained from the Form 5500 filed for the plan's year-end at June 30, 2023 and June 30, 2022.

(6) The information for this fund was obtained from the Form 5500 filed for the plan's year-end at September 30, 2023 and September 30, 2022.

(7) The information for this fund was obtained from the Form 5500 filed for the plan's year-end at August 31, 2023 and August 31, 2022.