Comprehensive Income and Accumulated Other Comprehensive Loss

9 Months Ended

Dec. 05, 2015

Equity [Abstract]

Comprehensive Income and Accumulated Other Comprehensive Loss

NOTE 10—COMPREHENSIVE INCOME AND ACCUMULATED COMPREHENSIVE LOSS

The Company reports comprehensive income in the Condensed Consolidated Statements of Comprehensive Income. Comprehensive income includes all changes in stockholders’ deficit during the reporting period, other than those resulting from investments by and distributions to stockholders. The Company’s comprehensive income is calculated as net earnings (loss) including noncontrolling interests, plus or minus adjustments for pension and other postretirement benefit obligations, net of tax, and changes in the fair value of cash flow hedges, net of tax, less comprehensive income attributable to noncontrolling interests.

Accumulated other comprehensive loss represents the cumulative balance of other comprehensive income (loss), net of tax, as of the end of the reporting period and relates to pension and other postretirement benefit obligation adjustments, net of tax, and unrealized losses on cash flow hedges, net of tax.

Changes in Accumulated other comprehensive loss by component for fiscal 2016 year-to-date are as follows:

	Benefit Plans			Interest Rate Swap			Total
Accumulated other comprehensive loss at beginning of the fiscal year, net of tax	$	(423	)	$	—		$	(423	)
Other comprehensive income (loss) before reclassifications(1)	18			(2		)	16
Amortization of amounts included in net periodic benefit cost(2)	32			—			32
Net current-period Other comprehensive income (loss)(3)	50			(2		)	48
Accumulated other comprehensive loss at the end of period, net of tax	$	(373	)	$	(2	)	$	(375	)

(1) Amount is net of tax (expense) benefit of $(9), $1, $(8), respectively.

(2) Amount is net of tax (expense) benefit of $(20), $0 and $(20), respectively.

(3) Amount is net of tax (expense) benefit of $(29), $1 and $(28), respectively.

Changes in Accumulated other comprehensive loss by component for fiscal 2015 year-to-date are as follows:

	Benefit Plans
Accumulated other comprehensive loss at beginning of the fiscal year, net of tax	$	(307	)
Other comprehensive loss before reclassifications(1)	(141		)
Pension settlement charge, net(2)	36
Amortization of amounts included in net periodic benefit cost(3)	25
Net current-period Other comprehensive loss(4)	(80		)
Accumulated other comprehensive loss at the end of period, net of tax	$	(387	)

(1) Amount is net of tax benefit of $59.

(2) Amount is net of tax expense of $(27).

(3) Amount is net of tax expense of $(15).

(4) Amount is net of tax benefit of $17.

Items reclassified out of pension and postretirement benefit plan accumulated other comprehensive loss had the following impact on the Condensed Consolidated Statements of Operations:

	Third Quarter Ended						Year-To-Date Ended
	December 5,   2015   (12 weeks)			November 29,   2014   (12 weeks)			December 5,   2015   (40 weeks)			November 29,   2014   (40 weeks)			Affected Line Item on Condensed Consolidated Statement of Operations
Pension and postretirement benefit plan obligations:
Amortization of amounts included in net periodic benefit expense(1)	$	13		$	9		$	46		$	31		Selling and administrative expenses
Amortization of amounts included in net periodic benefit expense(1)	2			3			6			9			Cost of sales
Pension settlement charge	—			63			—			63			Selling and administrative expenses
Total reclassifications	15			75			52			103
Income tax benefit	(6		)	(32		)	(20		)	(42		)	Income tax provision
Total reclassifications, net of tax	$	9		$	43		$	32		$	61

(1) Amortization of amounts included in net periodic benefit cost include amortization of prior service benefit and amortization of net actuarial loss as reflected in Note 8—Benefit Plans.

No amounts were reclassified out of Accumulated other comprehensive loss related to the interest rate swap designated as a cash flow hedge. As of December 5, 2015, the Company expects to reclassify $2 out of Accumulated other comprehensive loss into Interest expense, net during the following twelve month period.