BENEFIT PLANS (Tables)

12 Months Ended

Aug. 01, 2020

Aug. 03, 2019

Retirement Benefits [Abstract]

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

Net periodic benefit (income) cost and other changes in plan assets and benefit obligations recognized consist of the following:

	2020						2019
(in thousands)	Pension Benefits			Other Postretirement Benefits			Pension Benefits			Other Postretirement Benefits
Net Periodic Benefit (Income) Cost
Service cost	$	—		$	54		$	—		$	173
Interest cost	57,495			943			75,706			1,447
Expected return on plan assets	(105,596		)	(215		)	(111,695		)	(184		)
Amortization of net actuarial gain	—			(3,107		)	—			—
Pension settlement charge	11,303			—			—			—
Net periodic benefit (income) cost	(36,798		)	(2,325		)	(35,989		)	1,436
Other Changes in Plan Assets and Benefits Obligations Recognized in Other Comprehensive (Loss) Income
Prior service benefit	—			—			—			(4,199		)
Amortization of prior service benefit	—			1,400			—			—
Net actuarial loss (gain)	108,990			89			57,902			(9,912		)
Amortization of net actuarial loss	—			1,707			—			—
Total expense (benefit) recognized in Other comprehensive (loss) income	108,990			3,196			57,902			(14,111		)
Total expense (benefit) recognized in net periodic benefit cost (income) and Other comprehensive (loss) income	$	72,192		$	871		$	21,913		$	(12,675	)

The benefit obligation, fair value of plan assets and funded status of our defined benefit pension plans and other postretirement benefit plans consisted of the following:

	2020						2019
(in thousands)	Pension Benefits			Other Postretirement Benefits			Pension Benefits			Other Postretirement Benefits
Changes in Benefit Obligation
Benefit Obligation at beginning of year	$	2,709,274		$	37,682		$	—		$	—
Benefit obligation at acquisition date of October 22, 2018	—			—			2,499,954			52,276
Plan amendment	—			—			—			(4,199		)
Service cost	—			54			—			173
Interest cost	57,495			943			75,706			1,447
Actuarial loss (gain)	276,635			719			249,899			(9,836		)
Settlements paid	(689,989		)	—			—			—
Benefits paid	(93,928		)	(2,285		)	(116,285		)	(2,179		)
Benefit obligation at end of year	2,259,487			37,113			2,709,274			37,682
Changes in Plan Assets
Fair value of plan assets at beginning of year	2,496,547			11,243			—			—
Fair value of plan assets at acquisition date of October 22, 2018	—			—			2,305,020			11,586
Actual return on plan assets	261,839			845			303,696			260
Employer contributions	16,099			2,601			4,116			1,636
Settlements paid	(689,989		)	—			—			—
Benefits paid	(93,928		)	(2,285		)	(116,285		)	(2,239		)
Fair value of plan assets at end of year	1,990,568			12,404			2,496,547			11,243
Unfunded status at end of year	$	(268,919	)	$	(24,709	)	$	(212,727	)	$	(26,439	)

Schedule of Amounts Recognized in Balance Sheet

Amounts recognized in the Consolidated Balance Sheets as of August 1, 2020 and August 3, 2019 consist of the following:

	August 1, 2020				August 3, 2019
(in thousands)	Pension Benefits		Other Postretirement Benefits		Pension Benefits		Other Postretirement Benefits
Accrued compensation and benefits	$	1,500	$	—	$	1,900	$	—
Pension and other postretirement benefit obligations	267,419		24,709		210,827		26,439
Total	$	268,919	$	24,709	$	212,727	$	26,439

Amounts recognized in the Consolidated Balance Sheets consisted of the following (in thousands):

	Post-Employment Benefits
	August 1, 2020		August 3, 2019
Accrued compensation and benefits	$	2,356	$	2,356
Other long-term liabilities	5,053		5,053
Total	$	7,409	$	7,409

Schedule of Assumptions Used

Weighted average assumptions used to determine benefit obligations and net periodic benefit cost consisted of the following:

	2020	2019
Benefit obligation assumptions:
Discount rate	1.74% - 2.37%	2.99% - 3.49%
Net periodic benefit cost assumptions:
Discount rate	2.99% - 3.49%	4.30% - 4.42%
Rate of compensation increase	—	—	%
Expected return on plan assets(1)	2.00% - 5.75%	2.25% - 6.50%

(1)

Expected return on plan assets is estimated by utilizing forward-looking, long-term return, risk and correlation assumptions developed and updated annually by the Company. These assumptions are weighted by the actual or target allocation to each underlying asset class represented in the pension plan asset portfolio. We also assess the expected long-term return on plan assets assumption by comparison to long-term historical performance on an asset class to ensure the assumption is reasonable. Long-term trends are also evaluated relative to market factors such as inflation, interest rates, and fiscal and monetary policies in order to assess the capital market assumptions.

Schedule of Allocation of Plan Assets

The asset allocation targets and the actual allocation of pension plan assets are as follows:

Asset Category	Target		2020		2019
Domestic equity	22.4	%	22.6	%	22.1	%
International equity	6.8	%	6.0	%	6.2	%
Private equity	5.3	%	4.7	%	4.2	%
Fixed income	59.7	%	60.4	%	62.3	%
Real estate	5.8	%	6.3	%	5.2	%
Total	100.0	%	100.0	%	100.0	%

The fair value of assets of our defined benefit pension plans held in master trusts as of August 1, 2020, by asset category, consisted of the following (in thousands):

	Level 1		Level 2		Level 3		Measured at NAV as a Practical Expedient		Total
Common stock	$	334,194	$	—	$	—	$	—	$	334,194
Common collective trusts	—		901,258		—		59,454		960,712
Corporate bonds	—		310,694		—		—		310,694
Government securities	—		131,424		—		—		131,424
Mutual funds	456		42,867		—		—		43,323
Mortgage-backed securities	—		3,979		—		—		3,979
Other	10,314		23,137		—		—		33,451
Private equity and real estate partnerships	—		—		—		172,791		172,791
Total plan assets at fair value	$	344,964	$	1,413,359	$	—	$	232,245	$	1,990,568

The fair value of assets of our defined benefit pension plans held in master trusts as of August 3, 2019, by asset category, consisted of the following (in thousands):

	Level 1		Level 2		Level 3		Measured at NAV as a Practical Expedient		Total
Common stock	$	397,800	$	—	$	—	$	—	$	397,800
Common collective trusts	—		1,046,590		—		83,504		1,130,094
Corporate bonds	—		362,251		—		—		362,251
Government securities	—		248,872		—		—		248,872
Mutual funds	469		62,254		—		—		62,723
Mortgage-backed securities	—		10,920		—		—		10,920
Other	5,603		73,745		—		—		79,348
Private equity and real estate partnerships	—		—		—		204,539		204,539
Total plan assets at fair value	$	403,872	$	1,804,632	$	—	$	288,043	$	2,496,547

Schedule of Expected Benefit Payments

The estimated future benefit payments to be made from our defined benefit pension and other postretirement benefit plans, which reflect expected future service, are as follows (in thousands):

Fiscal Year	Pension Benefits		Other  Postretirement Benefits
2021	$	117,700	$	3,800
2022	112,900		3,600
2023	114,500		3,400
2024	118,000		3,200
2025	123,200		3,000
Years 2026-2030	592,300		12,000

Schedule of Multiemployer Plans

The following table contains information about the Company’s significant multiemployer plans (in millions):

			Pension Protection Act Zone Status		Contributions
Pension Fund	EIN-Pension Plan Number	Plan Month/Day End Date	2020	FIP/RP Status Pending/Implemented	2020		2019		Surcharges Imposed(1)	Amortization Provisions
Minneapolis Food Distributing Industry Pension Plan	416047047-001	12/31	Green	No	$	11	$	8	No	☐
Minneapolis Retail Meat Cutters and Food Handlers Pension Fund	410905139-001	2/28	Red	Implemented	9		7		No	☒
Minneapolis Retail Meat Cutters and Food Handlers Variable Annuity Pension Fund	832598425-001	12/31	NA	NA	3		1		NA	☐
Central States, Southeast and Southwest Areas Pension Fund	366044243-001	12/31	Deep Red	Implemented	6		5		No	☒
UFCW Unions and Participating Employer Pension Fund(2)	526117495-001	12/31	Red	Implemented	7		4		No	☐
Western Conference of Teamsters Pension Plan Trust	916145047-001	12/31	Green	No	13		12		No	☐
UFCW Unions and Employers Pension Plan	396069053-001	10/31	Deep Red	Implemented	1		1		No	☒
All Other Multiemployer Pension Plans(3)					2		3
Total					$	52	$	41

(1) PPA surcharges are 5 percent or 10 percent of eligible contributions and may not apply to all collective bargaining agreements or total contributions to each plan.

(2) These multiemployer pension plans are associated with continued and discontinued operations.

(3)

All Other Multiemployer Pension Plans include 7 plans, none of which is individually significant when considering contributions to the plan, severity of the underfunded status or other factors.

Schedule Of Collective Bargaining Agreement Dates And Contributions To Each Plan Table

The following table describes the expiration of the Company’s collective bargaining agreements associated with the significant multiemployer plans in which we participate:

			Most Significant Collective Bargaining Agreement
Pension Fund	Range of Collective Bargaining Agreement Expiration Dates	Total Collective Bargaining Agreements	Expiration Date	% of Associates under Collective Bargaining Agreement (1)		Over 5% Contributions 2020
Minneapolis Food Distributing Industry Pension Plan	5/31/2022	1	5/31/2022	100.0	%	☒
Minneapolis Retail Meat Cutters and Food Handlers Pension Fund	3/4/2023	1	3/4/2023	100.0	%	☒
Minneapolis Retail Meat Cutters and Food Handlers Variable Annuity Pension Fund	3/4/2023	1	3/4/2023	100.0	%	☒
Central States, Southeast and Southwest Areas Pension Fund	9/14/2019 - 5/31/2025	4	8/3/2024	39.2	%	☐
UFCW Unions and Participating Employer Pension Fund(2)	11/8/2020	2	11/8/2020	66.2	%	☒
Western Conference of Teamsters Pension Plan Trust	5/31/2020 - 4/22/2023	15	9/19/2020	20.7	%	☐
UFCW Unions and Employers Pension Plan	4/9/2022	1	4/9/2022	100.0	%	☒

(1) Company participating employees in the most significant collective bargaining agreement as a percent of all Company employees participating in the respective fund.

(2)

These multiemployer pension plans are associated with continued and discontinued operations.