BENEFIT PLANS (Tables)

12 Months Ended

Jul. 29, 2023

Retirement Benefits [Abstract]

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

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:

	2023				2022
(in millions)	Pension Benefits		Other Postretirement Benefits		Pension Benefits		Other Postretirement Benefits
Changes in Benefit Obligation
Benefit obligation at beginning of year	$	1,706	$	12	$	2,093	$	18
Actuarial gain	(121)		(1)		(322)		(4)
Benefits paid	(103)		—		(103)		(1)
Interest cost	63		—		38		—
Settlements paid	—		—		—		(1)
Benefit obligation at end of year	1,545		11		1,706		12
Changes in Plan Assets
Fair value of plan assets at beginning of year	1,716		—		2,118		—
Actual return on plan assets	(55)		—		(300)		—
Benefits paid	(103)		(1)		(103)		(1)
Settlements paid	—		—		—		(1)
Employer contributions	1		1		1		2
Fair value of plan assets at end of year	1,559		—		1,716		—
Funded (unfunded) status at end of year	$	14	$	(11)	$	10	$	(12)

The following table provides the funded status of individual projected pension benefit plan obligations and the fair value of plan assets for these plans:

(in millions)	SUPERVALU INC. Retirement Plan		Other Pension Plan		Total Pension Benefits
July 29, 2023:
Fair value of plan assets at end of year	$	1,559	$	—	$	1,559
Benefit obligation at end of year	(1,539)		(6)		(1,545)
Funded (unfunded) status at end of year	$	20	$	(6)	$	14
	SUPERVALU INC. Retirement Plan		Other Pension Plan		Total Pension Benefits
July 30, 2022:
Fair value of plan assets at end of year	$	1,716	$	—	$	1,716
Benefit obligation at end of year	(1,698)		(8)		(1,706)
Funded (unfunded) status at end of year	$	18	$	(8)	$	10

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

	2023				2022				2021
(in millions)	Pension Benefits		Other Postretirement Benefits		Pension Benefits		Other Postretirement Benefits		Pension Benefits		Other Postretirement Benefits
Net Periodic Benefit (Income) Cost
Expected return on plan assets	$	(95)	$	—	$	(82)	$	—	$	(104)	$	—
Interest cost	63		—		38		—		37		—
Amortization of prior service cost (credit)	—		3		—		3		—		(1)
Amortization of net actuarial loss (gain)	—		—		1		—		1		(1)
Settlement gain	—		—		—		—		—		(17)
Net periodic benefit (income) cost	(32)		3		(43)		3		(66)		(19)
Other Changes in Plan Assets and Benefits Obligations Recognized in Other Comprehensive (Loss) Income
Net actuarial loss (gain)	29		(1)		59		(3)		(225)		(8)
Prior service cost	—		—		—		—		—		25
Amortization of prior service (cost) benefit	—		(3)		—		(3)		—		3
Amortization of net actuarial (gain) loss	—		—		—		—		(1)		1
Total expense (benefit) recognized in Other comprehensive (loss) income	29		(4)		59		(6)		(226)		21
Total (benefit) expense recognized in net periodic benefit cost (income) and Other comprehensive (loss) income	$	(3)	$	(1)	$	16	$	(3)	$	(292)	$	2

Schedule of Amounts Recognized in Balance Sheet

Amounts recognized in the Consolidated Balance Sheets as of July 29, 2023 and July 30, 2022 consist of the following:

	July 29, 2023				July 30, 2022
(in millions)	Pension Benefits		Other Postretirement Benefits		Pension Benefits		Other Postretirement Benefits
Other long-term assets	$	20	$	—	$	18	$	—
Pension and other postretirement benefit obligations	(6)		(10)		(6)		(12)
Accrued compensation and benefits	—		(1)		(2)		—
Total	$	14	$	(11)	$	10	$	(12)

Schedule of Assumptions Used

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

	2023		2022		2021
Benefit obligation assumptions:
Discount rate	5.01% - 5.03%		4.20% - 4.26%		2.62% - 2.75%
Net periodic benefit (income) cost assumptions:
Discount rate	4.20% - 4.26%		2.62% - 2.75%		1.17% - 2.27%
Rate of compensation increase	—		—		—
Expected return on plan assets(1)	6.00	%	4.25% - 4.50%		1.00% - 5.50%
Interest credit	5.00	%	5.00	%	5.00	%

(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 master trust. The Company also assesses the expected long-term return on plan assets assumption by comparison to long-term historical performance on an asset class basis 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		2023		2022
Fixed income	85.0	%	85.1	%	85.0	%
Domestic equity	5.5	%	5.3	%	5.4	%
Private equity	4.0	%	4.0	%	5.3	%
International equity	3.5	%	3.5	%	2.3	%
Real estate	2.0	%	2.1	%	2.0	%
Total	100.0	%	100.0	%	100.0	%

The fair value of assets held in the master trust for defined benefit pension plans as of July 29, 2023, by asset category, consisted of the following (in millions):

	Level 1		Level 2		Level 3		Measured at NAV as a Practical Expedient		Total
Common stock	$	46	$	—	$	—	$	—	$	46
Common collective trusts	—		541		—		—		541
Corporate bonds	—		582		—		—		582
Government securities	—		161		—		—		161
Mortgage-backed securities	—		30		—		—		30
Other	100		3		—		—		103
Private equity and real estate partnerships	—		—		—		96		96
Total plan assets at fair value	$	146	$	1,317	$	—	$	96	$	1,559

The fair value of assets held in the master trust for defined benefit pension plans as of July 30, 2022, by asset category, consisted of the following (in millions):

	Level 1		Level 2		Level 3		Measured at NAV as a Practical Expedient		Total
Common stock	$	42	$	—	$	—	$	—	$	42
Common collective trusts	—		949		—		3		952
Corporate bonds	—		390		—		—		390
Government securities	—		175		—		—		175
Mortgage-backed securities	—		28		—		—		28
Other	12		2		—		—		14
Private equity and real estate partnerships	—		—		—		115		115
Total plan assets at fair value	$	54	$	1,544	$	—	$	118	$	1,716

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 millions):

Fiscal Year	Pension Benefits		Other Postretirement Benefits
2024	$	124	$	1
2025	117		1
2026	117		1
2027	116		1
2028	114		1
Years 2029-2033	565		4

Schedule of Multiemployer Plans

The following table contains information about the Company’s significant multiemployer plans from which the Company has not withdrawn (in millions):

			Pension Protection Act Zone Status		Contributions
Pension Fund	EIN-Pension Plan Number	Plan Month/Day End Date	2022	FIP/RP Status Pending/Implemented	2023		2022		2021		Surcharges Imposed(1)
Minneapolis Food Distributing Industry Pension Plan	416047047-001	12/31	Green	No	$	12	$	11	$	12	No
Minneapolis Retail Meat Cutters and Food Handlers Pension Fund	410905139-001	2/28	Red	Implemented	13		10		10		No
Minneapolis Retail Meat Cutters and Food Handlers Variable Annuity Pension Plan	832598425-001	12/31	NA	NA	3		4		4		NA
Central States, Southeast & Southwest Areas Pension Plan	366044243-001	12/31	Deep Red	Implemented	5		5		6		No
UFCW Unions and Participating Employers Pension Plan	526117495-002	12/31	Red	Implemented	3		3		3		No
Western Conference of Teamsters Pension Plan	916145047-001	12/31	Green	No	10		10		10		No
UFCW Unions and Employers Pension Plan(2)	396069053-001	NA	NA	NA	—		—		1		NA
All Other Multiemployer Pension Plans(3)					2		2		2
Total					$	48	$	45	$	48

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

(2)    The Company withdrew from this plan in fiscal 2021 and made no contributions in fiscal 2022 or fiscal 2023. The plan was included in the table above for contributions made in fiscal 2021.

(3)    All Other Multiemployer Pension Plans includes 3 plans, none of which are 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 2022
Minneapolis Food Distributing Industry Pension Plan	5/31/2026	1	5/31/2026	100.0	%	☒
Minneapolis Retail Meat Cutters and Food Handlers Pension Fund	3/4/2025	1	3/4/2025	100.0	%	☒
Minneapolis Retail Meat Cutters and Food Handlers Variable Annuity Pension Fund	3/4/2025	1	3/4/2025	100.0	%	☒
Central States, Southeast and Southwest Areas Pension Fund	6/03/2024 - 5/31/2025	4	8/3/2024	37.9	%	☐
UFCW Unions and Participating Employers Pension Fund	07/12/2024	2	7/12/2024	75.0	%	☒
Western Conference of Teamsters Pension Plan Trust	4/30/2024 - 9/20/2026	13	9/20/2026	24.9	%	☐

(1)    Company participating employees in the most significant collective bargaining agreement as a percent of all Company employees represented under the applicable collective bargaining agreements.