Accumulated Other Comprehensive Loss

5 Months Ended

Feb. 09, 2019

Equity [Abstract]

Accumulated Other Comprehensive Loss

Note I – Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss includes certain adjustments to pension liabilities, foreign currency translation adjustments, certain activity for interest rate swaps and treasury rate locks that qualify as cash flow hedges and unrealized gains (losses) on available-for-sale securities. Changes in Accumulated other comprehensive loss for the twelve week periods ended February 9, 2019 and February 10, 2018 consisted of the following:

(in thousands)	Pension   Liability(6)				Foreign Currency and Other(3)				Net Unrealized Gain (Loss)   on Securities				Derivatives				Total
Balance at November 17, 2018		$	–			$	(269,472	)		$	(950	)		$	(5,644	)		$	(276,066	)
Other comprehensive loss before reclassifications(1)			–				39,332				507				–				39,839
Amounts reclassified from Accumulated other comprehensive loss(1)			–				–				1				389	(5)			390
Balance at February 9, 2019		$	–			$	(230,140	)		$	(442	)		$	(5,255	)		$	(235,837	)
(in thousands)	Pension Liability				Foreign Currency and Other(3)				Net Unrealized Gain (Loss) on Securities				Derivatives				Total
Balance at November 18, 2017		$	(71,060	)		$	(219,031	)		$	(327	)		$	(6,033	)		$	(296,451	)
Other comprehensive income (loss) before reclassifications(1)			–				7,507				(224	)			–				7,283
Amounts reclassified from Accumulated other comprehensive loss(1)			2,361	(2)			–				(34	)(4)			457	(5)			2,784
Balance at February 10, 2018		$	(68,699	)		$	(211,524	)		$	(585	)		$	(5,576	)		$	(286,384	)

(1) Amounts in parentheses indicate debits to Accumulated other comprehensive loss.

(2) Represents amortization of pension liability adjustments, net of taxes of $117 for the twelve weeks ended February 10, 2018, which is recorded in Operating, selling, general and administrative expenses on the Condensed Consolidated Statements of Income.

(3) Foreign currency is shown net of U.S. tax to account for foreign currency impacts of certain undistributed non-U.S. subsidiaries earnings. Other foreign currency is not shown net of additional U.S. tax as other basis differences of non-U.S. subsidiaries are intended to be permanently reinvested.

(4) Represents realized losses on marketable debt securities, net of taxes of $16 for the twelve weeks ended February 10, 2018, which is recorded in Operating, selling, general and administrative expenses on the Condensed Consolidated Statements of Income. See “Note D – Marketable Debt Securities” for further discussion.

(5) Represents gains on derivatives, net of taxes of $120 for the twelve weeks ended February 9, 2019 and $52 for the twelve weeks ended February 10, 2018, which is recorded in Interest expense, net, on the Condensed Consolidated Statements of Income. See “Note E – Derivative Financial Instruments” for further discussion.

(6) On December 19, 2017, the Board of Directors approved a resolution to terminate both of the Company’s pension plans, effective March 15, 2018. During the fourth quarter of 2018, the Company completed the termination and no longer has any remaining defined pension benefit obligation.

Changes in Accumulated other comprehensive loss for the twenty-four week periods ended February 9, 2019 and February 10, 2018 consisted of the following:

(in thousands)	Pension   Liability(6)				Foreign Currency and Other(3)				Net Unrealized Gain (Loss)   on Securities				Derivatives				Total
Balance at August 25, 2018		$	–			$	(228,899	)		$	(873	)		$	(6,033	)		$	(235,805	)
Other comprehensive loss before reclassifications(1)			–				(1,241	)			430				–				(811	)
Amounts reclassified from Accumulated other comprehensive loss(1)			–				–				1				778	(5)			779
Balance at February 9, 2019		$	–			$	(230,140	)		$	(442	)		$	(5,255	)		$	(235,837	)
(in thousands)	Pension Liability				Foreign Currency and Other(3)				Net Unrealized Gain (Loss) on Securities				Derivatives				Total
Balance at August 26, 2017		$	(72,376	)		$	(175,814	)		$	(11	)		$	(6,356	)		$	(254,557	)
Other comprehensive loss before reclassifications(1)			–				(35,710	)			(538	)			–				(36,248	)
Amounts reclassified from Accumulated other comprehensive loss(1)			3,677	(2)			–				(36	)(4)			780	(5)			4,421
Balance at February 10, 2018		$	(68,699	)		$	(211,524	)		$	(585	)		$	(5,576	)		$	(286,384	)

(1) Amounts in parentheses indicate debits to Accumulated other comprehensive loss.

(2) Represents amortization of pension liability adjustments, net of taxes of $1,278 for the twenty-four weeks ended February 10, 2018, which is recorded in Operating, selling, general and administrative expenses on the Condensed Consolidated Statements of Income.

(3) Foreign currency is shown net of U.S. tax to account for foreign currency impacts of certain undistributed non-U.S. subsidiaries earnings. Other foreign currency is not shown net of additional U.S. tax as other basis differences of non-U.S. subsidiaries are intended to be permanently reinvested.

(4) Represents realized losses on marketable debt securities, net of taxes of $18 for the twenty-four weeks ended February 10, 2018, which is recorded in Operating, selling, general and administrative expenses on the Condensed Consolidated Statements of Income. See “Note D – Marketable Debt Securities” for further discussion.

(5) Represents gains on derivatives, net of taxes of $240 for the twenty-four weeks ended February 9, 2019 and $237 for the twenty-four weeks ended February 10, 2018, which is recorded in Interest expense, net, on the Condensed Consolidated Statements of Income. See “Note E – Derivative Financial Instruments” for further discussion.

(6) On December 19, 2017, the Board of Directors approved a resolution to terminate both of the Company’s pension plans, effective March 15, 2018. During the fourth quarter of 2018, the Company completed the termination and no longer has any remaining defined pension benefit obligation.