XML 23 R12.htm IDEA: XBRL DOCUMENT v3.21.2
BENEFIT PLANS
 6 Months Ended
Aug. 14, 2021
BENEFIT PLANS  
BENEFIT PLANS

3.

BENEFIT PLANS

​

The following table provides the components of net periodic benefit cost for the company-sponsored defined benefit pension plans and other post-retirement benefit plans for the second quarters of 2021 and 2020:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Second Quarter Ended

 

​

​

Pension Benefits

​

Other Benefits

 

​

​

August 14,

​

August 15,

​

August 14,

​

August 15,

 

​

    

2021

    

2020

    

2021

    

2020

 

Components of net periodic benefit cost: 

​

​

​

​

​

​

​

​

​

​

​

​

​

Service cost 

 

$

4

 

$

3

 

$

1

 

$

1

​

Interest cost 

​

 

22

​

 

26

​

 

1

​

 

1

​

Expected return on plan assets 

​

 

(40)

​

 

(39)

​

 

—

​

 

—

​

Amortization of: 

​

​

​

​

​

​

​

​

​

​

​

​

​

Prior service cost 

​

 

—

​

 

—

​

 

(3)

​

 

(2)

​

Actuarial loss (gain)

​

 

9

​

 

8

​

 

(4)

​

 

(2)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net periodic benefit cost 

 

$

(5)

 

$

(2)

 

$

(5)

 

$

(2)

​

​

The following table provides the components of net periodic benefit cost for the company-sponsored defined benefit pension plans and other post-retirement benefit plans for the first two quarters of 2021 and 2020:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Two Quarters Ended

 

​

​

Pension Benefits

​

Other Benefits

 

​

​

August 14,

​

August 15,

​

August 14,

​

August 15,

 

​

    

2021

    

2020

    

2021

    

2020

 

Components of net periodic benefit cost: 

​

​

​

​

​

​

​

​

​

​

​

​

​

Service cost 

 

$

7

 

$

7

 

$

2

 

$

3

​

Interest cost 

​

 

54

​

 

60

​

 

2

​

 

3

​

Expected return on plan assets 

​

 

(93)

​

 

(91)

​

 

—

​

 

—

​

Amortization of: 

​

​

​

​

​

​

​

​

​

​

​

​

​

Prior service cost 

​

 

—

​

 

—

​

 

(7)

​

 

(6)

​

Actuarial loss (gain)

​

 

21

​

 

19

​

 

(10)

​

 

(4)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net periodic benefit cost 

 

$

(11)

 

$

(5)

 

$

(13)

 

$

(4)

​

​

The Company is not required to make any contributions to its company-sponsored pension plans in 2021, but may make contributions to the extent such contributions are beneficial to the Company. The Company did not make any contributions to its company-sponsored pension plans in the first two quarters of 2021 and 2020.

​

The Company contributed $158 and $161 to employee 401(k) retirement savings accounts in the first two quarters of 2021 and 2020, respectively.

​

The Company also contributes to various multi-employer pension plans based on obligations arising from most of its collective bargaining agreements. These plans provide retirement benefits to participants based on their service to contributing employers. The Company recognizes expense in connection with these plans as contributions are funded. In addition to the recurring multi-employer pension contributions the Company makes in the normal course of business, in the first two quarters of 2021, the Company contributed an incremental $106, $81 net of tax, to multi-employer pension plans, helping stabilize future associate benefits. In the first two quarters of 2020, the Company contributed an incremental $236, $180 net of tax, to multi-employer pension plans.

​

During the first quarter of 2021, associates within the Fred Meyer and QFC divisions ratified an agreement for the transfer of liabilities from the Sound Retirement Trust to the UFCW Consolidated Pension Plan. The Company transferred $449, $344 net of tax, in net accrued pension liabilities and prepaid escrow funds to fulfill obligations for past service for associates and retirees. The agreement will be satisfied by cash installment payments to the UFCW Consolidated Pension Plan and will be paid evenly over seven years.