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DISCONTINUED OPERATIONS (Tables)
 3 Months Ended
Oct. 27, 2018
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations
Operating results of discontinued operations (in thousands) are summarized below:
 
Period Ended
 
October 27, 2018(1)
Net sales
$
46,598

Cost of sales
34,534

Gross profit
12,064

Operating expenses
9,494

Operating income
2,570

Interest income
(208
)
Net periodic benefit income, excluding service cost
(11
)
Equity in earnings of unconsolidated subsidiaries
(30
)
Income from discontinued operations before income taxes
2,819

Income tax provision
749

Income from discontinued operations, net of tax
$
2,070

(1)
These results reflect retail operations from the Supervalu acquisition date of October 22, 2018 to October 27, 2018.
The carrying amounts (in thousands) of major classes of assets and liabilities that were classified as held-for-sale on the Condensed Consolidated Balance Sheets follows in the table below. The assets and liabilities of discontinued operations were acquired as part of the Supervalu acquisition, and as of October 27, 2018, the purchase price allocation related to these assets and liabilities was preliminary and will be finalized when valuations are complete and final assessments of the fair value of other acquired assets and assumed liabilities are completed. There can be no assurance that such finalizations will not result in material changes from the preliminary purchase price allocations. Due to the recent closing of the transaction, some amounts reported are provisional pending the review of valuations obtained from third parties. The Company’s estimates and assumptions are subject to change during the measurement period (up to one year from the acquisition date), as the Company finalizes the valuations of certain tangible and intangible asset acquired and liabilities assumed. The fair value of discontinued operations includes estimated consideration expected to be received, less costs to sell. Within the Company’s determination of fair value of the respective disposal groups, the Company incorporates the impact of the fair value of off-balance sheet multiemployer pension plan obligations that it expects to sell so that long-lived assets are not reduced below their fair value.
(in thousands)
October 27, 2018
Current assets
 
Cash and cash equivalents
$
4,633

Receivables, net
3,504

Inventories
174,835

Other current assets
8,807

Total current assets of discontinued operations
191,779

Long-term assets
 
Property, plant and equipment, net
298,707

Goodwill
45,400

Intangible assets, net
76,700

Other assets
1,520

Total long-term assets of discontinued operations
422,327

Total assets of discontinued operations
$
614,106

 
 
Current liabilities
 
Accounts payable
$
61,704

Accrued compensation and benefits
47,045

Other current liabilities
31,861

Total current liabilities of discontinued operations
140,610

Long-term liabilities
 
Other long-term liabilities
1,361

Total long-term liabilities of discontinued operations
1,361

Total liabilities of discontinued operations
141,971

Net assets of discontinued operations
$
472,135