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BENEFIT PLANS (Tables) | 12 Months Ended
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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:
|  | 2019
(in thousands) |  | Pension Benefits |  | Other Postretirement Benefits
Net Periodic Benefit (Income) Cost |  |  |  |
Service cost |  | $ | — |  |  | $ | 173 |
Interest cost |  | 75,706 |  |  | 1,447 |
Expected return on plan assets |  | (111,695 | ) |  | (184 | )
Net periodic benefit (income) cost |  | (35,989 | ) |  | 1,436 |
Other Changes in Plan Assets and Benefits Obligations Recognized in Other Comprehensive Income (Loss) |  |  |  |
Prior service benefit |  | — |  |  | (4,199 | )
Amortization of prior service benefit |  | — |  |  | — |
Net actuarial loss (gain) |  | 57,902 |  |  | (9,912 | )
Total expense (benefit) recognized in Other comprehensive income (loss) |  | 57,902 |  |  | (14,111 | )
Total expense (benefit) recognized in net periodic benefit cost (income) and Other comprehensive income (loss) |  | $ | 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:
|  | 2019
(in thousands) |  | Pension Benefits |  | Other Postretirement Benefits
Changes in Benefit Obligation |  |  |  |
Benefit obligation at acquisition date of October 22, 2018 |  | $ | 2,499,954 |  |  | $ | 52,276 |
Plan amendment |  | — |  |  | (4,199 | )
Service cost |  | — |  |  | 173 |
Interest cost |  | 75,706 |  |  | 1,447 |
Actuarial loss (gain) |  | 249,899 |  |  | (9,836 | )
Benefits paid |  | (116,285 | ) |  | (2,179 | )
Benefit obligation at end of year |  | 2,709,274 |  |  | 37,682 |
Changes in Plan Assets |  |  |  |
Fair value of plan assets at acquisition date of October 22, 2018 |  | 2,305,020 |  |  | 11,586 |
Actual return on plan assets |  | 303,696 |  |  | 260 |
Employer contributions |  | 4,116 |  |  | 1,636 |
Benefits paid |  | (116,285 | ) |  | (2,239 | )
Fair value of plan assets at end of year |  | 2,496,547 |  |  | 11,243 |
Unfunded status at end of year |  | $ | (212,727 | ) |  | $ | (26,439 | )
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized in the Consolidated Balance Sheets consisted of the following (in thousands):
| Post-Employment Benefits
| August 3, 2019
Accrued compensation and benefits | $ | 2,356 |
Other long-term liabilities | 5,053 |
Total | $ | 7,409 |
Amounts recognized in the Consolidated Balance Sheets as of August 3, 2019 consist of the following:
|  | August 3, 2019
(in thousands) |  | Pension Benefits |  | Other Postretirement Benefits
Accrued compensation and benefits |  | $ | 1,900 |  |  | $ | — |
Pension and other postretirement benefit obligations |  | 210,827 |  |  | 26,439 |
Total |  | $ | 212,727 |  |  | $ | 26,439 |
Schedule of Assumptions Used | Weighted average assumptions used to determine benefit obligations and net periodic benefit cost consisted of the following:
|  | 2019
Benefit obligation assumptions: |  |
Discount rate |  | 2.99% - 3.49% |
Net periodic benefit cost assumptions: |  |
Discount rate |  | 4.30% - 4.42% |
Rate of compensation increase |  | — | %
Expected return on plan assets(1) |  | 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 fair value of assets of our defined benefit pension plans and other postretirement benefits 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 |
The asset allocation targets and the actual allocation of pension plan assets are as follows:
Asset Category |  | Target |  | 2019
Domestic equity |  | 21.2 | % |  | 22.1 | %
International equity |  | 6.7 | % |  | 6.2 | %
Private equity |  | 5.3 | % |  | 4.2 | %
Fixed income |  | 60.9 | % |  | 62.3 | %
Real estate |  | 5.9 | % |  | 5.2 | %
Total |  | 100.0 | % |  | 100.0 | %
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
2020 |  | $ | 608,400 |  |  | $ | 4,000 |
2021 |  | 119,700 |  |  | 3,800 |
2022 |  | 125,200 |  |  | 3,600 |
2023 |  | 127,800 |  |  | 3,500 |
2024 |  | 131,300 |  |  | 3,300 |
Years 2025-2029 |  | 671,200 |  |  | 13,400 |
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 |  | 2018 |  | FIP/RP Status Pending/Implemented |  | 2019 |  | Surcharges Imposed(1) |  | Amortization Provisions
Minneapolis Food Distributing Industry Pension Plan(2) | 416047047-001 |  | 12/31 |  | Green |  | No |  | $ | 8 |  |  | No |  | No
Minneapolis Retail Meat Cutters and Food Handlers Pension Fund(3) | 410905139-001 |  | 2/28 |  | Red |  | Implemented |  | 7 |  |  | No |  | No
Minneapolis Retail Meat Cutters and Food Handlers Variable Annuity Pension Fund(3) | 83-2598425 |  | 12/31 |  | N/A |  | N/A |  | 1 |  |  | N/A |  | N/A
Central States, Southeast and Southwest Areas Pension Fund(2) | 366044243-001 |  | 12/31 |  | Deep Red |  | Implemented |  | 5 |  |  | No |  | Yes
UFCW Unions and Participating Employer Pension Fund(3) | 526117495-001 |  | 12/31 |  | Red |  | Implemented |  | 4 |  |  | No |  | No
Western Conference of Teamsters Pension Plan Trust(2) | 916145047-001 |  | 12/31 |  | Green |  | No |  | 12 |  |  | No |  | No
UFCW Unions and Employers Pension Plan(3) | 396069053-001 |  | 10/31 |  | Deep Red |  | Implemented |  | 1 |  |  | Yes |  | Yes
All Other Multiemployer Pension Plans(4) |  |  |  |  |  |  |  |  | 3 |  |  |  |  |
Total |  |  |  |  |  |  |  |  | $ | 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 continuing operations.
(3) | These multiemployer pension plans are associated with discontinued operations.
(4) | All Other Multiemployer Pension Plans include 6 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 2019
Minneapolis Food Distributing Industry Pension Plan(2) | 5/31/2022 |  | 1 |  |  | 5/31/2022 |  | 100.0 | % |  | Yes
Minneapolis Retail Meat Cutters and Food Handlers Pension Fund(3) | 3/4/2023 |  | 1 |  |  | 3/4/2023 |  | 100.0 | % |  | Yes
Minneapolis Retail Meat Cutters and Food Handlers Variable Annuity Pension Fund(3) | 3/4/2023 |  | 1 |  |  | 3/4/2023 |  | 100.0 | % |  | N/A (contributions began 1/1/2019)
Central States, Southeast and Southwest Areas Pension Fund(2) | 5/31/2019 |  | 4 |  |  | 9/14/2019 |  | 39.4 | % |  | No
UFCW Unions and Participating Employer Pension Fund(3) | 7/11/2020 |  | 2 |  |  | 7/11/2020 |  | 71.3 | % |  | Yes
Western Conference of Teamsters Pension Plan Trust(2) | 4/20/2019 |  | 20 |  |  | 4/22/2023 |  | 15.6 | % |  | No
UFCW Unions and Employers Pension Plan(3) | 4/9/2022 |  | 1 |  |  | 4/9/2022 |  | 100.0 | % |  | Yes
(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 continuing operations.
(3) | These multiemployer pension plans are associated with discontinued operations.

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