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DISCONTINUED OPERATIONS (Tables)
 6 Months Ended
Jan. 26, 2019
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations
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 January 26, 2019, 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 final assessments 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, determined as of the acquisition date, 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)
January 26, 2019
Current assets
 
Cash and cash equivalents
$
4,359

Receivables, net
3,187

Inventories
145,476

Other current assets
6,871

Total current assets of discontinued operations
159,893

Long-term assets
 
Property, plant and equipment
356,271

Goodwill
201

Intangible assets
57,105

Other assets
2,071

Total long-term assets of discontinued operations
415,648

Total assets of discontinued operations
$
575,541

 
 
Current liabilities
 
Accounts payable
$
69,021

Accrued compensation and benefits
38,592

Other current liabilities
26,368

Total current liabilities of discontinued operations
133,981

Long-term liabilities
 
Other long-term liabilities
1,141

Total long-term liabilities of discontinued operations
1,141

Total liabilities of discontinued operations
135,121

Net assets of discontinued operations
$
440,420

Operating results of discontinued operations (in thousands) are summarized below:
 
13-Week Period Ended January 26, 2019
 
26-Week Period
 
 
Ended January 26, 2019(1)
Net sales
$
727,037

 
$
773,635

Cost of sales
533,639

 
568,173

Gross profit
193,398

 
205,462

Operating expenses
167,092

 
176,586

Operating income
26,306

 
28,876

Interest income
661

 
453

Net periodic benefit income, excluding service cost
(147
)
 
(158
)
Equity in earnings of unconsolidated subsidiaries
(853
)
 
(883
)
Income from discontinued operations before income taxes
26,645

 
29,464

Income tax provision
5,239

 
5,987

Income from discontinued operations, net of tax
$
21,407

 
$
23,477

(1)
These results reflect retail operations from the Supervalu acquisition date of October 22, 2018 to January 26, 2019.