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DISCONTINUED OPERATIONS (Tables) | 9 Months Ended
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Apr. 27, 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 April 27, 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) | April 27, 2019
Current assets |
Cash and cash equivalents | $ | 3,019 |
Receivables, net | 2,182 |
Inventories | 136,713 |
Other current assets | 5,607 |
Total current assets of discontinued operations | 147,521 |
Long-term assets |
Property, plant and equipment | 337,591 |
Intangible assets | 53,486 |
Other assets | 2,067 |
Total long-term assets of discontinued operations | 393,143 |
Total assets of discontinued operations | $ | 540,664 |
Current liabilities |
Accounts payable | $ | 55,261 |
Accrued compensation and benefits | 39,497 |
Other current liabilities | 21,352 |
Total current liabilities of discontinued operations | 116,110 |
Long-term liabilities |
Other long-term liabilities | 935 |
Total long-term liabilities of discontinued operations | 935 |
Total liabilities of discontinued operations | 117,045 |
Net assets of discontinued operations | $ | 423,619 |
Operating results of discontinued operations (in thousands) are summarized below:
| 13-Week Period Ended April 27, 2019 |  | 39-Week Period Ended April 27, 2019(1)
Net sales | $ | 640,121 |  |  | $ | 1,413,756 |
Cost of sales | 463,157 |  |  | 1,031,330 |
Gross profit | 176,964 |  |  | 382,426 |
Operating expenses | 145,191 |  |  | 321,777 |
Operating income | 31,773 |  |  | 60,649 |
Interest expense | 284 |  |  | 738 |
Net periodic benefit income, excluding service cost | (146 | ) |  | (304 | )
Equity in earnings of unconsolidated subsidiaries | (507 | ) |  | (1,391 | )
Income from discontinued operations before income taxes | 32,142 |  |  | 61,606 |
Income tax provision | 7,772 |  |  | 13,759 |
Income from discontinued operations, net of tax | $ | 24,370 |  |  | $ | 47,847 |
(1) | These results reflect retail operations from the Supervalu acquisition date of October 22, 2018 to April 27, 2019.

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