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BENEFIT PLANS (Tables) | 12 Months Ended
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Jul. 29, 2023
Retirement Benefits [Abstract] |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | 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:
|  | 2023 |  | 2022
(in millions) |  | Pension Benefits |  | Other Postretirement Benefits |  | Pension Benefits |  | Other Postretirement Benefits
Changes in Benefit Obligation |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 1,706 |  |  | $ | 12 |  |  | $ | 2,093 |  |  | $ | 18 |
Actuarial gain |  | (121) |  |  | (1) |  |  | (322) |  |  | (4) |
Benefits paid |  | (103) |  |  | — |  |  | (103) |  |  | (1) |
Interest cost |  | 63 |  |  | — |  |  | 38 |  |  | — |
Settlements paid |  | — |  |  | — |  |  | — |  |  | (1) |
Benefit obligation at end of year |  | 1,545 |  |  | 11 |  |  | 1,706 |  |  | 12 |
Changes in Plan Assets |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | 1,716 |  |  | — |  |  | 2,118 |  |  | — |
Actual return on plan assets |  | (55) |  |  | — |  |  | (300) |  |  | — |
Benefits paid |  | (103) |  |  | (1) |  |  | (103) |  |  | (1) |
Settlements paid |  | — |  |  | — |  |  | — |  |  | (1) |
Employer contributions |  | 1 |  |  | 1 |  |  | 1 |  |  | 2 |
Fair value of plan assets at end of year |  | 1,559 |  |  | — |  |  | 1,716 |  |  | — |
Funded (unfunded) status at end of year |  | $ | 14 |  |  | $ | (11) |  |  | $ | 10 |  |  | $ | (12) |
The following table provides the funded status of individual projected pension benefit plan obligations and the fair value of plan assets for these plans:
(in millions) |  | SUPERVALU INC. Retirement Plan |  | Other Pension Plan |  | Total Pension Benefits
July 29, 2023: |  |  |  |  |  |
Fair value of plan assets at end of year |  | $ | 1,559 |  |  | $ | — |  |  | $ | 1,559 |
Benefit obligation at end of year |  | (1,539) |  |  | (6) |  |  | (1,545) |
Funded (unfunded) status at end of year |  | $ | 20 |  |  | $ | (6) |  |  | $ | 14 |
|  | SUPERVALU INC. Retirement Plan |  | Other Pension Plan |  | Total Pension Benefits
July 30, 2022: |  |  |  |  |  |
Fair value of plan assets at end of year |  | $ | 1,716 |  |  | $ | — |  |  | $ | 1,716 |
Benefit obligation at end of year |  | (1,698) |  |  | (8) |  |  | (1,706) |
Funded (unfunded) status at end of year |  | $ | 18 |  |  | $ | (8) |  |  | $ | 10 |
Net periodic benefit (income) cost and other changes in plan assets and benefit obligations recognized consist of the following:
|  | 2023 |  | 2022 |  | 2021
(in millions) |  | Pension Benefits |  | Other Postretirement Benefits |  | Pension Benefits |  | Other Postretirement Benefits |  | Pension Benefits |  | Other Postretirement Benefits
Net Periodic Benefit (Income) Cost |  |  |  |  |  |  |  |  |  |  |  |
Expected return on plan assets |  | $ | (95) |  |  | $ | — |  |  | $ | (82) |  |  | $ | — |  |  | $ | (104) |  |  | $ | — |
Interest cost |  | 63 |  |  | — |  |  | 38 |  |  | — |  |  | 37 |  |  | — |
Amortization of prior service cost (credit) |  | — |  |  | 3 |  |  | — |  |  | 3 |  |  | — |  |  | (1) |
Amortization of net actuarial loss (gain) |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |  |  | (1) |
Settlement gain |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (17) |
Net periodic benefit (income) cost |  | (32) |  |  | 3 |  |  | (43) |  |  | 3 |  |  | (66) |  |  | (19) |
Other Changes in Plan Assets and Benefits Obligations Recognized in Other Comprehensive (Loss) Income |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss (gain) |  | 29 |  |  | (1) |  |  | 59 |  |  | (3) |  |  | (225) |  |  | (8) |
Prior service cost |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 25 |
Amortization of prior service (cost) benefit |  | — |  |  | (3) |  |  | — |  |  | (3) |  |  | — |  |  | 3 |
Amortization of net actuarial (gain) loss |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | 1 |
Total expense (benefit) recognized in Other comprehensive (loss) income |  | 29 |  |  | (4) |  |  | 59 |  |  | (6) |  |  | (226) |  |  | 21 |
Total (benefit) expense recognized in net periodic benefit cost (income) and Other comprehensive (loss) income |  | $ | (3) |  |  | $ | (1) |  |  | $ | 16 |  |  | $ | (3) |  |  | $ | (292) |  |  | $ | 2 |
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized in the Consolidated Balance Sheets as of July 29, 2023 and July 30, 2022 consist of the following:
|  | July 29, 2023 |  | July 30, 2022
(in millions) |  | Pension Benefits |  | Other Postretirement Benefits |  | Pension Benefits |  | Other Postretirement Benefits
Other long-term assets |  | $ | 20 |  |  | $ | — |  |  | $ | 18 |  |  | $ | — |
Pension and other postretirement benefit obligations |  | (6) |  |  | (10) |  |  | (6) |  |  | (12) |
Accrued compensation and benefits |  | — |  |  | (1) |  |  | (2) |  |  | — |
Total |  | $ | 14 |  |  | $ | (11) |  |  | $ | 10 |  |  | $ | (12) |
Schedule of Assumptions Used | Weighted average assumptions used to determine benefit obligations and net periodic benefit (income) cost consisted of the following:
|  | 2023 |  | 2022 |  | 2021
Benefit obligation assumptions: |  |  |  |  |  |
Discount rate |  | 5.01% - 5.03% |  | 4.20% - 4.26% |  | 2.62% - 2.75%
Net periodic benefit (income) cost assumptions: |  |  |  |  |  |
Discount rate |  | 4.20% - 4.26% |  | 2.62% - 2.75% |  | 1.17% - 2.27%
Rate of compensation increase |  | — |  |  | — |  |  | — |
Expected return on plan assets(1) |  | 6.00 | % |  | 4.25% - 4.50% |  | 1.00% - 5.50%
Interest credit |  | 5.00 | % |  | 5.00 | % |  | 5.00 | %
(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 master trust. The Company also assesses the expected long-term return on plan assets assumption by comparison to long-term historical performance on an asset class basis 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 asset allocation targets and the actual allocation of pension plan assets are as follows:
Asset Category |  | Target |  | 2023 |  | 2022
Fixed income |  | 85.0 | % |  | 85.1 | % |  | 85.0 | %
Domestic equity |  | 5.5 | % |  | 5.3 | % |  | 5.4 | %
Private equity |  | 4.0 | % |  | 4.0 | % |  | 5.3 | %
International equity |  | 3.5 | % |  | 3.5 | % |  | 2.3 | %
Real estate |  | 2.0 | % |  | 2.1 | % |  | 2.0 | %
Total |  | 100.0 | % |  | 100.0 | % |  | 100.0 | %
The fair value of assets held in the master trust for defined benefit pension plans as of July 29, 2023, by asset category, consisted of the following (in millions):
|  | Level 1 |  | Level 2 |  | Level 3 |  | Measured at NAV as a Practical Expedient |  | Total
Common stock |  | $ | 46 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 46 |
Common collective trusts |  | — |  |  | 541 |  |  | — |  |  | — |  |  | 541 |
Corporate bonds |  | — |  |  | 582 |  |  | — |  |  | — |  |  | 582 |
Government securities |  | — |  |  | 161 |  |  | — |  |  | — |  |  | 161 |
Mortgage-backed securities |  | — |  |  | 30 |  |  | — |  |  | — |  |  | 30 |
Other |  | 100 |  |  | 3 |  |  | — |  |  | — |  |  | 103 |
Private equity and real estate partnerships |  | — |  |  | — |  |  | — |  |  | 96 |  |  | 96 |
Total plan assets at fair value |  | $ | 146 |  |  | $ | 1,317 |  |  | $ | — |  |  | $ | 96 |  |  | $ | 1,559 |
The fair value of assets held in the master trust for defined benefit pension plans as of July 30, 2022, by asset category, consisted of the following (in millions):
|  | Level 1 |  | Level 2 |  | Level 3 |  | Measured at NAV as a Practical Expedient |  | Total
Common stock |  | $ | 42 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 42 |
Common collective trusts |  | — |  |  | 949 |  |  | — |  |  | 3 |  |  | 952 |
Corporate bonds |  | — |  |  | 390 |  |  | — |  |  | — |  |  | 390 |
Government securities |  | — |  |  | 175 |  |  | — |  |  | — |  |  | 175 |
Mortgage-backed securities |  | — |  |  | 28 |  |  | — |  |  | — |  |  | 28 |
Other |  | 12 |  |  | 2 |  |  | — |  |  | — |  |  | 14 |
Private equity and real estate partnerships |  | — |  |  | — |  |  | — |  |  | 115 |  |  | 115 |
Total plan assets at fair value |  | $ | 54 |  |  | $ | 1,544 |  |  | $ | — |  |  | $ | 118 |  |  | $ | 1,716 |
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 millions):
Fiscal Year |  | Pension Benefits |  | Other Postretirement Benefits
2024 |  | $ | 124 |  |  | $ | 1 |
2025 |  | 117 |  |  | 1 |
2026 |  | 117 |  |  | 1 |
2027 |  | 116 |  |  | 1 |
2028 |  | 114 |  |  | 1 |
Years 2029-2033 |  | 565 |  |  | 4 |
Schedule of Multiemployer Plans | The following table contains information about the Company’s significant multiemployer plans from which the Company has not withdrawn (in millions):
|  |  |  |  | Pension Protection Act Zone Status |  |  |  | Contributions |  |
Pension Fund | EIN-Pension Plan Number |  | Plan Month/Day End Date |  | 2022 |  | FIP/RP Status Pending/Implemented |  | 2023 |  | 2022 |  | 2021 |  | Surcharges Imposed(1)
Minneapolis Food Distributing Industry Pension Plan | 416047047-001 |  | 12/31 |  | Green |  | No |  | $ | 12 |  |  | $ | 11 |  |  | $ | 12 |  |  | No
Minneapolis Retail Meat Cutters and Food Handlers Pension Fund | 410905139-001 |  | 2/28 |  | Red |  | Implemented |  | 13 |  |  | 10 |  |  | 10 |  |  | No
Minneapolis Retail Meat Cutters and Food Handlers Variable Annuity Pension Plan | 832598425-001 |  | 12/31 |  | NA |  | NA |  | 3 |  |  | 4 |  |  | 4 |  |  | NA
Central States, Southeast & Southwest Areas Pension Plan | 366044243-001 |  | 12/31 |  | Deep Red |  | Implemented |  | 5 |  |  | 5 |  |  | 6 |  |  | No
UFCW Unions and Participating Employers Pension Plan | 526117495-002 |  | 12/31 |  | Red |  | Implemented |  | 3 |  |  | 3 |  |  | 3 |  |  | No
Western Conference of Teamsters Pension Plan | 916145047-001 |  | 12/31 |  | Green |  | No |  | 10 |  |  | 10 |  |  | 10 |  |  | No
UFCW Unions and Employers Pension Plan(2) | 396069053-001 |  | NA |  | NA |  | NA |  | — |  |  | — |  |  | 1 |  |  | NA
All Other Multiemployer Pension Plans(3) |  |  |  |  |  |  |  |  | 2 |  |  | 2 |  |  | 2 |  |  |
Total |  |  |  |  |  |  |  |  | $ | 48 |  |  | $ | 45 |  |  | $ | 48 |  |  |
(1) PPA surcharges are 5% or 10% of eligible contributions and may not apply to all collective bargaining agreements or total contributions to each plan. (2) The Company withdrew from this plan in fiscal 2021 and made no contributions in fiscal 2022 or fiscal 2023. The plan was included in the table above for contributions made in fiscal 2021. (3) All Other Multiemployer Pension Plans includes 3 plans, none of which are 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 2022
Minneapolis Food Distributing Industry Pension Plan | 5/31/2026 |  | 1 |  |  | 5/31/2026 |  | 100.0 | % |  | ☒
Minneapolis Retail Meat Cutters and Food Handlers Pension Fund | 3/4/2025 |  | 1 |  |  | 3/4/2025 |  | 100.0 | % |  | ☒
Minneapolis Retail Meat Cutters and Food Handlers Variable Annuity Pension Fund | 3/4/2025 |  | 1 |  |  | 3/4/2025 |  | 100.0 | % |  | ☒
Central States, Southeast and Southwest Areas Pension Fund | 6/03/2024 - 5/31/2025 |  | 4 |  |  | 8/3/2024 |  | 37.9 | % |  | ☐
UFCW Unions and Participating Employers Pension Fund | 07/12/2024 |  | 2 |  |  | 7/12/2024 |  | 75.0 | % |  | ☒
Western Conference of Teamsters Pension Plan Trust | 4/30/2024 - 9/20/2026 |  | 13 |  |  | 9/20/2026 |  | 24.9 | % |  | ☐
(1) Company participating employees in the most significant collective bargaining agreement as a percent of all Company employees represented under the applicable collective bargaining agreements.

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