Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Feb. 24, 2018 | May 11, 2018 | Sep. 09, 2017 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | Albertsons Companies, Inc. | ||
Entity Central Index Key | 1,646,972 | ||
Entity Filer Category | Non-accelerated Filer | ||
Current Fiscal Year End Date | --02-24 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Type | 10-K | ||
Document Fiscal Period Focus | FY | ||
Document Period End Date | Feb. 24, 2018 | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | Yes | ||
Entity Current Reporting Status | No | ||
Entity Common Stock, Shares Outstanding | 279,654,028 | ||
Entity Public Float | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Feb. 24, 2018 | Feb. 25, 2017 |
Current assets | ||
Cash and cash equivalents | $ 670.3 | $ 1,219.2 |
Receivables, net | 615.3 | 631 |
Inventories, net | 4,421.1 | 4,464 |
Prepaid assets | 368.6 | 345.3 |
Other current assets | 73.3 | 133.7 |
Total current assets | 6,148.6 | 6,793.2 |
Property and equipment, net | 10,770.3 | 11,511.8 |
Intangible assets, net | 3,142.5 | 3,497.8 |
Goodwill | 1,183.3 | 1,167.8 |
Other assets | 567.6 | 784.4 |
TOTAL ASSETS | 21,812.3 | 23,755 |
Current liabilities | ||
Accounts payable | 2,833 | 3,034.7 |
Accrued salaries and wages | 984.1 | 1,007.5 |
Current maturities of long-term debt and capitalized lease obligations | 168.2 | 318.5 |
Current portion of self-insurance liability | 296 | 293.3 |
Taxes other than income taxes | 323.5 | 348.8 |
Other current liabilities | 424.8 | 738 |
Total current liabilities | 5,029.6 | 5,740.8 |
Long-term debt and capitalized lease obligations | 11,707.6 | 12,019.4 |
Deferred income taxes | 579.9 | 1,479.8 |
Long-term self-insurance liability | 921.7 | 971.6 |
Other long-term liabilities | 2,175.3 | 2,172.2 |
Commitments and contingencies | ||
STOCKHOLDERS' / MEMBER EQUITY | ||
Member investment | 1,999.3 | |
Preferred stock, $0.01 par value; 30,000,000 shares authorized, no shares issued and outstanding as of February 24, 2018 and February 25, 2017, respectively | 0 | |
Common stock, $0.01 par value; 1,000,000,000 shares authorized, 279,654,028 and no shares issued and outstanding as of February 24, 2018 and February 25, 2017, respectively | 2.8 | |
Additional paid-in capital | 1,773.3 | |
Accumulated other comprehensive income (loss) | 191.1 | (12.8) |
Accumulated deficit | (569) | (615.3) |
Total stockholders' equity | 1,398.2 | |
Members' equity | 1,371.2 | |
TOTAL LIABILITIES AND STOCKHOLDERS' / MEMBER EQUITY | $ 21,812.3 | $ 23,755 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) | Feb. 24, 2018$ / sharesshares |
Statement of Financial Position [Abstract] | |
Preferred stock, par value (dollars per share) | $ / shares | $ 0.01 |
Preferred stock, shares authorized | 30,000,000 |
Preferred stock, shares outstanding | 0 |
Preferred stock, shares issued | 0 |
Common stock, par value (dollars per share) | $ / shares | $ 0.01 |
Common stock, shares authorized | 1,000,000,000 |
Common stock, shares outstanding | 279,654,028 |
Common stock shares issued | 279,654,028 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) | 12 Months Ended | ||
Feb. 24, 2018 | Feb. 25, 2017 | Feb. 27, 2016 | |
Income Statement [Abstract] | |||
Net sales and other revenue | $ 59,924,600,000 | $ 59,678,200,000 | $ 58,734,000,000 |
Cost of sales | 43,563,500,000 | 43,037,700,000 | 42,672,300,000 |
Gross profit | 16,361,100,000 | 16,640,500,000 | 16,061,700,000 |
Selling and administrative expenses | 16,223,700,000 | 16,000,000,000 | 15,660,000,000 |
Goodwill impairment | 142,300,000 | 0 | 0 |
Operating (loss) income | (4,900,000) | 640,500,000 | 401,700,000 |
Interest expense, net | 874,800,000 | 1,003,800,000 | 950,500,000 |
(Gain) loss on debt extinguishment | (4,700,000) | 111,700,000 | 0 |
Other expense (income) | 42,500,000 | (11,400,000) | (7,000,000) |
Loss before income taxes | (917,500,000) | (463,600,000) | (541,800,000) |
Income tax benefit | (963,800,000) | (90,300,000) | (39,600,000) |
Net income (loss) | 46,300,000 | (373,300,000) | (502,200,000) |
Other comprehensive income (loss): | |||
Gain (loss) on interest rate swaps, net of tax | 47,000,000 | 39,400,000 | (46,900,000) |
Recognition of pension gain (loss), net of tax | 92,200,000 | 82,000,000 | (79,400,000) |
Foreign currency translation adjustment, net of tax | 65,000,000 | (20,500,000) | (45,600,000) |
Other | (300,000) | (1,000,000) | (400,000) |
Comprehensive income (loss) | $ 250,200,000 | $ (273,400,000) | $ (674,500,000) |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) | 12 Months Ended | |||
Feb. 24, 2018 | Feb. 25, 2017 | Feb. 27, 2016 | ||
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||||
Net income (loss) | $ 46,300,000 | $ (373,300,000) | $ (502,200,000) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
Net loss (gain) on property dispositions, asset impairment and lease exit costs | 66,700,000 | (39,200,000) | 103,300,000 | |
Goodwill impairment | 142,300,000 | 0 | 0 | |
Depreciation and amortization | 1,898,100,000 | 1,804,800,000 | 1,613,700,000 | |
LIFO expense (benefit) | 3,000,000 | (7,900,000) | 29,700,000 | |
Deferred income tax | (1,094,100,000) | (219,500,000) | (90,400,000) | |
Pension and post-retirement benefits expense | (900,000) | 95,500,000 | 14,100,000 | |
Contributions to pension and post-retirement benefit plans | (21,900,000) | (11,500,000) | (7,400,000) | |
(Gain) loss on interest rate swaps and commodity hedges, net | (6,200,000) | (7,000,000) | 16,200,000 | |
Amortization and write off of deferred financing costs | 56,100,000 | 84,400,000 | 69,300,000 | |
(Gain) loss on debt extinguishment | (4,700,000) | 111,700,000 | 0 | |
Equity-based compensation expense | 45,900,000 | 53,300,000 | 97,800,000 | |
Other | 110,300,000 | 70,300,000 | 24,000,000 | |
Changes in operating assets and liabilities, net of effects of acquisition of businesses: | ||||
Receivables, net | 21,700,000 | (9,200,000) | (15,800,000) | |
Inventories, net | 45,600,000 | 2,700,000 | (245,000,000) | |
Accounts payable, accrued salaries and wages and other accrued liabilities | (158,200,000) | 233,600,000 | (244,400,000) | |
Self-insurance assets and liabilities | (55,300,000) | (42,500,000) | (133,400,000) | |
Other operating assets and liabilities | (75,900,000) | 67,300,000 | 172,100,000 | |
Net cash provided by operating activities | 1,018,800,000 | 1,813,500,000 | 901,600,000 | |
Cash flows from investing activities: | ||||
Business acquisitions, net of cash acquired | [1] | (148,800,000) | (220,600,000) | (710,800,000) |
Payments for property, equipment, intangibles, including payments for lease buyouts | (1,547,000,000) | (1,414,900,000) | (960,000,000) | |
Proceeds from divestitures | 0 | 0 | 454,700,000 | |
Proceeds from sale of assets | 939,200,000 | 477,000,000 | 112,800,000 | |
Proceeds from sale of Casa Ley | 344,200,000 | 0 | 0 | |
Changes in restricted cash | (600,000) | 3,400,000 | 256,900,000 | |
Other | (56,600,000) | 78,900,000 | 34,600,000 | |
Net cash used in investing activities | (469,600,000) | (1,076,200,000) | (811,800,000) | |
Cash flows from financing activities: | ||||
Proceeds from issuance of long-term debt | 290,000,000 | 3,053,100,000 | 453,500,000 | |
Payments on long-term borrowings | (870,600,000) | (2,832,700,000) | (903,400,000) | |
Payment of make-whole premium on debt extinguishment | 0 | (87,700,000) | 0 | |
Payments of obligations under capital leases | (107,200,000) | (123,200,000) | (120,000,000) | |
Payments for debt financing costs | (1,500,000) | (31,800,000) | (41,500,000) | |
Payment of Casa Ley contingent value right | (222,000,000) | 0 | 0 | |
Proceeds from member contributions | 0 | 0 | 21,600,000 | |
Employee tax withholding on vesting of phantom units | (17,500,000) | (17,400,000) | (46,100,000) | |
Member distributions | (250,000,000) | 0 | 0 | |
Proceeds from financing leases | 137,600,000 | 0 | 0 | |
Other | (56,900,000) | (58,100,000) | 0 | |
Net cash used in financing activities | (1,098,100,000) | (97,800,000) | (635,900,000) | |
Net (decrease) increase in cash and cash equivalents | (548,900,000) | 639,500,000 | (546,100,000) | |
Cash and cash equivalents at beginning of period | 1,219,200,000 | 579,700,000 | 1,125,800,000 | |
Cash and cash equivalents at end of period | 670,300,000 | 1,219,200,000 | 579,700,000 | |
Reconciliation of capital investments: | ||||
Payments for property and equipment, including payments for lease buyouts | (1,547,000,000) | (1,414,900,000) | (960,000,000) | |
Payments for lease buyouts | 26,500,000 | 39,400,000 | 48,300,000 | |
Total payments for capital investments, excluding lease buyouts | (1,520,500,000) | (1,375,500,000) | (911,700,000) | |
Non-cash investing and financing activities were as follows: | ||||
Additions of capital lease obligations, excluding business acquisitions | 31,000,000 | 11,500,000 | 52,400,000 | |
Purchases of property and equipment included in accounts payable | 179,700,000 | 220,200,000 | 166,300,000 | |
Interest and income taxes paid: | ||||
Interest paid, net of amount capitalized | 813,500,000 | 924,200,000 | 964,300,000 | |
Income taxes paid (refunded) | $ 15,800,000 | $ 129,200,000 | $ (78,300,000) | |
[1] | Business acquisitions, net of cash acquired during the 52 weeks ended February 27, 2016 primarily related to consideration paid in connection with the A&P Transaction and Haggen Transaction in addition to incremental consideration related to the Safeway acquisition |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' / Member Equity - USD ($) $ in Millions | Total | Accumulated other comprehensive income (loss) | (Accumulated deficit) / Retained earnings | Common Stock | Additional paid in capital | Albertsons Companies, LLCMember investment | Albertsons Companies, LLCAccumulated other comprehensive income (loss) | Albertsons Companies, LLC(Accumulated deficit) / Retained earnings |
Beginning balance at Feb. 28, 2015 | $ 2,168.5 | $ 1,848.7 | $ 59.6 | $ 260.2 | ||||
STOCKHOLDERS' / MEMBER EQUITY | ||||||||
Equity-based compensation | 97.8 | 97.8 | ||||||
Member contribution | 21.6 | 21.6 | ||||||
Other member activity | (0.2) | (0.2) | ||||||
Net income (loss) | (502.2) | (502.2) | ||||||
Other comprehensive income (loss), net of tax | (172.3) | (172.3) | ||||||
Ending balance at Feb. 27, 2016 | 1,613.2 | $ (112.7) | 1,967.9 | (112.7) | (242) | |||
STOCKHOLDERS' / MEMBER EQUITY | ||||||||
Equity-based compensation | 53.3 | 53.3 | ||||||
Employee tax withholding on vesting of phantom units | (17.4) | (17.4) | ||||||
Other member activity | (4.5) | (4.5) | ||||||
Net income (loss) | (373.3) | (373.3) | ||||||
Other comprehensive income (loss), net of tax | 99.9 | 99.9 | ||||||
Ending balance at Feb. 25, 2017 | 1,371.2 | (12.8) | $ 1,999.3 | $ (12.8) | $ (615.3) | |||
STOCKHOLDERS' / MEMBER EQUITY | ||||||||
Net income (loss) | 46.3 | |||||||
Other comprehensive income (loss), net of tax | 203.9 | |||||||
Ending balance at Feb. 24, 2018 | 191.1 | |||||||
STOCKHOLDERS' / MEMBER EQUITY | ||||||||
Stockholders' equity, ending balance | $ 1,398.2 | $ 191.1 | $ (569) | $ 2.8 | $ 1,773.3 | |||
Shares outstanding, ending balance | 279,654,028 |
Description of Business, Basis
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Feb. 24, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies | DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business Albertsons Companies, Inc. and its subsidiaries (the "Company" or "ACI") is a food and drug retailer that, as of February 24, 2018 , operated 2,318 retail food and drug stores together with 397 associated fuel centers, 23 dedicated distribution centers and 20 manufacturing facilities. The Company is composed of retail food businesses and in-store pharmacies with operations primarily located throughout the United States under the banners Albertsons, Safeway, Vons, Pavilions, Randalls, Tom Thumb, Carrs Quality Centers, Haggen, United Supermarkets, Market Street, Amigos, United Express, Sav-On, Jewel-Osco, Acme, Shaw's and Star Market, as well as meal kit company Plated based in New York City. The Company has no separate assets or liabilities other than its investments in its subsidiaries and all of its business operations are conducted through its operating subsidiaries. Basis of Presentation and Reorganization Transactions The Company's Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Intercompany transactions and accounts have been eliminated in consolidation for all periods presented. The Company's investments in unconsolidated affiliates are recorded using the equity method. Prior to December 3, 2017, ACI had no material assets or operations. On December 3, 2017, Albertsons Companies, LLC ("ACL") and its parent, AB Acquisition LLC, a Delaware limited liability company ("AB Acquisition"), completed a reorganization of its legal entity structure whereby the existing equityholders of AB Acquisition each contributed their equity interests in AB Acquisition to Albertsons Investor Holdings LLC ("Albertsons Investor”), and KIM ACI, LLC ("KIM ACI”). In exchange, equityholders received a proportionate share of units in Albertsons Investor and KIM ACI, respectively. Albertsons Investor and KIM ACI then contributed all of the AB Acquisition equity interests they received to ACI in exchange for common stock issued by ACI. As a result, Albertsons Investor and KIM ACI became the parents of ACI owning all of its outstanding common stock with AB Acquisition and its subsidiary, ACL, becoming wholly-owned subsidiaries of ACI. On February 25, 2018 ACL merged with and into ACI, with ACI as the surviving corporation (such transactions, collectively, the "Reorganization Transactions"). Prior to February 25, 2018, substantially all of the assets and operations of ACI were those of its subsidiary, ACL. The Reorganization Transactions were accounted for as a transaction between entities under common control, and accordingly, there was no change in the basis of the underlying assets and liabilities. The Consolidated Financial Statements are reflective of the changes that occurred as a result of the Reorganization Transactions. Prior to February 25,2018, the Consolidated Financial Statements of ACI reflect the net assets and operations of ACL. Significant Accounting Policies Fiscal year: The Company's fiscal year ends on the last Saturday in February. Unless the context otherwise indicates, reference to a fiscal year of the Company refers to the calendar year in which such fiscal year commences. The Company's first quarter consists of 16 weeks, the second, third, and fourth quarters generally each consist of 12 weeks, and the fiscal year generally consists of 52 weeks. Use of estimates: The preparation of the Company's Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the reporting periods presented. Certain estimates require difficult, subjective or complex judgments about matters that are inherently uncertain. Actual results could differ from those estimates. Cash and cash equivalents: Cash equivalents include all highly liquid investments with original maturities of three months or less at the time of purchase and outstanding deposits related to credit and debit card sales transactions that settle within a few days. Cash and cash equivalents related to credit and debit card transactions were $315.8 million and $312.1 million as of February 24, 2018 and February 25, 2017 , respectively. During the fourth quarter of fiscal 2016, the Company corrected the classification of certain book overdrafts resulting in an increase of $139.2 million in Cash and cash equivalents and Accounts payable. This correction in classification also resulted in an increase of $139.2 million in Net cash provided by operating activities in the Consolidated Statements of Cash Flows for the 52 weeks ended February 25, 2017. The Company has determined that the error in classification related to prior annual or interim periods is not material. Restricted cash: Restricted cash is included in Other current assets and Other assets within the Consolidated Balance Sheets and primarily relates to surety bonds and funds held in escrow. The Company had $10.5 million and $9.9 million of restricted cash as of February 24, 2018 and February 25, 2017 , respectively. Receivables, net: Receivables consist primarily of trade accounts receivable, pharmacy accounts receivable and vendor receivables. Management makes estimates of the uncollectibility of its accounts receivable. In determining the adequacy of the allowances for doubtful accounts, management analyzes the value of collateral, historical collection experience, aging of receivables and other economic and industry factors. It is possible that the accuracy of the estimation process could be materially impacted by different judgments, estimations and assumptions based on the information considered and could result in a further adjustment of receivables. The allowance for doubtful accounts and bad debt expense were not material for any of the periods presented. Inventories, net: Substantially all of the Company's inventories consist of finished goods valued at the lower of cost or market and net of vendor allowances. As of February 24, 2018 and February 25, 2017 , approximately 86.1% and 87.4% , respectively, of the Company's inventories were valued under the last-in, first-out ("LIFO") method. The Company primarily uses the retail inventory or the item-cost method to determine inventory cost before application of any LIFO adjustment. Under the retail inventory method, inventory cost is determined, before the application of any LIFO adjustment, by applying a cost-to-retail ratio to various categories of similar items to the retail value of those items. Under the item-cost method, the most recent purchase cost is used to determine the cost of inventory before the application of any LIFO adjustment. Replacement or current cost was higher than the carrying amount of inventories valued using LIFO by $117.1 million and $114.1 million as of February 24, 2018 and February 25, 2017 , respectively. During fiscal 2017 , inventory quantities in certain LIFO layers were reduced. These reductions resulted in a liquidation of LIFO inventory quantities carried at lower costs prevailing in prior years as compared with the cost of fiscal 2017 purchases. As a result, cost of sales decreased by $16.7 million in fiscal 2017 . Liquidations of LIFO layers during fiscal 2016 and fiscal 2015 did not have a material effect on the results of operations. Cost for the remaining inventories, which represents perishable and fuel inventories, was determined using the most recent purchase cost, which approximates the first-in, first-out ("FIFO") method. Perishables are counted every four weeks and are carried at the last purchased cost which approximates FIFO cost. Fuel inventories are carried at the last purchased cost, which approximates FIFO cost. The Company records inventory shortages based on actual physical counts at its facilities and also provides allowances for inventory shortages for the period between the last physical count and the balance sheet date. Property and equipment, net: Property and equipment is recorded at cost or fair value for assets acquired as part of a business combination, and depreciation is calculated on the straight-line method over the estimated useful lives of the assets. Estimated useful lives are generally as follows: buildings - seven to 40 years; leasehold improvements - the shorter of the remaining lease term or ten to 20 years; fixtures and equipment - three to 15 years; and specialized supply chain equipment - six to 25 years. Assets under capital leases are recorded at the lower of the present value of the future minimum lease payments or the fair value of the asset and are amortized on the straight-line method over the lesser of the lease term or the estimated useful life. Interest capitalized on property under construction was immaterial for all periods presented. Impairment of long-lived assets: The Company regularly reviews its individual stores' operating performance, together with current market conditions, for indicators of impairment. When events or changes in circumstances indicate that the carrying value of the individual store's assets may not be recoverable, its future undiscounted cash flows are compared to the carrying value. If the carrying value of store assets to be held and used is greater than the future undiscounted cash flows, an impairment loss is recognized to record the assets at fair value. For property and equipment held for sale, the Company recognizes impairment charges for the excess of the carrying value plus estimated costs of disposal over the fair value. Fair values are based on discounted cash flows or current market rates. These estimates of fair value can be significantly impacted by factors such as changes in the current economic environment and real estate market conditions. Long-lived asset impairments are recorded as a component of Selling and administrative expenses. Lease exit costs: The Company records a liability for costs associated with closures of retail stores, distribution centers and other properties that are no longer utilized in current operations. For properties that have closed and are under long-term lease agreements, the present value of any remaining liability under the lease, net of estimated sublease recovery and discounted using credit adjusted risk-free rates, is recognized as a liability and charged to Selling and administrative expenses. These lease liabilities are usually paid over the lease terms associated with the property. Adjustments to lease exit reserves primarily relate to changes in subtenant income or actual exit costs that differ from original estimates. Lease exit reserves for closed properties are included as a component of Other current liabilities and Other long-term liabilities. Intangible assets, net: The Company reviews finite-lived intangible assets for impairment in accordance with its policy for long-lived assets. The Company reviews intangible assets with indefinite useful lives and tests for impairment annually on the first day of the fourth quarter and also if events or changes in circumstances indicate the occurrence of a triggering event. The review consists of comparing the estimated fair value of the cash flows generated by the asset to the carrying value of the asset. Intangible assets with indefinite useful lives consist of restricted covenants and liquor licenses. Intangible assets with finite lives consist primarily of trade names, naming rights, customer prescription files, internally developed software and beneficial lease rights. Intangible assets with finite lives are amortized on a straight-line basis over an estimated economic life ranging from five to 40 years. Beneficial lease rights and unfavorable lease obligations are recorded on acquired leases based on the differences between the contractual rents for the remaining lease terms under the respective lease agreement and prevailing market rents for the related geography as of the lease acquisition date. Beneficial lease rights and unfavorable lease obligations are amortized over the lease term using the straight-line method. Business combination measurements: In accordance with applicable accounting standards, the Company estimates the fair value of acquired assets and assumed liabilities as of the acquisition date of business combinations. These fair value adjustments are input into the calculation of goodwill related to the excess of the purchase price over the fair value of the tangible and identifiable intangible assets acquired and liabilities assumed in the acquisition. The fair value of assets acquired and liabilities assumed are determined using market, income and cost approaches from the perspective of a market participant. The fair value measurements can be based on significant inputs that are not readily observable in the market. The market approach indicates value for a subject asset based on available market pricing for comparable assets. The market approach used includes prices and other relevant information generated by market transactions involving comparable assets, as well as pricing guides and other sources. The income approach indicates value for a subject asset based on the present value of cash flows projected to be generated by the asset. Projected cash flows are discounted at a required market rate of return that reflects the relative risk of achieving the cash flows and the time value of money. The cost approach, which estimates value by determining the current cost of replacing an asset with another of equivalent economic utility, was used for certain assets for which the market and income approaches could not be applied due to the nature of the asset. The cost to replace a given asset reflects the estimated reproduction or replacement cost for the asset, adjusted for obsolescence, whether physical, functional or economic. Goodwill: The Company reviews goodwill for impairment annually on the first day of its fourth quarter and also if events or changes in circumstances indicate the occurrence of a triggering event. The Company reviews goodwill for impairment by initially considering qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill, as a basis for determining whether it is necessary to perform a quantitative analysis. If it is determined that it is more likely than not that the fair value of reporting unit is less than its carrying amount, a quantitative analysis is performed to identify goodwill impairment. If it is determined that it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, it is unnecessary to perform a quantitative analysis. The Company may elect to bypass the qualitative assessment and proceed directly to performing a quantitative analysis. Beginning on the first day of fiscal 2017, the Company prospectively adopted accounting guidance that simplifies goodwill impairment testing. For additional information, see Recently adopted accounting standards below. Also see Note 5 - Goodwill and intangible assets for additional information related to the Company's goodwill and related impairment testing. Investment in unconsolidated affiliates: The Company records equity in earnings from unconsolidated affiliates in Other expense (income). Income from unconsolidated affiliates, excluding losses related to the disposal of the Company's investment in Casa Ley, S.A de C.V. ("Casa Ley"), was $13.3 million , $17.5 million , and $14.4 million in fiscal 2017 , fiscal 2016 , and fiscal 2015 , respectively. El Rancho: On November 16, 2017, the Company acquired an equity interest in Mexico Foods Parent LLC and La Fabrica Parent LLC ("El Rancho"), a Texas-based specialty grocer with 16 stores, for $100.0 million purchase consideration, consisting of $70.0 million in cash and $30.0 million of equity in the Company. The investment represents a 45% ownership interest in El Rancho which the Company is accounting for under the equity method. The Company has the option to acquire the remaining 55% of El Rancho at any time until six months after the delivery of El Rancho's financial results for the fiscal year ended December 31, 2021. If the Company elects to exercise the option to acquire the remaining equity of El Rancho, the price to be paid will be calculated using a predetermined market-based formula. Casa Ley: During the fourth quarter of fiscal 2017, the Company sold its equity method investment in Casa Ley to Tenedora CL del Noroeste, S.A. de C.V. for $6.5 billion Mexican pesos (approximately $348 million in US dollars). In connection with the sale, the Company recorded a loss, net of $25.0 million in the third quarter of fiscal 2017, which is included in Other expense (income), driven by the change in the fair value of the assets held for sale and the change in fair value of the related Casa Ley contingent value rights ("CVRs"). Net proceeds from the sale were used to distribute approximately $222 million in cash (or approximately $0.934 in cash per Casa Ley CVR) pursuant to the terms of the Casa Ley CVR agreement. Company-Owned life insurance policies ("COLI"): The Company has COLI policies that have a cash surrender value. The Company has loans against these policies. The Company has no intention of repaying the loans prior to maturity or cancellation of the policies. Therefore, the Company offsets the cash surrender value by the related loans. As of February 24, 2018 and February 25, 2017 , the cash surrender values of the policies were $170.9 million and $185.1 million , and the balances of the policy loans were $103.4 million and $114.4 million , respectively. The net balance of the COLI policies is included in Other assets. Interest rate risk management: The Company has entered into several interest rate swap contracts ("Swaps") to hedge against the variability in cash flows relating to interest payments on its outstanding variable rate term debt. Swaps are recognized in the Consolidated Balance Sheets at fair value. Changes in the fair value of Swaps designated as "cash flow" hedges, to the extent the hedges are highly effective, are recorded in Other comprehensive income (loss), net of income taxes. Ineffective portions of cash flow hedges, if any, are recognized in current period earnings. Other comprehensive income (loss) is reclassified into current period earnings when the hedged transaction affects earnings. The Company assesses, both at the inception of the hedge and on an ongoing basis, whether derivatives used as hedging instruments are highly effective in offsetting the changes in the fair value or cash flow of the hedged items. If it is determined that a derivative is not highly effective as a hedge or ceases to be highly effective, the Company discontinues hedge accounting prospectively. Energy contracts: The Company has entered into contracts to purchase electricity and natural gas at fixed prices for a portion of its energy needs. The Company expects to take delivery of the electricity and natural gas in the normal course of business. Contracts that qualify for the normal purchase exception under derivatives and hedging accounting guidance are not recorded at fair value. Energy purchased under these contracts is expensed as delivered. The Company also manages its exposure to changes in diesel prices utilized in the Company's distribution process through the use of short-term heating oil derivative contracts. These contracts are economic hedges of price risk and are not designated or accounted for as hedging instruments for accounting purposes. Changes in the fair value of these instruments are recognized in earnings. Self-Insurance liabilities : The Company is primarily self-insured for workers' compensation, property, automobile and general liability. The self-insurance liability is undiscounted and determined actuarially, based on claims filed and an estimate of claims incurred but not yet reported. The Company has established stop-loss amounts that limit the Company's further exposure after a claim reaches the designated stop-loss threshold. Stop-loss amounts for claims incurred for the years presented range from $0.5 million to $5.0 million per claim, depending upon the type of insurance coverage and the year the claim was incurred. In determining its self-insurance liabilities, the Company performs a continuing review of its overall position and reserving techniques. Since recorded amounts are based on estimates, the ultimate cost of all incurred claims and related expenses may be more or less than the recorded liabilities. The Company has deposits with its insurers to fund workers' compensation, automobile and general liability claims payments. The Company had $13.1 million and $14.9 million of deposits for its workers' compensation and automobile liability claims as of February 24, 2018 and February 25, 2017 , respectively, included in Other assets. The Company has reinsurance receivables of $21.7 million and $26.0 million recorded within Receivables, net and $62.4 million and $50.0 million recorded within Other assets as of February 24, 2018 and February 25, 2017 , respectively. The self-insurance liabilities and related reinsurance receivables are recorded gross. Changes in self-insurance liabilities consisted of the following (in millions): February 24, 2018 February 25, Beginning balance $ 1,264.9 $ 1,320.8 Expense 314.4 281.7 Claim payments (287.6 ) (279.6 ) Other reductions (1) (74.0 ) (58.0 ) Ending balance 1,217.7 1,264.9 Less current portion (296.0 ) (293.3 ) Long-term portion $ 921.7 $ 971.6 (1) Primarily reflects the systematic adjustments to the fair value of assumed self-insurance liabilities from acquisitions and actuarial adjustments for claims experience. Deferred rents: The Company recognizes rent holidays from the period of time the Company has possession of the property, as well as tenant allowances and escalating rent provisions, on a straight‑line basis over the expected term of the operating lease. The expected term may also include the exercise of renewal options if such exercise is determined to be reasonably assured and is used to determine whether the lease is capital or operating. Deferred rents are included in Other current liabilities and Other long-term liabilities. Deferred gains on leases: The Company may receive up-front funds upon sublease or assignment of existing leases. Deferred gains related to subleases and assignments as of February 24, 2018 and February 25, 2017 were $13.9 million and $14.4 million , respectively, recorded in Other current liabilities, and $58.6 million and $72.7 million , respectively, recorded in Other long-term liabilities. These proceeds are amortized on a straight-line basis over an estimated sublease term. In addition, deferred gains have been recorded in connection with several sale-leaseback transactions and are recognized over the lives of the leases. The current portion of deferred gains related to sale-leaseback transactions was $62.4 million and $44.7 million as of February 24, 2018 and February 25, 2017 , respectively, recorded in Other current liabilities, with the long-term portion of $482.2 million and $194.7 million as of February 24, 2018 and February 25, 2017 , respectively, recorded in Other long-term liabilities. Amortization of deferred gains related to sale-leaseback transactions was $50.3 million , $37.0 million and $12.7 million in fiscal 2017 , 2016 and 2015 , respectively, and was recorded as a component of Selling and administrative expenses. Benefit plans and Multiemployer plans: Substantially all of the Company's employees are covered by various contributory and non-contributory pension, profit sharing, or 401(k) plans, in addition to dedicated defined benefit plans for Safeway, Shaw's and United employees. Certain employees participate in a long-term retention incentive bonus plan. The Company also provides certain health and welfare benefits, including short-term and long-term disability benefits to inactive disabled employees prior to retirement. The Company recognizes a liability for the under-funded status of the defined benefit plans as a component of Other long-term liabilities. Actuarial gains or losses and prior service costs or credits are recorded within Other comprehensive income (loss). The determination of the Company's obligation and related expense for its sponsored pensions and other post-retirement benefits is dependent, in part, on management's selection of certain actuarial assumptions in calculating these amounts. These assumptions include, among other things, the discount rate and expected long-term rate of return on plan assets. Most union employees participate in multiemployer retirement plans under collective bargaining agreements, unless the collective bargaining agreement provides for participation in plans sponsored by the Company. Pension expense for the multiemployer plans is recognized as contributions are funded. See Note 12 - Employee benefit plans and collective bargaining agreements for additional information. Revenue recognition : Revenues from the sale of products are recognized at the point of sale to the customer, net of returns and sales tax. Discounts provided to customers by the Company at the time of sale are recognized as a reduction in sales as the products are sold. Discounts provided to customers by vendors, usually in the form of coupons, are not recognized as a reduction in sales, provided the coupons are redeemable at any retailer that accepts coupons. The Company recognizes revenue and records a corresponding receivable from the vendor for the difference between the sales prices and the cash received from the customer. The Company records a deferred revenue liability when it sells its own proprietary gift cards. The Company records a sale when the customer redeems the gift card. The gift cards do not expire. The Company reduces the liability and records revenue for the unused portion of gift cards ("breakage") after two to five years, the period at which redemption is considered remote. Breakage amounts were immaterial for fiscal 2017 , 2016 and 2015 . Cost of sales and vendor allowances: Cost of sales includes, among other things, purchasing, inbound freight costs, product quality testing costs, warehousing costs, internal transfer costs, advertising costs, private label program costs, and strategic sourcing program costs. The Company receives vendor allowances or rebates ("Vendor Allowances") for a variety of merchandising initiatives and buying activities. The terms of the Company's Vendor Allowances arrangements vary in length but are primarily expected to be completed within a quarter. The Company records Vendor Allowances as a reduction of Cost of sales when the associated products are sold. Vendor Allowances that have been earned as a result of completing the required performance under terms of the underlying agreements but for which the product has not yet been sold are recognized as reductions of inventory. The reduction of inventory for these Vendor Allowances was $60.6 million and $72.2 million as of February 24, 2018 and February 25, 2017 , respectively. Advertising costs are included in Cost of sales and are expensed in the period the advertising occurs. Cooperative advertising funds are recorded as a reduction of Cost of sales when the advertising occurs. Advertising costs were $497.5 million , $502.4 million and $475.8 million , net of cooperative advertising allowances of $81.1 million , $71.9 million and $36.2 million for fiscal 2017 , 2016 and 2015 , respectively. Selling and administrative expenses: Selling and administrative expenses consist primarily of store and corporate employee-related costs such as salaries and wages, health and welfare, workers' compensation and pension benefits, as well as marketing and merchandising, rent, occupancy and operating costs, amortization of intangibles and other administrative costs. Income taxes: Prior to the Reorganization Transactions, ACL was organized as a limited liability company, wholly owned by its parent, AB Acquisition. As such, income taxes in respect of these operations are payable by the equity members of AB Acquisition. Entity-level federal and state taxes were provided on ACL's Subchapter C corporation subsidiaries, and state income taxes on its limited liability company subsidiaries where applicable. Upon completion of the Reorganization Transactions, all of the operating subsidiaries became subsidiaries of Albertsons Companies Inc., with all operations taxable as part of a consolidated group for federal and state income tax purposes. In connection with the Reorganization Transactions, in the fourth quarter of fiscal 2017, the Company recorded deferred income taxes on operations held by limited liability companies and previously taxed to the equity members. The Company's loss before taxes is primarily from domestic operations. Deferred taxes are provided for the net tax effects of temporary differences between the financial reporting and income tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Valuation allowances are established where management determines that it is more likely than not that some portion or all of a deferred tax asset will not be realized. The Company reviews tax positions taken or expected to be taken on tax returns to determine whether and to what extent a tax benefit can be recognized. The Company evaluates its positions taken and establishes liabilities in accordance with the applicable accounting guidance for uncertain tax positions. The Company reviews these liabilities as facts and circumstances change and adjusts accordingly. The Company recognizes any interest and penalties associated with uncertain tax positions as a component of Income tax expense. The Company is contractually indemnified by SuperValu for any tax liability of New Albertsons L.P. ("NALP") arising from tax years prior to the NALP acquisition. The Company is also contractually obligated to pay SuperValu any tax benefit it receives in a tax year after the NALP acquisition as a result of an indemnification payment made by SuperValu. An indemnification asset and liability, where necessary, has been recorded to reflect this arrangement. Segments : The Company and its subsidiaries operate food and drug retail stores that offer grocery products, general merchandise, health and beauty care products, pharmacy, fuel, and other items and services. The Company's retail operating divisions are geographically based, have similar economic characteristics and similar expected long-term financial performance and are reported in one reportable segment. The Company's operating segments and reporting units are its 13 divisions, which have been aggregated into one reportable segment. Each reporting unit constitutes a business for which discrete financial information is available and for which management regularly reviews the operating results. Across all operating segments, the Company operates primarily one store format. Each store offers the same general mix of products with similar pricing to similar categories of customers, has similar distribution methods, operates in similar regulatory environments and purchases merchandise from similar or the same vendors. The following table represents sales revenue by type of similar product (in millions): Fiscal Fiscal Fiscal Amount % of Total Amount % of Total Amount % of Total Non-perishables (1) $ 26,522.0 44.3 % $ 26,699.2 44.7 % $ 26,283.9 44.8 % Perishables (2) 24,583.7 41.0 % 24,398.5 40.9 % 23,661.4 40.3 % Pharmacy 5,002.6 8.3 % 5,119.2 8.6 % 5,073.0 8.6 % Fuel 3,104.6 5.2 % 2,693.4 4.5 % 2,954.8 5.0 % Other (3) 711.7 1.2 % 767.9 1.3 % 760.9 1.3 % Total $ 59,924.6 100.0 % $ 59,678.2 100.0 % $ 58,734.0 100.0 % (1) Consists primarily of general merchandise, grocery, and frozen foods. (2) Consists primarily of produce, dairy, meat, deli, floral, and seafood. (3) Consists primarily of lottery and various other commissions, and other miscellaneous income. Recently Adopted Accounting Standards: In January 2017, the Financial Acc |
Acquisitions
Acquisitions | 12 Months Ended |
Feb. 24, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS Pending Rite Aid Merger On February 18, 2018, the Company entered into a definitive merger agreement with Rite Aid, one of the nation's leading drugstore chains. At the effective time of the merger, each share of Rite Aid common stock issued and outstanding at such time will be converted into the right to receive 0.1000 of a share of ACI common stock, plus at the Rite Aid stockholder's election, either (i) an amount in cash equal to $0.1832 per share of Rite Aid common stock, without interest, or (ii) 0.0079 of a share of ACI common stock per share of Rite Aid common stock. Subject to the approval of Rite Aid's stockholders, and other customary closing conditions, the merger is expected to close early in the second half of calendar 2018. In connection with the merger agreement, the Company received a debt commitment letter pursuant to which, among other things, certain institutions have committed to provide ACI with (i) $4.7 billion of commitments to a new $5.0 billion aggregate principal amount best efforts asset-based revolving credit facility (the "Best-Efforts ABL Facility"); (ii) incremental commitments under the Company's existing ABL Facility (as defined herein) in an aggregate principal amount of $1.0 billion in the event that the Best-Efforts ABL Facility does not become effective on the closing date; (iii) a new asset-based term loan facility in an aggregate principal amount of $1.5 billion ; and (iv) a new secured bridge loan facility in an aggregate principal amount of $500.0 million less the gross proceeds received by the Company of any new senior notes issued prior to the closing date, in each case on the terms and subject to the conditions set forth in the debt commitment letter. The proceeds of the financing will be used, among other things, to partially refinance certain of Rite Aid’s existing indebtedness that is outstanding as of the closing date. Fiscal 2017 Plated On September 20, 2017, the Company acquired DineInFresh, Inc. ("Plated"), a provider of meal kit services for purchase consideration of $219.5 million , consisting of cash consideration of $117.3 million , deferred cash consideration with a fair value of $42.1 million , and contingent consideration with a fair value of $60.1 million . The deferred cash consideration and the fair value of contingent consideration are recorded in Other current liabilities and Other long-term liabilities in the Consolidated Balance Sheets. The total deferred cash consideration is $50.0 million and will be paid out in installment payments over the next three years . In addition, the sellers have the potential to earn additional contingent consideration of up to $125.0 million if certain revenue targets are met over the next three years . The contingent consideration will be paid in cash or equity that is puttable to the Company in the event the Company's parent does not complete an initial public offering or change of control within a certain period of time following the closing. See Note 6 - Fair value measurements , for additional information related to the fair value of the contingent consideration. The Plated acquisition was accounted for under the acquisition method of accounting. The purchase price was allocated to the fair values of the identifiable assets and liabilities, with any excess of purchase price over the fair value recognized as goodwill. Net assets acquired primarily consisted of intangible assets and goodwill valued at $67.1 million and $146.2 million , respectively. Intangible assets acquired consisted of trademarks and tradenames, customer lists and software. The goodwill is primarily attributable to synergies the Company expects to achieve related to the acquisition. In connection with the acquisition, the Company also expensed $6.3 million related to unvested equity awards of Plated. The goodwill is not deductible for tax purposes. Pro forma results are not presented as the acquisition was not considered material to the Company. Third party acquisition-related costs were immaterial for fiscal 2017 and were expensed as incurred as a component of Selling and administrative expenses. MedCart On May 31, 2017, the Company acquired MedCart Specialty Pharmacy for $34.5 million , including the cost of acquired inventory. The acquisition was accounted for under the acquisition method of accounting and resulted in $11.6 million of goodwill that is deductible for tax purposes. In connection with the purchase, the Company provided an earn-out opportunity that has the potential to pay the sellers an additional $17.2 million , collectively, if the business achieves specified performance targets during the first three years subsequent to the acquisition. As the earn-out is conditioned on the continued service of the sellers, it will be recorded as future compensation expense based on the probability of achieving the performance targets. Pro forma results are not presented, as the acquisition was not considered material to the Company. Fiscal 2016 Haggen Transaction During fiscal 2015 Haggen Holdings, LLC ("Haggen") secured Bankruptcy Court approval for bidding procedures for the sale of 29 stores. On March 25, 2016, the Company entered into a purchase agreement to acquire the 29 stores from Haggen, including 15 stores originally sold to Haggen as part of the Federal Trade Commission ("FTC") mandated divestitures, as discussed in further detail below, and certain trade names and intellectual property, for an aggregate purchase price of approximately $113.8 million , including the cost of acquired inventory. The fiscal 2016 Haggen transaction was accounted for under the acquisition method of accounting. The following summarizes the allocation of the fair value of assets acquired and liabilities assumed at the acquisition date (in millions): June 2, 2016 Inventory $ 31.8 Other current assets 2.5 Property and equipment 89.9 Intangible assets, primarily pharmacy scripts and trade names 31.4 Total assets acquired 155.6 Capital lease obligations 35.2 Other long-term liabilities 22.7 Total liabilities assumed 57.9 Net assets purchased 97.7 Goodwill 16.1 Total purchase consideration $ 113.8 The goodwill recorded of $16.1 million is primarily attributable to the operational and administrative synergies expected to arise from the transaction. The goodwill associated with this transaction is deductible for tax purposes. This transaction did not have a material impact on the Company's Consolidated Statement of Operations and Comprehensive Income (Loss) for fiscal 2016. Pro forma results are not presented, as the acquisition was not considered material to the consolidated Company. Third-party acquisition-related costs were immaterial for fiscal 2016 and were expensed as incurred as a component of Selling and administrative expenses. During fiscal 2016, the Company had other individually immaterial acquisitions resulting in net cash paid of $106.8 million and an additional $20.6 million of goodwill. Fiscal 2015 Haggen Transaction In connection with the acquisition of Safeway and the related FTC mandated divestitures, the Company announced that it had entered into agreements to sell 168 stores as required by the FTC as a condition of closing the Safeway acquisition. The Company sold 146 of these stores to Haggen. On September 8, 2015 , Haggen commenced a case under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. After receiving FTC and state attorneys general clearance, and bankruptcy court approval, during the fourth quarter of fiscal 2015, the Company acquired 35 stores originally sold to Haggen as part of the FTC divestitures for an aggregate purchase price of $32.6 million . The fiscal 2015 Haggen transaction was accounted for under the acquisition method of accounting. The 2015 Haggen transaction did not have a material impact on the Company's Consolidated Statement of Operations for fiscal 2015. Pro forma results are not presented, as the acquisition was not considered material to the consolidated Company. Third party acquisition-related costs were immaterial for fiscal 2015 and were expensed as incurred as a component of Selling and administrative expenses. A&P Transaction On November 17, 2015, the Company completed its acquisition of 73 stores operated by A&P (the "A&P Transaction") pursuant to Section 363 of Chapter 11 of the United States Bankruptcy Code. The purchase price for the 73 stores was $292.7 million , including the cost of acquired inventory. The acquired stores, which are principally located in the northern New York City suburbs, northern New Jersey and the greater Philadelphia area, are complementary to the Company's existing store and distribution base and have been bannered as Acme stores. The A&P Transaction was accounted for under the acquisition method of accounting. The following table summarizes the final allocation of the fair value of assets acquired and liabilities assumed (in millions): November 17, 2015 Current assets, including $1.7 million in acquired cash $ 51.1 Property and equipment 133.9 Intangible assets 67.1 Total assets acquired 252.1 Current liabilities 2.3 Capital lease obligations 71.7 Other long-term liabilities 16.2 Total liabilities assumed 90.2 Net assets purchased 161.9 Goodwill 130.8 Total purchase consideration $ 292.7 The identifiable intangible assets acquired consisted of the following as of the date of the A&P Transaction (in millions): Beneficial lease rights $ 44.0 Customer lists, including prescription files 19.4 Other intangibles 2.5 Total finite intangible assets 65.9 Liquor licenses 1.2 Total identifiable intangible assets $ 67.1 The goodwill recorded of $130.8 million is primarily attributable to the operational and administrative synergies expected to arise from the acquisition. The goodwill associated with this acquisition is deductible for tax purposes. This acquisition did not have a material impact on the Company's Consolidated Statement of Operations for fiscal 2015. Pro forma results are not presented, as the acquisition was not considered material to the consolidated Company. Third-party acquisition-related costs of $11.1 million in fiscal 2015 were expensed as incurred as a component of Selling and administrative expenses. |
Lease Exit Costs and Properties
Lease Exit Costs and Properties Held for Sale | 12 Months Ended |
Feb. 24, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Lease Exit Costs and Properties Held for Sale | LEASE EXIT COSTS AND PROPERTIES HELD FOR SALE Lease Exit Costs Changes to the Company's lease exit cost reserves for closed properties consisted of the following (in millions): February 24, February 25, Beginning balance $ 44.4 $ 49.7 Additions 32.7 14.7 Payments (17.9 ) (15.8 ) Disposals (1.0 ) (4.2 ) Ending balance $ 58.2 $ 44.4 The Company closed 26 non-strategic stores in fiscal 2017 and 40 in fiscal 2016 . Lease exit costs related to closed properties were recorded at the time of closing as a component of Selling and administrative expenses. Properties Held for Sale Assets held for sale and liabilities held for sale are recorded in Other current assets and Other current liabilities, respectively, and consisted of the following (in millions): February 24, February 25, Assets held for sale: Beginning balance $ 3.1 $ 4.6 Transfers in 295.5 7.9 Disposals (268.7 ) (9.4 ) Ending balance $ 29.9 $ 3.1 Liabilities held for sale: Beginning balance $ 15.4 $ 27.1 Transfers in — 1.9 Disposals (4.9 ) (13.6 ) Ending balance $ 10.5 $ 15.4 Sale-Leaseback Transactions During fiscal 2017, certain subsidiaries of the Company sold 94 of the Company's store properties for an aggregate purchase price, net of closing costs, of approximately $962 million . In connection with the sale and subsequent leaseback, the Company entered into lease agreements for each of the properties for initial terms of 20 years with varying multiple five -year renewal options. The aggregate initial annual rent payments for the 94 properties will be approximately $65 million , with scheduled rent increases occurring generally every one or five years over the initial 20 -year term. The Company qualified for sale-leaseback and operating lease accounting on 80 of the store properties and recorded a deferred gain of $360.1 million , which is being amortized over the respective lease periods. The remaining 14 stores did not qualify for sale-leaseback accounting primarily due to continuing involvement with adjacent properties that have not been legally subdivided from the store properties. The Company expects these store properties to qualify for sale-leaseback accounting once the adjacent properties have been legally subdivided. The financing lease liability recorded for the 14 store properties was $133.4 million . During the first quarter of fiscal 2016, the Company sold two distributions centers in Southern California for $237.3 million , net of selling expenses, and leased them back for up to a 36 -month period in a transaction that qualified for sale-leaseback accounting. The deferred gain on the sale of these distribution centers was $97.4 million , which is being amortized over the estimated 36 -month lease period. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Feb. 24, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | PROPERTY AND EQUIPMENT Property and equipment consisted of the following (in millions): February 24, February 25, Land $ 2,624.7 $ 2,782.5 Buildings 5,407.9 5,637.7 Property under construction 579.3 550.7 Leasehold improvements 1,367.5 1,278.8 Fixtures and equipment 4,488.9 3,737.5 Buildings under capital leases 1,037.1 1,052.7 Total property and equipment 15,505.4 15,039.9 Accumulated depreciation and amortization (4,735.1 ) (3,528.1 ) Total property and equipment, net $ 10,770.3 $ 11,511.8 Depreciation expense was $1,330.5 million , $1,245.5 million and $1,096.2 million for fiscal 2017 , 2016 and 2015 , respectively. Amortization expense related to capitalized lease assets was $120.2 million , $144.5 million and $137.1 million in fiscal 2017 , 2016 and 2015 , respectively. Fixed asset impairment losses of $78.8 million , $39.5 million and $35.9 million were recorded as a component of Selling and administrative expenses in fiscal 2017 , 2016 and 2015 , respectively. The impairment losses primarily relate to assets in underperforming stores. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Feb. 24, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS The following table summarizes the changes in the Company's goodwill balances (in millions): February 24, February 25, Balance at beginning of year $ 1,167.8 $ 1,131.1 Acquisitions and related adjustments 157.8 36.7 Impairment (142.3 ) — Balance at end of year $ 1,183.3 $ 1,167.8 During the second quarter of fiscal 2017, there was a sustained decline in the market multiples of publicly traded peer companies. In addition, during the second quarter of fiscal 2017, the Company revised its short-term operating plan. As a result, the Company determined that an interim review of its recoverability of goodwill was necessary. Consequently, during the second quarter of fiscal 2017, the Company recorded a goodwill impairment loss of $142.3 million , substantially all within the Acme reporting unit relating to the November 2015 acquisition of stores from The Great Atlantic and Pacific Tea Company, Inc., due to changes in the estimate of its long-term future financial performance to reflect lower expectations for growth in revenue and earnings than previously estimated. The goodwill impairment loss was based on a quantitative analysis using a combination of a discounted cash flow model (income approach) and a guideline public company comparative analysis (market approach). The Company's Intangible assets, net consisted of the following (in millions): February 24, February 25, Estimated useful lives (Years) Gross carrying amount Accumulated amortization Net Gross carrying amount Accumulated amortization Net Trade names 40 $ 1,965.2 $ (177.2 ) $ 1,788.0 $ 1,910.9 $ (123.4 ) $ 1,787.5 Beneficial lease rights 12 918.3 (355.7 ) 562.6 936.1 (280.6 ) 655.5 Customer prescription files 5 1,486.4 (1,078.1 ) 408.3 1,468.4 (784.4 ) 684.0 Covenants not to compete 5 4.3 (2.5 ) 1.8 3.5 (1.9 ) 1.6 Specialty accreditation 6 18.0 (2.3 ) 15.7 — — — Internally developed software 5 537.1 (246.3 ) 290.8 468.6 (170.1 ) 298.5 Total finite-lived intangible assets 4,929.3 (1,862.1 ) 3,067.2 4,787.5 (1,360.4 ) 3,427.1 Liquor licenses and restricted covenants Indefinite 75.3 — 75.3 70.7 — 70.7 Total intangible assets, net $ 5,004.6 $ (1,862.1 ) $ 3,142.5 $ 4,858.2 $ (1,360.4 ) $ 3,497.8 Amortization expense for intangible assets with finite useful lives was $525.2 million , $512.7 million and $497.6 million for fiscal 2017 , 2016 and 2015 , respectively. Estimated future amortization expense associated with the net carrying amount of intangibles with finite lives is as follows (in millions): Fiscal Year Amortization Expected 2018 $ 504.3 2019 385.8 2020 185.1 2021 159.8 2022 131.8 Thereafter 1,700.4 Total $ 3,067.2 During fiscal 2017 , 2016 and 2015 , the Company had intangible asset impairment losses of $22.1 million , $7.1 million and $4.3 million , respectively. The impairment losses primarily relate to underperforming stores, with fiscal 2017 also including a $12.8 million loss related to information technology assets in connection with the Company's development of a new digital platform. The Company had long-term liabilities for unfavorable operating lease intangibles related to above-market leases of $440.1 million and $532.8 million as of February 24, 2018 and February 25, 2017 , respectively. Amortization of unfavorable operating leases recorded as a reduction of expense was $77.8 million , $97.9 million and $117.2 million for fiscal 2017 , 2016 and 2015 , respectively. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Feb. 24, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The accounting guidance for fair value established a framework for measuring fair value and established a three-level valuation hierarchy for disclosure of fair value measurement. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability at the measurement date. The three levels are defined as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities; Level 2 - Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; Level 3 - Unobservable inputs in which little or no market activity exists, requiring an entity to develop its own assumptions that market participants would use to value the asset or liability. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following table presents assets and liabilities which are measured at fair value on a recurring basis as of February 24, 2018 (in millions): Fair Value Measurements Total Quoted prices in active markets for identical assets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Assets: Cash equivalents: Money Market $ 198.0 $ 198.0 $ — $ — Short-term investments (1) 24.5 22.1 2.4 — Non-current investments (2) 91.2 40.2 51.0 — Total $ 313.7 $ 260.3 $ 53.4 $ — Liabilities: Derivative contracts (3) $ 11.8 $ — $ 11.8 $ — Contingent consideration (4) 60.0 — — 60.0 Total $ 71.8 $ — $ 11.8 $ 60.0 (1) Primarily relates to Mutual Funds. Included in Other current assets on the Consolidated Balance Sheets. (2) Primarily relates to investments in publicly traded stock classified as available for sale (Level 1) and U.S. Treasury Notes and Corporate Bonds (Level 2). Included in Other assets on the Consolidated Balance Sheets. (3) Primarily relates to interest rate swaps. Included in Other current liabilities on the Consolidated Balance Sheets. (4) Included in Other current liabilities and Other long-term liabilities on the Consolidated Balance Sheets. The following table presents assets and liabilities which are measured at fair value on a recurring basis as of February 25, 2017 (in millions): Fair Value Measurements Total Quoted prices in active markets for identical assets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Assets: Cash equivalents: Money Market $ 596.0 $ 596.0 $ — $ — Short-term investments (1) 21.6 19.4 2.2 — Non-current investments (2) 97.5 45.6 51.9 — Total $ 715.1 $ 661.0 $ 54.1 $ — Liabilities: Derivative contracts (3) $ 103.7 $ — $ 103.7 $ — Contingent consideration (4) 281.0 — — 281.0 Total $ 384.7 $ — $ 103.7 $ 281.0 (1) Primarily relates to Mutual Funds. Included in Other current assets on the Consolidated Balance Sheets. (2) Primarily relates to investments in publicly traded stock classified as available for sale (Level 1) and U.S. Treasury Notes and Corporate Bonds (Level 2). Included in Other assets on the Consolidated Balance Sheets. (3) Primarily relates to interest rate swaps. Included in Other current liabilities on the Consolidated Balance Sheets. (4) Primarily relates to CVRs. Included in Other current liabilities on the Consolidated Balance Sheets. As of February 24, 2018 and February 25, 2017 , the estimated fair value of the Company's contingent consideration obligations was $60.0 million and $281.0 million , respectively. Contingent consideration is a Level 3 measurement and is based on cash flow projections and other assumptions for the milestone revenue targets. Changes in fair value of the contingent consideration are recorded in the consolidated statements of operations within Other expense (income). A reconciliation of the beginning and ending balances for Level 3 liabilities follows (in millions): Contingent Consideration February 24, February 25, Beginning balance $ 281.0 $ 269.9 Plated acquisition 60.1 — Change in fair value (50.9 ) 16.0 Payments (230.2 ) (4.9 ) Ending balance $ 60.0 $ 281.0 The estimated fair value of the Company's debt, including current maturities, was based on Level 2 inputs, being market quotes or values for similar instruments, and interest rates currently available to the Company for the issuance of debt with similar terms and remaining maturities as a discount rate for the remaining principal payments. As of February 24, 2018 , the fair value of total debt was $10,603.4 million compared to a carrying value of $11,340.5 million , excluding debt discounts and deferred financing costs. As of February 25, 2017 , the fair value of total debt was $11,882.8 million compared to the carrying value of $11,812.1 million , excluding debt discounts and deferred financing costs. Assets Measured at Fair Value on a Nonrecurring Basis The Company measures certain assets at fair value on a non-recurring basis, including long-live assets and goodwill, which are evaluated for impairment. Long-lived assets include store-related assets such as property and equipment and certain intangible assets. The inputs used to determine the fair value of long-lived assets and a reporting unit are considered Level 3 measurements due to their subjective nature. As described elsewhere in these Consolidated Financial Statements, the Company recorded a goodwill impairment loss of $142.3 million during fiscal 2017 . No goodwill impairment losses were recorded during fiscal 2016 and 2015 . The Company also recorded long-lived asset impairment losses of $100.9 million , $46.6 million and $40.2 million during fiscal 2017 , 2016 and 2015 , respectively. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Feb. 24, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS Interest Rate Risk Management The Company is exposed to market risk from fluctuations in interest rates. The Company manages its exposure to interest rate fluctuations through the use of interest rate swaps (the "cash flow hedges"). The Company's risk management objective and strategy with respect to interest rate swaps is to protect the Company against adverse fluctuations in interest rates by reducing its exposure to variability in cash flows relating to interest payments on a portion of its outstanding debt. The Company is meeting its objective by hedging the risk of changes in its cash flows (interest payments) attributable to changes in the London Inter-Bank Offering Rate ("LIBOR"), the designated benchmark interest rate being hedged (the "hedged risk"), on an amount of the Company's debt principal equal to the then-outstanding swap notional amount. Cash Flow Interest Rate Swaps For derivative instruments that are designated and qualify as cash flow hedges of forecasted interest payments, the Company reports the effective portion of the gain or loss as a component of Other comprehensive income (loss) until the interest payments being hedged are recorded as Interest expense, net, at which time the amounts in Other comprehensive income (loss) are reclassified as an adjustment to Interest expense, net. Gains or losses on any ineffective portion of derivative instruments in cash flow hedging relationships are recorded in the period in which they occur as a component of Other expense (income) in the Consolidated Statement of Operations and Comprehensive Income (Loss). The Company has entered into several swaps with maturity dates in 2019 and 2021 to hedge against variability in cash flows relating to interest payments on a portion of the Company's outstanding variable rate term debt. The aggregate notional amount of all swaps as of February 24, 2018 and February 25, 2017 , were $3,110.0 million and $3,968.6 million , of which $3,052.0 million and $3,910.6 million are designated as Cash Flow Hedges, respectively, as defined by GAAP. The undesignated portion of the Company's interest rate swaps is attributable to principal payments expected to be made through the loan's maturity. During fiscal 2014, in connection with the financing related to the Safeway acquisition, the Company entered into a deal-contingent interest rate swap ("Deal-Contingent Swap") used to hedge against adverse fluctuations in interest rates by reducing its exposure to variability in cash flows relating to interest payments on anticipated variable rate debt issuances in connection with the Safeway acquisition. In accordance with the swap agreement, the Company receives a floating rate of interest and pays a fixed rate of interest for the life of the contract. The aggregate notional amount of the Deal Contingent Swap as of February 24, 2018 and February 25, 2017 was $1,667.0 million and $2,300.6 million , respectively. At the close of the Safeway acquisition, the Company designated it as a cash flow hedge. The fair value of the swap liability on the designation date was $96.1 million with changes in fair value recorded through earnings for the period prior to the designation date. As of February 24, 2018 and February 25, 2017 , the fair value of the Company's interest rate swap liability was $13.0 million and $99.2 million , respectively, and was recorded in Other current liabilities. Contemporaneously with the refinancing of the Albertsons Term Loans on December 23, 2016 (as described in Note 8 - Long-term debt ), the Company amended each of its existing interest rate swaps to reduce the floor on LIBOR from 100 basis points to 75 basis points. As a result, the Company dedesignated its original cash flow hedges and redesignated the amended swaps prospectively. Losses of $23.9 million , net of tax, deferred into Other comprehensive income (loss) as of the dedesignation date, which are associated with the original cash flow hedges, will be amortized to interest expense over the remaining life of the hedges. Activity related to the Company's derivative instruments designated as cash flow hedges consisted of the following (in millions): Amount of income (loss) recognized from derivatives Derivatives designated as hedging instruments Fiscal Fiscal Fiscal Location of income (loss) recognized from derivatives Designated interest rate swaps $ 47.0 $ 39.4 $ (49.9 ) Other comprehensive income (loss), net of tax Activity related to the Company's derivative instruments not designated as hedging instruments consisted of the following (in millions): Amount of income (loss) recognized from derivatives Derivatives not designated as hedging instruments Fiscal Fiscal Fiscal Location of income (loss) recognized from derivatives Undesignated and ineffective portion of interest rate swaps $ 0.6 $ 0.8 $ (2.9 ) Other expense (income) |
Long-term Debt
Long-term Debt | 12 Months Ended |
Feb. 24, 2018 | |
Debt Disclosure [Abstract] | |
Long-term Debt | LONG-TERM DEBT The Company's long-term debt as of February 24, 2018 and February 25, 2017 , net of debt discounts of $249.6 million and $310.0 million , respectively, and deferred financing costs of $79.7 million and $118.2 million , respectively, consisted of the following (in millions): February 24, February 25, Albertsons Term Loans, due 2021 to 2023, interest range of 3.0% to 3.25% plus LIBOR $ 5,610.7 $ 5,853.0 Albertsons Senior Unsecured Notes due 2024 and 2025, interest rate of 6.625% and 5.750%, respectively 2,476.1 2,473.0 NALP 7.45% Debentures due 2029 525.5 554.6 Safeway 7.25% Debentures due 2031 576.6 575.6 NALP 8.0% Debentures due 2031 350.8 357.2 NALP 6.52% to 7.15% Medium Term Notes due 2027 - 2028 190.9 257.3 Safeway 5.0% Senior Notes due 2019 269.5 270.1 NALP 8.7% Debentures due 2030 186.6 209.0 NALP 7.75% Debentures due 2026 140.1 174.1 Safeway 7.45% Senior Debentures due 2027 152.5 152.7 Safeway 3.95% Senior Notes due 2020 137.5 137.7 Safeway 4.75% Senior Notes due 2021 130.8 131.0 Safeway 6.35% Notes due 2017 — 101.3 Other financing liabilities, unsecured 242.7 114.9 Mortgage notes payable, secured 20.9 22.4 Total debt 11,011.2 11,383.9 Less current maturities (66.1 ) (203.8 ) Long-term portion $ 10,945.1 $ 11,180.1 As of February 24, 2018 , the future maturities of long-term debt, excluding debt discounts and deferred financing costs, consisted of the following (in millions): 2018 $ 66.1 2019 333.4 2020 202.1 2021 3,073.7 2022 1,112.6 Thereafter 6,552.6 Total $ 11,340.5 The Company's term loans (the "Albertsons Term Loans"), asset-based loan ("ABL") facility (the "ABL Facility") and certain of the outstanding notes and debentures have restrictive covenants, subject to the right to cure in certain circumstances, calling for the acceleration of payments due in the event of a breach of a covenant or a default in the payment of a specified amount of indebtedness due under certain debt arrangements. There are no restrictions on the Company's ability to receive distributions from its subsidiaries to fund interest and principal payments due under the ABL Facility, the Albertsons Term Loans and the Company's senior unsecured notes (the "Senior Unsecured Notes"). Each of the ABL Facility, Albertsons Term Loans and the Senior Unsecured Notes restrict the ability of the Company to pay dividends and distribute property to the Company's stockholders. As a result, all of the Company's consolidated net assets are effectively restricted with respect to their ability to be transferred to the Company's stockholders. Notwithstanding the foregoing, the ABL Facility, Albertsons Term Loans and the Senior Unsecured Notes each contain customary exceptions for certain dividends and distributions, including the ability to make cumulative distributions under the Albertsons Term Loans and Senior Unsecured Notes of up to the greater of $1.0 billion or 4.0% of the Company's total assets (which is measured at the time of such distribution) and the ability to make distributions if certain payment conditions are satisfied under the ABL Facility. During fiscal 2017, the Company utilized the foregoing exception in connection with the Distribution (as described in Note 10 - Stockholders' / Member equity ). The Company was in compliance with all such covenants and provisions as of and for the fiscal year ended February 24, 2018 . Albertsons Term Loans As of February 28, 2015, the Albertsons Term Loans under the Albertsons term loan agreement totaled $6,296.0 million , excluding debt discounts and deferred financing costs. The Albertsons Term Loans consisted of a Term B-2 Loan of $1,437.0 million with an interest rate of LIBOR, subject to a 1.0% floor, plus 4.375% , a Term B-3 Loan of $950.0 million with an interest rate of LIBOR, subject to a 1.0% floor, plus 4.0% , a Term B-4 Loan of $3,609.0 million with an interest rate of LIBOR, subject to a 1.0% floor, plus 4.5% , and a Term B-4-1 Loan of $300.0 million with an interest rate of LIBOR, subject to a 1.0% floor, plus 4.5% . On December 21, 2015 , the Company entered into an amendment to the Albertsons Term Loans to borrow an additional $1,145.0 million of Albertsons Term B-5 Loan. The borrowings were used to replace the NALP Senior Secured Term Loan principal of $1,141.5 million and pay related interest and fees. The Term B-5 Loan had an original maturity date of December 21, 2022 and had an interest rate of LIBOR, subject to a 1.0% floor, plus 4.5% . In connection with the term loan amendment, the Company increased the applicable margin of the Albertsons Term B-2 and B-3 Loans by 12.5 basis points. On May 31, 2016, a portion of the net proceeds from the issuance of the 6.625% Senior Unsecured Notes (the "2024 Notes"), as further discussed below, was used to repay $519.8 million of principal on the then-existing Term B-3 Loan due 2019. The Company wrote off $15.0 million of deferred financing costs and original issue discounts in connection with the Term B-3 Loan paydown. On June 22, 2016, the Company amended the agreement governing the Albertsons Term Loans in which three new term loan tranches were established and certain provisions of such agreement were amended. The tranches consisted of $3,280.0 million of a 2016-1 Term B-4 Loan, $1,145.0 million of a 2016-1 Term B-5 Loan and $2,100.0 million of a Term B-6 Loan (collectively, the "June 2016 Term Loans"). The proceeds from the issuance of the June 2016 Term Loans, together with $300.0 million of borrowings under the ABL Facility, were used to repay the then-existing Albertsons Term Loans and related interest and fees (collectively, the "June 2016 Term Loan Refinancing"). The June 2016 Term Loan Refinancing was accounted for as a debt modification. In connection with the June 2016 Term Loan Refinancing, the Company expensed $27.6 million of financing costs and also wrote off $12.8 million of deferred financing costs associated with the original Albertsons Term Loans. The 2016-1 Term B-4 Loan had an original maturity date of August 25, 2021 , and had an interest rate of LIBOR, subject to a 1.0% floor, plus 3.5% . The 2016-1 Term B-5 Loan had an original maturity date of December 21, 2022 , and had an interest rate of LIBOR, subject to a 1.0% floor, plus 3.75% . The Term B-6 Loan had an original maturity date of June 22, 2023 , and had an interest rate of LIBOR, subject to a 1.0% floor, plus 3.75% . On August 9, 2016, a portion of the net proceeds from the issuance of the 5.750% Senior Secured Notes (the "2025 Notes"), as further discussed below, was used to repay $500.0 million of principal on the Term B-6 Loan. The Company wrote off $9.2 million of deferred financing costs and original issue discounts in connection with the Term B-6 Loan paydown. On December 23, 2016, the Company amended the agreement governing the Albertsons Term Loans in which three new term loan tranches were established and certain provisions of such agreement were amended. The new tranches consisted of $3,271.8 million of a new 2016-2 Term B-4 Loan, $1,142.1 million of a new 2016-2 Term B-5 Loan and $1,600.0 million of a new 2016-1 Term B-6 Loan (collectively, the "New Term Loans"). The proceeds from the issuance of the New Term Loans were used to repay the then-existing Albertsons Term Loans and related interest and fees (collectively, the "December 2016 Term Loan Refinancing"). The December 2016 Term Loan Refinancing was accounted for as a debt modification. In connection with the December 2016 Term Loan Refinancing the Company expensed $7.9 million of financing costs and also wrote off $14.0 million of deferred financing costs associated with the original Albertsons Term Loans. The new 2016-2 Term B-4 Loan matures on August 25, 2021, and has an interest rate of LIBOR, subject to a 0.75% floor, plus 3.0% . The new 2016-2 Term B-5 Loan matures on December 21, 2022, and has an interest rate of LIBOR, subject to a 0.75% floor, plus 3.25% . The new 2016-1 Term B-6 Loan matures on June 22, 2023, and has an interest rate of LIBOR, subject to a 0.75% floor, plus 3.25% . On June 16, 2017 , the Company repaid $250.0 million of the existing term loans. In connection with the repayment, the Company wrote off $7.6 million of deferred financing costs and original issue discounts. In addition, on June 27, 2017 , the Company entered into a repricing amendment to the term loan agreement which established three new term loan tranches. The new tranches consist of $3,013.6 million of a new Term B-4 Loan, $1,139.3 million of a new Term B-5 Loan and $1,596.0 million of a new Term B-6 Loan. The (i) new Term B-4 Loan will mature on August 25, 2021 , and has an interest rate of LIBOR, subject to a 0.75% floor, plus 2.75% , (ii) new Term B-5 Loan will mature on December 21, 2022 , and has an interest rate of LIBOR, subject to a 0.75% floor, plus 3.00% , and (iii) new Term B-6 Loan will mature on June 22, 2023 , and has an interest rate of LIBOR, subject to a 0.75% floor, plus 3.00% . The repricing amendment to the term loans was accounted for as a debt modification. In connection with the term loan amendment, the Company expensed $3.9 million of financing costs and also wrote off $17.8 million of deferred financing costs associated with the original term loans. The Albertsons' Term Loan facilities are guaranteed by Albertsons existing and future direct and indirect wholly owned domestic subsidiaries that are not borrowers, subject to certain exceptions. The Albertsons Term Loan facilities are secured by, subject to certain exceptions, (i) a first-priority lien on substantially all of the assets of the borrowers and guarantors (other than accounts receivable, inventory and related assets of the proceeds thereof (the "Albertsons ABL priority collateral")) and (ii) a second-priority lien on substantially all of the Albertsons ABL priority collateral. Asset-Based Loan Facility The Company's ABL Facility provides for a $4,000.0 million senior secured revolving credit facility. The ABL Facility has an interest rate of LIBOR plus a margin ranging from 1.25% to 1.75% and matures on December 21, 2020. The ABL Facility also provides for a letters of credit ("LOC") sub-facility of $1,975.0 million . As noted above, borrowings under the ABL Facility increased $300.0 million on June 22, 2016 in connection with the Term Loan Refinancing. On August 9, 2016, $470.0 million of the net proceeds from the issuance of the 2025 Notes was used to repay the ABL Facility. As of February 24, 2018 and February 25, 2017 , the ABL Facility had no outstanding borrowings and the ABL LOC sub-facility had $576.8 million and $622.3 million letters of credit outstanding, respectively. The ABL Facility is guaranteed by the Company's existing and future direct and indirect wholly owned domestic subsidiaries that are not borrowers, subject to certain exceptions. The ABL Facility is secured by, subject to certain exceptions, (i) a first-priority lien on substantially all of the ABL Facility priority collateral and (ii) a third-priority lien on substantially all other assets (other than real property). The ABL Facility contains no financial covenant unless and until (a) excess availability is less than (i) 10.0% of the lesser of the aggregate commitments and the then-current borrowing base at any time or is (ii) $250.0 million at any time or (b) an event of default is continuing. If any of such events occur, the Company must maintain a fixed charge coverage ratio of 1.0 to 1.0 from the date such triggering event occurs until such event of default is cured or waived and/or the 30th day that all such triggers under clause (a) no longer exist. Notes Senior Unsecured Notes On May 31, 2016, the Company and substantially all of its subsidiaries completed the sale of $1,250.0 million of principal amount of its 6.625% Senior Unsecured Notes which will mature on June 15, 2024. Interest on the 2024 Notes is payable semi-annually in arrears on June 15 and December 15 of each year, commencing on December 15, 2016. The 2024 Notes are also fully and unconditionally guaranteed, jointly and severally, by each of the subsidiaries that are additional issuers under the indenture governing such notes. On August 9, 2016, the Company and substantially all of its subsidiaries completed the sale of $1,250.0 million of principal amount of its 5.750% Senior Unsecured Notes which will mature on March 15, 2025. Interest on the 2025 Notes is payable semi-annually in arrears on March 15 and September 15 of each year, commencing on March 15, 2017. The 2025 Notes are also fully and unconditionally guaranteed, jointly and severally, by each of the subsidiaries that are additional issuers under the indenture governing such notes. The Company, an issuer and direct or indirect parent of each of the other issuers of the 2024 Notes and the 2025 Notes, has no independent assets or operations. All of the direct or indirect subsidiaries of the Company, other than subsidiaries that are issuers of the 2024 Notes and the 2025 Notes, are minor, individually and in the aggregate. Senior Secured Notes On October 23, 2014 , the Company completed the sale of $1,145.0 million of principal amount of 7.75% Senior Secured Notes (the "2022 Notes") with an original maturity date of October 15, 2022 . On February 9, 2015, following the Safeway acquisition, Albertsons redeemed $535.4 million of the 2022 Notes. On June 24, 2016, a portion of the net proceeds from the issuance of the 2024 Notes was used to fully redeem $609.6 million of principal amount of 2022 Notes, and to pay an associated make-whole premium of $87.7 million and accrued interest (the "Redemption"). The Company recorded a $111.7 million loss on debt extinguishment related to the Redemption comprised of the $87.7 million make-whole premium and a $24.0 million write off of deferred financing costs and original issue discounts. NALP Notes During fiscal 2017, the Company repurchased NALP Notes with a par value of $160.0 million and a book value of $140.2 million for $135.5 million plus accrued interest of $3.7 million (the "NALP Notes Repurchase"). In connection with the NALP Notes Repurchase, the Company recorded a gain on debt extinguishment of $4.7 million . Deferred Financing Costs and Interest Expense, Net Financing costs incurred to obtain all financing other than ABL Facility financing are recognized as a direct reduction from the carrying amount of the debt liability and amortized over the term of the related debt using the effective interest method. Financing costs incurred to obtain ABL Facility financing are capitalized and amortized over the term of the related debt facilities using the straight-line method. Deferred financing costs associated with ABL Facility financing are included in Other assets and were $46.3 million and $62.4 million as of February 24, 2018 and February 25, 2017 , respectively. During fiscal 2017 , total amortization and write off of deferred financing costs of $56.1 million included $22.2 million of deferred financing costs written off in connection with the Albertsons Term Loan amendments and reductions. During fiscal 2016 , total amortization and write off of deferred financing costs of $84.4 million included $42.1 million of deferred financing costs written off in connection with Albertsons Term Loan amendments and reductions. During fiscal 2015 , total amortization expense of $69.3 million included $17.9 million of deferred financing costs written off in connection with Albertsons Term Loan amendments and reductions. Interest expense, net consisted of the following (in millions): Fiscal Fiscal Fiscal ABL facility, senior secured and unsecured notes, term loans and debentures $ 701.5 $ 764.3 $ 777.0 Capital lease obligations 96.3 106.8 97.0 Amortization and write off of deferred financing costs 56.1 84.4 69.3 Amortization and write off of debt discounts 16.0 22.3 12.9 Other interest expense (income) 4.9 26.0 (5.7 ) Interest expense, net $ 874.8 $ 1,003.8 $ 950.5 |
Leases
Leases | 12 Months Ended |
Feb. 24, 2018 | |
Leases [Abstract] | |
Leases | LEASES The Company leases certain retail stores, distribution centers, office facilities, and equipment from third parties. The typical lease period is 15 to 20 years with renewal options for varying terms and, to a limited extent, options to purchase. Certain leases contain percent rent based on sales, escalation clauses or payment of executory costs such as property taxes, utilities, insurance and maintenance. Future minimum lease payments to be made by the Company for non-cancelable operating lease and capital lease obligations as of February 24, 2018 consisted of the following (in millions): Lease Obligations Fiscal year Operating Leases Capital Leases 2018 $ 798.6 $ 184.6 2019 793.5 171.1 2020 705.5 152.9 2021 624.2 136.1 2022 543.5 124.2 Thereafter 3,505.6 630.5 Total future minimum obligations $ 6,970.9 1,399.4 Less interest (534.8 ) Present value of net future minimum lease obligations 864.6 Less current portion (102.1 ) Long-term obligations $ 762.5 The Company subleases certain property to third parties. Future minimum tenant rental income under these non-cancelable operating leases as of February 24, 2018 was $359.7 million . Rent expense and tenant rental income under operating leases consisted of the following (in millions): Fiscal Fiscal Fiscal Minimum rent $ 831.6 $ 792.2 $ 759.6 Contingent rent 12.0 13.4 21.5 Total rent expense 843.6 805.6 781.1 Tenant rental income (98.8 ) (89.3 ) (89.3 ) Total rent expense, net of tenant rental income $ 744.8 $ 716.3 $ 691.8 |
Stockholders' _ Members' Equity
Stockholders' / Members' Equity | 12 Months Ended |
Feb. 24, 2018 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' / Members' Equity | STOCKHOLDERS' / MEMBER EQUITY Distribution On June 30, 2017 , the Company's predecessor, Albertsons Companies, LLC, made a cash distribution of $250.0 million to its equityholders (the "Distribution"), which resulted in a modification of certain vested awards. As a result of the modification, equity-based compensation expense recognized for fiscal 2017 includes $2.4 million of additional expense. Equity-Based Compensation The Company maintains the Albertsons Companies, Inc. Phantom Unit Plan (formerly, the AB Acquisition LLC Phantom Unit Plan) (the "Phantom Unit Plan"), an equity-based incentive plan, which provides for grants of Phantom Units to certain employees, directors and consultants. Prior to the Reorganization Transactions, the Phantom Unit Plan was maintained by its former parent, AB Acquisition, and each Phantom Unit provided the participant with a contractual right to receive, upon vesting, one incentive unit in AB Acquisition. Subsequent to the Reorganization Transactions, each Phantom Unit now provides the participant with a contractual right to receive, upon vesting, one management incentive unit in each of its parents, Albertsons Investor and KIM ACI, that collectively, own all of the outstanding shares of the Company. The Phantom Units vest over a service period, or upon a combination of both a service period and achievement of certain performance-based thresholds. The fair value of the Phantom Units is determined using an option pricing model, adjusted for lack of marketability and using an expected term or time to liquidity based on judgments made by management. Equity-based compensation expense recognized by the Company was $45.9 million , $53.3 million , and $97.8 million in fiscal 2017 , 2016 and 2015 , respectively. On February 19, 2018, the Board of Directors approved a resolution to waive the performance condition related to the 2017 performance-based awards that were previously deemed not to be probable of attainment, resulting in the modification of the awards. As a result of the modification, the awards became solely time-based awards and the Company recognized equity-based compensation expense of $11.2 million in the fourth quarter of fiscal 2017. In the second quarter of fiscal 2016, the Company reversed $7.1 million of previously recorded expense on unvested 2016 performance-based awards as achievement of the 2016 performance target was no longer deemed to be probable. On October 18, 2016, the Board of Directors approved a resolution to waive the performance condition related to the 2016 performance-based awards, resulting in the modification of the awards. As a result of the modification, the awards became solely time-based awards and the Company recognized equity-based compensation expense of $23.3 million in fiscal 2016. The Company recorded an income tax benefit of $15.6 million , $11.1 million and $12.5 million related to equity-based compensation in fiscal 2017 , 2016 and 2015 , respectively. As of February 24, 2018 , the Company had $40.6 million of unrecognized compensation cost related to 2.6 million unvested Phantom Units. That cost is expected to be recognized over a weighted average period of 1.4 years. The aggregate fair value of Phantom Units that vested in fiscal 2017 was $32.1 million . |
Income Taxes
Income Taxes | 12 Months Ended |
Feb. 24, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The components of income tax benefit consisted of the following (in millions): Fiscal Fiscal Fiscal Current Federal (1) $ 54.0 $ 108.6 $ 41.0 State (2) 26.5 20.6 9.8 Foreign 49.8 — — Total Current 130.3 129.2 50.8 Deferred Federal (807.7 ) (177.9 ) (93.0 ) State (216.6 ) (41.6 ) 2.6 Foreign (69.8 ) — — Total Deferred (1,094.1 ) (219.5 ) (90.4 ) Income tax benefit $ (963.8 ) $ (90.3 ) $ (39.6 ) (1) Federal current tax expense net of $22.4 million and $31.2 million tax benefit of NOLs in fiscal 2017 and fiscal 2016 , respectively. There was no income tax benefit of NOLs in fiscal 2015 . (2) State current tax expense net of $9.6 million and $3.8 million tax benefit of NOLs in fiscal 2017 and fiscal 2016 , respectively. There was no income tax benefit of NOLs in fiscal 2015 . The difference between the actual tax provision and the tax provision computed by applying the statutory federal income tax rate to losses before income taxes was attributable to the following (in millions): Fiscal Fiscal Fiscal Income tax benefit at federal statutory rate $ (301.5 ) $ (162.3 ) $ (189.6 ) State income taxes, net of federal benefit (39.8 ) (20.2 ) (38.9 ) Change in valuation allowance (218.0 ) 107.1 113.0 Tax Cuts and Jobs Act (430.4 ) — — Unrecognized tax benefits (36.5 ) (18.7 ) 3.1 Member loss 83.1 16.6 60.4 Charitable donations — (11.1 ) (11.1 ) Tax Credits (9.1 ) (17.3 ) (6.9 ) Indemnification asset / liability — 5.1 14.0 CVR liability adjustment (20.3 ) 7.5 — Reorganization of limited liability companies 46.7 — — Nondeductible equity-based compensation expense 1.6 4.2 12.3 Other (39.6 ) (1.2 ) 4.1 Income tax benefit $ (963.8 ) $ (90.3 ) $ (39.6 ) The valuation allowance activity on deferred tax assets was as follows (in millions): February 24, February 25, February 27, Beginning balance $ 387.6 $ 286.8 $ 90.4 Additions charged to income tax expense 141.0 107.1 113.0 Reductions credited to income tax expense (359.0 ) — — Changes to other comprehensive income or loss and other (34.7 ) (6.3 ) 83.4 Ending balance $ 134.9 $ 387.6 $ 286.8 In connection with the Reorganization Transactions, the Company recorded deferred tax liabilities in excess of deferred tax assets of $46.7 million for the limited liability companies held by AB Acquisition and taxed previously to the members. Prior to the Reorganization Transactions, taxes on income from limited liability companies held by AB Acquisition were payable by the members in accordance with their respective ownership percentages. Also in connection with the Reorganization Transactions, the Company reorganized its Subchapter C corporation subsidiaries which allows the Company to use deferred tax assets, which previously had offsetting valuation allowance, against future taxable income of certain other Subchapter C subsidiaries that have a history of taxable income and are projected to continue to have future taxable income. The Company reassessed its valuation allowance based on available negative and positive evidence to estimate if sufficient taxable income will be generated to use existing deferred tax assets. In this assessment, the Company considered projected future taxable income, including the scheduling of reversals of deferred tax liabilities, the overall business environment, historical performance and any available tax planning strategies. On the basis of this evaluation, the Company released a substantial portion of its valuation allowance against its net deferred tax assets, resulting in a $218.0 million non-cash tax benefit in fiscal 2017. The Company continues to maintain a valuation allowance against net deferred tax assets in jurisdictions where it is not more likely than not to be realized. On December 22, 2017, the President signed the Tax Cuts and Jobs Act (the "Tax Act") into law, which enacts significant changes to U.S. income tax and related laws. The Company is impacted by a number of aspects of the Tax Act, most notably the reduction in the top U.S. corporate income tax rate from 35% to 21%, a one-time transition tax on the accumulated unremitted foreign earnings and profits of the Company’s foreign subsidiaries, and 100% expensing of certain qualified property acquired and placed in service after September 27, 2017. Also on December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 ("SAB 118") to address the application of GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting for income tax effects of the Tax Act. SAB 118 allows the Company to record provisional amounts during a measurement period not to extend beyond one year from the date of enactment. Due to the timing and complexity of the Tax Act, as of February 24, 2018 , the Company has not completed its accounting for the tax effects of the Tax Act. However, the Company has made a reasonable estimate of the effects on its existing deferred tax balances, and the effects of the one-time mandatory repatriation tax, resulting in a provisional non-cash tax benefit of $430.4 million . The ultimate tax effect will differ upon analysis of technical guidance that may be issued, changes in interpretations and assumptions the Company has made, additional analysis and changes in estimates, and actions the Company may take because of tax reform. The ultimate tax effect of the provisional one-time transition tax will differ upon completion of the Company’s analysis of its foreign earnings and profits, and availability of offsetting foreign tax credits. The Company will complete the accounting for impacts of the Tax Act and record any changes as a discrete tax expense or benefit once it completes its analysis in the third quarter of fiscal 2018, within the measurement period in accordance with SAB 118. Deferred income taxes reflect the net tax effects of temporary differences between the bases of assets and liabilities for financial reporting and income tax purposes. The Company's deferred tax assets and liabilities consisted of the following (in millions): February 24, February 25, Deferred tax assets: Compensation and benefits $ 122.3 $ 190.6 Net operating loss 160.5 213.8 Pension & postretirement benefits 194.7 341.4 Reserves 6.3 53.9 Self-Insurance 265.1 350.6 Tax credits 57.4 48.3 Other 59.3 43.0 Gross deferred tax assets 865.6 1,241.6 Less: valuation allowance (134.9 ) (387.6 ) Total deferred tax assets 730.7 854.0 Deferred tax liabilities: Debt discounts 73.7 86.3 Depreciation and amortization 903.5 1,617.6 Inventories 322.9 477.2 Investment in foreign operations — 130.4 Other 10.5 22.3 Total deferred tax liabilities 1,310.6 2,333.8 Net deferred tax liability $ (579.9 ) $ (1,479.8 ) Noncurrent deferred tax asset $ — $ — Noncurrent deferred tax liability (579.9 ) (1,479.8 ) Total $ (579.9 ) $ (1,479.8 ) The Company assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. On the basis of this evaluation, as of February 24, 2018 , a valuation allowance of $134.9 million has been recorded for the portion of the deferred tax asset that is not more likely than not to be realized, consisting primarily of carryovers in jurisdictions where the Company has minimal presence or does not expect to have future taxable income. The Company will continue to evaluate the need to adjust the valuation allowance. The amount of the deferred tax asset considered realizable, however, could be adjusted if the Company incurs losses in certain subsidiaries or jurisdictions. The Company currently has federal and state net operating loss ("NOL") carryforwards of $385.0 million and $1,932.2 million , respectively, which will begin to expire in 2018 and continue through the fiscal year ending February 2037 . As of February 24, 2018 , the Company had federal and state credit carryforwards of $17.1 million and $55.0 million , respectively, the majority of which will expire in 2023 . Changes in the Company's unrecognized tax benefits consisted of the following (in millions): Fiscal Fiscal Fiscal Beginning balance $ 418.0 $ 435.3 $ 451.5 Increase related to tax positions taken in the current year 65.4 63.8 11.5 Increase related to tax positions taken in prior years 4.6 6.4 19.7 Decrease related to tax position taken in prior years (70.0 ) (71.0 ) (3.5 ) Decrease related to settlements with taxing authorities (17.5 ) (9.8 ) (42.1 ) Decrease related to lapse of statute of limitations (44.5 ) (6.7 ) (1.8 ) Ending balance $ 356.0 $ 418.0 $ 435.3 Included in the balance of unrecognized tax benefits as of February 24, 2018 , February 25, 2017 and February 27, 2016 are tax positions of $249.0 million , $231.3 million and $228.0 million , respectively, which would reduce the Company's effective tax rate if recognized in future periods. Of the $249.0 million that could impact tax expense, the Company has recorded $9.7 million of indemnification assets that would offset any future recognition. As of February 24, 2018 , the Company is no longer subject to federal income tax examinations for the fiscal years prior to 2012 and in most states, is no longer subject to state income tax examinations for fiscal years before 2007. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. The Company recognized expense related to interest and penalties, net of settlement adjustments, of $4.6 million , $4.5 million and $2.4 million for fiscal 2017 , 2016 and 2015 , respectively. In fiscal 2016, the Company adopted the IRS safe harbor rule for taxpayers operating retail establishments for determining whether expenditures paid or incurred to remodel or refresh a qualified building are deductible. As a result of adopting this safe harbor, the Company reduced $70.1 million of uncertain tax benefit in fiscal 2016, and there was no impact on the tax provision due to an offsetting deferred adjustment. The Company believes it is reasonably possible that the reserve for uncertain tax positions may be reduced by approximately $54.1 million in the next twelve months. |
Employee Benefit Plans and Coll
Employee Benefit Plans and Collective Bargaining Agreements | 12 Months Ended |
Feb. 24, 2018 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans and Collective Bargaining Agreements | EMPLOYEE BENEFIT PLANS AND COLLECTIVE BARGAINING AGREEMENTS Pension Plans The Company sponsors a defined benefit pension plan (the "Safeway Plan") for substantially all of its employees under the Safeway banners not participating in multiemployer pension plans. The Company also sponsors a defined benefit pension plan (the "Shaw's Plan") covering union employees under the Shaw's banner. Effective April 1, 2015, the Company implemented a soft freeze of the Safeway Plan. A soft freeze means that all existing employees as of March 31, 2015 currently participating will remain in the Safeway Plan but any new non-union employees hired after that date will no longer be part of the Safeway Plan but instead will be offered retirement benefits under an enhanced 401(k) program. The Company also sponsors a frozen plan (the "United Plan") covering certain employees under the United banners and a Retirement Restoration Plan that provides death benefits and supplemental income payments for certain senior executives after retirement. The Retirement Restoration Plan is unfunded. On May 15, 2016, the Company, through an indirect, wholly-owned subsidiary, acquired 100% of the outstanding equity of Collington Services, LLC ("Collington") from C&S Wholesale Grocers, Inc. ("C&S") for nominal cash consideration and the assumption of certain liabilities, primarily related to employee compensation and benefits of the workforce acquired. Prior to the acquisition, C&S, through its wholly-owned subsidiary, Collington, managed and operated the Company's distribution center located in Upper Marlboro, Maryland. By purchasing the equity of Collington, the Company settled a pre-existing reimbursement arrangement under the previous supply agreement relating to the pension plan in which Collington employees participate. Consequently, the Company, through its newly acquired subsidiary, Collington, assumed primary liability for the Collington employees participating in the pension plan. Prior to the acquisition of Collington, the pension plan was a multiple employer plan, with Safeway and C&S being the respective employers. The Safeway portion of the plan was accounted for as a multiemployer plan, with the C&S portion being accounted for by the Company through the previous supply agreement. Also, contemporaneously with the acquisition of Collington, the Company negotiated a new supply agreement with C&S and negotiated concessions directly from the unions representing the Collington employees at the distribution center. The acquisition of Collington resulted in a charge of approximately $78.9 million to net pension expense during the first quarter of fiscal 2016. Upon the assumption of the C&S portion of the pension plan through the equity acquisition, the multiple-employer pension plan will be accounted for as a single employer plan. Other Post-Retirement Benefits In addition to the Company's pension plans, the Company provides post-retirement medical and life insurance benefits to certain employees. Retirees share a portion of the cost of the post-retirement medical plans. The Company pays all the cost of the life insurance plans. The plans are unfunded. Additionally, in connection with the Collington transaction, the Company negotiated with the respective unions a new unfunded post-retirement obligation with a projected benefit obligation of approximately $15.5 million , recorded through Other comprehensive income (loss) as prior service cost during the first quarter of fiscal 2016. As of February 27, 2016, the Company changed the method used to estimate the service and interest rate components of net periodic benefit cost for its defined benefit pension plans and other post-retirement benefit plans. Historically, the service and interest rate components were estimated using a single weighted average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the period. The Company has elected to use a full yield curve approach in the estimation of service and interest cost components of net pension and other post-retirement benefit plan expense by applying the specific spot rates along the yield curve used in the determination of the projected benefit obligation to the relevant projected cash flows. The Company made this change to improve the correlation between projected benefit cash flows and the corresponding yield curve spot rates and to provide a more precise measurement of service and interest costs. This change does not affect the measurement and calculation of the Company's total benefit obligations. The Company has accounted for this change as a change in estimate that is inseparable from a change in accounting principle and accounted for it prospectively beginning in the first quarter of fiscal 2016. This change did not have a material impact on the Company's fiscal 2016 net pension expense. The following table provides a reconciliation of the changes in the retirement plans' benefit obligation and fair value of assets over the two-year period ended February 24, 2018 and a statement of funded status as of February 24, 2018 and February 25, 2017 (in millions): Pension Other Post-Retirement Benefits February 24, 2018 February 25, 2017 February 24, 2018 February 25, 2017 Change in projected benefit obligation: Beginning balance $ 2,613.0 $ 2,431.8 $ 31.2 $ 16.7 Collington acquisition — 222.3 — 15.5 Service cost 49.8 49.3 1.0 0.2 Interest cost 88.3 87.6 0.9 0.9 Actuarial (gain) loss (56.6 ) 22.1 (4.5 ) — Plan participant contributions — — 0.5 0.7 Benefit payments (78.7 ) (200.1 ) (2.2 ) (2.8 ) Settlements (264.0 ) — — — Ending balance $ 2,351.8 $ 2,613.0 $ 26.9 $ 31.2 Change in fair value of plan assets: Beginning balance $ 1,934.8 $ 1,717.5 $ — $ — Collington acquisition — 143.4 Actual return on plan assets 201.6 264.6 — — Employer contributions 20.2 9.4 1.7 2.1 Plan participant contributions — — 0.5 0.7 Benefit payments (including settlements) (342.6 ) (200.1 ) (2.2 ) (2.8 ) Ending balance $ 1,814.0 $ 1,934.8 $ — $ — Components of net amount recognized in financial position: Other current liabilities $ (6.8 ) $ (6.0 ) $ (2.2 ) $ (1.8 ) Other long-term liabilities (531.0 ) (672.2 ) (24.7 ) (29.4 ) Funded status $ (537.8 ) $ (678.2 ) $ (26.9 ) $ (31.2 ) Amounts recognized in Accumulated other comprehensive income (loss) consisted of the following (in millions): Pension Other Post-Retirement Benefits February 24, February 25, February 24, 2018 February 25, 2017 Net actuarial gain $ (256.4 ) $ (142.8 ) $ (6.0 ) $ (1.6 ) Prior service cost 0.3 0.4 9.3 13.0 $ (256.1 ) $ (142.4 ) $ 3.3 $ 11.4 Information for the Company's pension plans, all of which have an accumulated benefit obligation in excess of plan assets as of February 24, 2018 and February 25, 2017 , is shown below (in millions): February 24, February 25, Projected benefit obligation $ 2,351.8 $ 2,613.0 Accumulated benefit obligation 2,349.6 2,572.0 Fair value of plan assets 1,814.0 1,934.8 The following table provides the components of net expense for the retirement plans and other changes in plan assets and benefit obligations recognized in Other comprehensive income (loss) (in millions): Pension Other Post-Retirement Benefits Fiscal Fiscal Fiscal Fiscal Components of net expense: Estimated return on plan assets $ (119.6 ) $ (123.9 ) $ — $ — Service cost 49.8 49.3 1.0 0.2 Interest cost 88.3 87.6 0.9 0.9 Amortization of prior service cost 0.1 — 3.7 2.5 Amortization of net actuarial loss (gain) 0.4 — (0.1 ) — Collington acquisition — 78.9 — — Gain due to settlement accounting (25.4 ) — — — Net (benefit) expense (6.4 ) 91.9 5.5 3.6 Changes in plan assets and benefit obligations recognized in Other comprehensive income (loss): Net actuarial gain (138.6 ) (118.5 ) (4.5 ) — Gain due to settlement accounting 25.4 — — — Amortization of net actuarial (loss) gain (0.4 ) — 0.1 — Prior service cost — 0.2 — 15.5 Amortization of prior service cost (0.1 ) — (3.7 ) (2.5 ) Total recognized in Other comprehensive income (loss) (113.7 ) (118.3 ) (8.1 ) 13.0 Total net expense and changes in plan assets and benefit obligations recognized in Other comprehensive income (loss) $ (120.1 ) $ (26.4 ) $ (2.6 ) $ 16.6 Prior service costs are amortized on a straight-line basis over the average remaining service period of active participants. When the accumulation of actuarial gains and losses exceeds 10% of the greater of the projected benefit obligation and the fair value of plan assets, the excess is amortized over the average remaining service period of active participants. No significant prior service costs or estimated net actuarial gain or loss is expected to be amortized from Other comprehensive income (loss) into periodic benefit cost during fiscal 2018 . Assumptions The weighted average actuarial assumptions used to determine year-end projected benefit obligations for pension plans were as follows: February 24, February 25, Discount rate 4.12 % 4.21 % Rate of compensation increase 2.87 % 2.88 % The weighted average actuarial assumptions used to determine net periodic benefit costs for pension plans were as follows: February 24, February 25, Discount rate 4.21 % 4.25 % Expected return on plan assets: 6.40 % 6.96 % On February 25, 2017, the Company adopted the new MP-2016 projection scale to the RP-2014 mortality tables to be applied on a generational basis for calculating the Company's 2016 year-end benefit plan obligations. The tables assume an improvement in life expectancy in the future but at a slower rate than the MP-2015 projection scale to the RP-2014 mortality table used for calculating the Company's 2015 year-end benefit plan obligations and 2016 expense. Similarly, on February 24, 2018, the Company adopted the new MP-2017 projection scale which assumes an improvement in life expectancy at a slower rate than the MP-2016 projection scale. The change to the mortality table projection scale resulted in a decrease to the Company's current year benefit obligation and future expenses. The Company has adopted and implemented an investment policy for the defined benefit pension plans that incorporates a strategic long-term asset allocation mix designed to meet the Company's long-term pension requirements. This asset allocation policy is reviewed annually and, on a regular basis, actual allocations are rebalanced to the prevailing targets. The investment policy also emphasizes the following key objectives: (1) maintaining a diversified portfolio among asset classes and investment styles; (2) maintaining an acceptable level of risk in pursuit of long-term economic benefit; (3) maximizing the opportunity for value-added returns from active investment management while establishing investment guidelines and monitoring procedures for each investment manager to ensure the characteristics of the portfolio are consistent with the original investment mandate; and (4) maintaining adequate controls over administrative costs. The following table summarizes actual allocations for the Safeway Plan which had $1.6 billion in plan assets as of February 24, 2018 : Plan Assets Asset category Target February 24, February 25, Equity 65% 65.0 % 63.1 % Fixed income 35% 35.5 % 36.2 % Cash and other —% (0.5 )% 0.7 % Total 100% 100.0 % 100.0 % The following table summarizes the actual allocations for the Shaw's Plan which had approximately $220 million in plan assets as of February 24, 2018 : Plan Assets Asset category Target February 24, February 25, Equity 65% 65.4 % 66.7 % Fixed income 35% 32.2 % 33.3 % Cash and other —% 2.4 % — % Total 100% 100.0 % 100.0 % The following table summarizes the actual allocations for the United Plan which had approximately $34 million in plan assets as of February 24, 2018 : Plan Assets Asset category Target (1) February 24, February 25, Equity 50% 50.1 % 51.0 % Fixed income 50% 47.9 % 31.0 % Cash and other —% 2.0 % 18.0 % Total 100% 100.0 % 100.0 % (1) The target market value of equity securities for the United Plan is 50% of plan assets. If the equity percentage exceeds 60% or drops below 40% , the asset allocation is adjusted to target. Expected return on pension plan assets is based on historical experience of the Company's portfolios and the review of projected returns by asset class on broad, publicly traded equity and fixed-income indices, as well as target asset allocation. Pension Plan Assets The fair value of the Company's pension plan assets as of February 24, 2018 , excluding pending transactions of $87.4 million payable to an intermediary agent, by asset category are as follows (in millions): Fair Value Measurements Asset category Total Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs (Level 3) Assets Measured at NAV Cash and cash equivalents (1) $ 6.5 $ 1.5 $ 5.0 $ — $ — Short-term investment collective trust (2) 67.0 — 67.0 — — Common and preferred stock: (3) Domestic common and preferred stock 244.7 244.7 — — — International common stock 59.0 59.0 — — — Collective trust funds (2) 686.0 — 1.3 — 684.7 Corporate bonds (4) 118.7 — 118.7 — — Mortgage- and other asset-backed securities (5) 45.2 — 45.2 — — Mutual funds (6) 254.3 146.0 21.3 — 87.0 U.S. government securities (7) 354.5 — 354.5 — — Other securities (8) 65.5 0.1 26.6 — 38.8 Total $ 1,901.4 $ 451.3 $ 639.6 $ — $ 810.5 (1) The carrying value of these items approximates fair value. (2) These investments are valued based on the Net Asset Value ("NAV") of the underlying investments and are provided by the fund issuers. There are no unfunded commitments or redemption restrictions for these funds. Funds meeting the practical expedient are included in the Assets Measured at NAV column. (3) The fair value of common stock is based on the exchange quoted market prices. When quoted prices are not available for identical stock, an industry valuation model is used which maximizes observable inputs. (4) The fair value of corporate bonds is generally based on yields currently available on comparable securities of the same or similar issuers with similar credit ratings and maturities. When quoted prices are not available for identical or similar bonds, the fair value is based upon an industry valuation model, which maximizes observable inputs. (5) The fair value of mortgage- and other asset-backed securities is generally based on yields currently available on comparable securities of the same or similar issuers with similar credit ratings and maturities. When quoted prices are not available for comparable securities, the fair value is based upon an industry valuation model which maximizes observable inputs. (6) These investments are open-ended mutual funds that are registered with the Securities and Exchange Commission which are valued using the NAV. The NAV of the mutual funds is a published price in an active market. The NAV is determined once a day after the closing of the exchange based upon the underlying assets in the fund, less the fund's liabilities, expressed on a per-share basis. There are no unfunded commitments, or redemption restrictions for these funds, and the funds are required to transact at the published price. (7) The fair value of U.S. government securities is based on quoted market prices when available. When quoted prices are not available, the fair value of U.S. government securities is based on yields currently available on comparable securities or on an industry valuation model which maximizes observable inputs. (8) Level 2 Other securities, which consist primarily of U.S. municipal bonds, foreign government bonds and foreign agency securities are valued based on yields currently available on comparable securities of issuers with similar credit ratings. Also included in Other securities is a commingled fund valued based on the NAV of the underlying investments and is provided by the issuer and exchange-traded derivatives that are valued based on quoted prices in an active market for identical derivatives, assets and liabilities. Funds meeting the practical expedient are included in the Assets Measured at NAV column. Exchange-traded derivatives are valued based on quoted prices in an active market for identical derivatives assets and liabilities. Non-exchange-traded derivatives are valued using industry valuation models, which maximize observable inputs, such as interest-rate yield curve data, foreign exchange rates and applicable spot and forward rates. The fair value of the Company's pension plan assets as of February 25, 2017 , excluding pending transactions of $75.1 million payable to an intermediary agent, by asset category are as follows (in millions): Fair Value Measurements Asset category Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Measured at NAV Cash and cash equivalents (1) $ 13.4 $ 11.4 $ 2.0 $ — $ — Short-term investment collective trust (2) 43.7 — 43.7 — — Common and preferred stock: (3) Domestic common and preferred stock 307.1 307.1 — — — International common stock 66.2 66.2 — — — Collective trust funds (2) 757.3 — — — 757.3 Corporate bonds (4) 146.3 — 146.3 — — Mortgage- and other asset-backed securities (5) 60.4 — 60.4 — — Mutual funds (6) 184.9 166.4 18.5 — — U.S. government securities (7) 363.2 — 363.2 — — Other securities (8) 67.4 0.1 33.4 — 33.9 Total $ 2,009.9 $ 551.2 $ 667.5 $ — $ 791.2 (1) The carrying value of these items approximates fair value. (2) These investments are valued based on the NAV of the underlying investments and are provided by the fund issuers. There are no unfunded commitments or redemption restrictions for these funds. Funds meeting the practical expedient are included in the Assets Measured at NAV column. (3) The fair value of common stock is based on the exchange quoted market prices. When quoted prices are not available for identical stock, an industry valuation model is used which maximizes observable inputs. (4) The fair value of corporate bonds is generally based on yields currently available on comparable securities of the same or similar issuers with similar credit ratings and maturities. When quoted prices are not available for identical or similar bonds, the fair value is based upon an industry valuation model, which maximizes observable inputs. (5) The fair value of mortgage- and other asset-backed securities is generally based on yields currently available on comparable securities of the same or similar issuers with similar credit ratings and maturities. When quoted prices are not available for comparable securities, the fair value is based upon an industry valuation model which maximizes observable inputs. (6) These investments are open-ended mutual funds that are registered with the Securities and Exchange Commission which are valued using the NAV. The NAV of the mutual funds is a published price in an active market. The NAV is determined once a day after the closing of the exchange based upon the underlying assets in the fund, less the fund's liabilities, expressed on a per-share basis. There are no unfunded commitments, or redemption restrictions for these funds, and the funds are required to transact at the published price. (7) The fair value of U.S. government securities is based on quoted market prices when available. When quoted prices are not available, the fair value of U.S. government securities is based on yields currently available on comparable securities or on an industry valuation model which maximizes observable inputs. (8) Level 2 Other securities, which consist primarily of U.S. municipal bonds, foreign government bonds and foreign agency securities are valued based on yields currently available on comparable securities of issuers with similar credit ratings. Also included in Other securities is a commingled fund valued based on the NAV of the underlying investments and is provided by the issuer and exchange-traded derivatives that are valued based on quoted prices in an active market for identical derivatives, assets and liabilities. Funds meeting the practical expedient are included in the Assets Measured at NAV column. Exchange-traded derivatives are valued based on quoted prices in an active market for identical derivatives assets and liabilities. Non-exchange-traded derivatives are valued using industry valuation models, which maximize observable inputs, such as interest-rate yield curve data, foreign exchange rates and applicable spot and forward rates. Contributions In fiscal 2017 and 2016 , the Company contributed $21.9 million and $11.5 million , respectively, to its pension and post-retirement plans. The Company expects to contribute $55.8 million to its pension and post-retirement plans in fiscal 2018 . The Company's funding policy for the defined benefit pension plan is to contribute the minimum contribution required under the Employee Retirement Income Security Act of 1974, as amended, and other applicable laws as determined by the Company's external actuarial consultant. At the Company's discretion, additional funds may be contributed to the defined benefit pension plans. The Company will recognize contributions in accordance with applicable regulations, with consideration given to recognition for the earliest plan year permitted. Estimated Future Benefit Payments The following benefit payments, which reflect expected future service as appropriate, are expected to be paid (in millions): Pension Benefits Other Benefits 2018 $ 134.2 $ 2.3 2019 152.0 2.3 2020 154.5 2.1 2021 155.6 2.1 2022 157.2 2.0 2023 – 2027 783.2 8.5 Multiemployer Pension Plans The Company contributes to various multiemployer pension plans. These multiemployer plans generally provide retirement benefits to participants based on their service to contributing employers. The benefits are paid from assets held in trust for that purpose. Plan trustees typically are responsible for determining the level of benefits to be provided to participants as well as the investment of the assets and plan administration. Expense is recognized in connection with these plans as contributions are funded. The risks of participating in these multiemployer plans are different from the risks associated with single-employer plans in the following respects: • Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. • If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. • If the Company chooses to stop participating in some multiemployer plans, or makes market exits or store closures or otherwise has participation in the plan fall below certain levels, the Company may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability. The Company records the actuarially determined estimated liability at an undiscounted amount. The Company's participation in these plans is outlined in the table below. The EIN-Pension Plan Number column provides the Employer Identification Number ("EIN") and the three-digit plan number, if applicable. Unless otherwise noted, the most recent Pension Protection Act zone status ("PPA") available for fiscal 2017 and 2016 is for the plan's year ending at December 31, 2016, and December 31, 2015, respectively. The zone status is based on information received from the plans and is certified by each plan's actuary. The FIP/RP Status Pending/Implemented column indicates plans for which a financial improvement plan ("FIP") or a rehabilitation plan ("RP") is either pending or has been implemented by the plan trustees. Certain plans have been aggregated in the Other funds line in the following table, as the contributions to each of these plans are not individually material. None of the Company's collective bargaining agreements require that a minimum contribution be made to these plans. As a part of the Safeway acquisition, the Company assumed withdrawal liabilities related to Safeway's previous closure of its Dominick's division. The Company recorded a $221.8 million multiemployer pension withdrawal liability related to Safeway's withdrawal from these plans. The Company is disputing in arbitration certain factors used to determine the allocation of the unfunded vested benefits, and therefore, the annual pension payment installments due to the UFCW Midwest Plan are also in dispute. The Company's estimated liability reflects the Company's best estimate of the probable outcome of this arbitration. The amount of the withdrawal liability recorded as of February 24, 2018 with respect to the Dominick's division was $160.1 million , primarily reflecting minimum required payments made subsequent to the date of consummation of the Safeway acquisition. The following tables contain information about the Company's multiemployer plans: EIN - PN Pension Protection Act zone status (1) Company's 5% of total plan contributions FIP/RP status pending/implemented Pension fund 2017 2016 2016 2015 UFCW-Northern California Employers Joint Pension Trust Fund 946313554 - 001 Red Red Yes Yes Implemented Western Conference of Teamsters Pension Plan 916145047 - 001 Green Green No No No Southern California United Food & Commercial Workers Unions and Food Employers Joint Pension Plan (5) 951939092 - 001 Red Red Yes Yes Implemented Food Employers Labor Relations Association and United Food and Commercial Workers Pension Fund 526128473 - 001 Red Red Yes Yes Implemented Sound Retirement Trust (formerly Retail Clerks Pension Trust) (2) (7) 916069306 - 001 Red Red Yes Yes Implemented Bakery and Confectionery Union and Industry International Pension Fund 526118572 - 001 Red Red Yes Yes Implemented UFCW Union and Participating Food Industry Employers Tri-State Pension Fund 236396097 - 001 Red Red Yes Yes Implemented Rocky Mountain UFCW Unions & Employers Pension Plan 846045986 - 001 Green Green Yes Yes No UFCW Local 152 Retail Meat Pension Fund (6) 236209656 - 001 Red Red Yes Yes Implemented Desert States Employers & UFCW Unions Pension Plan 846277982 - 001 Green Green Yes Yes No UFCW International Union - Industry Pension Fund (6) 516055922 - 001 Green Green Yes No No Mid Atlantic Pension Fund 461000515 - 001 Green Green Yes Yes No Retail Food Employers and UFCW Local 711 Pension Trust Fund 516031512 - 001 Red Red Yes Yes Implemented Oregon Retail Employees Pension Trust 936074377 - 001 Green Green Yes Yes No Contributions of Company (in millions) Surcharge imposed (3) Expiration date of collective bargaining agreements Total collective bargaining agreements Most significant collective bargaining agreement(s)(4) Pension fund 2017 2016 2015 Count Expiration UFCW-Northern California Employers Joint Pension Trust Fund $ 110.2 $ 98.9 $ 90.2 No 8/29/2015 to 8/3/2019 59 52 10/13/2018 Western Conference of Teamsters Pension Plan 61.2 59.1 57.0 No 1/27/2018 to 7/8/2023 51 16 9/20/2020 Southern California United Food & Commercial Workers Unions and Food Employers Joint Pension Plan (5) 92.4 63.9 84.3 No 10/16/2016 to 3/3/2019 40 36 3/3/2019 Food Employers Labor Relations Association and United Food and Commercial Workers Pension Fund 20.4 33.8 19.7 No 10/16/2019 to 2/22/2020 19 16 10/26/2019 Sound Retirement Trust (formerly Retail Clerks Pension Trust) (2) (7) 32.1 33.1 22.3 No 9/20/2017 to 1/15/2021 116 22 5/4/2019 Bakery and Confectionery Union and Industry International Pension Fund 16.6 17.1 15.7 No 9/3/2011 to 4/10/2021 90 19 4/10/2021 UFCW Union and Participating Food Industry Employers Tri-State Pension Fund 15.8 16.7 14.8 No 1/31/2018 to 1/25/2022 4 1 1/31/2018 Rocky Mountain UFCW Unions & Employers Pension Plan 10.8 11.0 10.6 No 6/9/2018 to 11/23/2019 87 16 1/12/2019 UFCW Local 152 Retail Meat Pension Fund (6) 11.0 10.8 9.1 No 5/5/2016 to 5/2/2020 2 2 5/2/2020 Desert States Employers & UFCW Unions Pension Plan 9.3 9.1 9.1 No 11/3/2018 to 10/24/2020 13 2 10/24/2020 UFCW International Union - Industry Pension Fund (6) 12.4 8.6 7.8 No 6/9/2018 to 10/24/2020 12 6 6/9/2018 Mid Atlantic Pension Fund 6.8 6.9 6.6 No 10/26/2019 to 2/22/2020 19 16 10/26/2019 Retail Food Employers and UFCW Local 711 Pension Trust Fund 6.6 5.4 5.8 No 4/9/2017 to 3/3/2019 7 2 3/3/2019 Oregon Retail Employees Pension Trust 6.6 2.3 5.5 No 9/1/2016 to 12/6/2019 85 22 8/4/2018 Other funds 19.0 22.4 21.3 Total Company contributions to U.S. multiemployer pension plans $ 431.2 $ 399.1 $ 379.8 (1) PPA established three categories (or "zones") of plans: (1) "Green Zone" for healthy; (2) "Yellow Zone" for endangered; and (3) "Red Zone" for critical. These categories are based upon the funding ratio of the plan assets to plan liabilities. In general, Green Zone plans have a funding ratio greater than 80%, Yellow Zone plans have a funding ratio between 65% - 79%, and Red Zone plans have a funding ratio less than 65%. (2) Sound Retirement Trust information includes former Washington Meat Industry Pension Trust due to merger into Sound Retirement Trust, effective June 30, 2014. (3) Under the PPA, a surcharge may be imposed when employers make contributions under a collective bargaining agreement that is not in compliance with a rehabilitation plan. As of February 24, 2018 , the collective bargaining agreements under which the Company was making contributions were in compliance with rehabilitation plans adopted by the applicable pension fund. (4) These columns represent the number of most significant collective bargaining agreements aggregated by common expiration dates for each of the Company's pension funds listed above. (5) The information for this fund was obtained from the Form 5500 filed for the plan's year-end at March 31, 2017 and March 31, 2016. (6) The information for this fund was obtained from the Form 5500 filed for the plan's year-end at June 30, 2016 and June 30, 2015. (7) The information for this fund was obtained from the Form 5500 filed for the plan's year-end at September 30, 2016 and September 30, 2015. Collective Bargaining Agreements As of February 24, 2018 , the Company had approximately 275,000 employees, of which approximately 187,000 were covered by collective bargaining agreements. During fiscal 2017 , collective bargaining agreements covering approximately 9,400 employees were renegotiated. During fiscal 2018 , 209 collective bargaining agreements covering approximately 54,000 employees are scheduled to expire. Multiemployer Health and Welfare Plans The Company makes contributions to multiemployer health and welfare plans in amounts set forth in the related collective bargaining agreements. These plans provide medical, dental, pharmacy, vision, and other ancillary benefits to active employees and retirees as determined by the trustees of each plan. The majority of the Company's contributions cover active employees and as such, may not constitute contributions to a postretirement benefit plan. However, the Company is unable to separate contribution amounts to postretirement benefit plans from contribution amounts paid to active plans. Total contributions to multiemployer health and welfare plans were $1.2 billion , $1.2 billion and $1.1 billion for fiscal 2017 , 2016 and 2015 , respectively. Defined Contribution Plans and Supplemental Retirement Plans Many of the Company's employees are eligible to contribute a percentage of their compensation to defined contribution plans ("401(k) Plans"). Participants in the 401(k) Plans may become eligible to receive a profit-sharing allocation in the form of a discretionary Company contribution based on employee compensation. In addition, the Company may also provide matching contributions based on the amount of eligible compensation contributed by the employee. The Company provides supplemental retirement benefits through the Albertson's LLC Executive Deferred Compensation Makeup Plan and the United Supplemental Plan, which provide certain key employees with retirement benefits that supplement those provided by the 401(k) Plans. All Company contributions to the 401(k) Plans are made at the discretion of the Company's Board of Directors. Total contributions for these plans were $44.6 million , $38.8 million and $37.9 million for fiscal 2017 , 2016 and 2015 , respectively. |
Related Parties and Other Relat
Related Parties and Other Relationships | 12 Months Ended |
Feb. 24, 2018 | |
Related Party Transactions [Abstract] | |
Related Parties and Other Relationships | RELATED PARTIES AND OTHER RELATIONSHIPS Transition Services Agreement with SuperValu The Consolidated Financial Statements include expenses for certain support functions provided by SuperValu through Transition Services Agreements ("TSA") including, but not limited to, general corporate expenses related to finance, legal, information technology, warehouse and distribution, human resources, communications, processing and handling cardholder data, and procurement of goods. Fees are calculated on a per-store and distribution center basis of fixed and variable costs for services. On April 16, 2015 , the Company entered into a letter agreement regarding the TSA with SuperValu (the "TSA Letter Agreement") pursuant to which SuperValu will provide services to the Company as needed to transition and wind down the TSA and the services SuperValu provides under the TSA. In exchange for these transition and wind down services, the agreement calls for eight payments of $6.25 million every six months for aggregate fees of $50.0 million . These payments are separate from and incremental to the fixed and variable fees the Company pays to SuperValu under the TSA. The parties also agreed to negotiate in good faith if either the costs associated with the transition and wind down services are materially higher (i.e. 5.0% or more) than anticipated, or SuperValu is not performing in all material respects the transition and wind down services as needed to support the Company's transition and wind down activities. On October 17, 2017 , the Company exercised its right to terminate the TSAs with SuperValu. The Company's TSAs will terminate during the third quarter of fiscal 2018, subject to certain exceptions. Summary of SuperValu activity Activities with SuperValu that are included in the Consolidated Statements of Operations and Comprehensive Income (Loss) consisted of the following (in millions): Fiscal Fiscal Fiscal Supply agreements included in Cost of sales $ 1,674.7 $ 1,749.1 $ 1,496.6 Selling and administrative expenses 119.4 157.1 190.6 Total $ 1,794.1 $ 1,906.2 $ 1,687.2 Cerberus In connection with the Safeway acquisition, the Company entered into a four -year management agreement with Cerberus Capital Management, L.P. and the consortium of investors, which commenced on January 30, 2015 , requiring an annual management fee of $13.8 million . The Company made the final payment under the management agreement in the fourth quarter of fiscal 2017. |
Commitments and Contingencies a
Commitments and Contingencies and Off Balance Sheet Arrangements | 12 Months Ended |
Feb. 24, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies and Off Balance Sheet Arrangements | COMMITMENTS AND CONTINGENCIES AND OFF BALANCE SHEET ARRANGEMENTS Guarantees California Department of Industrial Relations: On October 24, 2012, the Office of Self-Insurance Plans, a program within the director's office of the California Department of Industrial Relations (the "DIR"), notified SuperValu, which was then the owner of NALP, a wholly-owned subsidiary of the Company, that additional collateral was required to be posted in connection with the Company's, and certain other subsidiaries', California self-insured workers' compensation obligations pursuant to applicable regulations. The notice from the DIR stated that the additional collateral was required as a result of an increase in estimated future liabilities, as determined by the DIR pursuant to a review of the self-insured California workers' compensation claims with respect to the applicable businesses, and a decline in SuperValu's net worth. On January 21, 2014, the Company entered into a Collateral Substitution Agreement with the California Self-Insurers' Security Fund to provide an irrevocable LOC. The amount of the LOC is adjusted semi-annually based on annual filings of an actuarial study reflecting liabilities as of December 31 of each year reduced by claim closures and settlements. The related LOC was $205.6 million as of February 24, 2018 and $237.6 million as of February 25, 2017 . Lease Guarantees: The Company may have liability under certain operating leases that were assigned to third parties. If any of these third parties fail to perform their obligations under the leases, the Company could be responsible for the lease obligation. Because of the wide dispersion among third parties and the variety of remedies available, the Company believes that if an assignee became insolvent, it would not have a material effect on the Company's financial condition, results of operations or cash flows. The Company also provides guarantees, indemnifications and assurances to others in the ordinary course of its business. Legal Proceedings The Company is subject from time to time to various claims and lawsuits arising in the ordinary course of business, including lawsuits involving trade practices, lawsuits alleging violations of state and/or federal wage and hour laws (including alleged violations of meal and rest period laws and alleged misclassification issues), real estate disputes and other matters. Some of these suits purport or may be determined to be class actions and/or seek substantial damages. It is the opinion of the Company's management that although the amount of liability with respect to certain of the matters described herein cannot be ascertained at this time, any resulting liability of these and other matters, including any punitive damages, will not have a material adverse effect on the Company's business or financial condition. The Company continually evaluates its exposure to loss contingencies arising from pending or threatened litigation and believes it has made provisions where the loss contingency can be reasonably estimated and an adverse outcome is probable. Nonetheless, assessing and predicting the outcomes of these matters involves substantial uncertainties. Management currently believes that the aggregate range of reasonably possible loss for the Company's exposure in excess of the amount accrued is expected to be immaterial to the Company. It remains possible that despite management's current belief, material differences in actual outcomes or changes in management's evaluation or predictions could arise that could have a material effect on the Company's financial condition, results of operations or cash flows. Drug Enforcement Administration: During fiscal 2014, the Company received two subpoenas from the Drug Enforcement Administration ("DEA") requesting information concerning the Company's record keeping, reporting and related practices concerning the theft or significant loss of controlled substances. On June 7, 2016, the Company received a third subpoena requesting information concerning potential diversion by one former employee in the Seattle/Tacoma area (Washington State). On July 18, 2017, the DEA and Department of Justice announced that they had reached an agreement with Safeway with respect to the matters under investigation. Under the agreement, Safeway (1) has paid a penalty of $3.0 million ; (2) has surrendered its controlled substances license at one of its pharmacies in California, and has had its controlled substances license at one of its pharmacies in Washington State suspended for four months ; and (3) is subject to a three -year corrective action plan. Office of Inspector General: In January 2016, the Company received a subpoena from the Office of the Inspector General of the Department of Health and Human Services (the "OIG") pertaining to the pricing of drugs offered under the Company's MyRxCare discount program and the impact on reimbursements to Medicare, Medicaid and TRICARE (the "Government Health Programs"). In particular, the OIG is requesting information on the relationship between the prices charged for drugs under the MyRxCare program and the "usual and customary" prices reported by the Company in claims for reimbursements to the Government Health Programs or other third-party payors. The Company is cooperating with the OIG in the investigation. The Company is currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any. Civil Investigative Demand: On December 16, 2016, the Company received a civil investigative demand from the United States Attorney for the District of Rhode Island in connection with a False Claims Act investigation relating to the Company's influenza vaccination programs. The investigation concerns whether the Company's provision of store coupons to its customers who received influenza vaccinations in its store pharmacies constituted an improper benefit to those customers under the federal Medicare and Medicaid programs. The Company believes that its provision of the store coupons to its customers is an allowable incentive to encourage vaccinations. The Company is cooperating with the U.S. Attorney in the investigation. The Company is currently unable to determine the probability of the outcome of this matter or the range of possible loss, if any. Security Breach: On August 14, 2014, the Company announced that it had experienced a criminal intrusion by installation of malware on a portion of its computer network that processes payment card transactions for its retail store locations, including the Company's Shaw's , Star Market , Acme, Jewel - Osco and Albertsons retail banners. On September 29, 2014, the Company announced that it had experienced a second and separate criminal intrusion. The Company believes these were attempts to collect payment card data. Relying on its IT service provider, SuperValu, the Company took immediate steps to secure the affected part of the network. The Company believes that it has eradicated the malware used in each intrusion. The Company notified federal law enforcement authorities, the major payment card networks and its insurance carriers and is cooperating in their efforts to investigate these intrusions. As required by the payment card brands, the Company retained a firm to conduct a forensic investigation into the intrusions. The forensic firm has issued separate reports for each intrusion (copies of which have been provided to the card networks). Although the Company's network had previously been found to be compliant with the Payment Card Industry (PCI) Data Security Standard issued by the PCI Council, in both reports the forensic firm found that not all of these standards had been met at the time of the intrusions, and some of this non-compliance may have contributed to or caused at least some portion of the compromise that occurred during the intrusions. On August 5, 2016, the Company was notified that MasterCard had asserted its initial assessment for incremental counterfeit fraud losses and non-ordinary course expenses (such as card reissuance costs) as well as its case management assessment. On December 5, 2016, the Company was further notified that MasterCard had asserted its final assessment of approximately $6.0 million , which the Company paid on December 9, 2016; however, the Company disputes the MasterCard assessment and, on March 10, 2017, filed a lawsuit against MasterCard seeking recovery of the assessment. On May 5, 2017, MasterCard filed a motion to dismiss the litigation. In a decision dated August 25, 2017, the court denied MasterCard's motion, and the litigation is ongoing. On January 2, 2018, the Company was notified that Visa, Inc. ("Visa") had asserted its assessment for incremental counterfeit fraud losses and card reissuance costs for $1.0 million . The Company paid the assessment in the fourth quarter of fiscal 2017. On October 20, 2015, the Company agreed with one of its third-party payment administrators to provide a $15.0 million LOC to cover any claims from the payment card networks and to maintain a minimum level of card processing until the potential claims from the payment card networks are resolved. On January 4, 2018, this third-party payment administrator agreed to reduce the LOC to the Visa assessment amount of approximately $1.0 million . The Company has recorded an estimated liability for any remaining potential claims from other card networks. As a result of the criminal intrusions, two class action complaints were filed against the Company by consumers and are currently pending, Mertz v. SuperValu Inc. et al, filed in federal court in the state of Minnesota and Rocke v. SuperValu Inc. et al, filed in federal court in the state of Idaho, alleging deceptive trade practices, negligence and invasion of privacy. The plaintiffs seek unspecified damages. The Judicial Panel on Multidistrict Litigation has consolidated the class actions and transferred the cases to the District of Minnesota. On August 10, 2015, the Company and SuperValu filed a motion to dismiss the class actions, which was granted without prejudice on January 7, 2016. The plaintiffs filed a motion to alter or amend the court's judgment, which was denied on April 20, 2016. The court also denied leave to amend the complaint. On May 18, 2016, the plaintiffs filed a notice of appeal to the Eighth Circuit Court of Appeals and defendants filed a cross-appeal. In a decision dated August 30, 2017, the Eighth Circuit Court of Appeals reversed the District Court's dismissal of the case as to one of the 16 named plaintiffs, affirmed the dismissal as to the remaining 15 named plaintiffs and remanded the case to the District Court for further proceedings. On November 3, 2017, the Company filed a motion to dismiss with respect to the remaining plaintiff's claim on the basis that the plaintiff was not a customer of any of the Company's stores, and on March 7, 2018, the Company's motion to dismiss was granted with prejudice and these complaints are now resolved. On October 6, 2015, the Company received a letter from the Office of Attorney General of the Commonwealth of Pennsylvania stating that the Illinois and Pennsylvania Attorneys General Offices are leading a multi-state group that includes the Attorneys General for 14 other states requesting specified information concerning the two data breach incidents. The multi-state group has not made a monetary demand, and the Company is unable to estimate the possibility of or reasonable range of loss, if any. The Company has cooperated with the investigation. Three of the Company's insurance carriers have denied the Company's claim for cyber insurance coverage for losses resulting from the intrusions based on, among other things, the insurers' conclusions that the intrusions began prior to the start date for coverage under the cyber insurance policy. The Company responded to the insurers' denials disagreeing with the conclusions and reserving its rights. The Company's claims with other of its insurance carriers remain outstanding. Rodman: On June 17, 2011, a customer of Safeway's home delivery business (safeway.com) filed a class action complaint in the United States District Court for the Northern District of California entitled Rodman v. Safeway Inc. , alleging that Safeway had inaccurately represented on its home delivery website that the prices paid there were the same as the prices in the brick-and-mortar retail store. Rodman asserted claims for breach of contract and unfair business practices under California law. The court certified a class for the breach of contract claim, but denied class treatment for the California business practices claims. On December 10, 2014, the court ruled that the terms and conditions on Safeway's website should be construed as creating a contractual promise that prices on the website would be the same as in the stores and that Safeway had breached the contract by charging more on the website. On August 31, 2015, the court denied Safeway's affirmative defenses and arguments for limiting liability, and determined that website registrants since 2006 were entitled to approximately $31.0 million in damages (which amount was reduced to $23.2 million to correct an error in the court's calculation), plus prejudgment interest. The court then set a trial date of December 7, 2015 to determine whether pre-2006 registrants were entitled to any recovery. The parties thereafter stipulated to facts regarding the pre-2006 registration process, whereupon the court vacated the December trial date and extended its prior liability and damages rulings to class members who registered before 2006. Consequently, on November 30, 2015, the court entered a final judgment in favor of the plaintiff class in the amount of $41.9 million (comprised of $31.0 million in damages and $10.9 million in prejudgment interest). Safeway filed a Notice of Appeal from that judgment to the Ninth Circuit Court of Appeals on December 4, 2015, contesting both liability and damages. On April 6, 2016, the plaintiff moved for discovery sanctions against Safeway in the district court, seeking an additional $2.0 million . A hearing on the sanctions motion was held on August 25, 2016, and the court awarded sanctions against the Company in an amount under $1.0 million . The Ninth Circuit Court of Appeals heard oral arguments on the appeal on June 12, 2017 and, on August 4, 2017, affirmed the judgment for the plaintiff. On December 15, 2017, the Company paid $42.3 million into a qualified settlement fund escrow account to fund the judgment (with interest). Terraza/Lorenz: Two lawsuits have been brought against Safeway and the Safeway Benefits Plan Committee (the "Benefit Plans Committee," and together with Safeway, the "Safeway Benefits Plans Defendants") and other third parties alleging breaches of fiduciary duty under the Employee Retirement Income Security Act of 1974, as amended ("ERISA") with respect to Safeway's 401(k) Plan (the "Safeway 401(k) Plan"). On July 14, 2016, a complaint ("Terraza") was filed in the United States District Court for the Northern District of California by a participant in the Safeway 401(k) Plan individually and on behalf of the Safeway 401(k) Plan. An amended complaint was filed on November 18, 2016. On August 25, 2016, a second complaint ("Lorenz") was filed in the United States District Court for the Northern District of California by another participant in the Safeway 401(k) Plan individually and on behalf of all others similarly situated against the Safeway Benefits Plans Defendants and against the Safeway 401(k) Plan's former recordkeepers. An amended complaint was filed on September 16, 2016, and a second amended complaint was filed on November 21, 2016. In general, both lawsuits allege that the Safeway Benefits Plans Defendants breached their fiduciary duties under ERISA regarding the selection of investments offered under the Safeway 401(k) Plan and the fees and expenses related to those investments. The Company believes these lawsuits are without merit and intends to contest each of them vigorously. The Safeway Benefits Plans Defendants have filed motions to dismiss both cases. Defendants have answered the complaints, and the parties are in the initial stages of discovery. The Company is currently unable to estimate the range of loss, if any, that may result from these matters due to the early procedural status of the cases. On March 13, 2017, the United States District Court for the Northern District of California denied the Safeway Benefits Plan Defendants' motion to dismiss with respect to Terraza, and granted in part and denied in part the Safeway Benefits Plan Defendants' motion to dismiss with respect to Lorenz. On December 12, 2017, the Court in Terraza denied in part and granted in part a motion to dismiss brought by co-defendant Aon Hewitt. The parties recently entered into a scheduling stipulation in both Terraza and Lorenz wherein fact discovery closed on April 22, 2018, expert discovery will close on June 8, 2018, dispositive motions are due on June 21, 2018, and trial is set for October 22, 2018. False Claims Act : Three qui tam actions have been filed against the Company under the False Claims Act. In United States ex rel. Schutte and Yarberry v. SuperValu, New Albertson's, Inc. ("Albertsons"), et al, the relators allege that defendants (including various Albertsons subsidiaries) overcharged federal healthcare programs by not providing the government, as a part of usual and customary prices, the benefit of discounts given to customers who requested that defendants match competitor prices. The complaint was originally filed under seal and amended on November 30, 2015. In United States ex rel. Proctor v. Safeway , the relator alleges that Safeway submitted fraudulent, inflated pricing information to four government healthcare programs in connection with prescription drug claims, by failing to include pharmacy discount program pricing as a part of its usual and customary prices. On August 26, 2015, the underlying complaint was unsealed. Relator filed an amended complaint, and Safeway's motion to dismiss the amended complaint was denied. In United States ex rel. Zelickowski v. Albertsons LLC , relator alleges that Albertsons overcharged federal healthcare programs by not providing the government, as a part of its usual and customary prices to the government, the benefit of discounts given to customers who enrolled in Albertsons' discount-club program. The complaint was originally filed under seal and amended on June 20, 2017. The government previously investigated the relators' allegations in each of the cases and declined to intervene in any of the cases. Relators elected to pursue their respective cases on their own, and the Company is vigorously defending each of those matters. The matters are at an early stage in the proceedings. The Company is unable to express an opinion with respect to the likelihood of an unfavorable outcome or to estimate the amount or range of potential loss if the outcome of any of them should be unfavorable. Other Commitments In the ordinary course of business, the Company enters into various supply contracts to purchase products for resale and purchase and service contracts for fixed asset and information technology commitments. These contracts typically include volume commitments or fixed expiration dates, termination provisions and other standard contractual considerations. |
Other Comprehensive Income or L
Other Comprehensive Income or Loss | 12 Months Ended |
Feb. 24, 2018 | |
Stockholders' Equity Note [Abstract] | |
Other Comprehensive Income or Loss | OTHER COMPREHENSIVE INCOME OR LOSS Total comprehensive earnings are defined as all changes in stockholders'/member equity during a period, other than those from investments by or distributions to stockholders/member. Generally, for the Company, total comprehensive income equals net income plus or minus adjustments for interest rate swaps, pension and other post-retirement liabilities and foreign currency translation adjustments, driven primarily by the Company's equity method investment in Casa Ley. While total comprehensive earnings are the activity in a period and are largely driven by net earnings in that period, accumulated other comprehensive income or loss ("AOCI") represents the cumulative balance of other comprehensive income, net of tax, as of the balance sheet date. AOCI is primarily the cumulative balance related to interest rate swaps, pension and other post-retirement benefit adjustments and foreign currency translation adjustments. Changes in the AOCI balance by component are shown below (in millions): Fiscal 2017 Total Interest rate swaps Pension and Post-retirement benefit plan items Foreign currency translation adjustments Other Beginning AOCI balance $ (12.8 ) $ (28.1 ) $ 79.7 $ (66.1 ) $ 1.7 Other comprehensive income before reclassifications 207.0 33.7 143.1 23.7 6.5 Amounts reclassified from Accumulated other comprehensive income 90.9 32.4 (21.3 ) 84.9 (5.1 ) Tax expense (94.0 ) (19.1 ) (29.6 ) (43.6 ) (1.7 ) Current-period other comprehensive income (loss), net 203.9 47.0 92.2 65.0 (0.3 ) Ending AOCI balance $ 191.1 $ 18.9 $ 171.9 $ (1.1 ) $ 1.4 Fiscal 2016 Total Interest rate swaps Pension and Post-retirement benefit plan items Foreign currency translation adjustments Other Beginning AOCI balance $ (112.7 ) $ (67.5 ) $ (2.3 ) $ (45.6 ) $ 2.7 Other comprehensive income (loss) before reclassifications 68.6 1.4 102.8 (34.2 ) (1.4 ) Amounts reclassified from Accumulated other comprehensive income 53.0 50.5 2.5 — — Tax (expense) benefit (21.7 ) (12.5 ) (23.3 ) 13.7 0.4 Current-period other comprehensive income (loss), net 99.9 39.4 82.0 (20.5 ) (1.0 ) Ending AOCI balance $ (12.8 ) $ (28.1 ) $ 79.7 $ (66.1 ) $ 1.7 |
Quarterly Information (unaudite
Quarterly Information (unaudited) | 12 Months Ended |
Feb. 24, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Information (unaudited) | QUARTERLY INFORMATION (unaudited) The summarized quarterly financial data presented below reflects all adjustments, which in the opinion of management, are of a normal and recurring nature and are necessary for a fair statement of the results for the interim periods presented (in millions): Fiscal 2017 52 Last 12 Third 12 Second 12 First 16 Net sales and other revenue $ 59,924.6 $ 14,033.7 $ 13,599.2 $ 13,831.7 $ 18,460.0 Gross profit 16,361.1 3,948.3 3,624.6 3,729.7 5,058.5 Operating (loss) income (4.9 ) 213.3 (95.0 ) (213.8 ) 90.6 (Loss) income before income taxes (917.5 ) 15.3 (305.4 ) (422.9 ) (204.5 ) Income tax (benefit) expense (963.8 ) (373.0 ) (523.5 ) (67.7 ) 0.4 Net income (loss) $ 46.3 $ 388.3 $ 218.1 $ (355.2 ) $ (204.9 ) Net loss for the second twelve weeks of fiscal 2017 includes a goodwill impairment charge of $142.3 million . Net income during fiscal 2017 includes additional asset impairment charges of $100.9 million . Net income in the third twelve weeks of fiscal 2017 includes a non-cash income tax benefit of $359.0 million related to the release of substantially all of NALP's valuation allowance associated with the Reorganization Transactions. Fiscal 2017 reflects a non-cash income tax benefit of $218.0 million related to the release of substantially all of NALP's valuation allowance, a difference of $141.0 million due to additional valuation allowance recorded for the first three quarters of fiscal 2017 through the date of the Reorganization Transactions. Net income for the last twelve weeks of fiscal 2017 includes a net non-cash income tax benefit of $430.4 million as a result of the reduction in net deferred tax liabilities due to the lower corporate income tax rate from the enactment of the Tax Cuts and Jobs Act, partially offset by an increase of $46.7 million in net deferred tax liabilities from the Company's limited liability companies related to the Reorganization Transactions. Fiscal 2016 52 Last 12 Third 12 Second 12 First 16 Net sales and other revenue $ 59,678.2 $ 13,816.6 $ 13,613.8 $ 13,856.1 $ 18,391.7 Gross profit 16,640.5 3,933.8 3,819.8 3,765.9 5,121.0 Operating income 640.5 186.0 153.9 101.2 199.4 Loss before income taxes (463.6 ) (45.3 ) (32.1 ) (276.7 ) (109.5 ) Income tax (benefit) expense (90.3 ) (79.9 ) 4.1 (38.6 ) 24.1 Net (loss) income $ (373.3 ) $ 34.6 $ (36.2 ) $ (238.1 ) $ (133.6 ) Net loss for the first twelve weeks of fiscal 2016 includes losses of $78.9 million in pension expense, net related to the Collington acquisition, and gains related to the sale of surplus properties of $43.5 million . Net loss for the second twelve weeks of fiscal 2016 includes a loss on extinguishment of debt of $111.7 million . |
Description of Business, Basi23
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Feb. 24, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business, Basis of Presentation and Reorganization Transactions | Description of Business Albertsons Companies, Inc. and its subsidiaries (the "Company" or "ACI") is a food and drug retailer that, as of February 24, 2018 , operated 2,318 retail food and drug stores together with 397 associated fuel centers, 23 dedicated distribution centers and 20 manufacturing facilities. The Company is composed of retail food businesses and in-store pharmacies with operations primarily located throughout the United States under the banners Albertsons, Safeway, Vons, Pavilions, Randalls, Tom Thumb, Carrs Quality Centers, Haggen, United Supermarkets, Market Street, Amigos, United Express, Sav-On, Jewel-Osco, Acme, Shaw's and Star Market, as well as meal kit company Plated based in New York City. The Company has no separate assets or liabilities other than its investments in its subsidiaries and all of its business operations are conducted through its operating subsidiaries. Basis of Presentation and Reorganization Transactions The Company's Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Intercompany transactions and accounts have been eliminated in consolidation for all periods presented. The Company's investments in unconsolidated affiliates are recorded using the equity method. Prior to December 3, 2017, ACI had no material assets or operations. On December 3, 2017, Albertsons Companies, LLC ("ACL") and its parent, AB Acquisition LLC, a Delaware limited liability company ("AB Acquisition"), completed a reorganization of its legal entity structure whereby the existing equityholders of AB Acquisition each contributed their equity interests in AB Acquisition to Albertsons Investor Holdings LLC ("Albertsons Investor”), and KIM ACI, LLC ("KIM ACI”). In exchange, equityholders received a proportionate share of units in Albertsons Investor and KIM ACI, respectively. Albertsons Investor and KIM ACI then contributed all of the AB Acquisition equity interests they received to ACI in exchange for common stock issued by ACI. As a result, Albertsons Investor and KIM ACI became the parents of ACI owning all of its outstanding common stock with AB Acquisition and its subsidiary, ACL, becoming wholly-owned subsidiaries of ACI. On February 25, 2018 ACL merged with and into ACI, with ACI as the surviving corporation (such transactions, collectively, the "Reorganization Transactions"). Prior to February 25, 2018, substantially all of the assets and operations of ACI were those of its subsidiary, ACL. The Reorganization Transactions were accounted for as a transaction between entities under common control, and accordingly, there was no change in the basis of the underlying assets and liabilities. The Consolidated Financial Statements are reflective of the changes that occurred as a result of the Reorganization Transactions. Prior to February 25,2018, the Consolidated Financial Statements of ACI reflect the net assets and operations of ACL. |
Fiscal year | Fiscal year: The Company's fiscal year ends on the last Saturday in February. Unless the context otherwise indicates, reference to a fiscal year of the Company refers to the calendar year in which such fiscal year commences. The Company's first quarter consists of 16 weeks, the second, third, and fourth quarters generally each consist of 12 weeks, and the fiscal year generally consists of 52 weeks. |
Use of estimates | Use of estimates: The preparation of the Company's Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the reporting periods presented. Certain estimates require difficult, subjective or complex judgments about matters that are inherently uncertain. Actual results could differ from those estimates. |
Cash and cash equivalents | Cash and cash equivalents: Cash equivalents include all highly liquid investments with original maturities of three months or less at the time of purchase and outstanding deposits related to credit and debit card sales transactions that settle within a few days. |
Restricted cash | Restricted cash: Restricted cash is included in Other current assets and Other assets within the Consolidated Balance Sheets and primarily relates to surety bonds and funds held in escrow. |
Receivables, net | Receivables, net: Receivables consist primarily of trade accounts receivable, pharmacy accounts receivable and vendor receivables. Management makes estimates of the uncollectibility of its accounts receivable. In determining the adequacy of the allowances for doubtful accounts, management analyzes the value of collateral, historical collection experience, aging of receivables and other economic and industry factors. It is possible that the accuracy of the estimation process could be materially impacted by different judgments, estimations and assumptions based on the information considered and could result in a further adjustment of receivables. The allowance for doubtful accounts and bad debt expense were not material for any of the periods presented. |
Inventories, net | Inventories, net: Substantially all of the Company's inventories consist of finished goods valued at the lower of cost or market and net of vendor allowances. As of February 24, 2018 and February 25, 2017 , approximately 86.1% and 87.4% , respectively, of the Company's inventories were valued under the last-in, first-out ("LIFO") method. The Company primarily uses the retail inventory or the item-cost method to determine inventory cost before application of any LIFO adjustment. Under the retail inventory method, inventory cost is determined, before the application of any LIFO adjustment, by applying a cost-to-retail ratio to various categories of similar items to the retail value of those items. Under the item-cost method, the most recent purchase cost is used to determine the cost of inventory before the application of any LIFO adjustment. Replacement or current cost was higher than the carrying amount of inventories valued using LIFO by $117.1 million and $114.1 million as of February 24, 2018 and February 25, 2017 , respectively. During fiscal 2017 , inventory quantities in certain LIFO layers were reduced. These reductions resulted in a liquidation of LIFO inventory quantities carried at lower costs prevailing in prior years as compared with the cost of fiscal 2017 purchases. As a result, cost of sales decreased by $16.7 million in fiscal 2017 . Liquidations of LIFO layers during fiscal 2016 and fiscal 2015 did not have a material effect on the results of operations. Cost for the remaining inventories, which represents perishable and fuel inventories, was determined using the most recent purchase cost, which approximates the first-in, first-out ("FIFO") method. Perishables are counted every four weeks and are carried at the last purchased cost which approximates FIFO cost. Fuel inventories are carried at the last purchased cost, which approximates FIFO cost. The Company records inventory shortages based on actual physical counts at its facilities and also provides allowances for inventory shortages for the period between the last physical count and the balance sheet date. |
Property and equipment, net | Property and equipment, net: Property and equipment is recorded at cost or fair value for assets acquired as part of a business combination, and depreciation is calculated on the straight-line method over the estimated useful lives of the assets. Estimated useful lives are generally as follows: buildings - seven to 40 years; leasehold improvements - the shorter of the remaining lease term or ten to 20 years; fixtures and equipment - three to 15 years; and specialized supply chain equipment - six to 25 years. Assets under capital leases are recorded at the lower of the present value of the future minimum lease payments or the fair value of the asset and are amortized on the straight-line method over the lesser of the lease term or the estimated useful life. Interest capitalized on property under construction was immaterial for all periods presented. |
Impairment of long-lived assets | Impairment of long-lived assets: The Company regularly reviews its individual stores' operating performance, together with current market conditions, for indicators of impairment. When events or changes in circumstances indicate that the carrying value of the individual store's assets may not be recoverable, its future undiscounted cash flows are compared to the carrying value. If the carrying value of store assets to be held and used is greater than the future undiscounted cash flows, an impairment loss is recognized to record the assets at fair value. For property and equipment held for sale, the Company recognizes impairment charges for the excess of the carrying value plus estimated costs of disposal over the fair value. Fair values are based on discounted cash flows or current market rates. These estimates of fair value can be significantly impacted by factors such as changes in the current economic environment and real estate market conditions. Long-lived asset impairments are recorded as a component of Selling and administrative expenses. |
Lease exit costs | Lease exit costs: The Company records a liability for costs associated with closures of retail stores, distribution centers and other properties that are no longer utilized in current operations. For properties that have closed and are under long-term lease agreements, the present value of any remaining liability under the lease, net of estimated sublease recovery and discounted using credit adjusted risk-free rates, is recognized as a liability and charged to Selling and administrative expenses. These lease liabilities are usually paid over the lease terms associated with the property. Adjustments to lease exit reserves primarily relate to changes in subtenant income or actual exit costs that differ from original estimates. Lease exit reserves for closed properties are included as a component of Other current liabilities and Other long-term liabilities. |
Intangible assets, net | Intangible assets, net: The Company reviews finite-lived intangible assets for impairment in accordance with its policy for long-lived assets. The Company reviews intangible assets with indefinite useful lives and tests for impairment annually on the first day of the fourth quarter and also if events or changes in circumstances indicate the occurrence of a triggering event. The review consists of comparing the estimated fair value of the cash flows generated by the asset to the carrying value of the asset. Intangible assets with indefinite useful lives consist of restricted covenants and liquor licenses. Intangible assets with finite lives consist primarily of trade names, naming rights, customer prescription files, internally developed software and beneficial lease rights. Intangible assets with finite lives are amortized on a straight-line basis over an estimated economic life ranging from five to 40 years. Beneficial lease rights and unfavorable lease obligations are recorded on acquired leases based on the differences between the contractual rents for the remaining lease terms under the respective lease agreement and prevailing market rents for the related geography as of the lease acquisition date. Beneficial lease rights and unfavorable lease obligations are amortized over the lease term using the straight-line method. |
Business combination measurements | Business combination measurements: In accordance with applicable accounting standards, the Company estimates the fair value of acquired assets and assumed liabilities as of the acquisition date of business combinations. These fair value adjustments are input into the calculation of goodwill related to the excess of the purchase price over the fair value of the tangible and identifiable intangible assets acquired and liabilities assumed in the acquisition. The fair value of assets acquired and liabilities assumed are determined using market, income and cost approaches from the perspective of a market participant. The fair value measurements can be based on significant inputs that are not readily observable in the market. The market approach indicates value for a subject asset based on available market pricing for comparable assets. The market approach used includes prices and other relevant information generated by market transactions involving comparable assets, as well as pricing guides and other sources. The income approach indicates value for a subject asset based on the present value of cash flows projected to be generated by the asset. Projected cash flows are discounted at a required market rate of return that reflects the relative risk of achieving the cash flows and the time value of money. The cost approach, which estimates value by determining the current cost of replacing an asset with another of equivalent economic utility, was used for certain assets for which the market and income approaches could not be applied due to the nature of the asset. The cost to replace a given asset reflects the estimated reproduction or replacement cost for the asset, adjusted for obsolescence, whether physical, functional or economic. |
Goodwill | Goodwill: The Company reviews goodwill for impairment annually on the first day of its fourth quarter and also if events or changes in circumstances indicate the occurrence of a triggering event. The Company reviews goodwill for impairment by initially considering qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill, as a basis for determining whether it is necessary to perform a quantitative analysis. If it is determined that it is more likely than not that the fair value of reporting unit is less than its carrying amount, a quantitative analysis is performed to identify goodwill impairment. If it is determined that it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, it is unnecessary to perform a quantitative analysis. The Company may elect to bypass the qualitative assessment and proceed directly to performing a quantitative analysis. Beginning on the first day of fiscal 2017, the Company prospectively adopted accounting guidance that simplifies goodwill impairment testing. For additional information, see Recently adopted accounting standards below. |
Equity in unconsolidated affiliates | Investment in unconsolidated affiliates: The Company records equity in earnings from unconsolidated affiliates in Other expense (income). |
Company-Owned life insurance policies | Company-Owned life insurance policies ("COLI"): The Company has COLI policies that have a cash surrender value. The Company has loans against these policies. The Company has no intention of repaying the loans prior to maturity or cancellation of the policies. Therefore, the Company offsets the cash surrender value by the related loans. |
Interest rate risk management and energy contracts | Interest rate risk management: The Company has entered into several interest rate swap contracts ("Swaps") to hedge against the variability in cash flows relating to interest payments on its outstanding variable rate term debt. Swaps are recognized in the Consolidated Balance Sheets at fair value. Changes in the fair value of Swaps designated as "cash flow" hedges, to the extent the hedges are highly effective, are recorded in Other comprehensive income (loss), net of income taxes. Ineffective portions of cash flow hedges, if any, are recognized in current period earnings. Other comprehensive income (loss) is reclassified into current period earnings when the hedged transaction affects earnings. The Company assesses, both at the inception of the hedge and on an ongoing basis, whether derivatives used as hedging instruments are highly effective in offsetting the changes in the fair value or cash flow of the hedged items. If it is determined that a derivative is not highly effective as a hedge or ceases to be highly effective, the Company discontinues hedge accounting prospectively. Energy contracts: The Company has entered into contracts to purchase electricity and natural gas at fixed prices for a portion of its energy needs. The Company expects to take delivery of the electricity and natural gas in the normal course of business. Contracts that qualify for the normal purchase exception under derivatives and hedging accounting guidance are not recorded at fair value. Energy purchased under these contracts is expensed as delivered. The Company also manages its exposure to changes in diesel prices utilized in the Company's distribution process through the use of short-term heating oil derivative contracts. These contracts are economic hedges of price risk and are not designated or accounted for as hedging instruments for accounting purposes. Changes in the fair value of these instruments are recognized in earnings. |
Self-Insurance liabilities | Self-Insurance liabilities : The Company is primarily self-insured for workers' compensation, property, automobile and general liability. The self-insurance liability is undiscounted and determined actuarially, based on claims filed and an estimate of claims incurred but not yet reported. The Company has established stop-loss amounts that limit the Company's further exposure after a claim reaches the designated stop-loss threshold. Stop-loss amounts for claims incurred for the years presented range from $0.5 million to $5.0 million per claim, depending upon the type of insurance coverage and the year the claim was incurred. In determining its self-insurance liabilities, the Company performs a continuing review of its overall position and reserving techniques. Since recorded amounts are based on estimates, the ultimate cost of all incurred claims and related expenses may be more or less than the recorded liabilities. The Company has deposits with its insurers to fund workers' compensation, automobile and general liability claims payments. The Company had $13.1 million and $14.9 million of deposits for its workers' compensation and automobile liability claims as of February 24, 2018 and February 25, 2017 , respectively, included in Other assets. The Company has reinsurance receivables of $21.7 million and $26.0 million recorded within Receivables, net and $62.4 million and $50.0 million recorded within Other assets as of February 24, 2018 and February 25, 2017 , respectively. The self-insurance liabilities and related reinsurance receivables are recorded gross. |
Deferred rents | Deferred rents: The Company recognizes rent holidays from the period of time the Company has possession of the property, as well as tenant allowances and escalating rent provisions, on a straight‑line basis over the expected term of the operating lease. The expected term may also include the exercise of renewal options if such exercise is determined to be reasonably assured and is used to determine whether the lease is capital or operating. Deferred rents are included in Other current liabilities and Other long-term liabilities. |
Deferred gains on leases | Deferred gains on leases: The Company may receive up-front funds upon sublease or assignment of existing leases. Deferred gains related to subleases and assignments as of February 24, 2018 and February 25, 2017 were $13.9 million and $14.4 million , respectively, recorded in Other current liabilities, and $58.6 million and $72.7 million , respectively, recorded in Other long-term liabilities. These proceeds are amortized on a straight-line basis over an estimated sublease term. |
Deferred gain on leases related to sale leaseback transactions | In addition, deferred gains have been recorded in connection with several sale-leaseback transactions and are recognized over the lives of the leases. The current portion of deferred gains related to sale-leaseback transactions was $62.4 million and $44.7 million as of February 24, 2018 and February 25, 2017 , respectively, recorded in Other current liabilities, with the long-term portion of $482.2 million and $194.7 million as of February 24, 2018 and February 25, 2017 , respectively, recorded in Other long-term liabilities. Amortization of deferred gains related to sale-leaseback transactions was $50.3 million , $37.0 million and $12.7 million in fiscal 2017 , 2016 and 2015 , respectively, and was recorded as a component of Selling and administrative expenses. |
Benefit plans and Multiemployer plans | Benefit plans and Multiemployer plans: Substantially all of the Company's employees are covered by various contributory and non-contributory pension, profit sharing, or 401(k) plans, in addition to dedicated defined benefit plans for Safeway, Shaw's and United employees. Certain employees participate in a long-term retention incentive bonus plan. The Company also provides certain health and welfare benefits, including short-term and long-term disability benefits to inactive disabled employees prior to retirement. The Company recognizes a liability for the under-funded status of the defined benefit plans as a component of Other long-term liabilities. Actuarial gains or losses and prior service costs or credits are recorded within Other comprehensive income (loss). The determination of the Company's obligation and related expense for its sponsored pensions and other post-retirement benefits is dependent, in part, on management's selection of certain actuarial assumptions in calculating these amounts. These assumptions include, among other things, the discount rate and expected long-term rate of return on plan assets. Most union employees participate in multiemployer retirement plans under collective bargaining agreements, unless the collective bargaining agreement provides for participation in plans sponsored by the Company. Pension expense for the multiemployer plans is recognized as contributions are funded. |
Revenue recognition | Revenue recognition : Revenues from the sale of products are recognized at the point of sale to the customer, net of returns and sales tax. Discounts provided to customers by the Company at the time of sale are recognized as a reduction in sales as the products are sold. Discounts provided to customers by vendors, usually in the form of coupons, are not recognized as a reduction in sales, provided the coupons are redeemable at any retailer that accepts coupons. The Company recognizes revenue and records a corresponding receivable from the vendor for the difference between the sales prices and the cash received from the customer. The Company records a deferred revenue liability when it sells its own proprietary gift cards. The Company records a sale when the customer redeems the gift card. The gift cards do not expire. The Company reduces the liability and records revenue for the unused portion of gift cards ("breakage") after two to five years, the period at which redemption is considered remote. Breakage amounts were immaterial for fiscal 2017 , 2016 and 2015 . |
Cost of sales and vendor allowances | Cost of sales and vendor allowances: Cost of sales includes, among other things, purchasing, inbound freight costs, product quality testing costs, warehousing costs, internal transfer costs, advertising costs, private label program costs, and strategic sourcing program costs. The Company receives vendor allowances or rebates ("Vendor Allowances") for a variety of merchandising initiatives and buying activities. The terms of the Company's Vendor Allowances arrangements vary in length but are primarily expected to be completed within a quarter. The Company records Vendor Allowances as a reduction of Cost of sales when the associated products are sold. Vendor Allowances that have been earned as a result of completing the required performance under terms of the underlying agreements but for which the product has not yet been sold are recognized as reductions of inventory. |
Advertising costs | Advertising costs are included in Cost of sales and are expensed in the period the advertising occurs. Cooperative advertising funds are recorded as a reduction of Cost of sales when the advertising occurs. |
Selling and administrative expenses | Selling and administrative expenses: Selling and administrative expenses consist primarily of store and corporate employee-related costs such as salaries and wages, health and welfare, workers' compensation and pension benefits, as well as marketing and merchandising, rent, occupancy and operating costs, amortization of intangibles and other administrative costs. |
Income taxes | Income taxes: Prior to the Reorganization Transactions, ACL was organized as a limited liability company, wholly owned by its parent, AB Acquisition. As such, income taxes in respect of these operations are payable by the equity members of AB Acquisition. Entity-level federal and state taxes were provided on ACL's Subchapter C corporation subsidiaries, and state income taxes on its limited liability company subsidiaries where applicable. Upon completion of the Reorganization Transactions, all of the operating subsidiaries became subsidiaries of Albertsons Companies Inc., with all operations taxable as part of a consolidated group for federal and state income tax purposes. In connection with the Reorganization Transactions, in the fourth quarter of fiscal 2017, the Company recorded deferred income taxes on operations held by limited liability companies and previously taxed to the equity members. The Company's loss before taxes is primarily from domestic operations. Deferred taxes are provided for the net tax effects of temporary differences between the financial reporting and income tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Valuation allowances are established where management determines that it is more likely than not that some portion or all of a deferred tax asset will not be realized. The Company reviews tax positions taken or expected to be taken on tax returns to determine whether and to what extent a tax benefit can be recognized. The Company evaluates its positions taken and establishes liabilities in accordance with the applicable accounting guidance for uncertain tax positions. The Company reviews these liabilities as facts and circumstances change and adjusts accordingly. The Company recognizes any interest and penalties associated with uncertain tax positions as a component of Income tax expense. The Company is contractually indemnified by SuperValu for any tax liability of New Albertsons L.P. ("NALP") arising from tax years prior to the NALP acquisition. The Company is also contractually obligated to pay SuperValu any tax benefit it receives in a tax year after the NALP acquisition as a result of an indemnification payment made by SuperValu. An indemnification asset and liability, where necessary, has been recorded to reflect this arrangement. |
Segments | Segments : The Company and its subsidiaries operate food and drug retail stores that offer grocery products, general merchandise, health and beauty care products, pharmacy, fuel, and other items and services. The Company's retail operating divisions are geographically based, have similar economic characteristics and similar expected long-term financial performance and are reported in one reportable segment. The Company's operating segments and reporting units are its 13 divisions, which have been aggregated into one reportable segment. Each reporting unit constitutes a business for which discrete financial information is available and for which management regularly reviews the operating results. Across all operating segments, the Company operates primarily one store format. Each store offers the same general mix of products with similar pricing to similar categories of customers, has similar distribution methods, operates in similar regulatory environments and purchases merchandise from similar or the same vendors. |
Recently Adopted and Issued Accounting Standards | Recently Adopted Accounting Standards: In January 2017, the Financial Accounting Standards Board ("FASB”) issued Accounting Standards Update ("ASU”) 2017-04, " Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment ." The ASU simplifies the interim or annual goodwill impairment test. The ASU is effective for public entities for annual periods beginning after December 15, 2019, and interim periods within those annual periods. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company has elected to early adopt this ASU beginning the first day of fiscal 2017. Under the new ASU, Step 2 of the goodwill impairment test is eliminated. Instead, the Company performed its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. A resulting impairment charge should be recognized for the amount that the carrying amount exceeds the reporting unit’s fair value. Recently Issued Accounting Standards: In May 2014, the FASB issued ASU 2014-09, " Revenue from Contracts with Customers" (Topic 606). The core principle of the ASU is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: 1) identify the contract(s) with a customer, 2) identify the performance obligations in the contract, 3) determine the transaction price, 4) allocate the transaction price to the performance obligations in the contract, and 5) recognize revenue when (or as) the entity satisfies a performance obligation. The Company plans to adopt this ASU in the first quarter of fiscal 2018 on a modified retrospective basis, including implementing changes to processes and controls to comply with the new revenue recognition and disclosure requirements. The adoption of this ASU will not have a material effect on the Company's Consolidated Financial Statements. Arrangements where the Company has determined it acts as a principal versus an agent in certain third-party arrangements are expected to remain relatively unchanged upon adoption. While not material, the implementation will impact the timing of revenue recognition related to the unredeemed portion of Company-issued gift cards, which will be recognized in proportion to customer redemptions of the gift cards, rather than waiting until the likelihood of redemption becomes remote. In February 2016, the FASB issued ASU 2016-02, " Leases (Topic 842) ". The ASU will require organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. The new guidance will require both classifications of leases, operating and capital, to be recognized on the balance sheet. Consistent with current GAAP, the recognition, measurement and presentation of expenses and cash flows arising from a lease will depend on its classification. The ASU also will require disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. The Company plans to adopt this guidance in the first quarter of fiscal 2019. The adoption of this ASU will result in the recognition of significant right-of-use assets and lease liabilities in the Company’s Consolidated Balance Sheets. The Company has formed a dedicated project team and developed a comprehensive multi-stage project plan to assess and implement this ASU. This assessment includes reviewing all forms of leases, analyzing practical expedients and leveraging a technology solution in implementing the new ASU. This assessment is ongoing, including the assessment of other potential impacts of this ASU on the Consolidated Financial Statements and disclosures. In March 2017, the FASB issued ASU 2017-07, " Compensation—Retirement Benefits (Topic 715)—Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost" . This ASU requires an employer to report the service cost component of net pension and post-retirement expense in the same line as other compensation costs from services rendered by employees during the period. Other components of net pension and post-retirement expense are required to be presented in the income statement separately from the service cost component and outside of operating income. While the adoption of this ASU will not result in a change to income before taxes, operating income will be impacted as the non-service cost components of net pension and post-retirement expense will be excluded from that subtotal. The ASU will take effect for public entities for annual reporting periods beginning after December 15, 2017, including interim periods within those annual periods. The update should be applied retrospectively for the presentation of service cost and other components of net pension and post-retirement expense in the income statement, and prospectively for the capitalization of service cost. The Company plans to adopt this guidance in the first quarter of fiscal 2018. The adoption of this guidance is not expected to have a material impact on the Company’s Consolidated Financial Statements. In February 2018, the FASB issued ASU 2018-02, " Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income ". This ASU amends ASC 220, " Income Statement - Reporting Comprehensive Income" , to allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act. In addition, under the ASU, the Company may be required to provide certain disclosures regarding stranded tax effects. The ASU will take effect for public entities for annual reporting periods beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the effect of the standard on its Consolidated Financial Statements. |
Description of Business, Basi24
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Feb. 24, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Self-insurance Liabilities | Changes in self-insurance liabilities consisted of the following (in millions): February 24, 2018 February 25, Beginning balance $ 1,264.9 $ 1,320.8 Expense 314.4 281.7 Claim payments (287.6 ) (279.6 ) Other reductions (1) (74.0 ) (58.0 ) Ending balance 1,217.7 1,264.9 Less current portion (296.0 ) (293.3 ) Long-term portion $ 921.7 $ 971.6 (1) Primarily reflects the systematic adjustments to the fair value of assumed self-insurance liabilities from acquisitions and actuarial adjustments for claims experience. |
Sales Revenue by Type of Similar Products | The following table represents sales revenue by type of similar product (in millions): Fiscal Fiscal Fiscal Amount % of Total Amount % of Total Amount % of Total Non-perishables (1) $ 26,522.0 44.3 % $ 26,699.2 44.7 % $ 26,283.9 44.8 % Perishables (2) 24,583.7 41.0 % 24,398.5 40.9 % 23,661.4 40.3 % Pharmacy 5,002.6 8.3 % 5,119.2 8.6 % 5,073.0 8.6 % Fuel 3,104.6 5.2 % 2,693.4 4.5 % 2,954.8 5.0 % Other (3) 711.7 1.2 % 767.9 1.3 % 760.9 1.3 % Total $ 59,924.6 100.0 % $ 59,678.2 100.0 % $ 58,734.0 100.0 % (1) Consists primarily of general merchandise, grocery, and frozen foods. (2) Consists primarily of produce, dairy, meat, deli, floral, and seafood. (3) Consists primarily of lottery and various other commissions, and other miscellaneous income. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Feb. 24, 2018 | |
Business Combinations [Abstract] | |
Schedule of Allocation of Fair Value Assets Acquired and Liabilities Assumed | The following table summarizes the final allocation of the fair value of assets acquired and liabilities assumed (in millions): November 17, 2015 Current assets, including $1.7 million in acquired cash $ 51.1 Property and equipment 133.9 Intangible assets 67.1 Total assets acquired 252.1 Current liabilities 2.3 Capital lease obligations 71.7 Other long-term liabilities 16.2 Total liabilities assumed 90.2 Net assets purchased 161.9 Goodwill 130.8 Total purchase consideration $ 292.7 The following summarizes the allocation of the fair value of assets acquired and liabilities assumed at the acquisition date (in millions): June 2, 2016 Inventory $ 31.8 Other current assets 2.5 Property and equipment 89.9 Intangible assets, primarily pharmacy scripts and trade names 31.4 Total assets acquired 155.6 Capital lease obligations 35.2 Other long-term liabilities 22.7 Total liabilities assumed 57.9 Net assets purchased 97.7 Goodwill 16.1 Total purchase consideration $ 113.8 |
Schedule of Identifiable Intangible Assets Acquired | The identifiable intangible assets acquired consisted of the following as of the date of the A&P Transaction (in millions): Beneficial lease rights $ 44.0 Customer lists, including prescription files 19.4 Other intangibles 2.5 Total finite intangible assets 65.9 Liquor licenses 1.2 Total identifiable intangible assets $ 67.1 |
Lease Exit Costs and Properti26
Lease Exit Costs and Properties Held for Sale (Tables) | 12 Months Ended |
Feb. 24, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Lease Exit Cost Reserves | Changes to the Company's lease exit cost reserves for closed properties consisted of the following (in millions): February 24, February 25, Beginning balance $ 44.4 $ 49.7 Additions 32.7 14.7 Payments (17.9 ) (15.8 ) Disposals (1.0 ) (4.2 ) Ending balance $ 58.2 $ 44.4 |
Schedule of Assets Held for Sale and Liabilities Held for Sale | Assets held for sale and liabilities held for sale are recorded in Other current assets and Other current liabilities, respectively, and consisted of the following (in millions): February 24, February 25, Assets held for sale: Beginning balance $ 3.1 $ 4.6 Transfers in 295.5 7.9 Disposals (268.7 ) (9.4 ) Ending balance $ 29.9 $ 3.1 Liabilities held for sale: Beginning balance $ 15.4 $ 27.1 Transfers in — 1.9 Disposals (4.9 ) (13.6 ) Ending balance $ 10.5 $ 15.4 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Feb. 24, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following (in millions): February 24, February 25, Land $ 2,624.7 $ 2,782.5 Buildings 5,407.9 5,637.7 Property under construction 579.3 550.7 Leasehold improvements 1,367.5 1,278.8 Fixtures and equipment 4,488.9 3,737.5 Buildings under capital leases 1,037.1 1,052.7 Total property and equipment 15,505.4 15,039.9 Accumulated depreciation and amortization (4,735.1 ) (3,528.1 ) Total property and equipment, net $ 10,770.3 $ 11,511.8 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Feb. 24, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table summarizes the changes in the Company's goodwill balances (in millions): February 24, February 25, Balance at beginning of year $ 1,167.8 $ 1,131.1 Acquisitions and related adjustments 157.8 36.7 Impairment (142.3 ) — Balance at end of year $ 1,183.3 $ 1,167.8 |
Schedule of Finite-Lived Intangible Assets | The Company's Intangible assets, net consisted of the following (in millions): February 24, February 25, Estimated useful lives (Years) Gross carrying amount Accumulated amortization Net Gross carrying amount Accumulated amortization Net Trade names 40 $ 1,965.2 $ (177.2 ) $ 1,788.0 $ 1,910.9 $ (123.4 ) $ 1,787.5 Beneficial lease rights 12 918.3 (355.7 ) 562.6 936.1 (280.6 ) 655.5 Customer prescription files 5 1,486.4 (1,078.1 ) 408.3 1,468.4 (784.4 ) 684.0 Covenants not to compete 5 4.3 (2.5 ) 1.8 3.5 (1.9 ) 1.6 Specialty accreditation 6 18.0 (2.3 ) 15.7 — — — Internally developed software 5 537.1 (246.3 ) 290.8 468.6 (170.1 ) 298.5 Total finite-lived intangible assets 4,929.3 (1,862.1 ) 3,067.2 4,787.5 (1,360.4 ) 3,427.1 Liquor licenses and restricted covenants Indefinite 75.3 — 75.3 70.7 — 70.7 Total intangible assets, net $ 5,004.6 $ (1,862.1 ) $ 3,142.5 $ 4,858.2 $ (1,360.4 ) $ 3,497.8 |
Schedule of Indefinite-Lived Intangible Assets | The Company's Intangible assets, net consisted of the following (in millions): February 24, February 25, Estimated useful lives (Years) Gross carrying amount Accumulated amortization Net Gross carrying amount Accumulated amortization Net Trade names 40 $ 1,965.2 $ (177.2 ) $ 1,788.0 $ 1,910.9 $ (123.4 ) $ 1,787.5 Beneficial lease rights 12 918.3 (355.7 ) 562.6 936.1 (280.6 ) 655.5 Customer prescription files 5 1,486.4 (1,078.1 ) 408.3 1,468.4 (784.4 ) 684.0 Covenants not to compete 5 4.3 (2.5 ) 1.8 3.5 (1.9 ) 1.6 Specialty accreditation 6 18.0 (2.3 ) 15.7 — — — Internally developed software 5 537.1 (246.3 ) 290.8 468.6 (170.1 ) 298.5 Total finite-lived intangible assets 4,929.3 (1,862.1 ) 3,067.2 4,787.5 (1,360.4 ) 3,427.1 Liquor licenses and restricted covenants Indefinite 75.3 — 75.3 70.7 — 70.7 Total intangible assets, net $ 5,004.6 $ (1,862.1 ) $ 3,142.5 $ 4,858.2 $ (1,360.4 ) $ 3,497.8 |
Schedule of Future Amortization Expense of Finite-Lived Intangible Assets | Estimated future amortization expense associated with the net carrying amount of intangibles with finite lives is as follows (in millions): Fiscal Year Amortization Expected 2018 $ 504.3 2019 385.8 2020 185.1 2021 159.8 2022 131.8 Thereafter 1,700.4 Total $ 3,067.2 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Feb. 24, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table presents assets and liabilities which are measured at fair value on a recurring basis as of February 24, 2018 (in millions): Fair Value Measurements Total Quoted prices in active markets for identical assets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Assets: Cash equivalents: Money Market $ 198.0 $ 198.0 $ — $ — Short-term investments (1) 24.5 22.1 2.4 — Non-current investments (2) 91.2 40.2 51.0 — Total $ 313.7 $ 260.3 $ 53.4 $ — Liabilities: Derivative contracts (3) $ 11.8 $ — $ 11.8 $ — Contingent consideration (4) 60.0 — — 60.0 Total $ 71.8 $ — $ 11.8 $ 60.0 (1) Primarily relates to Mutual Funds. Included in Other current assets on the Consolidated Balance Sheets. (2) Primarily relates to investments in publicly traded stock classified as available for sale (Level 1) and U.S. Treasury Notes and Corporate Bonds (Level 2). Included in Other assets on the Consolidated Balance Sheets. (3) Primarily relates to interest rate swaps. Included in Other current liabilities on the Consolidated Balance Sheets. (4) Included in Other current liabilities and Other long-term liabilities on the Consolidated Balance Sheets. The following table presents assets and liabilities which are measured at fair value on a recurring basis as of February 25, 2017 (in millions): Fair Value Measurements Total Quoted prices in active markets for identical assets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Assets: Cash equivalents: Money Market $ 596.0 $ 596.0 $ — $ — Short-term investments (1) 21.6 19.4 2.2 — Non-current investments (2) 97.5 45.6 51.9 — Total $ 715.1 $ 661.0 $ 54.1 $ — Liabilities: Derivative contracts (3) $ 103.7 $ — $ 103.7 $ — Contingent consideration (4) 281.0 — — 281.0 Total $ 384.7 $ — $ 103.7 $ 281.0 (1) Primarily relates to Mutual Funds. Included in Other current assets on the Consolidated Balance Sheets. (2) Primarily relates to investments in publicly traded stock classified as available for sale (Level 1) and U.S. Treasury Notes and Corporate Bonds (Level 2). Included in Other assets on the Consolidated Balance Sheets. (3) Primarily relates to interest rate swaps. Included in Other current liabilities on the Consolidated Balance Sheets. (4) Primarily relates to CVRs. Included in Other current liabilities on the Consolidated Balance Sheets. |
Reconciliation of Level 3 Liabilities | A reconciliation of the beginning and ending balances for Level 3 liabilities follows (in millions): Contingent Consideration February 24, February 25, Beginning balance $ 281.0 $ 269.9 Plated acquisition 60.1 — Change in fair value (50.9 ) 16.0 Payments (230.2 ) (4.9 ) Ending balance $ 60.0 $ 281.0 |
Derivative Financial Instrume30
Derivative Financial Instruments (Tables) | 12 Months Ended |
Feb. 24, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments Designated as Cash Flow Hedges | Activity related to the Company's derivative instruments designated as cash flow hedges consisted of the following (in millions): Amount of income (loss) recognized from derivatives Derivatives designated as hedging instruments Fiscal Fiscal Fiscal Location of income (loss) recognized from derivatives Designated interest rate swaps $ 47.0 $ 39.4 $ (49.9 ) Other comprehensive income (loss), net of tax |
Schedule of Derivative Instruments Not Designated as Hedging Instruments | Activity related to the Company's derivative instruments not designated as hedging instruments consisted of the following (in millions): Amount of income (loss) recognized from derivatives Derivatives not designated as hedging instruments Fiscal Fiscal Fiscal Location of income (loss) recognized from derivatives Undesignated and ineffective portion of interest rate swaps $ 0.6 $ 0.8 $ (2.9 ) Other expense (income) |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Feb. 24, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | The Company's long-term debt as of February 24, 2018 and February 25, 2017 , net of debt discounts of $249.6 million and $310.0 million , respectively, and deferred financing costs of $79.7 million and $118.2 million , respectively, consisted of the following (in millions): February 24, February 25, Albertsons Term Loans, due 2021 to 2023, interest range of 3.0% to 3.25% plus LIBOR $ 5,610.7 $ 5,853.0 Albertsons Senior Unsecured Notes due 2024 and 2025, interest rate of 6.625% and 5.750%, respectively 2,476.1 2,473.0 NALP 7.45% Debentures due 2029 525.5 554.6 Safeway 7.25% Debentures due 2031 576.6 575.6 NALP 8.0% Debentures due 2031 350.8 357.2 NALP 6.52% to 7.15% Medium Term Notes due 2027 - 2028 190.9 257.3 Safeway 5.0% Senior Notes due 2019 269.5 270.1 NALP 8.7% Debentures due 2030 186.6 209.0 NALP 7.75% Debentures due 2026 140.1 174.1 Safeway 7.45% Senior Debentures due 2027 152.5 152.7 Safeway 3.95% Senior Notes due 2020 137.5 137.7 Safeway 4.75% Senior Notes due 2021 130.8 131.0 Safeway 6.35% Notes due 2017 — 101.3 Other financing liabilities, unsecured 242.7 114.9 Mortgage notes payable, secured 20.9 22.4 Total debt 11,011.2 11,383.9 Less current maturities (66.1 ) (203.8 ) Long-term portion $ 10,945.1 $ 11,180.1 |
Schedule of Future Maturities of Long-term Debt | As of February 24, 2018 , the future maturities of long-term debt, excluding debt discounts and deferred financing costs, consisted of the following (in millions): 2018 $ 66.1 2019 333.4 2020 202.1 2021 3,073.7 2022 1,112.6 Thereafter 6,552.6 Total $ 11,340.5 |
Schedule of Interest Expense | Interest expense, net consisted of the following (in millions): Fiscal Fiscal Fiscal ABL facility, senior secured and unsecured notes, term loans and debentures $ 701.5 $ 764.3 $ 777.0 Capital lease obligations 96.3 106.8 97.0 Amortization and write off of deferred financing costs 56.1 84.4 69.3 Amortization and write off of debt discounts 16.0 22.3 12.9 Other interest expense (income) 4.9 26.0 (5.7 ) Interest expense, net $ 874.8 $ 1,003.8 $ 950.5 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Feb. 24, 2018 | |
Leases [Abstract] | |
Schedule of Future Minimum Operating Lease Payments | Future minimum lease payments to be made by the Company for non-cancelable operating lease and capital lease obligations as of February 24, 2018 consisted of the following (in millions): Lease Obligations Fiscal year Operating Leases Capital Leases 2018 $ 798.6 $ 184.6 2019 793.5 171.1 2020 705.5 152.9 2021 624.2 136.1 2022 543.5 124.2 Thereafter 3,505.6 630.5 Total future minimum obligations $ 6,970.9 1,399.4 Less interest (534.8 ) Present value of net future minimum lease obligations 864.6 Less current portion (102.1 ) Long-term obligations $ 762.5 |
Schedule of Future Minimum Capital Lease Payments | Future minimum lease payments to be made by the Company for non-cancelable operating lease and capital lease obligations as of February 24, 2018 consisted of the following (in millions): Lease Obligations Fiscal year Operating Leases Capital Leases 2018 $ 798.6 $ 184.6 2019 793.5 171.1 2020 705.5 152.9 2021 624.2 136.1 2022 543.5 124.2 Thereafter 3,505.6 630.5 Total future minimum obligations $ 6,970.9 1,399.4 Less interest (534.8 ) Present value of net future minimum lease obligations 864.6 Less current portion (102.1 ) Long-term obligations $ 762.5 |
Schedule of Rent Expense and Tenant Rental Income | Rent expense and tenant rental income under operating leases consisted of the following (in millions): Fiscal Fiscal Fiscal Minimum rent $ 831.6 $ 792.2 $ 759.6 Contingent rent 12.0 13.4 21.5 Total rent expense 843.6 805.6 781.1 Tenant rental income (98.8 ) (89.3 ) (89.3 ) Total rent expense, net of tenant rental income $ 744.8 $ 716.3 $ 691.8 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Feb. 24, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Benefit | The components of income tax benefit consisted of the following (in millions): Fiscal Fiscal Fiscal Current Federal (1) $ 54.0 $ 108.6 $ 41.0 State (2) 26.5 20.6 9.8 Foreign 49.8 — — Total Current 130.3 129.2 50.8 Deferred Federal (807.7 ) (177.9 ) (93.0 ) State (216.6 ) (41.6 ) 2.6 Foreign (69.8 ) — — Total Deferred (1,094.1 ) (219.5 ) (90.4 ) Income tax benefit $ (963.8 ) $ (90.3 ) $ (39.6 ) (1) Federal current tax expense net of $22.4 million and $31.2 million tax benefit of NOLs in fiscal 2017 and fiscal 2016 , respectively. There was no income tax benefit of NOLs in fiscal 2015 . (2) State current tax expense net of $9.6 million and $3.8 million tax benefit of NOLs in fiscal 2017 and fiscal 2016 , respectively. There was no income tax benefit of NOLs in fiscal 2015 . |
Schedule of Effective Income Tax Rate Reconciliation | The difference between the actual tax provision and the tax provision computed by applying the statutory federal income tax rate to losses before income taxes was attributable to the following (in millions): Fiscal Fiscal Fiscal Income tax benefit at federal statutory rate $ (301.5 ) $ (162.3 ) $ (189.6 ) State income taxes, net of federal benefit (39.8 ) (20.2 ) (38.9 ) Change in valuation allowance (218.0 ) 107.1 113.0 Tax Cuts and Jobs Act (430.4 ) — — Unrecognized tax benefits (36.5 ) (18.7 ) 3.1 Member loss 83.1 16.6 60.4 Charitable donations — (11.1 ) (11.1 ) Tax Credits (9.1 ) (17.3 ) (6.9 ) Indemnification asset / liability — 5.1 14.0 CVR liability adjustment (20.3 ) 7.5 — Reorganization of limited liability companies 46.7 — — Nondeductible equity-based compensation expense 1.6 4.2 12.3 Other (39.6 ) (1.2 ) 4.1 Income tax benefit $ (963.8 ) $ (90.3 ) $ (39.6 ) |
Schedule of Deferred Tax Assets and Liabilities | The Company's deferred tax assets and liabilities consisted of the following (in millions): February 24, February 25, Deferred tax assets: Compensation and benefits $ 122.3 $ 190.6 Net operating loss 160.5 213.8 Pension & postretirement benefits 194.7 341.4 Reserves 6.3 53.9 Self-Insurance 265.1 350.6 Tax credits 57.4 48.3 Other 59.3 43.0 Gross deferred tax assets 865.6 1,241.6 Less: valuation allowance (134.9 ) (387.6 ) Total deferred tax assets 730.7 854.0 Deferred tax liabilities: Debt discounts 73.7 86.3 Depreciation and amortization 903.5 1,617.6 Inventories 322.9 477.2 Investment in foreign operations — 130.4 Other 10.5 22.3 Total deferred tax liabilities 1,310.6 2,333.8 Net deferred tax liability $ (579.9 ) $ (1,479.8 ) Noncurrent deferred tax asset $ — $ — Noncurrent deferred tax liability (579.9 ) (1,479.8 ) Total $ (579.9 ) $ (1,479.8 ) |
Schedule of Unrecognized Tax Benefits | Changes in the Company's unrecognized tax benefits consisted of the following (in millions): Fiscal Fiscal Fiscal Beginning balance $ 418.0 $ 435.3 $ 451.5 Increase related to tax positions taken in the current year 65.4 63.8 11.5 Increase related to tax positions taken in prior years 4.6 6.4 19.7 Decrease related to tax position taken in prior years (70.0 ) (71.0 ) (3.5 ) Decrease related to settlements with taxing authorities (17.5 ) (9.8 ) (42.1 ) Decrease related to lapse of statute of limitations (44.5 ) (6.7 ) (1.8 ) Ending balance $ 356.0 $ 418.0 $ 435.3 |
Schedule of Valuation Allowance Activity | The valuation allowance activity on deferred tax assets was as follows (in millions): February 24, February 25, February 27, Beginning balance $ 387.6 $ 286.8 $ 90.4 Additions charged to income tax expense 141.0 107.1 113.0 Reductions credited to income tax expense (359.0 ) — — Changes to other comprehensive income or loss and other (34.7 ) (6.3 ) 83.4 Ending balance $ 134.9 $ 387.6 $ 286.8 |
Employee Benefit Plans and Co34
Employee Benefit Plans and Collective Bargaining Agreements (Tables) | 12 Months Ended |
Feb. 24, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of Changes in Retirement Plan's Benefit Obligation and Fair Value of Assets | The following table provides a reconciliation of the changes in the retirement plans' benefit obligation and fair value of assets over the two-year period ended February 24, 2018 and a statement of funded status as of February 24, 2018 and February 25, 2017 (in millions): Pension Other Post-Retirement Benefits February 24, 2018 February 25, 2017 February 24, 2018 February 25, 2017 Change in projected benefit obligation: Beginning balance $ 2,613.0 $ 2,431.8 $ 31.2 $ 16.7 Collington acquisition — 222.3 — 15.5 Service cost 49.8 49.3 1.0 0.2 Interest cost 88.3 87.6 0.9 0.9 Actuarial (gain) loss (56.6 ) 22.1 (4.5 ) — Plan participant contributions — — 0.5 0.7 Benefit payments (78.7 ) (200.1 ) (2.2 ) (2.8 ) Settlements (264.0 ) — — — Ending balance $ 2,351.8 $ 2,613.0 $ 26.9 $ 31.2 Change in fair value of plan assets: Beginning balance $ 1,934.8 $ 1,717.5 $ — $ — Collington acquisition — 143.4 Actual return on plan assets 201.6 264.6 — — Employer contributions 20.2 9.4 1.7 2.1 Plan participant contributions — — 0.5 0.7 Benefit payments (including settlements) (342.6 ) (200.1 ) (2.2 ) (2.8 ) Ending balance $ 1,814.0 $ 1,934.8 $ — $ — Components of net amount recognized in financial position: Other current liabilities $ (6.8 ) $ (6.0 ) $ (2.2 ) $ (1.8 ) Other long-term liabilities (531.0 ) (672.2 ) (24.7 ) (29.4 ) Funded status $ (537.8 ) $ (678.2 ) $ (26.9 ) $ (31.2 ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Amounts recognized in Accumulated other comprehensive income (loss) consisted of the following (in millions): Pension Other Post-Retirement Benefits February 24, February 25, February 24, 2018 February 25, 2017 Net actuarial gain $ (256.4 ) $ (142.8 ) $ (6.0 ) $ (1.6 ) Prior service cost 0.3 0.4 9.3 13.0 $ (256.1 ) $ (142.4 ) $ 3.3 $ 11.4 |
Schedule of Accumulated Benefit Obligation in Excess of Plan Assets | Information for the Company's pension plans, all of which have an accumulated benefit obligation in excess of plan assets as of February 24, 2018 and February 25, 2017 , is shown below (in millions): February 24, February 25, Projected benefit obligation $ 2,351.8 $ 2,613.0 Accumulated benefit obligation 2,349.6 2,572.0 Fair value of plan assets 1,814.0 1,934.8 |
Schedule of Components of Net Pension and Post-retirement Expense | The following table provides the components of net expense for the retirement plans and other changes in plan assets and benefit obligations recognized in Other comprehensive income (loss) (in millions): Pension Other Post-Retirement Benefits Fiscal Fiscal Fiscal Fiscal Components of net expense: Estimated return on plan assets $ (119.6 ) $ (123.9 ) $ — $ — Service cost 49.8 49.3 1.0 0.2 Interest cost 88.3 87.6 0.9 0.9 Amortization of prior service cost 0.1 — 3.7 2.5 Amortization of net actuarial loss (gain) 0.4 — (0.1 ) — Collington acquisition — 78.9 — — Gain due to settlement accounting (25.4 ) — — — Net (benefit) expense (6.4 ) 91.9 5.5 3.6 Changes in plan assets and benefit obligations recognized in Other comprehensive income (loss): Net actuarial gain (138.6 ) (118.5 ) (4.5 ) — Gain due to settlement accounting 25.4 — — — Amortization of net actuarial (loss) gain (0.4 ) — 0.1 — Prior service cost — 0.2 — 15.5 Amortization of prior service cost (0.1 ) — (3.7 ) (2.5 ) Total recognized in Other comprehensive income (loss) (113.7 ) (118.3 ) (8.1 ) 13.0 Total net expense and changes in plan assets and benefit obligations recognized in Other comprehensive income (loss) $ (120.1 ) $ (26.4 ) $ (2.6 ) $ 16.6 |
Schedule of Assumptions Used | The weighted average actuarial assumptions used to determine year-end projected benefit obligations for pension plans were as follows: February 24, February 25, Discount rate 4.12 % 4.21 % Rate of compensation increase 2.87 % 2.88 % The weighted average actuarial assumptions used to determine net periodic benefit costs for pension plans were as follows: February 24, February 25, Discount rate 4.21 % 4.25 % Expected return on plan assets: 6.40 % 6.96 % |
Schedule of Allocation of Plan Assets | The fair value of the Company's pension plan assets as of February 24, 2018 , excluding pending transactions of $87.4 million payable to an intermediary agent, by asset category are as follows (in millions): Fair Value Measurements Asset category Total Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs (Level 3) Assets Measured at NAV Cash and cash equivalents (1) $ 6.5 $ 1.5 $ 5.0 $ — $ — Short-term investment collective trust (2) 67.0 — 67.0 — — Common and preferred stock: (3) Domestic common and preferred stock 244.7 244.7 — — — International common stock 59.0 59.0 — — — Collective trust funds (2) 686.0 — 1.3 — 684.7 Corporate bonds (4) 118.7 — 118.7 — — Mortgage- and other asset-backed securities (5) 45.2 — 45.2 — — Mutual funds (6) 254.3 146.0 21.3 — 87.0 U.S. government securities (7) 354.5 — 354.5 — — Other securities (8) 65.5 0.1 26.6 — 38.8 Total $ 1,901.4 $ 451.3 $ 639.6 $ — $ 810.5 (1) The carrying value of these items approximates fair value. (2) These investments are valued based on the Net Asset Value ("NAV") of the underlying investments and are provided by the fund issuers. There are no unfunded commitments or redemption restrictions for these funds. Funds meeting the practical expedient are included in the Assets Measured at NAV column. (3) The fair value of common stock is based on the exchange quoted market prices. When quoted prices are not available for identical stock, an industry valuation model is used which maximizes observable inputs. (4) The fair value of corporate bonds is generally based on yields currently available on comparable securities of the same or similar issuers with similar credit ratings and maturities. When quoted prices are not available for identical or similar bonds, the fair value is based upon an industry valuation model, which maximizes observable inputs. (5) The fair value of mortgage- and other asset-backed securities is generally based on yields currently available on comparable securities of the same or similar issuers with similar credit ratings and maturities. When quoted prices are not available for comparable securities, the fair value is based upon an industry valuation model which maximizes observable inputs. (6) These investments are open-ended mutual funds that are registered with the Securities and Exchange Commission which are valued using the NAV. The NAV of the mutual funds is a published price in an active market. The NAV is determined once a day after the closing of the exchange based upon the underlying assets in the fund, less the fund's liabilities, expressed on a per-share basis. There are no unfunded commitments, or redemption restrictions for these funds, and the funds are required to transact at the published price. (7) The fair value of U.S. government securities is based on quoted market prices when available. When quoted prices are not available, the fair value of U.S. government securities is based on yields currently available on comparable securities or on an industry valuation model which maximizes observable inputs. (8) Level 2 Other securities, which consist primarily of U.S. municipal bonds, foreign government bonds and foreign agency securities are valued based on yields currently available on comparable securities of issuers with similar credit ratings. Also included in Other securities is a commingled fund valued based on the NAV of the underlying investments and is provided by the issuer and exchange-traded derivatives that are valued based on quoted prices in an active market for identical derivatives, assets and liabilities. Funds meeting the practical expedient are included in the Assets Measured at NAV column. Exchange-traded derivatives are valued based on quoted prices in an active market for identical derivatives assets and liabilities. Non-exchange-traded derivatives are valued using industry valuation models, which maximize observable inputs, such as interest-rate yield curve data, foreign exchange rates and applicable spot and forward rates. The fair value of the Company's pension plan assets as of February 25, 2017 , excluding pending transactions of $75.1 million payable to an intermediary agent, by asset category are as follows (in millions): Fair Value Measurements Asset category Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Measured at NAV Cash and cash equivalents (1) $ 13.4 $ 11.4 $ 2.0 $ — $ — Short-term investment collective trust (2) 43.7 — 43.7 — — Common and preferred stock: (3) Domestic common and preferred stock 307.1 307.1 — — — International common stock 66.2 66.2 — — — Collective trust funds (2) 757.3 — — — 757.3 Corporate bonds (4) 146.3 — 146.3 — — Mortgage- and other asset-backed securities (5) 60.4 — 60.4 — — Mutual funds (6) 184.9 166.4 18.5 — — U.S. government securities (7) 363.2 — 363.2 — — Other securities (8) 67.4 0.1 33.4 — 33.9 Total $ 2,009.9 $ 551.2 $ 667.5 $ — $ 791.2 (1) The carrying value of these items approximates fair value. (2) These investments are valued based on the NAV of the underlying investments and are provided by the fund issuers. There are no unfunded commitments or redemption restrictions for these funds. Funds meeting the practical expedient are included in the Assets Measured at NAV column. (3) The fair value of common stock is based on the exchange quoted market prices. When quoted prices are not available for identical stock, an industry valuation model is used which maximizes observable inputs. (4) The fair value of corporate bonds is generally based on yields currently available on comparable securities of the same or similar issuers with similar credit ratings and maturities. When quoted prices are not available for identical or similar bonds, the fair value is based upon an industry valuation model, which maximizes observable inputs. (5) The fair value of mortgage- and other asset-backed securities is generally based on yields currently available on comparable securities of the same or similar issuers with similar credit ratings and maturities. When quoted prices are not available for comparable securities, the fair value is based upon an industry valuation model which maximizes observable inputs. (6) These investments are open-ended mutual funds that are registered with the Securities and Exchange Commission which are valued using the NAV. The NAV of the mutual funds is a published price in an active market. The NAV is determined once a day after the closing of the exchange based upon the underlying assets in the fund, less the fund's liabilities, expressed on a per-share basis. There are no unfunded commitments, or redemption restrictions for these funds, and the funds are required to transact at the published price. (7) The fair value of U.S. government securities is based on quoted market prices when available. When quoted prices are not available, the fair value of U.S. government securities is based on yields currently available on comparable securities or on an industry valuation model which maximizes observable inputs. (8) Level 2 Other securities, which consist primarily of U.S. municipal bonds, foreign government bonds and foreign agency securities are valued based on yields currently available on comparable securities of issuers with similar credit ratings. Also included in Other securities is a commingled fund valued based on the NAV of the underlying investments and is provided by the issuer and exchange-traded derivatives that are valued based on quoted prices in an active market for identical derivatives, assets and liabilities. Funds meeting the practical expedient are included in the Assets Measured at NAV column. Exchange-traded derivatives are valued based on quoted prices in an active market for identical derivatives assets and liabilities. Non-exchange-traded derivatives are valued using industry valuation models, which maximize observable inputs, such as interest-rate yield curve data, foreign exchange rates and applicable spot and forward rates. The following table summarizes the actual allocations for the United Plan which had approximately $34 million in plan assets as of February 24, 2018 : Plan Assets Asset category Target (1) February 24, February 25, Equity 50% 50.1 % 51.0 % Fixed income 50% 47.9 % 31.0 % Cash and other —% 2.0 % 18.0 % Total 100% 100.0 % 100.0 % (1) The target market value of equity securities for the United Plan is 50% of plan assets. If the equity percentage exceeds 60% or drops below 40% , the asset allocation is adjusted to target. The following table summarizes actual allocations for the Safeway Plan which had $1.6 billion in plan assets as of February 24, 2018 : Plan Assets Asset category Target February 24, February 25, Equity 65% 65.0 % 63.1 % Fixed income 35% 35.5 % 36.2 % Cash and other —% (0.5 )% 0.7 % Total 100% 100.0 % 100.0 % The following table summarizes the actual allocations for the Shaw's Plan which had approximately $220 million in plan assets as of February 24, 2018 : Plan Assets Asset category Target February 24, February 25, Equity 65% 65.4 % 66.7 % Fixed income 35% 32.2 % 33.3 % Cash and other —% 2.4 % — % Total 100% 100.0 % 100.0 % |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service as appropriate, are expected to be paid (in millions): Pension Benefits Other Benefits 2018 $ 134.2 $ 2.3 2019 152.0 2.3 2020 154.5 2.1 2021 155.6 2.1 2022 157.2 2.0 2023 – 2027 783.2 8.5 |
Schedule of Multiemployer Plans | The following tables contain information about the Company's multiemployer plans: EIN - PN Pension Protection Act zone status (1) Company's 5% of total plan contributions FIP/RP status pending/implemented Pension fund 2017 2016 2016 2015 UFCW-Northern California Employers Joint Pension Trust Fund 946313554 - 001 Red Red Yes Yes Implemented Western Conference of Teamsters Pension Plan 916145047 - 001 Green Green No No No Southern California United Food & Commercial Workers Unions and Food Employers Joint Pension Plan (5) 951939092 - 001 Red Red Yes Yes Implemented Food Employers Labor Relations Association and United Food and Commercial Workers Pension Fund 526128473 - 001 Red Red Yes Yes Implemented Sound Retirement Trust (formerly Retail Clerks Pension Trust) (2) (7) 916069306 - 001 Red Red Yes Yes Implemented Bakery and Confectionery Union and Industry International Pension Fund 526118572 - 001 Red Red Yes Yes Implemented UFCW Union and Participating Food Industry Employers Tri-State Pension Fund 236396097 - 001 Red Red Yes Yes Implemented Rocky Mountain UFCW Unions & Employers Pension Plan 846045986 - 001 Green Green Yes Yes No UFCW Local 152 Retail Meat Pension Fund (6) 236209656 - 001 Red Red Yes Yes Implemented Desert States Employers & UFCW Unions Pension Plan 846277982 - 001 Green Green Yes Yes No UFCW International Union - Industry Pension Fund (6) 516055922 - 001 Green Green Yes No No Mid Atlantic Pension Fund 461000515 - 001 Green Green Yes Yes No Retail Food Employers and UFCW Local 711 Pension Trust Fund 516031512 - 001 Red Red Yes Yes Implemented Oregon Retail Employees Pension Trust 936074377 - 001 Green Green Yes Yes No Contributions of Company (in millions) Surcharge imposed (3) Expiration date of collective bargaining agreements Total collective bargaining agreements Most significant collective bargaining agreement(s)(4) Pension fund 2017 2016 2015 Count Expiration UFCW-Northern California Employers Joint Pension Trust Fund $ 110.2 $ 98.9 $ 90.2 No 8/29/2015 to 8/3/2019 59 52 10/13/2018 Western Conference of Teamsters Pension Plan 61.2 59.1 57.0 No 1/27/2018 to 7/8/2023 51 16 9/20/2020 Southern California United Food & Commercial Workers Unions and Food Employers Joint Pension Plan (5) 92.4 63.9 84.3 No 10/16/2016 to 3/3/2019 40 36 3/3/2019 Food Employers Labor Relations Association and United Food and Commercial Workers Pension Fund 20.4 33.8 19.7 No 10/16/2019 to 2/22/2020 19 16 10/26/2019 Sound Retirement Trust (formerly Retail Clerks Pension Trust) (2) (7) 32.1 33.1 22.3 No 9/20/2017 to 1/15/2021 116 22 5/4/2019 Bakery and Confectionery Union and Industry International Pension Fund 16.6 17.1 15.7 No 9/3/2011 to 4/10/2021 90 19 4/10/2021 UFCW Union and Participating Food Industry Employers Tri-State Pension Fund 15.8 16.7 14.8 No 1/31/2018 to 1/25/2022 4 1 1/31/2018 Rocky Mountain UFCW Unions & Employers Pension Plan 10.8 11.0 10.6 No 6/9/2018 to 11/23/2019 87 16 1/12/2019 UFCW Local 152 Retail Meat Pension Fund (6) 11.0 10.8 9.1 No 5/5/2016 to 5/2/2020 2 2 5/2/2020 Desert States Employers & UFCW Unions Pension Plan 9.3 9.1 9.1 No 11/3/2018 to 10/24/2020 13 2 10/24/2020 UFCW International Union - Industry Pension Fund (6) 12.4 8.6 7.8 No 6/9/2018 to 10/24/2020 12 6 6/9/2018 Mid Atlantic Pension Fund 6.8 6.9 6.6 No 10/26/2019 to 2/22/2020 19 16 10/26/2019 Retail Food Employers and UFCW Local 711 Pension Trust Fund 6.6 5.4 5.8 No 4/9/2017 to 3/3/2019 7 2 3/3/2019 Oregon Retail Employees Pension Trust 6.6 2.3 5.5 No 9/1/2016 to 12/6/2019 85 22 8/4/2018 Other funds 19.0 22.4 21.3 Total Company contributions to U.S. multiemployer pension plans $ 431.2 $ 399.1 $ 379.8 (1) PPA established three categories (or "zones") of plans: (1) "Green Zone" for healthy; (2) "Yellow Zone" for endangered; and (3) "Red Zone" for critical. These categories are based upon the funding ratio of the plan assets to plan liabilities. In general, Green Zone plans have a funding ratio greater than 80%, Yellow Zone plans have a funding ratio between 65% - 79%, and Red Zone plans have a funding ratio less than 65%. (2) Sound Retirement Trust information includes former Washington Meat Industry Pension Trust due to merger into Sound Retirement Trust, effective June 30, 2014. (3) Under the PPA, a surcharge may be imposed when employers make contributions under a collective bargaining agreement that is not in compliance with a rehabilitation plan. As of February 24, 2018 , the collective bargaining agreements under which the Company was making contributions were in compliance with rehabilitation plans adopted by the applicable pension fund. (4) These columns represent the number of most significant collective bargaining agreements aggregated by common expiration dates for each of the Company's pension funds listed above. (5) The information for this fund was obtained from the Form 5500 filed for the plan's year-end at March 31, 2017 and March 31, 2016. (6) The information for this fund was obtained from the Form 5500 filed for the plan's year-end at June 30, 2016 and June 30, 2015. (7) The information for this fund was obtained from the Form 5500 filed for the plan's year-end at September 30, 2016 and September 30, 2015. |
Related Parties and Other Rel35
Related Parties and Other Relationships (Tables) | 12 Months Ended |
Feb. 24, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Activities | Activities with SuperValu that are included in the Consolidated Statements of Operations and Comprehensive Income (Loss) consisted of the following (in millions): Fiscal Fiscal Fiscal Supply agreements included in Cost of sales $ 1,674.7 $ 1,749.1 $ 1,496.6 Selling and administrative expenses 119.4 157.1 190.6 Total $ 1,794.1 $ 1,906.2 $ 1,687.2 |
Other Comprehensive Income or36
Other Comprehensive Income or Loss (Tables) | 12 Months Ended |
Feb. 24, 2018 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Changes in the Accumulated Other Comprehensive Income or Loss | Changes in the AOCI balance by component are shown below (in millions): Fiscal 2017 Total Interest rate swaps Pension and Post-retirement benefit plan items Foreign currency translation adjustments Other Beginning AOCI balance $ (12.8 ) $ (28.1 ) $ 79.7 $ (66.1 ) $ 1.7 Other comprehensive income before reclassifications 207.0 33.7 143.1 23.7 6.5 Amounts reclassified from Accumulated other comprehensive income 90.9 32.4 (21.3 ) 84.9 (5.1 ) Tax expense (94.0 ) (19.1 ) (29.6 ) (43.6 ) (1.7 ) Current-period other comprehensive income (loss), net 203.9 47.0 92.2 65.0 (0.3 ) Ending AOCI balance $ 191.1 $ 18.9 $ 171.9 $ (1.1 ) $ 1.4 Fiscal 2016 Total Interest rate swaps Pension and Post-retirement benefit plan items Foreign currency translation adjustments Other Beginning AOCI balance $ (112.7 ) $ (67.5 ) $ (2.3 ) $ (45.6 ) $ 2.7 Other comprehensive income (loss) before reclassifications 68.6 1.4 102.8 (34.2 ) (1.4 ) Amounts reclassified from Accumulated other comprehensive income 53.0 50.5 2.5 — — Tax (expense) benefit (21.7 ) (12.5 ) (23.3 ) 13.7 0.4 Current-period other comprehensive income (loss), net 99.9 39.4 82.0 (20.5 ) (1.0 ) Ending AOCI balance $ (12.8 ) $ (28.1 ) $ 79.7 $ (66.1 ) $ 1.7 |
Quarterly Information (unaudi37
Quarterly Information (unaudited) (Tables) | 12 Months Ended |
Feb. 24, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Data | The summarized quarterly financial data presented below reflects all adjustments, which in the opinion of management, are of a normal and recurring nature and are necessary for a fair statement of the results for the interim periods presented (in millions): Fiscal 2017 52 Last 12 Third 12 Second 12 First 16 Net sales and other revenue $ 59,924.6 $ 14,033.7 $ 13,599.2 $ 13,831.7 $ 18,460.0 Gross profit 16,361.1 3,948.3 3,624.6 3,729.7 5,058.5 Operating (loss) income (4.9 ) 213.3 (95.0 ) (213.8 ) 90.6 (Loss) income before income taxes (917.5 ) 15.3 (305.4 ) (422.9 ) (204.5 ) Income tax (benefit) expense (963.8 ) (373.0 ) (523.5 ) (67.7 ) 0.4 Net income (loss) $ 46.3 $ 388.3 $ 218.1 $ (355.2 ) $ (204.9 ) Net loss for the second twelve weeks of fiscal 2017 includes a goodwill impairment charge of $142.3 million . Net income during fiscal 2017 includes additional asset impairment charges of $100.9 million . Net income in the third twelve weeks of fiscal 2017 includes a non-cash income tax benefit of $359.0 million related to the release of substantially all of NALP's valuation allowance associated with the Reorganization Transactions. Fiscal 2017 reflects a non-cash income tax benefit of $218.0 million related to the release of substantially all of NALP's valuation allowance, a difference of $141.0 million due to additional valuation allowance recorded for the first three quarters of fiscal 2017 through the date of the Reorganization Transactions. Net income for the last twelve weeks of fiscal 2017 includes a net non-cash income tax benefit of $430.4 million as a result of the reduction in net deferred tax liabilities due to the lower corporate income tax rate from the enactment of the Tax Cuts and Jobs Act, partially offset by an increase of $46.7 million in net deferred tax liabilities from the Company's limited liability companies related to the Reorganization Transactions. Fiscal 2016 52 Last 12 Third 12 Second 12 First 16 Net sales and other revenue $ 59,678.2 $ 13,816.6 $ 13,613.8 $ 13,856.1 $ 18,391.7 Gross profit 16,640.5 3,933.8 3,819.8 3,765.9 5,121.0 Operating income 640.5 186.0 153.9 101.2 199.4 Loss before income taxes (463.6 ) (45.3 ) (32.1 ) (276.7 ) (109.5 ) Income tax (benefit) expense (90.3 ) (79.9 ) 4.1 (38.6 ) 24.1 Net (loss) income $ (373.3 ) $ 34.6 $ (36.2 ) $ (238.1 ) $ (133.6 ) Net loss for the first twelve weeks of fiscal 2016 includes losses of $78.9 million in pension expense, net related to the Collington acquisition, and gains related to the sale of surplus properties of $43.5 million . Net loss for the second twelve weeks of fiscal 2016 includes a loss on extinguishment of debt of $111.7 million . |
Description of Business, Basi38
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies - Description of business (Details) | Feb. 24, 2018facilitystore |
Property, Plant and Equipment [Line Items] | |
Number of retail food and drug stores | store | 2,318 |
Fuel centers | |
Property, Plant and Equipment [Line Items] | |
Number of facilities | 397 |
Distribution centers | |
Property, Plant and Equipment [Line Items] | |
Number of facilities | 23 |
Manufacturing facilities | |
Property, Plant and Equipment [Line Items] | |
Number of facilities | 20 |
Description of Business, Basi39
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies - Cash and cash equivalents (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Feb. 25, 2017 | Feb. 24, 2018 | Feb. 25, 2017 | Feb. 27, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and cash equivalents related to credit and debit card | $ 312.1 | $ 315.8 | $ 312.1 | |
Cash and Cash Equivalents [Line Items] | ||||
Increase in cash and cash equivalents | (548.9) | 639.5 | $ (546.1) | |
Increase in net cash provided by operating activities | 1,018.8 | 1,813.5 | $ 901.6 | |
Restricted Cash | 9.9 | $ 10.5 | 9.9 | |
Corrected classification of certain book overdrafts | Adjustment | ||||
Cash and Cash Equivalents [Line Items] | ||||
Increase in cash and cash equivalents | 139.2 | |||
Increase in accounts payable | $ 139.2 | |||
Increase in net cash provided by operating activities | $ 139.2 |
Description of Business, Basi40
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies - Inventories (Details) - USD ($) $ in Millions | 12 Months Ended | |
Feb. 24, 2018 | Feb. 25, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Percentage of LIFO inventory | 86.10% | 87.40% |
Inventory, LIFO Reserve | $ 117.1 | $ 114.1 |
Effect of LIFO inventory liquidation on income | $ 16.7 |
Description of Business, Basi41
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies - Property and equipment, intangible assets and goodwill (Details) | 12 Months Ended |
Feb. 24, 2018 | |
Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated economic life (Years) | 5 years |
Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated economic life (Years) | 40 years |
Buildings | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life of property and equipment | 7 years |
Buildings | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life of property and equipment | 40 years |
Leasehold improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life of property and equipment | 10 years |
Leasehold improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life of property and equipment | 20 years |
Fixtures and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life of property and equipment | 3 years |
Fixtures and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life of property and equipment | 15 years |
Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life of property and equipment | 6 years |
Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life of property and equipment | 25 years |
Description of Business, Basi42
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies - Investment in Unconsolidated Affiliates (Details) $ / shares in Units, $ in Millions, $ in Billions | Nov. 16, 2017USD ($)store | Feb. 24, 2018USD ($)$ / shares | Dec. 02, 2017USD ($) | Feb. 24, 2018USD ($) | Feb. 25, 2017USD ($) | Feb. 27, 2016USD ($) | Feb. 20, 2018USD ($) | Feb. 20, 2018MXN ($) |
Schedule of Equity Method Investments [Line Items] | ||||||||
Income from unconsolidated affiliates | $ 13.3 | $ 17.5 | $ 14.4 | |||||
Payment of Casa Ley contingent value right | $ 222 | $ 0 | $ 0 | |||||
El Rancho Supermercado | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of stores acquired | store | 16 | |||||||
Total purchase consideration | $ 100 | |||||||
Payment to acquire businesses | 70 | |||||||
Amount of equity interest issued or issuable in a business combination | $ 30 | |||||||
Percentage of equity interest acquired | 45.00% | |||||||
Remaining equity interest under contractual right to purchase, percent | 55.00% | |||||||
Held-for-sale | Casa Ley | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Amount of consideration to be received or receivable in asset disposal | $ 348 | $ 6.5 | ||||||
Loss on disposal of equity method investment | $ 25 | |||||||
Contingent consideration | Casa Ley | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Payment of Casa Ley contingent value right | $ 222 | |||||||
Distribution made in cash per Casa Ley CVR (dollars per share) | $ / shares | $ 0.934 |
Description of Business, Basi43
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies - Company-owned life insurance and self-insurance liabilities (Details) - USD ($) | 12 Months Ended | |
Feb. 24, 2018 | Feb. 25, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Cash surrender value of life insurance | $ 170,900,000 | $ 185,100,000 |
Balance of company-owned life insurance | 103,400,000 | 114,400,000 |
Schedule of Self Insurance Liability [Line Items] | ||
Deposits for workers' compensation and automobile claims | 13,100,000 | 14,900,000 |
Minimum | ||
Schedule of Self Insurance Liability [Line Items] | ||
Stop-loss threshold amount for self-insurance | 500,000 | |
Maximum | ||
Schedule of Self Insurance Liability [Line Items] | ||
Stop-loss threshold amount for self-insurance | 5,000,000 | |
Receivables, net | ||
Schedule of Self Insurance Liability [Line Items] | ||
Reinsurance receivables | 21,700,000 | 26,000,000 |
Other assets | ||
Schedule of Self Insurance Liability [Line Items] | ||
Reinsurance receivables | $ 62,400,000 | $ 50,000,000 |
Description of Business, Basi44
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of self insurance liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Feb. 24, 2018 | Feb. 25, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Beginning balance | $ 1,264.9 | $ 1,320.8 |
Expense | 314.4 | 281.7 |
Claim payments | (287.6) | (279.6) |
Other reductions | (74) | (58) |
Ending balance | 1,217.7 | 1,264.9 |
Less current portion | (296) | (293.3) |
Long-term portion | $ 921.7 | $ 971.6 |
Description of Business, Basi45
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies - Deferred gains on leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 24, 2018 | Feb. 25, 2017 | Feb. 27, 2016 | |
Sale Leaseback Transaction [Line Items] | |||
Amount of amortization of deferred gains from sale leaseback | $ 50.3 | $ 37 | $ 12.7 |
Other current liabilities | |||
Sale Leaseback Transaction [Line Items] | |||
Up-front funds upon sublease or assignment of existing leases | 13.9 | 14.4 | |
Deferred gain from sale leaseback | 62.4 | 44.7 | |
Other long-term liabilities | |||
Sale Leaseback Transaction [Line Items] | |||
Up-front funds upon sublease or assignment of existing leases | 58.6 | 72.7 | |
Deferred gain from sale leaseback | $ 482.2 | $ 194.7 |
Description of Business, Basi46
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies - Revenue recognition and costs of sales and vendor allowances (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 24, 2018 | Feb. 25, 2017 | Feb. 27, 2016 | |
Deferred Revenue Arrangement [Line Items] | |||
Reduction of inventory due to vendor allowances | $ 60.6 | $ 72.2 | |
Advertising expense | 497.5 | 502.4 | $ 475.8 |
Cooperative advertising allowances | $ 81.1 | $ 71.9 | $ 36.2 |
Minimum | |||
Deferred Revenue Arrangement [Line Items] | |||
Gift cards breakage period | 2 years | ||
Maximum | |||
Deferred Revenue Arrangement [Line Items] | |||
Gift cards breakage period | 5 years |
Description of Business, Basi47
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies - Segments (Details) | 12 Months Ended |
Feb. 24, 2018divisionstore_formatsegment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | segment | 1 |
Number of divisions | division | 13 |
Number of store format | store_format | 1 |
Description of Business, Basi48
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies - Sales Revenue by Similar Products (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||
Feb. 24, 2018 | Dec. 02, 2017 | Sep. 09, 2017 | Feb. 25, 2017 | Dec. 03, 2016 | Sep. 10, 2016 | Jun. 17, 2017 | Jun. 18, 2016 | Feb. 24, 2018 | Feb. 25, 2017 | Feb. 27, 2016 | |
Concentration Risk [Line Items] | |||||||||||
Net sales and other revenue | $ 14,033.7 | $ 13,599.2 | $ 13,831.7 | $ 13,816.6 | $ 13,613.8 | $ 13,856.1 | $ 18,460 | $ 18,391.7 | $ 59,924.6 | $ 59,678.2 | $ 58,734 |
Sales Revenue, Product Line | Product Concentration Risk | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Net sales and other revenue | $ 59,924.6 | $ 59,678.2 | $ 58,734 | ||||||||
Percentage of total net sales and other revenue | 100.00% | 100.00% | 100.00% | ||||||||
Non-Perishables | Sales Revenue, Product Line | Product Concentration Risk | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Net sales and other revenue | $ 26,522 | $ 26,699.2 | $ 26,283.9 | ||||||||
Percentage of total net sales and other revenue | 44.30% | 44.70% | 44.80% | ||||||||
Perishables | Sales Revenue, Product Line | Product Concentration Risk | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Net sales and other revenue | $ 24,583.7 | $ 24,398.5 | $ 23,661.4 | ||||||||
Percentage of total net sales and other revenue | 41.00% | 40.90% | 40.30% | ||||||||
Pharmacy | Sales Revenue, Product Line | Product Concentration Risk | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Net sales and other revenue | $ 5,002.6 | $ 5,119.2 | $ 5,073 | ||||||||
Percentage of total net sales and other revenue | 8.30% | 8.60% | 8.60% | ||||||||
Fuel | Sales Revenue, Product Line | Product Concentration Risk | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Net sales and other revenue | $ 3,104.6 | $ 2,693.4 | $ 2,954.8 | ||||||||
Percentage of total net sales and other revenue | 5.20% | 4.50% | 5.00% | ||||||||
Other | Sales Revenue, Product Line | Product Concentration Risk | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Net sales and other revenue | $ 711.7 | $ 767.9 | $ 760.9 | ||||||||
Percentage of total net sales and other revenue | 1.20% | 1.30% | 1.30% |
Acquisitions - Rite Aid Merger
Acquisitions - Rite Aid Merger (Details) | Feb. 18, 2018USD ($)$ / shares | Feb. 24, 2018USD ($) |
Bridge loan | ||
Business Acquisition [Line Items] | ||
Maximum borrowing capacity | $ 500,000,000 | |
Best-Efforts ABL Facility | Revolving credit facility | Line of credit | ||
Business Acquisition [Line Items] | ||
Amount of current commitments | 4,700,000,000 | |
Maximum borrowing capacity | 5,000,000,000 | |
Asset-Based Loan Facility | Line of credit | ||
Business Acquisition [Line Items] | ||
Maximum borrowing capacity | $ 4,000,000,000 | |
Asset-Based Loan Facility | Revolving credit facility | Line of credit | ||
Business Acquisition [Line Items] | ||
Additional borrowing capacity | 1,000,000,000 | |
New Asset- Based Loan Facility | Revolving credit facility | Line of credit | ||
Business Acquisition [Line Items] | ||
Maximum borrowing capacity | $ 1,500,000,000 | |
Rite Aid | ||
Business Acquisition [Line Items] | ||
Conversion ratio in a merger | 0.1000 | |
Cash payment to Rite Aid common stockholder (in dollars per share) | $ / shares | $ 0.1832 | |
Conversion ratio for common stockholders without cash payment | 0.0079 |
Acquisitions - Fiscal 2017 Acqu
Acquisitions - Fiscal 2017 Acquisitions (Details) - USD ($) $ in Millions | Sep. 20, 2017 | May 31, 2017 | Feb. 24, 2018 | Feb. 25, 2017 | Feb. 27, 2016 | |
Business Acquisition [Line Items] | ||||||
Net cash paid for acquisitions | [1] | $ 148.8 | $ 220.6 | $ 710.8 | ||
Goodwill | $ 1,183.3 | $ 1,167.8 | $ 1,131.1 | |||
Plated | ||||||
Business Acquisition [Line Items] | ||||||
Total purchase consideration | $ 219.5 | |||||
Net cash paid for acquisitions | 117.3 | |||||
Intangible assets | 67.1 | |||||
Goodwill | 146.2 | |||||
Acquisition related costs | 6.3 | |||||
MedCart | ||||||
Business Acquisition [Line Items] | ||||||
Total purchase consideration | $ 34.5 | |||||
Goodwill expected to be deductible for tax purposes | 11.6 | |||||
Deferred consideration | Plated | ||||||
Business Acquisition [Line Items] | ||||||
Deferred consideration to be paid over three years | $ 50 | |||||
Deferred consideration payment period | 3 years | |||||
Earn-out | Plated | ||||||
Business Acquisition [Line Items] | ||||||
Potential additional consideration related to earn-out agreement | $ 125 | |||||
Earn-out period for contingent consideration | 3 years | |||||
Earn-out | MedCart | ||||||
Business Acquisition [Line Items] | ||||||
Potential additional consideration related to earn-out agreement | $ 17.2 | |||||
Earn-out period for contingent consideration | 3 years | |||||
Fair value | Deferred consideration | Plated | ||||||
Business Acquisition [Line Items] | ||||||
Deferred consideration to be paid over three years | $ 42.1 | |||||
Fair value | Earn-out | Plated | ||||||
Business Acquisition [Line Items] | ||||||
Deferred consideration to be paid over three years | $ 60.1 | |||||
[1] | Business acquisitions, net of cash acquired during the 52 weeks ended February 27, 2016 primarily related to consideration paid in connection with the A&P Transaction and Haggen Transaction in addition to incremental consideration related to the Safeway acquisition |
Acquisitions - Schedule of Fair
Acquisitions - Schedule of Fair Value Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Nov. 17, 2015 | Feb. 24, 2018 | Feb. 25, 2017 | Jun. 02, 2016 | Feb. 27, 2016 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 1,183.3 | $ 1,167.8 | $ 1,131.1 | ||
Haggen Transaction | |||||
Business Acquisition [Line Items] | |||||
Inventory | $ 31.8 | ||||
Other current assets | 2.5 | ||||
Property and equipment | 89.9 | ||||
Intangible assets | 31.4 | ||||
Total assets acquired | 155.6 | ||||
Capital lease obligations | 35.2 | ||||
Other long-term liabilities | 22.7 | ||||
Total liabilities assumed | 57.9 | ||||
Net assets purchased | 97.7 | ||||
Goodwill | 16.1 | ||||
Total purchase consideration | $ 113.8 | ||||
A&P Transaction | |||||
Business Acquisition [Line Items] | |||||
Current assets, including $1.7 million in acquired cash | $ 51.1 | ||||
Property and equipment | 133.9 | ||||
Intangible assets | 67.1 | ||||
Total assets acquired | 252.1 | ||||
Current liabilities | 2.3 | ||||
Capital lease obligations | 71.7 | ||||
Other long-term liabilities | 16.2 | ||||
Total liabilities assumed | 90.2 | ||||
Net assets purchased | 161.9 | ||||
Goodwill | 130.8 | ||||
Total purchase consideration | 292.7 | ||||
Cash acquired | $ 1.7 |
Acquisitions - Fiscal 2016 Acqu
Acquisitions - Fiscal 2016 Acquisitions (Details) $ in Millions | Mar. 25, 2016USD ($)store | Feb. 27, 2016USD ($)store | Feb. 24, 2018USD ($) | Feb. 25, 2017USD ($) | Feb. 27, 2016USD ($) | Jun. 02, 2016USD ($) | |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 1,131.1 | $ 1,183.3 | $ 1,167.8 | $ 1,131.1 | |||
Net cash paid for acquisitions | [1] | 148.8 | 220.6 | $ 710.8 | |||
Goodwill acquired during period | $ 157.8 | 36.7 | |||||
Haggen Transaction | |||||||
Business Acquisition [Line Items] | |||||||
Number of stores acquired | store | 29 | ||||||
Number of stores acquired that were sold to Haggen previously | store | 15 | 35 | |||||
Total purchase consideration | $ 113.8 | $ 32.6 | |||||
Goodwill | $ 16.1 | ||||||
Goodwill expected to be deductible for tax purposes | $ 16.1 | ||||||
Individually immaterial business acquisitions | |||||||
Business Acquisition [Line Items] | |||||||
Net cash paid for acquisitions | 106.8 | ||||||
Goodwill acquired during period | $ 20.6 | ||||||
[1] | Business acquisitions, net of cash acquired during the 52 weeks ended February 27, 2016 primarily related to consideration paid in connection with the A&P Transaction and Haggen Transaction in addition to incremental consideration related to the Safeway acquisition |
Acquisitions - Fiscal 2015 Acqu
Acquisitions - Fiscal 2015 Acquisitions (Details) $ in Millions | Mar. 25, 2016USD ($)store | Nov. 17, 2015USD ($)store | Feb. 27, 2016USD ($)store | Jan. 03, 2015store | Feb. 27, 2016USD ($) | Feb. 24, 2018USD ($) | Feb. 25, 2017USD ($) | Jun. 02, 2016USD ($) |
Business Acquisition [Line Items] | ||||||||
Number of stores sold | store | 168 | |||||||
Goodwill | $ 1,131.1 | $ 1,131.1 | $ 1,183.3 | $ 1,167.8 | ||||
Haggen Transaction | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of stores acquired that were sold to Haggen previously | store | 15 | 35 | ||||||
Total purchase consideration | $ 113.8 | $ 32.6 | ||||||
Number of stores acquired | store | 29 | |||||||
Goodwill | $ 16.1 | |||||||
Goodwill expected to be deductible for tax purposes | $ 16.1 | |||||||
A&P Transaction | ||||||||
Business Acquisition [Line Items] | ||||||||
Total purchase consideration | $ 292.7 | |||||||
Number of stores acquired | store | 73 | |||||||
Goodwill | $ 130.8 | |||||||
Goodwill expected to be deductible for tax purposes | $ 130.8 | |||||||
Acquisition related costs | $ 11.1 | |||||||
Haggen | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of stores sold | store | 146 |
Acquisitions - Schedule of Iden
Acquisitions - Schedule of Identifiable Intangible Assets Acquired (Details) - A&P Transaction $ in Millions | Nov. 17, 2015USD ($) |
Business Acquisition [Line Items] | |
Total finite intangible assets | $ 65.9 |
Indefinite lived intangible assets | 1.2 |
Intangible assets | 67.1 |
Beneficial lease rights | |
Business Acquisition [Line Items] | |
Total finite intangible assets | 44 |
Customer lists, including prescription files | |
Business Acquisition [Line Items] | |
Total finite intangible assets | 19.4 |
Other intangibles | |
Business Acquisition [Line Items] | |
Total finite intangible assets | $ 2.5 |
Lease Exit Costs and Properti55
Lease Exit Costs and Properties Held for Sale - Schedule of Lease Exit Cost Reserves (Details) - Contract termination - USD ($) $ in Millions | 12 Months Ended | |
Feb. 24, 2018 | Feb. 25, 2017 | |
Restructuring Reserve [Roll Forward] | ||
Beginning balance | $ 44.4 | $ 49.7 |
Additions | 32.7 | 14.7 |
Payments | (17.9) | (15.8) |
Disposals | (1) | (4.2) |
Ending balance | $ 58.2 | $ 44.4 |
Lease Exit Costs and Properti56
Lease Exit Costs and Properties Held for Sale - Narrative (Details) $ in Millions | 4 Months Ended | 12 Months Ended | ||
Jun. 18, 2016USD ($)property | Jan. 03, 2015store | Feb. 24, 2018USD ($)propertystore | Feb. 25, 2017store | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of closed stores | store | 26 | 40 | ||
Number of properties sold and leaseback | property | 94 | |||
Aggregate purchase price, exclusive of closing costs | $ 962 | |||
Lease term of sale-leaseback | 20 years | |||
Renewal lease term options for sale leaseback transaction | 5 years | |||
Annual rental payment | $ 65 | |||
Annual rental payment increase period one | 1 year | |||
Annual rental payment increase period two | 5 years | |||
Sale leaseback transaction, number of qualifying stores | store | 80 | |||
Gross deferred gain on sale leaseback | $ 360.1 | |||
Sale leaseback transaction, number of stores not qualifying | store | 14 | |||
Financing liability | $ 133.4 | |||
Number of distribution centers sold | store | 168 | |||
Distribution centers | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Aggregate purchase price, exclusive of closing costs | $ 237.3 | |||
Gross deferred gain on sale leaseback | $ 97.4 | |||
Number of distribution centers sold | property | 2 | |||
Operating lease period | 36 months |
Lease Exit Costs and Properti57
Lease Exit Costs and Properties Held for Sale - Schedule of Assets and Liabilities Held for Sale (Details) - Held-for-sale - USD ($) $ in Millions | 12 Months Ended | |
Feb. 24, 2018 | Feb. 25, 2017 | |
Assets held for sale: | ||
Beginning balance | $ 3.1 | $ 4.6 |
Transfers in | 295.5 | 7.9 |
Disposals | (268.7) | (9.4) |
Ending balance | 29.9 | 3.1 |
Liabilities held for sale: | ||
Beginning balance | 15.4 | 27.1 |
Transfers in | 0 | 1.9 |
Disposals | (4.9) | (13.6) |
Ending balance | $ 10.5 | $ 15.4 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Millions | Feb. 24, 2018 | Feb. 25, 2017 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 15,505.4 | $ 15,039.9 |
Accumulated depreciation and amortization | (4,735.1) | (3,528.1) |
Total property and equipment, net | 10,770.3 | 11,511.8 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 2,624.7 | 2,782.5 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 5,407.9 | 5,637.7 |
Property under construction | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 579.3 | 550.7 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,367.5 | 1,278.8 |
Fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 4,488.9 | 3,737.5 |
Buildings under capital leases | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 1,037.1 | $ 1,052.7 |
Property and Equipment - Narrat
Property and Equipment - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 24, 2018 | Feb. 25, 2017 | Feb. 27, 2016 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 1,330.5 | $ 1,245.5 | $ 1,096.2 |
Amortization expense | 120.2 | 144.5 | 137.1 |
Asset impairment charges | $ 78.8 | $ 39.5 | $ 35.9 |
Goodwill and Intangible Asset60
Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 09, 2017 | Feb. 24, 2018 | Feb. 25, 2017 | Feb. 27, 2016 | |
Goodwill [Roll Forward] | ||||
Balance at beginning of year | $ 1,167,800,000 | $ 1,131,100,000 | ||
Acquisitions and related adjustments | 157,800,000 | 36,700,000 | ||
Impairment | $ (142,300,000) | (142,300,000) | 0 | $ 0 |
Balance at end of year | $ 1,183,300,000 | $ 1,167,800,000 | $ 1,131,100,000 |
Goodwill and Intangible Asset61
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Feb. 24, 2018 | Feb. 25, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 4,929.3 | $ 4,787.5 |
Accumulated amortization | (1,862.1) | (1,360.4) |
Net | 3,067.2 | 3,427.1 |
Liquor licenses and restricted covenants | 75.3 | 70.7 |
Total intangible assets, gross | 5,004.6 | 4,858.2 |
Total intangible assets, net | $ 3,142.5 | 3,497.8 |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives (Years) | 40 years | |
Gross carrying amount | $ 1,965.2 | 1,910.9 |
Accumulated amortization | (177.2) | (123.4) |
Net | $ 1,788 | 1,787.5 |
Beneficial lease rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives (Years) | 12 years | |
Gross carrying amount | $ 918.3 | 936.1 |
Accumulated amortization | (355.7) | (280.6) |
Net | $ 562.6 | 655.5 |
Customer prescription files | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives (Years) | 5 years | |
Gross carrying amount | $ 1,486.4 | 1,468.4 |
Accumulated amortization | (1,078.1) | (784.4) |
Net | $ 408.3 | 684 |
Covenants not to compete | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives (Years) | 5 years | |
Gross carrying amount | $ 4.3 | 3.5 |
Accumulated amortization | (2.5) | (1.9) |
Net | $ 1.8 | 1.6 |
Specialty accreditation | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives (Years) | 6 years | |
Gross carrying amount | $ 18 | 0 |
Accumulated amortization | (2.3) | 0 |
Net | $ 15.7 | 0 |
Internally developed software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated useful lives (Years) | 5 years | |
Gross carrying amount | $ 537.1 | 468.6 |
Accumulated amortization | (246.3) | (170.1) |
Net | $ 290.8 | $ 298.5 |
Goodwill and Intangible Asset62
Goodwill and Intangible Assets - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 09, 2017 | Feb. 24, 2018 | Feb. 25, 2017 | Feb. 27, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill impairment | $ 142,300,000 | $ 142,300,000 | $ 0 | $ 0 |
Amortization of intangible assets | 525,200,000 | 512,700,000 | 497,600,000 | |
Impairment of intangible assets | 22,100,000 | 7,100,000 | 4,300,000 | |
Loss related to information technology with the development of a new digital platform | 12,800,000 | |||
Unfavorable off market lease | 440,100,000 | 532,800,000 | ||
Amortization of unfavorable operating leases | $ 77,800,000 | $ 97,900,000 | $ 117,200,000 |
Goodwill and Intangible Asset63
Goodwill and Intangible Assets - Schedule Future Amortization Expense (Details) - USD ($) $ in Millions | Feb. 24, 2018 | Feb. 25, 2017 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2,018 | $ 504.3 | |
2,019 | 385.8 | |
2,020 | 185.1 | |
2,021 | 159.8 | |
2,022 | 131.8 | |
Thereafter | 1,700.4 | |
Net | $ 3,067.2 | $ 3,427.1 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value (Details) - Recurring - USD ($) $ in Millions | Feb. 24, 2018 | Feb. 25, 2017 |
Assets: | ||
Short-term investments | $ 24.5 | $ 21.6 |
Non-current investments | 91.2 | 97.5 |
Total | 313.7 | 715.1 |
Liabilities: | ||
Derivative contracts | 11.8 | 103.7 |
Contingent consideration | 60 | 281 |
Total | 71.8 | 384.7 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Short-term investments | 22.1 | 19.4 |
Non-current investments | 40.2 | 45.6 |
Total | 260.3 | 661 |
Liabilities: | ||
Derivative contracts | 0 | 0 |
Contingent consideration | 0 | 0 |
Total | 0 | 0 |
Significant Observable Inputs (Level 2) | ||
Assets: | ||
Short-term investments | 2.4 | 2.2 |
Non-current investments | 51 | 51.9 |
Total | 53.4 | 54.1 |
Liabilities: | ||
Derivative contracts | 11.8 | 103.7 |
Contingent consideration | 0 | 0 |
Total | 11.8 | 103.7 |
Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Short-term investments | 0 | 0 |
Non-current investments | 0 | 0 |
Total | 0 | 0 |
Liabilities: | ||
Derivative contracts | 0 | 0 |
Contingent consideration | 60 | 281 |
Total | 60 | 281 |
Money market | ||
Assets: | ||
Money market | 198 | 596 |
Money market | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Money market | 198 | 596 |
Money market | Significant Observable Inputs (Level 2) | ||
Assets: | ||
Money market | 0 | 0 |
Money market | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Money market | $ 0 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 09, 2017 | Feb. 24, 2018 | Feb. 25, 2017 | Feb. 27, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Goodwill impairment | $ 142,300,000 | $ 142,300,000 | $ 0 | $ 0 |
Asset impairment charges, excluding goodwill impairment | 100,900,000 | 46,600,000 | 40,200,000 | |
Fair value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total debt amount | 10,603,400,000 | 11,882,800,000 | ||
Carrying value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total debt amount | 11,340,500,000 | 11,812,100,000 | ||
Contingent consideration | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Estimated fair value of CVR obligation | $ 60,000,000 | $ 281,000,000 | $ 269,900,000 |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation of Level 3 Liabilities (Details) - Contingent consideration - USD ($) $ in Millions | 12 Months Ended | |
Feb. 24, 2018 | Feb. 25, 2017 | |
A reconciliation of the beginning and ending balances of Level 3 liabilities | ||
Beginning balance | $ 281 | $ 269.9 |
Plated acquisition | 60.1 | 0 |
Change in fair value | (50.9) | 16 |
Payments | (230.2) | (4.9) |
Ending balance | $ 60 | $ 281 |
Derivative Financial Instrume67
Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions | Dec. 23, 2016 | Feb. 24, 2018 | Feb. 25, 2017 | Dec. 22, 2016 | Jan. 30, 2015 |
Interest rate swaps | |||||
Derivative [Line Items] | |||||
Aggregate notional amounts of interest swaps | $ 3,110 | $ 3,968.6 | |||
Deal-contingent swap | |||||
Derivative [Line Items] | |||||
Fair value of interest rate swaps | $ 96.1 | ||||
LIBOR | Interest rate swaps | |||||
Derivative [Line Items] | |||||
Basis spread on variable rate | 0.75% | 1.00% | |||
Not designated as hedging instrument | Interest rate swaps | |||||
Derivative [Line Items] | |||||
Derivative losses deferred in other comprehensive income (loss) | $ (23.9) | ||||
Cash flow hedging | Designated as hedging instrument | Interest rate swaps | |||||
Derivative [Line Items] | |||||
Aggregate notional amounts of interest swaps | 3,052 | 3,910.6 | |||
Cash flow hedging | Designated as hedging instrument | Deal-contingent swap | |||||
Derivative [Line Items] | |||||
Aggregate notional amounts of interest swaps | 1,667 | 2,300.6 | |||
Other Current Liabilities | Cash flow hedging | Designated as hedging instrument | Interest rate swaps | |||||
Derivative [Line Items] | |||||
Fair value of interest rate swaps | $ 13 | $ 99.2 |
Derivative Financial Instrume68
Derivative Financial Instruments - Schedule of Cash Flow Hedges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 24, 2018 | Feb. 25, 2017 | Feb. 27, 2016 | |
Interest rate swaps | Designated as hedging instrument | Cash flow hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of income (loss) recognized from derivatives | $ 47 | $ 39.4 | $ (49.9) |
Derivative Financial Instrume69
Derivative Financial Instruments - Schedule of Derivative Instrument Not Designated as Hedging (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 24, 2018 | Feb. 25, 2017 | Feb. 27, 2016 | |
Not designated as hedging instrument | Interest rate swaps | Other expense (income) | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of income (loss) recognized from derivatives | $ 0.6 | $ 0.8 | $ (2.9) |
Long-term Debt - Schedule of Lo
Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Millions | Feb. 24, 2018 | Feb. 25, 2017 | Aug. 09, 2016 | May 31, 2016 |
Debt Instrument [Line Items] | ||||
Unamortized debt discounts | $ 249.6 | $ 310 | ||
Deferred financing costs | 79.7 | 118.2 | ||
Total debt | 11,011.2 | 11,383.9 | ||
Less current maturities | (66.1) | (203.8) | ||
Long-term portion | 10,945.1 | 11,180.1 | ||
Secured debt | Albertsons Term Loans, due 2021 to 2023, interest range of 3.0% to 3.25% plus LIBOR | ||||
Debt Instrument [Line Items] | ||||
Total debt | 5,610.7 | 5,853 | ||
Senior notes | Albertsons Senior Unsecured Notes due 2024 and 2025, interest rate of 6.625% and 5.750%, respectively | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 2,476.1 | 2,473 | ||
Senior notes | Albertsons Senior Unsecured Notes due 2024, interest rate of 6.625% | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 6.625% | 6.625% | ||
Senior notes | Albertsons Senior Unsecured Notes due 2025, interest rate 5.750% | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5.75% | 5.75% | ||
Senior notes | Safeway 5.0% Senior Notes due 2019 | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 269.5 | 270.1 | ||
Stated interest rate | 5.00% | |||
Senior notes | Safeway 7.45% Senior Debentures due 2027 | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 152.5 | 152.7 | ||
Stated interest rate | 7.45% | |||
Senior notes | Safeway 3.95% Senior Notes due 2020 | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 137.5 | 137.7 | ||
Stated interest rate | 3.95% | |||
Senior notes | Safeway 4.75% Senior Notes due 2021 | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 130.8 | 131 | ||
Stated interest rate | 4.75% | |||
Medium-term notes | NALP 6.52% to 7.15% Medium Term Notes due 2027 - 2028 | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 190.9 | 257.3 | ||
Notes payable | NALP 7.45% Debentures due 2029 | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 525.5 | 554.6 | ||
Stated interest rate | 7.45% | |||
Notes payable | Safeway 7.25% Debentures due 2031 | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 576.6 | 575.6 | ||
Stated interest rate | 7.25% | |||
Notes payable | NALP 8.0% Debentures due 2031 | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 350.8 | 357.2 | ||
Stated interest rate | 8.00% | |||
Notes payable | NALP 8.7% Debentures due 2030 | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 186.6 | 209 | ||
Stated interest rate | 8.70% | |||
Notes payable | NALP 7.75% Debentures due 2026 | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 140.1 | 174.1 | ||
Stated interest rate | 7.75% | |||
Notes payable | Safeway 6.35% Notes due 2017 | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 0 | 101.3 | ||
Stated interest rate | 6.35% | |||
Other notes payable | Other financing liabilities, unsecured | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 242.7 | 114.9 | ||
Mortgage notes payable | Mortgage notes payable, secured | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 20.9 | $ 22.4 | ||
Minimum | Secured debt | Albertsons Term Loans, due 2021 to 2023, interest range of 3.0% to 3.25% plus LIBOR | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 3.00% | |||
Minimum | Medium-term notes | NALP 6.52% to 7.15% Medium Term Notes due 2027 - 2028 | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 6.52% | |||
Maximum | Secured debt | Albertsons Term Loans, due 2021 to 2023, interest range of 3.0% to 3.25% plus LIBOR | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 3.25% | |||
Maximum | Medium-term notes | NALP 6.52% to 7.15% Medium Term Notes due 2027 - 2028 | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 7.15% |
Long-term Debt - Schedule of Fu
Long-term Debt - Schedule of Future Maturities of Long-term Debt (Details) $ in Millions | Feb. 24, 2018USD ($) |
Debt Disclosure [Abstract] | |
2,018 | $ 66.1 |
2,019 | 333.4 |
2,020 | 202.1 |
2,021 | 3,073.7 |
2,022 | 1,112.6 |
Thereafter | 6,552.6 |
Total | $ 11,340.5 |
Long-term Debt - Albertsons Ter
Long-term Debt - Albertsons Term Loans (Details) | Jun. 27, 2017USD ($)tranche | Jun. 16, 2017USD ($) | Dec. 23, 2016USD ($)tranche | Aug. 09, 2016USD ($) | Jun. 22, 2016USD ($)tranche | May 31, 2016USD ($) | Dec. 21, 2015USD ($) | Feb. 28, 2015USD ($) | Feb. 24, 2018USD ($) |
Debt Instrument [Line Items] | |||||||||
Debt covenant - maximum cumulative distributions limit as a percentage of total assets | 4.00% | ||||||||
Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt covenant - maximum cumulative distributions limit | $ 1,000,000,000 | ||||||||
Secured debt | Term Loans | |||||||||
Debt Instrument [Line Items] | |||||||||
Face amount of debt instrument | $ 6,296,000,000 | ||||||||
Amount of debt extinguished | $ 250,000,000 | ||||||||
Amount of deferred financing costs and original issue discounts write off | $ 7,600,000 | ||||||||
Write off of deferred financing costs on previous loans | $ 17,800,000 | $ 14,000,000 | $ 12,800,000 | ||||||
Secured debt | Term B-2 Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Face amount of debt instrument | $ 1,437,000,000 | ||||||||
Increase in applicable margin | 0.125% | ||||||||
Secured debt | Term B-2 Loan | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Floor percentage on variable rate | 1.00% | ||||||||
Basis spread on variable rate | 4.375% | ||||||||
Secured debt | Term B-3 Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Face amount of debt instrument | $ 950,000,000 | ||||||||
Amount of debt extinguished | $ 519,800,000 | ||||||||
Increase in applicable margin | 0.125% | ||||||||
Amount of deferred financing costs and original issue discounts write off | 15,000,000 | ||||||||
Secured debt | Term B-3 Loan | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Floor percentage on variable rate | 1.00% | ||||||||
Basis spread on variable rate | 4.00% | ||||||||
Secured debt | Term B-4 Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Face amount of debt instrument | $ 3,609,000,000 | ||||||||
Secured debt | Term B-4 Loan | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Floor percentage on variable rate | 1.00% | ||||||||
Basis spread on variable rate | 4.50% | ||||||||
Secured debt | Term B-4-1 Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Face amount of debt instrument | $ 300,000,000 | ||||||||
Secured debt | Term B-4-1 Loan | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Floor percentage on variable rate | 1.00% | ||||||||
Basis spread on variable rate | 4.50% | ||||||||
Secured debt | Term B-5 Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Face amount of debt instrument | $ 1,145,000,000 | ||||||||
Secured debt | Term B-5 Loan | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Floor percentage on variable rate | 1.00% | ||||||||
Basis spread on variable rate | 4.50% | ||||||||
Secured debt | NAI Senior Secured Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Amount of debt extinguished | $ 1,141,500,000 | ||||||||
Secured debt | June 2016 Term Loans | |||||||||
Debt Instrument [Line Items] | |||||||||
Number of term loan tranches in debt instrument amendment | tranche | 3 | ||||||||
Secured debt | 2016-1 Term B-4 Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Face amount of debt instrument | $ 3,280,000,000 | ||||||||
Secured debt | 2016-1 Term B-4 Loan | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Floor percentage on variable rate | 1.00% | ||||||||
Basis spread on variable rate | 3.50% | ||||||||
Secured debt | 2016-1 Term B-5 Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Face amount of debt instrument | $ 1,145,000,000 | ||||||||
Secured debt | 2016-1 Term B-5 Loan | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Floor percentage on variable rate | 1.00% | ||||||||
Basis spread on variable rate | 3.75% | ||||||||
Secured debt | Term B-6 Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Face amount of debt instrument | $ 2,100,000,000 | ||||||||
Amount of debt extinguished | $ 500,000,000 | ||||||||
Amount of deferred financing costs and original issue discounts write off | 9,200,000 | ||||||||
Secured debt | Term B-6 Loan | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Floor percentage on variable rate | 1.00% | ||||||||
Basis spread on variable rate | 3.75% | ||||||||
Secured debt | June 2016 Term Loan Refinancing | |||||||||
Debt Instrument [Line Items] | |||||||||
Write off of deferred financing costs on previous loans | $ 27,600,000 | ||||||||
Secured debt | December 2016 Term Loans | |||||||||
Debt Instrument [Line Items] | |||||||||
Number of term loan tranches in debt instrument amendment | tranche | 3 | ||||||||
Secured debt | 2016-2 Term B-4 Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Face amount of debt instrument | $ 3,271,800,000 | ||||||||
Secured debt | 2016-2 Term B-4 Loan | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Floor percentage on variable rate | 0.75% | ||||||||
Basis spread on variable rate | 3.00% | ||||||||
Secured debt | 2016-2 Term B-5 Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Face amount of debt instrument | $ 1,142,100,000 | ||||||||
Secured debt | 2016-2 Term B-5 Loan | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Floor percentage on variable rate | 0.75% | ||||||||
Basis spread on variable rate | 3.25% | ||||||||
Secured debt | 2016-1 Term B-6 Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Face amount of debt instrument | $ 1,600,000,000 | ||||||||
Secured debt | 2016-1 Term B-6 Loan | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Floor percentage on variable rate | 0.75% | ||||||||
Basis spread on variable rate | 3.25% | ||||||||
Secured debt | December 2016 Term Loan Refinancing | |||||||||
Debt Instrument [Line Items] | |||||||||
Write off of deferred financing costs on previous loans | $ 7,900,000 | ||||||||
Secured debt | June 2017 Term Loans | |||||||||
Debt Instrument [Line Items] | |||||||||
Number of term loan tranches in debt instrument amendment | tranche | 3 | ||||||||
Interest expense | $ 3,900,000 | ||||||||
Secured debt | New Term B-4 Loan Due 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Face amount of debt instrument | $ 3,013,600,000 | ||||||||
Secured debt | New Term B-4 Loan Due 2021 | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Floor percentage on variable rate | 0.75% | ||||||||
Basis spread on variable rate | 2.75% | ||||||||
Secured debt | New Term B-5 Loan Due 2022 | |||||||||
Debt Instrument [Line Items] | |||||||||
Face amount of debt instrument | $ 1,139,300,000 | ||||||||
Secured debt | New Term B-5 Loan Due 2022 | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Floor percentage on variable rate | 0.75% | ||||||||
Basis spread on variable rate | 3.00% | ||||||||
Secured debt | New Term B-6 Loan Due 2023 | |||||||||
Debt Instrument [Line Items] | |||||||||
Face amount of debt instrument | $ 1,596,000,000 | ||||||||
Secured debt | New Term B-6 Loan Due 2023 | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Floor percentage on variable rate | 0.75% | ||||||||
Basis spread on variable rate | 3.00% | ||||||||
Line of credit | Asset-Based Loan Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from lines of credit | $ 300,000,000 | ||||||||
Line of credit | Asset-Based Loan Facility | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 1.75% | ||||||||
Senior notes | Senior Unsecured Notes, Maturity 2024 | |||||||||
Debt Instrument [Line Items] | |||||||||
Face amount of debt instrument | $ 1,250,000,000 | ||||||||
Stated interest rate | 6.625% | 6.625% | |||||||
Senior notes | Senior Unsecured Notes, Maturity 2025 | |||||||||
Debt Instrument [Line Items] | |||||||||
Face amount of debt instrument | $ 1,250,000,000 | ||||||||
Stated interest rate | 5.75% | 5.75% |
Long-term Debt - Asset-Based Lo
Long-term Debt - Asset-Based Loan Facilities (Details) | Aug. 09, 2016USD ($) | Jun. 22, 2016USD ($) | Dec. 21, 2015USD ($) | Feb. 24, 2018USD ($) | Feb. 25, 2017USD ($) |
Debt Instrument [Line Items] | |||||
Outstanding balance on letters of credit | $ 205,600,000 | $ 237,600,000 | |||
Line of credit | Asset-Based Loan Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | 4,000,000,000 | ||||
Proceeds from lines of credit | $ 300,000,000 | ||||
Repayments of lines of credit | $ 470,000,000 | ||||
Long-term Line of Credit | $ 0 | 0 | |||
Covenant triggering threshold, percentage of aggregate commitments | 10.00% | ||||
Covenant triggering threshold, excess availability amount | $ 250,000,000 | ||||
Debt covenant, fixed charge coverage ratio | 1 | ||||
Line of credit | Asset-Based Loan Facility | Minimum | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.25% | ||||
Line of credit | Asset-Based Loan Facility | Maximum | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 1.75% | ||||
Letter of credit | LOC Sub-facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 1,975,000,000 | ||||
Outstanding balance on letters of credit | $ 576,800,000 | $ 622,300,000 |
Long-term Debt - Senior Unsecur
Long-term Debt - Senior Unsecured, Secured Notes and NALP Notes (Details) - USD ($) | Jun. 24, 2016 | Sep. 10, 2016 | Feb. 24, 2018 | Feb. 25, 2017 | Feb. 27, 2016 | Aug. 09, 2016 | May 31, 2016 | Feb. 09, 2015 | Oct. 23, 2014 |
Debt Instrument [Line Items] | |||||||||
Make-whole premium in debt extinguishment | $ 0 | $ 87,700,000 | $ 0 | ||||||
Loss on debt extinguishment | $ 111,700,000 | (4,700,000) | 111,700,000 | $ 0 | |||||
Book value of debt | 11,011,200,000 | $ 11,383,900,000 | |||||||
Senior notes | Senior Secured Notes, Maturity 2022 | |||||||||
Debt Instrument [Line Items] | |||||||||
Repurchase amount of debt | $ 609,600,000 | $ 535,400,000 | |||||||
Make-whole premium in debt extinguishment | 87,700,000 | ||||||||
Loss on debt extinguishment | 111,700,000 | ||||||||
Write off of deferred financing costs on previous loans | $ 24,000,000 | ||||||||
Senior notes | NALP Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Repurchase amount of debt | 135,500,000 | ||||||||
Loss on debt extinguishment | (4,700,000) | ||||||||
Par value of note repurchased | 160,000,000 | ||||||||
Book value of debt | 140,200,000 | ||||||||
Interest paid | $ 3,700,000 | ||||||||
Senior notes | Senior Unsecured Notes, Maturity 2024 | |||||||||
Debt Instrument [Line Items] | |||||||||
Face amount of debt instrument | $ 1,250,000,000 | ||||||||
Stated interest rate | 6.625% | 6.625% | |||||||
Senior notes | Senior Unsecured Notes, Maturity 2025 | |||||||||
Debt Instrument [Line Items] | |||||||||
Face amount of debt instrument | $ 1,250,000,000 | ||||||||
Stated interest rate | 5.75% | 5.75% | |||||||
Senior notes | Senior Secured Notes, Maturity 2022 | |||||||||
Debt Instrument [Line Items] | |||||||||
Face amount of debt instrument | $ 1,145,000,000 | ||||||||
Stated interest rate | 7.75% |
Long-term Debt - Deferred Finan
Long-term Debt - Deferred Financing Costs and Interest Expense, Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 24, 2018 | Feb. 25, 2017 | Feb. 27, 2016 | |
Debt Instrument [Line Items] | |||
Deferred financing costs | $ 79.7 | $ 118.2 | |
Amortization and write off of deferred financing costs | 56.1 | 84.4 | $ 69.3 |
Line of credit | Asset-Based Loan Facility | |||
Debt Instrument [Line Items] | |||
Deferred financing costs in Other assets | 46.3 | 62.4 | |
Secured debt | Term Loans | |||
Debt Instrument [Line Items] | |||
Amortization and write off of deferred financing costs | $ 22.2 | $ 42.1 | $ 17.9 |
Long-term Debt - Schedule of In
Long-term Debt - Schedule of Interest Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 24, 2018 | Feb. 25, 2017 | Feb. 27, 2016 | |
Debt Disclosure [Abstract] | |||
ABL facility, senior secured and unsecured notes, term loans and debentures | $ 701.5 | $ 764.3 | $ 777 |
Capital lease obligations | 96.3 | 106.8 | 97 |
Amortization and write off of deferred financing costs | 56.1 | 84.4 | 69.3 |
Amortization and write off of debt discounts | 16 | 22.3 | 12.9 |
Other interest expense (income) | 4.9 | 26 | (5.7) |
Interest expense, net | $ 874.8 | $ 1,003.8 | $ 950.5 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Millions | 12 Months Ended |
Feb. 24, 2018USD ($) | |
Operating Leased Assets [Line Items] | |
Future minimum tenant rental income under operating leases | $ 359.7 |
Minimum | |
Operating Leased Assets [Line Items] | |
Operating lease period | 15 years |
Maximum | |
Operating Leased Assets [Line Items] | |
Operating lease period | 20 years |
Leases - Schedule of Future Lea
Leases - Schedule of Future Lease Payments (Details) $ in Millions | Feb. 24, 2018USD ($) |
Operating Leases | |
2,018 | $ 798.6 |
2,019 | 793.5 |
2,020 | 705.5 |
2,021 | 624.2 |
2,022 | 543.5 |
Thereafter | 3,505.6 |
Total future minimum obligations | 6,970.9 |
Capital Leases | |
2,018 | 184.6 |
2,019 | 171.1 |
2,020 | 152.9 |
2,021 | 136.1 |
2,022 | 124.2 |
Thereafter | 630.5 |
Total future minimum obligations | 1,399.4 |
Less interest | (534.8) |
Present value of net future minimum lease obligations | 864.6 |
Less current portion | (102.1) |
Long-term obligations | $ 762.5 |
Leases - Schedule of Rent Expen
Leases - Schedule of Rent Expense and Rental Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 24, 2018 | Feb. 25, 2017 | Feb. 27, 2016 | |
Leases [Abstract] | |||
Minimum rent | $ 831.6 | $ 792.2 | $ 759.6 |
Contingent rent | 12 | 13.4 | 21.5 |
Total rent expense | 843.6 | 805.6 | 781.1 |
Tenant rental income | (98.8) | (89.3) | (89.3) |
Total rent expense, net of tenant rental income | $ 744.8 | $ 716.3 | $ 691.8 |
Stockholders' _ Members' Equi80
Stockholders' / Members' Equity (Details) - USD ($) shares in Millions, $ in Millions | Jun. 30, 2017 | Feb. 24, 2018 | Jun. 18, 2016 | Feb. 24, 2018 | Feb. 25, 2017 | Feb. 27, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Cash distribution made to members | $ 250 | |||||
Additional equity-based compensation expense due to plan modification | $ 2.4 | |||||
Employee Benefits and Share-based Compensation | $ 7.1 | |||||
Income tax benefit from compensation expense | $ 15.6 | 11.1 | $ 12.5 | |||
Phantom units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Equity-based compensation expense | 45.9 | $ 53.3 | $ 97.8 | |||
Compensation cost not yet recognized | $ 40.6 | $ 40.6 | ||||
Number of units unvested remaining | 2.6 | 2.6 | ||||
Period for recognition of unrecognized compensation cost | 1 year 5 months | |||||
Fair value of vested units during period | $ 32.1 | |||||
Performance-based | Phantom units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Additional equity-based compensation expense due to plan modification | $ 11.2 | $ 23.3 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Benefit (Details) - USD ($) | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||
Feb. 24, 2018 | Dec. 02, 2017 | Sep. 09, 2017 | Feb. 25, 2017 | Dec. 03, 2016 | Sep. 10, 2016 | Jun. 17, 2017 | Jun. 18, 2016 | Feb. 24, 2018 | Feb. 25, 2017 | Feb. 27, 2016 | |
Current | |||||||||||
Federal | $ 54,000,000 | $ 108,600,000 | $ 41,000,000 | ||||||||
State | 26,500,000 | 20,600,000 | 9,800,000 | ||||||||
Foreign | 49,800,000 | 0 | 0 | ||||||||
Total Current | 130,300,000 | 129,200,000 | 50,800,000 | ||||||||
Deferred | |||||||||||
Federal | (807,700,000) | (177,900,000) | (93,000,000) | ||||||||
State | (216,600,000) | (41,600,000) | 2,600,000 | ||||||||
Foreign | (69,800,000) | 0 | 0 | ||||||||
Total Deferred | (1,094,100,000) | (219,500,000) | (90,400,000) | ||||||||
Income tax benefit | $ (373,000,000) | $ (523,500,000) | $ (67,700,000) | $ (79,900,000) | $ 4,100,000 | $ (38,600,000) | $ 400,000 | $ 24,100,000 | (963,800,000) | (90,300,000) | (39,600,000) |
Net Operating Loss | |||||||||||
Current | |||||||||||
Federal | (22,400,000) | (31,200,000) | 0 | ||||||||
State | $ (9,600,000) | $ (3,800,000) | $ 0 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||
Feb. 24, 2018 | Dec. 02, 2017 | Sep. 09, 2017 | Feb. 25, 2017 | Dec. 03, 2016 | Sep. 10, 2016 | Jun. 17, 2017 | Jun. 18, 2016 | Feb. 24, 2018 | Feb. 25, 2017 | Feb. 27, 2016 | |
Income Tax Disclosure [Abstract] | |||||||||||
Income tax benefit at federal statutory rate | $ (301.5) | $ (162.3) | $ (189.6) | ||||||||
State income taxes, net of federal benefit | (39.8) | (20.2) | (38.9) | ||||||||
Change in valuation allowance | (218) | 107.1 | 113 | ||||||||
Tax Cuts and Jobs Act | (430.4) | 0 | 0 | ||||||||
Unrecognized tax benefits | (36.5) | (18.7) | 3.1 | ||||||||
Member loss | 83.1 | 16.6 | 60.4 | ||||||||
Charitable donations | 0 | (11.1) | (11.1) | ||||||||
Tax Credits | (9.1) | (17.3) | (6.9) | ||||||||
Indemnification asset / liability | 0 | 5.1 | 14 | ||||||||
CVR liability adjustment | (20.3) | 7.5 | 0 | ||||||||
Reorganization of limited liability companies | 46.7 | 0 | 0 | ||||||||
Nondeductible equity-based compensation expense | 1.6 | 4.2 | 12.3 | ||||||||
Other | (39.6) | (1.2) | 4.1 | ||||||||
Income tax benefit | $ (373) | $ (523.5) | $ (67.7) | $ (79.9) | $ 4.1 | $ (38.6) | $ 0.4 | $ 24.1 | $ (963.8) | $ (90.3) | $ (39.6) |
Income Taxes - Summary of Valua
Income Taxes - Summary of Valuation Allowance Activity (Details) - USD ($) $ in Millions | 12 Months Ended | 14 Months Ended | |
Feb. 24, 2018 | Feb. 25, 2017 | Feb. 27, 2016 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $ 387.6 | $ 286.8 | |
Additions charged to income tax expense | 141 | 107.1 | $ 113 |
Reductions credited to income tax expense | (359) | 0 | 0 |
Reduction recorded to Other Comprehensive Income (Loss) | (34.7) | (6.3) | 83.4 |
Ending balance | $ 134.9 | $ 387.6 | $ 286.8 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 02, 2017 | Dec. 02, 2017 | Feb. 24, 2018 | Feb. 25, 2017 | Feb. 27, 2016 | Dec. 03, 2017 | Feb. 28, 2015 | |
Tax Credit Carryforward [Line Items] | |||||||
Deferred tax liabilities in excess of deferred tax assets | $ 579.9 | $ 1,479.8 | $ 46.7 | ||||
Released of deferred tax asset valuation allowance | $ 359 | $ (141) | 218 | ||||
Provisional tax benefit as a result of the Tax Act | 430.4 | ||||||
Valuation allowance for deferred tax assets | 134.9 | 387.6 | $ 286.8 | $ 90.4 | |||
Tax positions that would reduce effective tax rate if recognized in future periods | 249 | 231.3 | 228 | ||||
Indemnification assets recorded that would offset any future recognition | 9.7 | ||||||
Expenses (benefits) related to interest and penalties | 4.6 | 4.5 | $ 2.4 | ||||
Reduction in uncertain tax position from the adoption of IRS safe harbor | $ 70.1 | ||||||
Possible decrease in uncertain tax position in the next twelve months | 54.1 | ||||||
Federal | |||||||
Tax Credit Carryforward [Line Items] | |||||||
Net operating loss carryforwards | 385 | ||||||
Amount of tax credit carryforward | 17.1 | ||||||
State | |||||||
Tax Credit Carryforward [Line Items] | |||||||
Net operating loss carryforwards | 1,932.2 | ||||||
Amount of tax credit carryforward | $ 55 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Feb. 24, 2018 | Dec. 03, 2017 | Feb. 25, 2017 | Feb. 27, 2016 | Feb. 28, 2015 |
Deferred tax assets: | |||||
Compensation and benefits | $ 122.3 | $ 190.6 | |||
Net operating loss | 160.5 | 213.8 | |||
Pension & postretirement benefits | 194.7 | 341.4 | |||
Reserves | 6.3 | 53.9 | |||
Self-Insurance | 265.1 | 350.6 | |||
Tax credits | 57.4 | 48.3 | |||
Other | 59.3 | 43 | |||
Gross deferred tax assets | 865.6 | 1,241.6 | |||
Less: valuation allowance | (134.9) | (387.6) | $ (286.8) | $ (90.4) | |
Total deferred tax assets | 730.7 | 854 | |||
Deferred tax liabilities: | |||||
Debt discounts | 73.7 | 86.3 | |||
Depreciation and amortization | 903.5 | 1,617.6 | |||
Inventories | 322.9 | 477.2 | |||
Investment in foreign operations | 0 | 130.4 | |||
Other | 10.5 | 22.3 | |||
Total deferred tax liabilities | 1,310.6 | 2,333.8 | |||
Net deferred tax liability | (579.9) | $ (46.7) | (1,479.8) | ||
Noncurrent deferred tax asset | 0 | 0 | |||
Noncurrent deferred tax liability | (579.9) | (1,479.8) | |||
Total | $ (579.9) | $ (1,479.8) |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 24, 2018 | Feb. 25, 2017 | Feb. 27, 2016 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $ 418 | $ 435.3 | $ 451.5 |
Increase related to tax positions taken in the current year | 65.4 | 63.8 | 11.5 |
Increase related to tax positions taken in prior years | 4.6 | 6.4 | 19.7 |
Decrease related to tax position taken in prior years | (70) | (71) | (3.5) |
Decrease related to settlements with taxing authorities | (17.5) | (9.8) | (42.1) |
Decrease related to lapse of statute of limitations | (44.5) | (6.7) | (1.8) |
Ending balance | $ 356 | $ 418 | $ 435.3 |
Employee Benefit Plans and Co87
Employee Benefit Plans and Collective Bargaining Agreements - Narrative (Details) $ in Millions | 4 Months Ended | 12 Months Ended | |||||
Jun. 18, 2016USD ($) | Feb. 24, 2018USD ($)employee | Feb. 25, 2017USD ($)employee | Feb. 27, 2016USD ($) | Feb. 23, 2019employee | May 15, 2016 | Jan. 30, 2015USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||||||
Employer contributions | $ 21.9 | $ 11.5 | |||||
Expected employer contribution in fiscal year 2018 | $ 55.8 | ||||||
Entity number of employees | employee | 275,000 | ||||||
Number of participants in collective bargaining agreements | employee | 187,000 | 9,400 | |||||
Multiemployer plan contributions | $ 1,200 | $ 1,200 | $ 1,100 | ||||
Employer discretionary contribution amount in 401K | 44.6 | 38.8 | 37.9 | ||||
UFCW Midwest Plan | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Withdrawal obligation recorded | 160.1 | $ 221.8 | |||||
Pension | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Fair value of plan assets | 1,814 | 1,934.8 | 1,717.5 | ||||
Payable to intermediary agent | (87.4) | (75.1) | |||||
Employer contributions | 20.2 | 9.4 | |||||
Other Post-Retirement Benefits | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Fair value of plan assets | 0 | 0 | $ 0 | ||||
Employer contributions | 1.7 | $ 2.1 | |||||
Safeway Plan | Pension | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Fair value of plan assets | 1,600 | ||||||
Shaw's Plan | Pension | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Fair value of plan assets | 220 | ||||||
United Plan | Pension | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Fair value of plan assets | $ 34 | ||||||
Collington | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Percentage of equity interest acquired | 100.00% | ||||||
Pension expense from acquisition | $ 78.9 | ||||||
Collington | Other Post-Retirement Benefits | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Prior service costs recorded relate to Collington transaction | $ 15.5 | ||||||
Forecast | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Number of participants in collective bargaining agreements | employee | 209 | ||||||
Number of employee scheduled to expire in collective bargaining agreements | employee | 54,000 |
Employee Benefit Plans and Co88
Employee Benefit Plans and Collective Bargaining Agreements - Schedule of Changes in Retirement Plan's Benefit Obligation and Fair Value of Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Feb. 24, 2018 | Feb. 25, 2017 | |
Change in fair value of plan assets: | ||
Employer contributions | $ 21.9 | $ 11.5 |
Pension | ||
Change in projected benefit obligation: | ||
Beginning balance | 2,613 | 2,431.8 |
Collington acquisition | 0 | 222.3 |
Service cost | 49.8 | 49.3 |
Interest cost | 88.3 | 87.6 |
Actuarial (gain) loss | (56.6) | 22.1 |
Plan participant contributions | 0 | 0 |
Benefit payments | (78.7) | (200.1) |
Settlements | (264) | 0 |
Ending balance | 2,351.8 | 2,613 |
Change in fair value of plan assets: | ||
Beginning balance | 1,934.8 | 1,717.5 |
Collington acquisition | 0 | 143.4 |
Actual return on plan assets | 201.6 | 264.6 |
Employer contributions | 20.2 | 9.4 |
Plan participant contributions | 0 | 0 |
Benefit payments (including settlements) | (342.6) | (200.1) |
Ending balance | 1,814 | 1,934.8 |
Components of net amount recognized in financial position: | ||
Other current liabilities | (6.8) | (6) |
Other long-term liabilities | (531) | (672.2) |
Funded status | (537.8) | (678.2) |
Other Post-Retirement Benefits | ||
Change in projected benefit obligation: | ||
Beginning balance | 31.2 | 16.7 |
Collington acquisition | 0 | 15.5 |
Service cost | 1 | 0.2 |
Interest cost | 0.9 | 0.9 |
Actuarial (gain) loss | (4.5) | 0 |
Plan participant contributions | 0.5 | 0.7 |
Benefit payments | (2.2) | (2.8) |
Settlements | 0 | 0 |
Ending balance | 26.9 | 31.2 |
Change in fair value of plan assets: | ||
Beginning balance | 0 | 0 |
Collington acquisition | ||
Actual return on plan assets | 0 | 0 |
Employer contributions | 1.7 | 2.1 |
Plan participant contributions | 0.5 | 0.7 |
Benefit payments (including settlements) | (2.2) | (2.8) |
Ending balance | 0 | 0 |
Components of net amount recognized in financial position: | ||
Other current liabilities | (2.2) | (1.8) |
Other long-term liabilities | (24.7) | (29.4) |
Funded status | $ (26.9) | $ (31.2) |
Employee Benefit Plans and Co89
Employee Benefit Plans and Collective Bargaining Agreements - Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | Feb. 24, 2018 | Feb. 25, 2017 |
Pension | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net actuarial gain | $ (256.4) | $ (142.8) |
Prior service cost | 0.3 | 0.4 |
Defined benefit plan recognized in AOCI | (256.1) | (142.4) |
Other Post-Retirement Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net actuarial gain | (6) | (1.6) |
Prior service cost | 9.3 | 13 |
Defined benefit plan recognized in AOCI | $ 3.3 | $ 11.4 |
Employee Benefit Plans and Co90
Employee Benefit Plans and Collective Bargaining Agreements - Schedule of Accumulated Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Millions | Feb. 24, 2018 | Feb. 25, 2017 |
Retirement Benefits [Abstract] | ||
Projected benefit obligation | $ 2,351.8 | $ 2,613 |
Accumulated benefit obligation | 2,349.6 | 2,572 |
Fair value of plan assets | $ 1,814 | $ 1,934.8 |
Employee Benefit Plans and Co91
Employee Benefit Plans and Collective Bargaining Agreements - Schedule of Components of Net Pension and Post-retirement Expense (Details) - USD ($) $ in Millions | 12 Months Ended | |
Feb. 24, 2018 | Feb. 25, 2017 | |
Pension | ||
Components of net expense: | ||
Estimated return on plan assets | $ (119.6) | $ (123.9) |
Service cost | 49.8 | 49.3 |
Interest cost | 88.3 | 87.6 |
Amortization of prior service cost | 0.1 | 0 |
Amortization of net actuarial loss (gain) | 0.4 | 0 |
Collington acquisition | 0 | 78.9 |
Gain due to settlement accounting | (25.4) | 0 |
Net (benefit) expense | (6.4) | 91.9 |
Changes in plan assets and benefit obligations recognized in Other comprehensive income (loss): | ||
Net actuarial gain | (138.6) | (118.5) |
Gain due to settlement accounting | 25.4 | 0 |
Amortization of net actuarial (loss) gain | (0.4) | 0 |
Prior service cost | 0 | 0.2 |
Amortization of prior service cost | (0.1) | 0 |
Total recognized in Other comprehensive income (loss) | (113.7) | (118.3) |
Total net expense and changes in plan assets and benefit obligations recognized in Other comprehensive income (loss) | (120.1) | (26.4) |
Other Post-Retirement Benefits | ||
Components of net expense: | ||
Estimated return on plan assets | 0 | 0 |
Service cost | 1 | 0.2 |
Interest cost | 0.9 | 0.9 |
Amortization of prior service cost | 3.7 | 2.5 |
Amortization of net actuarial loss (gain) | (0.1) | 0 |
Collington acquisition | 0 | 0 |
Gain due to settlement accounting | 0 | 0 |
Net (benefit) expense | 5.5 | 3.6 |
Changes in plan assets and benefit obligations recognized in Other comprehensive income (loss): | ||
Net actuarial gain | (4.5) | 0 |
Gain due to settlement accounting | 0 | 0 |
Amortization of net actuarial (loss) gain | 0.1 | 0 |
Prior service cost | 0 | 15.5 |
Amortization of prior service cost | (3.7) | (2.5) |
Total recognized in Other comprehensive income (loss) | (8.1) | 13 |
Total net expense and changes in plan assets and benefit obligations recognized in Other comprehensive income (loss) | $ (2.6) | $ 16.6 |
Employee Benefit Plans and Co92
Employee Benefit Plans and Collective Bargaining Agreements - Schedule of Assumptions Used (Details) | 12 Months Ended | |
Feb. 24, 2018 | Feb. 25, 2017 | |
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount rate | 4.12% | 4.21% |
Rate of compensation increase | 2.87% | 2.88% |
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 4.21% | 4.25% |
Expected return on plan assets: | 6.40% | 6.96% |
Employee Benefit Plans and Co93
Employee Benefit Plans and Collective Bargaining Agreements - Schedule of Plan Assets Allocation (Details) - Pension | Feb. 24, 2018 | Feb. 25, 2017 |
Safeway Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 100.00% | |
Actual allocations | 100.00% | 100.00% |
Safeway Plan | Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 65.00% | |
Actual allocations | 65.00% | 63.10% |
Safeway Plan | Fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 35.00% | |
Actual allocations | 35.50% | 36.20% |
Safeway Plan | Cash and other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 0.00% | |
Actual allocations | (0.50%) | 0.70% |
Shaw's Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 100.00% | |
Actual allocations | 100.00% | 100.00% |
Shaw's Plan | Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 65.00% | |
Actual allocations | 65.40% | 66.70% |
Shaw's Plan | Fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 35.00% | |
Actual allocations | 32.20% | 33.30% |
Shaw's Plan | Cash and other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 0.00% | |
Actual allocations | 2.40% | 0.00% |
United Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 100.00% | |
Actual allocations | 100.00% | 100.00% |
United Plan | Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 50.00% | |
Actual allocations | 50.10% | 51.00% |
United Plan | Fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 50.00% | |
Actual allocations | 47.90% | 31.00% |
United Plan | Cash and other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocations | 0.00% | |
Actual allocations | 2.00% | 18.00% |
Maximum | United Plan | Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocations | 60.00% | |
Minimum | United Plan | Equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocations | 40.00% |
Employee Benefit Plans and Co94
Employee Benefit Plans and Collective Bargaining Agreements - Schedule of Fair Value of Plan Assets (Details) - Pension - USD ($) $ in Millions | Feb. 24, 2018 | Feb. 25, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 1,901.4 | $ 2,009.9 |
Assets Measured at NAV | 810.5 | 791.2 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 451.3 | 551.2 |
Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 639.6 | 667.5 |
Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 6.5 | 13.4 |
Assets Measured at NAV | 0 | 0 |
Cash and cash equivalents | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 1.5 | 11.4 |
Cash and cash equivalents | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 5 | 2 |
Cash and cash equivalents | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Short-term investment collective trust | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 67 | 43.7 |
Assets Measured at NAV | 0 | 0 |
Short-term investment collective trust | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Short-term investment collective trust | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 67 | 43.7 |
Short-term investment collective trust | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Domestic common and preferred stock | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 244.7 | 307.1 |
Assets Measured at NAV | 0 | 0 |
Domestic common and preferred stock | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 244.7 | 307.1 |
Domestic common and preferred stock | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Domestic common and preferred stock | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
International common stock | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 59 | 66.2 |
Assets Measured at NAV | 0 | 0 |
International common stock | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 59 | 66.2 |
International common stock | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
International common stock | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Collective trust funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 686 | 757.3 |
Assets Measured at NAV | 684.7 | 757.3 |
Collective trust funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Collective trust funds | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 1.3 | 0 |
Collective trust funds | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Corporate bond | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 118.7 | 146.3 |
Assets Measured at NAV | 0 | 0 |
Corporate bond | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Corporate bond | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 118.7 | 146.3 |
Corporate bond | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Mortgage and other asset-backed securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 45.2 | 60.4 |
Assets Measured at NAV | 0 | 0 |
Mortgage and other asset-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Mortgage and other asset-backed securities | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 45.2 | 60.4 |
Mortgage and other asset-backed securities | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Mutual funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 254.3 | 184.9 |
Assets Measured at NAV | 87 | 0 |
Mutual funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 146 | 166.4 |
Mutual funds | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 21.3 | 18.5 |
Mutual funds | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
U.S. government securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 354.5 | 363.2 |
Assets Measured at NAV | 0 | 0 |
U.S. government securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
U.S. government securities | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 354.5 | 363.2 |
U.S. government securities | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Other securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 65.5 | 67.4 |
Assets Measured at NAV | 38.8 | 33.9 |
Other securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0.1 | 0.1 |
Other securities | Significant Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 26.6 | 33.4 |
Other securities | Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 0 | $ 0 |
Employee Benefit Plans and Co95
Employee Benefit Plans and Collective Bargaining Agreements - Schedule of Expected Future Benefit Payments (Details) $ in Millions | Feb. 24, 2018USD ($) |
Pension Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,018 | $ 134.2 |
2,019 | 152 |
2,020 | 154.5 |
2,021 | 155.6 |
2,022 | 157.2 |
2023 - 2027 | 783.2 |
Other Benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,018 | 2.3 |
2,019 | 2.3 |
2,020 | 2.1 |
2,021 | 2.1 |
2,022 | 2 |
2023 - 2027 | $ 8.5 |
Employee Benefit Plans and Co96
Employee Benefit Plans and Collective Bargaining Agreements - Schedule of Multiemployer Plan (Details) - Pension fund $ in Millions | 12 Months Ended | ||
Feb. 24, 2018USD ($)agreements | Feb. 25, 2017USD ($) | Feb. 27, 2016USD ($) | |
Multiemployer Plans [Line Items] | |||
Contributions of Company | $ | $ 431.2 | $ 399.1 | $ 379.8 |
UFCW-Northern California Employers Joint Pension Trust Fund | |||
Multiemployer Plans [Line Items] | |||
Contributions of Company | $ | $ 110.2 | 98.9 | 90.2 |
Total collective bargaining agreements | 59 | ||
Most significant collective bargaining agreement | 52 | ||
Western Conference of Teamsters Pension Plan | |||
Multiemployer Plans [Line Items] | |||
Contributions of Company | $ | $ 61.2 | 59.1 | 57 |
Total collective bargaining agreements | 51 | ||
Most significant collective bargaining agreement | 16 | ||
Southern California United Food & Commercial Workers Unions and Food Employers Joint Pension Plan | |||
Multiemployer Plans [Line Items] | |||
Contributions of Company | $ | $ 92.4 | 63.9 | 84.3 |
Total collective bargaining agreements | 40 | ||
Most significant collective bargaining agreement | 36 | ||
Food Employers Labor Relations Association and United Food and Commercial Workers Pension Fund | |||
Multiemployer Plans [Line Items] | |||
Contributions of Company | $ | $ 20.4 | 33.8 | 19.7 |
Total collective bargaining agreements | 19 | ||
Most significant collective bargaining agreement | 16 | ||
Sound Retirement Trust (formerly Retail Clerks Pension Trust) | |||
Multiemployer Plans [Line Items] | |||
Contributions of Company | $ | $ 32.1 | 33.1 | 22.3 |
Total collective bargaining agreements | 116 | ||
Most significant collective bargaining agreement | 22 | ||
Bakery and Confectionery Union and Industry International Pension Fund | |||
Multiemployer Plans [Line Items] | |||
Contributions of Company | $ | $ 16.6 | 17.1 | 15.7 |
Total collective bargaining agreements | 90 | ||
Most significant collective bargaining agreement | 19 | ||
UFCW Union and Participating Food Industry Employers Tri-State Pension Fund | |||
Multiemployer Plans [Line Items] | |||
Contributions of Company | $ | $ 15.8 | 16.7 | 14.8 |
Total collective bargaining agreements | 4 | ||
Most significant collective bargaining agreement | 1 | ||
Rocky Mountain UFCW Unions & Employers Pension Plan | |||
Multiemployer Plans [Line Items] | |||
Contributions of Company | $ | $ 10.8 | 11 | 10.6 |
Total collective bargaining agreements | 87 | ||
Most significant collective bargaining agreement | 16 | ||
UFCW Local 152 Retail Meat Pension Fund | |||
Multiemployer Plans [Line Items] | |||
Contributions of Company | $ | $ 11 | 10.8 | 9.1 |
Total collective bargaining agreements | 2 | ||
Most significant collective bargaining agreement | 2 | ||
Desert States Employers & UFCW Unions Pension Plan | |||
Multiemployer Plans [Line Items] | |||
Contributions of Company | $ | $ 9.3 | 9.1 | 9.1 |
Total collective bargaining agreements | 13 | ||
Most significant collective bargaining agreement | 2 | ||
UFCW International Union - Industry Pension Fund | |||
Multiemployer Plans [Line Items] | |||
Contributions of Company | $ | $ 12.4 | 8.6 | 7.8 |
Total collective bargaining agreements | 12 | ||
Most significant collective bargaining agreement | 6 | ||
Mid Atlantic Pension Fund | |||
Multiemployer Plans [Line Items] | |||
Contributions of Company | $ | $ 6.8 | 6.9 | 6.6 |
Total collective bargaining agreements | 19 | ||
Most significant collective bargaining agreement | 16 | ||
Retail Food Employers and UFCW Local 711 Pension Trust Fund | |||
Multiemployer Plans [Line Items] | |||
Contributions of Company | $ | $ 6.6 | 5.4 | 5.8 |
Total collective bargaining agreements | 7 | ||
Most significant collective bargaining agreement | 2 | ||
Oregon Retail Employees Pension Trust | |||
Multiemployer Plans [Line Items] | |||
Contributions of Company | $ | $ 6.6 | 2.3 | 5.5 |
Total collective bargaining agreements | 85 | ||
Most significant collective bargaining agreement | 22 | ||
Other funds | |||
Multiemployer Plans [Line Items] | |||
Contributions of Company | $ | $ 19 | $ 22.4 | $ 21.3 |
Related Parties and Other Rel97
Related Parties and Other Relationships - Narrative (Details) - Affiliated entity $ in Thousands | Apr. 16, 2015USD ($)payment | Jan. 30, 2015USD ($) |
SuperValu Inc | TSA Letter Agreement | ||
Related Party Transaction [Line Items] | ||
Number of payments to related party | payment | 8 | |
Period payment amount to related party | $ 6,250 | |
Frequency of periodic payment to related party | 6 months | |
Minimum percentage of costs exceeding expectations need to adjust transition services fee | 5.00% | |
Annual management fee | $ 50,000 | |
Cerberus | Management Fee Agreement 2015 | ||
Related Party Transaction [Line Items] | ||
Term of management agreement | 4 years | |
Annual management fee | $ 13,800 |
Related Parties and Other Rel98
Related Parties and Other Relationships - Schedule of Related Party Activities (Details) - SuperValu Inc - Affiliated entity - USD ($) $ in Millions | 12 Months Ended | ||
Feb. 24, 2018 | Feb. 25, 2017 | Feb. 27, 2016 | |
Related Party Transaction [Line Items] | |||
Supply agreements included in Cost of sales | $ 1,674.7 | $ 1,749.1 | $ 1,496.6 |
Selling and administrative expenses | 119.4 | 157.1 | 190.6 |
Total | $ 1,794.1 | $ 1,906.2 | $ 1,687.2 |
Commitments and Contingencies99
Commitments and Contingencies and Off Balance Sheet Arrangements - Guarantees (Details) - USD ($) $ in Millions | Feb. 24, 2018 | Feb. 25, 2017 |
Commitments and Contingencies Disclosure [Abstract] | ||
Outstanding balance on letters of credit | $ 205.6 | $ 237.6 |
Commitments and Contingencie100
Commitments and Contingencies and Off Balance Sheet Arrangements - Legal Contingencies (Details) $ in Millions | Dec. 15, 2017USD ($) | Aug. 30, 2017plaintiff | Jul. 18, 2017USD ($)license | Dec. 09, 2016USD ($) | Aug. 25, 2016USD ($) | Jun. 07, 2016employee | Apr. 06, 2016USD ($) | Nov. 30, 2015USD ($)program | Aug. 31, 2015USD ($) | Aug. 10, 2015plaintiff | Jan. 03, 2015subpoena | Feb. 24, 2018lawsuit | Jan. 04, 2018USD ($) | Jan. 02, 2018USD ($) | Oct. 20, 2015USD ($) | Oct. 06, 2015incidentinsurance_carrierstate |
DEA | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Number of subpoenas received | subpoena | 2 | |||||||||||||||
Number of former employee with potential diversion of controlled | employee | 1 | |||||||||||||||
Settled titigation | MasterCard litigation | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Settlement payment | $ 6 | |||||||||||||||
Settled titigation | DEA | Controlled substance diversion | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Settlement payment | $ 3 | |||||||||||||||
Corrective action plan period | 3 years | |||||||||||||||
Pending litigation | Mertz v. SuperValu Inc and Rocke V. SuperValu Inc. | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Number of lawsuits filed against the company | lawsuit | 2 | |||||||||||||||
Number of plaintiffs | plaintiff | 1 | 16 | ||||||||||||||
Pending litigation | Qui Tam Lawsuits | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Number of lawsuits filed against the company | lawsuit | 3 | |||||||||||||||
Pending litigation | Safeway Inc | Safeway's 401(k) Plan | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Number of lawsuits filed against the company | lawsuit | 2 | |||||||||||||||
Pending litigation | Safeway Inc | Qui Tam Lawsuits | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Number of government healthcare programs the Company is alleged to submitted fraudulent pricing information to | program | 4 | |||||||||||||||
Dismissed | Mertz v. SuperValu Inc and Rocke V. SuperValu Inc. | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Number of plaintiffs | plaintiff | 15 | |||||||||||||||
Threatened litigation | AB Acquisition | Security breach | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Number of states requesting information concerning data breach incidents | state | 14 | |||||||||||||||
Number of data breach incidents | incident | 2 | |||||||||||||||
Number of insurance carriers denied cyber insurance coverage | insurance_carrier | 3 | |||||||||||||||
Judicial ruling | Safeway Inc | Rodman V. Safeway Inc. | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Settlement payment | $ 42.3 | |||||||||||||||
Amount damages awarded to plaintiff | $ 1 | $ 41.9 | $ 31 | |||||||||||||
Corrected amount damages awarded to plaintiff | $ 23.2 | |||||||||||||||
Amount awarded to plaintiff in damages | 31 | |||||||||||||||
Amount awarded to plaintiff in prejudgment interest | $ 10.9 | |||||||||||||||
Damages sought in a lawsuit | $ 2 | |||||||||||||||
Additional assessments and card reissuance costs | MasterCard litigation | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Estimate of possible loss | $ 1 | |||||||||||||||
Financial standby letter of credit | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Estimate of possible loss | $ 1 | $ 15 | ||||||||||||||
Belmont, CA | Settled titigation | DEA | Controlled substance diversion | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Number of controlled substances license surrendered | license | 1 | |||||||||||||||
Bend, WA | Settled titigation | DEA | Controlled substance diversion | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
License suspension period | 4 months | |||||||||||||||
Number of controlled substances license suspended | license | 1 |
Other Comprehensive Income o101
Other Comprehensive Income or Loss - Changes in the AOCI Balance (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Feb. 24, 2018 | Dec. 02, 2017 | Feb. 24, 2018 | Feb. 25, 2017 | Feb. 27, 2016 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning balance | $ 1,371.2 | $ 1,371.2 | $ 1,613.2 | $ 2,168.5 | |
Other comprehensive income before reclassifications | 207 | 68.6 | |||
Amounts reclassified from Accumulated other comprehensive income | 90.9 | 53 | |||
Tax (expense) benefit | (94) | (21.7) | |||
Current-period other comprehensive income (loss), net | $ 164.6 | 39.3 | 203.9 | 99.9 | (172.3) |
Ending balance | 1,371.2 | 1,613.2 | |||
Total | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning balance | (12.8) | (12.8) | (112.7) | ||
Current-period other comprehensive income (loss), net | 164.6 | ||||
Ending balance | 191.1 | 191.1 | (12.8) | (112.7) | |
Interest rate swaps | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning balance | (28.1) | (28.1) | (67.5) | ||
Other comprehensive income before reclassifications | 33.7 | 1.4 | |||
Amounts reclassified from Accumulated other comprehensive income | 32.4 | 50.5 | |||
Tax (expense) benefit | (19.1) | (12.5) | |||
Current-period other comprehensive income (loss), net | 47 | 39.4 | |||
Ending balance | 18.9 | 18.9 | (28.1) | (67.5) | |
Pension and Post-retirement benefit plans | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning balance | 79.7 | 79.7 | (2.3) | ||
Other comprehensive income before reclassifications | 143.1 | 102.8 | |||
Amounts reclassified from Accumulated other comprehensive income | (21.3) | 2.5 | |||
Tax (expense) benefit | (29.6) | (23.3) | |||
Current-period other comprehensive income (loss), net | 92.2 | 82 | |||
Ending balance | 171.9 | 171.9 | 79.7 | (2.3) | |
Foreign currency translation adjustments | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning balance | (66.1) | (66.1) | (45.6) | ||
Other comprehensive income before reclassifications | 23.7 | (34.2) | |||
Amounts reclassified from Accumulated other comprehensive income | 84.9 | 0 | |||
Tax (expense) benefit | (43.6) | 13.7 | |||
Current-period other comprehensive income (loss), net | 65 | (20.5) | |||
Ending balance | (1.1) | (1.1) | (66.1) | (45.6) | |
Other | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning balance | $ 1.7 | 1.7 | 2.7 | ||
Other comprehensive income before reclassifications | 6.5 | (1.4) | |||
Amounts reclassified from Accumulated other comprehensive income | (5.1) | 0 | |||
Tax (expense) benefit | (1.7) | 0.4 | |||
Current-period other comprehensive income (loss), net | (0.3) | (1) | |||
Ending balance | $ 1.4 | $ 1.4 | $ 1.7 | $ 2.7 |
Quarterly Information (unaud102
Quarterly Information (unaudited) (Details) - USD ($) | 3 Months Ended | 4 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Feb. 24, 2018 | Dec. 02, 2017 | Sep. 09, 2017 | Feb. 25, 2017 | Dec. 03, 2016 | Sep. 10, 2016 | Jun. 17, 2017 | Jun. 18, 2016 | Dec. 02, 2017 | Feb. 24, 2018 | Feb. 25, 2017 | Feb. 27, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Net sales and other revenue | $ 14,033,700,000 | $ 13,599,200,000 | $ 13,831,700,000 | $ 13,816,600,000 | $ 13,613,800,000 | $ 13,856,100,000 | $ 18,460,000,000 | $ 18,391,700,000 | $ 59,924,600,000 | $ 59,678,200,000 | $ 58,734,000,000 | |
Gross profit | 3,948,300,000 | 3,624,600,000 | 3,729,700,000 | 3,933,800,000 | 3,819,800,000 | 3,765,900,000 | 5,058,500,000 | 5,121,000,000 | 16,361,100,000 | 16,640,500,000 | 16,061,700,000 | |
Operating (loss) income | 213,300,000 | (95,000,000) | (213,800,000) | 186,000,000 | 153,900,000 | 101,200,000 | 90,600,000 | 199,400,000 | (4,900,000) | 640,500,000 | 401,700,000 | |
(Loss) income before income taxes | 15,300,000 | (305,400,000) | (422,900,000) | (45,300,000) | (32,100,000) | (276,700,000) | (204,500,000) | (109,500,000) | (917,500,000) | (463,600,000) | (541,800,000) | |
Income tax (benefit) expense | (373,000,000) | (523,500,000) | (67,700,000) | (79,900,000) | 4,100,000 | (38,600,000) | 400,000 | 24,100,000 | (963,800,000) | (90,300,000) | (39,600,000) | |
Net income (loss) | $ 388,300,000 | 218,100,000 | (355,200,000) | $ 34,600,000 | $ (36,200,000) | (238,100,000) | $ (204,900,000) | (133,600,000) | $ (342,000,000) | 46,300,000 | (373,300,000) | (502,200,000) |
Goodwill impairment | $ 142,300,000 | 142,300,000 | 0 | 0 | ||||||||
Asset impairment charges, excluding goodwill impairment | 100,900,000 | |||||||||||
Increase (decrease) in valuation allowance | $ (359,000,000) | $ 141,000,000 | (218,000,000) | |||||||||
Non-cash income tax benefit as a result of lower corporate income tax rate | (430,400,000) | 0 | 0 | |||||||||
Increase in deferred tax liabilities due to change in reporting entity | 46,700,000 | 0 | 0 | |||||||||
Business Combination, Separately Recognized Transactions [Line Items] | ||||||||||||
Gains related to sale of properties | 43,500,000 | |||||||||||
Loss on debt extinguishment | $ 111,700,000 | $ (4,700,000) | $ 111,700,000 | $ 0 | ||||||||
Collington | ||||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | ||||||||||||
Pension expense from acquisition | $ 78,900,000 |
Uncategorized Items - aci-20180
Label | Element | Value |
Stockholders' Equity, Change in Reporting Entity | us-gaap_StockholdersEquityChangeInReportingEntity | $ 0 |
Capital Units, Value, Units Issued Net Of Tax Withholding | aci_CapitalUnitsValueUnitsIssuedNetOfTaxWithholding | (17,400,000) |
Incentive Distribution, Distribution | us-gaap_IncentiveDistributionDistributionPerYear | 250,000,000 |
Members' Equity, Other | aci_MembersEquityOther | (1,600,000) |
Limited Liability Company (LLC) Members' Equity, Unit-based Compensation | us-gaap_LimitedLiabilityCompanyLLCMembersEquityUnitBasedCompensation | 24,600,000 |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 21,300,000 |
Adjustments To Additional Paid in Capital, Units Issued Net Of Tax Withholdings | aci_AdjustmentsToAdditionalPaidinCapitalUnitsIssuedNetOfTaxWithholdings | (100,000) |
Additional Paid-in Capital [Member] | ||
Stockholders' Equity, Change in Reporting Entity | us-gaap_StockholdersEquityChangeInReportingEntity | 1,752,100,000 |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 21,300,000 |
Adjustments To Additional Paid in Capital, Units Issued Net Of Tax Withholdings | aci_AdjustmentsToAdditionalPaidinCapitalUnitsIssuedNetOfTaxWithholdings | (100,000) |
Common Stock [Member] | ||
Stockholders' Equity, Change in Reporting Entity | us-gaap_StockholdersEquityChangeInReportingEntity | $ 2,800,000 |
Stock Issued During Period, Shares, Change In Reporting Entity | aci_StockIssuedDuringPeriodSharesChangeInReportingEntity | 279,654,028 |
Member Units [Member] | Albertsons Companies, LLC [Member] | ||
Stockholders' Equity, Change in Reporting Entity | us-gaap_StockholdersEquityChangeInReportingEntity | $ (1,754,900,000) |
Capital Units, Value, Units Issued Net Of Tax Withholding | aci_CapitalUnitsValueUnitsIssuedNetOfTaxWithholding | (17,400,000) |
Incentive Distribution, Distribution | us-gaap_IncentiveDistributionDistributionPerYear | 250,000,000 |
Members' Equity, Other | aci_MembersEquityOther | (1,600,000) |
Limited Liability Company (LLC) Members' Equity, Unit-based Compensation | us-gaap_LimitedLiabilityCompanyLLCMembersEquityUnitBasedCompensation | 24,600,000 |
AOCI Attributable to Parent [Member] | ||
Stockholders' Equity, Change in Reporting Entity | us-gaap_StockholdersEquityChangeInReportingEntity | 26,500,000 |
AOCI Attributable to Parent [Member] | Albertsons Companies, LLC [Member] | ||
Stockholders' Equity, Change in Reporting Entity | us-gaap_StockholdersEquityChangeInReportingEntity | (26,500,000) |
Other Comprehensive Income (Loss), Net of Tax | us-gaap_OtherComprehensiveIncomeLossNetOfTax | 39,300,000 |
Retained Earnings [Member] | ||
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | 388,300,000 |
Stockholders' Equity, Change in Reporting Entity | us-gaap_StockholdersEquityChangeInReportingEntity | (957,300,000) |
Retained Earnings [Member] | Albertsons Companies, LLC [Member] | ||
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | (342,000,000) |
Stockholders' Equity, Change in Reporting Entity | us-gaap_StockholdersEquityChangeInReportingEntity | $ 957,300,000 |