EMPLOYEE BENEFIT PLANS AND COLLECTIVE BARGAINING AGREEMENTS (Tables)

12 Months Ended

Feb. 28, 2026

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 28, 2026 and a statement of funded status as of February 28, 2026 and February 22, 2025 (in millions):


	Pension				Other Post-Retirement Benefits
	February 28, 2026		February 22, 2025		February 28, 2026		February 22, 2025
Change in projected benefit obligation:
Beginning balance	$	1,641.4	$	1,691.5	$	12.1	$	12.0
Service cost	15.9		16.7		—		—
Interest cost	70.8		83.4		0.5		0.5
Actuarial loss (gain)	25.7		16.4		(1.2)		1.1

Benefit payments (including settlements)	(423.9)		(166.7)		(1.3)		(1.5)
Plan amendments	—		0.1		—		—
Ending balance	$	1,329.9	$	1,641.4	$	10.1	$	12.1

Change in fair value of plan assets:
Beginning balance	$	1,483.2	$	1,443.7	$	—	$	—
Actual return on plan assets	126.3		116.4		—		—
Employer contributions	55.6		89.8		1.3		1.5

Benefit payments (including settlements)	(423.9)		(166.7)		(1.3)		(1.5)
Ending balance	$	1,241.2	$	1,483.2	$	—	$	—

Components of net amount recognized in financial position:
Other current liabilities	$	(5.5)	$	(4.4)	$	(1.8)	$	(2.3)
Other long-term liabilities	(83.2)		(153.8)		(8.3)		(9.8)
Funded status	$	(88.7)	$	(158.2)	$	(10.1)	$	(12.1)

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 28, 2026		February 22, 2025		February 28, 2026		February 22, 2025
Net actuarial gain	$	(101.5)	$	(116.2)	$	(10.0)	$	(9.7)
Prior service cost	0.8		1.2		—		—
	$	(100.7)	$	(115.0)	$	(10.0)	$	(9.7)

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 28, 2026 and February 22, 2025, is shown below (in millions):


	February 28, 2026		February 22, 2025
Projected benefit obligation	$	1,329.9	$	1,641.4
Accumulated benefit obligation	1,329.7		1,637.8
Fair value of plan assets	1,241.2		1,483.2

Schedule of Components of Net Pension and Post-retirement Expense

The following table provides the components of net pension and post-retirement (income) 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 2025		Fiscal 2024		Fiscal 2023		Fiscal 2025		Fiscal 2024		Fiscal 2023
Components of net (income) expense:
Estimated return on plan assets	$	(83.1)	$	(91.1)	$	(98.5)	$	—	$	—	$	—
Service cost	15.9		16.7		17.3		—		—		—
Interest cost	70.8		83.4		83.6		0.5		0.5		0.6
Amortization of prior service cost	0.4		0.3		0.4		—		—		—
Amortization of net actuarial (gain) loss	(2.7)		(3.9)		(5.5)		(0.8)		(0.7)		(1.1)
(Income) loss due to settlement accounting	(29.4)		3.5		0.3		—		—		—
(Income) expense, net	(28.1)		8.9		(2.4)		(0.3)		(0.2)		(0.5)

Changes in plan assets and benefit obligations recognized in Other comprehensive income (loss):
Net actuarial (gain) loss	(17.4)		(8.6)		(28.0)		(1.2)		1.1		0.8
Amortization of net actuarial gain (loss)	2.7		3.9		5.5		0.8		0.7		1.1
Prior service cost	—		0.1		(0.2)		—		—		—
Amortization of prior service cost	(0.4)		(0.3)		(0.4)		—		—		—
Income (loss) due to settlement accounting	29.4		(3.5)		(0.3)		—		—		—
Total recognized in Other comprehensive income (loss)	14.3		(8.4)		(23.4)		(0.4)		1.8		1.9
Total net expense and changes in plan assets and benefit obligations recognized in Other comprehensive income (loss)	$	(13.8)	$	0.5	$	(25.8)	$	(0.7)	$	1.6	$	1.4

Schedule of Assumptions Used

The weighted average actuarial assumptions used to determine year-end projected benefit obligations for pension plans were as follows:


	February 28, 2026		February 22, 2025
Discount rate	5.29	%	5.34	%
Rate of compensation increase	3.21	%	3.20	%
Cash balance plan interest crediting rate	4.64	%	4.85	%

The weighted average actuarial assumptions used to determine net periodic benefit costs for pension plans were as follows:


	February 28, 2026		February 22, 2025		February 24, 2024
Discount rate	5.45	%	5.32	%	5.17	%
Expected return on plan assets	6.50	%	6.67	%	7.40	%
Cash balance plan interest crediting rate	4.85	%	4.25	%	3.65	%

Schedule of Allocation of Plan Assets

The following table summarizes actual allocations for the Safeway Plan which had $1,006.8 million in plan assets as of February 28, 2026:


		Plan Assets
Asset category	Target (1)	February 28, 2026		February 22, 2025
Return-seeking	56%	59.1	%	63.4	%
Liability-hedging	44%	40.9	%	36.6	%
Total	100%	100.0	%	100.0	%

(1) In accordance with the Safeway Plan investment policy, the target asset allocation was adjusted in fiscal 2025 based on the funded ratio of the Safeway Plan.

The following table summarizes the actual allocations for the Shaw's Plan which had $187.0 million in plan assets as of February 28, 2026:


		Plan Assets
Asset category	Target (1)	February 28, 2026		February 22, 2025
Return-seeking	50%	51.1	%	58.9	%
Liability-hedging	50%	48.9	%	41.1	%
Total	100%	100.0	%	100.0	%

(1) In accordance with the Shaw's Plan investment policy, the target asset allocation was adjusted in fiscal 2025 based on the funded ratio of the Shaw's Plan.

The following table summarizes the actual allocations for the Safeway VAPP which had $41.7 million in plan assets as of February 28, 2026:


		Plan Assets
Asset category	Target	February 28, 2026		February 22, 2025
Equity	15%	16.3	%	18.1	%
Fixed income	60%	57.7	%	60.9	%
Other (1)	25%	19.0	%	18.5	%
Cash	—%	7.0	%	2.5	%
Total	100%	100.0	%	100.0	%

(1) Includes real estate, global tactical asset allocation, private equity investments and money market funds.

The fair value of the Company's pension plan assets as of February 28, 2026 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)(1)		Significant Unobservable Inputs (Level 3)		Assets Measured at NAV (1)
Cash and cash equivalents (2)	$	3.2	$	3.2	$	—	$	—	$	—
Short-term investment collective trust (3)	23.1		—		—		—		23.1

Public equity funds (5)	365.5		—		365.5		—		—
Return-seeking fixed income funds (6)	134.7		—		16.9		—		117.8
Debt funds (7)	504.6		—		504.6		—		—
Hedge funds (8)	64.2		—		—		—		64.2
Real estate funds (9)	132.5		—		37.8		—		94.7
Other securities (10)	13.4		—		13.4		—		—
Total	$	1,241.2	$	3.2	$	938.2	$	—	$	299.8

The fair value of the Company's pension plan assets as of February 22, 2025 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)(1)		Significant Unobservable Inputs (Level 3)		Assets Measured at NAV (1)
Cash and cash equivalents (2)	$	1.9	$	1.9	$	—	$	—	$	—
Short-term investment collective trust (3)	53.2		—		—		—		53.2
Mutual funds (4)	6.7		6.7		—		—		—
Public equity funds (5)	490.2		—		490.2		—		—
Return-seeking fixed income funds (6)	172.2		—		15.5		—		156.7
Debt funds (7)	499.1		—		499.1		—		—
Hedge funds (8)	82.4		—		—		—		82.4
Real estate funds (9)	168.9		—		46.9		—		122.0

Other securities (10)	8.6		—		8.6		—		—
Total	$	1,483.2	$	8.6	$	1,060.3	$	—	$	414.3

(1) Certain of the Company's pension assets are invested in common collective trusts managed and valued by the fund administrator. The fair value of the funds is based on the Net Asset Value ("NAV") of the underlying investments owned by the fund minus its liabilities. Certain of these funds are classified outside of the fair value hierarchy because fair value for those funds is measured using the NAV practical expedient. These specific funds have been determined not to have a readily determinable fair value and the NAV is not the basis for current transactions, as the NAV is only published monthly or quarterly for these funds, and the Company can only redeem these investments monthly or quarterly. The remaining common collective trusts have a daily published NAV, and the Company can redeem those investments daily, therefore these funds are classified within the fair value hierarchy as the Company has determined the funds have a readily determinable fair value that is the basis for current transactions.

(2) The carrying value of these items approximates fair value.

(3) Invested in a fund comprised of high-grade, short term money market instruments. There are no unfunded commitments or redemption restrictions for these funds.

(4) Invested in mutual funds that are registered with the SEC which are valued using the NAV. The NAV of the mutual funds is a published price in an active market. There are no unfunded commitments, or redemption restrictions for these funds, and the funds are required to transact at the published price.

(5) Invested in funds comprised of U.S. and international equity.

(6) Invested in funds comprised of high yield, emerging market debt, leveraged loans and real estate debt.

(7) Invested in funds comprised of intermediate and long duration corporate and private bonds and U.S. government securities.

(8) Invested in hedge funds comprised of a combination of equity, fixed income, private assets and derivatives.

(9) Invested in funds comprised of underlying real estate properties and infrastructure as well as a fund comprised of underlying real estate investment trusts.

(10) These investments primarily consist of foreign government bonds valued based on yields currently available on comparable securities of issuers with similar credit ratings.

Schedule of Expected Benefit Payments

The following benefit payments, which reflect expected future service as appropriate, are expected to be paid to plan participants (in millions):


	Pension Benefits		Other Benefits
2026	$	115.1	$	1.9
2027	116.1		1.6
2028	113.2		1.4
2029	112.5		1.2
2030	112.0		1.1
2031 – 2035	528.2		3.4

Schedule of Multiemployer Plans

The following tables contain information about the Company's multiemployer plans. 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.

EIN - PN

Pension Protection Act zone status (1)

Company's 5% of total plan contributions

FIP/RP status pending/implemented

Pension fund

2025

2024

2023

UFCW-Northern California Employers Joint Pension Trust Fund

946313554 - 001

Red

Yes

Implemented

Western Conference of Teamsters Pension Plan

916145047 - 001

Green

Southern California United Food & Commercial Workers Unions and Food Employers Joint Pension Plan (4)

951939092 - 001

Red

Yes

Implemented

Sound Retirement Trust (6)

916069306 - 001

Green

Yes

Bakery and Confectionery Union and Industry International Pension Fund

526118572 - 001

Red

Yes

Implemented

UFCW Union and Participating Food Industry Employers Tri-State Pension Fund

236396097 - 001

Red

Yes

Implemented

Rocky Mountain UFCW Unions & Employers Pension Plan

846045986 - 001

Green

Yes

UFCW Local 152 Retail Meat Pension Fund (5)

236209656 - 001

Red

Yes

Implemented

Desert States Employers & UFCW Unions Pension Plan

846277982 - 001

Green

Yes

UFCW Int'l Union- Albertsons Variable Annuity Pension Fund (5)

853326342 - 001

Green

Yes

Retail Food Employers and UFCW Local 711 Pension Trust Fund

516031512 - 001

Red

Yes

Implemented

Oregon Retail Employees Pension Trust

936074377 - 001

Green

Red

Yes

Intermountain Retail Store Employees Pension Trust (7)

916187192 - 001

Red

Yes

Implemented

UFCW Local 1245 Labor Management Pension Plan

516090661 - 001

Red

Yes

Implemented


	Contributions of Company (in millions)						Surcharge imposed (2)	Expiration date of collective bargaining agreements	Total collective bargaining agreements	Most significant collective bargaining agreement(s)(3)
Pension fund	2025		2024		2023					Count	Expiration
UFCW-Northern California Employers Joint Pension Trust Fund	$	127.0	$	130.8	$	132.1	No	4/15/2028	84	80	4/15/2028
Western Conference of Teamsters Pension Plan	82.3		78.2		75.9		No	5/16/2026 to 9/30/2030	56	9	9/21/2030
Southern California United Food & Commercial Workers Unions and Food Employers Joint Pension Plan (4)	132.7		136.6		138.5		No	3/6/2026 to 3/5/2028	40	39	3/5/2028
Sound Retirement Trust (6)	74.7		73.7		70.1		No	3.21.2026 to 8/3/2029	149	40	5/1/2027
Bakery and Confectionery Union and Industry International Pension Fund	18.2		18.6		18.7		No	6/27/2026 to 6/10/2028	122	33	4/17/2027
UFCW Union and Participating Food Industry Employers Tri-State Pension Fund	10.5		10.7		10.7		No	2/1/2028 to 1/31/2030	6	2	3/29/2029
Rocky Mountain UFCW Unions & Employers Pension Plan	16.3		16.5		16.9		No	8/29/2026 to 6/9/2029	84	26	2/19/2028
UFCW Local 152 Retail Meat Pension Fund (5)	10.9		11.1		11.2		No	5/2/2028	4	4	5/2/2028
Desert States Employers & UFCW Unions Pension Plan	11.8		11.2		11.0		No	3/7/2026 to 11/10/2029	20	18	3/7/2026
UFCW Int'l Union- Albertsons Variable Annuity Pension Fund (5)	9.5		9.6		9.6		No	4/3/2027 to 11/10/2029	24	7	6/9/2029

Retail Food Employers and UFCW Local 711 Pension Trust Fund	8.7		8.5		8.6		No	4/18/2026 to 5/27/2028	7	4	3/4/2028
Oregon Retail Employees Pension Trust	14.9		13.0		12.8		No	8/14/2027 to 11/18/2028	125	36	8/14/2027
Intermountain Retail Store Employees Pension Trust (7)	8.2		7.8		7.9		No	5/1/2027 to 6/24/2028	54	24	5/1/2027
UFCW Local 1245 Labor Management Pension Plan	6.0		6.1		6.0		No	11/28/2026 to 4/8/2028	4	3	11/28/2026
Other funds (8)	51.6		15.3		15.5
Total Company contributions to U.S. multiemployer pension plans	$	583.3	$	547.7	$	545.5

(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 multiple factors, including the funding ratio of the plan assets to plan liabilities.

(2) 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 28, 2026, the collective bargaining agreements under which the Company was making contributions were in compliance with rehabilitation plans adopted by the applicable pension fund.

(3) These columns represent the number of most significant collective bargaining agreements aggregated by common expiration dates for each of the pension funds listed above.

(4) The information for this fund was obtained from the Form 5500 filed for the plan's year-end at March 31, 2025 and March 31, 2024.

(5) The information for this fund was obtained from the Form 5500 filed for the plan's year-end at June 30, 2024 and June 30, 2023.

(6) The information for this fund was obtained from the Form 5500 filed for the plan's year-end at September 30, 2024 and September 30, 2023.

(7) The information for this fund was obtained from the Form 5500 filed for the plan's year-end at August 31, 2024 and August 31, 2023.

(8) Fiscal 2025 includes $36.4 million of contributions related to the UFCW Northern California Employers Lifetime Income Security Accrual Fund, which was created during fiscal 2025. As this was a new plan in fiscal 2025, there were no contributions in fiscal 2024 or fiscal 2023.

- Definition

Tabular disclosure of information about multiemployer plan.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480547/715-80-55-8

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-9

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 80
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480576/715-80-50-9

+ Details