v3.25.2
FAIR VALUE MEASUREMENTS
 4 Months Ended
Jun. 14, 2025
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; and
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 certain assets which were measured at fair value on a recurring basis as of June 14, 2025 (in millions):
Fair Value Measurements
TotalQuoted prices in active markets
 for identical assets
(Level 1)		Significant
observable
inputs
(Level 2)		Significant
unobservable
inputs
(Level 3)
Assets:
Short-term investments (1)$15.4 $6.6 $8.8 $— 
Non-current investments (2)112.3 7.4 104.9 — 
Derivative contracts (3)1.0 — 1.0 — 
Total$128.7 $14.0 $114.7 $— 
Liabilities:
Derivative contracts (3)$0.6 $— $0.6 $— 
Total$0.6 $— $0.6 $— 
(1) Primarily relates to Mutual Funds (Level 1) and Certificates of Deposit (Level 2). Included in Other current assets.
(2) Primarily relates to investments in Exchange-Traded Funds (Level 1) and certain equity investments, U.S. Treasury Notes and Corporate Bonds (Level 2). Included in Other assets.
(3) Primarily relates to energy derivative contracts. Included in Other assets and Other current liabilities.
The following table presents certain assets which were measured at fair value on a recurring basis as of February 22, 2025 (in millions):
 Fair Value Measurements
TotalQuoted prices in active markets
 for identical assets
(Level 1)		Significant
observable
inputs
(Level 2)		Significant
unobservable
inputs
(Level 3)
Assets:
Short-term investments (1)$41.3 $6.8 $34.5 $— 
Non-current investments (2)118.8 7.2 111.6 — 
Derivative contracts (3)0.3 — 0.3 — 
Total$160.4 $14.0 $146.4 $— 
Liabilities:
Derivative contracts (3)$0.6 $— $0.6 $— 
Total$0.6 $— $0.6 $— 
(1) Primarily relates to Mutual Funds (Level 1), and certain equity investments and Certificates of Deposit (Level 2). Included in Other current assets.
(2) Primarily relates to investments in Exchange-Traded Funds (Level 1) and certain equity investments, U.S. Treasury Notes and Corporate Bonds (Level 2). Included in Other assets.
(3) Primarily relates to energy derivative contracts. Included in Other assets or Other current liabilities.

The Company records cash and cash equivalents, restricted cash, accounts receivable and accounts payable at cost. The recorded values of these financial instruments approximate fair value based on their short-term nature.

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 June 14, 2025, the fair value of total debt was $7,394.2 million compared to the carrying value of $7,477.2 million, excluding debt discounts and deferred financing costs. As of February 22, 2025, the fair value of total debt was $7,312.1 million compared to the carrying value of $7,452.4 million, excluding debt discounts and deferred financing costs.
Assets Measured at Fair Value on a Non-Recurring Basis
The Company measures certain assets at fair value on a non-recurring basis, including long-lived assets and goodwill, which are evaluated for impairment. Long-lived assets include store-related assets such as property and equipment, operating lease assets 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.