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As Of Filer Filing For·On·As Docs:Size 8/07/20 Albertsons Companies, Inc. 10-K/A 2/29/20 114:16M |
Document/Exhibit Description Pages Size 1: 10-K/A Amendment to Annual Report HTML 1.77M 2: EX-31.3 Certification -- §302 - SOA'02 HTML 42K 3: EX-31.4 Certification -- §302 - SOA'02 HTML 42K 4: EX-32.2 Certification -- §906 - SOA'02 HTML 38K 11: R1 Cover page HTML 104K 12: R2 Consolidated Balance Sheets HTML 121K 13: R3 Consolidated Balance Sheets (Parenthetical) HTML 53K 14: R4 Consolidated Statements of Operations and HTML 105K Comprehensive Income 15: R5 Consolidated Statement of Cash Flows HTML 157K 16: R6 Consolidated Statements of Stockholders' / Member HTML 76K Equity 17: R7 Description of Business, Basis of Presentation and HTML 154K Summary of Significant Accounting Policies 18: R8 Acquisitions HTML 40K 19: R9 Property and Equipment HTML 55K 20: R10 Intangible Assets HTML 90K 21: R11 Fair Value Measurements HTML 116K 22: R12 Derivative Financial Instruments HTML 54K 23: R13 Long-Term Debt and Finance Lease Obligations HTML 126K 24: R14 Leases HTML 333K 25: R15 Stockholders' Equity HTML 49K 26: R16 Income Taxes HTML 176K 27: R17 Employee Benefit Plans and Collective Bargaining HTML 454K Agreements 28: R18 Related Parties HTML 39K 29: R19 Commitments and Contingencies and Off Balance HTML 58K Sheet Arrangements 30: R20 Other Comprehensive Income or Loss HTML 95K 31: R21 Net Income Per Common Share HTML 56K 32: R22 Quarterly Information (Unaudited) HTML 103K 33: R23 Stock Split Stock Split HTML 49K 34: R24 Description of Business, Basis of Presentation and HTML 167K Summary of Significant Accounting Policies (Policies) 35: R25 Description of Business, Basis of Presentation and HTML 83K Summary of Significant Accounting Policies (Tables) 36: R26 Property and Equipment (Tables) HTML 51K 37: R27 Intangible Assets (Tables) HTML 137K 38: R28 Fair Value Measurements (Tables) HTML 107K 39: R29 Derivative Financial Instruments (Tables) HTML 51K 40: R30 Long-Term Debt and Finance Lease Obligations HTML 81K (Tables) 41: R31 Leases (Tables) HTML 173K 42: R32 Income Taxes (Tables) HTML 172K 43: R33 Employee Benefit Plans and Collective Bargaining HTML 442K Agreements (Tables) 44: R34 Other Comprehensive Income or Loss (Tables) HTML 93K 45: R35 Net Income Per Common Share (Tables) HTML 53K 46: R36 Quarterly Information (Unaudited) (Tables) HTML 100K 47: R37 DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND HTML 42K SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Description of Business (Details) 48: R38 DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND HTML 38K SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash and Cash Equivalents (Details) 49: R39 DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND HTML 39K SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Inventories (Details) 50: R40 DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND HTML 52K SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment, Intangible Assets and Goodwill (Details) 51: R41 DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND HTML 38K SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Leases (Details) 52: R42 DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND HTML 36K SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill (Details) 53: R43 DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND HTML 64K SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Investment in Unconsolidated Affiliates (Details) 54: R44 DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND HTML 51K SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Company-Owned Life Insurance and Self-Insurance Liabilities (Details) 55: R45 DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND HTML 46K SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Self-Insurance Liabilities (Details) 56: R46 DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND HTML 55K SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition and Costs of Sales and Vendor Allowances (Details) 57: R47 DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND HTML 71K SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Sales Revenue by Similar Products (Details) 58: R48 DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND HTML 38K SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segments (Details) 59: R49 DESCRIPTION OF BUSINESS, BASIS OF PRESENTATION AND HTML 55K SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Issues Accounting Standards (Details) 60: R50 ACQUISITIONS - Fiscal 2017 Acquisitions (Details) HTML 64K 61: R51 PROPERTY AND EQUIPMENT - Schedule of Property and HTML 55K Equipment (Details) 62: R52 PROPERTY AND EQUIPMENT - Narrative (Details) HTML 40K 63: R53 INTANGIBLE ASSETS - Narrative (Details) HTML 41K 64: R54 INTANGIBLE ASSETS - Schedule of Intangible Assets HTML 70K (Details) 65: R55 INTANGIBLE ASSETS - Schedule Future Amortization HTML 49K Expense (Details) 66: R56 FAIR VALUE MEASUREMENTS - Schedule of Assets and HTML 65K Liabilities Measured at Fair Value (Details) 67: R57 FAIR VALUE MEASUREMENTS - Narrative (Details) HTML 46K 68: R58 DERIVATIVE FINANCIAL INSTRUMENTS - Narrative HTML 43K (Details) 69: R59 DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of HTML 42K Cash Flow Hedges (Details) 70: R60 LONG-TERM DEBT AND FINANCE LEASE OBLIGATIONS - HTML 115K Schedule of Long-term Debt (Details) 71: R61 LONG-TERM DEBT AND FINANCE LEASE OBLIGATIONS - HTML 52K Schedule of Future Maturities of Long-term Debt (Details) 72: R62 LONG-TERM DEBT AND FINANCE LEASE OBLIGATIONS - HTML 150K Albertsons Term Loans (Details) 73: R63 LONG-TERM DEBT AND FINANCE LEASE OBLIGATIONS - HTML 74K Asset-Based Loan Facilities (Details) 74: R64 LONG-TERM DEBT AND FINANCE LEASE OBLIGATIONS - HTML 133K Senior Unsecured, Secured Notes and NALP Notes (Details) 75: R65 LONG-TERM DEBT AND FINANCE LEASE OBLIGATIONS - HTML 38K Merger Related Financing (Details) 76: R66 LONG-TERM DEBT AND FINANCE LEASE OBLIGATIONS - HTML 44K Deferred Financing Costs and Interest Expense, Net (Details) 77: R67 LONG-TERM DEBT AND FINANCE LEASE OBLIGATIONS - HTML 47K Schedule of Interest Expense (Details) 78: R68 LEASES - Components of Lease Expense (Details) HTML 48K 79: R69 LEASES - Balance Sheet Information (Details) HTML 53K 80: R70 LEASES - Supplemental Cash Flow Information HTML 63K (Details) 81: R71 LEASES - Future Minimum Lease Payments to be Made HTML 129K (Details) 82: R72 LEASES - Narrative (Details) HTML 35K 83: R73 LEASES - Schedule of Lease Expenses (Details) HTML 46K 84: R74 LEASES - Sale Leaseback Transactions (Details) HTML 76K 85: R75 Stockholders' Equity (Details) HTML 103K 86: R76 INCOME TAXES - Schedule of Components of Income HTML 66K Tax Benefit (Details) 87: R77 INCOME TAXES - Schedule of Effective Income Tax HTML 70K Rate Reconciliation (Details) 88: R78 INCOME TAXES - Summary of Valuation Allowance HTML 42K Activity (Details) 89: R79 INCOME TAXES - Narrative (Details) HTML 64K 90: R80 INCOME TAXES - Schedule of Deferred Tax Assets and HTML 86K Liabilities (Details) 91: R81 INCOME TAXES - Schedule of Unrecognized Tax HTML 48K Benefits (Details) 92: R82 EMPLOYEE BENEFIT PLANS AND COLLECTIVE BARGAINING HTML 90K AGREEMENTS - Schedule of Changes in Retirement Plan's Benefit Obligation and Fair Value of Plan Assets (Details) 93: R83 EMPLOYEE BENEFIT PLANS AND COLLECTIVE BARGAINING HTML 46K AGREEMENTS - Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Details) 94: R84 EMPLOYEE BENEFIT PLANS AND COLLECTIVE BARGAINING HTML 42K AGREEMENTS - Schedule of Accumulated Benefit Obligation in Excess of Plan Assets (Details) 95: R85 EMPLOYEE BENEFIT PLANS AND COLLECTIVE BARGAINING HTML 88K AGREEMENTS - Schedule of Components of Net Pension and Post-retirement Expense (Details) 96: R86 EMPLOYEE BENEFIT PLANS AND COLLECTIVE BARGAINING HTML 44K AGREEMENTS - Schedule of Assumptions Used (Details) 97: R87 EMPLOYEE BENEFIT PLANS AND COLLECTIVE BARGAINING HTML 88K AGREEMENTS - Narrative (Details) 98: R88 EMPLOYEE BENEFIT PLANS AND COLLECTIVE BARGAINING HTML 66K AGREEMENTS - Schedule of Plan Assets Allocation (Details) 99: R89 EMPLOYEE BENEFIT PLANS AND COLLECTIVE BARGAINING HTML 106K AGREEMENTS - Schedule of Fair Value of Plan Assets (Details) 100: R90 EMPLOYEE BENEFIT PLANS AND COLLECTIVE BARGAINING HTML 51K AGREEMENTS - Schedule of Expected Future Benefit Payments (Details) 101: R91 EMPLOYEE BENEFIT PLANS AND COLLECTIVE BARGAINING HTML 91K AGREEMENTS - Schedule of Multiemployer Plan (Details) 102: R92 RELATED PARTIES - Narrative (Details) HTML 46K 103: R93 COMMITMENTS AND CONTINGENCIES AND OFF BALANCE HTML 35K SHEET ARRANGEMENTS - Guarantees (Details) 104: R94 COMMITMENTS AND CONTINGENCIES AND OFF BALANCE HTML 52K SHEET ARRANGEMENTS - Legal Contingencies (Details) 105: R95 OTHER COMPREHENSIVE INCOME OR LOSS - Changes in HTML 82K the AOCI Balance (Details) 106: R96 NET INCOME PER COMMON SHARE - Schedule of HTML 62K Computation of Basic and Diluted Net Loss Per Share (Details) 107: R97 Quarterly Information (unaudited) - Schedule of HTML 56K Interim Information (Details) 108: R98 Quarterly Information (unaudited) - Narrative HTML 42K (Details) 109: R99 Stock Split (Details) HTML 36K 110: R9999 Uncategorized Items - acify1910-ka.htm HTML 74K 112: XML IDEA XML File -- Filing Summary XML 223K 10: XML XBRL Instance -- acify1910-ka_htm XML 5.09M 111: EXCEL IDEA Workbook of Financial Reports XLSX 181K 6: EX-101.CAL XBRL Calculations -- aci-20200229_cal XML 417K 7: EX-101.DEF XBRL Definitions -- aci-20200229_def XML 1.11M 8: EX-101.LAB XBRL Labels -- aci-20200229_lab XML 2.91M 9: EX-101.PRE XBRL Presentations -- aci-20200229_pre XML 1.71M 5: EX-101.SCH XBRL Schema -- aci-20200229 XSD 286K 113: JSON XBRL Instance as JSON Data -- MetaLinks 603± 931K 114: ZIP XBRL Zipped Folder -- 0001646972-20-000038-xbrl Zip 486K
Document |
i Delaware | i 47-4376911 | |
(State
or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title
of each class | Trading Symbol(s) | Name of each exchange on which registered |
i Class A common stock, $0.01 par value | i ACI | i New
York Stock Exchange |
Large accelerated filer | ☐ | Accelerated filer | ☐ | ||
i Non-accelerated
filer | ☒ | Smaller reporting company | i ☐ | ||
Emerging growth
company | i ☐ |
Explanatory Note | ||||
Albertsons
Companies, Inc. (the "Company") is filing this Amendment No. 1 to its Annual Report on Form 10-K (this "Amendment") for the fiscal year ended February 29, 2020, which was originally filed with the Securities and Exchange Commission ("SEC") on May 13, 2020 (the "Original Filing"), in order to reflect where appropriate, a 2.072-for-1 forward stock split of the Company's common stock which was approved and effected on June 18, 2020 (the "Stock Split"). This Amendment makes certain updates and revisions to the cover page, Part II, "Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities" and "Item 8. Financial Statements and Supplementary
Data" and Part III, "Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters" and "Item 13. Certain Relationships and Related Transactions, and Director Independence" of the Original Filing to give effect to the Stock Split by retroactively adjusting all information related to the Company's common stock and per common share amounts for all periods presented. | ||||
In addition, as required by Rule 12b-15 under the Securities
Act of 1934, as amended, new certifications by the Company's principal executive officer and principal financial officer are filed as exhibits to this Amendment under Part IV, "Item 15. Exhibits, Financial Statement Schedules" hereof. | ||||
Except for the foregoing amended information or where otherwise noted, this Amendment does not reflect events that occurred after the Original Filing or modify or update those disclosures affected by subsequent events. | ||||
This
Amendment should be read in conjunction with the Original Filing. | ||||
Page | |||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | i 470.7 | $ | i 926.1 | ||||
Receivables,
net | i 525.3 | i 586.2 | ||||||
Inventories,
net | i 4,352.5 | i 4,332.8 | ||||||
Prepaid
assets | i 255.0 | i 316.2 | ||||||
Other
current assets | i 127.8 | i 88.7 | ||||||
Total
current assets | i 5,731.3 | i 6,250.0 | ||||||
Property
and equipment, net | i 9,211.9 | i 9,861.3 | ||||||
Operating
lease right-of-use assets | i 5,867.4 | — | ||||||
Intangible assets, net | i 2,087.2 | i 2,834.5 | ||||||
Goodwill | i 1,183.3 | i 1,183.3 | ||||||
Other
assets | i 654.0 | i 647.5 | ||||||
TOTAL
ASSETS | $ | i 24,735.1 | $ | i 20,776.6 | ||||
LIABILITIES | ||||||||
Current
liabilities | ||||||||
Accounts payable | $ | i 2,891.1 | $ | i 2,918.7 | ||||
Accrued
salaries and wages | i 1,126.0 | i 1,054.7 | ||||||
Current
maturities of long-term debt and finance lease obligations | i 221.4 | i 148.8 | ||||||
Current
operating lease obligations | i 563.1 | — | ||||||
Current portion of self-insurance liability | i 308.9 | i 306.8 | ||||||
Taxes
other than income taxes | i 318.1 | i 309.0 | ||||||
Other
current liabilities | i 475.7 | i 414.7 | ||||||
Total
current liabilities | i 5,904.3 | i 5,152.7 | ||||||
Long-term
debt and finance lease obligations | i 8,493.3 | i 10,437.6 | ||||||
Long-term
operating lease obligations | i 5,402.8 | — | ||||||
Deferred income taxes | i 613.8 | i 561.4 | ||||||
Long-term
self-insurance liability | i 838.5 | i 839.5 | ||||||
Other
long-term liabilities | i 1,204.3 | i 2,334.7 | ||||||
Commitments
and contingencies | i | i | ||||||
STOCKHOLDERS'
EQUITY | ||||||||
Preferred stock, $0.01 par value; 30,000,000 shares authorized, no shares issued and outstanding as of February 29, 2020 and February 23, 2019, respectively | i — | i — | ||||||
Common
stock, $0.01 par value; 1,000,000,000 shares authorized, 579,325,630 and 575,771,525 shares issued and outstanding as of February 29, 2020 and February 23, 2019, respectively | i 5.8 | i 5.8 | ||||||
Additional
paid-in capital | i 1,824.3 | i 1,811.2 | ||||||
Treasury
stock, at cost, 3,671,621 shares held as of February 29, 2020 and February 23, 2019, respectively | ( i 25.8 | ) | ( i 25.8 | ) | ||||
Accumulated
other comprehensive (loss) income | ( i 118.5 | ) | i 91.3 | |||||
Retained
earnings (accumulated deficit) | i 592.3 | ( i 431.8 | ) | |||||
Total
stockholders' equity | i 2,278.1 | i 1,450.7 | ||||||
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY | $ | i 24,735.1 | $ | i 20,776.6 |
53
weeks ended February 29, 2020 | 52 weeks ended February 23, 2019 | 52 weeks ended February 24, 2018 | |||||||||
Net sales and other revenue | $ | i 62,455.1 | $ | i 60,534.5 | $ | i 59,924.6 | |||||
Cost
of sales | i 44,860.9 | i 43,639.9 | i 43,563.5 | ||||||||
Gross
profit | i 17,594.2 | i 16,894.6 | i 16,361.1 | ||||||||
Selling
and administrative expenses | i 16,641.9 | i 16,272.3 | i 16,208.7 | ||||||||
(Gain)
loss on property dispositions and impairment losses, net | ( i 484.8 | ) | ( i 165.0 | ) | i 66.7 | ||||||
Goodwill
impairment | i — | i — | i 142.3 | ||||||||
Operating
income (loss) | i 1,437.1 | i 787.3 | ( i 56.6 | ) | |||||||
Interest
expense, net | i 698.0 | i 830.8 | i 874.8 | ||||||||
Loss
(gain) on debt extinguishment | i 111.4 | i 8.7 | ( i 4.7 | ) | |||||||
Other
expense (income), net | i 28.5 | ( i 104.4 | ) | ( i 9.2 | ) | ||||||
Income
(loss) before income taxes | i 599.2 | i 52.2 | ( i 917.5 | ) | |||||||
Income
tax expense (benefit) | i 132.8 | ( i 78.9 | ) | ( i 963.8 | ) | ||||||
Net
income | $ | i 466.4 | $ | i 131.1 | $ | i 46.3 | |||||
Other
comprehensive income (loss), net of tax: | |||||||||||
(Loss) gain on interest rate swaps | ( i 3.4 | ) | ( i 15.5 | ) | i 47.0 | ||||||
Recognition
of pension (loss) gain | ( i 210.5 | ) | ( i 83.1 | ) | i 92.2 | ||||||
Foreign
currency translation adjustment | i 0.3 | ( i 0.3 | ) | i 65.0 | |||||||
Other | i 3.8 | ( i 0.9 | ) | ( i 0.3 | ) | ||||||
Other
comprehensive (loss) income | $ | ( i 209.8 | ) | $ | ( i 99.8 | ) | $ | i 203.9 | |||
Comprehensive
income | $ | i 256.6 | $ | i 31.3 | $ | i 250.2 | |||||
Net
income per common share: | |||||||||||
Basic net income per common share | $ | i 0.80 | $ | i 0.23 | $ | i 0.08 | |||||
Diluted
net income per common share | i 0.80 | i 0.23 | i 0.08 | ||||||||
Weighted
average common shares outstanding: | |||||||||||
Basic | i 579.4 | i 580.5 | i 579.5 | ||||||||
Diluted | i 580.3 | i 580.7 | i 579.5 |
53
weeks ended February 29, 2020 | 52 weeks ended February 23, 2019 | 52 weeks ended February 24, 2018 | |||||||||
Cash flows from operating activities: | |||||||||||
Net
income | $ | i 466.4 | $ | i 131.1 | $ | i 46.3 | |||||
Adjustments
to reconcile net income to net cash provided by operating activities: | |||||||||||
(Gain) loss on property dispositions and impairment losses, net | ( i 484.8 | ) | ( i 165.0 | ) | i 66.7 | ||||||
Goodwill
impairment | i — | i — | i 142.3 | ||||||||
Depreciation
and amortization | i 1,691.3 | i 1,738.8 | i 1,898.1 | ||||||||
Operating
lease right-of-use assets amortization | i 570.3 | — | — | ||||||||
LIFO
expense | i 18.4 | i 8.0 | i 3.0 | ||||||||
Deferred
income tax | ( i 5.9 | ) | ( i 81.5 | ) | ( i 1,094.1 | ) | |||||
Pension
and post-retirement benefits (income) expense | ( i 2.0 | ) | i 24.5 | ( i 0.9 | ) | ||||||
Contributions
to pension and post-retirement benefit plans | ( i 11.0 | ) | ( i 199.3 | ) | ( i 21.9 | ) | |||||
Loss
(gain) on interest rate swaps and commodity hedges, net | i 50.6 | ( i 1.3 | ) | ( i 6.2 | ) | ||||||
Amortization
and write-off of deferred financing costs | i 39.8 | i 42.7 | i 56.1 | ||||||||
Loss
(gain) on debt extinguishment | i 111.4 | i 8.7 | ( i 4.7 | ) | |||||||
Equity-based
compensation expense | i 32.8 | i 47.7 | i 45.9 | ||||||||
Other
operating activities | i 2.5 | ( i 42.7 | ) | i 110.3 | |||||||
Changes
in operating assets and liabilities, net of effects of acquisition of businesses: | |||||||||||
Receivables, net | i 60.8 | i 28.8 | i 21.7 | ||||||||
Inventories,
net | ( i 38.1 | ) | i 80.3 | i 45.6 | |||||||
Accounts
payable, accrued salaries and wages and other accrued liabilities | i 85.3 | i 98.4 | ( i 158.2 | ) | |||||||
Operating
lease liabilities | ( i 584.4 | ) | — | — | |||||||
Self-insurance
assets and liabilities | ( i 4.0 | ) | ( i 48.7 | ) | ( i 55.3 | ) | |||||
Other
operating assets and liabilities | ( i 95.5 | ) | i 17.4 | ( i 75.9 | ) | ||||||
Net
cash provided by operating activities | i 1,903.9 | i 1,687.9 | i 1,018.8 | ||||||||
Cash
flows from investing activities: | |||||||||||
Business acquisitions, net of cash acquired | i — | i — | ( i 148.8 | ) | |||||||
Payments
for property, equipment and intangibles, including payments for lease buyouts | ( i 1,475.1 | ) | ( i 1,362.6 | ) | ( i 1,547.0 | ) | |||||
Proceeds
from sale of assets | i 1,096.7 | i 1,252.0 | i 939.2 | ||||||||
Proceeds
from sale of Casa Ley | i — | i — | i 344.2 | ||||||||
Other
investing activities | ( i 0.1 | ) | i 23.8 | ( i 56.6 | ) | ||||||
Net
cash used in investing activities | ( i 378.5 | ) | ( i 86.8 | ) | ( i 469.0 | ) | |||||
53
weeks ended February 29, 2020 | 52 weeks ended February 23, 2019 | 52 weeks ended February 24, 2018 | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds
from issuance of long-term debt | $ | i 3,874.0 | $ | i 1,969.8 | $ | i 290.0 | |||||
Payments
on long-term borrowings | ( i 5,676.6 | ) | ( i 3,082.3 | ) | ( i 870.6 | ) | |||||
Payments
of obligations under finance leases | ( i 109.3 | ) | ( i 97.5 | ) | ( i 107.2 | ) | |||||
Payments
for debt financing costs | ( i 53.2 | ) | ( i 27.0 | ) | ( i 1.5 | ) | |||||
Payment
of Casa Ley contingent value right | i — | i — | ( i 222.0 | ) | |||||||
Employee
tax withholding on vesting of phantom units | ( i 18.8 | ) | ( i 15.3 | ) | ( i 17.5 | ) | |||||
Member
distributions | i — | i — | ( i 250.0 | ) | |||||||
Purchase
of treasury stock, at cost | i — | ( i 25.8 | ) | i — | |||||||
Proceeds
from financing leases | i — | i — | i 137.6 | ||||||||
Other
financing activities | ( i 30.3 | ) | ( i 36.1 | ) | ( i 56.9 | ) | |||||
Net
cash used in financing activities | ( i 2,014.2 | ) | ( i 1,314.2 | ) | ( i 1,098.1 | ) | |||||
Net
(decrease) increase in cash and cash equivalents and restricted cash | ( i 488.8 | ) | i 286.9 | ( i 548.3 | ) | ||||||
Cash
and cash equivalents and restricted cash at beginning of period | i 967.7 | i 680.8 | i 1,229.1 | ||||||||
Cash
and cash equivalents and restricted cash at end of period | $ | i 478.9 | $ | i 967.7 | $ | i 680.8 | |||||
Reconciliation
of capital investments: | |||||||||||
Payments for property and equipment, including payments for lease buyouts | $ | ( i 1,475.1 | ) | $ | ( i 1,362.6 | ) | $ | ( i 1,547.0 | ) | ||
Payments
for lease buyouts | i 7.7 | i 18.9 | i 26.5 | ||||||||
Total
payments for capital investments, excluding lease buyouts | $ | ( i 1,467.4 | ) | $ | ( i 1,343.7 | ) | $ | ( i 1,520.5 | ) | ||
Supplemental
cash flow information: | |||||||||||
Non-cash investing and financing activities were as follows: | |||||||||||
Additions of finance lease obligations,
excluding business acquisitions | $ | i — | $ | i 6.0 | $ | i 31.0 | |||||
Purchases
of property and equipment included in accounts payable | i 230.8 | i 243.1 | i 179.7 | ||||||||
Interest
and income taxes paid: | |||||||||||
Interest paid, net of amount capitalized | i 718.5 | i 805.9 | i 813.5 | ||||||||
Income
taxes paid | i 228.8 | i 18.2 | i 15.8 |
Albertsons
Companies, LLC | Albertsons Companies, Inc. | ||||||||||||||||||||||||||||||||||||||
Member investment | Accumulated other comprehensive income (loss) | (Accumulated deficit) / Retained earnings | Common
Stock | Additional paid in capital | Treasury Stock | Accumulated other comprehensive (loss) income | Retained earnings (accumulated deficit) | Total stockholders' / member equity | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||
Balance
as of February 25, 2017 | $ | i 1,999.3 | $ | ( i 12.8 | ) | $ | ( i 615.3 | ) | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | i 1,371.2 | ||||||||||||||||||
Equity-based
compensation prior to Reorganization Transactions | i 24.6 | — | — | — | — | — | — | — | — | i 24.6 | |||||||||||||||||||||||||||||
Employee
tax withholding on vesting of phantom units prior to Reorganization Transactions | ( i 17.4 | ) | — | — | — | — | — | — | — | — | ( i 17.4 | ) | |||||||||||||||||||||||||||
Member
distribution | ( i 250.0 | ) | — | — | — | — | — | — | — | — | ( i 250.0 | ) | |||||||||||||||||||||||||||
Other
member activity | ( i 1.6 | ) | — | — | — | — | — | — | — | — | ( i 1.6 | ) | |||||||||||||||||||||||||||
Net
loss prior to Reorganization Transactions | — | — | ( i 342.0 | ) | — | — | — | — | — | — | ( i 342.0 | ) | |||||||||||||||||||||||||||
Other
comprehensive income, net of tax prior to Reorganization Transactions | — | i 39.3 | — | — | — | — | — | — | — | i 39.3 | |||||||||||||||||||||||||||||
Reorganization
Transactions | ( i 1,754.9 | ) | ( i 26.5 | ) | i 957.3 | i 579,443,146 | i 5.8 | i 1,749.1 | — | i 26.5 | ( i 957.3 | ) | — | ||||||||||||||||||||||||||
Equity-based
compensation after Reorganization Transactions | — | — | — | — | — | i 21.3 | — | — | — | i 21.3 | |||||||||||||||||||||||||||||
Employee
tax withholding on vesting of phantom units after Reorganization Transactions | — | — | — | — | — | ( i 0.1 | ) | — | — | — | ( i 0.1 | ) | |||||||||||||||||||||||||||
Net
income after Reorganization Transactions | — | — | — | — | — | — | — | — | i 388.3 | i 388.3 | |||||||||||||||||||||||||||||
Other
comprehensive income, net of tax after Reorganization Transactions | — | — | — | — | — | — | — | i 164.6 | — | i 164.6 | |||||||||||||||||||||||||||||
Balance
as of February 24, 2018 | — | — | — | i 579,443,146 | i 5.8 | i 1,770.3 | i — | i 191.1 | ( i 569.0 | ) | i 1,398.2 | ||||||||||||||||||||||||||||
Equity-based
compensation | — | — | — | — | — | i 47.7 | — | — | — | i 47.7 | |||||||||||||||||||||||||||||
Employee
tax withholding on vesting of phantom units | — | — | — | — | — | ( i 15.3 | ) | — | — | — | ( i 15.3 | ) | |||||||||||||||||||||||||||
Treasury
stock purchases, at cost | — | — | — | ( i 3,671,621 | ) | — | — | ( i 25.8 | ) | — | — | ( i 25.8 | ) | ||||||||||||||||||||||||||
Reorganization
Transactions | — | — | — | — | — | i 13.1 | — | — | — | i 13.1 | |||||||||||||||||||||||||||||
Other
activity | — | — | — | — | — | ( i 4.6 | ) | — | — | i 6.1 | i 1.5 | ||||||||||||||||||||||||||||
Net
income | — | — | — | — | — | — | — | — | i 131.1 | i 131.1 | |||||||||||||||||||||||||||||
Other
comprehensive loss, net of tax | — | — | — | — | — | — | — | ( i 99.8 | ) | — | ( i 99.8 | ) | |||||||||||||||||||||||||||
Balance
as of February 23, 2019 | — | — | — | i 575,771,525 | i 5.8 | i 1,811.2 | ( i 25.8 | ) | i 91.3 | ( i 431.8 | ) | i 1,450.7 | |||||||||||||||||||||||||||
Issuance
of common stock to Company's parents | — | — | — | i 3,554,105 | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Equity-based
compensation | — | — | — | — | — | i 32.8 | — | — | — | i 32.8 | |||||||||||||||||||||||||||||
Employee
tax withholding on vesting of phantom units | — | — | — | — | — | ( i 18.8 | ) | — | — | — | ( i 18.8 | ) | |||||||||||||||||||||||||||
Adoption
of new accounting standards, net of tax | — | — | — | — | — | — | — | i 16.6 | i 558.0 | i 574.6 | |||||||||||||||||||||||||||||
Net
income | — | — | — | — | — | — | — | — | i 466.4 | i 466.4 | |||||||||||||||||||||||||||||
Other
comprehensive loss, net of tax | — | — | — | — | — | — | — | ( i 226.4 | ) | — | ( i 226.4 | ) | |||||||||||||||||||||||||||
Other
activity | — | — | — | — | — | ( i 0.9 | ) | — | — | ( i 0.3 | ) | ( i 1.2 | ) | ||||||||||||||||||||||||||
Balance
as of February 29, 2020 | $ | — | $ | — | $ | — | i 579,325,630 | $ | i 5.8 | $ | i 1,824.3 | $ | ( i 25.8 | ) | $ | ( i 118.5 | ) | $ | i 592.3 | $ | i 2,278.1 |
Beginning balance | $ | i 1,146.3 | $ | i 1,217.7 | |||
Expense | i 323.4 | i 323.5 | |||||
Claim
payments | ( i 295.6 | ) | ( i 279.3 | ) | |||
Other
reductions (1) | ( i 26.7 | ) | ( i 115.6 | ) | |||
Ending
balance | i 1,147.4 | i 1,146.3 | |||||
Less
current portion | ( i 308.9 | ) | ( i 306.8 | ) | |||
Long-term
portion | $ | i 838.5 | $ | i 839.5 |
Fiscal 2019 | Fiscal 2018 | Fiscal 2017 | ||||||||||||||||||
Amount (1) | % of Total | Amount (1) | % of Total | Amount (1) | %
of Total | |||||||||||||||
Non-perishables (2) | $ | i 27,165.3 | i 43.5 | % | $ | i 26,371.8 | i 43.6 | % | $ | i 26,522.0 | i 44.3 | % | ||||||||
Perishables
(3) | i 25,681.8 | i 41.1 | % | i 24,920.9 | i 41.2 | % | i 24,583.7 | i 41.0 | % | |||||||||||
Pharmacy | i 5,236.8 | i 8.4 | % | i 4,986.6 | i 8.2 | % | i 5,002.6 | i 8.3 | % | |||||||||||
Fuel | i 3,430.4 | i 5.5 | % | i 3,455.9 | i 5.7 | % | i 3,104.6 | i 5.2 | % | |||||||||||
Other
(4) | i 940.8 | i 1.5 | % | i 799.3 | i 1.3 | % | i 711.7 | i 1.2 | % | |||||||||||
Total
(5) | $ | i 62,455.1 | i 100.0 | % | $ | i 60,534.5 | i 100.0 | % | $ | i 59,924.6 | i 100.0 | % |
Land | $ | i 2,119.2 | $ | i 2,382.7 | |||
Buildings | i 4,720.0 | i 4,968.4 | |||||
Property
under construction | i 669.3 | i 652.2 | |||||
Leasehold
improvements | i 1,706.6 | i 1,468.3 | |||||
Fixtures
and equipment | i 5,802.4 | i 5,132.1 | |||||
Property
and equipment under finance leases | i 882.5 | i 970.8 | |||||
Total
property and equipment | i 15,900.0 | i 15,574.5 | |||||
Accumulated
depreciation and amortization | ( i 6,688.1 | ) | ( i 5,713.2 | ) | |||
Total
property and equipment, net | $ | i 9,211.9 | $ | i 9,861.3 |
Estimated useful lives (Years) | Gross carrying amount | Accumulated amortization | Net | Gross
carrying amount | Accumulated amortization | Net | |||||||||||||||||||
Trade names | i 40 | $ | i 1,912.1 | $ | ( i 264.6 | ) | $ | i 1,647.5 | $ | i 1,959.1 | $ | ( i 231.7 | ) | $ | i 1,727.4 | ||||||||||
Beneficial
lease rights (1) | i 12 | i — | i — | i — | i 892.0 | ( i 410.6 | ) | i 481.4 | |||||||||||||||||
Customer
prescription files | i 5 | i 1,472.1 | ( i 1,440.9 | ) | i 31.2 | i 1,483.4 | ( i 1,276.1 | ) | i 207.3 | ||||||||||||||||
Internally
developed software | i 3 | i 780.0 | ( i 465.2 | ) | i 314.8 | i 672.4 | ( i 348.1 | ) | i 324.3 | ||||||||||||||||
Other
intangible assets (2) | 3 to 6 | i 51.7 | ( i 44.1 | ) | i 7.6 | i 22.4 | ( i 14.4 | ) | i 8.0 | ||||||||||||||||
Total
finite-lived intangible assets | i 4,215.9 | ( i 2,214.8 | ) | i 2,001.1 | i 5,029.3 | ( i 2,280.9 | ) | i 2,748.4 | |||||||||||||||||
Liquor
licenses and restricted covenants | Indefinite | i 86.1 | — | i 86.1 | i 86.1 | — | i 86.1 | ||||||||||||||||||
Total
intangible assets, net | $ | i 4,302.0 | $ | ( i 2,214.8 | ) | $ | i 2,087.2 | $ | i 5,115.4 | $ | ( i 2,280.9 | ) | $ | i 2,834.5 |
Fiscal
Year | Amortization Expected | ||
2020 | $ | i 159.4 | |
2021 | i 137.8 | ||
2022 | i 120.0 | ||
2023 | i 85.8 | ||
2024 | i 59.7 | ||
Thereafter | i 1,438.4 | ||
Total | $ | i 2,001.1 |
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 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 | $ | i 2.0 | $ | i 2.0 | $ | i — | $ | i — | ||||||||
Short-term
investments (1) | i 13.5 | i 5.0 | i 8.5 | i — | ||||||||||||
Non-current
investments (2) | i 85.9 | i 26.8 | i 59.1 | i — | ||||||||||||
Total | $ | i 101.4 | $ | i 33.8 | $ | i 67.6 | $ | i — | ||||||||
Liabilities: | ||||||||||||||||
Derivative
contracts (3) | $ | i 66.4 | $ | i — | $ | i 66.4 | $ | i — | ||||||||
Total | $ | i 66.4 | $ | i — | $ | i 66.4 | $ | i — |
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 | $ | i 489.0 | $ | i 489.0 | $ | i — | $ | i — | ||||||||
Short-term
investments (1) | i 23.1 | i 21.0 | i 2.1 | i — | ||||||||||||
Non-current
investments (2) | i 84.2 | i 30.5 | i 53.7 | i — | ||||||||||||
Total | $ | i 596.3 | $ | i 540.5 | $ | i 55.8 | $ | i — | ||||||||
Liabilities: | ||||||||||||||||
Derivative
contracts (3) | $ | i 21.1 | $ | i — | $ | i 21.1 | $ | i — | ||||||||
Total | $ | i 21.1 | $ | i — | $ | i 21.1 | $ | i — |
Amount
of (loss) income recognized from derivatives | ||||||||||||||
Swaps designated as hedging instruments | Fiscal 2019 | Fiscal 2018 | Fiscal 2017 | Location of (loss) income recognized from Swaps | ||||||||||
Designated
interest rate swaps | $ | ( i 3.4 | ) | $ | ( i 15.5 | ) | $ | i 47.0 | Other
comprehensive income (loss), net of tax |
Amount of (loss) income recognized from derivatives | ||||||||||||||
Swaps
not designated as hedging instruments | Fiscal 2019 | Fiscal 2018 | Fiscal 2017 | Location of (loss) income recognized from Swaps | ||||||||||
Undesignated, ineffective or discontinued portion of interest rate swaps | $ | ( i 47.9 | ) | $ | i — | $ | i 0.6 | Other
expense (income), net |
Senior Unsecured Notes due 2023, 2024, 2025, 2026, 2027, 2028 and 2030 interest rate of 3.50%, 6.625%, 5.750%, 7.5%, 4.625%, 5.875% and 4.875%, respectively | $ | i 6,884.5 | $ | i 3,071.6 | |||
Albertsons
Term Loans, interest range of 4.45% to 5.69% | i — | i 4,610.7 | |||||
Safeway
Inc. Notes due 2020 to 2031, interest rate range of 3.95% to 7.45% | i 642.1 | i 675.3 | |||||
New
Albertson's L.P. Notes due 2026 to 2031, interest rate range of 6.52% to 8.70% | i 466.0 | i 1,322.3 | |||||
Other
notes payable, unsecured | i 37.2 | i 125.4 | |||||
Mortgage
notes payable, secured | i 18.2 | i 18.8 | |||||
Finance
lease obligations (see Note 8) | i 666.7 | i 762.3 | |||||
Total
debt | i 8,714.7 | i 10,586.4 | |||||
Less
current maturities | ( i 221.4 | ) | ( i 148.8 | ) | |||
Long-term
portion | $ | i 8,493.3 | $ | i 10,437.6 |
2020 | $ | i 138.0 | |
2021 | i 131.2 | ||
2022 | i 751.1 | ||
2023 | i 1.2 | ||
2024 | i 1,267.2 | ||
Thereafter | i 5,873.5 | ||
Total | $ | i 8,162.2 |
Fiscal 2019 | Fiscal 2018 | Fiscal 2017 | |||||||||
ABL Facility, senior secured and unsecured notes, term loans and debentures | $ | i 565.3 | $ | i 698.3 | $ | i 701.5 | |||||
Finance
lease obligations | i 79.8 | i 81.8 | i 96.3 | ||||||||
Deferred
financing costs | i 39.8 | i 42.7 | i 56.1 | ||||||||
Debt
discounts | i 34.1 | i 20.3 | i 16.0 | ||||||||
Other
interest (income) expense | ( i 21.0 | ) | ( i 12.3 | ) | i 4.9 | ||||||
Interest
expense, net | $ | i 698.0 | $ | i 830.8 | $ | i 874.8 |
Classification | Fiscal 2019 | |||||
Operating lease cost (1) | Cost of sales and Selling and administrative expenses (3) | $ | i 1,011.6 | |||
Finance
lease cost | ||||||
Amortization of lease assets | Cost of sales and Selling and administrative expenses (3) | i 90.4 | ||||
Interest
on lease liabilities | Interest expense, net | i 79.8 | ||||
Variable lease cost (2) | Cost
of sales and Selling and administrative expenses (3) | i 402.9 | ||||
Sublease income | Net sales and other revenue | ( i 111.8 | ) | |||
Total
lease cost, net | $ | i 1,472.9 |
Classification | ||||||
Assets | ||||||
Operating | Operating lease right-of-use assets | $ | i 5,867.4 | |||
Finance | Property
and equipment, net | i 430.7 | ||||
Total lease assets | $ | i 6,298.1 | ||||
Liabilities | ||||||
Current | ||||||
Operating | Current
operating lease obligations | $ | i 563.1 | |||
Finance | Current maturities of long-term debt and finance lease obligations | i 83.4 | ||||
Long-term | ||||||
Operating | Long-term
operating lease obligations | i 5,402.8 | ||||
Finance | Long-term debt and finance lease obligations | i 583.3 | ||||
Total
lease liabilities | $ | i 6,632.6 |
Fiscal 2019 | |||
Gains on sale leaseback transactions, net | $ | i 487.1 | |
Cash
paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | i 995.8 | ||
Operating cash flows from finance leases | i 79.8 | ||
Financing
cash flows from finance leases | i 109.3 | ||
Right-of-use assets obtained in exchange for operating lease obligations | i 1,195.2 | ||
Right-of-use
assets obtained in exchange for finance lease obligations | i — | ||
Impairment of right-of-use operating lease assets | i 15.4 | ||
Impairment
of right-of-use finance lease assets | i 6.1 | ||
Weighted average remaining lease term - operating leases | i 12.1
years | ||
Weighted average remaining lease term - finance leases | i 9.0 years | ||
Weighted average discount rate - operating leases | i 7.0 | % | |
Weighted
average discount rate - finance leases | i 13.7 | % |
Lease Obligations | |||||||
Fiscal year | Operating Leases | Finance
Leases | |||||
2020 | $ | i 891.8 | $ | i 136.2 | |||
2021 | i 926.8 | i 136.7 | |||||
2022 | i 868.2 | i 125.4 | |||||
2023 | i 797.8 | i 116.0 | |||||
2024 | i 706.6 | i 96.4 | |||||
Thereafter | i 4,968.2 | i 423.3 | |||||
Total
future minimum obligations | i 9,159.4 | i 1,034.0 | |||||
Less
interest | ( i 3,193.5 | ) | ( i 367.3 | ) | |||
Present
value of net future minimum lease obligations | i 5,965.9 | i 666.7 | |||||
Less
current portion | ( i 563.1 | ) | ( i 83.4 | ) | |||
Long-term
obligations | $ | i 5,402.8 | $ | i 583.3 |
Lease Obligations | |||||||
Fiscal year | Operating Leases | Capital
Leases | |||||
2019 | $ | i 879.7 | $ | i 170.5 | |||
2020 | i 840.5 | i 151.3 | |||||
2021 | i 783.2 | i 134.9 | |||||
2022 | i 723.6 | i 123.1 | |||||
2023 | i 651.0 | i 114.1 | |||||
Thereafter | i 4,338.6 | i 509.1 | |||||
Total
future minimum obligations | $ | i 8,216.6 | i 1,203.0 | ||||
Less
interest | ( i 440.7 | ) | |||||
Present value of net future minimum lease obligations | i 762.3 | ||||||
Less
current portion | ( i 97.3 | ) | |||||
Long-term obligations | $ | i 665.0 |
Fiscal 2018 | Fiscal 2017 | ||||||
Minimum rent | $ | i 853.5 | $ | i 831.6 | |||
Contingent
rent | i 10.3 | i 12.0 | |||||
Total
rent expense | i 863.8 | i 843.6 | |||||
Tenant
rental income | ( i 107.2 | ) | ( i 98.8 | ) | |||
Total
rent expense, net of tenant rental income | $ | i 756.6 | $ | i 744.8 |
Fiscal 2019 | Fiscal 2018 | Fiscal 2017 | |||||||||
Current | |||||||||||
Federal
(1) | $ | i 87.2 | $ | i 9.0 | $ | i 54.0 | |||||
State
(2) | i 49.2 | ( i 6.7 | ) | i 26.5 | |||||||
Foreign | i 2.3 | i 0.3 | i 49.8 | ||||||||
Total
Current | i 138.7 | i 2.6 | i 130.3 | ||||||||
Deferred | |||||||||||
Federal | ( i 14.1 | ) | ( i 77.9 | ) | ( i 807.7 | ) | |||||
State | ( i 1.1 | ) | ( i 3.6 | ) | ( i 216.6 | ) | |||||
Foreign | i 9.3 | i — | ( i 69.8 | ) | |||||||
Total
Deferred | ( i 5.9 | ) | ( i 81.5 | ) | ( i 1,094.1 | ) | |||||
Income
tax expense (benefit) | $ | i 132.8 | $ | ( i 78.9 | ) | $ | ( i 963.8 | ) |
Fiscal 2019 | Fiscal 2018 | Fiscal 2017 | |||||||||
Income tax expense (benefit) at federal statutory rate | $ | i 125.8 | $ | i 11.0 | $ | ( i 301.5 | ) | ||||
State
income taxes, net of federal benefit | i 32.3 | i 0.7 | ( i 39.8 | ) | |||||||
Change
in valuation allowance | ( i 7.2 | ) | ( i 3.3 | ) | ( i 218.0 | ) | |||||
Tax
Cuts and Jobs Act | i — | ( i 56.9 | ) | ( i 430.4 | ) | ||||||
Unrecognized
tax benefits | i 7.7 | ( i 16.2 | ) | ( i 36.5 | ) | ||||||
Member
loss | i — | i — | i 83.1 | ||||||||
Charitable
donations | ( i 6.9 | ) | ( i 4.4 | ) | i — | ||||||
Tax
Credits | ( i 23.5 | ) | ( i 10.8 | ) | ( i 9.1 | ) | |||||
CVR
liability adjustment | i — | i — | ( i 20.3 | ) | |||||||
Reorganization
of limited liability companies | i — | i — | i 46.7 | ||||||||
Nondeductible
equity-based compensation expense | i 1.0 | i 3.8 | i 1.6 | ||||||||
Other | i 3.6 | ( i 2.8 | ) | ( i 39.6 | ) | ||||||
Income
tax expense (benefit) | $ | i 132.8 | $ | ( i 78.9 | ) | $ | ( i 963.8 | ) |
Beginning balance | $ | i 139.5 | $ | i 134.9 | $ | i 387.6 | |||||
Additions
charged to income tax expense | i 3.5 | i 3.5 | i 141.0 | ||||||||
Reductions
credited to income tax expense | ( i 10.7 | ) | ( i 6.8 | ) | ( i 359.0 | ) | |||||
Changes
to other comprehensive income or loss and other | i 2.8 | i 7.9 | ( i 34.7 | ) | |||||||
Ending
balance | $ | i 135.1 | $ | i 139.5 | $ | i 134.9 |
Deferred tax assets: | |||||||
Compensation and benefits | $ | i 135.7 | $ | i 132.0 | |||
Net
operating loss | i 117.0 | i 165.9 | |||||
Pension
& postretirement benefits | i 235.5 | i 195.6 | |||||
Reserves | i 24.7 | i 1.5 | |||||
Self-Insurance | i 263.5 | i 259.7 | |||||
Tax
credits | i 41.7 | i 64.2 | |||||
Lease
obligations | i 1,728.2 | i 192.5 | |||||
Other | i 119.1 | i 58.7 | |||||
Gross
deferred tax assets | i 2,665.4 | i 1,070.1 | |||||
Less:
valuation allowance | ( i 135.1 | ) | ( i 139.5 | ) | |||
Total
deferred tax assets | i 2,530.3 | i 930.6 | |||||
Deferred
tax liabilities: | |||||||
Debt discounts | i 15.6 | i 62.8 | |||||
Depreciation
and amortization | i 1,249.1 | i 1,068.6 | |||||
Inventories | i 346.8 | i 346.5 | |||||
Operating
lease assets | i 1,521.7 | i — | |||||
Other | i 10.9 | i 14.1 | |||||
Total
deferred tax liabilities | i 3,144.1 | i 1,492.0 | |||||
Net
deferred tax liability | $ | ( i 613.8 | ) | $ | ( i 561.4 | ) | |
Noncurrent
deferred tax asset | $ | i — | $ | i — | |||
Noncurrent
deferred tax liability | ( i 613.8 | ) | ( i 561.4 | ) | |||
Total | $ | ( i 613.8 | ) | $ | ( i 561.4 | ) |
Fiscal 2019 | Fiscal 2018 | Fiscal 2017 | |||||||||
Beginning balance | $ | i 376.2 | $ | i 356.0 | $ | i 418.0 | |||||
Increase
related to tax positions taken in the current year | i 0.9 | i 1.6 | i 65.4 | ||||||||
Increase
related to tax positions taken in prior years | i 3.0 | i 35.1 | i 4.6 | ||||||||
Decrease
related to tax position taken in prior years | ( i 2.2 | ) | ( i 0.4 | ) | ( i 70.0 | ) | |||||
Decrease
related to settlements with taxing authorities | ( i 4.1 | ) | ( i 8.3 | ) | ( i 17.5 | ) | |||||
Decrease
related to lapse of statute of limitations | i — | ( i 7.8 | ) | ( i 44.5 | ) | ||||||
Ending
balance | $ | i 373.8 | $ | i 376.2 | $ | i 356.0 |
Pension | Other
Post-Retirement Benefits | ||||||||||||||
Change in projected
benefit obligation: | |||||||||||||||
Beginning balance | $ | i 2,325.8 | $ | i 2,351.8 | $ | i 23.8 | $ | i 26.9 | |||||||
Service
cost | i 14.7 | i 52.4 | i 0.6 | i 1.0 | |||||||||||
Interest
cost | i 80.6 | i 85.8 | i 0.7 | i 0.5 | |||||||||||
Actuarial
loss (gain) | i 315.1 | i 0.5 | ( i 2.6 | ) | ( i 2.4 | ) | |||||||||
Plan
participant contributions | i — | i — | i 0.4 | i 0.4 | |||||||||||
Benefit
payments (including settlements) | ( i 218.9 | ) | ( i 167.8 | ) | ( i 2.0 | ) | ( i 2.6 | ) | |||||||
Plan
amendments | ( i 1.1 | ) | i 3.1 | i — | i — | ||||||||||
Ending
balance | $ | i 2,516.2 | $ | i 2,325.8 | $ | i 20.9 | $ | i 23.8 | |||||||
Change
in fair value of plan assets: | |||||||||||||||
Beginning balance | $ | i 1,847.0 | $ | i 1,814.0 | $ | i — | $ | i — | |||||||
Actual
return on plan assets | i 106.2 | i 3.6 | i — | i — | |||||||||||
Employer
contributions | i 9.4 | i 197.2 | i 1.6 | i 2.1 | |||||||||||
Plan
participant contributions | i — | i — | i 0.4 | i 0.4 | |||||||||||
Benefit
payments (including settlements) | ( i 218.9 | ) | ( i 167.8 | ) | ( i 2.0 | ) | ( i 2.5 | ) | |||||||
Ending
balance | $ | i 1,743.7 | $ | i 1,847.0 | $ | i — | $ | i — | |||||||
Components
of net amount recognized in financial position: | |||||||||||||||
Other current liabilities | $ | ( i 6.7 | ) | $ | ( i 6.7 | ) | $ | ( i 2.5 | ) | $ | ( i 2.1 | ) | |||
Other
long-term liabilities | ( i 765.8 | ) | ( i 472.1 | ) | ( i 18.4 | ) | ( i 21.7 | ) | |||||||
Funded
status | $ | ( i 772.5 | ) | $ | ( i 478.8 | ) | $ | ( i 20.9 | ) | $ | ( i 23.8 | ) |
Pension | Other Post-Retirement Benefits | ||||||||||||||
Net actuarial loss (gain) | $ | i 170.4 | $ | ( i 140.6 | ) | $ | ( i 10.3 | ) | $ | ( i 8.2 | ) | ||||
Prior
service cost | i 1.6 | i 3.1 | i 1.9 | i 5.6 | |||||||||||
$ | i 172.0 | $ | ( i 137.5 | ) | $ | ( i 8.4 | ) | $ | ( i 2.6 | ) |
Projected benefit obligation | $ | i 2,516.2 | $ | i 2,325.8 | |||
Accumulated
benefit obligation | i 2,513.4 | i 2,323.9 | |||||
Fair
value of plan assets | i 1,743.7 | i 1,847.0 |
Pension | Other Post-Retirement Benefits | ||||||||||||||
Fiscal 2019 | Fiscal 2018 | Fiscal 2019 | Fiscal 2018 | ||||||||||||
Components of net expense: | |||||||||||||||
Estimated
return on plan assets | $ | ( i 110.1 | ) | $ | ( i 112.6 | ) | $ | i — | $ | i — | |||||
Service
cost | i 14.7 | i 52.4 | i 0.6 | i 1.0 | |||||||||||
Interest
cost | i 80.6 | i 85.8 | i 0.7 | i 0.5 | |||||||||||
Amortization
of prior service cost | i 0.4 | i 0.1 | i 3.7 | i 3.7 | |||||||||||
Amortization
of net actuarial loss (gain) | i 0.5 | ( i 6.3 | ) | ( i 0.5 | ) | ( i 0.2 | ) | ||||||||
Loss
due to settlement accounting | i 7.4 | i — | i — | i — | |||||||||||
Loss
due to curtailment accounting | i — | i 0.1 | i — | i — | |||||||||||
(Income)
expense, net | ( i 6.5 | ) | i 19.5 | i 4.5 | i 5.0 | ||||||||||
Changes
in plan assets and benefit obligations recognized in Other comprehensive (loss) income: | |||||||||||||||
Net actuarial loss (gain) | i 318.9 | i 109.4 | ( i 2.6 | ) | ( i 2.4 | ) | |||||||||
Settlement
loss | ( i 7.4 | ) | i — | i — | i — | ||||||||||
Curtailment
loss | i — | ( i 0.1 | ) | i — | i — | ||||||||||
Amortization
of net actuarial (loss) gain | ( i 0.5 | ) | i 6.3 | i 0.5 | i 0.2 | ||||||||||
Prior
service cost | ( i 1.1 | ) | i 3.1 | i — | i — | ||||||||||
Amortization
of prior service cost | ( i 0.4 | ) | ( i 0.1 | ) | ( i 3.7 | ) | ( i 3.7 | ) | |||||||
Total
recognized in Other comprehensive (loss) income | i 309.5 | i 118.6 | ( i 5.8 | ) | ( i 5.9 | ) | |||||||||
Total
net expense and changes in plan assets and benefit obligations recognized in Other comprehensive (loss) income | $ | i 303.0 | $ | i 138.1 | $ | ( i 1.3 | ) | $ | ( i 0.9 | ) |
Discount rate | i 2.83 | % | i 4.17 | % | |
Rate
of compensation increase | i 3.02 | % | i 2.87 | % |
Discount rate | i 4.17 | % | i 4.12 | % | |
Expected
return on plan assets: | i 6.36 | % | i 6.38 | % |
Plan
Assets | ||||||||
Asset category | Target | |||||||
Equity | i 65% | i 64.0 | % | i 62.5 | % | |||
Fixed
income | i 35% | i 39.2 | % | i 35.6 | % | |||
Cash
and other | i —% | ( i 3.2 | )% | i 1.9 | % | |||
Total | i 100% | i 100.0 | % | i 100.0 | % |
Plan
Assets | ||||||||
Asset category | Target | |||||||
Equity | i 65% | i 64.5 | % | i 60.5 | % | |||
Fixed
income | i 35% | i 35.4 | % | i 35.9 | % | |||
Cash
and other | i —% | i 0.1 | % | i 3.6 | % | |||
Total | i 100% | i 100.0 | % | i 100.0 | % |
Plan
Assets | ||||||||
Asset category | Target (1) | |||||||
Equity | i 50% | i 47.8 | % | i 50.3 | % | |||
Fixed
income | i 50% | i 50.4 | % | i 50.0 | % | |||
Cash
and other | i —% | i 1.8 | % | ( i 0.3 | )% | |||
Total | i 100% | i 100.0 | % | i 100.0 | % |
(1) | The
target market value of equity securities for the United Plan is i 50% of plan assets. If the equity percentage exceeds i 60%
or drops below i 40%, the asset allocation is adjusted to target. |
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) | $ | i 6.3 | $ | i 3.4 | $ | i 2.9 | $ | i — | $ | i — | ||||||||||
Short-term
investment collective trust (2) | i 37.4 | i — | i 37.4 | i — | i — | |||||||||||||||
Common
and preferred stock: (3) | ||||||||||||||||||||
Domestic common and preferred stock | i 167.8 | i 167.8 | i — | i — | i — | |||||||||||||||
International
common stock | i 57.8 | i 57.8 | i — | i — | i — | |||||||||||||||
Collective
trust funds (2) | i 710.6 | i — | i — | i — | i 710.6 | |||||||||||||||
Corporate
bonds (4) | i 135.9 | i — | i 135.9 | i — | i — | |||||||||||||||
Mortgage-
and other asset-backed securities (5) | i 45.0 | i — | i 45.0 | i — | i — | |||||||||||||||
Mutual
funds (6) | i 272.0 | i 138.4 | i 22.7 | i — | i 110.9 | |||||||||||||||
U.S.
government securities (7) | i 359.0 | i — | i 359.0 | i — | i — | |||||||||||||||
Other
securities (8) | i 47.0 | i — | i 12.1 | i — | i 34.9 | |||||||||||||||
Total | $ | i 1,838.8 | $ | i 367.4 | $ | i 615.0 | $ | i — | $ | i 856.4 |
(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 SEC 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. |
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) | $ | i 10.8 | $ | i 1.6 | $ | i 9.2 | $ | i — | $ | i — | ||||||||||
Short-term
investment collective trust (2) | i 73.3 | i — | i 73.3 | i — | i — | |||||||||||||||
Common
and preferred stock: (3) | ||||||||||||||||||||
Domestic common and preferred stock | i 254.5 | i 254.5 | i — | i — | i — | |||||||||||||||
International
common stock | i 64.0 | i 64.0 | i — | i — | i — | |||||||||||||||
Collective
trust funds (2) | i 649.9 | i — | i — | i — | i 649.9 | |||||||||||||||
Corporate
bonds (4) | i 126.0 | i — | i 126.0 | i — | i — | |||||||||||||||
Mortgage-
and other asset-backed securities (5) | i 42.8 | i — | i 42.8 | i — | i — | |||||||||||||||
Mutual
funds (6) | i 257.2 | i 139.9 | i 29.2 | i — | i 88.1 | |||||||||||||||
U.S.
government securities (7) | i 362.5 | i — | i 362.5 | i — | i — | |||||||||||||||
Other
securities (8) | i 85.5 | i — | i 51.6 | i — | i 33.9 | |||||||||||||||
Total | $ | i 1,926.5 | $ | i 460.0 | $ | i 694.6 | $ | i — | $ | i 771.9 |
(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 SEC 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. |
Pension
Benefits | Other Benefits | ||||||
2020 | $ | i 238.6 | $ | i 2.6 | |||
2021 | i 190.9 | i 2.4 | |||||
2022 | i 186.5 | i 2.2 | |||||
2023 | i 193.0 | i 1.9 | |||||
2024 | i 225.6 | i 1.7 | |||||
2025
– 2029 | i 705.9 | i 6.0 |
• | 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. |
• | With respect to some multiemployer plans, if the Company chooses to stop participating, 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 the plan an amount based on the underfunded status of the plan, referred to as withdrawal liability. The Company records the actuarially determined liability at an undiscounted amount. |
EIN
- PN | Pension Protection Act zone status (1) | Company's 5% of total plan contributions | FIP/RP status pending/implemented | |||
Pension fund | 2019 | 2018 | 2018 | 2017 | ||
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 (4) | 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 (6) | 916069306 - 001 | Red | Green | 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 (5) | 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 (5) | 516055922 - 001 | Green | Green | Yes | Yes | 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 | Yellow | Yes | Yes | Implemented |
Oregon Retail Employees Pension Trust | 936074377 - 001 | Green | Green | Yes | Yes | No |
Intermountain
Retail Store Employees Pension Trust (7) | 916187192 - 001 | Red | Red | Yes | 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 | 2019 | 2018 | 2017 | Count | Expiration | |||||||||
UFCW-Northern
California Employers Joint Pension Trust Fund | $ | i 103.8 | $ | i 104.4 | $ | i 110.2 | No | 10/13/2018
to 10/9/2021 | i 71 | i 50 | 10/13/2018 | |||
Western
Conference of Teamsters Pension Plan | i 64.9 | i 63.7 | i 61.2 | No | 9/14/2019
to 10/7/2023 | i 50 | i 15 | 9/20/2020 | ||||||
Southern
California United Food & Commercial Workers Unions and Food Employers Joint Pension Plan (4) | i 116.1 | i 108.4 | i 92.4 | No | 3/11/2018
to 3/6/2022 | i 45 | i 43 | 3/6/2022 | ||||||
Food
Employers Labor Relations Association and United Food and Commercial Workers Pension Fund | i 18.8 | i 20.4 | i 20.4 | No | 10/26/2019
to 4/15/2020 | i 21 | i 16 | 10/26/2019 | ||||||
Sound
Retirement Trust (6) | i 44.3 | i 39.1 | i 32.1 | No | 10/13/2018
to 3/18/2023 | i 128 | i 25 | 5/8/2022 | ||||||
Bakery
and Confectionery Union and Industry International Pension Fund | i 18.5 | i 17.4 | i 16.6 | No | 9/3/2011
to 5/6/2023 | i 103 | i 34 | 9/6/2020 | ||||||
UFCW
Union and Participating Food Industry Employers Tri-State Pension Fund | i 14.9 | i 14.0 | i 15.8 | No | 2/1/2020
to 1/31/2022 | i 6 | i 2 | 3/28/2020 | ||||||
Rocky
Mountain UFCW Unions & Employers Pension Plan | i 12.3 | i 10.8 | i 10.8 | No | 11/23/2019
to 11/26/2022 | i 85 | i 27 | 2/19/2022 | ||||||
UFCW
Local 152 Retail Meat Pension Fund (5) | i 10.9 | i 10.8 | i 11.0 | No | 5/2/2020 | i 4 | i 4 | 5/2/2020 | ||||||
Desert
States Employers & UFCW Unions Pension Plan | i 8.9 | i 9.1 | i 9.3 | No | 10/24/2020
to 11/5/2022 | i 16 | i 13 | 10/24/2020 | ||||||
UFCW
International Union - Industry Pension Fund (5) | i 9.5 | i 13.1 | i 12.4 | No | 8/3/2019
to 12/16/2023 | i 28 | i 6 | 5/1/2021 | ||||||
Mid
Atlantic Pension Fund | i 7.4 | i 6.6 | i 6.8 | No | 10/26/2019
to 2/22/2020 | i 19 | i 16 | 10/26/2019 | ||||||
Retail
Food Employers and UFCW Local 711 Pension Trust Fund | i 7.3 | i 7.1 | i 6.6 | No | 5/19/2018
to 12/13/2020 | i 7 | i 2 | 3/2/2019 | ||||||
Oregon
Retail Employees Pension Trust | i 8.9 | i 7.6 | i 6.6 | No | 7/31/2021
to 11/12/2022 | i 136 | i 23 | 1/29/2022 | ||||||
Intermountain
Retail Store Employees Pension Trust (7) | i 5.8 | i 4.8 | i 3.8 | No | 5/19/2013
to 12/10/2022 | i 54 | i 19 | 4/4/2020 | ||||||
Other
funds | i 17.0 | i 13.8 | i 15.2 | |||||||||||
Total
Company contributions to U.S. multiemployer pension plans | $ | i 469.3 | $ | i 451.1 | $ | i 431.2 |
(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 29, 2020, 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 Company's 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, 2019 and March 31, 2018. |
(5) | The information for this fund was obtained from the Form 5500 filed for the plan's year-end at June 30, 2018 and June 30, 2017. |
(7) | The
information for this fund was obtained from the Form 5500 filed for the plan's year-end at August 31, 2018 and August 31, 2017. |
Fiscal 2019 | |||||||||||||||||||
Total | Interest
rate swaps | Pension and Post-retirement benefit plan items | Foreign currency translation adjustments | Other | |||||||||||||||
Beginning AOCI balance | $ | i 91.3 | $ | i 3.4 | $ | i 88.8 | $ | ( i 1.4 | ) | $ | i 0.5 | ||||||||
Cumulative
effect of accounting change (1) | i 16.6 | i 1.2 | i 14.9 | i — | i 0.5 | ||||||||||||||
Other
comprehensive (loss) income before reclassifications | ( i 356.2 | ) | ( i 45.8 | ) | ( i 315.2 | ) | i 0.3 | i 4.5 | |||||||||||
Amounts
reclassified from Accumulated other comprehensive (loss) income | i 46.9 | i 35.4 | i 11.5 | i — | i — | ||||||||||||||
Tax
benefit (expense) | i 82.9 | i 5.8 | i 78.3 | i — | ( i 1.2 | ) | |||||||||||||
Current-period
other comprehensive (loss) income, net | ( i 209.8 | ) | ( i 3.4 | ) | ( i 210.5 | ) | i 0.3 | i 3.8 | |||||||||||
Ending
AOCI balance | $ | ( i 118.5 | ) | $ | i — | $ | ( i 121.7 | ) | $ | ( i 1.1 | ) | $ | i 4.3 |
Fiscal
2018 | |||||||||||||||||||
Total | Interest rate swaps | Pension and Post-retirement benefit plan items | Foreign currency translation adjustments | Other | |||||||||||||||
Beginning AOCI balance | $ | i 191.1 | $ | i 18.9 | $ | i 171.9 | $ | ( i 1.1 | ) | $ | i 1.4 | ||||||||
Other
comprehensive loss before reclassifications | ( i 129.8 | ) | ( i 18.6 | ) | ( i 110.0 | ) | ( i 0.3 | ) | ( i 0.9 | ) | |||||||||
Amounts
reclassified from Accumulated other comprehensive (loss) income | ( i 5.6 | ) | ( i 2.3 | ) | ( i 2.7 | ) | i — | ( i 0.6 | ) | ||||||||||
Tax
benefit | i 35.6 | i 5.4 | i 29.6 | i — | i 0.6 | ||||||||||||||
Current-period
other comprehensive loss, net | ( i 99.8 | ) | ( i 15.5 | ) | ( i 83.1 | ) | ( i 0.3 | ) | ( i 0.9 | ) | |||||||||
Ending
AOCI balance | $ | i 91.3 | $ | i 3.4 | $ | i 88.8 | $ | ( i 1.4 | ) | $ | i 0.5 |
Fiscal 2019 | Fiscal 2018 | Fiscal 2017 | |||||||||
Net Income | $ | i 466.4 | $ | i 131.1 | $ | i 46.3 | |||||
Weighted
average common shares outstanding (1) | i 579.4 | i 580.5 | i 579.5 | ||||||||
Dilutive
effect of potential common shares (2) | i 0.9 | i 0.2 | i — | ||||||||
Weighted
average common shares and potential dilutive common shares outstanding | i 580.3 | i 580.7 | i 579.5 | ||||||||
Basic
net income per common share | $ | i 0.80 | $ | i 0.23 | $ | i 0.08 | |||||
Diluted
net income per common share | i 0.80 | i 0.23 | i 0.08 |
Fiscal
2019 | ||||||||||||||||||||
53 Weeks | Last 13 Weeks | Third 12 Weeks | Second 12 Weeks | First 16 Weeks | ||||||||||||||||
Net sales and other revenue | $ | i 62,455.1 | $ | i 15,436.8 | $ | i 14,103.2 | $ | i 14,176.7 | $ | i 18,738.4 | ||||||||||
Gross
profit | i 17,594.2 | i 4,418.0 | i 3,995.1 | i 3,941.5 | i 5,239.6 | |||||||||||||||
Operating
income | i 1,437.1 | i 326.6 | i 206.6 | i 582.4 | i 321.5 | |||||||||||||||
Income
before income taxes | i 599.2 | i 90.1 | i 67.7 | i 376.7 | i 64.7 | |||||||||||||||
Income
tax expense | i 132.8 | i 22.3 | i 12.9 | i 81.9 | i 15.7 | |||||||||||||||
Net
income | $ | i 466.4 | $ | i 67.8 | $ | i 54.8 | $ | i 294.8 | $ | i 49.0 | ||||||||||
Basic
and diluted net income per common share | $ | i 0.80 | $ | i 0.12 | $ | i 0.09 | $ | i 0.51 | $ | i 0.08 |
Fiscal
2018 | ||||||||||||||||||||
52 Weeks | Last 12 Weeks | Third 12 Weeks | Second 12 Weeks | First 16 Weeks | ||||||||||||||||
Net sales and other revenue | $ | i 60,534.5 | $ | i 14,016.6 | $ | i 13,840.4 | $ | i 14,024.1 | $ | i 18,653.4 | ||||||||||
Gross
profit | i 16,894.6 | i 4,058.7 | i 3,852.4 | i 3,812.8 | i 5,170.7 | |||||||||||||||
Operating
income | i 787.3 | i 288.4 | i 174.4 | i 131.4 | i 193.1 | |||||||||||||||
Income
(loss) before income taxes | i 52.2 | i 137.0 | ( i 19.8 | ) | ( i 44.3 | ) | ( i 20.7 | ) | ||||||||||||
Income
tax (benefit) expense | ( i 78.9 | ) | i 1.4 | ( i 65.4 | ) | ( i 11.9 | ) | ( i 3.0 | ) | |||||||||||
Net
income (loss) | $ | i 131.1 | $ | i 135.6 | $ | i 45.6 | $ | ( i 32.4 | ) | $ | ( i 17.7 | ) | ||||||||
Basic
and diluted net income (loss) per common share | $ | i 0.23 | $ | i 0.23 | $ | i 0.08 | $ | ( i 0.06 | ) | $ | ( i 0.03 | ) |
Shares
of Common Stock Beneficially Owned | ||||
Name of Beneficial Owner | Number of Shares | Percentage | ||
5% Shareholders: | ||||
Albertsons Investor Holdings LLC (1) | 523,720,498 | 90.2% | ||
KIM
ACI, LLC (2) | 56,917,991 | 9.8% | ||
Directors: | ||||
Robert
G. Miller | — | —% | ||
Dean S. Adler | — | —% | ||
Sharon L. Allen | — | —% | ||
Steven
A. Davis | — | —% | ||
Kim Fennebresque | — | —% | ||
Allen M. Gibson | — | —% | ||
Hersch
Klaff | — | —% | ||
Leonard Laufer | — | —% | ||
Alan H. Schumacher | — | —% | ||
Jay
L. Schottenstein | — | —% | ||
Lenard B. Tessler | — | —% | ||
B. Kevin Turner | — | —% | ||
Scott
Wille | — | —% | ||
Named Executive Officers: | ||||
— | —% | |||
James L. Donald | — | —% | ||
Robert B. Dimond | — | —% | ||
Susan
Morris | — | —% | ||
Christine Rupp | — | —% | ||
Michael Theilmann | — | —% | ||
Shane
Sampson | — | —% | ||
All directors and executive officers as a group (23 Persons) | — | —% |
(1) | Albertsons Investor is held by a private investor group, including
affiliates of Cerberus, Klaff Realty, L.P., Schottenstein Stores Corp., Lubert-Adler Partners, L.P., Kimco Realty Corporation (collectively, the "Sponsors") and certain members of management. The address for Albertsons Investor is c/o Cerberus Capital Management, L.P., Attention: Lenard B. Tessler, Mark Neporent and Lisa Gray, 875 Third Avenue, New York, New York 10022. |
(2) | KIM ACI is controlled indirectly by Kimco Realty Corporation. The address for KIM ACI is c/o Kimco
Realty Corporation, Attention: Ray Edwards and Bruce Rubenstein, 3333 New Hyde Park Road, Suite 100, New Hyde Park, New York 11042. |
Page | ||
(a)1. | Financial Statements: | |
(a)2. | Financial
Statement Schedules: | |
No financial statement schedules are filed with this Amendment |
(a)3.&(b) | Exhibits: |
Exhibit No. | Description | Filer | Date Filed | Form | Exhibit No. |
31.3 | Albertsons Companies, Inc. | * | * | * | |
31.4 | Albertsons Companies, Inc. | * | * | * | |
32.2 | Albertsons Companies, Inc. | * | * | * | |
101.INS | Inline XBRL Instance Document | Albertsons Companies, Inc. | * | * | * |
101.SCH | Inline
XBRL Taxonomy Extension Schema Document | Albertsons Companies, Inc. | * | * | * |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | Albertsons Companies, Inc. | * | * | * |
101.DEF | Inline XBRL Taxonomy Extension
Definition Linkbase Document | Albertsons Companies, Inc. | * | * | * |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | Albertsons Companies, Inc. | * | * | * |
101.PRE | Inline XBRL Taxonomy Extension Presentation
Linkbase Document | Albertsons Companies, Inc. | * | * | * |
104 | The cover page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | Albertsons Companies, Inc. | * | * | * |
Albertsons Companies, Inc. | |||
Date: | By: | /s/ Vivek Sankaran | |
Name: | |||
Title: | President, Chief Executive Officer and Director (Principal Executive Officer) |
This ‘10-K/A’ Filing | Date | Other Filings | ||
---|---|---|---|---|
2/15/30 | ||||
2/15/28 | ||||
8/31/27 | ||||
1/15/27 | ||||
8/17/26 | ||||
3/15/26 | ||||
11/17/25 | ||||
3/15/25 | ||||
6/15/24 | ||||
2/24/24 | ||||
11/16/23 | ||||
6/22/23 | ||||
2/25/23 | ||||
2/15/23 | ||||
12/21/22 | ||||
2/26/22 | ||||
12/31/21 | ||||
8/25/21 | ||||
2/27/21 | 10-K, 4, 4/A | |||
12/31/20 | 8-K | |||
12/15/20 | ||||
10/27/20 | ||||
8/15/20 | ||||
Filed on: | 8/7/20 | |||
7/15/20 | ||||
6/26/20 | 3, 3/A, 8-A12B, CERT, EFFECT | |||
6/18/20 | S-1/A | |||
5/13/20 | 10-K, CORRESP | |||
5/5/20 | S-1/A | |||
4/23/20 | ||||
3/30/20 | ||||
3/12/20 | 8-K | |||
3/5/20 | ||||
For Period end: | 2/29/20 | 10-K | ||
2/28/20 | ||||
2/24/20 | ||||
2/15/20 | ||||
2/5/20 | 8-K | |||
1/8/20 | 10-Q | |||
11/22/19 | 8-K, UPLOAD | |||
11/20/19 | ||||
9/15/19 | ||||
9/13/19 | ||||
9/7/19 | 10-Q | |||
8/21/19 | ||||
8/19/19 | ||||
8/15/19 | 8-K | |||
8/5/19 | ||||
7/2/19 | ||||
5/31/19 | ||||
5/24/19 | ||||
5/6/19 | ||||
4/25/19 | ||||
3/31/19 | ||||
2/24/19 | ||||
2/23/19 | 10-K | |||
2/6/19 | ||||
2/5/19 | 8-K | |||
1/3/19 | ||||
1/1/19 | ||||
12/31/18 | 8-K | |||
12/30/18 | ||||
12/17/18 | ||||
12/2/18 | ||||
11/16/18 | 8-K | |||
9/30/18 | ||||
8/31/18 | ||||
8/16/18 | ||||
8/8/18 | 8-K | |||
7/30/18 | ||||
6/30/18 | ||||
6/25/18 | 424B3, 8-K, EFFECT | |||
5/22/18 | ||||
3/31/18 | ||||
2/25/18 | 8-K15D5 | |||
2/24/18 | 10-K, 10-K/A | |||
12/31/17 | ||||
12/3/17 | ||||
11/16/17 | ||||
9/30/17 | ||||
9/27/17 | ||||
9/20/17 | ||||
8/31/17 | ||||
6/30/17 | ||||
6/27/17 | ||||
6/20/17 | ||||
6/16/17 | ||||
5/31/17 | ||||
4/19/17 | ||||
4/14/17 | ||||
3/15/17 | ||||
2/25/17 | ||||
12/16/16 | ||||
12/15/16 | ||||
11/21/16 | ||||
11/18/16 | ||||
9/16/16 | ||||
8/25/16 | ||||
8/9/16 | ||||
7/14/16 | ||||
5/31/16 | ||||
2/25/16 | ||||
11/30/15 | ||||
8/26/15 | S-1/A | |||
4/1/15 | ||||
3/31/15 | ||||
1/30/15 | ||||
8/25/14 | ||||
1/21/14 | ||||
10/24/12 | ||||
List all Filings |