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United Natural Foods Inc – ‘10-Q’ for 1/30/21

On:  Wednesday, 3/10/21, at 4:47pm ET   ·   For:  1/30/21   ·   Accession #:  1020859-21-26   ·   File #:  1-15723

Previous ‘10-Q’:  ‘10-Q’ on 12/9/20 for 10/31/20   ·   Latest ‘10-Q’:  This Filing   ·   6 References:   

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  As Of               Filer                 Filing    For·On·As Docs:Size

 3/10/21  United Natural Foods Inc          10-Q        1/30/21   94:12M

Quarterly Report   —   Form 10-Q   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML   1.33M 
 9: EX-10.10    Material Contract                                   HTML     32K 
10: EX-10.11    Material Contract                                   HTML    118K 
 2: EX-10.2     Material Contract                                   HTML     47K 
 3: EX-10.3     Material Contract                                   HTML    159K 
 4: EX-10.5     Material Contract                                   HTML    105K 
 5: EX-10.6     Material Contract                                   HTML     52K 
 6: EX-10.7     Material Contract                                   HTML     35K 
 7: EX-10.8     Material Contract                                   HTML     39K 
 8: EX-10.9     Material Contract                                   HTML     38K 
11: EX-31.1     Certification -- §302 - SOA'02                      HTML     30K 
12: EX-31.2     Certification -- §302 - SOA'02                      HTML     30K 
13: EX-32.1     Certification -- §906 - SOA'02                      HTML     26K 
14: EX-32.2     Certification -- §906 - SOA'02                      HTML     26K 
21: R1          Cover                                               HTML     78K 
22: R2          Condensed Consolidated Balance Sheets (Unaudited)   HTML    151K 
23: R3          Condensed Consolidated Balance Sheets (Unaudited)   HTML     42K 
                (Parenthetical)                                                  
24: R4          Condensed Consolidated Statements of Operations     HTML    137K 
                (Unaudited)                                                      
25: R5          Condensed Consolidated Statements of Comprehensive  HTML     60K 
                Income (Loss) (Unaudited)                                        
26: R6          Condensed Consolidated Statements of Comprehensive  HTML     33K 
                Income (Loss) (Unaudited) (Parenthetical)                        
27: R7          Condensed Consolidated Statements of Stockholders'  HTML    105K 
                Equity (Unaudited)                                               
28: R8          Condensed Consolidated Statements of Cash Flows     HTML    154K 
                (Unaudited)                                                      
29: R9          Significant Accounting Policies                     HTML     37K 
30: R10         Recently Adopted and Issued Accounting              HTML     35K 
                Pronouncements                                                   
31: R11         Revenue Recognition                                 HTML    134K 
32: R12         Restructuring, Acquisition, and Integration         HTML     40K 
                Related Expenses                                                 
33: R13         Goodwill and Intangible Assets, Net                 HTML     78K 
34: R14         Fair Value Measurements of Financial Instruments    HTML     94K 
35: R15         Derivatives                                         HTML     91K 
36: R16         Long-Term Debt                                      HTML     78K 
37: R17         Comprehensive (Loss) Income and Accumulated Other   HTML    102K 
                Comprehensive Loss                                               
38: R18         Share-Based Awards                                  HTML     27K 
39: R19         Benefit Plans                                       HTML     82K 
40: R20         Income Taxes                                        HTML     31K 
41: R21         Earnings (Loss) Per Share                           HTML     57K 
42: R22         Business Segments                                   HTML    109K 
43: R23         Commitments, Contingencies and Off-Balance Sheet    HTML     45K 
                Arrangements                                                     
44: R24         Discontinued Operations                             HTML     78K 
45: R25         Significant Accounting Policies Significant         HTML     64K 
                Accounting Policies (Policies)                                   
46: R26         Revenue Recognition (Tables)                        HTML    128K 
47: R27         Restructuring, Acquisition, and Integration         HTML     41K 
                Related Expenses (Tables)                                        
48: R28         Goodwill and Intangible Assets, Net (Tables)        HTML     78K 
49: R29         Fair Value Measurements of Financial Instruments    HTML     90K 
                (Tables)                                                         
50: R30         Derivatives (Tables)                                HTML     91K 
51: R31         Long-Term Debt (Tables)                             HTML     55K 
52: R32         Comprehensive (Loss) Income and Accumulated Other   HTML    103K 
                Comprehensive Loss (Tables)                                      
53: R33         Benefit Plans (Tables)                              HTML     74K 
54: R34         Earnings (Loss) Per Share (Tables)                  HTML     56K 
55: R35         Business Segments (Tables)                          HTML    102K 
56: R36         Discontinued Operations (Tables)                    HTML     79K 
57: R37         Significant Accounting Policies Significant         HTML     29K 
                Accounting Policies (Details)                                    
58: R38         REVENUE RECOGNITION - Narrative (Details)           HTML     41K 
59: R39         REVENUE RECOGNITION - Disaggregation of Revenues    HTML     73K 
                (Details)                                                        
60: R40         REVENUE RECOGNITION - Accounts Receivable           HTML     40K 
                (Details)                                                        
61: R41         Restructuring, Acquisition, and Integration         HTML     36K 
                Related Expenses (Details)                                       
62: R42         GOODWILL AND INTANGIBLE ASSETS, NET - Narrative     HTML     46K 
                (Details)                                                        
63: R43         GOODWILL AND INTANGIBLE ASSETS, NET - Carrying      HTML     39K 
                Value of Goodwill (Details)                                      
64: R44         GOODWILL AND INTANGIBLE ASSETS, NET - Identifiable  HTML     60K 
                Intangible Assets (Details)                                      
65: R45         GOODWILL AND INTANGIBLE ASSETS, NET - Estimated     HTML     41K 
                Future Amortization Expense (Details)                            
66: R46         FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS -  HTML     81K 
                Recurring Fair Value Measurements (Details)                      
67: R47         FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS -  HTML     29K 
                Narrative (Details)                                              
68: R48         FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS -  HTML     34K 
                Fair Value Estimates (Details)                                   
69: R49         DERIVATIVES - Outstanding Swap Contracts (Details)  HTML     85K 
70: R50         DERIVATIVES - Narrative (Details)                   HTML     39K 
71: R51         DERIVATIVES - Interest Rate Swap Contracts          HTML     33K 
                (Details)                                                        
72: R52         LONG-TERM DEBT - Schedule of Debt (Details)         HTML     54K 
73: R53         LONG-TERM DEBT - Refinancing Activities, Narrative  HTML     70K 
                (Details)                                                        
74: R54         LONG-TERM DEBT - Senior Notes, Narrative (Details)  HTML     40K 
75: R55         LONG-TERM DEBT - ABL Credit Facility, Narrative     HTML    112K 
                (Details)                                                        
76: R56         LONG-TERM DEBT - Schedule of Line of Credit         HTML     45K 
                Facilities (Details)                                             
77: R57         LONG-TERM DEBT - Term Loan Facility, Narrative      HTML     94K 
                (Details)                                                        
78: R58         Comprehensive (LOSS) INCOME AND ACCUMULATED OTHER   HTML     72K 
                COMPREHENSIVE LOSS - Changes by Component                        
                (Details)                                                        
79: R59         Comprehensive (LOSS) INCOME AND ACCUMULATED OTHER   HTML     64K 
                COMPREHENSIVE LOSS - Reclassification out of Other               
                Comprehensive Loss (Details)                                     
80: R60         Share-Based Awards (Details)                        HTML     38K 
81: R61         BENEFIT PLANS - Net Periodic Benefit Cost (Income)  HTML     58K 
                Recognized in Other Comprehensive Income (Loss)                  
                (Details)                                                        
82: R62         BENEFIT PLANS - Narrative (Details)                 HTML     51K 
83: R63         Income Taxes (Details)                              HTML     35K 
84: R64         Earnings (Loss) Per Share (Details)                 HTML     67K 
85: R65         BUSINESS SEGMENTS - Narrative (Details)             HTML     29K 
86: R66         BUSINESS SEGMENTS - Segment Information (Details)   HTML     95K 
87: R67         Commitments, Contingencies and Off-Balance Sheet    HTML     71K 
                Arrangements (Details)                                           
88: R68         DISCONTINUED OPERATIONS - Narrative (Details)       HTML     54K 
89: R69         DISCONTINUED OPERATIONS - Operating Results         HTML     58K 
                (Details)                                                        
90: R70         DISCONTINUED OPERATIONS - Balance Sheet (Details)   HTML     81K 
92: XML         IDEA XML File -- Filing Summary                      XML    158K 
20: XML         XBRL Instance -- unfi-20210130_htm                   XML   3.53M 
91: EXCEL       IDEA Workbook of Financial Reports                  XLSX    121K 
16: EX-101.CAL  XBRL Calculations -- unfi-20210130_cal               XML    284K 
17: EX-101.DEF  XBRL Definitions -- unfi-20210130_def                XML    811K 
18: EX-101.LAB  XBRL Labels -- unfi-20210130_lab                     XML   1.98M 
19: EX-101.PRE  XBRL Presentations -- unfi-20210130_pre              XML   1.19M 
15: EX-101.SCH  XBRL Schema -- unfi-20210130                         XSD    195K 
93: JSON        XBRL Instance as JSON Data -- MetaLinks              473±   680K 
94: ZIP         XBRL Zipped Folder -- 0001020859-21-000026-xbrl      Zip    496K 


‘10-Q’   —   Quarterly Report
Document Table of Contents

Page (sequential)   (alphabetic) Top
 
11st Page  –  Filing Submission
"Table of Contents
"Item 1
"Financial Statements
"Condensed Consolidated Balance Sheets (unaudited)
"Condensed Consolidated Statements of Operations (unaudited)
"Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)
"Condensed Consolidated Statements of Stockholders' Equity (unaudited)
"Condensed Consolidated Statements of Cash Flows (unaudited)
"Notes to Condensed Consolidated Financial Statements (unaudited)
"Item 2
"Management's Discussion and Analysis of Financial Condition and Results of Operations
"Item 3
"Quantitative and Qualitative Disclosures About Market Risk
"Item 4
"Controls and Procedures
"Part II
"Other Information
"Legal Proceedings
"Item 1A
"Risk Factors
"Unregistered Sales of Equity Securities and Use of Proceeds
"Item 5
"Item 6
"Exhibits
"Signatures

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM  i 10-Q
(Mark One)
 i      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended  i January 30, 2021
or 
 i  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to

Commission File Number:  i 001-15723
unfi-20210130_g1.jpg
 i UNITED NATURAL FOODS, INC.
(Exact name of registrant as specified in its charter)
 i Delaware
(State or other jurisdiction of incorporation or organization)
 
 i 05-0376157
(I.R.S. Employer Identification No.)
 i 313 Iron Horse Way,  i Providence,  i RI  i 02908
(Address of principal executive offices) (Zip Code)

 Registrant’s telephone number, including area code: ( i 401)  i 528-8634
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
 i Common stock, par value $0.01 i UNFI i New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:   i Yes  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   i Yes  No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.     
Large accelerated filer  i Accelerated filer
Non-accelerated filer Smaller reporting company i 
 Emerging growth company i 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  i   No 
As of March 5, 2021 there were  i 56,296,036 shares of the registrant’s common stock, $0.01 par value per share, outstanding.



Table of Contents

TABLE OF CONTENTS
 
Part I.
Financial Information
 
 
 
 
 
 
 
 

2

Table of Contents

PART I.  FINANCIAL INFORMATION
Item 1.  Financial Statements

UNITED NATURAL FOODS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(In thousands, except for per share data)
January 30,
2021
August 1,
2020
ASSETS  
Cash and cash equivalents$ i 40,496 $ i 46,993 
Accounts receivable, net i 1,136,135  i 1,120,199 
Inventories, net i 2,228,772  i 2,280,767 
Prepaid expenses and other current assets i 238,572  i 251,891 
Current assets of discontinued operations i 4,716  i 5,067 
Total current assets i 3,648,691  i 3,704,917 
Property and equipment, net i 1,671,755  i 1,701,216 
Operating lease assets i 1,016,836  i 982,808 
Goodwill i 20,084  i 19,607 
Intangible assets, net i 928,053  i 969,600 
Deferred income taxes i 107,779  i 107,624 
Other long-term assets i 95,551  i 97,285 
Long-term assets of discontinued operations i 1,391  i 3,915 
Total assets$ i 7,490,140 $ i 7,586,972 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Accounts payable$ i 1,618,288 $ i 1,633,448 
Accrued expenses and other current liabilities i 273,520  i 281,956 
Accrued compensation and benefits i 220,318  i 228,832 
Current portion of operating lease liabilities i 148,359  i 131,022 
Current portion of long-term debt and finance lease liabilities i 24,840  i 83,378 
Current liabilities of discontinued operations i 8,313  i 11,438 
Total current liabilities i 2,293,638  i 2,370,074 
Long-term debt i 2,374,250  i 2,426,994 
Long-term operating lease liabilities i 894,831  i 873,990 
Long-term finance lease liabilities i 134,554  i 143,303 
Pension and other postretirement benefit obligations i 255,071  i 292,128 
Other long-term liabilities i 308,715  i 336,487 
Long-term liabilities of discontinued operations i 15  i 1,738 
Total liabilities i 6,261,074  i 6,444,714 
Commitments and contingencies i  i 
Stockholders’ equity:
Preferred stock, $ i  i 0.01 /  par value, authorized  i  i 5,000 /  shares;  i  i  i  i none /  /  /  issued or outstanding
 i   i  
Common stock, $ i  i 0.01 /  par value, authorized  i  i 100,000 /  shares;  i 56,763 shares issued and  i 56,148 shares outstanding at January 30, 2021;  i 55,306 shares issued and  i 54,691 shares outstanding at August 1, 2020
 i 568  i 553 
Additional paid-in capital i 581,096  i 568,736 
Treasury stock at cost( i 24,231)( i 24,231)
Accumulated other comprehensive loss( i 213,529)( i 237,946)
Retained earnings i 886,313  i 837,633 
Total United Natural Foods, Inc. stockholders’ equity i 1,230,217  i 1,144,745 
Noncontrolling interests( i 1,151)( i 2,487)
Total stockholders’ equity i 1,229,066  i 1,142,258 
Total liabilities and stockholders’ equity$ i 7,490,140 $ i 7,586,972 

See accompanying Notes to Condensed Consolidated Financial Statements.
3

Table of Contents

UNITED NATURAL FOODS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(In thousands, except for per share data) 
 13-Week Period Ended26-Week Period Ended
 
January 30,
2021
February 1,
2020
January 30,
2021
February 1,
2020
Net sales$ i 6,888,133 $ i 6,431,382 $ i 13,560,740 $ i 12,727,994 
Cost of sales i 5,897,774  i 5,514,057  i 11,603,882  i 10,903,458 
Gross profit i 990,359  i 917,325  i 1,956,858  i 1,824,536 
Operating expenses i 866,880  i 862,732  i 1,767,842  i 1,746,420 
Goodwill and asset impairment charges i   i   i   i 425,405 
Restructuring, acquisition and integration related expenses i 17,783  i 36,522  i 34,211  i 51,194 
Loss on sale of assets i 399  i 524  i 169  i 434 
Operating income (loss) i 105,297  i 17,547  i 154,636 ( i 398,917)
Other expense (income):  
Net periodic benefit income, excluding service cost( i 17,127)( i 3,277)( i 34,160)( i 14,661)
Interest expense, net i 50,944  i 48,836  i 120,077  i 98,545 
Other, net( i 1,674)( i 1,220)( i 2,472)( i 1,620)
Total other expense, net i 32,143  i 44,339  i 83,445  i 82,264 
Income (loss) from continuing operations before income taxes i 73,154 ( i 26,792) i 71,191 ( i 481,181)
Provision (benefit) for income taxes i 16,392 ( i 12,808) i 15,401 ( i 79,763)
Net income (loss) from continuing operations i 56,762 ( i 13,984) i 55,790 ( i 401,418)
Income (loss) from discontinued operations, net of tax i 3,803 ( i 16,076) i 5,099 ( i 12,050)
Net income (loss) including noncontrolling interests i 60,565 ( i 30,060) i 60,889 ( i 413,468)
Less net income attributable to noncontrolling interests( i 1,605)( i 650)( i 2,972)( i 1,169)
Net income (loss) attributable to United Natural Foods, Inc.$ i 58,960 $( i 30,710)$ i 57,917 $( i 414,637)
  
Basic earnings (loss) per share:
Continuing operations$ i 0.98 $( i 0.27)$ i 0.95 $( i 7.54)
Discontinued operations$ i 0.07 $( i 0.30)$ i 0.09 $( i 0.23)
Basic earnings (loss) per share$ i 1.05 $( i 0.57)$ i 1.04 $( i 7.77)
Diluted earnings (loss) per share:
Continuing operations$ i 0.93 $( i 0.27)$ i 0.89 $( i 7.54)
Discontinued operations$ i 0.06 $( i 0.30)$ i 0.09 $( i 0.23)
Diluted earnings (loss) per share$ i 1.00 $( i 0.57)$ i 0.98 $( i 7.77)
Weighted average shares outstanding:
Basic i 56,138  i 53,523  i 55,717  i 53,368 
Diluted i 59,205  i 53,523  i 59,119  i 53,368 

See accompanying Notes to Condensed Consolidated Financial Statements.
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UNITED NATURAL FOODS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited)
(In thousands)
13-Week Period Ended26-Week Period Ended
January 30,
2021
February 1,
2020
January 30,
2021
February 1,
2020
Net income (loss) including noncontrolling interests$ i 60,565 $( i 30,060)$ i 60,889 $( i 413,468)
Other comprehensive income (loss):   
Recognition of pension and other postretirement benefit obligations, net of tax(1)
( i 300) i 7,370 ( i 506) i 7,942 
Recognition of interest rate swap cash flow hedges, net of tax(2)
 i 9,253 ( i 3,752) i 21,711 ( i 7,433)
Foreign currency translation adjustments i 2,852 ( i 347) i 3,257  i 24 
Recognition of other cash flow derivatives, net of tax(3)
 i 388  i  ( i 45) i  
Total other comprehensive income  i 12,193  i 3,271  i 24,417  i 533 
Less comprehensive income attributable to noncontrolling interests( i 1,605)( i 650)( i 2,972)( i 1,169)
Total comprehensive income (loss) attributable to United Natural Foods, Inc.
$ i 71,153 $( i 27,439)$ i 82,334 $( i 414,104)

(1)Amounts are net of tax (benefit) expense of $( i 0.1) million, $ i 2.4 million, $( i 0.2) million and $ i 2.6 million, respectively.
(2)Amounts are net of tax expense (benefit) of $ i 3.2 million, $( i 1.3) million, $ i 7.4 million and $( i 2.5) million, respectively.
(3)Amounts are net of tax expense of $ i 0.1 million, $— million, $— million and $— million, respectively.


See accompanying Notes to Condensed Consolidated Financial Statements.

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UNITED NATURAL FOODS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (unaudited)
For the 13-week periods ended January 30, 2021 and February 1, 2020
(In thousands)
 Common StockTreasury StockAdditional
Paid-in Capital
Accumulated
Other
Comprehensive Loss
Retained EarningsTotal United Natural Foods, Inc.
Stockholders’ Equity
Noncontrolling InterestsTotal Stockholders’ Equity
SharesAmountSharesAmount
Balances at October 31, 2020 i 56,749 $ i 568  i 615 $( i 24,231)$ i 572,170 $( i 225,722)$ i 827,353 $ i 1,150,138 $( i 2,279)$ i 1,147,859 
Restricted stock vestings  i 5 — — — ( i 1,533)— — ( i 1,533)— ( i 1,533)
Share-based compensation— — — —  i 10,687 — —  i 10,687 —  i 10,687 
Other comprehensive income— — — — —  i 12,193 —  i 12,193 —  i 12,193 
Distributions to noncontrolling interests— — — — — — — — ( i 301)( i 301)
Proceeds from issuance of common stock, net i 9 — — —  i 136 — —  i 136 —  i 136 
Acquisition of noncontrolling interests— — — — ( i 364)— — ( i 364)( i 176)( i 540)
Net income— — — — — —  i 58,960  i 58,960  i 1,605  i  i 60,565 /  
Balances at January 30, 2021 i 56,763 $ i 568  i 615 $( i 24,231)$ i 581,096 $( i 213,529)$ i 886,313 $ i 1,230,217 $( i 1,151)$ i 1,229,066 
Balances at November 2, 2019 i 54,121 $ i 541  i 615 $( i 24,231)$ i 532,958 $( i 111,691)$ i 722,350 $ i 1,119,927 $( i 3,316)$ i 1,116,611 
Restricted stock vestings  i 19  i 1 — — ( i 54)— — ( i 53)— ( i 53)
Share-based compensation— — — —  i 2,704 — —  i 2,704 —  i 2,704 
Other comprehensive income— — — — —  i 3,271 —  i 3,271 —  i 3,271 
Distributions to noncontrolling interests— — — — — — — — ( i 300)( i 300)
Proceeds from issuance of common stock, net i 35 — — —  i 292 — —  i 292 —  i 292 
Net (loss) income— — — — — — ( i 30,710)( i 30,710) i 650 ( i 30,060)
Balances at February 1, 2020 i 54,175 $ i 542  i 615 $( i 24,231)$ i 535,900 $( i 108,420)$ i 691,640 $ i 1,095,431 $( i 2,966)$ i 1,092,465 

See accompanying Notes to Condensed Consolidated Financial Statements

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UNITED NATURAL FOODS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (unaudited)
For the 26-week periods ended January 30, 2021 and February 1, 2020
 Common StockTreasury StockAdditional
Paid-in Capital
Accumulated
Other
Comprehensive Loss
Retained EarningsTotal United Natural Foods, Inc.
Stockholders’ Equity
Noncontrolling InterestsTotal Stockholders’ Equity
SharesAmountSharesAmount
Balances at August 1, 2020 i 55,306 $ i 553  i 615 $( i 24,231)$ i 568,736 $( i 237,946)$ i 837,633 $ i 1,144,745 $( i 2,487)$ i 1,142,258 
Cumulative effect of change in accounting principle— — — — — — ( i 9,237)( i 9,237)— ( i 9,237)
Restricted stock vestings  i 1,443  i 15 — — ( i 10,412)— — ( i 10,397)— ( i 10,397)
Share-based compensation— — — —  i 22,929 — —  i 22,929 —  i 22,929 
Other comprehensive income— — — — —  i 24,417 —  i 24,417 —  i 24,417 
Distributions to noncontrolling interests— — — — — — — — ( i 1,460)( i 1,460)
Proceeds from issuance of common stock, net i 14 — — —  i 207 — —  i 207 —  i 207 
Acquisition of noncontrolling interests— — — — ( i 364)— — ( i 364)( i 176)( i 540)
Net income— — — — — —  i 57,917  i 57,917  i 2,972  i 60,889 
Balances at January 30, 2021 i 56,763 $ i 568  i 615 $( i 24,231)$ i 581,096 $( i 213,529)$ i 886,313 $ i 1,230,217 $( i 1,151)$ i 1,229,066 
Balances at August 3, 2019 i 53,501  i 535  i 615 ( i 24,231) i 530,801 ( i 108,953) i 1,108,890  i 1,507,042 ( i 2,737) i 1,504,305 
Cumulative effect of change in accounting principle— — — — — — ( i 2,613)( i 2,613)— ( i 2,613)
Restricted stock vestings  i 443  i 5 — — ( i 877)— — ( i 872)— ( i 872)
Share-based compensation— — — —  i 3,951 — —  i 3,951 —  i 3,951 
Other comprehensive income— — — — —  i 533 —  i 533 —  i 533 
Distributions to noncontrolling interests— — — — — — — — ( i 1,398)( i 1,398)
Proceeds from issuance of common stock, net i 231  i 2 — —  i 2,025 — —  i 2,027 —  i 2,027 
Net (loss) income— — — — — — ( i 414,637)( i 414,637) i 1,169 ( i 413,468)
Balances at February 1, 2020 i 54,175 $ i 542  i 615 $( i 24,231)$ i 535,900 $( i 108,420)$ i 691,640 $ i 1,095,431 $( i 2,966)$ i 1,092,465 
 
See accompanying Notes to Condensed Consolidated Financial Statements.
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UNITED NATURAL FOODS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
 26-Week Period Ended
(In thousands)January 30,
2021
February 1,
2020
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net income (loss) including noncontrolling interests$ i 60,889 $( i 413,468)
Income (loss) from discontinued operations, net of tax i 5,099 ( i 12,050)
Net income (loss) from continuing operations i 55,790 ( i 401,418)
Adjustments to reconcile net income (loss) from continuing operations to net cash used in operating activities:  
Depreciation and amortization i 143,723  i 144,360 
Share-based compensation i 22,929  i 3,951 
Loss on sale of assets i 169  i 434 
Closed property and other restructuring charges i 3,496  i 23,586 
Goodwill and asset impairment charges i   i 425,405 
Net pension and other postretirement benefit income( i 34,136)( i 14,633)
Deferred income tax benefit( i 841)( i 60,260)
LIFO charge i 13,343  i 13,879 
(Recoveries) provision for losses on receivables, net( i 3,860) i 45,503 
Loss on debt extinguishment i 29,494  i 73 
Non-cash interest expense and other adjustments i 9,562  i 7,393 
Changes in operating assets and liabilities( i 33,994)( i 153,543)
Net cash provided by operating activities of continuing operations
 i 205,675  i 34,730 
Net cash provided by operating activities of discontinued operations
 i 1,324  i 4,352 
Net cash provided by operating activities
 i 206,999  i 39,082 
CASH FLOWS FROM INVESTING ACTIVITIES:  
Capital expenditures( i 91,516)( i 91,128)
Proceeds from dispositions of assets i 39,908  i 12,330 
Other( i 97)( i 1,472)
Net cash used in investing activities of continuing operations
( i 51,705)( i 80,270)
Net cash provided by investing activities of discontinued operations
 i 1,467  i 22,585 
Net cash used in investing activities
( i 50,238)( i 57,685)
CASH FLOWS FROM FINANCING ACTIVITIES:  
Proceeds from borrowings of long-term debt i 500,000  i 2,050 
Proceeds from borrowings under revolving credit line i 2,666,239  i 2,269,989 
Repayments of borrowings under revolving credit line( i 2,537,951)( i 2,162,821)
Repayments of long-term debt and finance leases( i 768,983)( i 93,326)
Proceeds from the issuance of common stock and exercise of stock options i 207  i 2,027 
Payment of employee restricted stock tax withholdings( i 10,397)( i 872)
Payments for debt issuance costs( i 10,444) i  
Distributions to noncontrolling interests( i 1,460)( i 1,398)
Repayments of other loans( i 163) i  
Other( i 540) i  
Net cash (used in) provided by financing activities
( i 163,492) i 15,649 
EFFECT OF EXCHANGE RATE CHANGES ON CASH i 265  i 19 
NET DECREASE IN CASH AND CASH EQUIVALENTS( i 6,466)( i 2,935)
Cash and cash equivalents, at beginning of period i 47,117  i 45,263 
Cash and cash equivalents, at end of period i 40,651  i 42,328 
Less: cash and cash equivalents of discontinued operations( i 155)( i 133)
Cash and cash equivalents$ i 40,496 $ i 42,195 
Supplemental disclosures of cash flow information:
Cash paid for interest$ i 74,734 $ i 94,010 
Cash payments (refunds) for federal and state income taxes, net i 42,990 ( i 24,376)
Leased assets obtained in exchange for new operating lease liabilities i 116,725  i 121,455 
Leased assets obtained in exchange for new finance lease liabilities i 468  i  
Capital expenditures included in accounts payable$ i 31,309 $ i 20,193 
 See accompanying Notes to Condensed Consolidated Financial Statements.
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UNITED NATURAL FOODS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)


 i 
NOTE 1—SIGNIFICANT ACCOUNTING POLICIES
 
 i 
Nature of Business

United Natural Foods, Inc. and its subsidiaries (the “Company”, “we”, ”us”, “UNFI”, or “our”) is a leading distributor of natural, organic, specialty, produce and conventional grocery and non-food products, and provider of support services to retailers. The Company sells its products primarily throughout the United States and Canada.

 i 
Fiscal Year

The Company’s fiscal year ends on the Saturday closest to July 31 and contain either 52 or 53 weeks. References to the second quarter of fiscal 2021 and 2020 relate to the 13-week fiscal quarters ended January 30, 2021 and February 1, 2020, respectively. References to fiscal 2021 and 2020 year-to-date relate to the 26-week fiscal periods ended January 30, 2021 and February 1, 2020, respectively.

 i 
Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. Unless otherwise indicated, references to the Condensed Consolidated Statements of Operations, the Condensed Consolidated Balance Sheets and the Notes to the Condensed Consolidated Financial Statements exclude all amounts related to discontinued operations. Refer to Note 16—Discontinued Operations for additional information about the Company’s discontinued operations.

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information, including the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and note disclosures normally required in complete financial statements prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted. In the Company’s opinion, these Condensed Consolidated Financial Statements include all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. However, the results of operations for interim periods may not be indicative of the results that may be expected for a full year. These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended August 1, 2020 (the “Annual Report”). There were no material changes in significant accounting policies from those described in the Company’s Annual Report.

 i 
Discontinued Operations

In the fourth quarter of fiscal 2020, the Company determined it no longer met the held for sale criterion for a probable sale to be completed within 12 months for the Cub Foods business and the majority of the remaining Shoppers locations excluding Shoppers locations that are held for sale within discontinued operations (collectively “Retail”). As a result, the Company revised its Condensed Consolidated Financial Statements to reclassify Retail from discontinued operations to continuing operations. This change in financial statement presentation resulted in the inclusion of Retail’s results of operations, financial position, cash flows and related disclosures within continuing operations. Prior periods presented in these Condensed Consolidated Financial Statements have been conformed to the current period presentation, resulting in Retail being presented in continuing operations for all periods. Retail was acquired as part of the SUPERVALU INC. (“Supervalu”) acquisition in the first quarter of fiscal 2019 on October 22, 2018.

 i 
Use of Estimates

The preparation of the Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
 / 

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Table of Contents

 i Cash and Cash Equivalents

Cash equivalents consist of highly liquid investments with original maturities of three months or less. The Company’s banking arrangements allow it to fund outstanding checks when presented to the financial institution for payment. The Company funds all intraday bank balance overdrafts during the same business day. Checks outstanding in excess of bank balances create book overdrafts, which are recorded in Accounts payable in the Condensed Consolidated Balance Sheets and are reflected as an operating activity in the Condensed Consolidated Statements of Cash Flows. As of January 30, 2021 and August 1, 2020, the Company had net book overdrafts of $ i 268.6 million and $ i 267.8 million, respectively.

 i 
Reclassifications

Within the Condensed Consolidated Statements of Cash Flows certain immaterial amounts have been reclassified to conform with current year presentation. These reclassifications had no impact on reported net income, cash flows, or total assets and liabilities.

 i Inventories, Net

Inventories are valued at the lower of cost or market. Substantially all of the Company’s inventories consist of finished goods and a substantial portion of its inventories have a last-in, first-out (“LIFO”) reserve applied. Interim LIFO calculations are based on the Company’s estimates of expected year end inventory levels and costs, as the actual valuation of inventory under the LIFO method is computed at the end of each fiscal year based on the inventory levels and costs at that time. If the first-in, first-out method had been used, Inventories, net would have been higher by approximately $ i 56.6 million and $ i 43.3 million at January 30, 2021 and August 1, 2020, respectively.

 i 
NOTE 2—RECENTLY ADOPTED AND ISSUED ACCOUNTING PRONOUNCEMENTS

 i 
Recently Adopted Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board (“FASB”) issued accounting standards update (“ASU”) 2016‐13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and subsequent amendments to the initial guidance: ASU 2018‐19, ASU 2019‐04, ASU 2019‐05, and ASU 2019‐11 (collectively, “Topic 326”). Topic 326 changed the impairment model for most financial assets and certain other instruments. For trade and other receivables, guarantees and other instruments, entities are required to use a new forward‐looking expected loss model that replaces the previous incurred loss model and generally results in earlier recognition of credit losses. The Company adopted this standard in the first quarter of fiscal 2021 on August 2, 2020, the effective and initial application date, using a modified‐retrospective basis as required by the standard by means of a cumulative‐effect adjustment to the opening balance of Retained earnings in the Company’s Condensed Consolidated Statement of Stockholders’ Equity. The difference between reserves and allowances recorded under the former incurred loss model and the amount determined under the current expected loss model, net of the deferred tax impact, was recorded as an adjustment to Retained earnings. Adoption of this standard did not have a material impact to the Company’s Condensed Consolidated Financial Statements.

In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326 Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825. This ASU clarifies the accounting treatment for the measurement of credit losses under ASC 326 and provides further clarification on previously issued updates including ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities and ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. Since the Company adopted ASU 2017-12 in the fourth quarter of fiscal 2018, the amendments in ASU 2019-04 related to clarifications on Accounting for Hedging Activities, which were adopted by the Company in the first quarter of fiscal 2020, with no impact to Accumulated other comprehensive loss or Retained earnings for fiscal 2020, as the Company did not have separately measured ineffectiveness related to its cash flow hedges. The remaining amendments within ASU 2019-04 were adopted in the first quarter of fiscal 2021 with the adoption of Topic 326. Adoption of this standard did not have a material impact on the Company’s Condensed Consolidated Financial Statements.

In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. ASU 2018-05 requires implementation costs incurred by customers in cloud computing arrangements (i.e. hosting arrangements) to be capitalized under the same premises as authoritative guidance for internal-use software, and deferred over the noncancellable term of the cloud computing arrangements plus any optional renewal periods that are reasonably certain to be exercised by the customer or for which the exercise is controlled by the service provider. The Company adopted this standard on a prospective basis in the first quarter of fiscal 2021. The Company expects to incur immaterial implementation costs in fiscal 2021. Under this standard, the Company is required to defer these costs and recognize these costs as a service expense over future periods. Adoption of this standard did not have a material impact on the Company’s Condensed Consolidated Financial Statements.

In August 2018, the FASB issued ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans. ASU 2018-14 eliminates requirements for certain disclosures and requires additional disclosures under defined benefit pension plans and other postretirement plans. The Company adopted this guidance in the first quarter of fiscal 2021. The provisions of the new standard do not have any effect on the Company’s interim financial statements but will require additional disclosures in its annual consolidated financial statements.

Recently Issued Accounting Pronouncements

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. ASU 2019-12 eliminates certain exceptions to Topic 740’s general principles. The amendments also improve consistent application and simplifies its application. The Company is required to adopt this guidance in the first quarter of fiscal 2022. The Company is currently reviewing the provisions of the new standard and evaluating its impact on the Company’s consolidated financial statements.
 / 

 i 
NOTE 3—REVENUE RECOGNITION

Disaggregation of Revenues

The Company records revenue to  i five customer channels within Net sales, which are described below:

Chains, which consists of customer accounts that typically have more than  i 10 operating stores and exclude stores included within the Supernatural and Other channels defined below;
Independent retailers, which include smaller size accounts and include single store and multiple store locations, but are not classified within Chains above or Other discussed below;
Supernatural, which consists of chain accounts that are national in scope and carry primarily natural products, and currently consists solely of Whole Foods Market;
Retail, which reflects our Retail segment, including the Cub Foods business and the remaining Shoppers locations, excluding Shoppers locations that are held for sale within discontinued operations; and
Other, which includes international customers outside of Canada, foodservice, eCommerce, conventional military business and other sales.

 i The following tables detail the Company’s net sales for the periods presented by customer channel for each of its segments. The Company does not record its revenues within its Wholesale reportable segment for financial reporting purposes by product group, and it is therefore impracticable for it to report them accordingly.
 / 
10

Table of Contents

 Net Sales for the 13-Week Period Ended
(in millions)January 30, 2021
Customer ChannelWholesaleRetailOther
Eliminations(2)
Consolidated
Chains$ i 3,097 $ i  $ i  $— $ i 3,097 
Independent retailers i 1,701  i   i  —  i 1,701 
Supernatural i 1,298  i   i  —  i 1,298 
Retail i   i 621  i  —  i 621 
Other i 513  i   i 55 —  i 568 
Eliminations— — — ( i 397)( i 397)
Total$ i 6,609 $ i 621 $ i 55 $( i 397)$ i 6,888 
Net Sales for the 13-Week Period Ended
(in millions)
Customer ChannelWholesaleRetailOther
Eliminations(2)
Consolidated
Chains$ i 2,909 $ i  $ i  $— $ i 2,909 
Independent retailers i 1,561  i   i  —  i 1,561 
Supernatural i 1,211  i   i  —  i 1,211 
Retail i   i 539  i  —  i 539 
Other i 525  i   i 41 —  i 566 
Eliminations— — — ( i 355)( i 355)
Total$ i 6,206 $ i 539 $ i 41 $( i 355)$ i 6,431 
 Net Sales for the 26-Week Period Ended
(in millions)January 30, 2021
Customer ChannelWholesaleRetailOther
Eliminations(2)
Consolidated
Chains$ i 6,117 $ i  $ i  $— $ i 6,117 
Independent retailers i 3,373  i   i  —  i 3,373 
Supernatural i 2,512  i   i  —  i 2,512 
Retail i   i 1,216  i  —  i 1,216 
Other i 1,038  i   i 111 —  i 1,149 
Eliminations— — — ( i 806)( i 806)
Total$ i 13,040 $ i 1,216 $ i 111 $( i 806)$ i 13,561 
Net Sales for the 26-Week Period Ended
(in millions)
Customer ChannelWholesaleRetailOther
Eliminations(2)
Consolidated
Chains$ i 5,784 $ i  $ i  $— $ i 5,784 
Independent retailers i 3,118  i   i  —  i 3,118 
Supernatural i 2,322  i   i  —  i 2,322 
Retail i   i 1,054  i  —  i 1,054 
Other i 1,050  i   i 106 —  i 1,156 
Eliminations— — — ( i 706)( i 706)
Total$ i 12,274 $ i 1,054 $ i 106 $( i 706)$ i 12,728 
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(1)In the first quarter of fiscal 2021, the presentation of net sales by customer channel was recast to present the Chains and Other channel exclusive of the intercompany eliminations and present total eliminations separately. There was no impact to the Condensed Consolidated Statements of Operations. The Company believes this modified basis better reflects its channel presentation, as it further aligns with segment presentation and how sales channel information would appear following the potential disposition of Retail, assuming all banners retain a supply agreement. In addition, during the fourth quarter of fiscal 2020, the presentation of net sales by customer channel was recast to be presented on a basis consistent with customer size. International customers other than Canada, and alternative format sales continue to be classified within Other. The main effect of the change was to re-categorize the former Supermarkets and Independents channels, previously classified by the majority of product carried by those customers between conventional and natural products, respectively, to classify those stores by the number of customer locations we supply. There was no impact to the Condensed Consolidated Statements of Operations as a result of the reclassification of customer types. The Company believes this modified basis better reflects the nature and economic risks of cash flows from customers.
(2)Eliminations primarily includes the net sales elimination of Wholesale’s sales to the Retail segment and the elimination of sales from segments included within Other to Wholesale.

The Company serves customers in the United States and Canada, as well as customers located in other countries. However, all of the Company’s revenue is earned in the U.S. and Canada, and international distribution occurs through freight-forwarders. The Company does not have any performance obligations on international shipments subsequent to delivery to the domestic port.

No net sales were recorded within continuing operations for retail stores within discontinued operations that the Company disposed of and expects to dispose of without a supply agreement. These net sales have been eliminated upon consolidation within the Wholesale segment of continuing operations and amounted to $ i 13.4 million and $ i 36.1 million in the second quarters of fiscal 2021 and 2020, respectively, and $ i 27.8 million and $ i 92.1 million in fiscal 2021 and 2020 year-to-date, respectively.

Accounts and Notes Receivable Balances

 i 
Accounts and notes receivable are as follows:
(in thousands)January 30, 2021August 1, 2020
Customer accounts receivable$ i 1,176,126 $ i 1,156,694 
Allowance for uncollectible receivables ( i 56,356)( i 55,928)
Other receivables, net i 16,365  i 19,433 
Accounts receivable, net$ i 1,136,135 $ i 1,120,199 
Notes receivable, net, included within Prepaid expenses and other current assets$ i 13,023 $ i 49,268 
Long-term notes receivable, net, included within Other assets$ i 19,101 $ i 25,800 
 / 

 i 
NOTE 4—RESTRUCTURING, ACQUISITION AND INTEGRATION RELATED EXPENSES

 i 
Restructuring, acquisition and integration related expenses incurred were as follows:
13-Week Period Ended26-Week Period Ended
(in thousands)January 30, 2021February 1, 2020January 30, 2021February 1, 2020
2019 SUPERVALU INC. restructuring expenses
$ i  $ i 664 $ i  $ i 2,501 
Restructuring and integration costs i 14,682  i 15,411  i 29,442  i 24,705 
Closed property charges and costs i 3,101  i 20,447  i 4,769  i 23,988 
Total$ i 17,783 $ i 36,522 $ i 34,211 $ i 51,194 
 / 
 / 

 i 
NOTE 5—GOODWILL AND INTANGIBLE ASSETS, NET

The Company has  i five goodwill reporting units:  i two of which represent separate operating segments and are aggregated within the Wholesale reportable segment (U.S. Wholesale and Canada Wholesale);  i one separate Retail operating and reportable segment and  i two of which are separate operating segments (Woodstock Farms and Blue Marble Brands) that do not meet the criteria for being disclosed as separate reportable segments. The Canada Wholesale operating segment, which is aggregated with U.S. Wholesale, would not meet the quantitative thresholds for separate reporting if it did not meet the aggregation criteria.
 / 
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Fiscal 2020 Goodwill Impairment Review

During the first quarter of fiscal 2020, the Company changed its management structure and internal financial reporting, which resulted in the requirement to combine the Supervalu Wholesale reporting unit and the legacy Company Wholesale reporting unit into one U.S. Wholesale reporting unit, and experienced a further sustained decline in market capitalization and enterprise value. As a result of the change in reporting units and the sustained decline in market capitalization and enterprise value, the Company performed an interim quantitative impairment review of goodwill for the Wholesale reporting unit, which included a determination of the fair value of all reporting units.

The Company estimated the fair values of all reporting units using both the market approach, applying a multiple of earnings based on observable multiples for guideline publicly traded companies, and the income approach, discounting projected future cash flows based on management’s expectations of the current and future operating environment for each reporting unit. The calculation of the impairment charge includes substantial fact-based determinations and estimates including weighted average cost of capital, future revenue, profitability, cash flows and fair values of assets and liabilities. The rates used to discount projected future cash flows under the income approach reflect a weighted average cost of capital of  i 8.5%, which considered observable data about guideline publicly traded companies, an estimated market participant’s expectations about capital structure and risk premiums, including those reflected in the Company’s market capitalization. The Company corroborated the reasonableness of the estimated reporting unit fair values by reconciling to its enterprise value and market capitalization. Based on this analysis, the Company determined that the carrying value of its U.S. Wholesale reporting unit exceeded its fair value by an amount that exceeded its assigned goodwill. As a result, the Company recorded a goodwill impairment charge of $ i 421.5 million in the first quarter of fiscal 2020. The goodwill impairment charge is reflected in Goodwill and asset impairment charges in the Condensed Consolidated Statements of Operations. The goodwill impairment charge reflects the impairment of all of the U.S. Wholesale reporting unit’s goodwill.

Goodwill and Intangible Assets Changes

 i 
Changes in the carrying value of Goodwill by reportable segment that have goodwill consisted of the following:
(in thousands)WholesaleOther Total
Goodwill as of August 1, 2020$ i 9,747 
(1)
$ i 9,860 
(2)
$ i 19,607 
Change in foreign exchange rates i 477  i   i 477 
Goodwill as of January 30, 2021$ i 10,224 
(1)
$ i 9,860 
(2)
$ i 20,084 
(1)Amounts are net of accumulated goodwill impairment charges of $ i  i 716.5 /  million as of August 1, 2020 and January 30, 2021.
(2)Amounts are net of accumulated goodwill impairment charges of $ i  i 9.6 /  million as of August 1, 2020 and January 30, 2021.
 / 

 i 
Identifiable intangible assets, net consisted of the following:
January 30, 2021August 1, 2020
(in thousands)Gross Carrying
Amount
Accumulated
Amortization
NetGross Carrying
Amount
Accumulated
Amortization
Net
Amortizing intangible assets:
Customer relationships$ i 1,007,695 $ i 203,748 $ i 803,947 $ i 1,007,118 $ i 172,832 $ i 834,286 
Pharmacy prescription files i 32,900  i 10,597  i 22,303  i 32,900  i 7,964  i 24,936 
Non-compete agreements i 1,200  i 1,145  i 55  i 12,900  i 11,500  i 1,400 
Operating lease intangibles i 8,193  i 4,818  i 3,375  i 8,193  i 4,020  i 4,173 
Trademarks and tradenames i 83,700  i 41,140  i 42,560  i 83,700  i 34,708  i 48,992 
Total amortizing intangible assets i 1,133,688  i 261,448  i 872,240  i 1,144,811  i 231,024  i 913,787 
Indefinite lived intangible assets:      
Trademarks and tradenames i 55,813  i   i 55,813  i 55,813  i   i 55,813 
Intangible assets, net$ i 1,189,501 $ i 261,448 $ i 928,053 $ i 1,200,624 $ i 231,024 $ i 969,600 
 / 
Amortization expense was $ i 18.6 million and $ i 21.5 million for the second quarters of fiscal 2021 and 2020, respectively, and $ i 41.6 million and $ i 43.6 million for fiscal 2021 and 2020 year-to-date, respectively.  i The estimated future amortization expense
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for each of the next five fiscal years and thereafter on definite lived intangible assets existing as of January 30, 2021 is shown below:
Fiscal Year:(In thousands)
Remaining fiscal 2021$ i 36,650 
2022 i 72,170 
2023 i 71,950 
2024 i 72,404 
2025 i 70,308 
2026 and thereafter i 548,758 
$ i 872,240 

 i 
NOTE 6—FAIR VALUE MEASUREMENTS OF FINANCIAL INSTRUMENTS

Recurring Fair Value Measurements

 i 
The following tables provides the fair value hierarchy for financial assets and liabilities measured on a recurring basis:
Condensed Consolidated Balance Sheets LocationFair Value at January 30, 2021
(in thousands)Level 1Level 2Level 3
Assets:
Foreign currency derivatives designated as hedging instrumentsPrepaid expenses and other current assets$ i  $ i 63 $ i  
Fuel derivatives designated as hedging instrumentsPrepaid expenses and other current assets$ i  $ i 680 $ i  
Mutual fundsOther long-term assets$ i 1,592 $ i  $ i  
Liabilities:
Foreign currency derivatives not designated as hedging instrumentsAccrued expenses and other current liabilities$ i  $ i 3 $ i  
Fuel derivatives designated as hedging instrumentsAccrued expenses and other current liabilities$ i  $ i 1 $ i  
Foreign currency derivatives designated as hedging instrumentsAccrued expenses and other current liabilities$ i  $ i 774 $ i  
Interest rate swaps designated as hedging instrumentsAccrued expenses and other current liabilities$ i  $ i 34,779 $ i  
Interest rate swaps designated as hedging instrumentsOther long-term liabilities$ i  $ i 66,374 $ i  
 / 
 / 

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Condensed Consolidated Balance Sheets LocationFair Value at August 1, 2020
(in thousands)Level 1Level 2Level 3
Assets:
Foreign currency derivatives not designated as hedging instrumentsPrepaid expenses and other current assets$ i  $ i 26 $ i  
Fuel derivatives designated as hedging instrumentsPrepaid expenses and other current assets$ i  $ i 36 $ i  
Foreign currency derivatives designated as hedging instrumentsPrepaid expenses and other current assets$ i  $ i 94 $ i  
Fuel derivatives designated as hedging instrumentsOther long-term assets$ i  $ i 23 $ i  
Mutual fundsOther long-term assets$ i 1,678 $ i  $ i  
Liabilities:
Fuel derivatives designated as hedging instrumentsAccrued expenses and other current liabilities$ i  $ i 197 $ i  
Foreign currency derivatives designated as hedging instrumentsAccrued expenses and other current liabilities$ i  $ i 357 $ i  
Interest rate swaps designated as hedging instrumentsAccrued expenses and other current liabilities$ i  $ i 46,743 $ i  
Interest rate swaps designated as hedging instrumentsOther long-term liabilities$ i  $ i 91,994 $ i  

Interest Rate Swap Contracts

The fair values of interest rate swap contracts are measured using Level 2 inputs. The interest rate swap contracts are valued using an income approach interest rate swap valuation model incorporating observable market inputs including interest rates, LIBOR swap rates and credit default swap rates. As of January 30, 2021, a 100 basis point increase in forward LIBOR interest rates would decrease the fair value of the interest rate swap liabilities by approximately $ i 40.6 million; a 100 basis point decrease in forward LIBOR interest rates would increase the fair value of the interest rate swap liabilities by approximately $ i 42.2 million. Refer to Note 7—Derivatives for further information on interest rate swap contracts.

Mutual Funds

Mutual fund assets consist of balances held in investments to fund certain deferred compensation plans. The fair values of mutual fund assets are based on quoted market prices of the mutual funds held by the plan at each reporting period. Mutual funds traded in active markets are classified within Level 1 of the fair value hierarchy.

Fuel Supply Agreements and Derivatives

To reduce diesel price risk, the Company has entered into derivative financial instruments and/or forward purchase commitments for a portion of our projected monthly diesel fuel requirements at fixed prices. The fair values of fuel derivative agreements are measured using Level 2 inputs.

Foreign Exchange Derivatives

To reduce foreign exchange risk, the Company has entered into derivative financial instruments for a portion of our projected monthly foreign currency requirements at fixed prices. The fair values of foreign exchange derivatives are measured using Level 2 inputs.

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Fair Value Estimates

For certain of the Company’s financial instruments including cash and cash equivalents, receivables, accounts payable, accrued vacation, compensation and benefits, and other current assets and liabilities the fair values approximate carrying amounts due to their short maturities. The fair value of notes receivable is estimated by using a discounted cash flow approach prior to consideration for uncollectible amounts and is calculated by applying a market rate for similar instruments using Level 3 inputs. The fair value of debt is estimated based on market quotes, where available, or market values for similar instruments, using Level 2 and 3 inputs.  i In the table below, the carrying value of the Company’s long-term debt is net of original issue discounts and debt issuance costs.
 January 30, 2021August 1, 2020
(In thousands)Carrying ValueFair ValueCarrying ValueFair Value
Notes receivable, including current portion$ i 41,264 $ i 40,655 $ i 77,598 $ i 78,877 
Long-term debt, including current portion$ i 2,387,241 $ i 2,474,902 $ i 2,497,626 $ i 2,535,851 

 i 
NOTE 7—DERIVATIVES

Management of Interest Rate Risk

The Company enters into interest rate swap contracts from time to time to mitigate its exposure to changes in market interest rates as part of its overall strategy to manage its debt portfolio to achieve an overall desired position of notional debt amounts subject to fixed and floating interest rates. Interest rate swap contracts are entered into for periods consistent with related underlying exposures and do not constitute positions independent of those exposures. The Company’s interest rate swap contracts are designated as cash flow hedges at January 30, 2021. Interest rate swap contracts are reflected at their fair values in the Condensed Consolidated Balance Sheets. Refer to Note 6—Fair Value Measurements of Financial Instruments for further information on the fair value of interest rate swap contracts.

 i 
Details of active swap contracts as of January 30, 2021, which are all pay fixed and receive floating, are as follows:
Effective DateSwap MaturityNotional Value (in millions)Pay Fixed Rate
Receive Floating Rate(2)
Floating Rate Reset Terms
March 21, 2019April 15, 2022$ i 100.0  i 2.3645 %One-Month LIBORMonthly
April 2, 2019June 30, 2022 i 100.0  i 2.2170 %One-Month LIBORMonthly
June 28, 2019June 30, 2022 i 50.0  i 2.1840 %One-Month LIBORMonthly
August 15, 2022 i 35.0  i 1.7950 %One-Month LIBORMonthly
October 26, 2018October 31, 2022 i 100.0  i 2.8915 %One-Month LIBORMonthly
January 11, 2019October 31, 2022 i 50.0  i 2.4678 %One-Month LIBORMonthly
January 23, 2019October 31, 2022 i 50.0  i 2.5255 %One-Month LIBORMonthly
November 16, 2018March 31, 2023 i 150.0  i 2.8950 %One-Month LIBORMonthly
January 23, 2019March 31, 2023 i 50.0  i 2.5292 %One-Month LIBORMonthly
November 30, 2018September 30, 2023 i 50.0  i 2.8315 %One-Month LIBORMonthly
October 26, 2018October 31, 2023 i 100.0  i 2.9210 %One-Month LIBORMonthly
January 11, 2019March 28, 2024 i 100.0  i 2.4770 %One-Month LIBORMonthly
January 23, 2019March 28, 2024 i 100.0  i 2.5420 %One-Month LIBORMonthly
November 30, 2018October 31, 2024 i 100.0  i 2.8480 %One-Month LIBORMonthly
January 11, 2019October 31, 2024 i 100.0  i 2.5010 %One-Month LIBORMonthly
January 24, 2019October 31, 2024 i 50.0  i 2.5210 %One-Month LIBORMonthly
October 26, 2018October 22, 2025 i 50.0  i 2.9550 %One-Month LIBORMonthly
November 16, 2018October 22, 2025 i 50.0  i 2.9590 %One-Month LIBORMonthly
November 16, 2018October 22, 2025 i 50.0  i 2.9580 %One-Month LIBORMonthly
January 24, 2019October 22, 2025 i 50.0  i 2.5558 %One-Month LIBORMonthly
$ i 1,485.0 
(1)The swap contract has an amortizing notional principal amount which is reduced by $ i 1.0 million on a quarterly basis.
 / 
 / 
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(2)For these swap contracts that are indexed to LIBOR, the Company is monitoring and evaluating risks related to the expected future cessation of LIBOR.

In the first quarter of fiscal 2021, in conjunction with the $ i 500.0 million fixed rate senior unsecured notes offering described below in Note 8—Long-Term Debt, the Company paid $ i 11.3 million to terminate or novate certain outstanding interest rate swaps with a notional amount of $ i 504.0 million and certain forward starting interest rate swaps with a notional amount of $ i 450.0 million. The payments equaled the fair value of the interest rate swaps at the time of their termination or novation.  i No gain or loss was recorded as a result of the swap termination and novations. Since the hedged interest payments remain probable of occurring, the unrecognized gains and losses resulting from the early termination and novation of these interest rate swap agreements will be amortized out of Accumulated other comprehensive income and into to Interest expense, net over the remaining period of the original terminated or novated interest rate swap agreements. If any of the hedged interest payments were not probable of occurring, then a charge representing an accelerated amortization of the unrecognized gains and losses would be recorded. Cash payments resulting from the termination and novation of interest rate swaps are classified as operating activities in the Company’s Condensed Consolidated Statements of Cash Flows.

The Company performs an initial quantitative assessment of hedge effectiveness using the “Hypothetical Derivative Method” in the period in which the hedging transaction is entered. Under this method, the Company assesses the effectiveness of each hedging relationship by comparing the changes in cash flows of the derivative hedging instrument with the changes in cash flows of the designated hedged transactions. In future reporting periods, the Company performs a qualitative analysis for quarterly prospective and retrospective assessments of hedge effectiveness. The Company also monitors the risk of counterparty default on an ongoing basis and noted that the counterparties are reputable financial institutions. The entire change in the fair value of the derivative is initially reported in Other comprehensive income (outside of earnings) in the Condensed Consolidated Statements of Comprehensive Income (Loss) and subsequently reclassified to earnings in Interest expense, net in the Condensed Consolidated Statements of Operations when the hedged transactions affect earnings.

 i 
The location and amount of gains or losses recognized in the Condensed Consolidated Statements of Operations for interest rate swap contracts for each of the periods, presented on a pretax basis, are as follows:
13-Week Period Ended26-Week Period Ended
January 30, 2021February 1, 2020January 30, 2021February 1, 2020
(In thousands)Interest expense, netInterest expense, net
Total amounts of expense line items presented in the Condensed Consolidated Statements of Operations in which the effects of cash flow hedges are recorded
$ i 50,944 $ i 48,836 $ i 120,077 $ i 98,545 
Loss on cash flow hedging relationships:
Loss reclassified from comprehensive income into earnings$( i 9,303)$( i 4,251)$( i 20,563)$( i 6,621)
Loss on interest rate swap contracts not designated as hedging instruments:
Loss recognized in earnings$( i 2,195)$ i  $( i 2,971)$ i  
 / 

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 i 
NOTE 8—LONG-TERM DEBT

 i 
The Company’s long-term debt consisted of the following:
(in thousands)
Average Interest Rate at
Fiscal Maturity YearJanuary 30,
2021
August 1,
2020
Term Loan Facility i 4.37%2026$ i 1,015,000 $ i 1,773,000 
ABL Credit Facility i 1.52%2024 i 885,000  i 756,712 
Senior Notes i 6.75%2029 i 500,000  i  
Other secured loans i 5.18%2024-2025 i 42,966  i 49,268 
Debt issuance costs, net( i 37,128)( i 45,846)
Original issue discount on debt( i 18,597)( i 35,508)
Long-term debt, including current portion i 2,387,241  i 2,497,626 
Less: current portion of long-term debt( i 12,991)( i 70,632)
Long-term debt$ i 2,374,250 $ i 2,426,994 
 / 

Refinancing Activities

Subsequent to the end of the second quarter of fiscal 2021, on February 11, 2021, the Company entered into an amendment agreement (the “First Term Loan Amendment”) amending the Term Loan Agreement (as defined below). The amendment provides for, among other things, (i) the reduction of the applicable margin for LIBOR loans from  i 4.25% to  i 3.50% and the applicable margin for base rate loans from  i 3.25% to  i 2.50%, (ii) the appointment of a replacement administrative and collateral agent, and (iii) other administrative changes. The amendment did not change the aggregate amount or maturity date of the Term Loan Facility.

During the second quarter of fiscal 2021, the Company made a voluntary prepayment of $ i 150.0 million on the Term Loan Facility (as defined below) funded with incremental borrowings under the ABL Credit Facility (as defined below) that reduces its interest costs. This prepayment will count towards any requirement from Excess Cash Flow (as defined in the Term Loan Agreement) generated during fiscal 2021, which would be due in fiscal 2022. In connection with this prepayment, the Company incurred a loss on debt extinguishment of $ i 5.7 million related to unamortized debt issuance costs and a loss on unamortized original issue discount, which were recorded within Interest expense, net in the Condensed Consolidated Statements of Operations in the second quarter of fiscal 2021.

During the first quarter of fiscal 2021, the Company repaid $ i 500.0 million of outstanding borrowings under the Term Loan Facility funded primarily by the net proceeds from the issuance of new  i eight-year senior unsecured notes (as described below). This refinancing transaction extended the maturity of a significant portion of the Company’s outstanding debt by approximately  i three years. Also during the first quarter, the Company made $ i 108.0 million of additional repayments under the Term Loan Facility, including $ i 72.0 million related to the material cash flow generation in fiscal 2020, as required under the Term Loan Agreement (as described below) and a voluntary prepayment of $ i 36.0 million with incremental borrowings under the ABL Credit Facility (as described below). In connection with the prepayments, the Company incurred a loss on debt extinguishment related to unamortized debt issuance costs and a loss on unamortized original issue discount of $ i 12.0 million and $ i 11.8 million, respectively, which were recorded within Interest expense, net in the Condensed Consolidated Statements of Operations in the first quarter of fiscal 2021. The Company also executed a third amendment to the ABL Loan Agreement (as defined below) during the first quarter of fiscal 2021, which added certain assets to the Borrowing Base (as defined below) and increased the Company’s capacity to issue letters of credit under the facility, in addition to other administrative changes. The amendment did not change the aggregate amount or maturity date of the ABL Credit Facility.

Senior Notes

On October 22, 2020, the Company issued $ i 500.0 million of unsecured  i 6.750% Senior Notes due October 15, 2028 (the “Senior Notes”). The Senior Notes are guaranteed by each of the Company’s subsidiaries that are borrowers under or that guarantee the ABL Credit Facility or the Term Loan Facility. The net proceeds from the offering of the Senior Notes, together with borrowings under the ABL Credit Facility, were used to repay $ i 500.0 million of the amounts outstanding under the Term B Tranche of the Term Loan Facility and for the payment of all financing costs related to the offering of the Senior Notes. Financing costs of $ i 8.9 million were paid and capitalized in fiscal 2021 year-to-date.
 / 



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The Senior Notes contain covenants customary for debt securities of this type that limit the ability of the Company and its restricted subsidiaries to, among other things, incur debt, declare or pay dividends or make other distributions to stockholders of the Company, transfer or sell assets, create liens on our assets, engage in transactions with affiliates, and merge, consolidate or sell all or substantially all of the assets of the Company and its subsidiaries on a consolidated basis. The Company is in compliance with all such covenants for all periods presented.

ABL Credit Facility

On August 30, 2018, the Company entered into a loan agreement (as amended from time to time, the “ABL Loan Agreement”), by and among the Company and United Natural Foods West, Inc. (together with the Company, the “U.S. Borrowers”) and UNFI Canada, Inc. (the “Canadian Borrower” and, together with the U.S. Borrowers, the “Borrowers”), the financial institutions that are parties thereto as lenders (collectively, the “ABL Lenders”), Bank of America, N.A. as administrative agent for the ABL Lenders (the “ABL Administrative Agent”), Bank of America, N.A. (acting through its Canada branch), as Canadian agent for the ABL Lenders, and the other parties thereto.

During the first quarter of fiscal 2021, on August 14, 2020, the Company entered into the Third Amendment to Loan Agreement, which provides for, among other things, (i) the addition of certain perishable inventory to the calculation of the Borrowing Base (as defined in the ABL Loan Agreement), (ii) the addition of income attributable to the business associated with the Cub Foods banner and the Shoppers banner accounted for within discontinued operations (if any) to the definition of Consolidated Net Income (as defined in the ABL Loan Agreement), (iii) an increase of the sublimit of availability for letters of credit to $ i 300 million which includes an increased further sublimit for the Canadian Borrower of $ i 25 million, and (iv) other administrative changes.

The ABL Loan Agreement provides for a secured asset-based revolving credit facility (the “ABL Credit Facility” and the loans thereunder, the “ABL Loans”), of which up to (i) $ i 2,050.0 million is available to the U.S. Borrowers and (ii) $ i 50.0 million is available to the Canadian Borrower. The ABL Loan Agreement also provides for (i) a $ i 300.0 million sublimit of availability for letters of credit of which there is a further $ i 25.0 million sublimit for the Canadian Borrower and (ii) a $ i 100.0 million sublimit for short-term borrowings on a swingline basis of which there is a further $ i 3.5 million sublimit for the Canadian Borrower. The ABL Credit Facility replaced the Company’s $ i 900.0 million prior asset-based revolving credit facility.

Under the ABL Loan Agreement, the Borrowers may, at their option, increase the aggregate amount of the ABL Credit Facility in an amount of up to $ i 600.0 million without the consent of any ABL Lenders not participating in such increase, subject to certain customary conditions and applicable lenders committing to provide the increase in funding. There is no assurance that additional funding would be available.

The Borrowers’ obligations under the ABL Credit Facility are guaranteed by most of the Company’s wholly-owned subsidiaries who are not also Borrowers (collectively, the “ABL Guarantors”), subject to customary exceptions and limitations. The Borrowers’ obligations under the ABL Credit Facility and the ABL Guarantors’ obligations under the related guarantees are secured by (i) a first-priority lien on all of the Borrowers’ and ABL Guarantors’ accounts receivable, inventory and certain other assets arising therefrom or related thereto (including substantially all of their deposit accounts, collectively, the “ABL Assets”) and (ii) a second-priority lien on all of the Borrowers’ and ABL Guarantors’ assets that do not constitute ABL Assets, in each case, subject to customary exceptions and limitations.

Availability under the ABL Credit Facility is subject to a borrowing base (the “Borrowing Base”), which is based on  i 90% of eligible accounts receivable, plus  i 90% of eligible credit card receivables, plus  i 90% of the net orderly liquidation value of eligible inventory, plus  i 90% of eligible pharmacy receivables, plus certain pharmacy scripts availability of the Borrowers, after adjusting for customary reserves. The aggregate amount of the ABL Loans made and letters of credit issued under the ABL Credit Facility shall at no time exceed the lesser of the aggregate commitments under the ABL Credit Facility (currently $ i 2,100.0 million or, if increased at the Borrowers’ option as described above, up to $ i 2,700.0 million) or the Borrowing Base. To the extent that the Borrowers’ Borrowing Base declines, the availability under the ABL Credit Facility may decrease below $ i 2,100.0 million.

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As of January 30, 2021, the U.S. Borrowers’ Borrowing Base, net of $ i 208.0 million of reserves, was $ i 2,216.1 million, which is above the $ i 2,050.0 million limit of availability to the U.S. Borrowers under the ABL Credit Facility. As of January 30, 2021, the Canadian Borrower’s Borrowing Base, net of $ i 4.2 million of reserves, was $ i 48.6 million, which is below the $ i 50.0 million limit of availability to the Canadian Borrower under the ABL Credit facility, resulting in total availability of $ i 2,098.6 million for ABL Loans and letters of credit under the ABL Credit Facility. As of January 30, 2021, the U.S. Borrowers had $ i 885.0 million of ABL Loans outstanding and the Canadian Borrower had no ABL Loans outstanding under the ABL Credit Facility, which are presented net of debt issuance costs of $ i 9.7 million and are included in Long-term debt in the Condensed Consolidated Balance Sheets. As of January 30, 2021, the U.S. Borrowers had $ i 95.8 million in letters of credit and the Canadian Borrower had  i no letters of credit outstanding under the ABL Credit Facility. The Company’s resulting remaining availability under the ABL Credit Facility was $ i 1,117.8 million as of January 30, 2021.

The ABL Loans of the U.S. Borrowers under the ABL Credit Facility bear interest at rates that, at the U.S. Borrowers’ option, can be either: (i) a base rate and an applicable margin or (ii) a LIBOR rate and an applicable margin. As of January 30, 2021, the applicable margin for base rate loans was  i 0.25% and the applicable margin for LIBOR loans was  i 1.25%. The ABL Loan Agreement contains provisions for the establishment of an alternative rate of interest in the event that LIBOR is no longer available. The ABL Loans of the Canadian Borrower under the ABL Credit Facility bear interest at rates that, at the Canadian Borrower’s option, can be either: (i) prime rate and an applicable margin or (ii) a Canadian dollar bankers’ acceptance equivalent rate and an applicable margin. As of January 30, 2021, the applicable margin for prime rate loans was  i 0.25%, and the applicable margin for Canadian dollar bankers’ acceptance equivalent rate loans was  i 1.25%. Commencing on the first day of the calendar month following the ABL Administrative Agent’s receipt of the Company’s aggregate availability calculation for the prior fiscal quarter, the applicable margins for borrowings by the U.S. Borrowers and Canadian Borrower will be subject to adjustment based upon the aggregate availability under the ABL Credit Facility. Unutilized commitments under the ABL Credit Facility are subject to a per annum fee of (i)  i 0.375% if the average daily total outstandings were less than  i 25% of the aggregate commitments during the preceding fiscal quarter or (ii)  i 0.25% if such average daily total outstandings were  i 25% or more of the aggregate commitments during the preceding fiscal quarter. As of January 30, 2021, the unutilized commitment fee was  i 0.25% per annum. The Borrowers are also required to pay a letter of credit fronting fee to each letter of credit issuer equal to  i 0.125% per annum of the amount available to be drawn under each such letter of credit, as well as a fee to all lenders equal to the applicable margin for LIBOR or Canadian dollar bankers’ acceptance equivalent rate loans, as applicable, times the average daily amount available to be drawn under all outstanding letters of credit.

The ABL Loan Agreement subjects the Company to a fixed charge coverage ratio (as defined in the ABL Loan Agreement) of at least  i 1.0 to 1.0 calculated at the end of each fiscal quarter on a rolling four quarter basis when the adjusted aggregate availability (as defined in the ABL Loan Agreement) is less than the greater of (i) $ i 235.0 million and (ii)  i 10% of the aggregate borrowing base. The Company has not been subject to the fixed charge coverage ratio covenant under the ABL Loan Agreement, including through the filing date of this Quarterly Report.

 i 
The assets included in the Condensed Consolidated Balance Sheets securing the outstanding obligations under the ABL Credit Facility on a first-priority basis, and the unused credit and fees under the ABL Credit Facility, were as follows:
Assets securing the ABL Credit Facility (in thousands)(1):
January 30,
2021
August 1,
2020
Certain inventory assets included in Inventories, net and Current assets of discontinued operations$ i 2,261,209 $ i 2,270,892 
Certain receivables included in Accounts receivable, net and Current assets of discontinued operations$ i 1,104,388 $ i 1,077,682 
(1)The ABL Credit Facility is also secured by all of the Company’s pharmacy scripts, which are included in Intangibles, net in the Condensed Consolidated Balance Sheets as of January 30, 2021 and August 1, 2020.
Unused credit and fees under the ABL Credit Facility (in thousands, except percentages):January 30, 2021
Outstanding letters of credit
$ i 95,789 
Letter of credit fees
 i 1.375 %
Unused credit
$ i 1,117,774 
Unused facility fees
 i 0.25 %
 / 
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The ABL Loan Agreement contains other customary affirmative and negative covenants and customary representations and warranties that must be accurate in order for the Borrowers to borrow under the ABL Credit Facility. The ABL Loan Agreement also contains customary events of default, including, but not limited to, payment defaults, breaches of representations and warranties, covenant defaults, events of bankruptcy and insolvency, failure of any guaranty or security document supporting the ABL Credit Facility to be in full force and effect, and a change of control. If an event of default occurs and is continuing, the Borrowers may be required to immediately repay all amounts outstanding under the ABL Loan Agreement.

Term Loan Facility

On the Supervalu acquisition date (“Closing Date”), the Company entered into a new term loan agreement (the “Term Loan Agreement”), by and among the Company and Supervalu (collectively, the “Term Borrowers”), the financial institutions that are parties thereto as lenders (collectively, the “Term Lenders”), Goldman Sachs Bank USA, as administrative agent for the Lenders, and the other parties thereto. The Term Loan Agreement provides for senior secured first lien term loans in an aggregate principal amount of $ i 1,950.0 million, consisting of a $ i 1,800.0 million  i seven-year tranche (the “Term B Tranche”) and a $ i 150.0 million  i 364-day tranche (the “364-day Tranche” and, together with the Term B Tranche, collectively, the “Term Loan Facility”). The entire amount of the net proceeds from the Term Loan Facility was used to finance the Supervalu acquisition and related transaction costs.

The loans under the Term B Tranche will be payable in full on October 22, 2025; provided that, if on or prior to December 31, 2024, that certain Agreement for Distribution of Products, dated as of October 30, 2015, by and between Whole Foods Market Distribution, Inc., a Delaware corporation, and the Company (the “Whole Foods Supply Agreement”) has not been extended until at least October 23, 2025 on terms not materially less favorable, taken as a whole, to the Company and its subsidiaries than those in effect on the Closing Date, then the loans under the Term B Tranche will be payable in full on December 31, 2024. On March 3, 2021, we entered into an amendment to the Whole Foods Supply Agreement, which extended the term of the agreement from September 28, 2025 to September 27, 2027, and which satisfies the extension requirement in the Term Loan Agreement.

In fiscal 2021 year-to-date, the Company made prepayments on the Term B Tranche of $ i 758.0 million as described above.
The loans under the 364-day Tranche were paid in full on October 21, 2019. The Company funded the scheduled maturity of the $ i 52.8 million outstanding borrowings under the 364-day Tranche with incremental borrowings under the ABL Credit Facility on October 21, 2019.

Under the Term Loan Agreement, the Term Borrowers may, at their option, increase the amount of the Term B Tranche, add one or more additional tranches of term loans or add one or more additional tranches of revolving credit commitments, without the consent of any Term Lenders not participating in such additional borrowings, up to an aggregate amount of $ i 656.3 million plus additional amounts based on satisfaction of certain leverage ratio tests, subject to certain customary conditions and applicable lenders committing to provide the additional funding. There can be no assurance that additional funding would be available.

The Term Borrowers’ obligations under the Term Loan Facility are guaranteed by most of the Company’s wholly-owned domestic subsidiaries who are not also Term Borrowers (collectively, the “Term Guarantors”), subject to customary exceptions and limitations, including an exception for immaterial subsidiaries designated by the Company from time to time. The Term Borrowers’ obligations under the Term Loan Facility and the Term Guarantors’ obligations under the related guarantees are secured by (i) a first-priority lien on substantially all of the Term Borrowers’ and the Term Guarantors’ assets other than the ABL Assets and (ii) a second-priority lien on substantially all of the Term Borrowers’ and the Term Guarantors’ ABL Assets, in each case, subject to customary exceptions and limitations, including an exception for owned real property with net book values of less than $ i 10.0 million. As of January 30, 2021, there was $ i 587.1 million of owned real property pledged as collateral that was included in Property and equipment, net and Prepaid expenses and Other current assets in the Condensed Consolidated Balance Sheets.

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The loans under the Term Loan Facility may be voluntarily prepaid, subject to certain minimum payment thresholds and the payment of breakage or other similar costs. Under the Term Loan Facility, the Company is required, subject to certain exceptions and customary reinvestment rights, to apply  i 100 percent of Net Cash Proceeds (as defined in the Term Loan Agreement) from certain types of asset sales to prepay the loans outstanding under the Term Loan Facility. Commencing with the fiscal year ending August 1, 2020, the Company must also prepay loans outstanding under the Term Loan Facility no later than  i 130 days after the fiscal year end in an aggregate principal amount equal to a specified percentage (which percentage ranges from  i 0 to  i 75 percent depending on the Consolidated First Lien Net Leverage Ratio (as defined in the Term Loan Agreement) as of the last day of such fiscal year) of Excess Cash Flow (as defined in the Term Loan Agreement) in excess of $ i 10 million for the fiscal year then ended, minus any voluntary prepayments of the loans under the Term Loan Facility, the ABL Credit Facility (to the extent they permanently reduce commitments under the ABL Facility) and certain other indebtedness made during such fiscal year. Based on the Company’s Excess Cash Flow in fiscal 2020, a $ i 72.0 million prepayment was required and paid in the quarter ending October 31, 2020. The potential amount of prepayment from Excess Cash Flow in fiscal 2021 that may be required in fiscal 2022 is not reasonably estimable as of January 30, 2021.

As of January 30, 2021, the borrowings under the Term B Tranche of the Term Loan Facility bear interest at rates that, at the Term Borrowers’ option, can be either: (i) a base rate and a margin of  i 3.25% or (ii) a LIBOR rate and a margin of  i 4.25%; provided that the LIBOR rate shall never be less than  i 0.0%. The Term Loan Agreement contains provisions for the establishment of an alternative rate of interest in the event that LIBOR is no longer available.

The Term Loan Agreement does not include any financial maintenance covenants but contains other customary affirmative and negative covenants and customary representations and warranties. The Term Loan Agreement also contains customary events of default, including, but not limited to, payment defaults, breaches of representations and warranties, covenant defaults, events of bankruptcy and insolvency, failure of any guaranty or security document supporting the Term Loan Facility to be in full force and effect, and a change of control. If an event of default occurs and is continuing, the Term Borrowers may be required to immediately repay all amounts outstanding under the Term Loan Agreement.

As of January 30, 2021, the Company had borrowings of $ i 1,015.0 million outstanding under the Term B Tranche, which are presented net of debt issuance costs of $ i 18.8 million and an original issue discount on debt of $ i 18.4 million. As of January 30, 2021,  i no amount of the Term B Tranche was classified as current.

 i 
NOTE 9—COMPREHENSIVE (LOSS) INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS

 i 
Changes in Accumulated other comprehensive loss by component, net of tax, for fiscal 2021 year-to-date are as follows:
(in thousands)Other Cash Flow DerivativesBenefit PlansForeign Currency TranslationSwap AgreementsTotal
Accumulated other comprehensive loss at August 1, 2020$( i 67)$( i 115,296)$( i 21,419)$( i 101,164)$( i 237,946)
Other comprehensive (loss) income before reclassifications( i 165) i   i 3,257  i 4,494  i 7,586 
Reclassification of amounts included in net periodic benefit income— ( i 506)— — ( i 506)
Reclassification of cash flow hedges i 120 — —  i 17,217  i 17,337 
Net current period Other comprehensive (loss) income( i 45)( i 506) i 3,257  i 21,711  i 24,417 
Accumulated other comprehensive loss at January 30, 2021$( i 112)$( i 115,802)$( i 18,162)$( i 79,453)$( i 213,529)
 / 
 / 

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Changes in Accumulated other comprehensive loss by component, net of tax, for fiscal 2020 year-to-date are as follows:
(in thousands)Benefit PlansForeign Currency TranslationSwap AgreementsTotal
Accumulated other comprehensive loss at August 3, 2019$( i 32,458)$( i 20,082)$( i 56,413)$( i 108,953)
Other comprehensive income (loss) before reclassifications i 1,480  i 24 ( i 2,588)( i 1,084)
Reclassification of amounts included in net periodic benefit income( i 1,148)— — ( i 1,148)
Reclassification of cash flow hedges— — ( i 4,845)( i 4,845)
Pension settlement charge i 7,610 — —  i 7,610 
Net current period Other comprehensive income (loss) i 7,942  i 24 ( i 7,433) i 533 
Accumulated other comprehensive loss at February 1, 2020$( i 24,516)$( i 20,058)$( i 63,846)$( i 108,420)

 i 
Items reclassified out of Accumulated other comprehensive loss had the following impact on the Condensed Consolidated Statements of Operations:
13-Week Period Ended26-Week Period EndedAffected Line Item on the Condensed Consolidated Statements of Operations
(in thousands)January 30,
2021
February 1,
2020
January 30,
2021
February 1,
2020
Pension and postretirement benefit plan obligations:
Reclassification of amounts included in net periodic benefit income(1)
$( i 404)$( i 777)$( i 713)$( i 1,551)Net periodic benefit income, excluding service cost
Pension settlement charge i   i 10,303  i   i 10,303 Net periodic benefit income, excluding service cost
Total reclassifications( i 404) i 9,526 ( i 713) i 8,752 
Income tax expense (benefit) i 104 ( i 2,492) i 207 ( i 2,290)Provision (benefit) for income taxes
Total reclassifications, net of tax$( i 300)$ i 7,034 $( i 506)$ i 6,462 
Swap agreements:
Reclassification of cash flow hedge $ i 11,498 $( i 4,251)$ i 23,534 $( i 6,621)Interest expense, net
Income tax benefit( i 3,087)( i 1,348)( i 6,317)( i 1,776)Provision (benefit) for income taxes
Total reclassifications, net of tax$ i 8,411 $( i 2,903)$ i 17,217 $( i 4,845)
Other cash flow hedges:
Reclassification of cash flow hedge$( i 5)$ i  $ i 164 $ i  Cost of sales
Income tax expense (benefit) i 1  i  ( i 44) i  Provision (benefit) for income taxes
Total reclassifications, net of tax$( i 4)$ i  $ i 120 $ i  
(1)Reclassification of amounts included in net periodic benefit income include reclassification of prior service benefit and reclassification of net actuarial loss as reflected in Note 11—Benefit Plans.
 / 

As of January 30, 2021, the Company expects to reclassify $ i 44.1 million out of Accumulated other comprehensive loss and primarily into Interest expense, net during the following twelve-month period.

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 i 
NOTE 10—SHARE-BASED AWARDS

During the second quarter of fiscal 2021, the Company authorized for issuance and registered an additional  i 3.6 million shares of common stock under the Amended and Restated 2020 Equity Incentive Plan. In fiscal 2021 year-to-date, the Company granted restricted stock units and performance share units to its directors, executive officers, and certain employees representing a right to receive an aggregate of  i 2.6 million shares. As of January 30, 2021, there were  i 3.9 million shares available for issuance under the 2020 Equity Incentive Plan.
 / 

 i 
NOTE 11—BENEFIT PLANS

 i 
Net periodic benefit income (cost) and contributions to defined benefit pension and other post-retirement benefit plans consisted of the following:
13-Week Period Ended
Pension BenefitsOther Postretirement Benefits
(in thousands)January 30, 2021February 1, 2020January 30, 2021February 1, 2020
Net Periodic Benefit (Income) Cost
Service cost$ i  $ i  $ i 12 $ i 14 
Interest cost i 9,164  i 13,602  i 103  i 236 
Expected return on plan assets( i 25,964)( i 26,587)( i 26)( i 54)
Amortization of prior service credit i   i  ( i 350)( i 350)
Amortization of net actuarial loss (gain) i 261  i 3 ( i 315)( i 430)
Pension settlement charge i   i 10,303  i   i  
Net periodic benefit income$( i 16,539)$( i 2,679)$( i 576)$( i 584)
Contributions to benefit plans$( i 375)$( i 1,150)$( i 950)$( i 60)

26-Week Period Ended
Pension BenefitsOther Postretirement Benefits
(in thousands)January 30, 2021February 1, 2020January 30, 2021February 1, 2020
Net Periodic Benefit (Income) Cost
Service cost$ i  $ i  $ i 24 $ i 28 
Interest cost i 18,328  i 30,292  i 206  i 472 
Expected return on plan assets( i 51,929)( i 54,069)( i 52)( i 108)
Amortization of prior service credit i   i  ( i 700)( i 700)
Amortization of net actuarial loss (gain) i 617  i 6 ( i 630)( i 857)
Pension settlement charge i   i 10,303  i   i  
Net periodic benefit income$( i 32,984)$( i 13,468)$( i 1,152)$( i 1,165)
Contributions to benefit plans$( i 750)$( i 5,250)$( i 1,900)$( i 160)
 / 
Pension Contributions

No minimum pension contributions are required to be made under either the SUPERVALU Inc. Retirement Plan or the Unified Grocers, Inc. Cash Balance Plan under the Employee Retirement Income Security Act of 1974, as amended, (“ERISA”) in fiscal 2021. The Company expects to contribute approximately $ i 5.3 million to its other non-qualified pension plans and postretirement benefit plans in fiscal 2021.
 / 

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Multiemployer Pension Plans

The Company contributed $ i 11.8 million and $ i 12.6 million in the second quarters of fiscal 2021 and 2020, respectively, and $ i 23.7 million and $ i 26.1 million in fiscal 2021 and 2020 year-to-date, respectively, to continuing and discontinued operations multiemployer pension plans.

In connection with the Company’s consolidation of distribution centers in the Pacific Northwest, during the second quarter of fiscal 2020, the Company recorded a $ i 10.6 million multiemployer pension plan withdrawal liability, under which payments will be made over a  i one-year period beginning in fiscal 2022. The withdrawal liability is included in Other long-term liabilities and the withdrawal charge was recorded within Restructuring, acquisition and integration related expenses.

Lump Sum Pension Settlement

On August 1, 2019, the Company amended the SUPERVALU Retirement Plan to provide for a lump sum settlement window. On August 2, 2019, the Company sent plan participants lump sum settlement election offerings that committed the plan to pay certain deferred vested pension plan participants and retirees, who make such an election, a lump sum payment in exchange for their rights to receive ongoing payments from the plan. The lump sum payment amounts are equal to the present value of the participant’s pension benefits, and were made to certain former (i) retired associates and beneficiaries who are receiving their monthly pension benefit payment and (ii) terminated associates who are deferred vested in the plan, had not yet begun receiving monthly pension benefit payments and who are not eligible for any prior lump sum offerings under the plan. Benefit obligations associated with the lump sum offering have been incorporated into the funded status utilizing the actuarially determined lump sum payments based on estimated offer acceptances. The plan made aggregate lump sum settlement payments of $ i 664.0 million to plan participants during the second quarter of fiscal 2020. The lump sum settlement payments resulted in a non-cash pension settlement charge of $ i 10.3 million in the second quarter of fiscal 2020 from the acceleration of a portion of the accumulated unrecognized actuarial loss, which was based on the fair value of SUPERVALU Retirement Plan assets and remeasured liabilities. As a result of the settlement payments, the SUPERVALU Retirement Plan obligations were remeasured using a discount rate of  i 3.1 percent and the MP-2019 mortality improvement scale. This remeasurement resulted in a $ i 1.5 million decrease to Accumulated other comprehensive loss.

 i 
NOTE 12—INCOME TAXES

The effective income tax rate for continuing operations was an expense of  i 22.4% on pre-tax income compared to a benefit of  i 47.8% on pre-tax losses for the second quarters of fiscal 2021 and 2020, respectively. The change in the effective income tax rate for the second quarter of fiscal 2021 was primarily driven by a pre-tax loss of approximately $ i 26.8 million in the second quarter of fiscal 2020 compared to pre-tax income of approximately $ i 73.2 million in the second quarter of fiscal 2021. In addition, the change in the rate is partially driven by a discrete tax benefit of approximately $ i 2.8 million in the second quarter of fiscal 2021 related to the release of unrecognized tax positions versus a discrete tax benefit of approximately $ i 0.5 million for this item in the second quarter of fiscal 2020. The tax provision had $ i 3.1 million and $ i 0.1 million of discrete tax benefits, including those mentioned above, for the second quarters of fiscal 2021 and fiscal 2020, respectively.

The effective income tax rate for continuing operations was an expense of  i 21.6% on pre-tax income compared to a benefit of  i 16.6% on pre-tax losses for fiscal 2021 year-to-date and fiscal 2020 year-to-date, respectively. The change in the effective income tax rate was primarily driven by a discrete tax benefit in fiscal 2021 year-to-date for employee stock vestings versus a discrete tax expense for this item in fiscal 2020 year-to-date, as well as a discrete tax benefit for the release of unrecognized tax positions in fiscal 2021 year-to-date versus a discrete tax expense for this item in fiscal 2020 year-to-date. In addition, fiscal 2020 year-to-date was impacted by a goodwill impairment charge that did not repeat in fiscal 2021 year-to-date. The tax provision had $ i 3.5 million and $ i 64.4 million of discrete tax benefits for fiscal 2021 and fiscal 2020 year-to-date, respectively.
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 i 
NOTE 13—EARNINGS (LOSS) PER SHARE
 
 i 
The following is a reconciliation of the basic and diluted number of shares used in computing earnings (loss) per share:
 13-Week Period Ended26-Week Period Ended
(in thousands, except per share data)January 30,
2021
February 1,
2020
January 30,
2021
February 1,
2020
Basic weighted average shares outstanding i 56,138  i 53,523  i 55,717  i 53,368 
Net effect of dilutive stock awards based upon the treasury stock method
 i 3,067  i   i 3,402  i  
Diluted weighted average shares outstanding i 59,205  i 53,523  i 59,119  i 53,368 
Basic earnings (loss) per share:
Continuing operations$ i 0.98 $( i 0.27)$ i 0.95 $( i 7.54)
Discontinued operations$ i 0.07 $( i 0.30)$ i 0.09 $( i 0.23)
Basic earnings (loss) per share$ i 1.05 $(