Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Nov. 29, 2014 | Jan. 02, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 29-Nov-14 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | SVU | |
Entity Registrant Name | SUPERVALU INC | |
Entity Central Index Key | 95521 | |
Current Fiscal Year End Date | -26 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 261,292,593 |
Condensed_Consolidated_Segment
Condensed Consolidated Segment Financial Information (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 29, 2014 | Nov. 30, 2013 |
Net sales | ||||
Net sales | $4,204 | $4,012 | $13,456 | $13,200 |
Net sales, % | 100.00% | 100.00% | 100.00% | 100.00% |
Operating earnings | ||||
Operating earnings | 56 | 106 | 285 | 302 |
Total operating earnings % of total net sales | 1.30% | 2.60% | 2.10% | 2.30% |
Interest expense, net | 46 | 52 | 156 | 352 |
Equity in earnings of unconsolidated affiliates | -1 | 0 | -3 | -2 |
Earnings (loss) from continuing operations before income taxes | 11 | 54 | 132 | -48 |
Income tax (benefit) provision | -1 | 21 | 41 | -19 |
Net earnings (loss) from continuing operations | 12 | 33 | 91 | -29 |
Income (loss) from discontinued operations, net of tax | 69 | -1 | 68 | 190 |
Net earnings including noncontrolling interests | 81 | 32 | 159 | 161 |
Less net earnings attributable to noncontrolling interests | -2 | -1 | -6 | -5 |
Net earnings attributable to SUPERVALU INC. | 79 | 31 | 153 | 156 |
Independent Business [Member] | ||||
Net sales | ||||
Net sales | 1,958 | 1,912 | 6,178 | 6,215 |
Net sales, % | 46.60% | 47.70% | 45.90% | 47.10% |
Operating earnings | ||||
Operating earnings | 60 | 53 | 180 | 181 |
% of sales | 3.10% | 2.80% | 2.90% | 2.90% |
Save-A-Lot [Member] | ||||
Net sales | ||||
Net sales | 1,079 | 991 | 3,477 | 3,229 |
Net sales, % | 25.70% | 24.70% | 25.80% | 24.40% |
Operating earnings | ||||
Operating earnings | 34 | 40 | 106 | 124 |
% of sales | 3.20% | 4.10% | 3.00% | 3.80% |
Retail Food [Member] | ||||
Net sales | ||||
Net sales | 1,124 | 1,061 | 3,656 | 3,562 |
Net sales, % | 26.70% | 26.40% | 27.20% | 27.00% |
Operating earnings | ||||
Operating earnings | 28 | 25 | 78 | 39 |
% of sales | 2.50% | 2.30% | 2.10% | 1.10% |
Corporate [Member] | ||||
Net sales | ||||
Net sales | 43 | 48 | 145 | 194 |
Net sales, % | 1.00% | 1.20% | 1.10% | 1.50% |
Operating earnings | ||||
Operating earnings | ($66) | ($12) | ($79) | ($42) |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 29, 2014 | Nov. 30, 2013 | ||||
Income Statement [Abstract] | ||||||||
Net sales | $4,204 | $4,012 | $13,456 | $13,200 | ||||
Cost of sales | 3,611 | 3,443 | 11,539 | 11,260 | ||||
Gross profit | 593 | 569 | 1,917 | 1,940 | ||||
Selling and administrative expenses | 537 | 463 | 1,632 | 1,638 | ||||
Operating earnings | 56 | 106 | 285 | 302 | ||||
Interest expense, net | 46 | 52 | 156 | 352 | ||||
Equity in earnings of unconsolidated affiliates | -1 | 0 | -3 | -2 | ||||
Earnings (loss) from continuing operations before income taxes | 11 | 54 | 132 | -48 | ||||
Income tax (benefit) provision | -1 | 21 | 41 | -19 | ||||
Net earnings (loss) from continuing operations | 12 | 33 | 91 | -29 | ||||
Income (loss) from discontinued operations, net of tax | 69 | -1 | 68 | 190 | ||||
Net earnings including noncontrolling interests | 81 | 32 | 159 | 161 | ||||
Less net earnings attributable to noncontrolling interests | -2 | -1 | -6 | -5 | ||||
Net earnings attributable to SUPERVALU INC. | $79 | $31 | $153 | $156 | ||||
Basic net earnings (loss) per share attributable to SUPERVALU INC.: | ||||||||
Continuing operations (in dollars per share) | $0.04 | $0.13 | $0.33 | ($0.13) | ||||
Discontinued operations (in dollars per share) | $0.27 | ($0.01) | $0.26 | $0.75 | ||||
Basic net earnings per share (in dollars per share) | $0.31 | $0.12 | $0.59 | $0.61 | ||||
Diluted net earnings (loss) per share attributable to SUPERVALU INC.: | ||||||||
Continuing operations (in dollars per share) | $0.04 | [1] | $0.12 | [1] | $0.33 | [1] | ($0.13) | [1] |
Discontinued operations (in dollars per share) | $0.26 | [1] | ($0.01) | [1] | $0.26 | [1] | $0.74 | [1] |
Diluted net earnings per share (in dollars per share) | $0.30 | $0.12 | $0.58 | $0.61 | ||||
Weighted average number of shares outstanding: | ||||||||
Basic (in shares) | 261 | 259 | 260 | 254 | ||||
Diluted (in shares) | 265 | [1] | 262 | [1] | 263 | [1] | 257 | [1] |
[1] | Weighted average number of shares outstanding—diluted was equal to Weighted average number of shares outstanding—basic for the computation of diluted net loss per share from discontinued operations for the third quarter ended November 30, 2013 and diluted net loss per share from continuing operations for the year-to-date period ended November 30, 2013. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 29, 2014 | Nov. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings including noncontrolling interests | $81 | $32 | $159 | $161 |
Other comprehensive (loss) income: | ||||
Recognition of pension and other postretirement benefit obligations, net of tax of $(27), $9, $(17) and $28, respectively | -98 | 13 | -80 | 44 |
Comprehensive (loss) income including noncontrolling interests | -17 | 45 | 79 | 205 |
Less comprehensive income attributable to noncontrolling interests | -2 | -1 | -6 | -5 |
Comprehensive (loss) income attributable to SUPERVALU INC. | ($19) | $44 | $73 | $200 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 29, 2014 | Nov. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ||||
Amortization of actuarial loss on pension and other postretirement benefit obligations | ($27) | $9 | ($17) | $28 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Nov. 29, 2014 | Feb. 22, 2014 |
In Millions, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $418 | $83 |
Receivables, net | 526 | 493 |
Inventories, net | 1,122 | 861 |
Other current assets | 175 | 106 |
Total current assets | 2,241 | 1,543 |
Property, plant and equipment, net | 1,469 | 1,497 |
Goodwill | 865 | 847 |
Intangible assets, net | 50 | 43 |
Deferred tax assets | 309 | 287 |
Other assets | 144 | 157 |
Total assets | 5,078 | 4,374 |
Current liabilities | ||
Accounts payable | 1,201 | 1,043 |
Accrued vacation, compensation and benefits | 197 | 190 |
Current maturities of long-term debt and capital lease obligations | 384 | 45 |
Other current liabilities | 182 | 213 |
Total current liabilities | 1,964 | 1,491 |
Long-term debt | 2,617 | 2,486 |
Long-term capital lease obligations | 222 | 246 |
Pension and other postretirement benefit obligations | 601 | 536 |
Long-term tax liabilities | 144 | 140 |
Other long-term liabilities | 177 | 205 |
Commitments and contingencies | ||
Stockholders’ deficit | ||
Common stock, $0.01 par value: 400 shares authorized; 261 and 260 shares issued, respectively | 3 | 3 |
Capital in excess of par value | 2,815 | 2,862 |
Treasury stock, at cost, 3 and 4 shares, respectively | -45 | -101 |
Accumulated other comprehensive loss | -387 | -307 |
Accumulated deficit | -3,042 | -3,195 |
Total SUPERVALU INC. stockholders’ deficit | -656 | -738 |
Noncontrolling interests | 9 | 8 |
Total stockholders’ deficit | -647 | -730 |
Total liabilities and stockholders’ deficit | $5,078 | $4,374 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Nov. 29, 2014 | Feb. 22, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 261,000,000 | 260,000,000 |
Treasury stock, shares | 3,000,000 | 4,000,000 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Stockholders' Deficit (USD $) | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] | SUPERVALU INC. Stockholders Deficit [Member] | Noncontrolling Interests [Member] |
In Millions, unless otherwise specified | ||||||||
Beginning balance at Feb. 23, 2013 | ($1,405) | $2 | $3,046 | ($474) | ($612) | ($3,377) | ($1,415) | $10 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net earnings | 161 | 156 | 156 | 5 | ||||
Other comprehensive income (loss), net of tax of $28 and ($17) for 2013 and 2014 respectively | 44 | 44 | 44 | |||||
Divestiture of New Albertsons, Inc.’s pension accumulated comprehensive loss, net of tax of $31 | 48 | 48 | 48 | |||||
Common stock issued and sold in connection with New Albertsons, Inc. divesture | 170 | 1 | 12 | 157 | 170 | |||
Sales of common stock under option plans | 6 | -120 | 126 | 6 | ||||
Stock-based compensation | 19 | -60 | 79 | 19 | ||||
Distributions to noncontrolling interests | -9 | -9 | ||||||
Tax impact on stock-based awards and other | -11 | -6 | -5 | -11 | ||||
Ending balance at Nov. 30, 2013 | -977 | 3 | 2,872 | -117 | -520 | -3,221 | -983 | 6 |
Beginning balance at Feb. 22, 2014 | -730 | 3 | 2,862 | -101 | -307 | -3,195 | -738 | 8 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net earnings | 159 | 153 | 153 | 6 | ||||
Other comprehensive income (loss), net of tax of $28 and ($17) for 2013 and 2014 respectively | -80 | -80 | -80 | |||||
Sales of common stock under option plans | 5 | -52 | 57 | 5 | ||||
Stock-based compensation | 17 | 17 | 17 | |||||
Distributions to noncontrolling interests | -8 | -8 | ||||||
Contributions from noncontrolling interests | 3 | 3 | ||||||
Tax impact on stock-based awards and other | -13 | -12 | -1 | -13 | ||||
Ending balance at Nov. 29, 2014 | ($647) | $3 | $2,815 | ($45) | ($387) | ($3,042) | ($656) | $9 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Stockholders' Deficit (Parenthetical) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 |
Other comprehensive income, tax | ($17) | $28 |
Divestiture of New Albertsons, Inc.'s pension accumulated comprehensive loss, tax amount | 31 | |
Accumulated Other Comprehensive Loss [Member] | ||
Other comprehensive income, tax | -17 | 28 |
Divestiture of New Albertsons, Inc.'s pension accumulated comprehensive loss, tax amount | 31 | |
SUPERVALU INC. Stockholders Deficit [Member] | ||
Other comprehensive income, tax | -17 | 28 |
Divestiture of New Albertsons, Inc.'s pension accumulated comprehensive loss, tax amount | $31 |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 |
Cash flows from operating activities | ||
Net earnings including noncontrolling interests | $159 | $161 |
Income (loss) from discontinued operations, net of tax | 68 | 190 |
Net earnings (loss) from continuing operations | 91 | -29 |
Adjustments to reconcile Net earnings (loss) from continuing operations to Net cash provided by (used in) operating activities – continuing operations: | ||
Asset impairment and other charges | 3 | 190 |
Net gain on sale of assets and exits of surplus leases | -11 | -19 |
Depreciation and amortization | 219 | 235 |
LIFO charge (credit) | 7 | -2 |
Deferred income taxes | -41 | 6 |
Stock-based compensation | 18 | 18 |
Net pension and other postretirement benefits cost | 82 | 61 |
Contributions to pension and other postretirement benefit plans | -115 | -122 |
Other adjustments | 15 | 30 |
Changes in operating assets and liabilities, net of effects from business acquisitions | -164 | -531 |
Net cash provided by (used in) operating activities – continuing operations | 104 | -163 |
Net cash provided by (used in) operating activities – discontinued operations | 2 | -101 |
Net cash provided by (used in) operating activities | 106 | -264 |
Cash flows from investing activities | ||
Proceeds from sale of assets | 7 | 13 |
Purchases of property, plant and equipment | -164 | -64 |
Payments for business acquisitions | -55 | 0 |
Other | 3 | 9 |
Net cash used in investing activities – continuing operations | -209 | -42 |
Net cash provided by investing activities – discontinued operations | 0 | 127 |
Net cash (used in) provided by investing activities | -209 | 85 |
Cash flows from financing activities | ||
Proceeds from issuance of debt | 484 | 2,098 |
Proceeds from sale of common stock | 5 | 176 |
Payments of debt and capital lease obligations | -37 | -1,980 |
Distributions to noncontrolling interests | -8 | -9 |
Payments of debt financing costs | -7 | -147 |
Other | 1 | 0 |
Net cash provided by financing activities – continuing operations | 438 | 138 |
Net cash used in financing activities – discontinued operations | 0 | -36 |
Net cash provided by financing activities | 438 | 102 |
Net increase (decrease) in cash and cash equivalents | 335 | -77 |
Cash and cash equivalents at beginning of period | 83 | 149 |
Cash and cash equivalents at the end of period | 418 | 72 |
The Company’s non-cash activities were as follows: | ||
Capital lease asset additions | 1 | 2 |
Purchases of property, plant and equipment included in Accounts payable | 10 | 13 |
Interest and income taxes paid: | ||
Interest paid (net of amounts capitalized) | 136 | 181 |
Income taxes paid (net of refunds) | $55 | $117 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Nov. 29, 2014 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Statement of Registrant | |
The accompanying Condensed Consolidated Financial Statements of SUPERVALU INC. (“SUPERVALU” or the “Company”) for the third quarters and year-to-date periods ended November 29, 2014 and November 30, 2013 are unaudited and, in the opinion of management, contain all adjustments that are of a normal and recurring nature necessary to present fairly the financial condition and results of operations for such periods. The Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes in the Company’s Annual Report on Form 10-K for the fiscal year ended February 22, 2014. The results of operations for the third quarter and year-to-date period ended November 29, 2014 are not necessarily indicative of the results expected for the full year. The Condensed Consolidated Balance Sheet as of February 22, 2014 has been derived from the audited Consolidated Balance Sheet as of that date. | |
Accounting Policies | |
The summary of significant accounting policies is included in the Notes to Consolidated Financial Statements set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended February 22, 2014. | |
Fiscal Year | |
The Company’s fiscal year ends on the last Saturday in February. During fiscal 2015, the Company’s first quarter consists of 16 weeks, the second and third quarters both consist of 12 weeks, the fourth quarter consists of 13 weeks and the fiscal year ending February 28, 2015 consists of 53 weeks. | |
Use of Estimates | |
The preparation of the Company’s Condensed Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States 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. | |
Cash and Cash Equivalents | |
The Company considers all highly liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents. The Company’s banking arrangements allow the Company 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 November 29, 2014 and February 22, 2014, the Company had net book overdrafts of $157 and $134, respectively. | |
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 the Company’s 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 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 $209 at November 29, 2014 and $202 at February 22, 2014. The Company recorded a LIFO charge of $3 and LIFO credit of $1 for the third quarters ended November 29, 2014 and November 30, 2013, respectively. The Company recorded a LIFO charge of $7 and a LIFO credit of $2 for the year-to-date periods ended November 29, 2014 and November 30, 2013, respectively. | |
Revisions | |
In the first quarter of fiscal 2015, the Company revised the presentation of noncontrolling interests as reflected in the Condensed Consolidated Financial Statements. Noncontrolling interests primarily include minority ownership interests in entities operating certain stores under the Cub Foods banner within Retail Food. Pursuant to the terms of the ownership agreements, the Company is required to distribute cash flows generated by these entities on a proportionate basis based on ownership interest. Net earnings attributable to noncontrolling interests were previously presented within Selling and administrative expenses in the Condensed Consolidated Statements of Operations and have been revised to a separate presentation in Net earnings attributable to noncontrolling interests. Noncontrolling interests were previously presented in Other long-term liabilities in the Condensed Consolidated Balance Sheets and have been revised as a component of Stockholders’ deficit. Distributions to noncontrolling interests were previously presented as a reduction of cash flows from operating activities in the Condensed Consolidated Statements of Cash Flows and have been revised as distributions to noncontrolling interests within financing activities. | |
In addition, the Company revised the presentation of equity in earnings of unconsolidated affiliates. Equity in earnings of unconsolidated affiliates was previously presented in Net sales and has been revised to a separate presentation in Equity in earnings of unconsolidated affiliates. The revisions did not impact Net earnings attributable to SUPERVALU INC. or net earnings per share for any period. Management has determined that the presentation changes are not material to any period reported. Prior period amounts have been revised to conform to the current period presentation. | |
Recently Adopted Accounting Standards | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance under accounting standard update (“ASU”) 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, A Similar Tax Loss, or a Tax Credit Carryforward Exists. This ASU requires entities to present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss carryforward (“NOL”) or tax credit carryforward whenever the NOL or tax credit carryforward would be available to reduce the additional taxable income or tax due if the tax position is disallowed. This ASU requires entities to assess whether to net the unrecognized tax benefit with a deferred tax asset as of the reporting date. The Company adopted ASU 2013-11 in the first quarter of fiscal 2015, which resulted in a reclassification of $1 of unrecognized tax benefits and other credits against deferred tax assets. | |
In April 2014, the FASB issued authoritative guidance under ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Under this ASU, disposals classified as discontinued operations must represent a strategic shift that is expected to have a major effect on operations and financial results. The ASU no longer precludes presentation as discontinued operations if there is significant continuing involvement after disposal. Certain disclosures for disposals of individually significant components of an entity that do not qualify for discontinued operations presentation are also required. This ASU is effective prospectively for disposals that have not been reported in previously issued financial statements. The Company adopted ASU 2014-08 in the first quarter of fiscal 2015 and the adoption did not have an impact on the Company’s Condensed Consolidated Financial Statements. | |
Recently Issued Accounting Standards | |
In May 2014, the FASB issued authoritative guidance under ASU 2014-09, Revenue from Contracts with Customers. ASU 2014-09 supersedes existing revenue recognition requirements and provides a new comprehensive revenue recognition model requiring entities to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. This ASU will be adopted by the Company during the first quarter of fiscal 2018. Adoption is allowed by either the full retrospective or modified retrospective approach. The Company is currently evaluating which approach it will apply and the potential adoption impact on its Consolidated Financial Statements. |
Business_Acquisitions
Business Acquisitions | 9 Months Ended |
Nov. 29, 2014 | |
Business Combinations [Abstract] | |
Business Acquisitions | BUSINESS ACQUISITIONS |
Rainbow Stores | |
During the second quarter of fiscal 2015, the Company closed on the purchase of seven Rainbow Foods grocery stores, 11 Rainbow Foods pharmacy locations and one Rainbow Foods liquor store from RBF, LLC and Roundy’s Supermarkets, Inc. (“Roundy’s”). Five of the grocery stores, each of the pharmacies and the liquor store are operating under the Cub Foods banner, and two of the grocery stores are operating as Rainbow Foods grocery stores. In addition, several independent retail customers and franchisees, including Diamond Lake 1994 L.L.C. in which the Company has a minority ownership interest, also consummated their purchase of Rainbow Foods grocery stores. The three grocery stores acquired by Diamond Lake 1994 L.L.C are operating under the Cub Foods banner. | |
Total consideration for the stores and pharmacies acquired by the Company was $34 plus cash payments of $5 for inventories. The Company assumed certain off-balance sheet obligations, including operating leases and multiemployer pension obligations with respect to the acquired stores. In addition, the Company also acquired Roundy’s RAINBOW™ trademark. | |
The fair value of assets acquired was $39, including property, plant and equipment of $15, goodwill of $14, inventories of $5, identifiable finite-lived intangible assets of $4 and other current assets of $1. Recognized goodwill represents future economic benefits expected to arise from the Company’s presence in the retail market. The assessment of fair value is preliminary and based on information that was available to management at the time the Condensed Consolidated Financial Statements were prepared. Pro forma information for this acquisition is not presented as the results of operations of the acquired businesses are not material to the Company’s Condensed Consolidated Financial Statements. | |
Save-A-Lot Licensee Stores | |
During the year-to-date period ended November 29, 2014, the Company paid $18 to acquire equipment and leasehold improvements, identifiable finite-lived intangibles and inventories associated with 35 licensed Save-A-Lot stores from multiple licensee operators. These Condensed Consolidated Financial Statements reflect the preliminary purchase accounting allocations. Pro forma information for these acquisitions are not presented as the results of operations of the acquired businesses are not material to the Company’s Condensed Consolidated Financial Statements. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets, Net | 9 Months Ended | |||||||||||||||||||
Nov. 29, 2014 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||
Goodwill and Intangible Assets, Net | GOODWILL AND INTANGIBLE ASSETS, NET | |||||||||||||||||||
Changes in the Company’s Goodwill and Intangible assets, net consisted of the following: | ||||||||||||||||||||
February 22, | Additions | Impairments | Other net | November 29, | ||||||||||||||||
2014 | adjustments | 2014 | ||||||||||||||||||
Goodwill: | ||||||||||||||||||||
Independent Business goodwill | $ | 710 | $ | — | $ | — | $ | — | $ | 710 | ||||||||||
Save-A-Lot goodwill | 137 | 4 | — | — | 141 | |||||||||||||||
Retail Food goodwill | — | 14 | — | — | 14 | |||||||||||||||
Total goodwill | $ | 847 | $ | 18 | $ | — | $ | — | $ | 865 | ||||||||||
February 22, | Additions/ | Impairments | Other net | November 29, | ||||||||||||||||
2014 | Amortization | adjustments | 2014 | |||||||||||||||||
Intangible assets: | ||||||||||||||||||||
Customer lists, customer relationships, favorable operating leases and other (accumulated amortization of $85 and $78 as of November 29, 2014 and February 22, 2014, respectively) | $ | 111 | $ | 14 | $ | — | $ | — | $ | 125 | ||||||||||
Trademarks and tradenames – indefinite useful lives | 9 | — | — | — | 9 | |||||||||||||||
Non-compete agreements (accumulated amortization of $2 and $2 as of November 29, 2014 and February 22, 2014, respectively) | 3 | — | — | — | 3 | |||||||||||||||
Total intangible assets | 123 | 14 | — | — | 137 | |||||||||||||||
Accumulated amortization | (80 | ) | (7 | ) | — | — | (87 | ) | ||||||||||||
Total intangible assets, net | $ | 43 | $ | 50 | ||||||||||||||||
Amortization of intangible assets with definite useful lives was $7 and $6 for the year-to-date periods ended November 29, 2014 and November 30, 2013, respectively. Future amortization expense is anticipated to average approximately $6 per fiscal year for each of the next five fiscal years. |
Reserves_for_Closed_Properties
Reserves for Closed Properties and Property, Plant and Equipment-Related Impairment Charges | 9 Months Ended | |||||||||||||||
Nov. 29, 2014 | ||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||
Reserves for Closed Properties and Property, Plant and Equipment-Related Impairment Charges | RESERVES FOR CLOSED PROPERTIES AND PROPERTY, PLANT AND EQUIPMENT-RELATED IMPAIRMENT CHARGES | |||||||||||||||
Reserves for Closed Properties | ||||||||||||||||
The Company maintains reserves for costs associated with closures of retail stores, distribution centers and other properties that are no longer being utilized in current operations. The Company provides for closed property operating lease liabilities using a discount rate to calculate the present value of the remaining noncancellable lease payments after the closing date, reduced by estimated subtenant rentals that could be reasonably obtained for the property. Adjustments to closed property reserves primarily relate to changes in subtenant income or actual exit costs differing from original estimates. The calculation of the closed property charges requires significant judgments and estimates including estimated subtenant rentals, discount rates and future cash flows based on the Company’s experience and knowledge of the market in which the closed property is located, previous efforts to dispose of similar assets and the assessment of existing market conditions. | ||||||||||||||||
Changes in the Company’s reserves for closed properties consisted of the following: | ||||||||||||||||
Year-To-Date Ended | ||||||||||||||||
November 29, | ||||||||||||||||
2014 | ||||||||||||||||
Reserves for closed properties at beginning of the fiscal year | $ | 47 | ||||||||||||||
Additions | 2 | |||||||||||||||
Payments | (9 | ) | ||||||||||||||
Adjustments | (4 | ) | ||||||||||||||
Reserves for closed properties at the end of period | $ | 36 | ||||||||||||||
Property, Plant and Equipment Impairment Charges | ||||||||||||||||
Property, plant and equipment impairment charges are recorded as a component of Selling and administrative expenses in the Condensed Consolidated Statements of Operations. | ||||||||||||||||
The following table presents impairment charges related to property, plant and equipment measured at fair value on a non-recurring basis: | ||||||||||||||||
Third Quarter Ended | Year-To-Date Ended | |||||||||||||||
November 29, | November 30, | November 29, | November 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(12 weeks) | (12 weeks) | (40 weeks) | (40 weeks) | |||||||||||||
Property, plant and equipment: | ||||||||||||||||
Carrying value | $ | — | $ | 15 | $ | 2 | $ | 36 | ||||||||
Fair value measured using Level 3 inputs | — | 11 | 1 | 16 | ||||||||||||
Impairment charge | $ | — | $ | 4 | $ | 1 | $ | 20 | ||||||||
Fiscal 2014 year-to-date impairment charges were primarily related to the write-off of certain software support tools that would no longer be utilized in operations within Retail Food, and impairments of Independent Business distribution centers and Save-A-Lot stores. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |
Nov. 29, 2014 | ||
Fair Value Disclosures [Abstract] | ||
Fair Value Measurements | FAIR VALUE MEASUREMENTS | |
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities recorded at fair value are categorized using defined hierarchical levels directly related to the amount of subjectivity associated with the inputs to fair value measurements, as follows: | ||
Level 1 - | Quoted prices in active markets for identical assets or liabilities; | |
Level 2 - | Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; | |
Level 3 - | Unobservable inputs in which little or no market activity exists, requiring an entity to develop its own assumptions that market participants would use to value the asset or liability. | |
Assets acquired through business combinations discussed in Note 2—Business Acquisitions were measured at fair value using Level 3 inputs. Impairment charges related to property, plant and equipment discussed in Note 4—Reserves for Closed Properties and Property, Plant and Equipment-Related Impairment Charges were measured at fair value using Level 3 inputs. Property, plant and equipment impairment charges and finalization adjustments related to New Albertson’s, Inc. (“NAI”) were measured at fair value using Level 3 inputs and recorded in Income from discontinued operations, net of tax, and are discussed in Note 14—Discontinued Operations. | ||
Financial Instruments | ||
For certain of the Company’s financial instruments, including cash and cash equivalents, receivables, accounts payable, accrued salaries and other current assets and liabilities, the fair values approximate book values due to their short maturities. | ||
The estimated fair value of notes receivable was greater than their book value by approximately $2 as of November 29, 2014 and February 22, 2014. Notes receivable are valued based on a discounted cash flow approach applying a market rate for similar instruments using Level 3 inputs. | ||
The estimated fair value of the Company’s long-term debt (including current maturities) was greater than the book value by approximately $49 and $83 as of November 29, 2014 and February 22, 2014, respectively. The estimated fair value was based on market quotes, where available, or market values for similar instruments, using Level 2 and 3 inputs. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | |||||||
Nov. 29, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Long-Term Debt | LONG-TERM DEBT | |||||||
The Company’s long-term debt consisted of the following: | ||||||||
November 29, | February 22, | |||||||
2014 | 2014 | |||||||
4.50% Secured Term Loan Facility due March 2019 | $ | 1,472 | $ | 1,474 | ||||
1.66% to 4.00% Revolving ABL Credit Facility due September 2019 | 134 | — | ||||||
8.00% Senior Notes due May 2016 | 628 | 628 | ||||||
6.75% Senior Notes due June 2021 | 400 | 400 | ||||||
7.75% Senior Notes due November 2022 | 350 | — | ||||||
Other | 2 | 18 | ||||||
Net discount on debt, using an effective interest rate of 4.63% to 8.58% | (12 | ) | (16 | ) | ||||
Total debt | 2,974 | 2,504 | ||||||
Less current maturities of long-term debt | (357 | ) | (18 | ) | ||||
Long-term debt | $ | 2,617 | $ | 2,486 | ||||
The Company’s credit facilities and certain long-term debt agreements have restrictive covenants and cross-default provisions which generally provide, subject to the Company’s right to cure, for the acceleration of payments due in the event of a breach of a covenant or a default in the payment of a specified amount of indebtedness due under certain other debt agreements. The Company was in compliance with all such covenants and provisions for all periods presented. | ||||||||
Senior Secured Credit Agreements | ||||||||
As of November 29, 2014 and February 22, 2014, the Company had outstanding borrowings of $1,472 and $1,474, respectively, under its six-year $1,500 term loan facility (the “Secured Term Loan Facility”), secured by substantially all of the Company’s real estate, equipment and certain other assets, which bears interest at the rate of LIBOR plus 3.50 percent and includes a floor on LIBOR set at 1.00 percent. The Secured Term Loan Facility is guaranteed by the Company’s material subsidiaries (together with the Company, the “Term Loan Parties”). To secure their obligations under the Secured Term Loan Facility, the Company granted a perfected first-priority security interest for the benefit of the facility lenders in the Term Loan Parties’ equity interest in Moran Foods, LLC, the parent entity of the Company’s Save-A-Lot business, and the Term Loan Parties granted a perfected first priority security interest in substantially all of their intellectual property and a first priority mortgage lien and security interest in certain owned or ground-leased real estate and associated equipment pledged as collateral. As of November 29, 2014 and February 22, 2014, there was $778 and $787, respectively, of owned or ground-leased real estate and associated equipment pledged as collateral, which was included in Property, plant and equipment, net in the Condensed Consolidated Balance Sheets. In addition, the obligations of the Term Loan Parties under the Secured Term Loan Facility are secured by second-priority security interests in the collateral securing the Company’s five-year $1,000 asset-based revolving ABL credit facility (the “Revolving ABL Credit Facility”). Including the discount, $8 and $0 of the Secured Term Loan Facility was classified as current as of November 29, 2014 and February 22, 2014 respectively. | ||||||||
The loans under the Secured Term Loan Facility may be voluntarily prepaid in certain minimum principal amounts, subject to the payment of breakage or similar costs. Pursuant to the Secured Term Loan Facility, the Company must, subject to certain customary reinvestment rights, apply 100 percent of Net Cash Proceeds (as defined in the facility) from certain types of asset sales (excluding proceeds of the collateral security of the Revolving ABL Credit Facility and other secured indebtedness) to prepay the loans outstanding under the Secured Term Loan Facility. Beginning with the fiscal year ended February 22, 2014, the Company must prepay loans outstanding under the facility no later than 90 days after the fiscal year end in an aggregate principal amount equal to a percentage (which percentage ranges from 0 to 50 percent depending on the Company’s Total Secured Leverage Ratio (as defined in the facility) as of the last day of such fiscal year) of Excess Cash Flow (as defined in the facility) for the fiscal year then ended minus any voluntary prepayments made during such fiscal year with Internally Generated Cash (as defined in the facility). The potential amount of prepayment from Excess Cash Flow that will be required for fiscal 2015 is not reasonably estimable as of November 29, 2014. | ||||||||
As of November 29, 2014 and February 22, 2014, there were $134 and $0, respectively, outstanding borrowings under the Revolving ABL Credit Facility. As of November 29, 2014, letters of credit outstanding under the Revolving ABL Credit Facility were $79 at fees of 1.625 percent, and the unused available credit under this facility was $787 with facility fees of 0.375 percent. As of February 22, 2014, letters of credit outstanding under the Company’s previous revolving credit facility due March 2018 were $101 at fees of 2.125 percent, and the unused available credit under this facility was $786 with facility fees of 0.375 percent. As of November 29, 2014 and February 22, 2014, the Revolving ABL Credit Facility and the Company’s previous revolving credit facility due March 2018 were secured on a first priority basis by $1,326 and $1,066, respectively, of certain inventory assets included in Inventories, net, all eligible receivables included in Receivables, net, all of the Company’s pharmacy scripts included in Intangible assets, net and all credit card receivables of wholly-owned stores included in Cash and cash equivalents in the Condensed Consolidated Balance Sheets. | ||||||||
On April 17, 2014, the Company entered into an amendment (the “First ABL Amendment”) to its Revolving ABL Credit Facility that reduced the interest rates to LIBOR plus 1.50 percent to LIBOR plus 2.00 percent or prime plus 0.50 percent to 1.00 percent, depending on utilization. The First ABL Amendment also eliminated the springing maturity provision that would have accelerated the maturity of the facility to 90 days prior to May 1, 2016 if more than $250 of the Company’s 8.00 percent Senior Notes due May 2016 (the "2016 Notes") remained outstanding as of that date. The springing maturity provision was replaced with a springing reserve provision that calls for a reserve to be placed against availability under the facility in the amount of any outstanding Material Indebtedness (as defined in the facility) that is due within 30 days of the date the reserve is established. The First ABL Amendment also amended the facility to provide that the Company may incur additional term loans under the Secured Term Loan Facility in an aggregate principal amount of up to $500 instead of $250 as was in effect prior to the First ABL Amendment, subject to identifying term loan lenders or other institutional lenders willing to provide the additional loans and satisfying certain terms and conditions. In addition, the First ABL Amendment extended the maturity date of the facility to February 21, 2019 and contains modified covenants to give the Company additional strategic and operational flexibility. | ||||||||
On September 30, 2014, the Company entered into a second amendment (the “Second ABL Amendment”) to its Revolving ABL Credit Facility that extended the maturity date of the facility to September 30, 2019 from its prior maturity date of February 21, 2019. The Second ABL Amendment also added a springing maturity provision that would accelerate the maturity of the facility to 90 days prior to the scheduled maturity date of the Secured Term Loan Facility if there are any obligations outstanding under the Secured Term Loan Facility as of that date. By extending the maturity date of the Revolving ABL Credit Facility to a date at least six months later than the maturity date of the Secured Term Loan Facility, the Company now has greater flexibility to prepay the 2016 Notes with proceeds of the Revolving ABL Credit Facility. | ||||||||
The revolving loans under the Revolving ABL Credit Facility may be voluntarily prepaid in certain minimum principal amounts, in whole or in part, without premium or penalty, subject to breakage or similar costs. The Company and those subsidiaries named as borrowers under the Revolving ABL Credit Facility are required to repay the revolving loans in cash and provide cash collateral under this facility to the extent that the revolving loans and letters of credit exceed the lesser of the borrowing base then in effect or the aggregate amount of the lenders’ commitments under the Revolving ABL Credit Facility. During the year-to-date period ended November 29, 2014, the Company borrowed $2,556 and repaid $2,422 under its Revolving ABL Credit Facility and its previous revolving credit facility due March 2018. During the year-to-date period ended November 30, 2013, the Company borrowed $3,129 and repaid $3,123 under its previous revolving credit facilities. Certain of the Company’s material subsidiaries are co-borrowers under the Revolving ABL Credit Facility, and this facility is guaranteed by the rest of the Company’s material subsidiaries (the Company and those subsidiaries named as borrowers and guarantors under the Revolving ABL Credit Facility, the “ABL Loan Parties”). To secure their obligations under this facility, the ABL Loan Parties have granted a perfected first-priority security interest for the benefit of the facility lenders in its present and future inventory, credit card, wholesale trade, pharmacy and certain other receivables, prescription files and related assets. In addition, the obligations under the Revolving ABL Credit Facility are secured by second-priority liens on and security interests in the collateral securing the Secured Term Loan Facility, subject to certain limitations to ensure compliance with the Company’s outstanding debt instruments and leases. | ||||||||
Both the Secured Term Loan Facility and the Revolving ABL Credit Facility limit the Company’s ability to make Restricted Payments (as defined in both the Secured Term Loan Facility and the Revolving ABL Credit Facility), which include dividends to stockholders. The Secured Term Loan Facility caps the aggregate amount of Restricted Payments that may be made over the life of the Secured Term Loan Facility. That aggregate cap can fluctuate over time and the cap could be reduced by certain other actions taken by the Company, including certain debt prepayments and Permitted Investments (as defined in the Secured Term Loan Facility). As of November 29, 2014, the aggregate cap on Restricted Payments was approximately $300. The Revolving ABL Credit Facility permits regularly scheduled dividends up to $50 in aggregate per fiscal year as long as no Cash Dominion Event (as defined in the Revolving ABL Credit Facility) exists. The Revolving ABL Credit Facility permits other Restricted Payments as long as the Payment Conditions (as defined in the Revolving ABL Credit Facility) are met. | ||||||||
Debentures | ||||||||
In the third quarter ended November 29, 2014, the Company issued $350 of 7.75 percent Senior Notes due November 2022 (the “2022 Notes”) under its shelf registration statement. Financing costs of approximately $3 were paid, capitalized and included in Other assets on the Condensed Consolidated Balance Sheets. | ||||||||
Simultaneously with the issuance of the 2022 Notes, the Company delivered a 30 day redemption notice for $350 of 2016 Notes. The 30 day notice was required for the redemption, resulting in the Company having $347 of additional cash and cash equivalents as of November 29, 2014 from net proceeds from the 2022 Notes. Subsequent to the third quarter ended November 29, 2014, the net proceeds from the 2022 Notes, together with borrowings under the ABL Credit Facility, were used to fund the redemption of $350 of outstanding 2016 Notes and to pay accrued and unpaid interest on the redeemed 2016 Notes, and the applicable redemption premium of approximately $35. In addition, non-cash charges of $5 for the write-off of existing unamortized financing costs on the redemption of the 2016 Notes were incurred subsequent to the third quarter ended November 29, 2014. | ||||||||
The $400 of 6.75 percent Senior Notes due June 2021, the $350 of 2022 Notes and the remaining $278 of 2016 Notes contain operating covenants, including limitations on liens and on sale and leaseback transactions. The Company was in compliance with all such covenants and provisions for all periods presented. |
Income_Taxes
Income Taxes | 9 Months Ended |
Nov. 29, 2014 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES |
The tax provision for the third quarter ended November 29, 2014 included $3 of discrete tax benefits primarily due to the pension settlement charge as described further in Note 9—Benefit Plans. The tax provision for the year-to-date period ended November 29, 2014 included $7 of discrete tax benefits, primarily related to state audit settlements and the pension settlement charge, and $2 of discrete tax expenses. The tax provision for the third quarter ended November 30, 2013 did not include any discrete tax items. The tax benefit for the year-to-date period ended November 30, 2013 included $2 of discrete tax benefits and $2 of discrete tax expenses. | |
During the year-to-date period ended November 29, 2014, unrecognized tax benefits increased $5 to $81. The Company does not anticipate that its total unrecognized tax benefits will change significantly in the next 12 months. | |
The Company recognized $69 of net discrete tax benefits in the third quarter ended November 29, 2014 primarily related to tangible property repairs regulations and other deduction-related changes within Income (loss) from discontinued operations, net of tax in the Condensed Consolidated Statements of Operations and Other current assets and Long-term tax liabilities in the Condensed Consolidated Balance Sheets. In the fourth quarter of fiscal 2015, the Company amended its prior year federal tax return and plans to amend certain state tax returns to reflect these deduction-related changes. Refer to Note 14—Discontinued Operations for additional information. | |
As of November 29, 2014, the Company is no longer subject to federal income tax examinations for fiscal years prior to 2011 and in most states is no longer subject to state income tax examinations for fiscal years before 2006. |
StockBased_Awards
Stock-Based Awards | 9 Months Ended | |||
Nov. 29, 2014 | ||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Stock-Based Awards | STOCK-BASED AWARDS | |||
The Company recognized pre-tax stock-based compensation expense (included primarily in Selling and administrative expenses in the Condensed Consolidated Statements of Operations) related to stock options, restricted stock units, restricted stock awards and performance awards (collectively referred to as “stock-based awards”) of $5 and $3 for the third quarters of fiscal 2015 and 2014, respectively, and $18 for the year-to-date periods ended November 29, 2014 and November 30, 2013. In the year-to-date period ended November 30, 2013, the Company recognized $9 of accelerated stock-based compensation charges in Selling and administrative expenses as a result of a deemed change-in-control, which occurred as a result of the sale of NAI. | ||||
Stock Options | ||||
In May 2014 and May 2013, the Company granted 5 and 9 of non-qualified stock options, respectively, to certain employees under the Company’s 2012 Stock Plan with weighted average grant date fair values of $3.28 per share and $2.78 per share, respectively. The stock options vest over a period of three years, and were awarded as part of a broad-based employee incentive program designed to retain and motivate employees across the Company. | ||||
The Company used the Black-Scholes option pricing model to estimate the fair value of the options at grant date based upon the following assumptions: | ||||
Year-To-Date Ended | ||||
November 29, | November 30, | |||
2014 | 2013 | |||
Dividend yield | —% | —% | ||
Volatility rate | 50.8—53.2% | 49.3—51.3% | ||
Risk-free interest rate | 1.2—1.6% | 0.6—1.0% | ||
Expected life | 4.0—5.0 years | 4.0—6.0 years | ||
Restricted Stock Units | ||||
In the first quarter of fiscal 2015, the Company granted 2 restricted stock units (“RSUs”) to certain employees under the 2012 Stock Plan. The RSUs vest over a three year period from the date of grant and were granted at a fair value of $7.50 per unit. |
Benefit_Plans
Benefit Plans | 9 Months Ended | |||||||||||||||
Nov. 29, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||
Benefit Plans | BENEFIT PLANS | |||||||||||||||
Net periodic benefit expense (income) and contributions for defined benefit pension and other postretirement benefit plans consisted of the following: | ||||||||||||||||
Third Quarter Ended | ||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
November 29, | November 30, | November 29, | November 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(12 weeks) | (12 weeks) | (12 weeks) | (12 weeks) | |||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | 1 | ||||||||
Interest cost | 28 | 28 | 1 | 1 | ||||||||||||
Expected return on assets | (35 | ) | (33 | ) | — | — | ||||||||||
Amortization of prior service benefit | — | — | (4 | ) | (3 | ) | ||||||||||
Amortization of net actuarial loss | 15 | 23 | 1 | 1 | ||||||||||||
Pension settlement charge | 63 | — | — | — | ||||||||||||
Net periodic benefit expense (income) | $ | 71 | $ | 18 | $ | (2 | ) | $ | — | |||||||
Contributions to benefit plans | $ | (47 | ) | $ | (26 | ) | $ | — | $ | (1 | ) | |||||
Year-To-Date Ended | ||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
November 29, | November 30, | November 29, | November 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(40 weeks) | (40 weeks) | (40 weeks) | (40 weeks) | |||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | 2 | ||||||||
Interest cost | 94 | 93 | 3 | 3 | ||||||||||||
Expected return on assets | (118 | ) | (109 | ) | — | — | ||||||||||
Amortization of prior service benefit | — | — | (12 | ) | (10 | ) | ||||||||||
Amortization of net actuarial loss | 49 | 78 | 3 | 4 | ||||||||||||
Pension settlement charge | 63 | — | — | — | ||||||||||||
Net periodic benefit expense (income) | $ | 88 | $ | 62 | $ | (6 | ) | $ | (1 | ) | ||||||
Contributions to benefit plans | $ | (114 | ) | $ | (118 | ) | $ | (1 | ) | $ | (4 | ) | ||||
Multiemployer Pension Plans | ||||||||||||||||
During the year-to-date periods ended November 29, 2014 and November 30, 2013, the Company contributed $29 and $28, respectively, to various multiemployer pension plans, primarily defined benefit pension plans, under collective bargaining agreements. | ||||||||||||||||
Lump Sum Pension Settlement | ||||||||||||||||
During the third quarter of fiscal 2015, the Company made lump sum settlement payments to certain deferred vested pension plan participants under a lump sum payment option window. The payments were equal to the present value of the participant’s pension benefits, and were made to certain former employees who were deferred vested participants in the SUPERVALU INC. Retirement Plan (the “SUPERVALU Retirement Plan”), who had not yet begun receiving monthly pension benefit payments and who elected to participate in the lump sum payment option window. In fiscal 2015 year-to-date, the SUPERVALU Retirement Plan made lump sum settlement payments of approximately $267. The lump sum settlement payments resulted in a non-cash pension settlement charge of $63 from the acceleration of a portion of the accumulated unrecognized actuarial loss. As a result of the lump sum settlements, the SUPERVALU Retirement Plan assets and liabilities were re-measured at November 29, 2014 using a discount rate of 4.1 percent, an expected rate of return on plan assets of 6.5 percent and the RP-2014 Generational Mortality Table. The re-measurement resulted in an increase to accumulated other comprehensive loss of $200 pre-tax ($141 after-tax) and a corresponding decrease to the SUPERVALU Retirement Plan's funded status. | ||||||||||||||||
Pension Contributions | ||||||||||||||||
In August 2014, the Highway and Transportation Funding Act of 2014, which included an extension of pension funding interest rate relief, was signed into law. The Highway and Transportation Funding Act includes a provision for interest rate stabilization for defined benefit employee pension plans. As a result of this stabilization provision, the Company expects its required pension contributions to the SUPERVALU Retirement Plan to decrease significantly for the next several years. The Company anticipates fiscal 2015 contributions to pension and other postretirement benefit plans, including excess contributions under the amended term sheet with AB Acquisition LLC (“AB Acquisition”) and the Pension Benefit Guaranty Corporation (the “PBGC”), will be approximately $120 to $125. |
Net_Earnings_Loss_Per_Share
Net Earnings (Loss) Per Share | 9 Months Ended | |||||||||||||||
Nov. 29, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Net Earnings (Loss) Per Share | NET EARNINGS (LOSS) PER SHARE | |||||||||||||||
Basic net earnings (loss) per share is calculated using net earnings (loss) attributable to SUPERVALU INC. stockholders divided by the weighted average number of shares outstanding during the period. Diluted net earnings (loss) per share is similar to basic net earnings (loss) per share except that the weighted average number of shares outstanding is computed after giving effect to the dilutive impacts of stock-based awards. | ||||||||||||||||
The following table reflects the calculation of basic and diluted net earnings (loss) per share: | ||||||||||||||||
Third Quarter Ended | Year-To-Date Ended | |||||||||||||||
November 29, | November 30, | November 29, | November 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(12 weeks) | (12 weeks) | (40 weeks) | (40 weeks) | |||||||||||||
Net earnings (loss) from continuing operations | $ | 12 | $ | 33 | $ | 91 | $ | (29 | ) | |||||||
Less net earnings attributable to noncontrolling interests | (2 | ) | (1 | ) | (6 | ) | (5 | ) | ||||||||
Net earnings (loss) from continuing operations attributable to SUPERVALU INC. | 10 | 32 | 85 | (34 | ) | |||||||||||
Income (loss) from discontinued operations, net of tax | 69 | (1 | ) | 68 | 190 | |||||||||||
Net earnings attributable to SUPERVALU INC. | $ | 79 | $ | 31 | $ | 153 | $ | 156 | ||||||||
Weighted average number of shares outstanding—basic | 261 | 259 | 260 | 254 | ||||||||||||
Dilutive impact of stock-based awards | 4 | 3 | 3 | 3 | ||||||||||||
Weighted average number of shares outstanding—diluted(1) | 265 | 262 | 263 | 257 | ||||||||||||
Basic net earnings (loss) per share attributable to SUPERVALU INC.: | ||||||||||||||||
Continuing operations | $ | 0.04 | $ | 0.13 | $ | 0.33 | $ | (0.13 | ) | |||||||
Discontinued operations | $ | 0.27 | $ | (0.01 | ) | $ | 0.26 | $ | 0.75 | |||||||
Basic net earnings per share | $ | 0.31 | $ | 0.12 | $ | 0.59 | $ | 0.61 | ||||||||
Diluted net earnings (loss) per share attributable to SUPERVALU INC.: | ||||||||||||||||
Continuing operations(1) | $ | 0.04 | $ | 0.12 | $ | 0.33 | $ | (0.13 | ) | |||||||
Discontinued operations(1) | $ | 0.26 | $ | (0.01 | ) | $ | 0.26 | $ | 0.74 | |||||||
Diluted net earnings per share | $ | 0.3 | $ | 0.12 | $ | 0.58 | $ | 0.61 | ||||||||
-1 | Weighted average number of shares outstanding—diluted was equal to Weighted average number of shares outstanding—basic for the computation of diluted net loss per share from discontinued operations for the third quarter ended November 30, 2013 and diluted net loss per share from continuing operations for the year-to-date period ended November 30, 2013. | |||||||||||||||
Stock-based awards of 10 and 19 were outstanding during the third quarters ended November 29, 2014 and November 30, 2013, respectively, but were excluded from the calculation of diluted net earnings per share from continuing operations for the periods because their inclusion would be antidilutive. Stock-based awards of 10 and 21 were outstanding during the year-to-date periods ended November 29, 2014 and November 30, 2013, respectively, but were excluded from the calculation of diluted net earnings (loss) per share from continuing operations for the periods because their inclusion would be antidilutive. |
Comprehensive_Income_and_Accum
Comprehensive Income and Accumulated Other Comprehensive Loss | 9 Months Ended | |||||||||||||||||
Nov. 29, 2014 | ||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||
Comprehensive Income and Accumulated Other Comprehensive Loss | COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS | |||||||||||||||||
The Company reports comprehensive income in the Condensed Consolidated Statements of Comprehensive Income. Comprehensive income includes all changes in stockholders’ deficit during the reporting period, other than those resulting from investments by and distributions to stockholders. The Company’s comprehensive income is calculated as net earnings (loss) including noncontrolling interests, plus or minus adjustments for pension and other postretirement benefit obligations, net of tax, less comprehensive income attributable to noncontrolling interests. | ||||||||||||||||||
Accumulated other comprehensive loss represents the cumulative balance of other comprehensive income (loss), net of tax, as of the end of the reporting period and relates to pension and other postretirement benefit obligation adjustments, net of tax. Changes in Accumulated other comprehensive loss by component is as follows: | ||||||||||||||||||
Year-To-Date Ended | ||||||||||||||||||
November 29, | November 30, | |||||||||||||||||
2014 | 2013 | |||||||||||||||||
(40 weeks) | (40 weeks) | |||||||||||||||||
Pension and postretirement benefit plan accumulated other comprehensive loss at beginning of the fiscal year, net of tax | $ | (307 | ) | $ | (612 | ) | ||||||||||||
Other comprehensive loss before reclassifications, net of tax benefit of ($59) and $0, respectively | (141 | ) | — | |||||||||||||||
Pension settlement charge, net of tax expense of $27 and $0, respectively | 36 | — | ||||||||||||||||
Amortization of amounts included in net periodic benefit cost, net of tax expense of $15 and $28, respectively | 25 | 44 | ||||||||||||||||
Net current-period Other comprehensive (loss) income, net of tax (benefit) expense of ($17) and $28, respectively | (80 | ) | 44 | |||||||||||||||
Divestiture of NAI pension plan accumulated other comprehensive income, net of tax expense of $0 and $31, respectively | — | 48 | ||||||||||||||||
Pension and postretirement benefit plan accumulated other comprehensive loss at the end of period, net of tax | $ | (387 | ) | $ | (520 | ) | ||||||||||||
Upon completion of the sale of NAI in the first quarter of fiscal 2014, the Company disposed approximately $48 of Accumulated other comprehensive loss, which was a component of Stockholders’ deficit in the Consolidated Balance Sheet as of February 23, 2013, due to NAI’s assumption of a defined benefit pension plan established and operated under NAI. | ||||||||||||||||||
Items reclassified out of pension and postretirement benefit plan accumulated other comprehensive loss had the following impact on the Condensed Consolidated Statements of Operations: | ||||||||||||||||||
Third Quarter Ended | Year-To-Date Ended | |||||||||||||||||
November 29, | November 30, | November 29, | November 30, | Affected Line Item on Condensed Consolidated Statement of Operations | ||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
(12 weeks) | (12 weeks) | (40 weeks) | (40 weeks) | |||||||||||||||
Pension and postretirement benefit plan obligations: | ||||||||||||||||||
Amortization of amounts included in net periodic benefit expense(1) | $ | 9 | $ | 19 | $ | 31 | $ | 64 | Selling and administrative expenses | |||||||||
Amortization of amounts included in net periodic benefit expense(1) | 3 | 2 | 9 | 8 | Cost of sales | |||||||||||||
Pension settlement charge | 63 | — | 63 | — | Selling and administrative expenses | |||||||||||||
Total reclassifications | 75 | 21 | 103 | 72 | ||||||||||||||
Income tax benefit | (32 | ) | (9 | ) | (42 | ) | (28 | ) | Income tax provision (benefit) | |||||||||
Total reclassifications, net of tax | $ | 43 | $ | 12 | $ | 61 | $ | 44 | ||||||||||
-1 | Amortization of amounts included in net periodic benefit cost include amortization of prior service benefit and amortization of net actuarial loss as reflected in Note 9—Benefit Plans. |
Commitments_Contingencies_and_
Commitments, Contingencies and Off-Balance Sheet Arrangements | 9 Months Ended |
Nov. 29, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Off-Balance Sheet Arrangements | COMMITMENTS, CONTINGENCIES AND OFF-BALANCE SHEET ARRANGEMENTS |
Guarantees | |
The Company has outstanding guarantees related to certain leases, fixture financing loans and other debt obligations of various retailers as of November 29, 2014. These guarantees were generally made to support the business growth of independent retail customers. The guarantees are generally for the entire terms of the leases or other debt obligations with remaining terms that range from less than one year to 16 years, with a weighted average remaining term of approximately eight years. For each guarantee issued, if the independent retail customer defaults on a payment, the Company would be required to make payments under its guarantee. Generally, the guarantees are secured by indemnification agreements or personal guarantees of the independent retail customer. | |
The Company reviews performance risk related to its guarantees of independent retail customer obligations based on internal measures of credit performance. As of November 29, 2014, the maximum amount of undiscounted payments the Company would be required to make in the event of default of all guarantees was $73 ($55 on a discounted basis). Based on the indemnification agreements, personal guarantees and results of the reviews of performance risk, the Company believes the likelihood that it will be required to assume a material amount of these obligations is remote. Accordingly, no amount has been recorded in the Condensed Consolidated Balance Sheets for these contingent obligations under the Company’s guarantee arrangements. | |
The Company is contingently liable for leases that have been assigned to various third parties in connection with facility closings and dispositions. The Company could be required to satisfy the obligations under the leases if any of the assignees are unable to fulfill their lease obligations. Due to the wide distribution of the Company’s assignments among third parties, and various other remedies available, the Company believes the likelihood that it will be required to assume a material amount of these obligations is remote. | |
The Company is a party to a variety of contractual agreements under which it may be obligated to indemnify the other party for certain matters in the ordinary course of business, which indemnities may be secured by operation of law or otherwise. These agreements primarily relate to the Company’s commercial contracts, the TSA (as defined below), contracts entered into for the purchase and sale of stock or assets, operating leases and other real estate contracts, financial agreements, agreements to provide services to the Company and agreements to indemnify officers, directors and employees in the performance of their work. While the Company’s aggregate indemnification obligation could result in a material liability, the Company is not aware of any matters that are expected to result in a material liability. | |
Following the sale of NAI, the Company remains contingently liable with respect to certain self-insurance commitments and other guarantees as a result of parental guarantees issued by SUPERVALU INC. with respect to the obligations of NAI that were incurred while NAI was a subsidiary of the Company. As of November 29, 2014, using actuarial estimates as of June 30, 2014, the total undiscounted amount of all such guarantees was estimated at $232 ($208 on a discounted basis). Based on the expected settlement of the self-insurance claims that underlie the Company’s commitments, the Company believes that such contingent liabilities will continue to decline. Subsequent to the sale of NAI, NAI collateralized most of these obligations with letters of credit and surety bonds to numerous states. Because NAI remains a primary obligor on these self-insurance and other obligations and has collateralized most of the self-insurance obligations for which the Company remains contingently liable, the Company believes that the likelihood that it will be required to assume a material amount of these obligations is remote. Accordingly, no amount has been recorded in the Condensed Consolidated Balance Sheets for these guarantees. | |
Information Technology Intrusions | |
Intrusions Announced in August and September 2014 – On August 14, 2014 and September 29, 2014, the Company announced it had experienced separate criminal intrusions into the portion of its computer network that processes payment card transactions for some of its owned and franchised retail stores, including some of its associated stand-alone liquor stores. An investigation of those intrusions supported by third-party data forensics experts is ongoing. The Company believes these criminal intrusions may have resulted in the collection of account numbers, and in some cases also the expiration date, other numerical information and/or the cardholder’s name. With respect to the intrusion announced in August 2014, the Company currently believes that this information may have been collected from payment cards used during the period of June 22 (at the earliest) through July 17 (at the latest), 2014, at 209 SUPERVALU owned or franchised stores and stand-alone liquor stores, which stores operate under the Cub Foods, Farm Fresh, Hornbacher’s, Shop ’n Save, and Shoppers Food & Pharmacy banners. With respect to the intrusion announced in September 2014, the Company currently believes that this information may have been collected from payment cards used at some checkout lanes during the period of August 27 (at the earliest) through September 21 (at the latest), 2014 at four Minnesota franchised Cub Foods stores. | |
Responses to Intrusions – Upon recognition of each intrusion, the Company took immediate steps to secure the affected part of its network, and the Company believes that it has eradicated the malware used in each intrusion. The Company notified the major payment card brands and federal law enforcement authorities and is cooperating in their efforts to investigate these intrusions, identify those responsible for the intrusions and determine whether any cardholder data was stolen by the intruder(s). The Company also notified several state Attorneys General of the intrusions. As to both intrusions, given the continuing nature of the investigation, it is possible that it will be determined that information was stolen from the Company during one or both of these intrusions or that time frames, locations, at-risk data, and/or other facts in addition to those described above will be identified in the future. | |
The Company is offering customers who used their payment cards at the relevant stores during the relevant time periods 12 months of complimentary consumer identity protection services through AllClear ID. The Company has also established a call center to answer questions about the intrusions and the identity threat protection services being offered. | |
Some stores owned and operated by Albertson’s LLC and NAI experienced related criminal intrusions. The Company provides information technology services to these Albertson’s LLC and NAI stores pursuant to the TSA (as defined below), and the Company has been working together with Albertson’s LLC and NAI to respond to the intrusions into their stores. The Company believes that any losses incurred by Albertson’s LLC or NAI as a result of the intrusions affecting their stores would not be the Company’s responsibility. | |
Investigations and Proceedings – As a result of the criminal intrusions, the payment card brands are conducting investigations into whether the portion of the Company’s network that handles payment card data was compliant with applicable data security standards at the time of the intrusions and, if not, whether any non-compliance caused any compromise of payment card data that may have occurred during the intrusions. The Company’s network has previously been found to be compliant with those standards; however, the Company understands that, in other data breach situations, the forensic investigator working on behalf of the payment card brands has claimed that breached entities that previously had been found compliant with those standards were not in compliance at the time of the intrusion and that the alleged non-compliance caused at least some portion of the compromise of payment card data that allegedly occurred during the intrusion. As a result, the Company believes that the payment card brands may allege that the Company was not compliant with the applicable data security standards at the time of the intrusions and that such alleged non-compliance caused the compromise of payment card data during the intrusions. Moreover, if that happens, the Company believes the payment card brands may make claims against the Company for non-ordinary course operating expenses and incremental counterfeit fraud losses allegedly incurred by them or their issuers by reason of the intrusions. If that were to occur, the Company expects to dispute those claims. While the Company does not believe that a loss is probable by reason of these as yet unasserted claims, the Company believes that a loss in connection with these claims, should they be asserted, is reasonably possible; however, at this time the Company cannot reasonably estimate a range of possible losses because the payment card brands’ investigation is ongoing and the payment card brands have not alleged what payment cards they consider to have been compromised, what data from those cards they consider to have been compromised, or the amount of their and/or their issuers' claimed losses. The Company does not currently believe that the amount, if any, paid on any payment card brand claims that might be asserted would be material to the Company’s consolidated results of operations, cash flows or financial condition. | |
While the Company is not aware of any investigation into the intrusions having been initiated by any regulatory authority, it is possible that regulatory investigations into the intrusions could be initiated in the future and, were that to occur, it is possible that such investigations could result in claims being made against the Company by the regulatory authorities in question. If that were to occur, the Company expects to dispute those claims. | |
As discussed in more detail below in this Note 12 under Legal Proceedings, four class action complaints have been filed against the Company related to the intrusions and are currently pending. As indicated in Note 12, the Company believes that the likelihood of a material loss from the four class actions is remote. It is possible that other similar complaints by consumers, banks or others may be filed against the Company in connection with the intrusions. | |
Insurance Coverage – The Company maintains $50 of cyber threat insurance above a $1 deductible per incident and subject to certain sublimits, which it believes should mitigate the financial effect of these intrusions, including claims made or that might be made against the Company based on these intrusions. Based on currently available information, the Company does not believe that the ultimate outcome of these intrusions, including any related lawsuits, claims or other proceedings that might be initiated against the Company, will have a material adverse impact on the Company’s consolidated results of operations, cash flows or financial position. | |
Expenses – The Company has and expects to incur various costs related to the intrusions, including the cost of conducting the pending investigation, the cost of providing identity protection services to the Company’s customers and legal and other professional expenses. In the year-to-date period ended November 29, 2014, the Company recorded $5 of intrusion related costs and anticipated insurance proceeds of $3. These amounts were recorded within Selling and administrative expenses in the Condensed Consolidated Statement of Operations. Anticipated insurance proceeds recorded for the insurance receivable were based on the Company’s insurance recovery assessment. This assessment included the review of applicable insurance policies, correspondence with the insurance carriers and analysis by legal counsel. | |
Impact on Sales – The Company has not experienced weaker than anticipated sales subsequent to the intrusions. | |
Other Contractual Commitments | |
In the ordinary course of business, the Company enters into supply contracts to purchase products for resale and purchase and service contracts for fixed asset and information technology commitments. These contracts typically include either volume commitments or fixed expiration dates, termination provisions and other standard contractual considerations. As of November 29, 2014, the Company had approximately $299 of non-cancelable future purchase obligations. | |
The Company and AB Acquisition entered into a binding term sheet with the PBGC relating to issues regarding the effect of the sale of NAI on certain SUPERVALU retirement plans. The agreement required that the Company not pay any dividends to its stockholders at any time for the period beginning on January 9, 2013 and ending on the earliest of (i) March 21, 2018, (ii) the date on which the total of all contributions made to the SUPERVALU Retirement Plan on or after the closing date of the sale of NAI is at least $450 and (iii) the date on which SUPERVALU’s unsecured credit rating is BB+ from Standard & Poor’s or Ba1 from Moody’s (such earliest date, the end of the “PBGC Protection Period”). The Company had also agreed to make $100 in aggregate contributions to the SUPERVALU Retirement Plan in excess of the minimum required contributions at or before the end of fiscal years 2015 – 2017 (where such fiscal years end during the PBGC Protection Period), and AB Acquisition had agreed to provide a guarantee to the PBGC for such excess payments. On September 11, 2014, the Company, AB Acquisition and the PBGC amended the term sheet. Pursuant to that amendment, the Company made excess contributions of $47 to the SUPERVALU Retirement Plan and the PBGC Protection Period ended on September 15, 2014. Including these excess contributions and the impact of the Highway and Transportation Funding Act of 2014 on pension funding requirements described above in Note 9—Benefit Plans, the Company anticipates fiscal 2015 total contributions to pension and other postretirement benefit plans to be approximately $120 to $125. The Company is no longer restricted by the term sheet from paying dividends to its stockholders and has fully satisfied its obligations to make excess contributions to the SUPERVALU Retirement Plan. While the Company is no longer restricted from paying dividends to its stockholders under the term sheet, the Company has no current intent to resume paying dividends. The payment of future dividends is subject to the discretion of the Company’s Board of Directors and the requirements of Delaware law, and will depend on a variety of factors that the Company’s Board of Directors may deem relevant. In addition, as described above in Note 6—Long-Term Debt, the Company is limited in the aggregate amount of dividends that the Company may pay during the term of its Secured Term Loan Facility and would need to meet certain conditions in the Secured Term Loan Facility and the Revolving ABL Credit Facility before paying a dividend. | |
During the quarter ended November 29, 2014, the Company recognized $69 of discrete tax benefits attributable to discontinued operations (see Note 14—Discontinued Operations), the majority of which relates to tangible property repair regulations. In connection with discussions on a possible amendment to the Transition Services Agreement with each of NAI and Albertson’s LLC (collectively, the “TSA”), the Company is in discussions with NAI and Albertson’s LLC on whether the Company will pay an amount equivalent to any portion of the related tax refund to NAI and Albertson’s LLC. The discussions on a possible amendment to the TSA are to address operational considerations that could arise as a result of the announced acquisition of Safeway Inc. by Albertson's LLC (the “Safeway Merger”) and certain other matters related to the TSA. The Company believes that a material loss resulting from the resolution of these issues is remote. | |
Legal Proceedings | |
The Company is subject to various lawsuits, claims and other legal matters that arise in the ordinary course of conducting business. In the opinion of management, based upon currently-available facts, it is remote that the ultimate outcome of any lawsuits, claims and other proceedings will have a material adverse effect on the overall results of the Company’s operations, its cash flows or its financial position. | |
In September 2008, a class action complaint was filed against the Company, as well as International Outsourcing Services, LLC (“IOS”); Inmar, Inc.; Carolina Manufacturer’s Services, Inc.; Carolina Coupon Clearing, Inc. and Carolina Services in the United States District Court in the Eastern District of Wisconsin. The plaintiffs in the case are a consumer goods manufacturer, a grocery co-operative and a retailer marketing services company who allege on behalf of a purported class that the Company and the other defendants (i) conspired to restrict the markets for coupon processing services under the Sherman Act and (ii) were part of an illegal enterprise to defraud the plaintiffs under the Federal Racketeer Influenced and Corrupt Organizations Act. The plaintiffs seek monetary damages, attorneys’ fees and injunctive relief. The Company intends to vigorously defend this lawsuit, however all proceedings have been stayed in the case pending the result of the criminal prosecution of certain former officers of IOS. | |
In December 2008, a class action complaint was filed in the United States District Court for the Western District of Wisconsin against the Company alleging that a 2003 transaction between the Company and C&S Wholesale Grocers, Inc. (“C&S”) was a conspiracy to restrain trade and allocate markets. In the 2003 transaction, the Company purchased certain assets of the Fleming Corporation as part of Fleming Corporation’s bankruptcy proceedings and sold certain assets of the Company to C&S which were located in New England. Since December 2008, three other retailers have filed similar complaints in other jurisdictions. The cases have been consolidated and are proceeding in the United States District Court for the District of Minnesota. The complaints allege that the conspiracy was concealed and continued through the use of non-compete and non-solicitation agreements and the closing down of the distribution facilities that the Company and C&S purchased from each other. Plaintiffs are seeking monetary damages, injunctive relief and attorneys’ fees. On July 5, 2011, the District Court granted the Company’s Motion to Compel Arbitration for those plaintiffs with arbitration agreements and plaintiffs appealed. On July 16, 2012, the District Court denied plaintiffs’ Motion for Class Certification and on January 11, 2013, the District Court granted the Company’s Motion for Summary Judgment and dismissed the case regarding the non-arbitration plaintiffs. Plaintiffs have appealed these decisions. On February 12, 2013, the 8th Circuit reversed the District Court decision requiring plaintiffs with arbitration agreements to arbitrate and the Company filed a Petition with the 8th Circuit for an En Banc Rehearing. On June 7, 2013, the 8th Circuit denied the Petition for Rehearing and remanded the case to the District Court. On October 30, 2013, the parties attended a District Court ordered mandatory mediation which was not successful in resolving the matter. On May 21, 2014, a panel of the 8th Circuit (1) reversed the District Court’s decision granting summary judgment in favor of the Company, and (2) affirmed the District Court’s decision denying class certification of a class consisting of all retailers located in the States of Illinois, Indiana, Iowa, Michigan, Minnesota, Ohio and Wisconsin that purchased wholesale grocery products from the Company between December 31, 2004 and September 13, 2008, but remanded the case for the District Court to consider whether to certify a narrower class of purchasers supplied from the Company’s Champaign, Illinois distribution center. On August 19, 2014, the 8th Circuit denied the Company’s petition for en banc review by the 8th Circuit on the reversal of the summary judgment decision and specific issues raised thereunder. The case is now remanded to the District Court for further proceedings to be determined by the District Court. | |
In May 2012, Kiefer, a former Assistant Store Manager at Save-A-Lot, filed a class action against Save-A-Lot seeking to represent current and former Assistant Store Managers alleging violations of the Fair Labor Standards Act related to the fluctuating work week method of pay (“FWW”) in the United States District Court in the District of Connecticut. FWW is a method of compensation whereby employees are paid a fixed salary for all hours worked during a week plus additional compensation at one-half the regular rate for overtime hours. Kiefer claimed that the FWW practice is unlawful or, if lawful, that Save-A-Lot improperly applied the FWW method of pay, including in situations involving paid time off, holiday pay and bonus payments. In March 2013, the United States District Court granted conditional certification in favor of Kiefer on the issue of whether Save-A-Lot properly applied the FWW. In May 2013, the United States District Court denied Save-A-Lot’s motion for summary judgment on the same issue. This FWW practice is permissible under the Fair Labor Standards Act and other state laws, and Save-A-Lot denied all allegations in the case. The same plaintiffs’ attorneys representing Kiefer filed two additional FWW actions against Save-A-Lot and SUPERVALU. Shortly before filing of the Kiefer lawsuit, in one of these cases filed by a former Assistant Store Manager (Roach) in March 2011, the Superior Court for the Judicial District of Hartford at Hartford granted summary judgment in favor of Save-A-Lot determining FWW was a legal practice in Connecticut. In March 2013, another Save-A-Lot Assistant Store Manager (Pagano) filed an FWW class claim against SUPERVALU under Pennsylvania state law in the Philadelphia County Court of Common Pleas relating to overtime payment. In all three cases, which the Company was defending vigorously, plaintiffs were seeking monetary damages and attorneys’ fees. On August 20, 2013, the parties agreed in principle to resolve the matters on a nationwide basis in a settlement that will cap the Company’s aggregate obligation, including with respect to settlement funds, plaintiffs’ attorneys fees and costs and settlement administration costs. The court granted preliminary approval of the settlement on March 13, 2014 and final approval on July 30, 2014. Payments to class members began in mid-November 2014 and are expected to continue until February 2015. The Company recorded a litigation settlement charge of $5 before tax ($3 after-tax) in the second quarter of fiscal 2014 in connection with the expected settlement of this matter. The Company funded $5 into a qualified settlement fund on February 28, 2014. | |
In August and November 2014, four class action complaints were filed against the Company relating to the criminal intrusions into its computer network announced by the Company on August 14, 2014 and September 29, 2014 (the "Criminal Intrusion"). Kenneth Hanff, et. al. v. SUPERVALU INC. was filed in the United States District Court for the District of Minnesota alleging breach of contract, deceptive trade practices, negligence and invasion of privacy. Steve McPeak, et. al. v. SUPERVALU INC. was filed in the United States District Court for the Southern District of Illinois alleging violations of the Federal Stored Communications Act and Illinois Personal Information Protection Act and negligence. Gary Mertz, et. al. v. SUPERVALU INC. and AB Acquisition LLC, was filed in the United States District Court of Minnesota alleging negligence, violations of consumer protection laws and bailment. Alyssa Rocke, et. al. v. SUPERVALU INC., AB Acquisition LLC, and New Albertson’s, Inc. d/b/a Jewel-Osco was filed in the United States District Court for the District of Idaho alleging negligence, gross negligence, negligence per se, breach of implied contract, violations of consumer protection acts, invasion of privacy, breach of confidentiality and assumpsit. Plaintiffs in each action seek the recovery of an unspecified amount of damages. On September 18, 2014, the Company filed a motion before the Judicial Panel on Multidistrict Litigation seeking an order transferring, coordinating and consolidating the cases to the United States District Court for the District of Idaho. On December 16, 2014, the Judicial Panel on Multidistrict Litigation ordered the cases transferred to the District Court in Minnesota. | |
In December 2014, the United States Department of Labor (the “DOL”), in connection with an audit of the SUPERVALU Group Health Plan (the “Group Health Plan”) and the SUPERVALU Retiree Benefit Plan under the Employee Retirement Income Security Act (“ERISA”), alleged three violations of its regulations relating to loan transactions between the active and retiree plans, the Company’s treatment of three rebates it had received from insurance carriers and a description of the Newborns’ and Mothers’ Health Protection Act by the Company’s third party administrator in its written materials. The Company is in discussions with the DOL regarding these allegations, including whether and, if so, when the Company would be required to make contributions to the trusts that fund the Group Health Plan in order to remediate the alleged loan transactions. While the Company believes that it is reasonably possible that the DOL will require additional contributions to the trusts that fund the Group Health Plan and that the DOL will impose penalties or sanctions, at this time the Company cannot reasonably estimate a range of possible losses because the DOL has not communicated whether and, if so, in what amount it will impose monetary penalties or other sanctions. The Company does not currently believe that the amount of additional contributions, penalties or sanctions, if any, imposed by the DOL would be material to the Company’s consolidated results of operations, cash flows or financial condition. | |
Predicting the outcomes of claims and litigation and estimating related costs and exposures involves substantial uncertainties that could cause actual outcomes, costs and exposures to vary materially from current expectations. The Company regularly monitors its exposure to the loss contingencies associated with these matters and may from time to time change its predictions with respect to outcomes and its estimates with respect to related costs and exposures. | |
With respect to the IOS, C&S, Criminal Intrusion and DOL matters discussed above, the Company believes the chance of a material loss is remote. It is possible, although management believes it is remote, that material differences in actual outcomes, costs and exposures relative to current predictions and estimates, or material changes in such predictions or estimates, could have a material adverse effect on the Company’s financial condition, results of operations or cash flows. |
Segment_Information
Segment Information | 9 Months Ended |
Nov. 29, 2014 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION |
Refer to the Condensed Consolidated Segment Financial Information for the Company’s segment information. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||||||||||||
Nov. 29, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||
Discontinued Operations | DISCONTINUED OPERATIONS | |||||||||||||||
On March 21, 2013, the Company sold NAI to AB Acquisition, which resulted in the sale of the NAI banners, including Albertsons, Acme, Jewel-Osco, Shaw’s and Star Market and related Osco and Sav-on in-store pharmacies (collectively, the “NAI Banners”). The operating results and cash flows of the NAI Banners have been presented separately as discontinued operations in the Condensed Consolidated Financial Statements for all periods presented. | ||||||||||||||||
In connection with the sale of NAI, the Company entered into various agreements with AB Acquisition and its affiliates related to on-going operations, including the TSA and operating and supply agreements. These arrangements had initial terms ranging from 12 months to 5 years, are generally subject to renewal upon mutual agreement by the parties thereto and also include termination provisions that can be exercised by each party. Each TSA had an initial term expiring on September 21, 2015, subject to annual renewal by notice given at least 12 months prior to expiration of the then current term. On September 12, 2014, NAI and Albertson’s LLC each notified the Company that it was exercising its right to renew the term of its respective TSA for an additional year. In addition to providing services under the TSA, the Company also receives services from NAI and Albertson’s LLC under the TSA. On September 17, 2014, the Company notified each of NAI and Albertson’s LLC that it was exercising its right to renew the terms of the TSA for an additional year. Pursuant to these notices, the TSA will now expire on September 21, 2016 unless renewed again by notice given no later than September 21, 2015. The TSA may be extended further in one year increments with a one year notice. The Company recognized $43 and $48 in TSA fees earned during the third quarters of fiscal 2015 and 2014, respectively, including $4 under the first-year transitional fee provisions recognized during the third quarter of fiscal 2014. The Company recognized $145 and $194 in TSA fees earned during the year-to-date periods ended November 29, 2014 and November 30, 2013, respectively, including $58 under the first-year transitional fee provisions recognized during the year-to-date period ended November 30, 2013. TSA fees earned are reflected in Net sales in the Condensed Consolidated Statements of Operations. The shared service center costs incurred to support back office functions related to the NAI Banners represent administrative overhead and are recorded in Selling and administrative expenses. | ||||||||||||||||
During the year-to-date period ended November 30, 2013, the Company received net proceeds of approximately $100 and a short-term note receivable of approximately $44 for the stock of NAI. During fiscal 2013, the Company recorded a preliminary estimated pre-tax loss on contract for the disposal of NAI of approximately $1,150 and a pre-tax property, plant and equipment-related impairment of $203. The loss on sale calculation was finalized during fiscal 2014, including the finalization of the working capital adjustment. The total loss on sale of NAI was $1,263, comprised of $1,081 of contract loss and $182 of property, plant and equipment-related impairment, resulting in pre-tax reductions to the preliminary estimated loss on sale of NAI of $85 and $5 during the first and second quarters of fiscal 2014, respectively, which was recorded as a component of Income (loss) from discontinued operations, net of tax in the Condensed Consolidated Statements of Operations. The Company determined the pre-tax property, plant and equipment-related impairment using Level 3 inputs. | ||||||||||||||||
The following is a summary of the Company’s operating results and certain other directly attributable expenses that are included in discontinued operations: | ||||||||||||||||
Third Quarter Ended | Year-To-Date Ended | |||||||||||||||
November 29, | November 30, | November 29, | November 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(12 weeks) | (12 weeks) | (40 weeks) | (40 weeks) | |||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | 1,235 | ||||||||
Income before income taxes from discontinued operations | — | 5 | 5 | 125 | ||||||||||||
Income tax (benefit) provision | (69 | ) | 6 | (63 | ) | (65 | ) | |||||||||
Income (loss) from discontinued operations, net of tax | $ | 69 | $ | (1 | ) | $ | 68 | $ | 190 | |||||||
Income before income taxes from discontinued operations for the year-to-date period ended November 29, 2014 primarily reflects $5 of property tax refunds and interest income resulting from settlement of income tax audits. | ||||||||||||||||
The income tax benefit included as a component of Income from discontinued operations, net of tax for the third quarter and year-to-date period ended November 29, 2014 includes $69 and $65 of net discrete tax benefits, respectively, primarily related to tangible property repair regulations and other deduction-related changes. In connection with discussions on a possible amendment to the TSA, the Company is in discussions with NAI and Albertson’s LLC on whether the Company will pay an amount equivalent to any portion of the related tax refund to NAI and Albertson’s LLC. The discussions on a possible amendment to the TSA are to address operational considerations that could arise as a result of the Safeway Merger and certain other matters related to the TSA. See Note 12—Commitments, Contingencies and Off-Balance Sheet Arrangements. The income tax benefit included as a component of income from discontinued operations, net of tax for the third quarter and year-to-date periods ended November 30, 2013 included $5 of discrete tax expenses and $112 of net discrete tax benefits, respectively, primarily resulting from the settlement of Internal Revenue Service audits for the fiscal 2010, 2009 and 2008 tax years. | ||||||||||||||||
The Company recorded $0 and $52 within Net sales of continuing operations related to wholesale distribution to certain NAI Banners during the third quarters of fiscal 2015 and 2014, respectively, and $38 and $153 during the year-to-date periods ended November 29, 2014 and November 30, 2013, respectively. In addition, the Company recorded $42 within Net Sales of continuing operations during the third quarters of fiscal 2015 and 2014, and $136 and $134 during the year-to-date periods ended November 29, 2014 and November 30, 2013, respectively, related to wholesale distribution of certain products to stores owned by Albertson’s LLC that were not part of AB Acquisition’s purchase of NAI. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Nov. 29, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS |
Refer to Note 6—Long-Term Debt for information regarding the redemption of $350 of the 2016 Notes subsequent to the end of the third quarter of fiscal 2015. | |
On December 6, 2014, the Company entered into a multi-year supply agreement to provide wholesale distribution to 64 Haggen stores in Washington and Oregon, comprised of Haggen’s 18 existing stores and 46 stores agreed to be divested as part of the Safeway Merger. The Company also entered into a Transition Services Agreement on December 6, 2014 to provide certain services to all 164 Haggen stores, comprised of Haggen's 18 existing stores and 146 stores agreed to be divested as part of the Safeway Merger located in five states. Both agreements commence when Haggen acquires its first divested store. The Transition Services Agreement is similar to the TSA and has a term of two years with three one-year automatic renewal periods unless earlier notice of nonrenewal is given by either party. Approximately 100 of these stores currently receive service from the Company under the TSA with Albertson's LLC. SUPERVALU also agreed to acquire two Albertson’s stores located in Washington in connection with the Safeway Merger. The Safeway Merger is expected to close in early 2015 but remains subject to approval by the Federal Trade Commission. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Nov. 29, 2014 | |
Accounting Policies [Abstract] | |
Statement of Registrant | Statement of Registrant |
The accompanying Condensed Consolidated Financial Statements of SUPERVALU INC. (“SUPERVALU” or the “Company”) for the third quarters and year-to-date periods ended November 29, 2014 and November 30, 2013 are unaudited and, in the opinion of management, contain all adjustments that are of a normal and recurring nature necessary to present fairly the financial condition and results of operations for such periods. The Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes in the Company’s Annual Report on Form 10-K for the fiscal year ended February 22, 2014. The results of operations for the third quarter and year-to-date period ended November 29, 2014 are not necessarily indicative of the results expected for the full year. The Condensed Consolidated Balance Sheet as of February 22, 2014 has been derived from the audited Consolidated Balance Sheet as of that date. | |
Accounting Policies | Accounting Policies |
The summary of significant accounting policies is included in the Notes to Consolidated Financial Statements set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended February 22, 2014. | |
Fiscal Year | Fiscal Year |
The Company’s fiscal year ends on the last Saturday in February. During fiscal 2015, the Company’s first quarter consists of 16 weeks, the second and third quarters both consist of 12 weeks, the fourth quarter consists of 13 weeks and the fiscal year ending February 28, 2015 consists of 53 weeks. | |
Use of Estimates | Use of Estimates |
The preparation of the Company’s Condensed Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States 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. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
The Company considers all highly liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents. The Company’s banking arrangements allow the Company 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. | |
Inventories, Net | 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 the Company’s 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 year based on the inventory levels and costs at that time. | |
Revisions | Revisions |
In the first quarter of fiscal 2015, the Company revised the presentation of noncontrolling interests as reflected in the Condensed Consolidated Financial Statements. Noncontrolling interests primarily include minority ownership interests in entities operating certain stores under the Cub Foods banner within Retail Food. Pursuant to the terms of the ownership agreements, the Company is required to distribute cash flows generated by these entities on a proportionate basis based on ownership interest. Net earnings attributable to noncontrolling interests were previously presented within Selling and administrative expenses in the Condensed Consolidated Statements of Operations and have been revised to a separate presentation in Net earnings attributable to noncontrolling interests. Noncontrolling interests were previously presented in Other long-term liabilities in the Condensed Consolidated Balance Sheets and have been revised as a component of Stockholders’ deficit. Distributions to noncontrolling interests were previously presented as a reduction of cash flows from operating activities in the Condensed Consolidated Statements of Cash Flows and have been revised as distributions to noncontrolling interests within financing activities. | |
In addition, the Company revised the presentation of equity in earnings of unconsolidated affiliates. Equity in earnings of unconsolidated affiliates was previously presented in Net sales and has been revised to a separate presentation in Equity in earnings of unconsolidated affiliates. The revisions did not impact Net earnings attributable to SUPERVALU INC. or net earnings per share for any period. Management has determined that the presentation changes are not material to any period reported. Prior period amounts have been revised to conform to the current period presentation. | |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued authoritative guidance under accounting standard update (“ASU”) 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, A Similar Tax Loss, or a Tax Credit Carryforward Exists. This ASU requires entities to present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss carryforward (“NOL”) or tax credit carryforward whenever the NOL or tax credit carryforward would be available to reduce the additional taxable income or tax due if the tax position is disallowed. This ASU requires entities to assess whether to net the unrecognized tax benefit with a deferred tax asset as of the reporting date. The Company adopted ASU 2013-11 in the first quarter of fiscal 2015, which resulted in a reclassification of $1 of unrecognized tax benefits and other credits against deferred tax assets. | |
In April 2014, the FASB issued authoritative guidance under ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Under this ASU, disposals classified as discontinued operations must represent a strategic shift that is expected to have a major effect on operations and financial results. The ASU no longer precludes presentation as discontinued operations if there is significant continuing involvement after disposal. Certain disclosures for disposals of individually significant components of an entity that do not qualify for discontinued operations presentation are also required. This ASU is effective prospectively for disposals that have not been reported in previously issued financial statements. The Company adopted ASU 2014-08 in the first quarter of fiscal 2015 and the adoption did not have an impact on the Company’s Condensed Consolidated Financial Statements. | |
Recently Issued Accounting Standards | Recently Issued Accounting Standards |
In May 2014, the FASB issued authoritative guidance under ASU 2014-09, Revenue from Contracts with Customers. ASU 2014-09 supersedes existing revenue recognition requirements and provides a new comprehensive revenue recognition model requiring entities to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. This ASU will be adopted by the Company during the first quarter of fiscal 2018. Adoption is allowed by either the full retrospective or modified retrospective approach. The Company is currently evaluating which approach it will apply and the potential adoption impact on its Consolidated Financial Statements. |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets, Net (Tables) | 9 Months Ended | |||||||||||||||||||
Nov. 29, 2014 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||
Changes in Company's Goodwill and Intangible Assets | Changes in the Company’s Goodwill and Intangible assets, net consisted of the following: | |||||||||||||||||||
February 22, | Additions | Impairments | Other net | November 29, | ||||||||||||||||
2014 | adjustments | 2014 | ||||||||||||||||||
Goodwill: | ||||||||||||||||||||
Independent Business goodwill | $ | 710 | $ | — | $ | — | $ | — | $ | 710 | ||||||||||
Save-A-Lot goodwill | 137 | 4 | — | — | 141 | |||||||||||||||
Retail Food goodwill | — | 14 | — | — | 14 | |||||||||||||||
Total goodwill | $ | 847 | $ | 18 | $ | — | $ | — | $ | 865 | ||||||||||
February 22, | Additions/ | Impairments | Other net | November 29, | ||||||||||||||||
2014 | Amortization | adjustments | 2014 | |||||||||||||||||
Intangible assets: | ||||||||||||||||||||
Customer lists, customer relationships, favorable operating leases and other (accumulated amortization of $85 and $78 as of November 29, 2014 and February 22, 2014, respectively) | $ | 111 | $ | 14 | $ | — | $ | — | $ | 125 | ||||||||||
Trademarks and tradenames – indefinite useful lives | 9 | — | — | — | 9 | |||||||||||||||
Non-compete agreements (accumulated amortization of $2 and $2 as of November 29, 2014 and February 22, 2014, respectively) | 3 | — | — | — | 3 | |||||||||||||||
Total intangible assets | 123 | 14 | — | — | 137 | |||||||||||||||
Accumulated amortization | (80 | ) | (7 | ) | — | — | (87 | ) | ||||||||||||
Total intangible assets, net | $ | 43 | $ | 50 | ||||||||||||||||
Reserves_for_Closed_Properties1
Reserves for Closed Properties and Property, Plant and Equipment-Related Impairment Charges (Tables) | 9 Months Ended | |||||||||||||||
Nov. 29, 2014 | ||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||
Changes in Company's Reserves | Changes in the Company’s reserves for closed properties consisted of the following: | |||||||||||||||
Year-To-Date Ended | ||||||||||||||||
November 29, | ||||||||||||||||
2014 | ||||||||||||||||
Reserves for closed properties at beginning of the fiscal year | $ | 47 | ||||||||||||||
Additions | 2 | |||||||||||||||
Payments | (9 | ) | ||||||||||||||
Adjustments | (4 | ) | ||||||||||||||
Reserves for closed properties at the end of period | $ | 36 | ||||||||||||||
Fair value of property, plant and equipment on a non-recurring basis | The following table presents impairment charges related to property, plant and equipment measured at fair value on a non-recurring basis: | |||||||||||||||
Third Quarter Ended | Year-To-Date Ended | |||||||||||||||
November 29, | November 30, | November 29, | November 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(12 weeks) | (12 weeks) | (40 weeks) | (40 weeks) | |||||||||||||
Property, plant and equipment: | ||||||||||||||||
Carrying value | $ | — | $ | 15 | $ | 2 | $ | 36 | ||||||||
Fair value measured using Level 3 inputs | — | 11 | 1 | 16 | ||||||||||||
Impairment charge | $ | — | $ | 4 | $ | 1 | $ | 20 | ||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | |||||||
Nov. 29, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Long-Term Debt and Capital Lease Obligations | The Company’s long-term debt consisted of the following: | |||||||
November 29, | February 22, | |||||||
2014 | 2014 | |||||||
4.50% Secured Term Loan Facility due March 2019 | $ | 1,472 | $ | 1,474 | ||||
1.66% to 4.00% Revolving ABL Credit Facility due September 2019 | 134 | — | ||||||
8.00% Senior Notes due May 2016 | 628 | 628 | ||||||
6.75% Senior Notes due June 2021 | 400 | 400 | ||||||
7.75% Senior Notes due November 2022 | 350 | — | ||||||
Other | 2 | 18 | ||||||
Net discount on debt, using an effective interest rate of 4.63% to 8.58% | (12 | ) | (16 | ) | ||||
Total debt | 2,974 | 2,504 | ||||||
Less current maturities of long-term debt | (357 | ) | (18 | ) | ||||
Long-term debt | $ | 2,617 | $ | 2,486 | ||||
StockBased_Awards_Tables
Stock-Based Awards (Tables) | 9 Months Ended | |||
Nov. 29, 2014 | ||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Assumptions Related to Estimated Fair Value of Options Grant Date | The Company used the Black-Scholes option pricing model to estimate the fair value of the options at grant date based upon the following assumptions: | |||
Year-To-Date Ended | ||||
November 29, | November 30, | |||
2014 | 2013 | |||
Dividend yield | —% | —% | ||
Volatility rate | 50.8—53.2% | 49.3—51.3% | ||
Risk-free interest rate | 1.2—1.6% | 0.6—1.0% | ||
Expected life | 4.0—5.0 years | 4.0—6.0 years |
Benefit_Plans_Tables
Benefit Plans (Tables) | 9 Months Ended | |||||||||||||||
Nov. 29, 2014 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||
Net Periodic Benefit Expense and Contributions for Defined Benefit Pension Plans and Other Postretirement Benefit Plans | Net periodic benefit expense (income) and contributions for defined benefit pension and other postretirement benefit plans consisted of the following: | |||||||||||||||
Third Quarter Ended | ||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
November 29, | November 30, | November 29, | November 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(12 weeks) | (12 weeks) | (12 weeks) | (12 weeks) | |||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | 1 | ||||||||
Interest cost | 28 | 28 | 1 | 1 | ||||||||||||
Expected return on assets | (35 | ) | (33 | ) | — | — | ||||||||||
Amortization of prior service benefit | — | — | (4 | ) | (3 | ) | ||||||||||
Amortization of net actuarial loss | 15 | 23 | 1 | 1 | ||||||||||||
Pension settlement charge | 63 | — | — | — | ||||||||||||
Net periodic benefit expense (income) | $ | 71 | $ | 18 | $ | (2 | ) | $ | — | |||||||
Contributions to benefit plans | $ | (47 | ) | $ | (26 | ) | $ | — | $ | (1 | ) | |||||
Year-To-Date Ended | ||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
November 29, | November 30, | November 29, | November 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(40 weeks) | (40 weeks) | (40 weeks) | (40 weeks) | |||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | 2 | ||||||||
Interest cost | 94 | 93 | 3 | 3 | ||||||||||||
Expected return on assets | (118 | ) | (109 | ) | — | — | ||||||||||
Amortization of prior service benefit | — | — | (12 | ) | (10 | ) | ||||||||||
Amortization of net actuarial loss | 49 | 78 | 3 | 4 | ||||||||||||
Pension settlement charge | 63 | — | — | — | ||||||||||||
Net periodic benefit expense (income) | $ | 88 | $ | 62 | $ | (6 | ) | $ | (1 | ) | ||||||
Contributions to benefit plans | $ | (114 | ) | $ | (118 | ) | $ | (1 | ) | $ | (4 | ) |
Net_Earnings_Loss_Per_Share_Ta
Net Earnings (Loss) Per Share (Tables) | 9 Months Ended | |||||||||||||||
Nov. 29, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Calculation of Basic and Diluted Net Earnings (Loss) Per Share | The following table reflects the calculation of basic and diluted net earnings (loss) per share: | |||||||||||||||
Third Quarter Ended | Year-To-Date Ended | |||||||||||||||
November 29, | November 30, | November 29, | November 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(12 weeks) | (12 weeks) | (40 weeks) | (40 weeks) | |||||||||||||
Net earnings (loss) from continuing operations | $ | 12 | $ | 33 | $ | 91 | $ | (29 | ) | |||||||
Less net earnings attributable to noncontrolling interests | (2 | ) | (1 | ) | (6 | ) | (5 | ) | ||||||||
Net earnings (loss) from continuing operations attributable to SUPERVALU INC. | 10 | 32 | 85 | (34 | ) | |||||||||||
Income (loss) from discontinued operations, net of tax | 69 | (1 | ) | 68 | 190 | |||||||||||
Net earnings attributable to SUPERVALU INC. | $ | 79 | $ | 31 | $ | 153 | $ | 156 | ||||||||
Weighted average number of shares outstanding—basic | 261 | 259 | 260 | 254 | ||||||||||||
Dilutive impact of stock-based awards | 4 | 3 | 3 | 3 | ||||||||||||
Weighted average number of shares outstanding—diluted(1) | 265 | 262 | 263 | 257 | ||||||||||||
Basic net earnings (loss) per share attributable to SUPERVALU INC.: | ||||||||||||||||
Continuing operations | $ | 0.04 | $ | 0.13 | $ | 0.33 | $ | (0.13 | ) | |||||||
Discontinued operations | $ | 0.27 | $ | (0.01 | ) | $ | 0.26 | $ | 0.75 | |||||||
Basic net earnings per share | $ | 0.31 | $ | 0.12 | $ | 0.59 | $ | 0.61 | ||||||||
Diluted net earnings (loss) per share attributable to SUPERVALU INC.: | ||||||||||||||||
Continuing operations(1) | $ | 0.04 | $ | 0.12 | $ | 0.33 | $ | (0.13 | ) | |||||||
Discontinued operations(1) | $ | 0.26 | $ | (0.01 | ) | $ | 0.26 | $ | 0.74 | |||||||
Diluted net earnings per share | $ | 0.3 | $ | 0.12 | $ | 0.58 | $ | 0.61 | ||||||||
-1 | Weighted average number of shares outstanding—diluted was equal to Weighted average number of shares outstanding—basic for the computation of diluted net loss per share from discontinued operations for the third quarter ended November 30, 2013 and diluted net loss per share from continuing operations for the year-to-date period ended November 30, 2013. |
Comprehensive_Income_and_Accum1
Comprehensive Income and Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | |||||||||||||||||
Nov. 29, 2014 | ||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||
Schedule of Changes in Accumulated Other Comprehensive Loss | Changes in Accumulated other comprehensive loss by component is as follows: | |||||||||||||||||
Year-To-Date Ended | ||||||||||||||||||
November 29, | November 30, | |||||||||||||||||
2014 | 2013 | |||||||||||||||||
(40 weeks) | (40 weeks) | |||||||||||||||||
Pension and postretirement benefit plan accumulated other comprehensive loss at beginning of the fiscal year, net of tax | $ | (307 | ) | $ | (612 | ) | ||||||||||||
Other comprehensive loss before reclassifications, net of tax benefit of ($59) and $0, respectively | (141 | ) | — | |||||||||||||||
Pension settlement charge, net of tax expense of $27 and $0, respectively | 36 | — | ||||||||||||||||
Amortization of amounts included in net periodic benefit cost, net of tax expense of $15 and $28, respectively | 25 | 44 | ||||||||||||||||
Net current-period Other comprehensive (loss) income, net of tax (benefit) expense of ($17) and $28, respectively | (80 | ) | 44 | |||||||||||||||
Divestiture of NAI pension plan accumulated other comprehensive income, net of tax expense of $0 and $31, respectively | — | 48 | ||||||||||||||||
Pension and postretirement benefit plan accumulated other comprehensive loss at the end of period, net of tax | $ | (387 | ) | $ | (520 | ) | ||||||||||||
Summary of Items Reclassified Out of Pension and Postretirement Benefit Plan Accumulated Other Comprehensive Loss | Items reclassified out of pension and postretirement benefit plan accumulated other comprehensive loss had the following impact on the Condensed Consolidated Statements of Operations: | |||||||||||||||||
Third Quarter Ended | Year-To-Date Ended | |||||||||||||||||
November 29, | November 30, | November 29, | November 30, | Affected Line Item on Condensed Consolidated Statement of Operations | ||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||
(12 weeks) | (12 weeks) | (40 weeks) | (40 weeks) | |||||||||||||||
Pension and postretirement benefit plan obligations: | ||||||||||||||||||
Amortization of amounts included in net periodic benefit expense(1) | $ | 9 | $ | 19 | $ | 31 | $ | 64 | Selling and administrative expenses | |||||||||
Amortization of amounts included in net periodic benefit expense(1) | 3 | 2 | 9 | 8 | Cost of sales | |||||||||||||
Pension settlement charge | 63 | — | 63 | — | Selling and administrative expenses | |||||||||||||
Total reclassifications | 75 | 21 | 103 | 72 | ||||||||||||||
Income tax benefit | (32 | ) | (9 | ) | (42 | ) | (28 | ) | Income tax provision (benefit) | |||||||||
Total reclassifications, net of tax | $ | 43 | $ | 12 | $ | 61 | $ | 44 | ||||||||||
-1 | Amortization of amounts included in net periodic benefit cost include amortization of prior service benefit and amortization of net actuarial loss as reflected in Note 9—Benefit Plans. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||||||||||
Nov. 29, 2014 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||
Summary of Company's Operating Results and Certain Other Directly Attributable Expenses | The following is a summary of the Company’s operating results and certain other directly attributable expenses that are included in discontinued operations: | |||||||||||||||
Third Quarter Ended | Year-To-Date Ended | |||||||||||||||
November 29, | November 30, | November 29, | November 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(12 weeks) | (12 weeks) | (40 weeks) | (40 weeks) | |||||||||||||
Net sales | $ | — | $ | — | $ | — | $ | 1,235 | ||||||||
Income before income taxes from discontinued operations | — | 5 | 5 | 125 | ||||||||||||
Income tax (benefit) provision | (69 | ) | 6 | (63 | ) | (65 | ) | |||||||||
Income (loss) from discontinued operations, net of tax | $ | 69 | $ | (1 | ) | $ | 68 | $ | 190 | |||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 4 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Jun. 14, 2014 | Nov. 29, 2014 | Nov. 30, 2013 | Feb. 22, 2014 |
Accounting Policies [Abstract] | ||||||
Inventory, LIFO Reserve | $209 | $209 | $202 | |||
Book Overdrafts | 157 | 157 | 134 | |||
Number of weeks in first quarter | 112 days | |||||
Number of weeks in second and third quarter | 84 days | |||||
Number of weeks in fourth quarter | 91 days | |||||
Number of weeks in current fiscal year | 371 days | |||||
LIFO charge recorded | 3 | -1 | 7 | -2 | ||
Reclassification of unrecognized tax benefits and other tax credits against deferred tax assets | $1 |
Business_Acquisitions_Addition
Business Acquisitions - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 06, 2014 | Nov. 29, 2014 |
Store | ||
Business Acquisition [Line Items] | ||
Total payment related to acquisition | $34 | |
Cash payment related to acquisition | 5 | |
Fair value of assets acquired | 39 | |
Fair value of property, plant and equipment acquired | 15 | |
Fair value of goodwill acquired | 14 | |
Fair value of inventories acquired | 5 | |
Fair value of identifiable finite-lived intangible assets acquired | 4 | |
Fair value of other current assets acquired | 1 | |
Save-A-Lot Licensee Stores [Member] | ||
Business Acquisition [Line Items] | ||
Cash payment related to acquisition | $18 | |
Number of stores | 35 | |
Rainbow Foods grocery stores [Member] | ||
Business Acquisition [Line Items] | ||
Number of stores acquired | 7 | |
Rainbow Foods grocery stores [Member] | Minority Interest [Member] | ||
Business Acquisition [Line Items] | ||
Number of stores acquired | 2 | |
Rainbow Foods pharmacy locations [Member] | ||
Business Acquisition [Line Items] | ||
Number of stores acquired | 11 | |
Rainbow Foods liquor store [Member] | ||
Business Acquisition [Line Items] | ||
Number of stores acquired | 1 | |
Cub Foods grocery stores [Member] | Minority Interest [Member] | ||
Business Acquisition [Line Items] | ||
Number of stores acquired | 5 | |
Diamond Lake 1994 L.L.C [Member] | ||
Business Acquisition [Line Items] | ||
Number of stores acquired | 3 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets, Net - Change in Company's Goodwill and Intangible Assets (Detail) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Feb. 22, 2014 |
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | $847 | ||
Additions | 18 | ||
Goodwill, Ending Balance | 865 | ||
Intangible Assets Excluding Amortization [Roll Forward] | |||
Intangible assets, Beginning balance | 123 | ||
Addition to finite-lived intangible assets | 14 | ||
Intangible assets, Ending balance | 137 | ||
Intangible Assets Accumulated Amortization [Roll Forward] | |||
Accumulated amortization, Beginning balance | -80 | ||
Amortization expense of intangible assets | -7 | -6 | |
Accumulated amortization, Ending Balance | -87 | ||
Total intangible assets, net | 50 | 43 | |
Independent Business [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | 710 | ||
Goodwill, Ending Balance | 710 | 710 | |
Save-A-Lot [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | 137 | ||
Additions | 4 | ||
Goodwill, Ending Balance | 141 | ||
Retail Food goodwill [Member] | |||
Goodwill [Roll Forward] | |||
Additions | 14 | ||
Goodwill, Ending Balance | 14 | ||
Trademarks and Tradenames - Indefinite Useful Lives [Member] | |||
Indefinite-lived Intangible Assets [Roll Forward] | |||
Indefinite-lived Intangible Assets, Beginning Balance | 9 | ||
Indefinite-lived Intangible Assets, Ending Balance | 9 | 9 | |
Customer Lists, Customer Relationships, Favorable Operating Leases And Other [Member] | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Finite-Lived Intangible Assets, Beginning Balance | 111 | ||
Addition to Finite-Lived Intangible Assets | 14 | ||
Finite-Lived Intangible Assets, Ending Balance | 125 | ||
Intangible Assets Accumulated Amortization [Roll Forward] | |||
Accumulated amortization, Beginning balance | -78 | ||
Accumulated amortization, Ending Balance | -85 | ||
Non-Compete Agreements [Member] | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Finite-Lived Intangible Assets, Beginning Balance | 3 | ||
Finite-Lived Intangible Assets, Ending Balance | 3 | 3 | |
Intangible Assets Accumulated Amortization [Roll Forward] | |||
Accumulated amortization, Beginning balance | -2 | ||
Accumulated amortization, Ending Balance | ($2) | ($2) |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets, Net - Change in Company's Goodwill and Intangible Assets (Parenthetical) (Detail) (USD $) | Nov. 29, 2014 | Feb. 22, 2014 |
In Millions, unless otherwise specified | ||
Goodwill [Line Items] | ||
Finite-Lived intangible Assets, Accumulated Amortization | $87 | $80 |
Customer Lists, Customer Relationships, Favorable Operating Leases And Other [Member] | ||
Goodwill [Line Items] | ||
Finite-Lived intangible Assets, Accumulated Amortization | 85 | 78 |
Non-Compete Agreements [Member] | ||
Goodwill [Line Items] | ||
Finite-Lived intangible Assets, Accumulated Amortization | $2 | $2 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets, Net - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of intangible assets | $7 | $6 |
Future amortization expense, Year One | 6 | |
Future amortization expense, Year Two | 6 | |
Future amortization expense, Year Three | 6 | |
Future amortization expense, Year Four | 6 | |
Future amortization expense, Year Five | $6 |
Reserves_for_Closed_Properties2
Reserves for Closed Properties and Property, Plant and Equipment-Related Impairment Charges - Changes in Company's Reserves (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Nov. 29, 2014 |
Restructuring Reserve [Roll Forward] | |
Reserves for closed properties at beginning of the fiscal year | $47 |
Additions | 2 |
Payments | -9 |
Adjustments | -4 |
Reserves for closed properties at the end of period | $36 |
Reserves_for_Closed_Properties3
Reserves for Closed Properties and Property, Plant and Equipment-Related Impairment Charges - Summary of Fair Values for Property, Plant and Equipment Assets Measured at Fair Value on a Non-Recurring Basis (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 29, 2014 | Nov. 30, 2013 |
Property, Plant and Equipment [Abstract] | ||||
Carrying value | $0 | $15 | $2 | $36 |
Fair value measured using Level 3 inputs | 0 | 11 | 1 | 16 |
Impairment charge | $0 | $4 | $1 | $20 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Nov. 29, 2014 | Feb. 22, 2014 |
In Millions, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ||
Difference between fair value and book value of notes receivable | $2 | $2 |
Difference between fair value and book value of long-term debt | $49 | $83 |
LongTerm_Debt_LongTerm_Debt_an
Long-Term Debt - Long-Term Debt and Capital Lease Obligations (Detail) (USD $) | Nov. 29, 2014 | Feb. 22, 2014 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Long-Term Debentures and Notes due | $2,617 | $2,486 |
Other | 2 | 18 |
Net discount on debt, using an effective interest rate of 4.63% to 8.58% | -12 | -16 |
Total debt | 2,974 | 2,504 |
Less current maturities of long-term debt | -357 | -18 |
Long-term debt | 2,617 | 2,486 |
4.50% Secured Term Loan Facility due March 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Long-Term Debentures and Notes due | 1,472 | 1,474 |
1.66% to 4.00% Revolving ABL Credit Facility due February 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Long-Term Debentures and Notes due | 134 | 0 |
8.00% Senior Notes due May 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Long-Term Debentures and Notes due | 628 | 628 |
6.75% Senior Notes due June 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Long-Term Debentures and Notes due | 400 | 400 |
7.75% Senior Notes Due November 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Long-Term Debentures and Notes due | $350 | $0 |
LongTerm_Debt_LongTerm_Debt_an1
Long-Term Debt - Long-Term Debt and Capital Lease Obligations (Parenthetical) (Detail) | 9 Months Ended | 12 Months Ended |
Nov. 29, 2014 | Feb. 22, 2014 | |
4.50% Secured Term Loan Facility due March 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 4.50% | 4.50% |
1.66% to 4.00% Revolving ABL Credit Facility due February 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, minimum | 1.66% | 1.66% |
Debt instrument, interest rate, maximum | 4.00% | 4.00% |
Eight Percent Senior Notes Due May Two Thousand Sixteen [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 8.00% | 8.00% |
Six Point Seven Five Percent Senior Notes Due June Two Thousand Twenty One [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 6.75% | 6.75% |
7.75% Senior Notes Due November 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 7.75% | 7.75% |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Effective interest rate | 4.63% | 4.63% |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Effective interest rate | 8.58% | 8.58% |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 9 Months Ended | 3 Months Ended | 1 Months Ended | 0 Months Ended | |||
Nov. 29, 2014 | Nov. 30, 2013 | Nov. 29, 2014 | Jan. 07, 2015 | Apr. 17, 2014 | Feb. 22, 2014 | Jun. 30, 2014 | |
Debt Instrument [Line Items] | |||||||
Secured Debt | $1,472,000,000 | 1,472,000,000 | $1,474,000,000 | ||||
Line of credit facility amount outstanding, current | 8,000,000 | 8,000,000 | 0 | ||||
Percentage of net cash proceeds to prepay outstanding loans | 100.00% | ||||||
Maximum period for prepayment of loans outstanding | 90 days | ||||||
Long-term debt | 2,617,000,000 | 2,617,000,000 | 2,486,000,000 | ||||
Payments of financing costs | 7,000,000 | 147,000,000 | |||||
Term Loan A [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate at the rate of LIBOR | 3.50% | 3.50% | |||||
LIBOR floor rate | 1.00% | 1.00% | |||||
Term Loan A [Member] | Property, Plant and Equipment [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral amount pledged | 778,000,000 | 778,000,000 | 787,000,000 | ||||
Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Percentage of aggregate principal amount to prepay outstanding loans | 0.00% | ||||||
Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Secured Debt | 1,500,000,000 | ||||||
Percentage of aggregate principal amount to prepay outstanding loans | 50.00% | ||||||
Term Loan Credit Facility [Member] | Term Loan A [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Term of credit facility | 6 years | ||||||
2016 Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount outstanding | 250,000,000 | ||||||
Debt instrument, interest rate | 8.00% | ||||||
Redemption notice period | 30 days | ||||||
2016 Senior Notes [Member] | Subsequent Event [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Write-off of deferred debt issuance cost | 5,000,000 | ||||||
Six Point Seven Five Percent Senior Notes Due June Two Thousand Twenty One [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 6.75% | 6.75% | 6.75% | ||||
Long-term debt | 400,000,000 | 400,000,000 | 400,000,000 | ||||
Senior Notes contain operating covenants | 400,000,000 | 400,000,000 | |||||
2022 Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 7.75% | 7.75% | |||||
Long-term debt | 350,000,000 | 350,000,000 | |||||
Payments of financing costs | 3,000,000 | ||||||
Net proceeds from notes | 347,000,000 | ||||||
Senior Notes contain operating covenants | 350,000,000 | 350,000,000 | |||||
2022 Senior Notes [Member] | Subsequent Event [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Redemption amount | 350,000,000 | ||||||
Redemption premium | 35,000,000 | ||||||
Eight Percent Senior Notes Due May Two Thousand Sixteen [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 8.00% | 8.00% | 8.00% | ||||
Long-term debt | 628,000,000 | 628,000,000 | 628,000,000 | ||||
Redemption amount | 350,000,000 | ||||||
Senior Notes contain operating covenants | 278,000,000 | 278,000,000 | |||||
Eight Percent Senior Notes Due May Two Thousand Sixteen [Member] | Subsequent Event [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Redemption amount | 350,000,000 | ||||||
Revolving ABL Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral amount pledged | 1,326,000,000 | 1,326,000,000 | 1,066,000,000 | ||||
Debt Instrument, Term | 5 years | ||||||
Company's five year asset-based revolving facility | 1,000,000,000 | 1,000,000,000 | |||||
Line of credit facility amount outstanding | 134,000,000 | 134,000,000 | 0 | ||||
Letter of credit outstanding | 79,000,000 | 79,000,000 | 101,000,000 | ||||
Facility fees | 1.63% | 1.63% | 2.13% | ||||
Unused credit | 787,000,000 | 787,000,000 | 786,000,000 | ||||
Debt Instrument Unused Borrowing Capacity Fee, Period End | 0.38% | 0.38% | 0.38% | ||||
Maturity date of revolving credit facility | 30 days | ||||||
Aggregate principal amount | 500,000,000 | ||||||
Face amount | 2,556,000,000 | 2,556,000,000 | |||||
Revolving ABL credit facility borrowing | 2,422,000,000 | 3,129,000,000 | |||||
Revolving ABL credit facility prepayment | 3,123,000,000 | ||||||
Aggregate cap on restricted payments | 300,000,000 | 300,000,000 | |||||
Dividends permitted per fiscal year | 50,000,000 | 50,000,000 | |||||
Senior Secured Asset Based Revolving Credit Facility [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
LIBOR Plus interest rate | 1.50% | ||||||
Interest rate at the rate of ("Prime plus") | 0.50% | ||||||
Senior Secured Asset Based Revolving Credit Facility [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
LIBOR Plus interest rate | 2.00% | ||||||
Interest rate at the rate of ("Prime plus") | 1.00% | ||||||
Asset Backed Revolving Credit Amended Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maturity date of revolving credit facility | 90 days | ||||||
Aggregate principal amount | $250,000,000 | ||||||
Debt instrument maturity date | 21-Feb-19 | ||||||
Second ABL Amendment [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maturity date of revolving credit facility | 90 days |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Nov. 29, 2014 | Nov. 30, 2013 | Nov. 29, 2014 | Nov. 30, 2013 | |
Income Tax [Line Items] | ||||
Discrete tax benefit | $3,000,000 | $0 | $7,000,000 | $2,000,000 |
Discrete tax expense | 2,000,000 | 2,000,000 | ||
Number of months within which company does not anticipate significant change in unrecognized tax benefits | 12 months | |||
Discrete tax benefits attributable to discontinued operations | 69,000,000 | |||
Minimum [Member] | ||||
Income Tax [Line Items] | ||||
Unrecognized tax benefits increased | 5,000,000 | |||
Maximum [Member] | ||||
Income Tax [Line Items] | ||||
Unrecognized tax benefits increased | $81,000,000 |
StockBased_Awards_Additional_I
Stock-Based Awards - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 4 Months Ended | |||
In Millions, except Share data, unless otherwise specified | 31-May-14 | 31-May-13 | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 29, 2014 | Nov. 30, 2013 | Jun. 14, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Pre-tax stock-based compensation expense related to stock-based awards | $5 | $3 | $18 | $18 | |||
Award units grant to certain employees | 5,000,000 | 9,000,000 | |||||
Fair value of the options at grant date | $3.28 | $2.78 | |||||
Stock Options and Restricted Stock Awards [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Accelerated Stock Compensation resulted by deemed change-in-control | $9 | ||||||
Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award units grant to certain employees | 2,000,000 | ||||||
Share granted to certain employees at a fair value | $7.50 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
StockBased_Awards_Assumptions_
Stock-Based Awards - Assumptions Related to Estimated Fair Value of Options Grant Date (Detail) | 9 Months Ended | 4 Months Ended | |
Nov. 29, 2014 | Nov. 30, 2013 | Jun. 14, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | 0.00% | |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility rate | 50.80% | 49.30% | |
Risk-free interest rate | 1.20% | 0.60% | |
Expected life | 4 years | 4 years | |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility rate | 53.20% | 51.30% | |
Risk-free interest rate | 1.60% | 1.00% | |
Expected life | 5 years | 6 years | |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Benefit_Plans_Net_Periodic_Ben
Benefit Plans - Net Periodic Benefit Expense and Contributions for Defined Benefit Pension Plans and Other Postretirement Benefit Plans (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 29, 2014 | Nov. 30, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension settlement charge | $36 | $0 | ||
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 28 | 28 | 94 | 93 |
Expected return on assets | -35 | -33 | -118 | -109 |
Amortization of prior service benefit | 0 | 0 | 0 | 0 |
Amortization of net actuarial loss | 15 | 23 | 49 | 78 |
Pension settlement charge | 63 | 0 | 63 | 0 |
Net periodic benefit expense (income) | 71 | 18 | 88 | 62 |
Contributions to benefit plans | -47 | -26 | -114 | -118 |
Other Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 1 | 0 | 2 |
Interest cost | 1 | 1 | 3 | 3 |
Expected return on assets | 0 | 0 | 0 | 0 |
Amortization of prior service benefit | -4 | -3 | -12 | -10 |
Amortization of net actuarial loss | 1 | 1 | 3 | 4 |
Pension settlement charge | 0 | 0 | 0 | 0 |
Net periodic benefit expense (income) | -2 | 0 | -6 | -1 |
Contributions to benefit plans | $0 | ($1) | ($1) | ($4) |
Benefit_Plans_Additional_Infor
Benefit Plans - Additional Information (Detail) (USD $) | 9 Months Ended | 3 Months Ended | |
In Millions, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 29, 2014 |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Excess pension contributions required | $47 | ||
Minimum [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Excess pension contributions required | 120 | ||
Maximum [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Excess pension contributions required | 125 | ||
Multi-employer Postretirement Benefit Plans Other than Pensions [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Contribution to multi-employer Plans | 29 | 28 | |
Lump Sum Pension Settlement [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Lump sum settlement payments | 267 | ||
Non-cash pension settlement charge | 63 | ||
Remeasurement, discount rate | 4.10% | 4.10% | |
Expected rate of return | 6.50% | ||
Other comprehensive income, pre-tax | 200 | ||
Other comprehensive income, after-tax | $141 |
Net_Earnings_Loss_Per_Share_Ca
Net Earnings (Loss) Per Share - Calculation of Basic and Diluted Net Earnings (Loss) Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 29, 2014 | Nov. 30, 2013 | ||||
Earnings Per Share [Abstract] | ||||||||
Net earnings (loss) from continuing operations | $12 | $33 | $91 | ($29) | ||||
Less net earnings attributable to noncontrolling interests | 2 | 1 | 6 | 5 | ||||
Net earnings (loss) from continuing operations | 10 | 32 | 85 | -34 | ||||
Income (loss) from discontinued operations, net of tax | 69 | -1 | 68 | 190 | ||||
Net earnings attributable to SUPERVALU INC. | $79 | $31 | $153 | $156 | ||||
Weighted average number of shares outstanding-basic | 261 | 259 | 260 | 254 | ||||
Dilutive impact of stock-based awards | 4 | 3 | 3 | 3 | ||||
Weighted average number of shares outstanding-diluted | 265 | [1] | 262 | [1] | 263 | [1] | 257 | [1] |
Basic net earnings (loss) per share attributable to SUPERVALU INC.: | ||||||||
Continuing operations (in dollars per share) | $0.04 | $0.13 | $0.33 | ($0.13) | ||||
Discontinued operations (in dollars per share) | $0.27 | ($0.01) | $0.26 | $0.75 | ||||
Basic net earnings per share (in dollars per share) | $0.31 | $0.12 | $0.59 | $0.61 | ||||
Diluted net earnings (loss) per share attributable to SUPERVALU INC.: | ||||||||
Continuing operations (in dollars per share) | $0.04 | [1] | $0.12 | [1] | $0.33 | [1] | ($0.13) | [1] |
Discontinued operations (in dollars per share) | $0.26 | [1] | ($0.01) | [1] | $0.26 | [1] | $0.74 | [1] |
Diluted net earnings per share (in dollars per share) | $0.30 | $0.12 | $0.58 | $0.61 | ||||
[1] | Weighted average number of shares outstanding—diluted was equal to Weighted average number of shares outstanding—basic for the computation of diluted net loss per share from discontinued operations for the third quarter ended November 30, 2013 and diluted net loss per share from continuing operations for the year-to-date period ended November 30, 2013. |
Net_Earnings_Loss_Per_Share_Ad
Net Earnings (Loss) Per Share - Additional Information (Detail) (Continuing Operations [Member]) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 29, 2014 | Nov. 30, 2013 |
Continuing Operations [Member] | ||||
Schedule Of Computation Of Basic And Diluted Earnings Per Common Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 10 | 19 | 10 | 21 |
Comprehensive_Income_and_Accum2
Comprehensive Income and Accumulated Other Comprehensive Loss - Schedule of Changes in Accumulated Other Comprehensive Loss (Detail) (USD $) | 4 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Jun. 15, 2013 | Nov. 29, 2014 | Nov. 30, 2013 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Pension and postretirement benefit plan accumulated other comprehensive loss at beginning of the fiscal year, net of tax | ($612) | ($307) | ($612) |
Other comprehensive loss before reclassifications, net of tax benefit of ($59) and $0, respectively | -141 | 0 | |
Pension settlement charge, net of tax expense of $27 and $0, respectively | 36 | 0 | |
Amortization of amounts included in net periodic benefit cost, net of tax expense of $15 and $28, respectively | 25 | 44 | |
Net current-period Other comprehensive (loss) income, net of tax (benefit) expense of ($17) and $28, respectively | -80 | 44 | |
Divestiture of NAI pension plan accumulated other comprehensive income, net of tax expense of $0 and $31, respectively | -48 | 0 | 48 |
Pension and postretirement benefit plan accumulated other comprehensive loss at the end of period, net of tax | ($387) | ($520) |
Comprehensive_Income_and_Accum3
Comprehensive Income and Accumulated Other Comprehensive Loss - Schedule of Changes in Accumulated Other Comprehensive Loss (Parenthetical) (Detail) (USD $) | 9 Months Ended | |||
In Millions, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | ||
Equity [Abstract] | ||||
Other comprehensive (income) loss before reclassifications, amount of tax expense | ($59) | $0 | ||
Pension settlement charge, amount of tax expense | 27 | 0 | ||
Amortization of amounts included in net periodic benefit cost, amount of tax expense | 15 | [1] | 28 | [1] |
Other comprehensive income, tax | -17 | 28 | ||
Divestiture tax expense | $0 | $31 | ||
[1] | Amortization of amounts included in net periodic benefit cost include amortization of prior service benefit and amortization of net actuarial loss as reflected in Note 9—Benefit Plans. |
Comprehensive_Income_and_Accum4
Comprehensive Income and Accumulated Other Comprehensive Loss - Additional Information (Detail) (USD $) | 4 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Jun. 15, 2013 | Nov. 29, 2014 | Nov. 30, 2013 |
Equity [Abstract] | |||
Accumulated other comprehensive loss | $48 | $0 | ($48) |
Comprehensive_Income_and_Accum5
Comprehensive Income and Accumulated Other Comprehensive Loss - Summary of Items Reclassified Out of Pension and Postretirement Benefit Plan Accumulated Other Comprehensive Loss (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 29, 2014 | Nov. 30, 2013 | ||||
Pension and postretirement benefit plan obligations: | ||||||||
Pension settlement charge | $36 | $0 | ||||||
Total reclassifications | 75 | 21 | 103 | 72 | ||||
Income tax benefit | -32 | -9 | -42 | -28 | ||||
Total reclassifications, net of tax | 43 | 12 | 61 | 44 | ||||
Selling and Administrative Expenses [Member] | ||||||||
Pension and postretirement benefit plan obligations: | ||||||||
Amortization of amounts included in net periodic benefit cost | 9 | [1] | 19 | [1] | 31 | [1] | 64 | [1] |
Pension settlement charge | 63 | 0 | 63 | 0 | ||||
Cost of Sales [Member] | ||||||||
Pension and postretirement benefit plan obligations: | ||||||||
Amortization of amounts included in net periodic benefit cost | $3 | [1] | $2 | [1] | $9 | [1] | $8 | [1] |
[1] | Amortization of amounts included in net periodic benefit cost include amortization of prior service benefit and amortization of net actuarial loss as reflected in Note 9—Benefit Plans. |
Commitments_Contingencies_and_1
Commitments, Contingencies and Off-Balance Sheet Arrangements - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | |||
In Millions, unless otherwise specified | Jul. 17, 2014 | Feb. 28, 2014 | Nov. 29, 2014 | Sep. 07, 2013 | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 30, 2013 | Aug. 31, 2014 | Jun. 30, 2014 |
Store | Retailer | case | |||||||
Guarantor Obligations [Line Items] | |||||||||
Remaining terms for guarantees for other debt obligation minimum (less than) | 1 year | ||||||||
Remaining terms for guarantees for other debt obligation maximum | 16 years | ||||||||
Remaining term for guarantee for other debt obligation weighted average | 8 years | ||||||||
Company's guarantee for debt obligations on outstanding indenture in connection with stock purchase agreement | $73 | $73 | |||||||
Guarantor obligation maximum exposure discounted | 55 | 55 | |||||||
Number of stores from which cardholder data may be stolen | 209 | ||||||||
Period of complimentary identity protection offered | 12 months | ||||||||
Insurance Coverage Amount | 50 | ||||||||
Amount of insurance deductible per incident | 1 | ||||||||
Cost associated with cyber intrusion | 5 | ||||||||
Anticipated insurance proceeds | 3 | ||||||||
Minimum contribution to company Retirement Plan | 450 | 450 | |||||||
Aggregate pension contribution | 100 | ||||||||
Excess pension contributions required | 47 | ||||||||
Discrete tax benefits attributable to discontinued operations | 69 | ||||||||
Number of other retailers who have filed similar complaints in other jurisdictions | 3 | ||||||||
Litigation settlement charge before tax | 5 | ||||||||
Litigation settlement charge after tax | 3 | ||||||||
Settlement fund | 5 | ||||||||
Purchase Obligation, Fiscal Year Maturity [Abstract] | |||||||||
Non-cancelable future purchase obligations | 299 | 299 | |||||||
New Albertsons Inc [Member] | |||||||||
Guarantor Obligations [Line Items] | |||||||||
Company's guarantee for debt obligations on outstanding indenture in connection with stock purchase agreement | 232 | ||||||||
Guarantor obligation maximum exposure discounted | 208 | ||||||||
NAI Banners [Member] | |||||||||
Guarantor Obligations [Line Items] | |||||||||
Discrete tax benefits attributable to discontinued operations | 69 | 65 | 5 | 112 | |||||
Minnesota Franchised Cub Foods Stores [Member] | |||||||||
Guarantor Obligations [Line Items] | |||||||||
Number of stores from which cardholder data may be stolen | 4 | ||||||||
Minimum [Member] | |||||||||
Guarantor Obligations [Line Items] | |||||||||
Excess pension contributions required | 120 | ||||||||
Minimum [Member] | NAI Banners [Member] | |||||||||
Guarantor Obligations [Line Items] | |||||||||
Minimum required contributions to company retirement plan through the fiscal years | 2015 | ||||||||
Maximum [Member] | |||||||||
Guarantor Obligations [Line Items] | |||||||||
Excess pension contributions required | $125 | ||||||||
Maximum [Member] | NAI Banners [Member] | |||||||||
Guarantor Obligations [Line Items] | |||||||||
Minimum required contributions to company retirement plan through the fiscal years | 2017 | ||||||||
2014 Technology Intrusion [Member] | |||||||||
Guarantor Obligations [Line Items] | |||||||||
Class action complaints filed | 4 |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 3 Months Ended | 4 Months Ended | 9 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Sep. 07, 2013 | Jun. 15, 2013 | Nov. 29, 2014 | Nov. 30, 2013 | Feb. 23, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Reduction in the preliminary estimated loss pre-tax | $5 | $85 | |||||
Discrete tax benefits attributable to discontinued operations | 69 | ||||||
Net sales | 4,204 | 4,012 | 13,456 | 13,200 | |||
Property, Plant and Equipment [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Reduction in the preliminary estimated loss pre-tax | 182 | 203 | |||||
NAI Banners [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Proceeds from divestiture of businesses | 100 | ||||||
Note receivable | 44 | 44 | |||||
Property tax refunds and interest income resulting from settlement of income tax audits | 5 | ||||||
Discrete tax benefits attributable to discontinued operations | 69 | 5 | 65 | 112 | |||
Net sales | 0 | 52 | 38 | 153 | |||
NAI Banners [Member] | Minimum [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Initial terms of arrangements | 12 months | ||||||
NAI Banners [Member] | Maximum [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Initial terms of arrangements | 5 years | ||||||
Transition Services Agreement [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Sales Revenue, Services, Other | 43 | 48 | 145 | 194 | |||
Transitional Transition Services Agreement [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Sales Revenue, Services, Other | 4 | 58 | |||||
New Albertsons Inc [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Net sales | 42 | 42 | 136 | 134 | |||
Contracts [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Reduction in the preliminary estimated loss pre-tax | 1,081 | 1,150 | |||||
New Albertsons Inc [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Reduction in the preliminary estimated loss pre-tax | $1,263 |
Discontinued_Operations_Summar
Discontinued Operations - Summary of Company's Operating Results and Certain Other Directly Attributable Expenses (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 29, 2014 | Nov. 30, 2013 | Nov. 29, 2014 | Nov. 30, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income (loss) from discontinued operations, net of tax | $69 | ($1) | $68 | $190 |
NAI Banners [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net sales | 0 | 0 | 0 | 1,235 |
Income before income taxes from discontinued operations | 0 | 5 | 5 | 125 |
Income tax (benefit) provision | -69 | 6 | -63 | -65 |
Income (loss) from discontinued operations, net of tax | $69 | ($1) | $68 | $190 |
Subsequent_Events_Additional_I
Subsequent Events Additional Information (Details) (USD $) | 0 Months Ended | 1 Months Ended | |
In Millions, unless otherwise specified | Dec. 06, 2014 | Jan. 07, 2015 | Nov. 29, 2014 |
renewal_period | Store | ||
Haggen, Inc [Member] | Administrative Services [Member] | |||
Subsequent Event [Line Items] | |||
Number of stores | 100 | ||
Subsequent Event [Member] | Haggen, Inc [Member] | |||
Subsequent Event [Line Items] | |||
Term of transition services agreement | 2 years | ||
Transition Services Agreement, Number Of Renewal Periods | 3 | ||
Transition Services Agreement, Renewal Period | 1 year | ||
Subsequent Event [Member] | Haggen, Inc [Member] | Administrative Services [Member] | |||
Subsequent Event [Line Items] | |||
Number of stores | 164 | ||
Subsequent Event [Member] | Haggen, Inc [Member] | Haggen, Inc, Existing [Member] | Administrative Services [Member] | |||
Subsequent Event [Line Items] | |||
Number of stores | 18 | ||
Subsequent Event [Member] | Haggen, Inc [Member] | Safeway Merger [Member] | Administrative Services [Member] | |||
Subsequent Event [Line Items] | |||
Number of stores | 146 | ||
Subsequent Event [Member] | Supply Commitment [Member] | Haggen, Inc [Member] | |||
Subsequent Event [Line Items] | |||
Number of stores | 64 | ||
Subsequent Event [Member] | Supply Commitment [Member] | Haggen, Inc [Member] | Haggen, Inc, Existing [Member] | |||
Subsequent Event [Line Items] | |||
Number of stores | 18 | ||
Subsequent Event [Member] | Supply Commitment [Member] | Haggen, Inc [Member] | Safeway Merger [Member] | |||
Subsequent Event [Line Items] | |||
Number of stores | 46 | ||
Subsequent Event [Member] | 2022 Senior Notes [Member] | |||
Subsequent Event [Line Items] | |||
Redemption amount | $350 |