Form 10-Q KROGER CO For: Aug 14

September 17, 2021 10:46 AM EDT

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended August 14, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from           to         

Commission file number 1-303

Graphic

The Kroger Co.

(Exact name of registrant as specified in its charter)

Ohio

31-0345740

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

1014 Vine Street, Cincinnati, Ohio 45202

(Address of principal executive offices)

(Zip Code)

(513) 762-4000

(Registrant’s telephone number, including area code)

Unchanged

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common, $1.00 Par Value

KR

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No  .

There were 743,638,489 shares of Common Stock ($1 par value) outstanding as of September 13, 2021.

PART I – FINANCIAL INFORMATION

Item 1.

Financial Statements.

THE KROGER CO.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

Second Quarter Ended

Two Quarters Ended

August 14,

August 15,

August 14,

August 15,

(In millions, except per share amounts)

    

2021

    

2020

    

2021

    

2020

 

Sales

$

31,682

$

30,489

$

72,980

$

72,038

Operating expenses

Merchandise costs, including advertising, warehousing, and transportation, excluding items shown separately below

 

24,914

 

23,551

 

56,861

 

55,005

Operating, general and administrative

 

5,091

 

5,297

 

12,515

 

12,968

Rent

 

191

 

204

 

452

 

477

Depreciation and amortization

 

647

 

617

 

1,508

 

1,442

Operating profit

 

839

 

820

 

1,644

 

2,146

Other income (expense)

Interest expense

(137)

(135)

(302)

(309)

Non-service component of company-sponsored pension plan costs

15

8

33

19

(Loss) gain on investments

(122)

368

(601)

790

Net earnings before income tax expense

 

595

 

1,061

 

774

 

2,646

Income tax expense

 

126

 

241

 

162

 

614

Net earnings including noncontrolling interests

 

469

 

820

 

612

 

2,032

Net income attributable to noncontrolling interests

 

2

 

1

 

5

 

1

Net earnings attributable to The Kroger Co.

$

467

$

819

$

607

$

2,031

Net earnings attributable to The Kroger Co. per basic common share

$

0.62

$

1.04

$

0.80

$

2.58

Average number of common shares used in basic calculation

 

746

 

777

 

750

 

779

Net earnings attributable to The Kroger Co. per diluted common share

$

0.61

$

1.03

$

0.79

$

2.55

Average number of common shares used in diluted calculation

 

755

 

786

 

758

 

787

The accompanying notes are an integral part of the Consolidated Financial Statements.

2

THE KROGER CO.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

    

Second Quarter Ended

Two Quarters Ended

August 14,

August 15,

August 14,

August 15,

(In millions)

    

2021

    

2020

    

2021

    

2020

 

Net earnings including noncontrolling interests

$

469

$

820

$

612

$

2,032

Other comprehensive income (loss)

Change in pension and other postretirement defined benefit plans, net of income tax(1)

1

3

2

6

Unrealized gains and losses on cash flow hedging activities, net of income tax(2)

 

 

3

 

 

(19)

Amortization of unrealized gains and losses on cash flow hedging activities, net of income tax(3)

1

1

3

2

Total other comprehensive income (loss)

 

2

 

7

 

5

(11)

Comprehensive income

 

471

 

827

 

617

 

2,021

Comprehensive income attributable to noncontrolling interests

 

2

 

1

 

5

 

1

Comprehensive income attributable to The Kroger Co.

$

469

$

826

$

612

$

2,020

(1)Amount is net of tax of $1 for the second quarter of 2021 and 2020. Amount is net of tax of $2 for the first two quarters of 2021 and $3 for the first two quarters of 2020.
(2)Amount is net of tax of $1 for the second quarter of 2020. Amount is net of tax of ($10) for the first two quarters of 2020.
(3)Amount is net of tax of $3 for the second quarter of 2021. Amount is net of tax of $4 for the first two quarters of 2021 and $1 for the first two quarters of 2020.

The accompanying notes are an integral part of the Consolidated Financial Statements.

3

THE KROGER CO.

CONSOLIDATED BALANCE SHEETS

(unaudited)

    

August 14,

    

January 30,

 

(In millions, except par amounts)

2021

2021

 

ASSETS 

Current assets 

Cash and temporary cash investments 

$

2,225

$

1,687

Store deposits in-transit 

 

1,055

 

1,096

Receivables 

 

1,961

 

1,781

FIFO inventory 

 

7,998

 

8,436

LIFO reserve 

 

(1,457)

 

(1,373)

Prepaid and other current assets 

550

876

Total current assets 

 

12,332

 

12,503

Property, plant and equipment, net 

 

22,986

 

22,386

Operating lease assets

6,704

6,796

Intangibles, net

 

966

 

997

Goodwill 

 

3,076

 

3,076

Other assets 

 

2,397

 

2,904

Total Assets 

$

48,461

$

48,662

LIABILITIES 

Current liabilities 

Current portion of long-term debt including obligations under finance leases

$

1,547

$

911

Current portion of operating lease liabilities

644

667

Trade accounts payable 

 

6,772

 

6,679

Accrued salaries and wages 

 

1,274

 

1,413

Other current liabilities 

 

5,366

 

5,696

Total current liabilities 

 

15,603

 

15,366

Long-term debt including obligations under finance leases

12,608

12,502

Noncurrent operating lease liabilities

6,408

6,507

Deferred income taxes 

 

1,522

 

1,542

Pension and postretirement benefit obligations

 

494

 

535

Other long-term liabilities 

 

2,568

 

2,660

Total Liabilities 

 

39,203

 

39,112

Commitments and contingencies see Note 7

SHAREHOLDERS’ EQUITY 

Preferred shares, $100 par per share, 5 shares authorized and unissued 

Common shares, $1 par per share, 2,000 shares authorized; 1,918 shares issued in 2021 and 2020

 

1,918

 

1,918

Additional paid-in capital 

 

3,527

 

3,461

Accumulated other comprehensive loss 

 

(625)

 

(630)

Accumulated earnings 

 

23,334

 

23,018

Common shares in treasury, at cost, 1,174 shares in 2021 and 1,160 shares in 2020

 

(18,876)

 

(18,191)

Total Shareholders’ Equity - The Kroger Co.

 

9,278

 

9,576

Noncontrolling interests 

 

(20)

 

(26)

Total Equity 

 

9,258

 

9,550

Total Liabilities and Equity 

$

48,461

$

48,662

The accompanying notes are an integral part of the Consolidated Financial Statements.

4

THE KROGER CO.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

Two Quarters Ended

August 14,

August 15,

(In millions)

    

2021

    

2020

 

Cash Flows from Operating Activities:

Net earnings including noncontrolling interests 

$

612

$

2,032

Adjustments to reconcile net earnings including noncontrolling interests to net cash provided by operating activities:

Depreciation and amortization

 

1,508

 

1,442

Operating lease asset amortization

332

336

LIFO charge

 

84

 

54

Stock-based employee compensation

 

108

 

107

Company-sponsored pension plans

 

(24)

 

(9)

Deferred income taxes

 

(24)

 

176

Gain on the sale of assets

(28)

(7)

Loss (gain) on investments

601

(790)

Other

 

122

 

121

Changes in operating assets and liabilities:

Store deposits in-transit

 

41

 

121

Receivables

 

(57)

 

117

Inventories

 

377

 

685

Prepaid and other current assets

 

356

 

(16)

Trade accounts payable

 

101

 

522

Accrued expenses

 

(400)

 

335

Income taxes receivable and payable

 

(125)

195

Operating lease liabilities

(374)

(302)

Other

 

(87)

 

286

Net cash provided by operating activities

 

3,123

 

5,405

Cash Flows from Investing Activities:

Payments for property and equipment, including payments for lease buyouts

 

(1,319)

 

(1,343)

Proceeds from sale of assets

 

107

40

Other

 

(72)

 

(45)

Net cash used by investing activities

 

(1,284)

 

(1,348)

Cash Flows from Financing Activities:

Proceeds from issuance of long-term debt

 

1

 

504

Payments on long-term debt including obligations under finance leases

 

(369)

(28)

Net payments on commercial paper

 

(1,150)

Dividends paid

(274)

(254)

Proceeds from issuance of capital stock

85

 

87

Treasury stock purchases

 

(751)

 

(669)

Proceeds from financing arrangement

166

Other

(159)

 

(126)

Net cash used by financing activities

 

(1,301)

 

(1,636)

Net increase in cash and temporary cash investments

 

538

 

2,421

Cash and temporary cash investments:

Beginning of year

 

1,687

 

399

End of period

$

2,225

$

2,820

Reconciliation of capital investments:

Payments for property and equipment, including payments for lease buyouts

$

(1,319)

$

(1,343)

Payments for lease buyouts

 

15

Changes in construction-in-progress payables

 

89

 

(110)

Total capital investments, excluding lease buyouts

$

(1,230)

$

(1,438)

Disclosure of cash flow information:

Cash paid during the year for interest

$

365

$

373

Cash paid during the year for income taxes

$

301

$

229

The accompanying notes are an integral part of the Consolidated Financial Statements.

5

THE KROGER CO.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREOWNERS’ EQUITY

(unaudited)

Accumulated

Additional

Other

Common Stock

Paid-In

Treasury Stock

Comprehensive

Accumulated

Noncontrolling

(In millions, except per share amounts)

  

Shares

  

Amount

  

Capital

  

Shares

  

Amount

  

Loss

  

Earnings

  

Interest

  

Total

Balances at February 1, 2020

1,918

 

$

1,918

 

$

3,337

 

1,130

 

$

(16,991)

 

$

(640)

 

$

20,978

 

$

(29)

 

$

8,573

Issuance of common stock:

Stock options exercised

 

 

 

 

(4)

 

57

 

 

 

 

57

Restricted stock issued

 

 

 

(20)

 

 

10

 

 

 

 

(10)

Treasury stock activity:

Treasury stock purchases, at cost

 

 

 

 

12

 

(355)

 

 

 

 

(355)

Stock options exchanged

 

 

 

 

2

 

(67)

 

 

 

 

(67)

Share-based employee compensation

 

 

 

63

 

 

 

 

 

 

63

Other comprehensive loss net of income tax of ($8)

 

 

 

 

 

 

(18)

 

 

 

(18)

Other

 

 

 

17

 

 

(17)

 

 

 

1

 

1

Cash dividends declared ($0.16 per common share)

 

 

 

 

 

 

 

(128)

 

 

(128)

Net earnings including noncontrolling interests

 

 

 

 

 

 

 

1,212

 

 

1,212

Balances at May 23, 2020

 

1,918

 

$

1,918

 

$

3,397

 

1,140

 

$

(17,363)

 

$

(658)

 

$

22,062

 

$

(28)

 

$

9,328

Issuance of common stock:

Stock options exercised

 

 

 

 

(1)

 

30

 

 

 

 

30

Restricted stock issued

 

 

 

(109)

 

(3)

 

57

 

 

 

 

(52)

Treasury stock activity:

Treasury stock purchases, at cost

 

 

 

 

6

 

(212)

 

 

 

 

(212)

Stock options exchanged

 

 

 

 

1

 

(35)

 

 

 

 

(35)

Share-based employee compensation

 

 

 

44

 

 

 

 

 

 

44

Other comprehensive income net of income tax of $2

 

 

 

 

 

 

7

 

 

 

7

Other

 

 

 

47

 

 

(47)

 

 

 

 

Cash dividends declared ($0.18 per common share)

 

 

 

 

 

 

 

(137)

 

 

(137)

Net earnings including noncontrolling interests

 

 

 

 

 

 

 

819

 

1

 

820

Balances at August 15, 2020

 

1,918

 

$

1,918

 

$

3,379

 

1,143

 

$

(17,570)

 

$

(651)

 

$

22,744

 

$

(27)

 

$

9,793

Issuance of common stock:

Stock options exercised

 

 

 

 

(1)

 

11

 

 

 

 

11

Restricted stock issued

 

 

 

(2)

 

 

1

 

 

 

 

(1)

Treasury stock activity:

Treasury stock purchases, at cost

 

 

 

 

9

 

(304)

 

 

 

 

(304)

Stock options exchanged

 

 

 

 

1

 

(16)

 

 

 

 

(16)

Share-based employee compensation

 

 

 

40

 

 

 

 

 

 

40

Other comprehensive income net of income tax of $3

 

 

 

 

 

 

30

 

 

 

30

Other

 

 

 

3

 

 

(3)

 

 

 

 

Cash dividends declared ($0.18 per common share)

 

 

 

 

 

 

 

(141)

 

 

(141)

Net earnings including noncontrolling interests

 

 

 

 

 

 

 

631

 

1

 

632

Balances at November 7, 2020

 

1,918

 

$

1,918

 

$

3,420

 

1,152

 

$

(17,881)

 

$

(621)

 

$

23,234

 

$

(26)

 

$

10,044

Issuance of common stock:

Stock options exercised

 

 

 

 

(1)

 

29

 

 

 

 

29

Restricted stock issued

 

 

 

(3)

 

 

3

 

 

 

 

Treasury stock activity:

Treasury stock purchases, at cost

 

 

 

 

9

 

(325)

 

 

 

 

(325)

Stock options exchanged

 

 

 

 

 

(10)

 

 

 

 

(10)

Share-based employee compensation

 

 

 

38

 

 

 

 

 

 

38

Other comprehensive loss net of income tax of $4

 

 

 

 

 

 

(9)

 

 

 

(9)

Other

 

 

 

6

 

 

(7)

 

 

 

(1)

 

(2)

Cash dividends declared ($0.18 per common share)