Albertsons 2012 Annual Report Download

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ANNUAL REPORT FISCAL 2012

Table of contents

  • Page 1
    ANNUAL REPORT FISCAL 2012

  • Page 2
    ... $6.256 Retail 28.9 Independent Business 27.9 8.6 2011 8.2 2012 2011 2012 2011 2012 Net Sales (Billions) Adjusted Net Earnings Per Diluted Share(1) Total Debt (Billions) (1) Fiscal 2012 charges included impairment charges ($1,432 million pre-tax or $6.10 per share) and employee-related costs...

  • Page 3
    ... program also helped deliver greater value as we launched our Essential Everyday label and added 68 new SKUs to our Shoppers Value line. Grew Save-A-Lot. Our hard discount format added 52 stores this year and now operates 1,332 stores across 38 states. Forty-seven of these new locations serve food...

  • Page 4
    ...Driving long-term growth. Fiscal 2013 will bring a more intense focus on working toward "Fair Price Plus Promotion," as we layer deeper investments across items, categories and targeted markets. We will continue to remove price as a barrier to shopping our stores, while also highlighting our service...

  • Page 5
    ... For the fiscal year ended February 25, 2012 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: 1-5418 ® SUPERVALU INC. (Exact name of registrant as specified in its charter) DELAWARE (State or...

  • Page 6
    ...About Market Risk ...Financial Statements and Supplementary Data ...Changes in and Disagreements With Accountants on Accounting and Financial Disclosure ...Controls and Procedures ...Other Information ...PART III 10. 11. 12. 13. 14. Directors, Executive Officers and Corporate Governance ...Executive...

  • Page 7
    ... customers Å Competition from other food or drug retail chains, supercenters, non-traditional competitors and alternative formats in the Company's markets Å Competition for employees, store sites and products Å The ability of the Company's Independent business to maintain or increase sales due...

  • Page 8
    ...doing business Å Changes in interest rates Å Food and drug inflation or deflation Labor Relations Å The Company's ability to renegotiate labor agreements with its unions Å Resolution of issues associated with rising pension, healthcare and employee benefits costs Å Potential for work disruption...

  • Page 9
    ...Impairment Charges Å Unfavorable changes in the Company's industry, the broader economy, market conditions, business operations, competition or the Company's stock price and market capitalization Accounting Matters Å Changes in accounting standards that impact the Company's financial statements 5

  • Page 10
    ... of Acme, Albertsons, Jewel-Osco, Shaw's, Star Market, the related in-store pharmacies under the Osco and Sav-on banners, 10 distribution centers and certain regional and corporate offices (the "Acquisition"). As part of the Acquisition, the Company acquired the Acme, Albertsons, Jewel, Osco, Sav-on...

  • Page 11
    ... customers. The Company operates 1,102 traditional retail food stores which range in size from approximately 40,000 to 60,000 square feet and operate under the Acme, Albertsons, Cub Foods, Farm Fresh, Hornbacher's, Jewel-Osco, Lucky, Shaw's, Shop 'n Save, Shoppers Food & Pharmacy and Star Market...

  • Page 12
    ... percentage of Net sales for each group of similar products sold in the Retail food and Independent business segments: 2012 Retail food: Nonperishable grocery products (1) Perishable grocery products (2) Pharmacy products General merchandise and health and beauty care products (3) Fuel Other 42% 22...

  • Page 13
    ...by the Company, as well as the stores of independent retail customers it supplies, include price, quality, assortment, brand recognition, store location, in-store marketing and merchandising, promotional strategies and other competitive activities. The traditional wholesale distribution component of...

  • Page 14
    ... Sales, Marketing and Merchandising, 2011 Business Transformation Officer Executive Vice President; President and Chief Operating Officer Independent business, 2006-2011 Executive Vice President Market and Real Estate Development, 2010; Senior Vice President Real Estate and Store Development, 2006...

  • Page 15
    ... impact on the Company's business, financial condition or results of operations. Competition in the Retail food and Independent business segments The grocery business is intensely competitive. The Company's Retail food segment faces competition for customers, employees, store sites and products from...

  • Page 16
    ... presence, and aligning the Company with its independent retail customers. The Company plans to roll out price investments across its banners, increase the number of hard-discount stores and to reinvest in its existing retail store base through remodels and merchandising initiatives tailored to the...

  • Page 17
    ... December 2012 that plan will be frozen as to credited service and earnings for the vast majority of participants, although vesting service may continue to accrue. The other Company sponsored defined benefit pension plan covers a group of employees whose employment terms are governed by a collective...

  • Page 18
    ... sanitation standards, equal employment opportunity, employee benefits, minimum wages and licensing for the sale of food, drugs and alcoholic beverages. The Company's inability to timely obtain permits, comply with government regulations or make capital expenditures required to maintain compliance...

  • Page 19
    ... the Company's customers. Data theft, information espionage or other criminal activity directed at the grocery or drug store industry, the transportation industry, or computer or communications systems may adversely affect the Company's businesses by causing the Company to implement costly security...

  • Page 20
    ... assets, store closures, leases, income taxes and stock-based compensation, are complex and involve subjective judgments. Changes in these rules or their interpretation may significantly change or add volatility to the Company's reported earnings without a comparable underlying change in cash flow...

  • Page 21
    ...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...

  • Page 22
    ...EQUITY SECURITIES The Company's common stock is listed on the New York Stock Exchange under the symbol SVU. As of April 13, 2012, there were 20,614 stockholders of record. Common Stock Price Common Stock Price Range 2012 Fiscal First Quarter Second Quarter Third Quarter Fourth Quarter Year High $11...

  • Page 23
    ... compares the yearly change in the Company's cumulative shareholder return on its common stock for the period from the end of fiscal 2007 to the end of fiscal 2012 to that of the Standard & Poor's ("S&P") 500 and a group of peer companies in the retail grocery industry. The stock price performance...

  • Page 24
    ... net sales Net earnings (loss) per share- diluted Financial Position Inventories (FIFO) (3) Working capital (3) Property, plant and equipment, net Total assets Debt and capital lease obligations Stockholders' equity Other Statistics Return on average stockholders' equity Book value per share Current...

  • Page 25
    ...hard-discount food stores and is adjusted for planned sales and closures as of the end of each fiscal year. Historical data is not necessarily indicative of the Company's future results of operations or financial condition. See discussion of "Risk Factors" in Part I, Item 1A of this Annual Report on...

  • Page 26
    ...in the form of higher retail prices, thus mitigating the potential impact of lower gross margin rates. The Company analyzes inflation by product or product group and evaluates whether to pass on the cost inflation in conjunction with its overall price investment strategy. The Company does not expect...

  • Page 27
    ...also decreased due to lower store support costs, employee benefit costs and occupancy costs of $64, and from a fiscal 2012 gain of $15 recorded to correct the calculation of workers' compensation liabilities to exclude security program payments. The Company recorded a $20 charge related to workforce...

  • Page 28
    ... were due to the significant and sustained decline in the Company's market capitalization as of and subsequent to the end of the end of the fourth quarter of fiscal 2012 and updated future cash flows. All fiscal 2012 goodwill and intangible asset impairment charges were recorded in the Retail food...

  • Page 29
    ... items per customer offset in part by moderate levels of inflation. During fiscal 2011 the Company added 132 new stores through new store development, comprised of three traditional retail food stores and 129 hard-discount food stores, and sold or closed 87 stores, including planned dispositions...

  • Page 30
    ... in gross margin rate due to the impact of Independent business sales mix and the 10 basis point impact to margin due to a labor dispute, offset partially by a 20 basis point margin improvement from lower promotional sales mix. Retail food gross profit as a percent of Retail food Net sales was 27...

  • Page 31
    ... diluted share, related to planned retail market exits, closure of non-strategic stores and fees received from the early termination of a supply agreement. CRITICAL ACCOUNTING POLICIES The preparation of consolidated financial statements in conformity with accounting standards requires management to...

  • Page 32
    ... for sale at retail stores. The Company also receives vendor funds for buying activities such as volume commitment rebates, credits for purchasing products in advance of their need and cash discounts for the early payment of merchandise purchases. The majority of the vendor fund contracts have terms...

  • Page 33
    ... of ten traditional retail food store components under a variety of banners, including Shoppers, Jewel-Osco, ACME, Albertson's Southern California, Albertson's Inter-Mountain West, Hornbachers, Farm Fresh, Cub Foods, Shop'n Save and Shaw's. The Company's hard-discount stores reporting unit is...

  • Page 34
    ... royalty value applied to projected future revenues associated with the tradename based on management's expectations of the current and future operating environment. The royalty cash flows are discounted using rates based on the weighted average cost of capital and the specific risk profile of...

  • Page 35
    ...basis point change in the discount rate would impact the self-insurance liabilities by approximately $1. Benefit Plans The Company sponsors pension and other postretirement plans in various forms covering substantially all employees who meet eligibility requirements. Pension benefits associated with...

  • Page 36
    ... plan assets assumption is determined based on the portfolio's actual and target composition, current market conditions, forward-looking return and risk assumptions by asset class, and historical long-term investment performance. The 10-year annual average rate of return on pension assets for fiscal...

  • Page 37
    ... these liabilities at the appropriate statutory interest rate. The actual benefits ultimately realized for tax positions may differ from the Company's estimates due to changes in facts, circumstances and new information. As of February 25, 2012 and February 26, 2011, the Company had $165 and $182 of...

  • Page 38
    ... and its credit facilities. The Company's short-term and long-term financing abilities are believed to be adequate as a supplement to internally generated cash flows to fund capital expenditures and acquisitions as opportunities arise. Maturities of debt issued will depend on management's views with...

  • Page 39
    ... minimum Employee Retirement Income Security Act of 1974, as amended ("ERISA") requirements. Cash contributions decreased in fiscal 2012 compared to fiscal 2011 due to pre-funding of $63 in fiscal 2011 for fiscal 2012 contributions. The Company's funding policy for the defined benefit pension plans...

  • Page 40
    .... 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 customers based on internal measures of credit performance. As of February 25, 2012...

  • Page 41
    ... change based on the results of collective bargaining efforts, investment returns on the assets held in the plans, actions taken by trustees who manage the plans' benefit payments and requirements under the Pension Protection Act of 2006 and Section 412(e) of the Internal Revenue Code. The Company...

  • Page 42
    .... The Company makes long-term loans to certain Independent retail customers and as such, holds notes receivable in the normal course of business. The notes generally bear fixed interest rates negotiated with each retail customer. The market value of the fixed rate notes is subject to change due to...

  • Page 43
    ... payments and related weighted average interest rates by year of maturity using interest rates as of February 25, 2012 applicable to variable interest debt instruments and stated fixed rates for all other debt instruments, excluding the net discount on acquired debt and original issue discounts...

  • Page 44
    ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Index of Financial Statements and Schedules Page(s) Financial Statements: Report of Independent Registered Public Accounting Firm Consolidated Segment Financial Information for the fiscal years ended February 25, 2012, February 26, 2011 and ...

  • Page 45
    ... and financial statement schedule, and an opinion on SUPERVALU INC.'s internal control over financial reporting, based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and...

  • Page 46
    SUPERVALU INC. and Subsidiaries CONSOLIDATED SEGMENT FINANCIAL INFORMATION (In millions) February 25, 2012 (52 weeks) Net sales Retail food % of total Independent business % of total Total net sales $ February 26, 2011 (52 weeks) February 27, 2010 (52 weeks) 31,637 77.9% 8,960 22.1% 40,597 100.0% ...

  • Page 47
    SUPERVALU INC. and Subsidiaries CONSOLIDATED STATEMENTS OF EARNINGS (In millions, except per share data) February 25, 2012 February 26, 2011 (52 weeks) (52 weeks) Net sales Cost of sales Gross profit Selling and administrative expenses Goodwill and intangible asset impairment charges Operating ...

  • Page 48
    ... Accounts payable Accrued vacation, compensation and benefits Current maturities of long-term debt and capital lease obligations Other current liabilities Total current liabilities Long-term debt and capital lease obligations Pension and other postretirement benefit obligations Other long-term...

  • Page 49
    ... Value Stock Loss (Deficit) Equity Income (Loss) Balances as of February 28, 2009 Net earnings Pension and other postretirement activity (net of tax of $13) Sales of common stock under option plans Cash dividends declared on common stock $0.6100 per share Compensation under employee incentive plans...

  • Page 50
    ... in investing activities Cash flows from financing activities Proceeds from issuance of long-term debt Payment of long-term debt and capital lease obligations Dividends paid Net proceeds from the sale of common stock under option plans and related tax benefits Payment for purchase of treasury shares...

  • Page 51
    ...largest companies in the United States grocery channel. SUPERVALU conducts its retail operations under the Acme, Albertsons, Cub Foods, Farm Fresh, Hornbacher's, Jewel-Osco, Lucky, Save-A-Lot, Shaw's, Shop 'n Save, Shoppers Food & Pharmacy and Star Market banners as well as in-store pharmacies under...

  • Page 52
    ... a straight-line basis over the life of the contracts. Selling and Administrative Expenses Selling and administrative expenses consist primarily of store and corporate employee-related costs, such as salaries and wages, health and welfare, worker's compensation and pension benefits, as well as rent...

  • Page 53
    ... of traditional retail stores, hard-discount stores and independent business services. Fair values are determined by using both the market approach, applying a multiple of earnings based on the guideline publicly traded company method, and the income approach, discounting projected future cash flows...

  • Page 54
    ... royalty value applied to management's estimate of projected future revenues associated with the tradename. The royalty cash flows are discounted using rates based on the weighted average cost of capital discussed above and the specific risk profile of the tradenames relative to the Company's other...

  • Page 55
    ...included in Other long-term liabilities in the Consolidated Balance Sheets. The self-insurance liabilities as of the end of the fiscal year are net of discounts of $159 and $178 as of February 25, 2012 and February 26, 2011, respectively. Benefit Plans The Company recognizes the funded status of its...

  • Page 56
    ... to conform with to the current year's presentation. Recently Adopted Accounting Standards In September 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2011-09, Compensation-Retirement Benefits-Multiemployer Plans (Subtopic 715-80) ("ASU 2011...

  • Page 57
    ... INTANGIBLE ASSETS Changes in the Company's Goodwill and Intangible assets consisted of the following: February 27, 2010 Additions Other net February 26, Impairments adjustments 2011 Additions Other net February 25, Impairments adjustments 2012 Goodwill: Retail food goodwill Accumulated impairment...

  • Page 58
    ... impairment charge was due to the significant and sustained decline in the Company's market capitalization as of and subsequent to the end of the fourth quarter of fiscal 2012 and was recorded in the Retail food segment. For the full fiscal 2012 year the Company recorded non-cash impairment charges...

  • Page 59
    ... closed properties and property, plant and equipment-related impairment charges for fiscal 2012, 2011 and 2010 were primarily related to the Retail food segment, and were recorded as a component of Selling and administrative expenses in the Consolidated Statements of Earnings. NOTE 4-PROPERTY, PLANT...

  • Page 60
    ... Company's financial instruments, including cash and cash equivalents, receivables and accounts payable, the fair values approximate book values due to their short maturities. The estimated fair value of notes receivable approximates the book value as of February 25, 2012. The estimated fair value...

  • Page 61
    ... of long-term debt, excluding the net discount on the debt and capital lease obligations, as of February 25, 2012 consist of the following: Fiscal Year 2013 2014 2015 2016 2017 Thereafter $ 324 196 591 591 1,005 2,669 Certain of the Company's credit facilities and long-term debt agreements...

  • Page 62
    ... support workers' compensation, merchandise import programs and payment obligations. Facility fees under the Revolving Credit Facility are 0.625 percent. Borrowings under the term loans may be paid, in full or in part, at any time without penalty. Under the Amended Credit Agreement, the Company...

  • Page 63
    ...certain retail stores, distribution centers, office facilities and equipment from third parties. Many of these leases include renewal options and, to a limited extent, include options to purchase. Future minimum lease payments to be made by the Company for noncancellable operating leases and capital...

  • Page 64
    ... 23 15 10 9 7 12 $ 76 $ 3 2 2 1 1 1 10 (2) 8 (2) $ 6 Fiscal Year 2013 2014 2015 2016 2017 Thereafter Total minimum lease receipts Less unearned income Net investment in direct financing leases Less current portion Long-term portion The carrying value of owned property leased to third parties under...

  • Page 65
    ... of assets and liabilities for financial reporting and income tax purposes. The Company's deferred tax assets and liabilities consisted of the following: 2012 Deferred tax assets: Compensation and benefits Self-insurance Property, plant and equipment and capitalized lease assets Net operating loss...

  • Page 66
    Changes in the Company's unrecognized tax benefits consisted of the following: 2012 Beginning balance Increase based on tax positions related to the current year Decrease based on tax positions related to the current year Increase based on tax positions related to prior years Decrease based on tax ...

  • Page 67
    ... in fiscal 2006, stock-based awards granted will not be for a term of more than seven years. Stock options are granted to key salaried employees and to the Company's non-employee directors to purchase common stock at an exercise price not less than 100 percent of the fair market value of the Company...

  • Page 68
    ...Weighted Average Exercise Price $ 29.40 - - 32.06 28.90 29.04 31.32 2.62 2.60 2.21 Weighted Average Remaining Contractual Term (In years) Aggregate Intrinsic Value (In thousands) The Company did not grant any shares under stock options during fiscal 2012. The weighted average grant date fair value...

  • Page 69
    ... the cash generated from the settlement of stock options. This annual authorization program replaced the previously existing share purchase program and expired June 30, 2011. During fiscal 2011, the Company purchased 0.2 shares under the previously existing share purchase program at an average cost...

  • Page 70
    ...and long-term disability benefits to inactive disabled employees prior to retirement. The terms of the postretirement benefit plans vary based on employment history, age and date of retirement. For most retirees, the Company provides a fixed dollar contribution and retirees pay contributions to fund...

  • Page 71
    ... loss Benefits paid Benefit obligation at end of year Changes in Plan Assets Fair value of plan assets at beginning of year Actual return on plan assets Employer contributions Plan participants' contributions Benefits paid Fair value of plan assets at end of year Funded status at end of year 1,896...

  • Page 72
    ... benefit plans consisted of the following: Pension Benefits Net Periodic Benefit Cost Service cost Interest cost Expected return on plan assets Amortization of prior service benefit Amortization of net actuarial loss Settlement Net periodic benefit cost Other Changes in Plan Assets and Benefit...

  • Page 73
    ...Long-term trends are also evaluated relative to market factors such as inflation, interest rates, and fiscal and monetary policies in order to assess the capital market assumptions. The Company calculates its expected return on plan assets by using the market related value of plan assets. The market...

  • Page 74
    ... investment manager portfolios and both general and portfolio-specific investment guidelines. Risk tolerance is established through careful consideration of the plan liabilities, plan funded status and the Company's financial condition. This asset allocation policy mix is reviewed annually and...

  • Page 75
    ...similar credit ratings. Private equity and Real estate partnerships-Valued using the most recent general partner statement of fair value, updated for any subsequent partnership interests' cash flows or expected changes in fair value. Mutual funds-Mutual funds are valued at the closing price reported...

  • Page 76
    ... contribute $168 to its defined benefit pension plans and $7 to its postretirement benefit plans in fiscal 2013. The Company's funding policy for the defined benefit pension plans is to contribute the minimum contribution required under the Employee Retirement Income Security Act of 1974, as amended...

  • Page 77
    ...are as follows: Fiscal Year 2013 2014 2015 2016 2017 Years 2018-2022 Defined Contribution Plans The Company sponsors several defined contribution and profit sharing plans pursuant to Section 401(k) of the Internal Revenue Code. Employees may contribute a portion of their eligible compensation to the...

  • Page 78
    ...and the three-digit plan number, if applicable. Unless otherwise noted, the most recent Pension Protection Act zone status ("PPA") available in 2012 and 2011 relates to the plans' two most recent fiscal year-ends. The zone status is based on information that the Company received from the plan and is...

  • Page 79
    ... Central States, Southeast and Southwest Areas Pension Fund Minneapolis Food Distributing Industry Pension Plan United Food and Commercial Workers Union Local 152 Retail Meat Pension Plan Minneapolis Retail Meat Cutters and Food Handlers Pension Fund United Food and Commercial Workers International...

  • Page 80
    ... Retail Meat Cutters and Food Handlers Pension Fund United Food and Commercial Workers International UnionIndustry Pension Fund Retail Food Employers and UFCW Local 711 Pension UFCW Unions and Participating Employers Pension Plan Sound Retirement Fund (1) Employees on which the Company...

  • Page 81
    .... 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 customers based on internal measures of credit performance. As of February 25, 2012...

  • Page 82
    ...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...

  • Page 83
    ...), general merchandise and health and beauty care, pharmacy and fuel, which are sold through the Company's own and licensed retail food stores to shoppers and through its Independent business to independent retail customers. The amounts and percentages of Net sales for each group of similar products...

  • Page 84
    ... meat, produce, deli and bakery (3) Includes such items as household products, over-the-counter medication, beauty care, personal care, seasonal items and tobacco NOTE 15-DIVESTITURE During the second quarter of fiscal 2012, the Company announced it had reached an agreement to sell 107 fuel centers...

  • Page 85
    ...(In millions, except per share data) Unaudited quarterly financial information for SUPERVALU INC. and subsidiaries is as follows: 2012 First (16 wks) Net sales Gross profit Net earnings (loss) Net earnings (loss) per share-diluted Dividends declared per share Weighted average shares-diluted $ 11,113...

  • Page 86
    SUPERVALU INC. and Subsidiaries SCHEDULE II-Valuation and Qualifying Accounts (In millions) Balance at Beginning of Fiscal Year Balance at End of Fiscal Year Description Allowance for losses on receivables: 2012 2011 2010 Additions Deductions $ 8 12 15 7 12 6 (7) $ (16) (9) 8 8 12 82

  • Page 87
    ... by the SEC's rules and forms and (2) accumulated and communicated to the Company's management, including the Company's Chief Executive Officer and Chief Financial Officer, in a manner that allows timely decisions regarding required disclosure. Management's Annual Report on Internal Control Over...

  • Page 88
    ..., the Company's internal control over financial reporting. ITEM 9B. OTHER INFORMATION As previously disclosed on the Company's Current Report on Form 8-K filed with the SEC on February 10, 2012, Julie Dexter Berg, former Executive Vice President and Chief Marketing Officer of SUPERVALU INC., left...

  • Page 89
    ... Statement to be filed with the SEC pursuant to Regulation 14A in connection with the Company's 2012 Annual Meeting of Stockholders under the headings "Election of Directors (Item 1)" and "Board Practices-Other Matters Relating to Directors." The Company has adopted a code of ethics that applies...

  • Page 90
    ... Statement to be filed with the SEC pursuant to Regulation 14A in connection with the Company's 2012 Annual Meeting of Stockholders under the heading "Board Practices- Policy and Procedures Regarding Transactions with Related Persons." ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES The information...

  • Page 91
    ... Company listed in the accompanying "Index of Financial Statements and Schedules." (3) Exhibits: (2) Plan of Acquisition, Reorganization, Arrangement, Liquidation or Succession: 2.1 Agreement and Plan of Merger, dated January 22, 2006, by and among Albertson's Inc., New Aloha Corporation (n/k/a New...

  • Page 92
    ... herein by reference to Exhibit 4.14 to the Company's Annual Report on Form 10-K for the year ended February 24, 2007. Supplemental Indenture No. 2 dated as of June 1, 2006, between Albertson's LLC, New Albertson's, Inc. and U.S. Bank Trust National Association, as Trustee, to Indenture dated as of...

  • Page 93
    ... 10-K for the year ended February 25, 2006.* Form of SUPERVALU INC. 2002 Stock Plan Stock Option Agreement for NonEmployee Directors and Stock Option Terms and Conditions for Non-Employee Directors is incorporated herein by reference to Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for...

  • Page 94
    ..., is incorporated herein by reference to Exhibit 10.18 to the Company's Annual Report on Form 10-K for the year ended February 24, 2007.* Intentionally omitted. SUPERVALU INC. Annual Cash Bonus Plan for Designated Corporate Officers, as amended, is incorporated herein by reference to Exhibit 10.20...

  • Page 95
    ... Current Report on Form 8-K of Albertson's, Inc. (Commission File Number 1-6187) filed with the SEC on January 31, 2006.* Albertson's Inc. 1995 Stock-Based Incentive Plan, as amended, is incorporated herein by reference to Exhibit 10.36 to the Company's Annual Report on Form 10-K for the year ended...

  • Page 96
    ... Albertson's, Inc. (Commission File Number 1-6187) filed with the SEC on December 20, 2004.* SUPERVALU INC. Deferred Compensation Plan for Non-Employee Directors, as amended, is incorporated herein by reference to Exhibit 10.11 to the Company's Annual Report on Form 10-K for the year ended February...

  • Page 97
    ...Report on Form 8-K filed with the SEC on September 27, 2006.* Albertson's, Inc. 2000 Deferred Compensation Plan, dated as of January 1, 2000, is incorporated herein by reference to Exhibit 10.10 to the Annual Report on Form 10-K of Albertson's, Inc. (Commission File Number 1-6187) for the year ended...

  • Page 98
    ...is incorporated herein by reference to Exhibit 10.10.5 to the Quarterly Report on Form 10-Q of Albertson's, Inc. (Commission File Number 1-6187) for the quarter ended May 4, 2006.* Albertson's, Inc. Executive Pension Makeup Plan, amended and restated as of February 1, 1989, is incorporated herein by...

  • Page 99
    ... Form 10-Q of Albertson's, Inc. (Commission File Number 1-6187) for the quarter ended May 4, 2006.* Third Amendment to the Albertson's, Inc. Executive Pension Makeup Plan, effective as of January 1, 2008, is incorporated herein by reference to Exhibit 10.72 to the Company's Annual Report on Form 10...

  • Page 100
    ... the Annual Report on Form 10-K of Albertson's, Inc. (Commission File Number 1-6187) for the year ended January 31, 1991.* Amendment to the Albertson's, Inc. 1990 Deferred Compensation Plan, dated as of April 12, 1994, is incorporated herein by reference to Exhibit 10.20.1 to the Quarterly Report on...

  • Page 101
    ...Inc. (Commission File Number 1-6187) for the quarter ended May 4, 2006.* Albertson's, Inc. Non-Employee Directors' Deferred Compensation Plan is incorporated herein by reference to Exhibit 10.21 to the Annual Report on Form 10-K of Albertson's, Inc. (Commission File Number 1-6187) for the year ended...

  • Page 102
    ....62 to the Quarterly Report on Form 10-Q of Albertson's, Inc. (Commission File Number 1-6187) for the quarter ended November 3, 2005.* SUPERVALU INC. 2007 Stock Plan, as amended, is incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on May...

  • Page 103
    ... Company's Current Report on Form 8-K filed with the SEC on July 20, 2007.* SUPERVALU INC. 2007 Stock Plan Form of Restricted Stock Award Agreement is incorporated herein by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 8, 2007.* SUPERVALU...

  • Page 104
    ...the Company's Current Report on Form 8-K filed with the SEC on April 20, 2010.* Form of 2007 Stock Plan Performance Award Terms and Conditions for the Fiscal 2012-2014 Performance Period is incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q filed with the SEC on...

  • Page 105
    ...) LLC, CoBank, ACB, U.S. Bank N.A., Rabobank International, RBS Securities Inc., Barclay's Capital and various financial institutions and other persons from time to time parties thereto is incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed with the SEC on...

  • Page 106
    ... Data File. 101. The following materials from the SUPERVALU INC. Annual Report on Form 10-K for the fiscal year ended February 25, 2012 formatted in Extensible Business Reporting Language (XBRL): (i) the Consolidated Segment Financial Information (ii) the Consolidated Statements of Earnings...

  • Page 107
    ...(Registrant) DATE: April 18, 2012 /s/ CRAIG R. HERKERT By: Craig R. Herkert Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this Annual Report on Form 10-K has been signed below by the following persons on behalf of SUPERVALU and in the capacities and on...

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    ... that: 1. I have reviewed this Annual Report on Form 10-K of SUPERVALU INC. for the fiscal year ended February 25, 2012; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of...

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    ... that: 1. I have reviewed this Annual Report on Form 10-K of SUPERVALU INC. for the fiscal year ended February 25, 2012; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of...

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    ... officer of SUPERVALU INC. (the "Company") certifies that the Annual Report on Form 10-K of the Company for the fiscal year ended February 25, 2012, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in that Annual...

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    ... officer of SUPERVALU INC. (the "Company") certifies that the Annual Report on Form 10-K of the Company for the fiscal year ended February 25, 2012, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in that Annual...

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    ... President & Chief Financial Officer (a) Audit Committee (b) Corporate Governance & Nominating Committee (c) Leadership Development & Compensation Committee (d) Finance Committee Investor Information The annual meeting of SUPERVALU INC. will take place on July 17, 2012 at 10:30 a.m. local time at...

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    P.O. BOX 990 MINNEAPOLIS, MN 55440 952-828-4000 supervalu.com