10-Q 1 kr-20211106x10q.htm 10-Q
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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 November 6, 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 735,255,564 shares of Common Stock ($1 par value) outstanding as of December 7, 2021.

PART I – FINANCIAL INFORMATION

Item 1.

Financial Statements.

THE KROGER CO.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

Third Quarter Ended

Three Quarters Ended

November 6,

November 7,

November 6,

November 7,

(In millions, except per share amounts)

    

2021

    

2020

    

2021

    

2020

 

Sales

$

31,860

$

29,723

$

104,840

$

101,761

Operating expenses

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

 

24,959

 

22,901

 

81,820

 

77,906

Operating, general and administrative

 

5,177

 

5,194

 

17,692

 

18,162

Rent

 

197

 

205

 

648

 

682

Depreciation and amortization

 

659

 

631

 

2,168

 

2,073

Operating profit

 

868

 

792

 

2,512

 

2,938

Other income (expense)

Interest expense

(135)

(129)

(438)

(438)

Non-service component of company-sponsored pension plan costs

(77)

9

(44)

28

(Loss) gain on investments

(94)

162

(694)

952

Net earnings before income tax expense

 

562

 

834

 

1,336

 

3,480

Income tax expense

 

77

 

202

 

239

 

816

Net earnings including noncontrolling interests

 

485

 

632

 

1,097

 

2,664

Net income attributable to noncontrolling interests

 

2

 

1

 

7

 

2

Net earnings attributable to The Kroger Co.

$

483

$

631

$

1,090

$

2,662

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

$

0.64

$

0.81

$

1.44

$

3.39

Average number of common shares used in basic calculation

 

742

 

772

 

747

 

777

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

$

0.64

$

0.80

$

1.43

$

3.35

Average number of common shares used in diluted calculation

 

752

 

780

 

757

 

785

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

2

THE KROGER CO.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

    

Third Quarter Ended

Three Quarters Ended

November 6,

November 7,

November 6,

November 7,

(In millions)

    

2021

    

2020

    

2021

    

2020

 

Net earnings including noncontrolling interests

$

485

$

632

$

1,097

$

2,664

Other comprehensive income (loss)

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

132

22

134

28

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

 

 

7

 

 

(12)

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

2

1

5

3

Total other comprehensive income

 

134

 

30

 

139

19

Comprehensive income

 

619

 

662

 

1,236

 

2,683

Comprehensive income attributable to noncontrolling interests

 

2

 

1

 

7

 

2

Comprehensive income attributable to The Kroger Co.

$

617

$

661

$

1,229

$

2,681

(1)Amount is net of tax of $37 for the third quarter of 2021 and $2 for the third quarter of 2020. Amount is net of tax of $39 for the first three quarters of 2021 and $5 for the first three quarters of 2020.
(2)Amount is net of tax of $1 for the third quarter of 2020. Amount is net of tax of ($9) for the first three quarters of 2020.
(3)Amount is net of tax of $4 for the first three quarters of 2021 and $1 for the first three quarters of 2020.

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

3

THE KROGER CO.

CONSOLIDATED BALANCE SHEETS

(unaudited)

    

November 6,

    

January 30,

 

(In millions, except par amounts)

2021

2021

 

ASSETS 

Current assets 

Cash and temporary cash investments 

$

2,288

$

1,687

Store deposits in-transit 

 

1,140

 

1,096

Receivables 

 

1,914

 

1,781

FIFO inventory 

 

9,070

 

8,436

LIFO reserve 

 

(1,550)

 

(1,373)

Prepaid and other current assets 

518

876

Total current assets 

 

13,380

 

12,503

Property, plant and equipment, net 

 

23,316

 

22,386

Operating lease assets

6,655

6,796

Intangibles, net

 

954

 

997

Goodwill 

 

3,076

 

3,076

Other assets 

 

2,448

 

2,904

Total Assets 

$

49,829

$

48,662

LIABILITIES 

Current liabilities 

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

$

1,048

$

911

Current portion of operating lease liabilities

642

667

Trade accounts payable 

 

7,879

 

6,679

Accrued salaries and wages 

 

1,458

 

1,413

Other current liabilities 

 

5,771

 

5,696

Total current liabilities 

 

16,798

 

15,366

Long-term debt including obligations under finance leases

12,673

12,502

Noncurrent operating lease liabilities

6,343

6,507

Deferred income taxes 

 

1,619

 

1,542

Pension and postretirement benefit obligations

 

490

 

535

Other long-term liabilities 

 

2,415

 

2,660

Total Liabilities 

 

40,338

 

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 

 

3,590

 

3,461

Accumulated other comprehensive loss 

 

(491)

 

(630)

Accumulated earnings 

 

23,658

 

23,018

Common shares in treasury, at cost, 1,180 shares in 2021 and 1,160 shares in 2020

 

(19,156)

 

(18,191)

Total Shareholders’ Equity - The Kroger Co.

 

9,519

 

9,576

Noncontrolling interests 

 

(28)

 

(26)

Total Equity 

 

9,491

 

9,550

Total Liabilities and Equity 

$

49,829

$

48,662

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

4

THE KROGER CO.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

Three Quarters Ended

November 6,

November 7,

(In millions)

    

2021

    

2020

 

Cash Flows from Operating Activities:

Net earnings including noncontrolling interests 

$

1,097

$

2,664

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

Depreciation and amortization

 

2,168

 

2,073

Operating lease asset amortization

468

481

LIFO charge

 

177

 

77

Share-based employee compensation

 

159

 

147

Company-sponsored pension plans

 

56

 

(12)

Deferred income taxes

 

34

 

219

Gain on the sale of assets

(34)

(24)

Loss (gain) on investments

694

(952)

Other

 

106

 

119

Changes in operating assets and liabilities:

Store deposits in-transit

 

(44)

 

77

Receivables

 

(80)

 

42

Inventories

 

(673)

 

(471)

Prepaid and other current assets

 

371

 

(56)

Trade accounts payable

 

1,200

 

1,006

Accrued expenses

 

(40)

 

469

Income taxes receivable and payable

 

(54)

89

Operating lease liabilities

(532)

(464)

Other

 

(282)

 

413

Net cash provided by operating activities

 

4,791

 

5,897

Cash Flows from Investing Activities:

Payments for property and equipment, including payments for lease buyouts

 

(2,008)

 

(2,062)

Proceeds from sale of assets

 

139

99

Other

 

(90)

 

(85)

Net cash used by investing activities

 

(1,959)

 

(2,048)

Cash Flows from Financing Activities:

Proceeds from issuance of long-term debt

 

43

 

537

Payments on long-term debt including obligations under finance leases

 

(915)

(41)

Net payments on commercial paper

 

(1,150)

Dividends paid

(433)

(395)

Proceeds from issuance of capital stock

118

 

98

Treasury stock purchases

 

(1,049)

 

(989)

Proceeds from financing arrangement

166

Other

(161)

 

(128)

Net cash used by financing activities

 

(2,231)

 

(2,068)

Net increase in cash and temporary cash investments

 

601

 

1,781

Cash and temporary cash investments:

Beginning of year

 

1,687

 

399

End of period

$

2,288

$

2,180

Reconciliation of capital investments:

Payments for property and equipment, including payments for lease buyouts

$

(2,008)

$

(2,062)

Payments for lease buyouts

 

42

Changes in construction-in-progress payables

 

(144)

 

(44)

Total capital investments, excluding lease buyouts

$

(2,152)

$

(2,064)

Disclosure of cash flow information:

Cash paid during the year for interest

$

493

$

474

Cash paid during the year for income taxes

$

364

$

495

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)

 

 

 

 

 

 

 

(139)

 

 

(139)

Net earnings including noncontrolling interests

 

 

 

 

 

 

 

(77)

 

1

 

(76)