FORM 10-Q

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Ni044TikiSEaO2icpXue/4+s654lycXeQhWUIRiY+HUBoNbZd++8Je4MoX78HTSB 61wASsuWp9eMYyYYRpx6VQ== 0000950123-09-026905.txt : 20090729 0000950123-09-026905.hdr.sgml : 20090729 20090729150939 ACCESSION NUMBER: 0000950123-09-026905 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 36 CONFORMED PERIOD OF REPORT: 20090620 FILED AS OF DATE: 20090729 DATE AS OF CHANGE: 20090729 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUPERVALU INC CENTRAL INDEX KEY: 0000095521 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-GROCERY STORES [5411] IRS NUMBER: 410617000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-05418 FILM NUMBER: 09970028 BUSINESS ADDRESS: STREET 1: 11840 VALLEY VIEW RD CITY: EDEN PRAIRIE STATE: MN ZIP: 55344 BUSINESS PHONE: 9528284000 MAIL ADDRESS: STREET 1: 11840 VALLEY VIEW ROAD CITY: EDEN PRAIRIE STATE: MN ZIP: 55344 FORMER COMPANY: FORMER CONFORMED NAME: SUPER VALU STORES INC DATE OF NAME CHANGE: 19920703 10-Q 1 c52443e10vq.htm FORM 10-Q FORM 10-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


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

For the quarterly period (16 weeks) ended June 20, 2009.


o		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 other jurisdiction of incorporation or organization)		41-0617000 (I.R.S. Employer Identification No.)

11840 VALLEY VIEW ROAD EDEN PRAIRIE, MINNESOTA (Address of principal executive offices)		55344 (Zip Code)

(952) 828-4000
(Registrant’s telephone number, including area code)

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

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 þ No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes þ No o

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


Large accelerated filer þ		Accelerated filer o		Non-accelerated filer o		Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o No þ

As of July 24, 2009, there were 211,988,647 shares of the issuer’s common stock outstanding.

SUPERVALU INC. and Subsidiaries

Quarterly Report on Form 10-Q

TABLE OF CONTENTS


Item		Page
PART I — FINANCIAL INFORMATION

1.	Financial Statements (Unaudited)		2

	Condensed Consolidated Segment Financial Information for the first quarter ended June 20, 2009 and June 14, 2008		2

	Condensed Consolidated Statements of Earnings for the first quarter ended June 20, 2009 and June 14, 2008		3

	Condensed Consolidated Balance Sheets as of June 20, 2009 and February 28, 2009		4

	Condensed Consolidated Statements of Cash Flows for the first quarter ended June 20, 2009 and June 14, 2008		5

	Notes to Condensed Consolidated Financial Statements		6

2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		14

3.	Quantitative and Qualitative Disclosures About Market Risk		19

4.	Controls and Procedures		19

PART II — OTHER INFORMATION

1.	Legal Proceedings		20

1A.	Risk Factors		21

2.	Unregistered Sales of Equity Securities and Use of Proceeds		26

3.	Defaults Upon Senior Securities		26

4.	Submission of Matters to a Vote of Security Holders		27

5.	Other Information		27

6.	Exhibits		27
EX-10.1
EX-31.1
EX-31.2
EX-32.1
EX-32.2
EX-101 INSTANCE DOCUMENT
EX-101 SCHEMA DOCUMENT
EX-101 CALCULATION LINKBASE DOCUMENT
EX-101 LABELS LINKBASE DOCUMENT
EX-101 PRESENTATION LINKBASE DOCUMENT
EX-101 DEFINITION LINKBASE DOCUMENT

PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

SUPERVALU INC. and Subsidiaries

CONDENSED CONSOLIDATED SEGMENT FINANCIAL INFORMATION

(Unaudited)

(In millions, except percent data)


	First Quarter Ended
	June 20,			June 14,
	2009			2008
Net sales
Retail food	$	9,900		$	10,346
% of total		77.9	%		77.5	%
Supply chain services		2,815			3,001
% of total		22.1	%		22.5	%

Total net sales	$	12,715		$	13,347
		100.0	%		100.0	%

Operating earnings
Retail food	$	311		$	399
% of sales		3.1	%		3.9	%
Supply chain services		82			86
% of sales		2.9	%		2.9	%
Corporate		(31	)		(29	)

Total operating earnings		362			456
% of sales		2.8	%		3.4	%
Interest expense, net		177			190

Earnings before income taxes		185			266
Income tax provision		72			104

Net earnings	$	113		$	162

The Company’s business is classified by management into two reportable segments: Retail food and Supply chain services. These reportable segments are two distinct businesses, one retail and one wholesale, each with a different customer base, marketing strategy and management structure. The Retail food reportable segment is an aggregation of the Company’s retail operating segments, which are primarily organized based on geography. The Retail food reportable segment derives revenues from the sale of groceries at retail locations operated by the Company (both the Company’s own stores and stores licensed by the Company). The Supply chain services reportable segment derives revenues from wholesale distribution to independently-owned retail food stores, mass merchants and other customers (collectively referred to as “independent retail customers”) and logistics support services. Substantially all of the Company’s operations are domestic.

See Notes to Condensed Consolidated Financial Statements.

SUPERVALU INC. and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)

(In millions, except percent and per share data)


	First Quarter Ended
			% of					% of
	June 20,		Net			June 14,		Net
	2009		sales			2008		sales
Net sales	$	12,715		100.0	%	$	13,347		100.0	%
Cost of sales		9,868		77.6			10,282		77.0

Gross profit		2,847		22.4			3,065		23.0
Selling and administrative expenses		2,485		19.6			2,609		19.6

Operating earnings		362		2.8			456		3.4
Interest expense, net		177		1.4			190		1.4

Earnings before income taxes		185		1.5			266		2.0
Income tax provision		72		0.6			104		0.8

Net earnings	$	113		0.9	%	$	162		1.2	%

Net earnings per share—basic	$	0.53				$	0.76
Net earnings per share—diluted	$	0.53				$	0.76
Dividends declared per share	$	0.1725				$	0.1700
Weighted average number of shares outstanding:
Basic		212					212
Diluted		212					214

See Notes to Condensed Consolidated Financial Statements.

SUPERVALU INC. and Subsidiaries

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions, except par value data)


	June 20,			February 28,
	2009			2009
	(Unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	275		$	240
Receivables, net		870			874
Inventories		2,746			2,709
Other current assets		220			282

Total current assets		4,111			4,105

Property, plant and equipment, net		7,461			7,528
Goodwill		3,748			3,748
Intangible assets, net		1,567			1,584
Other assets		684			639

Total assets	$	17,571		$	17,604

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued liabilities	$	3,126		$	3,067
Current maturities of long-term debt and capital lease obligations		257			516
Other current liabilities		891			889

Total current liabilities		4,274			4,472

Long-term debt and capital lease obligations		8,105			7,968
Other liabilities		2,522			2,583
Commitments and contingencies
Stockholders’ equity
Common stock, $1.00 par value: 400 shares authorized; 230 shares issued		230			230
Capital in excess of par value		2,850			2,853
Accumulated other comprehensive loss		(498	)		(503	)
Retained earnings		619			542
Treasury stock, at cost, 18 and 18 shares, respectively		(531	)		(541	)

Total stockholders’ equity		2,670			2,581

Total liabilities and stockholders’ equity	$	17,571		$	17,604

See Notes to Condensed Consolidated Financial Statements.

SUPERVALU INC. and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In millions)


	First Quarter Ended
	June 20,			June 14,
	2009			2008
Cash flows from operating activities
Net earnings	$	113		$	162
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		297			322
LIFO charge		18			20
Gain on sale of assets		(2	)		(7	)
Deferred income taxes		(5	)		14
Stock-based compensation		13			23
Other		14			(5	)
Changes in operating assets and liabilities		44			(131	)

Net cash provided by operating activities		492			398

Cash flows from investing activities
Proceeds from sale of assets		10			41
Purchases of property, plant and equipment		(238	)		(395	)
Other		5			(15	)

Net cash used in investing activities		(223	)		(369	)

Cash flows from financing activities
Proceeds from issuance of long-term debt		948			272
Payment of long-term debt and capital lease obligations		(1,106	)		(250	)
Dividends paid		(73	)		(36	)
Other		(3	)		1

Net cash used in financing activities		(234	)		(13	)

Net increase in cash and cash equivalents		35			16
Cash and cash equivalents at beginning of year		240			243

Cash and cash equivalents at the end of period	$	275		$	259

See Notes to Condensed Consolidated Financial Statements.

SUPERVALU INC. and Subsidiaries

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Dollars and shares in millions, except per share data)

NOTE 1 — THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Business Description

SUPERVALU INC. (“SUPERVALU” or the “Company”), a Delaware corporation, was organized in 1925 as the successor of two wholesale grocery firms established in the 1870’s. SUPERVALU is one of the largest companies in the United States grocery channel. References to the Company refer to SUPERVALU INC. and Subsidiaries.

The Company conducts its retail operations throughout the United States under three retail food store formats: combination stores (defined as food and pharmacy), food stores and limited assortment food stores. Additionally, the Company provides supply chain services, primarily wholesale distribution, across the United States retail grocery channel.

Statement of Registrant

The accompanying condensed consolidated financial statements of the Company for the 16 weeks ended June 20, 2009 and June 14, 2008 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 28, 2009. The results of operations for the 16 weeks ended June 20, 2009 are not necessarily indicative of the results expected for the full year. The Condensed Consolidated Balance Sheet as of February 28, 2009 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 28, 2009.

Fiscal Year

The Company’s fiscal year ends on the last Saturday in February. The Company’s first quarter consists of 16 weeks, while the second, third and fourth quarters each consist of 12 weeks, except for the fourth quarter of fiscal 2009 which included 13 weeks. Because of differences in the accounting calendars of the Company and its wholly-owned subsidiary, New Albertson’s, Inc., the accompanying June 20, 2009 and February 28, 2009 Condensed Consolidated Balance Sheets include the assets and liabilities related to New Albertsons, Inc. as of June 18, 2009 and February 26, 2009, respectively.

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, resulting in book overdrafts. Book overdrafts are recorded in Accounts payable and accrued liabilities in the Condensed Consolidated Balance Sheets and are reflected as an operating activity in the Condensed Consolidated Statements of Cash Flows. As of June 20, 2009 and February 28, 2009, the Company had net book overdrafts of $352 and $389, respectively.

Net Earnings Per Share

Basic net earnings per share is calculated using net earnings available to common stockholders divided by the weighted average number of shares outstanding during the period. Diluted net earnings per share is similar to basic net earnings per share except that the weighted average number of shares outstanding is after giving effect to the dilutive impacts of stock options, restricted stock awards and other dilutive securities.

The following table reflects the calculation of basic and diluted net earnings per share:


	First Quarter Ended
	June 20,		June 14,
	2009		2008
Net earnings per share—basic
Net earnings available to common stockholders	$	113	$	162
Weighted average shares outstanding—basic		212		212
Net earnings per share—basic	$	0.53	$	0.76

Net earnings per share—diluted
Net earnings available to common stockholders	$	113	$	162
Weighted average shares outstanding—basic		212		212
Dilutive impact of options and restricted stock outstanding		—		2

Weighted average shares outstanding—diluted		212		214
Net earnings per share—diluted	$	0.53	$	0.76

Options to purchase 22 and 13 shares of common stock were outstanding during the 16 weeks ended June 20, 2009 and June 14, 2008, respectively, but were excluded from the computation of diluted earnings per share because they were antidilutive.

Comprehensive Income

Comprehensive income consisted of the following:


	First Quarter Ended
	June 20,		June 14,
	2009		2008
Net earnings	$	113	$	162
Pension and other postretirement activity, net of tax		5		—

Comprehensive income	$	118	$	162

Subsequent Events

Events that have occurred subsequent to June 20, 2009 have been evaluated through July 29, 2009, the date the Company filed this Quarterly Report on Form 10-Q with the Securities and Exchange Commission.

NOTE 2 — NEW ACCOUNTING STANDARDS

In December 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position (“FSP”) FAS 132(R)-1, “Employers’ Disclosures about Postretirement Benefit Plan Assets.” FSP FAS 132(R)-1 provides additional guidance regarding disclosures about plan assets of defined benefit pension or other postretirement plans. FSP FAS 132(R)-1 will be effective for the Company’s fiscal year ending February 27, 2010. The adoption of FSP FAS 132(R)-1 will result in enhanced disclosures, but will not otherwise have an impact on the Company’s consolidated financial statements.

NOTE 3 — GOODWILL AND INTANGIBLE ASSETS

As of June 20, 2009, the Company had approximately $3,748 of Goodwill; $2,941 related to its Retail food segment and $807 related to its Supply chain services segment.

Changes in the Company’s Goodwill and Intangible assets consisted of the following:


	February 28,			Additions/			Other net			June 20,
	2009			Amortization			adjustments			2009
Goodwill	$	3,748		$	—		$	—		$	3,748

Intangible assets:
Trademarks and tradenames – indefinite lived	$	1,069		$	—		$	—		$	1,069
Favorable operating leases, customer lists, customer relationships and other (accumulated amortization of $213 and $197, as of June 20, 2009 and February 28, 2009, respectively)		706			2			(3	)		705
Non-compete agreements (accumulated amortization of $4 and $4 as of June 20, 2009 and February 28, 2009, respectively)		10			—			—			10

Total intangible assets		1,785			2			(3	)		1,784
Accumulated amortization		(201	)		(19	)		3			(217	)

Total intangible assets, net	$	1,584								$	1,567

Amortization expense of intangible assets with a definite life was $19 and $20 for the 16 weeks ended June 20, 2009 and June 14, 2008, respectively. Future amortization expense will be approximately $51 per fiscal year for each of the next five fiscal years.

NOTE 4 — 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. Adjustments are made for changes in estimates in the period in which the changes become known.

Changes in the Company’s reserves for closed properties consisted of the following:


	June 20,
	2009
Balance at beginning of year	$	167
Additions		1
Payments		(18	)
Adjustments		3

Balance at end of quarter	$	153

NOTE 5 — 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 about the assumptions that market participants would use in valuing.

As of June 20, 2009, the Company had no material financial assets or liabilities measured at fair value and no material nonfinancial assets or liabilities measured at fair value on a nonrecurring basis subsequent to their initial recognition.

Financial Instruments

For certain of the 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 was less than the book value by approximately $5 and $8 as of June 20, 2009 and February 28, 2009, respectively. Notes receivable are valued based on a discounted cash flow approach applying a rate that is comparable to publicly traded instruments of similar credit quality.

The estimated fair value of the Company’s long-term debt (including current maturities) was less than the book value by approximately $281 and $452 as of June 20, 2009 and February 28, 2009, respectively. The estimated fair value was based on market quotes, where available, or market values for similar instruments.

NOTE 6 — LONG-TERM DEBT

The Company’s long-term debt and capital lease obligations consisted of the following:


	June 20,			February 28,
	2009			2009
1.19% to 3.25% Revolving Credit Facility and Variable Rate Notes due June 2011 – June 2012	$	1,617		$	1,920
8.00% Notes due May 2016		1,000			—
7.50% Notes due February 2011		700			700
7.45% Debentures due August 2029		650			650
7.50% Notes due November 2014		500			500
6.34% to 7.15% Medium Term Notes due July 2009 – June 2028		452			512
8.00% Debentures due May 2031		400			400
7.50% Notes due May 2012		300			300
8.00% Debentures due June 2026		272			272
8.70% Debentures due May 2030		225			225
7.75% Debentures due June 2026		200			200
7.25% Notes due May 2013		200			200
6.95% Notes due August 2009		173			350
8.35% Notes due May 2010		165			275
7.875% Notes due August 2009		118			350
7.90% Debentures due May 2017		96			96
7.50% Debentures due May 2037		—			191
Accounts Receivable Securitization Facility, currently 1.41%		125			120
Other		90			97
Net discount on debt, using an effective interest rate of 6.28% to 8.97%		(240	)		(208	)
Capital lease obligations		1,319			1,334

Total debt and capital lease obligations		8,362			8,484
Less current maturities of long-term debt and capital lease obligations		(257	)		(516	)

Long-term debt and capital lease obligations	$	8,105		$	7,968

Certain of the Company’s credit facilities and 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 the 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.

In May 2009, the Company issued $1,000 in senior notes, which rank equally with all of the Company’s other senior unsecured indebtedness. In conjunction with the debt issuance, the Company paid off $191 of 7.50% Debentures due May 2037 that contained put options exercised in May 2009, early redeemed $60 of 6.77% Medium Term Notes due July 2009 and purchased pursuant to a tender offer $232 of 7.875% Notes due August 2009, $177 of 6.95% Notes due August 2009 and $110 of 8.35% Notes due May 2010 for an aggregate payment of $777 in cash. The remainder of the debt issuance proceeds was used to reduce the Revolving Credit Facility.

In May 2009, the Company amended and extended its 364-day accounts receivable securitization program. The Company can borrow up to $200 on a revolving basis, with borrowings secured by eligible accounts receivable, which remain under the Company’s control. Facility fees under this program range from 0.75 percent to 2.50 percent, based on the Company’s credit ratings. The facility fee in effect on June 20, 2009, based on the Company’s current credit ratings, is 1.00 percent. As of June 20, 2009, there were $353 of accounts receivable pledged as collateral, classified in Receivables in the Condensed Consolidated Balance Sheet. Due to the Company’s intent to renew the facility or refinance it with the Revolving Credit Facility, the facility is classified in Long-term debt in the Condensed Consolidated Balance Sheets.

As of June 20, 2009, the Company had $456 of debt, excluding the Accounts Receivable Securitization Facility, with current maturities that are classified in Long-term debt in the Condensed Consolidated Balance Sheets due to the Company’s intent to refinance such obligations with the Revolving Credit Facility or other long-term debt.

NOTE 7 — INCOME TAXES

During the 16 weeks ended June 20, 2009 there were no material changes to the unrecognized tax benefits disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended February, 28, 2009. The Company does not anticipate that its total unrecognized tax benefits will change significantly in the next 12 months.

NOTE 8 — 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 Earnings) related to stock-based awards of $13 and $23 for the 16 weeks ended June 20, 2009 and June 14, 2008, respectively.

During the 16 weeks ended June 20, 2009 and June 14, 2008, the Company granted approximately 3 and 4 stock options, respectively. To calculate the fair value of stock options, the Company uses the Black-Scholes option pricing model. The significant weighted average assumptions relating to the valuation of the Company’s stock options consisted of the following:


	June 20,			June 14,
	2009			2008
Dividend yield		2.0	%		2.0	%
Volatility rate		41.3 – 42.2	%		28.1 – 36.4	%
Risk-free interest rate		1.9 – 2.0	%		2.0 – 3.4	%
Expected option life	4.0 – 4.5 years			1.0 – 5.4 years

The weighted average grant date fair value of the stock options granted during the 16 weeks ended June 20, 2009 and June 14, 2008 was $4.93 and $7.93, respectively.

NOTE 9 — TREASURY STOCK PURCHASE PROGRAM

On May 28, 2009, the Board of Directors of the Company adopted and announced a new annual share repurchase program authorizing the Company to purchase up to $70 of the Company’s common stock. Stock purchases will be made primarily from the cash generated from the settlement of stock options. This annual authorization program replaced the previously existing share repurchase program and continues through June 2010. The Company did not repurchase any shares during the 16 weeks ended June 20, 2009. As of June 20, 2009, there remained $70 available to repurchase the Company’s common stock.

The Company did not repurchase any shares during the 16 weeks ended June 20, 2009 under the previously existing share repurchase program. During the 16 weeks ended June 14, 2008 the Company purchased 0.2 shares under a previously existing program at an average cost of $30.01 per share.

NOTE 10 — BENEFIT PLANS

Substantially all employees of the Company are covered by various contributory and non-contributory pension, profit sharing or 401(k) plans. Union employees participate in multi-employer retirement plans under collective bargaining agreements, unless the collective bargaining agreement provides for participation in plans sponsored by the Company. In addition to sponsoring both defined

benefit and defined contribution pension plans, the Company provides healthcare and life insurance benefits for eligible retired employees under postretirement benefit plans and short-term and long-term disability benefits to former and inactive employees prior to retirement under post-employment benefit plans. 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 the remaining cost.

Net periodic benefit expense (income) for defined benefit pension plans and other postretirement benefit plans consisted of the following:


	First Quarter Ended
	Pension Benefits						Other Postretirement Benefits
	June 20,			June 14,			June 20,			June 14,
	2009			2008			2009			2008
Service cost	$	2		$	2		$	1		$	—
Interest cost		42			40			2			3
Expected return on assets		(39	)		(43	)		—			—
Amortization of prior service benefit		—			—			(2	)		—
Amortization of net actuarial loss		3			—			1			1

Net periodic benefit expense (income)	$	8		$	(1	)	$	2		$	4

During the 16 weeks ended June 20, 2009, the Company made contributions of approximately $26 to its pension plans and $2 to its other postretirement benefit plans.

NOTE 11 — COMMITMENTS, CONTINGENCIES AND OFF-BALANCE SHEET ARRANGEMENTS

The Company has guaranteed certain leases, fixture financing loans and other debt obligations of various retailers as of June 20, 2009. 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 21 years, with a weighted average remaining term of approximately 10 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 customers based on internal measures of credit performance. As of June 20, 2009, the maximum amount of undiscounted payments the Company would be required to make in the event of default of all of these guarantees was approximately $160 and represented approximately $107 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.

In the ordinary course of business, the Company enters into supply contracts to purchase products for resale. These contracts typically include either volume commitments or fixed expiration dates, termination provisions and other standard contractual considerations. As of June 20, 2009, the Company had approximately $1,662 of non-cancelable future purchase obligations primarily related to supply contracts.

The Company is a party to a variety of contractual agreements under which the Company may be obligated to indemnify the other party for certain matters, which indemnities may be secured by operation of law or otherwise, in the ordinary course of business. These contracts primarily relate to the Company’s commercial contracts, 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 aware of no current matter that it expects to result in a material liability.

Legal Proceedings

The Company is subject to various lawsuits, claims and other legal matters that arise in the ordinary course of conducting business, none of which, in management’s opinion, is expected to have a material adverse impact on the Company’s financial condition, results of operations or cash flows.

In April 2000, a class action complaint was filed against Albertsons, as well as American Stores Company, American Drug Stores, Inc., Sav-on Drug Stores, Inc. (“Sav-on Drug Stores”) and Lucky Stores, Inc. (“Lucky Stores”), wholly-owned subsidiaries of Albertsons, in the Superior Court for the County of Los Angeles, California (Gardner, et al. v. American Stores Company, et al.) by assistant managers seeking recovery of overtime based on the plaintiffs’ allegation that they were improperly classified as exempt under California law. In May 2001, the Court certified a class with respect to Sav-on Drug Stores assistant managers. A case with very similar claims, involving the Sav-on Drug Stores assistant managers and operating managers, was also filed in April 2000 against Sav-on Drug Stores in the Superior Court for the County of Los Angeles, California (Rocher, Dahlin, et al. v. Sav-on Drug Stores, Inc.), and was certified as a class action in June 2001 with respect to assistant managers and operating managers. The two cases were consolidated in December 2001. New Albertsons was added as a named defendant in November 2006. Plaintiffs seek overtime wages, meal and rest break penalties, other statutory penalties, punitive damages, interest, injunctive relief and the attorneys’ fees and costs. The parties have entered into a memorandum of understanding regarding settlement of this matter and are currently negotiating terms of a preliminary settlement agreement. Although this lawsuit is subject to the uncertainties inherent in the litigation process, based on the information presently available to the Company, management does not expect that the ultimate resolution of this lawsuit will have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

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. Although this lawsuit is subject to the uncertainties inherent in the litigation process, based on the information presently available to the Company, management does not expect that the ultimate resolution of this lawsuit will have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

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. The complaint alleges 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 the other. Plaintiffs are seeking monetary damages, injunctive relief and attorneys’ fees. The Company is vigorously defending this lawsuit. Although this lawsuit is subject to the uncertainties inherent in the litigation process, based on the information presently available to the Company, management does not expect that the ultimate resolution of this lawsuit will have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

In July 2009, a putative class action complaint was filed in the United States District Court for the Southern District of New York against the Company and an officer and the Executive Chairman of the Board alleging fraud under Sections 10(b) and 20(a) of the Exchange Act and SEC Rule 10b-5. The complaint alleges that the Company withheld negative information from the market by inflating its fiscal year 2010 guidance in order to complete the Company’s Note Offering which closed on May 7, 2009. The purported class period runs between April 23, 2009 and June 23, 2009. Plaintiff is seeking class certification, monetary damages and attorneys’ fees and costs. The Company intends to vigorously defend this lawsuit. Although this lawsuit is subject to the uncertainties inherent in the litigation process, based on the information presently available to the Company, management does not expect that the ultimate resolution of this lawsuit will have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

The Company is also involved in routine legal proceedings incidental to its operations. Some of these routine proceedings involve class allegations, many of which are ultimately dismissed. Management does not expect that the ultimate resolution of these legal proceedings will have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

The statements above reflect management’s current expectations based on the information presently available to the Company, however, 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. In addition, 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 and believes recorded reserves are adequate. 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.

Pension Plan / Health and Welfare Plan Contingencies

The Company contributes to various multi-employer pension plans under collective bargaining agreements, primarily defined benefit pension plans. These plans generally provide retirement benefits to participants based on their service to contributing employers. Based on available information, the Company believes that some of the multi-employer plans to which it contributes are underfunded. Company contributions to these plans could increase in the near term. However, the amount of any increase or decrease in contributions will depend on a variety of factors, including the results of the Company’s collective bargaining efforts, investment returns on the assets held in the plans, actions taken by the trustees who manage the plans and requirements under the Pension Protection Act and Section 412(e) of the Internal Revenue Code. Furthermore, if the Company were to significantly reduce contributions, exit certain markets or otherwise cease making contributions to these plans, it could trigger a partial or complete withdrawal that would require the Company to fund its proportionate share of a plan’s unfunded vested benefits.

The Company also makes contributions to multi-employer health and welfare plans in amounts set forth in the related collective bargaining agreements. The majority of the Company’s collective bargaining agreements fix or limit the Company’s contributions to multi-employer health and welfare plans. The remaining agreements contain requirements that could result in additional contributions, increasing the Company’s Selling and administrative expenses in the future.

NOTE 12 — SEGMENT INFORMATION

Refer to page 2 for the Company’s segment information.

NOTE 13 — SUBSEQUENT EVENT

On July 28, 2009, the Company announced that it reached an agreement for the sale of 36 Albertsons stores located in Utah. The transaction, which is subject to regulatory approval, is expected to realize approximately $150 in after-tax net proceeds and is not expected to have a material effect on the Company’s results of operations for fiscal 2010.


ITEM 2.		MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Dollars and shares in millions, except per share data)

OVERVIEW

SUPERVALU is one of the largest grocery companies in the United States grocery channel. The Company operates in two segments of the grocery industry, Retail food and Supply chain services, primarily wholesale distribution. As of June 20, 2009, the Company conducted its retail operations through a total of 2,418 retail stores of which 866 are licensed locations.

Weakness in the economy continued to negatively impact consumer confidence and spending in early fiscal 2010. If this continues, it could lead to further reduced consumer spending, trading down by consumers to a less expensive mix of products or trading down by consumers to discounters for grocery items, all of which could impact the Company’s sales growth. Food deflation could reduce sales growth, while food inflation, combined with reduced consumer spending, could reduce gross profit margins.

RESULTS OF OPERATIONS

In the first quarter of fiscal 2010, net sales were $12,715 and net earnings were $113, or $0.53 per basic and diluted share. In the first quarter of fiscal 2009, net sales were $13,347 and net earnings were $162, or $0.76 per basic and diluted share. Results for the first quarter of fiscal 2009 included acquisition-related costs (defined as one-time transaction costs associated with the acquisition of New Albertsons, Inc., which primarily include supply chain consolidation costs, employee-related benefit costs and consultant fees) of $6 after tax, or $0.03 per diluted share.

FIRST QUARTER RESULTS

Net Sales

Net sales for the first quarter of fiscal 2010 were $12,715 compared with $13,347 last year, reflecting decreased sales in both the Retail food and Supply chain services segments. Retail food sales were 77.9 percent of Net sales and Supply chain services sales were 22.1 percent of Net sales for the first quarter of fiscal 2010, compared with 77.5 percent and 22.5 percent, respectively, last year.

Retail food net sales for the first quarter of fiscal 2010 were $9,900 compared with $10,346 last year. New store sales growth was more than offset by the impact of store closures and negative identical store retail sales. Identical store retail sales growth (defined as stores operating for four full quarters, including store expansions and excluding fuel and planned store closures) for the first quarter of fiscal 2010 compared to last year was negative 3.2 percent primarily as a result of a challenging economic environment, heightened competitive activity, additional investments in price and higher levels of promotional spending.

Total retail square footage at the end of the first quarter of fiscal 2010 was approximately 69 million. Total retail square footage decreased 3.2 percent from the first quarter of fiscal 2009. Total retail square footage, excluding store closures, increased 0.8 percent over the first quarter of fiscal 2009.

Supply chain services net sales for the first quarter of fiscal 2010 were $2,815 compared with $3,001 last year, reflecting the on-going transition of a national retailer’s volume to self-distribution and customer attrition, which was partially offset by new business growth.

Gross Profit

Gross profit, as a percent of Net sales, decreased 60 basis points to 22.4 percent in the first quarter of fiscal 2010 compared to 23.0 percent last year, primarily reflecting increased investments in price and promotional spending.

Selling and Administrative Expenses

Selling and administrative expenses, as a percent of Net sales, were 19.6 percent in the first quarter of fiscal 2010 compared with 19.6 percent last year, primarily reflecting effective expense management with the decrease in Net sales from last year.

Operating Earnings

Operating earnings for the first quarter of fiscal 2010 were $362 compared with $456 last year. Retail food operating earnings for the first quarter of fiscal 2010 were $311 compared with $399 last year, primarily reflecting the impact of a challenging economic environment, heightened competitive activity, additional investments in price and higher levels of promotional spending. Supply chain services operating earnings for the first quarter of fiscal 2010 were $82, or 2.9 percent of Supply chain services net sales, compared with $86, or 2.9 percent of Supply chain services net sales last year.

Net Interest Expense

Net interest expense was $177 in the first quarter of fiscal 2010 compared with $190 last year, primarily reflecting lower interest rates and debt levels in the first quarter of fiscal 2010 compared to last year.

Income Tax Provision

The income tax expense was $72, or 38.7 percent of earnings before income taxes, in the first quarter of fiscal 2010 compared with income tax expense of $104, or 39.0 percent of earnings before income taxes, last year.

Net Earnings

Net earnings were $113, or $0.53 per basic and diluted share, in the first quarter of fiscal 2010 compared with net earnings of $162, or $0.76 per basic and diluted share last year.

SUBSEQUENT EVENT

On July 28, 2009, the Company announced that it reached an agreement for the sale of 36 Albertsons stores located in Utah. The transaction, which is subject to regulatory approval, is expected to realize approximately $150 in after-tax net proceeds and is not expected to have a material effect on the Company’s results of operations for fiscal 2010.

LIQUIDITY AND CAPITAL RESOURCES

Net cash provided by operating activities was $492 for the first quarter of fiscal 2010 compared with $398 last year, primarily attributable to changes in working capital partially offset by decreased Net earnings and Depreciation and amortization.

Net cash used in investing activities was $223 for the first quarter of fiscal 2010 compared with $369 last year. The decrease is primarily attributable to lower capital spending in the first 16 weeks of fiscal 2010 compared to last year.

Net cash used in financing activities was $234 for the first quarter of fiscal 2010 compared with $13 last year. Fiscal 2010 first quarter financing activities primarily reflect net payments of long-term debt and capital lease obligations and payment of dividends.

Management expects that the Company will continue to replenish operating assets with internally generated funds. There can be no assurance, however, that the Company’s business will continue to generate cash flow at current levels. The Company will continue to obtain short-term or long-term financing from its credit facilities. Long-term financing will be maintained through existing and new debt issuances. 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 respect to the relative attractiveness of interest rates at the time of issuance and other debt maturities.

The Company has senior secured credit facilities in the amount of $4,000. These facilities were provided by a group of lenders and consist of a $2,000 five-year revolving credit facility (the “Revolving Credit Facility”), a $750 five-year term loan (“Term Loan A”) and a $1,250 six-year term loan (“Term Loan B”). The rates in effect under the facilities as of June 20, 2009, based on the Company’s current credit ratings, were 0.20 percent for the facility fees, LIBOR plus 0.875 percent for Term Loan A, LIBOR plus 1.25 percent for Term Loan B, LIBOR plus 1.00 percent for revolving advances and Prime Rate for base rate advances.

All obligations under the senior secured credit facilities are guaranteed by each material subsidiary of the Company. The obligations are also secured by a pledge of the equity interests in those same material subsidiaries, limited as required by the existing public indentures of the Company, such that the respective debt issued need not be equally and ratably secured.

The senior secured credit facilities also contain various financial covenants, including a minimum interest expense coverage ratio and a maximum debt leverage ratio. The interest expense coverage ratio shall not be less than 2.25 to 1 for each of the fiscal quarters ending up through December 30, 2009, and moves to a ratio of not less than 2.30 to 1 for the fiscal quarters ending after December 30, 2009. The debt leverage ratio shall not exceed 4.00 to 1 for each of the fiscal quarters ending up through December 30, 2009 and moves to a ratio not to exceed 3.75 to 1 for each of the fiscal quarters ending after December 30, 2009.

Borrowings under Term Loan A and Term Loan B may be repaid, in full or in part, at any time without penalty. Term Loan A has required repayments, payable quarterly, equal to 2.50 percent of the initial drawn balance for the first four quarterly payments (year one) and 3.75 percent of the initial drawn balance for each quarterly payment in years two through five, with the entire remaining balance due at the five year anniversary of the inception date, June 1, 2006. Term Loan B has required repayments, payable quarterly, equal to 0.25 percent of the initial drawn balance, with the entire remaining balance due at the six year anniversary of the inception date. Prepayments shall be applied pro rata to the remaining amortization payments.

As of June 20, 2009, there were $26 of outstanding borrowings under the Revolving Credit Facility. Term Loan A had a remaining principal balance of $478, of which $113 was classified as current, and Term Loan B had a remaining principal balance of $1,113, of which $11 was classified as current. Letters of credit outstanding under the Revolving Credit Facility were $329 and the unused available credit under the Revolving Credit Facility was $1,645. The Company also had $5 of outstanding letters of credit issued under separate agreements with financial institutions. Letters of credit primarily support workers’ compensation, merchandise import programs and payment obligations. The Company pays fees, which vary by instrument, of up to 1.40 percent on the outstanding balance of the letters of credit.

Capital spending during the first quarter of fiscal 2010 was approximately $238. Capital spending primarily included store remodeling activity and technology expenditures. The Company’s capital spending for fiscal 2010 is projected to be approximately $700, including capital leases.

Fiscal 2010 debt reduction is projected to be approximately $700, including the net proceeds from the sale of 36 Albertsons stores located in Utah.

COMMITMENTS, CONTINGENCIES AND OFF-BALANCE SHEET ARRANGEMENTS

Company is aware of no current matter that it expects to result in a material liability.

The Company is a party to various legal proceedings arising from the normal course of business as described in Part II—Other Information, Item 1, under the caption “Legal Proceedings” and in Note 11 — Commitments, Contingencies and Off-Balance Sheet Arrangements, none of which, in management’s opinion, is expected to have a material adverse impact on the Company’s financial condition, results of operations or cash flows.

Pension Plan / Health and Welfare Plan Contingencies

Contractual Obligations

There have been no material changes in the Company’s contractual obligations since the end of fiscal 2009. Refer to Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended February 28, 2009 for additional information regarding the Company’s contractual obligations.

CRITICAL ACCOUNTING POLICIES

The description of critical accounting policies is included in Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended February 28, 2009.

NEW ACCOUNTING STANDARDS

CAUTIONARY STATEMENTS FOR PURPOSES OF THE SAFE HARBOR PROVISIONS OF THE SECURITIES LITIGATION REFORM ACT

Any statements contained in this report regarding the outlook for our businesses and their respective markets, such as projections of future performance, guidance, statements of our plans and objectives, forecasts of market trends and other matters, are forward-looking statements based on our assumptions and beliefs. Such statements may be identified by such words or phrases as “will likely result,” “are expected to,” “will continue,” “outlook,” “will benefit,” “is anticipated,” “estimate,” “project,” “management believes” or similar expressions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those discussed in such statements and no assurance can be given that the results in any forward-looking statement will be achieved. For these statements, SUPERVALU INC. claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Any forward-looking statement speaks only as of the date on which it is made, and we disclaim any obligation to subsequently revise any forward-looking statement to reflect events or circumstances after such date or to reflect the occurrence of anticipated or unanticipated events.

Certain factors could cause our future results to differ materially from those expressed or implied in any forward-looking statements contained in this report. These factors include the factors discussed in Part II, Item 1A of this Quarterly Report on Form 10-Q under the heading “Risk Factors,” the factors discussed below and any other cautionary statements, written or oral, which may be made or referred to in connection with any such forward-looking statements. Since it is not possible to foresee all such factors, these factors should not be considered as complete or exhaustive.

Economic and Industry Conditions

•

Adverse changes in economic conditions that affect consumer spending or buying habits

•

Food and drug price inflation or deflation

•

Increases in energy costs and commodity prices, which could impact consumer spending and buying habits and the cost of doing business

•

The availability of favorable credit and trade terms

•

Changes in interest rates

•

The outcome of negotiations with partners, governments, suppliers, unions or customers

•

Narrow profit margins in the grocery industry

Competitive Practices

•

Our ability to attract and retain customers

•

Our ability to hire, train or retain employees

•

Competition from other food or drug retail chains, supercenters, non-traditional competitors and emerging alternative formats in our retail markets

•

Declines in the retail sales activity of our Supply chain services customers due to competition or increased self-distribution

•

Changes in demographics or consumer preferences that affect consumer spending habits

•

The impact of consolidation in the retail food and supply chain services industries

•

The success of our promotional and sales programs and our ability to respond to the promotional practices of competitors

•

The ability to successfully improve buying practices and shrink

•

The increase in the penetration of our Own Brands private label program could impact identical store retail sales growth

Food Safety

•

Events that give rise to actual or potential food contamination, drug contamination or food-borne illness or any adverse publicity relating to these types of concern, whether or not valid

Integration of Acquired Businesses

•

Our ability to successfully combine our operations with any businesses we have acquired or may acquire, to achieve expected synergies and to minimize the diversion of management’s attention and resources

Store Expansion and Remodeling

•

Potential delays in the development, construction or start-up of planned projects

•

Our ability to locate suitable store or distribution center sites, negotiate acceptable purchase or lease terms and build or expand facilities in a manner that achieves appropriate returns on our capital investment

•

The adequacy of our capital resources for future acquisitions, the expansion of existing operations or improvements to facilities

•

Our ability to make acquisitions at acceptable rates of return, assimilate acquired operations and integrate the personnel of the acquired business

Liquidity

•

Additional funding requirements to meet anticipated debt payments and capital needs

•

The impact of acquisitions on our level of indebtedness, debt ratings, costs and future financial flexibility

•

The impact of the recent turmoil in the financial markets on the availability and cost of credit

Labor Relations

•

Potential work disruptions resulting from labor disputes

Employee Benefit Costs

•

Increased operating costs resulting from rising employee benefit costs or pension funding obligations

Regulatory Matters

•

The ability to timely obtain permits, comply with government regulations or make capital expenditures required to maintain compliance with government regulations

•

Changes in applicable laws and regulations that impose additional requirements or restrictions on the operation of our businesses

Self-Insurance

•

Variability in actuarial projection regarding workers’ compensation and general and automobile liability

•

Potential increase in the number or severity of claims for which we are self-insured

•

Significant volatility in the amount and timing of payments

Legal and Administrative Proceedings

•

Unfavorable outcomes in litigation, governmental or administrative proceedings or other disputes

•

Adverse publicity related to such unfavorable outcomes

Information Technology

•

Difficulties in developing, maintaining or upgrading information technology systems

Security

•

Business disruptions or losses resulting from wartime activities, acts or threats of terror, data theft, information espionage, or other criminal activity directed at the food and drug industry, the transportation industry or computer or communications systems

Severe Weather, Natural Disasters and Adverse Climate Changes

•

Property damage or business disruption resulting from severe weather conditions and natural disasters that affect us, our customers or suppliers

•

Unseasonably adverse climate conditions that impact the availability or cost of certain products in the grocery supply chain

Accounting Matters

•

Changes in accounting standards that impact our financial statements


ITEM 3.		QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There were no material changes in market risk for the Company in the period covered by this report. See the discussion of market risk in Item 7A of the Company’s Annual Report on Form 10-K for the fiscal year ended February 28, 2009.


ITEM 4.		CONTROLS AND PROCEDURES

Management of the Company, including the Chief Executive Officer and the Chief Financial Officer, have evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934) as of June 20, 2009. Based on this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures are effective to provide reasonable assurance that information required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange Act of 1934 is (1) recorded, processed, summarized and reported within the time periods specified by the Securities and Exchange Commission’s rules and forms and (2) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, in a manner that allows timely decisions regarding required disclosure.

In connection with the evaluation described above, there were no changes in the Company’s internal control over financial reporting that occurred during the Company’s most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II — OTHER INFORMATION


ITEM 1.		LEGAL PROCEEDINGS

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 and believes recorded reserves are adequate. 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.


ITEM 1A.		RISK FACTORS

Various risks and uncertainties may affect the Company’s business. Any of the risks described below or elsewhere in this Quarterly Report on Form 10-Q or the Company’s other SEC filings may have a material impact on the Company’s business, financial condition or results of operations.

General economic conditions, which are largely out of the Company’s control, may adversely affect the Company’s financial condition and results of operations.

The Company’s Retail food and Supply chain services businesses are sensitive to changes in general economic conditions, both nationally and locally. Recessionary economic cycles, higher interest rates, higher fuel and other energy costs, inflation, increases in commodity prices, higher levels of unemployment, higher consumer debt levels, higher tax rates and other changes in tax laws or other economic factors that may affect consumer spending or buying habits may adversely affect the demand for products the Company sells in its stores or distributes to its independent retail customers. The United States economy and financial markets have declined and experienced volatility due to uncertainties related to energy prices, availability of credit, difficulties in the banking and financial services sectors, the decline in the housing market, diminished market liquidity, falling consumer confidence and rising unemployment rates. As a result, consumers are more cautious. This may lead to additional reductions in consumer spending, to consumers trading down to a less expensive mix of products or to consumers trading down to discounters for grocery items, all of which may affect the Company’s financial condition and results of operations. Food deflation could reduce sales growth, while food inflation, combined with reduced consumer spending, could reduce gross profit margins. We are unable to predict when the economy will improve. If the economy does not improve, the Company’s business, results of operations and financial condition may be adversely affected.

Furthermore, the Company may experience additional reductions in traffic in its own stores or stores of independent retail customers that it supplies, or limitations on the prices the Company can charge for its products, either of which may reduce the Company’s sales and profit margins and have a material adverse affect on the Company’s financial condition and results of operations. Also, economic factors such as those listed above and increased transportation costs, inflation, higher costs of labor, insurance and healthcare, and changes in other laws and regulations may increase the Company’s cost of sales and the Company’s operating, selling, general and administrative expenses, and otherwise adversely affect the financial condition and results of operations of the Company’s Retail food and Supply chain services businesses.

The Company faces a high level of competition in the Retail food and Supply chain services businesses, which may adversely affect the Company’s financial condition and results of operations.

The Company’s Retail food business faces competition for customers, employees, store sites, products and in other important areas from traditional grocery retailers, including regional and national chains and independent food store operators, and non-traditional retailers, such as supercenters, membership warehouse clubs, combination food and pharmacy stores, limited assortment food stores, specialty supermarkets, drug stores, discount stores, dollar stores, convenience stores and restaurants. The Company’s ability to attract customers in this business is dependent, in large part, upon a combination of product price, quality, assortment, brand recognition, store location, in-store marketing and design, promotional strategies and continued growth into new markets. In addition, the nature and extent to which our competitors implement various pricing and promotional activities in response to increasing competition and the Company’s response to these competitive actions, can adversely affect profitability.

The Company’s Supply chain services business is primarily wholesale distribution and includes a third-party logistics component. The distribution component of the Company’s Supply chain services business competes with traditional grocery wholesalers on the basis of product price, quality, assortment, schedule and reliability of deliveries, service fees and distribution facility locations. The third-party logistics component of the Company’s Supply chain services business competes nationwide in a highly fragmented marketplace with a number of large international and domestic companies and many smaller, regional companies on the basis of warehousing and transportation logistics expertise, cost and the ability to offer asset and non-asset based solutions and design and manage customer supply chains. Competitive pressures on the Company’s Retail food and Supply chain services businesses may cause the Company to experience: (i) reductions in the prices at which the Company is able to sell products at its retail locations or to its independent retail customers, (ii) decreases in sales volume due to increased difficulty in selling the Company’s products and (iii) difficulty in attracting and retaining customers. Any of these outcomes may adversely affect the Company’s financial condition and results of operations.

In addition, the nature and extent of consolidation in the retail food and food distribution industries may affect the Company’s

competitive position or that of the Company’s independent retail customers in the markets the Company serves. Although the retail food industry as a whole is highly fragmented, certain segments are currently undergoing some consolidation, which may result in increased competition and significantly alter the dynamics of the retail food marketplace. Such consolidation may result in competitors with greatly improved financial resources, improved access to merchandise, greater market penetration and other improvements in their competitive positions. Such business combinations may result in the provision of a wider variety of products and services at competitive prices by such consolidated companies, which may adversely affect the Company’s financial condition and results of operations.

The Company has been subject to negative operating trends, which may adversely affect the Company’s results of operations.

The Company has experienced negative operating trends, including negative identical store sales, resulting from the unprecedented decline in the economy and financial and credit market turmoil during fiscal 2009 and the beginning of fiscal 2010, which negatively affected consumer confidence and spending and pressured “trading down” practices by customers. In addition, the operating trends were impacted by lower margins resulting from certain ineffective pricing and promotional efforts to address these trends. Additional reductions in consumer spending, consumers trading down to a less expensive mix of products and consumers trading down to discounters for grocery items, all of which impacted the Company’s results for fiscal 2009 and the beginning of fiscal 2010, may continue to negatively impact the Company’s results. If the Company’s merchandising and marketing initiatives do not work as planned or if these negative operating trends continue or worsen, the Company’s business, results of operations and financial condition would be adversely affected.

Food and drug safety concerns and related unfavorable publicity may adversely affect the Company’s sales and results of operations.

There is increasing governmental scrutiny and public awareness regarding food and drug safety. The Company may be adversely affected if consumers lose confidence in the safety and quality of the Company’s food and drug products. Any events that give rise to actual or potential food contamination, drug contamination or food-borne illness may result in product liability claims and a loss of consumer confidence. In addition, adverse publicity about these types of concerns whether valid or not, may discourage consumers from buying the Company’s products or cause production and delivery disruptions, which may have an adverse effect on the Company’s sales and results of operations.

The Company’s substantial indebtedness and lower credit rating may increase the Company’s borrowing costs, decrease the Company’s business flexibility and adversely affect the Company’s financial condition and results of operations.

The Company has, and expects to continue to have, a substantial amount of debt and a significantly lower debt coverage ratio as compared to what the Company had before the Acquisition. In addition, as a result of the Acquisition, the Company’s debt no longer has an investment-grade rating.

The Company’s level of indebtedness and the reduction of its credit rating may have important consequences to the operation of its businesses and may increase its vulnerability to general adverse economic conditions. For example, they may:

	•		require the Company to use a substantial portion of its cash flow from operations for the payment of principal of, and interest on, its indebtedness, thereby reducing the availability of the Company’s cash flow to fund working capital, capital expenditures, acquisitions, development efforts and other general corporate purposes;

	•		limit the Company’s ability to obtain, or increase the cost at which the Company is able to obtain, additional financing to fund working capital, capital expenditures, additional acquisitions or general corporate requirements; and

	•		limit the Company’s flexibility to adjust to changing business and market conditions and place the Company at a competitive disadvantage relative to its competitors that have less debt.

In addition, the Company’s ability to make scheduled payments or to refinance its obligations with respect to its indebtedness will depend upon the Company’s operating and financial performance, which, in turn, is subject to prevailing economic conditions and to financial, business and other factors beyond the Company’s control. As a result, the Company’s substantial indebtedness and lower credit rating may increase the Company’s borrowing costs, decrease the Company’s business flexibility and adversely affect the Company’s financial condition and results of operations. Furthermore, the turmoil in the financial markets, including the bankruptcy or restructuring of certain financial institutions, may adversely impact the availability and cost of credit in the future. There can be no assurances that government responses to the disruptions in the financial markets will stabilize the markets or increase liquidity and the availability of credit.

The Company’s inability to successfully negotiate with labor unions or to maintain good labor relations may lead to labor disputes and the disruption of the Company’s businesses, which may adversely affect the Company’s financial condition and results of operations.

A large number of the Company’s employees are unionized, and the Company’s relationship with unions, including labor disputes or work stoppages, may affect the sale and distribution of the Company’s products and have an adverse impact on the Company’s financial condition and results of operations. As of February 28, 2009, the Company is a party to 266 collective bargaining agreements covering approximately 110,000 of its employees, of which 47 covering approximately 37,000 employees are scheduled to expire in fiscal 2010. These expiring agreements cover approximately 34 percent of the Company’s union-affiliated employees. In addition, during fiscal 2009, 62 collective bargaining agreements covering approximately 4,500 employees expired without their terms being renegotiated. Negotiations are expected to continue with the bargaining units representing the employees subject to those agreements. In future negotiations with labor unions, the Company expects that, among other issues, rising healthcare, pension and employee benefit costs will be important topics for negotiation. There can be no assurance that the Company will be able to negotiate the terms of any expiring or expired agreement in a manner acceptable to the Company. Therefore, potential work disruptions from labor disputes may result, which may disrupt the Company’s businesses and adversely affect the Company’s financial condition and results of operations.

Escalating costs of providing employee benefits may adversely affect the Company’s financial condition and results of operations.

The Company provides health benefits to and sponsors defined pension and other post-retirement plans for substantially all employees not participating in multi-employer health and pension plans. The Company’s costs to provide such benefits continue to increase annually. In addition, the Company participates in various multi-employer health and pension plans for a majority of its unionized employees, and the Company is required to make contributions to these plans in amounts established under collective bargaining agreements. The costs of providing benefits through such plans have escalated rapidly in recent years and contributions to these plans may continue to create collective bargaining challenges. The amount of any increase or decrease in the Company’s required contributions to these multi-employer plans will depend upon many factors, including the outcome of collective bargaining, actions taken by trustees who manage the plans, government regulations, the actual return on assets held in the plans and the potential payment of a withdrawal liability if the Company chooses to exit a market. Increases in the costs of benefits under these plans coupled with adverse stock market developments that have reduced the return on plan assets have caused some multi-employer plans in which the Company participates to be underfunded. The unfunded liabilities of these plans may result in increased future payments by the Company and the other participating employers, including costs that may arise with respect to any potential litigation or that may cause the acceleration of payments to fund any underfunded plan. The Company’s risk of such increased payments may be greater if any of the participating employers in these underfunded plans withdraws from the plan due to insolvency and is not able to contribute an amount sufficient to fund the unfunded liabilities associated with its participants of the plan. If the Company is unable to control healthcare and pension costs, the Company may experience increased operating costs, which may have a material adverse effect on the Company’s financial condition and results of operations.

The Company’s inability to open and remodel a significant number of stores as planned may have an adverse effect on the Company’s financial condition and results of operations.

In fiscal 2010, pursuant to the Company’s 2010 capital plan, the Company expects to complete 65 to 70 major store remodels, 25 to 30 minor store remodels, three new combination and food stores, and 45 to 55 limited assortment stores, including licensed stores. If, as a result of labor relations issues, supply issues or environmental and real estate delays, a significant portion of these capital projects do not stay reasonably within the time and financial budgets that the Company has forecasted, the Company’s financial condition and results of operations may be adversely affected. Furthermore, the Company cannot ensure that the new or remodeled stores will achieve anticipated results. As a result, the Company’s inability to open and remodel a significant number of stores as planned may have an adverse effect on the Company’s financial condition and results of operations.

The industries in which the Company operates have narrow profit margins, which may adversely affect the Company’s business.

Profit margins in the grocery industry are very narrow. In order to increase or maintain the Company’s profit margins, strategies are used to reduce costs, such as productivity improvements, shrink reduction, distribution center efficiencies, energy efficiency programs and other similar strategies. Changes in product mix also may negatively affect certain financial measures. If the Company is unable to achieve forecasted cost reductions there may be an adverse effect on the Company’s business.

If the Company is unable to comply with governmental regulations or if there are unfavorable changes in such government regulations, the Company’s financial condition and results of operations may be adversely affected.

The Company’s businesses are subject to various federal, state and local laws, regulations and administrative practices. These laws require the Company to comply with numerous provisions regulating health and sanitation standards, equal employment opportunity, 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 with governmental regulations may affect the Company’s ability to open new stores or expand existing facilities, which may adversely impact the Company’s business operations and prospects for future growth. In addition, the Company cannot predict the nature of future laws, regulations, interpretations or applications, nor can the Company determine the effect that additional governmental regulations or administrative orders, when and if promulgated, or disparate federal, state and local regulatory schemes would have on the Company’s future business. They may, however, impose additional requirements or restrictions on the products the Company sells or manner in which the Company operates its businesses. Any or all of such requirements may have an adverse effect on the Company’s financial condition and results of operations.

If the number or severity of claims for which the Company is self-insured increases, or the Company is required to accrue or pay additional amounts because the claims prove to be more severe than the Company’s recorded liabilities, the Company’s financial condition and results of operations may be adversely affected.

The Company uses a combination of insurance and self-insurance to provide for potential liabilities for workers’ compensation,

automobile and general liability, property insurance and employee healthcare benefits. The Company estimates the liabilities associated with the risks retained by the Company, in part, by considering historical claims experience, demographic and severity factors and other actuarial assumptions which, by their nature, are subject to a degree of variability. Any actuarial projection of losses concerning workers’ compensation and general and automobile liability is subject to a degree of variability. Among the causes of this variability are unpredictable external factors affecting future inflation rates, discount rates, litigation trends, legal interpretations, benefit level changes and actual claim settlement patterns.

Some of the many sources of uncertainty in the Company’s reserve estimates include changes in benefit levels, medical fee schedules, medical utilization guidelines, vocation rehabilitation and apportionment. If the number or severity of claims for which the Company is self-insured increases, or the Company is required to accrue or pay additional amounts because the claims prove to be more severe than the Company’s original assessments, the Company’s financial condition and results of operations may be adversely affected.

The Company’s policy is to discount its self-insurance liabilities at a risk-free interest rate, which is appropriate based on the Company’s ability to reliably estimate the amount and timing of cash payments. If, in the future, the Company were to experience significant volatility in the amount and timing of cash payments compared to the Company’s earlier estimates, the Company would assess whether it is appropriate to continue to discount these liabilities.

Litigation may adversely affect the Company’s businesses, financial condition and results of operations.

The Company’s businesses are subject to the risk of litigation by employees, consumers, suppliers, stockholders or others through private actions, class actions, administrative proceedings, regulatory actions or other litigation. The outcome of litigation, particularly class action lawsuits and regulatory actions, is difficult to assess or quantify. Plaintiffs in these types of lawsuits may seek recovery of very large or indeterminate amounts, and the magnitude of the potential loss relating to such lawsuits may remain unknown for substantial periods of time. The cost to defend future litigation may be significant. There may also be adverse publicity associated with litigation that may decrease consumer confidence in the Company’s businesses, regardless of whether the allegations are valid or whether the Company is ultimately found liable. As a result, litigation may adversely affect the Company’s businesses, financial condition and results of operations.

Difficulties with the Company’s information technology systems may adversely affect the Company’s results of operations.

The Company has complex information technology systems that are important to the operation of its businesses. The Company may encounter difficulties in developing new systems or maintaining and upgrading existing systems. Such difficulties may lead to significant expenses or losses due to disruption in business operations and, as a result, may adversely affect the Company’s results of operations.

Threats or potential threats to security or the occurrence of a widespread health epidemic may adversely affect the Company’s financial condition and results of operations.

The Company’s businesses may be severely impacted by wartime activities, threats or acts of terror or a widespread regional, national or global health epidemic, such as pandemic flu. Such activities, threats or epidemics may adversely impact the Company’s businesses by disrupting production and delivery of products to its stores or to its independent retail customers, by affecting the Company’s ability to appropriately staff its stores and by causing customers to avoid public gathering places or otherwise change their shopping behaviors.

Additionally, 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 measures in recognition of actual or potential threats, by requiring the Company to expend significant time and expense developing, maintaining or upgrading its information technology systems and by causing the Company to incur significant costs to reimburse third parties for damages. Such activities may also adversely affect the Company’s financial condition and results of operations by reducing consumer confidence in the marketplace and by modifying consumer spending habits.

Severe weather, natural disasters and adverse climate changes may adversely affect the Company’s financial condition and results of operations.

Severe weather conditions such as hurricanes, earthquakes or tornadoes, as well as other natural disasters, in areas in which the Company has stores or distribution facilities or from which the Company obtains products may adversely affect the Company’s results of operations. Such conditions may cause physical damage to the Company’s properties, closure of one or more of the Company’s stores or distribution facilities, lack of an adequate work force in a market, temporary disruption in the supply of products, disruption in the transport of goods, delays in the delivery of goods to the Company’s distribution centers or stores and a reduction in the availability of products in the Company’s stores. In addition, adverse climate conditions and adverse weather patterns, such as drought or flood, that impact growing conditions and the quantity and quality of crops yielded by food producers may adversely affect the availability or cost of certain products within the grocery supply chain. Any of these factors may disrupt the Company’s businesses and adversely affect the Company’s financial condition and results of operations.

Changes in accounting standards may materially impact the Company’s financial condition and results of operations.

Accounting principles generally accepted in the Unites States and related accounting pronouncements, implementation guidelines, and interpretations for many aspects of the Company’s business, such as accounting for insurance and self-insurance, inventories, goodwill and intangible 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 significant volatility to the Company’s reported earnings without a comparable underlying change in cash flow from operations. As a result, changes in accounting standards may materially impact the Company’s financial condition and results of operations.

An impairment in the carrying value of the Company’s goodwill or other intangible assets may adversely affect the Company’s financial condition and results of operations.

The Company is required to annually test goodwill and intangible assets with indefinite lives, including the goodwill associated with past acquisitions and any future acquisitions, to determine if impairment has occurred. Additionally, interim reviews must be performed whenever events or changes in circumstances indicate that impairment may have occurred. If the testing performed indicates that impairment has occurred, the Company is required to record a non-cash impairment charge for the difference between the carrying value of the goodwill or other intangible assets and the implied fair value of the goodwill or other intangible assets in the period the determination is made. The testing of goodwill and other intangible assets for impairment requires the Company to make significant estimates about our future performance and cash flows, as well as other assumptions. These estimates can be affected by numerous factors, including changes in economic, industry or market conditions, changes in business operations, changes in competition or potential changes in the Company’s stock price and market capitalization. Changes in these factors, or changes in actual performance compared with estimates of the Company’s future performance, may affect the fair value of goodwill or other intangible assets, which may result in an impairment charge. The Company cannot accurately predict the amount and timing of any impairment of assets. Should the value of goodwill or other intangible assets become impaired, there may be an adverse effect on the Company’s financial condition and results of operations.


ITEM 2.		UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS


					Total Number of		Approximate
					Shares Purchased		Dollar Value of
					as Part of		Shares that May
					Publicly		Yet be Purchased
					Announced		Under the
	Total Number		Average		Treasury Stock		Treasury Stock
(in millions, except shares and per share amounts)	of Shares		Price Paid		Purchase		Purchase
Period (1)	Purchased (2)		Per Share		Program (3)		Program (3)
First four weeks
March 1, 2009 to March 28, 2009		185,913	$	15.21		—	$	53
Second four weeks
March 29, 2009 to April 25, 2009		3,270	$	14.08		—	$	53
Third four weeks
April 26, 2009 to May 23, 2009		—	$	—		—	$	53
Fourth four weeks
May 24, 2009 to June 20, 2009		808	$	15.90		—	$	70

Totals		189,991	$	15.19		—	$	70


(1)		The reported periods conform to the Company’s fiscal calendar composed of thirteen 28-day periods. The first quarter of fiscal 2010 contains four 28-day periods.

(2)		These amounts include the deemed surrender by participants in the Company’s compensatory stock plans of 189,991 shares of previously issued common stock. These are in payment of the purchase price for shares acquired pursuant to the exercise of stock options and satisfaction of tax obligations arising from such exercises, as well as from the vesting of restricted stock awards granted under such plans.

(3)		On May 28, 2009, the Board of Directors of the Company adopted and announced a new annual share repurchase program authorizing the Company to purchase up to $70 of the Company’s common stock. Stock purchases will be made primarily from the cash generated from the settlement of stock options. This annual authorization program replaced the previously existing share repurchase program and continues through June 2010.


ITEM 3.		DEFAULTS UPON SENIOR SECURITIES

None.


ITEM 4.		SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

The Company held its Annual Meeting of Stockholders on June 25, 2009, at which the stockholders took the following actions:

(i) elected Irwin S. Cohen, Ronald E. Daly, Lawrence A. Del Santo, Susan E. Engel, Craig R. Herkert and Kathi P. Seifert to the Board of Directors for a one-year term expiring in 2010. The votes cast for and withheld with respect to each such Director are set forth below. No broker non-votes occurred with respect to any Director.


	For		Against		Abstain
Irwin S. Cohen		180,681,841		3,577,293		228,667
Ronald E. Daly		179,418,143		4,830,493		239,165
Lawrence A. Del Santo		177,723,946		6,358,704		405,151
Susan E. Engel		179,334,462		4,873,708		279,631
Craig R. Herkert		179,765,547		4,506,715		215,539
Kathi P. Seifert		177,268,803		6,981,323		237,675

The Directors whose terms continued after the meeting are as follows: A. Gary Ames, Philip L. Francis, Edwin C. Gage, Garnett L. Keith, Jr., Charles M. Lillis, Jeffrey Noddle, Marissa T. Peterson, Steven S. Rogers and Wayne C. Sales;

(ii) ratified by a vote of 179,188,730 for, 5,123,887 against, 175,184 abstaining and no broker non-votes, for the appointment of KPMG LLP as independent registered public accountants of the Company for the fiscal year ending February 27, 2010;

(iii) rejected by a vote of 132,778,546 against, 10,786,096 for, 21,040,293 abstaining and 19,882,866 broker non-votes, a stockholder proposal regarding tobacco drugstore sales; and

(iv) approved by a vote of 84,232,409 for, 75,504,716 against, 4,077,506 abstaining and 20,673,170 broker non-votes, a stockholder proposal regarding say-on-pay.


ITEM 5.		OTHER INFORMATION

None.


ITEM 6.		EXHIBITS


	3.1			Restated Bylaws, as amended July 7, 2009, is incorporated herein by reference to Exhibit 3.1 to the Current Report on Form 8-K of the Company filed with the SEC on July 13, 2009.
	10.1			Form of Change of Control Severance Agreement, as amended [Tiers I, II & III]*
	31.1			Chief Executive Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
	31.2			Chief Financial Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
	32.1			Chief Executive Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
	32.2			Chief Financial Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
	101			The following information from the SUPERVALU INC. Quarterly Report on Form 10-Q for the quarter ended June 20, 2009, filed with the SEC on July 29, 2009, formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Consolidated Segment Financial Information, (ii) the Condensed Consolidated Statements of Earnings, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows and (v) the Notes to Condensed Consolidated Financial Statements, tagged as blocks of text.


*		Indicates management contracts, compensatory plans or arrangements required to be filed pursuant to Item 601(b)(10)(iii)(A) of Regulation S-K.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


		SUPERVALU INC. (Registrant)
Dated: July 29, 2009		/s/ SHERRY SMITH
		Sherry Smith
		Senior Vice President, Finance (principal accounting officer)

EXHIBIT INDEX


Exhibit

	3.1	Restated Bylaws, as amended July 7, 2009, is incorporated herein by reference to Exhibit 3.1 to the Current Report on Form 8-K of the Company filed with the SEC on July 13, 2009.
	10.1	Form of Change of Control Severance Agreement, as amended [Tiers I, II & III]*
	31.1	Chief Executive Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
	31.2	Chief Financial Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
	32.1	Chief Executive Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
	32.2	Chief Financial Officer Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
	101	The following information from the SUPERVALU INC. Quarterly Report on Form 10-Q for the quarter ended June 20, 2009, filed with the SEC on July 29, 2009, formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Consolidated Segment Financial Information, (ii) the Condensed Consolidated Statements of Earnings, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows and (v) the Notes to Condensed Consolidated Financial Statements, tagged as blocks of text.


*		Indicates management contracts, compensatory plans or arrangements required to be filed pursuant to Item 601(b)(10)(iii)(A) of Regulation S-K.

EX-10.1 2 c52443exv10w1.htm EX-10.1 EX-10.1

Template - -- 2009 Revisions

CHANGE OF CONTROL SEVERANCE AGREEMENT

AS AMENDED
[TIERS I, II & III¹]

This Agreement (“Agreement”) is dated as of , 20[09], by and between SUPERVALU INC., a Delaware corporation (the “Company”), and (the “Executive”).

WHEREAS, the Company’s Board of Directors (the “Board”) considers the continued services of key executives of the Company to be in the best interests of the Company and its stockholders; and

WHEREAS, the Board desires to assure and has determined that it is appropriate and in the best interests of the Company and its stockholders to reinforce and encourage the continued attention and dedication of key executives of the Company to their duties of employment without personal distraction or conflict of interest in circumstances arising from the possibility or occurrence of a Change of Control of the Company; and

WHEREAS, the Board has authorized the Company to enter into continuity agreements with those key executives of the Company who are designated by the Executive Personnel and Compensation Committee of the Board of Directors (the “Committee”), such agreements to set forth the severance compensation which the Company agrees under certain circumstances to pay such executives; and

WHEREAS, Executive is a key executive of the Company and has been designated by the Committee as an executive to be offered such a continuity compensation agreement with the Company.

NOW, THEREFORE, in consideration of the promises and the mutual covenants and agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and Executive agree as follows:

1)		General Principles. This Agreement is effective on the first date that it has been signed by both the Company and Executive. Words and phrases used with initial capital letters shall have the meaning assigned to them in Section 17 and in other Sections of this Agreement unless, in the context in which used, it would be unreasonable to do so. The captions given to Sections of this Agreement are solely for convenience of reference and shall not be considered in construing this Agreement.

2)		Employment following Change of Control.

	a)		Employment Continued. If a Change of Control occurs, Executive’s employment shall be continued hereunder for the Employment Period, subject to Executive’s Separation from Service as described hereinafter. Any existing employment agreement between Executive and the Company shall continue to be effective following the Change of Control, but severance amounts under this Agreement shall be reduced by amounts payable under any such employment agreement.

	b)		Terms of Continued Employment. During the Employment Period, the following shall apply.


¹		Tier I - the CEO; Tier II – the EVPs; Tier III – those remaining corporate officers who are offered this form of Agreement.

	i)		Executive shall have at least the same titles and responsibilities as those in effect immediately prior to the Change of Control unless mutually agreed otherwise.

	ii)		Executive shall receive an annual base salary which is not less than the highest base salary in effect for Executive at any time in the twelve (12) months preceding the Change of Control, and the Company shall review the salary annually with a view to increasing it; provided any such increase shall be in the sole discretion of the Board. Once increased, base salary cannot be decreased.

	iii)		If Executive has not been terminated, for the year of the Change of Control and for each year thereafter during which Executive is employed, Executive shall be paid an annual bonus which shall be no less than the highest of (A) the bonus which Executive would have received under the Company’s bonus plans as they were in effect prior to the Change of Control (based upon actual performance in the year up to the Change of Control), (B) the average of the annual bonuses paid or payable in respect of the three years prior to the Change of Control, or (C) Executive’s Target Bonus immediately prior to the Change of Control. In addition, Executive shall be afforded long term incentive opportunities that are not less than the level in effect prior to the Change of Control.

	iv)		Executive shall be provided with, pension, general insurance, vacation, fringe benefits, perquisites (including an automobile allowance, if any), the use of an office and support staff that are commensurate with the pension, general insurance, vacation, fringe benefits, perquisites (including an automobile allowance, if any), the use of an office and support staff provided to Executive immediately prior to the Change of Control or, if more favorable to Executive, at the level made available to other similarly situated executive officers of the Company after the Change of Control.

	v)		Executive’s place of employment following a Change of Control shall be no farther than forty-five (45) miles from Executive’s place of employment prior to the Change of Control.

Payment upon Separation from Service Incident to a COC.

Payment Triggers. Executive shall be entitled to the severance benefits provided in Section 4 hereof if, and only if, Executive has a Separation from Service and that Separation from Service occurs either:

	i)		prior to a Change of Control, as a result of an Anticipatory Separation, or

	ii)		within two (2) years following a Change of Control:

	(1)		by the Company without Cause, or

	(2)		by Executive for Good Reason.

Excluded Separations. Without limiting the generality of the foregoing, if Executive has a Separation from Service prior to a Change of Control for any reason other than an Anticipatory Separation, this Agreement (excluding the covenants in Section 11) shall terminate and have no effect and Executive shall receive only such severance payments, if any, as are provided in any other existing agreement between Executive and the Company. If Executive has a Separation from Service after a Change of Control other than by the Company without Cause or by Executive for Good Reason, this Agreement (excluding the covenants in Section 11) shall terminate and have no effect and Executive shall receive only such severance payments, if any, as are provided in any other existing agreement between Executive and the Company.

	c)		Death & Disability. Notwithstanding the foregoing, Executive shall not be entitled to severance benefits under this Agreement if Executive’s Separation from Service is on account of Executive’s death or Disability. Executive’s death or Disability subsequent to a Separation from Service which would otherwise give rise to severance benefits under this Agreement will not disqualify Executive’s estate or Executive from receiving the severance benefits.

	d)		Notice of Termination by Company. Any purported Separation from Service of Executive by the Company (whether for Cause or without Cause) shall be communicated by a Notice of Termination to Executive. No purported Separation from Service of Executive by the Company shall be effective without a Notice of Termination having been given.

	e)		Good Reason Notice by Executive. Any purported Separation from Service by Executive for Good Reason shall be communicated by a Notice of Termination to the Company. An Executive’s Separation from Service will not be for Good Reason unless (i) Executive gives the Company written notice of the event or circumstance which Executive claims is the basis for Good Reason within six (6) months of such event or circumstance first occurring, and (ii) the Company is given thirty (30) days from its receipt of such notice within which to cure or resolve the event or circumstance so noticed. If the circumstance is cured or resolved within said 30 days, Executive’s Separation from Service will not be for Good Reason.

Compensation Upon Separation from Service Incident to a Change of Control. If, pursuant to Section 3, Executive has a Separation from Service that qualifies Executive for benefits under this Section 4, and upon Executive’s timely execution and non-rescission of a Release of Claims, as further described in Section 12(c) below, Executive shall be entitled to the following payments and benefits.

	a)		Lump Sum Severance. On the tenth (10^th)business day following such Separation from Service (or at such later time as may be provided under Section 4(h)), the Company shall pay or cause to be paid to Executive a lump sum cash amount equal to [ ²] times the sum of (i) Executive’s annual Base Salary , and (ii) Executive’s Target Bonus.

	b)		Other Remuneration.

	i)		Salary and Vacation Pay. In addition, at the time of the payment under Section 4(a), Executive shall be entitled to an additional lump sum cash payment equal to the sum of (A) Executive’s earned but unpaid salary through the date of Separation from Service, and (B) an amount, if any, of accrued vacation pay, in each case, in full satisfaction of Executive’s rights thereto. In addition, Executive shall be entitled to payment of annual bonus plan and long term incentive plan amounts, if any, due but not yet paid as of the Separation from Service with respect to years or cycles that were completed before the Separation from Service.

	ii)		Interrupted Annual Bonus. In addition, Executive shall receive a pro-rated payment of such bonus as would have been earned based on actual performance for the annual bonus cycle that includes the Separation from Service. This pro-rated annual bonus will be determined on the basis of actual performance through the Separation from Service. Except to the extent Executive has elected to defer payment of such amount pursuant to a deferred compensation plan, the pro-rated amount shall paid at the same time other bonuses are paid under the annual bonus plan. In all events, however, this payment under the annual bonus plan shall be paid not later than the later of (A) March 15 following the end of the calendar year in


²		For Tier I – “three (3).” For Tier II – “two (2).” For Tier III – “one (1).”

which the Separation from Service occurs, or (B) May 15 following the end of the Company’s fiscal year in which the Separation from Service occurs.

	c)		No Effect on Other Agreements. Except as expressly provided in this Agreement, nothing in this Agreement shall be interpreted or relied upon as a basis to amend, modify, accelerate or defer, or otherwise change any contributions to or payments that may be due from any other plan or arrangement that are deferred compensation subject to section 409A of the Internal Revenue Code of 1986, as amended (the “Code”).

	d)		Continued Welfare Benefits.

	i)		In General. Executive shall be entitled to continued medical, dental and life insurance coverage for Executive and Executive’s eligible dependents on the same basis as in effect prior to the Change of Control or Executive’s Separation from Service, whichever is deemed to provide for more substantial benefits, until the earlier of (A) the end of the Separation Period, or (B) the commencement of comparable coverage with a subsequent employer or under a plan of Executive’s spouse’s employer.

	ii)		Impossibility. If the Company determines that it is not able to provide the coverage required above under the general terms and provisions of the Company’s welfare benefit plans consistent with the underwriting, regulatory and tax treatment intended for those plans, then the Company shall reimburse Executive for the cost of obtaining substantially similar benefits (the “Benefit Payment”) and shall pay Executive an additional amount, such that after payment of all applicable federal, state and local income and payroll taxes imposed upon Executive as a result of the Benefit Payment, Executive retains an amount equal to the amount of the Benefit Payment.

	e)		Outplacement. If so requested by Executive, outplacement services shall be provided by a professional outplacement provider mutually acceptable to Executive and the Company at a cost to the Company of not more than Twenty-Five Thousand Dollars ($25,000). Such services may be provided by direct payment to the outplacement provider (and not by reimbursement to Executive). However, services shall be paid or reimbursed only if the services are provided during the period beginning with the Separation from Service and ending on the December 31 of the second calendar year following the calendar year in which the Separation from Service occurred.

	f)		Indemnification; Liability Insurance. The Company shall maintain, for a period not less than six years following Executive’s Separation from Service, indemnification policies and liability insurance coverage for Executive’s benefit comparable to those indemnification policies and liability insurance coverage provided by the Company for Executive’s benefit prior to the Change of Control.

	g)		Withholding. Payments and benefits provided pursuant to this Section 4 or any other provision of this Agreement shall be subject to any applicable income, payroll and other taxes required to be withheld.

	h)		Limitations on Payment of Deferred Compensation. To the extent that any payments or benefits to be provided to Executive under this Agreement would be considered deferred compensation under section 409A of the Code and Executive is, as of Separation from Service, a “specified employee” as defined in regulations issued under section 409A of the Code, then any such payments that would otherwise be due and payable during the first six (6) months following and on account of a Separation from Service shall instead be paid to Executive upon the earlier of (i) six months and one day after the date of Executive’s Separation from Service or (ii) any other date permitted under section 409A(a)(2) and section 409A(a)(3). To the extent that any

payments or benefits to be provided to Executive under this Agreement would be considered deferred compensation under section 409A of the Code, the provisions of this Agreement pertaining thereto shall be construed and administered to comply with section 409A. Neither the Company nor any of its officers, directors, agents or affiliates shall be obligated, directly or indirectly, to Executive or any other person for any taxes, penalties, interest or like amounts that may be imposed on Executive or other person on account of any amounts paid or payable under this Agreement or on account of any failure to comply with section 409A.

280G Best Net.

	a)		Reduction Alternative. Anything in this Agreement to the contrary notwithstanding, if it is determined (as hereafter provided) that any payment or distribution by the Company to or for the benefit of Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise pursuant to or by reason of any other agreement, policy, plan, program or arrangement, including without limitation any stock option, stock appreciation right or similar right, or the lapse or termination of any restriction on or the vesting or exercisability of any of the foregoing (a “Payment”), would be subject to the excise tax imposed by section 4999 of the Code (or any successor provision thereto) by reason of being “contingent on a change in ownership or control” of the Company, within the meaning of section 280G of the Code (or any successor provision thereto) or to any similar tax imposed by state or local law, or any interest or penalties with respect to such excise tax (such tax or taxes, together with any such interest and penalties, are hereafter collectively referred to as the “Excise Tax”), then if a reduction in the amount of payments under Section 4(a) of this Agreement sufficient to avoid the excise tax would result in an increase in the total amount of all Payments that would be retained by Executive, net of all applicable taxes, then and only then, the payments due under Section 4(a) shall be reduced to the amount that, when considered with all Payments taken into account under section 280G is One Dollar ($1.00) less than the smallest sum that would subject Executive to the excise tax.

	b)		Determinations. If at any time Executive disagrees with any part of the Company’s determinations as to the application of Section 5(a), the disputed matter shall be referred to the nationally recognized firm of certified public accountants (the “Accounting Firm”) used by the Company prior to the Change of Control (or, if such Accounting Firm declines to serve, the Accounting Firm shall be a nationally recognized firm of certified public accountants selected by Executive). The Accounting Firm shall be directed by the Company or Executive to submit its determination and detailed supporting calculations to both the Company and Executive within fifteen (15) calendar days after the Separation from Service, if applicable, and any other such time or times as may be requested by the Company or Executive. In connection with making determinations under this Section 5, the Accounting Firm shall take into account the value of any reasonable compensation for services to be rendered by Executive before or after the Change of Control, including any restrictive covenants that may apply to Executive and the Company shall cooperate in the valuation of any such services, including any restrictive covenants.

	c)		Process. The Company and Executive shall each provide the Accounting Firm access to and copies of any books, records and documents in the possession of the Company or Executive, as the case may be, reasonably requested by the Accounting Firm, and otherwise cooperate with the Accounting Firm in connection with the preparation and issuance of the determination contemplated by Section 5(b) hereof.

	d)		Fees and Expenses. The fees and expenses of the Accounting Firm for its services in connection with the determinations and calculations contemplated by Section 5 hereof shall be borne by the Company. If such fees and expenses are initially advanced by Executive, the Company shall reimburse Executive the full amount of such fees and expenses on the fifth business day after receipt from Executive of a statement therefore and reasonable evidence of Executive’s payment thereof.

Obligations Absolute; No Mitigation; No Effect On Other Rights.

	a)		Absolute. The obligations of the Company to make the payment to Executive, and to make the arrangements, provided for herein are absolute and unconditional and may not be reduced by any circumstances, including without limitation any set-off, counterclaim (including without limitation, pursuant to Section 11), recoupment, defense or other right which the Company may have against Executive or any third party at any time.

	b)		No Mitigation. Executive shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise, and no such payment shall be offset or reduced by the amount of any compensation or benefits provided to Executive in any subsequent employment.

	c)		Other Agreements. The provisions of this Agreement, and any payment provided for herein, shall not supersede or in any way limit the rights, benefits, duties or obligations which Executive may now or in the future have under any benefit, incentive or other plan or arrangement of the Company or any other agreement with the Company.

7)		Not an Employment Agreement. Subject to the terms of this or any other agreement or arrangement between the Company and Executive that may then be in effect, nothing herein shall prevent the Company from terminating Executive’s employment.

8)		Successors; Binding Agreement; Assignment.

	a)		Company’s Successors. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business of the Company, by agreement to expressly, absolutely and unconditionally assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. Failure of the Company to obtain such agreement prior to the effectiveness of any such succession shall be a material breach of this Agreement and shall entitle Executive to terminate Executive’s employment with the Company or such successor for Good Reason immediately prior to or at any time after such succession. As used in this Agreement, “Company” shall mean (i) the Company as hereinbefore defined, and (ii) any successor to all or substantially all of the Company’s business or assets which executes and delivers an agreement provided for in this Section 8(a) or which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law, including any parent or subsidiary of such a successor.

	b)		Executive’s Successors. This Agreement shall inure to the benefit of and be enforceable by Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If Executive should die while any amount would be payable to Executive hereunder if Executive had continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to Executive’s estate or designated beneficiary. Neither this Agreement nor any right arising hereunder may be assigned or pledged by Executive.

Notice. For purpose of this Agreement, notices and all other communications provided for in this Agreement or contemplated hereby shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed United States certified or registered mail, return receipt requested, postage prepaid, and addressed, in the case of the Company, to the Company at:

P.O. Box 990
Minneapolis, MN 55440
Attention: Corporate Secretary

		and in the case of Executive, to Executive at the most current address shown on Executive’s employment records. Either party may designate a different address by giving notice of change of address in the manner provided above, except that notices of change of address shall be effective only upon receipt.

10)		Expenses. In addition to all other amounts payable to Executive under this Agreement, the Company shall pay or reimburse Executive for legal fees (including without limitation, any and all court costs and attorneys’ fees and expenses) incurred by Executive in connection with or as a result of any claim, action or proceeding brought by the Company or Executive with respect to or arising out of this Agreement or any provision hereof; unless (i) in the case of an action brought by Executive, it is determined by an arbitrator or by a court of competent jurisdiction that such action was frivolous and was not brought in good faith, or (ii) in the case of a claim arising under Section 11 hereof, the Company prevails on the merits of such claim.

11)		Employee Covenants. In consideration of this Agreement, and in recognition of the fact that, as a result of Executive’s employment with the Company or any of its affiliates, Executive has had or will have access to and gain knowledge of highly confidential or proprietary information or trade secrets pertaining to the Company or its affiliates, as well as the customers, suppliers, joint ventures, licensors, licensees, distributors or other persons and entities with whom the Company or any of its affiliates does business (“Confidential Information”), which the Company or its affiliates have expended time, resources and money to obtain or develop and which have significant value to the Company and its affiliates, Executive agrees for the benefit of the Company and its affiliates, and as a material condition to Executive’s receipt of benefits described in this Agreement, as follows.

	a)		Non-Disclosure of Confidential Information. Executive acknowledges that Executive will receive access or have received access to Confidential Information about the Company or its affiliates, that this information was obtained or developed by the Company or its affiliates at great expense and is zealously guarded by the Company and its affiliates from unauthorized disclosure and that Executive’s possession of this special knowledge is due solely to Executive’s employment with the Company or one or more of its affiliates. In recognition of the foregoing, Executive will not at any time during employment or following termination of employment for any reason, disclose, use or otherwise make available to any third party any Confidential Information relating to the Company’s or any affiliate’s business, products, services, customers, vendors or suppliers; trade secrets, data, specifications, developments, inventions and research activity; marketing and sales strategies, information and techniques; long and short term plans; existing and prospective client, vendor, supplier and employee lists, contacts and information; financial, personnel and information system information and applications; and any other information concerning the business of the Company or its affiliates which is not disclosed to the general public or known in the industry, except for disclosure necessary in the course of Executive’s duties or with the express written consent of the Company. All Confidential Information, including all copies, notes regarding, and replications of such Confidential Information will remain the sole property of the Company or its affiliate, as applicable, and must be returned to the Company or such affiliate immediately upon termination of Executive’s employment.

	b)		Return of Property. Upon termination of employment with the Company or any of its affiliates, or at any other time at the request of the Company, Executive shall deliver to a designated Company representative all records, documents, hardware, software and all other property of the Company or its affiliates and all copies of such property in Executive’s possession. Executive acknowledges and agrees that all such materials are the sole property of the Company or its affiliates and that Executive will certify in writing to the Company at the time of delivery, whether upon termination or otherwise, that Executive has complied with this obligation.

	c)		Non-Solicitation of Existing or Prospective Customers, Vendors and Suppliers. Executive specifically acknowledges that the Confidential Information described in Section 11(a) includes confidential data pertaining to existing and prospective customers, vendors and suppliers of the Company or its affiliates; that such data is a valuable and unique asset of the business of the Company or its affiliates; and that the success or failure of their businesses depends upon the their ability to establish and maintain close and continuing personal contacts and working relationships with such existing and prospective customers, vendors, and suppliers and to develop proposals which are specific to such existing and prospective customers, vendors, and suppliers. Therefore, during Executive’s employment with the Company or any of its affiliates and for the twelve (12) months following termination of employment for any reason, Executive agrees that Executive will not, except on behalf of the Company or its affiliates, or with the Company’s express written consent, solicit, approach, contact or attempt to solicit, approach or contact, either directly or indirectly, on Executive’s own behalf or on behalf of any other person or entity, any existing or prospective customers, vendors, or suppliers of the Company or its affiliates with whom Executive had contact or about whom Executive gained Confidential Information during Executive’s employment with the Company or its affiliates for the purpose of obtaining business or engaging in any commercial relationship that would be competitive with the “Business of the Company” (as defined below in Section 11(e)(i)) or cause such customer, supplier, or vendor to materially change or terminate its business or commercial relationship with the Company or its affiliates.

	d)		Non-Solicitation of Employees. Executive specifically acknowledges that the Confidential Information described in Section 11 also includes confidential data pertaining to employees and agents of the Company or its affiliates, and Executive further agrees that during Executive’s employment with the Company or its affiliates and for the twelve (12) months following termination of employment for any reason, Executive will not, directly or indirectly, on Executive’s own behalf or on behalf of any other person or entity, solicit, contact, approach, encourage, induce or attempt to solicit, contact, approach, encourage or induce any of the employees or agents of the Company or its affiliates to terminate their employment or agency with the Company or any of its affiliates.

	e)		Non-Competition. Executive covenants and agrees that during Executive’s employment with the Company or any of its affiliates and for the twelve (12) months following termination of employment for any reason, Executive will not, in any geographic market in which Executive worked on behalf of the Company or any of its affiliates, or for which Executive had any sales, marketing, operational, logistical or other management or oversight responsibility, engage in or carry on, directly or indirectly, as an owner, employee, agent, associate, consultant, partner or in any other capacity, a business competitive with the Business of the Company. This Section 11(e) shall not apply following a Change in Control.

	i)		The “Business of the Company” shall mean any business or activity involved in grocery or general merchandise retailing and supply chain logistics, including but not limited to grocery distribution, business-to-business portal, retail support services, and third-party logistics, of the type provided by the Company or its affiliates, or presented in concept to Executive by the Company or its affiliates at any time during Executive’s employment with the Company or any of its affiliates.

	ii)		To “engage in or carry on” shall mean to have ownership in such business (excluding ownership of up to 1% of the outstanding shares of a publicly-traded company) or to consult, work in, direct or have responsibility for any area of such business, including but not limited to operations, logistics, sales, marketing, finance, recruiting, sourcing, purchasing, information technology or customer service.

	f)		No Disparaging Statements. Executive agrees that Executive will not make any disparaging statements about the Company, its affiliates, directors, officers, agents, employees, products, pricing policies or services.

	g)		Remedies for Breach of These Covenants. Any breach of the covenants in this Section 11 likely will cause irreparable harm to the Company or its affiliates for which money damages could not reasonably or adequately compensate the Company or its affiliates. Accordingly, the Company or any of its affiliates shall be entitled to all forms of injunctive relief (whether temporary, emergency, preliminary, prospective or permanent) to enforce such covenants, in addition to damages and other available remedies, and Executive consents to the issuance of such an injunction without the necessity of the Company or any such affiliate posting a bond or, if a court requires a bond to be posted, with a bond of no greater than Five Hundred Dollars ($500) in principal amount. In the event that injunctive relief or damages are awarded to the Company or any of its affiliates for any breach by Executive of this Section 11, Executive further agrees that the Company or such affiliate shall be entitled to recover its costs and attorneys’ fees necessary to obtain such recovery. In addition, Executive agrees that upon Executive’s breach of any covenant in this Section 11, all unexercised options issued under any stock option plans of the Company will immediately terminate and the Company shall have the right to exercise any and all of the rights described above.

	h)		Enforceability of These Covenants. It is further agreed and understood by Executive and the Company that if any part, term or provision of these terms and conditions should be held to be unenforceable, invalid or illegal under any applicable law or rule, the offending term or provision shall be applied to the fullest extent enforceable, valid or lawful under such law or rule or, if that is not possible, the offending term or provision shall be struck and the remaining provisions of these Terms and Conditions shall not be affected or impaired in any way.

12)

Miscellaneous. No provision of this Agreement may be amended, altered, modified, waived or discharged unless such amendment, alteration, modification, waiver or discharge is agreed to in writing signed by Executive and such officer of the Company as shall be specifically designated by the Committee or by the Board.

	a)		409A Amendments. Notwithstanding the foregoing, if the Company determines from time to time in good faith that any provision of this Agreement is not or may not be in compliance with section 409A of the Code and that such provisions can be amended to comply with section 409A without causing any violation of any other provision of law, the Company may, but shall not be obligated to, amend such provision without the consent of Executive for the purpose of eliminating or modifying the provision in such manner as the Company determines to be necessary and appropriate to comply with section 409A of the Code. In effecting any such amendment, the Company shall replace any benefits that may be lost with economic consideration of its choosing that is of equal cost or of equal value, as determined in its reasonable discretion. Unless under the circumstances it is impracticable to do so, Executive shall be given reasonable advance notice of the Company’s intention to amend. Any such amendment shall be applied on a reasonably uniform basis to all similar agreements and shall be evidenced in writing. Executive shall receive such written notice as soon as practicable after its effective date.

	b)		No Waivers. No waiver by either party, at any time, of any breach by the other party of, or of compliance by the other party with, any condition or provision of this Agreement to be performed or complied with by such other party shall be deemed a waiver of any similar or dissimilar provision or condition of this Agreement or any other breach of or failure to comply with the same condition or provision at the same time or at any prior or subsequent time. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this Agreement. The validity,

			interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Delaware without giving effect to its conflict of laws rules. Any action brought by Executive or the Company shall be brought and maintained in a court of competent jurisdiction in the State of Minnesota.

	c)		Release of Claims Required.

Notwithstanding any other provision of this Agreement, no benefits shall be paid pursuant to Section 4(a) if Executive:

	(1)		fails to execute and deliver to the Company a release of claims (the “Release of Claims”) in the form and manner prescribed by the Company, within the time set forth in the Release of Claims, or

	(2)		revokes or rescinds such Release of Claims and Agreement during the revocation or rescission period set forth in such Release of Claims.

	ii)		The Release of Claims will include Executive’s agreements related to confidentiality, non-competition, non-solicitation, non-disparagement and arbitration.

	iii)		It is the responsibility of the Company to deliver to Executive the Company’s form of Release of Claims sufficiently before the date specified in Section 4(a) for payment (including, if applicable, such later date as is specified under Section 4(h)), such that Executive is afforded such period as may be required by applicable statute or regulation to consider whether to sign the Release of Claims and whether to revoke or rescind such Release of Claims. If the Company shall fail to do so, Executive’s obligation to execute and deliver a Release of Claims is waived.

13)		Severability. If any one or more of the provisions of this Agreement shall be held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby. To the extent permitted by applicable law, each party hereto waives any provision of law which renders any provision of this Agreement invalid, illegal or unenforceable in any respect.

14)		Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be an original and all of which shall be deemed to constitute one and the same instrument.

15)		Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior oral or written agreements, commitments or understandings with respect to the matters provided for herein (except that any other non-disclosure, non-competition or non-solicitation agreements or provisions the parties hereto have entered into shall continue to be in effect). [Without limiting the generality of the foregoing, this Agreement completely supersedes the prior Change of Control Severance Agreement, As Amended, between the Company and Executive dated as of , . ]³

16)		Grantor Trust. Immediately prior to a Change of Control, the Company shall contribute to a grantor trust an amount equal to one hundred twenty-five percent (125%) of the payments Executive would receive from the Company, pursuant to Section 4 hereof, if Executive were Separated from Service


³ If this is a new agreement, this sentence is not needed. If this agreement replaces a prior COC Agreement, this sentence should be included with the accurate title of that prior agreement and the date of that prior agreement inserted.

		without Cause by the Company or if Executive were to Separate from Service for Good Reason, in either case, immediately following the Change of Control.

17)		Definitions. The following terms, and terms derived from the following terms, shall have the following meanings when used in the Agreement with initial capital letters unless, in the context, it would be unreasonable to do so.

Anticipatory Separation shall mean a Separation from Service that occurs before a Change of Control:

if either:

	(1)		the Separation from Service follows any event or condition described in clauses (i) through (iv) of the Good Reason definition, or

	(2)		it is a Separation from Service without Cause, and

ii)

Executive reasonably demonstrates:

	(1)		the Separation from Service was at the request of a third party who has indicated an intention or taken steps reasonably calculated to effect a Change of Control, or

	(2)		otherwise arose in connection with or in anticipation of a Change of Control.

	b)		Base Salary shall mean the highest annual base salary in effect for Executive at any time in the 12 months preceding the COC Date.

	c)		Cause shall mean:

	i)		the continued failure of Executive to perform Executive’s duties with the Company (other than any such failure resulting from incapacity due to physical or mental illness), after a written demand for substantial performance is delivered to Executive by the Board or an officer of the Company which specifically identifies the manner in which the Board or the officer believes that Executive has not substantially performed Executive’s duties;

	ii)		the conviction of, or plea of guilty or nolo contendere to, a felony or the willful engaging by Executive in conduct which is materially and demonstrably injurious to the Company;

	iii)		Executive’s commission of a material act or material acts of personal dishonesty intended to result in substantial personal enrichment of Executive at the expense of the Company; or

	iv)		Executive’s material violation of Company policies relating to Code of Business Conduct, Equal Employment Opportunities and Harassment or Workplace Violence.

Provided, however, that in no event shall Cause exist by virtue of any action taken by Executive (A) in compliance with express written directions of the Board, [the Company’s Chief Executive Officer or the officer to whom Executive reports,⁴] or (B) in reliance upon the express written consent of the Company’s counsel.


⁴		Bracketed material included only in Tier II and Tier III agreements.

			In each case above, for a Separation from Service to be for Cause: (A) Executive must be provided with a Notice of Termination (as described in Section 3(e)) within six (6) months after the Company has actual knowledge of the act or omission constituting Cause; (B) Executive must be provided with an opportunity to be heard by the Board no earlier than thirty (30) days following the Notice of Termination (during which notice period Executive has failed to cure or resolve the behavior in question); and (C) there must be a good faith determination of Cause by at least 2/3rds of the non-employee outside directors of the Company.

			Whether a Separation from Service is for Cause as provided above will be determined by the Company in its sole discretion based on all the facts and circumstances.

	d)		Change of Control shall be deemed to have occurred upon any of the following events:

	i)		the acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (A) the then outstanding shares of common stock of the Company, or (B) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors; provided, however, that for purposes of this subsection (i), the following acquisitions shall not constitute a Change of Control: (A) any acquisition directly from the Company, or (B) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company; or

	ii)		the consummation of any merger or other business combination of the Company, sale or lease of all or substantially all of the Company’s assets or combination of the foregoing transactions (the “Transactions”) other than a Transaction immediately following which the shareholders of the Company and any trustee or fiduciary of any Company employee benefit plan immediately prior to the Transaction own at least 60% of the voting power, directly or indirectly, of (A) the surviving corporation in any such merger or other business combination; (B) the purchaser or lessee of the Company’s assets, or (C) both the surviving corporation and the purchaser or lessee in the event of any combination of Transactions; or

	iii)		within any 24-month period, the persons who were directors immediately before the beginning of such period (the “Incumbent Directors”) shall cease (for any reason other than death) to constitute at least a majority of the Board or the board of directors of a successor to the Company. For this purpose, any director who was not a director at the beginning of such period shall be deemed to be an Incumbent Director if such director was elected to the Board by, or on the recommendation of or with the approval of, at least three-fourths of the directors who then qualified as Incumbent Directors (so long as such director was not nominated by a person who has expressed an intent to effect a Change of Control or engage in a proxy or other control contest); or

	iv)		such other event or transaction as the Board shall determine constitutes a Change of Control.

	e)		COC Date shall mean the date on which a Change of Control occurs. However, if Executive has a Separation from Service prior to a Change of Control by reason of an Anticipatory Separation, the COC Date for Executive shall be the date immediately preceding the occurrence of that Anticipatory Separation.

	f)		Disability shall have the same meaning as in the Company’s long term disability plan.

	g)		Employment Period shall mean the period commencing on the COC Date and ending on the second anniversary of the COC Date.

Good Reason shall mean any one or more of the following events occurring during the two-year period following the COC Date:

	i)		Executive’s annual base salary is reduced below the higher of (A) the amount in effect on the COC Date, or (B) the highest amount in effect at any time thereafter;

	ii)		Executive’s Target Bonus is reduced below the Target Bonus as it existed before the COC Date;

	iii)		Executive’s duties and responsibilities or the program of incentive compensation (including without limitation long term incentive plans and equity incentive programs), vacation, fringe benefits, perquisites, retirement and general insurance benefits offered to Executive are materially and adversely diminished in comparison to the duties and responsibilities or the program of such benefits enjoyed by Executive on the COC Date;

	iv)		Executive is required to be based at a location more than 45 miles from the location where Executive was based and performed services on the COC Date or Executive’s business travel obligations are significantly increased over those in effect immediately prior to the COC Date;

	v)		failure by the Company to provide for the assumption of this Agreement by any successor entity; or

	vi)		a material breach by the Company of the terms of this Agreement;

			provided, however, that any diminution of duties or responsibilities that occurs solely as a result of the fact that the Company ceases to be a public company shall not, in and of itself, constitute Good Reason.

	i)		Notice of Termination shall mean a written notice which shall indicate the specific provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for Executive’s Separation from Service under the provisions so indicated.

	j)		Separation from Service shall mean a severance of Executive’s employment for reasons other than death under circumstances that would qualify as a separation from service as that term is used and defined under section 409A of the Code.

	i)		Whether a Separation from Service has occurred is determined based on whether the facts and circumstances indicate that the Company and Executive both reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide services Executive would perform after such date (whether as an employee or as an independent contractor) would permanently decrease to no more than twenty percent (20%) of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding thirty six (36) month period (or the full period of services to the Company if Executive has been providing services to the Company less than thirty six months).

	ii)		A transfer from employment with the Company to employment with an affiliate of the Company shall not constitute a Separation from Service.

	iii)		A Separation from Service shall not be deemed to occur while Executive is on military leave, sick leave or other bona fide leave of absence if the period does not exceed six (6) months or, if longer, so long as Executive retains a right to reemployment with the Company or an

			affiliate under an applicable statute or by contract. For this purpose, a leave is bona fide only if, and so long as, there is a reasonable expectation that Executive will return to perform services for the Company or an affiliate.

	iv)		Notwithstanding the foregoing, a twenty nine (29) month period of absence will be substituted for such six (6) month period if the leave is due to any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of no less than six (6) months and that causes Executive to be unable to perform the duties of his or her position of employment.

	k)		Separation from Service Date shall mean the date on which a Separation from Service occurs.

	l)		Separation Period shall mean the period of [ ] months beginning with the Separation from Service Date.⁵

	m)		Target Bonus shall mean the target amount of bonus established under the annual bonus plan for Executive for the year in which the Separation from Service occurs. When the context requires, it shall also mean the target amount of bonus established for any earlier or later year.

18)

Dispute Resolution.

	a)		ERISA §503 Procedure. Executive and the Company agree that any controversy, claim or dispute arising out of or relating to this Agreement (including, but not necessarily being limited to, the manner of giving the Notice of Termination, the reasons or cause for Executive’s Separation from Service or the amount of compensation due to Executive subsequent to Executive’s Separation from Service) shall be subject to a claims adjudication process analogous to the ERISA §503 process set forth in the SUPERVALU INC. Executive & Officer Severance Pay Plan. Notwithstanding the foregoing, in any litigation or arbitration regarding such matter, deference shall not be afforded to any determination that is made in whole or in part under that process subsequent to a COC Date.

	b)		Arbitration Process. Any such claims (excluding, however, claims by the Company relating to Executive’s breach of any of the employee covenants set forth in Section 11 above) not resolved after exhausting that process shall be resolved by binding arbitration before a neutral arbitrator under rules set forth in the Federal Arbitration Act. Executive and the Company agree that such claims may be brought in an appropriate administrative forum, but at the point at which Executive or the Company seeks a judicial forum to resolve the matter, the agreement for binding arbitration becomes effective, and Executive and the Company hereby knowingly and voluntarily waive any right to have any such dispute tried and adjudicated by a judge or jury. During any period in which an Executive’s claim for any benefit under this Agreement is pending (whether under Section 18(a) or Section 18(b)), Executive shall continue to receive Executive’s salary (including any bonus) and benefits as if Executive’s employment with the Company had continued through the date of the arbiters’ determination, and any such payments or benefits shall not be offset against any severance, either under this Agreement or otherwise, to which Executive may be entitled.

	c)		Judicial Enforcement. The foregoing not to the contrary, the Company may seek to enforce the employee covenants set forth in Section 11 above, in any court of competent jurisdiction. The agreement to arbitrate shall continue in full force and effect despite the expiration or termination of Executive’s employment relationship with the Company or any of its affiliates. Executive and


⁵		For Tier I – 36 months (three years). For Tier II – 24 months (two years). For Tier III – 12 months (one year)

			the Company agree that any award rendered by the arbitrator shall be final and binding and that judgment upon the final award may be entered in any court having jurisdiction thereof. The arbitrator may grant any remedy or relief that the arbitrator deems just and equitable, including any remedy or relief that would have been available to Executive, the Company or any of its affiliates had the matter been heard in court. All expenses of the arbitration, including the required travel and other expenses of the arbitrator and any witnesses, and the costs relating to any proof produced at the direction of the arbitrator, shall be borne equally by Executive and the Company unless otherwise mutually agreed or unless the arbitrator directs otherwise in the award. The arbitrator’s compensation shall be borne equally by Executive and the Company unless otherwise mutually agreed or unless the law provides otherwise.

	d)		Injunction and Finality. Executive agrees that any breach of the covenants contained in Section 11 would irreparably injure the Company. Accordingly, Executive agrees that the Company may, in addition to pursuing any other remedies it may have in law or in equity, cease making any payments otherwise required by this Agreement and obtain an injunction against Executive from any court having jurisdiction over the matter restraining any further violation of this Agreement by Executive; provided, however, that the Company may not cease making any payments required by this Agreement until a court or arbitrator(s) having jurisdiction over the matter has made a final non-appealable determination on the merits of such action in the Company’s favor.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.


Witnesses:		SUPERVALU INC.




		Name:



		Title:




		Executive

EX-31.1 3 c52443exv31w1.htm EX-31.1 EX-31.1

Exhibit 31.1

Certification Pursuant to Section 302
of the Sarbanes-Oxley Act of 2002

I, Craig R. Herkert, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of SUPERVALU INC. for the quarterly fiscal period ended June 20, 2009;

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 the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.



Date: July 29, 2009		/s/ CRAIG R. HERKERT
		Craig R. Herkert
		Chief Executive Officer

EX-31.2 4 c52443exv31w2.htm EX-31.2 EX-31.2

Exhibit 31.2

Certification Pursuant to Section 302
of the Sarbanes-Oxley Act of 2002

I, Pamela K. Knous, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of SUPERVALU INC. for the quarterly fiscal period ended June 20, 2009;

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.



Date: July 29, 2009		/s/ PAMELA K. KNOUS
		Pamela K. Knous
		Executive Vice President and Chief Financial Officer

EX-32.1 5 c52443exv32w1.htm EX-32.1 EX-32.1

Exhibit 32.1

Certification Pursuant to Section 906
of the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of SUPERVALU INC. (the “Company”) certifies that the Quarterly Report on Form 10-Q of the Company for the quarterly fiscal period ended June 20, 2009, 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 Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company for the period and as of the dates covered thereby.



Dated: July 29, 2009		/s/ CRAIG R. HERKERT
		Craig R. Herkert
		Chief Executive Officer

EX-32.2 6 c52443exv32w2.htm EX-32.2 EX-32.2

Exhibit 32.2

Certification Pursuant to Section 906
of the Sarbanes-Oxley Act of 2002



Dated: July 29, 2009		/s/ PAMELA K. KNOUS
		Pamela K. Knous
		Executive Vice President and Chief Financial Officer

EX-101.INS 7 svu-20090620.xml EX-101 INSTANCE DOCUMENT 0000095521 svu:CorporateMember 2009-03-01 2009-06-20 0000095521 svu:CorporateMember 2008-02-24 2008-06-14 0000095521 2008-02-24 2009-02-28 0000095521 2008-06-14 0000095521 2008-02-23 0000095521 2009-06-20 0000095521 2009-02-28 0000095521 svu:SupplyChainServicesMember 2009-03-01 2009-06-20 0000095521 svu:RetailFoodMember 2009-03-01 2009-06-20 0000095521 svu:SupplyChainServicesMember 2008-02-24 2008-06-14 0000095521 svu:RetailFoodMember 2008-02-24 2008-06-14 0000095521 2008-02-24 2008-06-14 0000095521 2008-09-05 0000095521 2009-07-24 0000095521 2009-03-01 2009-06-20 iso4217:USD xbrli:shares xbrli:pure xbrli:shares iso4217:USD  <html> <head></head> <body>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="center" style="font-size: 10pt; margin-top: 0pt"><b></b></div> <div align="left"> </div>  <div align="Center" style="font-size: 10pt; margin-top: 0pt"><b></b></div> <div align="Center" style="font-size: 10pt; margin-top: 0pt"><b></b></div> <div align="Center" style="font-size: 10pt; margin-top: 0pt"><b></b></div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 1 — THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"><i>Business Description</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">SUPERVALU INC. (“SUPERVALU” or the “Company”), a Delaware corporation, was organized in 1925 as the successor of two wholesale grocery firms established in the 1870’s. SUPERVALU is one of the largest companies in the United States grocery channel. References to the Company refer to SUPERVALU INC. and Subsidiaries. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company conducts its retail operations throughout the United States under three retail food store formats: combination stores (defined as food and pharmacy), food stores and limited assortment food stores. Additionally, the Company provides supply chain services, primarily wholesale distribution, across the United States retail grocery channel. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Statement of Registrant</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The accompanying condensed consolidated financial statements of the Company for the 16 weeks ended June 20, 2009 and June 14, 2008 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 28, 2009. The results of operations for the 16 weeks ended June 20, 2009 are not necessarily indicative of the results expected for the full year. The Condensed Consolidated Balance Sheet as of February 28, 2009 has been derived from the audited Consolidated Balance Sheet as of that date. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Accounting Policies</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">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 28, 2009. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Fiscal Year</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company’s fiscal year ends on the last Saturday in February. The Company’s first quarter consists of 16 weeks, while the second, third and fourth quarters each consist of 12 weeks, except for the fourth quarter of fiscal 2009 which included 13 weeks. Because of differences in the accounting calendars of the Company and its wholly-owned subsidiary, New Albertson’s, Inc., the accompanying June 20, 2009 and February 28, 2009 Condensed Consolidated Balance Sheets include the assets and liabilities related to New Albertsons, Inc. as of June 18, 2009 and February 26, 2009, respectively. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Use of Estimates</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">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. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Cash and Cash Equivalents</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">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, resulting in book overdrafts. Book overdrafts are recorded in Accounts payable and accrued liabilities in the Condensed Consolidated Balance Sheets and are reflected as an operating activity in the Condensed Consolidated Statements of Cash Flows. As of June 20, 2009 and February 28, 2009, the Company had net book overdrafts of $352 and $389, respectively. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Net Earnings Per Share</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Basic net earnings per share is calculated using net earnings available to common stockholders divided by the weighted average number of shares outstanding during the period. Diluted net earnings per share is similar to basic net earnings per share except that the weighted average number of shares outstanding is after giving effect to the dilutive impacts of stock options, restricted stock awards and other dilutive securities. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The following table reflects the calculation of basic and diluted net earnings per share: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="76%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>First Quarter Ended</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>June 20,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>June 14,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2008</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Net earnings per share—basic </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Net earnings available to common stockholders </div></td> <td> </td> <td align="left">$</td> <td align="right">113</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">162</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Weighted average shares outstanding—basic </div></td> <td> </td> <td> </td> <td align="right">212</td> <td> </td> <td> </td> <td> </td> <td align="right">212</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Net earnings per share—basic </div></td> <td> </td> <td align="left">$</td> <td align="right">0.53</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">0.76</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Net earnings per share—diluted </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Net earnings available to common stockholders </div></td> <td> </td> <td align="left">$</td> <td align="right">113</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">162</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Weighted average shares outstanding—basic </div></td> <td> </td> <td> </td> <td align="right">212</td> <td> </td> <td> </td> <td> </td> <td align="right">212</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Dilutive impact of options and restricted stock outstanding </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">2</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Weighted average shares outstanding—diluted </div></td> <td> </td> <td> </td> <td align="right">212</td> <td> </td> <td> </td> <td> </td> <td align="right">214</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Net earnings per share—diluted </div></td> <td> </td> <td align="left">$</td> <td align="right">0.53</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">0.76</td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Options to purchase 22 and 13 shares of common stock were outstanding during the 16 weeks ended June 20, 2009 and June 14, 2008, respectively, but were excluded from the computation of diluted earnings per share because they were antidilutive. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Comprehensive Income</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Comprehensive income consisted of the following: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="76%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>First Quarter Ended</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>June 20,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>June 14,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2008</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Net earnings </div></td> <td> </td> <td align="left">$</td> <td align="right">113</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">162</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Pension and other postretirement activity, net of tax </div></td> <td> </td> <td> </td> <td align="right">5</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Comprehensive income </div></td> <td> </td> <td align="left">$</td> <td align="right">118</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">162</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Subsequent Events</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Events that have occurred subsequent to June 20, 2009 have been evaluated through July 29, 2009, the date the Company filed this Quarterly Report on Form 10-Q with the Securities and Exchange Commission. </div> </div> </body> </html>

<html> <head></head> <body>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 2 — NEW ACCOUNTING STANDARDS</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In December 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position (“FSP”) FAS 132(R)-1, “Employers’ Disclosures about Postretirement Benefit Plan Assets.” FSP FAS 132(R)-1 provides additional guidance regarding disclosures about plan assets of defined benefit pension or other postretirement plans. FSP FAS 132(R)-1 will be effective for the Company’s fiscal year ending February 27, 2010. The adoption of FSP FAS 132(R)-1 will result in enhanced disclosures, but will not otherwise have an impact on the Company’s consolidated financial statements. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> </div> </body> </html>

<html> <head></head> <body>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 6 — LONG-TERM DEBT</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company’s long-term debt and capital lease obligations consisted of the following: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="76%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>June 20,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>February 28,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">1.19% to 3.25% Revolving Credit Facility and Variable Rate Notes due June 2011 – June 2012 </div></td> <td> </td> <td align="left">$</td> <td align="right">1,617</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,920</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">8.00% Notes due May 2016 </div></td> <td> </td> <td> </td> <td align="right">1,000</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">7.50% Notes due February 2011 </div></td> <td> </td> <td> </td> <td align="right">700</td> <td> </td> <td> </td> <td> </td> <td align="right">700</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">7.45% Debentures due August 2029 </div></td> <td> </td> <td> </td> <td align="right">650</td> <td> </td> <td> </td> <td> </td> <td align="right">650</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">7.50% Notes due November 2014 </div></td> <td> </td> <td> </td> <td align="right">500</td> <td> </td> <td> </td> <td> </td> <td align="right">500</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">6.34% to 7.15% Medium Term Notes due July 2009 – June 2028 </div></td> <td> </td> <td> </td> <td align="right">452</td> <td> </td> <td> </td> <td> </td> <td align="right">512</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">8.00% Debentures due May 2031 </div></td> <td> </td> <td> </td> <td align="right">400</td> <td> </td> <td> </td> <td> </td> <td align="right">400</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">7.50% Notes due May 2012 </div></td> <td> </td> <td> </td> <td align="right">300</td> <td> </td> <td> </td> <td> </td> <td align="right">300</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">8.00% Debentures due June 2026 </div></td> <td> </td> <td> </td> <td align="right">272</td> <td> </td> <td> </td> <td> </td> <td align="right">272</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">8.70% Debentures due May 2030 </div></td> <td> </td> <td> </td> <td align="right">225</td> <td> </td> <td> </td> <td> </td> <td align="right">225</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">7.75% Debentures due June 2026 </div></td> <td> </td> <td> </td> <td align="right">200</td> <td> </td> <td> </td> <td> </td> <td align="right">200</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">7.25% Notes due May 2013 </div></td> <td> </td> <td> </td> <td align="right">200</td> <td> </td> <td> </td> <td> </td> <td align="right">200</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">6.95% Notes due August 2009 </div></td> <td> </td> <td> </td> <td align="right">173</td> <td> </td> <td> </td> <td> </td> <td align="right">350</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">8.35% Notes due May 2010 </div></td> <td> </td> <td> </td> <td align="right">165</td> <td> </td> <td> </td> <td> </td> <td align="right">275</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">7.875% Notes due August 2009 </div></td> <td> </td> <td> </td> <td align="right">118</td> <td> </td> <td> </td> <td> </td> <td align="right">350</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">7.90% Debentures due May 2017 </div></td> <td> </td> <td> </td> <td align="right">96</td> <td> </td> <td> </td> <td> </td> <td align="right">96</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">7.50% Debentures due May 2037 </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">191</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Accounts Receivable Securitization Facility, currently 1.41% </div></td> <td> </td> <td> </td> <td align="right">125</td> <td> </td> <td> </td> <td> </td> <td align="right">120</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Other </div></td> <td> </td> <td> </td> <td align="right">90</td> <td> </td> <td> </td> <td> </td> <td align="right">97</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Net discount on debt, using an effective interest rate of 6.28% to 8.97% </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(240</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(208</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Capital lease obligations </div></td> <td> </td> <td> </td> <td align="right">1,319</td> <td> </td> <td> </td> <td> </td> <td align="right">1,334</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Total debt and capital lease obligations </div></td> <td> </td> <td> </td> <td align="right">8,362</td> <td> </td> <td> </td> <td> </td> <td align="right">8,484</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Less current maturities of long-term debt and capital lease obligations </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(257</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(516</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Long-term debt and capital lease obligations </div></td> <td> </td> <td align="left">$</td> <td align="right">8,105</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">7,968</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Certain of the Company’s credit facilities and 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 the 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. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt">In May 2009, the Company issued $1,000 in senior notes, which rank equally with all of the Company’s other senior unsecured indebtedness. In conjunction with the debt issuance, the Company paid off $191 of 7.50% Debentures due May 2037 that contained put options exercised in May 2009, early redeemed $60 of 6.77% Medium Term Notes due July 2009 and purchased pursuant to a tender offer $232 of 7.875% Notes due August 2009, $177 of 6.95% Notes due August 2009 and $110 of 8.35% Notes due May 2010 for an aggregate payment of $777 in cash. The remainder of the debt issuance proceeds was used to reduce the Revolving Credit Facility. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In May 2009, the Company amended and extended its 364-day accounts receivable securitization program. The Company can borrow up to $200 on a revolving basis, with borrowings secured by eligible accounts receivable, which remain under the Company’s control. Facility fees under this program range from 0.75 percent to 2.50 percent, based on the Company’s credit ratings. The facility fee in effect on June 20, 2009, based on the Company’s current credit ratings, is 1.00 percent. As of June 20, 2009, there were $353 of accounts receivable pledged as collateral, classified in Receivables in the Condensed Consolidated Balance Sheet. Due to the Company’s intent to renew the facility or refinance it with the Revolving Credit Facility, the facility is classified in Long-term debt in the Condensed Consolidated Balance Sheets. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">As of June 20, 2009, the Company had $456 of debt, excluding the Accounts Receivable Securitization Facility, with current maturities that are classified in Long-term debt in the Condensed Consolidated Balance Sheets due to the Company’s intent to refinance such obligations with the Revolving Credit Facility or other long-term debt. </div> </div> </body> </html>

<html> <head></head> <body>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 11 — COMMITMENTS, CONTINGENCIES AND OFF-BALANCE SHEET ARRANGEMENTS</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company has guaranteed certain leases, fixture financing loans and other debt obligations of various retailers as of June 20, 2009. 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 21 years, with a weighted average remaining term of approximately 10 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 customers based on internal measures of credit performance. As of June 20, 2009, the maximum amount of undiscounted payments the Company would be required to make in the event of default of all of these guarantees was approximately $160 and represented approximately $107 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. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">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. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In the ordinary course of business, the Company enters into supply contracts to purchase products for resale. These contracts typically include either volume commitments or fixed expiration dates, termination provisions and other standard contractual considerations. As of June 20, 2009, the Company had approximately $1,662 of non-cancelable future purchase obligations primarily related to supply contracts. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company is a party to a variety of contractual agreements under which the Company may be obligated to indemnify the other party for certain matters, which indemnities may be secured by operation of law or otherwise, in the ordinary course of business. These contracts primarily relate to the Company’s commercial contracts, 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 aware of no current matter that it expects to result in a material liability. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Legal Proceedings</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company is subject to various lawsuits, claims and other legal matters that arise in the ordinary course of conducting business, none of which, in management’s opinion, is expected to have a material adverse impact on the Company’s financial condition, results of operations or cash flows. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt">In April 2000, a class action complaint was filed against Albertsons, as well as American Stores Company, American Drug Stores, Inc., Sav-on Drug Stores, Inc. (“Sav-on Drug Stores”) and Lucky Stores, Inc. (“Lucky Stores”), wholly-owned subsidiaries of Albertsons, in the Superior Court for the County of Los Angeles, California (Gardner, et al. v. American Stores Company, et al.) by assistant managers seeking recovery of overtime based on the plaintiffs’ allegation that they were improperly classified as exempt under California law. In May 2001, the Court certified a class with respect to Sav-on Drug Stores assistant managers. A case with very similar claims, involving the Sav-on Drug Stores assistant managers and operating managers, was also filed in April 2000 against Sav-on Drug Stores in the Superior Court for the County of Los Angeles, California (Rocher, Dahlin, et al. v. Sav-on Drug Stores, Inc.), and was certified as a class action in June 2001 with respect to assistant managers and operating managers. The two cases were consolidated in December 2001. New Albertsons was added as a named defendant in November 2006. Plaintiffs seek overtime wages, meal and rest break penalties, other statutory penalties, punitive damages, interest, injunctive relief and the attorneys’ fees and costs. The parties have entered into a memorandum of understanding regarding settlement of this matter and are currently negotiating terms of a preliminary settlement agreement. Although this lawsuit is subject to the uncertainties inherent in the litigation process, based on the information presently available to the Company, management does not expect that the ultimate resolution of this lawsuit will have a material adverse effect on the Company’s financial condition, results of operations or cash flows. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">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. Although this lawsuit is subject to the uncertainties inherent in the litigation process, based on the information presently available to the Company, management does not expect that the ultimate resolution of this lawsuit will have a material adverse effect on the Company’s financial condition, results of operations or cash flows. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">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. The complaint alleges 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 the other. Plaintiffs are seeking monetary damages, injunctive relief and attorneys’ fees. The Company is vigorously defending this lawsuit. Although this lawsuit is subject to the uncertainties inherent in the litigation process, based on the information presently available to the Company, management does not expect that the ultimate resolution of this lawsuit will have a material adverse effect on the Company’s financial condition, results of operations or cash flows. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In July 2009, a putative class action complaint was filed in the United States District Court for the Southern District of New York against the Company and an officer and the Executive Chairman of the Board alleging fraud under Sections 10(b) and 20(a) of the Exchange Act and SEC Rule 10b-5. The complaint alleges that the Company withheld negative information from the market by inflating its fiscal year 2010 guidance in order to complete the Company’s Note Offering which closed on May 7, 2009. The purported class period runs between April 23, 2009 and June 23, 2009. Plaintiff is seeking class certification, monetary damages and attorneys’ fees and costs. The Company intends to vigorously defend this lawsuit. Although this lawsuit is subject to the uncertainties inherent in the litigation process, based on the information presently available to the Company, management does not expect that the ultimate resolution of this lawsuit will have a material adverse effect on the Company’s financial condition, results of operations or cash flows. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company is also involved in routine legal proceedings incidental to its operations. Some of these routine proceedings involve class allegations, many of which are ultimately dismissed. Management does not expect that the ultimate resolution of these legal proceedings will have a material adverse effect on the Company’s financial condition, results of operations or cash flows. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The statements above reflect management’s current expectations based on the information presently available to the Company, however, 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. In addition, 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 and believes recorded reserves are adequate. 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. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Pension Plan / Health and Welfare Plan Contingencies</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company contributes to various multi-employer pension plans under collective bargaining agreements, primarily defined benefit pension plans. These plans generally provide retirement benefits to participants based on their service to contributing employers. Based on available information, the Company believes that some of the multi-employer plans to which it contributes are underfunded. Company contributions to these plans could increase in the near term. However, the amount of any increase or decrease in contributions will depend on a variety of factors, including the results of the Company’s collective bargaining efforts, investment returns on the assets held in the plans, actions taken by the trustees who manage the plans and requirements under the Pension Protection Act and Section 412(e) of the Internal Revenue Code. Furthermore, if the Company were to significantly reduce contributions, exit certain markets or otherwise cease making contributions to these plans, it could trigger a partial or complete withdrawal that would require the Company to fund its proportionate share of a plan’s unfunded vested benefits. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company also makes contributions to multi-employer health and welfare plans in amounts set forth in the related collective bargaining agreements. The majority of the Company’s collective bargaining agreements fix or limit the Company’s contributions to multi-employer health and welfare plans. The remaining agreements contain requirements that could result in additional contributions, increasing the Company’s Selling and administrative expenses in the future. </div> </div> </body> </html>

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Net sales Cost of sales Gross profit Selling and administrative expenses Operating earnings Earnings before income taxes Income tax provision Net earnings per share-basic Net earnings per share-diluted Common Stock, Dividends, Per Share, Declared Weighted Average Number of Shares Outstanding, Basic Weighted Average Number of Shares Outstanding, Diluted Balance Sheets [Abstract] Balance Sheets [Abstract] Balance Sheets. Balance Sheets (Parenthetical) [Abstract] Balance Sheets (Parenthetical) [Abstract] Balance Sheets Parenthetical. Common Stock, Par or Stated Value Per Share Common Stock, Shares Authorized Common Stock, Shares, Issued Treasury Stock, Shares ASSETS Current assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Stockholders' equity Cash and cash equivalents Receivables, less allowance for losses of $XX and $13, respectively Inventories Other Assets, Current Total current assets Property, plant and equipment, less accumulated depreciation and amortization of $X,XXX and $4,387, respectively Intangible assets, net Other Assets, Noncurrent Total assets Current maturities of long-term debt and capital lease obligations Other Liabilities, Current Total current liabilities Long-term debt and capital lease obligations Other Liabilities, Noncurrent Common Stock, Value, Issued Additional Paid in Capital, Common Stock Accumulated other comprehensive losses Retained earnings Treasury Stock, Value Total liabilities and stockholders' equity Document and Company Information [Abstract] Document and Company Information [Abstract] Document and Company Information. Statements of Cash Flows [Abstract] Statements of Cash Flows [Abstract] Statements of Cash Flows. Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Proceeds from issuance of long-term debt Payments of Dividends, Common Stock Net cash used in financing activities Net increase (decrease) in cash and cash equivalents Proceeds from sale of assets Purchases of property, plant and equipment Payments for (Proceeds from) Other Investing Activities Net cash used in investing activities Gain on sale of assets Deferred Income Tax Expense (Benefit) Stock-based compensation Changes in operating assets and liabilities Net cash provided by operating activities Cash and cash equivalents at beginning of year Cash and cash equivalents at the end of period The Company and Summary of Significant Accounting Policies [Abstract] The Company and Summary of Significant Accounting Policies [Abstract] The Company and Summary of Significant Accounting Policies. New Accounting Standards [Abstract] New Accounting Standards [Abstract] New Accounting Standards. Goodwill and Intangible Assets [Abstract] Goodwill and Intangible Assets [Abstract] Goodwill and Intangible Assets. Long-Term Debt [Abstract] Long-Term Debt [Abstract] Income Taxes [Abstract] Income Taxes [Abstract] Income Taxes. Stock-Based Awards [Abstract] Stock-Based Awards [Abstract] Stock-Based Awards. Treasury Stock Purchase Program [Abstract] Treasury Stock Purchase Program [Abstract] Treasury Stock Purchase Program. Benefit Plans [Abstract] Benefit Plans [Abstract] Benefit Plans. Segment Information [Abstract] Segment Information [Abstract] Segment Information. Goodwill and Intangible Assets Disclosure [Text Block] Income Tax Disclosure [Text Block] Disclosure of Compensation Related Costs, Share-based Payments [Text Block] Segment Reporting Disclosure [Text Block] Schedule of Treasury Stock by Class [Text Block] Commitments and Contingencies Disclosure [Text Block] Reserves for Closed Properties [Abstract] Reserves for Closed Properties [Abstract] Reserves for Closed Properties. Commitments, Contingencies and Off-Balance Sheet Arrangements [Abstract] Commitments, Contingencies and Off-Balance Sheet Arrangements [Abstract] Commitments, Contingencies and Off-Balance Sheet Arrangements. Condensed Consoolidated Segment Financial Information Condensed Consolidated Segment Financial Information [Abstract] Condensed Consolidated Segment Financial Information [Abstract] Retail food Retail food Retail food. Supply chain services Supply chain services Supply chain services. Corporate Corporate Corporate. Net sales Operating earnings Dividends declared per share LIFO charge LIFO charge The adjustment to record merchandise inventory on a last-in, first-out (LIFO) basis. Net earnings Accounts payable and accrued liabilities Net Income (Loss), Including Portion Attributable to Noncontrolling Interest Depreciation and amortization Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities, Other Document and Company Information [Abstract] Statements of Earnings [Abstract] Balance Sheets [Abstract] Balance Sheets (Parenthetical) [Abstract] Statements of Cash Flows [Abstract] LIFO charge The Company and Summary of Significant Accounting Policies [Abstract] New Accounting Standards [Abstract] Goodwill and Intangible Assets [Abstract] Reserves for Closed Properties [Abstract] Long-Term Debt [Abstract] Income Taxes [Abstract] Stock-Based Awards [Abstract] Treasury Stock Purchase Program [Abstract] Benefit Plans [Abstract] Commitments, Contingencies and Off-Balance Sheet Arrangements [Abstract] Segment Information [Abstract] Net earnings Basic Weighted Average Number of Shares Outstanding, Basic, Total Diluted Weighted Average Number of Shares Outstanding, Diluted, Total Net sales Sales Revenue, Net Cost of sales Cost of Goods and Services Sold Cash dividends declared on common stock, per share (not in millions) Net earnings per share-diluted Earnings Per Share, Diluted Net earnings per share-basic Earnings Per Share, Basic Income tax provision Income Tax Expense (Benefit) Selling and administrative expenses Selling, General and Administrative Expense Payment of long term debt and capital lease obligations Interest expense, net Interest expense, net The cost of borrowed funds accounted for as interest that was charged against earnings during the period, net of interest income resulting from notes receivable. Treasury stock, at cost, 18 shares Treasury Stock, Value, Beginning Balance Treasury Stock, Value, Ending Balance Retained earnings Retained Earnings (Accumulated Deficit), Beginning Balance Retained Earnings (Accumulated Deficit), Ending Balance Retained Earnings (Accumulated Deficit) Accumulated other comprehensive loss Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance Accumulated Other Comprehensive Income (Loss), Net of Tax Capital in excess of par value Additional Paid in Capital, Common Stock, Beginning Balance Additional Paid in Capital, Common Stock, Ending Balance Common stock, $1.00 par value: 400 shares authorized; 230 shares issued Common Stock, Value, Issued, Total Common Stock, Value, Issued, Beginning Balance Common Stock, Value, Issued, Ending Balance Stockholders' equity Other liabilities Other Liabilities, Noncurrent, Total Commitments and Contingencies Commitments and Contingencies Long-term debt and capital lease obligations Long-term Debt and Capital Lease Obligations Other current liabilities Other current liabilities Current maturities of long-term debt and capital lease obligations Long-term Debt and Capital Lease Obligations, Current Accounts payable and accrued liabilities Accounts Payable and Accrued Liabilities, Current Current liabilities LIABILITIES AND STOCKHOLDERS' EQUITY Other assets Other assets Intangible assets, net Intangible Assets, Net (Excluding Goodwill) Goodwill Goodwill Goodwill, Beginning Balance Goodwill, Ending Balance Property, plant and equipment, net Property, Plant and Equipment, Net, Beginning Balance Property, Plant and Equipment, Net, Ending Balance Property, Plant and Equipment, Net Other current assets Inventories Inventory, Net Receivables, net Receivables, Net, Current Cash and cash equivalents Cash and Cash Equivalents, at Carrying Value Current assets ASSETS Common stock, par value (not in millions) Common stock, shares authorized Common stock, shares issued Common Stock, Shares, Issued, Total Treasury stock, shares Treasury Stock, Shares, Beginning Balance Treasury Stock, Shares, Ending Balance GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS INCOME TAXES STOCK-BASED AWARDS TREASURY STOCK PURCHASE PROGRAM COMMITMENTS, CONTINGENCIES AND OFF-BALANCE SHEET ARRANGEMENTS SEGMENT INFORMATION NEW ACCOUNTING STANDARDS Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Text Block] FAIR VALUE MEASUREMENTS Fair Value, Measurement Inputs, Disclosure [Text Block] BENEFIT PLANS Pension and Other Postretirement Benefits Disclosure [Text Block] Net sales Operating earnings Operating Income (Loss) Operating earnings Deferred Income Tax Expense (Benefit), Total Deferred income taxes Other Other Dividends paid Earnings before income taxes Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Cumulative Effects of Changes in Accounting Principles, Noncontrolling Interest Interest expense, net Gross profit Gross Profit Treasury stock, at cost, 18 and 18 shares, respectively Other current assets Net increase in cash and cash equivalents Cash and Cash Equivalents, Period Increase (Decrease) Proceeds from issuance of long-term debt Proceeds from Issuance of Long-term Debt Cash flows from financing activities Proceeds from sale of assets Proceeds from Sale of Productive Assets Purchases of property, plant and equipment Payments to Acquire Property, Plant, and Equipment Other Cash flows from investing activities Stock-based compensation Share-based Compensation Gain on sale of assets Gain (Loss) on Sale of Property Plant Equipment Depreciation and amortization Depreciation, Depletion and Amortization Cash flows from operating activities Dividends declared per share Payment of long-term debt and capital lease obligations Repayments of Long-term Debt, Long-term Capital Lease Obligations, and Capital Securities Other Proceeds from (Payments for) Other Financing Activities Statements of Income Percentage To Sales [Abstract] Statements of Income Percentage To Sales [Abstract] Statements of Income Percentage To Sales. Document and Company Information [Abstract] Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Amendment Description Current Fiscal Year End Date Entity Well-known Seasoned Issuer Entity Voluntary Filers Entity Current Reporting Status Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Statement [Table] Statement [Line Items] Statement, Business Segments [Axis] Segment, Business [Domain] Business Intersegment, Eliminations [Member] Assets, Current Assets Liabilities, Current Liabilities and Stockholders' Equity Lifo Charge Increase (Decrease) in Operating Capital Net Cash Provided by (Used in) Operating Activities Net Cash Provided by (Used in) Investing Activities Net Cash Provided by (Used in) Financing Activities Long Term Debt [Abstract] Retail food Supply chain services Corporate Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile net earnings to net cash provided by operating activities: Net Sales % of total Sales revenue, net as a percentage of consolidated net sales. Cost of sales Cost of sales Cost of goods and services sold as a percentage of consolidated net sales. Gross profit Gross profit Gross profit as a percentage of consolidated net sales. Selling and administrative expenses Selling and administrative expenses Selling, general and administrative expenses as a percentage of consolidated net sales. Operating earnings % of sales Operating income (loss) as a percentage of consolidated net sales. Interest expense, net Interest expense, net Interest expense, net as a percentage of consolidated net sales. Earnings before income taxes Earnings before income taxes Operating earnings (loss) as a percentage of consolidated net sales. Income tax provision Income tax provision Income tax provision as a percent of consolidated net sales. RESERVES FOR CLOSED PROPERTIES RESERVES FOR CLOSED PROPERTIES Description of the entity's reserves for non-operating properties. THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Company And Summary Of Significant Accounting Policies [Text Block] Describes the nature of an entity's business and provides a summary of an entity's significant accounting policies. Sales Revenue Net Percent To Net Sales Cost Of Goods And Services Sold Percent To Net Sales Gross Profit Percent To Net Sales Selling General And Administrative Expense Percent To Net Sales Operating Income Loss Percent To Net Sales Interest Expense Net Percent To Net Sales Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments Percent Net To Sales Income Tax Expense Benefit Percent To Net Sales Reserves For Closed Properties [Text Block] Weighted average number of shares outstanding: Weighted Average Number of Shares Outstanding, Diluted, Disclosure Items [Abstract] Fair Value Measurements [Abstract] Fair Value Measurements [Abstract] Fair value measurements. Subsequent Event [Abstract] Subsequent Event [Abstract] Subsequent Event Abstract. SUBSEQUENT EVENT Schedule of Subsequent Events [Text Block] Treasury stock, at cost, 18 and 18 shares, respectively Payment of long-term debt and capital lease obligations Dividends paid Purchases of property, plant and equipment Other % of sales Segment Operating Income Loss Percent To Segment Net Sales Segment operating income (loss) as a percentage of segment net sales. Net earnings Net Income Loss Percent To Net Sales Net earnings (loss) as a percentage of consolidated net sales. 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No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 15 R11.xml IDEA: Reserves for Closed Properties 1.0.0.3 false Reserves for Closed Properties false 1 $ false false Pure Standard http://www.xbrl.org/2003/instance pure xbrli 0 Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Reserves for Closed Properties [Abstract] 0 svu_ReservesForClosedPropertiesAbstract svu false na duration string Reserves for Closed Properties. false false false false false true false false false 1 false false 0 0 false false Reserves for Closed Properties. false 3 RESERVES FOR CLOSED PROPERTIES 1 svu_ReservesForClosedPropertiesTextBlock svu false na duration string Description of the entity's reserves for non-operating properties. false false false false false false false false false 1 false false 0 0  <html> <head></head> <body>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 4 — RESERVES FOR CLOSED PROPERTIES</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">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. Adjustments are made for changes in estimates in the period in which the changes become known. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Changes in the Company’s reserves for closed properties consisted of the following: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="88%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>June 20,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Balance at beginning of year </div></td> <td> </td> <td align="left">$</td> <td align="right">167</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Additions </div></td> <td> </td> <td> </td> <td align="right">1</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Payments </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(18</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Adjustments </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">3</td> <td nowrap="nowrap"> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Balance at end of quarter </div></td> <td> </td> <td align="left">$</td> <td align="right">153</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> </div> </body> </html>  NOTE 4 — RESERVES FOR CLOSED PROPERTIES The Company maintains reserves for false false Description of the entity's reserves for non-operating properties. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 16 R10.xml IDEA: Goodwill and Intangible Assets 1.0.0.3 false Goodwill and Intangible Assets false 1 $ false false Pure Standard http://www.xbrl.org/2003/instance pure xbrli 0 Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Goodwill and Intangible Assets [Abstract] 0 svu_GoodwillAndIntangibleAssetsAbstract svu false na duration string Goodwill and Intangible Assets. false false false false false true false false false 1 false false 0 0 false false Goodwill and Intangible Assets. false 3 GOODWILL AND INTANGIBLE ASSETS 1 us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0  <html> <head></head> <body>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 3 — GOODWILL AND INTANGIBLE ASSETS</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">As of June 20, 2009, the Company had approximately $3,748 of Goodwill; $2,941 related to its Retail food segment and $807 related to its Supply chain services segment. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Changes in the Company’s Goodwill and Intangible assets consisted of the following: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>February 28,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Additions/</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>Other net</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>June 20,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Amortization</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>adjustments</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Goodwill </div></td> <td> </td> <td align="left">$</td> <td align="right">3,748</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">3,748</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Intangible assets: </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Trademarks and tradenames – indefinite lived </div></td> <td> </td> <td align="left">$</td> <td align="right">1,069</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,069</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Favorable operating leases, customer lists, customer relationships and other (accumulated amortization of $213 and $197, as of June 20, 2009 and February 28, 2009, respectively) </div></td> <td> </td> <td> </td> <td align="right">706</td> <td> </td> <td> </td> <td> </td> <td align="right">2</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">705</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Non-compete agreements (accumulated amortization of $4 and $4 as of June 20, 2009 and February 28, 2009, respectively) </div></td> <td> </td> <td> </td> <td align="right">10</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">10</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Total intangible assets </div></td> <td> </td> <td> </td> <td align="right">1,785</td> <td> </td> <td> </td> <td> </td> <td align="right">2</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(3</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">1,784</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Accumulated amortization </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(201</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(19</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">3</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(217</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Total intangible assets, net </div></td> <td> </td> <td align="left">$</td> <td align="right">1,584</td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,567</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Amortization expense of intangible assets with a definite life was $19 and $20 for the 16 weeks ended June 20, 2009 and June 14, 2008, respectively. Future amortization expense will be approximately $51 per fiscal year for each of the next five fiscal years. </div> </div> </body> </html>  NOTE 3 — GOODWILL AND INTANGIBLE ASSETS As of June 20, false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 17 R8.xml IDEA: The Company and Summary of Significant Accounting Policies 1.0.0.3 false The Company and Summary of Significant Accounting Policies false 1 $ false false Pure Standard http://www.xbrl.org/2003/instance pure xbrli 0 Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 The Company and Summary of Significant Accounting Policies [Abstract] 0 svu_CompanyAndSummaryOfSignificantAccountingPoliciesAbstract svu false na duration string The Company and Summary of Significant Accounting Policies. false false false false false true false false false 1 false false 0 0 false false The Company and Summary of Significant Accounting Policies. false 3 THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 1 svu_CompanyAndSummaryOfSignificantAccountingPoliciesTextBlock svu false na duration string Describes the nature of an entity's business and provides a summary of an entity's significant accounting policies. false false false false false false false false false 1 false false 0 0  <html> <head></head> <body>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="center" style="font-size: 10pt; margin-top: 0pt"><b></b></div> <div align="left"> </div>  <div align="Center" style="font-size: 10pt; margin-top: 0pt"><b></b></div> <div align="Center" style="font-size: 10pt; margin-top: 0pt"><b></b></div> <div align="Center" style="font-size: 10pt; margin-top: 0pt"><b></b></div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 1 — THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt"><i>Business Description</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">SUPERVALU INC. (“SUPERVALU” or the “Company”), a Delaware corporation, was organized in 1925 as the successor of two wholesale grocery firms established in the 1870’s. SUPERVALU is one of the largest companies in the United States grocery channel. References to the Company refer to SUPERVALU INC. and Subsidiaries. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company conducts its retail operations throughout the United States under three retail food store formats: combination stores (defined as food and pharmacy), food stores and limited assortment food stores. Additionally, the Company provides supply chain services, primarily wholesale distribution, across the United States retail grocery channel. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Statement of Registrant</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The accompanying condensed consolidated financial statements of the Company for the 16 weeks ended June 20, 2009 and June 14, 2008 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 28, 2009. The results of operations for the 16 weeks ended June 20, 2009 are not necessarily indicative of the results expected for the full year. The Condensed Consolidated Balance Sheet as of February 28, 2009 has been derived from the audited Consolidated Balance Sheet as of that date. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Accounting Policies</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">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 28, 2009. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Fiscal Year</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company’s fiscal year ends on the last Saturday in February. The Company’s first quarter consists of 16 weeks, while the second, third and fourth quarters each consist of 12 weeks, except for the fourth quarter of fiscal 2009 which included 13 weeks. Because of differences in the accounting calendars of the Company and its wholly-owned subsidiary, New Albertson’s, Inc., the accompanying June 20, 2009 and February 28, 2009 Condensed Consolidated Balance Sheets include the assets and liabilities related to New Albertsons, Inc. as of June 18, 2009 and February 26, 2009, respectively. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Use of Estimates</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">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. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Cash and Cash Equivalents</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">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, resulting in book overdrafts. Book overdrafts are recorded in Accounts payable and accrued liabilities in the Condensed Consolidated Balance Sheets and are reflected as an operating activity in the Condensed Consolidated Statements of Cash Flows. As of June 20, 2009 and February 28, 2009, the Company had net book overdrafts of $352 and $389, respectively. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Net Earnings Per Share</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Basic net earnings per share is calculated using net earnings available to common stockholders divided by the weighted average number of shares outstanding during the period. Diluted net earnings per share is similar to basic net earnings per share except that the weighted average number of shares outstanding is after giving effect to the dilutive impacts of stock options, restricted stock awards and other dilutive securities. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The following table reflects the calculation of basic and diluted net earnings per share: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="76%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>First Quarter Ended</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>June 20,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>June 14,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2008</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Net earnings per share—basic </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Net earnings available to common stockholders </div></td> <td> </td> <td align="left">$</td> <td align="right">113</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">162</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Weighted average shares outstanding—basic </div></td> <td> </td> <td> </td> <td align="right">212</td> <td> </td> <td> </td> <td> </td> <td align="right">212</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Net earnings per share—basic </div></td> <td> </td> <td align="left">$</td> <td align="right">0.53</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">0.76</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Net earnings per share—diluted </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Net earnings available to common stockholders </div></td> <td> </td> <td align="left">$</td> <td align="right">113</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">162</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Weighted average shares outstanding—basic </div></td> <td> </td> <td> </td> <td align="right">212</td> <td> </td> <td> </td> <td> </td> <td align="right">212</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Dilutive impact of options and restricted stock outstanding </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">2</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:30px; text-indent:-15px">Weighted average shares outstanding—diluted </div></td> <td> </td> <td> </td> <td align="right">212</td> <td> </td> <td> </td> <td> </td> <td align="right">214</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Net earnings per share—diluted </div></td> <td> </td> <td align="left">$</td> <td align="right">0.53</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">0.76</td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Options to purchase 22 and 13 shares of common stock were outstanding during the 16 weeks ended June 20, 2009 and June 14, 2008, respectively, but were excluded from the computation of diluted earnings per share because they were antidilutive. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Comprehensive Income</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Comprehensive income consisted of the following: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="76%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>First Quarter Ended</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>June 20,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>June 14,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2008</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Net earnings </div></td> <td> </td> <td align="left">$</td> <td align="right">113</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">162</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Pension and other postretirement activity, net of tax </div></td> <td> </td> <td> </td> <td align="right">5</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Comprehensive income </div></td> <td> </td> <td align="left">$</td> <td align="right">118</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">162</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Subsequent Events</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Events that have occurred subsequent to June 20, 2009 have been evaluated through July 29, 2009, the date the Company filed this Quarterly Report on Form 10-Q with the Securities and Exchange Commission. </div> </div> </body> </html>  NOTE 1 — THE COMPANY AND SUMMARY OF SIGNIFICANT false false Describes the nature of an entity's business and provides a summary of an entity's significant accounting policies. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 18 R18.xml IDEA: Commitments, Contingencies and Off Balance Sheet Arrangements 1.0.0.3 false Commitments, Contingencies and Off Balance Sheet Arrangements false 1 $ false false Pure Standard http://www.xbrl.org/2003/instance pure xbrli 0 Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Commitments, Contingencies and Off-Balance Sheet Arrangements [Abstract] 0 svu_CommitmentsContingenciesAndOffBalanceSheetArrangementsAbstract svu false na duration string Commitments, Contingencies and Off-Balance Sheet Arrangements. false false false false false true false false false 1 false false 0 0 false false Commitments, Contingencies and Off-Balance Sheet Arrangements. false 3 COMMITMENTS, CONTINGENCIES AND OFF-BALANCE SHEET ARRANGEMENTS 1 us-gaap_CommitmentsAndContingenciesDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0  <html> <head></head> <body>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 11 — COMMITMENTS, CONTINGENCIES AND OFF-BALANCE SHEET ARRANGEMENTS</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company has guaranteed certain leases, fixture financing loans and other debt obligations of various retailers as of June 20, 2009. 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 21 years, with a weighted average remaining term of approximately 10 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 customers based on internal measures of credit performance. As of June 20, 2009, the maximum amount of undiscounted payments the Company would be required to make in the event of default of all of these guarantees was approximately $160 and represented approximately $107 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. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">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. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In the ordinary course of business, the Company enters into supply contracts to purchase products for resale. These contracts typically include either volume commitments or fixed expiration dates, termination provisions and other standard contractual considerations. As of June 20, 2009, the Company had approximately $1,662 of non-cancelable future purchase obligations primarily related to supply contracts. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company is a party to a variety of contractual agreements under which the Company may be obligated to indemnify the other party for certain matters, which indemnities may be secured by operation of law or otherwise, in the ordinary course of business. These contracts primarily relate to the Company’s commercial contracts, 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 aware of no current matter that it expects to result in a material liability. </div> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Legal Proceedings</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company is subject to various lawsuits, claims and other legal matters that arise in the ordinary course of conducting business, none of which, in management’s opinion, is expected to have a material adverse impact on the Company’s financial condition, results of operations or cash flows. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt">In April 2000, a class action complaint was filed against Albertsons, as well as American Stores Company, American Drug Stores, Inc., Sav-on Drug Stores, Inc. (“Sav-on Drug Stores”) and Lucky Stores, Inc. (“Lucky Stores”), wholly-owned subsidiaries of Albertsons, in the Superior Court for the County of Los Angeles, California (Gardner, et al. v. American Stores Company, et al.) by assistant managers seeking recovery of overtime based on the plaintiffs’ allegation that they were improperly classified as exempt under California law. In May 2001, the Court certified a class with respect to Sav-on Drug Stores assistant managers. A case with very similar claims, involving the Sav-on Drug Stores assistant managers and operating managers, was also filed in April 2000 against Sav-on Drug Stores in the Superior Court for the County of Los Angeles, California (Rocher, Dahlin, et al. v. Sav-on Drug Stores, Inc.), and was certified as a class action in June 2001 with respect to assistant managers and operating managers. The two cases were consolidated in December 2001. New Albertsons was added as a named defendant in November 2006. Plaintiffs seek overtime wages, meal and rest break penalties, other statutory penalties, punitive damages, interest, injunctive relief and the attorneys’ fees and costs. The parties have entered into a memorandum of understanding regarding settlement of this matter and are currently negotiating terms of a preliminary settlement agreement. Although this lawsuit is subject to the uncertainties inherent in the litigation process, based on the information presently available to the Company, management does not expect that the ultimate resolution of this lawsuit will have a material adverse effect on the Company’s financial condition, results of operations or cash flows. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">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. Although this lawsuit is subject to the uncertainties inherent in the litigation process, based on the information presently available to the Company, management does not expect that the ultimate resolution of this lawsuit will have a material adverse effect on the Company’s financial condition, results of operations or cash flows. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">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. The complaint alleges 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 the other. Plaintiffs are seeking monetary damages, injunctive relief and attorneys’ fees. The Company is vigorously defending this lawsuit. Although this lawsuit is subject to the uncertainties inherent in the litigation process, based on the information presently available to the Company, management does not expect that the ultimate resolution of this lawsuit will have a material adverse effect on the Company’s financial condition, results of operations or cash flows. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In July 2009, a putative class action complaint was filed in the United States District Court for the Southern District of New York against the Company and an officer and the Executive Chairman of the Board alleging fraud under Sections 10(b) and 20(a) of the Exchange Act and SEC Rule 10b-5. The complaint alleges that the Company withheld negative information from the market by inflating its fiscal year 2010 guidance in order to complete the Company’s Note Offering which closed on May 7, 2009. The purported class period runs between April 23, 2009 and June 23, 2009. Plaintiff is seeking class certification, monetary damages and attorneys’ fees and costs. The Company intends to vigorously defend this lawsuit. Although this lawsuit is subject to the uncertainties inherent in the litigation process, based on the information presently available to the Company, management does not expect that the ultimate resolution of this lawsuit will have a material adverse effect on the Company’s financial condition, results of operations or cash flows. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company is also involved in routine legal proceedings incidental to its operations. Some of these routine proceedings involve class allegations, many of which are ultimately dismissed. Management does not expect that the ultimate resolution of these legal proceedings will have a material adverse effect on the Company’s financial condition, results of operations or cash flows. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The statements above reflect management’s current expectations based on the information presently available to the Company, however, 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. In addition, 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 and believes recorded reserves are adequate. 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. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Pension Plan / Health and Welfare Plan Contingencies</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company contributes to various multi-employer pension plans under collective bargaining agreements, primarily defined benefit pension plans. These plans generally provide retirement benefits to participants based on their service to contributing employers. Based on available information, the Company believes that some of the multi-employer plans to which it contributes are underfunded. Company contributions to these plans could increase in the near term. However, the amount of any increase or decrease in contributions will depend on a variety of factors, including the results of the Company’s collective bargaining efforts, investment returns on the assets held in the plans, actions taken by the trustees who manage the plans and requirements under the Pension Protection Act and Section 412(e) of the Internal Revenue Code. Furthermore, if the Company were to significantly reduce contributions, exit certain markets or otherwise cease making contributions to these plans, it could trigger a partial or complete withdrawal that would require the Company to fund its proportionate share of a plan’s unfunded vested benefits. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company also makes contributions to multi-employer health and welfare plans in amounts set forth in the related collective bargaining agreements. The majority of the Company’s collective bargaining agreements fix or limit the Company’s contributions to multi-employer health and welfare plans. The remaining agreements contain requirements that could result in additional contributions, increasing the Company’s Selling and administrative expenses in the future. </div> </div> </body> </html>  NOTE 11 — COMMITMENTS, CONTINGENCIES AND OFF-BALANCE SHEET false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 19 R12.xml IDEA: Fair Value Measurements 1.0.0.3 false Fair Value Measurements false 1 $ false false Pure Standard http://www.xbrl.org/2003/instance pure xbrli 0 Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Fair Value Measurements [Abstract] 0 svu_FairValueMeasurementsAbstract svu false na duration string Fair value measurements. false false false false false true false false false 1 false false 0 0 false false Fair value measurements. false 3 FAIR VALUE MEASUREMENTS 1 us-gaap_FairValueMeasurementInputsDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0  <html> <head></head> <body>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 5 — FAIR VALUE MEASUREMENTS</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">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: </div> <div style="margin-top: 6pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" nowrap="nowrap" align="left"> </td> <td width="1%"> </td> <td>Level 1 — Quoted prices in active markets for identical assets or liabilities;</td> </tr> </table> </div> <div style="margin-top: 6pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" nowrap="nowrap" align="left"> </td> <td width="1%"> </td> <td>Level 2 — Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable;</td> </tr> </table> </div> <div style="margin-top: 6pt"> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr valign="top" style="font-size: 10pt; color: #000000; background: transparent"> <td width="3%" nowrap="nowrap" align="left"> </td> <td width="1%"> </td> <td> <div style="margin-left: 60px; text-indent: -60px">Level 3 — Unobservable inputs in which little or no market activity exists, requiring an entity to develop its own assumptions about the assumptions that market participants would use in valuing. </div></td> </tr> </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">As of June 20, 2009, the Company had no material financial assets or liabilities measured at fair value and no material nonfinancial assets or liabilities measured at fair value on a nonrecurring basis subsequent to their initial recognition. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><i>Financial Instruments</i> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">For certain of the Company’s financial instruments, including cash and cash equivalents, receivables and accounts payable, the fair values approximate book values due to their short maturities. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The estimated fair value of notes receivable was less than the book value by approximately $5 and $8 as of June 20, 2009 and February 28, 2009, respectively. Notes receivable are valued based on a discounted cash flow approach applying a rate that is comparable to publicly traded instruments of similar credit quality. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The estimated fair value of the Company’s long-term debt (including current maturities) was less than the book value by approximately $281 and $452 as of June 20, 2009 and February 28, 2009, respectively. The estimated fair value was based on market quotes, where available, or market values for similar instruments. </div> </div> </body> </html>  NOTE 5 — FAIR VALUE MEASUREMENTS Fair value is defined as the false false No definition available. 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No authoritative reference available. false false 2 15 false Millions Millions UnKnown true true XML 21 R14.xml IDEA: Income Taxes 1.0.0.3 false Income Taxes false 1 $ false false Pure Standard http://www.xbrl.org/2003/instance pure xbrli 0 Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Income Taxes [Abstract] 0 svu_IncomeTaxesAbstract svu false na duration string Income Taxes. false false false false false true false false false 1 false false 0 0 false false Income Taxes. false 3 INCOME TAXES 1 us-gaap_IncomeTaxDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0  <html> <head></head> <body>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 7 — INCOME TAXES</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">During the 16 weeks ended June 20, 2009 there were no material changes to the unrecognized tax benefits disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended February, 28, 2009. The Company does not anticipate that its total unrecognized tax benefits will change significantly in the next 12 months. </div> </div> </body> </html>  NOTE 7 — INCOME TAXES During the 16 weeks ended June 20, 2009 there false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 22 R15.xml IDEA: Stock Based Awards 1.0.0.3 false Stock Based Awards false 1 $ false false Pure Standard http://www.xbrl.org/2003/instance pure xbrli 0 Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Stock-Based Awards [Abstract] 0 svu_StockBasedAwardsAbstract svu false na duration string Stock-Based Awards. false false false false false true false false false 1 false false 0 0 false false Stock-Based Awards. false 3 STOCK-BASED AWARDS 1 us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0  <html> <head></head> <body>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 8 — STOCK-BASED AWARDS</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company recognized pre-tax stock-based compensation expense (included primarily in Selling and administrative expenses in the Condensed Consolidated Statements of Earnings) related to stock-based awards of $13 and $23 for the 16 weeks ended June 20, 2009 and June 14, 2008, respectively. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">During the 16 weeks ended June 20, 2009 and June 14, 2008, the Company granted approximately 3 and 4 stock options, respectively. To calculate the fair value of stock options, the Company uses the Black-Scholes option pricing model. The significant weighted average assumptions relating to the valuation of the Company’s stock options consisted of the following: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="75%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="4%"> </td> <td width="3%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="4%"> </td> <td width="3%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>June 20,</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3"><b>June 14,</b></td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2009</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2008</b></td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Dividend yield </div></td> <td> </td> <td nowrap="nowrap" align="right"> </td> <td align="right">2.0</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="right"> </td> <td align="right">2.0</td> <td nowrap="nowrap">%</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Volatility rate </div></td> <td> </td> <td nowrap="nowrap" align="right"> </td> <td nowrap="nowrap" align="right">41.3 – 42.2</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="right"> </td> <td nowrap="nowrap" align="right">28.1 – 36.4</td> <td nowrap="nowrap">%</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Risk-free interest rate </div></td> <td> </td> <td nowrap="nowrap" align="right"> </td> <td nowrap="nowrap" align="right">1.9 – 2.0</td> <td nowrap="nowrap">%</td> <td> </td> <td nowrap="nowrap" align="right"> </td> <td align="right">2.0 – 3.4</td> <td nowrap="nowrap">%</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Expected option life </div></td> <td> </td> <td colspan="2" nowrap="nowrap" align="right">4.0 – 4.5 years</td> <td> </td> <td> </td> <td colspan="2" nowrap="nowrap" align="right">1.0 – 5.4 years</td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The weighted average grant date fair value of the stock options granted during the 16 weeks ended June 20, 2009 and June 14, 2008 was $4.93 and $7.93, respectively. </div> </div> </body> </html>  NOTE 8 — STOCK-BASED AWARDS The Company false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 23 R20.xml IDEA: Subsequent Event 1.0.0.3 false Subsequent Event false 1 $ false false Pure Standard http://www.xbrl.org/2003/instance pure xbrli 0 Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Subsequent Event [Abstract] 0 svu_SubsequentEventAbstract svu false na duration string Subsequent Event Abstract. false false false false false true false false false 1 false false 0 0 false false Subsequent Event Abstract. false 3 SUBSEQUENT EVENT 1 us-gaap_ScheduleOfSubsequentEventsTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0  <html> <head></head> <body>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 13 — SUBSEQUENT EVENT</b> </div>  <div align="left" style="font-size: 10pt; margin-top: 6pt">On July 28, 2009, the Company announced that it reached an agreement for the sale of 36 Albertsons stores located in Utah. The transaction, which is subject to regulatory approval, is expected to realize approximately $150 in after-tax net proceeds and is not expected to have a material effect on the Company’s results of operations for fiscal 2010. </div> </div> </body> </html>  NOTE 13 — SUBSEQUENT EVENT On July 28, 2009, the Company announced false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 24 R4.xml IDEA: Condensed Consolidated Statements of Earnings (Percent To Sales) 1.0.0.3 false Condensed Consolidated Statements of Earnings (Percent To Sales) (USD $) false 1 $ false false Pure Standard http://www.xbrl.org/2003/instance pure xbrli 0 Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 false 2 $ false false Pure Standard http://www.xbrl.org/2003/instance pure xbrli 0 Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 5 Net Sales 3 svu_SalesRevenueNetPercentToNetSales svu false na duration pure Sales revenue, net as a percentage of consolidated net sales. false false false false false false false false false 1 false true 1 1 false false 2 false true 1 1 false false Sales revenue, net as a percentage of consolidated net sales. No authoritative reference available. false 6 Cost of sales 3 svu_CostOfGoodsAndServicesSoldPercentToNetSales svu false na duration pure Cost of goods and services sold as a percentage of consolidated net sales. false false false false false false false false false 1 false true 0.776 0.776 false false 2 false true 0.77 0.77 false false Cost of goods and services sold as a percentage of consolidated net sales. No authoritative reference available. false 7 Gross profit 3 svu_GrossProfitPercentToNetSales svu false na duration pure Gross profit as a percentage of consolidated net sales. false false false false false false false false false 1 false true 0.224 0.224 false false 2 false true 0.23 0.23 false false Gross profit as a percentage of consolidated net sales. No authoritative reference available. false 8 Selling and administrative expenses 3 svu_SellingGeneralAndAdministrativeExpensePercentToNetSales svu false na duration pure Selling, general and administrative expenses as a percentage of consolidated net sales. false false false false false false false false false 1 false true 0.196 0.196 false false 2 false true 0.196 0.196 false false Selling, general and administrative expenses as a percentage of consolidated net sales. No authoritative reference available. false 9 Operating earnings 3 svu_OperatingIncomeLossPercentToNetSales svu false na duration pure Operating income (loss) as a percentage of consolidated net sales. false false false false false false false false false 1 false true 0.028 0.028 false false 2 false true 0.034 0.034 false false Operating income (loss) as a percentage of consolidated net sales. No authoritative reference available. false 10 Interest expense, net 3 svu_InterestExpenseNetPercentToNetSales svu false na duration pure Interest expense, net as a percentage of consolidated net sales. false false false false false false false false false 1 false true 0.014 0.014 false false 2 false true 0.014 0.014 false false Interest expense, net as a percentage of consolidated net sales. No authoritative reference available. false 11 Earnings before income taxes 3 svu_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestmentsPercentNetToSales svu false na duration pure Operating earnings (loss) as a percentage of consolidated net sales. false false false false false false false false false 1 false true 0.015 0.015 false false 2 false true 0.02 0.02 false false Operating earnings (loss) as a percentage of consolidated net sales. No authoritative reference available. false 12 Income tax provision 3 svu_IncomeTaxExpenseBenefitPercentToNetSales svu false na duration pure Income tax provision as a percent of consolidated net sales. false false false false false false false false false 1 false true 0.006 0.006 false false 2 false true 0.008 0.008 false false Income tax provision as a percent of consolidated net sales. No authoritative reference available. false 13 Net earnings 3 svu_NetIncomeLossPercentToNetSales svu false na duration pure Net earnings (loss) as a percentage of consolidated net sales. false false false false false false false false false 1 false true 0.009 0.009 false false 2 false true 0.012 0.012 false false Net earnings (loss) as a percentage of consolidated net sales. No authoritative reference available. false false 2 9 false UnKnown UnKnown UnKnown false true XML 25 R16.xml IDEA: Treasury Stock Purchase Program 1.0.0.3 false Treasury Stock Purchase Program false 1 $ false false Pure Standard http://www.xbrl.org/2003/instance pure xbrli 0 Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Treasury Stock Purchase Program [Abstract] 0 svu_TreasuryStockPurchaseProgramAbstract svu false na duration string Treasury Stock Purchase Program. false false false false false true false false false 1 false false 0 0 false false Treasury Stock Purchase Program. false 3 TREASURY STOCK PURCHASE PROGRAM 1 us-gaap_ScheduleOfTreasuryStockByClassTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0  <html> <head></head> <body>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 9 — TREASURY STOCK PURCHASE PROGRAM</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">On May 28, 2009, the Board of Directors of the Company adopted and announced a new annual share repurchase program authorizing the Company to purchase up to $70 of the Company’s common stock. Stock purchases will be made primarily from the cash generated from the settlement of stock options. This annual authorization program replaced the previously existing share repurchase program and continues through June 2010. The Company did not repurchase any shares during the 16 weeks ended June 20, 2009. As of June 20, 2009, there remained $70 available to repurchase the Company’s common stock. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company did not repurchase any shares during the 16 weeks ended June 20, 2009 under the previously existing share repurchase program. During the 16 weeks ended June 14, 2008 the Company purchased 0.2 shares under a previously existing program at an average cost of $30.01 per share. </div> </div> </body> </html>  NOTE 9 — TREASURY STOCK PURCHASE PROGRAM On May 28, 2009, the false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true XML 26 R9.xml IDEA: New Accounting Standards 1.0.0.3 false New Accounting Standards false 1 $ false false Pure Standard http://www.xbrl.org/2003/instance pure xbrli 0 Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 New Accounting Standards [Abstract] 0 svu_NewAccountingStandardsAbstract svu false na duration string New Accounting Standards. false false false false false true false false false 1 false false 0 0 false false New Accounting Standards. false 3 NEW ACCOUNTING STANDARDS 1 us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0  <html> <head></head> <body>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 2 — NEW ACCOUNTING STANDARDS</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In December 2008, the Financial Accounting Standards Board (“FASB”) issued FASB Staff Position (“FSP”) FAS 132(R)-1, “Employers’ Disclosures about Postretirement Benefit Plan Assets.” FSP FAS 132(R)-1 provides additional guidance regarding disclosures about plan assets of defined benefit pension or other postretirement plans. FSP FAS 132(R)-1 will be effective for the Company’s fiscal year ending February 27, 2010. The adoption of FSP FAS 132(R)-1 will result in enhanced disclosures, but will not otherwise have an impact on the Company’s consolidated financial statements. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> </div> </body> </html>  NOTE 2 — NEW ACCOUNTING false false No definition available. 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No authoritative reference available. false false 2 4 false UnKnown Millions UnKnown false true XML 28 R5.xml IDEA: Condensed Consolidated Balance Sheets 1.0.0.3 false Condensed Consolidated Balance Sheets (USD $) In Millions false 1 $ false false Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 false 2 $ false false Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 6 Current assets 4 us-gaap_AssetsCurrentAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 7 Cash and cash equivalents 5 us-gaap_CashAndCashEquivalentsAtCarryingValue us-gaap true debit instant monetary No definition available. false false false false false false false false false 1 true true 275000000 275 false false 2 true true 240000000 240 false false No definition available. 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Cost of goods and services sold as a percentage of consolidated net sales. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. The cost of borrowed funds accounted for as interest that was charged against earnings during the period, net of interest income resulting from notes receivable. No authoritative reference available. No authoritative reference available. No authoritative reference available. Sales revenue, net as a percentage of consolidated net sales. No authoritative reference available. No authoritative reference available. No authoritative reference available. Income tax provision as a percent of consolidated net sales. No authoritative reference available. No authoritative reference available. No authoritative reference available. Description of the entity's reserves for non-operating properties. No authoritative reference available. 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The adjustment to record merchandise inventory on a last-in, first-out (LIFO) basis. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. Gross profit as a percentage of consolidated net sales. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. No authoritative reference available. 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XML 30 R13.xml IDEA: Long Term Debt 1.0.0.3 false Long Term Debt false 1 $ false false Pure Standard http://www.xbrl.org/2003/instance pure xbrli 0 Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Long Term Debt [Abstract] 0 us-gaap_LongTermDebtAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 LONG-TERM DEBT 1 us-gaap_DebtDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0  <html> <head></head> <body>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 6 — LONG-TERM DEBT</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The Company’s long-term debt and capital lease obligations consisted of the following: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="76%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>June 20,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>February 28,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">1.19% to 3.25% Revolving Credit Facility and Variable Rate Notes due June 2011 – June 2012 </div></td> <td> </td> <td align="left">$</td> <td align="right">1,617</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1,920</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">8.00% Notes due May 2016 </div></td> <td> </td> <td> </td> <td align="right">1,000</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">7.50% Notes due February 2011 </div></td> <td> </td> <td> </td> <td align="right">700</td> <td> </td> <td> </td> <td> </td> <td align="right">700</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">7.45% Debentures due August 2029 </div></td> <td> </td> <td> </td> <td align="right">650</td> <td> </td> <td> </td> <td> </td> <td align="right">650</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">7.50% Notes due November 2014 </div></td> <td> </td> <td> </td> <td align="right">500</td> <td> </td> <td> </td> <td> </td> <td align="right">500</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">6.34% to 7.15% Medium Term Notes due July 2009 – June 2028 </div></td> <td> </td> <td> </td> <td align="right">452</td> <td> </td> <td> </td> <td> </td> <td align="right">512</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">8.00% Debentures due May 2031 </div></td> <td> </td> <td> </td> <td align="right">400</td> <td> </td> <td> </td> <td> </td> <td align="right">400</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">7.50% Notes due May 2012 </div></td> <td> </td> <td> </td> <td align="right">300</td> <td> </td> <td> </td> <td> </td> <td align="right">300</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">8.00% Debentures due June 2026 </div></td> <td> </td> <td> </td> <td align="right">272</td> <td> </td> <td> </td> <td> </td> <td align="right">272</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">8.70% Debentures due May 2030 </div></td> <td> </td> <td> </td> <td align="right">225</td> <td> </td> <td> </td> <td> </td> <td align="right">225</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">7.75% Debentures due June 2026 </div></td> <td> </td> <td> </td> <td align="right">200</td> <td> </td> <td> </td> <td> </td> <td align="right">200</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">7.25% Notes due May 2013 </div></td> <td> </td> <td> </td> <td align="right">200</td> <td> </td> <td> </td> <td> </td> <td align="right">200</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">6.95% Notes due August 2009 </div></td> <td> </td> <td> </td> <td align="right">173</td> <td> </td> <td> </td> <td> </td> <td align="right">350</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">8.35% Notes due May 2010 </div></td> <td> </td> <td> </td> <td align="right">165</td> <td> </td> <td> </td> <td> </td> <td align="right">275</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">7.875% Notes due August 2009 </div></td> <td> </td> <td> </td> <td align="right">118</td> <td> </td> <td> </td> <td> </td> <td align="right">350</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">7.90% Debentures due May 2017 </div></td> <td> </td> <td> </td> <td align="right">96</td> <td> </td> <td> </td> <td> </td> <td align="right">96</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">7.50% Debentures due May 2037 </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">191</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Accounts Receivable Securitization Facility, currently 1.41% </div></td> <td> </td> <td> </td> <td align="right">125</td> <td> </td> <td> </td> <td> </td> <td align="right">120</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Other </div></td> <td> </td> <td> </td> <td align="right">90</td> <td> </td> <td> </td> <td> </td> <td align="right">97</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Net discount on debt, using an effective interest rate of 6.28% to 8.97% </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(240</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(208</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Capital lease obligations </div></td> <td> </td> <td> </td> <td align="right">1,319</td> <td> </td> <td> </td> <td> </td> <td align="right">1,334</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Total debt and capital lease obligations </div></td> <td> </td> <td> </td> <td align="right">8,362</td> <td> </td> <td> </td> <td> </td> <td align="right">8,484</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Less current maturities of long-term debt and capital lease obligations </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(257</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(516</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Long-term debt and capital lease obligations </div></td> <td> </td> <td align="left">$</td> <td align="right">8,105</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">7,968</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Certain of the Company’s credit facilities and 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 the 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. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 6pt">In May 2009, the Company issued $1,000 in senior notes, which rank equally with all of the Company’s other senior unsecured indebtedness. In conjunction with the debt issuance, the Company paid off $191 of 7.50% Debentures due May 2037 that contained put options exercised in May 2009, early redeemed $60 of 6.77% Medium Term Notes due July 2009 and purchased pursuant to a tender offer $232 of 7.875% Notes due August 2009, $177 of 6.95% Notes due August 2009 and $110 of 8.35% Notes due May 2010 for an aggregate payment of $777 in cash. The remainder of the debt issuance proceeds was used to reduce the Revolving Credit Facility. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">In May 2009, the Company amended and extended its 364-day accounts receivable securitization program. The Company can borrow up to $200 on a revolving basis, with borrowings secured by eligible accounts receivable, which remain under the Company’s control. Facility fees under this program range from 0.75 percent to 2.50 percent, based on the Company’s credit ratings. The facility fee in effect on June 20, 2009, based on the Company’s current credit ratings, is 1.00 percent. As of June 20, 2009, there were $353 of accounts receivable pledged as collateral, classified in Receivables in the Condensed Consolidated Balance Sheet. Due to the Company’s intent to renew the facility or refinance it with the Revolving Credit Facility, the facility is classified in Long-term debt in the Condensed Consolidated Balance Sheets. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">As of June 20, 2009, the Company had $456 of debt, excluding the Accounts Receivable Securitization Facility, with current maturities that are classified in Long-term debt in the Condensed Consolidated Balance Sheets due to the Company’s intent to refinance such obligations with the Revolving Credit Facility or other long-term debt. </div> </div> </body> </html>  NOTE 6 — LONG-TERM DEBT The Company’s long-term debt and capital lease false false No definition available. 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No authoritative reference available. false 7 Adjustments to reconcile net earnings to net cash provided by operating activities: 4 us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 8 Depreciation and amortization 5 us-gaap_DepreciationDepletionAndAmortization us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 297000000 297 false false 2 false true 322000000 322 false false No definition available. No authoritative reference available. false 9 LIFO charge 5 svu_LifoCharge svu false debit duration monetary The adjustment to record merchandise inventory on a last-in, first-out (LIFO) basis. false false false false false false false false false 1 false true 18000000 18 false false 2 false true 20000000 20 false false The adjustment to record merchandise inventory on a last-in, first-out (LIFO) basis. No authoritative reference available. false 10 Gain on sale of assets 5 us-gaap_GainLossOnSaleOfPropertyPlantEquipment us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -2000000 -2 false false 2 false true -7000000 -7 false false No definition available. No authoritative reference available. false 11 Deferred income taxes 5 us-gaap_DeferredIncomeTaxExpenseBenefit us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -5000000 -5 false false 2 false true 14000000 14 false false No definition available. No authoritative reference available. false 12 Stock-based compensation 5 us-gaap_ShareBasedCompensation us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 13000000 13 false false 2 false true 23000000 23 false false No definition available. 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No authoritative reference available. true 15 Net cash provided by operating activities 4 us-gaap_NetCashProvidedByUsedInOperatingActivities us-gaap true na duration monetary No definition available. false false false false false false false false false 1 false true 492000000 492 false false 2 false true 398000000 398 false false No definition available. No authoritative reference available. true 16 Cash flows from investing activities 3 us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 17 Proceeds from sale of assets 4 us-gaap_ProceedsFromSaleOfProductiveAssets us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 10000000 10 false false 2 false true 41000000 41 false false No definition available. No authoritative reference available. false 18 Purchases of property, plant and equipment 4 us-gaap_PaymentsToAcquirePropertyPlantAndEquipment us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -238000000 -238 false false 2 false true -395000000 -395 false false No definition available. No authoritative reference available. false 19 Other 4 us-gaap_PaymentsForProceedsFromOtherInvestingActivities us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true 5000000 5 false false 2 false true -15000000 -15 false false No definition available. No authoritative reference available. true 20 Net cash used in investing activities 4 us-gaap_NetCashProvidedByUsedInInvestingActivities us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -223000000 -223 false false 2 false true -369000000 -369 false false No definition available. No authoritative reference available. true 21 Cash flows from financing activities 3 us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract us-gaap true na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false 2 false false 0 0 false false No definition available. false 22 Proceeds from issuance of long-term debt 4 us-gaap_ProceedsFromIssuanceOfLongTermDebt us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true 948000000 948 false false 2 false true 272000000 272 false false No definition available. No authoritative reference available. false 23 Payment of long-term debt and capital lease obligations 4 us-gaap_RepaymentsOfLongTermDebtAndCapitalSecurities us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -1106000000 -1106 false false 2 false true -250000000 -250 false false No definition available. No authoritative reference available. false 24 Dividends paid 4 us-gaap_PaymentsOfDividendsCommonStock us-gaap true credit duration monetary No definition available. false false false false false false false false false 1 false true -73000000 -73 false false 2 false true -36000000 -36 false false No definition available. No authoritative reference available. false 25 Other 4 us-gaap_ProceedsFromPaymentsForOtherFinancingActivities us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -3000000 -3 false false 2 false true 1000000 1 false false No definition available. No authoritative reference available. true 26 Net cash used in financing activities 4 us-gaap_NetCashProvidedByUsedInFinancingActivities us-gaap true debit duration monetary No definition available. false false false false false false false false false 1 false true -234000000 -234 false false 2 false true -13000000 -13 false false No definition available. No authoritative reference available. true 27 Net increase in cash and cash equivalents 3 us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease us-gaap true na duration monetary No definition available. false false false false false false false false false 1 false true 35000000 35 false false 2 false true 16000000 16 false false No definition available. No authoritative reference available. false 28 Cash and cash equivalents at beginning of year 3 us-gaap_CashAndCashEquivalentsAtCarryingValue us-gaap true debit instant monetary No definition available. false false false false false false true false false 1 false true 240000000 240 false false 2 false true 243000000 243 false false No definition available. No authoritative reference available. false 29 Cash and cash equivalents at the end of period 3 us-gaap_CashAndCashEquivalentsAtCarryingValue us-gaap true debit instant monetary No definition available. false false false false false false false true false 1 true true 275000000 275 false false 2 true true 259000000 259 false false No definition available. No authoritative reference available. false false 2 25 false Millions UnKnown UnKnown false true XML 36 R17.xml IDEA: Benefit Plans 1.0.0.3 false Benefit Plans false 1 $ false false Pure Standard http://www.xbrl.org/2003/instance pure xbrli 0 Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 2 Benefit Plans [Abstract] 0 svu_BenefitPlansAbstract svu false na duration string Benefit Plans. false false false false false true false false false 1 false false 0 0 false false Benefit Plans. false 3 BENEFIT PLANS 1 us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0  <html> <head></head> <body>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>NOTE 10 — BENEFIT PLANS</b> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Substantially all employees of the Company are covered by various contributory and non-contributory pension, profit sharing or 401(k) plans. Union employees participate in multi-employer retirement plans under collective bargaining agreements, unless the collective bargaining agreement provides for participation in plans sponsored by the Company. In addition to sponsoring both defined benefit and defined contribution pension plans, the Company provides healthcare and life insurance benefits for eligible retired employees under postretirement benefit plans and short-term and long-term disability benefits to former and inactive employees prior to retirement under post-employment benefit plans. 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 the remaining cost. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Net periodic benefit expense (income) for defined benefit pension plans and other postretirement benefit plans consisted of the following: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="52%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> <td width="5%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="14" style="border-bottom: 1px solid #000000"><b>First Quarter Ended</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Pension Benefits</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Other Postretirement Benefits</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>June 20,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>June 14,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>June 20,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>June 14,</b></td> <td> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2008</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2008</b></td> <td> </td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Service cost </div></td> <td> </td> <td align="left">$</td> <td align="right">2</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">1</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Interest cost </div></td> <td> </td> <td> </td> <td align="right">42</td> <td> </td> <td> </td> <td> </td> <td align="right">40</td> <td> </td> <td> </td> <td> </td> <td align="right">2</td> <td> </td> <td> </td> <td> </td> <td align="right">3</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Expected return on assets </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(39</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(43</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Amortization of prior service benefit </div></td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(2</td> <td nowrap="nowrap">)</td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Amortization of net actuarial loss </div></td> <td> </td> <td> </td> <td align="right">3</td> <td> </td> <td> </td> <td> </td> <td align="right">—</td> <td> </td> <td> </td> <td> </td> <td align="right">1</td> <td> </td> <td> </td> <td> </td> <td align="right">1</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:30px; text-indent:-15px">Net periodic benefit expense (income) </div></td> <td> </td> <td align="left">$</td> <td align="right">8</td> <td> </td> <td> </td> <td nowrap="nowrap" align="left">$</td> <td align="right">(1</td> <td nowrap="nowrap">)</td> <td> </td> <td align="left">$</td> <td align="right">2</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">4</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">During the 16 weeks ended June 20, 2009, the Company made contributions of approximately $26 to its pension plans and $2 to its other postretirement benefit plans. </div> </div> </body> </html>  NOTE 10 — BENEFIT PLANS Substantially all false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true -----END PRIVACY-ENHANCED MESSAGE-----

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