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This Fact Book provides certain nancial and
operating information about Safeway. It is
intended to be used as a supplement to the
Safeway 2012 Annual Report on Form 10-K,
quarterly reports on Form 10-Q and current
reports on Form 8-K, and therefore does not
include the companys consolidated nancial
statements and notes.
The majority of the information in this Fact
Book is based on scal year 2012 data unless
otherwise noted.
Safeway believes that the information
contained in this Fact Book is correct in all
material respects as of April 2013. However,
such information is subject to change.
ABOUT THE SAFEWAY FACT BOOK
Investor Information 2
Safeway at a Glance 3
Retail Operations 4
Loyalty Marketing 9
Consumer Brands 10
Finance & Administration 12
Financial & Operating Statistics 18
Directors & Executive Ofcers 25
Corporate History 30
Reconciliations 36
CONTENTS
Note: This Fact Book contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Such statements relate to, among other things, real estate development and
Lifestyle stores and are indicated by words or phrases such as continuing, ongoing, expects, plans, will and similar
words or phrases. These statements are based on Safeways current plans and expectations and involve risks and uncertainties
that could cause actual events and results to vary signicantly from those included in, or contemplated or implied by, such
statements. Certain risks and uncertainties are described in Safeways reports led with the Securities and Exchange Commission.
SAFEWAY 2013 FACT BOOK
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CORPORATE OFFICE
Safeway Inc.
5918 Stoneridge Mall Road
Pleasanton, CA 94588-3229
Phone: (925) 467-3000
www.safeway.com
INVESTOR CONTACTS
Christiane Pelz
Vice President, Investor Relations
Phone: (925) 467-3832
Melissa Plaisance
Senior Vice President, Finance & Investor Relations
Phone: (925) 467-3136
General Inquiries
www.safeway.com/investor_relations
Phone: (925) 467-3717
STOCK INFORMATION
NUMBER OF EMPLOYEES
Stock symbol: SWY
Listed on New York Stock Exchange (NYSE)
Transfer Agent:
Computershare Trust Company, N.A.
P.O. Box 43078
Providence, RI 02940-3078
Phone: (877) 498-8861
Hearing impaired: (800) 952-9245
www.computershare.com
2012 Data:
239.5 million common shares
outstanding as of December 29, 2012
245.9 million weighted average shares
outstanding (diluted)
$164 million cash paid for dividends on
common stock
$1.3 billion cash paid for common stock
repurchases
Year-end 2012: 171,000
Year-end 2011: 178,000
Year-end 2010: 180,000
At year-end 2012, almost 80% of our employees
were covered by collective bargaining agreements.
BOND INFORMATION (As of April 2013)
Floating Rate Senior Notes due December 2013
5.625% Senior Notes due August 2014
6.25% Senior Notes due March 2014
3.40% Senior Notes due December 2016
6.35% Senior Notes due August 2017
5.00% Senior Notes due August 2019
3.95% Senior Notes due August 2020
4.75% Senior Notes due December 2021
7.45% Senior Debentures due September 2027
7.25% Senior Debentures due February 2031
Trustee & Paying Agent:
The Bank of New York Mellon
Bondholder Relations Department
Corporate Trust Division
Fiscal Agencies Department
101 Barclay Street, 7-East
New York, NY 10286
Phone: (800) 548-5075
3.00% Second Series Notes due March 2014
(Canada Safeway Limited)
Trustee & Paying Agent:
BNY Trust Company of Canada
4 King Street West, Suite 1101
Toronto, Ontario MSH 1B6
Phone: (416) 933-8500
INVESTOR INFORMATION
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Safeway Inc. (Safeway) is one of the largest food
and drug retailers in North America. At year-end
2012, Safeway operated 1,641 stores in the Western,
Southwestern, Rocky Mountain, Midwestern and
Mid-Atlantic regions of the United States and in
western Canada. In support of our stores, Safeway has
an extensive network of distribution, manufacturing
and food processing facilities.
Safeway owns and operates GroceryWorks.com,
an Internet grocer doing business under the names
Safeway.com and Vons.com.
Through our subsidiary, Blackhawk Network, Inc.
(Blackhawk), we provide prepaid gift cards, other
prepaid products and payment services to consumers
through a network of retail store locations in the
United States and 18 other countries as well as various
online channels. Blackhawk is publicly traded under the
symbol HAWK.
Safeway also holds a 49% interest in Casa Ley, S.A. de
C.V., which at year-end 2012 operated 195 food and
general merchandise stores in western Mexico.
ABOUT US
STORES BY DIVISION
Randalls
Tom Thumb
112
Carrs
Alberta
96
Denver
136
Dominicks
72
Eastern
127
Texas/
Randalls
Tom Thumb
110
Southern
California/
Vons
277
Northern
California
268
Vancouver
72
Winnipeg
55
Phoenix
115
Casa Ley
195
Northwest
(incl. Carrs)
313
SAFEWAY AT A GLANCE
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OVERVIEW
Safeways operating strategy is to provide outstanding
value to our customers by offering a unique shopping
experience, including maintaining superior store
standards and a wide selection of high-quality
products at attractive, everyday prices and weekly
promotions through our Club Card and just for U
program. Through our Lifestyle stores, we emphasize
high-quality meat and produce, in-store bakeries, deli
and food service areas and outstanding oral and
pharmacy departments. Safeways store employees
also deliver superior service to customers.
Below is a list of our stores by operating area and size.
At year-end 2012, approximately 82% of Safeways
stores were 35,000 square feet or larger.
Store Count by State / Province as of December 29, 2012:
Percentage of Stores with Specialty Departments and Fuel Stations as of December 29, 2012:
Departments: %
Deli 99%
Floral 98%
Bakery 95%
Seafood 81%
Pharmacy 79%
Starbucks 71%
Fuel Stations 25%
United States: Canada Provinces:
Alaska 28 Alberta 93
Arizona 114 British Columbia 75
California 506 Manitoba 33
Colorado 115 Ontario 6
District of Columbia 13 Saskatchewan 16
Delaware 4
Hawaii 20
Idaho 6
Illinois 72
Maryland 65
Montana 12
Nebraska 5
Nevada 19
New Jersey 1
New Mexico 4
Oregon 99
Pennsylvania 1
South Dakota 3
Texas 110
Virginia 43
Washington 168
Wyoming 10
Total U.S. 1,418 Total Canada 223
Total U.S. & Canada 1,641
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RETAIL OPERATIONS
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Stores by Operating Area as of December 29, 2012:
U.S. Operating Areas:
Greater Than
35,000 Sq. Ft.
Less Than
35,000 Sq. Ft. Total Stores
Chicago (Dominicks) 70 2 72
Denver 120 16 136
Eastern 114 13 127
Northern California (includes HI) 204 64 268
Northwest (Carrs in AK) 265 48 313
Phoenix 109 6 115
Southern California (Vons/Pavilions) 206 71 277
Texas (Randalls/Tom Thumb) 99 11 110
Total U.S. 1,187 231 1,418
Canadian Operating Areas:
Alberta 76 20 96
Vancouver 47 25 72
Winnipeg 40 15 55
Total Canada 163 60 223
Total U.S. & Canada 1,350 291 1,641
Safeway U.S.
Operating Areas:
(banner) Primary Conventional: Other:
Chicago
(Dominicks)
Jewel (Cerberus) Walmart Supercenter, Meijer, Aldi,
Costco, Sams Club, Whole Foods
Denver
(Safeway)
King Soopers (Kroger), Albertsons
(Cerberus)
Walmart Supercenter, Sams Club,
Costco, Whole Foods, Target
Eastern (MD, VA, D.C.)
(Safeway)
Giant (Ahold), Food Lion (Delhaize),
Shoppers Food Warehouse (SuperValu),
A&P
Costco, BJs Wholesale Club, Wegmans,
Whole Foods, Walmart Supercenter,
Harris Teeter
Northern California
includes HI
(Safeway)
Lucky (SaveMart), Raleys, Nob Hill
(Raleys)
Walmart, Costco, WinCo Foods,
Whole Foods, Trader Joes
Northwest
includes AK
(Safeway/Carrs)
Fred Meyer (Kroger),
Albertsons (Cerberus),
Quality Food Centers (Kroger)
WinCo Foods, Walmart Supercenter,
Costco, Haggen
Phoenix
(Safeway)
Frys (Kroger), Albertsons (Cerberus),
Bashas
Walmart Supercenter, Costco,
Sams Club
Southern California
(Vons/Pavilions)
Albertsons (Cerberus),
Ralphs, Food 4 Less (Kroger),
Stater Bros.
Walmart Supercenter, Costco,
Whole Foods, Trader Joes
Texas
(Randalls/Tom Thumb)
Kroger, Albertsons (Cerberus), H.E. Butt Walmart Supercenter, Sams Club,
Costco, Fiesta Mart, Target
PRIMARY COMPETITORS
Safeway Canadian
Operating Areas: Primary Conventional: Other:
Alberta Sobeys, Co-op,
Save-on-Foods (Overwaitea)
Real Canadian Superstore (Loblaw),
Costco, Walmart
Vancouver Save-on-Foods (Overwaitea),
PriceSmart Foods (Overwaitea),
Thrifty Foods (Sobeys)
Real Canadian Superstore (Loblaw),
Costco, Walmart
Winnipeg IGA (Sobeys),
Extra Foods (Loblaw),
Co-op
Real Canadian Superstore (Loblaw),
Costco, Walmart, Real Canadian
Wholesale Club (Loblaw)
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Note: Over 3% weighted market share.
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DISTRIBUTION
U.S. Operating Areas: Location: Size (Sq. Ft.):
Chicago (Dominicks) Northlake, IL 932,000
Denver Denver, CO 1,232,000
Eastern Collington, MD 915,000
Northern California (includes HI) Tracy, CA 1,922,000
Northwest (includes Carrs in AK) Auburn, WA
Clackamas, OR
Spokane, WA
Anchorage, AK
1,208,000
798,000
292,000
233,000
Phoenix Tempe, AZ 788,000
Southern California (Vons/Pavilions) Santa Fe Springs, CA
El Monte, CA
1,055,000
862,000
Texas (Randalls/Tom Thumb) Houston, TX
Dallas, TX
686,000
1,019,000
Total U.S. 11,942,000
Canadian Operating Areas: Location: Size (Sq. Ft.):
Alberta Calgary, Alberta
Edmonton, Alberta
788,000
442,000
Vancouver* Vancouver, British Columbia 426,000
Winnipeg Winnipeg, Manitoba 427,000
Total Canada 2,083,000
Total U.S. & Canada 14,025,000
Note: Listing of major distribution facilities. Safeway also sources product from additional warehouses in the U.S. and Canada.
*We sold our distribution center in British Columbia in 2011, and the activity was moved to a third-party facility.
Each of Safeways 11 retail operating areas is served
by a regional distribution center consisting of one or
more facilities. Safeway currently has 17 distribution/
warehousing centers (13 in the United States and
four in Canada*), which collectively provide the
majority of products to stores we operate. Our
distribution centers in Maryland and British Columbia
are operated by third parties.
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MANUFACTURING
U.S. Canada Total
Milk plants 6 3 9
Bakery plants 6 2 8
Ice cream plants 2 2 4
Cheese and meat packing plants - 1 1
Soft drink bottling plants 4 - 4
Fruit and vegetable processing plants 1 3 4
Cake commissary 1 - 1
Sandwich commissary - 1 1
Total 20 12 32
Manufacturing and food processing facilities by type and location as of December 29, 2012:
The principal function of Safeways manufacturing
operations is to purchase, manufacture and process
private label merchandise sold in stores we operate.
We utilize excess capacity in some of our plants to
produce products for third parties.
As measured by sales dollars, approximately 13% of
Safeways private label merchandise is manufactured in
company-owned plants, and the remainder is purchased
from third parties.
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Sign showing our fuel partnership with Chevron in our Southern California (Vons) Division.
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LOYALTY MARKETING
LOYALTY MARKETING
In addition to providing value through our Everyday Low
prices and weekly Club Card specials, we offer personalized
savings through our proprietary just for U
program. Just
for U gives shoppers digital coupons and deals on items they
regularly buy in our stores, and we make it easy to access
just for U through desktop computers and our Safeway App
for tablets and smart phones.
Our Gas Reward Points program enhances the loyalty of
our customers by offering additional savings at the pump.
Customers can earn Reward Points through eligible grocery,
gift card and pharmacy item purchases. In addition to our
Safeway-branded fuel stations, customers are now able
to redeem their Reward Points at participating Chevron,
Texaco, Exxon and Mobil locations.
Our in-store pharmacies further enhance loyalty by
continually engaging our shoppers with relevant offers
throughout the year on immunizations and prescription
rells. Our pharmacies also create loyalty by offering
convenience for our customers. Our pharmacists not only
ll scripts, but also offer value to our customers through
patient consulting. Safeway was one of the rst retailers to
offer immunizations, and we recently announced a smoking
cessation program through an alliance with the UCSF School
of Pharmacy.
Our engagement on social media platforms such as
Facebook, Twitter and Pinterest continues to grow and has
developed a loyal following, including bloggers who have
encouraged their fans to try our loyalty programs.
Pharmacist helping a customer at our newly designed pharmacy counter.
Safeways private label offering of Consumer Brands
is dedicated to meeting diverse shopper needs while
building loyalty to Safeway. Our portfolio is designed
to provide high-quality products and a differentiated
experience to our shoppers.
We divide our brands into three portfolios: Core, Premium
and Health & Wellness.
Core
The Safeway brand is our largest Consumer Brand with
more than 4,000 items across 350 categories ranging
from cereal and spaghetti to hand sanitizer and laundry
detergent. The Safeway brand offers shoppers the same
quality and taste of name brands, at a lower price. We
recently redesigned the packaging and are in the process
of rebranding the core Safeway brand into four labels:
Safeway Kitchens, Farms, Home and Care.
The Lucerne
has
brought fun back to the beverage category. With over
40 different varieties of beverages, from carbonated soft
drinks to vitamin-enhanced water, our mega beverage
brand, refreshe, continues to be a one-stop brand for
thirsty shoppers.
The Snack Artist
brand is designed
to offer premium quality products that we believe are
equal or superior in quality to comparable bestselling,
nationally advertised brands, or are unique to their
category and not available from national brand
manufacturers. Since 1993, hundreds of products have
been developed under the Safeway SELECT brand,
including unique salsas, frozen entrees, hors doeuvres,
pastas and sauces, olive oils, freshly baked artisan breads,
whole bean coffees and desserts. Currently, there are over
1,000 items in 60+ categories.
Our Signature Cafe
a brand of over 140 seafood selections, entrees and
complementary items that make preparing a restaurant-
quality meal at home easy. Some items come with simple
recipes for do-it-yourself entrees and appetizers, and
others are pre-made entrees that are ready in minutes.
Debi Lilly
digital
loyalty platform. Through just for U, customers are able
to download personalized prices and digital coupons to
their Club Cards. Recently, mobile apps were added in
order to provide customers with more convenient access
to just for U.
Safeway operates a data center in Salt Lake City, Utah
and another in Phoenix, Arizona. Each data center
houses mission-critical information and is equipped to
function as a back-up system in the event of a disaster.
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HUMAN RESOURCES
Diversity and Inclusion
We believe a diverse workforce leads to better
teamwork, increased productivity, creative thinking and
innovation - which help us achieve business priorities.
Safeways view of diversity is all-inclusive and covers
the many ways employees may be different, including
an individuals race, color, religion, gender, national
origin, age, disability, ancestry, medical condition,
genetic information, marital status, covered veteran
status, citizenship status, sexual orientation, gender
identity and gender expression. Safeway provides
reasonable accommodations for applicants and
employees with disabilities. Safeway employs more than
171,000 employees of which almost 80% are covered
by collective bargaining agreements.
Safeway supports employee resource groups, which
are individually sponsored by a senior member of our
management team. Employees have formed over ten
groups, thereby increasing employee engagement,
providing networking and mentoring opportunities and
helping connect employees to the community.
Employee Development
Our employees are our most valuable resource. We
provide employees with training and developmental
opportunities that enable them to acquire the necessary
knowledge, skills and abilities, which we believe have
contributed signicantly to Safeway becoming a
leading retailer in our markets. Whether it is providing
world-class customer service, offering exceptional
products at a competitive price or mastering the latest
in merchandising and display techniques, Safeways
training and development programs are designed to
provide individuals with a solid foundation to perform
their best in their current position, while preparing
them for future opportunities. Safeway provides entry-
level training using multi-media, mentors and on-the-
job training. Areas of concentration include: customer
service, technical skills, product knowledge, diversity,
food safety, workplace safety, nancial analysis and a
host of other topics, as they relate to each position.
Strong performers are offered further opportunities in
management positions.
Retail Management Training/Leadership
Development Program
Strong store management is essential to the success
of Safeway. Our store managers are a signicant group
of leaders who are responsible for running our daily
operations. Potential management personnel are selected
from high-performing assistant store managers, store
employees, qualied external store managers and other
outside candidates. Store manager candidates are given
in-depth training on leadership, strategy, store operations,
report analysis and nancial business acumen. We also
offer leadership programs to help managers move from
front line supervision to mid-level management and
executive leadership. Managers receive developmental
feedback, which helps them focus on strengthening their
competencies to excel in their roles.
Safeway developed a military recruiting program to
hire and train junior military ofcers after they return
from active duty. The Safeway retail management
development program prepares Safeways retail leaders
for everyday operating challenges by providing them
with the proper training, experience and tools necessary
to adapt and excel in the competitive and constantly
changing grocery industry.
Health and Wellness
In addition to employing and training a diverse workforce,
Safeway offers a number of benets and programs to
help employees manage all aspects of their total health
physical, emotional and nancial well-being. Our Live
Life, Live Long, Live Well programs are available to help
our employees and their families manage their physical,
emotional and nancial well-being. Healthy Measures
helps employees understand their major health risks
and take steps to stay or become healthy. Participating
employees qualify for substantial discounts on their health
insurance premiums. Other programs include:
a state-of-the art corporate ftness center and
discounts at local tness centers;
a health clinic at corporate headquarters;
an online tool that helps make health care costs
transparent; and
CareConnect, a service to provide employees and
their families with the very best care for breast
cancer, prostate cancer and heart disease at premier
treatment centers nationwide.
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Incentive Programs and Benets
We have a number of bonus programs to motivate,
reward and retain eligible employees and to encourage
individual and team behavior that helps the company
achieve both short- and long-term performance
objectives. Safeways bonus programs extend to more
than 21,000 employees from in-store department
managers to senior management. Safeway also
contributes to a pension plan for non-union employees
and several multi-employer pension plans.
Stock Ownership
A payroll deduction plan allows employees at all levels
to buy Safeway stock commission-free. Safeways 401(k)
plan provides eligible employees an option to invest self-
directed retirement funds in Safeway stock.
CORPORATE SOCIAL RESPONSIBILITY
For years, Safeway has taken responsibility for
environmental and community stewardship. We strive
to make a real, positive difference in the neighborhoods
we serve. We are committed to Creating better lives,
vibrant neighborhoods, and a healthier planet. We
focus our corporate social responsibility (CSR) efforts
on four key areas: People, Products, Community and
Planet, as described below. Please see our CSR website
for more details: www.safeway.com/csr.
People
As previously mentioned, Safeway takes pride in
employing and training a diverse workforce, and
we are also committed to our Live Life, Live Long,
Live Well
, Eating Right
,
Bright Green
and Open Nature
.
SimpleNutrition
In 2011, we introduced SimpleNutrition, an at the
shelf labeling program we developed in partnership
with registered dietitians and food labeling experts.
Green shelf tags identify certain nutrition and ingredient
benets for a given product, helping our customers to
receive critical nutrition information at a glance.
Locally Grown
Safeway has spent decades working with hundreds of
local growers across the country to bring the nest and
freshest produce to our consumers. We give buying
preference to our local vendor partners, supporting the
vitality of regional farms and reducing greenhouse gas
emissions by limiting transportation miles.
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Supplier Diversity Program
Our supplier diversity program provides business
opportunities for minority-, women-, LGBT- and service-
disabled, veteran-owned businesses to present their
goods or services to Safeway for consideration. Potential
suppliers are guided through the evaluation process by a
designated diversity contact person and the appropriate
category decision maker.
Supply Chain Transparency
Beginning in 2011, we engaged our suppliers to
address human trafcking and collaborate on nding
solutions to any identied issues. Approximately 900
Safeway employees have successfully completed training
regarding the prevention of human trafcking in
business operations and supply chains.
Animal Welfare and Seafood Sustainability
Safeway is an industry leader in animal welfare.
We believe animals should be raised, transported
and processed using procedures that are clean, safe
and free from cruelty, abuse or neglect. The mandate
of our Animal Welfare Council, comprised of Safeway
experts and a number of animal welfare scientists from
top universities, is to provide guidance on matters
relating to the humane treatment of animals in the food
production system. In May of 2012, Safeway announced
progress toward gestation stall-free pork supply
chain. In December, Safeway became the rst major
grocery retailer in the United States to make a national
commitment to offer Certied Humane
cage-free eggs.
Safeway adopted a far-reaching seafood
sustainability policy in 2008 to help ensure this food
source is enjoyed for generations to come. The policy
focuses on four key areas: sourcing, supplier assessment
and employee and customer education. In January
2010, we joined FishWise, a non-prot organization
focused on improving the sustainability performance
of seafood retailers, distributors and producers.
In May 2012, Greenpeace ranked Safeway number
one among the top U.S. grocery retailers for the
sustainability of our seafood practices. In addition,
Safeway launched its Safeway brand skipjack
(chunk-light) canned tuna that is responsibly caught
using free-school purse-seine methods.
Food Safety & Packaging
In 2010, we initiated a multi-year program to improve
practices that safeguard the integrity of our products.
Our program includes certication with the Global Food
Safety Initiative (GFSI), a collaboration among food safety
experts from retail, manufacturing and food service, as
well as service providers. The GFSI benchmarks existing
food standards against food safety criteria and develops
ways to share information in the supply chain, raise
consumer awareness and review existing retail practices.
Our innovations in packaging, such as reducing the
weight of our refreshe
and
Eating Right
personalized pricing
and digital coupon campaign in select markets.
2011
Safeway announces the appointment of T. Gary Rogers,
former Chairman of the Board and Chief Executive
Ofcer of Dreyers Grand Ice Cream, Inc., to the Safeway
Board of Directors.
Safeway announces the SimpleNutrition program, an
in-store shelf tag system that makes it easier for shoppers
to make better nutrition choices on food and beverages.
Safeway receives the 2011 Freeman Philanthropic
Services Award for Outstanding Corporation by the
Association of Fundraising Professionals.
Greenpeace ranks Safeway number one among the top 20
grocery retailers on the sustainability of seafood practices.
Safeway is a recipient of the Waste Reduction Award
Program for the 13th consecutive year.
2012
In April, Robert L. Edwards is named President. Steven A.
Burd remains Chairman and Chief Executive Ofcer. Larree
M. Renda, Executive Vice President, assumes additional
responsibilities for real estate and information technology.
Paul Hazen does not stand for re-election to the
Safeway Board of Directors in May 2012 but remains
on Blackhawks board.
On August 1, Michael Shannon resigns from the
Safeway board.
In September, Safeway is named to the Dow Jones
Sustainability Index North America for the fourth year
in a row.
Safeway is ranked number one and is one of the rst
to earn a green or good rating among top grocery
retailers on the sustainability of seafood practices by
Greenpeace.
2013
Safeway announces that Steven A. Burd, its long-time
Chairman and CEO, will retire as CEO and as a director
at the May 14, 2013 Annual Meeting.
In February, Peter J. Bocian joins Safeway as Executive Vice
President and Chief Financial Ofcer.
In March, Bruce L. Everett, EVP Retail Operations,
announces his retirement. Kelly P. Grifth is named
his successor.
Safeway is among the Worlds Most Ethical Companies
as awarded by the Ethisphere Institute for the third time.
Robert L. Edwards succeeds Steven A. Burd as Chief
Executive Ofcer and becomes a director effective
May 15, 2013.
T. Gary Rogers becomes Non-Executive Chairman of
the Board effective May 15, 2013.
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Annual Fiscal Year
2012 2011 2010 2009 2008
Net cash ow from operating activities $1,569.7 $2,023.6 $1,849.7 $2,549.7 $2,250.9
Net cash ow used by investing activities (572.0) (1,014.5) (798.8) (889.0) (1,546.0)
(Increase) decrease in payables related to third-party gift cards, net of receivables (26.4) (293.6) 6.9 (170.4) (23.9)
Investments and business acquisitions - 35.9 - - -
Free cash ow $971.3 $751.4 $1,057.8 $1,490.3 $681.0
Annual Fiscal Year
2012 2011 2010
Net income attributable to Safeway Inc. $596.5 $516.7 $589.8
Add (subtract):
Property impairment charges and tax expense from discontinued operations 27.7 - -
Income taxes 262.2 363.9 290.6
Interest expense 304.0 272.2 298.5
Depreciation expense 1,134.3 1,148.8 1,162.4
LIFO expense (income) 0.7 35.1 (28.0)
Share-based employee compensation expense 55.1 50.0 55.5
Property impairment charges 46.5 44.7 71.7
Equity in earnings of unconsolidated afliate (17.5) (13.0) (15.3)
Dividend received from unconsolidated afliate 0.7 6.1 -
Total Adjusted EBITDA $2,410.2 $2,424.5 $2,425.2
Adjusted EBITDA as a multiple of interest expense 7.9x 8.9x 8.1x
Annual Fiscal Year
2012 2011 2010
Net cash ow from operating activities $1,569.7 $2,023.6 $1,849.7
Add (subtract):
Income taxes 262.2 363.9 290.6
Interest expense 304.0 272.2 298.5
Deferred income taxes 36.0 63.7 31.3
Net pension and post-retirement benets expense (150.8) (114.3) (125.2)
Contributions to pension and post-retirement benet plans 159.5 176.2 17.7
Increase in accrued claims and other liabilities (44.8) (23.2) (36.2)
Gain on property dispositions and lease exit activities 79.1 65.6 27.5
Changes in working capital items 148.0 (385.8) 67.9
Lease exit costs and gain on property dispositions from discontinued operations 59.6 - -
Other (12.3) (17.4) 3.4
Total Adjusted EBITDA $2,410.2 $2,424.5 $2,425.2
Adjusted EBITDA as a multiple of interest expense 7.9x 8.9x 8.1x
Reconciliation of GAAP Cash Flow Measure to Free Cash Flow (in millions)*
Reconciliation of Net Income Attributable to Safeway Inc. to Adjusted EBITDA
(Interest Coverage) (dollars in millions)
Reconciliation of Net Cash Flow from Operating Activities to Adjusted EBITDA
(Interest Coverage) (dollars in millions)
* Excludes cash ow from payables related to third-party gift cards, net of receivables. Cash from the sale of third-party gift cards is held for a short period of time and
then remitted, less Safeways commission, to card partners. Because this cash ow is temporary, it is not available for other uses and therefore is excluded from the
companys calculation of free cash ow.
36
RECONCILIATIONS
2012 Q1 Q2 Q3 Q4
Net cash ow (used) provided by operating activities, as reported $(541.8) $451.0 $449.3 $1,211.2
Net cash ow (used) provided by investing activities (273.0) (191.9) 29.0 (136.1)
Decrease (increase) in payables related to third-party gift cards, net of receivables 590.6 (59.0) 27.1 (585.1)
Free cash ow $(224.2) $200.1 $505.4 $490.0
2011 Q1 Q2 Q3 Q4
Net cash ow (used) provided by operating activities $(60.0) $247.6 $523.3 $1,312.7
Net cash ow used by investing activities (188.4) (216.9) (339.1) (270.1)
Decrease (increase) in payables related to third-party gift cards, net of receivables 360.0 (26.2) (16.7) (610.7)
Investments and business acquisitions - - - 35.9
Free cash ow $111.6 $4.5 $167.5 $467.8
2010 Q1 Q2 Q3 Q4
Net cash ow (used) provided by operating activities $(242.0) $551.1 $537.5 $1,003.1
Net cash ow used by investing activities (192.7) (200.9) (157.0) (248.2)
Decrease (increase) in payables related to third-party gift cards, net of receivables 376.3 (20.2) 2.8 (352.0)
Free cash ow $(58.4) $330.0 $383.3 $402.9
Reconciliation of GAAP Cash Flow Measure to Free Cash Flow (in millions)*
Reconciliation of Income and Diluted Earnings Per Share from Continuing Operations, as Reported, to Income and
Diluted Earnings Per Share from Continuing Operations, as Adjusted (in millions, except per share amounts)
Reconciliations which Adjust Fiscal Year 2009 Financial Results for Goodwill Impairment Charge
(in millions, except percents and per share amounts)
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then remitted, less Safeways commission, to card partners. Because this cash ow is temporary, it is not available for other uses and therefore is excluded from the
companys calculation of free cash ow.
* Represents the tax deduction from the impairment of goodwill that arose from taxable asset acquisitions, tax-affected at Safeways incremental rate of 38.6%.
37
Fiscal Year 2009
% of sales
Sales and other revenue, as reported $40,850.7
Operating loss, as reported $(628.7) (1.5%)
Add goodwill impairment charge 1,974.2 4.8%
Operating income, as adjusted $1,345.5 3.3%
Pre-tax loss, as reported $(953.3)
Add goodwill impairment charge 1,974.2
Pre-tax income, as adjusted $1,020.9
Net loss from continuing operations, as reported $(1,097.5)
Add goodwill impairment charge 1,974.2
Less tax benet from goodwill impairment charge* (156.0)
Net income from continuing operations, excluding goodwill impairment charge $720.7
Diluted loss per share from continuing operations, as reported $(2.66)
Less goodwill impairment charge per diluted share, net of tax 4.40
Diluted earnings per share from continuing operations, excluding goodwill impairment charge $1.74
Weighted average shares outstanding used for diluted loss per share, as reported 412.9
Add common shares equivalents 1.2
Weighted average shares outstanding used for diluted earnings per share,
excluding goodwill impairment charge 414.1
Fiscal Year 2012 Fiscal Year 2011
Diluted EPS Diluted EPS
Income from continuing operations, as reported $566.2 $2.27 $518.2 $1.49
Gain from legal settlements, net of $17.7 of tax (28.8) (0.12) - -
Tax on repatriated earnings from Canada - - 98.9 0.29
Income from continuing operations, as adjusted $537.4 $2.15 $617.1 $1.78
38
Q1 (A+B-C)
Rolling Four Quarters
Ended March 24, 2012
A
Year Ended
2011
B
12 Weeks Ended
March 24, 2012
C
12 Weeks Ended
March 26, 2011
Net income attributable to Safeway Inc. $564.5 $516.7 $72.9 $25.1
Add (subtract):
Property impairment charges and tax benet
from discontinued operations 1.8 - 1.8 -
Income taxes 273.9 363.9 42.1 132.1
Interest expense 277.9 272.2 71.4 65.7
Depreciation expense 1,149.5 1,148.8 265.8 265.1
LIFO expense 31.6 35.1 0.5 4.0
Share-based employee compensation 50.1 50.0 11.0 10.9
Property impairment charges 51.1 44.7 13.5 7.1
Equity in earnings of unconsolidated afliates, net (14.4) (13.0) (3.2) (1.8)
Dividend received from unconsolidated afliate - 6.1 - 6.1
Total Adjusted EBITDA $2,386.0 $2,424.5 $475.8 $514.3
Adjusted EBITDA as a multiple of interest
expense 8.6x
Q2 (A+B-C)
Rolling Four Quarters
Ended June 16, 2012
A
Year Ended
2011
B
24 Weeks Ended
June 16, 2012
C
24 Weeks Ended
June 18, 2011
Net income attributable to Safeway Inc. $541.3 $516.7 $195.6 $171.0
Add (subtract):
Property impairment charges and tax benet
from discontinued operations 2.5 - 2.5 -
Income taxes 257.0 363.9 98.0 204.9
Interest expense 290.0 272.2 145.0 127.2
Depreciation expense 1,148.5 1,148.8 528.7 529.0
LIFO expense 22.7 35.1 0.6 13.0
Share-based employee compensation 52.2 50.0 24.3 22.1
Property impairment charges 51.2 44.7 28.5 22.0
Equity in earnings of unconsolidated afliates, net (14.0) (13.0) (5.4) (4.4)
Dividend received from unconsolidated afliate - 6.1 - 6.1
Total Adjusted EBITDA $2,351.4 $2,424.5 $1,017.8 $1,090.9
Adjusted EBITDA as a multiple of interest
expense 8.1x
Q3 (A+B-C)
Rolling Four Quarters
Ended Sept. 8, 2012
A
Year Ended
2011
B
36 Weeks Ended
Sept. 8, 2012
C
36 Weeks Ended
Sept. 10, 2011
Net income attributable to Safeway Inc. $568.1 $516.7 $352.5 $301.1
Add (subtract):
Property impairment charges and tax benet
from discontinued operations 33.8 - 33.8 -
Income taxes 240.5 363.9 147.6 271.0
Interest expense 300.6 272.2 216.3 187.9
Depreciation expense 1,143.4 1,148.8 788.9 794.3
LIFO expense 15.3 35.1 1.6 21.4
Share-based employee compensation 53.2 50.0 36.6 33.4
Property impairment charges 45.5 44.7 34.5 33.7
Equity in earnings of unconsolidated afliates, net (15.1) (13.0) (13.2) (11.1)
Dividend received from unconsolidated afliate 0.7 6.1 0.7 6.1
Total Adjusted EBITDA $2,386.0 $2,424.5 $1,599.3 $1,637.8
Adjusted EBITDA as a multiple of interest
expense 7.9x
2012 Reconciliation of Net Income Attributable to Safeway Inc. to Adjusted EBITDA (dollars in millions)
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Q1 (A+B-C)
Rolling Four Quarters
March 24, 2012
A
Year Ended
2011
B
12 Weeks Ended
March 24, 2012
C
12 Weeks Ended
March 26, 2011
Net cash ow provided (used) by operating activities $1,541.8 $2,023.6 ($541.8) ($60.0)
Add (subtract):
Income taxes 273.9 363.9 42.1 132.1
Interest expense 277.9 272.2 71.4 65.7
Deferred income taxes 4.7 63.7 - 59.0
Net pension and post-retirement benet expense (121.5) (114.3) (32.9) (25.7)
Contributions to pension and post-retirement plans 199.5 176.2 29.9 6.6
Increase in accrued claims and other liabilities (0.3) (23.2) (2.4) (25.3)
Gain on property dispositions and lease exit costs, net 72.2 65.6 8.0 1.4
Changes in working capital items 162.6 (385.8) 913.9 365.5
Lease exit costs from discontinued operations (6.8) - (6.8) -
Other (18.0) (17.4) (5.6) (5.0)
Total Adjusted EBITDA $2,386.0 $2,424.5 $475.8 $514.3
Adjusted EBITDA as a multiple of interest expense 8.6x
Q2
(A+B-C)
Rolling Four Quarters
June 16, 2012
A
Year Ended
2011
B
24 Weeks Ended
June 16, 2012
C
24 Weeks Ended
June 18, 2011
Net cash ow provided (used) by operating activities $1,745.2 $2,023.6 ($90.8) $187.6
Add (subtract):
Income taxes 257.0 363.9 98.0 204.9
Interest expense 290.0 272.2 145.0 127.2
Deferred income taxes 9.1 63.7 - 54.6
Net pension and post-retirement benet expense (129.7) (114.3) (66.8) (51.4)
Contributions to pension and post-retirement plans 83.3 176.2 67.6 160.5
Decrease (increase) in accrued claims and other liabilities 12.5 (23.2) 2.0 (33.7)
Gain (loss) on property retirements and lease exit costs, net 84.1 65.6 18.4 (0.1)
Changes in working capital items 25.7 (385.8) 861.5 450.0
Lease exit costs and gain on property depositions from
discontinued operations (5.0) - (5.0) -
Other (20.8) (17.4) (12.1) (8.7)
Total Adjusted EBITDA $2,351.4 $2,424.5 $1,017.8 $1,090.9
Adjusted EBITDA as a multiple of interest expense 8.1x
Q3
(A+B-C)
Rolling Four Quarters
Sept. 8, 2012
A
Year Ended
2011
B
36 Weeks Ended
Sept. 8, 2012
C
36 Weeks Ended
Sept 10, 2011
Net cash ow provided by operating activities $1,671.2 $2,023.6 $358.5 $710.9
Add (subtract):
Income taxes 240.5 363.9 147.6 271.0
Interest expense 300.6 272.2 216.3 187.9
Deferred income taxes 12.0 63.7 - 51.7
Net pension and post-retirement benet expense (138.7) (114.3) (102.5) (78.1)
Contributions to pension and post-retirement plans 110.5 176.2 102.6 168.3
Decrease (increase) in accrued claims and other liabilities 18.8 (23.2) 2.6 (39.4)
Gain (loss) on property retirements and lease exit costs, net 96.8 65.6 28.4 (2.8)
Changes in working capital items 21.7 (385.8) 786.8 379.3
Lease exit costs and gain on property depositions from
discontinued operations 75.4 - 75.4 -
Other (22.8) (17.4) (16.4) (11.0)
Total Adjusted EBITDA $2,386.0 $2,424.5 $1,599.3 $1,637.8
Adjusted EBITDA as a multiple of interest expense 7.9x
2012 Reconciliation of Net Cash Flow from Operating Activities to Adjusted EBITDA (dollars in millions)
40
Q1 (A+B-C)
Rolling Four Quarters
Ended March 26, 2011
A
Year Ended
January 1, 2011
B
12 Weeks Ended
March 26, 2011
C
12 Weeks Ended
March 27, 2010
Net income attributable to Safeway Inc. $518.9 $589.8 $25.1 $96.0
Add (subtract):
Income taxes 370.4 290.6 132.1 52.3
Interest expense 294.5 298.5 65.7 69.7
Depreciation expense 1,158.5 1,162.4 265.1 269.0
LIFO (income) expense (24.0) (28.0) 4.0 -
Share-based employee compensation 52.3 55.5 10.9 14.1
Property impairment charges 61.4 71.7 7.1 17.4
Equity in earnings of unconsolidated afliates, net (14.1) (15.3) (1.8) (3.0)
Dividend received from unconsolidated afliate 6.1 - 6.1 -
Total Adjusted EBITDA $2,424.0 $2,425.2 $514.3 $515.5
Adjusted EBITDA as a multiple of interest
expense 8.2x
Q2 (A+B-C)
Rolling Four Quarters
Ended June 18, 2011
A
Year Ended
January 1, 2011
B
24 Weeks Ended
June 18, 2011
C
24 Weeks Ended
June 19, 2010
Net income attributable to Safeway Inc. $523.5 $589.8 $171.0 $237.3
Add (subtract):
Income taxes 366.1 290.6 204.9 129.4
Interest expense 286.8 298.5 127.2 138.9
Depreciation expense 1,152.8 1,162.4 529.0 538.6
LIFO (income) expense (15.0) (28.0) 13.0 -
Share-based employee compensation 51.4 55.5 22.1 26.2
Property impairment charges 62.9 71.7 22.0 30.8
Equity in earnings of unconsolidated afliates, net (15.2) (15.3) (4.4) (4.5)
Dividend received from unconsolidated afliate 6.1 - 6.1 -
Total Adjusted EBITDA $2,419.4 $2,425.2 $1,090.9 $1,096.7
Adjusted EBITDA as a multiple of interest
expense 8.4x
Q3 (A+B-C)
Rolling Four Quarters
Ended Sept. 10, 2011
A
Year Ended
January 1, 2011
B
36 Weeks Ended
Sept. 10, 2011
C
36 Weeks Ended
Sept. 11, 2010
Net income attributable to Safeway Inc. $530.8 $589.8 $301.1 $360.1
Add (subtract):
Income taxes 377.1 290.6 271.0 184.5
Interest expense 278.1 298.5 187.9 208.3
Depreciation expense 1,150.6 1,162.4 794.3 806.1
LIFO (income) expense (6.6) (28.0) 21.4 -
Share-based employee compensation 51.6 55.5 33.4 37.3
Property impairment charges 56.7 71.7 33.7 48.7
Equity in earnings of unconsolidated afliates, net (18.7) (15.3) (11.1) (7.7)
Dividend received from unconsolidated afliate 6.1 - 6.1 -
Total Adjusted EBITDA $2,425.7 $2,425.2 $1,637.8 $1,637.3
Adjusted EBITDA as a multiple of interest
expense 8.7x
2011 Reconciliation of Net Income Attributable to Safeway Inc. to Adjusted EBITDA (dollars in millions)
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Q1 (A+B-C)
Rolling Four Quarters
March 26, 2011
A
Year Ended
January 1, 2011
B
12 Weeks Ended
March 26, 2011
C
12 Weeks Ended
March 27, 2010
Net cash ow provided (used) by operating activities $2,031.7 $1,849.7 ($60.0) ($242.0)
Add (subtract):
Income taxes 370.4 290.6 132.1 52.3
Interest expense 294.5 298.5 65.7 69.7
Amortization of deferred nance costs (4.8) (4.8) (1.1) (1.1)
Excess tax benet from exercise of stock options 1.5 1.6 0.4 0.5
Deferred income taxes 90.3 31.3 59.0 -
Net pension and post-retirement benet expense (121.1) (125.2) (25.7) (29.8)
Contributions to pension and post-retirement plans 19.9 17.7 6.6 4.4
Accrued claims and other liabilities (45.1) (36.2) (25.3) (16.4)
Gain (loss) on property retirements and lease exit activities 39.9 27.5 1.4 (11.0)
Dividend received from unconsolidated afliate 6.1 - 6.1 -
Changes in working capital items (258.9) 67.9 365.5 692.3
Other (0.4) 6.6 (10.4) (3.4)
Total Adjusted EBITDA $2,424.0 $2,425.2 $514.3 $515.5
Q2
(A+B-C)
Rolling Four Quarters
June 18, 2011
A
Year Ended
January 1, 2011
B
24 Weeks Ended
June 18, 2011
C
24 Weeks Ended
June 19, 2010
Net cash ow provided by operating activities $1,728.2 $1,849.7 $187.6 $309.1
Add (subtract):
Income taxes 366.1 290.6 204.9 129.4
Interest expense 286.8 298.5 127.2 138.9
Amortization of deferred nance costs (4.8) (4.8) (2.2) (2.2)
Excess tax benet from exercise of stock options 1.7 1.6 0.8 0.7
Deferred income taxes 85.9 31.3 54.6 -
Net pension and post-retirement benet expense (118.9) (125.2) (51.4) (57.7)
Contributions to pension and post-retirement plans 169.5 17.7 160.5 8.7
Accrued claims and other liabilities (40.5) (36.2) (33.7) (29.4)
Gain (loss) on property retirements and lease exit activities 41.4 27.5 (0.1) (14.0)
Changes in working capital items (95.2) 67.9 450.0 613.1
Other (0.8) 6.6 (7.3) 0.1
Total Adjusted EBITDA $2,419.4 $2,425.2 $1,090.9 $1,096.7
Q3
(A+B-C)
Rolling Four Quarters
Sept. 10, 2011
A
Year Ended
January 1, 2011
B
36 Weeks Ended
Sept. 10, 2011
C
36 Weeks Ended
Sept 11, 2010
Net cash ow provided by operating activities $1,714.0 $1,849.7 $710.9 $846.6
Add (subtract):
Income taxes 377.1 290.6 271.0 184.5
Interest expense 278.1 298.5 187.9 208.3
Amortization of deferred nance costs (5.1) (4.8) (3.6) (3.3)
Excess tax benet from exercise of stock options 2.5 1.6 1.6 0.7
Deferred income taxes 83.0 31.3 51.7 -
Net pension and post-retirement benet expense (116.7) (125.2) (78.1) (86.6)
Contributions to pension and post-retirement plans 174.3 17.7 168.3 11.7
Accrued claims and other liabilities (37.1) (36.2) (39.4) (38.5)
Gain (loss) on property retirements and lease exit activities 23.3 27.5 (2.8) 1.4
Changes in working capital items (65.5) 67.9 379.3 512.7
Other (2.2) 6.6 (9.0) (0.2)
Total Adjusted EBITDA $2,425.7 $2,425.2 $1,637.8 $1,637.3
2011 Reconciliation of Net Cash Flow from Operating Activities to Adjusted EBITDA (dollars in millions)
42
Q1 (A+B-C)
Rolling Four Quarters
Ended March 27, 2010
A
Year Ended
2009
B
12 Weeks Ended
March 27, 2010
C
12 Weeks Ended
March 28, 2009
Net (loss) income attributable to Safeway Inc. ($1,145.7) ($1,097.5) $96.0 $144.2
Add (subtract):
Income taxes 136.2 144.2 52.3 60.3
Interest expense 323.2 331.7 69.7 78.2
Depreciation expense 1,175.8 1,171.2 269.0 264.4
Goodwill impairment charge 1,974.2 1,974.2 - -
LIFO (income) expense (36.6) (35.2) - 1.4
Share-based employee compensation 61.1 61.7 14.1 14.7
Property impairment charges 80.0 73.7 17.4 11.1
Equity in earnings of unconsolidated afliates, net (11.3) (8.5) (3.0) (0.2)
Dividend received from unconsolidated afliate 5.8 5.8 - -
Total Adjusted EBITDA $2,562.7 $2,621.3 $515.5 $574.1
Adjusted EBITDA as a multiple of interest
expense 7.9x
Q2 (A+B-C)
Rolling Four Quarters
Ended June 19, 2010
A
Year Ended
2009
B
24 Weeks Ended
June 19, 2010
C
24 Weeks Ended
June 20, 2009
Net (loss ) income attributable to Safeway Inc. ($1,243.0) ($1,097.5) $237.3 $382.8
Add (subtract):
Income taxes 168.2 144.2 129.4 105.4
Interest expense 315.2 331.7 138.9 155.4
Depreciation expense 1,177.1 1,171.2 538.6 532.7
Goodwill impairment charge 1,974.2 1,974.2 - -
LIFO income (35.2) (35.2) - -
Share-based employee compensation 60.5 61.7 26.2 27.4
Property impairment charges 79.1 73.7 30.8 25.4
Equity in earnings of unconsolidated afliates, net (10.1) (8.5) (4.5) (2.9)
Dividend received from unconsolidated afliate 5.8 5.8 - -
Total Adjusted EBITDA $2,491.8 $2,621.3 $1,096.7 $1,226.2
Adjusted EBITDA as a multiple of interest
expense 7.9x
Q3 (A+B-C)
Rolling Four Quarters
Ended Sept. 11, 2010
A
Year Ended
2009
B
36 Weeks Ended
Sept. 11, 2010
C
36 Weeks Ended
Sept. 12, 2009
Net (loss) income attributable to Safeway Inc. ($1,249.0) ($1,097.5) $360.1 $511.6
Add (subtract):
Income taxes 150.8 144.2 184.5 177.9
Interest expense 306.3 331.7 208.3 233.7
Depreciation expense 1,174.2 1,171.2 806.1 803.1
Goodwill impairment charge 1,974.2 1,974.2 - -
LIFO income (35.2) (35.2) - -
Share-based employee compensation 57.6 61.7 37.3 41.4
Property impairment charges 77.2 73.7 48.7 45.2
Equity in earnings of unconsolidated afliates, net (10.3) (8.5) (7.7) (5.9)
Dividend received from unconsolidated afliate 5.8 5.8 - -
Total Adjusted EBITDA $2,451.6 $2,621.3 $1,637.3 $1,807.0
Adjusted EBITDA as a multiple of interest
expense 8.0x
2010 Reconciliation of Net (Loss) Income Attributable to Safeway Inc. to Adjusted EBITDA (dollars in millions)
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Q1 (A+B-C)
Rolling Four
Quarters Ended
March 27, 2010
A
Year Ended
2009
B
12 Weeks Ended
March 27, 2010
C
12 Weeks Ended
March 28, 2009
Net cash ow provided (used) by operating activities $2,458.7 $2,549.7 ($242.0) ($151.0)
Add (subtract):
Income taxes 136.2 144.2 52.3 60.3
Interest expense 323.2 331.7 69.7 78.2
Deferred income taxes 145.5 142.1 - (3.4)
Net pension and post-retirement benet expense (136.4) (140.2) (29.8) (33.6)
Contributions to pension and post-retirement plans 22.3 24.4 4.4 6.5
Accrued claims and other liabilities 15.6 34.4 (16.4) 2.4
Loss on property retirements and lease exit activities (17.4) (12.7) (11.0) (6.3)
Changes in working capital items (355.8) (426.7) 692.3 621.4
Other (29.2) (25.6) (4.0) (0.4)
Total Adjusted EBITDA $2,562.7 $2,621.3 $515.5 $574.1
Adjusted EBITDA as a multiple of interest expense 7.9x
Q2 (A+B-C)
Rolling Four
Quarters Ended
June 19, 2010
A
Year Ended
2009
B
24 Weeks Ended
June 19, 2010
C
24 Weeks Ended
June 20, 2009
Net cash ow provided by operating activities $2,174.7 $2,549.7 $309.1 $684.1
Add (subtract):
Income taxes 168.2 144.2 129.4 105.4
Interest expense 315.2 331.7 138.9 155.4
Deferred income taxes 152.4 142.1 - (10.3)
Net pension and post-retirement benet expense (130.2) (140.2) (57.7) (67.7)
Contributions to pension and post-retirement plans 20.1 24.4 8.7 13.0
Accrued claims and other liabilities 2.2 34.4 (29.4) 2.8
Loss on property retirements and lease exit activities (13.1) (12.7) (14.0) (13.6)
Changes in working capital items (186.2) (426.7) 613.1 372.6
Other (11.5) (25.6) (1.4) (15.5)
Total Adjusted EBITDA $2,491.8 $2,621.3 $1,096.7 $1,226.2
Adjusted EBITDA as a multiple of interest expense 7.9x
Q3 (A+B-C)
Rolling Four
Quarters Ended
Sept. 11, 2010
A
Year Ended
2009
B
36 Weeks Ended
Sept. 11, 2010
C
36 Weeks Ended
Sept. 12, 2009
Net cash ow provided by operating activities $2,109.0 $2,549.7 $846.6 $1,287.3
Add (subtract):
Income taxes 150.8 144.2 184.5 177.9
Interest expense 306.3 331.7 208.3 233.7
Deferred income taxes 152.3 142.1 - (10.2)
Net pension and post-retirement benet expense (130.6) (140.2) (86.6) (96.2)
Contributions to pension and post-retirement plans 18.0 24.4 11.7 18.1
Accrued claims and other liabilities 0.2 34.4 (38.5) (4.3)
Gain (loss) on property retirements and lease exit activities 7.5 (12.7) 1.4 (18.8)
Changes in working capital items (153.6) (426.7) 512.7 239.6
Other (8.3) (25.6) (2.8) (20.1)
Total Adjusted EBITDA $2,451.6 $2,621.3 $1,637.3 $1,807.0
Adjusted EBITDA as a multiple of interest expense 8.0x
2010 Reconciliation of Net Cash Flow from Operating Activities to Adjusted EBITDA (dollars in millions)
NOTES
44
2013 Fact Book
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