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| Entity Registrant Name | KROGER CO |
| CIK | 0000056873 |
| Accession number | 0001104659-14-024819 |
| Link to XBRL instance | http://www.sec.gov/Archives/edgar/data/56873/000110465914024819/kr-20140201.xml |
| Fiscal year end | --02-01 |
| Fiscal year focus | 2013 |
| Fiscal period focus | FY |
| Current balance sheet date | 2014-02-01 |
| Current year-to-date income statement start date | 2013-02-03 |
| Commentary | Filer created concept kr:LongTermDebtIncludingObligationsUnderCapitalLeasesAndFinancingObligations which has to do with netting of interest rate hedges. Algorithm seems to be fooled by switching between concepts with and without the capital lease obligation. |
| Level 1 (Note level) Text Block concept | us-gaap:DebtDisclosureTextBlock |
6. DEBT OBLIGATIONS
Long-term debt consists of:
In 2013, the Company issued $600 of senior notes due in fiscal year 2023 bearing an interest rate of 3.85%, $400 of senior notes due in fiscal year 2043 bearing an interest rate of 5.15%, $500 of senior notes due in fiscal year 2016 bearing an interest rate of 3-month London Inter-Bank Offering Rate plus 53 basis points, $300 of senior notes due in fiscal year 2016 bearing an interest rate of 1.20%, $500 of senior notes due in fiscal year 2019 bearing an interest rate of 2.30%, $700 of senior notes due in fiscal year 2021 bearing an interest rate of 3.30% and $500 in senior notes due in fiscal year 2024 bearing an interest rate of 4.00%. In 2013, the Company repaid $400 of senior notes bearing an interest rate of 5.00% and $600 of senior notes bearing an interest rate of 7.50% upon their maturity.
In 2012, the Company issued $500 of senior notes due in fiscal year 2022 bearing an interest rate of 3.40% and $350 of senior notes due in fiscal year 2042 bearing an interest rate of 5.00%. In 2012, the Company repaid upon their maturity $491 of senior notes bearing an interest rate of 6.75%, $346 of senior notes bearing an interest rate of 6.20% and $500 of senior notes bearing an interest rate of 5.50%.
On January 25, 2012, the Company amended and extended its $2,000 unsecured revolving credit facility. The Company entered into the amended credit facility to amend and extend the Company’s existing credit facility which would have terminated on May 15, 2014. The amended credit facility provides for a $2,000 unsecured revolving credit facility (the “Credit Agreement”), with a termination date of January 25, 2017, unless extended as permitted under the Credit Agreement. The Company has the ability to increase the size of the Credit Agreement by up to an additional $500, subject to certain conditions.
Borrowings under the Credit Agreement bear interest at the Company’s option, at either (i) LIBOR plus a market rate spread, based on the Company’s Leverage Ratio or (ii) the base rate, defined as the highest of (a) the Bank of America prime rate, (b) the Federal Funds rate plus 0.5%, and (c) one-month LIBOR plus 1.0%, plus a market rate spread based on the Company’s Leverage Ratio. The Company will also pay a Commitment Fee based on the Leverage Ratio and Letter of Credit fees equal to a market rate spread based on the Company’s Leverage Ratio. The Credit Agreement contains covenants, which, among other things, require the maintenance of a Leverage Ratio of not greater than 3.50:1.00 and a Fixed Charge Coverage Ratio of not less than 1.70:1.00. In the first quarter of 2012, the covenants were amended to exclude up to $1,000 in expense related to the Company’s commitment to fund the UFCW consolidated pension plan. The Company may repay the Credit Agreement in whole or in part at any time without premium or penalty. The Credit Agreement is not guaranteed by the Company’s subsidiaries.
In addition to the Credit Agreement, the Company maintained two uncommitted money market lines totaling $75 in the aggregate. The money market lines allow the Company to borrow from banks at mutually agreed upon rates, usually at rates below the rates offered under the credit agreement. As of February 1, 2014, the Company had $1,250 of borrowings of commercial paper, with a weighted average interest rate of 0.27%, and no borrowings under its Credit Agreement and money market lines. As of February 2, 2013, the Company had $1,645 of borrowings of commercial paper, with a weighted average interest rate of 0.45%, and no borrowings under its Credit Agreement and money market lines.
As of February 1, 2014, the Company had outstanding letters of credit in the amount of $209, of which $12 reduces funds available under the Company’s Credit Agreement. The letters of credit are maintained primarily to support performance, payment, deposit or surety obligations of the Company.
Most of the Company’s outstanding public debt is subject to early redemption at varying times and premiums, at the option of the Company. In addition, subject to certain conditions, some of the Company’s publicly issued debt will be subject to redemption, in whole or in part, at the option of the holder upon the occurrence of a redemption event, upon not less than five days’ notice prior to the date of redemption, at a redemption price equal to the default amount, plus a specified premium. “Redemption Event” is defined in the indentures as the occurrence of (i) any person or group, together with any affiliate thereof, beneficially owning 50% or more of the voting power of the Company, (ii) any one person or group, or affiliate thereof, succeeding in having a majority of its nominees elected to the Company’s Board of Directors, in each case, without the consent of a majority of the continuing directors of the Company or (iii) both a change of control and a below investment grade rating.
The aggregate annual maturities and scheduled payments of long-term debt, as of year-end 2013, and for the years subsequent to 2013 are:
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| Level 4 (Note level) Text Block concept - Maturities of Long Term Debt | us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock |
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| Level 4 (Note level) Text Block concept - Debt Instruments | us-gaap:ScheduleOfDebtInstrumentsTextBlock |
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Level 4 Details Key Concepts: Long-term Debt Maturities
| Description | Fact value | US GAAP XBRL Concept |
|---|---|---|
| Year 1 (Current portion) | 1,616,000,000 | us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths |
| Year 2 | 524,000,000 | us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo |
| Year 3 | 1,267,000,000 | us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree |
| Year 4 | 708,000,000 | us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour |
| Year 5 | 1,003,000,000 | us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive |
| Thereafter | 5,662,000,000 | us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive |
| Total Long-term Debt | 10,780,000,000 | us-gaap:LongTermDebt |
| CHECK | 0 |
(Classified balance sheet) Deferred tax assets (liabilities), net components current/noncurrent asset/liability
| Description | Fact value | US GAAP XBRL Concept |
|---|---|---|
| Current portion | 1,657,000,000 | us-gaap:LongTermDebtAndCapitalLeaseObligationsCurrent |
| Noncurrent portion | 9,654,000,000 | us-gaap:LongTermDebtAndCapitalLeaseObligations |
| Total Long-Term Debt | 10,780,000,000 | us-gaap:LongTermDebt |
| CHECK | -531,000,000 |
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