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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
___________________
ANNUAL REPORT
Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
For the Fiscal Year Ended January 31, 1994
Commission file number 1-6187
____________________
ALBERTSON'S EMPLOYEES' TAX DEFERRED SAVINGS PLAN
________________________________________________
(Full title of the Plan)
ALBERTSON'S, INC.
___________________
(Name of Issuer of the Securities
Held Pursuant to the Plan)
250 Parkcenter Boulevard
Boise, Idaho 83726
___________________
(Address of Issuer's Principal Executive Office)
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Items 1 through 4 Financial Statements and Schedules.
Page No.
(a) Financial Statements. 3
(b) Supplemental Schedules. 13
Independent Auditors' Consent 16
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ALBERTSON'S EMPLOYEES' TAX
DEFERRED SAVINGS PLAN
Financial Statements for the Years
Ended January 31, 1994 and 1993,
Supplemental Schedules for the
Year Ended January 31, 1994 and
Independent Auditors' Report
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ALBERTSON'S EMPLOYEES' TAX DEFERRED SAVINGS PLAN
TABLE OF CONTENTS
Page
INDEPENDENT AUDITORS' REPORT 5
FINANCIAL STATEMENTS:
Statements of Net Assets Available for Benefits 6
Statements of Changes in Net Assets Available for Benefits 7
Notes to Financial Statements 8
SUPPLEMENTAL SCHEDULES FOR THE YEAR ENDED JANUARY 31, 1994:
Item 27a - Schedule of Assets Held for Investment Purposes 14
Item 27d - Schedule of Reportable Transactions 15
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INDEPENDENT AUDITORS' REPORT
To the Trustees of
Albertson's Employees' Tax
Deferred Savings Plan
We have audited the accompanying statements of net assets available for
benefits of Albertson's Employees' Tax Deferred Savings Plan as of
January 31, 1994 and 1993, and the related statements of changes in net
assets available for benefits for the years then ended. These financial
statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all
material respects, the net assets available for benefits of the Plan as
of January 31, 1994 and 1993, and the changes in net assets available
for benefits for the years then ended in conformity with generally
accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental schedules
listed in the Table of Contents are presented for the purpose of
additional analysis and are not a required part of the basic financial
statements, but are supplementary information required by the Department
of Labor's Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974. These supplemental
schedules are the responsibility of the Plan's management. Such
supplemental schedules have been subjected to the auditing procedures
applied in our audit of the basic financial statements and, in our
opinion, are fairly stated in all material respects when considered in
relation to the basic financial statements taken as a whole.
DELOITTE & TOUCHE
Deloitte & Touche
Boise, Idaho
June 16, 1994
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ALBERTSON'S EMPLOYEES' TAX DEFERRED SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
JANUARY 31, 1994 AND 1993
ASSETS 1994 1993
INVESTMENTS (Note 2) $70,859,646 $54,916,126
CASH 58,841 616,063
CONTRIBUTIONS RECEIVABLE 289,090
__________ ___________
Total assets 71,207,577 55,532,189
LIABILITIES
PAYABLE FOR PURCHASE OF INVESTMENTS 200,008
__________ ___________
NET ASSETS AVAILABLE FOR BENEFITS $71,207,577 $55,332,181
See notes to financial statements.
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ALBERTSON'S EMPLOYEES' TAX DEFERRED SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEARS ENDED JANUARY 31, 1994 AND 1993
1994 1993
ADDITIONS TO NET ASSETS:
Investment income:
Dividends $ 671,493 $ 489,226
Interest 697,146 625,726
Net appreciation in fair value of
investments 4,674,379 7,387,981
Investment expenses (160,653) (99,551)
__________ ___________
5,882,365 8,403,382
Contributions 13,255,302 10,097,317
__________ ___________
Total additions 19,137,667 18,500,699
DISTRIBUTIONS 3,262,271 2,940,610
__________ _________
NET INCREASE 15,875,396 15,560,089
NET ASSETS AVAILABLE FOR BENEFITS,
BEGINNING OF YEAR 55,332,181 39,772,092
___________ ___________
NET ASSETS AVAILABLE FOR BENEFITS,
END OF YEAR $71,207,577 $55,332,181
See notes to financial statements.
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ALBERTSON'S EMPLOYEES' TAX DEFERRED SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED JANUARY 31, 1994 and 1993
1. SIGNIFICANT ACCOUNTING POLICIES AND DESCRIPTION OF PLAN
The following brief description of the Plan is provided for general
information purposes only. Participants should refer to the Plan
agreement for more complete information.
Eligibility - Each employee of Albertson's, Inc. (the Company) shall
become an eligible participant in the Plan as of the date the employee
completes one year of service of at least 1,000 hours and attains age
21. Employees covered under a collective bargaining agreement are not
eligible to participate in the Plan unless such agreement provides that
either the Albertson's Salaried Employees' Pension Plan or the
Albertson's Employees' Corporate Pension Plan shall be applicable to the
employees covered by such agreement.
Contributions - The Plan provides for participants to elect to enter
into a Salary Deferral Agreement with the Company, whereby the
participant's salary is reduced by up to 15%. Amounts deferred will be
contributed to the Plan for the participants. The Company does not make
any additional contributions. Amounts deferred pursuant to the
Agreements and contributed to the Plan are not taxable to the
participants until distributed from the Plan to the participant.
Investment Manager and Custodian - Principal Financial Group (Investment
Manager) currently manages assets in the Three Year Guaranteed Interest
Fund, Five Year Guaranteed Interest Fund, Common Stock Fund, Real Estate
Fund, Bond and Mortgage Fund, International Stock Fund and Stock Index
Fund and performs certain record keeping and reporting functions on
behalf of the Trustees of the Plan. West One Bank acts as the custodian
of the Albertson's, Inc. common stock held in the Albertson's, Inc.
Common Stock Fund.
Investment of Contributions - Participants can designate investment of
their account balances to any one or more of the following funds:
Albertson's, Inc. Common Stock Fund - Contributions in this fund
are usedto purchase Albertson's, Inc. common stock. This fund is valued
at fair market value based on quoted stock price.
Three Year Guaranteed Interest Fund - Contributions are invested in
group annuity contracts. Principal and interest are guaranteed for a 3-
year period measured from February 1 of the Plan year in which the
contributions are invested. The fund is valued at contract amounts plus
interest earned.
Five Year Guaranteed Interest Fund - Contributions are invested in
group annuity contracts. Principal and interest are guaranteed for a 5-
year period measured from February 1 of the Plan year in which the
contributions are invested. The fund is valued at contract amounts plus
interest earned.
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Common Stock Fund - Contributions are invested in the Investment
Manager's pooled equity fund. This fund is valued at fair market value
based on quoted stock prices.
Real Estate Fund - Contributions are invested in the Investment
Manager's pooled real estate fund which owns a variety of properties
located throughout the United States. This fund is valued using
appraised values.
Bond and Mortgage Fund - Contributions are invested in the
Investment Manager's pooled bond and mortgage account which invests in
intermediate-term fixed-income loans. This fund is valued at fair
market value based on quoted market prices.
International Stock Fund - Contributions are invested in the
Investment Manager's pooled international stock account and invests
primarily in common stocks of corporations located outside the United
States. This fund occasionally invests in preferred stocks or
convertible bonds of these same corporations. This fund is valued at
fair market value based on quoted stock prices.
Stock Index Fund - Contributions are invested in the Investment
Manager's pooled equity fund which invests in common stocks of those
firms included in the Standard & Poors 500 Stock Index. This fund is
valued at fair market value based on quoted stock prices.
Participant Loans - Under certain circumstances participants may
borrow against their vested account balances. Loans are limited to 50%
of the participant's account balance, with a maximum outstanding loan
balance of $50,000. The interest rate on participant loans is set at a
market rate coordinated with the interest rates charged by the
Albertson's Credit Union on similar loans at the time the loan is
initiated. All loans must be repaid within five years except for loans
for the initial purchase of a primary residence which have a maximum
repayment period of 10 years.
Allocation of Earnings - Gains and losses on the investments are
allocated to participants' accounts based upon relative fund account
balances at regular valuation dates specified by the Trustees of the
Plan.
Vesting - Participant account balances are fully vested and
nonforfeitable.
Tax Status - The Plan has received a determination letter in which the
Internal Revenue Service stated that the Plan, as then designed, was in
compliance with the applicable requirements of the Internal Revenue
Code. The Plan's Trustees and management believe that the Plan is
currently designed and being operated in compliance with the applicable
requirements of the Internal Revenue Code. Therefore, no provision for
income taxes has been included in the Trust's financial statements.
Administrative Expenses - Administrative expenses of the Plan are paid
by Albertson's, Inc.
Stock Split - On August 30, 1993, Albertson's Board of Directors
approved a two-for-one stock split, effected in the form of a 100% stock
dividend payable to stockholders of record at the close of business on
September 17, 1993 and distributed on October 4, 1993. All references
in the financial statements to the number of Albertson's common stock
related prices and per share amounts have been restated to reflect the
split.
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2. INVESTMENTS
Investments consist of the following as of January 31, 1994 and 1993:
1994
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Approximate Shares Market
Unit Value or Units Value
Albertson's, Inc. Common Stock Fund $ 26.75 1,975,791 $52,852,409
Three Year Guaranteed Interest Fund
Group Annuity Contracts
Principal Financial Group
Fixed Income Account $ 1.00 5,225,425 5,225,425
Five Year Guaranteed Interest Fund
Group Annuity Contracts
Principal Financial Group
Fixed Income Account $ 1.00 4,985,175 4,985,175
Common Stock Fund
Pooled Equity Fund
Principal Financial Group
Common Stock Account $190.15 20,413 3,881,385
Real Estate Fund
Pooled Real Estate Fund
Principal Financial Group
Real Estate Account $184.46 3,601 664,317
Bond and Mortgage Fund
Pooled Bond and Mortgage Fund
Principal Financial Group
Bond and Mortgage Account $348.68 639 222,910
International Stock Fund
Pooled International Stock Fund
Principal Financial Group
International Stock Account $ 20.46 17,804 364,215
Stock Index Fund
Pooled Stock Index Fund
Principal Financial Group
Stock Index Account $ 15.31 13,485 206,389
Participant Loans 2,279,600
Accrued Dividends Receivable 177,821
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$70,859,646
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1993
_________________________________
Approximate Shares Market
Unit Value or Units Value
Albertson's, Inc. Common Stock Fund $ 24.44 1,720,312 $42,040,124
Three Year Guaranteed Interest Fund
Group Annuity Contracts
Principal Financial Group
Fixed Income Account $ 1.00 4,963,222 4,963,222
Five Year Guaranteed Interest Fund
Group Annuity Contracts
Principal Financial Group
Fixed Income Account $ 1.00 4,508,069 4,508,069
Common Stock Fund
Pooled Equity Fund
Principal Financial Group
Stock Account $169.08 16,878 2,853,688
Real Estate Fund
Pooled Real Estate Fund
Principal Financial Group
Real Estate Account $176.54 3,121 $ 551,023
__________
$54,916,126
During 1994 and 1993 the Plan's investments (including investments
bought, sold, and held during the year) appreciated in value by $4,674,379
and $7,387,981 as follows:
Year ended Year ended
January 31, January 31,
1994 1993
Net Appreciation (Depreciation) in Fair Value:
Investments at Fair Value as Determined by
Quoted Market Prices:
Albertson's Inc. Common Stock Fund $4,160,879 $7,130,812
Common Stock Fund 402,860 229,749
Investments at Estimated Fair Value
Real Estate Fund 26,383 27,420
Bond and Mortgage Fund 7,968
International Stock Fund 61,347
Stock Index Fund 15,212
__________ __________
$4,674,649 $7,387,981
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3. DISTRIBUTIONS PAYABLE
Payable to Participants as of January 31, 1994 and 1993 was $5,022,960
and $3,590,816.
*****
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SUPPLEMENTAL SCHEDULES
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ALBERTSON'S EMPLOYEES' TAX DEFERRED SAVINGS PLAN
<TABLE>
ITEM 27a- SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
JANUARY 31, 1994
<CAPTION>
Current
Identity of Issue Description of Investment Cost Value
<S> <C> <C> <C>
Albertson's, Inc. Albertson's Inc. Common
Stock Fund $30,135,307 $52,852,409
Principal Financial Group Three Year Guaranteed
Interest Fund 5,225,425 5,225,425
Principal Financial Group Five Year Guaranteed
Interest Fund 4,985,175 4,985,175
Principal Financial Group Common Stock Fund 2,976,994 3,881,385
Principal Financial Group Real Estate Fund 641,564 664,317
Principal Financial Group Bond and Mortgage Fund 215,686 222,910
Principal Financial Group International Stock Fund 303,845 364,215
Principal Financial Group Stock Index Fund 192,628 206,389
Principal Financial Group Participant Loans 2,279,600 2,279,600
Albertson's, Inc. Accrued Dividends Receivable 177,821 177,821
_________ _________
$47,134,045 $70,859,646
</TABLE>
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ALBERTSON'S EMPLOYEES' TAX DEFERRED SAVINGS PLAN
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
YEAR ENDED JANUARY 31, 1994
Series of Transactions
Current Value
of Asset on
Identity of Purchase Transaction
Party Involved Description of Asset Price date
Dean Witter Albertson's, Inc.- Common Stock,
189,365 shares $9,394,540 $9,394,540
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INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in Registration Statements
numbered 33-2139, 33-15062 and 33-43635 of Albertson's, Inc. and subsidiaries
on Form S-8 of our report dated June 16, 1994, appearing in the Annual Report
on Form 11-K of Albertson's Employees' Tax Deferred Savings Plan for the year
ended January 31, 1994.
DELOITTE & TOUCHE
Deloitte & Touche
Boise, Idaho
July 28, 1994
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Trustees have duly caused this annual report to be signed by the undersigned
thereunto duly authorized.
ALBERTSON'S EMPLOYEES'
TAX DEFERRED SAVINGS PLAN
(Name of Plan)
STEVEN D. YOUNG
Date: July 28, 1994 BY: Steven D. Young, Trustee
17
