Since the announcement of the merger deal, KR has utilized its solid free cash flow and debt financing to reinforce the company's balance sheet capacity and maintain its investment-grade rating. The strengthened balance sheet and sustainability of KR's model enable the company to grab several growth opportunities such as investing further in stores, an integral part of its 8-11% TSR model over time. Hence, the grocery giant Kroger will continue generating solid free cash flow along with making capital-allocation priorities and retaining its current investment-grade debt rating. The company will also keep investing in its business to bolster sustainable net earnings growth and return excess free cash flow to KR's shareholders through share repurchases and increasing dividends over time, which is subjected to the board's approval.