Summary of Business Activities |
12 Months Ended | ||
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Jun. 29, 2019 | |||
Accounting Policies [Abstract] | |||
Summary of Business Activities |
Business Overview Performance Food Group Company (the “Company”), through its subsidiaries, markets and distributes national and company-branded food and food-related products to customer locations across the United States. The Company serves both of the major customer types in the restaurant industry: (i) independent, or “Street” customers, and (ii) multi-unit, or “Chain” customers, which include regional and national family and casual dining restaurant chains, fast casual chains, and quick-service restaurants. The Company also serves schools, healthcare facilities, business and industry locations, and other institutional customers. Fiscal Years The Company’s fiscal year ends on the Saturday nearest to June 30th. This resulted in a 52-week year for fiscal 2019, fiscal 2018, and fiscal 2017. References to “fiscal 2019” are to the 52-week period ended June 29, 2019, references to “fiscal 2018” are to the 52-week period ended June 30, 2018, and references to “fiscal 2017” are to the 52-week period ended July 1, 2017.
Share Repurchase Program On November 13, 2018, the Board of Directors of the Company (the “Board of Directors”) authorized a share repurchase program for up to $250 million of the Company’s outstanding common stock. The repurchases are executed in accordance with applicable securities laws and may be made at management’s discretion from time to time in the open market, through privately negotiated transactions or otherwise, including pursuant to Rule 10b5-1 trading plans. The share repurchase program does not have an expiration date and may be amended, suspended, or discontinued at any time. Repurchases under this program depend upon market place conditions and other factors, including compliance with the covenants under the Amended Credit Agreement, as defined in Note 8. Debt, and the indenture governing the Notes, as defined in Note 8. Debt. The share repurchase program remains subject to the discretion of the Board of Directors. During the fiscal year ended June 29, 2019, the Company repurchased and subsequently retired 0.3 million shares of common stock, for a total of $9.3 million. As of June 29, 2019, approximately $240.7 million remained available for additional share repurchases. |