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Schedule 1 - Registrant's Condensed Financial Statements
12 Months Ended
Jun. 27, 2020
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]  
Schedule 1 - Registrant's Condensed Financial Statements

SCHEDULE 1—Registrant’s Condensed Financial Statements

PERFORMANCE FOOD GROUP COMPANY

Parent Company Only

CONDENSED BALANCE SHEETS

 

(In millions per share data)

 

As of

June 27, 2020

 

 

As of

June 29, 2019

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Income tax receivable

 

$

-

 

 

$

11.7

 

Total current assets

 

 

-

 

 

 

11.7

 

Investment in wholly owned subsidiary

 

 

2,071.4

 

 

 

1,348.5

 

Total assets

 

$

2,071.4

 

 

$

1,360.2

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accrued expenses and other current liabilities

 

$

0.2

 

 

$

0.2

 

Total current liabilities

 

 

0.2

 

 

 

0.2

 

Intercompany payable

 

 

60.6

 

 

 

61.8

 

Total liabilities

 

 

60.8

 

 

 

62.0

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

Common Stock: $0.01 par value per share, 1.0 billion shares authorized, 131.3 million shares issued and outstanding as of June 27, 2020;

1.0 billion shares authorized, 103.8 million shares issued and outstanding as of June 29, 2019

 

 

1.3

 

 

 

1.0

 

Additional paid-in capital

 

 

1,703.0

 

 

 

866.7

 

Retained earnings

 

 

306.3

 

 

 

430.5

 

Total shareholders’ equity

 

 

2,010.6

 

 

 

1,298.2

 

Total liabilities and shareholders’ equity

 

$

2,071.4

 

 

$

1,360.2

 

 

See accompanying notes to condensed financial statements.

PERFORMANCE FOOD GROUP COMPANY

Parent Company Only

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

 

($ in millions)

 

Fiscal year ended

June 27, 2020

 

 

Fiscal year ended

June 29, 2019

 

 

Fiscal year ended

June 30, 2018

 

Operating expenses

 

$

0.6

 

 

$

0.5

 

 

$

3.3

 

Operating loss

 

 

(0.6

)

 

 

(0.5

)

 

 

(3.3

)

Income tax benefit

 

 

-

 

 

 

-

 

 

 

(1.0

)

Loss before equity in net income of subsidiary

 

 

(0.6

)

 

 

(0.5

)

 

 

(2.3

)

Equity in net (loss) income of subsidiary, net of tax

 

 

(113.5

)

 

 

167.3

 

 

 

201.0

 

Net (loss) income

 

 

(114.1

)

 

 

166.8

 

 

 

198.7

 

Other comprehensive (loss) income

 

 

(10.1

)

 

 

(9.4

)

 

 

5.4

 

Total comprehensive (loss) income

 

$

(124.2

)

 

$

157.4

 

 

$

204.1

 

 

See accompanying notes to condensed financial statements.

PERFORMANCE FOOD GROUP COMPANY

Parent Company Only

CONDENSED STATEMENTS OF CASH FLOWS

 

($ in millions)

 

Fiscal year

ended

June 27, 2020

 

 

Fiscal year

ended

June 29, 2019

 

 

Fiscal year

ended

June 30, 2018

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(114.1

)

 

$

166.8

 

 

$

198.7

 

Adjustments to reconcile net (loss) income to net cash provided by operating activities

 

 

 

 

 

 

 

 

 

 

 

 

Equity in net loss (income) of subsidiary

 

 

113.5

 

 

 

(167.3

)

 

 

(201.0

)

Changes in operating assets and liabilities, net

 

 

 

 

 

 

 

 

 

 

 

 

Income tax receivable

 

 

11.7

 

 

 

(0.1

)

 

 

(0.9

)

Intercompany payables

 

 

(1.2

)

 

 

1.5

 

 

 

19.1

 

Net cash provided by operating activities

 

 

9.9

 

 

 

0.9

 

 

 

15.9

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Capital contribution to subsidiary

 

 

(834.9

)

 

 

 

 

 

 

Distribution from subsidiary

 

 

5.0

 

 

 

9.3

 

 

 

 

Net cash (used in) provided by investing activities

 

 

(829.9

)

 

 

9.3

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from exercise of stock options

 

 

4.8

 

 

 

6.6

 

 

 

12.3

 

Proceeds from sale of common stock

 

 

828.1

 

 

 

 

 

 

 

Cash paid for shares withheld to cover taxes

 

 

(7.9

)

 

 

(7.5

)

 

 

(28.2

)

Repurchase of common stock

 

 

(5.0

)

 

 

(9.3

)

 

 

 

Net cash provided by (used in) financing activities

 

 

820.0

 

 

 

(10.2

)

 

 

(15.9

)

Net (decrease) increase in cash and restricted cash

 

 

 

 

 

 

 

 

 

Cash and restricted cash, beginning of period

 

 

 

 

 

 

 

 

 

Cash and restricted cash, end of period

 

$

 

 

$

 

 

$

 

 

  See accompanying notes to condensed financial statements.

1. Description of Performance Food Group Company

Performance Food Group Company (the “Parent”) was incorporated in Delaware on July 23, 2002 to effect the purchase of all the outstanding equity interests of PFGC, Inc. (“PFGC”). The Parent has no significant operations or significant assets or liabilities other than its investment in PFGC. Accordingly, the Parent is dependent upon distributions from PFGC to fund its obligations. However, under the terms of PFGC’s various debt agreements, PFGC’s ability to pay dividends or lend to the Parent is restricted, except that PFGC may pay specified amounts to the Parent to fund the payment of the Parent’s franchise and excise taxes and other fees, taxes, and expenses required to maintain its corporate existence.

2. Basis of Presentation

The accompanying condensed financial statements (parent company only) include the accounts of the Parent and its investment in PFGC, Inc. accounted for in accordance with the equity method, and do not present the financial statements of the Parent and its subsidiary on a consolidated basis. These parent company only financial statements should be read in conjunction with the Performance Food Group Company consolidated financial statements. The Parent is included in the consolidated federal and certain unitary, consolidated and combined state income tax returns with its subsidiaries. The Parent’s tax balances reflect its share of such filings.