22. SUPPLEMENTAL GUARANTOR INFORMATION – SUBSIDIARY GUARANTEES

On January 19, 2011, the wholly-owned U.S. Broadline subsidiaries of Sysco Corporation entered into full and unconditional guarantees of all outstanding senior notes and debentures of Sysco Corporation. As of June 30, 2012, Sysco had a total of approximately $2,975.0 million in senior notes and debentures outstanding that are covered by this guarantee.

The following condensed consolidating financial statements present separately the financial position, comprehensive income and cash flows of the parent issuer (Sysco Corporation), the guarantors (the majority of the Sysco’s U.S. Broadline subsidiaries) and all other non-guarantor subsidiaries of Sysco (Other Non-Guarantor Subsidiaries) on a combined basis with eliminating entries.



	Condensed Consolidating Balance Sheet
	June 30, 2012
	Sysco		U.S. Broadline Subsidiaries		Other Non-Guarantor Subsidiaries		Eliminations		Consolidated Totals
	(In thousands)
Current assets	$	538,451	$	3,675,676	$	1,870,681	$	-	$	6,084,808
Investment in subsidiaries		10,163,398		-		-		(10,163,398)		-
Plant and equipment, net		703,658		1,923,925		1,256,167		-		3,883,750
Other assets		324,839		503,357		1,298,218		-		2,126,414
Total assets	$	11,730,346	$	6,102,958	$	4,425,066	$	(10,163,398)	$	12,094,972

Current liabilities	$	678,527	$	900,416	$	1,844,636	$	-	$	3,423,579
Intercompany payables (receivables)		3,068,001		(3,334,860)		266,859		-		-
Long-term debt		2,714,415		25,459		23,814		-		2,763,688
Other liabilities		755,112		367,094		100,459		-		1,222,665
Shareholders’ equity		4,514,291		8,144,849		2,189,298		(10,163,398)		4,685,040
Total liabilities and shareholders’ equity	$	11,730,346	$	6,102,958	$	4,425,066	$	(10,163,398)	$	12,094,972



	Condensed Consolidating Balance Sheet
	July 2, 2011
	Sysco		U.S. Broadline Subsidiaries		Other Non-Guarantor Subsidiaries		Eliminations		Consolidated Totals
	(In thousands)
Current assets	$	354,450	$	3,476,921	$	1,901,511	$	-	$	5,732,882
Investment in subsidiaries		14,014,569		-		-		(14,014,569)		-
Plant and equipment, net		569,567		1,794,473		1,148,349		-		3,512,389
Other assets		378,317		519,664		1,242,303		-		2,140,284
Total assets	$	15,316,903	$	5,791,058	$	4,292,163	$	(14,014,569)	$	11,385,555

Current liabilities	$	430,300	$	840,586	$	2,304,189	$	-	$	3,575,075
Intercompany payables (receivables)		7,800,254		(7,701,021)		(99,233)		-		-
Long-term debt		2,227,483		26,542		25,492		-		2,279,517
Other liabilities		405,376		343,427		76,918		-		825,721
Shareholders’ equity		4,453,490		12,281,524		1,984,797		(14,014,569)		4,705,242
Total liabilities and shareholders’ equity	$	15,316,903	$	5,791,058	$	4,292,163	$	(14,014,569)	$	11,385,555



	Condensed Consolidating Statement of Comprehensive Income
	Year Ended June 30, 2012
	Sysco		U.S. Broadline Subsidiaries		Other Non-Guarantor Subsidiaries		Eliminations		Consolidated Totals
	(In thousands)
Sales	$	-	$	29,100,106	$	14,131,162	$	(850,329)	$	42,380,939
Cost of sales		-		23,374,199		12,089,441		(759,278)		34,704,362
Gross profit		-		5,725,907		2,041,721		(91,051)		7,676,577
Operating expenses		527,888		3,534,382		1,814,726		(91,051)		5,785,945
Operating income (loss)		(527,888)		2,191,525		226,995		-		1,890,632
Interest expense (income)		396,374		(281,193)		(1,785)		-		113,396
Other expense (income), net		(6,993)		(1,244)		1,471		-		(6,766)
Earnings (losses) before income taxes		(917,269)		2,473,962		227,309		-		1,784,002
Income tax (benefit) provision		(340,592)		918,607		84,402		-		662,417
Equity in earnings of subsidiaries		1,698,262		-		-		(1,698,262)		-
Net earnings		1,121,585		1,555,355		142,907		(1,698,262)		1,121,585
Other comprehensive income (loss)		(321,905)		-		(81,003)		-		(402,908)
Comprehensive income	$	799,680	$	1,555,355	$	61,904	$	(1,698,262)	$	718,677



	Condensed Consolidating Statement of Comprehensive Income
	Year Ended July 2, 2011
	Sysco		U.S. Broadline Subsidiaries		Other Non-Guarantor Subsidiaries		Eliminations		Consolidated Totals
	(In thousands)
Sales	$	-	$	27,138,172	$	12,861,426	$	(676,109)	$	39,323,489
Cost of sales		-		21,591,829		10,923,446		(586,498)		31,928,777
Gross profit		-		5,546,343		1,937,980		(89,611)		7,394,712
Operating expenses		535,224		3,455,148		1,562,449		(89,611)		5,463,210
Operating income (loss)		(535,224)		2,091,195		375,531		-		1,931,502
Interest expense (income)		453,593		(332,561)		(2,765)		-		118,267
Other expense (income), net		(5,581)		(4,636)		(4,002)		-		(14,219)
Earnings (losses) before income taxes		(983,236)		2,428,392		382,298		-		1,827,454
Income tax (benefit) provision		(363,403)		897,529		141,298		-		675,424
Equity in earnings of subsidiaries		1,771,863		-		-		(1,771,863)		-
Net earnings		1,152,030		1,530,863		241,000		(1,771,863)		1,152,030
Other comprehensive income (loss)		98,076		-		122,217		-		220,293
Comprehensive income	$	1,250,106	$	1,530,863	$	363,217	$	(1,771,863)	$	1,372,323



	Condensed Consolidating Statement of Comprehensive Income
	Year Ended July 3, 2010
	(53 Weeks)
	Sysco		U.S. Broadline Subsidiaries		Other Non-Guarantor Subsidiaries		Eliminations		Consolidated Totals
	(In thousands)
Sales	$	-	$	25,966,566	$	11,821,286	$	(544,357)	$	37,243,495
Cost of sales		-		20,499,083		10,015,733		(459,628)		30,055,188
Gross profit		-		5,467,483		1,805,553		(84,729)		7,188,307
Operating expenses		500,823		3,342,934		1,453,411		(84,729)		5,212,439
Operating income (loss)		(500,823)		2,124,549		352,142		-		1,975,868
Interest expense (income)		496,410		(374,203)		3,270		-		125,477
Other expense (income), net		5,546		(3,201)		(1,543)		-		802
Earnings (losses) before income taxes		(1,002,779)		2,501,953		350,415		-		1,849,589
Income tax (benefit) provision		(363,029)		905,774		126,861		-		669,606
Equity in earnings of subsidiaries		1,819,733		-		-		(1,819,733)		-
Net earnings		1,179,983		1,596,179		223,554		(1,819,733)		1,179,983
Other comprehensive income (loss)		(252,238)		-		49,973		-		(202,265)
Comprehensive income	$	927,745	$	1,596,179	$	273,527	$	(1,819,733)	$	977,718



	Condensed Consolidating Cash Flows
	Year Ended June 30, 2012
	Sysco		U.S. Broadline Subsidiaries		Other Non-Guarantor Subsidiaries		Consolidated Totals
	(In thousands)
Net cash provided by (used for):
Operating activities	$	(413,535)	$	1,674,817	$	142,898	$	1,404,180
Investing activities		(222,483)		(367,909)		(313,237)		(903,629)
Financing activities		(58,168)		(2,038)		(382,443)		(442,649)
Effect of exchange rate on cash		-		-		(8,800)		(8,800)
Intercompany activity		859,780		(1,302,546)		442,766		-
Net increase (decrease) in cash and cash equivalents		165,594		2,324		(118,816)		49,102
Cash and cash equivalents at beginning of the period		305,513		32,154		302,098		639,765
Cash and cash equivalents at end of the period	$	471,107	$	34,478	$	183,282	$	688,867



	Condensed Consolidating Cash Flows
	Year Ended July 2, 2011
	Sysco		U.S. Broadline Subsidiaries		Other Non-Guarantor Subsidiaries		Consolidated Totals
	(In thousands)
Net cash provided by (used for):
Operating activities	$	(491,211)	$	1,243,884	$	338,845	$	1,091,518
Investing activities		(203,090)		(318,382)		(158,084)		(679,556)
Financing activities		(555,282)		1,263		176,112		(377,907)
Effect of exchange rate on cash		-		-		20,267		20,267
Intercompany activity		1,181,573		(926,546)		(255,027)		-
Net increase (decrease) in cash and cash equivalents		(68,010)		219		122,113		54,322
Cash and cash equivalents at beginning of the period		373,523		31,935		179,985		585,443
Cash and cash equivalents at end of the period	$	305,513	$	32,154	$	302,098	$	639,765



	Condensed Consolidating Cash Flows
	Year Ended July 3, 2010
	(53 Weeks)
	Sysco		U.S. Broadline Subsidiaries		Other Non-Guarantor Subsidiaries		Consolidated Totals
	(In thousands)
Net cash provided by (used for):
Operating activities	$	(649,277)	$	1,239,657	$	295,048	$	885,428
Investing activities		(225,565)		(228,769)		(201,986)		(656,320)
Financing activities		(664,236)		559		(3,353)		(667,030)
Effect of exchange rate on cash		-		-		4,714		4,714
Intercompany activity		1,013,405		(1,011,728)		(1,677)		-
Net increase (decrease) in cash and cash equivalents		(525,673)		(281)		92,746		(433,208)
Cash and cash equivalents at beginning of the period		899,196		32,216		87,239		1,018,651
Cash and cash equivalents at end of the period	$	373,523	$	31,935	$	179,985	$	585,443