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. Borrowings under the company’s revolving credit facility supporting the company’s U.S. and Canadian commercial paper programs and the company’s US Foods acquisition bridge facility are also covered under these guarantees. As of June 28, 2014, Sysco had a total of approximately $2,655.0 million in senior notes, debentures and commercial paper outstanding that was covered by these guarantees. All subsidiary guarantors are 100%-owned by the parent company, all guarantees are full and unconditional and all guarantees are joint and several, except that the guarantee of any subsidiary guarantor with respect to a series of senior notes or debentures may be released under certain customary circumstances. If we exercise our defeasance option with respect to the senior notes or debentures of any series, then any subsidiary guarantor effectively will be released with respect to that series. Further, each subsidiary guarantee will remain in full force and effect until the earliest to occur of the date, if any, on which (1) the applicable subsidiary guarantor shall consolidate with or merge into Sysco Corporation or any successor of Sysco Corporation and (2) Sysco Corporation or any successor of Sysco Corporation consolidates with or merges into the applicable subsidiary guarantor.

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 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 28, 2014
	Sysco		Certain U.S. Broadline Subsidiaries		Other Non-Guarantor Subsidiaries		Eliminations		Consolidated Totals
	(In thousands)
Current assets	$	254,766	$	3,928,660	$	2,498,546	$	-	$	6,681,972
Investment in subsidiaries		8,013,214		-		-		(8,013,214)		-
Plant and equipment, net		496,953		1,783,262		1,705,403		-		3,985,618
Other assets		344,045		524,468		1,631,847		-		2,500,360
Total assets	$	9,108,978	$	6,236,390	$	5,835,796	$	(8,013,214)	$	13,167,950

Current liabilities	$	793,240	$	1,008,366	$	2,566,024	$	-	$	4,367,630
Intercompany payables (receivables)		20,107		(239,539)		219,432		-		-
Long-term debt		2,348,558		14,094		21,515		-		2,384,167
Other liabilities		680,378		328,185		140,895		-		1,149,458
Shareholders’ equity		5,266,695		5,125,284		2,887,930		(8,013,214)		5,266,695
Total liabilities and shareholders’ equity	$	9,108,978	$	6,236,390	$	5,835,796	$	(8,013,214)	$	13,167,950



	Condensed Consolidating Balance Sheet
	June 29, 2013
	Sysco		Certain U.S. Broadline Subsidiaries		Other Non-Guarantor Subsidiaries		Eliminations		Consolidated Totals
	(In thousands)
Current assets	$	276,856	$	3,757,486	$	2,187,346	$	-	$	6,221,688
Investment in subsidiaries		8,429,887		-		-		(8,429,887)		-
Plant and equipment, net		540,860		1,885,908		1,551,303		-		3,978,071
Other assets		325,045		534,713		1,618,691		-		2,478,449
Total assets	$	9,572,648	$	6,178,107	$	5,357,340	$	(8,429,887)	$	12,678,208

Current liabilities	$	637,070	$	887,271	$	2,138,283	$	-	$	3,662,624
Intercompany payables (receivables)		594,928		(1,003,219)		408,291		-		-
Long-term debt		2,606,612		10,422		22,952		-		2,639,986
Other liabilities		542,228		467,470		174,090		-		1,183,788
Shareholders’ equity		5,191,810		5,816,163		2,613,724		(8,429,887)		5,191,810
Total liabilities and shareholders’ equity	$	9,572,648	$	6,178,107	$	5,357,340	$	(8,429,887)	$	12,678,208



	Condensed Consolidating Statement of Comprehensive Income
	Year Ended June 28, 2014
	Sysco		Certain U.S. Broadline Subsidiaries		Other Non-Guarantor Subsidiaries		Eliminations		Consolidated Totals
	(In thousands)
Sales	$	-	$	30,741,979	$	16,979,494	$	(1,204,761)	$	46,516,712
Cost of sales		-		24,990,377		14,550,061		(1,204,761)		38,335,677
Gross profit		-		5,751,602		2,429,433		-		8,181,035
Operating expenses		804,177		3,520,577		2,269,159		-		6,593,913
Operating income (loss)		(804,177)		2,231,025		160,274		-		1,587,122
Interest expense (income)		232,140		(102,086)		(6,313)		-		123,741
Other expense (income), net		(7,434)		217		(5,026)		-		(12,243)
Earnings (losses) before income taxes		(1,028,883)		2,332,894		171,613		-		1,475,624
Income tax (benefit) provision		(379,369)		860,184		63,276		-		544,091
Equity in earnings of subsidiaries		1,581,047		-		-		(1,581,047)		-
Net earnings		931,533		1,472,710		108,337		(1,581,047)		931,533
Other comprehensive income (loss)		(195,726)		-		(3,106)		3,106		(195,726)
Comprehensive income	$	735,807	$	1,472,710	$	105,231	$	(1,577,941)	$	735,807



	Condensed Consolidating Statement of Comprehensive Income
	Year Ended June 29, 2013
	Sysco		Certain U.S. Broadline Subsidiaries		Other Non-Guarantor Subsidiaries		Eliminations		Consolidated Totals
	(In thousands)
Sales	$	-	$	30,162,329	$	15,335,180	$	(1,086,276)	$	44,411,233
Cost of sales		-		24,385,677		13,115,225		(1,086,276)		36,414,626
Gross profit		-		5,776,652		2,219,955		-		7,996,607
Operating expenses		694,323		3,610,907		2,032,899		-		6,338,129
Operating income (loss)		(694,323)		2,165,745		187,056		-		1,658,478
Interest expense (income)		298,474		(177,421)		7,442		-		128,495
Other expense (income), net		(12,864)		(4,554)		(54)		-		(17,472)
Earnings (losses) before income taxes		(979,933)		2,347,720		179,668		-		1,547,455
Income tax (benefit) provision		(351,474)		842,062		64,440		-		555,028
Equity in earnings of subsidiaries		1,620,886		-		-		(1,620,886)		-
Net earnings		992,427		1,505,658		115,228		(1,620,886)		992,427
Other comprehensive income (loss)		215,929		-		(33,191)		33,191		215,929
Comprehensive income	$	1,208,356	$	1,505,658	$	82,037	$	(1,587,695)	$	1,208,356



	Condensed Consolidating Statement of Comprehensive Income
	Year Ended June 30, 2012
	Sysco		Certain 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		12,077,795		(850,329)		34,601,665
Gross profit		-		5,725,907		2,053,367		-		7,779,274
Operating expenses		527,888		3,534,382		1,826,372		-		5,888,642
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)		(402,908)		-		(81,003)		81,003		(402,908)
Comprehensive income	$	718,677	$	1,555,355	$	61,904	$	(1,617,259)	$	718,677



	Condensed Consolidating Cash Flows
	Year Ended June 28, 2014
	Sysco		Certain U.S. Broadline Subsidiaries		Other Non-Guarantor Subsidiaries		Consolidated Totals
	(In thousands)
Net cash provided by (used for):
Operating activities	$	(504,119)	$	1,541,062	$	455,872	$	1,492,815
Investing activities		(51,290)		(171,979)		(353,569)		(576,838)
Financing activities		(919,627)		3,872		(103)		(915,858)
Effect of exchange rate on cash		-		-		642		642
Intercompany activity		1,426,402		(1,369,478)		(56,924)		-
Net increase (decrease) in cash and cash equivalents		(48,634)		3,477		45,918		761
Cash and cash equivalents at beginning of the period		207,591		24,295		180,399		412,285
Cash and cash equivalents at end of the period	$	158,957	$	27,772	$	226,317	$	413,046



	Condensed Consolidating Cash Flows
	Year Ended June 29, 2013
	Sysco		Certain U.S. Broadline Subsidiaries		Other Non-Guarantor Subsidiaries		Consolidated Totals
	(In thousands)
Net cash provided by (used for):
Operating activities	$	(449,417)	$	1,705,950	$	255,061	$	1,511,594
Investing activities		(105,314)		(140,217)		(666,351)		(911,882)
Financing activities		(887,707)		(15,666)		29,165		(874,208)
Effect of exchange rate on cash		-		-		(2,086)		(2,086)
Intercompany activity		1,178,922		(1,560,250)		381,328		-
Net increase (decrease) in cash and cash equivalents		(263,516)		(10,183)		(2,883)		(276,582)
Cash and cash equivalents at beginning of the period		471,107		34,478		183,282		688,867
Cash and cash equivalents at end of the period	$	207,591	$	24,295	$	180,399	$	412,285



	Condensed Consolidating Cash Flows
	Year Ended June 30, 2012
	Sysco		Certain 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