Supplemental Guarantor Information - Subsidiary Guarantees (Tables)

9 Months Ended

Apr. 01, 2017

Condensed consolidating balance sheet table

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 company’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
	Apr. 1, 2017
	Sysco			U.S. Broadline Subsidiaries		Other Non-Guarantor Subsidiaries		Eliminations			Consolidated Totals
	(In thousands)
Current assets	$	172,105		$	3,333,647	$	4,819,809	$	—		$	8,325,561
Investment in subsidiaries	8,794,103			303,876		10,361,078		(19,459,057		)	—
Plant and equipment, net	323,763			1,261,167		2,686,777		—			4,271,707
Other assets	438			509,645		4,813,549		—			5,323,632
Total assets	$	9,290,409		$	5,408,335	$	22,681,213	$	(19,459,057	)	$	17,920,900
Current liabilities	$	2,039,368		$	2,027,763	$	1,662,679	$	—		$	5,729,810
Intercompany payables (receivables)	(3,811,509		)	666,597		3,144,912		—			—
Long-term debt	7,943,640			6,122		76,855		—			8,026,617
Other liabilities	1,023,651			144,031		586,019		—			1,753,701
Noncontrolling interest	—			—		80,244		—			80,244
Shareholders’ equity	2,095,259			2,563,822		17,130,504		(19,459,057		)	2,330,528
Total liabilities and shareholders’ equity	$	9,290,409		$	5,408,335	$	22,681,213	$	(19,459,057	)	$	17,920,900



	Condensed Consolidating Balance Sheet
	July 2, 2016
	Sysco			U.S. Broadline Subsidiaries		Other Non-Guarantor Subsidiaries			Eliminations			Consolidated Totals
	(In thousands)
Current assets	$	3,440,206		$	3,813,524	$	2,800,169		$	—		$	10,053,899
Investment in subsidiaries	6,484,258			224,138		(306,219		)	(6,402,177		)	—
Plant and equipment, net	429,890			1,587,702		1,862,850			—			3,880,442
Other assets	213,186			642,525		1,931,752			—			2,787,463
Total assets	$	10,567,540		$	6,267,889	$	6,288,552		$	(6,402,177	)	$	16,721,804
Current liabilities	$	621,925		$	111,728	$	3,700,803		$	—		$	4,434,456
Intercompany payables (receivables)	(1,348,425		)	2,097,508		(749,083		)	—			—
Long-term debt	7,145,955			62,387		128,588			—			7,336,930
Other liabilities	878,834			248,493		268,097			—			1,395,424
Noncontrolling interest	—			—		75,386			—			75,386
Shareholders’ equity	3,269,251			3,747,773		2,864,761			(6,402,177		)	3,479,608
Total liabilities and shareholders’ equity	$	10,567,540		$	6,267,889	$	6,288,552		$	(6,402,177	)	$	16,721,804



	Condensed Consolidating Balance Sheet
	Mar. 26, 2016
	Sysco		U.S. Broadline Subsidiaries			Other Non-Guarantor Subsidiaries			Eliminations			Consolidated Totals
	(In thousands)
Current assets	$	271,185	$	3,995,180		$	2,693,668		$	—		$	6,960,033
Investment in subsidiaries	9,989,219		249,270			(429,592		)	(9,808,897		)	—
Plant and equipment, net	460,989		1,607,870			1,831,611			—			3,900,470
Other assets	1,638		590,248			1,898,705			—			2,490,591
Total assets	$	10,723,031	$	6,442,568		$	5,994,392		$	(9,808,897	)	$	13,351,094
Current liabilities	$	553,741	$	(209,098	)	$	3,767,429		$	—		$	4,112,072
Intercompany payables (receivables)	1,530,408		(766,374		)	(764,034		)	—			—
Long-term debt	4,080,728		69,426			124,730			—			4,274,884
Other liabilities	610,479		265,785			41,514			—			917,778
Noncontrolling interest	—		—			76,929			—			76,929
Shareholders’ equity	3,947,675		7,082,829			2,747,824			(9,808,897		)	3,969,431
Total liabilities and shareholders’ equity	$	10,723,031	$	6,442,568		$	5,994,392		$	(9,808,897	)	$	13,351,094

Condensed consolidating statement of comprehensive income table



	Condensed Consolidating Statement of Comprehensive Income
	For the 13-Week Period Ended Apr. 1, 2017
	Sysco			U.S. Broadline Subsidiaries			Other Non-Guarantor Subsidiaries			Eliminations			Consolidated Totals
	(In thousands)
Sales	$	—		$	6,613,654		$	7,352,744		$	(442,226	)	$	13,524,172
Cost of sales	—			5,338,256			6,094,007			(442,226		)	10,990,037
Gross profit	—			1,275,398			1,258,737			—			2,534,135
Operating expenses	241,123			762,490			1,094,560			—			2,098,173
Operating income (loss)	(241,123		)	512,908			164,177			—			435,962
Interest expense (income)	195,781			(31,023		)	(83,754		)	—			81,004
Other expense (income), net	(3,484		)	(445		)	(886		)	—			(4,815		)
Earnings (losses) before income taxes	(433,420		)	544,376			248,817			—			359,773
Income tax (benefit) provision	(149,331		)	185,030			85,796			—			121,495
Equity in earnings of subsidiaries	522,368			—			—			(522,368		)	—
Net earnings	238,279			359,346			163,021			(522,368		)	238,278
Other comprehensive income (loss)	77,159			—			29,292			(29,292		)	77,159
Comprehensive income	$	315,438		$	359,346		$	192,313		$	(551,660	)	$	315,437



	Condensed Consolidating Statement of Comprehensive Income
	For the 13-Week Period Ended Mar. 26, 2016
	Sysco			U.S. Broadline Subsidiaries			Other Non-Guarantor Subsidiaries			Eliminations			Consolidated Totals
	(In thousands)
Sales	$	—		$	8,081,741		$	4,305,318		$	(384,268	)	$	12,002,791
Cost of sales	—			6,556,356			3,687,878			(384,268		)	9,859,966
Gross profit	—			1,525,385			617,440			—			2,142,825
Operating expenses	257,953			942,577			564,677			—			1,765,207
Operating income (loss)	(257,953		)	582,808			52,763			—			377,618
Interest expense (income)	80,266			(39,749		)	17,182			—			57,699
Other expense (income), net	(3,153		)	(588		)	(3,211		)	—			(6,952		)
Earnings (losses) before income taxes	(335,066		)	623,145			38,792			—			326,871
Income tax (benefit) provision	(112,343		)	209,079			12,999			—			109,735
Equity in earnings of subsidiaries	439,859			—			—			(439,859		)	—
Net earnings	217,136			414,066			25,793			(439,859		)	217,136
Other comprehensive income (loss)	57,132			—			48,738			(48,738		)	57,132
Comprehensive income	$	274,268		$	414,066		$	74,531		$	(488,597	)	$	274,268



	Condensed Consolidating Statement of Comprehensive Income
	For the 39-Week Period Ended Apr. 1, 2017
	Sysco			U.S. Broadline Subsidiaries			Other Non-Guarantor Subsidiaries			Eliminations			Consolidated Totals
	(In thousands)
Sales	$	—		$	20,088,294		$	22,194,420		$	(1,332,620	)	$	40,950,094
Cost of sales	—			16,184,897			18,299,900			(1,332,620		)	33,152,177
Gross profit	—			3,903,397			3,894,520			—			7,797,917
Operating expenses	691,851			2,310,243			3,300,611			—			6,302,705
Operating income (loss)	(691,851		)	1,593,154			593,909			—			1,495,212
Interest expense (income)	199,974			(72,837		)	99,721			—			226,858
Other expense (income), net	(23,670		)	(1,191		)	10,510			—			(14,351		)
Earnings (losses) before income taxes	(868,155		)	1,667,182			483,678			—			1,282,705
Income tax (benefit) provision	(301,888		)	579,047			168,214			—			445,373
Equity in earnings of subsidiaries	1,403,600			—			—			(1,403,600		)	—
Net earnings	837,333			1,088,135			315,464			(1,403,600		)	837,332
Other comprehensive income (loss)	(147,319		)	—			(350,637		)	350,637			(147,319		)
Comprehensive income	$	690,014		$	1,088,135		$	(35,173	)	$	(1,052,963	)	$	690,013



	Condensed Consolidating Statement of Comprehensive Income
	For the 39-Week Period Ended Mar. 26, 2016
	Sysco			U.S. Broadline Subsidiaries			Other Non-Guarantor Subsidiaries			Eliminations			Consolidated Totals
	(In thousands)
Sales	$	—		$	24,805,364		$	13,125,059		$	(1,211,395	)	$	36,719,028
Cost of sales	—			20,138,552			11,254,237			(1,211,395		)	30,181,394
Gross profit	—			4,666,812			1,870,822			—			6,537,634
Operating expenses	663,804			2,838,705			1,731,450			—			5,233,959
Operating income (loss)	(663,804		)	1,828,107			139,372			—			1,303,675
Interest expense (income)	296,681			(119,751		)	54,911			—			231,841
Other expense (income), net	(13,066		)	(1,417		)	(15,473		)	—			(29,956		)
Earnings (losses) before income taxes	(947,419		)	1,949,275			99,934			—			1,101,790
Income tax (benefit) provision	(316,299		)	650,770			33,364			—			367,835
Equity in earnings of subsidiaries	1,365,075			—			—			(1,365,075		)	—
Net earnings	733,955			1,298,505			66,570			(1,365,075		)	733,955
Other comprehensive income (loss)	(64,904		)	—			(179,111		)	179,111			(64,904		)
Comprehensive income	$	669,051		$	1,298,505		$	(112,541	)	$	(1,185,964	)	$	669,051

Condensed consolidating cash flows table



	Condensed Consolidating Cash Flows
	For the 39-Week Period Ended Apr. 1, 2017
	Sysco			U.S. Broadline Subsidiaries			Other Non-Guarantor Subsidiaries			Consolidated Totals
	(In thousands)
Cash flows provided by (used for):
Operating activities	$	984,603		$	3,554,439		$	(3,514,267	)	$	1,024,775
Investing activities	(72,243		)	(68,157		)	(3,164,746		)	(3,305,146		)
Financing activities	(425,517		)	(64,558		)	(216,888		)	(706,963		)
Effect of exchange rates on cash	—			—			(76,833		)	(76,833		)
Intercompany activity	(3,751,063		)	(3,426,770		)	7,177,833			—
Net increase (decrease) in cash and cash equivalents	(3,264,220		)	(5,046		)	205,099			(3,064,167		)
Cash and cash equivalents at the beginning of period	3,376,412			34,072			508,816			3,919,300
Cash and cash equivalents at the end of period	$	112,192		$	29,026		$	713,915		$	855,133



	Condensed Consolidating Cash Flows
	For the 39-Week Period Ended Mar. 26, 2016
	Sysco			U.S. Broadline Subsidiaries			Other Non-Guarantor Subsidiaries			Consolidated Totals
	(In thousands)
Cash flows provided by (used for):
Operating activities	$	(485,524	)	$	(377,988	)	$	1,852,493		$	988,981
Investing activities	58,442			(133,141		)	(307,636		)	(382,335		)
Financing activities	(5,171,619		)	52,399			19,477			(5,099,743		)
Effect of exchange rates on cash	—			—			(26,109		)	(26,109		)
Intercompany activity	931,696			471,256			(1,402,952		)	—
Net increase (decrease) in cash and cash equivalents	(4,667,005		)	12,526			135,273			(4,519,206		)
Cash and cash equivalents at the beginning of period	4,851,067			26,380			252,597			5,130,044
Cash and cash equivalents at the end of period	$	184,062		$	38,906		$	387,870		$	610,838