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Supplemental Guarantor Information - Subsidiary Guarantees
 3 Months Ended
Sep. 28, 2019
Guarantees [Abstract]  
Supplemental Guarantor Information - Subsidiary Guarantees SUPPLEMENTAL GUARANTOR INFORMATION - SUBSIDIARY GUARANTEES

On January 19, 2011, the wholly owned U.S. Broadline subsidiaries of Sysco Corporation at that time entered into full and unconditional guarantees of all outstanding senior notes and debentures of Sysco Corporation. All subsequent issuances of senior notes and debentures in the U.S. have also been guaranteed by these subsidiaries. As of September 28, 2019, Sysco had a total of $7.5 billion in senior notes and debentures 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 or (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 (certain of 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 Consolidated Balance Sheet
 
Sep. 28, 2019
 
Sysco
 
Certain U.S.
 Broadline
Subsidiaries
 
Other
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Totals
 
(In thousands)
Current assets
$
172,317

 
$
4,548,019

 
$
3,763,828

 
$
—

 
$
8,484,164

Intercompany receivables
6,517,293

 
148,589

 
3,229,688

 
(9,895,570
)
 
—

Investment in subsidiaries
5,305,887

 
—

 
1,255,862

 
(6,561,749
)
 
—

Plant and equipment, net
242,040

 
2,184,301

 
2,066,675

 
—

 
4,493,016

Other assets
817,530

 
729,136

 
4,974,095

 
(541,366
)
 
5,979,395

Total assets
$
13,055,067

 
$
7,610,045

 
$
15,290,148

 
$
(16,998,685
)
 
$
18,956,575

Current liabilities
$
443,234

 
$
1,061,795

 
$
4,596,442

 
$
—

 
$
6,101,471

Intercompany payables
1,307,665

 
3,261,317

 
5,326,588

 
(9,895,570
)
 
—

Long-term debt
8,192,123

 
10,747

 
434,836

 
—

 
8,637,706

Other liabilities
657,297

 
551,789

 
1,061,902

 
(541,366
)
 
1,729,622

Noncontrolling interest
—

 
—

 
33,028

 
—

 
33,028

Shareholders’ equity
2,454,748

 
2,724,397

 
3,837,352

 
(6,561,749
)
 
2,454,748

Total liabilities and shareholders’ equity
$
13,055,067

 
$
7,610,045

 
$
15,290,148

 
$
(16,998,685
)
 
$
18,956,575


 
Condensed Consolidated Balance Sheet
 
Jun. 29, 2019
 
Sysco
 
Certain U.S.
 Broadline
Subsidiaries
 
Other
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Totals
 
(In thousands)
Current assets
$
121,993

 
$
4,195,543

 
$
3,823,969

 
$
—

 
$
8,141,505

Intercompany receivables
6,162,303

 
30,469

 
3,220,237

 
(9,413,009
)
 
—

Investment in subsidiaries
4,680,530

 
—

 
1,126,315

 
(5,806,845
)
 
—

Plant and equipment, net
252,101

 
2,162,668

 
2,086,936

 
—

 
4,501,705

Other assets
787,986

 
718,600

 
4,372,725

 
(555,999
)
 
5,323,312

Total assets
$
12,004,913

 
$
7,107,280

 
$
14,630,182

 
$
(15,775,853
)
 
$
17,966,522

Current liabilities
$
465,101

 
$
1,018,650

 
$
4,619,432

 
$
—

 
$
6,103,183

Intercompany payables
686,116

 
3,443,182

 
5,283,711

 
(9,413,009
)
 
—

Long-term debt
7,668,314

 
7,938

 
445,806

 
—

 
8,122,058

Other liabilities
682,779

 
545,391

 
531,081

 
(555,999
)
 
1,203,252

Noncontrolling interest
—

 
—

 
35,426

 
—

 
35,426

Shareholders’ equity
2,502,603

 
2,092,119

 
3,714,726

 
(5,806,845
)
 
2,502,603

Total liabilities and shareholders’ equity
$
12,004,913

 
$
7,107,280

 
$
14,630,182

 
$
(15,775,853
)
 
$
17,966,522


 
Condensed Consolidated Statement of Comprehensive Income
 
For the 13-Week Period Ended Sep. 28, 2019
 
Sysco
 
Certain U.S.
 Broadline
Subsidiaries
 
Other
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Totals
 
(In thousands)
Sales
$
—

 
$
9,810,408

 
$
6,043,288

 
$
(550,691
)
 
$
15,303,005

Cost of sales
—

 
7,910,440

 
4,999,886

 
(550,691
)
 
12,359,635

Gross profit
—

 
1,899,968

 
1,043,402

 
—

 
2,943,370

Operating expenses
198,840

 
1,075,837

 
1,000,375

 
—

 
2,275,052

Operating income (loss)
(198,840
)
 
824,131

 
43,027

 
—

 
668,318

Interest expense (income) (1)
107,336

 
(20,528
)
 
(3,473
)
 
—

 
83,335

Other expense (income), net
7,053

 
(167
)
 
(3,774
)
 
—

 
3,112

Earnings (losses) before income taxes
(313,229
)
 
844,826

 
50,274

 
—

 
581,871

Income tax (benefit) provision
(98,500
)
 
212,546

 
14,044

 
—

 
128,090

Equity in earnings of subsidiaries
668,510

 
—

 
129,548

 
(798,058
)
 
—

Net earnings
453,781

 
632,280

 
165,778

 
(798,058
)
 
453,781

Other comprehensive income (loss)
(75,701
)
 
—

 
(126,159
)
 
126,159

 
(75,701
)
Comprehensive income
$
378,080

 
$
632,280

 
$
39,619

 
$
(671,899
)
 
$
378,080

 

(1) 
Interest expense (income) includes $20.5 million of intercompany interest income, net, for certain of the U.S. Broadline subsidiaries, which is intercompany interest expense for Sysco Corporation for the first quarter ended September 28, 2019. There is an immaterial amount of intercompany interest expense related to Sysco Corporation for the Other Non-Guarantor Subsidiaries.

 
Condensed Consolidated Statement of Comprehensive Income
 
For the 13-Week Period Ended Sep. 29, 2018
 
Sysco
 
Certain U.S.
 Broadline
Subsidiaries
 
Other
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Totals
 
(In thousands)
Sales
$
—

 
$
9,479,806

 
$
6,234,158

 
$
(498,685
)
 
$
15,215,279

Cost of sales
—

 
7,660,101

 
5,150,078

 
(498,685
)
 
12,311,494

Gross profit
—

 
1,819,705

 
1,084,080

 
—

 
2,903,785

Operating expenses
220,281

 
1,052,350

 
1,003,014

 
—

 
2,275,645

Operating income (loss)
(220,281
)
 
767,355

 
81,066

 
—

 
628,140

Interest expense (income) (1)
41,413

 
(21,538
)
 
69,141

 
—

 
89,016

Other expense (income), net
6,600

 
(54
)
 
(5,414
)
 
—

 
1,132

Earnings (losses) before income taxes
(268,294
)
 
788,947

 
17,339

 
—

 
537,992

Income tax (benefit) provision
(93,587
)
 
196,445

 
4,092

 
—

 
106,950

Equity in earnings of subsidiaries
605,750

 
—

 
94,341

 
(700,091
)
 
—

Net earnings
431,043

 
592,502

 
107,588

 
(700,091
)
 
431,042

Other comprehensive income (loss)
(41,574
)
 
—

 
(24,927
)
 
24,927

 
(41,574
)
Comprehensive income
$
389,469

 
$
592,502

 
$
82,661

 
$
(675,164
)
 
$
389,468


(1) 
Interest expense (income) includes $21.5 million of intercompany interest income, net, for certain of the U.S. Broadline subsidiaries, which is intercompany interest expense for Sysco Corporation for the first quarter ended September 29, 2018. There is an immaterial amount of intercompany interest expense related to Sysco Corporation for the Other Non-Guarantor Subsidiaries.

 
Condensed Consolidated Cash Flows
 
For the 13-Week Period Ended Sep. 28, 2019
 
Sysco
 
Certain U.S.
 Broadline
Subsidiaries
 
Other
Non-Guarantor
Subsidiaries
 
Elimination (1)
 
Consolidated
Totals
 
(In thousands)
Cash flows provided by (used for):
 
 
 
 
 
 
 
 
 
Operating activities
$
11,776

 
$
69,098

 
$
90,705

 
$
—

 
$
171,579

Investing activities
(49,434
)
 
(85,903
)
 
(128,923
)
 
17,636

 
(246,624
)
Financing activities
109,226

 
742

 
(29,627
)
 
(17,636
)
 
62,705

Effect of exchange rates on cash
—

 
—

 
(5,485
)
 
—

 
(5,485
)
Net increase (decrease) in cash, cash equivalents and restricted cash
71,568

 
(16,063
)
 
(73,330
)
 
—

 
(17,825
)
Cash, cash equivalents and restricted cash at the beginning of period
29,868

 
117,643

 
384,734

 
—

 
532,245

Cash, cash equivalents and restricted cash at the end of period
$
101,436

 
$
101,580

 
$
311,404

 
$
—

 
$
514,420


(1) 
Represents primarily intercompany loans between the subsidiaries and the parent, Sysco Corporation.

 
Condensed Consolidated Cash Flows
 
For the 13-Week Period Ended Sep. 29, 2018
 
Sysco
 
Certain U.S.
 Broadline
Subsidiaries
 
Other
Non-Guarantor
Subsidiaries
 
Elimination (1)
 
Consolidated
Totals
 
(In thousands)
Cash flows provided by (used for):
 
 
 
 
 
 
 
 
 
Operating activities
$
167,767

 
$
69,459

 
$
33,919

 
$
—

 
$
271,145

Investing activities
361,777

 
(42,188
)
 
(12,229
)
 
(406,931
)
 
(99,571
)
Financing activities
(332,988
)
 
(1,581
)
 
(3,974
)
 
406,931

 
68,388

Effect of exchange rates on cash
—

 
—

 
(2,435
)
 
—

 
(2,435
)
Net increase (decrease) in cash, cash equivalents and restricted cash
196,556

 
25,690

 
15,281

 
—

 
237,527

Cash, cash equivalents and restricted cash at the beginning of period
29,144

 
111,843

 
574,857

 
—

 
715,844

Cash, cash equivalents and restricted cash at the end of period
$
225,700

 
$
137,533

 
$
590,138

 
$
—

 
$
953,371

(1) 
Represents primarily intercompany loans between the subsidiaries and the parent, Sysco Corporation.