Supplemental Guarantor Information - Subsidiary Guarantees (Tables)
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3 Months Ended |
Sep. 28, 2019 |
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| Guarantees [Abstract] |
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| 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 (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 |
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| | | | | | | | | | | | | | | | | | | | | | 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 |
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| Condensed consolidating statement of comprehensive income table |
| | | | | | | | | | | | | | | | | | | | | | 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 |
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| | (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 |
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| | (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. |
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| Condensed consolidating cash flows table |
| | | | | | | | | | | | | | | | | | | | | | 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 |
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| | (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 |
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(1) Represents primarily intercompany loans between the subsidiaries and the parent, Sysco Corporation.
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