Schedule 1 - Registrant's Condensed Financial Statements

12 Months Ended

Jul. 02, 2022

Condensed Financial Information Disclosure [Abstract]

Schedule 1 - Registrant's Condensed Financial Statements

SCHEDULE 1—Registrant’s Condensed Financial Statements

PERFORMANCE FOOD GROUP COMPANY

Parent Company Only

CONDENSED BALANCE SHEETS

(In millions per share data)	As of July 2, 2022		As of July 3, 2021
ASSETS
Investment in wholly owned subsidiary	$	3,370.0	$	2,167.2
Total assets	$	3,370.0	$	2,167.2
LIABILITIES AND SHAREHOLDERS’ EQUITY
Intercompany payable		70.5		61.1
Total liabilities		70.5		61.1
Commitments and contingencies
Shareholders’ equity:
Common Stock
Common Stock: $0.01 par value per share, 1.0 billion shares authorized, 153.6 million shares issued and outstanding as of July 2, 2022; 132.5 million shares issued and outstanding as of July 3, 2021		1.5		1.3
Additional paid-in capital		2,816.8		1,752.8
Retained earnings		481.2		352.0
Total shareholders’ equity		3,299.5		2,106.1
Total liabilities and shareholders’ equity	$	3,370.0	$	2,167.2

See accompanying notes to condensed financial statements.

PERFORMANCE FOOD GROUP COMPANY

Parent Company Only

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

($ in millions)	Fiscal year ended July 2, 2022			Fiscal year ended July 3, 2021			Fiscal year ended June 27, 2020
Operating expenses	$	0.7		$	1.1		$	0.6
Operating loss		(0.7	)		(1.1	)		(0.6	)
Loss before equity in net income (loss) of subsidiary		(0.7	)		(1.1	)		(0.6	)
Equity in net income (loss) of subsidiary, net of tax		113.2			41.8			(113.5	)
Net income (loss)		112.5			40.7			(114.1	)
Other comprehensive income (loss)		16.7			5.0			(10.1	)
Total comprehensive income (loss)	$	129.2		$	45.7		$	(124.2	)

See accompanying notes to condensed financial statements.

PERFORMANCE FOOD GROUP COMPANY

Parent Company Only

CONDENSED STATEMENTS OF CASH FLOWS

($ in millions)	Fiscal year ended July 2, 2022			Fiscal year ended July 3, 2021			Fiscal year ended June 27, 2020
Cash flows from operating activities:
Net income (loss)	$	112.5		$	40.7		$	(114.1	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Equity in net (income) loss of subsidiary		(113.2	)		(41.8	)		113.5
Changes in operating assets and liabilities, net
Income tax receivable		—			—			11.7
Accrued expenses and other current liabilities		—			(0.2	)		—
Intercompany payables		9.4			0.5			(1.2	)
Net cash provided by (used in) operating activities		8.7			(0.8	)		9.9
Cash flows from investing activities:
Net cash paid for acquisitions		(1,386.1	)		—			—
Capital contribution to subsidiary		(83.1	)		(26.2	)		(834.9	)
Distribution from subsidiary		1,444.6			—			5.0
Net cash used in investing activities		(24.6	)		(26.2	)		(829.9	)
Cash flows from financing activities:
Proceeds from exercise of stock options		2.7			5.0			4.8
Proceeds from sale of common stock		—			—			828.1
Proceeds from employee stock purchase plan		24.6			26.2			—
Cash paid for shares withheld to cover taxes		(11.4	)		(4.2	)		(7.9	)
Repurchase of common stock		—			—			(5.0	)
Net cash provided by financing activities		15.9			27.0			820.0
Net (decrease) increase in cash and restricted cash		—			—			—
Cash and restricted cash, beginning of period		—			—			—
Cash and restricted cash, end of period	$	—		$	—		$	—

Notes to Condensed Parent Company Only Financial Statements

1. Description of Performance Food Group Company

Performance Food Group Company (the “Parent”) was incorporated in Delaware on July 23, 2002, to effect the purchase of all the outstanding equity interests of PFGC, Inc. (“PFGC”). The Parent has no significant operations or significant assets or liabilities other than its investment in PFGC. Accordingly, the Parent is dependent upon distributions from PFGC to fund its obligations. However, under the terms of PFGC’s various debt agreements, PFGC’s ability to pay dividends or lend to the Parent is restricted, except that PFGC may pay specified amounts to the Parent to fund the payment of the Parent’s franchise and excise taxes and other fees, taxes, and expenses required to maintain its corporate existence.

2. Basis of Presentation

The accompanying condensed financial statements (parent company only) include the accounts of the Parent and its investment in PFGC, Inc. accounted for in accordance with the equity method, and do not present the financial statements of the Parent and its subsidiary on a consolidated basis. These parent company only financial statements should be read in conjunction with the Performance Food Group Company consolidated financial statements. The Parent is included in the consolidated federal and certain unitary, consolidated and combined state income tax returns with its subsidiaries. The Parent’s tax balances reflect its share of such filings.