Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Jul. 02, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Amount of Goodwill

The following table presents the changes in the carrying amount of goodwill:

(In millions)	Foodservice			Vistar		Convenience		Other		Total
Balance as of June 27, 2020	$	1,202.9		$	90.0	$	20.9	$	39.2	$	1,353.0
Acquisitions		—			3.9		—		1.3		5.2
Adjustments related to prior year acquisition (1)		(3.5	)		—		—		—		(3.5	)
Balance as of July 3, 2021		1,199.4			93.9		20.9		40.5		1,354.7
Acquisitions—current year		61.3			—		863.2		—		924.5
Balance as of July 2, 2022	$	1,260.7		$	93.9	$	884.1	$	40.5	$	2,279.2

(1)The fiscal 2021 adjustment related to prior year acquisition is the result of net working capital adjustments.

Schedule of Intangible Assets by Major Category

The following table presents the Company’s intangible assets by major category as of July 2, 2022 and July 3, 2021:

	As of July 2, 2022							As of July 3, 2021
(In millions)	Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net		Range of Lives
Intangible assets with definite lives:
Customer relationships	$	1,562.1	$	(659.8	)	$	902.3	$	1,154.1	$	(541.7	)	$	612.4	4 – 12 years
Trade names and trademarks		458.2		(220.4	)		237.8		298.6		(160.5	)		138.1	4 – 9 years
Deferred financing costs		73.2		(53.3	)		19.9		61.1		(48.9	)		12.2	Debt term
Non-compete		38.1		(36.0	)		2.1		38.1		(32.5	)		5.6	2 – 5 years
Technology		36.2		(28.3	)		7.9		29.2		(26.7	)		2.5	5 – 8 years
Total intangible assets with definite lives	$	2,167.8	$	(997.8	)	$	1,170.0	$	1,581.1	$	(810.3	)	$	770.8
Intangible assets with indefinite lives:
Goodwill	$	2,279.2	$	—		$	2,279.2	$	1,354.7	$	—		$	1,354.7	Indefinite
Trade names		25.6		—			25.6		25.6		—			25.6	Indefinite
Total intangible assets with indefinite lives	$	2,304.8	$	—		$	2,304.8	$	1,380.3	$	—		$	1,380.3

Estimated Future Amortization Expense on Intangible Assets

For the next five fiscal periods and thereafter, the estimated future amortization expense on intangible assets with definite lives are as follows:

(In millions)
2023	$	174.7
2024		167.8
2025		161.4
2026		157.0
2027		101.5
Thereafter		407.6
Total amortization expense	$	1,170.0