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Segment Information (Tables)
 6 Months Ended
Dec. 30, 2023
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment

Corporate & All Other is comprised of corporate overhead and certain operations that are not considered separate reportable segments based on their size. This includes the operations of the Company’s internal logistics unit responsible for managing and allocating inbound logistics revenue and expense. Corporate & All Other may also include capital expenditures for certain information technology projects that are transferred to the segments once placed in service.

Intersegment sales represent sales between the segments, which are eliminated in consolidation.

 

(In millions)

 

Foodservice

 

 

Vistar

 

 

Convenience

 

 

Corporate
& All Other

 

 

Eliminations

 

 

Consolidated

 

For the three months ended December 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net external sales

 

$

7,073.6

 

 

$

1,201.0

 

 

$

5,941.4

 

 

$

79.7

 

 

$

—

 

 

$

14,295.7

 

Inter-segment sales

 

 

5.7

 

 

 

0.9

 

 

 

—

 

 

 

148.0

 

 

 

(154.6

)

 

 

—

 

Total sales

 

 

7,079.3

 

 

 

1,201.9

 

 

 

5,941.4

 

 

 

227.7

 

 

 

(154.6

)

 

 

14,295.7

 

Depreciation and amortization

 

 

72.7

 

 

 

12.8

 

 

 

37.2

 

 

 

20.6

 

 

 

—

 

 

 

143.3

 

Capital expenditures

 

 

61.6

 

 

 

15.2

 

 

 

7.9

 

 

 

9.2

 

 

 

—

 

 

 

93.9

 

For the three months ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net external sales

 

$

6,892.1

 

 

$

1,118.3

 

 

$

5,864.1

 

 

$

24.4

 

 

$

—

 

 

$

13,898.9

 

Inter-segment sales

 

 

4.5

 

 

 

0.6

 

 

 

—

 

 

 

129.6

 

 

 

(134.7

)

 

 

—

 

Total sales

 

 

6,896.6

 

 

 

1,118.9

 

 

 

5,864.1

 

 

 

154.0

 

 

 

(134.7

)

 

 

13,898.9

 

Depreciation and amortization

 

 

71.8

 

 

 

10.6

 

 

 

36.5

 

 

 

6.3

 

 

 

—

 

 

 

125.2

 

Capital expenditures

 

 

48.3

 

 

 

1.6

 

 

 

5.9

 

 

 

2.2

 

 

 

—

 

 

 

58.0

 

 

(In millions)

 

Foodservice

 

 

Vistar

 

 

Convenience

 

 

Corporate
& All Other

 

 

Eliminations

 

 

Consolidated

 

For the Six Months Ended December 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net external sales

 

$

14,345.3

 

 

$

2,450.6

 

 

$

12,278.4

 

 

$

160.0

 

 

$

—

 

 

$

29,234.3

 

Inter-segment sales

 

 

11.0

 

 

 

1.7

 

 

 

—

 

 

 

308.1

 

 

 

(320.8

)

 

 

—

 

Total sales

 

 

14,356.3

 

 

 

2,452.3

 

 

 

12,278.4

 

 

 

468.1

 

 

 

(320.8

)

 

 

29,234.3

 

Depreciation and amortization

 

 

143.3

 

 

 

23.2

 

 

 

74.9

 

 

 

31.2

 

 

 

—

 

 

 

272.6

 

Capital expenditures

 

 

92.6

 

 

 

18.6

 

 

 

11.9

 

 

 

24.0

 

 

 

—

 

 

 

147.1

 

For the Six Months Ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net external sales

 

$

14,216.1

 

 

$

2,207.6

 

 

$

12,151.0

 

 

$

43.5

 

 

$

—

 

 

$

28,618.2

 

Inter-segment sales

 

 

10.5

 

 

 

1.4

 

 

 

—

 

 

 

262.8

 

 

 

(274.7

)

 

 

—

 

Total sales

 

 

14,226.6

 

 

 

2,209.0

 

 

 

12,151.0

 

 

 

306.3

 

 

 

(274.7

)

 

 

28,618.2

 

Depreciation and amortization

 

 

137.8

 

 

 

21.3

 

 

 

73.3

 

 

 

12.0

 

 

 

—

 

 

 

244.4

 

Capital expenditures

 

 

76.6

 

 

 

4.5

 

 

 

13.5

 

 

 

3.5

 

 

 

—

 

 

 

98.1

 
Schedule of Adjusted EBDITA and Reconciliation to Consolidated Income Before Taxes EBITDA for each reportable segment and Corporate & All Other is presented below along with a reconciliation to consolidated income before taxes.

 

 

Three Months Ended

 

 

Six Months Ended

 

 

December 30, 2023

 

 

December 31, 2022

 

 

December 30, 2023

 

 

December 31, 2022

 

 

Foodservice Adjusted EBITDA

 

$

224.1

 

 

$

214.2

 

 

$

470.1

 

 

$

450.3

 

 

Vistar Adjusted EBITDA

 

 

93.6

 

 

 

92.2

 

 

 

182.2

 

 

 

166.6

 

 

Convenience Adjusted EBITDA

 

 

83.5

 

 

 

69.3

 

 

 

178.2

 

 

 

174.9

 

 

Corporate & All Other Adjusted EBITDA

 

 

(55.8

)

 

 

(66.9

)

 

 

(101.3

)

 

 

(128.3

)

 

Depreciation and amortization

 

 

(143.3

)

 

 

(125.2

)

 

 

(272.6

)

 

 

(244.4

)

 

Interest expense

 

 

(61.4

)

 

 

(55.7

)

 

 

(117.5

)

 

 

(106.1

)

 

Change in LIFO reserve

 

 

(21.8

)

 

 

(25.0

)

 

 

(41.0

)

 

 

(51.8

)

 

Stock-based compensation expense

 

 

(11.0

)

 

 

(11.4

)

 

 

(21.7

)

 

 

(22.9

)

 

(Loss) gain on fuel derivatives

 

 

(1.8

)

 

 

7.3

 

 

 

1.7

 

 

 

(2.5

)

 

Acquisition, integration & reorganization expenses

 

 

(3.9

)

 

 

(2.8

)

 

 

(13.7

)

 

 

(5.8

)

 

Other adjustments (1)

 

 

9.5

 

 

 

0.2

 

 

 

10.6

 

 

 

(3.9

)

 

Income before taxes

 

$

111.7

 

 

$

96.2

 

 

$

275.0

 

 

$

226.1

 

 
(1)
Other adjustments include asset impairments, gains and losses on disposal of fixed assets, amounts related to favorable and unfavorable leases, foreign currency transaction gains and losses, and franchise tax expense.

Total assets by reportable segment, excluding intercompany receivables between segments, are as follows:

(In millions)

 

As of
December 30, 2023

 

 

As of
July 1, 2023

 

Foodservice

 

$

6,582.5

 

 

$

6,511.6

 

Vistar

 

 

1,434.9

 

 

 

1,292.7

 

Convenience

 

 

4,085.7

 

 

 

4,226.2

 

Corporate & All Other

 

 

809.4

 

 

 

468.5

 

Total assets

 

$

12,912.5

 

 

$

12,499.0