Schedule 1 - Registrant's Condensed Financial Statements

12 Months Ended

Jun. 29, 2024

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, except per share data)	As of June 29, 2024		As of July 1, 2023
ASSETS
Investment in wholly owned subsidiary	$	4,227.9	$	3,826.3
Total assets	$	4,227.9	$	3,826.3
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accrued expenses and other current liabilities		-		0.4
Total current liabilities		-		0.4
Intercompany payable		101.0		80.4
Total liabilities		101.0		80.8
Commitments and contingencies
Shareholders’ equity:
Common Stock
Common Stock: $0.01 par value per share, 1.0 billion shares authorized, 154.2 million shares issued and outstanding as of June 29, 2024; 154.5 million shares issued and outstanding as of July 1, 2023		1.5		1.5
Additional paid-in capital		2,818.5		2,863.0
Retained earnings		1,306.9		881.0
Total shareholders’ equity		4,126.9		3,745.5
Total liabilities and shareholders’ equity	$	4,227.9	$	3,826.3

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 June 29, 2024			Fiscal year ended July 1, 2023			Fiscal year ended July 2, 2022
Operating expenses	$	0.9		$	0.8		$	0.7
Operating loss		(0.9	)		(0.8	)		(0.7	)
Loss before equity in net income of subsidiary		(0.9	)		(0.8	)		(0.7	)
Equity in net income of subsidiary, net of tax		436.8			398.0			113.2
Net income		435.9			397.2			112.5
Other comprehensive (loss) income		(10.0	)		2.6			16.7
Total comprehensive income	$	425.9		$	399.8		$	129.2

See accompanying notes to condensed financial statements.

PERFORMANCE FOOD GROUP COMPANY

Parent Company Only

CONDENSED STATEMENTS OF CASH FLOWS

($ in millions)	Fiscal year ended June 29, 2024			Fiscal year ended July 1, 2023			Fiscal year ended July 2, 2022
Cash flows from operating activities:
Net income	$	435.9		$	397.2		$	112.5
Adjustments to reconcile net income to net cash provided by operating activities
Equity in net income of subsidiary		(436.8	)		(398.0	)		(113.2	)
Changes in operating assets and liabilities, net
Accrued expenses and other current liabilities		—			0.4			—
Intercompany payables		20.2			9.9			9.4
Net cash provided by operating activities		19.3			9.5			8.7
Cash flows from investing activities:
Net cash paid for acquisitions		—			—			(1,386.1	)
Capital contribution to subsidiary		(15.5	)		(27.7	)		(83.1	)
Distribution from subsidiary		78.1			11.2			1,444.6
Net cash provided by (used in) investing activities		62.6			(16.5	)		(24.6	)
Cash flows from financing activities:
Proceeds from exercise of stock options		2.2			3.1			2.7
Proceeds from employee stock purchase plan		15.5			27.7			24.6
Cash paid for shares withheld to cover taxes		(21.5	)		(12.6	)		(11.4	)
Repurchase of common stock		(78.1	)		(11.2	)		—
Net cash (used in) provided by financing activities		(81.9	)		7.0			15.9
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.