Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Jun. 29, 2024

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 July 2, 2022	$	1,260.7	$	93.9	$	884.1	$	40.5		$	2,279.2
Acquisitions		—		—		—		22.1			22.1
Impairments		—		—		—		(1.3	)		(1.3	)
Adjustments related to prior year acquisition (1)		1.0		—		—		—			1.0
Balance as of July 1, 2023		1,261.7		93.9		884.1		61.3			2,301.0
Acquisitions—current year		—		39.5		—		76.9			116.4
Adjustments related to prior year acquisition (1)		—		—		—		0.9			0.9
Balance as of June 29, 2024	$	1,261.7	$	133.4	$	884.1	$	139.1		$	2,418.3

(1)The fiscal 2023 and 2024 adjustments related to prior year acquisition are 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 June 29, 2024 and July 1, 2023:

	As of June 29, 2024							As of July 1, 2023
(In millions)	Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net		Range of Lives
Intangible assets with definite lives:
Customer relationships	$	1,680.6	$	(898.0	)	$	782.6	$	1,568.2	$	(777.2	)	$	791.0	4 – 12 years
Trade names and trademarks		483.5		(343.4	)		140.1		466.3		(279.7	)		186.6	4 – 7 years
Deferred financing costs		73.3		(62.8	)		10.5		73.3		(58.1	)		15.2	Debt term
Non-compete		48.4		(40.6	)		7.8		42.3		(38.4	)		3.9	2 – 5 years
Technology		36.7		(32.2	)		4.5		36.2		(30.1	)		6.1	5 – 8 years
Total intangible assets with definite lives	$	2,322.5	$	(1,377.0	)	$	945.5	$	2,186.3	$	(1,183.5	)	$	1,002.8
Intangible assets with indefinite lives:
Goodwill	$	2,418.3	$	—		$	2,418.3	$	2,301.0	$	—		$	2,301.0	Indefinite
Trade names		25.6		—			25.6		25.6		—			25.6	Indefinite
Total intangible assets with indefinite lives	$	2,443.9	$	—		$	2,443.9	$	2,326.6	$	—		$	2,326.6

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)
2025		200.3
2026		187.1
2027		129.9
2028		99.0
2029		97.7
Thereafter		231.5
Total amortization expense	$	945.5