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US Foods Holding Corp. Condensed Financial Information
 12 Months Ended
Jan. 01, 2022
Condensed Financial Information Disclosure [Abstract]  
US Foods Holding Corp. Condensed Financial Information US FOODS HOLDING CORP. CONDENSED FINANCIAL INFORMATIONThese condensed parent company financial statements should be read in conjunction with the Company's consolidated financial statements. Under terms of the agreements governing its indebtedness, the net assets of USF are restricted from being transferred to US Foods in the form of loans, advances or dividends with the exception of income tax payments, share-based compensation settlements and minor administrative costs. USF had $1.4 billion of restricted payment capacity under these covenants, and approximately $2.8 billion of its net assets were restricted after taking into consideration the net deferred tax assets and intercompany balances that eliminate in consolidation, as of January 1, 2022. See Note 16, Share-Based Compensation, Common Stock Issuances and Common Stock, for a discussion of the Company’s equity-related transactions. In the condensed parent company financial statements below, the investment in the operating subsidiary, USF, is accounted for using the equity method.
Condensed Parent Company Balance Sheets
(In millions, except par value)
January 1, 2022January 2, 2021
ASSETS
Investment in subsidiary
$4,266 $4,050 
Other assets4 — 
Total assets
$4,270 $4,050 
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' EQUITY
Deferred tax liabilities
$1 $1 
Total liabilities
1 1 
Commitments and Contingencies (Note 22)
Mezzanine equity:
Series A convertible preferred stock, $0.01 par value—25 shares authorized;
    0.5 issued and outstanding as of January 1, 2022 and
   January 2, 2021		534 519 
Shareholders’ Equity
 Common stock, $0.01 par value—600 shares authorized;
    223 and 221 issued and outstanding as of January 1, 2022
        and January 2, 2021, respectively
2 2 
Additional paid-in capital
2,970 2,901 
Retained earnings
782 661 
Accumulated other comprehensive loss
(19)(34)
Total shareholders’ equity
3,735 3,530 
Total liabilities, mezzanine equity and shareholders’ equity
$4,270 $4,050 


Condensed Parent Company Statements of Comprehensive Income
Fiscal Years Ended
January 1, 2022January 2, 2021December 28, 2019
Income before income taxes$— $— $— 
Income tax benefit(4)(5)— 
Income before equity in net earnings of subsidiary4 5 — 
Equity in net earnings of subsidiary160 (231)385 
     Net income (loss)
164 (226)385 
Other comprehensive income—net of tax:
Changes in retirement benefit obligations
10 23 45 
Unrecognized gain (loss) on interest rate swaps
5 (3)(15)
     Comprehensive income (loss)
$179 $(206)$415 
Net income (loss)$164 $(226)$385 
Series A convertible preferred stock dividends(43)(28)— 
Net income (loss) available to common shareholders$121 $(254)$385 
Condensed Parent Company Statements of Cash Flows
Fiscal Years Ended
January 1, 2022January 2, 2021December 28, 2019
Cash flows from operating activities:
Net income (loss)
$164 $(226)$385 
Adjustments to reconcile net income to net cash
   provided by operating activities:
Equity in net earnings of subsidiary
(160)231 (385)
Changes in operating assets and liabilities:
Increase in other assets
(4)— — 
Decrease in accrued expenses and other liabilities— (5)— 
Net cash used in operating activities
— — — 
Cash flows from investing activities:
Investment in subsidiary
28 (491)— 
Net cash provided by (used in) investing activities
28 (491)— 
Cash flows from financing activities:
Net proceeds from issuance of Series A convertible preferred stock— 491 — 
Dividends paid on Series A convertible preferred stock
(28)— — 
Net cash (used in) provided by financing activities
(28)491 — 
Net increase in cash, cash equivalents and restricted cash— — — 
Cash, cash equivalents and restricted cash—beginning of year— — — 
Cash, cash equivalents and restricted cash—end of year$— $— $—