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US Foods Holding Corp. Condensed Financial Information
 12 Months Ended
Dec. 28, 2024
Condensed Financial Information Disclosure [Abstract]  
US Foods Holding Corp. Condensed Financial Information US FOODS HOLDING CORP. CONDENSED FINANCIAL INFORMATION
These 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 $2.4 billion of restricted payment capacity under these covenants, and approximately $2.1 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 December 28, 2024. See Note 15, 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)
December 28, 2024December 30, 2023
ASSETS
Investment in subsidiary
4,528 $4,748 
Other assets— 2 
Total assets
$4,528 $4,750 
LIABILITIES AND SHAREHOLDERS' EQUITY
Accrued expenses and other current liabilities$— $3 
Deferred tax liabilities
— 1 
Total liabilities
— 4 
Commitments and Contingencies (Note 21)
Shareholders’ Equity
Common stock, $0.01 par value--600 shares authorized; 254.7 issued and 230.5 outstanding as of December 28, 2024, and 252.9 issued and 245.1 outstanding as of December 30, 2023
3 3 
Additional paid-in capital
3,748 3,663 
Retained earnings
2,003 1,509 
Accumulated other comprehensive loss
43 (115)
Treasury Stock, 24.2 and 7.8 shares, respectively
(1,269)(314)
Total shareholders’ equity
4,528 4,746 
Total liabilities and shareholders’ equity
$4,528 $4,750 

Condensed Parent Company Statements of Comprehensive Income
Fiscal Years Ended
December 28, 2024December 30, 2023December 31, 2022
Income before income taxes$— $— $— 
Income tax provision
— — — 
Income before equity in net earnings of subsidiary— — — 
Equity in net earnings of subsidiary494 506 265 
     Net income
494 506 265 
Other comprehensive income—net of tax:
Changes in retirement benefit obligations
158 (43)(54)
Loss on pension settlement(124)— — 
Unrecognized (loss) gain on interest rate hedges
— 1 — 
     Comprehensive income
$528 $464 $211 
Net income$494 $506 $265 
Series A convertible preferred stock dividends— (7)(37)
Net income available to common shareholders$494 $499 $228 
Condensed Parent Company Statements of Cash Flows
Fiscal Years Ended
December 28, 2024December 30, 2023December 31, 2022
Cash flows from operating activities:
Net income
$494 $506 $265 
Adjustments to reconcile net income to net cash
   provided by operating activities:
Equity in net earnings of subsidiary
(494)(506)(265)
Changes in operating assets and liabilities:
decrease in other assets
— — — 
Net cash used in operating activities
— — — 
Cash flows from investing activities:
Investment in subsidiary
958 301 51 
Net cash provided by investing activities
958 301 51 
Cash flows from financing activities:
Dividends paid on Series A convertible preferred stock
— (7)(37)
Repurchase of common stock(958)(294)(14)
Net cash used in financing activities
(958)(301)(51)
Net increase in cash, cash equivalents and restricted cash— — — 
Cash, cash equivalents and restricted cash—beginning of year— — — 
Cash, cash equivalents and restricted cash—end of year$— $— $—