14. SUPPLEMENTAL GUARANTOR INFORMATION – SUBSIDIARY GUARANTEES

On January 19, 2011, the wholly-owned United States Broadline (U.S. Broadline) subsidiaries of Sysco Corporation entered into full and unconditional guarantees of all outstanding senior notes and debentures of Sysco Corporation. As of December 29, 2012, Sysco had a total of $2,975.0 million in senior notes and debentures outstanding that are covered by these guarantees.

The following condensed consolidating financial statements present separately the financial position, comprehensive income and cash flows of the parent issuer (Sysco Corporation), the guarantors (the majority of the company’s U.S. Broadline subsidiaries), and all other non‑guarantor subsidiaries of Sysco (Other Non-Guarantor Subsidiaries) on a combined basis with eliminating entries.



	Condensed Consolidating Balance Sheet
	Dec. 29, 2012
	Sysco		U.S. Broadline Subsidiaries		Other Non-Guarantor Subsidiaries		Eliminations		Consolidated Totals
	(In thousands)
Current assets	$	188,879	$	3,866,718	$	2,104,188	$	-	$	6,159,785
Investment in subsidiaries		11,031,000		-		-		(11,031,000)		-
Plant and equipment, net		624,441		1,976,200		1,359,995		-		3,960,636
Other assets		341,243		501,111		1,465,292		-		2,307,646
Total assets	$	12,185,563	$	6,344,029	$	4,929,475	$	(11,031,000)	$	12,428,067

Current liabilities	$	680,130	$	819,372	$	1,987,915	$	-	$	3,487,417
Intercompany payables (receivables)		3,220,164		(3,626,887)		406,723		-		-
Long-term debt		2,758,493		25,898		24,899		-		2,809,290
Other liabilities		823,340		293,849		112,598		-		1,229,787
Shareholders’ equity		4,703,436		8,831,797		2,397,340		(11,031,000)		4,901,573
Total liabilities and shareholders’ equity	$	12,185,563	$	6,344,029	$	4,929,475	$	(11,031,000)	$	12,428,067



	Condensed Consolidating Balance Sheet
	Jun. 30, 2012
	Sysco		U.S. Broadline Subsidiaries		Other Non-Guarantor Subsidiaries		Eliminations		Consolidated Totals
	(In thousands)
Current assets	$	538,451	$	3,675,676	$	1,870,681	$	-	$	6,084,808
Investment in subsidiaries		10,163,398		-		-		(10,163,398)		-
Plant and equipment, net		703,658		1,923,925		1,256,167		-		3,883,750
Other assets		324,839		503,357		1,298,218		-		2,126,414
Total assets	$	11,730,346	$	6,102,958	$	4,425,066	$	(10,163,398)	$	12,094,972

Current liabilities	$	678,527	$	900,416	$	1,844,636	$	-	$	3,423,579
Intercompany payables (receivables)		3,068,001		(3,334,860)		266,859		-		-
Long-term debt		2,714,415		25,459		23,814		-		2,763,688
Other liabilities		755,112		367,094		100,459		-		1,222,665
Shareholders’ equity		4,514,291		8,144,849		2,189,298		(10,163,398)		4,685,040
Total liabilities and shareholders’ equity	$	11,730,346	$	6,102,958	$	4,425,066	$	(10,163,398)	$	12,094,972



	Condensed Consolidating Balance Sheet
	Dec. 31, 2011
	Sysco		U.S. Broadline Subsidiaries		Other Non-Guarantor Subsidiaries		Eliminations		Consolidated Totals
	(In thousands)
Current assets	$	202,267	$	3,660,988	$	1,784,795	$	-	$	5,648,050
Investment in subsidiaries		14,859,149		-		-		(14,859,149)		-
Plant and equipment, net		647,217		1,895,977		1,192,943		-		3,736,137
Other assets		321,460		518,934		1,229,446		-		2,069,840
Total assets	$	16,030,093	$	6,075,899	$	4,207,184	$	(14,859,149)	$	11,454,027

Current liabilities	$	423,796	$	872,205	$	1,967,769	$	-	$	3,263,770
Intercompany payables (receivables)		7,984,530		(8,086,079)		101,549		-		-
Long-term debt		2,599,524		26,871		22,951		-		2,649,346
Other liabilities		502,536		275,475		75,285		-		853,296
Shareholders’ equity		4,519,707		12,987,427		2,039,630		(14,859,149)		4,687,615
Total liabilities and shareholders’ equity	$	16,030,093	$	6,075,899	$	4,207,184	$	(14,859,149)	$	11,454,027



	Condensed Consolidating Statement of Comprehensive Income
	For the 13-Week Period Ended Dec. 29, 2012
	Sysco		U.S. Broadline Subsidiaries		Other Non-Guarantor Subsidiaries		Eliminations		Consolidated Totals
	(In thousands)
Sales	$	-	$	7,361,249	$	3,706,570	$	(270,929)	$	10,796,890
Cost of sales		-		5,948,837		3,173,029		(242,542)		8,879,324
Gross profit		-		1,412,412		533,541		(28,387)		1,917,566
Operating expenses		194,206		884,463		484,633		(28,387)		1,534,915
Operating income (loss)		(194,206)		527,949		48,908		-		382,651
Interest expense (income)		72,564		(42,058)		1,736		-		32,242
Other expense (income), net		(2,294)		(537)		1,078		-		(1,753)
Earnings (losses) before income taxes		(264,476)		570,544		46,094		-		352,162
Income tax (benefit) provision		(97,835)		211,516		17,112		-		130,793
Equity in earnings of subsidiaries		388,010		-		-		(388,010)		-
Net earnings		221,369		359,028		28,982		(388,010)		221,369
Other comprehensive income (loss)		17,037		-		(8,771)		-		8,266
Comprehensive income	$	238,406	$	359,028	$	20,211	$	(388,010)	$	229,635



	Condensed Consolidating Statement of Comprehensive Income
	For the 13-Week Period Ended Dec. 31, 2011
	Sysco		U.S. Broadline Subsidiaries		Other Non-Guarantor Subsidiaries		Eliminations		Consolidated Totals
	(In thousands)
Sales	$	-	$	7,056,282	$	3,393,450	$	(205,311)	$	10,244,421
Cost of sales		-		5,674,008		2,907,268		(182,505)		8,398,771
Gross profit		-		1,382,274		486,182		(22,806)		1,845,650
Operating expenses		135,560		872,619		433,279		(22,806)		1,418,652
Operating income (loss)		(135,560)		509,655		52,903		-		426,998
Interest expense (income)		96,985		(67,483)		(1,178)		-		28,324
Other expense (income), net		(2,197)		(701)		(574)		-		(3,472)
Earnings (losses) before income taxes		(230,348)		577,839		54,655		-		402,146
Income tax (benefit) provision		(86,825)		218,177		20,681		-		152,033
Equity in earnings of subsidiaries		393,636		-		-		(393,636)		-
Net earnings		250,113		359,662		33,974		(393,636)		250,113
Other comprehensive income (loss)		10,119		-		18,423		-		28,542
Comprehensive income	$	260,232	$	359,662	$	52,397	$	(393,636)	$	278,655



	Condensed Consolidating Statement of Comprehensive Income
	For the 26-Week Period Ended Dec. 29, 2012
	Sysco		U.S. Broadline Subsidiaries		Other Non-Guarantor Subsidiaries		Eliminations		Consolidated Totals
	(In thousands)
Sales	$	-	$	14,997,427	$	7,411,242	$	(524,863)	$	21,883,806
Cost of sales		-		12,093,695		6,339,226		(470,225)		17,962,696
Gross profit		-		2,903,732		1,072,016		(54,638)		3,921,110
Operating expenses		347,344		1,798,549		968,422		(54,638)		3,059,677
Operating income (loss)		(347,344)		1,105,183		103,594		-		861,433
Interest expense (income)		142,176		(80,441)		1,375		-		63,110
Other expense (income), net		(2,613)		(1,241)		(376)		-		(4,230)
Earnings (losses) before income taxes		(486,907)		1,186,865		102,595		-		802,553
Income tax (benefit) provision		(178,726)		435,653		37,659		-		294,586
Equity in earnings of subsidiaries		816,148		-		-		(816,148)		-
Net earnings		507,967		751,212		64,936		(816,148)		507,967
Other comprehensive income (loss)		29,768		-		27,389		-		57,157
Comprehensive income	$	537,735	$	751,212	$	92,325	$	(816,148)	$	565,124



	Condensed Consolidating Statement of Comprehensive Income
	For the 26-Week Period Ended Dec. 31, 2011
	Sysco		U.S. Broadline Subsidiaries		Other Non-Guarantor Subsidiaries		Eliminations		Consolidated Totals
	(In thousands)
Sales	$	-	$	14,376,568	$	6,850,508	$	(396,265)	$	20,830,811
Cost of sales		-		11,538,714		5,850,452		(351,605)		17,037,561
Gross profit		-		2,837,854		1,000,056		(44,660)		3,793,250
Operating expenses		252,523		1,770,650		878,399		(44,660)		2,856,912
Operating income (loss)		(252,523)		1,067,204		121,657		-		936,338
Interest expense (income)		193,263		(131,386)		(4,079)		-		57,798
Other expense (income), net		(3,512)		(1,264)		1,554		-		(3,222)
Earnings (losses) before income taxes		(442,274)		1,199,854		124,182		-		881,762
Income tax (benefit) provision		(165,018)		447,680		46,334		-		328,996
Equity in earnings of subsidiaries		830,022		-		-		(830,022)		-
Net earnings		552,766		752,174		77,848		(830,022)		552,766
Other comprehensive income (loss)		20,237		-		(83,844)		-		(63,607)
Comprehensive income	$	573,003	$	752,174	$	(5,996)	$	(830,022)	$	489,159



	Condensed Consolidating Cash Flows
	For the 26-Week Period Ended Dec. 29, 2012
	Sysco		U.S. Broadline Subsidiaries		Other Non-Guarantor Subsidiaries		Consolidated Totals
		(In thousands)
Cash flows provided by (used for):
Operating activities	$	(147,760)	$	518,930	$	15,615	$	386,785
Investing activities		(59,121)		(99,832)		(311,650)		(470,603)
Financing activities		(319,069)		415		31,226		(287,428)
Effect of exchange rates on cash		-		-		3,184		3,184
Intercompany activity		176,983		(430,860)		253,877		-
Net increase (decrease) in cash and cash equivalents		(348,967)		(11,347)		(7,748)		(368,062)
Cash and cash equivalents at the beginning of period		471,107		34,478		183,282		688,867
Cash and cash equivalents at the end of period	$	122,140	$	23,131	$	175,534	$	320,805



	Condensed Consolidating Cash Flows
	For the 26-Week Period Ended Dec. 31, 2011
	Sysco		U.S. Broadline Subsidiaries		Other Non-Guarantor Subsidiaries		Consolidated Totals
	(In thousands)
Cash flows provided by (used for):
Operating activities	$	(69,367)	$	543,698	$	64,184	$	538,515
Investing activities		(140,083)		(211,491)		(136,249)		(487,823)
Financing activities		(157,055)		168		(184,467)		(341,354)
Effect of exchange rates on cash		-		-		(12,572)		(12,572)
Intercompany activity		200,109		(338,679)		138,570		-
Net increase (decrease) in cash and cash equivalents		(166,396)		(6,304)		(130,534)		(303,234)
Cash and cash equivalents at the beginning of period		305,513		32,154		302,098		639,765
Cash and cash equivalents at the end of period	$	139,117	$	25,850	$	171,564	$	336,531