Company-Sponsored Employee Benefit Plans (Tables)

12 Months Ended

Jun. 27, 2015

Defined Benefit Plan Disclosure [Line Items]

Defined benefit plans funded status table

The funded status of Sysco’s company-sponsored defined benefit plans is presented in the table below. The caption “Pension Benefits” in the tables below includes both the Retirement Plan and the SERP.



	Pension Benefits						Other Postretirement Plans
	June 27, 2015			June 28, 2014			June 27, 2015			June 28, 2014
	(In thousands)
Change in benefit obligation:
Benefit obligation at beginning of year	$	3,671,708		$	3,089,022		$	12,611		$	14,248
Service cost	11,263			9,657			536			546
Interest cost	171,120			160,436			590			748
Amendments	914			(347		)	—			—
Actuarial (gain) loss, net	(86,129		)	492,720			(1,050		)	(3,280		)
Total disbursements	(89,749		)	(79,780		)	329			349
Benefit obligation at end of year	3,679,127			3,671,708			13,016			12,611
Change in plan assets:
Fair value of plan assets at beginning of year	2,937,519			2,518,009			—			—
Actual return on plan assets	80,225			474,538			—			—
Employer contribution	75,133			24,752			(329		)	(349		)
Total disbursements	(89,749		)	(79,780		)	329			349
Fair value of plan assets at end of year	3,003,128			2,937,519			—			—
Funded status at end of year	$	(675,999	)	$	(734,189	)	$	(13,016	)	$	(12,611	)

Defined benefit plans amounts recognized in balance sheet table

The amounts recognized on Sysco’s consolidated balance sheets related to its company-sponsored defined benefit plans are as follows:



	Pension Benefits						Other Postretirement Plans
	June 27, 2015			June 28, 2014			June 27, 2015			June 28, 2014
	(In thousands)
Current accrued benefit liability (Accrued expenses)	$	(27,942	)	$	(25,712	)	$	(327	)	$	(313	)
Non-current accrued benefit liability (Other long-term liabilities)	(648,057		)	(708,477		)	(12,689		)	(12,298		)
Net amount recognized	$	(675,999	)	$	(734,189	)	$	(13,016	)	$	(12,611	)

Defined benefit plans amounts recognized in accumulated other comprehensive loss (income) table

Accumulated other comprehensive loss (income) as of June 27, 2015 consists of the following amounts that had not, as of that date, been recognized in net benefit cost:



	Pension Benefits		Other Postretirement Plans			Total
	(In thousands)
Prior service cost	$	50,109	$	730		$	50,839
Actuarial losses (gains)	1,101,051		(6,903		)	1,094,148
Total	$	1,151,160	$	(6,173	)	$	1,144,987

Accumulated other comprehensive loss (income) as of June 28, 2014 consists of the following amounts that had not, as of that date, been recognized in net benefit cost:



	Pension Benefits		Other Postretirement Plans			Total
	(In thousands)
Prior service cost	$	60,306	$	898		$	61,204
Actuarial losses (gains)	1,058,651		(6,287		)	1,052,364
Total	$	1,118,957	$	(5,389	)	$	1,113,568

Defined benefit plans with accumulated/aggregate benefit obligation in excess of fair value of plan assets table

Information for plans with accumulated benefit obligation/aggregate benefit obligation in excess of fair value of plan assets is as follows:



	Pension Benefits ⁽¹⁾				Other Postretirement Plans
	June 27, 2015		June 28, 2014		June 27, 2015		June 28, 2014
	(In thousands)
Accumulated benefit obligation/aggregate benefit obligation	$	3,667,031	$	3,660,227	$	13,016	$	12,611
Fair value of plan assets at end of year	3,003,128		2,937,519		—		—

⁽¹⁾ Information under Pension Benefits as of June 27, 2015 and June 28, 2014 includes both the Retirement Plan and the SERP.

Defined benefit plans amounts included accumulated other comprehensive loss (income) that are expected to be recognized in net company-sponsored benefit cost in next fiscal year table

Amounts included in accumulated other comprehensive loss (income) as of June 27, 2015 that are expected to be recognized as components of net company-sponsored benefit cost during fiscal 2016 are:



	Pension Benefits		Other Postretirement Plans			Total
	(In thousands)
Amortization of prior service cost	$	11,202	$	169		$	11,371
Amortization of actuarial losses (gains)	22,186		(481		)	21,705
Total	$	33,388	$	(312	)	$	33,076

Defined benefit plans estimated future benefit payments table

Estimated future benefit payments for vested participants, based on actuarial assumptions, are as follows:



	Pension Benefits		Other Postretirement Plans
	(In thousands)
2016	$	105,555	$	327
2017	115,844		546
2018	126,413		824
2019	137,300		1,035
2020	148,517		1,213
Subsequent five years	906,784		6,658

Defined benefit plans weighted average assumptions used in calculating benefit obligations table

Weighted-average assumptions used to determine benefit obligations as of year-end were:



	June 27, 2015		June 28, 2014
Discount rate — Retirement Plan	4.84	%	4.74	%
Discount rate — SERP	4.63		4.59
Discount rate — Other Postretirement Plans	4.84		4.74
Rate of compensation increase — Retirement Plan	3.89		3.89

Defined benefit plans weighted average assumptions used in calculating net periodic benefit costs table

Weighted-average assumptions used to determine net company-sponsored pension costs and other postretirement benefit costs for each fiscal year were:



	2015		2014		2013
Discount rate — Retirement Plan	4.74	%	5.32	%	4.81	%
Discount rate — SERP	4.59	%	4.94	%	3.96	%	(1)
Discount rate — Other Postretirement Plans	4.74	%	5.32	%	4.81	%
Expected rate of return — Retirement Plan	7.75	%	7.75	%	7.75	%
Rate of compensation increase — Retirement Plan	3.89	%	3.89	%	5.30	%

⁽¹⁾ The SERP was remeasured in November 2012 as a result of the plan freeze discussed above. The rate in the table above reflects the discount rate as of this remeasurement.

Pension Benefits

Defined Benefit Plan Disclosure [Line Items]

Defined benefit plans components of net benefit cost table

The components of net company-sponsored pension costs for each fiscal year are as follows:



	Pension Benefits
	2015			2014			2013
	(In thousands)
Service cost	$	11,263		$	9,657		$	70,166
Interest cost	171,120			160,436			148,561
Expected return on plan assets	(228,624		)	(192,795		)	(171,201		)
Amortization of prior service cost	11,111			11,145			9,899
Amortization of actuarial loss	19,871			16,327			72,624
Curtailment loss	—			—			8,293
Net pension (benefits) costs	$	(15,259	)	$	4,770		$	138,342

Defined benefit plans other changes in plan assets and benefit obligations recognized in other comprehensive (loss) income table

Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) related to company-sponsored pension plans for each fiscal year are as follows:



	Pension Benefits
	2015			2014			2013
	(In thousands)
Amortization of prior service cost	$	11,111		$	11,145		$	18,192
Amortization of actuarial loss	19,871			16,327			72,624
Prior service cost arising in current year	(914		)	347			(53,902		)
Actuarial (loss) gain arising in current year	(62,270		)	(210,978		)	366,957
Net pension costs	$	(32,202	)	$	(183,159	)	$	403,871

Retirement Plan

Defined Benefit Plan Disclosure [Line Items]

Defined benefit plans target and actual asset allocation table

The company’s target and actual investment allocation as of June 27, 2015 is as follows:



	Target Asset Allocation		Actual Asset Allocation
U.S. equity	24	%	24	%
International equity	24		25
Long duration fixed income	27		26
High yield fixed income	7		7
Alternative investments	18		18
			100	%

Defined benefit plans fair value of plans assets by major category table

The following table presents the fair value of the Retirement Plan’s assets by major asset category as of June 27, 2015:



	Assets Measured at Fair Value as of June 27, 2015
	Level 1		Level 2		Level 3		Total
	(In thousands)
Cash and cash equivalents	$	—	$	21,968	$	—	$	21,968
U.S. equity:
U.S. large-cap ⁽¹⁾	233,525		333,709		—		$	567,234
U.S. small-cap	154,598		—		—		154,598
International equity ⁽²⁾	—		732,595		—		$	732,595
Long duration fixed income:
Corporate bonds	—		567,280		—		$	567,280
U.S. government and agency securities	—		190,125		—		190,125
Other	—		4,343		—		4,343
Derivatives, net ⁽³⁾	—		1,078		—		$	1,078
High yield fixed income ⁽²⁾	—		204,175		—		204,175
Alternative investments:
Hedge Fund ⁽²⁾	—				335,265		335,265
Real estate ⁽²⁾	—		25,386		138,283		163,669
Private equity ⁽²⁾	—		—		52,891		$	52,891
Total investments at fair value	$	388,123	$	2,080,659	$	526,439	$	2,995,221
Other ⁽⁴⁾							7,907
Fair value of plan assets at end of year							$	3,003,128

⁽¹⁾ Include direct investments and investment funds.

⁽²⁾ Include investments in investment funds only.

⁽³⁾ Include credit default swaps, interest rate swaps and futures. The fair value of asset positions totaled $1.4 million; the fair

value of liability positions totaled $0.3 million.

⁽⁴⁾ Include primarily plan receivables and payables, net.

The following table presents the fair value of the Retirement Plan’s assets by major asset category as of June 28, 2014:



	Assets Measured at Fair Value as of June 28, 2014
	Level 1			Level 2		Level 3		Total
	(In thousands)
Cash and cash equivalents	$	—		$	51,066	$	—	$	51,066
U.S. equity:
U.S. large-cap ⁽¹⁾	218,165			777,627		—		995,792
U.S. small-cap	135,781			—		—		135,781
International equity ⁽²⁾	—			717,022		—		717,022
Long duration fixed income:
Corporate bonds	—			568,419		—		568,419
U.S. government and agency securities	—			171,617		—		171,617
Other	—			4,907		—		4,907
Derivatives, net ⁽³⁾	(127		)	352		—		225
High yield fixed income ⁽²⁾	—			102,041		—		102,041
Alternative investments:
Real estate ⁽²⁾	—			114,250		35,403		149,653
Private equity ⁽²⁾	—			—		31,204		31,204
Total investments at fair value	$	353,819		$	2,507,301	$	66,607	$	2,927,727
Other ⁽⁴⁾								9,792
Fair value of plan assets at the end of the year								$	2,937,519

⁽¹⁾ Include direct investments and investment funds.

⁽²⁾ Include investments in investment funds only.

⁽³⁾ Include credit default swaps, interest rate swaps and futures.

The fair value of asset positions totaled $0.8 million; the fair value of liability positions totaled $0.6 million.

⁽⁴⁾ Include primarily plan receivables and payables, net.

Defined benefit plans rollforward of Level 3 plan assets table

The following table sets forth a summary of changes in the fair value of the Retirement Plan’s Level 3 assets for each fiscal year:



	Real Estate Funds			Private Equity Funds		Hedge Funds		Total Level 3 Measurements
	(In thousands)
Balance, June 29, 2013	$	64,845		$	14,375	$	—	$	79,220
Actual return on plan assets:
Relating to assets still held at the reporting date	3,044			1,931		—		4,975
Relating to assets sold during the period	3,307			1,767		—		5,074
Purchases and sales, net	(35,793		)	13,131		—		(22,662		)
Transfers in and/or out of Level 3	—			—		—		—
Balance, June 28, 2014	$	35,403		$	31,204	$	—	$	66,607
Actual return on plan assets:
Relating to assets still held at the reporting date	8,122			2,438		12,265		22,825
Relating to assets sold during the period	1,062			1,780		—		2,842
Purchases and sales, net	93,696			17,469		323,000		434,165
Transfers in and/or out of Level 3	—			—		—		—
Balance, June 27, 2015	$	138,283		$	52,891	$	335,265	$	526,439