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Supplemental Guarantor Information - Subsidiary Guarantees
6 Months Ended
Dec. 26, 2015
Supplemental Guarantor Information - Subsidiary Guarantees [Abstract]  
Supplemental Guarantor Information - Subsidiary Guarantees
SUPPLEMENTAL GUARANTOR INFORMATION - SUBSIDIARY GUARANTEES 
 
On January 19, 2011, the wholly owned U.S. Broadline subsidiaries of Sysco Corporation entered into full and unconditional guarantees of all outstanding senior notes and debentures of Sysco Corporation.   Borrowings under the company’s revolving credit facility supporting the company’s U.S. and Canadian commercial paper programs are also covered under these guarantees.  As of December 26, 2015, Sysco had a total of $4.4 billion in senior notes, debentures and commercial paper outstanding that was covered by these guarantees.  
 
All subsidiary guarantors are 100% owned by the parent company, all guarantees are full and unconditional and all guarantees are joint and several, except that the guarantee of any subsidiary guarantor with respect to a series of senior notes or debentures may be released under certain customary circumstances.  If we exercise our defeasance option with respect to the senior notes or debentures of any series, then any subsidiary guarantor effectively will be released with respect to that series.  Further, each subsidiary guarantee will remain in full force and effect until the earliest to occur of the date, if any, on which (1) the applicable subsidiary guarantor shall consolidate with or merge into Sysco Corporation or any successor of Sysco Corporation or (2) Sysco Corporation or any successor of Sysco Corporation consolidates with or merges into the applicable subsidiary guarantor. 
 
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. 26, 2015
 
Sysco
 
Certain U.S.
 Broadline
Subsidiaries
 
Other
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Totals
 
(In thousands)
Current assets
$
279,596

 
$
3,944,472

 
$
2,554,958

 
$
—

 
$
6,779,026

Investment in subsidiaries
9,787,777

 
241,561

 
(355,335
)
 
(9,674,003
)
 
—

Plant and equipment,  net
501,514

 
1,632,601

 
1,802,497

 
—

 
3,936,612

Other assets
258,216

 
273,324

 
1,842,290

 
—

 
2,373,830

Total assets
$
10,827,103

 
$
6,091,958

 
$
5,844,410

 
$
(9,674,003
)
 
$
13,089,468

Current liabilities
$
602,058

 
$
731,474

 
$
2,538,682

 
$
—

 
$
3,872,214

Intercompany payables (receivables)
1,576,888

 
(2,274,556
)
 
697,668

 
—

 
—

Long-term debt
4,079,396

 
9,350

 
177,111

 
—

 
4,265,857

Other liabilities
672,888

 
278,590

 
12,999

 
—

 
964,477

Noncontrolling interest
—

 
—

 
45,493

 
—

 
45,493

Shareholders’ equity  
3,895,873

 
7,347,100

 
2,372,457

 
(9,674,003
)
 
3,941,427

Total liabilities and  shareholders’ equity
$
10,827,103

 
$
6,091,958

 
$
5,844,410

 
$
(9,674,003
)
 
$
13,089,468

 
 
Condensed Consolidating Balance Sheet
 
Jun. 27, 2015
 
Sysco
 
Certain U.S.
 Broadline
Subsidiaries
 
Other
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Totals
 
(In thousands)
Current assets
$
4,894,387

 
$
4,012,924

 
$
2,586,993

 
$
—

 
$
11,494,304

Investment in subsidiaries
9,088,455

 
—

 
—

 
(9,088,455
)
 
—

Plant and equipment,  net
510,285

 
1,694,659

 
1,777,199

 
—

 
3,982,143

Other assets
371,802

 
522,566

 
1,618,466

 
—

 
2,512,834

Total assets
$
14,864,929

 
$
6,230,149

 
$
5,982,658

 
$
(9,088,455
)
 
$
17,989,281

Current liabilities
$
5,851,364

 
$
1,658,558

 
$
1,889,693

 
$
—

 
$
9,399,615

Intercompany payables (receivables)
973,497

 
(1,996,915
)
 
1,023,418

 
—

 
—

Long-term debt
2,154,923

 
10,121

 
106,781

 
—

 
2,271,825

Other liabilities
624,795

 
278,458

 
113,060

 
—

 
1,016,313

Noncontrolling interest
—

 
—

 
41,304

 
—

 
41,304

Shareholders’ equity  
5,260,350

 
6,279,927

 
2,808,402

 
(9,088,455
)
 
5,260,224

Total liabilities and  shareholders’ equity
$
14,864,929

 
$
6,230,149

 
$
5,982,658

 
$
(9,088,455
)
 
$
17,989,281

 
Condensed Consolidating Balance Sheet
 
Dec. 27, 2014
 
Sysco
 
Certain U.S.
 Broadline
Subsidiaries
 
Other
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Totals
 
(In thousands)
Current assets
$
4,779,586

 
$
4,057,608

 
$
2,619,710

 
$
—

 
$
11,456,904

Investment in subsidiaries
8,613,500

 
—

 
—

 
(8,613,500
)
 
—

Plant and equipment,  net
491,972

 
1,736,843

 
1,774,117

 
—

 
4,002,932

Other assets
324,771

 
520,178

 
1,625,024

 
—

 
2,469,973

Total assets
$
14,209,829

 
$
6,314,629

 
$
6,018,851

 
$
(8,613,500
)
 
$
17,929,809

Current liabilities
$
848,885

 
$
910,487

 
$
2,526,581

 
$
—

 
$
4,285,953

Intercompany payables (receivables)
258,923

 
(759,128
)
 
500,205

 
—

 
—

Long-term debt
7,127,186

 
17,550

 
63,516

 
—

 
7,208,252

Other liabilities
631,875

 
321,406

 
104,421

 
—

 
1,057,702

Noncontrolling interest
—

 
—

 
34,942

 
—

 
34,942

Shareholders’ equity  
5,342,960

 
5,824,314

 
2,789,186

 
(8,613,500
)
 
5,342,960

Total liabilities and  shareholders’ equity
$
14,209,829

 
$
6,314,629

 
$
6,018,851

 
$
(8,613,500
)
 
$
17,929,809


 
 
Condensed Consolidating Statement of Comprehensive Income
 
For the 13-Week Period Ended Dec. 26, 2015
 
Sysco
 
Certain U.S.
 Broadline
Subsidiaries
 
Other
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Totals
 
(In thousands)
Sales
$
—

 
$
8,199,071

 
$
4,392,744

 
$
(438,189
)
 
$
12,153,626

Cost of sales
—

 
6,670,025

 
3,764,976

 
(438,189
)
 
9,996,812

Gross profit
—

 
1,529,046

 
627,768

 
—

 
2,156,814

Operating expenses
206,476

 
939,213

 
578,542

 
—

 
1,724,231

Operating income (loss)
(206,476
)
 
589,833

 
49,226

 
—

 
432,583

Interest expense (income)
70,318

 
(40,019
)
 
16,936

 
—

 
47,235

Other expense (income), net
(4,836
)
 
(352
)
 
(2,576
)
 
—

 
(7,764
)
Earnings (losses) before income taxes
(271,958
)
 
630,204

 
34,866

 
—

 
393,112

Income tax (benefit) provision
(81,472
)
 
191,274

 
10,911

 
—

 
120,713

Equity in earnings of subsidiaries
462,885

 
—

 
—

 
(462,885
)
 
—

Net earnings
272,399

 
438,930

 
23,955

 
(462,885
)
 
272,399

Other comprehensive income (loss)
(37,638
)
 
—

 
(44,664
)
 
44,664

 
(37,638
)
Comprehensive income
$
234,761

 
$
438,930

 
$
(20,709
)
 
$
(418,221
)
 
$
234,761

 
 
 
Condensed Consolidating Statement of Comprehensive Income
 
For the 13-Week Period Ended Dec. 27, 2014
 
Sysco
 
Certain U.S.
 Broadline
Subsidiaries
 
Other
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Totals
 
(In thousands)
Sales
$
—

 
$
8,027,990

 
$
4,407,159

 
$
(348,075
)
 
$
12,087,074

Cost of sales
—

 
6,574,759

 
3,775,253

 
(348,075
)
 
10,001,937

Gross profit
—

 
1,453,231

 
631,906

 
—

 
2,085,137

Operating expenses
256,612

 
913,137

 
599,942

 
—

 
1,769,691

Operating income (loss)
(256,612
)
 
540,094

 
31,964

 
—

 
315,446

Interest expense (income)
94,229

 
(24,501
)
 
7,314

 
—

 
77,042

Other expense (income), net
1,922

 
(365
)
 
650

 
—

 
2,207

Earnings (losses) before income taxes
(352,763
)
 
564,960

 
24,000

 
—

 
236,197

Income tax (benefit) provision
(121,267
)
 
191,470

 
8,015

 
—

 
78,218

Equity in earnings of subsidiaries
389,475

 
—

 
—

 
(389,475
)
 
—

Net earnings
157,979

 
373,490

 
15,985

 
(389,475
)
 
157,979

Other comprehensive income (loss)
(85,484
)
 
—

 
(91,853
)
 
91,853

 
(85,484
)
Comprehensive income
$
72,495

 
$
373,490

 
$
(75,868
)
 
$
(297,622
)
 
$
72,495

 
 
Condensed Consolidating Statement of Comprehensive Income
 
For the 26-Week Period Ended Dec. 26, 2015
 
Sysco
 
Certain U.S.
 Broadline
Subsidiaries
 
Other
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Totals
 
(In thousands)
Sales
$
—

 
$
16,723,622

 
$
8,819,741

 
$
(827,126
)
 
$
24,716,237

Cost of sales
—

 
13,582,194

 
7,566,360

 
(827,126
)
 
20,321,428

Gross profit
—

 
3,141,428

 
1,253,381

 
—

 
4,394,809

Operating expenses
405,851

 
1,896,128

 
1,166,773

 
—

 
3,468,752

Operating income (loss)
(405,851
)
 
1,245,300

 
86,608

 
—

 
926,057

Interest expense (income)
216,415

 
(80,002
)
 
37,729

 
—

 
174,142

Other expense (income), net
(9,913
)
 
(829
)
 
(12,262
)
 
—

 
(23,004
)
Earnings (losses) before income taxes
(612,353
)
 
1,326,131

 
61,141

 
—

 
774,919

Income tax (benefit) provision
(203,956
)
 
441,691

 
20,365

 
—

 
258,100

Equity in earnings of subsidiaries
925,216

 
—

 
—

 
(925,216
)
 
—

Net earnings
516,819

 
884,440

 
40,776

 
(925,216
)
 
516,819

Other comprehensive income (loss)
(121,980
)
 
—

 
(227,849
)
 
227,849

 
(121,980
)
Comprehensive income
$
394,839

 
$
884,440

 
$
(187,073
)
 
$
(697,367
)
 
$
394,839


 
Condensed Consolidating Statement of Comprehensive Income
 
For the 26-Week Period Ended Dec. 27, 2014
 
Sysco
 
Certain U.S.
 Broadline
Subsidiaries
 
Other
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Totals
 
(In thousands)
Sales
$
—

 
$
16,350,298

 
$
8,871,628

 
$
(689,771
)
 
$
24,532,155

Cost of sales
—

 
13,349,267

 
7,598,805

 
(689,771
)
 
20,258,301

Gross profit
—

 
3,001,031

 
1,272,823

 
—

 
4,273,854

Operating expenses
447,509

 
1,845,332

 
1,199,954

 
—

 
3,492,795

Operating income (loss)
(447,509
)
 
1,155,699

 
72,869

 
—

 
781,059

Interest expense (income)
144,395

 
(45,975
)
 
9,556

 
—

 
107,976

Other expense (income), net
(480
)
 
(764
)
 
1,263

 
—

 
19

Earnings (losses) before income taxes
(591,424
)
 
1,202,438

 
62,050

 
—

 
673,064

Income tax (benefit) provision
(207,611
)
 
422,101

 
21,782

 
—

 
236,272

Equity in earnings of subsidiaries
820,605

 
—

 
—

 
(820,605
)
 
—

Net earnings
436,792

 
780,337

 
40,268

 
(820,605
)
 
436,792

Other comprehensive income (loss)
(185,993
)
 
—

 
(163,107
)
 
163,107

 
(185,993
)
Comprehensive income
$
250,799

 
$
780,337

 
$
(122,839
)
 
$
(657,498
)
 
$
250,799


 
Condensed Consolidating Cash Flows
 
For the 26-Week Period Ended Dec. 26, 2015
 
Sysco
 
Certain U.S.
 Broadline
Subsidiaries
 
Other
Non-Guarantor
Subsidiaries
 
Consolidated
Totals
 
(In thousands)
Cash flows provided by (used for):
 
 
 
 
 
 
 
Operating activities
$
(576,817
)
 
$
427,995

 
$
617,703

 
$
468,881

Investing activities
123,371

 
(43,744
)
 
(246,913
)
 
(167,286
)
Financing activities
(4,871,105
)
 
(1,003
)
 
76,773

 
(4,795,335
)
Effect of exchange rates on cash
—

 
—

 
(40,702
)
 
(40,702
)
Intercompany activity
679,954

 
(343,252
)
 
(336,702
)
 
—

Net increase (decrease) in cash and cash equivalents
(4,644,597
)
 
39,996

 
70,159

 
(4,534,442
)
Cash and cash equivalents at the beginning of period
4,851,067

 
26,380

 
252,597

 
5,130,044

Cash and cash equivalents at the end of period
$
206,470

 
$
66,376

 
$
322,756

 
$
595,602


 
 
Condensed Consolidating Cash Flows
 
For the 26-Week Period Ended Dec. 27, 2014
 
Sysco
 
Certain U.S.
 Broadline
Subsidiaries
 
Other
Non-Guarantor
Subsidiaries
 
Consolidated
Totals
 
(In thousands)
Cash flows provided by (used for):
 
 
 
 
 
 
 
Operating activities
$
(111,482
)
 
$
654,460

 
$
(90,540
)
 
$
452,438

Investing activities
(59,843
)
 
(62,747
)
 
(222,578
)
 
(345,168
)
Financing activities
4,391,966

 
2,161

 
32,639

 
4,426,766

Effect of exchange rates on cash
—

 
—

 
(39,405
)
 
(39,405
)
Intercompany activity
324,639

 
(600,204
)
 
275,565

 
—

Net increase (decrease) in cash and cash equivalents
4,545,280

 
(6,330
)
 
(44,319
)
 
4,494,631

Cash and cash equivalents at the beginning of period
158,957

 
27,772

 
226,317

 
413,046

Cash and cash equivalents at the end of period
$
4,704,237

 
$
21,442

 
$
181,998

 
$
4,907,677