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COMPANY-SPONSORED EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Jun. 30, 2018
Retirement Benefits [Abstract]  
Defined benefit plans funded status table
The caption “U.S. Pension Benefits” in the tables below includes both the U.S. Retirement Plan and the SERP.
 
U.S. Pension Benefits
 
International Pension Benefits
 
Jun. 30, 2018
 
Jul. 1, 2017
 
Jun. 30, 2018
 
Jul. 1, 2017
 
(In thousands)
Change in benefit obligation:
 

 
 

 
 
 
 
Benefit obligation at beginning of year
$
4,224,231

 
$
4,284,776

 
$
420,735

 
$
400,028

Service cost
14,514

 
14,287

 
3,219

 
2,880

Interest cost
173,827

 
171,282

 
10,667

 
9,951

Amendments
—

 
925

 
(4,624
)
 
(110
)
Curtailments
—

 
—

 
—

 
(611
)
Actuarial (gain) loss, net
(89,253
)
 
(86,680
)
 
(21,162
)
 
26,528

Total disbursements
(280,308
)
 
(160,359
)
 
(13,817
)
 
(13,879
)
Exchange rate changes
—

 
—

 
3,982

 
(4,052
)
Benefit obligation at end of year
4,043,011

 
4,224,231

 
399,000

 
420,735

Change in plan assets:
 
 
 

 
 
 
 
Fair value of plan assets at beginning of year
3,341,662

 
3,115,040

 
259,372

 
271,821

Actual return on plan assets
196,051

 
333,890

 
897

 
1,938

Employer contribution
409,003

 
53,091

 
7,960

 
4,530

Total disbursements
(280,308
)
 
(160,359
)
 
(13,817
)
 
(13,880
)
Exchange rate changes
—

 
—

 
3,616

 
(5,037
)
Fair value of plan assets at end of year
3,666,408

 
3,341,662

 
258,028

 
259,372

Funded status at end of year
$
(376,603
)
 
$
(882,569
)
 
$
(140,972
)
 
$
(161,363
)
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:
 
U.S. Pension Benefits
 
International Pension Benefits
 
Jun. 30, 2018
 
Jul. 1, 2017
 
Jun. 30, 2018
 
Jul. 1, 2017
 
(In thousands)
Noncurrent assets (Other assets)
$
63,945

 
$
—

 
$
—

 
$
—

Current accrued benefit liability (Accrued expenses)
(31,313
)
 
(30,538
)
 
(1,280
)
 
(1,477
)
Noncurrent accrued benefit liability (Other long-term liabilities)
(409,235
)
 
(852,031
)
 
(139,692
)
 
(159,886
)
Net amount recognized
$
(376,603
)
 
$
(882,569
)
 
$
(140,972
)
 
$
(161,363
)
Defined benefit plans amounts recognized in accumulated other comprehensive loss (income) table
Accumulated other comprehensive loss (income) as of June 30, 2018 consists of the following amounts that had not, as of that date, been recognized in net benefit cost:
 
U.S. Pension Benefits
 
International Pension Benefits
 
Total
 
(In thousands)
Prior service cost
$
19,170

 
$
2,679

 
$
21,849

Actuarial losses (gains)
1,434,160

 
(26,106
)
 
1,408,054

Total
$
1,453,330

 
$
(23,427
)
 
$
1,429,903


Accumulated other comprehensive loss (income) as of July 1, 2017 consists of the following amounts that had not, as of that date, been recognized in net benefit cost:
 
U.S. Pension Benefits
 
International Pension Benefits
 
Total
 
(In thousands)
Prior service cost
$
28,630

 
$
114

 
$
28,744

Actuarial losses (gains)
1,521,174

 
(35,935
)
 
1,485,239

Total
$
1,549,804

 
$
(35,821
)
 
$
1,513,983
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:
 
U.S. Pension Benefits (1)
 
International Pension Benefits
 
Jun. 30, 2018
 
Jul. 1, 2017
 
Jun. 30, 2018
 
Jul. 1, 2017
 
(In thousands)
Accumulated benefit obligation/aggregate benefit obligation
$
4,034,383

 
$
4,213,318

 
$
392,457

 
413,552

Fair value of plan assets at end of year
3,666,408

 
3,341,662

 
258,028

 
259,372


(1) 
Information under Pension Benefits as of June 30, 2018 and July 1, 2017 includes both the U.S. Retirement Plan and the SERP.
Defined benefit plans components of net benefit cost table
The components of net company-sponsored pension costs for each fiscal year are as follows:
 
2018
 
2017
 
2016
 
U.S. Pension Benefits
 
International Pension Benefits
 
U.S. Pension Benefits
 
International Pension Benefits
 
U.S. Pension Benefits
 
(In thousands)
Service cost
$
14,514

 
$
3,219

 
$
14,287

 
$
2,880

 
$
11,815

Interest cost
173,827

 
10,667

 
171,282

 
9,951

 
174,602

Expected return on plan assets
(233,987
)
 
(11,653
)
 
(222,699
)
 
(10,033
)
 
(216,888
)
Amortization of prior service cost
9,460

 
(2,003
)
 
11,202

 
(1
)
 
11,201

Amortization of actuarial loss
35,696

 
(67
)
 
41,511

 
(38
)
 
22,186

Curtailment loss
—

 
—

 
—

 
(611
)
 
—

Settlement (gain) / Loss recognized
—

 
16

 
—

 
—

 
—

Net pension (benefits) costs
$
(490
)
 
$
179

 
$
15,583

 
$
2,148

 
$
2,916
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:
 
2018
 
2017
 
2016
 
U.S. Pension Benefits
 
International Pension Benefits
 
U.S. Pension Benefits
 
International Pension Benefits
 
U.S. Pension Benefits
 
(In thousands)
Amortization of prior service cost
$
9,460

 
$
(2,003
)
 
$
11,202

 
$
(1
)
 
$
11,202

Amortization of actuarial loss
35,696

 
(51
)
 
41,511

 
(38
)
 
22,186

Prior service cost arising in current year
—

 
4,624

 
(925
)
 
110

 
—

Effect of exchange rates on amounts in AOCI
—

 
(583
)
 
—

 
(1,269
)
 
—

Actuarial (loss) gain arising in current year
51,318

 
10,406

 
197,871

 
(34,623
)
 
(681,691
)
Net pension costs
$
96,474

 
$
12,393

 
$
249,659

 
$
(35,821
)
 
$
(648,303
)
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 30, 2018 that are expected to be recognized as components of net company-sponsored benefit cost during fiscal 2019 are:
 
U.S. Pension Benefits
 
International Pension Benefits
 
Total
 
(In thousands)
Amortization of prior service cost
$
8,380

 
$
(207
)
 
$
8,173

Amortization of actuarial losses (gains)
34,393

 
(113
)
 
34,280

Total
$
42,773

 
$
(320
)
 
$
42,453
Defined benefit plans estimated future benefit payments table
Estimated future benefit payments for vested participants, based on actuarial assumptions, are as follows:
 
U.S. Pension Benefits
 
International Pension Benefits
 
(In thousands)
2019
$
138,963

 
$
10,279

2020
148,968

 
10,359

2021
159,879

 
12,305

2022
170,508

 
12,373

2023
180,863

 
13,887

Subsequent five years
1,041,354

 
89,281
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 for each fiscal year were:
 
2018
 
2017
 
2016
Discount rate — U.S. Retirement Plan
4.19
%
 
4.07
%
 
4.84
%
Discount rate — SERP
4.08

 
3.91

 
4.63

Discount rate — U.K. Retirement Plan
2.60

 
2.80

 
N/A

Expected rate of return — U.S. Retirement Plan
7.00

 
7.25

 
7.25

Expected rate of return — U.K. Retirement Plan
4.55

 
4.15

 
N/A

Rate of compensation increase — U.S. Retirement Plan
2.62

 
2.62

 
3.89


Weighted-average assumptions used to determine benefit obligations as of year-end were:
 
Jun. 30, 2018
 
Jul. 1, 2017
Discount rate — U.S. Retirement Plan
4.28
%
 
4.19
%
Discount rate — SERP
4.41

 
4.08

Discount rate — U.K. Retirement Plan
2.85

 
2.60

Rate of compensation increase — U.S. Retirement Plan
2.62

 
2.62
Defined Benefit Plan Disclosure [Line Items]  
Defined benefit plans fair value of plans assets by major category table
The following table presents the fair value of the U.S. Retirement Plan’s assets by major asset category as of June 30, 2018:
 
Assets Measured at Fair Value as of Jun. 30, 2018
 
Level 1
 
Level 2
 
Level 3
 
Measured at NAV (7)
 
Total
 
(In thousands)
Cash and cash equivalents
$
25,810

 
$
34,430

 
$
—

 
$
—

 
$
60,240

Growth assets:
 
 
 
 
 
 
 
 
 
U.S. equity (1)
80,719

 
—

 
—

 
143,701

 
224,420

International equity (1)
57,959

 
—

 
—

 
109,186

 
167,145

Hedge fund of funds (2)
—

 
—

 
—

 
388,281

 
388,281

Real estate funds (3)
—

 
—

 
—

 
146,389

 
146,389

Private equity funds (4)
—

 
—

 
—

 
84,003

 
84,003

Liability hedging assets:
 
 
 
 
 
 
 
 
 
Corporate bonds
—

 
1,775,324

 
—

 
—

 
1,775,324

U.S. government and agency securities (1)
—

 
277,986

 
—

 
469,868

 
747,854

Other (5)
—

 
27,324

 
—

 
—

 
27,324

High yield and emerging markets fixed income (6)
—

 
—

 
—

 
45,428

 
45,428

Total investments at fair value
$
164,488

 
$
2,115,064

 
$
—

 
$
1,386,856

 
$
3,666,408


(1) 
Include direct investments in equity securities and within investment funds for which fair value is measured at NAV. There are no unfunded commitments as of June 30, 2018. The remaining investments may be redeemed once per day with advanced written notice and subject to applicable limits.
(2) 
There were no unfunded commitments as of June 30, 2018, and there were no redemption restrictions as of June 30, 2018. The investment may be redeemed once per quarter.
(3) 
The estimate of the liquidation period for these funds varies from 2018 to 2021. The remaining investments may be redeemed once per day with advanced written notice and subject to applicable limits.
(4) 
Total unfunded commitments as of June 30, 2018 was $22.6 million. The investments cannot be redeemed, but the fund will make distributions through liquidation. The estimate of the liquidation period varies for each fund from 2018 to 2031.
(5) 
Include foreign government and state and municipal debt securities.
(6) 
There were no unfunded commitments as of June 30, 2018, and there were no redemption restrictions as of June 30, 2018. The investment may be redeemed once per day. The daily maximum withdrawal limitation is the greater of $2.0 million or 5% of the asset value.
(7) 
Include certain investments that are measured at fair value using the NAV practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

The following table presents the fair value of the U.K. Retirement Plan’s assets by major asset category as of June 30, 2018:
 
Assets Measured at Fair Value as of Jun. 30, 2018
 
Level 1
 
Level 2
 
Level 3
 
Measured at NAV (3)
 
Total
 
(In thousands)
Liability hedging assets:


 


 


 


 


Cash and cash equivalents
$
30,987

 
$
—

 
$
—

 
$
—

 
$
30,987

U.K. government securities
—

 
9,336

 
—

 
—

 
9,336

Derivatives, net (1)
—

 
17,658

 
—

 
—

 
17,658

Pooled funds
—

 
5,387

 
—

 
—

 
5,387

Investment funds:
 
 
 
 
 
 
 
 
 
Common contractual fund (2)
—

 
—

 
—

 
194,660

 
194,660

Total investments at fair value
$
30,987

 
$
32,381

 
$
—

 
$
194,660

 
$
258,028


(1) 
Include interest rate swaps and zero coupon swaps. The fair value of asset positions totaled $45.2 million; the fair value of liability positions totaled $27.5 million.
(2) 
There were $20.8 million of unfunded commitments as of June 30, 2018, and there were no redemption restrictions as of June 30, 2018. The investment may be redeemed once per week.
(3) 
Include certain investments that are measured at fair value using the NAV practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet

The following table presents the fair value of the U.S. Retirement Plan’s assets by major asset category as of July 1, 2017:
 
Assets Measured at Fair Value as of Jul. 1, 2017
 
Level 1
 
Level 2
 
Level 3
 
Measured at NAV (4)
 
Total
 
(In thousands)
Cash and cash equivalents
$
2,989

 
$
37,346

 
$
—

 
$
—

 
$
40,335

U.S. equity (1)
331,946

 
—

 
—

 
577,626

 
909,572

International equity (1)
185,502

 
—

 
—

 
537,317

 
722,819

Long duration fixed income:
 

 
 

 
 

 
 
 
 

Corporate bonds
—

 
628,033

 
—

 
—

 
628,033

U.S. government and agency securities
—

 
250,940

 
—

 
—

 
250,940

Other (2)
—

 
6,220

 
—

 
—

 
6,220

Derivatives, net (2)
—

 
—

 
—

 
—

 
—

High yield and emerging markets fixed income (3)
—

 
—

 
—

 
226,358

 
226,358

Alternative investment funds:


 


 


 
 
 
 
Hedge fund of funds (5)
—

 
—

 
—

 
336,812

 
336,812

Real estate funds (6)
—

 
—

 
—

 
145,208

 
145,208

Private equity funds (7)
—

 
—

 
—

 
75,365

 
75,365

Total investments at fair value
$
520,437

 
$
922,539

 
$
—

 
$
1,898,686

 
$
3,341,662


(1) 
Include direct investments in equity securities and within investment funds for which fair value is measured at NAV. There are no unfunded commitments as of July 1, 2017, and there were no redemption restrictions as of July 1, 2017.
(2) 
Include foreign government and state and municipal debt securities.
(3) 
There was no unfunded commitments as of July 1, 2017, and there were no redemption restrictions as of July 1, 2017. The investment may be redeemed once per day. The daily maximum withdrawal limitation is the greater of $2.0 million or 5% of the asset value.
(4) 
Include certain investments that are measured at fair value using the NAV practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.
(5) 
There was no unfunded commitments as of July 1, 2017, and there were no redemption restrictions as of July 1, 2017. The investment may be redeemed once per quarter.
(6) 
For investments in the funds listed in this category, total unfunded commitment as of July 1, 2017 was $10.0 million. Approximately 15% of the investments cannot be redeemed but the fund will make distributions through liquidation. The estimate of the liquidation period for these funds varies from 2018 to 2021. The remaining investments may be redeemed once per day or once per quarter.
(7) 
Total unfunded commitment as of July 1, 2017 was $30.7 million. The investments cannot be redeemed but the fund will make distributions through liquidation. The estimate of the liquidation period varies for each fund from 2017 to 2031.

The following table presents the fair value of the U.K. Retirement Plan’s assets by major asset category as of July 1, 2017:
 
Assets Measured at Fair Value as of Jul. 1, 2017
 
Level 1
 
Level 2
 
Level 3
 
Measured at NAV (3)
 
Total
 
(In thousands)
Liability hedging assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
26,992

 
$
—

 
$
—

 
$
—

 
$
26,992

U.K. government securities
—

 
9,327

 
—

 
—

 
9,327

Derivatives, net (1)
—

 
20,900

 
—

 
—

 
20,900

Pooled funds
—

 
10,296

 
—

 
—

 
10,296

Investment funds:
 
 
 
 
 
 
 
 
 
Common contractual fund (2)
—

 
—

 
—

 
191,508

 
191,508

Total investments at fair value
$
26,992

 
$
40,523

 
$
—

 
$
191,508

 
$
259,023


(1) 
Include interest rate swaps and zero coupon swaps. The fair value of asset positions totaled $47.4 million; the fair value of liability positions totaled $26.5 million.
(2) 
There were $9.3 million of unfunded commitments as of July 1, 2017, and there were no redemption restrictions as of July 1, 2017. The investment may be redeemed once per week.
(3) 
Include certain investments that are measured at fair value using the NAV practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet
Domestic Plan  
Defined Benefit Plan Disclosure [Line Items]  
Defined benefit plans target and actual asset allocation table
The U.S. Retirement Plan’s target and actual investment allocation as of June 30, 2018 is as follows:
 
U.S. Retirement Plan
 
Target Asset Allocation
 
Actual Asset Allocation
Growth assets
30
%
 
29
%
Liability hedging assets
70
%
 
71
%
 
 
 
100
%
International 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 30, 2018 is as follows:
 
U.K. Retirement Plan
 
Target Asset Allocation
 
Actual Asset Allocation
Common contractual fund
75
%
 
75
%
Liability hedging assets
25

 
25

 
 
 
100
%