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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________
Form 10-Q
(Mark One)
 
þ
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 30, 2019
OR
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 1-6544
________________
syylogo.jpg
Sysco Corporation
(Exact name of registrant as specified in its charter)
Delaware
74-1648137
(State or other jurisdiction of incorporation or organization)
(IRS employer identification number)
 
 
1390 Enclave Parkway
 
Houston, Texas
77077-2099
(Address of principal executive offices)
(Zip Code)

Registrant’s Telephone Number, Including Area Code:
(281) 584-1390

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑    No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑    No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer  þ
 
Accelerated Filer ¨
Non-accelerated Filer ¨
 
Smaller Reporting Company ¨
(Do not check if a smaller reporting company)
 
Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ☐    No ☑

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol
 
Name of each exchange on which registered
Common stock, $1.00 Par Value
 
SYY
 
New York Stock Exchange
1.25% Notes due June 2023
 
SYY 23
 
New York Stock Exchange

513,975,346 shares of common stock were outstanding as of April 19, 2019.





TABLE OF CONTENTS

 
 
 
 
PART I – FINANCIAL INFORMATION
Page No.
 
PART II – OTHER INFORMATION
 
 
 
 
 




PART I – FINANCIAL INFORMATION
Item 1. Financial Statements

Sysco Corporation and its Consolidated Subsidiaries
CONSOLIDATED BALANCE SHEETS
(In thousands, except for share data)
 
Mar. 30, 2019
 
Jun. 30, 2018
 
Mar. 31, 2018
 
(unaudited)
 
 
 
(unaudited)
ASSETS
Current assets
 
 
 
 
 
Cash and cash equivalents
$
521,621

 
$
552,325

 
$
901,551

Accounts and notes receivable, less allowances of $59,643, $25,768 and $65,647
4,328,952

 
4,073,723

 
4,227,743

Inventories, net
3,344,683

 
3,125,413

 
3,259,771

Prepaid expenses and other current assets
211,155

 
187,880

 
231,064

Income tax receivable
49,138

 
64,112

 
95,742

Total current assets
8,455,549

 
8,003,453

 
8,715,871

Plant and equipment at cost, less accumulated depreciation
4,377,059

 
4,521,660

 
4,392,158

Other long-term assets
 
 
 
 
 
Goodwill
3,924,021

 
3,955,485

 
4,066,186

Intangibles, less amortization
888,466

 
979,812

 
1,056,068

Deferred income taxes
61,873

 
83,666

 
4,289

Other assets
493,831

 
526,328

 
394,570

Total other long-term assets
5,368,191

 
5,545,291

 
5,521,113

Total assets
$
18,200,799

 
$
18,070,404

 
$
18,629,142

 
 
 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
 
 
 
 
 
Notes payable
$
5,733

 
$
4,176

 
$
6,606

Accounts payable
4,293,468

 
4,136,482

 
4,235,856

Accrued expenses
1,663,719

 
1,608,966

 
1,515,682

Accrued income taxes

 
56,793

 

Current maturities of long-term debt
537,238

 
782,329

 
288,055

Total current liabilities
6,500,158

 
6,588,746

 
6,046,199

Long-term liabilities
 
 
 
 
 
Long-term debt
8,134,461

 
7,540,765

 
8,835,156

Deferred income taxes
219,587

 
319,124

 
161,193

Other long-term liabilities
949,636

 
1,077,163

 
1,199,472

Total long-term liabilities
9,303,684

 
8,937,052

 
10,195,821

Commitments and contingencies


 


 


Noncontrolling interest
35,060

 
37,649

 
35,909

Shareholders’ equity
 
 
 
 
 
Preferred stock, par value $1 per share
     Authorized 1,500,000 shares, issued none

 

 

Common stock, par value $1 per share
     Authorized 2,000,000,000 shares, issued 765,174,900 shares
765,175

 
765,175

 
765,175

Paid-in capital
1,425,079

 
1,383,619

 
1,357,399

Retained earnings
10,893,648

 
10,348,628

 
9,850,739

Accumulated other comprehensive loss
(1,483,469
)
 
(1,409,269
)
 
(1,075,484
)
Treasury stock at cost, 251,329,462,
244,533,248 and 244,419,011 shares
(9,238,536
)
 
(8,581,196
)
 
(8,546,616
)
Total shareholders’ equity
2,361,897

 
2,506,957

 
2,351,213

Total liabilities and shareholders' equity
$
18,200,799

 
$
18,070,404

 
$
18,629,142

Note: The June 30, 2018 balance sheet has been derived from the audited financial statements at that date.
See Notes to Consolidated Financial Statements

1



Sysco Corporation and its Consolidated Subsidiaries
CONSOLIDATED RESULTS OF OPERATIONS (Unaudited)
(In thousands, except for share and per share data)
 
13-Week Period Ended
 
39-Week Period Ended
 
Mar. 30, 2019
 
Mar. 31, 2018
 
Mar. 30, 2019
 
Mar. 31, 2018
Sales
$
14,658,074

 
$
14,349,504

 
$
44,639,060

 
$
43,411,418

Cost of sales
11,903,776

 
11,673,876

 
36,209,265

 
35,242,736

Gross profit
2,754,298

 
2,675,628

 
8,429,795

 
8,168,682

Operating expenses
2,224,713

 
2,193,425

 
6,820,175

 
6,538,562

Operating income
529,585

 
482,203

 
1,609,620

 
1,630,120

Interest expense
94,514

 
136,145

 
270,643

 
303,015

Other expense (income), net
4,120

 
(18,826
)
 
15,449

 
(35,963
)
Earnings before income taxes
430,951

 
364,884

 
1,323,528

 
1,363,068

Income taxes
(9,132
)
 
34,799

 
185,023

 
381,230

Net earnings
$
440,083

 
$
330,085

 
$
1,138,505

 
$
981,838

  
 
 
 
 
 
 
 
Net earnings:
 

 
 

 
 
 
 
Basic earnings per share
$
0.86

 
$
0.63

 
$
2.20

 
$
1.88

Diluted earnings per share
0.85

 
0.63

 
2.17

 
1.85

 
 
 
 
 
 
 
 
Average shares outstanding
514,185,453

 
521,832,671

 
517,637,952

 
523,468,845

Diluted shares outstanding
519,821,311

 
527,990,563

 
524,487,510

 
529,434,527


See Notes to Consolidated Financial Statements

2



Sysco Corporation and its Consolidated Subsidiaries
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(In thousands)
 
13-Week Period Ended
 
39-Week Period Ended
 
Mar. 30, 2019
 
Mar. 31, 2018
 
Mar. 30, 2019
 
Mar. 31, 2018
Net earnings
$
440,083

 
$
330,085

 
$
1,138,505

 
$
981,838

Other comprehensive income (loss):
 
 
 
 
 
 
 
Foreign currency translation adjustment
37,471

 
72,010

 
(88,989
)
 
212,594

Items presented net of tax:
 
 
 
 
 
 
 
Amortization of cash flow hedges
2,155

 
2,155

 
6,465

 
6,080

Change in net investment hedges
(9,466
)
 
(31,526
)
 
25,591

 
(47,703
)
Change in cash flow hedges
1,546

 
(10,473
)
 
(10,246
)
 
(7,355
)
Amortization of prior service cost
1,600

 
1,807

 
4,800

 
5,098

Amortization of actuarial loss
6,529

 
6,571

 
19,587

 
18,539

Actuarial loss

 

 
(32,511
)
 

Change in marketable securities
1,103

 

 
1,103

 

Total other comprehensive income (loss)
40,938

 
40,544

 
(74,200
)
 
187,253

Comprehensive income
$
481,021

 
$
370,629

 
$
1,064,305

 
$
1,169,091


See Notes to Consolidated Financial Statements

3



Sysco Corporation and its Consolidated Subsidiaries
CHANGES IN CONSOLIDATED SHAREHOLDERS’ EQUITY
(In thousands, except for share data)

Quarter to Date
 
 
 
 
 
 
 
 
 
Accumulated
Other Comprehensive
Loss
 
 
 
 
 
 
 
Common Stock
 
Paid-in
Capital
 
Retained
Earnings
 
 
Treasury Stock
 
 

 
Shares
 
Amount
 
 
 
 
Shares
 
Amounts
 
Totals
Balance as of December 29, 2018
765,174,900

 
$
765,175

 
$
1,465,461

 
$
10,654,711

 
$
(1,524,407
)
 
251,658,719

 
$
(9,193,304
)
 
$
2,167,636

Net earnings
 
 
 
 
 
 
440,083

 
 
 
 
 
 
 
440,083

Foreign currency translation adjustment
 
 
 
 
 
 
 
 
37,471

 
 
 
 
 
37,471

Amortization of cash flow hedges, net of tax
 
 
 
 
 
 
 
 
2,155

 
 
 
 
 
2,155

Change in cash flow hedges, net of tax
 
 
 
 
 
 
 
 
1,546

 
 
 
 
 
1,546

Change in net investment hedges, net of tax
 
 
 
 
 
 
 
 
(9,466
)
 
 
 
 
 
(9,466
)
Reclassification of pension and other postretirement benefit plans amounts to net earnings, net of tax
 
 
 
 
 
 
 
 
8,129

 
 
 
 
 
8,129

Change in marketable securities, net of tax
 
 
 
 
 
 
 
 
1,103

 
 
 
 
 
1,103

Dividends declared ($0.39 per common share)
 
 
 
 
 
 
(201,146
)
 
 
 
 
 
 
 
(201,146
)
Treasury stock purchases
 
 
 
 
 
 
 
 
 
 
1,835,170

 
(118,524
)
 
(118,524
)
Increase in ownership interest in subsidiaries
 
 
 
 
(54,877
)
 
 
 
 
 
 
 
 
 
(54,877
)
Share-based compensation awards
 
 
 
 
14,495

 
 
 
 
 
(2,164,427
)
 
73,292

 
87,787

Balance as of March 30, 2019
765,174,900

 
$
765,175

 
$
1,425,079

 
$
10,893,648

 
$
(1,483,469
)
 
251,329,462

 
$
(9,238,536
)
 
$
2,361,897

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated
Other Comprehensive
Loss
 
 
 
 
 
 
 
Common Stock
 
Paid-in
Capital
 
Retained
Earnings
 
 
Treasury Stock
 
 

 
Shares
 
Amount
 
 
 
 
Shares
 
Amounts
 
Totals
Balance as of December 30, 2017
765,174,900

 
$
765,175

 
$
1,361,470

 
$
9,708,263

 
$
(1,116,028
)
 
243,764,879

 
$
(8,450,278
)
 
$
2,268,602

Net earnings
 
 
 
 
 
 
330,085

 
 
 
 
 
 
 
330,085

Foreign currency translation adjustment
 
 
 
 
 
 
 
 
72,010

 
 
 
 
 
72,010

Amortization of cash flow hedges, net of tax
 
 
 
 
 
 
 
 
2,155

 
 
 
 
 
2,155

Change in cash flow hedges, net of tax
 
 
 
 
 
 
 
 
(10,473
)
 
 
 
 
 
(10,473
)
Change in net investment hedges, net of tax
 
 
 
 
 
 
 
 
(31,526
)
 
 
 
 
 
(31,526
)
Reclassification of pension and other postretirement benefit plans amounts to net earnings, net of tax
 
 
 
 
 
 
 
 
8,378

 
 
 
 
 
8,378

Dividends declared ($0.36 per common share)
 
 
 
 
 
 
(187,609
)
 
 
 
 
 
 
 
(187,609
)
Treasury stock purchases
 
 
 
 
 
 
 
 
 
 
2,686,585

 
(162,434
)
 
(162,434
)
Share-based compensation awards
 
 
 
 
(4,071
)
 
 
 
 
 
(2,032,453
)
 
66,096

 
62,025

Balance as of March 31, 2018
765,174,900

 
$
765,175

 
$
1,357,399

 
$
9,850,739

 
$
(1,075,484
)
 
244,419,011

 
$
(8,546,616
)
 
$
2,351,213



4



Year to Date
 
 
 
 
 
 
 
 
 
Accumulated
Other Comprehensive
Loss
 
 
 
 
 
 
 
Common Stock
 
Paid-in
Capital
 
Retained
Earnings
 
 
Treasury Stock
 
 

 
Shares
 
Amount
 
 
 
 
Shares
 
Amounts
 
Totals
Balance as of June 30, 2018
765,174,900

 
$
765,175

 
$
1,383,619

 
$
10,348,628

 
$
(1,409,269
)
 
244,533,248

 
$
(8,581,196
)
 
$
2,506,957

Net earnings
 

 
 

 
 

 
1,138,505

 
 

 
 

 
 

 
1,138,505

Foreign currency translation adjustment
 

 
 

 
 

 
 

 
(88,989
)
 
 

 
 

 
(88,989
)
Amortization of cash flow hedges, net of tax
 

 
 

 
 

 
 

 
6,465

 
 

 
 

 
6,465

Change in cash flow hedges, net of tax
 
 
 
 
 
 
 
 
(10,246
)
 
 
 
 
 
(10,246
)
Change in net investment hedges, net of tax
 
 
 
 
 
 
 
 
25,591

 
 
 
 
 
25,591

Reclassification of pension and other postretirement benefit plans amounts to net earnings, net of tax
 

 
 

 
 

 
 

 
24,387

 
 

 
 

 
24,387

Pension funded status adjustment, net of tax
 

 
 

 
 

 
 

 
(32,511
)
 
 

 
 

 
(32,511
)
Change in marketable securities, net of tax
 
 
 
 
 
 
 
 
1,103

 
 
 
 
 
1,103

Dividends declared ($1.14 per common share)
 

 
 

 
 

 
(593,485
)
 
 

 
 

 
 

 
(593,485
)
Treasury stock purchases
 
 
 
 
 
 
 
 
 
 
12,850,437

 
(868,527
)
 
(868,527
)
Increase in ownership interest in subsidiaries
 
 
 
 
(54,877
)
 
 
 
 
 
 
 
 
 
(54,877
)
Share-based compensation awards
 

 
 

 
96,337

 
 

 
 

 
(6,054,223
)
 
211,187

 
307,524

Balance as of March 30, 2019
765,174,900

 
$
765,175

 
$
1,425,079

 
$
10,893,648

 
$
(1,483,469
)
 
251,329,462

 
$
(9,238,536
)
 
$
2,361,897

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated
Other Comprehensive
Loss
 
 
 
 
 
 
 
Common Stock
 
Paid-in
Capital
 
Retained
Earnings
 
 
Treasury Stock
 
 

 
Shares
 
Amount
 
 
 
 
Shares
 
Amounts
 
Totals
Balance as of July 1, 2017
765,174,900

 
$
765,175

 
$
1,327,366

 
$
9,447,755

 
$
(1,262,737
)
 
235,135,699

 
$
(7,896,043
)
 
$
2,381,516

Net earnings
 

 
 

 
 

 
981,838

 
 

 
 

 
 

 
981,838

Foreign currency translation adjustment
 

 
 

 
 

 
 

 
212,594

 
 

 
 

 
212,594

Amortization of cash flow hedges, net of tax
 

 
 

 
 

 
 

 
6,080

 
 

 
 

 
6,080

Change in cash flow hedges, net of tax
 

 
 

 
 

 
 

 
(7,355
)
 
 

 
 

 
(7,355
)
Change in net investment hedge, net of tax
 
 
 
 
 
 
 
 
(47,703
)
 
 
 
 
 
(47,703
)
Reclassification of pension and other postretirement benefit plans amounts to net earnings, net of tax
 

 
 

 
 

 
 

 
23,637

 
 

 
 

 
23,637

Dividends declared ($1.05 per common share)
 

 
 

 
 

 
(547,782
)
 
 

 
 

 
 

 
(547,782
)
Treasury stock purchases
 
 
 
 
 
 
 
 
 
 
16,416,122

 
(888,966
)
 
(888,966
)
Increase in ownership interest in subsidiaries
 
 
 
 
 
 
(31,072
)
 
 
 
 
 
 
 
(31,072
)
Share-based compensation awards
 

 
 

 
30,033

 
 

 
 

 
(7,132,810
)
 
238,393

 
268,426

Balance as of March 31, 2018
765,174,900

 
$
765,175

 
$
1,357,399

 
$
9,850,739

 
$
(1,075,484
)
 
244,419,011

 
$
(8,546,616
)
 
$
2,351,213


See Notes to Consolidated Financial Statements


5



Sysco Corporation and its Consolidated Subsidiaries
CONSOLIDATED CASH FLOWS (Unaudited)
(In thousands)
 
39-Week Period Ended
 
Mar. 30, 2019
 
Mar. 31, 2018
Cash flows from operating activities:
 
 
 
Net earnings
$
1,138,505

 
$
981,838

Adjustments to reconcile net earnings to cash provided by operating activities:
 
 
 
Share-based compensation expense
78,110

 
72,742

Depreciation and amortization
576,596

 
563,732

Amortization of debt issuance and other debt-related costs
16,244

 
21,095

Loss on extinguishment of debt

 
53,104

Deferred income taxes
(98,206
)
 
142,242

Provision for losses on receivables