false--06-27Q22020000009602128176000716120000.390.750.450.8411200000000020000000007651749007651749000111500000150000000252297926256332388 0000096021 2019-06-30 2019-12-28 0000096021 us-gaap:CommonStockMember 2019-06-30 2019-12-28 0000096021 syy:SeniorNotes5.25Due2018Member 2019-06-30 2019-12-28 0000096021 2020-01-17 0000096021 2019-06-29 0000096021 2019-12-28 0000096021 2019-09-29 2019-12-28 0000096021 2018-09-30 2018-12-29 0000096021 2018-07-01 2018-12-29 0000096021 us-gaap:CashFlowHedgingMember 2018-09-30 2018-12-29 0000096021 us-gaap:CashFlowHedgingMember 2018-07-01 2018-12-29 0000096021 us-gaap:NetInvestmentHedgingMember 2018-09-30 2018-12-29 0000096021 us-gaap:NetInvestmentHedgingMember 2018-07-01 2018-12-29 0000096021 us-gaap:TreasuryStockMember 2018-09-30 2018-12-29 0000096021 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-29 0000096021 us-gaap:CommonStockMember 2019-09-28 0000096021 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-09-29 2019-12-28 0000096021 us-gaap:CommonStockMember 2018-12-29 0000096021 us-gaap:AdditionalPaidInCapitalMember 2019-09-29 2019-12-28 0000096021 us-gaap:TreasuryStockMember 2018-12-29 0000096021 us-gaap:RetainedEarningsUnappropriatedMember 2018-09-30 2018-12-29 0000096021 us-gaap:TreasuryStockMember 2019-09-28 0000096021 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-09-28 0000096021 2018-09-29 0000096021 us-gaap:AdditionalPaidInCapitalMember 2019-09-28 0000096021 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-09-30 2018-12-29 0000096021 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-09-29 0000096021 us-gaap:RetainedEarningsUnappropriatedMember 2019-09-29 2019-12-28 0000096021 us-gaap:CashFlowHedgingMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-09-30 2018-12-29 0000096021 us-gaap:CommonStockMember 2018-09-29 0000096021 2018-12-29 0000096021 us-gaap:TreasuryStockMember 2019-09-29 2019-12-28 0000096021 us-gaap:NetInvestmentHedgingMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-09-30 2018-12-29 0000096021 us-gaap:TreasuryStockMember 2019-12-28 0000096021 us-gaap:RetainedEarningsUnappropriatedMember 2018-12-29 0000096021 us-gaap:TreasuryStockMember 2018-09-29 0000096021 us-gaap:AdditionalPaidInCapitalMember 2018-09-30 2018-12-29 0000096021 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-28 0000096021 us-gaap:CommonStockMember 2019-12-28 0000096021 us-gaap:AdditionalPaidInCapitalMember 2018-09-29 0000096021 us-gaap:RetainedEarningsUnappropriatedMember 2019-12-28 0000096021 us-gaap:RetainedEarningsUnappropriatedMember 2018-09-29 0000096021 us-gaap:AdditionalPaidInCapitalMember 2018-12-29 0000096021 us-gaap:RetainedEarningsUnappropriatedMember 2019-09-28 0000096021 2019-09-28 0000096021 us-gaap:AdditionalPaidInCapitalMember 2019-12-28 0000096021 us-gaap:TreasuryStockMember 2018-07-01 2018-12-29 0000096021 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 2019-12-28 0000096021 us-gaap:RetainedEarningsUnappropriatedMember 2019-06-30 0000096021 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-07-01 2018-12-29 0000096021 us-gaap:CashFlowHedgingMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-07-01 2018-12-29 0000096021 us-gaap:RetainedEarningsUnappropriatedMember 2019-06-30 2019-12-28 0000096021 us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0000096021 us-gaap:TreasuryStockMember 2019-06-30 2019-12-28 0000096021 us-gaap:CommonStockMember 2019-06-29 0000096021 2018-06-30 0000096021 us-gaap:TreasuryStockMember 2019-06-29 0000096021 us-gaap:AdditionalPaidInCapitalMember 2019-06-29 0000096021 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-29 0000096021 us-gaap:RetainedEarningsUnappropriatedMember 2018-07-01 2018-12-29 0000096021 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 2019-12-28 0000096021 us-gaap:RetainedEarningsUnappropriatedMember 2019-06-29 0000096021 us-gaap:TreasuryStockMember 2018-06-30 0000096021 us-gaap:CommonStockMember 2018-06-30 0000096021 us-gaap:AdditionalPaidInCapitalMember 2018-07-01 2018-12-29 0000096021 us-gaap:NetInvestmentHedgingMember us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-07-01 2018-12-29 0000096021 2019-06-30 0000096021 us-gaap:RetainedEarningsUnappropriatedMember 2018-06-30 0000096021 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 0000096021 us-gaap:AccountingStandardsUpdate201602Member 2019-06-30 0000096021 syy:SygmaSegmentMember 2019-06-30 2019-12-28 0000096021 syy:FreshAndFrozenMeats1Member syy:SygmaSegmentMember 2019-06-30 2019-12-28 0000096021 syy:DairyProducts1Member syy:U.S.FoodserviceOperationsMember 2019-06-30 2019-12-28 0000096021 syy:DairyProducts1Member us-gaap:AllOtherSegmentsMember 2019-06-30 2019-12-28 0000096021 syy:FreshProduce1Member us-gaap:AllOtherSegmentsMember 2019-06-30 2019-12-28 0000096021 syy:Poultry1Member us-gaap:AllOtherSegmentsMember 2019-06-30 2019-12-28 0000096021 syy:BeverageProducts1Member us-gaap:AllOtherSegmentsMember 2019-06-30 2019-12-28 0000096021 syy:BeverageProducts1Member syy:InternationalFoodserviceOperationsMember 2019-06-30 2019-12-28 0000096021 syy:OtherProductsMember syy:U.S.FoodserviceOperationsMember 2019-06-30 2019-12-28 0000096021 syy:BeverageProducts1Member 2019-06-30 2019-12-28 0000096021 us-gaap:AllOtherSegmentsMember 2019-06-30 2019-12-28 0000096021 syy:Seafood1Member syy:SygmaSegmentMember 2019-06-30 2019-12-28 0000096021 syy:CannedAndDryProducts1Member 2019-06-30 2019-12-28 0000096021 syy:BeverageProducts1Member syy:SygmaSegmentMember 2019-06-30 2019-12-28 0000096021 syy:PaperAndDisposables1Member syy:SygmaSegmentMember 2019-06-30 2019-12-28 0000096021 syy:PaperAndDisposables1Member syy:InternationalFoodserviceOperationsMember 2019-06-30 2019-12-28 0000096021 syy:BeverageProducts1Member syy:U.S.FoodserviceOperationsMember 2019-06-30 2019-12-28 0000096021 syy:FreshAndFrozenMeats1Member 2019-06-30 2019-12-28 0000096021 syy:U.S.FoodserviceOperationsMember 2019-06-30 2019-12-28 0000096021 syy:FrozenFruitsVegetablesBakeryAndOther1Member syy:U.S.FoodserviceOperationsMember 2019-06-30 2019-12-28 0000096021 syy:Poultry1Member 2019-06-30 2019-12-28 0000096021 syy:FreshProduce1Member 2019-06-30 2019-12-28 0000096021 syy:FreshProduce1Member syy:SygmaSegmentMember 2019-06-30 2019-12-28 0000096021 syy:Seafood1Member us-gaap:AllOtherSegmentsMember 2019-06-30 2019-12-28 0000096021 syy:FreshProduce1Member syy:InternationalFoodserviceOperationsMember 2019-06-30 2019-12-28 0000096021 syy:PaperAndDisposables1Member syy:U.S.FoodserviceOperationsMember 2019-06-30 2019-12-28 0000096021 syy:FreshAndFrozenMeats1Member us-gaap:AllOtherSegmentsMember 2019-06-30 2019-12-28 0000096021 syy:FreshAndFrozenMeats1Member syy:U.S.FoodserviceOperationsMember 2019-06-30 2019-12-28 0000096021 syy:DairyProducts1Member 2019-06-30 2019-12-28 0000096021 syy:CannedAndDryProducts1Member us-gaap:AllOtherSegmentsMember 2019-06-30 2019-12-28 0000096021 syy:OtherProductsMember 2019-06-30 2019-12-28 0000096021 syy:DairyProducts1Member syy:InternationalFoodserviceOperationsMember 2019-06-30 2019-12-28 0000096021 syy:CannedAndDryProducts1Member syy:U.S.FoodserviceOperationsMember 2019-06-30 2019-12-28 0000096021 syy:FrozenFruitsVegetablesBakeryAndOther1Member syy:InternationalFoodserviceOperationsMember 2019-06-30 2019-12-28 0000096021 syy:OtherProductsMember syy:SygmaSegmentMember 2019-06-30 2019-12-28 0000096021 syy:CannedAndDryProducts1Member syy:SygmaSegmentMember 2019-06-30 2019-12-28 0000096021 syy:OtherProductsMember us-gaap:AllOtherSegmentsMember 2019-06-30 2019-12-28 0000096021 syy:PaperAndDisposables1Member 2019-06-30 2019-12-28 0000096021 syy:Seafood1Member syy:InternationalFoodserviceOperationsMember 2019-06-30 2019-12-28 0000096021 syy:FrozenFruitsVegetablesBakeryAndOther1Member us-gaap:AllOtherSegmentsMember 2019-06-30 2019-12-28 0000096021 syy:FreshProduce1Member syy:U.S.FoodserviceOperationsMember 2019-06-30 2019-12-28 0000096021 syy:Poultry1Member syy:InternationalFoodserviceOperationsMember 2019-06-30 2019-12-28 0000096021 syy:CannedAndDryProducts1Member syy:InternationalFoodserviceOperationsMember 2019-06-30 2019-12-28 0000096021 syy:FrozenFruitsVegetablesBakeryAndOther1Member syy:SygmaSegmentMember 2019-06-30 2019-12-28 0000096021 syy:OtherProductsMember syy:InternationalFoodserviceOperationsMember 2019-06-30 2019-12-28 0000096021 syy:Seafood1Member syy:U.S.FoodserviceOperationsMember 2019-06-30 2019-12-28 0000096021 syy:Poultry1Member syy:SygmaSegmentMember 2019-06-30 2019-12-28 0000096021 syy:Poultry1Member syy:U.S.FoodserviceOperationsMember 2019-06-30 2019-12-28 0000096021 syy:FreshAndFrozenMeats1Member syy:InternationalFoodserviceOperationsMember 2019-06-30 2019-12-28 0000096021 syy:InternationalFoodserviceOperationsMember 2019-06-30 2019-12-28 0000096021 syy:PaperAndDisposables1Member us-gaap:AllOtherSegmentsMember 2019-06-30 2019-12-28 0000096021 syy:DairyProducts1Member syy:SygmaSegmentMember 2019-06-30 2019-12-28 0000096021 syy:Seafood1Member 2019-06-30 2019-12-28 0000096021 syy:FrozenFruitsVegetablesBakeryAndOther1Member 2019-06-30 2019-12-28 0000096021 syy:BeverageProducts1Member syy:SygmaSegmentMember 2018-07-01 2018-12-29 0000096021 syy:FreshProduce1Member 2018-07-01 2018-12-29 0000096021 syy:DairyProducts1Member syy:U.S.FoodserviceOperationsMember 2018-07-01 2018-12-29 0000096021 syy:Seafood1Member 2018-07-01 2018-12-29 0000096021 syy:Poultry1Member 2018-07-01 2018-12-29 0000096021 syy:FreshAndFrozenMeats1Member syy:U.S.FoodserviceOperationsMember 2018-07-01 2018-12-29 0000096021 syy:BeverageProducts1Member syy:U.S.FoodserviceOperationsMember 2018-07-01 2018-12-29 0000096021 syy:CannedAndDryProducts1Member syy:SygmaSegmentMember 2018-07-01 2018-12-29 0000096021 syy:InternationalFoodserviceOperationsMember 2018-07-01 2018-12-29 0000096021 syy:PaperAndDisposables1Member syy:InternationalFoodserviceOperationsMember 2018-07-01 2018-12-29 0000096021 syy:Poultry1Member syy:SygmaSegmentMember 2018-07-01 2018-12-29 0000096021 syy:FreshProduce1Member syy:SygmaSegmentMember 2018-07-01 2018-12-29 0000096021 syy:BeverageProducts1Member 2018-07-01 2018-12-29 0000096021 syy:Seafood1Member us-gaap:AllOtherSegmentsMember 2018-07-01 2018-12-29 0000096021 syy:FreshAndFrozenMeats1Member us-gaap:AllOtherSegmentsMember 2018-07-01 2018-12-29 0000096021 syy:U.S.FoodserviceOperationsMember 2018-07-01 2018-12-29 0000096021 syy:OtherProductsMember syy:SygmaSegmentMember 2018-07-01 2018-12-29 0000096021 syy:OtherProductsMember us-gaap:AllOtherSegmentsMember 2018-07-01 2018-12-29 0000096021 syy:FrozenFruitsVegetablesBakeryAndOther1Member syy:SygmaSegmentMember 2018-07-01 2018-12-29 0000096021 syy:FreshProduce1Member us-gaap:AllOtherSegmentsMember 2018-07-01 2018-12-29 0000096021 us-gaap:AllOtherSegmentsMember 2018-07-01 2018-12-29 0000096021 syy:DairyProducts1Member us-gaap:AllOtherSegmentsMember 2018-07-01 2018-12-29 0000096021 syy:PaperAndDisposables1Member syy:U.S.FoodserviceOperationsMember 2018-07-01 2018-12-29 0000096021 syy:PaperAndDisposables1Member 2018-07-01 2018-12-29 0000096021 syy:OtherProductsMember syy:U.S.FoodserviceOperationsMember 2018-07-01 2018-12-29 0000096021 syy:OtherProductsMember 2018-07-01 2018-12-29 0000096021 syy:CannedAndDryProducts1Member 2018-07-01 2018-12-29 0000096021 syy:FreshProduce1Member syy:InternationalFoodserviceOperationsMember 2018-07-01 2018-12-29 0000096021 syy:Poultry1Member syy:InternationalFoodserviceOperationsMember 2018-07-01 2018-12-29 0000096021 syy:FrozenFruitsVegetablesBakeryAndOther1Member us-gaap:AllOtherSegmentsMember 2018-07-01 2018-12-29 0000096021 syy:Seafood1Member syy:InternationalFoodserviceOperationsMember 2018-07-01 2018-12-29 0000096021 syy:DairyProducts1Member syy:SygmaSegmentMember 2018-07-01 2018-12-29 0000096021 syy:BeverageProducts1Member us-gaap:AllOtherSegmentsMember 2018-07-01 2018-12-29 0000096021 syy:CannedAndDryProducts1Member syy:U.S.FoodserviceOperationsMember 2018-07-01 2018-12-29 0000096021 syy:SygmaSegmentMember 2018-07-01 2018-12-29 0000096021 syy:Seafood1Member syy:U.S.FoodserviceOperationsMember 2018-07-01 2018-12-29 0000096021 syy:FrozenFruitsVegetablesBakeryAndOther1Member syy:InternationalFoodserviceOperationsMember 2018-07-01 2018-12-29 0000096021 syy:CannedAndDryProducts1Member syy:InternationalFoodserviceOperationsMember 2018-07-01 2018-12-29 0000096021 syy:Poultry1Member us-gaap:AllOtherSegmentsMember 2018-07-01 2018-12-29 0000096021 syy:BeverageProducts1Member syy:InternationalFoodserviceOperationsMember 2018-07-01 2018-12-29 0000096021 syy:OtherProductsMember syy:InternationalFoodserviceOperationsMember 2018-07-01 2018-12-29 0000096021 syy:CannedAndDryProducts1Member us-gaap:AllOtherSegmentsMember 2018-07-01 2018-12-29 0000096021 syy:DairyProducts1Member syy:InternationalFoodserviceOperationsMember 2018-07-01 2018-12-29 0000096021 syy:PaperAndDisposables1Member syy:SygmaSegmentMember 2018-07-01 2018-12-29 0000096021 syy:FreshAndFrozenMeats1Member syy:SygmaSegmentMember 2018-07-01 2018-12-29 0000096021 syy:FreshAndFrozenMeats1Member syy:InternationalFoodserviceOperationsMember 2018-07-01 2018-12-29 0000096021 syy:PaperAndDisposables1Member us-gaap:AllOtherSegmentsMember 2018-07-01 2018-12-29 0000096021 syy:FrozenFruitsVegetablesBakeryAndOther1Member syy:U.S.FoodserviceOperationsMember 2018-07-01 2018-12-29 0000096021 syy:Poultry1Member syy:U.S.FoodserviceOperationsMember 2018-07-01 2018-12-29 0000096021 syy:FrozenFruitsVegetablesBakeryAndOther1Member 2018-07-01 2018-12-29 0000096021 syy:Seafood1Member syy:SygmaSegmentMember 2018-07-01 2018-12-29 0000096021 syy:FreshAndFrozenMeats1Member 2018-07-01 2018-12-29 0000096021 syy:DairyProducts1Member 2018-07-01 2018-12-29 0000096021 syy:FreshProduce1Member syy:U.S.FoodserviceOperationsMember 2018-07-01 2018-12-29 0000096021 syy:FreshProduce1Member syy:InternationalFoodserviceOperationsMember 2018-09-30 2018-12-29 0000096021 syy:FreshAndFrozenMeats1Member 2018-09-30 2018-12-29 0000096021 syy:FreshAndFrozenMeats1Member syy:U.S.FoodserviceOperationsMember 2018-09-30 2018-12-29 0000096021 syy:OtherProductsMember syy:U.S.FoodserviceOperationsMember 2018-09-30 2018-12-29 0000096021 syy:FrozenFruitsVegetablesBakeryAndOther1Member syy:U.S.FoodserviceOperationsMember 2018-09-30 2018-12-29 0000096021 syy:Seafood1Member syy:U.S.FoodserviceOperationsMember 2018-09-30 2018-12-29 0000096021 syy:PaperAndDisposables1Member 2018-09-30 2018-12-29 0000096021 syy:FrozenFruitsVegetablesBakeryAndOther1Member us-gaap:AllOtherSegmentsMember 2018-09-30 2018-12-29 0000096021 syy:PaperAndDisposables1Member us-gaap:AllOtherSegmentsMember 2018-09-30 2018-12-29 0000096021 syy:Seafood1Member us-gaap:AllOtherSegmentsMember 2018-09-30 2018-12-29 0000096021 syy:CannedAndDryProducts1Member syy:SygmaSegmentMember 2018-09-30 2018-12-29 0000096021 syy:DairyProducts1Member syy:InternationalFoodserviceOperationsMember 2018-09-30 2018-12-29 0000096021 syy:FrozenFruitsVegetablesBakeryAndOther1Member 2018-09-30 2018-12-29 0000096021 syy:OtherProductsMember 2018-09-30 2018-12-29 0000096021 syy:CannedAndDryProducts1Member syy:U.S.FoodserviceOperationsMember 2018-09-30 2018-12-29 0000096021 syy:OtherProductsMember syy:SygmaSegmentMember 2018-09-30 2018-12-29 0000096021 syy:PaperAndDisposables1Member syy:U.S.FoodserviceOperationsMember 2018-09-30 2018-12-29 0000096021 syy:Seafood1Member syy:SygmaSegmentMember 2018-09-30 2018-12-29 0000096021 us-gaap:AllOtherSegmentsMember 2018-09-30 2018-12-29 0000096021 syy:FreshAndFrozenMeats1Member syy:SygmaSegmentMember 2018-09-30 2018-12-29 0000096021 syy:U.S.FoodserviceOperationsMember 2018-09-30 2018-12-29 0000096021 syy:FreshProduce1Member us-gaap:AllOtherSegmentsMember 2018-09-30 2018-12-29 0000096021 syy:BeverageProducts1Member syy:SygmaSegmentMember 2018-09-30 2018-12-29 0000096021 syy:FreshProduce1Member 2018-09-30 2018-12-29 0000096021 syy:DairyProducts1Member 2018-09-30 2018-12-29 0000096021 syy:PaperAndDisposables1Member syy:InternationalFoodserviceOperationsMember 2018-09-30 2018-12-29 0000096021 syy:Seafood1Member 2018-09-30 2018-12-29 0000096021 syy:BeverageProducts1Member 2018-09-30 2018-12-29 0000096021 syy:FreshProduce1Member syy:SygmaSegmentMember 2018-09-30 2018-12-29 0000096021 syy:FreshAndFrozenMeats1Member syy:InternationalFoodserviceOperationsMember 2018-09-30 2018-12-29 0000096021 syy:Poultry1Member 2018-09-30 2018-12-29 0000096021 syy:Poultry1Member syy:SygmaSegmentMember 2018-09-30 2018-12-29 0000096021 syy:Poultry1Member us-gaap:AllOtherSegmentsMember 2018-09-30 2018-12-29 0000096021 syy:DairyProducts1Member syy:SygmaSegmentMember 2018-09-30 2018-12-29 0000096021 syy:CannedAndDryProducts1Member syy:InternationalFoodserviceOperationsMember 2018-09-30 2018-12-29 0000096021 syy:PaperAndDisposables1Member syy:SygmaSegmentMember 2018-09-30 2018-12-29 0000096021 syy:Seafood1Member syy:InternationalFoodserviceOperationsMember 2018-09-30 2018-12-29 0000096021 syy:FreshProduce1Member syy:U.S.FoodserviceOperationsMember 2018-09-30 2018-12-29 0000096021 syy:DairyProducts1Member us-gaap:AllOtherSegmentsMember 2018-09-30 2018-12-29 0000096021 syy:CannedAndDryProducts1Member 2018-09-30 2018-12-29 0000096021 syy:SygmaSegmentMember 2018-09-30 2018-12-29 0000096021 syy:OtherProductsMember syy:InternationalFoodserviceOperationsMember 2018-09-30 2018-12-29 0000096021 syy:CannedAndDryProducts1Member us-gaap:AllOtherSegmentsMember 2018-09-30 2018-12-29 0000096021 syy:Poultry1Member syy:InternationalFoodserviceOperationsMember 2018-09-30 2018-12-29 0000096021 syy:DairyProducts1Member syy:U.S.FoodserviceOperationsMember 2018-09-30 2018-12-29 0000096021 syy:FrozenFruitsVegetablesBakeryAndOther1Member syy:SygmaSegmentMember 2018-09-30 2018-12-29 0000096021 syy:OtherProductsMember us-gaap:AllOtherSegmentsMember 2018-09-30 2018-12-29 0000096021 syy:BeverageProducts1Member syy:InternationalFoodserviceOperationsMember 2018-09-30 2018-12-29 0000096021 syy:FreshAndFrozenMeats1Member us-gaap:AllOtherSegmentsMember 2018-09-30 2018-12-29 0000096021 syy:BeverageProducts1Member syy:U.S.FoodserviceOperationsMember 2018-09-30 2018-12-29 0000096021 syy:Poultry1Member syy:U.S.FoodserviceOperationsMember 2018-09-30 2018-12-29 0000096021 syy:BeverageProducts1Member us-gaap:AllOtherSegmentsMember 2018-09-30 2018-12-29 0000096021 syy:InternationalFoodserviceOperationsMember 2018-09-30 2018-12-29 0000096021 syy:FrozenFruitsVegetablesBakeryAndOther1Member syy:InternationalFoodserviceOperationsMember 2018-09-30 2018-12-29 0000096021 syy:Poultry1Member syy:SygmaSegmentMember 2019-09-29 2019-12-28 0000096021 syy:OtherProductsMember us-gaap:AllOtherSegmentsMember 2019-09-29 2019-12-28 0000096021 syy:FrozenFruitsVegetablesBakeryAndOther1Member syy:SygmaSegmentMember 2019-09-29 2019-12-28 0000096021 syy:InternationalFoodserviceOperationsMember 2019-09-29 2019-12-28 0000096021 syy:CannedAndDryProducts1Member 2019-09-29 2019-12-28 0000096021 syy:U.S.FoodserviceOperationsMember 2019-09-29 2019-12-28 0000096021 syy:PaperAndDisposables1Member syy:U.S.FoodserviceOperationsMember 2019-09-29 2019-12-28 0000096021 syy:SygmaSegmentMember 2019-09-29 2019-12-28 0000096021 syy:DairyProducts1Member syy:InternationalFoodserviceOperationsMember 2019-09-29 2019-12-28 0000096021 syy:OtherProductsMember syy:U.S.FoodserviceOperationsMember 2019-09-29 2019-12-28 0000096021 syy:BeverageProducts1Member 2019-09-29 2019-12-28 0000096021 syy:Seafood1Member syy:InternationalFoodserviceOperationsMember 2019-09-29 2019-12-28 0000096021 syy:Poultry1Member 2019-09-29 2019-12-28 0000096021 syy:FreshProduce1Member syy:InternationalFoodserviceOperationsMember 2019-09-29 2019-12-28 0000096021 syy:CannedAndDryProducts1Member syy:U.S.FoodserviceOperationsMember 2019-09-29 2019-12-28 0000096021 syy:BeverageProducts1Member syy:SygmaSegmentMember 2019-09-29 2019-12-28 0000096021 syy:PaperAndDisposables1Member 2019-09-29 2019-12-28 0000096021 syy:DairyProducts1Member us-gaap:AllOtherSegmentsMember 2019-09-29 2019-12-28 0000096021 syy:FreshAndFrozenMeats1Member 2019-09-29 2019-12-28 0000096021 syy:FreshProduce1Member syy:SygmaSegmentMember 2019-09-29 2019-12-28 0000096021 syy:CannedAndDryProducts1Member us-gaap:AllOtherSegmentsMember 2019-09-29 2019-12-28 0000096021 syy:FreshProduce1Member 2019-09-29 2019-12-28 0000096021 syy:Seafood1Member us-gaap:AllOtherSegmentsMember 2019-09-29 2019-12-28 0000096021 syy:PaperAndDisposables1Member syy:InternationalFoodserviceOperationsMember 2019-09-29 2019-12-28 0000096021 syy:OtherProductsMember syy:SygmaSegmentMember 2019-09-29 2019-12-28 0000096021 syy:OtherProductsMember 2019-09-29 2019-12-28 0000096021 syy:PaperAndDisposables1Member syy:SygmaSegmentMember 2019-09-29 2019-12-28 0000096021 syy:FreshAndFrozenMeats1Member syy:InternationalFoodserviceOperationsMember 2019-09-29 2019-12-28 0000096021 syy:Poultry1Member syy:U.S.FoodserviceOperationsMember 2019-09-29 2019-12-28 0000096021 syy:FrozenFruitsVegetablesBakeryAndOther1Member 2019-09-29 2019-12-28 0000096021 syy:BeverageProducts1Member syy:InternationalFoodserviceOperationsMember 2019-09-29 2019-12-28 0000096021 syy:CannedAndDryProducts1Member syy:InternationalFoodserviceOperationsMember 2019-09-29 2019-12-28 0000096021 syy:PaperAndDisposables1Member us-gaap:AllOtherSegmentsMember 2019-09-29 2019-12-28 0000096021 syy:Seafood1Member syy:SygmaSegmentMember 2019-09-29 2019-12-28 0000096021 syy:FreshProduce1Member syy:U.S.FoodserviceOperationsMember 2019-09-29 2019-12-28 0000096021 syy:FreshAndFrozenMeats1Member syy:SygmaSegmentMember 2019-09-29 2019-12-28 0000096021 syy:BeverageProducts1Member syy:U.S.FoodserviceOperationsMember 2019-09-29 2019-12-28 0000096021 syy:DairyProducts1Member 2019-09-29 2019-12-28 0000096021 syy:FreshProduce1Member us-gaap:AllOtherSegmentsMember 2019-09-29 2019-12-28 0000096021 syy:BeverageProducts1Member us-gaap:AllOtherSegmentsMember 2019-09-29 2019-12-28 0000096021 syy:Poultry1Member syy:InternationalFoodserviceOperationsMember 2019-09-29 2019-12-28 0000096021 syy:Poultry1Member us-gaap:AllOtherSegmentsMember 2019-09-29 2019-12-28 0000096021 syy:OtherProductsMember syy:InternationalFoodserviceOperationsMember 2019-09-29 2019-12-28 0000096021 syy:CannedAndDryProducts1Member syy:SygmaSegmentMember 2019-09-29 2019-12-28 0000096021 syy:FrozenFruitsVegetablesBakeryAndOther1Member us-gaap:AllOtherSegmentsMember 2019-09-29 2019-12-28 0000096021 syy:FreshAndFrozenMeats1Member syy:U.S.FoodserviceOperationsMember 2019-09-29 2019-12-28 0000096021 syy:Seafood1Member syy:U.S.FoodserviceOperationsMember 2019-09-29 2019-12-28 0000096021 syy:FrozenFruitsVegetablesBakeryAndOther1Member syy:InternationalFoodserviceOperationsMember 2019-09-29 2019-12-28 0000096021 syy:FrozenFruitsVegetablesBakeryAndOther1Member syy:U.S.FoodserviceOperationsMember 2019-09-29 2019-12-28 0000096021 syy:FreshAndFrozenMeats1Member us-gaap:AllOtherSegmentsMember 2019-09-29 2019-12-28 0000096021 syy:DairyProducts1Member syy:SygmaSegmentMember 2019-09-29 2019-12-28 0000096021 syy:Seafood1Member 2019-09-29 2019-12-28 0000096021 us-gaap:AllOtherSegmentsMember 2019-09-29 2019-12-28 0000096021 syy:DairyProducts1Member syy:U.S.FoodserviceOperationsMember 2019-09-29 2019-12-28 0000096021 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-28 0000096021 us-gaap:FairValueMeasurementsRecurringMember 2019-12-28 0000096021 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-28 0000096021 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-12-28 0000096021 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-29 0000096021 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-29 0000096021 us-gaap:FairValueMeasurementsRecurringMember 2019-06-29 0000096021 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2019-06-29 0000096021 us-gaap:NondesignatedMember 2019-06-29 0000096021 us-gaap:NondesignatedMember 2019-12-28 0000096021 srt:MaximumMember 2019-06-30 2019-12-28 0000096021 srt:MinimumMember 2019-06-30 2019-12-28 0000096021 us-gaap:USTreasuryAndGovernmentMember us-gaap:OtherLongTermInvestmentsMember 2019-12-28 0000096021 us-gaap:USTreasuryAndGovernmentMember 2019-12-28 0000096021 us-gaap:CorporateDebtSecuritiesMember us-gaap:OtherLongTermInvestmentsMember 2019-06-29 0000096021 us-gaap:CorporateDebtSecuritiesMember us-gaap:OtherLongTermInvestmentsMember 2019-12-28 0000096021 us-gaap:USTreasuryAndGovernmentMember us-gaap:OtherLongTermInvestmentsMember 2019-06-29 0000096021 us-gaap:USTreasuryAndGovernmentMember us-gaap:ShortTermInvestmentsMember 2019-12-28 0000096021 us-gaap:ShortTermInvestmentsMember 2019-06-29 0000096021 us-gaap:CorporateDebtSecuritiesMember us-gaap:ShortTermInvestmentsMember 2019-06-29 0000096021 us-gaap:CorporateDebtSecuritiesMember 2019-12-28 0000096021 us-gaap:USTreasuryAndGovernmentMember 2019-06-29 0000096021 us-gaap:OtherLongTermInvestmentsMember 2019-06-29 0000096021 us-gaap:CorporateDebtSecuritiesMember us-gaap:ShortTermInvestmentsMember 2019-12-28 0000096021 us-gaap:CorporateDebtSecuritiesMember 2019-06-29 0000096021 us-gaap:USTreasuryAndGovernmentMember us-gaap:ShortTermInvestmentsMember 2019-06-29 0000096021 us-gaap:OtherLongTermInvestmentsMember 2019-12-28 0000096021 us-gaap:ShortTermInvestmentsMember 2019-12-28 0000096021 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:EnergyRelatedDerivativeMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-29 0000096021 us-gaap:OtherCurrentAssetsMember us-gaap:EnergyRelatedDerivativeMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-28 0000096021 us-gaap:OtherAssetsMember us-gaap:CrossCurrencyInterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-29 0000096021 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:InterestRateSwapMember us-gaap:FairValueHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-29 0000096021 us-gaap:OtherAssetsMember us-gaap:EnergyRelatedDerivativeMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-28 0000096021 us-gaap:OtherCurrentLiabilitiesMember us-gaap:InterestRateSwapMember us-gaap:FairValueHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-29 0000096021 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:CurrencySwapMember us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-28 0000096021 us-gaap:OtherAssetsMember us-gaap:CurrencySwapMember us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-28 0000096021 us-gaap:OtherCurrentLiabilitiesMember us-gaap:EnergyRelatedDerivativeMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-29 0000096021 us-gaap:OtherCurrentAssetsMember us-gaap:ForeignExchangeForwardMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-28 0000096021 us-gaap:OtherCurrentLiabilitiesMember us-gaap:ForeignExchangeForwardMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-28 0000096021 us-gaap:OtherCurrentLiabilitiesMember us-gaap:InterestRateSwapMember us-gaap:FairValueHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-28 0000096021 us-gaap:OtherCurrentAssetsMember us-gaap:ForeignExchangeForwardMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-29 0000096021 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:CrossCurrencyInterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-29 0000096021 us-gaap:OtherAssetsMember us-gaap:InterestRateSwapMember us-gaap:FairValueHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-28 0000096021 us-gaap:OtherAssetsMember us-gaap:CurrencySwapMember us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-29 0000096021 us-gaap:OtherCurrentAssetsMember us-gaap:EnergyRelatedDerivativeMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-29 0000096021 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:InterestRateSwapMember us-gaap:FairValueHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-28 0000096021 us-gaap:OtherCurrentLiabilitiesMember us-gaap:EnergyRelatedDerivativeMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-28 0000096021 us-gaap:OtherAssetsMember us-gaap:CrossCurrencyInterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-28 0000096021 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:EnergyRelatedDerivativeMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-28 0000096021 us-gaap:OtherCurrentLiabilitiesMember us-gaap:ForeignExchangeForwardMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-29 0000096021 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:CurrencySwapMember us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-29 0000096021 us-gaap:OtherAssetsMember us-gaap:InterestRateSwapMember us-gaap:FairValueHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-29 0000096021 us-gaap:OtherAssetsMember us-gaap:EnergyRelatedDerivativeMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-29 0000096021 us-gaap:OtherNoncurrentLiabilitiesMember us-gaap:CrossCurrencyInterestRateContractMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-28 0000096021 us-gaap:InterestRateSwapMember us-gaap:FairValueHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:InterestExpenseMember 2019-06-30 2019-12-28 0000096021 us-gaap:InterestRateSwapMember us-gaap:FairValueHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:InterestExpenseMember 2019-09-29 2019-12-28 0000096021 us-gaap:InterestRateSwapMember us-gaap:FairValueHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:InterestExpenseMember 2018-09-30 2018-12-29 0000096021 us-gaap:InterestRateSwapMember us-gaap:FairValueHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:InterestExpenseMember 2018-07-01 2018-12-29 0000096021 us-gaap:ForeignExchangeContractMember us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-30 2019-12-28 0000096021 us-gaap:CurrencySwapMember us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-30 2019-12-28 0000096021 us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-30 2019-12-28 0000096021 us-gaap:EnergyRelatedDerivativeMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-30 2019-12-28 0000096021 us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-30 2019-12-28 0000096021 us-gaap:EnergyRelatedDerivativeMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:OperatingIncomeLossMember 2019-06-30 2019-12-28 0000096021 us-gaap:CurrencySwapMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember syy:CostOfSalesAndOtherIncomeMember 2019-06-30 2019-12-28 0000096021 us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-07-01 2018-12-29 0000096021 us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-07-01 2018-12-29 0000096021 us-gaap:CurrencySwapMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-06-30 2019-12-28 0000096021 us-gaap:CurrencySwapMember us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-07-01 2018-12-29 0000096021 us-gaap:CurrencySwapMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember syy:CostOfSalesAndOtherIncomeMember 2018-07-01 2018-12-29 0000096021 us-gaap:CurrencySwapMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-07-01 2018-12-29 0000096021 us-gaap:ForeignExchangeContractMember us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-07-01 2018-12-29 0000096021 us-gaap:EnergyRelatedDerivativeMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:OperatingIncomeLossMember 2018-07-01 2018-12-29 0000096021 us-gaap:EnergyRelatedDerivativeMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-07-01 2018-12-29 0000096021 us-gaap:LongTermDebtMember 2019-06-29 0000096021 us-gaap:EnergyRelatedDerivativeMember 2019-06-30 2019-12-28 0000096021 syy:ForeignCurrencyInterestRateVariousMaturityDatesMember 2019-12-28 0000096021 syy:InterestRateSwapMarch2025Member 2019-12-28 0000096021 syy:InterestRateSwapDueJune2023Member 2019-12-28 0000096021 syy:ForeignCurrencyInterestRateEuroMaturingJune2023Member 2019-12-28 0000096021 syy:InterestRateSwapJuly2021Member 2019-12-28 0000096021 syy:ForeignCurrencyInterestRateBritishPoundSterlingMaturingJuly2021Member 2019-12-28 0000096021 syy:ForeignCurrencyInterestRateBritishPoundMaturingAugust2021Member 2019-12-28 0000096021 syy:InterestRateSwapOctober2020Member 2019-12-28 0000096021 us-gaap:LongTermDebtMember 2019-12-28 0000096021 syy:CurrentMaturitiesOfLongtermDebtMember 2019-12-28 0000096021 us-gaap:CurrencySwapMember us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-29 2019-12-28 0000096021 us-gaap:ForeignExchangeContractMember us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-09-30 2018-12-29 0000096021 us-gaap:EnergyRelatedDerivativeMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:OperatingIncomeLossMember 2019-09-29 2019-12-28 0000096021 us-gaap:CurrencySwapMember us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-09-30 2018-12-29 0000096021 us-gaap:CurrencySwapMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-29 2019-12-28 0000096021 us-gaap:CurrencySwapMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember syy:CostOfSalesAndOtherIncomeMember 2019-09-29 2019-12-28 0000096021 us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-29 2019-12-28 0000096021 us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-09-30 2018-12-29 0000096021 us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-09-30 2018-12-29 0000096021 us-gaap:EnergyRelatedDerivativeMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-09-30 2018-12-29 0000096021 us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-29 2019-12-28 0000096021 us-gaap:ForeignExchangeContractMember us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-29 2019-12-28 0000096021 us-gaap:CurrencySwapMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-09-30 2018-12-29 0000096021 us-gaap:CurrencySwapMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember syy:CostOfSalesAndOtherIncomeMember 2018-09-30 2018-12-29 0000096021 us-gaap:EnergyRelatedDerivativeMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:OperatingIncomeLossMember 2018-09-30 2018-12-29 0000096021 us-gaap:EnergyRelatedDerivativeMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-09-29 2019-12-28 0000096021 us-gaap:CommercialPaperMember 2019-12-28 0000096021 us-gaap:EmployeeStockOptionMember 2018-07-01 2018-12-29 0000096021 us-gaap:EmployeeStockOptionMember 2018-09-30 2018-12-29 0000096021 us-gaap:EmployeeStockOptionMember 2019-06-30 2019-12-28 0000096021 us-gaap:EmployeeStockOptionMember 2019-09-29 2019-12-28 0000096021 syy:AccumulatedNetGainLossFromNetInvestmentHedgesAttributableToParentMember 2019-06-30 2019-12-28 0000096021 us-gaap:OtherExpenseMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember 2019-06-30 2019-12-28 0000096021 us-gaap:OtherExpenseMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-06-30 2019-12-28 0000096021 syy:AccumulatedNetGainLossFromCashFlowAndNetInvestmentHedgesAttributableToParentMember 2019-06-30 2019-12-28 0000096021 us-gaap:InterestExpenseMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2019-06-30 2019-12-28 0000096021 us-gaap:AccumulatedTranslationAdjustmentMember 2019-06-30 2019-12-28 0000096021 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-06-30 2019-12-28 0000096021 us-gaap:OperatingExpenseMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2019-06-30 2019-12-28 0000096021 us-gaap:OtherExpenseMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember 2019-06-30 2019-12-28 0000096021 us-gaap:OtherExpenseMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember 2019-09-29 2019-12-28 0000096021 us-gaap:OperatingExpenseMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2019-09-29 2019-12-28 0000096021 us-gaap:AccumulatedTranslationAdjustmentMember 2019-09-29 2019-12-28 0000096021 us-gaap:OtherExpenseMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-09-29 2019-12-28 0000096021 us-gaap:OtherExpenseMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember 2019-09-29 2019-12-28 0000096021 syy:AccumulatedNetGainLossFromNetInvestmentHedgesAttributableToParentMember 2019-09-29 2019-12-28 0000096021 us-gaap:InterestExpenseMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2019-09-29 2019-12-28 0000096021 syy:AccumulatedNetGainLossFromCashFlowAndNetInvestmentHedgesAttributableToParentMember 2019-09-29 2019-12-28 0000096021 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-09-29 2019-12-28 0000096021 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-12-28 0000096021 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2019-06-30 2019-12-28 0000096021 syy:AccumulatedNetGainLossFromCashFlowAndNetInvestmentHedgesAttributableToParentMember 2019-12-28 0000096021 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-06-29 0000096021 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2019-06-29 0000096021 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember 2019-06-30 2019-12-28 0000096021 syy:AccumulatedNetGainLossFromCashFlowAndNetInvestmentHedgesAttributableToParentMember 2019-06-29 0000096021 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2019-12-28 0000096021 us-gaap:AccumulatedTranslationAdjustmentMember 2019-06-29 0000096021 us-gaap:AccumulatedTranslationAdjustmentMember 2019-12-28 0000096021 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember 2019-06-30 2019-12-28 0000096021 us-gaap:OperatingExpenseMember us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2018-09-30 2018-12-29 0000096021 syy:AccumulatedNetGainLossFromCashFlowAndNetInvestmentHedgesAttributableToParentMember 2018-09-30 2018-12-29 0000096021 us-gaap:InterestExpenseMember us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2018-09-30 2018-12-29 0000096021 us-gaap:OtherExpenseMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember 2018-09-30 2018-12-29 0000096021 us-gaap:OtherExpenseMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-09-30 2018-12-29 0000096021 us-gaap:OtherExpenseMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember 2018-09-30 2018-12-29 0000096021 us-gaap:AccumulatedTranslationAdjustmentMember 2018-09-30 2018-12-29 0000096021 syy:AccumulatedNetGainLossFromNetInvestmentHedgesAttributableToParentMember 2018-09-30 2018-12-29 0000096021 us-gaap:OperatingExpenseMember us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2018-07-01 2018-12-29 0000096021 us-gaap:OtherExpenseMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember 2018-07-01 2018-12-29 0000096021 us-gaap:OtherExpenseMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember 2018-07-01 2018-12-29 0000096021 us-gaap:OtherExpenseMember us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-07-01 2018-12-29 0000096021 us-gaap:InterestExpenseMember us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2018-07-01 2018-12-29 0000096021 syy:AccumulatedNetGainLossFromNetInvestmentHedgesAttributableToParentMember 2018-07-01 2018-12-29 0000096021 us-gaap:AccumulatedTranslationAdjustmentMember 2018-07-01 2018-12-29 0000096021 syy:AccumulatedNetGainLossFromCashFlowAndNetInvestmentHedgesAttributableToParentMember 2018-07-01 2018-12-29 0000096021 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember 2018-07-01 2018-12-29 0000096021 syy:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostArisingInCurrentYearAttributabletoParentMember 2018-07-01 2018-12-29 0000096021 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-06-30 0000096021 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2018-07-01 2018-12-29 0000096021 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2018-12-29 0000096021 syy:AccumulatedNetGainLossFromCashFlowAndNetInvestmentHedgesAttributableToParentMember 2018-06-30 0000096021 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember 2018-07-01 2018-12-29 0000096021 us-gaap:AccumulatedTranslationAdjustmentMember 2018-12-29 0000096021 us-gaap:AccumulatedTranslationAdjustmentMember 2018-06-30 0000096021 syy:AccumulatedNetGainLossFromCashFlowAndNetInvestmentHedgesAttributableToParentMember 2018-12-29 0000096021 syy:EmployeesStockPurchasePlanMember 2019-06-30 2019-12-28 0000096021 us-gaap:PerformanceSharesMember 2019-06-30 2019-12-28 0000096021 us-gaap:OperatingSegmentsMember us-gaap:AllOtherSegmentsMember 2019-09-29 2019-12-28 0000096021 us-gaap:OperatingSegmentsMember syy:SygmaSegmentMember 2018-07-01 2018-12-29 0000096021 us-gaap:OperatingSegmentsMember us-gaap:AllOtherSegmentsMember 2019-06-30 2019-12-28 0000096021 us-gaap:OperatingSegmentsMember 2018-09-30 2018-12-29 0000096021 us-gaap:OperatingSegmentsMember syy:U.S.FoodserviceOperationsMember 2018-09-30 2018-12-29 0000096021 us-gaap:OperatingSegmentsMember syy:U.S.FoodserviceOperationsMember 2019-09-29 2019-12-28 0000096021 us-gaap:OperatingSegmentsMember syy:U.S.FoodserviceOperationsMember 2019-06-30 2019-12-28 0000096021 us-gaap:CorporateNonSegmentMember 2018-07-01 2018-12-29 0000096021 us-gaap:OperatingSegmentsMember syy:InternationalFoodserviceOperationsMember 2019-06-30 2019-12-28 0000096021 us-gaap:OperatingSegmentsMember syy:SygmaSegmentMember 2018-09-30 2018-12-29 0000096021 us-gaap:OperatingSegmentsMember syy:InternationalFoodserviceOperationsMember 2019-09-29 2019-12-28 0000096021 us-gaap:OperatingSegmentsMember 2018-07-01 2018-12-29 0000096021 us-gaap:OperatingSegmentsMember us-gaap:AllOtherSegmentsMember 2018-09-30 2018-12-29 0000096021 us-gaap:OperatingSegmentsMember syy:InternationalFoodserviceOperationsMember 2018-07-01 2018-12-29 0000096021 us-gaap:CorporateNonSegmentMember 2018-09-30 2018-12-29 0000096021 us-gaap:OperatingSegmentsMember us-gaap:AllOtherSegmentsMember 2018-07-01 2018-12-29 0000096021 us-gaap:OperatingSegmentsMember 2019-06-30 2019-12-28 0000096021 us-gaap:OperatingSegmentsMember syy:SygmaSegmentMember 2019-06-30 2019-12-28 0000096021 us-gaap:OperatingSegmentsMember syy:SygmaSegmentMember 2019-09-29 2019-12-28 0000096021 us-gaap:CorporateNonSegmentMember 2019-06-30 2019-12-28 0000096021 us-gaap:CorporateNonSegmentMember 2019-09-29 2019-12-28 0000096021 us-gaap:OperatingSegmentsMember 2019-09-29 2019-12-28 0000096021 us-gaap:OperatingSegmentsMember syy:U.S.FoodserviceOperationsMember 2018-07-01 2018-12-29 0000096021 us-gaap:OperatingSegmentsMember syy:InternationalFoodserviceOperationsMember 2018-09-30 2018-12-29 0000096021 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2019-06-29 0000096021 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2019-06-29 0000096021 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2019-06-29 0000096021 srt:ConsolidationEliminationsMember 2019-06-29 0000096021 srt:ConsolidationEliminationsMember 2018-07-01 2018-12-29 0000096021 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-07-01 2018-12-29 0000096021 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2018-07-01 2018-12-29 0000096021 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-07-01 2018-12-29 0000096021 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2019-09-29 2019-12-28 0000096021 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2019-09-29 2019-12-28 0000096021 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2019-09-29 2019-12-28 0000096021 srt:ConsolidationEliminationsMember 2019-09-29 2019-12-28 0000096021 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-09-30 2018-12-29 0000096021 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2019-06-30 2019-12-28 0000096021 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2019-06-30 2019-12-28 0000096021 srt:ConsolidationEliminationsMember 2019-06-30 2019-12-28 0000096021 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2019-06-30 2019-12-28 0000096021 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2019-12-28 0000096021 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2019-12-28 0000096021 srt:ConsolidationEliminationsMember 2019-12-28 0000096021 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2019-12-28 0000096021 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2018-09-30 2018-12-29 0000096021 srt:ConsolidationEliminationsMember 2018-09-30 2018-12-29 0000096021 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-09-30 2018-12-29 0000096021 srt:ConsolidationEliminationsMember 2018-06-30 0000096021 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-12-29 0000096021 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-12-29 0000096021 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2018-06-30 0000096021 srt:NonGuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-06-30 0000096021 srt:GuarantorSubsidiariesMember srt:ReportableLegalEntitiesMember 2018-06-30 0000096021 srt:ConsolidationEliminationsMember 2018-12-29 0000096021 srt:ParentCompanyMember srt:ReportableLegalEntitiesMember 2018-12-29 iso4217:USD xbrli:shares xbrli:shares iso4217:USD iso4217:GBP iso4217:EUR syy:segment utreg:gal iso4217:SEK xbrli:pure



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________
Form 10-Q
(Mark One)
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 28, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 1-6544
________________
syylogoa03.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 and zip code)

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

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

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 þ    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 þ    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
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 þ

508,508,581 shares of common stock were outstanding as of January 17, 2020.





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)
 
Dec. 28, 2019
 
Jun. 29, 2019
 
(unaudited)
 
 
ASSETS
Current assets
 
 
 
Cash and cash equivalents
$
524,578

 
$
513,460

Accounts and notes receivable, less allowances of $71,612 and $28,176
4,375,583

 
4,181,696

Inventories
3,508,260

 
3,216,034

Prepaid expenses and other current assets
245,480

 
210,582

Income tax receivable
7,709

 
19,733

Total current assets
8,661,610

 
8,141,505

Plant and equipment at cost, less accumulated depreciation
4,593,890

 
4,501,705

Other long-term assets
 
 
 
Goodwill
4,023,639

 
3,896,226

Intangibles, less amortization
855,489

 
857,301

Deferred income taxes
117,885

 
80,760

Operating lease right-of-use assets, net
631,035

 

Other assets
488,486

 
489,025

Total other long-term assets
6,116,534

 
5,323,312

Total assets
$
19,372,034

 
$
17,966,522

 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
 
 
 
Notes payable
$
3,507

 
$
3,957

Accounts payable
4,159,607

 
4,314,620

Accrued expenses
1,686,866

 
1,729,941

Accrued income taxes
187,876

 
17,343

Current operating lease liabilities
103,963

 

Current maturities of long-term debt
790,149

 
37,322

Total current liabilities
6,931,968

 
6,103,183

Long-term liabilities
 
 
 
Long-term debt
8,092,914

 
8,122,058

Deferred income taxes
142,301

 
172,232

Long-term operating lease liabilities
561,610

 

Other long-term liabilities
1,081,645

 
1,031,020

Total long-term liabilities
9,878,470

 
9,325,310

Noncontrolling interest
34,070

 
35,426

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

Paid-in capital
1,526,132

 
1,457,419

Retained earnings
11,639,727

 
11,229,679

Accumulated other comprehensive loss
(1,566,329
)
 
(1,599,729
)
Treasury stock at cost, 256,332,388 and 252,297,926 shares
(9,837,179
)
 
(9,349,941
)
Total shareholders’ equity
2,527,526

 
2,502,603

Total liabilities and shareholders’ equity
$
19,372,034

 
$
17,966,522


Note: The June 29, 2019 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
 
26-Week Period Ended
 
Dec. 28, 2019
 
Dec. 29, 2018
 
Dec. 28, 2019
 
Dec. 29, 2018
Sales
$
15,025,042

 
$
14,765,707

 
$
30,328,047

 
$
29,980,986

Cost of sales
12,196,643

 
11,993,995

 
24,556,278

 
24,305,489

Gross profit
2,828,399

 
2,771,712

 
5,771,769

 
5,675,497

Operating expenses
2,275,906

 
2,319,817

 
4,550,958

 
4,595,462

Operating income
552,493

 
451,895

 
1,220,811

 
1,080,035

Interest expense
76,762

 
87,113

 
160,097

 
176,129

Other (income) expense, net
(807
)
 
10,197

 
2,305

 
11,329

Earnings before income taxes
476,538

 
354,585

 
1,058,409

 
892,577

Income taxes
93,128

 
87,205

 
221,218

 
194,155

Net earnings
$
383,410

 
$
267,380

 
$
837,191

 
$
698,422

  
 
 
 
 
 
 
 
Net earnings:
 

 
 

 
 
 
 
Basic earnings per share
$
0.75

 
$
0.52

 
$
1.64

 
$
1.34

Diluted earnings per share
0.74

 
0.51

 
1.62

 
1.33

 
 
 
 
 
 
 
 
Average shares outstanding
509,984,743

 
517,871,328

 
511,721,290

 
519,363,973

Diluted shares outstanding
515,517,792

 
524,600,510

 
517,120,395

 
526,817,501


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
 
26-Week Period Ended
 
Dec. 28, 2019
 
Dec. 29, 2018
 
Dec. 28, 2019
 
Dec. 29, 2018
Net earnings
$
383,410

 
$
267,380

 
$
837,191

 
$
698,422

Other comprehensive income (loss) :
 
 
 
 
 
 
 
Foreign currency translation adjustment
154,955

 
(101,533
)
 
28,796

 
(126,460
)
Items presented net of tax:
 
 
 
 
 
 
 
Amortization of cash flow hedges
2,155

 
2,155

 
4,310

 
4,310

Change in net investment hedges
(41,479
)
 
26,469

 
(11,479
)
 
35,057

Change in cash flow hedges
(14,797
)
 
(8,784
)
 
(5,538
)
 
(11,792
)
Amortization of prior service cost
1,428

 
1,600

 
2,856

 
3,200

Amortization of actuarial loss
7,225

 
6,529

 
13,908

 
13,058

Actuarial loss

 

 

 
(32,511
)
Change in marketable securities
(386
)
 

 
547

 

Total other comprehensive income (loss)
109,101

 
(73,564
)
 
33,400

 
(115,138
)
Comprehensive income
$
492,511

 
$
193,816

 
$
870,591

 
$
583,284


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 September 28, 2019
765,174,900

 
$
765,175

 
$
1,490,661

 
$
11,486,833

 
$
(1,675,430
)
 
254,310,626

 
$
(9,612,491
)
 
$
2,454,748

Net earnings
 
 
 
 
 
 
383,410

 
 
 
 
 
 
 
383,410

Foreign currency translation adjustment
 
 
 
 
 
 
 
 
154,955

 
 
 
 
 
154,955

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

 
 
 
 
 
2,155

Change in cash flow hedges, net of tax
 
 
 
 
 
 
 
 
(14,797
)
 
 
 
 
 
(14,797
)
Change in net investment hedges, net of tax
 
 
 
 
 
 
 
 
(41,479
)
 
 
 
 
 
(41,479
)
Reclassification of pension and other postretirement benefit plans amounts to net earnings, net of tax
 
 
 
 
 
 
 
 
8,653

 
 
 
 
 
8,653

Change in marketable securities, net of tax
 
 
 
 
 
 
 
 
(386
)
 
 
 
 
 
(386
)
Dividends declared ($0.45 per common share)
 
 
 
 
 
 
(230,516
)
 
 
 
 
 
 
 
(230,516
)
Treasury stock purchases
 
 
 
 
 
 
 
 
 
 
3,501,930

 
(281,081
)
 
(281,081
)
Share-based compensation awards
 
 
 
 
35,471

 
 
 
 
 
(1,480,168
)
 
56,393

 
91,864

Balance as of December 28, 2019
765,174,900

 
$
765,175

 
$
1,526,132

 
$
11,639,727

 
$
(1,566,329
)
 
256,332,388

 
$
(9,837,179
)
 
$
2,527,526

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

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

 
$
765,175

 
$
1,438,097

 
$
10,592,490

 
$
(1,450,843
)
 
245,025,271

 
$
(8,706,345
)
 
$
2,638,574

Net earnings
 
 
 
 
 
 
267,380

 
 
 
 
 
 
 
267,380

Foreign currency translation adjustment
 
 
 
 
 
 
 
 
(101,533
)
 
 
 
 
 
(101,533
)
Amortization of cash flow hedges, net of tax
 
 
 
 
 
 
 
 
2,155

 
 
 
 
 
2,155

Change in cash flow hedges, net of tax
 
 
 
 
 
 
 
 
(8,784
)
 
 
 
 
 
(8,784
)
Change in net investment hedges, net of tax
 
 
 
 
 
 
 
 
26,469

 
 
 
 
 
26,469

Reclassification of pension and other postretirement benefit plans amounts to net earnings, net of tax
 
 
 
 
 
 
 
 
8,129

 
 
 
 
 
8,129

Dividends declared ($0.39 per common share)
 
 
 
 
 
 
(205,159
)
 
 
 
 
 
 
 
(205,159
)
Treasury stock purchases
 
 
 
 
 
 
 
 
 
 
8,103,590

 
(540,462
)
 
(540,462
)
Share-based compensation awards
 
 
 
 
27,364

 
 
 
 
 
(1,470,142
)
 
53,503

 
80,867

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



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 29, 2019
765,174,900

 
$
765,175

 
$
1,457,419

 
$
11,229,679

 
$
(1,599,729
)
 
252,297,926

 
$
(9,349,941
)
 
$
2,502,603

Net earnings
 

 
 

 
 

 
837,191

 
 

 
 

 
 

 
837,191

Foreign currency translation adjustment
 

 
 

 
 

 
 

 
28,796

 
 

 
 

 
28,796

Amortization of cash flow hedges, net of tax
 

 
 

 
 

 
 

 
4,310

 
 

 
 

 
4,310

Change in cash flow hedges, net of tax
 
 
 
 
 
 
 
 
(5,538
)
 
 
 
 
 
(5,538
)
Change in net investment hedges, net of tax
 
 
 
 
 
 
 
 
(11,479
)
 
 
 
 
 
(11,479
)
Reclassification of pension and other postretirement benefit plans amounts to net earnings, net of tax
 

 
 

 
 

 
 

 
16,764

 
 

 
 

 
16,764

Change in marketable securities, net of tax
 
 
 
 
 
 
 
 
547

 
 
 
 
 
547

Adoption of ASU 2016-02, Leases (Topic 842), net of tax
 
 
 
 
 
 
1,978

 
 
 
 
 
 
 
1,978

Dividends declared ($0.84 per common share)
 

 
 

 
 

 
(429,121
)
 
 

 
 

 
 

 
(429,121
)
Treasury stock purchases
 
 
 
 
 
 
 
 
 
 
8,089,327

 
(628,948
)
 
(628,948
)
Share-based compensation awards
 

 
 

 
68,713

 
 

 
 

 
(4,054,865
)
 
141,710

 
210,423

Balance as of December 28, 2019
765,174,900

 
$
765,175

 
$
1,526,132

 
$
11,639,727

 
$
(1,566,329
)
 
256,332,388

 
$
(9,837,179
)
 
$
2,527,526

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 

 
 

 
 

 
698,422

 
 

 
 

 
 

 
698,422

Foreign currency translation adjustment
 

 
 

 
 

 
 

 
(126,460
)
 
 

 
 

 
(126,460
)
Amortization of cash flow hedges, net of tax
 

 
 

 
 

 
 

 
4,310

 
 

 
 

 
4,310

Change in cash flow hedges, net of tax
 

 
 

 
 

 
 

 
(11,792
)
 
 

 
 

 
(11,792
)
Change in net investment hedge, net of tax
 
 
 
 
 
 
 
 
35,057

 
 
 
 
 
35,057

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

 
 

 
 

 
 

 
16,258

 
 

 
 

 
16,258

Dividends declared ($0.75 per common share)
 

 
 

 
 

 
(392,339
)
 
 

 
 

 
 

 
(392,339
)
Treasury stock purchases
 
 
 
 
 
 
 
 
 
 
11,015,267

 
(750,003
)
 
(750,003
)
Share-based compensation awards
 

 
 

 
81,842

 
 

 
 

 
(3,889,796
)
 
137,895

 
219,737

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


See Notes to Consolidated Financial Statements


5



Sysco Corporation and its Consolidated Subsidiaries
CONSOLIDATED CASH FLOWS (Unaudited)
(In thousands)
 
26-Week Period Ended
 
Dec. 28, 2019
 
Dec. 29, 2018
Cash flows from operating activities:
 
 
 
Net earnings
$
837,191

 
$
698,422

Adjustments to reconcile net earnings to cash provided by operating activities:
 
 
 
Share-based compensation expense
46,644

 
54,199

Depreciation and amortization
372,416

 
392,413

Operating lease asset amortization
53,444

 

Amortization of debt issuance and other debt-related costs
9,889

 
10,814

Deferred income taxes
(75,898
)
 
(89,098
)
Provision for losses on receivables
38,418

 
27,647

Other non-cash items
3,239

 
411

Additional changes in certain assets and liabilities, net of effect of businesses acquired:
 
 
 
(Increase) in receivables
(161,158
)
 
(137,314
)
(Increase) in inventories
(279,403
)
 
(204,437
)
(Increase) in prepaid expenses and other current assets
(38,503
)
 
(31,465
)
(Decrease) increase in accounts payable
(191,280
)
 
131,715

(Decrease) increase in accrued expenses
(49,866
)
 
92,100

(Decrease) in operating lease liabilities
(62,101
)
 

Increase (decrease) in accrued income taxes
182,557

 
(11,117
)
Decrease (increase) in other assets
13,023

 
(21,138
)
Increase in other long-term liabilities
55,857

 
4,638

Net cash provided by operating activities
754,469

 
917,790

Cash flows from investing activities:
 
 
 
Additions to plant and equipment
(393,379
)
 
(223,825
)
Proceeds from sales of plant and equipment
10,293

 
6,901

Acquisition of businesses, net of cash acquired
(142,783
)
 

Purchase of marketable securities
(11,424
)
 

Proceeds from sales of marketable securities
9,038

 

Other investing activities
565

 
(88
)
Net cash used for investing activities
(527,690
)
 
(217,012
)
Cash flows from financing activities:
 
 
 
Bank and commercial paper borrowings, net
721,415

 
109,900

Other debt borrowings
18,966

 
383,163

Other debt repayments
(23,234
)
 
(16,617
)
Proceeds from stock option exercises
141,709

 
137,896

Treasury stock purchases
(630,395
)
 
(739,205
)
Dividends paid
(399,093
)
 
(379,216
)
Other financing activities
(22,461
)
 
(6,653
)
Net cash used for financing activities
(193,093
)
 
(510,732
)
Effect of exchange rates on cash, cash equivalents and restricted cash
5,565

 
(8,904
)
Net increase in cash, cash equivalents and restricted cash
39,251

 
181,142

Cash, cash equivalents and restricted cash at beginning of period
532,245

 
715,844

Cash, cash equivalents and restricted cash at end of period
$
571,496

 
$
896,986

Supplemental disclosures of cash flow information:
 
 
 
Cash paid during the period for:
 
 
 
Interest
$
162,720

 
$
158,574

Income taxes
122,049

 
328,574

 
See Notes to Consolidated Financial Statements

6



Sysco Corporation and its Consolidated Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Unless this Form 10-Q indicates otherwise or the context otherwise requires, the terms “we,” “our,” “us,” “Sysco,” or “the company” as used in this Form 10-Q refer to Sysco Corporation together with its consolidated subsidiaries and divisions.

1.  BASIS OF PRESENTATION

The consolidated financial statements have been prepared by the company, without audit. The financial statements include consolidated balance sheets, consolidated results of operations, consolidated statements of comprehensive income, changes in consolidated shareholders’ equity and consolidated cash flows. In the opinion of management, all adjustments, which consist of normal recurring adjustments, except as otherwise disclosed, necessary to present fairly the financial position, results of operations, comprehensive income, cash flows and changes in shareholders’ equity for all periods presented have been made.

These financial statements should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended June 29, 2019. Certain footnote disclosures included in annual financial statements prepared in accordance with generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to applicable rules and regulations for interim financial statements.

Supplemental Cash Flow Information

The following table sets forth the company’s reconciliation of cash, cash equivalents and restricted cash included within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statement of Cash Flows:
 
Dec. 28, 2019
 
Dec. 29, 2018
 
(In thousands)
Cash and cash equivalents
$
524,578

 
$
744,808

Restricted cash (1)
46,918

 
152,178

Total cash, cash equivalents and restricted cash shown in the Consolidated Statement of Cash Flows
$
571,496

 
$
896,986



(1) 
Restricted cash primarily represents cash and cash equivalents of Sysco’s wholly owned captive insurance subsidiary, restricted for use to secure the insurer’s obligations for workers’ compensation, general liability and auto liability programs. Restricted cash is located within Other assets in each consolidated balance sheet.

2. CHANGES IN ACCOUNTING

Leases

In February 2016, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), specifying the accounting for leases, which supersedes the leases requirements in Topic 840, Leases. The objective of Topic 842 is to establish the principles that lessees and lessors shall apply to report useful information to users of financial statements about the amount and timing of cash flows arising from a lease. The amended guidance requires the recognition of lease assets and lease liabilities on the balance sheet for those leases currently classified as operating leases. In addition, Topic 842 expands the disclosure requirements of lease arrangements. Sysco adopted this ASU and related amendments as of June 30, 2019, the first day of fiscal 2020, under the modified retrospective approach and elected certain practical expedients permitted under the transition guidance, including to retain the historical lease classification, as well as relief from separating and allocating consideration across all categories of leases to lease and non-lease components of an agreement. For leases subject to index or rate adjustments, the most current index or rate adjustments were included in the measurement of operating lease obligations at adoption.

The adoption of this ASU and related amendments resulted in Sysco recognizing $647.2 million and $