Supplemental Guarantor Information - Subsidiary Guarantees (Tables)

9 Months Ended

Mar. 28, 2020

Guarantees [Abstract]

Condensed consolidating balance sheet table

The following condensed consolidating financial statements present separately the financial position, comprehensive income and cash flows of the parent issuer (Sysco Corporation), the guarantors (certain of the company’s U.S. Broadline subsidiaries), and all other non-guarantor subsidiaries of Sysco (Other Non-Guarantor Subsidiaries) on a combined basis with eliminating entries.

	Condensed Consolidated Balance Sheet
	Mar. 28, 2020
	Sysco		Certain U.S.  Broadline Subsidiaries		Other Non-Guarantor Subsidiaries		Eliminations		Consolidated Totals
	(In thousands)
Current assets	$	1,914,935	$	4,242,407	$	3,700,433	$	—	$	9,857,775
Intercompany receivables	7,642,333		46,037		4,628,264		(12,316,634)		—
Investment in subsidiaries	6,091,917		—		1,332,048		(7,423,965)		—
Plant and equipment, net	245,678		2,241,821		2,117,119		—		4,604,618
Other assets	859,731		733,274		4,930,759		(553,825)		5,969,939
Total assets	$	16,754,594	$	7,263,539	$	16,708,623	$	(20,294,424)	$	20,432,332
Current liabilities	$	1,255,999	$	989,820	$	4,379,190	$	—	$	6,625,009
Intercompany payables	3,179,796		2,627,223		6,509,615		(12,316,634)		—
Long-term debt	9,593,045		9,099		421,106		—		10,023,250
Other liabilities	696,864		536,503		1,044,088		(553,825)		1,723,630
Noncontrolling interest	—		—		31,553		—		31,553
Shareholders’ equity	2,028,890		3,100,894		4,323,071		(7,423,965)		2,028,890
Total liabilities and shareholders’ equity	$	16,754,594	$	7,263,539	$	16,708,623	$	(20,294,424)	$	20,432,332

	Condensed Consolidated Balance Sheet
	Jun. 29, 2019
	Sysco		Certain U.S.  Broadline Subsidiaries		Other Non-Guarantor Subsidiaries		Eliminations		Consolidated Totals
	(In thousands)
Current assets	$	121,993	$	4,195,543	$	3,823,969	$	—	$	8,141,505
Intercompany receivables	6,162,303		30,469		3,220,237		(9,413,009)		—
Investment in subsidiaries	4,680,530		—		1,126,315		(5,806,845)		—
Plant and equipment, net	252,101		2,162,668		2,086,936		—		4,501,705
Other assets	787,986		718,600		4,372,725		(555,999)		5,323,312
Total assets	$	12,004,913	$	7,107,280	$	14,630,182	$	(15,775,853)	$	17,966,522
Current liabilities	$	465,101	$	1,018,650	$	4,619,432	$	—	$	6,103,183
Intercompany payables	686,116		3,443,182		5,283,711		(9,413,009)		—
Long-term debt	7,668,314		7,938		445,806		—		8,122,058
Other liabilities	682,779		545,391		531,081		(555,999)		1,203,252
Noncontrolling interest	—		—		35,426		—		35,426
Shareholders’ equity	2,502,603		2,092,119		3,714,726		(5,806,845)		2,502,603
Total liabilities and shareholders’ equity	$	12,004,913	$	7,107,280	$	14,630,182	$	(15,775,853)	$	17,966,522

Condensed consolidating statement of comprehensive income table

	Condensed Consolidated Statement of Comprehensive Income
	For the 13-Week Period Ended Mar. 28, 2020
	Sysco		Certain U.S.  Broadline Subsidiaries		Other Non-Guarantor Subsidiaries		Eliminations		Consolidated Totals
	(In thousands)
Sales	$	—	$	8,722,745	$	5,493,011	$	(517,057)	$	13,698,699
Cost of sales	—		7,070,961		4,580,555		(517,057)		11,134,459
Gross profit	—		1,651,784		912,456		—		2,564,240
Operating expenses	295,242		1,141,038		1,067,686		—		2,503,966
Operating income (loss)	(295,242)		510,746		(155,230)		—		60,274
Interest expense (income) (1)	120,302		(28,747)		(7,701)		—		83,854
Other expense (income), net	2,513		(84)		2,771		—		5,200
Earnings (losses) before income taxes	(418,057)		539,577		(150,300)		—		(28,780)
Income tax (benefit) provision	(49,263)		137,143		(113,363)		—		(25,483)
Equity in earnings of subsidiaries	365,497		—		87,631		(453,128)		—
Net earnings	(3,297)		402,434		50,694		(453,128)		(3,297)
Other comprehensive income (loss)	(99,193)		—		(151,143)		151,143		(99,193)
Comprehensive income	$	(102,490)	$	402,434	$	(100,449)	$	(301,985)	$	(102,490)

⁽¹⁾Interest expense (income) includes $28.7 million of intercompany interest income, net, for certain of the U.S. Broadline subsidiaries, which is intercompany interest expense for Sysco Corporation for the third quarter ended March 28, 2020. There is an immaterial amount of intercompany interest expense related to Sysco Corporation for the Other Non-Guarantor Subsidiaries.

	Condensed Consolidated Statement of Comprehensive Income
	For the 13-Week Period Ended Mar. 30, 2019
	Sysco		Certain U.S.  Broadline Subsidiaries		Other Non-Guarantor Subsidiaries		Eliminations		Consolidated Totals
	(In thousands)
Sales	$	—	$	9,135,852	$	6,098,725	$	(576,503)	$	14,658,074
Cost of sales	—		7,392,718		5,087,561		(576,503)		11,903,776
Gross profit	—		1,743,134		1,011,164		—		2,754,298
Operating expenses	206,795		1,025,383		992,535		—		2,224,713
Operating income (loss)	(206,795)		717,751		18,629		—		529,585
Interest expense (income) (1)	55,925		(43,056)		81,645		—		94,514
Other expense (income), net	(1,730)		(80)		5,930		—		4,120
Earnings (losses) before income taxes	(260,990)		760,887		(68,946)		—		430,951
Income tax (benefit) provision	(183,601)		188,703		(14,234)		—		(9,132)
Equity in earnings of subsidiaries	517,472		—		107,865		(625,337)		—
Net earnings	440,083		572,184		53,153		(625,337)		440,083
Other comprehensive income (loss)	40,938		—		37,471		(37,471)		40,938
Comprehensive income	$	481,021	$	572,184	$	90,624	$	(662,808)	$	481,021

⁽¹⁾Interest expense (income) includes $43.1 million of intercompany interest income, net, for certain of the U.S. Broadline subsidiaries, which is intercompany interest expense for Sysco Corporation for the third quarter ended March 30, 2019. There is an immaterial amount of intercompany interest expense related to Sysco Corporation for the Other Non-Guarantor Subsidiaries.

	Condensed Consolidated Statement of Comprehensive Income
	For the 39-Week Period Ended Mar. 28, 2020
	Sysco		Certain U.S.  Broadline Subsidiaries		Other Non-Guarantor Subsidiaries		Eliminations		Consolidated Totals
	(In thousands)
Sales	$	—	$	28,022,282	$	17,671,368	$	(1,666,904)	$	44,026,746
Cost of sales	—		22,694,007		14,663,634		(1,666,904)		35,690,737
Gross profit	—		5,328,275		3,007,734		—		8,336,009
Operating expenses	701,003		3,269,879		3,084,042		—		7,054,924
Operating income (loss)	(701,003)		2,058,396		(76,308)		—		1,281,085
Interest expense (income) (1)	338,459		(73,268)		(21,240)		—		243,951
Other expense (income), net	8,954		(434)		(1,015)		—		7,505
Earnings (losses) before income taxes	(1,048,416)		2,132,098		(54,053)		—		1,029,629
Income tax (benefit) provision	(254,669)		538,598		(88,194)		—		195,735
Equity in earnings of subsidiaries	1,627,641		—		330,332		(1,957,973)		—
Net earnings	833,894		1,593,500		364,473		(1,957,973)		833,894
Other comprehensive income (loss)	(65,793)		—		(122,347)		122,347		(65,793)
Comprehensive income	$	768,101	$	1,593,500	$	242,126	$	(1,835,626)	$	768,101

⁽¹⁾Interest expense (income) includes $73.3 million of intercompany interest income, net, for certain of the U.S. Broadline subsidiaries, which is intercompany interest expense for Sysco Corporation. There is an immaterial amount of intercompany interest expense related to Sysco Corporation for the Other Non-Guarantor Subsidiaries.

	Condensed Consolidated Statement of Comprehensive Income
	For the 39-Week Period Ended Mar. 30, 2019
	Sysco		Certain U.S.  Broadline Subsidiaries		Other Non-Guarantor Subsidiaries		Eliminations		Consolidated Totals
	(In thousands)
Sales	$	—	$	27,716,772	$	18,662,548	$	(1,740,260)	$	44,639,060
Cost of sales	—		22,434,604		15,514,921		(1,740,260)		36,209,265
Gross profit	—		5,282,168		3,147,627		—		8,429,795
Operating expenses	659,697		3,113,409		3,047,069		—		6,820,175
Operating income (loss)	(659,697)		2,168,759		100,558		—		1,609,620
Interest expense (income) (1)	160,830		(73,515)		183,328		—		270,643
Other expense (income), net	8,642		(220)		7,027		—		15,449
Earnings (losses) before income taxes	(829,169)		2,242,494		(89,797)		—		1,323,528
Income tax (benefit) provision	(350,246)		556,107		(20,838)		—		185,023
Equity in earnings of subsidiaries	1,617,428		—		330,236		(1,947,664)		—
Net earnings	1,138,505		1,686,387		261,277		(1,947,664)		1,138,505
Other comprehensive income (loss)	(74,200)		—		(88,989)		88,989		(74,200)
Comprehensive income	$	1,064,305	$	1,686,387	$	172,288	$	(1,858,675)	$	1,064,305

⁽¹⁾Interest expense (income) includes $73.5 million of intercompany interest income, net, for certain of the U.S. Broadline subsidiaries, which is intercompany interest expense for Sysco Corporation. There is an immaterial amount of intercompany interest expense related to Sysco Corporation for the Other Non-Guarantor Subsidiaries.

Condensed consolidating cash flows table

	Condensed Consolidated Cash Flows
	For the 39-Week Period Ended Mar. 28, 2020
	Sysco		Certain U.S.  Broadline Subsidiaries		Other Non-Guarantor Subsidiaries		Elimination (1)		Consolidated Totals
	(In thousands)
Cash flows provided by (used for):
Operating activities	$	517,337	$	256,752	$	304,380	$	—	$	1,078,469
Investing activities	(122,409)		(281,927)		(357,681)		102,029		(659,988)
Financing activities	1,378,241		(6,816)		73,282		(102,029)		1,342,678
Effect of exchange rates on cash	—		—		(8,857)		—		(8,857)
Net increase (decrease) in cash, cash equivalents and restricted cash	1,773,169		(31,991)		11,124		—		1,752,302
Cash, cash equivalents and restricted cash at the beginning of period	29,868		117,643		384,734		—		532,245
Cash, cash equivalents and restricted cash at the end of period	$	1,803,037	$	85,652	$	395,858	$	—	$	2,284,547

⁽¹⁾Represents primarily intercompany loans between the subsidiaries and the parent, Sysco Corporation.

	Condensed Consolidated Cash Flows
	For the 39-Week Period Ended Mar. 30, 2019
	Sysco		Certain U.S.  Broadline Subsidiaries		Other Non-Guarantor Subsidiaries		Elimination (1)		Consolidated Totals
	(In thousands)
Cash flows provided by (used for):
Operating activities	$	976,731	$	132,990	$	255,504	$	—	$	1,365,225
Investing activities	349,816		(133,190)		(293,088)		(503,397)		(579,859)
Financing activities	(1,338,077)		(6,850)		(98,285)		503,397		(939,815)
Effect of exchange rates on cash	—		—		(11,619)		—		(11,619)
Net increase (decrease) in cash, cash equivalents and restricted cash	(11,530)		(7,050)		(147,488)		—		(166,068)
Cash, cash equivalents and restricted cash at the beginning of period	29,144		111,843		574,857		—		715,844
Cash, cash equivalents and restricted cash at the end of period	$	17,614	$	104,793	$	427,369	$	—	$	549,776

⁽¹⁾Represents primarily intercompany loans between the subsidiaries and the parent, Sysco Corporation.