INCOME TAXES (Tables)

12 Months Ended

Jul. 01, 2023

Income Tax Disclosure [Abstract]

Schedule of Earnings Before Income Taxes By Jurisdiction

For financial reporting purposes, earnings (loss) before income taxes consists of the following:

	2023		2022		2021
	(In thousands)
U.S.	$	1,941,581	$	1,642,376	$	858,179
Foreign	343,774		104,397		(273,451)
Total	$	2,285,355	$	1,746,773	$	584,728

Schedule of Income Tax Provision by Jurisdiction

The income tax provision for each fiscal year consists of the following:

	2023		2022		2021
	(In thousands)
U.S. federal income taxes	$	388,534	$	353,825	$	158,762
State and local income taxes	78,805		45,502		17,808
Foreign income taxes	47,892		(11,322)		(116,051)
Total	$	515,231	$	388,005	$	60,519

Schedule of Income Tax Provision by Component

The current and deferred components of the income tax provisions for each fiscal year are as follows:

	2023		2022		2021
	(In thousands)
Current	$	531,665	$	452,459	$	218,383
Deferred	(16,434)		(64,454)		(157,864)
Total	$	515,231	$	388,005	$	60,519

Schedule of Tax Rate Reconciliation

Reconciliations of the statutory federal income tax rate to the effective income tax rates for each fiscal year are as follows:

	2023		2022		2021
U.S. statutory federal income tax rate	21.00	%	21.00	%	21.00	%
State and local income taxes, net of any applicable federal income tax benefit	2.63		2.41		2.67
Foreign income taxes	(1.08)		(1.88)		(9.99)
Uncertain tax positions	0.06		0.83		(0.38)
Tax benefit of equity-based compensation	(0.11)		(0.16)		(1.07)
Other	0.05		0.01		(1.88)
Effective income tax rate	22.55	%	22.21	%	10.35	%

Schedule of Components of Deferred Tax Assets and Liabilities

Significant components of Sysco’s deferred tax assets and liabilities are as follows:

	Jul. 1, 2023		Jul. 2, 2022
	(In thousands)
Deferred tax assets:
Net operating tax loss carryforwards	$	536,582	$	483,165
Interest carryforwards	204,880		169,642
Operating lease liabilities	170,982		161,684
Pension	101,359		71,722
Receivables	50,831		43,108
Inventory	26,540		24,394
Deferred compensation	26,441		27,984
Share-based compensation	24,080		30,395
Other	60,689		97,249
Deferred tax assets before valuation allowances	1,202,384		1,109,343
Valuation allowances	(267,388)		(240,591)
Total deferred tax assets	934,996		868,752
Deferred tax liabilities:
Goodwill and intangible assets	363,534		379,018
Excess tax depreciation and basis differences of assets	237,998		150,578
Operating lease assets	171,812		161,163
Foreign currency remeasurement losses and currency hedge	16,264		—
Other	27,842		50,560
Total deferred tax liabilities	817,450		741,319
Total net deferred tax assets	$	117,546	$	127,433

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, excluding interest and penalties, is as follows:

	2023		2022
	(In thousands)
Unrecognized tax benefits at beginning of year	$	32,400	$	20,400
Additions for tax positions related to prior years	—		12,000
Unrecognized tax benefits at end of year	$	32,400	$	32,400