INCOME TAXES (Tables)

12 Months Ended

Jun. 29, 2024

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

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

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

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


	2024		2023		2022
U.S. statutory federal income tax rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net of any applicable federal income tax benefit	3.9		2.6		2.4
Foreign income taxes	(1.0)		(1.1)		(1.9)
Uncertain tax positions	0.1		0.1		0.8
Tax benefit of equity-based compensation	0.1		(0.1)		(0.1)



Other	(0.3)		0.1		—
Effective income tax rate	23.8	%	22.6	%	22.2	%

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


	Jun. 29, 2024		Jul. 1, 2023
	(In millions)
Deferred tax assets:
Net operating tax loss carryforwards	$	534	$	537
Operating lease liabilities	237		171
Interest carryforwards	228		205
Pension	121		101
Receivables	52		51
Inventory	30		27
Deferred compensation	28		26
Share-based compensation	27		24

Other	67		60
Deferred tax assets before valuation allowances	1,324		1,202
Valuation allowances	(278)		(267)
Total deferred tax assets	1,046		935
Deferred tax liabilities:
Goodwill and intangible assets	374		364
Excess tax depreciation and basis differences of assets	285		238
Operating lease assets	231		172
Foreign currency remeasurement losses and currency hedge	20		16

Other	36		28
Total deferred tax liabilities	946		818
Total net deferred tax assets	$	100	$	117