FAIR VALUE MEASUREMENTS

3 Months Ended

Sep. 28, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

Sysco’s policy is to invest only in high-quality investments. The fair values of our cash deposits and money market funds included in cash equivalents are valued using inputs that are considered a Level 1 measurement. Other cash equivalents, such as time deposits and highly liquid instruments with original maturities of three months or less, are valued using inputs that are considered a Level 2 measurement. The fair value of our marketable securities is measured using inputs that are considered a Level 2 measurement, as they rely on quoted prices in markets that are not actively traded or observable inputs over the full term of the asset. The location and the fair value of the company’s marketable securities in the consolidated balance sheet are disclosed in Note 5, “Marketable Securities.” The fair value of our derivative instruments is measured using inputs that are considered a Level 2 measurement, as they are not actively traded and are valued using pricing models that use observable market quotations. The location and the fair values of derivative assets and liabilities designated as hedges in the consolidated balance sheet are disclosed in Note 6, “Derivative Financial Instruments.”

The following tables present our assets measured at fair value on a recurring basis as of September 28, 2024 and June 29, 2024:

	Assets Measured at Fair Value as of Sep. 28, 2024
	Level 1		Level 2		Level 3		Total
	(In millions)
Assets:
Cash equivalents
Cash and cash equivalents	$	283	$	—	$	—	$	283
Other assets (1)	101		—		—		101
Total assets at fair value	$	384	$	—	$	—	$	384

(1) Represents restricted cash balance recorded within other assets in the consolidated balance sheet.

	Assets Measured at Fair Value as of Jun. 29, 2024
	Level 1		Level 2		Level 3		Total
	(In millions)
Assets:
Cash equivalents
Cash and cash equivalents	$	269	$	—	$	—	$	269
Other assets (1)	249		—		—		249
Total assets at fair value	$	518	$	—	$	—	$	518

(1) Represents restricted cash balance recorded within other assets in the consolidated balance sheet.

The carrying values of accounts receivable and accounts payable approximated their respective fair values due to their short-term maturities. The fair value of our total debt is estimated based on the quoted market prices for the same or similar issues or on the current rates offered to the company for new debt with the same maturities as existing debt and is considered a Level 2 measurement. The fair value of total debt was approximately $12.2 billion as of September 28, 2024 and $11.4 billion as of June 29, 2024, while the carrying value was $12.4 billion as of September 28, 2024 and $12.0 billion as of June 29, 2024.