14. SUPPLEMENTAL GUARANTOR INFORMATION – SUBSIDIARY GUARANTEES

On January 19, 2011, the wholly-owned U.S. Broadline subsidiaries of Sysco Corporation entered into full and unconditional guarantees of all outstanding senior notes and debentures of Sysco Corporation. As of December 31, 2011, Sysco had a total of $2,225.0 million in senior notes and debentures outstanding.

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


	Condensed Consolidating Balance Sheet Dec. 31, 2011
	Sysco		U.S. Broadline Subsidiaries			Other Non-Guarantor Subsidiaries		Eliminations			Consolidated Totals
	(In thousands)
Current assets	$	202,267	$	3,660,988		$	1,784,795	$	—		$	5,648,050
Investment in subsidiaries		14,859,149		—			—		(14,859,149	)		—
Plant and equipment, net		647,217		1,895,977			1,192,943		—			3,736,137
Other assets		321,460		518,934			1,229,446		—			2,069,840

Total assets	$	16,030,093	$	6,075,899		$	4,207,184	$	(14,859,149	)	$	11,454,027


Current liabilities	$	423,796	$	872,205		$	1,967,769	$	—		$	3,263,770
Intercompany payables (receivables)		7,984,530		(8,086,079	)		101,549		—			—
Long-term debt		2,599,524		26,871			22,951		—			2,649,346
Other liabilities		502,536		275,475			75,285		—			853,296
Shareholders' equity		4,519,707		12,987,427			2,039,630		(14,859,149	)		4,687,615

Total liabilities and shareholders' equity	$	16,030,093	$	6,075,899		$	4,207,184	$	(14,859,149	)	$	11,454,027

		$(16,110,6600)		$(16,110,6600)			$(16,110,6600)			$(16,110,6600)			$(16,110,6600)
	Condensed Consolidating Balance Sheet Jul. 2, 2011
	Sysco		U.S. Broadline Subsidiaries			Other Non-Guarantor Subsidiaries			Eliminations			Consolidated Totals
	(In thousands)
Current assets	$	354,450	$	3,476,921		$	1,901,511		$	—		$	5,732,882
Investment in subsidiaries		14,014,569		—			—			(14,014,569	)		—
Plant and equipment, net		569,567		1,794,473			1,148,349			—			3,512,389
Other assets		378,317		519,664			1,242,303			—			2,140,284

Total assets	$	15,316,903	$	5,791,058		$	4,292,163		$	(14,014,569	)	$	11,385,555


Current liabilities	$	430,300	$	840,586		$	2,304,189		$	—		$	3,575,075
Intercompany payables (receivables)		7,800,254		(7,701,021	)		(99,233	)		—			—
Long-term debt		2,227,483		26,542			25,492			—			2,279,517
Other liabilities		405,376		343,427			76,918			—			825,721
Shareholders' equity		4,453,490		12,281,524			1,984,797			(14,014,569	)		4,705,242

Total liabilities and shareholders' equity	$	15,316,903	$	5,791,058		$	4,292,163		$	(14,014,569	)	$	11,385,555

		$(14,014,5690)		$(14,014,5690)			$(14,014,5690)			$(14,014,5690)			$(14,014,5690)
	Condensed Consolidating Balance Sheet Jan. 1, 2011
	Sysco		U.S. Broadline Subsidiaries			Other Non-Guarantor Subsidiaries			Eliminations			Consolidated Totals
	(In thousands)
Current assets	$	132,672	$	3,248,279		$	1,485,931		$	—		$	4,866,882
Investment in subsidiaries		16,110,660		—			—			(16,110,660	)		—
Plant and equipment, net		540,534		1,784,365			1,045,654			—			3,370,553
Other assets		394,587		495,369			1,200,892			—			2,090,848

Total assets	$	17,178,453	$	5,528,013		$	3,732,477		$	(16,110,660	)	$	10,328,283


Current liabilities	$	417,368	$	813,532		$	1,490,634		$	—		$	2,721,534
Intercompany payables (receivables)		10,049,861		(10,026,079	)		(23,782	)		—			—
Long-term debt		2,400,988		24,561			227,980			—			2,653,529
Other liabilities		512,065		336,429			110,235			—			958,729
Shareholders' equity		3,798,171		14,379,570			1,927,410			(16,110,660	)		3,994,491

Total liabilities and shareholders' equity	$	17,178,453	$	5,528,013		$	3,732,477		$	(16,110,660	)	$	10,328,283

		$(16,110,6600)			$(16,110,6600)			$(16,110,6600)			$(16,110,6600)			$(16,110,6600)
	Condensed Consolidating Results of Operations For the 13-Week Period Ended Dec. 31, 2011
	Sysco			U.S. Broadline Subsidiaries			Other Non-Guarantor Subsidiaries			Eliminations			Consolidated Totals
	(In thousands)
Sales	$	—		$	7,056,282		$	3,393,450		$	(205,311	)	$	10,244,421
Cost of sales		—			5,674,008			2,907,268			(182,505	)		8,398,771

Gross profit		—			1,382,274			486,182			(22,806	)		1,845,650
Operating expenses		135,560			872,619			433,279			(22,806	)		1,418,652

Operating income (loss)		(135,560	)		509,655			52,903			—			426,998
Interest expense (income)		96,985			(67,483	)		(1,178	)		—			28,324
Other expense (income), net		(2,197	)		(701	)		(574	)		—			(3,472	)

Earnings (losses) before income taxes		(230,348	)		577,839			54,655			—			402,146
Income tax (benefit) provision		(86,825	)		218,177			20,681			—			152,033
Equity in earnings of subsidiaries		393,636			—			—			(393,636	)		—

Net earnings	$	250,113		$	359,662		$	33,974		$	(393,636	)	$	250,113

		$14,3765610			$14,3765610			$14,3765610			$14,3765610			$14,3765610
	Condensed Consolidating Results of Operations For the 13-Week Period Ended Jan. 1, 2011
	Sysco			U.S. Broadline Subsidiaries			Other Non-Guarantor Subsidiaries			Eliminations			Consolidated Totals
	(In thousands)
Sales	$	—		$	6,446,806		$	3,090,406		$	(152,360	)	$	9,384,852
Cost of sales		—			5,124,946			2,629,019			(130,780	)		7,623,185

Gross profit		—			1,321,860			461,387			(21,580	)		1,761,667
Operating expenses		143,135			832,111			370,976			(21,580	)		1,324,642

Operating income (loss)		(143,135	)		489,749			90,411			—			437,025
Interest expense (income)		130,867			(101,664	)		(1,143	)		—			28,060
Other expense (income), net		(9	)		(444	)		(847	)		—			(1,300	)

Earnings (losses) before income taxes		(273,993	)		591,857			92,401			—			410,265
Income tax (benefit) provision		(101,635	)		219,462			34,265			—			152,092
Equity in earnings of subsidiaries		430,531			—			—			(430,531	)		—

Net earnings	$	258,173		$	372,395		$	58,136		$	(430,531	)	$	258,173

		$14,3765610			$14,3765610			$14,3765610			$14,3765610			$14,3765610
	Condensed Consolidating Results of Operations For the 26-Week Period Ended Dec. 31, 2011
	Sysco			U.S. Broadline Subsidiaries			Other Non-Guarantor Subsidiaries			Eliminations			Consolidated Totals
	(In thousands)
Sales	$	—		$	14,376,568		$	6,850,508		$	(396,265	)	$	20,830,811
Cost of sales		—			11,538,714			5,850,452			(351,605	)		17,037,561

Gross profit		—			2,837,854			1,000,056			(44,660	)		3,793,250
Operating expenses		252,523			1,770,650			878,399			(44,660	)		2,856,912

Operating income (loss)		(252,523	)		1,067,204			121,657			—			936,338
Interest expense (income)		193,263			(131,386	)		(4,079	)		—			57,798
Other expense (income), net		(3,512	)		(1,264	)		1,554			—			(3,222	)

Earnings (losses) before income taxes		(442,274	)		1,199,854			124,182			—			881,762
Income tax (benefit) provision		(165,018	)		447,680			46,334			—			328,996
Equity in earnings of subsidiaries		830,022			—			—			(830,022	)		—

Net earnings	$	552,766		$	752,174		$	77,848		$	(830,022	)	$	552,766

		$14,3765610			$14,3765610			$14,3765610			$14,3765610			$14,3765610
	Condensed Consolidating Results of Operations For the 26-Week Period Ended Jan. 1, 2011
	Sysco			U.S. Broadline Subsidiaries			Other Non-Guarantor Subsidiaries			Eliminations			Consolidated Totals
	(In thousands)
Sales	$	—		$	13,233,437		$	6,201,470		$	(298,781	)	$	19,136,126
Cost of sales		—			10,514,650			5,269,208			(255,503	)		15,528,355

Gross profit		—			2,718,787			932,262			(43,278	)		3,607,771
Operating expenses		262,125			1,697,388			748,271			(43,278	)		2,664,506

Operating income (loss)		(262,125	)		1,021,399			183,991			—			943,265
Interest expense (income)		261,856			(201,197	)		(1,498	)		—			59,161
Other expense (income), net		(92	)		(922	)		(1,970	)		—			(2,984	)

Earnings (losses) before income taxes		(523,889	)		1,223,518			187,459			—			887,088
Income tax (benefit) provision		(194,794	)		454,937			69,703			—			329,846
Equity in earnings of subsidiaries		886,337			—			—			(886,337	)		—

Net earnings	$	557,242		$	768,581		$	117,756		$	(886,337	)	$	557,242


	Condensed Consolidating Cash Flows For the 26-Week Period Ended Dec. 31, 2011
	Sysco			U.S. Broadline Subsidiaries			Other Non-Guarantor Subsidiaries			Consolidated Totals
	(In thousands)
Cash flows provided by (used for):
Operating activities	$	(69,367	)	$	636,579		$	(28,697	)	$	538,515
Investing activities		(140,083	)		(211,491	)		(136,249	)		(487,823	)
Financing activities		(157,055	)		168			(184,467	)		(341,354	)
Effect of exchange rates on cash		—			—			(12,572	)		(12,572	)
Intercompany activity		200,109			(431,560	)		231,451			—

Net increase (decrease) in cash and cash equivalents		(166,396	)		(6,304	)		(130,534	)		(303,234	)
Cash and cash equivalents at the beginning of period		305,513			32,154			302,098			639,765

Cash and cash equivalents at the end of period	$	139,117		$	25,850		$	171,564		$	336,531


	Condensed Consolidating Cash Flows For the 26-Week Period Ended Jan. 1, 2011
	Sysco			U.S. Broadline Subsidiaries			Other Non-Guarantor Subsidiaries			Consolidated Totals
	(In thousands)
Cash flows provided by (used for):
Operating activities	$	(200,386	)	$	538,404		$	(55,371	)	$	282,647
Investing activities		(140,272	)		(147,795	)		(38,692	)		(326,759	)
Financing activities		(340,071	)		(1,321	)		(1,188	)		(342,580	)
Effect of exchange rates on cash		—			—			11,004			11,004
Intercompany activity		403,841			(401,746	)		(2,095	)		—

Net increase (decrease) in cash and cash equivalents		(276,888	)		(12,458	)		(86,342	)		(375,688	)
Cash and cash equivalents at the beginning of period		373,523			31,935			179,985			585,443

Cash and cash equivalents at the end of period	$	96,635		$	19,477		$	93,643		$	209,755