(Mark One) | |||||
☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 74-1648137 | ||||||||||||||||
(State or other jurisdiction of incorporation or organization) | (IRS employer identification number) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Common stock, $1.00 Par Value | SYY | New York Stock Exchange | ||||||||||||
1.25% Notes due June 2023 | SYY 23 | New York Stock Exchange |
Large Accelerated Filer | ☑ | Accelerated Filer | ☐ | ||||||||
Non-accelerated Filer | ☐ | Smaller Reporting Company | ☐ | ||||||||
(Do not check if a smaller reporting company) | Emerging growth company | ☐ |
PART I – FINANCIAL INFORMATION | Page No. | |||||||
PART II – OTHER INFORMATION | ||||||||
Dec. 28, 2019 | Jun. 29, 2019 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 524,578 | $ | 513,460 | |||
Accounts and notes receivable, less allowances of $71,612 and $28,176 | 4,375,583 | 4,181,696 | |||||
Inventories | 3,508,260 | 3,216,034 | |||||
Prepaid expenses and other current assets | 245,480 | 210,582 | |||||
Income tax receivable | 7,709 | 19,733 | |||||
Total current assets | 8,661,610 | 8,141,505 | |||||
Plant and equipment at cost, less accumulated depreciation | 4,593,890 | 4,501,705 | |||||
Other long-term assets | |||||||
Goodwill | 4,023,639 | 3,896,226 | |||||
Intangibles, less amortization | 855,489 | 857,301 | |||||
Deferred income taxes | 117,885 | 80,760 | |||||
Operating lease right-of-use assets, net | 631,035 | — | |||||
Other assets | 488,486 | 489,025 | |||||
Total other long-term assets | 6,116,534 | 5,323,312 | |||||
Total assets | $ | 19,372,034 | $ | 17,966,522 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Current liabilities | |||||||
Notes payable | $ | 3,507 | $ | 3,957 | |||
Accounts payable | 4,159,607 | 4,314,620 | |||||
Accrued expenses | 1,686,866 | 1,729,941 | |||||
Accrued income taxes | 187,876 | 17,343 | |||||
Current operating lease liabilities | 103,963 | — | |||||
Current maturities of long-term debt | 790,149 | 37,322 | |||||
Total current liabilities | 6,931,968 | 6,103,183 | |||||
Long-term liabilities | |||||||
Long-term debt | 8,092,914 | 8,122,058 | |||||
Deferred income taxes | 142,301 | 172,232 | |||||
Long-term operating lease liabilities | 561,610 | — | |||||
Other long-term liabilities | 1,081,645 | 1,031,020 | |||||
Total long-term liabilities | 9,878,470 | 9,325,310 | |||||
Noncontrolling interest | 34,070 | 35,426 | |||||
Shareholders’ equity | |||||||
Preferred stock, par value $1 per share Authorized 1,500,000 shares, issued none | — | — | |||||
Common stock, par value $1 per share Authorized 2,000,000,000 shares, issued 765,174,900 shares | 765,175 | 765,175 | |||||
Paid-in capital | 1,526,132 | 1,457,419 | |||||
Retained earnings | 11,639,727 | 11,229,679 | |||||
Accumulated other comprehensive loss | (1,566,329 | ) | (1,599,729 | ) | |||
Treasury stock at cost, 256,332,388 and 252,297,926 shares | (9,837,179 | ) | (9,349,941 | ) | |||
Total shareholders’ equity | 2,527,526 | 2,502,603 | |||||
Total liabilities and shareholders’ equity | $ | 19,372,034 | $ | 17,966,522 |
Mar. 28, 2020 | Jun. 29, 2019 | |||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 2,240,807 | $ | 513,460 | ||||||||||||||||||||||
Accounts and notes receivable, less allowances of $246,076 and $28,176 | 3,656,219 | 4,181,696 | ||||||||||||||||||||||||
Inventories | 3,697,515 | 3,216,034 | ||||||||||||||||||||||||
Prepaid expenses and other current assets | 234,857 | 210,582 | ||||||||||||||||||||||||
Income tax receivable | 28,377 | 19,733 | ||||||||||||||||||||||||
Total current assets | 9,857,775 | 8,141,505 | ||||||||||||||||||||||||
Plant and equipment at cost, less accumulated depreciation | 4,604,618 | 4,501,705 | ||||||||||||||||||||||||
Other long-term assets | ||||||||||||||||||||||||||
Goodwill | 3,862,725 | 3,896,226 | ||||||||||||||||||||||||
Intangibles, less amortization | 802,593 | 857,301 | ||||||||||||||||||||||||
Deferred income taxes | 168,496 | 80,760 | ||||||||||||||||||||||||
Operating lease right-of-use assets, net | 620,556 | — | ||||||||||||||||||||||||
Other assets | 515,569 | 489,025 | ||||||||||||||||||||||||
Total other long-term assets | 5,969,939 | 5,323,312 | ||||||||||||||||||||||||
Total assets | $ | 20,432,332 | $ | 17,966,522 | ||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||
Notes payable | $ | 4,314 | $ | 3,957 | ||||||||||||||||||||||
Accounts payable | 3,969,004 | 4,314,620 | ||||||||||||||||||||||||
Accrued expenses | 1,721,100 | 1,729,941 | ||||||||||||||||||||||||
Accrued income taxes | — | 17,343 | ||||||||||||||||||||||||
Current operating lease liabilities | 102,994 | — | ||||||||||||||||||||||||
Current maturities of long-term debt | 827,597 | 37,322 | ||||||||||||||||||||||||
Total current liabilities | 6,625,009 | 6,103,183 | ||||||||||||||||||||||||
Long-term liabilities | ||||||||||||||||||||||||||
Long-term debt | 10,023,250 | 8,122,058 | ||||||||||||||||||||||||
Deferred income taxes | 128,848 | 172,232 | ||||||||||||||||||||||||
Long-term operating lease liabilities | 543,127 | — | ||||||||||||||||||||||||
Other long-term liabilities | 1,051,655 | 1,031,020 | ||||||||||||||||||||||||
Total long-term liabilities | 11,746,880 | 9,325,310 | ||||||||||||||||||||||||
Noncontrolling interest | 31,553 | 35,426 | ||||||||||||||||||||||||
Shareholders’ equity | ||||||||||||||||||||||||||
Preferred stock, par value $1 per share Authorized 1,500,000 shares, issued none | — | — | ||||||||||||||||||||||||
Common stock, par value $1 per share Authorized 2,000,000,000 shares, issued 765,174,900 shares | 765,175 | 765,175 | ||||||||||||||||||||||||
Paid-in capital | 1,528,893 | 1,457,419 | ||||||||||||||||||||||||
Retained earnings | 11,407,033 | 11,229,679 | ||||||||||||||||||||||||
Accumulated other comprehensive loss | (1,665,522) | (1,599,729) | ||||||||||||||||||||||||
Treasury stock at cost, 257,976,491 and 252,297,926 shares | (10,006,689) | (9,349,941) | ||||||||||||||||||||||||
Total shareholders’ equity | 2,028,890 | 2,502,603 | ||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 20,432,332 | $ | 17,966,522 |
13-Week Period Ended | 39-Week Period Ended | ||||||||||||||||||||||||||||||||||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | ||||||||||||||||||||||||||||||||
Sales | $ | 13,698,699 | $ | 14,658,074 | $ | 44,026,746 | $ | 44,639,060 | |||||||||||||||||||||||||||
Cost of sales | 11,134,459 | 11,903,776 | 35,690,737 | 36,209,265 | |||||||||||||||||||||||||||||||
Gross profit | 2,564,240 | 2,754,298 | 8,336,009 | 8,429,795 | |||||||||||||||||||||||||||||||
Operating expenses | 2,503,966 | 2,224,713 | 7,054,924 | 6,820,175 | |||||||||||||||||||||||||||||||
Operating income | 60,274 | 529,585 | 1,281,085 | 1,609,620 | |||||||||||||||||||||||||||||||
Interest expense | 83,854 | 94,514 | 243,951 | 270,643 | |||||||||||||||||||||||||||||||
Other expense (income), net | 5,200 | 4,120 | 7,505 | 15,449 | |||||||||||||||||||||||||||||||
Earnings (loss) before income taxes | (28,780) | 430,951 | 1,029,629 | 1,323,528 | |||||||||||||||||||||||||||||||
Income taxes | (25,483) | (9,132) | 195,735 | 185,023 | |||||||||||||||||||||||||||||||
Net earnings (loss) | $ | (3,297) | $ | 440,083 | $ | 833,894 | $ | 1,138,505 | |||||||||||||||||||||||||||
Net earnings (loss): | |||||||||||||||||||||||||||||||||||
Basic earnings (loss) per share | $ | (0.01) | $ | 0.86 | $ | 1.63 | $ | 2.20 | |||||||||||||||||||||||||||
Diluted earnings (loss) per share | (0.01) | 0.85 | 1.62 | 2.17 | |||||||||||||||||||||||||||||||
Average shares outstanding | 508,745,253 | 514,185,453 | 510,729,277 | 517,637,952 | |||||||||||||||||||||||||||||||
Diluted shares outstanding | 512,657,657 | 519,821,311 | 515,632,815 | 524,487,510 |
13-Week Period Ended | 26-Week Period Ended | ||||||||||||||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | ||||||||||||
Sales | $ | 15,025,042 | $ | 14,765,707 | $ | 30,328,047 | $ | 29,980,986 | |||||||
Cost of sales | 12,196,643 | 11,993,995 | 24,556,278 | 24,305,489 | |||||||||||
Gross profit | 2,828,399 | 2,771,712 | 5,771,769 | 5,675,497 | |||||||||||
Operating expenses | 2,275,906 | 2,319,817 | 4,550,958 | 4,595,462 | |||||||||||
Operating income | 552,493 | 451,895 | 1,220,811 | 1,080,035 | |||||||||||
Interest expense | 76,762 | 87,113 | 160,097 | 176,129 | |||||||||||
Other (income) expense, net | (807 | ) | 10,197 | 2,305 | 11,329 | ||||||||||
Earnings before income taxes | 476,538 | 354,585 | 1,058,409 | 892,577 | |||||||||||
Income taxes | 93,128 | 87,205 | 221,218 | 194,155 | |||||||||||
Net earnings | $ | 383,410 | $ | 267,380 | $ | 837,191 | $ | 698,422 | |||||||
Net earnings: | |||||||||||||||
Basic earnings per share | $ | 0.75 | $ | 0.52 | $ | 1.64 | $ | 1.34 | |||||||
Diluted earnings per share | 0.74 | 0.51 | 1.62 | 1.33 | |||||||||||
Average shares outstanding | 509,984,743 | 517,871,328 | 511,721,290 | 519,363,973 | |||||||||||
Diluted shares outstanding | 515,517,792 | 524,600,510 | 517,120,395 | 526,817,501 |
13-Week Period Ended | 39-Week Period Ended | ||||||||||||||||||||||||||||||||||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | ||||||||||||||||||||||||||||||||
Net earnings (loss) | $ | (3,297) | $ | 440,083 | $ | 833,894 | $ | 1,138,505 | |||||||||||||||||||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | (151,143) | 37,471 | (122,347) | (88,989) | |||||||||||||||||||||||||||||||
Items presented net of tax: | |||||||||||||||||||||||||||||||||||
Amortization of cash flow hedges | 2,155 | 2,155 | 6,465 | 6,465 | |||||||||||||||||||||||||||||||
Change in net investment hedges | 57,069 | (9,466) | 45,590 | 25,591 | |||||||||||||||||||||||||||||||
Change in cash flow hedges | (16,751) | 1,546 | (22,289) | (10,246) | |||||||||||||||||||||||||||||||
Amortization of prior service cost | 1,428 | 1,600 | 4,284 | 4,800 | |||||||||||||||||||||||||||||||
Amortization of actuarial loss | 8,029 | 6,529 | 21,937 | 19,587 | |||||||||||||||||||||||||||||||
Actuarial loss | — | — | — | (32,511) | |||||||||||||||||||||||||||||||
Change in marketable securities | 20 | 1,103 | 567 | 1,103 | |||||||||||||||||||||||||||||||
Total other comprehensive (loss) income | (99,193) | 40,938 | (65,793) | (74,200) | |||||||||||||||||||||||||||||||
Comprehensive (loss) income | $ | (102,490) | $ | 481,021 | $ | 768,101 | $ | 1,064,305 | |||||||||||||||||||||||||||
13-Week Period Ended | 26-Week Period Ended | ||||||||||||||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | ||||||||||||
Net earnings | $ | 383,410 | $ | 267,380 | $ | 837,191 | $ | 698,422 | |||||||
Other comprehensive income (loss) : | |||||||||||||||
Foreign currency translation adjustment | 154,955 | (101,533 | ) | 28,796 | (126,460 | ) | |||||||||
Items presented net of tax: | |||||||||||||||
Amortization of cash flow hedges | 2,155 | 2,155 | 4,310 | 4,310 | |||||||||||
Change in net investment hedges | (41,479 | ) | 26,469 | (11,479 | ) | 35,057 | |||||||||
Change in cash flow hedges | (14,797 | ) | (8,784 | ) | (5,538 | ) | (11,792 | ) | |||||||
Amortization of prior service cost | 1,428 | 1,600 | 2,856 | 3,200 | |||||||||||
Amortization of actuarial loss | 7,225 | 6,529 | 13,908 | 13,058 | |||||||||||
Actuarial loss | — | — | — | (32,511 | ) | ||||||||||
Change in marketable securities | (386 | ) | — | 547 | — | ||||||||||
Total other comprehensive income (loss) | 109,101 | (73,564 | ) | 33,400 | (115,138 | ) | |||||||||
Comprehensive income | $ | 492,511 | $ | 193,816 | $ | 870,591 | $ | 583,284 |
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amounts | Totals | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 28, 2019 | 765,174,900 | $ | 765,175 | $ | 1,526,132 | $ | 11,639,727 | $ | (1,566,329) | 256,332,388 | $ | (9,837,179) | $ | 2,527,526 | |||||||||||||||||||||||||||||||||||||||||||||
Net earnings | (3,297) | (3,297) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | (151,143) | (151,143) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of cash flow hedges, net of tax | 2,155 | 2,155 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in cash flow hedges, net of tax | (16,751) | (16,751) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in net investment hedges, net of tax | 57,069 | 57,069 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of pension and other postretirement benefit plans amounts to net earnings, net of tax | 9,457 | 9,457 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in marketable securities, net of tax | 20 | 20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.45 per common share) | (229,397) | (229,397) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock purchases | 2,940,960 | (214,304) | (214,304) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation awards | 2,761 | (1,296,857) | 44,794 | 47,555 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 28, 2020 | 765,174,900 | $ | 765,175 | $ | 1,528,893 | $ | 11,407,033 | $ | (1,665,522) | 257,976,491 | $ | (10,006,689) | $ | 2,028,890 | |||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amounts | Totals | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 29, 2018 | 765,174,900 | $ | 765,175 | $ | 1,465,461 | $ | 10,654,711 | $ | (1,524,407) | 251,658,719 | $ | (9,193,304) | $ | 2,167,636 | |||||||||||||||||||||||||||||||||||||||||||||
Net earnings | 440,083 | 440,083 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | 37,471 | 37,471 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of cash flow hedges, net of tax | 2,155 | 2,155 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in cash flow hedges, net of tax | 1,546 | 1,546 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in net investment hedges, net of tax | (9,466) | (9,466) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of pension and other postretirement benefit plans amounts to net earnings, net of tax | 8,129 | 8,129 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in marketable securities, net of tax | 1,103 | 1,103 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.39 per common share) | (201,146) | (201,146) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock purchases | 1,835,170 | (118,524) | (118,524) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase in ownership interest in subsidiaries | (54,877) | (54,877) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation awards | 14,495 | (2,164,427) | 73,292 | 87,787 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 30, 2019 | 765,174,900 | $ | 765,175 | $ | 1,425,079 | $ | 10,893,648 | $ | (1,483,469) | 251,329,462 | $ | (9,238,536) | $ | 2,361,897 |
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | ||||||||||||||||||||||||||
Shares | Amount | Shares | Amounts | Totals | |||||||||||||||||||||||||
Balance as of September 28, 2019 | 765,174,900 | $ | 765,175 | $ | 1,490,661 | $ | 11,486,833 | $ | (1,675,430 | ) | 254,310,626 | $ | (9,612,491 | ) | $ | 2,454,748 | |||||||||||||
Net earnings | 383,410 | 383,410 | |||||||||||||||||||||||||||
Foreign currency translation adjustment | 154,955 | 154,955 | |||||||||||||||||||||||||||
Amortization of cash flow hedges, net of tax | 2,155 | 2,155 | |||||||||||||||||||||||||||
Change in cash flow hedges, net of tax | (14,797 | ) | (14,797 | ) | |||||||||||||||||||||||||
Change in net investment hedges, net of tax | (41,479 | ) | (41,479 | ) | |||||||||||||||||||||||||
Reclassification of pension and other postretirement benefit plans amounts to net earnings, net of tax | 8,653 | 8,653 | |||||||||||||||||||||||||||
Change in marketable securities, net of tax | (386 | ) | (386 | ) | |||||||||||||||||||||||||
Dividends declared ($0.45 per common share) | (230,516 | ) | (230,516 | ) | |||||||||||||||||||||||||
Treasury stock purchases | 3,501,930 | (281,081 | ) | (281,081 | ) | ||||||||||||||||||||||||
Share-based compensation awards | 35,471 | (1,480,168 | ) | 56,393 | 91,864 | ||||||||||||||||||||||||
Balance as of December 28, 2019 | 765,174,900 | $ | 765,175 | $ | 1,526,132 | $ | 11,639,727 | $ | (1,566,329 | ) | 256,332,388 | $ | (9,837,179 | ) | $ | 2,527,526 | |||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | ||||||||||||||||||||||||||
Shares | Amount | Shares | Amounts | Totals | |||||||||||||||||||||||||
Balance as of September 29, 2018 | 765,174,900 | $ | 765,175 | $ | 1,438,097 | $ | 10,592,490 | $ | (1,450,843 | ) | 245,025,271 | $ | (8,706,345 | ) | $ | 2,638,574 | |||||||||||||
Net earnings | 267,380 | 267,380 | |||||||||||||||||||||||||||
Foreign currency translation adjustment | (101,533 | ) | (101,533 | ) | |||||||||||||||||||||||||
Amortization of cash flow hedges, net of tax | 2,155 | 2,155 | |||||||||||||||||||||||||||
Change in cash flow hedges, net of tax | (8,784 | ) | (8,784 | ) | |||||||||||||||||||||||||
Change in net investment hedges, net of tax | 26,469 | 26,469 | |||||||||||||||||||||||||||
Reclassification of pension and other postretirement benefit plans amounts to net earnings, net of tax | 8,129 | 8,129 | |||||||||||||||||||||||||||
Dividends declared ($0.39 per common share) | (205,159 | ) | (205,159 | ) | |||||||||||||||||||||||||
Treasury stock purchases | 8,103,590 | (540,462 | ) | (540,462 | ) | ||||||||||||||||||||||||
Share-based compensation awards | 27,364 | (1,470,142 | ) | 53,503 | 80,867 | ||||||||||||||||||||||||
Balance as of December 29, 2018 | 765,174,900 | $ | 765,175 | $ | 1,465,461 | $ | 10,654,711 | $ | (1,524,407 | ) | 251,658,719 | $ | (9,193,304 | ) | $ | 2,167,636 |
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amounts | Totals | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 29, 2019 | 765,174,900 | $ | 765,175 | $ | 1,457,419 | $ | 11,229,679 | $ | (1,599,729) | 252,297,926 | $ | (9,349,941) | $ | 2,502,603 | |||||||||||||||||||||||||||||||||||||||||||||
Net earnings | 833,894 | 833,894 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | (122,347) | (122,347) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of cash flow hedges, net of tax | 6,465 | 6,465 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in cash flow hedges, net of tax | (22,289) | (22,289) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in net investment hedges, net of tax | 45,590 | 45,590 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of pension and other postretirement benefit plans amounts to net earnings, net of tax | 26,221 | 26,221 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in marketable securities, net of tax | 567 | 567 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adoption of ASU 2016-02, Leases (Topic 842), net of tax | 1,978 | 1,978 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($1.29 per common share) | (658,518) | (658,518) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock purchases | 11,030,287 | (843,252) | (843,252) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation awards | 71,474 | (5,351,722) | 186,504 | 257,978 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 28, 2020 | 765,174,900 | $ | 765,175 | $ | 1,528,893 | $ | 11,407,033 | $ | (1,665,522) | 257,976,491 | $ | (10,006,689) | $ | 2,028,890 | |||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amounts | Totals | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2018 | 765,174,900 | $ | 765,175 | $ | 1,383,619 | $ | 10,348,628 | $ | (1,409,269) | 244,533,248 | $ | (8,581,196) | $ | 2,506,957 | |||||||||||||||||||||||||||||||||||||||||||||
Net earnings | 1,138,505 | 1,138,505 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | (88,989) | (88,989) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of cash flow hedges, net of tax | 6,465 | 6,465 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in cash flow hedges, net of tax | (10,246) | (10,246) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in net investment hedge, net of tax | 25,591 | 25,591 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of pension and other postretirement benefit plans amounts to net earnings, net of tax | 24,387 | 24,387 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension funded status adjustment, net of tax | (32,511) | (32,511) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in marketable securities, net of tax | 1,103 | 1,103 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($1.14 per common share) | (593,485) | (593,485) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock purchases | 12,850,437 | (868,527) | (868,527) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase in ownership interest in subsidiaries | (54,877) | (54,877) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation awards | 96,337 | (6,054,223) | 211,187 | 307,524 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 30, 2019 | 765,174,900 | $ | 765,175 | $ | 1,425,079 | $ | 10,893,648 | $ | (1,483,469) | 251,329,462 | $ | (9,238,536) | $ | 2,361,897 |
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | ||||||||||||||||||||||||||
Shares | Amount | Shares | Amounts | Totals | |||||||||||||||||||||||||
Balance as of June 29, 2019 | 765,174,900 | $ | 765,175 | $ | 1,457,419 | $ | 11,229,679 | $ | (1,599,729 | ) | 252,297,926 | $ | (9,349,941 | ) | $ | 2,502,603 | |||||||||||||
Net earnings | 837,191 | 837,191 | |||||||||||||||||||||||||||
Foreign currency translation adjustment | 28,796 | 28,796 | |||||||||||||||||||||||||||
Amortization of cash flow hedges, net of tax | 4,310 | 4,310 | |||||||||||||||||||||||||||
Change in cash flow hedges, net of tax | (5,538 | ) | (5,538 | ) | |||||||||||||||||||||||||
Change in net investment hedges, net of tax | (11,479 | ) | (11,479 | ) | |||||||||||||||||||||||||
Reclassification of pension and other postretirement benefit plans amounts to net earnings, net of tax | 16,764 | 16,764 | |||||||||||||||||||||||||||
Change in marketable securities, net of tax | 547 | 547 | |||||||||||||||||||||||||||
Adoption of ASU 2016-02, Leases (Topic 842), net of tax | 1,978 | 1,978 | |||||||||||||||||||||||||||
Dividends declared ($0.84 per common share) | (429,121 | ) | (429,121 | ) | |||||||||||||||||||||||||
Treasury stock purchases | 8,089,327 | (628,948 | ) | (628,948 | ) | ||||||||||||||||||||||||
Share-based compensation awards | 68,713 | (4,054,865 | ) | 141,710 | 210,423 | ||||||||||||||||||||||||
Balance as of December 28, 2019 | 765,174,900 | $ | 765,175 | $ | 1,526,132 | $ | 11,639,727 | $ | (1,566,329 | ) | 256,332,388 | $ | (9,837,179 | ) | $ | 2,527,526 | |||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock | ||||||||||||||||||||||||||
Shares | Amount | Shares | Amounts | Totals | |||||||||||||||||||||||||
Balance as of June 30, 2018 | 765,174,900 | $ | 765,175 | $ | 1,383,619 | $ | 10,348,628 | $ | (1,409,269 | ) | 244,533,248 | $ | (8,581,196 | ) | $ | 2,506,957 | |||||||||||||
Net earnings | 698,422 | 698,422 | |||||||||||||||||||||||||||
Foreign currency translation adjustment | (126,460 | ) | (126,460 | ) | |||||||||||||||||||||||||
Amortization of cash flow hedges, net of tax | 4,310 | 4,310 | |||||||||||||||||||||||||||
Change in cash flow hedges, net of tax | (11,792 | ) | (11,792 | ) | |||||||||||||||||||||||||
Change in net investment hedge, net of tax | 35,057 | 35,057 | |||||||||||||||||||||||||||
Reclassification of pension and other postretirement benefit plans amounts to net earnings, net of tax | 16,258 | 16,258 | |||||||||||||||||||||||||||
Dividends declared ($0.75 per common share) | (392,339 | ) | (392,339 | ) | |||||||||||||||||||||||||
Treasury stock purchases | 11,015,267 | (750,003 | ) | (750,003 | ) | ||||||||||||||||||||||||
Share-based compensation awards | 81,842 | (3,889,796 | ) | 137,895 | 219,737 | ||||||||||||||||||||||||
Balance as of December 29, 2018 | 765,174,900 | $ | 765,175 | $ | 1,465,461 | $ | 10,654,711 | $ | (1,524,407 | ) | 251,658,719 | $ | (9,193,304 | ) | $ | 2,167,636 |
26-Week Period Ended | 39-Week Period Ended | |||||||||||||||||||||||
Dec. 28, 2019 | Dec. 29, 2018 | Mar. 28, 2020 | Mar. 30, 2019 | |||||||||||||||||||||
Cash flows from operating activities: | Cash flows from operating activities: | |||||||||||||||||||||||
Net earnings | $ | 837,191 | $ | 698,422 | Net earnings | $ | 833,894 | $ | 1,138,505 | |||||||||||||||
Adjustments to reconcile net earnings to cash provided by operating activities: | Adjustments to reconcile net earnings to cash provided by operating activities: | |||||||||||||||||||||||
Share-based compensation expense | 46,644 | 54,199 | Share-based compensation expense | 63,942 | 78,110 | |||||||||||||||||||
Depreciation and amortization | 372,416 | 392,413 | Depreciation and amortization | 558,588 | 576,596 | |||||||||||||||||||
Operating lease asset amortization | 53,444 | — | Operating lease asset amortization | 83,749 | — | |||||||||||||||||||
Amortization of debt issuance and other debt-related costs | 9,889 | 10,814 | Amortization of debt issuance and other debt-related costs | 15,247 | 16,244 | |||||||||||||||||||
Goodwill Impairment | Goodwill Impairment | 68,725 | — | |||||||||||||||||||||
Deferred income taxes | (75,898 | ) | (89,098 | ) | Deferred income taxes | (145,133) | (98,206) | |||||||||||||||||
Provision for losses on receivables | 38,418 | 27,647 | Provision for losses on receivables | 213,769 | 43,791 | |||||||||||||||||||
Other non-cash items | 3,239 | 411 | Other non-cash items | 6,765 | (7,677) | |||||||||||||||||||
Additional changes in certain assets and liabilities, net of effect of businesses acquired: | Additional changes in certain assets and liabilities, net of effect of businesses acquired: | |||||||||||||||||||||||
(Increase) in receivables | (161,158 | ) | (137,314 | ) | ||||||||||||||||||||
Decrease (increase) in receivables | Decrease (increase) in receivables | 342,557 | (317,627) | |||||||||||||||||||||
(Increase) in inventories | (279,403 | ) | (204,437 | ) | (Increase) in inventories | (497,391) | (231,732) | |||||||||||||||||
(Increase) in prepaid expenses and other current assets | (38,503 | ) | (31,465 | ) | (Increase) in prepaid expenses and other current assets | (38,831) | (20,823) | |||||||||||||||||
(Decrease) increase in accounts payable | (191,280 | ) | 131,715 | (Decrease) increase in accounts payable | (353,836) | 231,213 | ||||||||||||||||||
(Decrease) increase in accrued expenses | (49,866 | ) | 92,100 | (Decrease) increase in accrued expenses | (28,406) | 62,518 | ||||||||||||||||||
(Decrease) in operating lease liabilities | (62,101 | ) | — | (Decrease) in operating lease liabilities | (95,861) | — | ||||||||||||||||||
Increase (decrease) in accrued income taxes | 182,557 | (11,117 | ) | |||||||||||||||||||||
(Decrease) in accrued income taxes | (Decrease) in accrued income taxes | (25,987) | (41,813) | |||||||||||||||||||||
Decrease (increase) in other assets | 13,023 | (21,138 | ) | Decrease (increase) in other assets | 23,263 | (14,819) | ||||||||||||||||||
Increase in other long-term liabilities | 55,857 | 4,638 | ||||||||||||||||||||||
Increase (decrease) in other long-term liabilities | Increase (decrease) in other long-term liabilities | 53,415 | (49,055) | |||||||||||||||||||||
Net cash provided by operating activities | 754,469 | 917,790 | Net cash provided by operating activities | 1,078,469 | 1,365,225 | |||||||||||||||||||
Cash flows from investing activities: | Cash flows from investing activities: | |||||||||||||||||||||||
Additions to plant and equipment | (393,379 | ) | (223,825 | ) | Additions to plant and equipment | (603,865) | (382,905) | |||||||||||||||||
Proceeds from sales of plant and equipment | 10,293 | 6,901 | Proceeds from sales of plant and equipment | 13,245 | 16,383 | |||||||||||||||||||
Acquisition of businesses, net of cash acquired | (142,783 | ) | — | Acquisition of businesses, net of cash acquired | (142,780) | (97,530) | ||||||||||||||||||
Purchase of marketable securities | (11,424 | ) | — | Purchase of marketable securities | (11,424) | (115,807) | ||||||||||||||||||
Proceeds from sales of marketable securities | 9,038 | — | Proceeds from sales of marketable securities | 17,465 | — | |||||||||||||||||||
Other investing activities | 565 | (88 | ) | Other investing activities | 67,371 | — | ||||||||||||||||||
Net cash used for investing activities | (527,690 | ) | (217,012 | ) | Net cash used for investing activities | (659,988) | (579,859) | |||||||||||||||||
Cash flows from financing activities: | Cash flows from financing activities: | |||||||||||||||||||||||
Bank and commercial paper borrowings, net | 721,415 | 109,900 | Bank and commercial paper borrowings, net | 20,886 | 200,000 | |||||||||||||||||||
Other debt borrowings | 18,966 | 383,163 | Other debt borrowings | 2,682,278 | 389,681 | |||||||||||||||||||
Other debt repayments | (23,234 | ) | (16,617 | ) | Other debt repayments | (28,244) | (278,234) | |||||||||||||||||
Proceeds from stock option exercises | 141,709 | 137,896 | Proceeds from stock option exercises | 186,503 | 211,174 | |||||||||||||||||||
Treasury stock purchases | (630,395 | ) | (739,205 | ) | Treasury stock purchases | (844,699) | (866,714) | |||||||||||||||||
Dividends paid | (399,093 | ) | (379,216 | ) | Dividends paid | (628,056) | (575,059) | |||||||||||||||||
Other financing activities | (22,461 | ) | (6,653 | ) | Other financing activities | (45,990) | (20,663) | |||||||||||||||||
Net cash used for financing activities | (193,093 | ) | (510,732 | ) | ||||||||||||||||||||
Net cash provided by (used for) for financing activities | Net cash provided by (used for) for financing activities | 1,342,678 | (939,815) | |||||||||||||||||||||
Effect of exchange rates on cash, cash equivalents and restricted cash | 5,565 | (8,904 | ) | Effect of exchange rates on cash, cash equivalents and restricted cash | (8,857) | (11,619) | ||||||||||||||||||
Net increase in cash, cash equivalents and restricted cash | 39,251 | 181,142 | ||||||||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | Net increase (decrease) in cash, cash equivalents and restricted cash | 1,752,302 | (166,068) | |||||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 532,245 | 715,844 | Cash, cash equivalents and restricted cash at beginning of period | 532,245 | 715,844 | |||||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 571,496 | $ | 896,986 | Cash, cash equivalents and restricted cash at end of period | $ | 2,284,547 | $ | 549,776 | |||||||||||||||
Supplemental disclosures of cash flow information: | Supplemental disclosures of cash flow information: | |||||||||||||||||||||||
Cash paid during the period for: | Cash paid during the period for: | |||||||||||||||||||||||
Interest | $ | 162,720 | $ | 158,574 | Interest | $ | 247,606 | $ | 252,377 | |||||||||||||||
Income taxes | 122,049 | 328,574 | Income taxes | 358,622 | 379,728 |
Mar. 28, 2020 | Mar. 30, 2019 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Cash and cash equivalents | $ | 2,240,807 | $ | 521,621 | |||||||||||||
Restricted cash (1) | 43,740 | 28,155 | |||||||||||||||
Total cash, cash equivalents and restricted cash shown in the Consolidated Statement of Cash Flows | $ | 2,284,547 | $ | 549,776 |
Dec. 28, 2019 | Dec. 29, 2018 | ||||||
(In thousands) | |||||||
Cash and cash equivalents | $ | 524,578 | $ | 744,808 | |||
Restricted cash (1) | 46,918 | 152,178 | |||||
Total cash, cash equivalents and restricted cash shown in the Consolidated Statement of Cash Flows | $ | 571,496 | $ | 896,986 |
13-Week Period Ended Mar. 28, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Foodservice Operations | International Foodservice Operations | SYGMA | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Product Categories | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fresh and frozen meats | $ | 1,840,655 | $ | 348,748 | $ | 374,531 | $ | — | $ | 2,563,934 | ||||||||||||||||||||||||||||||||||||||||||||||
Canned and dry products | 1,747,522 | 516,841 | 28,804 | — | 2,293,167 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Frozen fruits, vegetables, bakery and other | 1,316,562 | 479,444 | 244,151 | — | 2,040,157 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dairy products | 1,020,115 | 272,854 | 135,818 | — | 1,428,787 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Poultry | 953,741 | 177,661 | 179,833 | — | 1,311,235 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Fresh produce | 926,527 | 223,614 | 57,667 | — | 1,207,808 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Paper and disposables | 678,104 | 84,684 | 155,487 | 16,060 | 934,335 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Seafood | 569,922 | 98,212 | 33,269 | — | 701,403 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Beverage products | 253,683 | 111,105 | 132,430 | 18,681 | 515,899 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other (1) | 280,174 | 195,479 | 22,121 | 204,200 | 701,974 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total Sales | $ | 9,587,005 | $ | 2,508,642 | $ | 1,364,111 | $ | 238,941 | $ | 13,698,699 |
13-Week Period Ended Mar. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Foodservice Operations | International Foodservice Operations | SYGMA | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Product Categories | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fresh and frozen meats | $ | 2,035,201 | $ | 389,126 | $ | 386,074 | $ | — | $ | 2,810,401 | ||||||||||||||||||||||||||||||||||||||||||||||
Canned and dry products | 1,812,070 | 554,653 | 69,730 | — | 2,436,453 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Frozen fruits, vegetables, bakery and other | 1,408,601 | 500,999 | 300,725 | — | 2,210,325 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dairy products | 1,030,209 | 304,315 | 145,460 | — | 1,479,984 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Poultry | 1,013,513 | 195,816 | 200,518 | — | 1,409,847 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Fresh produce | 936,972 | 245,436 | 56,847 | — | 1,239,255 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Paper and disposables | 686,732 | 88,400 | 178,465 | 14,287 | 967,884 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Seafood | 624,953 | 166,103 | 32,959 | — | 824,015 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Beverage products | 277,421 | 129,366 | 136,876 | 19,787 | 563,450 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other (1) | 279,611 | 183,677 | 29,658 | 223,514 | 716,460 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total Sales | $ | 10,105,283 | $ | 2,757,891 | $ | 1,537,312 | $ | 257,588 | $ | 14,658,074 |
13-Week Period Ended Dec. 28, 2019 | 39-Week Period Ended Mar. 28, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Foodservice Operations | International Foodservice Operations | SYGMA | Other | Total | US Foodservice Operations | International Foodservice Operations | SYGMA | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Product Categories | Principal Product Categories | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fresh and frozen meats | $ | 2,071,447 | $ | 409,483 | $ | 392,584 | $ | — | $ | 2,873,514 | Fresh and frozen meats | $ | 5,987,431 | $ | 1,167,126 | $ | 1,148,493 | $ | — | $ | 8,303,050 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Canned and dry products | 1,861,743 | 578,998 | 38,652 | — | 2,479,393 | Canned and dry products | 5,508,168 | 1,687,732 | 104,646 | — | 7,300,546 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Frozen fruits, vegetables, bakery and other | 1,459,470 | 572,991 | 266,540 | — | 2,299,001 | Frozen fruits, vegetables, bakery and other | 4,225,248 | 1,610,048 | 765,146 | — | 6,600,442 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Poultry | Poultry | 3,108,528 | 605,506 | 584,583 | — | 4,298,617 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dairy products | 1,139,820 | 299,830 | 142,967 | — | 1,582,617 | Dairy products | 3,308,322 | 886,256 | 424,706 | — | 4,619,284 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Poultry | 1,064,679 | 214,781 | 200,481 | — | 1,479,941 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fresh produce | 952,857 | 256,183 | 59,318 | — | 1,268,358 | Fresh produce | 2,877,445 | 734,824 | 177,918 | — | 3,790,187 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paper and disposables | 689,890 | 90,778 | 166,313 | 15,290 | 962,271 | Paper and disposables | 2,087,588 | 269,797 | 490,235 | 48,723 | 2,896,343 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Seafood | 601,709 | 129,065 | 23,383 | — | 754,157 | Seafood | 1,857,040 | 367,486 | 81,507 | — | 2,306,033 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beverage products | 276,626 | 130,766 | 139,106 | 20,912 | 567,410 | Beverage products | 821,092 | 366,006 | 415,215 | 63,922 | 1,666,235 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other (1) | 295,334 | 207,178 | 26,549 | 229,319 | 758,380 | Other (1) | 878,353 | 616,300 | 74,549 | 676,807 | 2,246,009 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Sales | $ | 10,413,575 | $ | 2,890,053 | $ | 1,455,893 | $ | 265,521 | $ | 15,025,042 | Total Sales | $ | 30,659,215 | $ | 8,311,081 | $ | 4,266,998 | $ | 789,452 | $ | 44,026,746 |
39-Week Period Ended Mar. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Foodservice Operations | International Foodservice Operations | SYGMA | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Product Categories | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fresh and frozen meats | $ | 6,241,367 | $ | 1,218,668 | $ | 1,132,476 | $ | — | $ | 8,592,511 | ||||||||||||||||||||||||||||||||||||||||||||||
Canned and dry products | 5,463,772 | 1,777,733 | 214,070 | — | 7,455,575 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Frozen fruits, vegetables, bakery and other | 4,249,051 | 1,483,735 | 907,718 | — | 6,640,504 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dairy products | 3,158,050 | 929,025 | 448,369 | — | 4,535,444 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Poultry | 3,042,028 | 620,940 | 681,253 | — | 4,344,221 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Fresh produce | 2,802,548 | 825,000 | 178,745 | — | 3,806,293 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Paper and disposables | 2,079,381 | 280,315 | 548,977 | 44,871 | 2,953,544 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Seafood | 1,868,294 | 550,953 | 81,795 | — | 2,501,042 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Beverage products | 839,173 | 342,753 | 420,414 | 63,389 | 1,665,729 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other (1) | 848,135 | 540,317 | 81,559 | 674,186 | 2,144,197 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total Sales | $ | 30,591,799 | $ | 8,569,439 | $ | 4,695,376 | $ | 782,446 | $ | 44,639,060 |
13-Week Period Ended Dec. 29, 2018 | ||||||||||||||||||||
US Foodservice Operations | International Foodservice Operations | SYGMA | Other | Total | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Principal Product Categories | ||||||||||||||||||||
Fresh and frozen meats | $ | 2,084,648 | $ | 409,086 | $ | 374,069 | $ | — | $ | 2,867,803 | ||||||||||
Canned and dry products | 1,799,535 | 611,609 | 66,719 | — | 2,477,863 | |||||||||||||||
Frozen fruits, vegetables, bakery and other | 1,417,063 | 354,178 | 315,129 | — | 2,086,370 | |||||||||||||||
Dairy products | 1,041,436 | 306,364 | 148,103 | — | 1,495,903 | |||||||||||||||
Poultry | 1,001,579 | 209,542 | 208,674 | — | 1,419,795 | |||||||||||||||
Fresh produce | 927,997 | 322,020 | 57,048 | — | 1,307,065 | |||||||||||||||
Paper and disposables | 681,890 | 87,376 | 181,896 | 14,175 | 965,337 | |||||||||||||||
Seafood | 581,655 | 196,413 | 23,451 | — | 801,519 | |||||||||||||||
Beverage products | 271,182 | 161,317 | 136,244 | 20,422 | 589,165 | |||||||||||||||
Other (1) | 280,120 | 232,693 | 25,274 | 216,800 | 754,887 | |||||||||||||||
Total Sales | $ | 10,087,105 | $ | 2,890,598 | $ | 1,536,607 | $ | 251,397 | $ | 14,765,707 |
26-Week Period Ended Dec. 28, 2019 | ||||||||||||||||||||
US Foodservice Operations | International Foodservice Operations | SYGMA | Other | Total | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Principal Product Categories | ||||||||||||||||||||
Fresh and frozen meats | $ | 4,146,747 | $ | 821,638 | $ | 773,962 | $ | — | $ | 5,742,347 | ||||||||||
Canned and dry products | 3,760,632 | 1,165,622 | 75,842 | — | 5,002,096 | |||||||||||||||
Frozen fruits, vegetables, bakery and other | 2,908,688 | 1,125,005 | 520,995 | — | 4,554,688 | |||||||||||||||
Poultry | 2,154,785 | 433,381 | 404,749 | — | 2,992,915 | |||||||||||||||
Dairy products | 2,288,201 | 612,008 | 288,888 | — | 3,189,097 | |||||||||||||||
Fresh produce | 1,951,020 | 513,941 | 120,252 | — | 2,585,213 | |||||||||||||||
Paper and disposables | 1,409,431 | 189,120 | 334,748 | 32,663 | 1,965,962 | |||||||||||||||
Seafood | 1,287,119 | 278,656 | 48,238 | — | 1,614,013 | |||||||||||||||
Beverage products | 567,412 | 263,618 | 282,785 | 45,240 | 1,159,055 | |||||||||||||||
Other (1) | 598,173 | 399,452 | 52,428 | 472,608 | 1,522,661 | |||||||||||||||
Total Sales | $ | 21,072,208 | $ | 5,802,441 | $ | 2,902,887 | $ | 550,511 | $ | 30,328,047 |
26-Week Period Ended Dec. 29, 2018 | ||||||||||||||||||||
US Foodservice Operations | International Foodservice Operations | SYGMA | Other | Total | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Principal Product Categories | ||||||||||||||||||||
Fresh and frozen meats | $ | 4,206,167 | $ | 829,542 | $ | 746,401 | $ | — | $ | 5,782,110 | ||||||||||
Canned and dry products | 3,651,702 | 1,223,079 | 144,341 | — | 5,019,122 | |||||||||||||||
Frozen fruits, vegetables, bakery and other | 2,840,449 | 982,735 | 606,995 | — | 4,430,179 | |||||||||||||||
Poultry | 2,028,515 | 425,124 | 480,735 | — | 2,934,374 | |||||||||||||||
Dairy products | 2,127,840 | 624,711 | 302,909 | — | 3,055,460 | |||||||||||||||
Fresh produce | 1,865,577 | 579,564 | 121,897 | — | 2,567,038 | |||||||||||||||
Paper and disposables | 1,392,649 | 191,915 | 370,512 | 30,584 | 1,985,660 | |||||||||||||||
Seafood | 1,243,342 | 384,850 | 48,835 | — | 1,677,027 | |||||||||||||||
Beverage products | 561,752 | 213,388 | 283,538 | 43,601 | 1,102,279 | |||||||||||||||
Other (1) | 568,523 | 356,640 | 51,901 | 450,673 | 1,427,737 | |||||||||||||||
Total Sales | $ | 20,486,516 | $ | 5,811,548 | $ | 3,158,064 | $ | 524,858 | $ | 29,980,986 |
Assets Measured at Fair Value as of Mar. 28, 2020 | |||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,656,813 | $ | 200,200 | $ | — | $ | 1,857,013 | |||||||||||||||||||||||||||||||||
Other assets (1) | 43,740 | — | — | 43,740 | |||||||||||||||||||||||||||||||||||||
Total assets at fair value | $ | 1,700,553 | $ | 200,200 | $ | — | $ | 1,900,753 | |||||||||||||||||||||||||||||||||
Assets Measured at Fair Value as of Dec. 28, 2019 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(In thousands) | |||||||||||||||
Assets: | |||||||||||||||
Cash equivalents | |||||||||||||||
Cash and cash equivalents | $ | 135,965 | $ | 200 | $ | — | $ | 136,165 | |||||||
Other assets (1) | 46,918 | — | — | 46,918 | |||||||||||
Total assets at fair value | $ | 182,883 | $ | 200 | $ | — | $ | 183,083 |
Assets Measured at Fair Value as of Jun. 29, 2019 | |||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 72,824 | $ | 200 | $ | — | $ | 73,024 | |||||||||||||||||||||||||||||||||
Other assets (1) | 18,785 | — | — | 18,785 | |||||||||||||||||||||||||||||||||||||
Total assets at fair value | $ | 91,609 | $ | 200 | $ | — | $ | 91,809 | |||||||||||||||||||||||||||||||||
(1)Represents restricted cash balance recorded within Other assets in the consolidated balance sheet. |
Dec. 28, 2019 | |||||||||||||||||||||||
Amortized Cost Basis | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Short-Term Marketable Securities | Long-Term Marketable Securities | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||
Corporate bonds | $ | 89,872 | $ | 2,122 | $ | (3 | ) | $ | 91,991 | $ | 15,047 | $ | 76,944 | ||||||||||
Government bonds | 28,768 | 2,152 | — | 30,920 | — | 30,920 | |||||||||||||||||
Total marketable securities | $ | 118,640 | $ | 4,274 | $ | (3 | ) | $ | 122,911 | $ | 15,047 | $ | 107,864 | ||||||||||
Jun. 29, 2019 | |||||||||||||||||||||||
Amortized Cost Basis | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Short-Term Marketable Securities | Long-Term Marketable Securities | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Corporate bonds | $ | 87,540 | $ | 1,734 | $ | — | $ | 89,274 | $ | 12,006 | $ | 77,268 | |||||||||||
Government bonds | 28,900 | 1,845 | — | 30,745 | — | 30,745 | |||||||||||||||||
Total marketable securities | $ | 116,440 | $ | 3,579 | $ | — | $ | 120,019 | $ | 12,006 | $ | 108,013 |
Mar. 28, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost Basis | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Short-Term Marketable Securities | Long-Term Marketable Securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | $ | 81,760 | $ | 885 | $ | (359) | $ | 82,286 | $ | 11,976 | $ | 70,310 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Government bonds | 28,700 | 3,770 | — | 32,470 | — | 32,470 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total marketable securities | $ | 110,460 | $ | 4,655 | $ | (359) | $ | 114,756 | $ | 11,976 | $ | 102,780 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Jun. 29, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost Basis | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Short-Term Marketable Securities | Long-Term Marketable Securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | $ | 87,540 | $ | 1,734 | $ | — | $ | 89,274 | $ | 12,006 | $ | 77,268 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Government bonds | 28,900 | 1,845 | — | 30,745 | — | 30,745 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total marketable securities | $ | 116,440 | $ | 3,579 | $ | — | $ | 120,019 | $ | 12,006 | $ | 108,013 |
Mar. 28, 2020 | |||||
(In thousands) | |||||
Balance at beginning of period | $ | 28,176 | |||
Charged to costs and expenses | 213,769 | ||||
Customer accounts written off, net of recoveries | 11,474 | ||||
Other adjustments | (7,343) | ||||
Balance at end of period | $ | 246,076 |
Maturity Date of the Hedging Instrument | Currency / Unit of Measure | Notional Value | ||||||||||||
(In millions) | ||||||||||||||
Hedging of interest rate risk | ||||||||||||||
October 2020 | U.S. Dollar | 750 | ||||||||||||
July 2021 | U.S. Dollar | 500 | ||||||||||||
June 2023 | Euro | 500 | ||||||||||||
March 2025 | U.S. Dollar | 500 | ||||||||||||
Hedging of foreign currency risk | ||||||||||||||
Various | Swedish Krona | |||||||||||||
Various | British Pound Sterling | 23 | ||||||||||||
July 2021 | British Pound Sterling | 234 | ||||||||||||
June 2023 | Euro | 500 | ||||||||||||
Hedging of fuel risk | ||||||||||||||
Various | Gallons |
Derivative Fair Value | |||||||||||||||||||||||
Balance Sheet location | Mar. 28, 2020 | Jun. 29, 2019 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Fair Value Hedges: | |||||||||||||||||||||||
Interest rate swaps | Other current assets | $ | 977 | $ | — | ||||||||||||||||||
Interest rate swaps | Other assets | 66,563 | 37,396 | ||||||||||||||||||||
Interest rate swaps | Other long-term liabilities | — | 9,285 | ||||||||||||||||||||
Cash Flow Hedges: | |||||||||||||||||||||||
Fuel swaps | Other current assets | $ | — | $ | 154 | ||||||||||||||||||
Foreign currency forwards | Other current assets | 2,192 | 624 | ||||||||||||||||||||
Fuel swaps | Other assets | — | 136 | ||||||||||||||||||||
Cross currency swaps | Other assets | 16,991 | 8,592 | ||||||||||||||||||||
Fuel swaps | Other current liabilities | 37,468 | 6,537 | ||||||||||||||||||||
Foreign currency forwards | Other current liabilities | 302 | 162 | ||||||||||||||||||||
Fuel swaps | Other long-term liabilities | 3,905 | 239 | ||||||||||||||||||||
Net Investment Hedges: | |||||||||||||||||||||||
Foreign currency swaps | Other assets | $ | — | $ | 18,614 | ||||||||||||||||||
Foreign currency swaps | Other long-term liabilities | — | 9,973 |
Derivative Fair Value | |||||||||
Balance Sheet location | Dec. 28, 2019 | Jun. 29, 2019 | |||||||
(In thousands) | |||||||||
Fair Value Hedges: | |||||||||
Interest rate swaps | Other assets | $ | 34,208 | $ | 37,396 | ||||
Interest rate swaps | Other current liabilities | 2,154 | — | ||||||
Interest rate swaps | Other long-term liabilities | 2,836 | 9,285 | ||||||
Cash Flow Hedges: | |||||||||
Fuel Swaps | Other current assets | $ | 4,325 | $ | 154 | ||||
Foreign currency forwards | Other current assets | 11 | 624 | ||||||
Fuel swaps | Other assets | 207 | 136 | ||||||
Cross currency swaps | Other assets | — | 8,592 | ||||||
Fuel Swaps | Other current liabilities | 278 | 6,537 | ||||||
Foreign currency forwards | Other current liabilities | 1,922 | 162 | ||||||
Fuel swaps | Other long-term liabilities | — | 239 | ||||||
Cross currency swaps | Other long-term liabilities | 1,739 | — | ||||||
Net Investment Hedges: | |||||||||
Foreign currency swaps | Other assets | $ | 4,250 | $ | 18,614 | ||||
Foreign currency swaps | Other long-term liabilities | 11,894 | 9,973 |
13-Week Period Ended | 39-Week Period Ended | |||||||||||||||||||||||||||||||||||||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | |||||||||||||||||||||||||||||||||||
Total amounts of income and expense line items presented in the consolidated results of operations in which the effects of fair value hedges are recorded | $ | 83,854 | $ | 94,514 | $ | 243,951 | $ | 270,643 | ||||||||||||||||||||||||||||||
Gain or (loss) on fair value hedging relationships: | ||||||||||||||||||||||||||||||||||||||
Interest rate swaps: | ||||||||||||||||||||||||||||||||||||||
Hedged items | $ | (52,942) | $ | (41,657) | $ | (83,027) | $ | (97,164) | ||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | 38,923 | 18,865 | 38,532 | 39,556 | ||||||||||||||||||||||||||||||||||
13-Week Period Ended | 26-Week Period Ended | |||||||||||||||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |||||||||||||
Total amounts of income and expense line items presented in the consolidated results of operations in which the effects of fair value hedges are recorded | $ | 76,762 | $ | 87,113 | $ | 160,097 | $ | 176,129 | ||||||||
Gain or (loss) on fair value hedging relationships: | ||||||||||||||||
Interest rate swaps: | ||||||||||||||||
Hedged items | $ | (5,350 | ) | $ | (46,919 | ) | $ | (30,086 | ) | $ | (55,506 | ) | ||||
Derivatives designated as hedging instruments | (9,248 | ) | 31,550 | (391 | ) | 20,691 |
13-Week Period Ended | 39-Week Period Ended | |||||||||||||||||||||||||||||||||||||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | |||||||||||||||||||||||||||||||||||
Interest expense | $ | (14,562) | $ | (17,051) | $ | (43,679) | $ | (47,834) | ||||||||||||||||||||||||||||||
Increase (decrease) in fair value of debt | 38,380 | 24,606 | 39,348 | 49,330 | ||||||||||||||||||||||||||||||||||
Hedged items | $ | (52,942) | $ | (41,657) | $ | (83,027) | $ | (97,164) |
13-Week Period Ended | 26-Week Period Ended | |||||||||||||||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | |||||||||||||
Interest expense | $ | (14,560 | ) | $ | (15,669 | ) | $ | (29,117 | ) | $ | (30,783 | ) | ||||
Increase (decrease) in fair value of debt | (9,210 | ) | 31,250 | 969 | 24,723 | |||||||||||
Hedged items | $ | (5,350 | ) | $ | (46,919 | ) | $ | (30,086 | ) | $ | (55,506 | ) |
13-Week Period Ended Mar. 28, 2020 | |||||||||||||||||||||||||||||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives | Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | |||||||||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||||||
Derivatives in cash flow hedging relationships: | |||||||||||||||||||||||||||||
Fuel swaps | $ | (45,375) | Operating expense | $ | (2,069) | ||||||||||||||||||||||||
Foreign currency contracts | 22,531 | Cost of sales / Other income | — | ||||||||||||||||||||||||||
Total | $ | (22,844) | $ | (2,069) | |||||||||||||||||||||||||
Derivatives in net investment hedging relationships: | |||||||||||||||||||||||||||||
Foreign currency contracts | $ | 65,141 | N/A | $ | — | ||||||||||||||||||||||||
Foreign denominated debt | 350 | N/A | — | ||||||||||||||||||||||||||
Total | $ | 65,491 | $ | — | |||||||||||||||||||||||||
13-Week Period Ended Mar. 30, 2019 | |||||||||||||||||||||||||||||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives | Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | |||||||||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||||||
Derivatives in cash flow hedging relationships: | |||||||||||||||||||||||||||||
Fuel swaps | $ | 16,276 | Operating expense | $ | (961) | ||||||||||||||||||||||||
Foreign currency contracts | (14,244) | Cost of sales / Other income | 14 | ||||||||||||||||||||||||||
Total | $ | 2,032 | $ | (947) | |||||||||||||||||||||||||
Derivatives in net investment hedging relationships: | |||||||||||||||||||||||||||||
Foreign currency contracts | $ | (15,387) | N/A | $ | — | ||||||||||||||||||||||||
Foreign denominated debt | 10,550 | N/A | — | ||||||||||||||||||||||||||
Total | $ | (4,837) | $ | — |
13-Week Period Ended Dec. 28, 2019 | |||||||||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives | Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | |||||||
(In thousands) | (In thousands) | ||||||||
Derivatives in cash flow hedging relationships: | |||||||||
Fuel swaps | $ | 10,345 | Operating expense | $ | (3,213 | ) | |||
Foreign currency contracts | (29,658 | ) | Cost of sales / Other income | 3,624 | |||||
Total | $ | (19,313 | ) | $ | 411 | ||||
Derivatives in net investment hedging relationships: | |||||||||
Foreign currency contracts | $ | (34,639 | ) | N/A | $ | — | |||
Foreign denominated debt | (11,650 | ) | N/A | — | |||||
Total | $ | (46,289 | ) | $ | — | ||||
13-Week Period Ended Dec. 29, 2018 | |||||||||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives | Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | |||||||
(In thousands) | (In thousands) | ||||||||
Derivatives in cash flow hedging relationships: | |||||||||
Fuel swaps | $ | (36,843 | ) | Operating expense | $ | 5,040 | |||
Foreign currency contracts | 25,463 | Cost of sales / Other income | 8 | ||||||
Total | $ | (11,380 | ) | $ | 5,048 | ||||
Derivatives in net investment hedging relationships: | |||||||||
Foreign currency contracts | $ | 27,143 | N/A | $ | — | ||||
Foreign denominated debt | 8,150 | N/A | — | ||||||
Total | $ | 35,293 | $ | — |
39-Week Period Ended Mar. 28, 2020 | |||||||||||||||||||||||||||||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives | Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | |||||||||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||||||
Derivatives in cash flow hedging relationships: | |||||||||||||||||||||||||||||
Fuel swaps | $ | (34,686) | Operating expense | $ | (8,688) | ||||||||||||||||||||||||
Foreign currency contracts | 5,180 | Cost of sales / Other income | 3,626 | ||||||||||||||||||||||||||
Total | $ | (29,506) | $ | (5,062) | |||||||||||||||||||||||||
Derivatives in net investment hedging relationships: | |||||||||||||||||||||||||||||
Foreign currency contracts | $ | 51,354 | N/A | $ | — | ||||||||||||||||||||||||
Foreign denominated debt | 10,150 | N/A | — | ||||||||||||||||||||||||||
Total | $ | 61,504 | $ | — | |||||||||||||||||||||||||
39-Week Period Ended Mar. 30, 2019 | |||||||||||||||||||||||||||||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives | Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | |||||||||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||||||
Derivatives in cash flow hedging relationships: | |||||||||||||||||||||||||||||
Fuel swaps | $ | (19,541) | Operating expense | $ | 8,432 | ||||||||||||||||||||||||
Foreign currency contracts | 6,416 | Cost of sales / Other income | 505 | ||||||||||||||||||||||||||
Total | $ | (13,125) | $ | 8,937 | |||||||||||||||||||||||||
Derivatives in net investment hedging relationships: | |||||||||||||||||||||||||||||
Foreign currency contracts | $ | 18,984 | N/A | $ | — | ||||||||||||||||||||||||
Foreign denominated debt | 22,650 | N/A | — | ||||||||||||||||||||||||||
Total | $ | 41,634 | $ | — |
26-Week Period Ended Dec. 28, 2019 | |||||||||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives | Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | |||||||
(In thousands) | (In thousands) | ||||||||
Derivatives in cash flow hedging relationships: | |||||||||
Fuel swaps | $ | 10,689 | Operating expense | $ | (6,619 | ) | |||
Foreign currency contracts | (17,351 | ) | Cost of sales / Other income | 3,626 | |||||
Total | $ | (6,662 | ) | $ | (2,993 | ) | |||
Derivatives in net investment hedging relationships: | |||||||||
Foreign currency contracts | $ | (13,787 | ) | N/A | $ | — | |||
Foreign denominated debt | 9,800 | N/A | — | ||||||
Total | $ | (3,987 | ) | $ | — | ||||
26-Week Period Ended Dec. 29, 2018 | |||||||||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives | Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | |||||||
(In thousands) | (In thousands) | ||||||||
Derivatives in cash flow hedging relationships: | |||||||||
Fuel swaps | $ | (35,817 | ) | Operating expense | $ | 9,393 | |||
Foreign currency contracts | 20,660 | Cost of sales / Other income | 491 | ||||||
Total | $ | (15,157 | ) | $ | 9,884 | ||||
Derivatives in net investment hedging relationships: | |||||||||
Foreign currency contracts | $ | 34,371 | N/A | $ | — | ||||
Foreign denominated debt | 12,100 | N/A | — | ||||||
Total | $ | 46,471 | $ | — |
Mar. 28, 2020 | |||||||||||||||||
Carrying Amount of Hedged Assets (Liabilities) | Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets (Liabilities) | ||||||||||||||||
(In thousands) | |||||||||||||||||
Balance sheet location: | |||||||||||||||||
Current maturities of long-term debt | $ | (749,853) | $ | (977) | |||||||||||||
Long-term debt | (1,563,222) | (66,987) |
Dec. 28, 2019 | |||||||
Carrying Amount of Hedged Assets (Liabilities) | Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets (Liabilities) | ||||||
(In thousands) | |||||||
Balance sheet location: | |||||||
Current maturities of long-term debt | $ | (749,782 | ) | $ | 2,154 | ||
Long-term debt | (1,562,810 | ) | (31,739 | ) |
Jun. 29, 2019 | |||||||||||||||||
Carrying Amount of Hedged Assets (Liabilities) | Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets (Liabilities) | ||||||||||||||||
(In thousands) | |||||||||||||||||
Balance sheet location: | |||||||||||||||||
Long-term debt | $ | (2,311,636) | $ | (28,616) |
Jun. 29, 2019 | |||||||
Carrying Amount of Hedged Assets (Liabilities) | Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Assets (Liabilities) | ||||||
(In thousands) | |||||||
Balance sheet location: | |||||||
Long-term debt | $ | (2,311,636 | ) | $ | (28,616 | ) |
Maturity Date | Par Value (in millions) | Coupon Rate | Pricing (percentage of par) | |||||||||||||||||
February 15, 2030 (the 2030 Notes) (1) | $ | 500 | 2.40 | % | 99.647 | % | ||||||||||||||
February 15, 2050 (the 2050 Notes) | 500 | 3.30 | 99.811 |
Consolidated Balance Sheet Location | Mar. 28, 2020 | |||||||||||||
(In thousands) | ||||||||||||||
Finance lease right-of-use assets | Plant and equipment at cost, less accumulated depreciation | $ | 89,914 | |||||||||||
Current finance lease liabilities | Current maturities of long-term debt | 29,436 | ||||||||||||
Long-term finance lease liabilities | Long-term debt | 65,409 |
Consolidated Balance Sheet Location | Dec. 28, 2019 | |||||
(In thousands) | ||||||
Finance lease right-of-use assets | Plant and equipment at cost, less accumulated depreciation | $ | 98,006 | |||
Current finance lease liabilities | Current maturities of long-term debt | 30,280 | ||||
Long-term finance lease liabilities | Long-term debt | 72,176 |
Consolidated Results of Operations Location | 13-Week Period Ended Mar. 28, 2020 | 39-Week Period Ended Mar. 28, 2020 | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Operating lease cost | Operating expenses | $ | 32,290 | $ | 94,632 | |||||||||||||||||||||
Financing lease cost: | ||||||||||||||||||||||||||
Amortization of right-of-use assets | Operating expenses | 8,657 | 27,613 | |||||||||||||||||||||||
Interest on lease obligations | Interest expense | 1,046 | 3,455 | |||||||||||||||||||||||
Variable lease cost | Operating expenses | 2,608 | 9,055 | |||||||||||||||||||||||
Short-term lease cost | Operating expenses | 2,285 | 8,455 | |||||||||||||||||||||||
Net lease cost | $ | 46,886 | $ | 143,210 |
Consolidated Results of Operations Location | 13-Week Period Ended Dec. 28, 2019 | 26-Week Period Ended Dec. 28, 2019 | ||||||||
(In thousands) | ||||||||||
Operating lease cost | Operating expenses | $ | 31,917 | $ | 62,342 | |||||
Financing lease cost: | ||||||||||
Amortization of right-of-use assets | Operating expenses | 10,343 | 18,956 | |||||||
Interest on lease obligations | Interest expense | 1,227 | 2,409 | |||||||
Variable lease cost | Operating expenses | 5,979 | 6,447 | |||||||
Short-term lease cost | Operating expenses | 3,274 | 6,170 | |||||||
Net lease cost | $ | 52,740 | $ | 96,324 |
Operating Leases | Finance Leases | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Remainder of fiscal 2020 | $ | 31,191 | $ | 8,902 | ||||||||||||||||
2021 | 118,673 | 32,333 | ||||||||||||||||||
2022 | 90,938 | 23,457 | ||||||||||||||||||
2023 | 75,258 | 16,782 | ||||||||||||||||||
2024 | 52,718 | 10,510 | ||||||||||||||||||
2025 | 46,088 | 6,077 | ||||||||||||||||||
Thereafter | 337,334 | 5,859 | ||||||||||||||||||
Total undiscounted lease obligations | 752,200 | 103,920 | ||||||||||||||||||
Less imputed interest | (106,079) | (9,075) | ||||||||||||||||||
Present value of lease obligations | $ | 646,121 | $ | 94,845 |
Operating Leases | Finance Leases | |||||||
(In thousands) | ||||||||
Remainder of fiscal 2020 | $ | 60,961 | $ | 18,004 | ||||
2021 | 114,626 | 32,199 | ||||||
2022 | 88,350 | 23,470 | ||||||
2023 | 72,233 | 16,784 | ||||||
2024 | 50,433 | 10,398 | ||||||
2025 | 44,622 | 5,977 | ||||||
Thereafter | 314,928 | 5,828 | ||||||
Total undiscounted lease obligations | 746,153 | 112,660 | ||||||
Less imputed interest | (80,580 | ) | (10,204 | ) | ||||
Present value of lease obligations | $ | 665,573 | $ | 102,456 |
39-Week Period Ended Mar. 28, 2020 | ||||||||
Cash Paid For Amounts Included In Measurement of Liabilities: | (Dollars in thousands) | |||||||
Operating cash flows for operating leases | $ | 95,861 | ||||||
Operating cash flows for financing leases | 3,424 | |||||||
Financing cash flows for financing leases | 24,773 | |||||||
Supplemental Non-cash Information on Lease Liabilities: | ||||||||
Assets obtained in exchange for operating lease obligations | $ | 61,646 | ||||||
Assets obtained in exchange for finance lease obligations | 11,797 | |||||||
Lease Term and Discount Rate: | ||||||||
Weighted-average remaining lease term (years): | ||||||||
Operating leases | 11.55 years | |||||||
Financing leases | 3.99 years | |||||||
Weighted-average discount rate: | ||||||||
Operating leases | 2.46 | % | ||||||
Financing leases | 4.60 | % |
26-Week Period Ended Dec. 28, 2019 | ||||
Cash Paid For Amounts Included In Measurement of Liabilities: | (Dollars in thousands) | |||
Operating cash flows for operating leases | $ | 62,101 | ||
Operating cash flows for financing leases | 2,409 | |||
Financing cash flows for financing leases | 16,634 | |||
Supplemental Non-cash Information on Lease Liabilities: | ||||
Assets obtained in exchange for operating lease obligations | $ | 29,249 | ||
Assets obtained in exchange for finance lease obligations | 9,700 | |||
Lease Term and Discount Rate: | ||||
Weighted-average remaining lease term (years): | ||||
Operating leases | 11.49 years | |||
Financing leases | 4.11 years | |||
Weighted-average discount rate: | ||||
Operating leases | 2.44 | % | ||
Financing leases | 4.67 | % |
13-Week Period Ended | 39-Week Period Ended | ||||||||||||||||||||||||||||||||||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | ||||||||||||||||||||||||||||||||
(In thousands, except for share and per share data) | (In thousands, except for share and per share data) | ||||||||||||||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||||||||||||||
Net earnings | $ | (3,297) | $ | 440,083 | $ | 833,894 | $ | 1,138,505 | |||||||||||||||||||||||||||
Denominator: | |||||||||||||||||||||||||||||||||||
Weighted-average basic shares outstanding | 508,745,253 | 514,185,453 | 510,729,277 | 517,637,952 | |||||||||||||||||||||||||||||||
Dilutive effect of share-based awards | 3,912,404 | 5,635,858 | 4,903,538 | 6,849,558 | |||||||||||||||||||||||||||||||
Weighted-average diluted shares outstanding | 512,657,657 | 519,821,311 | 515,632,815 | 524,487,510 | |||||||||||||||||||||||||||||||
Basic earnings per share | $ | (0.01) | $ | 0.86 | $ | 1.63 | $ | 2.20 | |||||||||||||||||||||||||||
Diluted earnings per share | $ | (0.01) | $ | 0.85 | $ | 1.62 | $ | 2.17 |
13-Week Period Ended | 26-Week Period Ended | ||||||||||||||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | ||||||||||||
(In thousands, except for share and per share data) | (In thousands, except for share and per share data) | ||||||||||||||
Numerator: | |||||||||||||||
Net earnings | $ | 383,410 | $ | 267,380 | $ | 837,191 | $ | 698,422 | |||||||
Denominator: | |||||||||||||||
Weighted-average basic shares outstanding | 509,984,743 | 517,871,328 | 511,721,290 | 519,363,973 | |||||||||||
Dilutive effect of share-based awards | 5,533,049 | 6,729,182 | 5,399,105 | 7,453,528 | |||||||||||
Weighted-average diluted shares outstanding | 515,517,792 | 524,600,510 | 517,120,395 | 526,817,501 | |||||||||||
Basic earnings per share | $ | 0.75 | $ | 0.52 | $ | 1.64 | $ | 1.34 | |||||||
Diluted earnings per share | $ | 0.74 | $ | 0.51 | $ | 1.62 | $ | 1.33 |
13-Week Period Ended Dec. 28, 2019 | 13-Week Period Ended Mar. 28, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Location of Expense (Income) Recognized in Net Earnings | Before Tax Amount | Tax | Net of Tax Amount | Location of Expense (Income) Recognized in Net Earnings | Before Tax Amount | Tax | Net of Tax Amount | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Pension and other postretirement benefit plans: | Pension and other postretirement benefit plans: | |||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustments: | Reclassification adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost | Other expense, net | $ | 1,905 | $ | 477 | $ | 1,428 | Amortization of prior service cost | Other expense, net | $ | 1,905 | $ | 477 | $ | 1,428 | |||||||||||||||||||||||||||||||||
Amortization of actuarial loss, net | Other expense, net | 9,630 | 2,405 | 7,225 | Amortization of actuarial loss, net | Other expense, net | 10,644 | 2,615 | 8,029 | |||||||||||||||||||||||||||||||||||||||
Total reclassification adjustments | 11,535 | 2,882 | 8,653 | Total reclassification adjustments | 12,549 | 3,092 | 9,457 | |||||||||||||||||||||||||||||||||||||||||
Foreign currency translation: | Foreign currency translation: | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | N/A | 154,955 | — | 154,955 | Foreign currency translation adjustment | N/A | (151,143) | — | (151,143) | |||||||||||||||||||||||||||||||||||||||
Marketable securities: | Marketable securities: | |||||||||||||||||||||||||||||||||||||||||||||||
Change in marketable securities (1) | N/A | (489 | ) | (103 | ) | (386 | ) | Change in marketable securities (1) | N/A | 25 | 5 | 20 | ||||||||||||||||||||||||||||||||||||
Hedging instruments: | Hedging instruments: | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassification adjustments: | Other comprehensive income (loss) before reclassification adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||
Change in cash flow hedges | Operating expenses (2) | (19,313 | ) | (4,516 | ) | (14,797 | ) | Change in cash flow hedges | Operating expenses (2) | (22,844) | (6,093) | (16,751) | ||||||||||||||||||||||||||||||||||||
Change in net investment hedges | N/A | (46,289 | ) | (4,810 | ) | (41,479 | ) | |||||||||||||||||||||||||||||||||||||||||
Change in net investment hedge (3) | Change in net investment hedge (3) | N/A | 65,491 | 8,422 | 57,069 | |||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) before reclassification adjustments | (65,602 | ) | (9,326 | ) | (56,276 | ) | Total other comprehensive income (loss) before reclassification adjustments | 42,647 | 2,329 | 40,318 | ||||||||||||||||||||||||||||||||||||||
Reclassification adjustments: | Reclassification adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of cash flow hedges | Interest expense | 2,874 | 719 | 2,155 | Amortization of cash flow hedges | Interest expense | 2,874 | 719 | 2,155 | |||||||||||||||||||||||||||||||||||||||
Total other comprehensive (loss) income | $ | 103,273 | $ | (5,828 | ) | $ | 109,101 | Total other comprehensive (loss) income | $ | (93,048) | $ | 6,145 | $ | (99,193) |
13-Week Period Ended Dec. 29, 2018 | 13-Week Period Ended Mar. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Location of Expense (Income) Recognized in Net Earnings | Before Tax Amount | Tax | Net of Tax Amount | Location of Expense (Income) Recognized in Net Earnings | Before Tax Amount | Tax | Net of Tax Amount | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Pension and other postretirement benefit plans: | Pension and other postretirement benefit plans: | |||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustments: | Reclassification adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost | Other expense, net | $ | 2,133 | $ | 533 | $ | 1,600 | Amortization of prior service cost | Other expense, net | $ | 2,133 | $ | 533 | $ | 1,600 | |||||||||||||||||||||||||||||||||
Amortization of actuarial loss (gain), net | Other expense, net | 8,706 | 2,177 | 6,529 | Amortization of actuarial loss (gain), net | Other expense, net | 8,706 | 2,177 | 6,529 | |||||||||||||||||||||||||||||||||||||||
Total reclassification adjustments | 10,839 | 2,710 | 8,129 | Total reclassification adjustments | 10,839 | 2,710 | 8,129 | |||||||||||||||||||||||||||||||||||||||||
Foreign currency translation: | Foreign currency translation: | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassification adjustments: | Other comprehensive income (loss) before reclassification adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | N/A | (101,533 | ) | — | (101,533 | ) | Foreign currency translation adjustment | N/A | 37,471 | — | 37,471 | |||||||||||||||||||||||||||||||||||||
Marketable Securities: | Marketable Securities: | |||||||||||||||||||||||||||||||||||||||||||||||
Change in marketable securities | Change in marketable securities | N/A | 1,396 | 293 | 1,103 | |||||||||||||||||||||||||||||||||||||||||||
Hedging instruments: | Hedging instruments: | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassification adjustments: | Other comprehensive income (loss) before reclassification adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||
Change in cash flow hedges | Operating expenses (1) | (11,380 | ) | (2,596 | ) | (8,784 | ) | Change in cash flow hedges | Operating expenses (1) | 2,032 | 486 | 1,546 | ||||||||||||||||||||||||||||||||||||
Change in net investment hedges | N/A | 35,293 | 8,824 | 26,469 | Change in net investment hedges | N/A | (4,837) | 4,629 | (9,466) | |||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) before reclassification adjustments | 23,913 | 6,228 | 17,685 | Total other comprehensive income (loss) before reclassification adjustments | (2,805) | 5,115 | (7,920) | |||||||||||||||||||||||||||||||||||||||||
Reclassification adjustments: | Reclassification adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of cash flow hedges | Interest expense | 2,873 | 718 | 2,155 | Amortization of cash flow hedges | Interest expense | 2,873 | 718 | 2,155 | |||||||||||||||||||||||||||||||||||||||
Total other comprehensive (loss) income | $ | (63,908 | ) | $ | 9,656 | $ | (73,564 | ) | ||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income | Total other comprehensive income | $ | 49,774 | $ | 8,836 | $ | 40,938 |
26-Week Period Ended Dec. 28, 2019 | 39-Week Period Ended Mar. 28, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Location of Expense (Income) Recognized in Net Earnings | Before Tax Amount | Tax | Net of Tax Amount | Location of Expense (Income) Recognized in Net Earnings | Before Tax Amount | Tax | Net of Tax Amount | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Pension and other postretirement benefit plans: | Pension and other postretirement benefit plans: | |||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustments: | Reclassification adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost | Other expense, net | $ | 3,810 | $ | 954 | $ | 2,856 | Amortization of prior service cost | Other expense, net | $ | 5,715 | $ | 1,431 | $ | 4,284 | |||||||||||||||||||||||||||||||||
Amortization of actuarial loss, net | Other expense, net | 18,572 | 4,664 | 13,908 | Amortization of actuarial loss, net | Other expense, net | 29,216 | 7,279 | 21,937 | |||||||||||||||||||||||||||||||||||||||
Total reclassification adjustments | 22,382 | 5,618 | 16,764 | Total reclassification adjustments | 34,931 | 8,710 | 26,221 | |||||||||||||||||||||||||||||||||||||||||
Foreign currency translation: | Foreign currency translation: | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassification adjustments: | Other comprehensive income (loss) before reclassification adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | N/A | 28,796 | — | 28,796 | Foreign currency translation adjustment | N/A | (122,347) | — | (122,347) | |||||||||||||||||||||||||||||||||||||||
Marketable securities: | Marketable securities: | |||||||||||||||||||||||||||||||||||||||||||||||
Change in marketable securities (1) | N/A | 692 | 145 | 547 | Change in marketable securities (1) | N/A | 717 | 150 | 567 | |||||||||||||||||||||||||||||||||||||||
Hedging instruments: | Hedging instruments: | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassification adjustments: | Other comprehensive income (loss) before reclassification adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||
Change in cash flow hedges | Operating expenses (2) | (6,662 | ) | (1,124 | ) | (5,538 | ) | Change in cash flow hedges | Operating expenses (2) | (29,506) | (7,217) | (22,289) | ||||||||||||||||||||||||||||||||||||
Change in net investment hedges | N/A | (3,987 | ) | 7,492 | (11,479 | ) | ||||||||||||||||||||||||||||||||||||||||||
Change in net investment hedge (3) | Change in net investment hedge (3) | N/A | 61,504 | 15,914 | 45,590 | |||||||||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) before reclassification adjustments | (10,649 | ) | 6,368 | (17,017 | ) | Total other comprehensive income (loss) before reclassification adjustments | 31,998 | 8,697 | 23,301 | |||||||||||||||||||||||||||||||||||||||
Reclassification adjustments: | Reclassification adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of cash flow hedges | Interest expense | 5,748 | 1,438 | 4,310 | Amortization of cash flow hedges | Interest expense | 8,622 | 2,157 | 6,465 | |||||||||||||||||||||||||||||||||||||||
Total other comprehensive (loss) income | $ | 46,969 | $ | 13,569 | $ | 33,400 | Total other comprehensive (loss) income | $ | (46,079) | �� | $ | 19,714 | $ | (65,793) |
26-Week Period Ended Dec. 29, 2018 | |||||||||||||
Location of Expense (Income) Recognized in Net Earnings | Before Tax Amount | Tax | Net of Tax Amount | ||||||||||
(In thousands) | |||||||||||||
Pension and other postretirement benefit plans: | |||||||||||||
Other comprehensive income before reclassification adjustments: | |||||||||||||
Net actuarial (loss) gain, net arising in the current year | $ | (36,891 | ) | $ | (4,380 | ) | $ | (32,511 | ) | ||||
Reclassification adjustments: | |||||||||||||
Amortization of prior service cost | Other expense, net | 4,266 | 1,066 | 3,200 | |||||||||
Amortization of actuarial loss (gain), net | Other expense, net | 17,412 | 4,354 | 13,058 | |||||||||
Total reclassification adjustments | 21,678 | 5,420 | 16,258 | ||||||||||
Foreign currency translation: | |||||||||||||
Foreign currency translation adjustment | N/A | (126,460 | ) | — | (126,460 | ) | |||||||
Hedging instruments: | |||||||||||||
Other comprehensive income (loss) before reclassification adjustments: | |||||||||||||
Change in cash flow hedges | Operating expenses (1) | (15,157 | ) | (3,365 | ) | (11,792 | ) | ||||||
Change in net investment hedges | N/A | 46,471 | 11,414 | 35,057 | |||||||||
Total other comprehensive income (loss) before reclassification adjustments | 31,314 | 8,049 | 23,265 | ||||||||||
Reclassification adjustments: | |||||||||||||
Amortization of cash flow hedges | Interest expense | 5,746 | 1,436 | 4,310 | |||||||||
Total other comprehensive (loss) income | $ | (104,613 | ) | $ | 10,525 | $ | (115,138 | ) |
(1)Amount partially impacts operating expense for fuel swaps accounted for as cash flow hedges. 25 |
39-Week Period Ended Mar. 28, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefit Plans, net of tax | Foreign Currency Translation | Hedging, net of tax | Marketable Securities, net of tax | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of Jun. 29, 2019 | $ | (1,217,617) | $ | (290,169) | $ | (94,770) | $ | 2,827 | $ | (1,599,729) | |||||||||||||||||||||||||||||||||||||||||||
Equity adjustment from foreign currency translation | — | (122,347) | — | — | (122,347) | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of cash flow hedges | — | — | 6,465 | — | 6,465 | ||||||||||||||||||||||||||||||||||||||||||||||||
Change in net investment hedges | — | — | 45,590 | — | 45,590 | ||||||||||||||||||||||||||||||||||||||||||||||||
Change in cash flow hedge | — | — | (22,289) | — | (22,289) | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of unrecognized prior service cost | 4,284 | — | — | — | 4,284 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of unrecognized net actuarial losses | 21,937 | — | — | — | 21,937 | ||||||||||||||||||||||||||||||||||||||||||||||||
Change in marketable securities | — | — | — | 567 | 567 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of Mar. 28, 2020 | $ | (1,191,396) | $ | (412,516) | $ | (65,004) | $ | 3,394 | $ | (1,665,522) |
26-Week Period Ended Dec. 28, 2019 | |||||||||||||||||||
Pension and Other Postretirement Benefit Plans, net of tax | Foreign Currency Translation | Hedging, net of tax | Marketable Securities, net of tax | Total | |||||||||||||||
(In thousands) | |||||||||||||||||||
Balance as of Jun. 29, 2019 | $ | (1,217,617 | ) | $ | (290,169 | ) | $ | (94,770 | ) | $ | 2,827 | $ | (1,599,729 | ) | |||||
Equity adjustment from foreign currency translation | — | 28,796 | — | — | 28,796 | ||||||||||||||
Amortization of cash flow hedges | — | — | 4,310 | — | 4,310 | ||||||||||||||
Change in net investment hedges | — | — | (11,479 | ) | — | (11,479 | ) | ||||||||||||
Change in cash flow hedge | — | — | (5,538 | ) | — | (5,538 | ) | ||||||||||||
Amortization of unrecognized prior service cost | 2,856 | — | — | — | 2,856 | ||||||||||||||
Amortization of unrecognized net actuarial losses | 13,908 | — | — | — | 13,908 | ||||||||||||||
Change in marketable securities | — | — | — | 547 | 547 | ||||||||||||||
Balance as of Dec. 28, 2019 | $ | (1,200,853 | ) | $ | (261,373 | ) | $ | (107,477 | ) | $ | 3,374 | $ | (1,566,329 | ) |
26-Week Period Ended Dec. 29, 2018 | |||||||||||||||
Pension and Other Postretirement Benefit Plans, net of tax | Foreign Currency Translation | Hedging, net of tax | Total | ||||||||||||
(In thousands) | |||||||||||||||
Balance as of Jun. 30, 2018 | $ | (1,095,059 | ) | $ | (171,043 | ) | $ | (143,167 | ) | $ | (1,409,269 | ) | |||
Equity adjustment from foreign currency translation | — | (126,460 | ) | — | (126,460 | ) | |||||||||
Amortization of cash flow hedges | — | — | 4,310 | 4,310 | |||||||||||
Change in net investment hedges | — | — | 35,057 | 35,057 | |||||||||||
Change in cash flow hedges | — | — | (11,792 | ) | (11,792 | ) | |||||||||
Net actuarial loss | (32,511 | ) | — | — | (32,511 | ) | |||||||||
Amortization of unrecognized prior service cost | 3,200 | — | — | 3,200 | |||||||||||
Amortization of unrecognized net actuarial losses | 13,058 | — | — | 13,058 | |||||||||||
Balance as of Dec. 29, 2018 | $ | (1,111,312 | ) | $ | (297,503 | ) | $ | (115,592 | ) | $ | (1,524,407 | ) |
39-Week Period Ended Mar. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefit Plans, net of tax | Foreign Currency Translation | Hedging, net of tax | Marketable Securities, net of tax | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of Jun. 30, 2018 | $ | (1,095,059) | $ | (171,043) | $ | (143,167) | — | $ | (1,409,269) | ||||||||||||||||||||||||||||||||||||||||||||
Equity adjustment from foreign currency translation | — | (88,989) | — | — | (88,989) | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of cash flow hedges | — | — | 6,465 | — | 6,465 | ||||||||||||||||||||||||||||||||||||||||||||||||
Change in net investment hedges | — | — | 25,591 | — | 25,591 | ||||||||||||||||||||||||||||||||||||||||||||||||
Change in cash flow hedges | — | — | (10,246) | — | (10,246) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net actuarial loss | (32,511) | — | — | — | (32,511) | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of unrecognized prior service cost | 4,800 | — | — | — | 4,800 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of unrecognized net actuarial losses | 19,587 | — | — | — | 19,587 | ||||||||||||||||||||||||||||||||||||||||||||||||
Change in marketable securities | — | — | — | 1,103 | 1,103 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of Mar. 30, 2019 | $ | (1,103,183) | $ | (260,032) | $ | (121,357) | $ | 1,103 | $ | (1,483,469) |
13-Week Period Ended | 26-Week Period Ended | ||||||||||||||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | ||||||||||||
Sales: | (In thousands) | (In thousands) | |||||||||||||
U.S. Foodservice Operations | $ | 10,413,575 | $ | 10,087,105 | $ | 21,072,208 | $ | 20,486,516 | |||||||
International Foodservice Operations | 2,890,053 | 2,890,598 | 5,802,441 | 5,811,548 | |||||||||||
SYGMA | 1,455,893 | 1,536,607 | 2,902,887 | 3,158,064 | |||||||||||
Other | 265,521 | 251,397 | 550,511 | 524,858 | |||||||||||
Total | $ | 15,025,042 | $ | 14,765,707 | $ | 30,328,047 | $ | 29,980,986 | |||||||
13-Week Period Ended | 26-Week Period Ended | ||||||||||||||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | ||||||||||||
Operating income: | (In thousands) | (In thousands) | |||||||||||||
U.S. Foodservice Operations | $ | 768,777 | $ | 737,477 | $ | 1,630,183 | $ | 1,553,235 | |||||||
International Foodservice Operations | 34,881 | (14,917 | ) | 89,681 | 51,855 | ||||||||||
SYGMA | 9,861 | 3,114 | 17,431 | 5,545 | |||||||||||
Other | 9,403 | 5,718 | 19,540 | 16,053 | |||||||||||
Total segments | 822,922 | 731,392 | 1,756,835 | 1,626,688 | |||||||||||
Corporate | (270,429 | ) | (279,497 | ) | (536,024 | ) | (546,653 | ) | |||||||
Total operating income | 552,493 | 451,895 | 1,220,811 | 1,080,035 | |||||||||||
Interest expense | 76,762 | 87,113 | 160,097 | 176,129 | |||||||||||
Other expense (income), net | (807 | ) | 10,197 | 2,305 | 11,329 | ||||||||||
Earnings before income taxes | $ | 476,538 | $ | 354,585 | $ | 1,058,409 | $ | 892,577 |
13-Week Period Ended | 39-Week Period Ended | ||||||||||||||||||||||||||||||||||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | ||||||||||||||||||||||||||||||||
Sales: | (In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||
U.S. Foodservice Operations | $ | 9,587,005 | $ | 10,105,283 | $ | 30,659,215 | $ | 30,591,799 | |||||||||||||||||||||||||||
International Foodservice Operations | 2,508,642 | 2,757,891 | 8,311,081 | 8,569,439 | |||||||||||||||||||||||||||||||
SYGMA | 1,364,111 | 1,537,312 | 4,266,998 | 4,695,376 | |||||||||||||||||||||||||||||||
Other | 238,941 | 257,588 | 789,452 | 782,446 | |||||||||||||||||||||||||||||||
Total | $ | 13,698,699 | $ | 14,658,074 | $ | 44,026,746 | $ | 44,639,060 | |||||||||||||||||||||||||||
13-Week Period Ended | 39-Week Period Ended | ||||||||||||||||||||||||||||||||||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | ||||||||||||||||||||||||||||||||
Operating income: | (In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||
U.S. Foodservice Operations | $ | 528,025 | $ | 765,425 | $ | 2,158,211 | $ | 2,318,660 | |||||||||||||||||||||||||||
International Foodservice Operations | (83,786) | 10,145 | 5,895 | 62,000 | |||||||||||||||||||||||||||||||
SYGMA | 10,301 | 11,668 | 27,732 | 17,213 | |||||||||||||||||||||||||||||||
Other | (19,051) | 6,376 | 486 | 22,429 | |||||||||||||||||||||||||||||||
Total segments | 435,489 | 793,614 | 2,192,324 | 2,420,302 | |||||||||||||||||||||||||||||||
Corporate | (375,215) | (264,029) | (911,239) | (810,682) | |||||||||||||||||||||||||||||||
Total operating income | 60,274 | 529,585 | 1,281,085 | 1,609,620 | |||||||||||||||||||||||||||||||
Interest expense | 83,854 | 94,514 | 243,951 | 270,643 | |||||||||||||||||||||||||||||||
Other expense (income), net | 5,200 | 4,120 | 7,505 | 15,449 | |||||||||||||||||||||||||||||||
Earnings (loss) before income taxes | $ | (28,780) | $ | 430,951 | $ | 1,029,629 | $ | 1,323,528 |
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 | Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 28, 2019 | Jun. 29, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sysco | Certain U.S. Broadline Subsidiaries | Other Non-Guarantor Subsidiaries | Eliminations | Consolidated Totals | Sysco | Certain U.S. Broadline Subsidiaries | Other Non-Guarantor Subsidiaries | Eliminations | Consolidated Totals | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets | $ | 123,848 | $ | 4,414,664 | $ | 4,123,098 | $ | — | $ | 8,661,610 | Current assets | $ | 121,993 | $ | 4,195,543 | $ | 3,823,969 | $ | — | $ | 8,141,505 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany receivables | 6,545,764 | 102,177 | 3,675,995 | (10,323,936 | ) | — | Intercompany receivables | 6,162,303 | 30,469 | 3,220,237 | (9,413,009) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 5,877,563 | — | 1,244,417 | (7,121,980 | ) | — | Investment in subsidiaries | 4,680,530 | — | 1,126,315 | (5,806,845) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plant and equipment, net | 235,093 | 2,220,719 | 2,138,078 | — | 4,593,890 | Plant and equipment, net | 252,101 | 2,162,668 | 2,086,936 | — | 4,501,705 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 820,636 | 728,806 | 5,134,269 | (567,177 | ) | 6,116,534 | Other assets | 787,986 | 718,600 | 4,372,725 | (555,999) | 5,323,312 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 13,602,904 | $ | 7,466,366 | $ | 16,315,857 | $ | (18,013,093 | ) | $ | 19,372,034 | Total assets | $ | 12,004,913 | $ | 7,107,280 | $ | 14,630,182 | $ | (15,775,853) | $ | 17,966,522 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities | $ | 1,371,102 | $ | 923,600 | $ | 4,637,266 | $ | — | $ | 6,931,968 | Current liabilities | $ | 465,101 | $ | 1,018,650 | $ | 4,619,432 | $ | — | $ | 6,103,183 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany payables | 1,364,060 | 3,284,353 | 5,675,523 | (10,323,936 | ) | — | Intercompany payables | 686,116 | 3,443,182 | 5,283,711 | (9,413,009) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 7,636,689 | 9,557 | 446,668 | — | 8,092,914 | Long-term debt | 7,668,314 | 7,938 | 445,806 | — | 8,122,058 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 703,527 | 550,395 | 1,098,811 | (567,177 | ) | 1,785,556 | Other liabilities | 682,779 | 545,391 | 531,081 | (555,999) | 1,203,252 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest | — | — | 34,070 | — | 34,070 | Noncontrolling interest | — | — | 35,426 | — | 35,426 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 2,527,526 | 2,698,461 | 4,423,519 | (7,121,980 | ) | 2,527,526 | Shareholders’ equity | 2,502,603 | 2,092,119 | 3,714,726 | (5,806,845) | 2,502,603 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 13,602,904 | $ | 7,466,366 | $ | 16,315,857 | $ | (18,013,093 | ) | $ | 19,372,034 | Total liabilities and shareholders’ equity | $ | 12,004,913 | $ | 7,107,280 | $ | 14,630,182 | $ | (15,775,853) | $ | 17,966,522 |
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) |
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 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 |
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 |
Condensed Consolidated Statement of Comprehensive Income | |||||||||||||||||||
For the 13-Week Period Ended Dec. 28, 2019 | |||||||||||||||||||
Sysco | Certain U.S. Broadline Subsidiaries | Other Non-Guarantor Subsidiaries | Eliminations | Consolidated Totals | |||||||||||||||
(In thousands) | |||||||||||||||||||
Sales | $ | — | $ | 9,489,129 | $ | 6,135,069 | �� | $ | (599,156 | ) | $ | 15,025,042 | |||||||
Cost of sales | — | 7,712,606 | 5,083,193 | (599,156 | ) | 12,196,643 | |||||||||||||
Gross profit | — | 1,776,523 | 1,051,876 | — | 2,828,399 | ||||||||||||||
Operating expenses | 206,921 | 1,053,004 | 1,015,981 | — | 2,275,906 | ||||||||||||||
Operating income (loss) | (206,921 | ) | 723,519 | 35,895 | — | 552,493 | |||||||||||||
Interest expense (income) (1) | 110,821 | (23,993 | ) | (10,066 | ) | — | 76,762 | ||||||||||||
Other expense (income), net | (612 | ) | (183 | ) | (12 | ) | — | (807 | ) | ||||||||||
Earnings (losses) before income taxes | (317,130 | ) | 747,695 | 45,973 | — | 476,538 | |||||||||||||
Income tax (benefit) provision | (106,906 | ) | 188,909 | 11,125 | — | 93,128 | |||||||||||||
Equity in earnings of subsidiaries | 593,634 | — | 113,153 | (706,787 | ) | — | |||||||||||||
Net earnings | 383,410 | 558,786 | 148,001 | (706,787 | ) | 383,410 | |||||||||||||
Other comprehensive income (loss) | 109,101 | — | 154,955 | (154,955 | ) | 109,101 | |||||||||||||
Comprehensive income | $ | 492,511 | $ | 558,786 | $ | 302,956 | $ | (861,742 | ) | $ | 492,511 |
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 |
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 |
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 |
Maturity Date | Par Value (in millions) | Coupon Rate | Pricing (percentage of par) | |||||||||||||||||
April 1, 2025 (the 5.650% Senior Notes due 2025) | 750 | 5.65 | % | 99.931 | % | |||||||||||||||
April 1, 2030 (the 5.950% Senior Notes due 2030) | 1,250 | 5.95 | 99.792 | |||||||||||||||||
April 1, 2040 (the 6.600% Senior Notes due 2040) | 750 | 6.60 | 99.802 | |||||||||||||||||
April 1, 2050 (the 6.600% Senior Notes due 2050) | 1,250 | 6.60 | 99.767 |
Condensed Consolidated Statement of Comprehensive Income | |||||||||||||||||||
For the 13-Week Period Ended Dec. 29, 2018 | |||||||||||||||||||
Sysco | Certain U.S. Broadline Subsidiaries | Other Non-Guarantor Subsidiaries | Eliminations | Consolidated Totals | |||||||||||||||
(In thousands) | |||||||||||||||||||
Sales | $ | — | $ | 9,101,114 | $ | 6,329,665 | $ | (665,072 | ) | $ | 14,765,707 | ||||||||
Cost of sales | — | 7,381,785 | 5,277,282 | (665,072 | ) | 11,993,995 | |||||||||||||
Gross profit | — | 1,719,329 | 1,052,383 | — | 2,771,712 | ||||||||||||||
Operating expenses | 232,621 | 1,035,676 | 1,051,520 | — | 2,319,817 | ||||||||||||||
Operating income (loss) | (232,621 | ) | 683,653 | 863 | — | 451,895 | |||||||||||||
Interest expense (income) (1) | 63,491 | (8,920 | ) | 32,542 | — | 87,113 | |||||||||||||
Other expense (income), net | 3,772 | (86 | ) | 6,511 | — | 10,197 | |||||||||||||
Earnings (losses) before income taxes | (299,884 | ) | 692,659 | (38,190 | ) | — | 354,585 | ||||||||||||
Income tax (benefit) provision | (73,057 | ) | 170,960 | (10,698 | ) | — | 87,205 | ||||||||||||
Equity in earnings of subsidiaries | 494,207 | — | 128,030 | (622,237 | ) | — | |||||||||||||
Net earnings | 267,380 | 521,699 | 100,538 | (622,237 | ) | 267,380 | |||||||||||||
Other comprehensive income (loss) | (73,564 | ) | — | (101,533 | ) | 101,533 | (73,564 | ) | |||||||||||
Comprehensive income | $ | 193,816 | $ | 521,699 | $ | (995 | ) | $ | (520,704 | ) | $ | 193,816 |
Condensed Consolidated Statement of Comprehensive Income | |||||||||||||||||||
For the 26-Week Period Ended Dec. 28, 2019 | |||||||||||||||||||
Sysco | Certain U.S. Broadline Subsidiaries | Other Non-Guarantor Subsidiaries | Eliminations | Consolidated Totals | |||||||||||||||
(In thousands) | |||||||||||||||||||
Sales | $ | — | $ | 19,299,537 | $ | 12,178,357 | $ | (1,149,847 | ) | $ | 30,328,047 | ||||||||
Cost of sales | — | 15,623,046 | 10,083,079 | (1,149,847 | ) | 24,556,278 | |||||||||||||
Gross profit | — | 3,676,491 | 2,095,278 | — | 5,771,769 | ||||||||||||||
Operating expenses | 405,761 | 2,128,841 | 2,016,356 | — | 4,550,958 | ||||||||||||||
Operating income (loss) | (405,761 | ) | 1,547,650 | 78,922 | — | 1,220,811 | |||||||||||||
Interest expense (income) (1) | 218,157 | (44,521 | ) | (13,539 | ) | — | 160,097 | ||||||||||||
Other expense (income), net | 6,441 | (350 | ) | (3,786 | ) | — | 2,305 | ||||||||||||
Earnings (losses) before income taxes | (630,359 | ) | 1,592,521 | 96,247 | — | 1,058,409 | |||||||||||||
Income tax (benefit) provision | (205,406 | ) | 401,455 | 25,169 | — | 221,218 | |||||||||||||
Equity in earnings of subsidiaries | 1,262,144 | — | 242,701 | (1,504,845 | ) | — | |||||||||||||
Net earnings | 837,191 | 1,191,066 | 313,779 | (1,504,845 | ) | 837,191 | |||||||||||||
Other comprehensive income (loss) | 33,400 | — | 28,796 | (28,796 | ) | 33,400 | |||||||||||||
Comprehensive income | $ | 870,591 | $ | 1,191,066 | $ | 342,575 | $ | (1,533,641 | ) | $ | 870,591 |
Condensed Consolidated Statement of Comprehensive Income | |||||||||||||||||||
For the 26-Week Period Ended Dec. 29, 2018 | |||||||||||||||||||
Sysco | Certain U.S. Broadline Subsidiaries | Other Non-Guarantor Subsidiaries | Eliminations | Consolidated Totals | |||||||||||||||
(In thousands) | |||||||||||||||||||
Sales | $ | — | $ | 18,580,920 | $ | 12,563,823 | $ | (1,163,757 | ) | $ | 29,980,986 | ||||||||
Cost of sales | — | 15,041,886 | 10,427,360 | (1,163,757 | ) | 24,305,489 | |||||||||||||
Gross profit | — | 3,539,034 | 2,136,463 | — | 5,675,497 | ||||||||||||||
Operating expenses | 452,902 | 2,088,027 | 2,054,533 | — | 4,595,462 | ||||||||||||||
Operating income (loss) | (452,902 | ) | 1,451,007 | 81,930 | — | 1,080,035 | |||||||||||||
Interest expense (income) (1) | 104,905 | (30,459 | ) | 101,683 | — | 176,129 | |||||||||||||
Other expense (income), net | 10,372 | (140 | ) | 1,097 | — | 11,329 | |||||||||||||
Earnings (losses) before income taxes | (568,179 | ) | 1,481,606 | (20,850 | ) | — | 892,577 | ||||||||||||
Income tax (benefit) provision | (166,645 | ) | 367,404 | (6,604 | ) | — | 194,155 | ||||||||||||
Equity in earnings of subsidiaries | 1,099,956 | — | 222,371 | (1,322,327 | ) | — | |||||||||||||
Net earnings | 698,422 | 1,114,202 | 208,125 | (1,322,327 | ) | 698,422 | |||||||||||||
Other comprehensive income (loss) | (115,138 | ) | — | (126,460 | ) | 126,460 | (115,138 | ) | |||||||||||
Comprehensive income | $ | 583,284 | $ | 1,114,202 | $ | 81,665 | $ | (1,195,867 | ) | $ | 583,284 |
Condensed Consolidated Cash Flows | |||||||||||||||||||
For the 26-Week Period Ended Dec. 28, 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 | $ | 283,101 | $ | 175,343 | $ | 296,025 | $ | — | $ | 754,469 | |||||||||
Investing activities | (146,118 | ) | (186,480 | ) | (306,521 | ) | 111,429 | (527,690 | ) | ||||||||||
Financing activities | (112,342 | ) | (7,053 | ) | 37,731 | (111,429 | ) | (193,093 | ) | ||||||||||
Effect of exchange rates on cash | — | — | 5,565 | — | 5,565 | ||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 24,641 | (18,190 | ) | 32,800 | — | 39,251 | |||||||||||||
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 | $ | 54,509 | $ | 99,453 | $ | 417,534 | $ | — | $ | 571,496 |
Condensed Consolidated Cash Flows | |||||||||||||||||||
For the 26-Week Period Ended Dec. 29, 2018 | |||||||||||||||||||
Sysco | Certain U.S. Broadline Subsidiaries | Other Non-Guarantor Subsidiaries | Elimination (1) | Consolidated Totals | |||||||||||||||
(In thousands) | |||||||||||||||||||
Cash flows provided by (used for): | |||||||||||||||||||
Operating activities | $ | 485,875 | $ | 100,079 | $ | 331,836 | $ | — | $ | 917,790 | |||||||||
Investing activities | 432,730 | (85,254 | ) | (66,591 | ) | (497,897 | ) | (217,012 | ) | ||||||||||
Financing activities | (912,101 | ) | (2,819 | ) | (93,709 | ) | 497,897 | (510,732 | ) | ||||||||||
Effect of exchange rates on cash | — | — | (8,904 | ) | — | (8,904 | ) | ||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 6,504 | 12,006 | 162,632 | — | 181,142 | ||||||||||||||
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 | $ | 35,648 | $ | 123,849 | $ | 737,489 | $ | — | $ | 896,986 |
13-Week Period Ended | 39-Week Period Ended | ||||||||||||||||||||||||||||||||||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | Mar. 30, 2019 | ||||||||||||||||||||||||||||||||
Sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||||||||||||||
Cost of sales | 81.3 | 81.2 | 81.1 | 81.1 | |||||||||||||||||||||||||||||||
Gross profit | 18.7 | 18.8 | 18.9 | 18.9 | |||||||||||||||||||||||||||||||
Operating expenses | 18.3 | 15.2 | 16.0 | 15.3 | |||||||||||||||||||||||||||||||
Operating income | 0.4 | 3.6 | 2.9 | 3.6 | |||||||||||||||||||||||||||||||
Interest expense | 0.6 | 0.6 | 0.6 | 0.6 | |||||||||||||||||||||||||||||||
Other expense (income), net | — | 0.1 | — | — | |||||||||||||||||||||||||||||||
Earnings before income taxes | (0.2) | 2.9 | 2.3 | 3.0 | |||||||||||||||||||||||||||||||
Income taxes | (0.2) | (0.1) | 0.4 | 0.4 | |||||||||||||||||||||||||||||||
Net earnings | — | % | 3.0 | % | 1.9 | % | 2.6 | % |
13-Week Period Ended | 26-Week Period Ended | ||||||||||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 28, 2019 | Dec. 29, 2018 | ||||||||
Sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||
Cost of sales | 81.2 | 81.2 | 81.0 | 81.1 | |||||||
Gross profit | 18.8 | 18.8 | 19.0 | 18.9 | |||||||
Operating expenses | 15.1 | 15.7 | 15.0 | 15.3 | |||||||
Operating income | 3.7 | 3.1 | 4.0 | 3.6 | |||||||
Interest expense | 0.5 | 0.6 | 0.5 | 0.6 | |||||||
Other expense (income), net | — | 0.1 | — | — | |||||||
Earnings before income taxes | 3.2 | 2.4 | 3.5 | 3.0 | |||||||
Income taxes | 0.6 | 0.6 | 0.7 | 0.7 | |||||||
Net earnings | 2.6 | % | 1.8 | % | 2.8 | % | 2.3 | % |
13-Week Period Ended | 39-Week Period Ended | ||||||||||
Mar. 28, 2020 | Mar. 28, 2020 | ||||||||||
Sales | (6.5) | % | (1.4) | % | |||||||
Cost of sales | (6.5) | (1.4) | |||||||||
Gross profit | (6.9) | (1.1) | |||||||||
Operating expenses | 12.6 | 3.4 | |||||||||
Operating income | (88.6) | (20.4) | |||||||||
Interest expense | (11.3) | (9.9) | |||||||||
Other expense (income), net (1) (2) | 26.2 | (51.4) | |||||||||
Earnings before income taxes | (106.7) | (22.2) | |||||||||
Income taxes | 179.1 | 5.8 | |||||||||
Net earnings | (100.7) | % | (26.8) | % | |||||||
Basic earnings per share | (101.2) | % | (25.9) | % | |||||||
Diluted earnings per share | (101.2) | (25.3) | |||||||||
Average shares outstanding | (1.1) | (1.3) | |||||||||
Diluted shares outstanding | (1.4) | (1.7) |
13-Week Period Ended | 26-Week Period Ended | ||||
Dec. 28, 2019 | Dec. 28, 2019 | ||||
Sales | 1.8 | % | 1.2 | % | |
Cost of sales | 1.7 | 1.0 | |||
Gross profit | 2.0 | 1.7 | |||
Operating expenses | (1.9 | ) | (1.0 | ) | |
Operating income | 22.3 | 13.0 | |||
Interest expense | (11.9 | ) | (9.1 | ) | |
Other expense (income), net (1) (2) | (107.9 | ) | (79.7 | ) | |
Earnings before income taxes | 34.4 | 18.6 | |||
Income taxes | 6.8 | 13.9 | |||
Net earnings | 43.4 | % | 19.9 | ��% | |
Basic earnings per share | 44.2 | % | 22.4 | % | |
Diluted earnings per share | 45.9 | 22.1 | |||
Average shares outstanding | (1.5 | ) | (1.5 | ) | |
Diluted shares outstanding | (1.7 | ) | (1.8 | ) |
(2)Other expense (income), net was expense of $7.5 million and $15.4 million in the first 39 weeks of fiscal 2020 and fiscal 2019, respectively. |
13-Week Period Ended Mar. 28, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Foodservice Operations | International Foodservice Operations | SYGMA | Other | Corporate | Consolidated Totals | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales | $ | 9,587,005 | $ | 2,508,642 | $ | 1,364,111 | $ | 238,941 | $ | — | $ | 13,698,699 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales increase (decrease) | (5.1) | % | (9.0) | % | (11.3) | % | (7.2) | % | (6.5) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of total | 70.0 | % | 18.3 | % | 10.0 | % | 1.7 | % | 100.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 528,025 | $ | (83,786) | $ | 10,301 | $ | (19,051) | $ | (375,215) | $ | 60,274 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) increase (decrease) | (31.0) | % | NM | (11.7) | % | NM | (88.6) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of total segments | 121.2 | % | (19.2) | % | 2.4 | % | (4.4) | % | 100.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) as a percentage of sales | 5.5 | % | (3.3) | % | 0.8 | % | (8.0) | % | 0.4 | % |
13-Week Period Ended Mar. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Foodservice Operations | International Foodservice Operations | SYGMA | Other | Corporate | Consolidated Totals | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales | $ | 10,105,283 | $ | 2,757,891 | $ | 1,537,312 | $ | 257,588 | $ | — | $ | 14,658,074 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of total | 68.9 | % | 18.8 | % | 10.5 | % | 1.8 | % | 100.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | $ | 765,425 | $ | 10,145 | $ | 11,668 | $ | 6,376 | $ | (264,029) | $ | 529,585 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of total segments | 96.4 | % | 1.3 | % | 1.5 | % | 0.8 | % | 100.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income as a percentage of sales | 7.6 | % | 0.4 | % | 0.8 | % | 2.5 | % | 3.6 | % |
13-Week Period Ended Dec. 28, 2019 | 39-Week Period Ended Mar. 28, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Foodservice Operations | International Foodservice Operations | SYGMA | Other | Corporate | Consolidated Totals | U.S. Foodservice Operations | International Foodservice Operations | SYGMA | Other | Corporate | Consolidated Totals | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales | $ | 10,413,575 | $ | 2,890,053 | $ | 1,455,893 | $ | 265,521 | $ | — | $ | 15,025,042 | Sales | $ | 30,659,215 | $ | 8,311,081 | $ | 4,266,998 | $ | 789,452 | $ | — | $ | 44,026,746 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales increase (decrease) | 3.2 | % | — | % | (5.3 | )% | 5.6 | % | 1.8 | % | Sales increase (decrease) | 0.2 | % | (3.0) | % | (9.1) | % | 0.9 | % | (1.4) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of total | 69.3 | % | 19.2 | % | 9.7 | % | 1.8 | % | 100.0 | % | Percentage of total | 69.6 | % | 18.9 | % | 9.7 | % | 1.8 | % | 100.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | $ | 768,777 | $ | 34,881 | $ | 9,861 | $ | 9,403 | $ | (270,429 | ) | $ | 552,493 | Operating income | $ | 2,158,211 | $ | 5,895 | $ | 27,732 | $ | 486 | $ | (911,239) | $ | 1,281,085 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income increase (decrease) | 4.2 | % | (333.8 | )% | 216.7 | % | 64.4 | % | 22.3 | % | Operating income increase (decrease) | (6.9) | % | (90.5) | % | 61.1 | % | (97.8) | % | (20.4) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of total segments | 93.4 | % | 4.2 | % | 1.2 | % | 1.2 | % | 100.0 | % | Percentage of total segments | 98.4 | % | 0.3 | % | 1.3 | % | — | % | 100.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income as a percentage of sales | 7.4 | % | 1.2 | % | 0.7 | % | 3.5 | % | 3.7 | % | Operating income as a percentage of sales | 7.0 | % | 0.1 | % | 0.6 | % | 0.1 | % | 2.9 | % |
39-Week Period Ended Mar. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Foodservice Operations | International Foodservice Operations | SYGMA | Other | Corporate | Consolidated Totals | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales | $ | 30,591,799 | $ | 8,569,439 | $ | 4,695,376 | $ | 782,446 | $ | — | $ | 44,639,060 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of total | 68.5 | % | 19.2 | % | 10.5 | % | 1.8 | % | 100.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | $ | 2,318,660 | $ | 62,000 | $ | 17,213 | $ | 22,429 | $ | (810,682) | $ | 1,609,620 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of total segments | 95.8 | % | 2.6 | % | 0.7 | % | 0.9 | % | 100.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income as a percentage of sales | 7.6 | % | 0.7 | % | 0.4 | % | 2.9 | % | 3.6 | % |
13-Week Period Ended Dec. 29, 2018 | |||||||||||||||||||||||
U.S. Foodservice Operations | International Foodservice Operations | SYGMA | Other | Corporate | Consolidated Totals | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Sales | $ | 10,087,105 | $ | 2,890,598 | $ | 1,536,607 | $ | 251,397 | $ | — | $ | 14,765,707 | |||||||||||
Percentage of total | 68.3 | % | 19.6 | % | 10.4 | % | 1.7 | % | 100.0 | % | |||||||||||||
Operating income | $ | 737,477 | $ | (14,917 | ) | $ | 3,114 | $ | 5,718 | $ | (279,497 | ) | $ | 451,895 | |||||||||
Percentage of total segments | 100.8 | % | (2.0 | )% | 0.4 | % | 0.8 | % | 100.0 | % | |||||||||||||
Operating income as a percentage of sales | 7.3 | % | (0.5 | )% | 0.2 | % | 2.3 | % | 3.1 | % |
26-Week Period Ended Dec. 28, 2019 | |||||||||||||||||||||||
U.S. Foodservice Operations | International Foodservice Operations | SYGMA | Other | Corporate | Consolidated Totals | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Sales | $ | 21,072,208 | $ | 5,802,441 | $ | 2,902,887 | $ | 550,511 | $ | — | $ | 30,328,047 | |||||||||||
Sales increase (decrease) | 2.9 | % | (0.2 | )% | (8.1 | )% | 4.9 | % | 1.2 | % | |||||||||||||
Percentage of total | 69.5 | % | 19.1 | % | 9.6 | % | 1.8 | % | 100.0 | % | |||||||||||||
Operating income | $ | 1,630,183 | $ | 89,681 | $ | 17,431 | $ | 19,540 | $ | (536,024 | ) | $ | 1,220,811 | ||||||||||
Operating income increase (decrease) | 5.0 | % | 72.9 | % | 214.4 | % | 21.7 | % | 13.0 | % | |||||||||||||
Percentage of total segments | 92.8 | % | 5.1 | % | 1.0 | % | 1.1 | % | 100.0 | % | |||||||||||||
Operating income as a percentage of sales | 7.7 | % | 1.5 | % | 0.6 | % | 3.5 | % | 4.0 | % |
26-Week Period Ended Dec. 29, 2018 | |||||||||||||||||||||||
U.S. Foodservice Operations | International Foodservice Operations | SYGMA | Other | Corporate | Consolidated Totals | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Sales | $ | 20,486,516 | $ | 5,811,548 | $ | 3,158,064 | $ | 524,858 | $ | — | $ | 29,980,986 | |||||||||||
Percentage of total | 68.3 | % | 19.4 | % | 10.5 | % | 1.8 | % | 100.0 | % | |||||||||||||
Operating income | $ | 1,553,235 | $ | 51,855 | $ | 5,545 | $ | 16,053 | $ | (546,653 | ) | $ | 1,080,035 | ||||||||||
Percentage of total segments | 95.5 | % | 3.2 | % | 0.3 | % | 1.0 | % | 100.0 | % | |||||||||||||
Operating income as a percentage of sales | 7.6 | % | 0.9 | % | 0.2 | % | 3.1 | % | 3.6 | % |
13-Week Period Ended Mar. 28, 2020 | 13-Week Period Ended Mar. 30, 2019 | Change in Dollars | % Change | ||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
Sales | $ | 9,587,005 | $ | 10,105,283 | $ | (518,278) | (5.1) | % | |||||||||||||||||||||||||||||||||
Gross profit | 1,895,378 | 2,009,129 | (113,751) | (5.7) | |||||||||||||||||||||||||||||||||||||
Operating expenses | 1,367,353 | 1,243,704 | 123,649 | 9.9 | |||||||||||||||||||||||||||||||||||||
Operating income | $ | 528,025 | $ | 765,425 | $ | (237,400) | (31.0) | % | |||||||||||||||||||||||||||||||||
Gross profit | $ | 1,895,378 | $ | 2,009,129 | $ | (113,751) | (5.7) | % | |||||||||||||||||||||||||||||||||
Adjusted operating expenses (Non-GAAP) | 1,258,721 | 1,240,777 | 17,944 | 1.4 | |||||||||||||||||||||||||||||||||||||
Adjusted operating income (Non-GAAP) | $ | 636,657 | $ | 768,352 | $ | (131,695) | (17.1) | % | |||||||||||||||||||||||||||||||||
39-Week Period Ended Mar. 28, 2020 | 39-Week Period Ended Mar. 30, 2019 | Change in Dollars | % Change | ||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
Sales | $ | 30,659,215 | $ | 30,591,799 | $ | 67,416 | 0.2 | % | |||||||||||||||||||||||||||||||||
Gross profit | 6,089,171 | 6,101,175 | (12,004) | (0.2) | |||||||||||||||||||||||||||||||||||||
Operating expenses | 3,930,960 | 3,782,515 | 148,445 | 3.9 | |||||||||||||||||||||||||||||||||||||
Operating income | $ | 2,158,211 | $ | 2,318,660 | $ | (160,449) | (6.9) | % | |||||||||||||||||||||||||||||||||
Gross profit | $ | 6,089,171 | $ | 6,101,175 | $ | (12,004) | (0.2) | % | |||||||||||||||||||||||||||||||||
Adjusted operating expenses (Non-GAAP) | 3,814,522 | 3,779,657 | 34,865 | 0.9 | |||||||||||||||||||||||||||||||||||||
Adjusted operating income (Non-GAAP) | $ | 2,274,649 | $ | 2,321,518 | $ | (46,869) | (2.0) | % |
13-Week Period Ended Dec. 28, 2019 | 13-Week Period Ended Dec. 29, 2018 | Change in Dollars | % Change | |||||||||||
(Dollars in thousands) | ||||||||||||||
Sales | $ | 10,413,575 | $ | 10,087,105 | $ | 326,470 | 3.2 | % | ||||||
Gross profit | 2,048,905 | 2,001,819 | 47,086 | 2.4 | ||||||||||
Operating expenses | 1,280,128 | 1,264,342 | 15,786 | 1.2 | ||||||||||
Operating income | $ | 768,777 | $ | 737,477 | $ | 31,300 | 4.2 | % | ||||||
Gross profit | $ | 2,048,905 | $ | 2,001,819 | $ | 47,086 | 2.4 | % | ||||||
Adjusted operating expenses (Non-GAAP) | 1,276,449 | 1,264,342 | 12,107 | 1.0 | ||||||||||
Adjusted operating income (Non-GAAP) | $ | 772,456 | $ | 737,477 | $ | 34,979 | 4.7 | % | ||||||
26-Week Period Ended Dec. 28, 2019 | 26-Week Period Ended Dec. 29, 2018 | Change in Dollars | % Change | |||||||||||
(Dollars in thousands) | ||||||||||||||
Sales | $ | 21,072,208 | $ | 20,486,516 | $ | 585,692 | 2.9 | % | ||||||
Gross profit | 4,193,791 | 4,092,046 | 101,745 | 2.5 | ||||||||||
Operating expenses | 2,563,608 | 2,538,811 | 24,797 | 1.0 | ||||||||||
Operating income | $ | 1,630,183 | $ | 1,553,235 | $ | 76,948 | 5.0 | % | ||||||
Gross profit | $ | 4,193,791 | $ | 4,092,046 | $ | 101,745 | 2.5 | % | ||||||
Adjusted operating expenses (Non-GAAP) | 2,555,803 | 2,538,811 | 16,992 | 0.7 | ||||||||||
Adjusted operating income (Non-GAAP) | $ | 1,637,988 | $ | 1,553,235 | $ | 84,753 | 5.5 | % |
Increase (Decrease) | Increase (Decrease) | ||||||||||||||||||||||||||||||||||
13-Week Period | 39-Week Period | ||||||||||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | ||||||||||||||||||||||||||||||||||
Cause of change | Percentage | Dollars | Percentage | Dollars | |||||||||||||||||||||||||||||||
Case volume | (5.9) | % | $ | (594.2) | (1.4) | % | $ | (425.2) | |||||||||||||||||||||||||||
Inflation | 1.5 | 150.6 | 2.3 | 701.5 | |||||||||||||||||||||||||||||||
Acquisitions | 0.8 | 85.2 | 0.7 | 199.1 | |||||||||||||||||||||||||||||||
Other (1) (2) | (1.5) | (159.9) | (1.4) | (408.0) | |||||||||||||||||||||||||||||||
Total sales increase | (5.1) | % | $ | (518.3) | 0.2 | % | $ | 67.4 | |||||||||||||||||||||||||||
Increase (Decrease) | Increase (Decrease) | ||||||||||||
13-Week Period | 26-Week Period | ||||||||||||
(Dollars in millions) | (Dollars in millions) | ||||||||||||
Cause of change | Percentage | Dollars | Percentage | Dollars | |||||||||
Case volume | 1.3 | % | $ | 128.9 | 1.0 | % | $ | 199.1 | |||||
Inflation | 2.4 | 243.1 | 2.7 | 549.6 | |||||||||
Acquisitions | 0.8 | 81.1 | 0.6 | 113.9 | |||||||||
Other (1) (2) | (1.3 | ) | (126.6 | ) | (1.4 | ) | (276.9 | ) | |||||
Total sales increase | 3.2 | % | $ | 326.5 | 2.9 | % | $ | 585.7 |
(2)Approximately $107 million and $342 million of this decrease for the third quarter and first 39 weeks of fiscal 2020, respectively, results from Sysco’s sale of its interest in |
13-Week Period Ended Mar. 28, 2020 | 13-Week Period Ended Mar. 30, 2019 | Change in Dollars | % Change | ||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
Sales | $ | 2,508,642 | $ | 2,757,891 | $ | (249,249) | (9.0) | % | |||||||||||||||||||||||||||||||||
Gross profit | 500,929 | 565,116 | (64,187) | (11.4) | |||||||||||||||||||||||||||||||||||||
Operating expenses | 584,715 | 554,971 | 29,744 | 5.4 | |||||||||||||||||||||||||||||||||||||
Operating (loss) income | $ | (83,786) | $ | 10,145 | $ | (93,931) | NM | ||||||||||||||||||||||||||||||||||
Gross profit | $ | 500,929 | $ | 565,116 | $ | (64,187) | (11.4) | % | |||||||||||||||||||||||||||||||||
Adjusted operating expenses (Non-GAAP) | 495,945 | 507,018 | (11,073) | (2.2) | |||||||||||||||||||||||||||||||||||||
Adjusted operating income (Non-GAAP) | $ | 4,984 | $ | 58,098 | $ | (53,114) | (91.4) | % | |||||||||||||||||||||||||||||||||
Sales on a constant currency basis (Non-GAAP) | $ | 2,543,937 | $ | 2,757,891 | $ | (213,954) | (7.8) | % | |||||||||||||||||||||||||||||||||
Gross profit on a constant currency basis (Non-GAAP) | 508,471 | 565,116 | (56,645) | (10.0) | |||||||||||||||||||||||||||||||||||||
Adjusted operating expenses on a constant currency basis (Non-GAAP) | 504,686 | 507,018 | (2,332) | (0.5) | |||||||||||||||||||||||||||||||||||||
Adjusted operating income on a constant currency basis (Non-GAAP) | $ | 3,785 | $ | 58,098 | $ | (54,313) | (93.5) | % | |||||||||||||||||||||||||||||||||
39-Week Period Ended Mar. 28, 2020 | 39-Week Period Ended Mar. 30, 2019 | Change in Dollars | % Change | ||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
Sales | $ | 8,311,081 | $ | 8,569,439 | $ | (258,358) | (3.0) | % | |||||||||||||||||||||||||||||||||
Gross profit | 1,692,153 | 1,770,543 | (78,390) | (4.4) | |||||||||||||||||||||||||||||||||||||
Operating expenses | 1,686,258 | 1,708,543 | (22,285) | (1.3) | |||||||||||||||||||||||||||||||||||||
Operating income | $ | 5,895 | $ | 62,000 | $ | (56,105) | (90.5) | % | |||||||||||||||||||||||||||||||||
Gross profit | $ | 1,692,153 | $ | 1,770,543 | $ | (78,390) | (4.4) | % | |||||||||||||||||||||||||||||||||
Adjusted operating expenses (Non-GAAP) | 1,514,144 | 1,533,928 | (19,784) | (1.3) | |||||||||||||||||||||||||||||||||||||
Adjusted operating income (Non-GAAP) | $ | 178,009 | $ | 236,615 | $ | (58,606) | (24.8) | % | |||||||||||||||||||||||||||||||||
Sales on a constant currency basis (Non-GAAP) | $ | 8,464,995 | $ | 8,569,439 | $ | (104,444) | (1.2) | % | |||||||||||||||||||||||||||||||||
Gross profit on a constant currency basis (Non-GAAP) | 1,727,342 | 1,770,543 | (43,201) | (2.4) | |||||||||||||||||||||||||||||||||||||
Adjusted operating expenses on a constant currency basis (Non-GAAP) | 1,548,580 | 1,533,928 | 14,652 | 1.0 | |||||||||||||||||||||||||||||||||||||
Adjusted operating income on a constant currency basis (Non-GAAP) | $ | 178,762 | $ | 236,615 | $ | (57,853) | (24.5) | % |
13-Week Period Ended Dec. 28, 2019 | 13-Week Period Ended Dec. 29, 2018 | Change in Dollars | % Change | |||||||||||
(Dollars in thousands) | ||||||||||||||
Sales | $ | 2,890,053 | $ | 2,890,598 | $ | (545 | ) | — | % | |||||
Gross profit | 586,039 | 589,922 | (3,883 | ) | (0.7 | ) | ||||||||
Operating expenses | 551,158 | 604,839 | (53,681 | ) | (8.9 | ) | ||||||||
Operating income | $ | 34,881 | $ | (14,917 | ) | $ | 49,798 | NM | ||||||
Gross profit | $ | 586,039 | $ | 589,922 | $ | (3,883 | ) | (0.7 | )% | |||||
Adjusted operating expenses (Non-GAAP) | 511,996 | 506,872 | 5,124 | 1.0 | ||||||||||
Adjusted operating income (Non-GAAP) | $ | 74,043 | $ | 83,050 | $ | (9,007 | ) | (10.8 | )% | |||||
Sales on a constant currency basis (Non-GAAP) | $ | 2,915,342 | $ | 2,890,598 | $ | 24,744 | 0.9 | % | ||||||
Gross profit on a constant currency basis (Non-GAAP) | 592,076 | 589,922 | 2,154 | 0.4 | ||||||||||
Adjusted operating expenses on a constant currency basis (Non-GAAP) | 518,268 | 506,872 | 11,396 | 2.2 | ||||||||||
Adjusted operating income on a constant currency basis (Non-GAAP) | $ | 73,808 | $ | 83,050 | $ | (9,242 | ) | (11.1 | )% | |||||
26-Week Period Ended Dec. 28, 2019 | 26-Week Period Ended Dec. 29, 2018 | Change in Dollars | % Change | |||||||||||
(Dollars in thousands) | ||||||||||||||
Sales | $ | 5,802,441 | $ | 5,811,548 | $ | (9,107 | ) | (0.2 | )% | |||||
Gross profit | 1,191,224 | 1,205,427 | (14,203 | ) | (1.2 | ) | ||||||||
Operating expenses | 1,101,543 | 1,153,572 | (52,029 | ) | (4.5 | ) | ||||||||
Operating income | $ | 89,681 | $ | 51,855 | $ | 37,826 | 72.9 | % | ||||||
Gross profit | $ | 1,191,224 | $ | 1,205,427 | $ | (14,203 | ) | (1.2 | )% | |||||
Adjusted operating expenses (Non-GAAP) | 1,018,199 | 1,026,980 | (8,781 | ) | (0.9 | ) | ||||||||
Adjusted operating income (Non-GAAP) | $ | 173,025 | $ | 178,447 | $ | (5,422 | ) | (3.0 | )% | |||||
Sales on a constant currency basis (Non-GAAP) | $ | 5,924,879 | $ | 5,811,548 | $ | 113,331 | 2.0 | % | ||||||
Gross profit on a constant currency basis (Non-GAAP) | 1,220,278 | 1,205,427 | 14,851 | 1.2 | ||||||||||
Adjusted operating expenses on a constant currency basis (Non-GAAP) | 1,045,158 | 1,026,980 | 18,178 | 1.8 | ||||||||||
Adjusted operating income on a constant currency basis (Non-GAAP) | $ | 175,120 | $ | 178,447 | $ | (3,327 | ) | (1.9 | )% |
Increase (Decrease) | Increase (Decrease) | ||||||||||||||||||||||||||||||||||
13-Week Period | 39-Week Period | ||||||||||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | ||||||||||||||||||||||||||||||||||
Cause of change | Percentage | Dollars | Percentage | Dollars | |||||||||||||||||||||||||||||||
Inflation | (0.3) | % | $ | (8.0) | 0.4 | % | $ | 30.6 | |||||||||||||||||||||||||||
Acquisitions | 0.2 | 5.1 | 0.4 | 32.5 | |||||||||||||||||||||||||||||||
Foreign currency | — | (0.9) | — | (0.5) | |||||||||||||||||||||||||||||||
Other (1) | (8.9) | (245.5) | (3.8) | (321.0) | |||||||||||||||||||||||||||||||
Total sales increase | (9.0) | % | $ | (249.3) | (3.0) | % | $ | (258.4) | |||||||||||||||||||||||||||
Increase (Decrease) | Increase (Decrease) | ||||||||||||
13-Week Period | 26-Week Period | ||||||||||||
(Dollars in millions) | (Dollars in millions) | ||||||||||||
Cause of change | Percentage | Dollars | Percentage | Dollars | |||||||||
Inflation | 2.4 | % | $ | 68.8 | 2.1 | % | $ | 122.9 | |||||
Acquisitions | 0.5 | 14.7 | 0.5 | 27.2 | |||||||||
Foreign currency | (0.9 | ) | (25.5 | ) | (2.1 | ) | (120.2 | ) | |||||
Other (1) | (2.0 | ) | (58.5 | ) | (0.7 | ) | (39.0 | ) | |||||
Total sales increase | — | % | $ | (0.5 | ) | (0.2 | )% | $ | (9.1 | ) |
Sysco’s results of operations for fiscal 2020 and fiscal 2019 were impacted by restructuring and transformational project costs consisting of: (1) expenses associated with our various transformation initiatives; (2) severance and facility closure charges; and (3) restructuring charges. All acquisition-related costs in the first 39 weeks of fiscal 2020 and fiscal 2019 that have been designated as Certain Items relate to the Brakes Acquisition. These include acquisition-related intangible amortization expense. Fiscal 2020 results of operations were also negatively impacted by costs arising from the COVID-19 pandemic, the most significant including (1) excess bad debt expense and (2) goodwill impairment charges. Many of Sysco’s customers, including those in the restaurant, hospitality and education segments, are closed or operating at a substantially reduced volume due to governmental requirements for closures. Some of these customers have ceased paying their outstanding receivables, creating uncertainty as to their collectability. We have experienced an increase in past due receivables and have recognized additional bad debt charges. We have estimated uncollectible amounts by applying write-off percentages based on an aging of past due receivables. These write-off percentages are based in part on historical loss experience, including losses incurred during times of local and regional disasters. We have estimated the amount attributable to the impact of the COVID-19 pandemic on our customers by comparing our March allowance results to the prior three-month average, with excess amounts being a reasonable estimate of what the reserve for the allowance for doubtful accounts would have been for the third quarter and first 39 weeks of fiscal 2020, absent the impact of the COVID-19 pandemic. Because the COVID-19 pandemic is more widespread and longer in duration than historical disasters impacting our business, it is possible that actual uncollectible amounts will differ and additional charges may be required in the fourth quarter of fiscal 2020. Although Sysco traditionally incurs bad debt expense, the magnitude of such expenses that we have experienced is not indicative of our normal operations. Our adjusted results have not been normalized in a manner that would exclude the full impact of the COVID-19 pandemic on our business. As such, Sysco has not adjusted its results for lost sales, inventory write-offs or other costs associated with the COVID-19 pandemic not previously stated. In addition, results of operations in the first 39 weeks of fiscal 2019 were negatively affected by acquisition-related integration costs specific to the Brakes Acquisition and the impact of recognizing a foreign tax credit. | ||
The results of our foreign operations can be impacted due to changes in exchange rates applicable in converting local currencies to U.S. dollars. We measure our International Foodservice Operations results on a constant currency basis. Constant currency operating results are calculated by translating current-period local currency operating results with the currency exchange rates used to translate the financial statements in the comparable prior-year period to determine what the current-period U.S. dollar operating results would have been if the currency exchange rate had not changed from the comparable prior-year period. | ||
Management believes that adjusting its operating expenses, operating income, net earnings and diluted earnings per share to remove these Certain Items and presenting its International Foodservice Operations results on a constant currency basis, provides an important perspective with respect to our underlying business trends and results and provides meaningful supplemental information to both management and investors that (1) is indicative of the performance of the company’s underlying operations, facilitating comparisons on a year-over-year basis and (2) removes those items that are difficult to predict and are often unanticipated and that, as a result, are difficult to include in analysts’ financial models and our investors’ expectations with any degree of specificity. | ||
Although Sysco has a history of growth through acquisitions, the Brakes Group was significantly larger than the companies historically acquired by Sysco, with a proportionately greater impact on Sysco’s consolidated financial statements. Accordingly, Sysco is excluding from its non-GAAP financial measures for the relevant period solely those acquisition costs specific to the Brakes Acquisition. We believe this approach significantly enhances the comparability of Sysco’s results for fiscal 2020 and fiscal 2019. | ||
Set forth below is a reconciliation of sales, operating expenses, operating income, interest expense, net earnings and diluted earnings per share to adjusted results for these measures for the periods presented. Individual components of diluted earnings per share may not add up to the total presented due to rounding. Adjusted diluted earnings per share is calculated using adjusted net earnings divided by diluted shares outstanding. |
13-Week Period Ended Dec. 28, 2019 | 13-Week Period Ended Dec. 29, 2018 | Change in Dollars | % Change | |||||||||||
(Dollars in thousands, except for per share data) | ||||||||||||||
Operating expenses (GAAP) | $ | 2,275,906 | $ | 2,319,817 | $ | (43,911 | ) | (1.9 | )% | |||||
Impact of restructuring and transformational project costs (1) | (57,105 | ) | (134,436 | ) | 77,331 | (57.5 | ) | |||||||
Impact of acquisition-related costs (2) | (17,312 | ) | (17,008 | ) | (304 | ) | 1.8 | |||||||
Operating expenses adjusted for Certain Items (Non-GAAP) | $ | 2,201,489 | $ | 2,168,373 | $ | 33,116 | 1.5 | % | ||||||
Operating income (GAAP) | $ | 552,493 | $ | 451,895 | $ | 100,598 | 22.3 | % | ||||||
Impact of restructuring and transformational project costs (1) | 57,105 | 134,436 | (77,331 | ) | (57.5 | ) | ||||||||
Impact of acquisition-related costs (2) | 17,312 | 17,008 | 304 | 1.8 | ||||||||||
Operating income adjusted for Certain Items (Non-GAAP) | $ | 626,910 | $ | 603,339 | $ | 23,571 | 3.9 | % | ||||||
Net earnings (GAAP) | $ | 383,410 | $ | 267,380 | $ | 116,030 | 43.4 | % | ||||||
Impact of restructuring and transformational project costs (1) | 57,105 | 134,436 | (77,331 | ) | (57.5 | ) | ||||||||
Impact of acquisition-related costs (2) | 17,312 | 17,008 | 304 | 1.8 | ||||||||||
Tax impact of restructuring and transformational project costs (3) | (15,372 | ) | (34,886 | ) | 19,514 | (55.9 | ) | |||||||
Tax impact of acquisition-related costs (3) | (4,658 | ) | (5,611 | ) | 953 | (17.0 | ) | |||||||
Impact of US transition tax | — | 15,154 | (15,154 | ) | NM | |||||||||
Net earnings adjusted for Certain Items (Non-GAAP) | $ | 437,797 | $ | 393,481 | $ | 44,316 | 11.3 | % | ||||||
Diluted earnings per share (GAAP) | $ | 0.74 | $ | 0.51 | $ | 0.23 | 45.9 | % | ||||||
Impact of restructuring and transformational project costs (1) | 0.11 | 0.26 | (0.15 | ) | (57.7 | ) | ||||||||
Impact of acquisition-related costs (2) | 0.03 | 0.03 | — | NM | ||||||||||
Tax impact of restructuring and transformational project costs (3) | (0.03 | ) | (0.07 | ) | 0.04 | (57.1 | ) | |||||||
Tax impact of acquisition-related costs (3) | (0.01 | ) | (0.01 | ) | — | NM | ||||||||
Impact of US transition tax | — | 0.03 | (0.03 | ) | NM | |||||||||
Diluted EPS adjusted for Certain Items (Non-GAAP) (4) | $ | 0.85 | $ | 0.75 | $ | 0.10 | 13.2 | % |
13-Week Period Ended Mar. 28, 2020 | 13-Week Period Ended Mar. 30, 2019 | Change in Dollars | % Change | ||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except for per share data) | |||||||||||||||||||||||||||||||||||||||||
Operating expenses (GAAP) | $ | 2,503,966 | $ | 2,224,713 | $ | 279,253 | 12.6 | % | |||||||||||||||||||||||||||||||||
Impact of restructuring and transformational project costs (1) | (77,195) | (72,207) | (4,988) | 6.9 | |||||||||||||||||||||||||||||||||||||
Impact of acquisition-related costs (2) | (17,321) | (18,398) | 1,077 | (5.9) | |||||||||||||||||||||||||||||||||||||
Impact of excess bad debt expense | (153,499) | — | (153,499) | NM | |||||||||||||||||||||||||||||||||||||
Impact of goodwill impairment | (68,725) | — | (68,725) | NM | |||||||||||||||||||||||||||||||||||||
Operating expenses adjusted for Certain Items (Non-GAAP) | $ | 2,187,226 | $ | 2,134,108 | $ | 53,118 | 2.5 | % | |||||||||||||||||||||||||||||||||
Operating income (GAAP) | $ | 60,274 | $ | 529,585 | $ | (469,311) | (88.6) | % | |||||||||||||||||||||||||||||||||
Impact of restructuring and transformational project costs (1) | 77,195 | 72,207 | 4,988 | 6.9 | |||||||||||||||||||||||||||||||||||||
Impact of acquisition-related costs (2) | 17,321 | 18,398 | (1,077) | (5.9) | |||||||||||||||||||||||||||||||||||||
Impact of excess bad debt expense | 153,499 | — | 153,499 | NM | |||||||||||||||||||||||||||||||||||||
Impact of goodwill impairment | 68,725 | — | 68,725 | NM | |||||||||||||||||||||||||||||||||||||
Operating income adjusted for Certain Items (Non-GAAP) | $ | 377,014 | $ | 620,190 | $ | (243,176) | (39.2) | % | |||||||||||||||||||||||||||||||||
Net earnings (GAAP) | $ | (3,297) | $ | 440,083 | $ | (443,380) | NM | ||||||||||||||||||||||||||||||||||
Impact of restructuring and transformational project costs (1) | 77,195 | 72,207 | 4,988 | 6.9 | |||||||||||||||||||||||||||||||||||||
Impact of acquisition-related costs (2) | 17,321 | 18,398 | (1,077) | (5.9) | |||||||||||||||||||||||||||||||||||||
Impact of excess bad debt expense | 153,499 | — | 153,499 | NM | |||||||||||||||||||||||||||||||||||||
Impact of goodwill impairment | 68,725 | — | 68,725 | NM | |||||||||||||||||||||||||||||||||||||
Tax impact of restructuring and transformational project costs (3) | (28,461) | (19,271) | (9,190) | 47.7 | |||||||||||||||||||||||||||||||||||||
Tax impact of acquisition-related costs (3) | (6,777) | (4,899) | (1,878) | 38.3 | |||||||||||||||||||||||||||||||||||||
Tax impact of excess bad debt expense (3) | (46,410) | — | 95,067 | NM | |||||||||||||||||||||||||||||||||||||
Impact of foreign tax credit benefit | — | (95,067) | 95,067 | NM | |||||||||||||||||||||||||||||||||||||
Impact of US transition tax | — | (269) | 269 | NM | |||||||||||||||||||||||||||||||||||||
Net earnings adjusted for Certain Items (Non-GAAP) | $ | 231,795 | $ | 411,182 | $ | (179,387) | (43.6) | % | |||||||||||||||||||||||||||||||||
Diluted earnings per share (GAAP) | $ | (0.01) | $ | 0.85 | $ | (0.86) | NM | ||||||||||||||||||||||||||||||||||
Impact of restructuring and transformational project costs (1) | 0.15 | 0.14 | 0.01 | 7.1 | |||||||||||||||||||||||||||||||||||||
Impact of acquisition-related costs (2) | 0.03 | 0.04 | (0.01) | (25.0) | |||||||||||||||||||||||||||||||||||||
Impact of excess bad debt expense | 0.30 | — | 0.30 | NM | |||||||||||||||||||||||||||||||||||||
Impact of goodwill impairment | 0.13 | — | 0.13 | NM | |||||||||||||||||||||||||||||||||||||
Tax impact of restructuring and transformational project costs (3) | (0.06) | (0.04) | (0.02) | 50.0 | |||||||||||||||||||||||||||||||||||||
Tax impact of acquisition-related costs (3) | (0.01) | (0.01) | — | NM | |||||||||||||||||||||||||||||||||||||
Tax impact of excess bad debt expense (3) | (0.09) | — | (0.09) | NM | |||||||||||||||||||||||||||||||||||||
Impact of foreign tax credit benefit | — | (0.18) | 0.18 | NM | |||||||||||||||||||||||||||||||||||||
Diluted EPS adjusted for Certain Items (Non-GAAP) (4) | $ | 0.45 | $ | 0.79 | $ | (0.34) | (43.0) | % | |||||||||||||||||||||||||||||||||
(1) | Fiscal 2020 includes |
costs. | |||||
(2) | Fiscal 2020 and fiscal 2019 |
(3) | The tax impact of adjustments for Certain Items are calculated by multiplying the pretax impact of each Certain Item by the statutory rates in effect for each jurisdiction where the Certain Item was incurred. | ||||
(4) | Individual components of diluted earnings per share may not add up to the total presented due to rounding. Total diluted earnings per share is calculated using adjusted net earnings divided by diluted shares outstanding. | ||||
NM represents that the percentage change is not meaningful. |
39-Week Period Ended Mar. 28, 2020 | 39-Week Period Ended Mar. 30, 2019 | Change in Dollars | % Change | ||||||||||||||||||||||||||||||||||||||
(Dollars in thousands, except for share and per share data) | |||||||||||||||||||||||||||||||||||||||||
Operating expenses (GAAP) | $ | 7,054,924 | $ | 6,820,175 | $ | 234,749 | 3.4 | % | |||||||||||||||||||||||||||||||||
Impact of restructuring and transformational project costs (1) | (191,022) | (247,547) | 56,525 | (22.8) | |||||||||||||||||||||||||||||||||||||
Impact of acquisition-related costs (2) | (51,543) | (58,042) | 6,499 | (11.2) | |||||||||||||||||||||||||||||||||||||
Impact of excess bad debt expense | (153,499) | — | (153,499) | NM | |||||||||||||||||||||||||||||||||||||
Impact of goodwill impairment | (68,725) | — | (68,725) | NM | |||||||||||||||||||||||||||||||||||||
Operating expenses adjusted for Certain Items (Non-GAAP) | $ | 6,590,135 | $ | 6,514,586 | $ | 75,549 | 1.2 | % | |||||||||||||||||||||||||||||||||
Operating income (GAAP) | $ | 1,281,085 | $ | 1,609,620 | $ | (328,535) | (20.4) | % | |||||||||||||||||||||||||||||||||
Impact of restructuring and transformational project costs (1) | 191,022 | 247,547 | (56,525) | (22.8) | |||||||||||||||||||||||||||||||||||||
Impact of acquisition-related costs (2) | 51,543 | 58,042 | (6,499) | (11.2) | |||||||||||||||||||||||||||||||||||||
Impact of excess bad debt expense | 153,499 | — | 153,499 | NM | |||||||||||||||||||||||||||||||||||||
Impact of goodwill impairment | 68,725 | — | 68,725 | NM | |||||||||||||||||||||||||||||||||||||
Operating income adjusted for Certain Items (Non-GAAP) | $ | 1,745,874 | $ | 1,915,209 | $ | (169,335) | (8.8) | % | |||||||||||||||||||||||||||||||||
Net earnings (GAAP) | $ | 833,894 | $ | 1,138,505 | $ | (304,611) | (26.8) | % | |||||||||||||||||||||||||||||||||
Impact of restructuring and transformational project costs (1) | 191,022 | 247,547 | (56,525) | (22.8) | |||||||||||||||||||||||||||||||||||||
Impact of acquisition-related costs (2) | 51,543 | 58,042 | (6,499) | (11.2) | |||||||||||||||||||||||||||||||||||||
Impact of excess bad debt expense | 153,499 | — | 153,499 | NM | |||||||||||||||||||||||||||||||||||||
Impact of goodwill impairment | 68,725 | — | 68,725 | NM | |||||||||||||||||||||||||||||||||||||
Tax impact of restructuring and transformational project costs (3) | (57,756) | (64,831) | 7,075 | (10.9) | |||||||||||||||||||||||||||||||||||||
Tax impact of acquisition-related costs (3) | (15,584) | (15,201) | (383) | 2.5 | |||||||||||||||||||||||||||||||||||||
Tax impact of excess bad debt expense (3) | (46,410) | — | (46,410) | NM | |||||||||||||||||||||||||||||||||||||
Impact of French tax rate change | 924 | — | 924 | NM | |||||||||||||||||||||||||||||||||||||
Impact of foreign tax credit benefit | — | (95,067) | 95,067 | NM | |||||||||||||||||||||||||||||||||||||
Impact of US transition tax | — | 14,885 | (14,885) | NM | |||||||||||||||||||||||||||||||||||||
Net earnings adjusted for Certain Items (Non-GAAP) | $ | 1,179,857 | $ | 1,283,880 | $ | (104,023) | (8.1) | % | |||||||||||||||||||||||||||||||||
Diluted earnings per share (GAAP) | $ | 1.62 | $ | 2.17 | $ | (0.55) | (25.3) | % | |||||||||||||||||||||||||||||||||
Impact of restructuring and transformational project costs (1) | 0.37 | 0.47 | (0.10) | (21.3) | |||||||||||||||||||||||||||||||||||||
Impact of acquisition-related costs (2) | 0.10 | 0.11 | (0.01) | (9.1) | |||||||||||||||||||||||||||||||||||||
Impact of excess bad debt expense | 0.30 | — | 0.30 | NM | |||||||||||||||||||||||||||||||||||||
Impact of goodwill impairment | 0.13 | — | 0.13 | NM | |||||||||||||||||||||||||||||||||||||
Tax impact of restructuring and transformational project costs (3) | (0.11) | (0.12) | 0.01 | (8.3) | |||||||||||||||||||||||||||||||||||||
Tax impact of acquisition-related costs (3) | (0.03) | (0.03) | — | NM | |||||||||||||||||||||||||||||||||||||
Tax impact of excess bad debt expense (3) | (0.09) | — | (0.09) | NM | |||||||||||||||||||||||||||||||||||||
Impact of foreign tax credit benefit | — | (0.18) | 0.18 | NM | |||||||||||||||||||||||||||||||||||||
Impact of US transition tax | — | 0.03 | (0.03) | NM | |||||||||||||||||||||||||||||||||||||
Diluted EPS adjusted for Certain Items (Non-GAAP) (4) | $ | 2.29 | $ | 2.45 | $ | (0.16) | (6.5) | % | |||||||||||||||||||||||||||||||||
(1) | Fiscal 2020 includes $100 million related to severance, restructuring and facility closure charges, of which $37 million relates to our integration of Brake France and Davigel into Sysco France and $21 million relates to Corporate severance charges. Fiscal 2020 also includes $91 million related to various transformation initiative costs, primarily consisting of changes to our business technology strategy. Fiscal 2019 includes $133 million related to severance, restructuring and facility closure charges in Europe, Canada and at Corporate, of which $58 million relates to our France restructuring as part of our integration of Brake France and Davigel into Sysco France, and $114 million related to various transformation initiative costs, of which $17 million relates to accelerated depreciation with regard to software that was replaced. | ||||
(2) | Fiscal 2020 and fiscal 2019 include $52 million and $57 million, respectively, related to intangible amortization expense from the Brakes Acquisition, which is included in the results of International Foodservice and integration costs in fiscal 2019. | ||||
(3) | The tax impact of adjustments for Certain Items are calculated by multiplying the pretax impact of each Certain Item by the statutory rates in effect for each jurisdiction where the Certain Item was incurred. | ||||
(4) | Individual components of diluted earnings per share may not add up to the total presented due to rounding. Total diluted earnings per share is calculated using adjusted net earnings divided by diluted shares outstanding. |
26-Week Period Ended Dec. 28, 2019 | 26-Week Period Ended Dec. 29, 2018 | Change in Dollars | % Change | |||||||||||
(Dollars in thousands, except for share and per share data) | ||||||||||||||
Operating expenses (GAAP) | $ | 4,550,958 | $ | 4,595,462 | $ | (44,504 | ) | (1.0 | )% | |||||
Impact of restructuring and transformational project costs (1) | (113,827 | ) | (175,339 | ) | 61,512 | (35.1 | ) | |||||||
Impact of acquisition-related costs (2) | (34,222 | ) | (39,645 | ) | 5,423 | (13.7 | ) | |||||||
Operating expenses adjusted for Certain Items (Non-GAAP) | $ | 4,402,909 | $ | 4,380,478 | $ | 22,431 | 0.5 | % | ||||||
Operating income (GAAP) | $ | 1,220,811 | $ | 1,080,035 | $ | 140,776 | 13.0 | % | ||||||
Impact of restructuring and transformational project costs (1) | 113,827 | 175,339 | (61,512 | ) | (35.1 | ) | ||||||||
Impact of acquisition-related costs (2) | 34,222 | 39,645 | (5,423 | ) | (13.7 | ) | ||||||||
Operating income adjusted for Certain Items (Non-GAAP) | $ | 1,368,860 | $ | 1,295,019 | $ | 73,841 | 5.7 | % | ||||||
Net earnings (GAAP) | $ | 837,191 | $ | 698,422 | $ | 138,769 | 19.9 | % | ||||||
Impact of restructuring and transformational project costs (1) | 113,827 | 175,339 | (61,512 | ) | (35.1 | ) | ||||||||
Impact of acquisition-related costs (2) | 34,222 | 39,645 | (5,423 | ) | (13.7 | ) | ||||||||
Tax impact of restructuring and transformational project costs (3) | (29,294 | ) | (45,560 | ) | 16,266 | (35.7 | ) | |||||||
Tax impact of acquisition-related costs (3) | (8,807 | ) | (10,302 | ) | 1,495 | (14.5 | ) | |||||||
Impact of US transition tax | — | 15,154 | (15,154 | ) | NM | |||||||||
Impact of French tax rate change | 924 | — | 924 | NM | ||||||||||
Net earnings adjusted for Certain Items (Non-GAAP) | $ | 948,063 | $ | 872,698 | $ | 75,365 | 8.6 | % | ||||||
Diluted earnings per share (GAAP) | $ | 1.62 | $ | 1.33 | $ | 0.29 | 22.1 | % | ||||||
Impact of restructuring and transformational project costs (1) | 0.22 | 0.33 | (0.11 | ) | (33.3 | ) | ||||||||
Impact of acquisition-related costs (2) | 0.07 | 0.08 | (0.01 | ) | (12.5 | ) | ||||||||
Tax impact of restructuring and transformational project costs (3) | (0.06 | ) | (0.09 | ) | 0.03 | (33.3 | ) | |||||||
Tax impact of acquisition-related costs (3) | (0.02 | ) | (0.02 | ) | — | NM | ||||||||
Impact of US transition tax | — | 0.03 | (0.03 | ) | NM | |||||||||
Diluted EPS adjusted for Certain Items (Non-GAAP) (4) | $ | 1.83 | $ | 1.66 | $ | 0.17 | 10.7 | % |
13-Week Period Ended Mar. 28, 2020 | 13-Week Period Ended Mar. 30, 2019 | Change in Dollars | % Change | ||||||||||||||||||||
U.S. FOODSERVICE OPERATIONS | |||||||||||||||||||||||
Operating expenses (GAAP) | $ | 1,367,353 | $ | 1,243,704 | $ | 123,649 | 9.9 | % | |||||||||||||||
Impact of restructuring and transformational project costs (1) | (1,402) | (2,927) | 1,525 | (52.1) | |||||||||||||||||||
Impact of excess bad debt expense | (107,230) | — | (107,230) | NM | |||||||||||||||||||
Operating expenses adjusted for Certain Items (Non-GAAP) | $ | 1,258,721 | $ | 1,240,777 | $ | 17,944 | 1.4 | % | |||||||||||||||
Operating income (GAAP) | $ | 528,025 | $ | 765,425 | $ | (237,400) | (31.0) | % | |||||||||||||||
Impact of restructuring and transformational project costs (1) | 1,402 | 2,927 | (1,525) | (52.1) | |||||||||||||||||||
Impact of excess bad debt expense | 107,230 | — | 107,230 | NM | |||||||||||||||||||
Operating income adjusted for Certain Items (Non-GAAP) | $ | 636,657 | $ | 768,352 | $ | (131,695) | (17.1) | % | |||||||||||||||
INTERNATIONAL FOODSERVICE OPERATIONS | |||||||||||||||||||||||
Sales (GAAP) | $ | 2,508,642 | $ | 2,757,891 | $ | (249,249) | (9.0) | % | |||||||||||||||
Impact of currency fluctuations (2) | 35,295 | — | 35,295 | 1.3 | |||||||||||||||||||
Comparable sales using a constant currency basis (Non-GAAP) | $ | 2,543,937 | $ | 2,757,891 | $ | (213,954) | (7.8) | % | |||||||||||||||
Gross Profit (GAAP) | $ | 500,929 | $ | 565,116 | $ | (64,187) | (11.4) | % | |||||||||||||||
Impact of currency fluctuations (2) | 7,542 | — | 7,542 | 1.3 | |||||||||||||||||||
Comparable gross profit using a constant currency basis (Non-GAAP) | $ | 508,471 | $ | 565,116 | $ | (56,645) | (10.0) | % | |||||||||||||||
Gross Margin (GAAP) | 19.97 | % | 20.49 | % | -52 bps | ||||||||||||||||||
Impact of currency fluctuations (2) | 0.02 | — | 2 bps | ||||||||||||||||||||
Comparable gross margin using a constant currency basis (Non-GAAP) | 19.99 | % | 20.49 | % | -50 bps | ||||||||||||||||||
Operating expenses (GAAP) | $ | 584,715 | $ | 554,971 | $ | 29,744 | 5.4 | % | |||||||||||||||
Impact of restructuring and transformational project costs (3) | (25,180) | (29,574) | 4,394 | (14.9) | |||||||||||||||||||
Impact of acquisition-related costs (4) | (17,321) | (18,379) | 1,058 | (5.8) | |||||||||||||||||||
Impact of excess bad debt expense | (46,269) | — | (46,269) | NM | |||||||||||||||||||
Operating expenses adjusted for Certain Items (Non-GAAP) | 495,945 | 507,018 | (11,073) | (2.2) | |||||||||||||||||||
Impact of currency fluctuations (2) | 8,741 | — | 8,741 | 1.7 | |||||||||||||||||||
Comparable operating expenses adjusted for Certain Items using a constant currency basis (Non-GAAP) | $ | 504,686 | $ | 507,018 | $ | (2,332) | (0.5) | % | |||||||||||||||
Operating income (GAAP) | $ | (83,786) | $ | 10,145 | $ | (93,931) | NM | ||||||||||||||||
Impact of restructuring and transformational project costs (3) | 25,180 | 29,574 | (4,394) | (14.9) | |||||||||||||||||||
Impact of acquisition-related costs (4) | 17,321 | 18,379 | (1,058) | (5.8) | |||||||||||||||||||
Impact of excess bad debt expense | 46,269 | — | 46,269 | NM | |||||||||||||||||||
Operating income adjusted for Certain Items (Non-GAAP) | 4,984 | 58,098 | (53,114) | (91.4) | |||||||||||||||||||
Impact of currency fluctuations (2) | (1,199) | — | (1,199) | (2.1) | |||||||||||||||||||
Comparable operating income adjusted for Certain Items using a constant currency basis (Non-GAAP) | $ | 3,785 | $ | 58,098 | $ | (54,313) | (93.5) | % | |||||||||||||||
13-Week Period Ended Dec. 28, 2019 | 13-Week Period Ended Dec. 29, 2018 | Change in Dollars | % Change | |||||||||||
U.S. FOODSERVICE OPERATIONS | ||||||||||||||
Operating expenses (GAAP) | $ | 1,280,128 | $ | 1,264,342 | $ | 15,786 | 1.2 | % | ||||||
Impact of restructuring and transformational project costs (1) | (3,679 | ) | — | (3,679 | ) | NM | ||||||||
Operating expenses adjusted for Certain Items (Non-GAAP) | $ | 1,276,449 | $ | 1,264,342 | $ | 12,107 | 1.0 | % | ||||||
Operating income (GAAP) | $ | 768,777 | $ | 737,477 | $ | 31,300 | 4.2 | % | ||||||
Impact of restructuring and transformational project costs (1) | 3,679 | — | 3,679 | NM | ||||||||||
Operating income adjusted for Certain Items (Non-GAAP) | $ | 772,456 | $ | 737,477 | $ | 34,979 | 4.7 | % | ||||||
INTERNATIONAL FOODSERVICE OPERATIONS | ||||||||||||||
Sales (GAAP) | $ | 2,890,053 | $ | 2,890,598 | $ | (545 | ) | NM | ||||||
Impact of currency fluctuations (2) | 25,289 | — | 25,289 | 0.9 | ||||||||||
Comparable sales using a constant currency basis (Non-GAAP) | $ | 2,915,342 | $ | 2,890,598 | $ | 24,744 | 0.9 | % | ||||||
Gross Profit (GAAP) | $ | 586,039 | $ | 589,922 | $ | (3,883 | ) | (0.7 | )% | |||||
Impact of currency fluctuations (2) | 6,037 | — | 6,037 | 1.0 | ||||||||||
Comparable gross profit using a constant currency basis (Non-GAAP) | $ | 592,076 | $ | 589,922 | $ | 2,154 | 0.4 | % | ||||||
Gross Margin (GAAP) | 20.28 | % | 20.41 | % | -13 bps | |||||||||
Impact of currency fluctuations (2) | 0.03 | — | 3 bps | |||||||||||
Comparable gross margin using a constant currency basis (Non-GAAP) | 20.31 | % | 20.41 | % | -10 bps | |||||||||
Operating expenses (GAAP) | $ | 551,158 | $ | 604,839 | $ | (53,681 | ) | (8.9 | )% | |||||
Impact of restructuring and transformational project costs (3) | (21,850 | ) | (81,020 | ) | 59,170 | (73.0 | ) | |||||||
Impact of acquisition-related costs (4) | (17,312 | ) | (16,947 | ) | (365 | ) | 2.2 | |||||||
Operating expenses adjusted for Certain Items (Non-GAAP) | $ | 511,996 | $ | 506,872 | $ | 5,124 | 1.0 | % | ||||||
Impact of currency fluctuations (2) | 6,272 | — | 6,272 | 1.2 | ||||||||||
Comparable operating expenses adjusted for Certain Items using a constant currency basis (Non-GAAP) | $ | 518,268 | $ | 506,872 | $ | 11,396 | 2.2 | % | ||||||
Operating income (GAAP) | $ | 34,881 | $ | (14,917 | ) | $ | 49,798 | NM | ||||||
Impact of restructuring and transformational project costs (3) | 21,850 | 81,020 | (59,170 | ) | (73.0 | ) | ||||||||
Impact of acquisition related costs (4) | 17,312 | 16,947 | 365 | 2.2 | ||||||||||
Operating income adjusted for Certain Items (Non-GAAP) | $ | 74,043 | $ | 83,050 | $ | (9,007 | ) | (10.8 | )% | |||||
Impact of currency fluctuations (2) | (235 | ) | — | (235 | ) | (0.3 | ) | |||||||
Comparable operating income adjusted for Certain Items using a constant currency basis (Non-GAAP) | $ | 73,808 | $ | 83,050 | $ | (9,242 | ) | (11.1 | )% | |||||
SYGMA | ||||||||||||||
Operating expenses (GAAP) | $ | 114,378 | $ | 118,423 | $ | (4,045 | ) | (3.4 | )% | |||||
Impact of restructuring and transformational project costs (5) | (956 | ) | — | (956 | ) | NM | ||||||||
Operating expenses adjusted for Certain Items (Non-GAAP) | $ | 113,422 | $ | 118,423 | $ | (5,001 | ) | (4.2 | )% | |||||
SYGMA | |||||||||||||||||||||||
Operating expenses (GAAP) | $ | 108,590 | $ | 114,247 | $ | (5,657) | (5.0) | % | |||||||||||||||
Impact of restructuring and transformational project costs (5) | (122) | (369) | 247 | (66.9) | |||||||||||||||||||
Operating expenses adjusted for Certain Items (Non-GAAP) | $ | 108,468 | $ | 113,878 | $ | (5,410) | (4.8) | % | |||||||||||||||
Operating income (GAAP) | $ | 10,301 | $ | 11,668 | $ | (1,367) | (11.7) | % | |||||||||||||||
Impact of restructuring and transformational project costs (5) | 122 | 369 | (247) | (66.9) | |||||||||||||||||||
Operating income adjusted for Certain Items (Non-GAAP) | $ | 10,423 | $ | 12,037 | $ | (1,614) | (13.4) | % | |||||||||||||||
OTHER | |||||||||||||||||||||||
Operating expenses (GAAP) | $ | 75,051 | $ | 57,502 | 17,549 | 30.5 | % | ||||||||||||||||
Impact of goodwill impairment | (11,660) | — | (11,660) | NM | |||||||||||||||||||
Operating expenses adjusted for Certain Items (Non-GAAP) | $ | 63,391 | $ | 57,502 | $ | 5,889 | 10.2 | % | |||||||||||||||
Operating income (GAAP) | $ | (19,051) | $ | 6,376 | (25,427) | NM | |||||||||||||||||
Impact of goodwill impairment | 11,660 | — | 11,660 | NM | |||||||||||||||||||
Operating income adjusted for Certain Items (Non-GAAP) | $ | (7,391) | $ | 6,376 | $ | (13,767) | NM | ||||||||||||||||
CORPORATE | |||||||||||||||||||||||
Operating expenses (GAAP) | $ | 368,257 | $ | 254,289 | $ | 113,968 | 44.8 | % | |||||||||||||||
Impact of restructuring and transformational project costs (6) | (50,490) | (39,337) | (11,153) | 28.4 | |||||||||||||||||||
Impact of acquisition-related costs (7) | — | (19) | 19 | NM | |||||||||||||||||||
Impact of goodwill impairment | (57,066) | — | (57,066) | NM | |||||||||||||||||||
Operating expenses adjusted for Certain Items (Non-GAAP) | $ | 260,701 | $ | 214,933 | $ | 45,768 | 21.3 | % | |||||||||||||||
Operating income (GAAP) | $ | (375,215) | $ | (264,029) | $ | (111,186) | 42.1 | % | |||||||||||||||
Impact of restructuring and transformational project costs (6) | 50,490 | 39,337 | 11,153 | 28.4 | |||||||||||||||||||
Impact of acquisition-related costs (7) | — | 19 | (19) | NM | |||||||||||||||||||
Impact of goodwill impairment | 57,066 | — | 57,066 | NM | |||||||||||||||||||
Operating income adjusted for Certain Items (Non-GAAP) | $ | (267,659) | $ | (224,673) | $ | (42,986) | 19.1 | % | |||||||||||||||
Operating income (GAAP) | $ | 9,861 | $ | 3,114 | $ | 6,747 | NM | |||||||
Impact of restructuring and transformational project costs (5) | 956 | — | 956 | NM | ||||||||||
Operating income adjusted for Certain Items (Non-GAAP) | $ | 10,817 | $ | 3,114 | $ | 7,703 | NM | |||||||
CORPORATE | ||||||||||||||
Operating expenses (GAAP) | $ | 273,139 | $ | 274,430 | $ | (1,291 | ) | (0.5 | )% | |||||
Impact of restructuring and transformational project costs (6) | (30,620 | ) | (53,416 | ) | 22,796 | (42.7 | ) | |||||||
Impact of acquisition-related costs (7) | — | (61 | ) | 61 | NM | |||||||||
Operating expenses adjusted for Certain Items (Non-GAAP) | $ | 242,519 | $ | 220,953 | $ | 21,566 | 9.8 | % | ||||||
Operating income (GAAP) | $ | (270,429 | ) | $ | (279,497 | ) | $ | 9,068 | (3.2 | )% | ||||
Impact of restructuring and transformational project costs (6) | 30,620 | 53,416 | (22,796 | ) | (42.7 | ) | ||||||||
Impact of acquisition-related costs (7) | — | 61 | (61 | ) | NM | |||||||||
Operating income adjusted for Certain Items (Non-GAAP) | $ | (239,809 | ) | $ | (226,020 | ) | $ | (13,789 | ) | 6.1 | % |
(1) | Includes charges related to business transformation |
projects and other restructuring charges. | |||||
(2) | Represents a constant currency adjustment, which eliminates the impact of foreign currency fluctuations on current year results. |
(3) | Includes severance, restructuring and facility closure |
(4) | Fiscal 2020 and fiscal 2019 |
(5) | Includes charges related to |
(6) | Fiscal 2020 and fiscal 2019 include various transformation initiative costs, primarily consisting of changes to our business technology strategy and severance |
Fiscal 2019 includes $17 million of accelerated depreciation on software that was replaced. | |||||
(7) | Fiscal 2019 includes integration costs from the Brakes Acquisition. |
39-Week Period Ended Mar. 28, 2020 | 39-Week Period Ended Mar. 30, 2019 | Change in Dollars | % Change | ||||||||||||||||||||
U.S. FOODSERVICE OPERATIONS | |||||||||||||||||||||||
26-Week Period Ended Dec. 28, 2019 | 26-Week Period Ended Dec. 29, 2018 | Change in Dollars | % Change | |||||||||||
U.S. FOODSERVICE OPERATIONS | ||||||||||||||
Operating expenses (GAAP) | $ | 2,563,608 | $ | 2,538,811 | $ | 24,797 | 1.0 | % | ||||||
Impact of restructuring and transformational project costs (1) | (7,805 | ) | — | (7,805 | ) | NM | ||||||||
Operating expenses adjusted for Certain Items (Non-GAAP) | $ | 2,555,803 | $ | 2,538,811 | $ | 16,992 | 0.7 | % | ||||||
Operating income (GAAP) | $ | 1,630,183 | $ | 1,553,235 | $ | 76,948 | 5.0 | % | ||||||
Impact of restructuring and transformational project costs (1) | 7,805 | — | 7,805 | NM | ||||||||||
Operating income adjusted for Certain Items (Non-GAAP) | $ | 1,637,988 | $ | 1,553,235 | $ | 84,753 | 5.5 | % | ||||||
INTERNATIONAL FOODSERVICE OPERATIONS | ||||||||||||||
Sales (GAAP) | $ | 5,802,441 | $ | 5,811,548 | $ | (9,107 | ) | (0.2 | )% | |||||
Impact of currency fluctuations (2) | 122,438 | — | 122,438 | 2.1 | ||||||||||
Comparable sales using a constant currency basis (Non-GAAP) | $ | 5,924,879 | $ | 5,811,548 | $ | 113,331 | 2.0 | % | ||||||
Gross Profit (GAAP) | $ | 1,191,224 | $ | 1,205,427 | $ | (14,203 | ) | (1.2 | )% |
Operating expenses (GAAP) | $ | 3,930,960 | $ | 3,782,515 | $ | 148,445 | 3.9 | % | |||||||||||||||
Impact of restructuring and transformational project costs (1) | (9,208) | (2,858) | (6,350) | NM | |||||||||||||||||||
Impact of excess bad debt expense | (107,230) | — | (107,230) | NM | |||||||||||||||||||
Operating expenses adjusted for Certain Items (Non-GAAP) | $ | 3,814,522 | $ | 3,779,657 | $ | 34,865 | 0.9 | % | |||||||||||||||
Operating income (GAAP) | $ | 2,158,211 | $ | 2,318,660 | $ | (160,449) | (6.9) | % | |||||||||||||||
Impact of restructuring and transformational project costs (1) | 9,208 | 2,858 | 6,350 | NM | |||||||||||||||||||
Impact of excess bad debt expense | 107,230 | — | 107,230 | NM | |||||||||||||||||||
Operating income adjusted for Certain Items (Non-GAAP) | $ | 2,274,649 | $ | 2,321,518 | $ | (46,869) | (2.0) | % | |||||||||||||||
INTERNATIONAL FOODSERVICE OPERATIONS | |||||||||||||||||||||||
Sales (GAAP) | $ | 8,311,081 | $ | 8,569,439 | $ | (258,358) | (3.0) | % | |||||||||||||||
Impact of currency fluctuations (2) | 153,914 | — | 153,914 | 1.8 | |||||||||||||||||||
Comparable sales using a constant currency basis (Non-GAAP) | $ | 8,464,995 | $ | 8,569,439 | $ | (104,444) | (1.2) | % | |||||||||||||||
Gross Profit (GAAP) | $ | 1,692,153 | $ | 1,770,543 | $ | (78,390) | (4.4) | % | |||||||||||||||
Impact of currency fluctuations (2) | 35,189 | — | 35,189 | 2.0 | |||||||||||||||||||
Comparable gross profit using a constant currency basis (Non-GAAP) | $ | 1,727,342 | $ | 1,770,543 | $ | (43,201) | (2.4) | % | |||||||||||||||
Gross Margin (GAAP) | 20.36 | % | 20.66 | % | -30 bps | ||||||||||||||||||
Impact of currency fluctuations (2) | (0.05) | — | -5 bps | ||||||||||||||||||||
Comparable gross margin using a constant currency basis (Non-GAAP) | 20.41 | % | 20.66 | % | -25 bps | ||||||||||||||||||
Operating expenses (GAAP) | $ | 1,686,258 | $ | 1,708,543 | $ | (22,285) | (1.3) | % | |||||||||||||||
Impact of restructuring and transformational project costs (3) | (74,302) | (117,390) | 43,088 | (36.7) | |||||||||||||||||||
Impact of acquisition-related costs (4) | (51,543) | (57,225) | 5,682 | (9.9) | |||||||||||||||||||
Impact of excess bad debt expense | (46,269) | — | (46,269) | NM | |||||||||||||||||||
Operating expenses adjusted for Certain Items (Non-GAAP) | 1,514,144 | 1,533,928 | (19,784) | (1.3) | |||||||||||||||||||
Impact of currency fluctuations (2) | 34,436 | — | 34,436 | 2.2 | |||||||||||||||||||
Comparable operating expenses adjusted for Certain Items using a constant currency basis (Non-GAAP) | $ | 1,548,580 | $ | 1,533,928 | $ | 14,652 | 1.0 | % | |||||||||||||||
Operating income (GAAP) | $ | 5,895 | $ | 62,000 | $ | (56,105) | (90.5) | % | |||||||||||||||
Impact of restructuring and transformational project costs (3) | 74,302 | 117,390 | (43,088) | (36.7) | |||||||||||||||||||
Impact of acquisition-related costs (4) | 51,543 | 57,225 | (5,682) | (9.9) | |||||||||||||||||||
Impact of excess bad debt expense | 46,269 | — | 11,274 | 19.7 | |||||||||||||||||||
Operating income adjusted for Certain Items (Non-GAAP) | 178,009 | 236,615 | (58,606) | (24.8) | |||||||||||||||||||
Impact of currency fluctuations (2) | 753 | — | 753 | 0.3 | |||||||||||||||||||
Comparable operating income adjusted for Certain Items using a constant currency basis (Non-GAAP) | $ | 178,762 | $ | 236,615 | $ | (57,853) | (24.5) | % | |||||||||||||||
SYGMA | |||||||||||||||||||||||
Operating expenses (GAAP) | $ | 341,316 | $ | 359,565 | $ | (18,249) | (5.1) | % | |||||||||||||||
Impact of restructuring and transformational project costs (5) | (3,662) | (369) | (3,293) | NM | |||||||||||||||||||
Operating expenses adjusted for Certain Items (Non-GAAP) | $ | 337,654 | $ | 359,196 | $ | (21,542) | (6.0) | % | |||||||||||||||
Operating income (GAAP) | $ | 27,732 | $ | 17,213 | $ | 10,519 | 61.1 | % | |||||||||||||||
Impact of restructuring and transformational project costs (5) | 3,662 | 369 | 3,293 | NM | |||||||||||||||||||
Operating income adjusted for Certain Items (Non-GAAP) | Operating income adjusted for Certain Items (Non-GAAP) | $ | 31,394 | $ | 17,582 | $ | 13,812 | 78.6 | % | ||||||||||||||||||||||||||||
OTHER | OTHER | ||||||||||||||||||||||||||||||||||||
Impact of currency fluctuations (2) | 29,054 | — | 29,054 | 2.4 | |||||||||||||||||||||||||||||||||
Comparable gross profit using a constant currency basis (Non-GAAP) | $ | 1,220,278 | $ | 1,205,427 | $ | 14,851 | 1.2 | % | |||||||||||||||||||||||||||||
Operating expenses (GAAP) | $ | 1,101,543 | $ | 1,153,572 | $ | (52,029 | ) | (4.5 | )% | Operating expenses (GAAP) | $ | 193,762 | $ | 176,485 | 17,277 | 9.8 | % | ||||||||||||||||||||
Impact of restructuring and transformational project costs (3) | (49,122 | ) | (87,746 | ) | 38,624 | (44.0 | ) | ||||||||||||||||||||||||||||||
Impact of acquisition-related costs (4) | (34,222 | ) | (38,846 | ) | 4,624 | (11.9 | ) | ||||||||||||||||||||||||||||||
Operating expenses adjusted for Certain Items (Non-GAAP) | $ | 1,018,199 | $ | 1,026,980 | $ | (8,781 | ) | (0.9 | )% | ||||||||||||||||||||||||||||
Impact of currency fluctuations (2) | 26,959 | — | 26,959 | 2.6 | |||||||||||||||||||||||||||||||||
Comparable operating expenses adjusted for Certain Items using a constant currency basis (Non-GAAP) | $ | 1,045,158 | $ | 1,026,980 | $ | 18,178 | 1.8 | % | |||||||||||||||||||||||||||||
Operating income (GAAP) | $ | 89,681 | $ | 51,855 | $ | 37,826 | 72.9 | % | |||||||||||||||||||||||||||||
Impact of restructuring and transformational project costs (3) | 49,122 | 87,746 | (38,624 | ) | (44.0 | ) | |||||||||||||||||||||||||||||||
Impact of acquisition related costs (4) | 34,222 | 38,846 | (4,624 | ) | (11.9 | ) | |||||||||||||||||||||||||||||||
Operating income adjusted for Certain Items (Non-GAAP) | $ | 173,025 | $ | 178,447 | $ | (5,422 | ) | (3.0 | )% | ||||||||||||||||||||||||||||
Impact of currency fluctuations (2) | 2,095 | — | 2,095 | 1.2 | |||||||||||||||||||||||||||||||||
Comparable operating income adjusted for Certain Items using a constant currency basis (Non-GAAP) | $ | 175,120 | $ | 178,447 | $ | (3,327 | ) | (1.9 | )% | ||||||||||||||||||||||||||||
SYGMA | |||||||||||||||||||||||||||||||||||||
Operating expenses (GAAP) | $ | 232,726 | $ | 245,318 | $ | (12,592 | ) | (5.1 | )% | ||||||||||||||||||||||||||||
Impact of restructuring and transformational project costs (5) | (3,540 | ) | — | (3,540 | ) | NM | |||||||||||||||||||||||||||||||
Impact of goodwill impairment | Impact of goodwill impairment | (11,660) | — | (11,660) | NM | ||||||||||||||||||||||||||||||||
Operating expenses adjusted for Certain Items (Non-GAAP) | $ | 229,186 | $ | 245,318 | $ | (16,132 | ) | (6.6 | )% | Operating expenses adjusted for Certain Items (Non-GAAP) | $ | 182,102 | $ | 176,485 | $ | 5,617 | 3.2 | % | |||||||||||||||||||
Operating income (GAAP) | $ | 17,431 | $ | 5,545 | $ | 11,886 | NM | Operating income (GAAP) | $ | 486 | $ | 22,429 | $ | (21,943) | (97.8) | % | |||||||||||||||||||||
Impact of restructuring and transformational project costs (5) | 3,540 | — | 3,540 | NM | |||||||||||||||||||||||||||||||||
Impact of goodwill impairment | Impact of goodwill impairment | 11,660 | — | 11,660 | NM | ||||||||||||||||||||||||||||||||
Operating income adjusted for Certain Items (Non-GAAP) | $ | 20,971 | $ | 5,545 | $ | 15,426 | NM | Operating income adjusted for Certain Items (Non-GAAP) | $ | 12,146 | $ | 22,429 | $ | (10,283) | (45.8) | % | |||||||||||||||||||||
CORPORATE | CORPORATE | ||||||||||||||||||||||||||||||||||||
Operating expenses (GAAP) | $ | 534,371 | $ | 538,778 | $ | (4,407 | ) | (0.8 | )% | Operating expenses (GAAP) | $ | 902,628 | $ | 793,067 | $ | 109,561 | 13.8 | % | |||||||||||||||||||
Impact of restructuring and transformational project costs (6) | (53,360 | ) | (87,593 | ) | 34,233 | (39.1 | ) | Impact of restructuring and transformational project costs (6) | (103,850) | (126,930) | 23,080 | (18.2) | |||||||||||||||||||||||||
Impact of acquisition-related costs (7) | — | (799 | ) | 799 | NM | Impact of acquisition-related costs (7) | — | (817) | 817 | NM | |||||||||||||||||||||||||||
Impact of goodwill impairment | Impact of goodwill impairment | (57,066) | — | (57,066) | NM | ||||||||||||||||||||||||||||||||
Operating expenses adjusted for Certain Items (Non-GAAP) | $ | 481,011 | $ | 450,386 | $ | 30,625 | 6.8 | % | Operating expenses adjusted for Certain Items (Non-GAAP) | $ | 741,712 | $ | 665,320 | $ | 76,392 | 11.5 | % | ||||||||||||||||||||
Operating income (GAAP) | $ | (536,024 | ) | $ | (546,653 | ) | $ | 10,629 | (1.9 | )% | Operating income (GAAP) | $ | (911,239) | $ | (810,682) | $ | (100,557) | 12.4 | % | ||||||||||||||||||
Impact of restructuring and transformational project costs (6) | 53,360 | 87,593 | (34,233 | ) | (39.1 | ) | Impact of restructuring and transformational project costs (6) | 103,850 | 126,930 | (23,080) | (18.2) | ||||||||||||||||||||||||||
Impact of acquisition-related costs (7) | — | 799 | (799 | ) | NM | Impact of acquisition-related costs (7) | — | 817 | (817) | NM | |||||||||||||||||||||||||||
Impact of goodwill impairment | Impact of goodwill impairment | 57,066 | — | 57,066 | NM | ||||||||||||||||||||||||||||||||
Operating income adjusted for Certain Items (Non-GAAP) | $ | (482,664 | ) | $ | (458,261 | ) | $ | (24,403 | ) | 5.3 | % | Operating income adjusted for Certain Items (Non-GAAP) | $ | (750,323) | $ | (682,935) | $ | (67,388) | 9.9 | % |
(1) | Includes charges related to business transformation |
projects and other restructuring charges. | |||||
(2) | Represents a constant currency adjustment, which eliminates the impact of foreign currency fluctuations on current year results. |
(3) | Includes restructuring, severance and facility closure costs in Europe and Canada. |
(4) | Fiscal 2020 and fiscal 2019 include |
(5) | Includes charges related to facility closures and other restructuring charges. |
(6) | Fiscal 2020 and fiscal 2019 include various transformation initiative costs, primarily consisting of changes to our business technology |
(7) | Fiscal 2019 includes integration costs from the Brakes Acquisition. |
Year Ended | |||||||||||||||
June 27, 2020 | July 1, 2017 | 3-year Plan Change $ Results | CAGR | ||||||||||||
Operating income (GAAP) | $ | 2,539,614 | $ | 2,054,616 | $ | 484,998 | 7.3 | % | |||||||
Impact of restructuring and transformational project costs | 257,340 | 161,011 | 96,329 | ||||||||||||
Impact of acquisition-related costs | 68,822 | 102,049 | (33,227 | ) | |||||||||||
Impact of MEPP charge | — | 35,600 | (35,600 | ) | |||||||||||
Operating income adjusted for Certain Items (Non-GAAP) (1) | $ | 2,865,776 | $ | 2,353,276 | $ | 512,500 | 6.8 | % | |||||||
Diluted earnings per share (GAAP) | $ | 3.31 | $ | 2.08 | $ | 1.23 | 16.7 | % | |||||||
Impact of restructuring and transformational project costs, net of tax | 0.39 | 0.20 | 0.19 | ||||||||||||
Impact of acquisition-related costs, net of tax | 0.10 | 0.16 | (0.06 | ) | |||||||||||
Impact of MEPP charge, net of tax | — | 0.04 | (0.04 | ) | |||||||||||
Diluted EPS adjusted for Certain Items (Non-GAAP) (1)(2) | $ | 3.81 | $ | 2.48 | $ | 1.32 | 15.4 | % |
39-Week Period Ended Mar. 28, 2020 | 39-Week Period Ended Mar. 30, 2019 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Net cash provided by operating activities (GAAP) | $ | 1,078,469 | $ | 1,365,225 | |||||||||||||
Additions to plant and equipment | (603,865) | (382,905) | |||||||||||||||
Proceeds from sales of plant and equipment | 13,245 | 16,383 | |||||||||||||||
Free Cash Flow (Non-GAAP) | $ | 487,849 | $ | 998,703 |
26-Week Period Ended Dec. 28, 2019 | 26-Week Period Ended Dec. 29, 2018 | ||||||
(In thousands) | |||||||
Net cash provided by operating activities (GAAP) | $ | 754,469 | $ | 917,790 | |||
Additions to plant and equipment | (393,379 | ) | (223,825 | ) | |||
Proceeds from sales of plant and equipment | 10,293 | 6,901 | |||||
Free Cash Flow (Non-GAAP) | $ | 371,383 | $ | 700,866 |
ISSUER PURCHASES OF EQUITY SECURITIES | ||||||||||||||||||||||||||||||||||||||||||||
Period | Total Number of Shares Purchased (1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||||||||||||||||||||
Month #1 | ||||||||||||||||||||||||||||||||||||||||||||
December 29 - January 25 | 764,359 | $ | 84.01 | 64,212,706 | — | |||||||||||||||||||||||||||||||||||||||
Month #2 | ||||||||||||||||||||||||||||||||||||||||||||
January 25 - February 22 | 687,190 | 79.75 | 54,805,979 | — | ||||||||||||||||||||||||||||||||||||||||
Month #3 | ||||||||||||||||||||||||||||||||||||||||||||
February 23 - March 28 | 1,492,410 | 64.10 | 95,529,591 | — | ||||||||||||||||||||||||||||||||||||||||
Totals | 2,943,959 | $ | 72.88 | 214,548,276 | — |
ISSUER PURCHASES OF EQUITY SECURITIES | ||||||||||||
Period | Total Number of Shares Purchased (1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||
Month #1 | ||||||||||||
September 29 – October 26 | 1,350,171 | $ | 78.82 | 1,350,171 | — | |||||||
Month #2 | ||||||||||||
October 27 – November 23 | 1,058,253 | 80.17 | 1,053,670 | — | ||||||||
Month #3 | ||||||||||||
November 24 – December 28 | 1,105,797 | 82.13 | 1,098,089 | — | ||||||||
Totals | 3,514,221 | $ | 80.27 | 3,501,930 | — |
3.1 | — | |||||||
3.2 | — | |||||||
3.3 | — | |||||||
3.4 | — | |||||||
— | ||||||||
— | ||||||||
— | ||||||||
— | ||||||||
4.5 | — | |||||||
4.6 | — | |||||||
10.1# | — | |||||||
10.2# | — | |||||||
10.3† | — | |||||||
— | ||||||||
31.1# | — | |||||||
31.2# | — |
32.1# | — | |||||||
32.2# | — | |||||||
101.SCH# | — | Inline XBRL Taxonomy Extension Schema Document | ||||||
101.CAL# | — | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||||
101.DEF# | — | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||||
101.LAB# | — | Inline XBRL Taxonomy Extension Labels Linkbase Document | ||||||
101.PRE# | — | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||||
104 | — | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Sysco Corporation | ||||||||
(Registrant) | ||||||||
Date: May 5, 2020 | By: | |||||||
/s/ KEVIN P. HOURICAN | ||||||||
Kevin P. Hourican | ||||||||
President and Chief Executive Officer | ||||||||
Date: | By: | /s/ JOEL T. GRADE | ||||||
Joel T. Grade | ||||||||
Executive Vice President and | ||||||||
Chief Financial Officer | ||||||||
Date: | By: | /s/ ANITA A. ZIELINSKI | ||||||
Anita A. Zielinski | ||||||||
Senior Vice President and | ||||||||
Chief Accounting Officer |