Performance Food (PFGC) 10-Q 9 Feb 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jan. 01, 2022	Feb. 02, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jan. 1, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Registrant Name	Performance Food Group Company
Entity Central Index Key	0001618673
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--07-02
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		154,801,402
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Trading Symbol	PFGC
Entity File Number	001-37578
Entity Tax Identification Number	43-1983182
Entity Address, Address Line One	12500 West Creek Parkway
Entity Address, City or Town	Richmond
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23238
City Area Code	804
Local Phone Number	484-7700
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, $0.01 par value
Security Exchange Name	NYSE
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jan. 01, 2022	Jul. 03, 2021
Current assets:
Cash	$ 9.6	$ 11.1
Accounts receivable, less allowances of $53.3 and $42.6	2,032.7	1,580
Inventories, net	3,190.9	1,839.4
Income taxes receivable	72.6	49.6
Prepaid expenses and other current assets	205.2	100.3
Total current assets	5,511	3,580.4
Goodwill	2,295.7	1,354.7
Other intangible assets, net	1,289.4	796.4
Property, plant and equipment, net	2,102	1,589.6
Operating lease right-of-use assets	644.3	438.7
Restricted cash	7.1	11.1
Other assets	106.9	74.8
Total assets	11,956.4	7,845.7
Current liabilities:
Trade accounts payable and outstanding checks in excess of deposits	2,446.4	1,776.5
Accrued expenses and other current liabilities	760.6	625
Finance lease obligations—current installments	74.6	48.7
Operating lease obligations—current installments	111.9	77
Total current liabilities	3,393.5	2,527.2
Long-term debt	3,846.8	2,240.5
Deferred income tax liability, net	421	140.4
Finance lease obligations, excluding current installments	381.4	255
Operating lease obligations, excluding current installments	542.1	378
Other long-term liabilities	210.7	198.5
Total liabilities	8,795.5	5,739.6
Commitments and contingencies (Note 10)
Shareholders’ equity:
Common Stock: $0.01 par value per share, 1.0 billion shares authorized, 153.3 million shares issued and outstanding as of January 1, 2022;132.5 million shares issued and outstanding as of July 3, 2021	1.5	1.3
Additional paid-in capital	2,788.5	1,752.8
Accumulated other comprehensive income (loss), net of tax (expense) benefit of $(0.1) and $1.9	0.5	(5.3)
Retained earnings	370.4	357.3
Total shareholders’ equity	3,160.9	2,106.1
Total liabilities and shareholders’ equity	$ 11,956.4	$ 7,845.7

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jan. 01, 2022	Jul. 03, 2021
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 53.3	$ 42.6
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	153,300,000	132,500,000
Common stock, shares outstanding	153,300,000	132,500,000
Accumulated other comprehensive income (loss), tax (expense) benefit	$ (0.1)	$ 1.9

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jan. 01, 2022	Dec. 26, 2020	Jan. 01, 2022	Dec. 26, 2020
Income Statement [Abstract]
Net sales	$ 12,838.8	$ 6,845.2	$ 23,225.1	$ 13,892
Cost of goods sold	11,560	6,034.1	20,804	12,265.4
Gross profit	1,278.8	811.1	2,421.1	1,626.6
Operating expenses	1,221	750.2	2,315.1	1,529.9
Operating profit	57.8	60.9	106	96.7
Other expense, net:
Interest expense	45.2	38.1	89.2	76.9
Other, net	1.2	(2.1)	(0.1)	(3.1)
Other expense, net	46.4	36	89.1	73.8
Income before taxes	11.4	24.9	16.9	22.9
Income tax expense	3	7.3	3.8	6
Net income	$ 8.4	$ 17.6	$ 13.1	$ 16.9
Weighted-average common shares outstanding:
Basic	152.9	132	146.3	131.9
Diluted	154.3	133.2	147.7	132.9
Earnings (loss) per common share:
Basic	$ 0.05	$ 0.13	$ 0.09	$ 0.13
Diluted	$ 0.05	$ 0.13	$ 0.09	$ 0.13

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 01, 2022	Dec. 26, 2020	Jan. 01, 2022	Dec. 26, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 8.4	$ 17.6	$ 13.1	$ 16.9
Interest rate swaps:
Change in fair value, net of tax	3.3	0.2	3.1	(0.1)
Reclassification adjustment, net of tax	1.4	0.7	2.7	1.4
Foreign currency translation adjustment, net of tax	0.4
Other comprehensive income	5.1	0.9	5.8	1.3
Total comprehensive income	$ 13.5	$ 18.5	$ 18.9	$ 18.2

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) shares in Millions, $ in Millions		Total	Interest Rate Swaps [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Other Comprehensive Income (Loss) [Member]Interest Rate Swaps [Member]	Retained Earnings [Member]
Balance Beginning at Jun. 27, 2020		$ 2,010.6		$ 1.3	$ 1,703	$ (10.3)		$ 316.6
Balance Beginning, shares at Jun. 27, 2020				131.3
Net income		16.9						16.9
Interest rate swaps		1.3	$ 1.3				$ 1.3
Issuance of common stock under stock-based compensation plans		(1)			(1)
Issuance of common stock under stock-based compensation plans, shares				0.4
Issuance of common stock under employee stock purchase plan		7.8			7.8
Issuance of common stock under employee stock purchase plan, shares				0.3
Stock-based compensation expense		11.3			11.3
Balance Ending at Dec. 26, 2020		2,046.9		$ 1.3	1,721.1	(9)		333.5
Balance Ending, shares at Dec. 26, 2020				132
Balance Beginning at Sep. 26, 2020		2,020.7		$ 1.3	1,713.4	(9.9)		315.9
Balance Beginning, shares at Sep. 26, 2020				132
Net income		17.6						17.6
Interest rate swaps		0.9	0.9				0.9
Issuance of common stock under stock-based compensation plans		0.7			0.7
Stock-based compensation expense		7			7
Balance Ending at Dec. 26, 2020		2,046.9		$ 1.3	1,721.1	(9)		333.5
Balance Ending, shares at Dec. 26, 2020				132
Balance Beginning at Jul. 03, 2021		$ 2,106.1		$ 1.3	1,752.8	(5.3)		357.3
Balance Beginning, shares at Jul. 03, 2021		132.5		132.5
Net income		$ 13.1						13.1
Interest rate swaps		5.8	5.8				5.8
Issuance of common stock under stock-based compensation plans		(6.8)			(6.8)
Issuance of common stock under stock-based compensation plans, shares				0.6
Issuance of common stock under employee stock purchase plan		12.3			12.3
Issuance of common stock under employee stock purchase plan, shares				0.3
Conversion of Core-Mark shares of common stock		998.8		$ 0.2	998.6
Conversion of Core-Mark shares of common stock, shares				19.9
Conversion of Core-Mark stock-based compensation	[1]	9.2			9.2
Stock-based compensation expense		22.4			22.4
Balance Ending at Jan. 01, 2022		$ 3,160.9		$ 1.5	2,788.5	0.5		370.4
Balance Ending, shares at Jan. 01, 2022		153.3		153.3
Balance Beginning at Oct. 02, 2021		$ 3,123.5		$ 1.5	2,764.6	(4.6)		362
Balance Beginning, shares at Oct. 02, 2021				152.8
Net income		8.4						8.4
Interest rate swaps		5.1	$ 4.7				$ 4.7
Foreign currency translation adjustment		0.4				0.4
Issuance of common stock under stock-based compensation plans		(1.9)			(1.9)
Issuance of common stock under stock-based compensation plans, shares				0.2
Issuance of common stock under employee stock purchase plan		12.3			12.3
Issuance of common stock under employee stock purchase plan, shares				0.3
Stock-based compensation expense		13.5			13.5
Balance Ending at Jan. 01, 2022		$ 3,160.9		$ 1.5	$ 2,788.5	$ 0.5		$ 370.4
Balance Ending, shares at Jan. 01, 2022		153.3		153.3
[1]	Represents the portion of replacement stock-based compensation awards that relates to pre-combination vesting.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jan. 01, 2022	Dec. 26, 2020
Cash flows from operating activities:
Net income	$ 13.1	$ 16.9
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Depreciation	127.4	107.7
Amortization of intangible assets	87.8	58.6
Amortization of deferred financing costs	4.7	7.2
Provision for losses on accounts receivables	3.1	(2.9)
Change in LIFO reserve	34.2	7.9
Stock compensation expense	24.3	12.4
Deferred income tax benefit	(1.9)	(4.2)
Loss on extinguishment of debt	3.2
Other non-cash activities	10.8	(1.9)
Changes in operating assets and liabilities, net
Accounts receivable	87.1	53.9
Inventories	(256)	65.1
Income taxes receivable	2.9	127.4
Prepaid expenses and other assets	14.6	(17.7)
Trade accounts payable and outstanding checks in excess of deposits	68.4	(387.3)
Accrued expenses and other liabilities	(69.9)	(67.5)
Net cash provided by (used in) operating activities	153.8	(24.4)
Cash flows from investing activities:
Purchases of property, plant and equipment	(68.5)	(83)
Net cash paid for acquisitions	(1,651.1)	(12.2)
Proceeds from sale of property, plant and equipment	0.9	6.4
Net cash used in investing activities	(1,718.7)	(88.8)
Cash flows from financing activities:
Net borrowings under ABL Facility	962.7	256.2
Cash paid for debt issuance, extinguishment and modifications	(24.3)
Payments under finance lease obligations	(33.8)	(17)
Payments on financed property, plant and equipment	(0.1)	(0.5)
Cash paid for acquisitions	(0.6)	(136.3)
Proceeds from employee stock purchase plan	12.3	7.8
Proceeds from exercise of stock options	2.4	3.2
Cash paid for shares withheld to cover taxes	(9.2)	(4.2)
Net cash provided by financing activities	1,559.4	109.2
Net decrease in cash and restricted cash	(5.5)	(4)
Cash and restricted cash, beginning of period	22.2	431.8
Cash and restricted cash, end of period	16.7	427.8
Debt assumed through finance lease obligations	82.1	80
Purchases of property, plant and equipment, financed		0.2
Non-cash issuance of PFG stock in exchange for Core-Mark stock	1,008
Interest	64.4	71.1
Income tax payments (refunds), net	2.6	$ (118.3)
4.250% Notes due 2029 [Member]
Cash flows from financing activities:
Borrowing of Notes due 2029	1,000
5.500% Notes due 2024 [Member]
Cash flows from financing activities:
Repayment of Notes due 2024	$ (350)

Reconciliation of Cash and Rest

Reconciliation of Cash and Restricted Cash - USD ($) $ in Millions		Jan. 01, 2022	Jul. 03, 2021
Supplemental Cash Flow Elements [Abstract]
Cash		$ 9.6	$ 11.1
Restricted cash	[1]	7.1	11.1
Total cash and restricted cash		$ 16.7	$ 22.2
[1]	Restricted cash represents the amounts required by insurers to collateralize a part of the deductibles for the Company’s workers’ compensation and liability claims.

Summary of Business Activities

Summary of Business Activities	6 Months Ended
	Jan. 01, 2022
Accounting Policies [Abstract]
Summary of Business Activities	1. Summary of Business Activities Business Overview Performance Food Group Company, through its subsidiaries, markets and distributes primarily national and company-branded food and food-related products to customer locations across the United States and Canada. The Company serves both of the major customer types in the restaurant industry: (i) independent customers, and (ii) multi-unit, or “Chain” customers, which include some of the most recognizable family and casual dining restaurant chains, as well as schools, business and industry locations, healthcare facilities, and retail establishments. The Company also specializes in distributing candy, snacks, beverages, cigarettes, other tobacco products, health and beauty care products and other items within the United States and Canada to vending distributors, big box retailers, theaters, convenience stores, drug stores, grocery stores, travel providers, and hospitality providers. On September 1, 2021, Performance Food Group Company completed the acquisition of Core-Mark. As a result, the Company expanded its convenience business, which now includes operations in Canada. Refer to Note 5. Business Combinations for additional details regarding the acquisition of Core-Mark.

Summary of Significant Accounti

Summary of Significant Accounting Policies and Estimates	6 Months Ended
	Jan. 01, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies and Estimates	2. Summary of Significant Accounting Policies and Estimates Basis of Presentation The consolidated financial statements have been prepared by the Company, without audit, with the exception of the July 3, 2021 consolidated balance sheet, which was derived from the audited consolidated financial statements included in the Form 10-K. The financial statements include consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive income, consolidated statements of shareholders’ equity, and consolidated statements of cash flows. Certain prior period amounts have been reclassified to conform to current period presentation. In the opinion of management, all adjustments, which consist of normal recurring adjustments, except as otherwise disclosed, necessary to present fairly the financial position, results of operations, comprehensive income, shareholders’ equity, and cash flows for all periods presented have been made. The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. The most significant estimates used by management are related to the accounting for the allowance for doubtful accounts, reserve for inventories, impairment testing of goodwill and other intangible assets, acquisition accounting, reserves for claims and recoveries under insurance programs, vendor rebates and other promotional incentives, bonus accruals, depreciation, amortization, determination of useful lives of tangible and intangible assets, leases, and income taxes. Actual results could differ from these estimates. The results of operations are not necessarily indicative of the results to be expected for the full fiscal year. Therefore, these financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form 10-K. Certain footnote disclosures included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to applicable rules and regulations for interim financial statements. Foreign Currency Translation As a result of the Core-Mark acquisition on September 1, 2021, PFG now has operations in Canada. The operating assets and liabilities of the Company’s Canadian operations, whose functional currency is the Canadian dollar, are translated to U.S. dollars at exchange rates in effect at period-end. Translation gains and losses are recorded in Accumulated Other Comprehensive Income (“AOCI”) as a component of stockholders’ equity. Revenue and expenses from Canadian operations are translated using the monthly average exchange rates in effect during the period in which the transactions occur. The Company also recognizes gains or losses on foreign currency exchange transactions between its Canadian and U.S. operations, net of applicable income taxes, in the consolidated statements of operations. The Company currently does not hedge Canadian foreign currency cash flows.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	6 Months Ended
	Jan. 01, 2022
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Pronouncements	3. Recently Issued Accounting Pronouncements Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The update simplifies the accounting for income taxes by removing certain exceptions for intra-period tax allocations, the recognition of deferred tax liabilities after a foreign subsidiary transitions to or from equity method accounting, and the methodology of calculating income taxes in an interim period with year-to-date losses. Additionally, the guidance provides additional clarification on other areas, including step-up of the tax basis of goodwill recorded as part of an acquisition and the treatment of franchise taxes that are partially based on income. This pronouncement is effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted. Companies are required to apply the standard on a prospective basis, except for certain sections of the guidance which shall be applied on a retrospective or modified retrospective basis. The Company adopted this new ASU in the first quarter of fiscal 2022 and concluded that it does not have a material impact on the Company's consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . The update improves the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to recognition of an acquired contract liability and payments terms and their effect on subsequent revenue recognized by the acquirer. The guidance requires that an acquiring entity in a business combination recognize and measure contract assets and contract liabilities acquired in accordance with Topic 606 as if it had originated the contract. This pronouncement is effective for interim and annual periods beginning after December 15, 2022, with early adoption permitted. The amendments in this update should be applied prospectively to business combinations occurring on or after the effective date. The Company is in the process of assessing the impact of this ASU on its future consolidated financial statements, but does not expect it to have a material impact. In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance . The update increases the transparency in financial reporting of government assistance by requiring the disclosure of the types of transactions, an entity’s accounting for the transactions and the effect of those transactions on an entity’s financial statements. This pronouncement is effective for annual periods beginning after December 15, 2021, with early adoption permitted. The amendments in this update should be applied either prospectively to all applicable transactions at the date of initial application and as new transactions occur or retrospectively to all applicable transactions. The Company is in the process of assessing the impact of this ASU on its future consolidated financial statements, but does not expect it to have a material impact.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jan. 01, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	4. Revenue Recognition The Company markets and distributes primarily national and Company-branded food and food-related products to customer locations across the United States and Canada. The Foodservice segment primarily services restaurants and supplies a “broad line” of products to its customers, including the Company’s performance brands and custom-cut meats and seafood, as well as products that are specific to each customer’s menu requirements. Vistar specializes in distributing candy, snacks, beverages, and other items nationally to vending, office coffee service, theater, retail, hospitality, and other channels. Our Convenience segment distributes candy, snacks, beverages, cigarettes, other tobacco products, food and food-service products, and other items to convenience stores across the United States and Canada. The Company disaggregates revenue by customer type and product offerings and determined that disaggregating revenue at the segment level achieves the disclosure objective to depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Refer to Note 14. Segment Information for external revenue by reportable segment. The Company has customer contracts in which incentives are paid upfront to certain customers. These payments have become industry practice and are not related to financing the customer’s business, nor are they associated with any distinct good or service to be received from the customer. These incentive payments are capitalized and amortized over the life of the contract or the expected life of the customer relationship on a straight-line basis. The Company’s contract asset for these incentives totaled $ 18.7 million and $ 19.9 million as of January 1, 2022 and July 3, 2021 , respectively.

Business Combinations

Business Combinations	6 Months Ended
	Jan. 01, 2022
Business Combinations [Abstract]
Business Combinations	5. Business Combinations During the first six months of fiscal 2022 , the Company made two acquisitions in cash and stock transactions totaling $ 2.7 billion and included below is information related to our material acquisition. Core-Mark Acquisition On September 1, 2021 , the Company acquired Core-Mark in a transaction valued at $ 2.4 billion, net of cash received. Under the terms of the transaction, Core-Mark shareholders received $ 23.875 per share in cash and 0.44 shares of the Company’s stock for each Core-Mark share outstanding as of August 31, 2021. The following table summarizes the purchase price for the acquisition: (In millions, except shares, cash per share, exchange ratio, and closing price) Core-Mark shares outstanding at August 31, 2021 45,201,975 Cash consideration (per Core-Mark share) $ 23.875 Cash portion of purchase price $ 1,079.2 Core-Mark shares outstanding at August 31, 2021 45,201,975 Exchange ratio (per Core-Mark share) 0.44 Total PFGC common shares issued 19,888,869 Closing price of PFGC common stock on August 31, 2021 $ 50.22 Equity issued $ 998.8 Equity compensation (1) $ 9.2 Total equity portion of purchase price $ 1,008.0 Debt assumed, net of cash $ 306.9 Total purchase price $ 2,394.1 (1) Represents the portion of replacement share-based payment awards that relates to pre-combination vesting. The $ 1.1 bi llion cash portion of the acquisition was financed using borrowings from the ABL Facility (as defined in Note 6. Debt). The Core-Mark acquisition strengthens the Company’s business diversification and expands its presence in the convenience store channel. The Core-Mark acquisition is reported in the Convenience segment. Assets acquired and liabilities assumed are recognized at their respective fair values as of the acquisition date of September 1, 2021. The following table summarizes the preliminary purchase price allocation for each major class of assets acquired and liabilities assumed for the Core-Mark acquisition: (In millions) Fiscal 2022 Net working capital $ 976.3 Goodwill 869.5 Intangible assets with definite lives: Customer relationships 360.0 Trade names 140.0 Technology 7.0 Property, plant and equipment 391.5 Operating lease right-of-use assets 227.8 Other assets 26.1 Deferred tax liabilities ( 239.5 ) Finance lease obligations ( 104.0 ) Operating lease obligations ( 214.1 ) Other liabilities ( 46.5 ) Total purchase price $ 2,394.1 Intangible assets consist primarily of customer relationships, trade names, and technology with useful lives of 11 years, 5 years, and 5 years, respectively, and a total weighted-average useful life of 9.3 years. The excess of the estimated fair value of assets acquired and the liabilities assumed over consideration paid was recorded as $ 869.5 million of goodwill on the acquisition date. The goodwill reflects the value to the Company associated with the expansion of geographic reach and scale of our distribution footprint and enhancements to the Company’s customer base. The net sales and net income related to Core-Mark recorded in the Company’s Consolidated Statements of Operations for the three months ended January 1, 2022 are $ 4.2 billion and $ 4.9 million , respectively. The net sales and net income related to Core-Mark recorded in the Company’s Consolidated Statements of Operations since the acquisition date of September 1, 2021 are $ 5.8 billion and $ 5.9 million , respectively. The following table summarizes the unaudited pro-forma consolidated financial information of the Company as if the acquisition had occurred on June 28, 2020. Three Months Ended Six Months Ended (in millions) January 1, 2022 December 26, 2020 January 1, 2022 December 26, 2020 Net sales $ 12,838.8 $ 11,097.3 $ 26,303.4 $ 22,646.7 Net income (loss) 10.1 18.6 47.3 ( 32.0 ) These pro-forma results include nonrecurring pro-forma adjustments related to acquisition costs incurred, including the amortization of the step up in fair value of inventory acquired. The pro-forma net income for the six months ended December 26, 2020 incl udes $ 57.4 mill ion, after-tax, of acquisition costs assuming the acquisition had occurred on June 28, 2020. The recurring pro-forma adjustments include estimates of interest expense for the Company's 4.250 % Senior Notes due 2029 ("Notes due 2029") and estimates of depreciation and amortization associated with fair value adjustments for property, plant and equipment and intangible assets acquired. These unaudited pro-forma results do not necessarily represent financial results that would have been achieved had the acquisition actually occurred on June 28, 2020 or future consolidated results of operations of the Company. Other The acquisition of Eby-Brown Company LLC (“Eby-Brown”) in fiscal 2019 included contingent consideration, including earnout payments in the event certain operating results were achieved during a defined post-closing period. In the first quarter of fiscal 2021, the Company paid the first earnout payment of $ 185.6 million, which included $ 68.3 million as a financing activity cash outflow and $ 117.3 million as an operating activity cash outflow in the consolidated statement of cash flows for the six months ended December 26, 2020.

Debt

Debt	6 Months Ended
	Jan. 01, 2022
Debt Disclosure [Abstract]
Debt	6. Debt The Company is a holding company and conducts its operations through its subsidiaries, which have incurred or guaranteed indebtedness as described below. Debt consisted of the following: (In millions) As of January 1, 2022 As of July 3, 2021 ABL Facility $ 1,549.0 $ 586.3 5.500 % Notes due 2024 - 350.0 6.875 % Notes due 2025 275.0 275.0 5.500 % Notes due 2027 1,060.0 1,060.0 4.250 % Notes due 2029 1,000.0 - Less: Original issue discount and deferred financing costs ( 37.2 ) ( 30.8 ) Long-term debt 3,846.8 2,240.5 Less: current installments - - Total debt, excluding current installments $ 3,846.8 $ 2,240.5 Credit Agreement PFGC, Inc. (“PFGC”), a wholly-owned subsidiary of the Company, was a party to the Fourth Amended and Restated Credit Agreement dated Decem ber 30, 2019 (as amended by the First Amendment to Fourth Amended and Restated Credit Agreement dated as of April 29, 2020, and the Second Amendment to Fourth Amended and Restated Credit Agreement dated as of May 15, 2020, the “Prior Credit Agreement”). The Prior Credit Agreement had an aggregate principal amount of $ 3.0 billion under the revolving loan facility and was scheduled to mature on December 30, 2024 . On September 17, 2021, PFGC and Performance Food Group, Inc. entered into the Fifth Amended and Restated Credit Agreement (the “ABL Facility”) with Wells Fargo Bank, National Association, as Administrative Agent and Collateral Agent, and the other lenders party thereto, which amended the Prior Credit Agreement. The ABL Facility, among other things, (i) increases the aggregate principal amount available under the revolving loan facility from $ 3.0 billion under the Prior Credit Agreement to $ 4.0 billion under the ABL Facility, (ii) extends the stated maturity date from December 30, 2024 under the Prior Credit Agreement to September 17, 2026 under the ABL Facility, and (iii) includes an alternative reference rate, which provides mechanisms for the use of the Secured Overnight Financing Rate as a replacement rate upon a LIBOR cessation event. Performance Food Group, Inc., a wholly-owned subsidiary of PFGC, is the lead borrower under the ABL Facility, which is jointly and severally guaranteed by, and secured by the majority of the assets of, PFGC and all material domestic direct and indirect wholly-owned subsidiaries of PFGC (other than the captive insurance subsidiary and other excluded subsidiaries). Availability for loans and letters of credit under the ABL Facility is governed by a borrowing base, determined by the application of specified advance rates against eligible assets, including trade accounts receivable, inventory, owned real properties, and owned transportation equipment. The borrowing base is reduced quarterly by a cumulative fraction of the real properties and transportation equipment values. Advances on accounts receivable and inventory are subject to change based on periodic commercial finance examinations and appraisals, and the real property and transportation equipment values included in the borrowing base are subject to change based on periodic appraisals. Audits and appraisals are conducted at the direction of the administrative agent for the benefit and on behalf of all lenders. Borrowings under the ABL Facility bear interest, at Performance Food Group, Inc.’s option, at (a) the Base Rate (defined as the greater of (i) the Federal Funds Rate in effect on such date plus 0.5 %, (ii) the Prime Rate on such day, or (iii) one month LIBOR plus 1.0 %) plus a spread, or (b) LIBOR plus a spread. The ABL Facility also provides for an unused commitment fee rate of 0.25 % per annum. The following table summarizes outstanding borrowings, availability, and the average interest rate under the Prior Credit Agreement and the ABL Facility: (Dollars in millions) As of January 1, 2022 As of July 3, 2021 Aggregate borrowings $ 1,549.0 $ 586.3 Letters of credit under ABL Facility 200.2 161.7 Excess availability, net of lenders’ reserves of $ 95.7 and $ 55.1 2,250.8 2,252.0 Average interest rate 1.57 % 2.32 % S enior Notes due 2029 On July 26, 2021, Performance Food Group, I nc. issued and sold $ 1.0 billion aggregate principal amount of its Notes due 2029 , pursuant to an indenture dated as of July 26, 2021. The Notes due 2029 are jointly and severally guaranteed on a senior unsecured basis by PFGC and all domestic direct and indirect wholly-owned subsidiaries of PFGC (other than captive insurance subsidiaries and other excluded subsidiaries). The Notes due 2029 are not guaranteed by the Company. Initially the Company expected to use the proceeds from the Notes due 2029 to finance the cash consideration payable in connection with the Core-Mark acquisition, to redeem the 5.500 % Notes due 2024 , and to pay the fees, expenses, and other transaction costs incurred in connection with the Notes due 2029. However, since there was no requirement to hold the funds in escrow until the Core-Mark Acquisition closed, a portion of the net proceeds from the Notes due 2029 were used to pay down the outstanding balance of the Prior Credit Agreement on July 26, 2021. The Notes due 2024 were redeemed in full on July 27, 2021. The Company then funded the cash consideration for the Core-Mark Acquisition with borrowings under the Prior Credit Agreement. The Notes due 2029 were issued at 100.0 % of their par value. The Notes due 2029 mature on August 1, 2029 , and bear interest at a rate of 4.250 % per year, payable semi-annually in arrears. Upon the occurrence of a change of control triggering event or upon the sale of certain assets in which Performance Food Group, Inc. does not apply the proceeds as required, the holders of the Notes due 2029 will have the right to require Performance Food Group, Inc. to repurchase each holder’s Notes due 2029 at a price equal to 101 % (in the case of a change of control triggering event) or 100 %(in the case of an asset sale) of their principal amount, plus accrued and unpaid interest. Performance Food Group, Inc. may redeem all or a part of the Notes due 2029 at any time prior to August 1, 2024, at a redemption price equal to 100 % of the principal amount of the Notes due 2029 being redeemed plus a make-whole premium and accrued and unpaid interest, if any, to, but not including, the redemption date. In addition, beginning on August 1, 2024, Performance Food Group, Inc. may redeem all or a part of the Notes due 2029 at a redemption price equal to 102.125 % of the principal amount redeemed, plus accrued and unpaid interest. The redemption price decreases to 101.163 % and 100 % of the principal amount redeemed on August 1, 2025, and August 1, 2026, respectively. In addition, at any time prior to August 1, 2024, Performance Food Group, Inc. may redeem up to 40 % of the Notes due 2029 from the proceeds of certain equity offerings at a redemption price equal to 104.250 % of the principal amount thereof, plus accrued and unpaid interest. The indenture governing the Notes due 2029 contains covenants limiting, among other things, PFGC’s and its restricted subsidiaries’ ability to incur or guarantee additional debt or issue disqualified stock or preferred stock; pay dividends and make other distributions on, or redeem or repurchase, capital stock; make certain investments; incur certain liens; enter into transactions with affiliates; consolidate, merge, sell or otherwise dispose of all or substantially all of its assets; create certain restrictions on the ability of PFGC’s restricted subsidiaries to make dividends or other payments to PFGC; designate restricted subsidiaries as unrestricted subsidiaries; and transfer or sell certain assets. These covenants are subject to a number of important exceptions and qualifications. The Notes due 2029 also contain customary events of default, the occurrence of which could result in the principal of and accrued interest on the Notes due 2029 to become or be declared due and payable. Senior Notes due 2024 On May 17, 2016, Performance Food Group, Inc. issued and sold $ 350.0 million aggregate principal amount of its 5.500 % Senior Notes due 2024 (the “Notes due 2024 ”), pursuant to an indenture dated as of May 17, 2016. As described above, on July 26, 2021, Performance Food Group, Inc. issued and sold $ 1.0 billion aggregate principal of its Notes due 2029 and used a portion of the proceeds to redeem the Notes due 2024 in full. A significant portion of this redemption was considered an extinguishment, resulting in a $ 3.2 million loss on extinguishment of debt within interest expense from the write-off of the pro-rata portion of the unamortized original issue discount and deferred financing costs related to the debt extinguishment. A portion of this redemption was considered a modification in accordance with FASB ASC 470-50, Debt-Modifications and Extinguishments , and as a result, $ 0.5 million of unamortized deferred financing costs and original issue discount for the Notes due 2024 was deferred as deferred financing costs of the Notes due 2029.

Leases

Leases	6 Months Ended
	Jan. 01, 2022
Leases [Abstract]
Leases	7. Leases The Company determines if an arrangement is a lease at inception and recognizes a financing or operating lease liability and right-of-use asset in the Company’s consolidated balance sheet. Right-of-use assets and lease liabilities for both operating and finance leases are recognized based on present value of lease payments over the lease term at commencement date. Since the Company’s leases do not provide an implicit rate, the Company uses the incremental borrowing rate based on the information available at commencement date to determine the present value of lease payments. This rate was determined by using the yield curve based on the Company’s credit rating adjusted for the Company’s specific debt profile and secured debt risk. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The lease expenses for these short-term leases are recognized on a straight-line basis over the lease term. The Company has several lease agreements that contain lease and non-lease components, such as maintenance, taxes, and insurance, which are accounted for separately. The difference between the operating lease right-of-use assets and operating lease liabilities primarily relates to adjustments for deferred rent, favorable leases, and prepaid rent. Subsidiaries of the Company have entered into numerous operating and finance leases for various warehouses, office facilities, equipment, tractors, and trailers. Our leases have remaining lease terms of 1 year to 20 years, some of which include options to extend the leases for up to 10 years , and some of which include options to terminate the leases within 1 year . Certain full-service fleet lease agreements include variable lease payments associated with usage, which are recorded and paid as incurred. When calculating lease liabilities, lease terms will include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Certain of the leases for tractors, trailers, and other vehicles and equipment provide for residual value guarantees to the lessors. Circumstances that would require the subsidiary to perform under the guarantees include either (1) default on the leases with the leased assets being sold for less than the specified residual values in the lease agreements, or (2) decisions not to purchase the assets at the end of the lease terms combined with the sale of the assets, with sales proceeds less than the residual value of the leased assets specified in the lease agreements. Residual value guarantees under these operating lease agreements typically range between 6 % and 20 % of the value of the leased assets at inception of the lease. These leases have original terms ranging from 5 to 7 years and are set to expire at various dates ranging from 2022 to 2028 . As of January 1, 2022, the undiscounted maximum amount of potential future payments for lease residual value guarantees totaled approximately $ 17.2 million, which would be mitigated by the fair value of the leased assets at lease expiration. The following table presents the location of the right-of-use assets and lease liabilities in the Company's consolidated balance sheet as of January 1, 2022 and July 3, 2021 (in millions), as well as the weighted-average lease term and discount rate for the Company's leases: Leases Consolidated Balance Sheet Location As of As of Assets: Operating Operating lease right-of-use assets $ 644.3 $ 438.7 Finance Property, plant and equipment, net 468.8 294.6 Total lease assets $ 1,113.1 $ 733.3 Liabilities: Current Operating Operating lease obligations—current installments $ 111.9 $ 77.0 Finance Finance lease obligations—current installments 74.6 48.7 Non-current Operating Operating lease obligations, excluding current installments 542.1 378.0 Finance Finance lease obligations, excluding current installments 381.4 255.0 Total lease liabilities $ 1,110.0 $ 758.7 Weighted average remaining lease term Operating leases 8.4 years 8.6 years Finance leases 6.2 years 6.2 years Weighted average discount rate Operating leases 3.9 % 4.6 % Finance leases 4.0 % 4.5 % The following table presents the location of lease costs in the Company ’s consolidated statement of operations for the periods reported (in millions): Three Months Ended Six Months Ended Lease Cost Statement of Operations Location January 1, 2022 December 26, 2020 January 1, 2022 December 26, 2020 Finance lease cost: Amortization of finance lease assets Operating expenses $ 18.4 $ 8.6 $ 31.3 $ 15.8 Interest on lease liabilities Interest expense 4.3 3.0 8.2 6.0 Total finance lease cost $ 22.7 $ 11.6 $ 39.5 $ 21.8 Operating lease cost Operating expenses 38.7 27.5 68.3 55.3 Short-term lease cost Operating expenses 17.7 3.9 28.6 9.0 Total lease cost $ 79.1 $ 43.0 $ 136.4 $ 86.1 The following table presents the supplemental cash flow information related to leases for the periods reported (in millions): (In millions) Six Months Ended Six Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 64.0 $ 50.6 Operating cash flows from finance leases 8.2 6.0 Financing cash flows from finance leases 33.8 17.0 Right-of-use assets obtained in exchange for lease obligations: Operating leases 36.3 38.6 Finance leases 82.1 80.0 The following table presents the future minimum lease payments under non-cancelable leases as of January 1, 2022 (in millions): Fiscal Year Operating Leases Finance Leases Remainder of 2022 $ 68.9 $ 44.9 2023 125.9 89.0 2024 101.8 87.6 2025 83.8 80.7 2026 68.6 76.3 Thereafter 328.0 134.8 Total future minimum lease payments $ 777.0 $ 513.3 Less: Interest 123.0 57.3 Present value of future minimum lease payments $ 654.0 $ 456.0 As of January 1, 2022, the Company has additional operating leases that have not yet commenced which total $ 388.5 million in future minimum lease payments. These leases relate primarily to warehouse and vehicle leases and are expected to commence in fiscal 2022 with lease terms of 4 to 20 years.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jan. 01, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	8. Fair Value of Financial Instruments The carrying values of cash, accounts receivable, outstanding checks in excess of deposits, trade accounts payable, and accrued expenses approximate their fair values because of the relatively short maturities of those instruments. The derivative assets and liabilities are recorded at fair value on the balance sheet. The fair value of long-term debt, which has a carrying value of $ 3,846.8 million and $ 2,240.5 million, is $ 3,936.4 million and $ 2,346.2 million at January 1, 2022 and July 3, 2021 , respectively, and is determined by reviewing current market pricing related to comparable debt issued at the time of the balance sheet date, and is considered a Level 2 measurement.

Income Taxes

Income Taxes	6 Months Ended
	Jan. 01, 2022
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes The determination of the Company’s overall effective tax rate requires significant judgment, the use of estimates, and the interpretation and application of complex tax laws. The effective tax rate reflects the income earned and taxed in various United States federal, state, and foreign jurisdictions. Tax law changes, increases and decreases in temporary and permanent differences between book and tax items, tax credits, and the Company’s change in income in each jurisdiction all affect the overall effective tax rate. It is the Company’s practice to recognize interest and penalties related to uncertain tax positions in income tax expense. The Company’s effective tax rate was 26.5 % for the three months ended January 1, 2022 and 29.2 % for the three months ended December 26, 2020 . The Company’s effective tax rate was 22.6 % for the six months ended January 1, 2022 and 26.2 % for the six months ended December 26, 2020 . The effective tax rate varies from the 21 % statutory rate primarily due to state taxes, federal credits, and other permanent items. The excess tax benefit of exercised and vested stock awards is treated as a discrete item. The effective tax rates for periods ended January 1, 2022 differed from the prior year periods due to the decrease of state taxes and non-deductible expenses as a percentage of book income and the increase in deductible discrete items related to stock-based compensation as a percentage of book income. As of January 1, 2022 and July 3, 2021 , the Company had net deferred tax assets of $ 263.9 million and $ 159.2 million, respectively, and deferred tax liabilities of $ 684.9 million and $ 299.6 million, respectively. As of January 1, 2022 and July 3, 2021 , the Company had established a valuation allowance of $ 1.3 million and $ 0.7 million, respectively, net of federal benefit, against deferred tax assets related to certain net operating losses which are not likely to be realized due to limitations on utilization. The change in the deferred tax balances and the valuation allowance relates primarily to the acquisition of Core-Mark’s deferred tax assets and deferred taxes established in purchase accounting. The Company believes that it is more likely than not that the remaining deferred tax assets will be realized. The Company records a liability for Uncertain Tax Positions in accordance with FASB ASC 740-10-25, Income Taxes – General – Recognition . As of January 1, 2022 and July 3, 2021 , the Company had approximately $ 0.3 million and $ 0.3 million of unrecognized tax benefits, respectively. The Company does not expect a material decrease in unrecognized tax benefits will occur in the next twelve months .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jan. 01, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies Purchase Obligations The Company had outstanding contracts and purchase orders of $ 121.1 million related to capital projects and services including purchases of compressed natural gas for its trucking fleet at January 1, 2022. Amounts due under these contracts were not included on the Company’s consolidated balance sheet as of January 1, 2022. Guarantees The Company from time to time enters into certain types of contracts that contingently require it to indemnify various parties against claims from third parties. These contracts primarily relate to: (i) certain real estate leases under which subsidiaries of the Company may be required to indemnify property owners for environmental and other liabilities and other claims arising from their use of the applicable premises; (ii) certain agreements with the Company’s officers, directors, and employees under which the Company may be required to indemnify such persons for liabilities arising out of their employment relationship; and (iii) customer agreements under which the Company may be required to indemnify customers for certain claims brought against them with respect to the supplied products. Generally, a maximum obligation under these contracts is not explicitly stated. Because the obligated amounts associated with these types of agreements are not explicitly stated, the overall maximum amount of the obligation cannot be reasonably estimated. Historically, the Company has not been required to make payments under these obligations and, therefore, no liabilities have been recorded for these obligations in the Company’s consolidated balance sheets. Litigation The Company is engaged in various legal proceedings that have arisen but have not been fully adjudicated. The likelihood of loss arising from these legal proceedings, based on definitions within contingency accounting literature, ranges from remote to reasonably possible to probable. When losses are probable and reasonably estimable, they have been accrued. Based on estimates of the range of potential losses associated with these matters, management does not believe that the ultimate resolution of these proceedings, either individually or in the aggregate, will have a material adverse effect upon the consolidated financial position or results of operations of the Company. However, the final results of legal proceedings cannot be predicted with certainty and, if the Company failed to prevail in one or more of these legal matters, and the associated realized losses were to exceed the Company’s current estimates of the range of potential losses, the Company’s consolidated financial position or results of operations could be materially adversely affected in future periods. JUUL Labs, Inc. Marketing Sales Practices, and Products Liability Litigation. In October 2019, a Multidistrict Litigation action (“MDL”) was initiated in order to centralize litigation against JUUL Labs, Inc. (“JUUL”) and other parties in connection with JUUL’s e-cigarettes and related devices and components in the United States District Court for the Northern District of California. On March 11, 2020, counsel for plaintiffs and the Plaintiffs’ Steering Committee filed a Master Complaint in the MDL naming, among several other entities and individuals including JUUL, Altria Group, Inc., Philip Morris USA, Inc., Altria Client Services LLC, Altria Group Distribution Company, Altria Enterprises LLC, certain members of management and/or individual investors in JUUL, various e-liquid manufacturers, and various retailers, including the Company’s subsidiaries Eby-Brown and Core-Mark, as defendants. The Master Complaint also named additional distributors of JUUL products (collectively with Eby-Brown the “Distributor Defendants”). The Master Complaint contains various state law claims and alleges that the Distributor Defendants: (1) failed to disclose JUUL’s nicotine contents or the risks associated; (2) pushed a product designed for a youth market; (3) engaged with JUUL in planning and marketing its product in a manner designed to maximize the flow of JUUL products; (4) met with JUUL management in San Francisco, California to further these business dealings; and (5) received incentives and business development funds for marketing and efficient sales. Individual plaintiffs may also file separate and abbreviated Short Form Complaints (“SFC”) that incorporate the allegations in the Master Complaint. JUUL, and Eby-Brown are parties to a Domestic Wholesale Distribution Agreement dated March 10, 2020, and JUUL has agreed to defend and indemnify Eby-Brown under the terms of that agreement and is paying Eby-Brown’s outside counsel fees directly. In addition, Core-Mark and JUUL have entered into a March 8, 2021 Defense and Indemnity Agreement pursuant to which JUUL has agreed to defend and indemnify Core-Mark, and JUUL is paying Core-Mark’s outside counsel fees directly. On May 29, 2020, JUUL filed a motion to dismiss on the basis that the alleged state law claims are preempted by federal law and a motion to stay/dismiss the litigation based on the Food and Drug Administration’s (“FDA”) primary jurisdiction to regulate e-cigarette and related vaping products and pending FDA review of JUUL’s Pre-Market Tobacco Application (“PMTA”). On June 29, 2020, Eby-Brown and Core-Mark, along with the other Distributor Defendants, filed similar motions incorporating JUUL’s arguments. The court denied these motions on October 23, 2020. The court has also entered an order governing the selection of bellwether plaintiffs and setting key discovery and other deadlines in the litigation. Bellwether trials are test cases generally intended to try a contested issue common to several plaintiffs in mass tort litigation. The results of these proceedings are used to shape the litigation process for the remaining cases and to aid the parties in assessing potential settlement values of the remaining claims. Here, the court authorized a pool of 24 bellwether plaintiffs, with plaintiffs selecting six cases, the combined defendants selecting six cases, and the court selecting 12 cases at random. The court and the parties have completed the initial bellwether selection process, and the first of these four bellwether trials has been set for April 18, 2022, with the remaining three trials set for the third and fourth calendar quarters of 2022. Eby-Brown and Core-Mark have been dismissed from each of the 2022 bellwether cases and will not be parties or participants to those trials. The Distributor Defendants and the retailers do, however, remain named defendants in various SFCs that were not selected as bellwether trial plaintiffs for 2022. The litigation of those claims is not scheduled to occur until after the 2022 bellwether trials conclude. The second round of bellwether cases will be chosen in the second calendar quarter of 2022 with trials proceeding for those cases in 2023. In the meantime, discovery related to the claims in the Master Complaint continues as to the Distributor Defendants. On September 3, 2020, the Cherokee Nation filed a parallel lawsuit in Oklahoma state court against several entities including JUUL, e-liquid manufacturers, various retailers, and various distributors, including Eby-Brown and Core-Mark, alleging similar claims to the claims at issue in the MDL (the “Oklahoma Litigation”). The defendants in the Oklahoma Litigation attempted to transfer the case into the MDL, but a federal court in Oklahoma remanded the case to Oklahoma state court before the Judicial Panel on Multidistrict Litigation effectuated the transfer of the MDL, which means the Oklahoma Litigation is no longer eligible for transfer to the MDL. Since then, parties agreed to stay the Oklahoma Litigation after the Oklahoma Supreme Court held that public nuisance claims cannot be brought in consumer products cases. JUUL is scheduled to mediate this case during the stay. On September 10, 2021, Michael Lumpkins filed a parallel lawsuit in Illinois state court against several entities including JUUL, e-liquid manufacturers, various retailers, and various distributors, including the Company’s subsidiaries, Eby-Brown and Core-Mark, alleging similar claims to the claims at issue in the MDL (the “Illinois Litigation”). Because there is no federal jurisdiction for this case, it will proceed in Illinois state court. Plaintiff alleges as damages that his use of JUUL products caused a brain injury which was later exacerbated by medical negligence. The Court will enter a case management schedule imminently. The Company has requested, and expects to receive, indemnity from JUUL in this matter. At this time, the Company is unable to predict whether FDA will approve JUUL’s PMTA, nor is the Company able to estimate any potential loss or range of loss in the event of an adverse finding against it in the MDL, the Oklahoma litigation, the Illinois litigation, or any subsequent litigation which may occur related to the individual SFCs. The Company will continue to vigorously defend itself. Tax Liabilities The Company is subject to customary audits by authorities in the jurisdictions where it conducts business in the United States and Canada, which may result in assessments of additional taxes.

Related-Party Transactions

Related-Party Transactions	6 Months Ended
	Jan. 01, 2022
Related Party Transactions [Abstract]
Related-Party Transactions	11. Related-Party Transactions The Company participates in, and has an equity method investment in, a purchasing alliance that was formed to obtain better pricing, to expand product options, to reduce internal costs, and to achieve greater inventory turnover. The Company’s investment in the purchasing alliance was $ 7.8 million as of January 1, 2022 and $ 6.0 million as of July 3, 2021. For the three-month periods ended January 1, 2022 and December 26, 2020, the Company recorded purchases of $ 435.1 million and $ 264.4 million, respectively, through the purchasing alliance. During the six-month periods ended January 1, 2022 and December 26, 2020, the Company recorded purchases of $ 900.8 million and $ 508.1 million, respectively, through the purchasing alliance.

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jan. 01, 2022
Earnings Per Share [Abstract]
Earnings Per Common Share	12. Earnings Per Common Share Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share is calculated using the weighted-average number of common shares and dilutive potential common shares outstanding during the period. The Company’s potential common shares include outstanding stock-based compensation awards and expected issuable shares under the employee stock purchase plan. In computing diluted earnings per common share, the average closing stock price for the period is used in determining the number of shares assumed to be purchased with the assumed proceeds under the treasury stock method. No potential common shares were considered antidilutive for the three and six months ended January 1, 2022 , respectively. Potential common shares of 0.3 million and 0.5 million for the three and six months ended December 26, 2020, respectively, were not included in computing diluted earnings per common share because the effect would have been antidilutive. A reconciliation of the numerators and denominators for the basic and diluted earnings per common share computations is as follows: (In millions, except per share amounts) Three Months Ended Three Months Ended Six Months Ended Six Months Ended Numerator: Net income $ 8.4 $ 17.6 $ 13.1 $ 16.9 Denominator: Weighted-average common shares outstanding 152.9 132.0 146.3 131.9 Dilutive effect of potential common shares 1.4 1.2 1.4 1.0 Weighted-average dilutive shares outstanding 154.3 133.2 147.7 132.9 Basic earnings per common share $ 0.05 $ 0.13 $ 0.09 $ 0.13 Diluted earnings per common share $ 0.05 $ 0.13 $ 0.09 $ 0.13

Stock-based Compensation

Stock-based Compensation	6 Months Ended
	Jan. 01, 2022
Share-based Payment Arrangement [Abstract]
Stock-based Compensation	13. Stock-Based Compensation In connection with the Core-Mark acquisition, the Company assumed the outstanding stock-based compensation awards from Core-Mark’s 2010 Long-Term Incentive Plan and 2019 Long-Term Incentive Plan. On September 1, 2021, each outstanding time-based restricted stock unit (“RSU”) held by a non-employee director of Core-Mark was cancelled and converted into the right to receive 0.44 shares of PFGC common stock (“Exchange Ratio”) and $ 23.875 in cash, without interest (“Per-Share Cash Amount”). Time-based RSUs held by Core-Mark employees were converted to PFG RSUs based on the prescribed ratio in the merger agreement. The ratio was calculated as the sum of the Exchange Ratio plus the quotient of the Per-Share Cash Amount divided by the volume weighted average sale price of PFGC common stock for the ten full consecutive trading days ending on August 31, 2021 (“Stock Award Exchange Ratio”). Each performance-based restricted stock unit (“PSU”) of Core-Mark was converted into a PFG RSU based on the greater of the actual performance as of the acquisition date or the target performance level multiplied by the Stock Award Exchange Ratio. The pro-rata actual level of performance for the applicable performance metrics were greater than target, therefore, the PSUs were converted based on actual performance. The PFG RSUs granted as a result of the conversion are subject to the same terms and conditions, such as vesting schedule and termination related vesting provisions, as the Core-Mark awards were subject to prior to their conversion. On September 1, 2021, the Company granted 614,056 RSUs with a grant date fair value of $ 49.55 per share. With the assistance of a specialist, the total $ 30.4 million grant date fair value was bifurcated with $ 9.2 million recognized as pre-combination vesting within the purchase price as consideration transferred and $ 21.2 million is post-combination expense to be recognized over the weighted average remaining vesting period of 1.80 years.

Segment Information

Segment Information	6 Months Ended
	Jan. 01, 2022
Segment Reporting [Abstract]
Segment Information	Segment Information In the second quarter of fiscal 2022, the Company changed its operating segments to reflect the manner in which the chief operating decision maker (“CODM”) manages the business . Based on the Company’s organization structure and how the Company’s management reviews operating results and makes decisions about resource allocation, the Company now has three reportable segments: Foodservice, Vistar, and Convenience . The Foodservice segment distributes a broad line of national brands, customer brands, and our proprietary-branded food and food-related products, or “Performance Brands.” Foodservice sells to independent and multi-unit “Chain” restaurants and other institutions such as schools, healthcare facilities, business and industry locations, and retail establishments. Our Chain customers are multi-unit restaurants with five or more locations and include some of the most recognizable family and casual dining restaurant chains. Our Vistar segment specializes in distributing candy, snacks, beverages, and other items nationally to vending, office coffee service, theater, retail, hospitality, and other channels. Our Convenience channel distributes candy, snacks, beverages, cigarettes, other tobacco products, food and foodservice products, and other items to convenience stores across the United States and Canada. Intersegment sales represent sales between the segments, which are eliminated in consolidation. Management evaluates the performance of each operating segment based on various operating and financial metrics, including total sales and EBITDA. Corporate & All Other is comprised of corporate overhead and certain operations that are not considered separate reportable segments based on their size. This includes the operations of the Company’s internal logistics unit responsible for managing and allocating inbound logistics revenue and expense. Beginning in the second quarter of fiscal 2022, this also includes the operating results from certain recent immaterial acquisitions. Corporate & All Other may also include capital expenditures for certain information technology projects that are transferred to the segments once placed in service. The presentation and amounts for the three and six months ended December 26, 2020 and as of July 3, 2021 have been restated to reflect the segment changes described above. (In millions) Foodservice Vistar Convenience Corporate Eliminations Consolidated For the three months ended January 1, 2022 Net external sales $ 6,210.0 $ 906.7 $ 5,710.0 $ 12.1 $ — $ 12,838.8 Inter-segment sales 4.4 0.6 — 109.3 ( 114.3 ) — Total sales 6,214.4 907.3 5,710.0 121.4 ( 114.3 ) 12,838.8 Depreciation and amortization 60.7 13.1 36.6 6.1 — 116.5 Capital expenditures 30.4 3.2 7.1 3.4 — 44.1 For the three months ended December 26, 2020 Net external sales $ 4,885.7 $ 587.2 $ 1,364.1 $ 8.2 $ — $ 6,845.2 Inter-segment sales 1.7 0.7 - 90.0 ( 92.4 ) — Total sales 4,887.4 587.9 1,364.1 98.2 ( 92.4 ) 6,845.2 Depreciation and amortization 62.7 11.4 2.4 7.7 — 84.2 Capital expenditures 12.9 18.7 5.9 4.7 — 42.2 (In millions) Foodservice Vistar Convenience Corporate Eliminations Consolidated For the six months ended January 1, 2022 Net external sales $ 12,567.7 $ 1,752.7 $ 8,881.2 $ 23.5 $ — $ 23,225.1 Inter-segment sales 8.7 1.1 - 218.5 ( 228.3 ) — Total sales 12,576.4 1,753.8 8,881.2 242.0 ( 228.3 ) 23,225.1 Depreciation and amortization 125.0 26.2 51.7 12.3 — 215.2 Capital expenditures 46.7 5.3 10.0 6.5 — 68.5 For the six months ended December 26, 2020 Net external sales $ 9,920.4 $ 1,147.6 $ 2,809.5 $ 14.5 $ — $ 13,892.0 Inter-segment sales 3.4 1.2 - 184.6 ( 189.2 ) — Total sales 9,923.8 1,148.8 2,809.5 199.1 ( 189.2 ) 13,892.0 Depreciation and amortization 124.5 21.3 4.2 16.3 — 166.3 Capital expenditures 20.0 35.1 19.4 8.5 — 83.0 EBITDA for each reportable segment and Corporate & All Other is presented below along with a reconciliation to consolidated income before taxes. Three Months Ended Six Months Ended January 1, 2022 December 26, 2020 January 1, 2022 December 26, 2020 Foodservice EBITDA $ 158.0 $ 155.3 $ 317.9 $ 311.5 Vistar EBITDA 49.2 22.0 78.9 27.1 Convenience EBITDA 37.4 16.4 76.7 23.0 Corporate & All Other EBITDA ( 71.5 ) ( 46.5 ) ( 152.2 ) ( 95.5 ) Depreciation and amortization ( 116.5 ) ( 84.2 ) ( 215.2 ) ( 166.3 ) Interest expense ( 45.2 ) ( 38.1 ) ( 89.2 ) ( 76.9 ) Income before taxes $ 11.4 $ 24.9 $ 16.9 $ 22.9 Total assets by reportable segment, excluding intercompany receivables between segments, are as follows: (In millions) As of As of Foodservice $ 6,188.7 $ 5,791.7 Vistar 1,106.7 1,048.5 Convenience 4,324.5 679.2 Corporate & All Other 336.5 326.2 Total assets $ 11,956.4 $ 7,845.7 The following table presents the changes in the carrying amount of goodwill for each reportable segment: (In millions) Foodservice Vistar Convenience Other Total Balance as of July 3, 2021 1,199.4 93.9 20.9 40.5 1,354.7 Acquisitions—current year 71.5 - 869.5 - 941.0 Balance as of January 1, 2022 $ 1,270.9 $ 93.9 $ 890.4 $ 40.5 $ 2,295.7 The sales mix for the Company ’s principal product and service categories is as follows: Three Months Ended Six Months Ended (In millions) January 1, 2022 December 26, 2020 January 1, 2022 December 26, 2020 Cigarettes $ 3,757.3 $ 978.8 $ 5,838.8 $ 2,035.2 Center of the plate 2,588.6 1,874.2 5,276.3 3,808.4 Canned and dry groceries 1,086.8 755.7 2,111.9 1,515.7 Refrigerated and dairy products 967.0 702.1 1,850.2 1,419.5 Frozen foods 926.3 735.7 1,840.0 1,470.0 Candy/snack/theater and concession 971.4 363.6 1,671.8 737.9 Paper products and cleaning supplies 626.2 498.6 1,245.9 1,000.9 Beverage 603.1 336.4 1,131.9 686.7 Other tobacco products 696.2 164.1 1,071.1 323.5 Other miscellaneous goods and services 370.1 235.8 691.1 489.7 Produce 245.8 200.2 496.1 404.5 Total $ 12,838.8 $ 6,845.2 $ 23,225.1 $ 13,892.0 Cigarette sales represented 29.3 % and 25.1 % of net sales for the three and six months ended January 1, 2022 compared to 14.3 % and 14.7 % for the three and six months ended December 26, 2020, respectively. The Company’ s significant suppliers include Altria Group, Inc. (parent company of Philip Morris USA, Inc.) and R.J. Reynolds Tobacco Company, which, in the aggregate, represents approximately 20.3 % of products purchase for the six months ended January 1, 2022. Although cigarettes represent a significant portion of the Company’ s total net sales and cost of goods sold, the majority of gross profit is generated from the sales of food and food-related products.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and Estimates (Policies)	6 Months Ended
	Jan. 01, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements have been prepared by the Company, without audit, with the exception of the July 3, 2021 consolidated balance sheet, which was derived from the audited consolidated financial statements included in the Form 10-K. The financial statements include consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive income, consolidated statements of shareholders’ equity, and consolidated statements of cash flows. Certain prior period amounts have been reclassified to conform to current period presentation. In the opinion of management, all adjustments, which consist of normal recurring adjustments, except as otherwise disclosed, necessary to present fairly the financial position, results of operations, comprehensive income, shareholders’ equity, and cash flows for all periods presented have been made. The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. The most significant estimates used by management are related to the accounting for the allowance for doubtful accounts, reserve for inventories, impairment testing of goodwill and other intangible assets, acquisition accounting, reserves for claims and recoveries under insurance programs, vendor rebates and other promotional incentives, bonus accruals, depreciation, amortization, determination of useful lives of tangible and intangible assets, leases, and income taxes. Actual results could differ from these estimates. The results of operations are not necessarily indicative of the results to be expected for the full fiscal year. Therefore, these financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form 10-K. Certain footnote disclosures included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to applicable rules and regulations for interim financial statements.
Foreign Currency Translation	Foreign Currency Translation As a result of the Core-Mark acquisition on September 1, 2021, PFG now has operations in Canada. The operating assets and liabilities of the Company’s Canadian operations, whose functional currency is the Canadian dollar, are translated to U.S. dollars at exchange rates in effect at period-end. Translation gains and losses are recorded in Accumulated Other Comprehensive Income (“AOCI”) as a component of stockholders’ equity. Revenue and expenses from Canadian operations are translated using the monthly average exchange rates in effect during the period in which the transactions occur. The Company also recognizes gains or losses on foreign currency exchange transactions between its Canadian and U.S. operations, net of applicable income taxes, in the consolidated statements of operations. The Company currently does not hedge Canadian foreign currency cash flows.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The update simplifies the accounting for income taxes by removing certain exceptions for intra-period tax allocations, the recognition of deferred tax liabilities after a foreign subsidiary transitions to or from equity method accounting, and the methodology of calculating income taxes in an interim period with year-to-date losses. Additionally, the guidance provides additional clarification on other areas, including step-up of the tax basis of goodwill recorded as part of an acquisition and the treatment of franchise taxes that are partially based on income. This pronouncement is effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted. Companies are required to apply the standard on a prospective basis, except for certain sections of the guidance which shall be applied on a retrospective or modified retrospective basis. The Company adopted this new ASU in the first quarter of fiscal 2022 and concluded that it does not have a material impact on the Company's consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . The update improves the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to recognition of an acquired contract liability and payments terms and their effect on subsequent revenue recognized by the acquirer. The guidance requires that an acquiring entity in a business combination recognize and measure contract assets and contract liabilities acquired in accordance with Topic 606 as if it had originated the contract. This pronouncement is effective for interim and annual periods beginning after December 15, 2022, with early adoption permitted. The amendments in this update should be applied prospectively to business combinations occurring on or after the effective date. The Company is in the process of assessing the impact of this ASU on its future consolidated financial statements, but does not expect it to have a material impact. In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance . The update increases the transparency in financial reporting of government assistance by requiring the disclosure of the types of transactions, an entity’s accounting for the transactions and the effect of those transactions on an entity’s financial statements. This pronouncement is effective for annual periods beginning after December 15, 2021, with early adoption permitted. The amendments in this update should be applied either prospectively to all applicable transactions at the date of initial application and as new transactions occur or retrospectively to all applicable transactions. The Company is in the process of assessing the impact of this ASU on its future consolidated financial statements, but does not expect it to have a material impact.
Revenue Recognition	4. Revenue Recognition The Company markets and distributes primarily national and Company-branded food and food-related products to customer locations across the United States and Canada. The Foodservice segment primarily services restaurants and supplies a “broad line” of products to its customers, including the Company’s performance brands and custom-cut meats and seafood, as well as products that are specific to each customer’s menu requirements. Vistar specializes in distributing candy, snacks, beverages, and other items nationally to vending, office coffee service, theater, retail, hospitality, and other channels. Our Convenience segment distributes candy, snacks, beverages, cigarettes, other tobacco products, food and food-service products, and other items to convenience stores across the United States and Canada. The Company disaggregates revenue by customer type and product offerings and determined that disaggregating revenue at the segment level achieves the disclosure objective to depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Refer to Note 14. Segment Information for external revenue by reportable segment. The Company has customer contracts in which incentives are paid upfront to certain customers. These payments have become industry practice and are not related to financing the customer’s business, nor are they associated with any distinct good or service to be received from the customer. These incentive payments are capitalized and amortized over the life of the contract or the expected life of the customer relationship on a straight-line basis. The Company’s contract asset for these incentives totaled $ 18.7 million and $ 19.9 million as of January 1, 2022 and July 3, 2021 , respectively.

Business Combinations (Tables)

Business Combinations (Tables)	6 Months Ended
	Jan. 01, 2022
Business Combinations [Abstract]
Summary of Purchase Price for Acquisition	The following table summarizes the purchase price for the acquisition: (In millions, except shares, cash per share, exchange ratio, and closing price) Core-Mark shares outstanding at August 31, 2021 45,201,975 Cash consideration (per Core-Mark share) $ 23.875 Cash portion of purchase price $ 1,079.2 Core-Mark shares outstanding at August 31, 2021 45,201,975 Exchange ratio (per Core-Mark share) 0.44 Total PFGC common shares issued 19,888,869 Closing price of PFGC common stock on August 31, 2021 $ 50.22 Equity issued $ 998.8 Equity compensation (1) $ 9.2 Total equity portion of purchase price $ 1,008.0 Debt assumed, net of cash $ 306.9 Total purchase price $ 2,394.1 (1) Represents the portion of replacement share-based payment awards that relates to pre-combination vesting.
Summary of Preliminary Purchase Price Allocation of Major Class of Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary purchase price allocation for each major class of assets acquired and liabilities assumed for the Core-Mark acquisition: (In millions) Fiscal 2022 Net working capital $ 976.3 Goodwill 869.5 Intangible assets with definite lives: Customer relationships 360.0 Trade names 140.0 Technology 7.0 Property, plant and equipment 391.5 Operating lease right-of-use assets 227.8 Other assets 26.1 Deferred tax liabilities ( 239.5 ) Finance lease obligations ( 104.0 ) Operating lease obligations ( 214.1 ) Other liabilities ( 46.5 ) Total purchase price $ 2,394.1
Summary of Unaudited Pro-Forma Consolidated Financial Information	The following table summarizes the unaudited pro-forma consolidated financial information of the Company as if the acquisition had occurred on June 28, 2020. Three Months Ended Six Months Ended (in millions) January 1, 2022 December 26, 2020 January 1, 2022 December 26, 2020 Net sales $ 12,838.8 $ 11,097.3 $ 26,303.4 $ 22,646.7 Net income (loss) 10.1 18.6 47.3 ( 32.0 )

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jan. 01, 2022
Schedule of Debt	Debt consisted of the following: (In millions) As of January 1, 2022 As of July 3, 2021 ABL Facility $ 1,549.0 $ 586.3 5.500 % Notes due 2024 - 350.0 6.875 % Notes due 2025 275.0 275.0 5.500 % Notes due 2027 1,060.0 1,060.0 4.250 % Notes due 2029 1,000.0 - Less: Original issue discount and deferred financing costs ( 37.2 ) ( 30.8 ) Long-term debt 3,846.8 2,240.5 Less: current installments - - Total debt, excluding current installments $ 3,846.8 $ 2,240.5
ABL Facility [Member]
Summary of Outstanding Borrowings, Availability, and Average Interest Rate under ABL Facility	The following table summarizes outstanding borrowings, availability, and the average interest rate under the Prior Credit Agreement and the ABL Facility: (Dollars in millions) As of January 1, 2022 As of July 3, 2021 Aggregate borrowings $ 1,549.0 $ 586.3 Letters of credit under ABL Facility 200.2 161.7 Excess availability, net of lenders’ reserves of $ 95.7 and $ 55.1 2,250.8 2,252.0 Average interest rate 1.57 % 2.32 %

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jan. 01, 2022
Leases [Abstract]
Summary of Right-of-Use Assets and Lease Liabilities in Consolidated Balance Sheet	The following table presents the location of the right-of-use assets and lease liabilities in the Company's consolidated balance sheet as of January 1, 2022 and July 3, 2021 (in millions), as well as the weighted-average lease term and discount rate for the Company's leases: Leases Consolidated Balance Sheet Location As of As of Assets: Operating Operating lease right-of-use assets $ 644.3 $ 438.7 Finance Property, plant and equipment, net 468.8 294.6 Total lease assets $ 1,113.1 $ 733.3 Liabilities: Current Operating Operating lease obligations—current installments $ 111.9 $ 77.0 Finance Finance lease obligations—current installments 74.6 48.7 Non-current Operating Operating lease obligations, excluding current installments 542.1 378.0 Finance Finance lease obligations, excluding current installments 381.4 255.0 Total lease liabilities $ 1,110.0 $ 758.7 Weighted average remaining lease term Operating leases 8.4 years 8.6 years Finance leases 6.2 years 6.2 years Weighted average discount rate Operating leases 3.9 % 4.6 % Finance leases 4.0 % 4.5 %
Summary of Location of Lease Costs in Consolidated Statement of Operations	The following table presents the location of lease costs in the Company ’s consolidated statement of operations for the periods reported (in millions): Three Months Ended Six Months Ended Lease Cost Statement of Operations Location January 1, 2022 December 26, 2020 January 1, 2022 December 26, 2020 Finance lease cost: Amortization of finance lease assets Operating expenses $ 18.4 $ 8.6 $ 31.3 $ 15.8 Interest on lease liabilities Interest expense 4.3 3.0 8.2 6.0 Total finance lease cost $ 22.7 $ 11.6 $ 39.5 $ 21.8 Operating lease cost Operating expenses 38.7 27.5 68.3 55.3 Short-term lease cost Operating expenses 17.7 3.9 28.6 9.0 Total lease cost $ 79.1 $ 43.0 $ 136.4 $ 86.1
Summary of Supplemental Cash Flow Information Related to Leases	The following table presents the supplemental cash flow information related to leases for the periods reported (in millions): (In millions) Six Months Ended Six Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 64.0 $ 50.6 Operating cash flows from finance leases 8.2 6.0 Financing cash flows from finance leases 33.8 17.0 Right-of-use assets obtained in exchange for lease obligations: Operating leases 36.3 38.6 Finance leases 82.1 80.0
Summary of Future Minimum Lease Payments Under Non-Cancelable Leases	The following table presents the future minimum lease payments under non-cancelable leases as of January 1, 2022 (in millions): Fiscal Year Operating Leases Finance Leases Remainder of 2022 $ 68.9 $ 44.9 2023 125.9 89.0 2024 101.8 87.6 2025 83.8 80.7 2026 68.6 76.3 Thereafter 328.0 134.8 Total future minimum lease payments $ 777.0 $ 513.3 Less: Interest 123.0 57.3 Present value of future minimum lease payments $ 654.0 $ 456.0

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jan. 01, 2022
Earnings Per Share [Abstract]
Schedule of Reconciliation of Numerators and Denominators for Basic and Diluted Earnings Per Common Share Computations	A reconciliation of the numerators and denominators for the basic and diluted earnings per common share computations is as follows: (In millions, except per share amounts) Three Months Ended Three Months Ended Six Months Ended Six Months Ended Numerator: Net income $ 8.4 $ 17.6 $ 13.1 $ 16.9 Denominator: Weighted-average common shares outstanding 152.9 132.0 146.3 131.9 Dilutive effect of potential common shares 1.4 1.2 1.4 1.0 Weighted-average dilutive shares outstanding 154.3 133.2 147.7 132.9 Basic earnings per common share $ 0.05 $ 0.13 $ 0.09 $ 0.13 Diluted earnings per common share $ 0.05 $ 0.13 $ 0.09 $ 0.13

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jan. 01, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Corporate & All Other is comprised of corporate overhead and certain operations that are not considered separate reportable segments based on their size. This includes the operations of the Company’s internal logistics unit responsible for managing and allocating inbound logistics revenue and expense. Beginning in the second quarter of fiscal 2022, this also includes the operating results from certain recent immaterial acquisitions. Corporate & All Other may also include capital expenditures for certain information technology projects that are transferred to the segments once placed in service. The presentation and amounts for the three and six months ended December 26, 2020 and as of July 3, 2021 have been restated to reflect the segment changes described above. (In millions) Foodservice Vistar Convenience Corporate Eliminations Consolidated For the three months ended January 1, 2022 Net external sales $ 6,210.0 $ 906.7 $ 5,710.0 $ 12.1 $ — $ 12,838.8 Inter-segment sales 4.4 0.6 — 109.3 ( 114.3 ) — Total sales 6,214.4 907.3 5,710.0 121.4 ( 114.3 ) 12,838.8 Depreciation and amortization 60.7 13.1 36.6 6.1 — 116.5 Capital expenditures 30.4 3.2 7.1 3.4 — 44.1 For the three months ended December 26, 2020 Net external sales $ 4,885.7 $ 587.2 $ 1,364.1 $ 8.2 $ — $ 6,845.2 Inter-segment sales 1.7 0.7 - 90.0 ( 92.4 ) — Total sales 4,887.4 587.9 1,364.1 98.2 ( 92.4 ) 6,845.2 Depreciation and amortization 62.7 11.4 2.4 7.7 — 84.2 Capital expenditures 12.9 18.7 5.9 4.7 — 42.2 (In millions) Foodservice Vistar Convenience Corporate Eliminations Consolidated For the six months ended January 1, 2022 Net external sales $ 12,567.7 $ 1,752.7 $ 8,881.2 $ 23.5 $ — $ 23,225.1 Inter-segment sales 8.7 1.1 - 218.5 ( 228.3 ) — Total sales 12,576.4 1,753.8 8,881.2 242.0 ( 228.3 ) 23,225.1 Depreciation and amortization 125.0 26.2 51.7 12.3 — 215.2 Capital expenditures 46.7 5.3 10.0 6.5 — 68.5 For the six months ended December 26, 2020 Net external sales $ 9,920.4 $ 1,147.6 $ 2,809.5 $ 14.5 $ — $ 13,892.0 Inter-segment sales 3.4 1.2 - 184.6 ( 189.2 ) — Total sales 9,923.8 1,148.8 2,809.5 199.1 ( 189.2 ) 13,892.0 Depreciation and amortization 124.5 21.3 4.2 16.3 — 166.3 Capital expenditures 20.0 35.1 19.4 8.5 — 83.0
Schedule of EBDITA and Reconciliation to Consolidated Income Before Taxes	EBITDA for each reportable segment and Corporate & All Other is presented below along with a reconciliation to consolidated income before taxes. Three Months Ended Six Months Ended January 1, 2022 December 26, 2020 January 1, 2022 December 26, 2020 Foodservice EBITDA $ 158.0 $ 155.3 $ 317.9 $ 311.5 Vistar EBITDA 49.2 22.0 78.9 27.1 Convenience EBITDA 37.4 16.4 76.7 23.0 Corporate & All Other EBITDA ( 71.5 ) ( 46.5 ) ( 152.2 ) ( 95.5 ) Depreciation and amortization ( 116.5 ) ( 84.2 ) ( 215.2 ) ( 166.3 ) Interest expense ( 45.2 ) ( 38.1 ) ( 89.2 ) ( 76.9 ) Income before taxes $ 11.4 $ 24.9 $ 16.9 $ 22.9 Total assets by reportable segment, excluding intercompany receivables between segments, are as follows: (In millions) As of As of Foodservice $ 6,188.7 $ 5,791.7 Vistar 1,106.7 1,048.5 Convenience 4,324.5 679.2 Corporate & All Other 336.5 326.2 Total assets $ 11,956.4 $ 7,845.7
Changes in Carrying Amount of Goodwill	The following table presents the changes in the carrying amount of goodwill for each reportable segment: (In millions) Foodservice Vistar Convenience Other Total Balance as of July 3, 2021 1,199.4 93.9 20.9 40.5 1,354.7 Acquisitions—current year 71.5 - 869.5 - 941.0 Balance as of January 1, 2022 $ 1,270.9 $ 93.9 $ 890.4 $ 40.5 $ 2,295.7
Summary Sales Mix for Principal Product and Service Categories	The sales mix for the Company ’s principal product and service categories is as follows: Three Months Ended Six Months Ended (In millions) January 1, 2022 December 26, 2020 January 1, 2022 December 26, 2020 Cigarettes $ 3,757.3 $ 978.8 $ 5,838.8 $ 2,035.2 Center of the plate 2,588.6 1,874.2 5,276.3 3,808.4 Canned and dry groceries 1,086.8 755.7 2,111.9 1,515.7 Refrigerated and dairy products 967.0 702.1 1,850.2 1,419.5 Frozen foods 926.3 735.7 1,840.0 1,470.0 Candy/snack/theater and concession 971.4 363.6 1,671.8 737.9 Paper products and cleaning supplies 626.2 498.6 1,245.9 1,000.9 Beverage 603.1 336.4 1,131.9 686.7 Other tobacco products 696.2 164.1 1,071.1 323.5 Other miscellaneous goods and services 370.1 235.8 691.1 489.7 Produce 245.8 200.2 496.1 404.5 Total $ 12,838.8 $ 6,845.2 $ 23,225.1 $ 13,892.0

Recently Issued Accounting Pr_2

Recently Issued Accounting Pronouncements - Additional Information (Detail) - ASU 2019-12 [Member]	Jan. 01, 2022
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Oct. 2, 2021
Change in accounting principle, accounting standards update, immaterial effect	true

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions	Jan. 01, 2022	Jul. 03, 2021
Revenue from Contract with Customer [Abstract]
Contract assets	$ 18.7	$ 19.9

Business Combinations - Additio

Business Combinations - Additional Information (Detail) $ / shares in Units, $ in Millions	Sep. 01, 2021USD ($)$ / shares	Jan. 01, 2022USD ($)	Dec. 26, 2020USD ($)	Sep. 26, 2020USD ($)	Jan. 01, 2022USD ($)	Jan. 01, 2022USD ($)Acquisition	Dec. 26, 2020USD ($)	Jul. 26, 2021	Jul. 03, 2021USD ($)
Business Acquisition [Line Items]
Number of acquisitions | Acquisition						2
Business combination, cash and stock transaction value						$ 2,700
Cash portion of the acquisition	$ 1,100
Goodwill		$ 2,295.7			$ 2,295.7	2,295.7			$ 1,354.7
Net sales		12,838.8	$ 6,845.2			23,225.1	$ 13,892
Net income		$ 8.4	$ 17.6			$ 13.1	16.9
Acquisition costs, after tax							57.4
4.250% Senior Notes due 2029 [Member]
Business Acquisition [Line Items]
Debt instruments amount, interest rate		4.25%			4.25%	4.25%		4.25%
Core-Mark [Member]
Business Acquisition [Line Items]
Business combination, cash and stock transaction value	2,394.1
Cash portion of the acquisition	$ 1,079.2
Business combination share price in cash | $ / shares	$ 23.875
Business combination, share exchange ratio	0.44
Intangible assets estimated useful life	9 years 3 months 18 days
Goodwill	$ 869.5
Net sales		$ 4,200			$ 5,800
Net income		$ 4.9			$ 5.9
Core-Mark [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Intangible assets estimated useful life	11 years
Core-Mark [Member] | Trade Names [Member]
Business Acquisition [Line Items]
Intangible assets estimated useful life	5 years
Core-Mark [Member] | Technology [Member]
Business Acquisition [Line Items]
Intangible assets estimated useful life	5 years
Eby-Brown [Member]
Business Acquisition [Line Items]
Payments of earnout				$ 185.6
Payments of earnout, financial activity							68.3
Payments of earnout, operating activity							$ 117.3

Business Combinations - Summary

Business Combinations - Summary of Purchase Price for Acquisition (Detail) $ / shares in Units, $ in Millions		Sep. 01, 2021USD ($)$ / sharesshares	Jan. 01, 2022USD ($)
Business Acquisition [Line Items]
Cash portion of purchase price		$ 1,100
Total purchase price			$ 2,700
Core-Mark [Member]
Business Acquisition [Line Items]
Core-Mark shares outstanding at August 31, 2021 | shares		45,201,975
Cash consideration (per Core-Mark share) | $ / shares		$ 23.875
Cash portion of purchase price		$ 1,079.2
Exchange ratio (per Core-Mark share)		0.44
Total PFGC common shares issued | shares		19,888,869
Closing price of PFGC common stock on August 31, 2021 | $ / shares		$ 50.22
Equity issued		$ 998.8
Equity compensation	[1]	9.2
Total equity portion of purchase price		1,008
Debt assumed, net of cash		306.9
Total purchase price		$ 2,394.1
[1]	Represents the portion of replacement share-based payment awards that relates to pre-combination vesting.

Business Combinations - Summa_2

Business Combinations - Summary of Preliminary Purchase Price Allocation of Major Class of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Millions	Jan. 01, 2022	Sep. 01, 2021	Jul. 03, 2021
Business Acquisition [Line Items]
Goodwill	$ 2,295.7		$ 1,354.7
Core-Mark [Member]
Business Acquisition [Line Items]
Net working capital		$ 976.3
Goodwill		869.5
Intangible assets with definite lives:
Property, plant and equipment		391.5
Operating lease right-of-use assets		227.8
Other assets		26.1
Deferred tax liabilities		(239.5)
Finance lease obligations		(104)
Operating lease obligations		(214.1)
Other liabilities		(46.5)
Total purchase price		2,394.1
Core-Mark [Member] | Customer Relationships [Member]
Intangible assets with definite lives:
Intangible assets with definite lives		360
Core-Mark [Member] | Trade Names [Member]
Intangible assets with definite lives:
Intangible assets with definite lives		140
Core-Mark [Member] | Technology [Member]
Intangible assets with definite lives:
Intangible assets with definite lives		$ 7

Business Combinations - Summa_3

Business Combinations - Summary of Unaudited Pro-Forma Consolidated Financial Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 01, 2022	Dec. 26, 2020	Jan. 01, 2022	Dec. 26, 2020
Business Combinations [Abstract]
Net sales	$ 12,838.8	$ 11,097.3	$ 26,303.4	$ 22,646.7
Net income (loss)	$ 10.1	$ 18.6	$ 47.3	$ (32)

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Detail) - USD ($) $ in Millions	Jan. 01, 2022	Jul. 26, 2021	Jul. 03, 2021	May 17, 2016
Debt Instrument [Line Items]
Less: Original issue discount and deferred financing costs	$ (37.2)		$ (30.8)
Long-term debt	3,846.8		2,240.5
Total debt, excluding current installments	3,846.8		2,240.5
ABL Facility [Member]
Debt Instrument [Line Items]
Long-term debt, gross	1,549		586.3
5.500% Notes due 2024 [Member]
Debt Instrument [Line Items]
Long-term debt, gross			350
Less: Original issue discount and deferred financing costs				$ (0.5)
6.875% Senior Notes due 2025 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	275		275
5.500% Senior Notes due 2027 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	1,060		$ 1,060
4.250% Senior Notes due 2029 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,000
Less: Original issue discount and deferred financing costs		$ (0.5)

Debt - Schedule of Debt (Parent

Debt - Schedule of Debt (Parenthetical) (Detail)	Jul. 26, 2021	May 17, 2016	Jan. 01, 2022
5.500% Notes due 2024 [Member]
Debt Instrument [Line Items]
Debt instruments amount, interest rate	5.50%	5.50%	5.50%
Debt instruments maturity year	2024	2024	2024
6.875% Senior Notes due 2025 [Member]
Debt Instrument [Line Items]
Debt instruments amount, interest rate			6.875%
Debt instruments maturity year			2025
5.500% Senior Notes due 2027 [Member]
Debt Instrument [Line Items]
Debt instruments amount, interest rate			5.50%
Debt instruments maturity year			2027
4.250% Senior Notes due 2029 [Member]
Debt Instrument [Line Items]
Debt instruments amount, interest rate	4.25%		4.25%
Debt instruments maturity year	2029	2029	2029

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($) $ in Millions	Sep. 17, 2021	Jul. 26, 2021	May 17, 2016	Jan. 01, 2022	Jul. 03, 2021
Debt Instrument [Line Items]
Loss on extinguishment of debt				$ 3.2
Unamortized deferred financing costs				$ 37.2	$ 30.8
ABL Facility [Member]
Debt Instrument [Line Items]
Debt instruments face amount	$ 4,000				$ 3,000
Credit facility, maturity date	Sep. 17, 2026				Dec. 30, 2024
Debt instrument description of variable rate				(a) the Base Rate (defined as the greater of (i) the Federal Funds Rate in effect on such date plus 0.5%, (ii) the Prime Rate on such day, or (iii) one month LIBOR plus 1.0%) plus a spread, or (b) LIBOR plus a spread.
ABL Facility [Member] | Federal Funds Effective Swap Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate				0.50%
ABL Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread on variable rate				1.00%
ABL Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Credit facility, commitment fee rate				0.25%
4.250% Senior Notes due 2029 [Member]
Debt Instrument [Line Items]
Debt instruments face amount		$ 1,000
Debt instruments maturity year		2029	2029	2029
Debt instruments amount, interest rate		4.25%		4.25%
Percentage price of principal amount at which debt can be redeemed		100.00%
Debt Instrument maturity date		Aug. 1, 2029
Debt Instrument, description of redemption				Upon the occurrence of a change of control triggering event or upon the sale of certain assets in which Performance Food Group, Inc. does not apply the proceeds as required, the holders of the Notes due 2029 will have the right to require Performance Food Group, Inc. to repurchase each holder’s Notes due 2029 at a price equal to 101% (in the case of a change of control triggering event) or 100%(in the case of an asset sale) of their principal amount, plus accrued and unpaid interest.
Issue price of notes as a percentage of par value		100.00%
Unamortized deferred financing costs		$ 0.5
4.250% Senior Notes due 2029 [Member] | Beginning on August 1, 2024 [Member]
Debt Instrument [Line Items]
Percentage price of principal amount at which debt can be redeemed		102.125%
4.250% Senior Notes due 2029 [Member] | On August 1, 2025 [Member]
Debt Instrument [Line Items]
Percentage price of principal amount at which debt can be redeemed		101.163%
4.250% Senior Notes due 2029 [Member] | On August 1, 2026 [Member]
Debt Instrument [Line Items]
Percentage price of principal amount at which debt can be redeemed		100.00%
4.250% Senior Notes due 2029 [Member] | Prior to August 1, 2024 [Member]
Debt Instrument [Line Items]
Percentage price of principal amount at which debt can be redeemed		104.25%
4.250% Senior Notes due 2029 [Member] | Change of Control Triggering Event [Member]
Debt Instrument [Line Items]
Percentage price of principal amount at which debt can be redeemed		101.00%
4.250% Senior Notes due 2029 [Member] | Case of Asset Sale [Member]
Debt Instrument [Line Items]
Percentage price of principal amount at which debt can be redeemed		100.00%
4.250% Senior Notes due 2029 [Member] | Maximum [Member]
Debt Instrument [Line Items]
Early debt redemption percentage		40.00%
5.500% Notes due 2024 [Member]
Debt Instrument [Line Items]
Debt instruments face amount			$ 350
Debt instruments maturity year		2024	2024	2024
Debt instruments amount, interest rate		5.50%	5.50%	5.50%
Loss on extinguishment of debt		$ (3.2)
Unamortized deferred financing costs			$ 0.5

Debt - Summary of Outstanding B

Debt - Summary of Outstanding Borrowings, Availability, and Average Interest Rate under ABL Facility (Detail) - ABL Facility [Member] - USD ($) $ in Millions	Jan. 01, 2022	Jul. 03, 2021
Debt Instrument [Line Items]
Aggregate borrowings	$ 1,549	$ 586.3
Letters of credit under ABL Facility	200.2	161.7
Excess availability, net of lenders' reserves of $95.7 and $55.1	$ 2,250.8	$ 2,252
Average interest rate	1.57%	2.32%

Debt - Summary of Outstanding_2

Debt - Summary of Outstanding Borrowings, Availability, and Average Interest Rate under ABL Facility (Parenthetical) (Detail) - USD ($) $ in Millions	Jan. 01, 2022	Jul. 03, 2021
ABL Facility [Member]
Debt Instrument [Line Items]
Debt amount reserve by lender	$ 95.7	$ 55.1

Leases - Additional Information

Leases - Additional Information (Detail) $ in Millions	6 Months Ended
	Jan. 01, 2022USD ($)
Lessee Lease Description [Line Items]
Operating lease renewal term	10 years
Operating lease, Option to extend	true
Operating lease, Option to extend description	options to extend the leases for up to 10 years
Operating lease, Option to terminate description	options to terminate the leases within 1 year
Operating lease, Option to terminate	true
Finance lease renewal term	10 years
Finance lease, Option to extend	true
Finance lease, Option to extend description	options to extend the leases for up to 10 years
Finance lease, Option to terminate description	options to terminate the leases within 1 year
Finance lease, Option to terminate	true
Undiscounted maximum amount for guarantees	$ 17.2
Future minimum operating lease payments, not yet commenced	$ 388.5
Lessee, operating lease, lease not yet commenced, description	These leases relate primarily to warehouse and vehicle leases and are expected to commence in fiscal 2022 with lease terms of 4 to 20 years.
Minimum [Member]
Lessee Lease Description [Line Items]
Operating lease remaining term	1 year
Finance lease remaining term	1 year
Percentage of residual value guarantee under operating lease	6.00%
Operating lease expiration term	5 years
Operating lease expiration year	2022
Operating leases, not yet commenced, lease term	4 years
Maximum [Member]
Lessee Lease Description [Line Items]
Operating lease remaining term	20 years
Finance lease remaining term	20 years
Percentage of residual value guarantee under operating lease	20.00%
Operating lease expiration term	7 years
Operating lease expiration year	2028
Operating leases, not yet commenced, lease term	20 years

Leases - Summary of Right-of-Us

Leases - Summary of Right-of-Use Assets and Lease Liabilities in Consolidated Balance Sheet (Detail) - USD ($) $ in Millions	Jan. 01, 2022	Jul. 03, 2021
ASSETS
Operating	$ 644.3	$ 438.7
Finance	468.8	294.6
Total lease assets	1,113.1	733.3
Current liabilities:
Operating	111.9	77
Finance	74.6	48.7
Non-current
Operating	542.1	378
Finance	381.4	255
Total lease liabilities	$ 1,110	$ 758.7
Weighted average remaining lease term
Operating leases	8 years 4 months 24 days	8 years 7 months 6 days
Finance leases	6 years 2 months 12 days	6 years 2 months 12 days
Weighted average discount rate
Operating leases	3.90%	4.60%
Finance leases	4.00%	4.50%

Leases - Summary of Location of

Leases - Summary of Location of Lease Costs in Consolidated Statement of Operations (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 01, 2022	Dec. 26, 2020	Jan. 01, 2022	Dec. 26, 2020
Finance lease cost:
Amortization of finance lease assets	$ 18.4	$ 8.6	$ 31.3	$ 15.8
Interest on lease liabilities	4.3	3	8.2	6
Total finance lease cost	22.7	11.6	39.5	21.8
Operating lease cost	38.7	27.5	68.3	55.3
Short-term lease cost	17.7	3.9	28.6	9
Total lease cost	$ 79.1	$ 43	$ 136.4	$ 86.1

Leases - Summary of Supplementa

Leases - Summary of Supplemental Cash Flow Information related to Leases (Detail) - USD ($) $ in Millions	6 Months Ended
	Jan. 01, 2022	Dec. 26, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 64	$ 50.6
Operating cash flows from finance leases	8.2	6
Financing cash flows from finance leases	33.8	17
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	36.3	38.6
Finance leases	$ 82.1	$ 80

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Lease Payments Under Non-Cancelable Leases (Detail) $ in Millions	Jan. 01, 2022USD ($)
Operating Leases
Remainder of 2022	$ 68.9
2023	125.9
2024	101.8
2025	83.8
2026	68.6
Thereafter	328
Total future minimum lease payments	777
Less: Interest	123
Present value of future minimum lease payments	654
Finance Leases
Remainder of 2022	44.9
2023	89
2024	87.6
2025	80.7
2026	76.3
Thereafter	134.8
Total future minimum lease payments	513.3
Less: Interest	57.3
Present value of future minimum lease payments	$ 456

Fair Value of Financial Instr_2

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	Jan. 01, 2022	Jul. 03, 2021
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Long-term debt	$ 3,846.8	$ 2,240.5
Reported Value Measurement [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Long-term debt	3,846.8	2,240.5
Fair Value Inputs Level 2 [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Fair value of long term debt	$ 3,936.4	$ 2,346.2

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 01, 2022	Dec. 26, 2020	Jan. 01, 2022	Dec. 26, 2020	Jul. 03, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	26.50%	29.20%	22.60%	26.20%
U.S. federal corporate income tax rate			21.00%
Net deferred tax assets	$ 263.9		$ 263.9		$ 159.2
Net deferred tax liabilities	684.9		684.9		299.6
Valuation allowance	1.3		1.3		0.7
Unrecognized tax benefits	$ 0.3		$ 0.3		$ 0.3

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Jan. 01, 2022USD ($)
Commitments and Contingencies Disclosure [Abstract]
Outstanding contracts and purchase orders for capital projects and services	$ 121.1

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Detail) - Purchasing Alliance [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 01, 2022	Dec. 26, 2020	Jan. 01, 2022	Dec. 26, 2020	Jul. 03, 2021
Related Party Transaction [Line Items]
Equity method investments	$ 7.8		$ 7.8		$ 6
Purchases from related party	$ 435.1	$ 264.4	$ 900.8	$ 508.1

Earnings Per Common Share - Add

Earnings Per Common Share - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Jan. 01, 2022	Dec. 26, 2020	Jan. 01, 2022	Dec. 26, 2020
Earnings Per Share [Abstract]
Potential common shares not included in computing diluted earnings per common share due to antidilutive effect	0	300,000	0	500,000

Earnings Per Common Share - Sch

Earnings Per Common Share - Schedule of Reconciliation of Numerators and Denominators for Basic and Diluted Earnings Per Common Share Computations (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jan. 01, 2022	Dec. 26, 2020	Jan. 01, 2022	Dec. 26, 2020
Numerator:
Net income	$ 8.4	$ 17.6	$ 13.1	$ 16.9
Denominator:
Weighted-average common shares outstanding	152.9	132	146.3	131.9
Dilutive effect of potential common shares	1.4	1.2	1.4	1
Weighted-average dilutive shares outstanding	154.3	133.2	147.7	132.9
Basic earnings per common share	$ 0.05	$ 0.13	$ 0.09	$ 0.13
Diluted earnings per common share	$ 0.05	$ 0.13	$ 0.09	$ 0.13

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Detail) - Core-Mark [Member] $ / shares in Units, shares in Millions, $ in Millions	Sep. 01, 2021USD ($)$ / sharesshares	Aug. 31, 2021TradingDay
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Business combination share price in cash | $ / shares	$ 23.875
Business combination, share exchange ratio	0.44
Consecutive trading days | TradingDay		10
RSUs [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares, granted | shares	614,056
Weighted average grant date fair value per share | $ / shares	$ 49.55
Total grant date fair value of stock vested	$ 30.4
Weighted average remaining vesting period	1 year 9 months 18 days
RSUs [Member] | Pre-Combination Vesting [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total grant date fair value of stock vested	$ 9.2
RSUs [Member] | Post-Combination Vesting [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total grant date fair value of stock vested	$ 21.2

Segment Information - Additiona

Segment Information - Additional Information (Detail) - Segment	3 Months Ended		6 Months Ended
	Jan. 01, 2022	Dec. 26, 2020	Jan. 01, 2022	Dec. 26, 2020
Segment Reporting Information [Line Items]
Number of reportable segments	3
Net Sales [Member] | Customer Concentration Risk [Member] | Cigarettes [Member]
Segment Reporting Information [Line Items]
Concentration risk percentage	29.30%	14.30%	25.10%	14.70%
Cost of Goods Sold [Member] | Product Concentration Risk [Member] | Significant Suppliers [Member]
Segment Reporting Information [Line Items]
Concentration risk percentage			20.30%

Segment Information - Schedule

Segment Information - Schedule of Segment Reporting Information, by Segment (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 01, 2022	Dec. 26, 2020	Jan. 01, 2022	Dec. 26, 2020
Segment Reporting Information [Line Items]
Net sales	$ 12,838.8	$ 6,845.2	$ 23,225.1	$ 13,892
Depreciation and amortization	116.5	84.2	215.2	166.3
Capital expenditures	44.1	42.2	68.5	83
Foodservice [Member]
Segment Reporting Information [Line Items]
Net sales	6,210	4,885.7	12,567.7	9,920.4
Depreciation and amortization	60.7	62.7	125	124.5
Capital expenditures	30.4	12.9	46.7	20
Vistar [Member]
Segment Reporting Information [Line Items]
Net sales	906.7	587.2	1,752.7	1,147.6
Depreciation and amortization	13.1	11.4	26.2	21.3
Capital expenditures	3.2	18.7	5.3	35.1
Convenience [Member]
Segment Reporting Information [Line Items]
Net sales	5,710	1,364.1	8,881.2	2,809.5
Depreciation and amortization	36.6	2.4	51.7	4.2
Capital expenditures	7.1	5.9	10	19.4
Corporate & All Other [Member]
Segment Reporting Information [Line Items]
Net sales	12.1	8.2	23.5	14.5
Depreciation and amortization	6.1	7.7	12.3	16.3
Capital expenditures	3.4	4.7	6.5	8.5
Eliminations [Member]
Segment Reporting Information [Line Items]
Net sales	(114.3)	(92.4)	(228.3)	(189.2)
Eliminations [Member] | Foodservice [Member]
Segment Reporting Information [Line Items]
Net sales	4.4	1.7	8.7	3.4
Eliminations [Member] | Vistar [Member]
Segment Reporting Information [Line Items]
Net sales	0.6	0.7	1.1	1.2
Eliminations [Member] | Corporate & All Other [Member]
Segment Reporting Information [Line Items]
Net sales	109.3	90	218.5	184.6
Operating Segments [Member] | Foodservice [Member]
Segment Reporting Information [Line Items]
Net sales	6,214.4	4,887.4	12,576.4	9,923.8
Operating Segments [Member] | Vistar [Member]
Segment Reporting Information [Line Items]
Net sales	907.3	587.9	1,753.8	1,148.8
Operating Segments [Member] | Convenience [Member]
Segment Reporting Information [Line Items]
Net sales	5,710	1,364.1	8,881.2	2,809.5
Operating Segments [Member] | Corporate & All Other [Member]
Segment Reporting Information [Line Items]
Net sales	$ 121.4	$ 98.2	$ 242	$ 199.1

Segment Information - Schedul_2

Segment Information - Schedule of EBDITA and Reconciliation to Consolidated Income Before Taxes (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 01, 2022	Dec. 26, 2020	Jan. 01, 2022	Dec. 26, 2020
Segment Reporting Information [Line Items]
Depreciation and amortization	$ (116.5)	$ (84.2)	$ (215.2)	$ (166.3)
Interest expense	(45.2)	(38.1)	(89.2)	(76.9)
Income before taxes	11.4	24.9	16.9	22.9
Foodservice [Member]
Segment Reporting Information [Line Items]
EBITDA	158	155.3	317.9	311.5
Depreciation and amortization	(60.7)	(62.7)	(125)	(124.5)
Vistar [Member]
Segment Reporting Information [Line Items]
EBITDA	49.2	22	78.9	27.1
Depreciation and amortization	(13.1)	(11.4)	(26.2)	(21.3)
Convenience [Member]
Segment Reporting Information [Line Items]
EBITDA	37.4	16.4	76.7	23
Depreciation and amortization	(36.6)	(2.4)	(51.7)	(4.2)
Corporate & All Other [Member]
Segment Reporting Information [Line Items]
EBITDA	(71.5)	(46.5)	(152.2)	(95.5)
Depreciation and amortization	$ (6.1)	$ (7.7)	$ (12.3)	$ (16.3)

Segment Information - Summary A

Segment Information - Summary Assets by Reportable Segment, Excluding Intercompany Receivables (Detail) - USD ($) $ in Millions	Jan. 01, 2022	Jul. 03, 2021
Segment Reporting Information [Line Items]
Total assets	$ 11,956.4	$ 7,845.7
Foodservice [Member]
Segment Reporting Information [Line Items]
Total assets	6,188.7	5,791.7
Vistar [Member]
Segment Reporting Information [Line Items]
Total assets	1,106.7	1,048.5
Convenience [Member]
Segment Reporting Information [Line Items]
Total assets	4,324.5	679.2
Corporate & All Other [Member]
Segment Reporting Information [Line Items]
Total assets	$ 336.5	$ 326.2

Segment Information - Changes i

Segment Information - Changes in Carrying Amount of Goodwill (Detail) $ in Millions	6 Months Ended
	Jan. 01, 2022USD ($)
Goodwill [Line Items]
Goodwill, Beginning Balance	$ 1,354.7
Acquisition - Current year	941
Goodwill, Ending Balance	2,295.7
Foodservice [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	1,199.4
Acquisition - Current year	71.5
Goodwill, Ending Balance	1,270.9
Vistar [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	93.9
Goodwill, Ending Balance	93.9
Convenience [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	20.9
Acquisition - Current year	869.5
Goodwill, Ending Balance	890.4
Other Segment [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	40.5
Goodwill, Ending Balance	$ 40.5

Segment Information - Summary S

Segment Information - Summary Sales Mix for Principal Product and Service Categories (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 01, 2022	Dec. 26, 2020	Jan. 01, 2022	Dec. 26, 2020
Segment Reporting Information [Line Items]
Total sales	$ 12,838.8	$ 6,845.2	$ 23,225.1	$ 13,892
Cigarettes [Member]
Segment Reporting Information [Line Items]
Total sales	3,757.3	978.8	5,838.8	2,035.2
Center of the Plate [Member]
Segment Reporting Information [Line Items]
Total sales	2,588.6	1,874.2	5,276.3	3,808.4
Canned and Dry Groceries [Member]
Segment Reporting Information [Line Items]
Total sales	1,086.8	755.7	2,111.9	1,515.7
Refrigerated and Dairy Products [Member]
Segment Reporting Information [Line Items]
Total sales	967	702.1	1,850.2	1,419.5
Frozen Foods [Member]
Segment Reporting Information [Line Items]
Total sales	926.3	735.7	1,840	1,470
Candy/Snack/Theater and Concession [Member]
Segment Reporting Information [Line Items]
Total sales	971.4	363.6	1,671.8	737.9
Paper Products and Cleaning Supplies [Member]
Segment Reporting Information [Line Items]
Total sales	626.2	498.6	1,245.9	1,000.9
Beverage [Member]
Segment Reporting Information [Line Items]
Total sales	603.1	336.4	1,131.9	686.7
Other Tobacco Products [Member]
Segment Reporting Information [Line Items]
Total sales	696.2	164.1	1,071.1	323.5
Other Miscellaneous Goods and Services [Member]
Segment Reporting Information [Line Items]
Total sales	370.1	235.8	691.1	489.7
Produce [Member]
Segment Reporting Information [Line Items]
Total sales	$ 245.8	$ 200.2	$ 496.1	$ 404.5