Performance Food (PFGC) 10-Q 9 Nov 22 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Oct. 01, 2022	Nov. 02, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 01, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
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		155,672,933
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	Oct. 01, 2022	Jul. 02, 2022
Current assets:
Cash	$ 10.6	$ 11.6
Accounts receivable, less allowances of $53.3 and $42.6	2,296.9	2,307.4
Inventories, net	3,335	3,428.6
Income taxes receivable	11.5	34
Prepaid expenses and other current assets	213.7	240.4
Total current assets	5,867.7	6,022
Goodwill	2,279.3	2,279.2
Other intangible assets, net	1,151.3	1,195.6
Property, plant and equipment, net	2,127.7	2,134.5
Operating lease right-of-use assets	613	623.4
Other assets	129.6	123.3
Total assets	12,168.6	12,378
Current liabilities:
Trade accounts payable and outstanding checks in excess of deposits	2,628.6	2,559.5
Accrued expenses and other current liabilities	753.6	882.6
Finance lease obligations—current installments	83.5	79.9
Operating lease obligations—current installments	107.7	111
Total current liabilities	3,573.4	3,633
Long-term debt	3,664	3,908.8
Deferred income tax liability, net	412.1	424.3
Finance lease obligations, excluding current installments	370.2	366.7
Operating lease obligations, excluding current installments	526.7	530.8
Other long-term liabilities	221.5	214.9
Total liabilities	8,767.9	9,078.5
Commitments and contingencies (Note 10)
Shareholders’ equity:
Common Stock: $0.01 par value per share, 1.0 billion shares authorized, 154.0 million shares issued and outstanding as of October 1, 2022; 153.6 million shares issued and outstanding as of July 2, 2022	1.5	1.5
Additional paid-in capital	2,818.4	2,816.8
Accumulated other comprehensive income, net of tax expense of $5.4 and $3.8	15.3	(11.4)
Retained earnings	565.5	469.8
Total shareholders’ equity	3,400.7	3,299.5
Total liabilities and shareholders’ equity	$ 12,168.6	$ 12,378

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Oct. 01, 2022	Jul. 02, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 50	$ 54.2
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	154,000,000	153,600,000
Common stock, shares outstanding	154,000,000	153,600,000
Accumulated other comprehensive income, net of tax expense	$ 5.4	$ (3.8)

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Oct. 01, 2022	Oct. 02, 2021
Income Statement [Abstract]
Net sales	$ 14,719.3	$ 10,386.3
Cost of goods sold	13,144.2	9,244
Gross profit	1,575.1	1,142.3
Operating expenses	1,383.9	1,094.1
Operating profit	191.2	48.2
Other expense, net:
Interest expense	50.4	44
Other, net	10.9	(1.3)
Other expense, net	61.3	42.7
Income before taxes	129.9	5.5
Income tax expense	34.2	0.8
Net income	$ 95.7	$ 4.7
Weighted-average common shares outstanding:
Basic	153.8	139.7
Diluted	155.6	141.2
Earnings per common share:
Basic	$ 0.62	$ 0.03
Diluted	$ 0.62	$ 0.03

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Oct. 01, 2022	Oct. 02, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 95.7	$ 4.7
Interest rate swaps:
Change in fair value, net of tax	7.1	(0.2)
Reclassification adjustment, net of tax	(0.8)	1.3
Foreign currency translation adjustment, net of tax	(2.4)	(0.4)
Other comprehensive income	3.9	0.7
Total comprehensive income (loss)	$ 99.6	$ 5.4

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ 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 Jul. 03, 2021		$ 2,106.1		$ 1.3	$ 1,752.8	$ (5.3)		$ 357.3
Balance Beginning, shares at Jul. 03, 2021				132,500,000
Net income		4.7						4.7
Interest rate swaps		0.7	$ 1.1				$ 1.1
Foreign currency translation adjustment		(0.4)				(0.4)
Issuance of common stock under stock-based compensation plans		(4.9)			(4.9)
Issuance of common stock under stock-based compensation plans, shares				400,000
Conversion of Core-Mark shares of common stock		998.8		$ 0.2	998.6
Conversion of Core-Mark shares of common stock, shares				19,900,000
Conversion of Core-Mark stock-based compensation	[1]	9.2			9.2
Stock-based compensation expense		8.9			8.9
Balance Ending at Oct. 02, 2021		3,123.5		$ 1.5	2,764.6	(4.6)		362
Balance Ending, shares at Oct. 02, 2021				152,800,000
Balance Beginning at Jul. 02, 2022		$ 3,299.5		$ 1.5	2,816.8	11.4		469.8
Balance Beginning, shares at Jul. 02, 2022		153,600,000		153,600,000
Net income		$ 95.7						95.7
Interest rate swaps		3.9	$ 6.3				$ 6.3
Foreign currency translation adjustment		(2.4)				(2.4)
Issuance of common stock under stock-based compensation plans		(9)			(9)
Issuance of common stock under stock-based compensation plans, shares				400,000
Stock-based compensation expense		10.6			10.6
Balance Ending at Oct. 01, 2022		$ 3,400.7		$ 1.5	$ 2,818.4	$ 15.3		$ 565.5
Balance Ending, shares at Oct. 01, 2022		154,000,000		154,000,000
[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	3 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 02, 2021
Cash flows from operating activities:
Net income	$ 95.7	$ 4.7
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Depreciation	76.1	57
Amortization of intangible assets	43.1	41.7
Amortization of deferred financing costs	2.6	2.2
Provision for losses on accounts receivables	2.7	0.2
Change in LIFO reserve	(26.8)	11.3	$ (11.3)
Stock compensation expense	11.5	10
Deferred income tax benefit	(14.6)	(0.3)
Loss on extinguishment of debt	0	3.2
Change in fair value of derivative assets and liabilities	17.2	(0.3)
Other non-cash activities	0.8	(0.2)
Changes in operating assets and liabilities, net
Accounts receivable	6.7	(77.3)
Inventories	66.8	48.7
Income taxes receivable	22.5	0.5
Prepaid expenses and other assets	18.5	10.2
Trade accounts payable and outstanding checks in excess of deposits	69.1	21.2
Accrued expenses and other liabilities	(129.6)	(78.4)
Net cash provided by (used in) operating activities	315.9	31.8
Cash flows from investing activities:
Purchases of property, plant and equipment	(40.1)	(24.4)	(24.4)
Net cash paid for acquisitions	0	(1,382.6)
Proceeds from sale of property, plant and equipment	0.4	0.4
Net cash used in investing activities	(39.7)	(1,406.6)
Cash flows from financing activities:
Net (payments) borrowings under ABL Facility	(246.2)	786.9
Cash paid for debt issuance, extinguishment and modifications	0	(21.5)
Payments under finance lease obligations	(22)	(15)
Proceeds from exercise of stock options	0.1	1.5
Cash paid for shares withheld to cover taxes	(9.1)	(6.4)
Other financing activities	0	(0.7)
Net cash (used in) provided by financing activities	(277.2)	1,394.8
Net decrease in cash and restricted cash	(1)		20
Cash and restricted cash, beginning of period	18.7	22.2
Cash and restricted cash, end of period	17.7	42.2	42.2
Non-cash issuance of PFG stock in exchange for Core-Mark stock	0		1,008
Interest	41.6		11.8
Income tax payments (refunds), net	21.7		$ 0.6
4.250% Notes due 2029 [Member]
Cash flows from financing activities:
Borrowing of Notes due 2029	0	1,000
5.500% Notes due 2024 [Member]
Cash flows from financing activities:
Repayment of Notes due 2024	$ 0	$ (350)

Reconciliation of Cash and Rest

Reconciliation of Cash and Restricted Cash - USD ($) $ in Millions		Oct. 01, 2022	Jul. 02, 2022
Supplemental Cash Flow Elements [Abstract]
Cash		$ 10.6	$ 11.6
Restricted cash	[1]	7.1	7.1
Total cash and restricted cash		$ 17.7	$ 18.7
[1] Restricted cash is reported within Other assets and 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	3 Months Ended
	Oct. 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 North America. 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 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. 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	3 Months Ended
	Oct. 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 2, 2022 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 herein pursuant to applicable rules and regulations for interim financial statements.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	3 Months Ended
	Oct. 01, 2022
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Pronouncements	3. Recently Issued Accounting Pronouncements Recently Adopted Accounting Pronouncements In November 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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. The Company adopted the new standard at the beginning of fiscal 2023. The amendments in this update have been applied using the prospective approach to all applicable transactions at the date of initial application and as new transactions occur. The Company determined that adoption of this update 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 September 2022, the FASB issued ASU 2022-04, Liabilities— Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations . The update enhances the transparency of supplier finance programs by requiring the disclosure of the effect of those programs on an entity’s working capital, liquidity, and cash flows. The guidance requires disclosure of the key terms of supplier finance programs as well as the obligation amount outstanding as of the end of the period, a description of where the obligation is presented in the balance sheet and a rollforward of the obligations balance during the period, including the amount of obligations confirmed and the amount of obligations paid. This pronouncement is effective for interim and annual periods beginning after December 15, 2022, except for the amendment on rollforward information, which is effective for annual periods beginning after December 15, 2023, with early adoption permitted. The amendments in this update should be applied retrospectively to each period in which a balance sheet is presented, except for the amendment on rollforward information, which should be applied prospectively. 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	3 Months Ended
	Oct. 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. The 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 13. 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 $ 25.5 million and $ 26.4 million as of October 1, 2022 and July 2, 2022 , respectively.

Business Combinations

Business Combinations	3 Months Ended
	Oct. 01, 2022
Business Combinations [Abstract]
Business Combinations	5. Business Combinations During the first quarter of fiscal 2022, the Company made one acquisition in a cash and stock transaction totaling $ 2.4 billion. 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 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 $ 979.5 Goodwill 863.2 Intangible assets with definite lives: Customer relationships 360.0 Trade names 140.0 Technology 7.0 Property, plant and equipment 391.4 Operating lease right-of-use assets 235.3 Other assets 26.1 Deferred tax liabilities ( 234.6 ) Finance lease obligations ( 105.6 ) Operating lease obligations ( 221.7 ) 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 $ 863.2 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 loss related to Core-Mark recorded in the Company’s Consolidated Statements of Operations for the three months ended October 2, 2021 are $ 1.6 billion and $ 1.0 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 (in millions) October 2, 2021 September 26, 2020 Net sales $ 13,464.6 $ 11,549.4 Net income (loss) 37.2 ( 50.6 ) 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 three months ended September 26, 2020 incl udes $ 55.8 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.

Debt

Debt	3 Months Ended
	Oct. 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 October 1, 2022 As of July 2, 2022 Credit Agreement $ 1,362.2 $ 1,608.4 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 1,000.0 Less: Original issue discount and deferred financing costs ( 33.2 ) ( 34.6 ) Long-term debt 3,664.0 3,908.8 Less: current installments - - Total debt, excluding current installments $ 3,664.0 $ 3,908.8 Credit Agreement PFGC, Inc. (“PFGC”), a wholly-owned subsidiary of the Company, and Performance Food Group, Inc., a wholly-owned subsidiary of PFGC, are parties to the Fifth Amended and Restated Credit Agreement dated September 17, 2021 (the “ABL Facility”) with Wells Fargo Bank, National Association, as Administrative Agent and Collateral Agent, and the other lenders party thereto. The ABL Facility has an aggregate principal amount available of $ 4.0 billion and matures September 17, 2026 . Performance Food Group, Inc. 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 Company's credit agreements: (Dollars in millions) As of October 1, 2022 As of July 2, 2022 Aggregate borrowings $ 1,362.2 $ 1,608.4 Letters of credit 188.1 190.5 Excess availability, net of lenders’ reserves of $ 98.4 and $ 104.4 2,449.7 2,201.1 Average interest rate 4.76 % 2.89 %

Leases

Leases	3 Months Ended
	Oct. 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 October 1, 2022, the undiscounted maximum amount of potential future payments for lease residual value guarantees totaled approximately $ 13.7 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 October 1, 2022 and July 2, 2022 (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 $ 613.0 $ 623.4 Finance Property, plant and equipment, net 471.7 463.8 Total lease assets $ 1,084.7 $ 1,087.2 Liabilities: Current Operating Operating lease obligations—current installments $ 107.7 $ 111.0 Finance Finance lease obligations—current installments 83.5 79.9 Non-current Operating Operating lease obligations, excluding current installments 526.7 530.8 Finance Finance lease obligations, excluding current installments 370.2 366.7 Total lease liabilities $ 1,088.1 $ 1,088.4 Weighted average remaining lease term Operating leases 8.1 years 8.2 years Finance leases 5.6 years 5.7 years Weighted average discount rate Operating leases 4.0 % 3.9 % Finance leases 3.8 % 3.7 % 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 Lease Cost Statement of Operations Location October 1, 2022 October 2, 2021 Finance lease cost: Amortization of finance lease assets Operating expenses $ 20.4 $ 12.9 Interest on lease liabilities Interest expense 4.2 3.9 Total finance lease cost $ 24.6 $ 16.8 Operating lease cost Operating expenses 36.7 29.6 Short-term lease cost Operating expenses 18.0 10.9 Total lease cost $ 79.3 $ 57.3 The following table presents the supplemental cash flow information related to leases for the periods reported (in millions): Three Months Ended (In millions) October 1, 2022 October 2, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 34.6 $ 28.7 Operating cash flows from finance leases 4.2 3.9 Financing cash flows from finance leases 22.0 15.0 Right-of-use assets obtained in exchange for lease obligations: Operating leases 23.4 19.7 Finance leases 29.1 35.7 The following table presents the future minimum lease payments under non-cancelable leases as of October 1, 2022 (in millions): Fiscal Year Operating Leases Finance Leases 2023 $ 100.0 $ 73.3 2024 114.9 97.7 2025 96.5 90.0 2026 80.1 85.6 2027 71.6 69.6 Thereafter 288.5 88.1 Total future minimum lease payments $ 751.6 $ 504.3 Less: Interest 117.2 50.6 Present value of future minimum lease payments $ 634.4 $ 453.7 As of October 1, 2022, the Company had additional operating and finance leases that had not yet commenced which total $ 453.8 million in future minimum lease payments. These leases relate primarily to build-to-suit warehouse leases which will replace existing distribution centers and will commence upon building completion with terms of 15 to 20 years. In addition, these leases include vehicle leases expected to commence beginning in fiscal 2023 with lease terms of 4 to 1 0 years.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Oct. 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 $ 3,664.0 million and $ 3,908.8 million, is $ 3,434.9 million and $ 3,704.6 million at October 1, 2022 and July 2, 2022 , 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	3 Months Ended
	Oct. 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 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 26.3 % for the three months ended October 1, 2022 and 14.7 % for the three months ended October 2, 2021 . 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 rate for the three months ended October 1, 2022, differed from the prior year period primarily due to the decrease in deductible discrete items related to stock-based compensation, partially offset by a decrease in other taxable discrete items as a percentage of book income. As of October 1, 2022 and July 2, 2022 , the Company had net deferred tax assets of $ 219.4 million and $ 204.9 million, respectively, and deferred tax liabilities of $ 631.5 million and $ 629.2 million, respectively. As of both October 1, 2022 and July 2, 2022 , the Company had established a valuation allowance of $ 2.6 million, 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. There was no change in the valuation allowance as of October 1, 2022. The Company believes that it is more likely than not that the remaining deferred tax assets will be realized.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Oct. 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 $ 148.5 million related to capital projects and services including purchases of compressed natural gas for its trucking fleet at October 1, 2022. Amounts due under these contracts were not included on the Company’s consolidated balance sheet as of October 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 ("master Complaint") 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 and Core-Mark, the “Distributor Defendants”). The Master Complaint contains various state law claims and alleges that the Distributor Defendants: (i) failed to disclose JUUL’s nicotine contents or the risks associated; (ii) pushed a product designed for a youth market; (iii) engaged with JUUL in planning and marketing its product in a manner designed to maximize the flow of JUUL products; (iv) met with JUUL management in San Francisco, California to further these business dealings; and (v) 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 (the "Distribution Agreement"), 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 Defense and Indemnity Agreement dated March 8, 2021 (the "Defense 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 selected the first round of bellwether cases. 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 was set for November 2022, after having been postponed. The remaining three trials initially set for 2022 have been delayed until 2023. Eby-Brown and Core-Mark have been dismissed from each of the 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. The litigation of those claims is not scheduled to occur until after the bellwether trials conclude. The second round of bellwether cases are currently scheduled to begin in September 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 and proceed to mediation after the Oklahoma Supreme Court held that public nuisance claims cannot be brought in consumer products cases. JUUL attempted mediation with the Cherokee Nation in March 2022, which did not result in resolution. The Cherokee Nation has yet to file a motion to lift the stay. If the stay is lifted, discovery will recommence, and the parties will litigate the various discovery disputes that were outstanding prior to 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 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 that was later exacerbated by medical negligence. The court has entered a case management schedule, with a trial tentatively scheduled to take place in the first calendar quarter of 2024. Eby-Brown has filed a substantive motion to dismiss. The parties are engaged in discovery. The defense and indemnity of Eby-Brown and Core-Mark for the Illinois Litigation is covered by the Distribution Agreement and the Defense Agreement. On June 23, 2022, the FDA announced it had issued marketing denial orders (“MDOs”) to JUUL for all of its products currently marketed and sold in the U.S. According to the FDA, the MDOs banned the distribution and sale of all JUUL products domestically. That same day, JUUL filed a petition for review of the MDOs with the United States Court of Appeals for the D.C. Circuit. On June 24, 2022, the court of appeals stayed the MDOs and issued a briefing schedule in the case. Thereafter, JUUL informed the FDA that per applicable regulations it would submit a request for supervisory review of the MDOs to the FDA. In response, the FDA notified JUUL that upon further review of the briefing JUUL made to the court of appeals, the FDA determined there are scientific issues unique to JUUL’s PMTA that warrant additional review. Accordingly, the FDA entered an administrative stay of the MDO. If the FDA ultimately decides to maintain or re-issue the MDOs, the administrative stay will remain in place for an additional thirty days to provide JUUL the opportunity to seek further judicial relief. JUUL and the FDA filed a joint motion with the court of appeals to hold the petition for review in abeyance on July 6, 2022, which the court of appeals granted on July 7, 2022. At this time, the Company is unable to predict whether the FDA will approve JUUL’s PMTA or re-issue the MDOs, 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	3 Months Ended
	Oct. 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 $ 10.0 million as of October 1, 2022 and $ 8.7 million as of July 2, 2022. For the three-month periods ended October 1, 2022 and October 2, 2021, the Company recorded purchases of $ 498.5 million and $ 465.7 million, respectively, through the purchasing alliance.

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Oct. 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. Potential common shares of 0.2 million and 0.3 million for the three months ended October 1, 2022 and October 2, 2021, 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 Numerator: Net income $ 95.7 $ 4.7 Denominator: Weighted-average common shares outstanding 153.8 139.7 Dilutive effect of potential common shares 1.8 1.5 Weighted-average dilutive common shares outstanding 155.6 141.2 Basic earnings per common share $ 0.62 $ 0.03 Diluted earnings per common share $ 0.62 $ 0.03

Segment Information

Segment Information	3 Months Ended
	Oct. 01, 2022
Segment Reporting [Abstract]
Segment Information	13. 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 segment distributes candy, snacks, beverages, cigarettes, other tobacco products, food and foodservice products, and other items to convenience stores across North America. 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 Adjusted EBITDA. In the first quarter of fiscal 2023, the Company changed its measure of segment profit to Adjusted EBITDA as this is the metric reported to the CODM for purposes of reviewing operating results and making decisions about allocating resources. In addition, targets based on Adjusted EBITDA are among the measures used to evaluate management’s performance for purposes of determining their compensation under the Company’s incentive plans. Adjusted EBITDA excludes depreciation, amortization, and certain items that we do not consider part of our segments' core operating results, such as stock-based compensation expense, changes in the LIFO reserve, acquisition, integration and reorganization expenses, and gains and losses related to fuel derivatives. 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 months ended October 2, 2021 have been restated to reflect the segment changes and the changes to the measure of segment profit to Adjusted EBITDA as described above. (In millions) Foodservice Vistar Convenience Corporate Eliminations Consolidated For the three months ended October 1, 2022 Net external sales $ 7,324.0 $ 1,089.3 $ 6,286.9 $ 19.1 $ — $ 14,719.3 Inter-segment sales 6.0 0.8 — 133.2 ( 140.0 ) — Total sales 7,330.0 1,090.1 6,286.9 152.3 ( 140.0 ) 14,719.3 Depreciation and amortization 66.0 10.7 36.8 5.7 — 119.2 Capital expenditures 28.3 2.9 7.6 1.3 — 40.1 For the three months ended October 2, 2021 Net external sales $ 6,357.7 $ 846.0 $ 3,171.2 $ 11.4 $ — $ 10,386.3 Inter-segment sales 4.3 0.5 — 109.2 ( 114.0 ) — Total sales 6,362.0 846.5 3,171.2 120.6 ( 114.0 ) 10,386.3 Depreciation and amortization 64.3 13.1 15.0 6.3 — 98.7 Capital expenditures 16.3 2.1 2.9 3.1 — 24.4 Adjusted EBITDA for each reportable segment and Corporate & All Other is presented below along with a reconciliation to consolidated income before taxes. Three Months Ended October 1, 2022 October 2, 2021 Foodservice Adjusted EBITDA $ 236.1 $ 170.1 Vistar Adjusted EBITDA 74.4 30.2 Convenience Adjusted EBITDA 105.6 31.4 Corporate & All Other Adjusted EBITDA ( 61.4 ) ( 48.0 ) Depreciation and amortization ( 119.2 ) ( 98.7 ) Interest expense ( 50.4 ) ( 44.0 ) Change in LIFO reserve ( 26.8 ) 11.3 Stock-based compensation expense ( 11.5 ) ( 10.0 ) (Loss) gain on fuel derivatives ( 9.8 ) 1.3 Acquisition, integration & reorganization expenses ( 3.0 ) ( 32.8 ) Other adjustments (1) ( 4.1 ) ( 5.3 ) Income before taxes $ 129.9 $ 5.5 (1) Other adjustments include asset impairments, gains and losses on disposal of fixed assets, amounts related to favorable and unfavorable leases, foreign currency transaction gains and losses, and franchise tax expense. Total assets by reportable segment, excluding intercompany receivables between segments, are as follows: (In millions) As of As of Foodservice $ 6,437.2 $ 6,455.3 Vistar 1,214.7 1,133.7 Convenience 4,186.4 4,411.6 Corporate & All Other 330.3 377.4 Total assets $ 12,168.6 $ 12,378.0

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and Estimates (Policies)	3 Months Ended
	Oct. 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 2, 2022 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 herein pursuant to applicable rules and regulations for interim financial statements.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In November 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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. The Company adopted the new standard at the beginning of fiscal 2023. The amendments in this update have been applied using the prospective approach to all applicable transactions at the date of initial application and as new transactions occur. The Company determined that adoption of this update 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 September 2022, the FASB issued ASU 2022-04, Liabilities— Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations . The update enhances the transparency of supplier finance programs by requiring the disclosure of the effect of those programs on an entity’s working capital, liquidity, and cash flows. The guidance requires disclosure of the key terms of supplier finance programs as well as the obligation amount outstanding as of the end of the period, a description of where the obligation is presented in the balance sheet and a rollforward of the obligations balance during the period, including the amount of obligations confirmed and the amount of obligations paid. This pronouncement is effective for interim and annual periods beginning after December 15, 2022, except for the amendment on rollforward information, which is effective for annual periods beginning after December 15, 2023, with early adoption permitted. The amendments in this update should be applied retrospectively to each period in which a balance sheet is presented, except for the amendment on rollforward information, which should be applied prospectively. 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. The 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 13. 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 $ 25.5 million and $ 26.4 million as of October 1, 2022 and July 2, 2022 , respectively.

Business Combinations (Tables)

Business Combinations (Tables)	3 Months Ended
	Oct. 01, 2022
Summary of Purchase Price Allocation of Major Class of Assets Acquired and Liabilities Assumed	The following table summarizes the 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 $ 979.5 Goodwill 863.2 Intangible assets with definite lives: Customer relationships 360.0 Trade names 140.0 Technology 7.0 Property, plant and equipment 391.4 Operating lease right-of-use assets 235.3 Other assets 26.1 Deferred tax liabilities ( 234.6 ) Finance lease obligations ( 105.6 ) Operating lease obligations ( 221.7 ) 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 (in millions) October 2, 2021 September 26, 2020 Net sales $ 13,464.6 $ 11,549.4 Net income (loss) 37.2 ( 50.6 )
Core-Mark [Member]
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.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Oct. 01, 2022
Schedule of Debt	Debt consisted of the following: (In millions) As of October 1, 2022 As of July 2, 2022 Credit Agreement $ 1,362.2 $ 1,608.4 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 1,000.0 Less: Original issue discount and deferred financing costs ( 33.2 ) ( 34.6 ) Long-term debt 3,664.0 3,908.8 Less: current installments - - Total debt, excluding current installments $ 3,664.0 $ 3,908.8
Credit Agreement [Member]
Summary of Outstanding Borrowings, Availability, and Average Interest Rate under Credit Agreements	The following table summarizes outstanding borrowings, availability, and the average interest rate under the Company's credit agreements: (Dollars in millions) As of October 1, 2022 As of July 2, 2022 Aggregate borrowings $ 1,362.2 $ 1,608.4 Letters of credit 188.1 190.5 Excess availability, net of lenders’ reserves of $ 98.4 and $ 104.4 2,449.7 2,201.1 Average interest rate 4.76 % 2.89 %

Leases (Tables)

Leases (Tables)	3 Months Ended
	Oct. 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 October 1, 2022 and July 2, 2022 (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 $ 613.0 $ 623.4 Finance Property, plant and equipment, net 471.7 463.8 Total lease assets $ 1,084.7 $ 1,087.2 Liabilities: Current Operating Operating lease obligations—current installments $ 107.7 $ 111.0 Finance Finance lease obligations—current installments 83.5 79.9 Non-current Operating Operating lease obligations, excluding current installments 526.7 530.8 Finance Finance lease obligations, excluding current installments 370.2 366.7 Total lease liabilities $ 1,088.1 $ 1,088.4 Weighted average remaining lease term Operating leases 8.1 years 8.2 years Finance leases 5.6 years 5.7 years Weighted average discount rate Operating leases 4.0 % 3.9 % Finance leases 3.8 % 3.7 %
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 Lease Cost Statement of Operations Location October 1, 2022 October 2, 2021 Finance lease cost: Amortization of finance lease assets Operating expenses $ 20.4 $ 12.9 Interest on lease liabilities Interest expense 4.2 3.9 Total finance lease cost $ 24.6 $ 16.8 Operating lease cost Operating expenses 36.7 29.6 Short-term lease cost Operating expenses 18.0 10.9 Total lease cost $ 79.3 $ 57.3
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): Three Months Ended (In millions) October 1, 2022 October 2, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 34.6 $ 28.7 Operating cash flows from finance leases 4.2 3.9 Financing cash flows from finance leases 22.0 15.0 Right-of-use assets obtained in exchange for lease obligations: Operating leases 23.4 19.7 Finance leases 29.1 35.7
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 October 1, 2022 (in millions): Fiscal Year Operating Leases Finance Leases 2023 $ 100.0 $ 73.3 2024 114.9 97.7 2025 96.5 90.0 2026 80.1 85.6 2027 71.6 69.6 Thereafter 288.5 88.1 Total future minimum lease payments $ 751.6 $ 504.3 Less: Interest 117.2 50.6 Present value of future minimum lease payments $ 634.4 $ 453.7

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Oct. 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 Numerator: Net income $ 95.7 $ 4.7 Denominator: Weighted-average common shares outstanding 153.8 139.7 Dilutive effect of potential common shares 1.8 1.5 Weighted-average dilutive common shares outstanding 155.6 141.2 Basic earnings per common share $ 0.62 $ 0.03 Diluted earnings per common share $ 0.62 $ 0.03

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Oct. 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 months ended October 2, 2021 have been restated to reflect the segment changes and the changes to the measure of segment profit to Adjusted EBITDA as described above. (In millions) Foodservice Vistar Convenience Corporate Eliminations Consolidated For the three months ended October 1, 2022 Net external sales $ 7,324.0 $ 1,089.3 $ 6,286.9 $ 19.1 $ — $ 14,719.3 Inter-segment sales 6.0 0.8 — 133.2 ( 140.0 ) — Total sales 7,330.0 1,090.1 6,286.9 152.3 ( 140.0 ) 14,719.3 Depreciation and amortization 66.0 10.7 36.8 5.7 — 119.2 Capital expenditures 28.3 2.9 7.6 1.3 — 40.1 For the three months ended October 2, 2021 Net external sales $ 6,357.7 $ 846.0 $ 3,171.2 $ 11.4 $ — $ 10,386.3 Inter-segment sales 4.3 0.5 — 109.2 ( 114.0 ) — Total sales 6,362.0 846.5 3,171.2 120.6 ( 114.0 ) 10,386.3 Depreciation and amortization 64.3 13.1 15.0 6.3 — 98.7 Capital expenditures 16.3 2.1 2.9 3.1 — 24.4 Adjusted
Schedule of Adjusted 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 October 1, 2022 October 2, 2021 Foodservice Adjusted EBITDA $ 236.1 $ 170.1 Vistar Adjusted EBITDA 74.4 30.2 Convenience Adjusted EBITDA 105.6 31.4 Corporate & All Other Adjusted EBITDA ( 61.4 ) ( 48.0 ) Depreciation and amortization ( 119.2 ) ( 98.7 ) Interest expense ( 50.4 ) ( 44.0 ) Change in LIFO reserve ( 26.8 ) 11.3 Stock-based compensation expense ( 11.5 ) ( 10.0 ) (Loss) gain on fuel derivatives ( 9.8 ) 1.3 Acquisition, integration & reorganization expenses ( 3.0 ) ( 32.8 ) Other adjustments (1) ( 4.1 ) ( 5.3 ) Income before taxes $ 129.9 $ 5.5 (1) Other adjustments include asset impairments, gains and losses on disposal of fixed assets, amounts related to favorable and unfavorable leases, foreign currency transaction gains and losses, and franchise tax expense. Total assets by reportable segment, excluding intercompany receivables between segments, are as follows: (In millions) As of As of Foodservice $ 6,437.2 $ 6,455.3 Vistar 1,214.7 1,133.7 Convenience 4,186.4 4,411.6 Corporate & All Other 330.3 377.4 Total assets $ 12,168.6 $ 12,378.0

Recently Issued Accounting Pr_2

Recently Issued Accounting Pronouncements - Additional Information (Detail) - ASU 2019-12 [Member]	Oct. 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, immaterial effect	true

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions	Oct. 01, 2022	Jul. 02, 2022
Revenue from Contract with Customer [Abstract]
Contract assets	$ 25.5	$ 26.4

Business Combinations - Additio

Business Combinations - Additional Information (Detail) $ / shares in Units, $ in Millions		3 Months Ended
	Sep. 01, 2021 USD ($) $ / shares	Oct. 01, 2022 USD ($)	Oct. 02, 2021 USD ($) Acquisition	Oct. 02, 2021 USD ($)	Jul. 02, 2022 USD ($)
Business Acquisition [Line Items]
Number of acquisitions | Acquisition			1
Business combination, cash and stock transaction value			$ 2,400
Cash portion of the acquisition	$ 1,100
Goodwill		$ 2,279.3			$ 2,279.2
Net sales		14,719.3	10,386.3	$ 10,386.3
Net loss		95.7	4.7
Acquisition costs, after tax		$ (3)	55.8	$ (32.8)
4.250% Senior Notes due 2029 [Member]
Business Acquisition [Line Items]
Debt instruments amount, interest rate		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	$ 863.2
Net sales			1,600
Net loss			$ (1)
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

Business Combinations - Summary

Business Combinations - Summary of Purchase Price for Acquisition (Detail) $ / shares in Units, $ in Millions			3 Months Ended
		Sep. 01, 2021 USD ($) $ / shares shares	Oct. 02, 2021 USD ($)
Business Acquisition [Line Items]
Cash portion of purchase price		$ 1,100
Total purchase price			$ 2,400
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 Purchase Price Allocation of Major Class of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Millions	Oct. 01, 2022	Jul. 02, 2022	Sep. 01, 2021
Business Acquisition [Line Items]
Goodwill	$ 2,279.3	$ 2,279.2
Core-Mark [Member]
Business Acquisition [Line Items]
Net working capital			$ 979.5
Goodwill			863.2
Intangible assets with definite lives:
Property, plant and equipment			391.4
Operating lease right-of-use assets			235.3
Other assets			26.1
Deferred tax liabilities			(234.6)
Finance lease obligations			(105.6)
Operating lease obligations			(221.7)
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
	Oct. 02, 2021	Sep. 26, 2020
Business Combinations [Abstract]
Net sales	$ 13,464.6	$ 11,549.4
Net income (loss)	$ 37.2	$ (50.6)

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Detail) - USD ($) $ in Millions	Oct. 01, 2022	Jul. 02, 2022
Debt Instrument [Line Items]
Less: Original issue discount and deferred financing costs	$ (33.2)	$ (34.6)
Long-term debt	3,664	3,908.8
Less: current installments	0	0
Total debt, excluding current installments	3,664	3,908.8
Credit Agreement [ Member]
Debt Instrument [Line Items]
Long-term debt, gross	1,362.2	1,608.4
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	$ 1,000

Debt - Schedule of Debt (Parent

Debt - Schedule of Debt (Parenthetical) (Detail)	3 Months Ended
	Oct. 01, 2022
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%
Debt instruments maturity year	2029

Debt - Additional Information (

Debt - Additional Information (Detail) $ in Millions	3 Months Ended
	Oct. 01, 2022 USD ($)
ABL Facility [Member]
Debt Instrument [Line Items]
Debt instruments face amount	$ 4
Credit facility, maturity date	Sep. 17, 2026
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%
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 maturity year	2029
Debt instruments amount, interest rate	4.25%

Debt - Summary of Outstanding B

Debt - Summary of Outstanding Borrowings, Availability, and Average Interest Rate under Credit Agreements (Detail) - Credit Agreement [Member] - USD ($) $ in Millions	Oct. 01, 2022	Jul. 02, 2022
Debt Instrument [Line Items]
Aggregate borrowings	$ 1,362.2	$ 1,608.4
Letters of credit	188.1	190.5
Excess availability, net of lenders' reserves of $98.4 and $104.4	$ 2,449.7	$ 2,201.1
Average interest rate	4.76%	2.89%

Debt - Summary of Outstanding_2

Debt - Summary of Outstanding Borrowings, Availability, and Average Interest Rate under Credit Agreements (Parenthetical) (Detail) - USD ($) $ in Millions	Oct. 01, 2022	Jul. 02, 2022
Credit Agreement [Member]
Debt Instrument [Line Items]
Debt amount reserve by lender	$ 98.4	$ 104.4

Leases - Additional Information

Leases - Additional Information (Detail) $ in Millions	3 Months Ended
	Oct. 01, 2022 USD ($)
Lessee Lease Description [Line Items]
Operating lease, Option to extend	true
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	true
Undiscounted maximum amount for guarantees	$ 13.7
Future minimum operating lease payments, not yet commenced	$ 453.8
Lessee, operating lease, lease not yet commenced, description	These leases relate primarily to build-to-suit warehouse leases which will replace existing distribution centers and will commence upon building completion with terms of 15 to 20 years. In addition, these leases include vehicle leases expected to commence beginning in fiscal 2023 with lease terms of 4 to 10 years.
Minimum [Member]
Lessee Lease Description [Line Items]
Finance lease remaining term	1 year
Percentage of residual value guarantee under operating lease	6%
Operating lease expiration term	5 years
Operating lease expiration year	2022
Minimum [Member] | Warehouse Leases [Member]
Lessee Lease Description [Line Items]
Operating leases, not yet commenced, lease term	15 years
Minimum [Member] | Vehicle leases [Member]
Lessee Lease Description [Line Items]
Operating leases, not yet commenced, lease term	4 years
Maximum [Member]
Lessee Lease Description [Line Items]
Finance lease remaining term	20 years
Percentage of residual value guarantee under operating lease	20%
Operating lease expiration term	7 years
Operating lease expiration year	2028
Maximum [Member] | Warehouse Leases [Member]
Lessee Lease Description [Line Items]
Operating leases, not yet commenced, lease term	20 years
Maximum [Member] | Vehicle leases [Member]
Lessee Lease Description [Line Items]
Operating leases, not yet commenced, lease term	0 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	Oct. 01, 2022	Jul. 02, 2022
ASSETS
Operating	$ 613	$ 623.4
Finance	$ 471.7	$ 463.8
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant and Equipment, Net	Property, Plant and Equipment, Net
Total lease assets	$ 1,084.7	$ 1,087.2
Current liabilities:
Operating	107.7	111
Finance	83.5	79.9
Non-current
Operating	526.7	530.8
Finance	370.2	366.7
Total lease liabilities	$ 1,088.1	$ 1,088.4
Weighted average remaining lease term
Operating leases	8 years 1 month 6 days	8 years 2 months 12 days
Finance leases	5 years 7 months 6 days	5 years 8 months 12 days
Weighted average discount rate
Operating leases	4%	3.90%
Finance leases	3.80%	3.70%

Leases - Summary of Location of

Leases - Summary of Location of Lease Costs in Consolidated Statement of Operations (Detail) - USD ($) $ in Millions	3 Months Ended
	Oct. 01, 2022	Oct. 02, 2021
Finance lease cost:
Amortization of finance lease assets	$ 20.4	$ 12.9
Interest on lease liabilities	4.2	3.9
Total finance lease cost	24.6	16.8
Operating lease cost	36.7	29.6
Short-term lease cost	18	10.9
Total lease cost	$ 79.3	$ 57.3

Leases - Summary of Supplementa

Leases - Summary of Supplemental Cash Flow Information related to Leases (Detail) - USD ($) $ in Millions	3 Months Ended
	Oct. 01, 2022	Oct. 02, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 34.6	$ 28.7
Operating cash flows from finance leases	4.2	3.9
Financing cash flows from finance leases	22	15
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	23.4	19.7
Finance leases	$ 29.1	$ 35.7

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Lease Payments Under Non-Cancelable Leases (Detail) $ in Millions	Oct. 01, 2022 USD ($)
Operating Leases
2023	$ 100
2024	114.9
2025	96.5
2026	80.1
2027	71.6
Thereafter	288.5
Total future minimum lease payments	751.6
Less: Interest	117.2
Present value of future minimum lease payments	634.4
Finance Leases
2023	73.3
2024	97.7
2025	90
2026	85.6
2027	69.6
Thereafter	88.1
Total future minimum lease payments	504.3
Less: Interest	50.6
Present value of future minimum lease payments	$ 453.7

Fair Value of Financial Instr_2

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	Oct. 01, 2022	Jul. 02, 2022
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Long-term debt	$ 3,664	$ 3,908.8
Reported Value Measurement [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Long-term debt	3,664	3,908.8
Fair Value Inputs Level 2 [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Fair value of long term debt	$ 3,434.9	$ 3,704.6

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Jul. 02, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	26.30%	14.70%
U.S. federal corporate income tax rate	21%
Net deferred tax assets	$ 219.4		$ 204.9
Net deferred tax liabilities	631.5		629.2
Valuation allowance	$ 2.6		$ 2.6

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Oct. 01, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Outstanding contracts and purchase orders for capital projects and services	$ 148.5

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Detail) - Purchasing Alliance [Member] - USD ($) $ in Millions	3 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Jul. 02, 2022
Related Party Transaction [Line Items]
Equity method investments	$ 10		$ 8.7
Purchases from related party	$ 498.5	$ 465.7

Earnings Per Common Share - Add

Earnings Per Common Share - Additional Information (Detail) - shares	3 Months Ended
	Oct. 01, 2022	Oct. 02, 2021
Earnings Per Share [Abstract]
Potential common shares not included in computing diluted earnings per common share due to antidilutive effect	200,000	300,000

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
	Oct. 01, 2022	Oct. 02, 2021
Numerator:
Net income	$ 95.7	$ 4.7
Denominator:
Weighted-average common shares outstanding	153.8	139.7
Dilutive effect of potential common shares	1.8	1.5
Weighted-average dilutive common shares outstanding	155.6	141.2
Basic earnings per common share	$ 0.62	$ 0.03
Diluted earnings per common share	$ 0.62	$ 0.03

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Detail) - Core-Mark [Member]	Sep. 01, 2021 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Business combination share price in cash	$ 23.875
Business combination, share exchange ratio	0.44

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended
	Oct. 01, 2022 Segment
Segment Reporting Information [Line Items]
Number of reportable segments	3

Segment Information - Schedule

Segment Information - Schedule of Segment Reporting Information, by Segment (Detail) - USD ($) $ in Millions	3 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 02, 2021
Segment Reporting Information [Line Items]
Net sales	$ 14,719.3	$ 10,386.3	$ 10,386.3
Depreciation and amortization	119.2	98.7
Capital expenditures	40.1	24.4	$ 24.4
Foodservice [Member]
Segment Reporting Information [Line Items]
Net sales	7,324	6,357.7
Depreciation and amortization	66	64.3
Capital expenditures	28.3	16.3
Vistar [Member]
Segment Reporting Information [Line Items]
Net sales	1,089.3	846
Depreciation and amortization	10.7	13.1
Capital expenditures	2.9	2.1
Convenience [Member]
Segment Reporting Information [Line Items]
Net sales	6,286.9	3,171.2
Depreciation and amortization	36.8	15
Capital expenditures	7.6	2.9
Corporate & All Other [Member]
Segment Reporting Information [Line Items]
Net sales	19.1	11.4
Depreciation and amortization	5.7	6.3
Capital expenditures	(1.3)	3.1
Eliminations [Member]
Segment Reporting Information [Line Items]
Net sales	(140)	(114)
Eliminations [Member] | Foodservice [Member]
Segment Reporting Information [Line Items]
Net sales	6	4.3
Eliminations [Member] | Vistar [Member]
Segment Reporting Information [Line Items]
Net sales	0.8	0.5
Eliminations [Member] | Corporate & All Other [Member]
Segment Reporting Information [Line Items]
Net sales	133.2	109.2
Operating Segments [Member] | Foodservice [Member]
Segment Reporting Information [Line Items]
Net sales	7,330	6,362
Operating Segments [Member] | Vistar [Member]
Segment Reporting Information [Line Items]
Net sales	1,090.1	846.5
Operating Segments [Member] | Convenience [Member]
Segment Reporting Information [Line Items]
Net sales	6,286.9	3,171.2
Operating Segments [Member] | Corporate & All Other [Member]
Segment Reporting Information [Line Items]
Net sales	$ 152.3	$ 120.6

Segment Information - Schedul_2

Segment Information - Schedule of Adjusted EBDITA and Reconciliation to Consolidated Income Before Taxes (Detail) - USD ($) $ in Millions	3 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 02, 2021
Segment Reporting Information [Line Items]
Depreciation and amortization	$ (119.2)	$ (98.7)
Interest expense	(50.4)	(44)	$ (44)
Change in LIFO reserve	26.8	11.3	(11.3)
Stock-based compensation expense	(11.5)	(10)
(Loss) gain on fuel derivatives	(9.8)	1.3
Acquisition, integration & reorganization expenses	(3)	(32.8)	55.8
Other adjustments	(4.1)	(5.3)
Income before taxes	129.9	5.5	$ 5.5
Foodservice [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	236.1	170.1
Depreciation and amortization	(66)	(64.3)
Vistar [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	74.4	30.2
Depreciation and amortization	(10.7)	(13.1)
Convenience [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	105.6	31.4
Depreciation and amortization	(36.8)	(15)
Corporate & All Other [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	(61.4)	(48)
Depreciation and amortization	$ (5.7)	$ (6.3)

Segment Information - Summary A

Segment Information - Summary Assets by Reportable Segment, Excluding Intercompany Receivables (Detail) - USD ($) $ in Millions	Oct. 01, 2022	Jul. 02, 2022
Segment Reporting Information [Line Items]
Total assets	$ 12,168.6	$ 12,378
Foodservice [Member]
Segment Reporting Information [Line Items]
Total assets	6,437.2	6,455.3
Vistar [Member]
Segment Reporting Information [Line Items]
Total assets	1,214.7	1,133.7
Convenience [Member]
Segment Reporting Information [Line Items]
Total assets	4,186.4	4,411.6
Corporate & All Other [Member]
Segment Reporting Information [Line Items]
Total assets	$ 330.3	$ 377.4

Segment Information - Changes i

Segment Information - Changes in Carrying Amount of Goodwill (Detail) $ in Millions	Oct. 01, 2022 USD ($)
Goodwill [Line Items]
Goodwill, Beginning Balance	$ 2,279.2
Goodwill, Ending Balance	$ 2,279.3

Segment Information - Summary S

Segment Information - Summary Sales Mix for Principal Product and Service Categories (Detail) - USD ($) $ in Millions	3 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 02, 2021
Segment Reporting Information [Line Items]
Total sales	$ 14,719.3	$ 10,386.3	$ 10,386.3