Performance Food (PFGC) 10-Q 6 Nov 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 28, 2024	Oct. 30, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 28, 2024
Document Fiscal Year Focus	2024
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	--06-29
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		155,805,078
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	Sep. 28, 2024	Jun. 29, 2024
Current assets:
Cash	$ 42.5	$ 20
Accounts receivable, less allowances of $59.6 and $55.2	2,497	2,478.9
Inventories, net	3,677.8	3,314.7
Income taxes receivable	27.8	71.6
Prepaid expenses and other current assets	224.6	268.1
Total current assets	6,469.7	6,153.3
Goodwill	2,701.5	2,418.3
Other intangible assets, net	1,241	971.1
Property, plant and equipment, net	2,968.3	2,788.5
Operating lease right-of-use assets	862.2	875.5
Other assets	153.8	186.2
Total assets	14,396.5	13,392.9
Current liabilities:
Trade accounts payable and outstanding checks in excess of deposits	2,774.2	2,594.4
Accrued expenses and other current liabilities	770.4	908.3
Finance lease obligations—current installments	161.4	147.2
Operating lease obligations—current installments	107.7	108.2
Total current liabilities	3,813.7	3,758.1
Long-term debt	3,926	3,198.5
Deferred income tax liability, net	592.3	497.9
Finance lease obligations, excluding current installments	776	703.2
Operating lease obligations, excluding current installments	808.7	819.3
Other long-term liabilities	271.6	289
Total liabilities	10,188.3	9,266
Commitments and contingencies (Note 10)
Shareholders’ equity:
Common Stock: $0.01 par value per share, 1.0 billion shares authorized, 154.5 million shares issued and outstanding as of September 28, 2024; 154.2 million shares issued and outstanding as of June 29, 2024	1.5	1.5
Additional paid-in capital	2,797.2	2,818.5
Accumulated other comprehensive (loss) income, net of tax benefit (expense) of $0.3 and ($1.5)	(1.4)	4
Retained earnings	1,410.9	1,302.9
Total shareholders’ equity	4,208.2	4,126.9
Total liabilities and shareholders’ equity	$ 14,396.5	$ 13,392.9

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 28, 2024	Jun. 29, 2024
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 59.6	$ 55.2
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	154,500,000	154,200,000
Common stock, shares outstanding	154,500,000	154,200,000
Accumulated other comprehensive (loss) income, net of tax benefit (expense)	$ 0.3	$ (1.5)

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 15,415.5	$ 14,938.6
Cost of goods sold	13,651.3	13,275.7
Gross profit	1,764.2	1,662.9
Operating expenses	1,548.9	1,446.7
Operating profit	215.3	216.2
Other expense, net:
Interest expense	66.8	56.1
Other, net	1.6	(3.2)
Other expense, net	68.4	52.9
Income before taxes	146.9	163.3
Income tax expense	38.9	42.6
Net income	$ 108	$ 120.7
Weighted-average common shares outstanding:
Basic	154.6	154.8
Diluted	156.2	156.6
Earnings per common share:
Basic	$ 0.7	$ 0.78
Diluted	$ 0.69	$ 0.77

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 108	$ 120.7
Interest rate swaps:
Change in fair value, net of tax	(2.9)	2.2
Reclassification adjustment, net of tax	(3)	(2.9)
Foreign currency translation adjustment, net of tax	0.5	(0.7)
Other comprehensive loss	(5.4)	(1.4)
Total comprehensive income	$ 102.6	$ 119.3

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 [Member]	Accumulated Other Comprehensive Income [Member] Interest Rate Swaps [Member]	Retained Earnings [Member]
Balance Beginning at Jul. 01, 2023	$ 3,745.5		$ 1.5	$ 2,863	$ 14		$ 867
Balance Beginning, shares at Jul. 01, 2023			154,500,000
Net Income (Loss)	120.7						120.7
Interest rate swaps	(1.4)	$ (0.7)				$ (0.7)
Foreign currency translation adjustment	(0.7)				(0.7)
Issuance of common stock under stock-based compensation plans	(17.9)			(17.9)
Issuance of common stock under stock-based compensation plans, shares			700,000
Common stock repurchased	(28.1)		$ (28.1)	(28.1)
Common stock repurchased, shares			(500,000)
Stock-based compensation expense	9.5			9.5
Balance Ending at Sep. 30, 2023	3,828.3		$ 1.5	2,826.5	12.6		987.7
Balance Ending, shares at Sep. 30, 2023			154,700,000
Balance Beginning at Jun. 29, 2024	$ 4,126.9		$ 1.5	2,818.5	4		1,302.9
Balance Beginning, shares at Jun. 29, 2024	154,200,000		154,200,000
Net Income (Loss)	$ 108						108
Interest rate swaps	(5.4)	$ (5.9)				$ (5.9)
Foreign currency translation adjustment	0.5				0.5
Issuance of common stock under stock-based compensation plans	(16.7)			(16.7)
Issuance of common stock under stock-based compensation plans, shares			500,000
Issuance of common stock under employee stock purchase plan	15			15
Issuance of common stock under employee stock purchase plan, shares			200,000
Common stock repurchased	(29.5)		$ (29.5)	(29.5)
Common stock repurchased, shares			(400,000)
Stock-based compensation expense	9.9			9.9
Balance Ending at Sep. 28, 2024	$ 4,208.2		$ 1.5	$ 2,797.2	$ (1.4)		$ 1,410.9
Balance Ending, shares at Sep. 28, 2024	154,500,000		154,500,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 108	$ 120.7
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	97.4	83.8
Amortization of intangible assets	55.5	45.5
Amortization of deferred financing costs	2.7	2.5
Provision for losses on accounts receivables	6.4	9.4
Change in LIFO reserve	12.7	19.2
Stock compensation expense	11.3	10.7
Deferred income tax benefit	(15.2)	(13.7)
Change in fair value of derivative assets and liabilities	1.5	(5.1)
Other non-cash activities	0.5	0.2
Changes in operating assets and liabilities, net
Accounts receivable	10	3.4
Inventories	(342.9)	(130.6)
Income taxes receivable	43.8	36.1
Prepaid expenses and other assets	74.1	(19.5)
Trade accounts payable and outstanding checks in excess of deposits	162.1	56.2
Accrued expenses and other liabilities	(174.4)	(131.7)
Net cash provided by operating activities	53.5	87.1
Cash flows from investing activities:
Purchases of property, plant and equipment	(96.5)	(53.2)
Net cash paid for acquisitions	(574.3)	(214.6)
Proceeds from sale of property, plant and equipment and other	1	0.9
Net cash used in investing activities	(669.8)	(266.9)
Cash flows from financing activities:
Net (payments) borrowings under ABL Facility	(263.7)	249
Cash paid for debt issuance, extinguishment and modifications	(28.5)	0
Payments under finance lease obligations	(38)	(28)
Proceeds from employee stock purchase plan	15	0
Proceeds from exercise of stock options	0.5	0.9
Cash paid for shares withheld to cover taxes	(17.2)	(18.8)
Repurchases of common stock	(29.2)	(28.1)
Net cash provided by financing activities	638.9	175
Net increase (decrease) in cash and restricted cash	22.6	(4.8)
Cash and restricted cash, beginning of period	27.7	20
Cash and restricted cash, end of period	50.3	15.2
Interest	63.5	51.1
Income tax payments net of refunds	1	16.6
6.125% Notes due 2032 [Member]
Cash flows from financing activities:
Borrowing of Notes due 2032	$ 1,000	$ 0

Reconciliation of Cash and Rest

Reconciliation of Cash and Restricted Cash - USD ($) $ in Millions		Sep. 28, 2024	Jun. 29, 2024
Supplemental Cash Flow Elements [Abstract]
Cash		$ 42.5	$ 20
Restricted cash	[1]	7.8	7.7
Total cash and restricted cash		$ 50.3	$ 27.7
[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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 108	$ 120.7

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 28, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	The table below shows the plans or other arrangements adopted or terminated during the three months ended September 28, 2024, providing for the purchase and/or sale of Performance Food Group securities by the Company's directors and Section 16 officers: Name Title Action Date Rule (1) Non-Rule (2) Number of Expiration Date (3) George L. Holm Chairman and Chief Executive Officer Adopt August 29, 2024 X 318,921 shares to be sold September 30, 2025 Craig H. Hoskin s President and Chief Operating Officer Adopt August 21, 2024 X 40,992 shares to be sold November 30, 2025 Patrick T. Hagerty Executive Vice President and Chief Commercial Officer Adopt August 16, 2024 X 82,335 shares to be sold August 9, 2026 A. Brent King Executive Vice President, General Counsel and Secretary Adopt August 19, 2024 X 21,399 shares to be sold August 9, 2026 Donald S. Bulmer Executive Vice President and Chief Information Officer Adopt August 16, 2024 X 3,000 shares to be sold December 31, 2025 (1) Intended to satisfy the affirmative defense conditions of SEC Rule 10b5-1(c). (2) Non-Rule 10b5-1 trading arrangement as defined in Item 408 of Regulation S-K. (3) Each plan terminates on the earlier of: (i) the expiration date noted above; (ii) the first date on which all trades set forth in the plan have been executed; or (iii) such date the plan is otherwise terminated according to its terms.
George L. Holm
Trading Arrangements, by Individual
Name	George L. Holm
Title	Chairman and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 29, 2024
Rule 10b5-1 Arrangement Terminated	false
Expiration Date	September 30, 2025	[1]
Arrangement Duration	397 days
Aggregate Available	318,921
Craig H. Hoskins
Trading Arrangements, by Individual
Name	Craig H. Hoskin
Title	President and Chief Operating Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 21, 2024
Rule 10b5-1 Arrangement Terminated	false
Expiration Date	November 30, 2025	[1]
Arrangement Duration	466 days
Aggregate Available	40,992
Patrick T. Hagerty
Trading Arrangements, by Individual
Name	Patrick T. Hagerty
Title	Executive Vice President and Chief Commercial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 16, 2024
Rule 10b5-1 Arrangement Terminated	false
Expiration Date	August 9, 2026	[1]
Arrangement Duration	723 days
Aggregate Available	82,335
A. Brent King
Trading Arrangements, by Individual
Name	A. Brent King
Title	Executive Vice President, General Counsel and Secretary
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 19, 2024
Rule 10b5-1 Arrangement Terminated	false
Expiration Date	August 9, 2026	[1]
Arrangement Duration	720 days
Aggregate Available	21,399
Donald S. Bulmer
Trading Arrangements, by Individual
Name	Donald S. Bulmer
Title	Executive Vice President and Chief Information Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 16, 2024
Rule 10b5-1 Arrangement Terminated	false
Expiration Date	December 31, 2025	[1]
Arrangement Duration	502 days
Aggregate Available	3,000
[1] Each plan terminates on the earlier of: (i) the expiration date noted above; (ii) the first date on which all trades set forth in the plan have been executed; or (iii) such date the plan is otherwise terminated according to its terms.

Summary of Business Activities

Summary of Business Activities	3 Months Ended
	Sep. 28, 2024
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. Share Repurchase Program In November 2022, the Board of Directors of the Company authorized a share repurchase program for up to $ 300 million of the Company’s outstanding common stock. This authorization replaced the previously authorized $ 250 million share repurchase program. The share repurchase program has an expiration date of November 16, 2026 and may be amended, suspended, or discontinued at any time at the Company’s discretion, subject to compliance with applicable laws. During the three months ended September 28, 2024, the Company repurchased and subsequently retired 0.4 million shares of common stock, for a total of $ 29.5 million or an average cost of $ 74.69 per share. During the three months ended September 30, 2023 , the Company repurchased and subsequently retired 0.5 million shares of common stock, for a total of $ 28.1 million or an average cost of $ 60.35 per share. As of September 28, 2024, $ 181.1 million remained available for additional share repurchases.

Summary of Significant Accounti

Summary of Significant Accounting Policies and Estimates	3 Months Ended
	Sep. 28, 2024
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 June 29, 2024 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
	Sep. 28, 2024
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Pronouncements	3. Recently Issued Accounting Pronouncements Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The update expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. It further requires disclosure of the amount and description of its composition for other segment items, and interim disclosures of both a reportable segment’s profit or loss and assets. The guidance requires disclosure of the title and position of the chief operating decision maker and how reported measures of segment profit or loss are used to assess performance and allocate resources. This pronouncement is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments in this update will be adopted for the fiscal year ending June 28, 2025 ("fiscal 2025"), with annual reporting requirements effective for our fiscal 2025 Annual Report on Form 10-K and interim reporting requirements effective for our Quarterly Reports on Forms 10-Q within the fiscal year ending June 27, 2026 ("fiscal 2026"). The amendments in this update should be applied retrospectively to each period presented in the consolidated financial statements. The provisions of the new standard will not impact the Company's results of operations, financial position, or cash flows but will require the Company to expand its current segment disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The update expands public entities’ income tax disclosure requirements primarily by requiring disaggregation of specific categories and reconciling items that meet a quantitative threshold within the rate reconciliation, as well as disaggregation of income taxes paid by jurisdiction. This pronouncement is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company will adopt the new standard in fiscal 2026. The amendments in this update should be applied on a prospective basis, with retrospective application permitted. The Company is in the process of assessing the impact of this ASU on its future consolidated financial statements.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Sep. 28, 2024
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 North America. 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 foodservice related products, and other items to convenience stores across North America. 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 $ 52.4 million and $ 55.4 million as of September 28, 2024 and June 29, 2024 , respectively.

Business Combinations

Business Combinations	3 Months Ended
	Sep. 28, 2024
Business Combinations [Abstract]
Business Combinations	5. Business Combinations During the first quarter of fiscal 2025, the Company paid cash of $ 574.3 million, net of cash received for an acquisition. The acquisition is reported in the Foodservice segment. During the first quarter of fiscal 2024, the Company paid cash of $ 214.6 million, net of cash received for an acquisition reported in the Corporate and All Other segment. These acquisitions did not materially affect the Company's results of operations. Assets acquired and liabilities assumed are recognized at their respective fair values as of the acquisition date. The following table summarizes the preliminary purchase price allocation for each major class of assets acquired and liabilities assumed for the first quarter of fiscal 2025 acquisition: (In millions) Fiscal 2025 Net working capital $ 40.3 Goodwill 288.2 Intangible assets with definite lives: Customer relationships 230.0 Trade names 75.0 Property, plant and equipment 57.3 Other assets 0.2 Deferred tax liabilities ( 116.4 ) Finance lease obligations ( 0.3 ) Total purchase price $ 574.3 Intangible assets consist primarily of customer relationships and trade names, both with useful lives of 12.0 years. The excess of the estimated fair value of the assets acquired and the liabilities assumed over consideration paid was recorded as $ 288.2 million of goodwill. Subsequent to September 28, 2024, the Company acquired Cheney Bros., Inc. ("Cheney Brothers") in a transaction valued at $ 2.1 billion. The $ 2.1 billion purchase price was financed with borrowings under the ABL Facility (as defined in Note 6. Debt ). Cheney Brothers will be reported in the Foodservice segment. Assets acquired and liabilities assumed will be recognized at their respective fair values as of the acquisition date. The Company is in the process of determining the fair values of the assets acquired and liabilities assumed, which will require the use of judgment. Due to the limited time since the October 8, 2024 acquisition date, the preliminary acquisition valuation is incomplete at this time and the Company is unable to provide amounts recognized as of the acquisition date for the major classes of assets acquired and liabilities assumed, including information required for valuation of intangible assets and goodwill.

Debt

Debt	3 Months Ended
	Sep. 28, 2024
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 September 28, 2024 As of June 29, 2024 Credit Agreement $ 897.1 $ 1,160.8 5.500 % Notes due 2027 , effective interest rate 5.930 % 1,060.0 1,060.0 4.250 % Notes due 2029 , effective interest rate 4.439 % 1,000.0 1,000.0 6.125 % Notes due 2032 , effective interest rate 6.287 % 1,000.0 - Less: Original issue discount and deferred financing costs ( 31.1 ) ( 22.3 ) Long-term debt 3,926.0 3,198.5 Less: current installments - - Total debt, excluding current installments $ 3,926.0 $ 3,198.5 Credit Agreement PFGC, Inc. (“PFGC”), a wholly-owned subsidiary of the Company, and Performance Food Group, Inc., a wholly-owned subsidiary of PFGC, were parties to the Fifth Amended and Restated Credit Agreement dated September 17, 2021, as amended by the First Amendment to the Fifth Amended and Restated Credit Agreement, dated April 17, 2023 (as amended, the “Prior Credit Agreement”). The Prior Credit Agreement had an aggregate principal amount available of $ 4.0 billion and was scheduled to mature on September 17, 2026 . On September 9, 2024, PFGC and Performance Food Group, Inc. entered into the Sixth 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 amends and restates the Prior Credit Agreement. The ABL Facility, among other things, (i) increases the total revolving commitments from $ 4.0 billion under the Prior Credit Agreement to $ 5.0 billion under the ABL Facility and (ii) extends the stated maturity date from September 17, 2026 under the Prior Credit Agreement to September 9, 2029 , under the ABL Facility. The ABL Facility also provides for up to $ 1.0 billion of uncommitted incremental facilities. The terms of any such incremental facility shall be agreed between Performance Food Group, Inc. and the lenders providing the new commitments, subject to certain limitations set forth in the ABL Facility. 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 property, and owned transportation equipment. The borrowing base is reduced quarterly by a cumulative fraction of the real property 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 greatest of (i) a floor rate of 0.00 %, (ii) the federal funds rate in effect on such date plus 0.5 %, (iii) the prime rate on such day, or (iv) one month Term SOFR plus 1.0 %) plus a spread or (b) Term SOFR plus a spread. The ABL Facility also provides for an unused commitment fee at a rate of 0.250 % per annum based on average excess availability. The following table summarizes outstanding borrowings, availability, and the average interest rate under the Company's credit agreement: (Dollars in millions) As of September 28, 2024 As of June 29, 2024 Aggregate borrowings $ 897.1 $ 1,160.8 Letters of credit 172.4 160.4 Excess availability, net of lenders’ reserves of $ 96.0 and $ 96.3 3,930.5 2,678.8 Average interest rate, excluding impact of interest rate swaps 6.77 % 6.79 % The ABL Facility contains covenants requiring the maintenance of a minimum consolidated fixed charge coverage ratio if Alternate Availability (as defined in the ABL Facility) falls below the greater of (i) $ 375.0 million and (ii) 10 % of the lessor of the borrowing base and the sum of (a) the aggregate commitments plus (b) any outstanding term loans for five consecutive business days. The ABL Facility also contains customary restrictive covenants that include, but are not limited to, restrictions on the loan parties' and their subsidiaries' abilities to incur additional indebtedness, pay dividends, create liens, make investments, make prepayments, redemptions, or defeasances prior to the maturity of certain restricted debt and dispose of assets. The ABL Facility provides for customary events of default, including payment defaults and cross-defaults on other material indebtedness. If an event of default occurs and is continuing, amounts due under the ABL Facility may be accelerated and the rights and remedies of the lenders may be exercised, including rights with respect to the collateral securing the obligations under such agreement. S enior Notes due 2032 On September 12, 2024, Performance Food Group, Inc. issued and sold $ 1.0 billion aggregate principal amount of its 6.125 % Senior Notes due 2032 (the "Notes due 2032"). The Notes due 2032 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 2032 are not guaranteed by the Company. The Company intended to use the proceeds from the Notes due 2032, together with borrowings under the ABL Facility, to finance the cash consideration in connection with the acquisition of Cheney Brothers and to pay the fees, expenses, and other transaction costs incurred in connection with the Notes due 2032. However, since there was no requirement to hold the funds in escrow until the Cheney Brothers Acquisition closed, the net proceeds for the Notes due 2032 were used to pay down a portion of the outstanding balance of the ABL Facility. The Company subsequently funded the cash consideration for the Cheney Brothers Acquisition with borrowings under the ABL Facility. The Notes due 2032 were issued at 100.0 % of their par value. The Notes due 2032 mature on September 15, 2032 , and bear interest at a rate of 6.125 % 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 2032 will have the right to require Performance Food Group, Inc. to repurchase each holder’s Notes due 2032 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 2032 at any time prior to September 15, 2027, at a redemption price equal to 100 % of the principal amount of the Notes due 2032 being redeemed plus a make-whole premium and accrued and unpaid interest. In addition, beginning on September 15, 2027, Performance Food Group, Inc. may redeem all or a part of the Notes due 2032 at a redemption price equal to 103.063 % of the principal amount redeemed, plus accrued and unpaid interest. The redemption price decreases to 101.531 % and 100 % of the principal amount redeemed on September 15, 2028, and September 15, 2029, respectively. In addition, at any time prior to September 15, 2027, Performance Food Group, Inc. may redeem up to 40 % of the Notes due 2032 from the proceeds of certain equity offerings at a redemption price equal to 106.125 % of the principal amount thereof, plus accrued and unpaid interest. The indenture governing the Notes due 2032 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 2032 also contain customary events of default, the occurrence of which could result in the principal of and accrued interest on the Notes due 2032 to become or be declared due and payable. The ABL Facility and the indentures governing the Company's outstanding notes contain customary restrictive covenants under which all of the net assets of PFGC and its subsidiaries were restricted from distribution to Performance Food Group Company, except for approximately $1,872.2 million o f restricted payment capacity available under such debt agreements, as of September 28, 2024. Such minimum estimated restricted payment capacity is calculated based on the most restrictive of our debt agreements and may fluctuate from period to period, which fluctuations may be material. Our restricted payment capacity under other debt instruments to which the Company is subject may be materially higher than the foregoing estimate.

Leases

Leases	3 Months Ended
	Sep. 28, 2024
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 the present value of lease payments over the lease term at commencement date. When 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 is 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 25 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 10 years and are set to expire at various dates ranging from 2024 to 2032 . As of September 28, 2024, the undiscounted maximum amount of potential future payments for lease residual value guarantees totaled approximately $ 9.7 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 September 28, 2024 and June 29, 2024 (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 $ 862.2 $ 875.5 Finance Property, plant and equipment, net 956.3 868.8 Total lease assets $ 1,818.5 $ 1,744.3 Liabilities: Current Operating Operating lease obligations—current installments $ 107.7 $ 108.2 Finance Finance lease obligations—current installments 161.4 147.2 Non-current Operating Operating lease obligations, excluding current installments 808.7 819.3 Finance Finance lease obligations, excluding current installments 776.0 703.2 Total lease liabilities $ 1,853.8 $ 1,777.9 Weighted average remaining lease term Operating leases 10.6 years 10.7 years Finance leases 6.1 years 6.0 years Weighted average discount rate Operating leases 5.4 % 5.4 % Finance leases 5.2 % 5.1 % 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 September 28, 2024 September 30, 2023 Finance lease cost: Amortization of finance lease assets Operating expenses $ 37.1 $ 26.0 Interest on lease liabilities Interest expense 11.9 6.9 Total finance lease cost $ 49.0 $ 32.9 Operating lease cost Operating expenses 42.1 38.5 Short-term lease cost Operating expenses 12.8 16.3 Total lease cost $ 103.9 $ 87.7 The following table presents the supplemental cash flow information related to leases for the periods reported (in millions): Three Months Ended (In millions) September 28, 2024 September 30, 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 39.0 $ 34.7 Operating cash flows from finance leases 11.9 6.9 Financing cash flows from finance leases 38.0 28.0 Right-of-use assets obtained in exchange for lease obligations: Operating leases 16.0 93.9 Finance leases 124.7 72.3 The following table presents the future minimum lease payments under non-cancelable leases as of September 28, 2024 (in millions): Fiscal Year Operating Leases Finance Leases 2025 $ 117.1 $ 155.0 2026 142.3 202.5 2027 130.4 186.3 2028 119.3 160.3 2029 104.1 138.8 Thereafter 653.7 262.2 Total future minimum lease payments $ 1,266.9 $ 1,105.1 Less: Interest 350.5 167.7 Present value of future minimum lease payments $ 916.4 $ 937.4 As of September 28, 2024, the Company had additional operating and finance leases that had not yet commenced and total $ 752.6 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 25 years. In addition, these leases include vehicle leases expected to commence in fiscal 2025 with lease terms of 6 to 8 years. Subsequent to September 28, 2024, the Company acquired the right-of-use assets and associated finance lease obligations related to a significant portion of Cheney Brothers' fleet. The Company is in the process of determining the present value of the future lease payments.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Sep. 28, 2024
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 $ 3,926.0 million and $ 3,198.5 million, is $ 3,930.3 million and $ 3,104.5 million at September 28, 2024 and June 29, 2024 , 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
	Sep. 28, 2024
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 wa s 26.5 % for the three months ended September 28, 2024 and 26.1 % for the three months ended September 30, 2023. The effective tax rate varies from the 21 % statutory rate primarily due to state and foreign income 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 September 28, 2024, differed from the prior year period primarily due to an increase in foreign taxes and a decrease in deductible discrete items related to stock-based compensation, partially offset by a decrease in state taxes and an increase in federal credits. As of September 28, 2024 and June 29, 2024 , the Company had net deferred tax assets of $ 211.6 million and $ 196.1 million, respectively, and deferred tax liabilities of $ 803.9 m illion and $ 694.0 million, respectively. As of both September 28, 2024 and June 29, 2024, the Company had established a valuation allowance of $ 1.7 m illion, net of federal benefit, against deferred tax assets related to certain net operating losses and certain other losses which are not likely to be realized due to limitations on utilization. The change in the deferred tax balances relates primarily to 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. On October 8, 2021, the Organization for Economic Co-operation and Development ("OECD") announced the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting ("Framework"), which provides for a two-pillar solution to address tax challenges arising from the digitalization of the economy. To mitigate the administrative burden in complying with the new rules during the initial years of implementation, the OECD developed the temporary “Transitional Country-by-Country Safe Harbor” ("Safe Harbor"). This transitional Safe Harbor applies for fiscal years beginning on or before December 31, 2026, but not including a fiscal year that ends after June 30, 2028. Under the Safe Harbor, the top-up tax for such jurisdiction is deemed to be zero, provided that at least one of the Safe Harbor tests is met for the jurisdiction. The Company is not subject to Pillar Two minimum tax in the first quarter of fiscal 2025 under the Safe Harbor rules. Pillar Two minimum tax will be treated as a period cost in future periods when it is applicable. We are continuing to evaluate the potential impact on future periods of the Framework pending legislative adoption by individual countries.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Sep. 28, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Com mitments and Contingencies Purchase Obligations The Company had outstanding contracts and purchase orders of $ 199.7 million related to capital projects and services including purchases of compressed natural gas for its trucking fleet at September 28, 2024. Amounts due under these contracts were not included on the Company’s consolidated balance sheet as of September 28, 2024. 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 Company LLC (“Eby-Brown”) and Core-Mark Holding Company, Inc. (“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. 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 December 6, 2022, JUUL announced that it had reached settlements with the plaintiffs in the MDL and related cases that had been consolidated in the U.S. District Court for Northern District of California (the “MDL Settlement”). Per the settlement agreement, the MDL Settlement encompasses the various personal injury, consumer class action, government entity, and Native American tribe claims made against JUUL and includes, among others, all of the Distributor Defendants (including Core-Mark and Eby-Brown) as released parties. The release applicable to the Distributor Defendants, as well as certain other defendants, took effect when JUUL made the first settlement payment on October 27, 2023. The MDL Settlement Master informed the parties that there are ten plaintiffs who opted out of the MDL Settlement; however, those opt-out plaintiffs have amended their individual complaints and have removed Eby-Brown and Core-Mark as defendants in their individual cases. 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 denied Eby-Brown and Core-Mark’s motion to dismiss, and the case has moved into the discovery phase. The trial date has been set for August 1, 2025. The defense and indemnity of Eby-Brown and Core-Mark for the Illinois Litigation is covered by the Distribution Agreement and the Defense Agreement, respectively. The Company will continue to vigorously defend itself. On June 23, 2022, the U.S. Food and Drug Administration (“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 Pre-Market Tobacco Application (“PMTA”) that warrant additional review. Accordingly, the FDA entered an administrative stay of the MDOs. 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 JUUL in any case that falls outside of the MDL Settlement. Tax Liabilities The Company is subject to customary audits by authorities in the jurisdictions where it conducts business in the United States and foreign countries, which may result in assessments of additional taxes.

Related-Party Transactions

Related-Party Transactions	3 Months Ended
	Sep. 28, 2024
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 $ 14.7 million as of September 28, 2024 and $ 11.8 million as of June 29, 2024. For the three-month periods ended September 28, 2024 and September 30, 2023, the Company recorded purchases of $ 601.1 million and $ 549.5 million, respectively, through the purchasing alliance.

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Sep. 28, 2024
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 0.1 million for the three months ended September 28, 2024 and September 30, 2023, 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 $ 108.0 $ 120.7 Denominator: Weighted-average common shares outstanding 154.6 154.8 Dilutive effect of potential common shares 1.6 1.8 Weighted-average dilutive common shares outstanding 156.2 156.6 Basic earnings per common share $ 0.70 $ 0.78 Diluted earnings per common share $ 0.69 $ 0.77

Segment Information

Segment Information	3 Months Ended
	Sep. 28, 2024
Segment Reporting [Abstract]
Segment Information	13. Segment Information Based on the Company’s organizational structure and how the Company’s management reviews operating results and makes decisions about resource allocation, the Company 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 related products, and other items to convenience stores across North America. 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. Corporate & All Other may also include capital expenditures for certain information technology projects that are transferred to the segments once placed in service. 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 Segment Adjusted EBITDA, which is the Company’s GAAP measure of segment profit. Segment Adjusted EBITDA is defined as net income before interest expense, interest income, income taxes, depreciation, and amortization and excludes certain items that the Company does not consider part of its segments' core operating results, including stock-based compensation expense, changes in the last-in-first-out ("LIFO") reserve, acquisition, integration and reorganization expenses, and gains and losses related to fuel derivatives. (In millions) Foodservice Vistar Convenience Corporate Eliminations Consolidated For the three months ended September 28, 2024 Net external sales $ 7,685.0 $ 1,284.7 $ 6,363.4 $ 82.4 $ — $ 15,415.5 Inter-segment sales 7.1 1.0 0.3 173.7 ( 182.1 ) — Total sales 7,692.1 1,285.7 6,363.7 256.1 ( 182.1 ) 15,415.5 Depreciation and amortization 85.0 14.4 38.6 14.9 — 152.9 Capital expenditures 77.3 6.0 10.4 2.8 — 96.5 For the three months ended September 30, 2023 Net external sales $ 7,271.7 $ 1,249.6 $ 6,337.0 $ 80.3 $ — $ 14,938.6 Inter-segment sales 5.3 0.8 — 160.1 ( 166.2 ) — Total sales 7,277.0 1,250.4 6,337.0 240.4 ( 166.2 ) 14,938.6 Depreciation and amortization 70.6 10.4 37.7 10.6 — 129.3 Capital expenditures 31.0 3.4 4.0 14.8 — 53.2 Segment 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 September 28, 2024 September 30, 2023 Foodservice Adjusted EBITDA $ 280.0 $ 246.0 Vistar Adjusted EBITDA 83.2 88.6 Convenience Adjusted EBITDA 105.3 94.7 Corporate & All Other Adjusted EBITDA ( 56.6 ) ( 45.5 ) Depreciation and amortization ( 152.9 ) ( 129.3 ) Interest expense ( 66.8 ) ( 56.1 ) Change in LIFO reserve ( 12.7 ) ( 19.2 ) Stock-based compensation expense ( 11.3 ) ( 10.7 ) (Loss) gain on fuel derivatives ( 1.4 ) 3.5 Acquisition, integration & reorganization expenses ( 19.1 ) ( 9.8 ) Other adjustments (1) ( 0.8 ) 1.1 Income before taxes $ 146.9 $ 163.3 (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 $ 7,884.8 $ 6,996.8 Vistar 1,540.3 1,519.1 Convenience 4,265.1 4,080.9 Corporate & All Other 706.3 796.1 Total assets $ 14,396.5 $ 13,392.9

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and Estimates (Policies)	3 Months Ended
	Sep. 28, 2024
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 June 29, 2024 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 Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The update expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. It further requires disclosure of the amount and description of its composition for other segment items, and interim disclosures of both a reportable segment’s profit or loss and assets. The guidance requires disclosure of the title and position of the chief operating decision maker and how reported measures of segment profit or loss are used to assess performance and allocate resources. This pronouncement is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments in this update will be adopted for the fiscal year ending June 28, 2025 ("fiscal 2025"), with annual reporting requirements effective for our fiscal 2025 Annual Report on Form 10-K and interim reporting requirements effective for our Quarterly Reports on Forms 10-Q within the fiscal year ending June 27, 2026 ("fiscal 2026"). The amendments in this update should be applied retrospectively to each period presented in the consolidated financial statements. The provisions of the new standard will not impact the Company's results of operations, financial position, or cash flows but will require the Company to expand its current segment disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The update expands public entities’ income tax disclosure requirements primarily by requiring disaggregation of specific categories and reconciling items that meet a quantitative threshold within the rate reconciliation, as well as disaggregation of income taxes paid by jurisdiction. This pronouncement is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company will adopt the new standard in fiscal 2026. The amendments in this update should be applied on a prospective basis, with retrospective application permitted. The Company is in the process of assessing the impact of this ASU on its future consolidated financial statements.
Revenue Recognition	4. Revenue Recognition The Company markets and distributes primarily national and Company-branded food and food-related products to customer locations across North America. 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 foodservice related products, and other items to convenience stores across North America. 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 $ 52.4 million and $ 55.4 million as of September 28, 2024 and June 29, 2024 , respectively.

Business Combinations (Tables)

Business Combinations (Tables)	3 Months Ended
	Sep. 28, 2024
Summary of 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 first quarter of fiscal 2025 acquisition: (In millions) Fiscal 2025 Net working capital $ 40.3 Goodwill 288.2 Intangible assets with definite lives: Customer relationships 230.0 Trade names 75.0 Property, plant and equipment 57.3 Other assets 0.2 Deferred tax liabilities ( 116.4 ) Finance lease obligations ( 0.3 ) Total purchase price $ 574.3

Debt (Tables)

Debt (Tables)	3 Months Ended
	Sep. 28, 2024
Schedule of Debt	Debt consisted of the following: (In millions) As of September 28, 2024 As of June 29, 2024 Credit Agreement $ 897.1 $ 1,160.8 5.500 % Notes due 2027 , effective interest rate 5.930 % 1,060.0 1,060.0 4.250 % Notes due 2029 , effective interest rate 4.439 % 1,000.0 1,000.0 6.125 % Notes due 2032 , effective interest rate 6.287 % 1,000.0 - Less: Original issue discount and deferred financing costs ( 31.1 ) ( 22.3 ) Long-term debt 3,926.0 3,198.5 Less: current installments - - Total debt, excluding current installments $ 3,926.0 $ 3,198.5
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 Company's credit agreement: (Dollars in millions) As of September 28, 2024 As of June 29, 2024 Aggregate borrowings $ 897.1 $ 1,160.8 Letters of credit 172.4 160.4 Excess availability, net of lenders’ reserves of $ 96.0 and $ 96.3 3,930.5 2,678.8 Average interest rate, excluding impact of interest rate swaps 6.77 % 6.79 %

Leases (Tables)

Leases (Tables)	3 Months Ended
	Sep. 28, 2024
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 September 28, 2024 and June 29, 2024 (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 $ 862.2 $ 875.5 Finance Property, plant and equipment, net 956.3 868.8 Total lease assets $ 1,818.5 $ 1,744.3 Liabilities: Current Operating Operating lease obligations—current installments $ 107.7 $ 108.2 Finance Finance lease obligations—current installments 161.4 147.2 Non-current Operating Operating lease obligations, excluding current installments 808.7 819.3 Finance Finance lease obligations, excluding current installments 776.0 703.2 Total lease liabilities $ 1,853.8 $ 1,777.9 Weighted average remaining lease term Operating leases 10.6 years 10.7 years Finance leases 6.1 years 6.0 years Weighted average discount rate Operating leases 5.4 % 5.4 % Finance leases 5.2 % 5.1 %
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 September 28, 2024 September 30, 2023 Finance lease cost: Amortization of finance lease assets Operating expenses $ 37.1 $ 26.0 Interest on lease liabilities Interest expense 11.9 6.9 Total finance lease cost $ 49.0 $ 32.9 Operating lease cost Operating expenses 42.1 38.5 Short-term lease cost Operating expenses 12.8 16.3 Total lease cost $ 103.9 $ 87.7
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) September 28, 2024 September 30, 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 39.0 $ 34.7 Operating cash flows from finance leases 11.9 6.9 Financing cash flows from finance leases 38.0 28.0 Right-of-use assets obtained in exchange for lease obligations: Operating leases 16.0 93.9 Finance leases 124.7 72.3
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 September 28, 2024 (in millions): Fiscal Year Operating Leases Finance Leases 2025 $ 117.1 $ 155.0 2026 142.3 202.5 2027 130.4 186.3 2028 119.3 160.3 2029 104.1 138.8 Thereafter 653.7 262.2 Total future minimum lease payments $ 1,266.9 $ 1,105.1 Less: Interest 350.5 167.7 Present value of future minimum lease payments $ 916.4 $ 937.4

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Sep. 28, 2024
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 $ 108.0 $ 120.7 Denominator: Weighted-average common shares outstanding 154.6 154.8 Dilutive effect of potential common shares 1.6 1.8 Weighted-average dilutive common shares outstanding 156.2 156.6 Basic earnings per common share $ 0.70 $ 0.78 Diluted earnings per common share $ 0.69 $ 0.77

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Sep. 28, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	(In millions) Foodservice Vistar Convenience Corporate Eliminations Consolidated For the three months ended September 28, 2024 Net external sales $ 7,685.0 $ 1,284.7 $ 6,363.4 $ 82.4 $ — $ 15,415.5 Inter-segment sales 7.1 1.0 0.3 173.7 ( 182.1 ) — Total sales 7,692.1 1,285.7 6,363.7 256.1 ( 182.1 ) 15,415.5 Depreciation and amortization 85.0 14.4 38.6 14.9 — 152.9 Capital expenditures 77.3 6.0 10.4 2.8 — 96.5 For the three months ended September 30, 2023 Net external sales $ 7,271.7 $ 1,249.6 $ 6,337.0 $ 80.3 $ — $ 14,938.6 Inter-segment sales 5.3 0.8 — 160.1 ( 166.2 ) — Total sales 7,277.0 1,250.4 6,337.0 240.4 ( 166.2 ) 14,938.6 Depreciation and amortization 70.6 10.4 37.7 10.6 — 129.3 Capital expenditures 31.0 3.4 4.0 14.8 — 53.2
Schedule of Adjusted EBDITA and Reconciliation to Consolidated Income Before Taxes	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 September 28, 2024 September 30, 2023 Foodservice Adjusted EBITDA $ 280.0 $ 246.0 Vistar Adjusted EBITDA 83.2 88.6 Convenience Adjusted EBITDA 105.3 94.7 Corporate & All Other Adjusted EBITDA ( 56.6 ) ( 45.5 ) Depreciation and amortization ( 152.9 ) ( 129.3 ) Interest expense ( 66.8 ) ( 56.1 ) Change in LIFO reserve ( 12.7 ) ( 19.2 ) Stock-based compensation expense ( 11.3 ) ( 10.7 ) (Loss) gain on fuel derivatives ( 1.4 ) 3.5 Acquisition, integration & reorganization expenses ( 19.1 ) ( 9.8 ) Other adjustments (1) ( 0.8 ) 1.1 Income before taxes $ 146.9 $ 163.3 (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 $ 7,884.8 $ 6,996.8 Vistar 1,540.3 1,519.1 Convenience 4,265.1 4,080.9 Corporate & All Other 706.3 796.1 Total assets $ 14,396.5 $ 13,392.9

Summary of Business Activities

Summary of Business Activities - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Nov. 30, 2022
Business Description [Line Items]
Repurchased and retired shares, value	$ 29.5	$ 28.1
Average cost	$ 74.69	$ 60.35
Previously Authorized Share Repurchase Program [Member]
Business Description [Line Items]
Share repurchase program, authorized amount			$ 250
Common Stock [Member]
Business Description [Line Items]
Number of shares repurchased and retired	400,000	500,000
Repurchased and retired shares, value	$ 29.5	$ 28.1
Share repurchase plan, remaining available amount	$ 181.1
Common Stock [Member] | Maximum [Member]
Business Description [Line Items]
Share repurchase program, authorized amount			$ 300

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions	Sep. 28, 2024	Jun. 29, 2024
Revenue from Contract with Customer [Abstract]
Contract assets	$ 52.4	$ 55.4

Business Combinations - Additio

Business Combinations - Additional Information (Detail) - USD ($) $ in Millions		3 Months Ended
	Sep. 29, 2024	Sep. 28, 2024	Sep. 30, 2023	Jun. 29, 2024
Business Acquisition [Line Items]
Cash payment for acquisition		$ 574.3	$ 214.6
Goodwill		2,701.5		$ 2,418.3
Core-Mark [Member]
Business Acquisition [Line Items]
Goodwill		$ 288.2
Core-Mark [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Intangible assets estimated useful life		12 years
Core-Mark [Member] | Trade Names [Member]
Business Acquisition [Line Items]
Intangible assets estimated useful life		12 years
Cheney Brothers, Inc. [Member] | Subsequent Event [Member]
Business Acquisition [Line Items]
Total purchase price	$ 2,100
Cheney Brothers, Inc. [Member] | ABL Facility [Member] | Subsequent Event [Member]
Business Acquisition [Line Items]
Total purchase price	$ 2,100
Business Acquisition Cost [Member]
Business Acquisition [Line Items]
Cash payment for acquisition		$ 574.3	$ 214.6
Goodwill		$ 288.2

Business Combinations - Summary

Business Combinations - Summary of Purchase Price Allocation of Major Class of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Millions	Sep. 28, 2024	Jun. 29, 2024
Business Acquisition [Line Items]
Goodwill	$ 2,701.5	$ 2,418.3
Business Acquisition Cost [Member]
Business Acquisition [Line Items]
Net working capital	40.3
Goodwill	288.2
Intangible assets with definite lives:
Property, plant and equipment	57.3
Other assets	0.2
Deferred tax liabilities	(116.4)
Finance lease obligations	(0.3)
Total purchase price	574.3
Business Acquisition Cost [Member] | Customer Relationships [Member]
Intangible assets with definite lives:
Intangible assets with definite lives	230
Business Acquisition Cost [Member] | Trade Names [Member]
Intangible assets with definite lives:
Intangible assets with definite lives	$ 75

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Detail) - USD ($) $ in Millions	Sep. 28, 2024	Jun. 29, 2024
Debt Instrument [Line Items]
Less: Original issue discount and deferred financing costs	$ (31.1)	$ (22.3)
Long-term debt	3,926	3,198.5
Less: current installments	0	0
Total debt, excluding current installments	3,926	3,198.5
Credit Agreement [Member]
Debt Instrument [Line Items]
Long-term debt, gross	897.1	1,160.8
5.500% Notes due 2027, effective interest rate 5.930% [Member]
Debt Instrument [Line Items]
Long-term debt, gross	1,060	1,060
4.250% Notes due 2029, effective interest rate 4.439% [Member]
Debt Instrument [Line Items]
Long-term debt, gross	1,000	1,000
6.125% Notes due 2032, effective interest rate 6.287% [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,000	$ 0

Debt - Schedule of Debt (Parent

Debt - Schedule of Debt (Parenthetical) (Detail)	3 Months Ended
	Sep. 28, 2024
5.500% Notes due 2027, effective interest rate 5.930% [Member]
Debt Instrument [Line Items]
Debt instruments amount, interest rate	5.50%
Debt instruments maturity year	2027
Debt instruments effective interest rate	5.93%
4.250% Notes due 2029, effective interest rate 4.439% [Member]
Debt Instrument [Line Items]
Debt instruments amount, interest rate	4.25%
Debt instruments maturity year	2029
Debt instruments effective interest rate	4.439%
6.125% Notes due 2032, effective interest rate 6.287% [Member]
Debt Instrument [Line Items]
Debt instruments amount, interest rate	6.125%
Debt instruments maturity year	2032
Debt instruments effective interest rate	6.287%

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($) $ in Millions			3 Months Ended
	Sep. 12, 2024	Sep. 09, 2024	Sep. 28, 2024
Prior Credit Agreement [Member]
Debt Instrument [Line Items]
Debt instruments face amount			$ 4,000
Credit facility, maturity date		Sep. 17, 2026	Sep. 17, 2026
Line of credit facility, maximum revolving commitments		$ 4,000
ABL Facility [Member]
Debt Instrument [Line Items]
Credit facility, maturity date		Sep. 09, 2029
Line of credit facility, maximum revolving commitments		$ 5,000
Debt instrument description of variable rate			(a) the Base Rate (defined as the greatest of (i) a floor rate of 0.00%, (ii) the federal funds rate in effect on such date plus 0.5%, (iii) the prime rate on such day, or (iv) one month Term SOFR plus 1.0%) plus a spread or (b) Term SOFR plus a spread.
Credit facility, covenant terms			The ABL Facility contains covenants requiring the maintenance of a minimum consolidated fixed charge coverage ratio if Alternate Availability (as defined in the ABL Facility) falls below the greater of (i) $375.0 million and (ii) 10% of the lessor of the borrowing base and the sum of (a) the aggregate commitments plus (b) any outstanding term loans for five consecutive business days.
Committed amount to be maintained under the covenant			$ 375
Covenant borrowing base, percentage			10%
ABL Facility [Member] | Federal Funds Effective Swap Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
ABL Facility [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			0%
ABL Facility [Member] | Secured Overnight Financing Rate (SOFR) [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%
ABL Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Credit facility, uncommitted incremental facilities		$ 1,000
6.125% Notes due 2032 [Member]
Debt Instrument [Line Items]
Debt instruments face amount	$ 1,000
Debt instruments maturity year	2032
Debt instruments amount, interest rate	6.125%
Debt instruments frequency of payments	semi-annually
Percentage price of principal amount at which debt can be redeemed	100%
Debt Instrument maturity date	Sep. 15, 2032
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 2032 will have the right to require Performance Food Group, Inc. to repurchase each holder’s Notes due 2032 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%
6.125% Notes due 2032 [Member] | Beginning on September 15, 2027 [Member]
Debt Instrument [Line Items]
Percentage price of principal amount at which debt can be redeemed	103.063%
6.125% Notes due 2032 [Member] | On September 15, 2028 [Member]
Debt Instrument [Line Items]
Percentage price of principal amount at which debt can be redeemed	101.531%
6.125% Notes due 2032 [Member] | On September 15, 2029 [Member]
Debt Instrument [Line Items]
Percentage price of principal amount at which debt can be redeemed	100%
6.125% Notes due 2032 [Member] | Prior to September 15, 2027 [Member]
Debt Instrument [Line Items]
Percentage price of principal amount at which debt can be redeemed	106.125%
6.125% Notes due 2032 [Member] | Change of Control Triggering Event [Member]
Debt Instrument [Line Items]
Percentage price of principal amount at which debt can be redeemed	101%
6.125% Notes due 2032 [Member] | Case of Asset Sale [Member]
Debt Instrument [Line Items]
Percentage price of principal amount at which debt can be redeemed	100%
6.125% Notes due 2032 [Member] | Maximum [Member]
Debt Instrument [Line Items]
Early debt redemption percentage	40%

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	Sep. 28, 2024	Jun. 29, 2024
Debt Instrument [Line Items]
Aggregate borrowings	$ 897.1	$ 1,160.8
Letters of credit	172.4	160.4
Excess availability, net of lenders' reserves of $96.0 and $96.3	$ 3,930.5	$ 2,678.8
Average interest rate, excluding impact of interest rate swaps	6.77%	6.79%

Debt - Summary of Outstanding_2

Debt - Summary of Outstanding Borrowings, Availability, and Average Interest Rate under ABL Facility (Parenthetical) (Detail) - USD ($) $ in Millions	Sep. 28, 2024	Jun. 29, 2024
ABL Facility [Member]
Debt Instrument [Line Items]
Debt amount reserve by lender	$ 96	$ 96.3

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
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	$ 9.7
Future minimum operating lease and finance lease payments, not yet commenced	$ 752.6
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 25 years. In addition, these leases include vehicle leases expected to commence in fiscal 2025 with lease terms of 6 to 8 years. Subsequent to September 28, 2024, the Company acquired the right-of-use assets and associated finance lease obligations related to a significant portion of Cheney Brothers' fleet. The Company is in the process of determining the present value of the future lease payments.
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	2024
Maximum [Member]
Lessee Lease Description [Line Items]
Finance lease remaining term	25 years
Percentage of residual value guarantee under operating lease	20%
Operating lease expiration term	10 years
Operating lease expiration year	2032
Warehouse Leases Contractual Term [Member]
Lessee Lease Description [Line Items]
Operating leases, not yet commenced, lease term	25 years
Vehicle Leases Contractual Term [Member] | Minimum [Member]
Lessee Lease Description [Line Items]
Operating leases, not yet commenced, lease term		6 years
Vehicle Leases Contractual Term [Member] | Maximum [Member]
Lessee Lease Description [Line Items]
Operating leases, not yet commenced, lease term		8 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	Sep. 28, 2024	Jun. 29, 2024
ASSETS
Operating	$ 862.2	$ 875.5
Finance	$ 956.3	$ 868.8
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, plant and equipment, net	Property, plant and equipment, net
Total lease assets	$ 1,818.5	$ 1,744.3
Current liabilities:
Operating	107.7	108.2
Finance	161.4	147.2
Non-current
Operating	808.7	819.3
Finance	776	703.2
Total lease liabilities	$ 1,853.8	$ 1,777.9
Weighted average remaining lease term
Operating leases	10 years 7 months 6 days	10 years 8 months 12 days
Finance leases	6 years 1 month 6 days	6 years
Weighted average discount rate
Operating leases	5.40%	5.40%
Finance leases	5.20%	5.10%

Leases - Summary of Location of

Leases - Summary of Location of Lease Costs in Consolidated Statement of Operations (Detail) - USD ($) $ in Millions	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Finance lease cost:
Amortization of finance lease assets	$ 37.1	$ 26
Interest on lease liabilities	11.9	6.9
Total finance lease cost	49	32.9
Operating lease cost	42.1	38.5
Short-term lease cost	12.8	16.3
Total lease cost	$ 103.9	$ 87.7

Leases - Summary of Supplementa

Leases - Summary of Supplemental Cash Flow Information related to Leases (Detail) - USD ($) $ in Millions	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 39	$ 34.7
Operating cash flows from finance leases	11.9	6.9
Financing cash flows from finance leases	38	28
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	16	93.9
Finance leases	$ 124.7	$ 72.3

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Lease Payments Under Non-Cancelable Leases (Detail) $ in Millions	Sep. 28, 2024 USD ($)
Operating Leases
2025	$ 117.1
2026	142.3
2027	130.4
2028	119.3
2029	104.1
Thereafter	653.7
Total future minimum lease payments	1,266.9
Less: Interest	350.5
Present value of future minimum lease payments	916.4
Finance Leases
2025	155
2026	202.5
2027	186.3
2028	160.3
2029	138.8
Thereafter	262.2
Total future minimum lease payments	1,105.1
Less: Interest	167.7
Present value of future minimum lease payments	$ 937.4

Fair Value of Financial Instr_2

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	Sep. 28, 2024	Jun. 29, 2024
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Long-term debt	$ 3,926	$ 3,198.5
Reported Value Measurement [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Long-term debt	3,926	3,198.5
Fair Value Inputs Level 2 [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Fair value of long term debt	$ 3,930.3	$ 3,104.5

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Jun. 29, 2024
Income Tax Disclosure [Abstract]
Effective income tax rate	26.50%	26.10%
U.S. federal corporate income tax rate	21%
Net deferred tax assets	$ 211.6		$ 196.1
Net deferred tax liabilities	803.9		694
Valuation allowance	$ 1.7		$ 1.7

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Sep. 28, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Outstanding contracts and purchase orders for capital projects and services	$ 199.7

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Detail) - Purchasing Alliance [Member] - USD ($) $ in Millions	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Jun. 29, 2024
Related Party Transaction [Line Items]
Equity method investments	$ 14.7		$ 11.8
Purchases from related party	$ 601.1	$ 549.5

Earnings Per Common Share - Add

Earnings Per Common Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Potential common shares not included in computing diluted earnings per share due to antidilutive effect	0.2	0.1

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, $ in Millions	3 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Numerator:
Net income	$ 108	$ 120.7
Denominator:
Weighted-average common shares outstanding	154,600,000	154,800,000
Dilutive effect of potential common shares	1,600,000	1,800,000
Weighted-average dilutive common shares outstanding	156,200,000	156,600,000
Basic earnings per common share	$ 0.7	$ 0.78
Diluted earnings per common share	$ 0.69	$ 0.77

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended
	Sep. 28, 2024 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
	Sep. 28, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Net sales	$ 15,415.5	$ 14,938.6
Depreciation and amortization	152.9	129.3
Capital expenditures	96.5	53.2
Foodservice [Member]
Segment Reporting Information [Line Items]
Net sales	7,685	7,271.7
Depreciation and amortization	85	70.6
Capital expenditures	77.3	31
Vistar [Member]
Segment Reporting Information [Line Items]
Net sales	1,284.7	1,249.6
Depreciation and amortization	14.4	10.4
Capital expenditures	6	3.4
Convenience [Member]
Segment Reporting Information [Line Items]
Net sales	6,363.4	6,337
Depreciation and amortization	38.6	37.7
Capital expenditures	10.4	4
Corporate & All Other [Member]
Segment Reporting Information [Line Items]
Net sales	82.4	80.3
Depreciation and amortization	14.9	10.6
Capital expenditures	2.8	14.8
Eliminations [Member]
Segment Reporting Information [Line Items]
Net sales	(182.1)	(166.2)
Eliminations [Member] | Foodservice [Member]
Segment Reporting Information [Line Items]
Net sales	7.1	5.3
Eliminations [Member] | Vistar [Member]
Segment Reporting Information [Line Items]
Net sales	1	0.8
Eliminations [Member] | Convenience [Member]
Segment Reporting Information [Line Items]
Net sales	0.3
Eliminations [Member] | Corporate & All Other [Member]
Segment Reporting Information [Line Items]
Net sales	173.7	160.1
Operating Segments [Member] | Foodservice [Member]
Segment Reporting Information [Line Items]
Net sales	7,692.1	7,277
Operating Segments [Member] | Vistar [Member]
Segment Reporting Information [Line Items]
Net sales	1,285.7	1,250.4
Operating Segments [Member] | Convenience [Member]
Segment Reporting Information [Line Items]
Net sales	6,363.7	6,337
Operating Segments [Member] | Corporate & All Other [Member]
Segment Reporting Information [Line Items]
Net sales	$ 256.1	$ 240.4

Segment Information - Schedul_2

Segment Information - Schedule of Adjusted EBDITA and Reconciliation to Consolidated Income Before Taxes (Detail) - USD ($) $ in Millions		3 Months Ended
		Sep. 28, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Depreciation and amortization		$ (152.9)	$ (129.3)
Interest expense		(66.8)	(56.1)
Change in LIFO reserve		(12.7)	(19.2)
Stock-based compensation expense		(11.3)	(10.7)
(Loss) gain on fuel derivatives		(1.4)	3.5
Acquisition, integration & reorganization expenses		(19.1)	(9.8)
Other adjustments	[1]	(0.8)	1.1
Income before taxes		146.9	163.3
Foodservice [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA		280	246
Depreciation and amortization		(85)	(70.6)
Vistar [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA		83.2	88.6
Depreciation and amortization		(14.4)	(10.4)
Convenience [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA		105.3	94.7
Depreciation and amortization		(38.6)	(37.7)
Corporate & All Other [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA		(56.6)	(45.5)
Depreciation and amortization		$ (14.9)	$ (10.6)
[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.

Segment Information - Summary A

Segment Information - Summary Assets by Reportable Segment, Excluding Intercompany Receivables (Detail) - USD ($) $ in Millions	Sep. 28, 2024	Jun. 29, 2024
Segment Reporting Information [Line Items]
Total assets	$ 14,396.5	$ 13,392.9
Foodservice [Member]
Segment Reporting Information [Line Items]
Total assets	7,884.8	6,996.8
Vistar [Member]
Segment Reporting Information [Line Items]
Total assets	1,540.3	1,519.1
Convenience [Member]
Segment Reporting Information [Line Items]
Total assets	4,265.1	4,080.9
Corporate & All Other [Member]
Segment Reporting Information [Line Items]
Total assets	$ 706.3	$ 796.1