Performance Food (PFGC) 10-Q 8 Nov 16 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Oct. 01, 2016	Nov. 01, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 1, 2016
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	PFGC
Entity Registrant Name	Performance Food Group Company
Entity Central Index Key	1,618,673
Current Fiscal Year End Date	--07-01
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		103,392,299

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Oct. 01, 2016	Jul. 02, 2016
Current assets:
Cash	$ 8.9	$ 10.9
Accounts receivable, less allowances of $18.7 and $16.3	1,005.8	968.2
Inventories, net	952.8	919.7
Prepaid expenses and other current assets	34.6	40.1
Total current assets	2,002.1	1,938.9
Goodwill	675.3	674
Other intangible assets, net	147.7	149.3
Property, plant and equipment, net	643.9	637
Restricted cash	12.9	12.9
Other assets	46.2	43.3
Total assets	3,528.1	3,455.4
Current liabilities:
Outstanding checks in excess of deposits	108.8	159.6
Trade accounts payable	922.9	918
Accrued expenses	214.7	231.4
Capital and finance lease obligations-current installments	2.4	2.4
Derivative liabilities	3.8	5.3
Total current liabilities	1,252.6	1,316.7
Long-term debt	1,236.5	1,111.6
Deferred income tax liability, net	79.9	81.1
Long-term derivative liabilities	2.8	4.9
Capital and finance lease obligations, excluding current installments	27.7	31.5
Other long-term liabilities	108	106.8
Total liabilities	2,707.5	2,652.6
Commitments and contingencies (Note 9)
Shareholders' equity:
Common Stock value	1	1
Additional paid-in capital	841.1	836.8
Accumulated other comprehensive loss, net of tax benefit of $2.6 and $3.6	(4)	(5.8)
Accumulated deficit	(17.5)	(29.2)
Total shareholders' equity	820.6	802.8
Total liabilities and shareholders' equity	$ 3,528.1	$ 3,455.4

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Oct. 01, 2016	Jul. 02, 2016
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 18.7	$ 16.3
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	100,047,036	99,901,288
Common stock, shares outstanding	100,047,036	99,901,288
Accumulated other comprehensive loss, tax benefit	$ 2.6	$ 3.6

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended
	Oct. 01, 2016	Sep. 26, 2015
Income Statement [Abstract]
Net sales	$ 4,046.1	$ 3,928.9
Cost of goods sold	3,534.8	3,447.8
Gross profit	511.3	481.1
Operating expenses	479.7	437.1
Operating profit	31.6	44
Other expense, net:
Interest expense	12.9	21
Other, net	(0.8)	2.2
Other expense, net	12.1	23.2
Income before taxes	19.5	20.8
Income tax expense	7.3	8.6
Net income	$ 12.2	$ 12.2
Weighted-average common shares outstanding:
Basic	99,950,484	86,885,548
Diluted	102,841,812	87,653,160
Earnings per common share:
Basic	$ 0.12	$ 0.14
Diluted	$ 0.12	$ 0.14

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Oct. 01, 2016	Sep. 26, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 12.2	$ 12.2
Interest rate swaps:
Change in fair value, net of tax	1	(2.1)
Reclassification adjustment, net of tax	0.8	1.2
Other comprehensive income (loss)	1.8	(0.9)
Total comprehensive income	$ 14	$ 11.3

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions		Total	Common Stock Class A [Member]	Common Stock Class B [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]	Common Stock [Member]
Balance Beginning at Jun. 27, 2015		$ 493	$ 0.9		$ 594.1	$ (4.5)	$ (97.5)
Balance Beginning, shares at Jun. 27, 2015			86,860,562	18,388
Issuance of common stock under stock-based compensation plans		0.1			0.1
Issuance of common stock under stock-based compensation plans , shares				9,700
Repurchase of incremental shares of common stock		0	$ 0	$ 0	0	0	0	$ 0
Repurchase of incremental shares of common stock, shares			(31)	(2)
Reclassification of Class A and Class B common stock into a single class			$ (0.9)					$ 0.9
Reclassification of Class A and Class B common stock into a single class, shares			(86,860,531)	(28,086)				86,888,617
Net income		12.2					12.2
Interest rate swaps		(0.9)				(0.9)
Stock-based compensation expense		1.1			1.1
Balance Ending at Sep. 26, 2015		505.5			595.3	(5.4)	(85.3)	$ 0.9
Balance Ending, shares at Sep. 26, 2015								86,888,617
Balance Beginning at Jul. 02, 2016		$ 802.8			836.8	(5.8)	(29.2)	$ 1
Balance Beginning, shares at Jul. 02, 2016		99,901,288						99,901,288
Issuance of common stock under stock-based compensation plans		$ (0.8)			(0.8)
Issuance of common stock under stock-based compensation plans , shares								145,748
Net income		12.2					12.2
Interest rate swaps		1.8				1.8
Stock-based compensation expense		4.2			4.2
Balance Ending at Oct. 01, 2016		$ 820.6			841.1	$ (4)	(17.5)	$ 1
Balance Ending, shares at Oct. 01, 2016		100,047,036						100,047,036
Change in accounting principle	[1]	$ 0.4			$ 0.9		$ (0.5)
[1]	As of the beginning of fiscal 2017, the Company elected to early adopt the provisions of ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The Company has made a policy election to account for forfeitures as they occur and recorded a cumulative-effect adjustment to Accumulated Deficit as of the date of adoption. Refer to Note 3. Recently Issued Accounting Pronouncements for further discussion of the adoption of ASU 2016-09.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Oct. 01, 2016	Sep. 26, 2015
Cash flows from operating activities:
Net income	$ 12.2	$ 12.2
Adjustments to reconcile net income to net cash used in operating activities
Depreciation	20.8	18.9
Amortization of intangible assets	8.7	9.3
Amortization of deferred financing costs and other	1.1	2.6
Provision for losses on accounts receivables	3.1	2.9
Expense related to modification of debt	0.1
Stock compensation expense	4.2	1.1
Deferred income tax benefit	(1.8)	(1.7)
Change in fair value of derivative assets and liabilities	(0.7)	1.2
Other	0.3
Changes in operating assets and liabilities, net
Accounts receivable	(37.3)	20.3
Inventories	(29.6)	(32.7)
Prepaid expenses and other assets	2.6	(4.2)
Trade accounts payable	7.4	(40.8)
Outstanding checks in excess of deposits	(50.9)	12.5
Accrued expenses and other liabilities	(15.4)	(27.5)
Net cash used in operating activities	(75.2)	(25.9)
Cash flows from investing activities:
Purchases of property, plant and equipment	(34.8)	(17.7)
Net cash paid for acquisitions	(14.8)	(8.9)
Proceeds from sale of property, plant and equipment	0.1	0.2
Net cash used in investing activities	(49.5)	(26.4)
Cash flows from financing activities:
Net borrowings under ABL Facility	124.7	57.5
Payments on Term Facility		(1.9)
Payments on financed property, plant and equipment	(1)
Cash paid for debt issuance, extinguishment and modifications	(0.2)
Cash paid for acquisitions	(0.5)
Payments under capital and finance lease obligations	(0.6)	(1.1)
Proceeds from exercise of stock options	0.3	0.1
Net cash provided by financing activities	122.7	54.6
Net (decrease) increase in cash	(2)	2.3
Cash, beginning of period	10.9	9.2
Cash, end of period	8.9	11.5
Disposal of property, plant and equipment under sale-leaseback transaction	3.2
Interest	5.4	18.2
Income taxes, net of refunds	$ 0.2	$ 4.2

Summary of Business Activities

Summary of Business Activities	3 Months Ended
	Oct. 01, 2016
Accounting Policies [Abstract]
Summary of Business Activities	1. Summary of Business Activities Business Overview Performance Food Group Company, through its subsidiaries, markets and distributes national and company-branded food and food-related products to customer locations across the United States. The Company serves both of the major customer types in the restaurant industry: (i) independent, or “Street” customers, and (ii) multi-unit, or “Chain” customers, which include regional and national family and casual dining restaurant chains, fast casual chains, and quick-service restaurants. The Company also serves schools, healthcare facilities, business and industry locations, and other institutional customers.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Oct. 01, 2016
Accounting Policies [Abstract]
Basis of Presentation	2. Basis of Presentation The consolidated financial statements have been prepared by the Company, without audit, with the exception of the July 2, 2016 consolidated balance sheet, which was derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended July 2, 2016 (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. 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, and income taxes. Actual results could differ from these estimates. The results of operations are not necessarily indicative of the results to be expected for the full fiscal year. Therefore these financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form 10-K. Certain footnote disclosures included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to applicable rules and regulations for interim financial statements.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	3 Months Ended
	Oct. 01, 2016
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Pronouncements	3. Recently Issued Accounting Pronouncements Recently Adopted Accounting Pronouncements In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting Recently Issued Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, Revenue from Contracts with Customers (Topic 606): Narrow Scope Improvements and Practical Expedients Companies may use either a full retrospective or modified retrospective approach for adoption of Topic 606. Topic 606, as amended by ASU 2015-14, Revenue from Contracts with Customers – Deferral of the Effective Date, In July 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU 2016-13 related to the measurement of credit losses on financial instruments. The pronouncement changes the impairment model for most financial assets, and will require the use of an “expected loss” model for instruments measured at amortized cost. Under this model, entities will be required to estimate the lifetime expected credit loss on such instruments and record an allowance to offset the amortized cost basis of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019. The Company is in the process of evaluating the impact of this ASU on our future financial statements. In August 2016, the FASB issued ASU 2016-15 related to the classification of certain cash receipts and cash payments on the statement of cash flows. The pronouncement provides clarification guidance on eight specific cash flow presentation issues that have developed due to diversity in practice. The issues include, but are not limited to, debt prepayment or extinguishment costs, settlement of zero-coupon debt, proceeds from the settlement of insurance claims, and cash receipts from payments on beneficial interests in securitization transactions. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted. The Company is in the process of evaluating the impact of this ASU on our future financial statements.

Business Combinations

Business Combinations	3 Months Ended
	Oct. 01, 2016
Business Combinations [Abstract]
Business Combinations	4. Business Combinations During the first quarter of fiscal 2017, the Company paid cash of $14.8 million for an acquisition which increased goodwill by $1.2 million. During the first quarter of fiscal 2016, the Company paid cash of $8.9 million for an acquisition which increased goodwill by $4.3 million. These acquisitions were immaterial to the consolidated financial statements. In the normal course of business, the Company may enter into a non-binding letter of intent or a purchase agreement for the acquisition of businesses. Financial statements will include the operations of these acquisitions from their respective closing dates. The Company does not anticipate that these acquisitions will have a material impact on our consolidated financial statements. Subsequent to October 1, 2016, the Company paid $57.3 million for two acquisitions. These acquisitions are immaterial to the consolidated financial statements.

Debt

Debt	3 Months Ended
	Oct. 01, 2016
Debt Disclosure [Abstract]
Debt	5. 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 As of ABL Facility $ 889.7 $ 765.0 5.500% Notes due 2024 350.0 350.0 Promissory Note 6.0 6.0 Less: Original issue discount and deferred financing costs (9.2 ) (9.4 ) Long-term debt 1,236.5 1,111.6 Capital and finance lease obligations 30.1 33.9 Total debt 1,266.6 1,145.5 Less: current installments (2.4 ) (2.4 ) Total debt, excluding current installments $ 1,264.2 $ 1,143.1 ABL Facility PFGC, Inc. (“PFGC”), a wholly-owned subsidiary of the Company, is a party to the Second Amended and Restated Credit Agreement (the “ABL Facility”) dated February 1, 2016. The ABL Facility is secured by the majority of the tangible assets of PFGC and its subsidiaries. Performance Food Group, Inc., a wholly-owned subsidiary of PFGC, is the lead borrower under the ABL Facility, which is jointly and severally guaranteed by PFGC and all material domestic direct and indirect wholly-owned subsidiaries of PFGC (other than captive insurance subsidiaries and other excluded subsidiaries). Availability for loans and letters of credit under the ABL Facility is governed by a borrowing base, determined by the application of specified advance rates against eligible assets, including trade accounts receivable, inventory, owned real properties, and owned transportation equipment. The borrowing base is reduced quarterly by a cumulative fraction of the real properties and transportation equipment values. Advances on accounts receivable and inventory are subject to change based on periodic commercial finance examinations and appraisals, and the real property and transportation equipment values included in the borrowing base are subject to change based on periodic appraisals. Audits and appraisals are conducted at the direction of the administrative agent for the benefit and on behalf of all lenders. Borrowings under the ABL Facility bear interest, at Performance Food Group, Inc.’s option, at (a) the Base Rate (defined as the greater of (i) the Federal Funds Rate in effect on such date plus 0.5%, (ii) the Prime Rate on such day, or (iii) one month LIBOR plus 1.0%) plus a spread or (b) LIBOR plus a spread. The ABL Facility also provides for an unused commitment fee ranging from 0.25% to 0.375%. The following table summarizes outstanding borrowings, availability, and the average interest rate under the ABL Facility: (Dollars in millions) As of As of Aggregate borrowings $ 889.7 $ 765.0 Letters of credit 106.1 97.7 Excess availability, net of lenders’ reserves of $17.5 and $20.9 604.2 725.5 Average interest rate 1.96 % 1.87 % The ABL Facility contains covenants requiring the maintenance of a minimum consolidated fixed charge coverage ratio if excess availability falls below the greater of (i) $130.0 million and (ii) 10% of the lesser of the borrowing base and the revolving credit facility amount for five consecutive business days. The ABL Facility also contains customary restrictive covenants that include, but are not limited to, restrictions on PFGC’s ability to incur additional indebtedness, pay dividends, create liens, make investments or specified payments, 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 such agreement may be accelerated and the rights and remedies of the lenders under such agreement available under the ABL Facility may be exercised, including rights with respect to the collateral securing the obligations under such agreement. Senior Notes On May 17, 2016, Performance Food Group, Inc. issued and sold $350.0 million aggregate principal amount of its 5.500% Senior Notes due 2024 (the “Notes”), pursuant to an indenture dated as of May 17, 2016. The Notes 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 are not guaranteed by Performance Food Group Company. The proceeds from the Notes were used to pay in full the remaining outstanding aggregate principal amount of loans under a Credit Agreement providing for a term loan facility and to terminate the facility; to temporarily repay a portion of the outstanding borrowings under the ABL Facility; and to pay the fees, expenses, and other transaction costs incurred in connection with the Notes. The Notes were issued at 100.0% of their par value. The Notes mature on June 1, 2024 and bear interest at a rate of 5.500% 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 will have the right to require Performance Food Group, Inc. to make an offer to repurchase each holder’s Notes 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 at any time prior to June 1, 2019 at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus a make-whole premium and accrued and unpaid interest, if any, to, but not including, the redemption date. In addition, beginning on June 1, 2019, Performance Food Group, Inc. may redeem all or a part of the Notes at a redemption price equal to 102.750% of the principal amount redeemed. The redemption price decreases to 101.325% and 100.000% of the principal amount redeemed on June 1, 2020 and June 1, 2021, respectively. In addition, at any time prior to June 1, 2019, Performance Food Group, Inc. may redeem up to 40% of the Notes from the proceeds of certain equity offerings at a redemption price equal to 105.500% of the principal amount thereof, plus accrued and unpaid interest. The indenture governing the Notes contains covenants limiting, among other things, PFGC 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 also contain customary events of default, the occurrence of which could result in the principal of and accrued interest on the Notes to become or be declared due and payable. As of October 1, 2016, the outstanding aggregate principal amount of Notes was $350.0 million with unamortized original issue discount of $0.7 million and unamortized deferred financing costs of $8.0 million. For the three months ended October 1, 2016, interest expense included $0.2 million related to the amortization of original interest discount and deferred financing costs. The ABL Facility and the indenture governing the 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 $340.0 million of restricted payment capacity available under such debt agreements, as of October 1, 2016. Unsecured Subordinated Promissory Note In connection with an acquisition, Performance Food Group, Inc. issued a $6.0 million interest only, unsecured subordinated promissory note on December 21, 2012, bearing an interest rate of 3.5%. Interest is payable quarterly in arrears. The $6.0 million principal is due in a lump sum in December 2017. All amounts outstanding under this promissory note become immediately due and payable upon the occurrence of a change in control of the Company or PFGC, which includes the sale, lease, or transfer of all or substantially all of the assets of PFGC. This promissory note was initially recorded at its fair value of $4.2 million. The difference between the principal and the initial fair value of the promissory note is being amortized as additional interest expense on a straight-line basis over the life of the promissory note, which approximates the effective yield method. For the first quarter of fiscal 2017 and 2016, interest expense included $0.1 million related to this amortization. As of October 1, 2016, the carrying value of the promissory note was $5.5 million.

Derivatives and Hedging Activit

Derivatives and Hedging Activities	3 Months Ended
	Oct. 01, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	6. Derivatives and Hedging Activities Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates and diesel fuel costs. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and payments related to the Company’s borrowings and diesel fuel purchases. The effective portion of changes in the fair value of derivatives that are both designated and qualify as cash flow hedges is recorded in other comprehensive income and subsequently reclassified into earnings in the period that the hedged transaction occurs. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. Since the Company has a substantial portion of its debt in variable-rate instruments, it accomplishes this objective with interest rate swaps. These swaps are designated as cash flow hedges and involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. All of the Company’s interest rate swaps are designated and qualify as cash flow hedges. As of October 1, 2016, Performance Food Group, Inc. had nine interest rate swaps with a combined $850 million notional amount. The following table summarizes the outstanding Swap Agreements as of October 1, 2016 (in millions): Effective Date Maturity Date Notional Amount Fixed Rate Swapped June 30, 2014 June 30, 2017 200.0 1.52 % June 30, 2014 June 30, 2017 100.0 1.52 % August 9, 2013 August 9, 2018 200.0 1.51 % June 30, 2017 June 30, 2019 50.0 1.13 % June 30, 2017 June 30, 2020 50.0 1.23 % June 30, 2017 June 30, 2020 50.0 1.25 % June 30, 2017 June 30, 2020 50.0 1.26 % August 9, 2018 August 9, 2021 75.0 1.21 % August 9, 2018 August 9, 2021 75.0 1.20 % The tables below present the effect of the interest rate swaps designated as hedging relationships on the consolidated statement of operations for the three-month periods ended October 1, 2016 and September 26, 2015: (in millions) Three months Three months Amount of (gain) loss recognized in OCI, pre-tax $ (1.6 ) $ 3.8 Tax expense (benefit) 0.6 (1.7 ) Amount of (gain) loss recognized in OCI, after-tax $ (1.0 ) $ 2.1 Amount of (loss) gain reclassified from OCI into interest expense, pre-tax $ (1.2 ) $ (2.0 ) Tax benefit 0.4 0.8 Amount of (loss) gain reclassified from OCI into interest expense, after-tax $ (0.8 ) $ (1.2 ) As interest payments are made on the Company’s variable rate debt, amounts are reclassified from Accumulated other comprehensive loss to Interest expense. The Company recorded $0.4 million ineffectiveness on interest rate swaps during the three months ended October 1, 2016. The Company recorded no ineffectiveness on interest rate swaps during the three months ended September 26, 2015. During the twelve months ending September 30, 2017, the Company estimates that an additional $3.8 million will be reclassified to interest expense. Hedges of Forecasted Diesel Fuel Purchases From time to time, Performance Food Group, Inc. enters into costless collar arrangements to manage its exposure to variability in cash flows expected to be paid for its forecasted purchases of diesel fuel. As of October 1, 2016, Performance Food Group, Inc. was a party to six such arrangements, with an aggregate 9.0 million gallon original notional amount, of which an aggregate 6.8 million gallon notional amount was remaining. The remaining 6.8 million gallon forecasted purchases of diesel fuel are expected to be made between October 1, 2016 and December 31, 2017. The fuel collar instruments do not qualify for hedge accounting. Accordingly, the derivative instruments are recorded as an asset or liability on the balance sheet at fair value and any changes in fair value are recorded in the period of change as unrealized gains or losses on fuel hedging instruments and included in Other, net in the accompanying consolidated statement of operations. The Company recorded $0.2 million in unrealized gains and $0.1 million in expense for cash settlements related to these fuel collars for the three-month period ended October 1, 2016, compared to $1.2 million in unrealized losses and $1.0 million in expense for cash settlements related to these fuel collars for the three-month period ended September 26, 2015. The Company does not currently have a payable or receivable related to cash collateral for its derivatives, and therefore it has not established an accounting policy for offsetting the fair value of its derivatives against such balances. The table below presents the fair value of the derivative financial instruments as well as their classification on the balance sheet as of October 1, 2016 and July 2, 2016: (in millions) Balance Sheet Location Fair Value as of Fair Value as of Assets Derivatives not designated as hedges: Diesel fuel collars Other assets $ 0.1 $ 0.1 Total assets 0.1 0.1 Liabilities Derivatives designated as hedges: Interest rate swaps Current derivative liabilities $ 3.7 $ 4.9 Interest rate swaps Long-term derivative liabilities 2.8 4.9 Derivatives not designated as hedges: Diesel fuel collars Current derivative liabilities $ 0.1 $ 0.4 Total liabilities $ 6.6 $ 10.2 All of the Company’s derivative contracts are subject to a master netting arrangement with the respective counterparties that provide for the net settlement of all derivative contracts in the event of default or upon the occurrence of certain termination events. Upon exercise of termination rights by the non-defaulting party (i) all transactions are terminated, (ii) all transactions are valued and the positive value or “in the money” transactions are netted against the negative value or “out of the money” transactions, and (iii) the only remaining payment obligation is of one of the parties to pay the netted termination amount. The Company has elected to present the derivative assets and derivative liabilities on the balance sheet on a gross basis for periods ended October 1, 2016 and July 2, 2016. The tables below present the derivative assets and liability balance, before and after the effects of offsetting, as of October 1, 2016 and July 2, 2016: October 1, 2016 July 2, 2016 (In millions) Gross Gross Amounts Net Gross Gross Amounts Net Total asset derivatives: $ 0.1 $ 0.1 $ — $ 0.1 $ 0.1 $ — Total liability derivatives: 6.6 0.1 6.5 10.2 0.1 10.1 The derivative instruments are the only assets or liabilities that are recorded at fair value on a recurring basis. The fuel collars are exchange-traded commodities and their fair value is derived from valuation models based on certain assumptions regarding market conditions, some of which may be unobservable. Based on the lack of significance of these unobservable inputs, the Company has concluded that these instruments represent Level 2 on the fair value hierarchy. The fair values of the Company’s interest rate swap agreements are determined using a valuation model with several inputs and assumptions, some of which may be unobservable. A specific unobservable input used by the Company in determining the fair value of its interest rate swaps is an estimation of both the unsecured borrowing spread to LIBOR for the Company as well as that of the derivative counterparties. Based on the lack of significance of this estimated spread component to the overall value of the Company’s interest rate swaps, the Company has concluded that these swaps represent Level 2 on the hierarchy. There have been no transfers between levels in the hierarchy from July 2, 2016 to October 1, 2016. Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that provide that if the Company either defaults or is capable of being declared in default on any of its indebtedness, the Company can also be declared in default on its derivative obligations. As of October 1, 2016, and July 2, 2016, the aggregate fair value amount of derivative instruments that contain contingent features was $6.5 million and $10.1 million, respectively. As of October 1, 2016, the Company has not been required to post any collateral related to these agreements. If the Company breached any of these provisions, it would be required to settle its obligations under the agreements at their termination value of $6.5 million.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Oct. 01, 2016
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	7. 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 $1,236.5 million and $1,111.6 million, is $1,259.1 million and $1,127.9 million at October 1, 2016 and July 2, 2016, respectively, and is determined by reviewing current market pricing related to comparable debt issued at the time of the balance sheet date, and is considered a Level 2 measurement.

Income Taxes

Income Taxes	3 Months Ended
	Oct. 01, 2016
Income Tax Disclosure [Abstract]
Income Taxes	8. Income Taxes The determination of the Company’s overall effective tax rate requires significant judgment, the use of estimates and the interpretation and application of complex tax laws. The effective tax rate reflects the income earned and taxed in various United States federal and state jurisdictions. Tax law changes, increases and decreases in temporary and permanent differences between book and tax items, tax credits and the Company’s change in income in each jurisdiction all affect the overall effective tax rate. It is the Company’s practice to recognize interest and penalties related to uncertain tax positions in income tax expense. The Company’s effective tax rate was 37.4% for the three months ending October 1, 2016 and 41.3% for the three months ending September 26, 2015. The effective tax rate varied from the 35% statutory rate primarily due to state taxes, federal credits and other permanent items. The Company adopted ASU 2016-09 Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, As of October 1, 2016 and July 2, 2016, the Company had net deferred tax assets of $43.8 million and $44.6 million, respectively, and deferred tax liabilities of $123.7 million and $125.7 million, respectively. The Company believes that it is more likely than not that the remaining deferred tax assets will be realized. The Company records a liability for Uncertain Tax Positions in accordance with FASB ASC 740-10-25, Income Taxes – General - Recognition

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Oct. 01, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies Purchase Obligations The Company had outstanding contracts and purchase orders for capital projects and services totaling $31.5 million at October 1, 2016. Amounts due under these contracts were not included on the Company’s consolidated balance sheet as of October 1, 2016. Withdrawn Multiemployer Pension Plans Until May 2013, Performance Food Group, Inc. participated in the Central States Southeast and Southwest Areas Pension Fund (“Central States Pension Fund”), a multiemployer pension plan administered by the Teamsters Union, pursuant to which Performance Food Group, Inc. was required to make contributions on behalf of certain union employees. The Central States Pension Fund is underfunded and is in critical status as determined by the Pension Benefit Guaranty Corporation. In connection with a renegotiation of the collective bargaining agreement that had previously required the Company’s participation in the Central States Pension Fund, the Company negotiated the termination of its participation in the Central States Pension Fund and the Company has withdrawn. The Company estimated the total withdrawal liability to be $6.9 million. The Company has made total payments for voluntary withdrawal of this plan in the amount of $1.2 million. As of October 1, 2016, the estimated outstanding withdrawal liability totaled $5.7 million. Guarantees Subsidiaries of the Company have entered into numerous operating leases, including leases of buildings, equipment, tractors, and trailers. 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 7% and 20% of the value of the leased assets at inception of the lease. These leases have original terms ranging from 4 to 8 years and expiration dates ranging from 2016 to 2023. As of October 1, 2016, the undiscounted maximum amount of potential future payments for lease guarantees totaled approximately $23.8 million, which would be mitigated by the fair value of the leased assets at lease expiration. The assessment as to whether it is probable that subsidiaries of the Company will be required to make payments under the terms of the guarantees is based upon their actual and expected loss experience. Consistent with the requirements of FASB ASC 460-10-50, Guarantees-Overall-Disclosure, The Company participates 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 has entered into several agreements to guarantee a portion of the trade payables for such purchasing alliance to their various suppliers as an inducement for these suppliers to extend additional trade credit to the purchasing alliance. In the event of default by the purchasing alliance of their respective trade payables obligations, these suppliers may proceed directly against the Company to collect their trade payables. The terms of these guarantees have expiration dates throughout 2016. As of October 1, 2016, the undiscounted maximum amount of potential payments covered by these guarantees totaled $15.6 million. The Company believes that the likelihood of payment under these guarantees is remote and that any fair value attributable to these guarantees is immaterial; therefore, no liability has been recorded for these obligations in the Company’s consolidated balance sheets. In addition, 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 for 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. Wilder, et al. v. Roma Food Enterprises, Inc., et al. On October 4, 2016, we engaged in mediation with the plaintiffs, and on October 25, 2016, we indicated our non-binding agreement to settle the lawsuit on the basis of a settlement fund of $2.3 million, subject to negotiation of a mutually agreeable settlement agreement and receipt of court approval of that agreement. As of October 1, 2016 the Company accrued $2.3 million for this settlement. Sales Tax Liabilities The Company’s sales and use tax filings are subject to customary audits by authorities in the jurisdictions where it conducts business in the United States, which may result in assessments of additional taxes.

Related-Party Transactions

Related-Party Transactions	3 Months Ended
	Oct. 01, 2016
Related Party Transactions [Abstract]
Related-Party Transactions	10. Related-Party Transactions Transaction and Advisory Fee Agreement The Company is a party to an advisory fee agreement pursuant to which affiliates of The Blackstone Group (“Blackstone”) and affiliates of Wellspring Capital Management (“Wellspring”) provide management certain strategic and structuring advice and certain monitoring, advising, and consulting services to the Company. The advisory fee agreement provides for the payment by the Company of an annual advisory fee and the reimbursement of out of pocket expenses. The annual advisory fee is the greater of $2.5 million or 1.5% of the Company’s consolidated EBITDA (as defined in the advisory fee agreement) for the immediately preceding fiscal year. The payments made under this agreement, which includes reimbursable expenses incurred by Blackstone and Wellspring, totaled $5.5 million and $5.0 million during the three-month periods ended October 1, 2016 and September 26, 2015, respectively. Under its terms, this agreement will terminate no later than the second anniversary of the closing date of the IPO, which was October 6, 2015. Other The Company does business with certain other affiliates of The Blackstone Group. In the three-month period ended October 1, 2016, the Company recorded sales of $9.4 million to certain of these affiliate companies compared to sales of $6.7 million for the three-month period ended September 26, 2015. In the three-month period ended October 1, 2016, the Company recorded purchases from certain of these affiliate companies of $2.6 million. In the three-month period ended September 26, 2015, the Company recorded no purchases from affiliate companies. The Company does not conduct a material amount of business with affiliates of Wellspring Capital Management.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Oct. 01, 2016
Earnings Per Share [Abstract]
Earnings Per Share	11. Earnings Per 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 EPS is calculated using the weighted-average number of common shares and dilutive potential common shares outstanding during the period. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased with the proceeds from the exercise of stock options under the treasury stock method. Potential common shares of 563,076 for the three months ended October 1, 2016 were not included in computing diluted earnings per share because the effect would have been antidilutive. A reconciliation of the numerators and denominators for the basic and diluted EPS computations is as follows: (In millions, except share and per share amounts) Three months Three months Numerator: Net Income $ 12.2 $ 12.2 Denominator: Weighted-average common shares outstanding 99,950,484 86,885,548 Dilutive effect of share-based awards 2,891,328 767,612 Weighted-average dilutive shares outstanding 102,841,812 87,653,160 Basic earnings per share $ 0.12 $ 0.14 Diluted earnings per share $ 0.12 $ 0.14

Segment Information

Segment Information	3 Months Ended
	Oct. 01, 2016
Segment Reporting [Abstract]
Segment Information	12. Segment Information The Company has three reportable segments, as defined by ASC 280 Segment Reporting 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. (In millions) PFS PFG Vistar Corporate Eliminations Consolidated For the three months ended October 1, 2016 Net external sales $ 2,434.7 $ 866.7 $ 740.8 $ 3.9 $ — $ 4,046.1 Inter-segment sales 1.7 0.6 0.7 55.0 (58.0 ) — Total sales 2,436.4 867.3 741.5 58.9 (58.0 ) 4,046.1 EBITDA 73.8 3.9 22.6 (38.4 ) — 61.9 Depreciation and amortization 13.1 5.2 5.2 6.0 — 29.5 Capital expenditures 19.7 2.2 1.4 11.5 — 34.8 For the three months ended September 26, 2015 Net external sales $ 2,366.7 $ 927.0 $ 631.5 $ 3.7 $ — $ 3,928.9 Inter-segment sales 1.7 0.1 0.7 49.6 (52.1 ) — Total sales 2,368.4 927.1 632.2 53.3 (52.1 ) 3,928.9 EBITDA 70.5 7.3 22.4 (30.2 ) — 70.0 Depreciation and amortization 15.2 3.8 4.2 5.0 — 28.2 Capital expenditures 8.5 1.2 0.4 7.6 — 17.7 Total assets by reportable segment, excluding intercompany receivables between segments, are as follows: (In millions) As of As of PFS $ 2,028.1 $ 1,965.1 PFG Customized 627.9 626.2 Vistar 646.5 636.2 Corporate & All Other 225.6 227.9 Total assets $ 3,528.1 $ 3,455.4

Recently Issued Accounting Pr20

Recently Issued Accounting Pronouncements (Policies)	3 Months Ended
	Oct. 01, 2016
Accounting Changes and Error Corrections [Abstract]
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting Recently Issued Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, Revenue from Contracts with Customers (Topic 606): Narrow Scope Improvements and Practical Expedients Companies may use either a full retrospective or modified retrospective approach for adoption of Topic 606. Topic 606, as amended by ASU 2015-14, Revenue from Contracts with Customers – Deferral of the Effective Date, In July 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU 2016-13 related to the measurement of credit losses on financial instruments. The pronouncement changes the impairment model for most financial assets, and will require the use of an “expected loss” model for instruments measured at amortized cost. Under this model, entities will be required to estimate the lifetime expected credit loss on such instruments and record an allowance to offset the amortized cost basis of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019. The Company is in the process of evaluating the impact of this ASU on our future financial statements. In August 2016, the FASB issued ASU 2016-15 related to the classification of certain cash receipts and cash payments on the statement of cash flows. The pronouncement provides clarification guidance on eight specific cash flow presentation issues that have developed due to diversity in practice. The issues include, but are not limited to, debt prepayment or extinguishment costs, settlement of zero-coupon debt, proceeds from the settlement of insurance claims, and cash receipts from payments on beneficial interests in securitization transactions. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted. The Company is in the process of evaluating the impact of this ASU on our future financial statements.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Oct. 01, 2016
Schedule of Debt	Debt consisted of the following: (In millions) As of As of ABL Facility $ 889.7 $ 765.0 5.500% Notes due 2024 350.0 350.0 Promissory Note 6.0 6.0 Less: Original issue discount and deferred financing costs (9.2 ) (9.4 ) Long-term debt 1,236.5 1,111.6 Capital and finance lease obligations 30.1 33.9 Total debt 1,266.6 1,145.5 Less: current installments (2.4 ) (2.4 ) Total debt, excluding current installments $ 1,264.2 $ 1,143.1
ABL Facility [Member]
Schedule of Debt	The following table summarizes outstanding borrowings, availability, and the average interest rate under the ABL Facility: (Dollars in millions) As of As of Aggregate borrowings $ 889.7 $ 765.0 Letters of credit 106.1 97.7 Excess availability, net of lenders’ reserves of $17.5 and $20.9 604.2 725.5 Average interest rate 1.96 % 1.87 %

Derivatives and Hedging Activ22

Derivatives and Hedging Activities (Tables)	3 Months Ended
	Oct. 01, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Outstanding Swap Agreements	The following table summarizes the outstanding Swap Agreements as of October 1, 2016 (in millions): Effective Date Maturity Date Notional Amount Fixed Rate Swapped June 30, 2014 June 30, 2017 200.0 1.52 % June 30, 2014 June 30, 2017 100.0 1.52 % August 9, 2013 August 9, 2018 200.0 1.51 % June 30, 2017 June 30, 2019 50.0 1.13 % June 30, 2017 June 30, 2020 50.0 1.23 % June 30, 2017 June 30, 2020 50.0 1.25 % June 30, 2017 June 30, 2020 50.0 1.26 % August 9, 2018 August 9, 2021 75.0 1.21 % August 9, 2018 August 9, 2021 75.0 1.20 %
Effect of Interest Rate Swaps Designated as Hedging Relationships on Consolidated Statement of Operations	The tables below present the effect of the interest rate swaps designated as hedging relationships on the consolidated statement of operations for the three-month periods ended October 1, 2016 and September 26, 2015: (in millions) Three months Three months Amount of (gain) loss recognized in OCI, pre-tax $ (1.6 ) $ 3.8 Tax expense (benefit) 0.6 (1.7 ) Amount of (gain) loss recognized in OCI, after-tax $ (1.0 ) $ 2.1 Amount of (loss) gain reclassified from OCI into interest expense, pre-tax $ (1.2 ) $ (2.0 ) Tax benefit 0.4 0.8 Amount of (loss) gain reclassified from OCI into interest expense, after-tax $ (0.8 ) $ (1.2 )
Summary of Fair Value of Derivative Financial Instruments	The Company does not currently have a payable or receivable related to cash collateral for its derivatives, and therefore it has not established an accounting policy for offsetting the fair value of its derivatives against such balances. The table below presents the fair value of the derivative financial instruments as well as their classification on the balance sheet as of October 1, 2016 and July 2, 2016: (in millions) Balance Sheet Location Fair Value as of Fair Value as of Assets Derivatives not designated as hedges: Diesel fuel collars Other assets $ 0.1 $ 0.1 Total assets 0.1 0.1 Liabilities Derivatives designated as hedges: Interest rate swaps Current derivative liabilities $ 3.7 $ 4.9 Interest rate swaps Long-term derivative liabilities 2.8 4.9 Derivatives not designated as hedges: Diesel fuel collars Current derivative liabilities $ 0.1 $ 0.4 Total liabilities $ 6.6 $ 10.2
Summary of Derivative Assets and Liability Balance by Type of Financial Instrument Before and After Effects of Offsetting	The tables below present the derivative assets and liability balance, before and after the effects of offsetting, as of October 1, 2016 and July 2, 2016: October 1, 2016 July 2, 2016 (In millions) Gross Gross Amounts Net Gross Gross Amounts Net Total asset derivatives: $ 0.1 $ 0.1 $ — $ 0.1 $ 0.1 $ — Total liability derivatives: 6.6 0.1 6.5 10.2 0.1 10.1

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Oct. 01, 2016
Earnings Per Share [Abstract]
Schedule of Reconciliation of Numerators and Denominators for Basic and Diluted Earnings Per Share Computations	A reconciliation of the numerators and denominators for the basic and diluted EPS computations is as follows: (In millions, except share and per share amounts) Three months Three months Numerator: Net Income $ 12.2 $ 12.2 Denominator: Weighted-average common shares outstanding 99,950,484 86,885,548 Dilutive effect of share-based awards 2,891,328 767,612 Weighted-average dilutive shares outstanding 102,841,812 87,653,160 Basic earnings per share $ 0.12 $ 0.14 Diluted earnings per share $ 0.12 $ 0.14

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Oct. 01, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Corporate & All Other is comprised of corporate overhead and certain operations that are not considered separate reportable segments based on their size. This includes the operations of the Company’s internal logistics unit responsible for managing and allocating inbound logistics revenue and expense. (In millions) PFS PFG Vistar Corporate Eliminations Consolidated For the three months ended October 1, 2016 Net external sales $ 2,434.7 $ 866.7 $ 740.8 $ 3.9 $ — $ 4,046.1 Inter-segment sales 1.7 0.6 0.7 55.0 (58.0 ) — Total sales 2,436.4 867.3 741.5 58.9 (58.0 ) 4,046.1 EBITDA 73.8 3.9 22.6 (38.4 ) — 61.9 Depreciation and amortization 13.1 5.2 5.2 6.0 — 29.5 Capital expenditures 19.7 2.2 1.4 11.5 — 34.8 For the three months ended September 26, 2015 Net external sales $ 2,366.7 $ 927.0 $ 631.5 $ 3.7 $ — $ 3,928.9 Inter-segment sales 1.7 0.1 0.7 49.6 (52.1 ) — Total sales 2,368.4 927.1 632.2 53.3 (52.1 ) 3,928.9 EBITDA 70.5 7.3 22.4 (30.2 ) — 70.0 Depreciation and amortization 15.2 3.8 4.2 5.0 — 28.2 Capital expenditures 8.5 1.2 0.4 7.6 — 17.7
Summary Assets by Reportable Segment , Excluding Intercompany Receivables	Total assets by reportable segment, excluding intercompany receivables between segments, are as follows: (In millions) As of As of PFS $ 2,028.1 $ 1,965.1 PFG Customized 627.9 626.2 Vistar 646.5 636.2 Corporate & All Other 225.6 227.9 Total assets $ 3,528.1 $ 3,455.4

Recently Issued Accounting Pr25

Recently Issued Accounting Pronouncements - Additional Information (Detail) - Accounting Standards Update 2016-09 [Member] - Adjustments for New Accounting Principle, Early Adoption [Member] $ in Millions	3 Months Ended
	Oct. 01, 2016USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative-effect adjustment to retained earnings, after-tax	$ 0.5
Excess tax benefits related to exercised and vested share-based compensation awards recorder with in income tax expense	0.5
Excess tax benefits related to employee stock-based compensation presented as cash flows from operating activities	$ 0.5

Business Combinations - Additio

Business Combinations - Additional Information (Detail) $ in Millions	1 Months Ended	3 Months Ended
	Nov. 08, 2016USD ($)Business-Combination	Oct. 01, 2016USD ($)	Sep. 26, 2015USD ($)
Business Acquisition [Line Items]
Payment for acquisition		$ 14.8	$ 8.9
Business combination, goodwill increased during period		$ 1.2	$ 4.3
Subsequent Event [Member]
Business Acquisition [Line Items]
Payment for acquisition	$ 57.3
Number of acquisitions | Business-Combination	2

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Detail) - USD ($) $ in Millions	Oct. 01, 2016	Jul. 02, 2016
Debt Instrument [Line Items]
Less: Original issue discount and deferred	$ (9.2)	$ (9.4)
Long-term debt	1,236.5	1,111.6
Capital and finance lease obligations	30.1	33.9
Total debt	1,266.6	1,145.5
Total debt	1,266.6	1,145.5
Less: current installments	(2.4)	(2.4)
Total debt, excluding current installments	1,264.2	1,143.1
ABL Facility [Member]
Debt Instrument [Line Items]
Long-term debt, gross	889.7	765
5.500% Senior Notes due 2024 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	350	350
Promissory Note [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 6	$ 6

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	May 17, 2016	Dec. 21, 2012	Oct. 01, 2016	Sep. 26, 2015	Jul. 02, 2016
Debt Instrument [Line Items]
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 will have the right to require Performance Food Group Inc. to make an offer to repurchase each holder’s Notes 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 at any time prior to June 1, 2019 at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus a make-whole premium and accrued and unpaid interest, if any, to, but not including, the redemption date. In addition, beginning on June 1, 2019, Performance Food Group Inc. may redeem all or a part of the Notes at a redemption price equal to 102.750% of the principal amount redeemed. The redemption price decreases to 101.325% and 100.000% of the principal amount redeemed on June 1, 2020 and June 1, 2021, respectively. In addition, at any time prior to June 1, 2019, Performance Food Group Inc. may redeem up to 40% of the Notes from the proceeds of certain equity offerings at a redemption price equal to 105.500% of the principal amount thereof, plus accrued and unpaid interest.
Long-term debt			$ 1,236,500,000		$ 1,111,600,000
Case of Asset Sale [Member]
Debt Instrument [Line Items]
Percentage price of principal amount at which debt can be redeemed	100.00%
Proceeds of Certain Equity Offerings [Member]
Debt Instrument [Line Items]
Percentage price of principal amount at which debt can be redeemed	105.50%
Prior to June 1,2019 [Member]
Debt Instrument [Line Items]
Percentage price of principal amount at which debt can be redeemed	100.00%
Prior to June 1,2019 [Member] | Proceeds of Certain Equity Offerings [Member]
Debt Instrument [Line Items]
Percentage of debt that can be redeemed from proceeds of certain equity offerings	40.00%
Beginning on June 1,2019 [Member]
Debt Instrument [Line Items]
Percentage price of principal amount at which debt can be redeemed	102.75%
On June 1,2020 [Member]
Debt Instrument [Line Items]
Percentage price of principal amount at which debt can be redeemed	101.325%
On June 1,2021 [Member]
Debt Instrument [Line Items]
Percentage price of principal amount at which debt can be redeemed	100.00%
ABL Facility [Member]
Debt Instrument [Line Items]
Debt instrument description of variable rate			(a) the Base Rate (defined as the greater of (i) the Federal Funds Rate in effect on such date plus 0.5%, (ii) the Prime Rate on such day, or (iii) one month LIBOR plus 1.0%) plus a spread or (b) LIBOR plus a spread.
Credit facility, covenant term			The greater of (i) $130.0 million and (ii) 10% of the lesser of the borrowing base and the revolving credit facility amount for five consecutive business days.
Committed amount to be maintained under the covenant			$ 130,000,000
Covenant borrowing base, percentage			10.00%
ABL Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Credit facility, commitment fee percentage			0.25%
ABL Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Credit facility, commitment fee percentage			0.375%
ABL Facility [Member] | Federal Funds Effective Swap Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
ABL Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
5.500% Senior Notes due 2024 [Member]
Debt Instrument [Line Items]
Debt instruments face amount	$ 350,000,000		$ 350,000,000
Debt instruments amount, interest rate	5.50%		5.50%
Debt instruments maturity year	2,024
Issue price of notes as a percentage of par value			100.00%
Debt Instrument maturity date			Jun. 1, 2024
Unamortized original issue discount			$ 700,000
Unamortized deferred financing costs			8,000,000
Amortization of interest discount and deferred financing costs			200,000
5.500% Senior Notes due 2024 [Member] | Change of Control Triggering Event [Member]
Debt Instrument [Line Items]
Percentage price of principal amount at which debt can be redeemed	101.00%
ABL Facility and Term Facility [Member]
Debt Instrument [Line Items]
Debt covenant restrictive amount			$ 340,000,000
Unsecured Subordinated Promissory Note [Member]
Debt Instrument [Line Items]
Debt instruments face amount		$ 6,000,000
Debt instruments amount, interest rate		3.50%
Debt instruments interest payment term			Quarterly
Debt instruments due date			2017-12
Initial fair value of promissory note related to acquisition		$ 4,200,000
Original issue discount amortization			$ 100,000	$ 100,000
Long-term debt			$ 5,500,000

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	Oct. 01, 2016	Jul. 02, 2016
Debt Instrument [Line Items]
Aggregate borrowings	$ 889.7	$ 765
Letters of credit	106.1	97.7
Excess availability, net of lenders' reserves of $17.5 and $20.9	$ 604.2	$ 725.5
Average interest rate	1.96%	1.87%

Debt - Summary of Outstanding30

Debt - Summary of Outstanding Borrowings, Availability, and Average Interest Rate under ABL Facility (Parenthetical) (Detail) - USD ($) $ in Millions	Oct. 01, 2016	Jul. 02, 2016
ABL Facility [Member]
Debt Instrument [Line Items]
Debt amount reserve by lender	$ 17.5	$ 20.9

Derivatives and Hedging Activ31

Derivatives and Hedging Activities - Additional Information (Detail)	3 Months Ended		15 Months Ended
	Oct. 01, 2016USD ($)Interest_Rates_Swapsgal	Sep. 26, 2015USD ($)	Dec. 31, 2017gal	Jul. 02, 2016USD ($)
Derivative [Line Items]
Reclassification earnings to interest expense	$ 3,800,000
Ineffectiveness on interest rate swaps	$ 400,000	$ 0
Non-monetary notional amount volume | gal	9,000,000
Unrealized gain (losses) on derivative instruments	$ 700,000	(1,200,000)
Expense for cash settlements in derivative instruments	100,000	1,000,000
Aggregate fair value amount of derivative instruments	6,500,000			$ 10,100,000
Termination value of derivatives	$ 6,500,000
Scenario Forecast [Member]
Derivative [Line Items]
Non-monetary notional amount volume | gal			6,800,000
Interest Rate Swaps [Member]
Derivative [Line Items]
Number of interest rate swaps | Interest_Rates_Swaps	9
Notional Amount	$ 850,000,000
Other, Net [Member]
Derivative [Line Items]
Unrealized gain (losses) on derivative instruments	$ 200,000	$ (1,200,000)

Derivatives and Hedging Activ32

Derivatives and Hedging Activities - Schedule of Outstanding Swap Agreements (Detail)	3 Months Ended
	Oct. 01, 2016USD ($)
Interest Rate Swap Agreement One [Member]
Derivative [Line Items]
Effective Date	Jun. 30, 2014
Maturity Date	Jun. 30, 2017
Notional Amount	$ 200,000,000
Fixed Rate Swapped	1.52%
Interest Rate Swap Agreement Two [Member]
Derivative [Line Items]
Effective Date	Jun. 30, 2014
Maturity Date	Jun. 30, 2017
Notional Amount	$ 100,000,000
Fixed Rate Swapped	1.52%
Interest Rate Swap Agreement Three [Member]
Derivative [Line Items]
Effective Date	Aug. 9, 2013
Maturity Date	Aug. 9, 2018
Notional Amount	$ 200,000,000
Fixed Rate Swapped	1.51%
Interest Rate Swap Agreement Four [Member]
Derivative [Line Items]
Effective Date	Jun. 30, 2017
Maturity Date	Jun. 30, 2019
Notional Amount	$ 50,000,000
Fixed Rate Swapped	1.13%
Interest Rate Swap Agreement Five [Member]
Derivative [Line Items]
Effective Date	Jun. 30, 2017
Maturity Date	Jun. 30, 2020
Notional Amount	$ 50,000,000
Fixed Rate Swapped	1.23%
Interest Rate Swap Agreement Six [Member]
Derivative [Line Items]
Effective Date	Jun. 30, 2017
Maturity Date	Jun. 30, 2020
Notional Amount	$ 50,000,000
Fixed Rate Swapped	1.25%
Interest Rate Swap Agreement Seven [Member]
Derivative [Line Items]
Effective Date	Jun. 30, 2017
Maturity Date	Jun. 30, 2020
Notional Amount	$ 50,000,000
Fixed Rate Swapped	1.26%
Interest Rate Swap Agreement Eight [Member]
Derivative [Line Items]
Effective Date	Aug. 9, 2018
Maturity Date	Aug. 9, 2021
Notional Amount	$ 75,000,000
Fixed Rate Swapped	1.21%
Interest Rate Swap Agreement Nine [Member]
Derivative [Line Items]
Effective Date	Aug. 9, 2018
Maturity Date	Aug. 9, 2021
Notional Amount	$ 75,000,000
Fixed Rate Swapped	1.20%

Derivatives and Hedging Activ33

Derivatives and Hedging Activities - Effect of Interest Rate Swaps Designated as Hedging Relationships on Consolidated Statement of Operations (Detail) - USD ($) $ in Millions	3 Months Ended
	Oct. 01, 2016	Sep. 26, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (gain) loss recognized in OCI, after-tax	$ (1)	$ 2.1
Amount of (loss) gain reclassified from OCI into interest expense, after-tax	(0.8)	(1.2)
Cash Flow Hedging [Member] | Derivatives Designated as Hedging Instruments Under ASC 815-20 [Member] | Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (gain) loss recognized in OCI, pre-tax	(1.6)	3.8
Tax expense (benefit)	0.6	(1.7)
Amount of (gain) loss recognized in OCI, after-tax	(1)	2.1
Amount of (loss) gain reclassified from OCI into interest expense, pre-tax	(1.2)	(2)
Tax benefit	0.4	0.8
Amount of (loss) gain reclassified from OCI into interest expense, after-tax	$ (0.8)	$ (1.2)

Derivatives and Hedging Activ34

Derivatives and Hedging Activities - Summary of Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Millions	Oct. 01, 2016	Jul. 02, 2016
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	$ 0.1	$ 0.1
Liability Derivatives Fair Value	6.6	10.2
Derivative liabilities [Member] | Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments Under ASC 815-20 [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives Fair Value	3.7	4.9
Derivative liabilities [Member] | Diesel Fuel Collars [Member] | Derivatives Not Designated as Hedging Instruments Under ASC 815-20 [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives Fair Value	0.1	0.4
Long-Term Derivative Liabilities [Member] | Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments Under ASC 815-20 [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives Fair Value	2.8	4.9
Other Assets [Member] | Diesel Fuel Collars [Member] | Derivatives Not Designated as Hedging Instruments Under ASC 815-20 [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives Fair Value	$ 0.1	$ 0.1

Derivatives and Hedging Activ35

Derivatives and Hedging Activities - Summary of Derivative Assets and Liability Balance by Type of Financial Instrument Before and After Effects of Offsetting (Detail) - USD ($) $ in Millions	Oct. 01, 2016	Jul. 02, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amounts Presented in the Consolidated Balance Sheet	$ 0.1	$ 0.1
Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements	0.1	0.1
Net Amounts	0	0
Gross Amounts Presented in the Consolidated Balance Sheet	6.6	10.2
Gross Amounts Not Offset in the Consolidated Balance Sheet Subject to Netting Agreements	0.1	0.1
Net Amounts	$ 6.5	$ 10.1

Fair Value of Financial Instr36

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	Oct. 01, 2016	Jul. 02, 2016
Reported Value Measurement [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Long-term debt, carrying value	$ 1,236.5	$ 1,111.6
Fair Value Inputs Level 2 [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Fair value of long term debt	$ 1,259.1	$ 1,127.9

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Oct. 01, 2016	Sep. 26, 2015	Jul. 02, 2016
Income Tax Disclosure [Abstract]
Effective income tax rate	37.40%	41.30%
U.S. federal corporate income tax rate	35.00%
Net deferred tax assets	$ 43.8		$ 44.6
Net deferred tax liabilities	123.7		125.7
Unrecognized tax benefits	0.4		$ 0.4
Decrease in unrecognized tax benefits	$ 0.2

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	3 Months Ended
	Oct. 01, 2016	Oct. 25, 2016
Commitments And Contingencies [Line Items]
Outstanding contracts and purchase orders for capital projects and services	$ 31,500,000
Undiscounted maximum amount for guarantees	23,800,000
Future guarantee annual payments	$ 200,000
Minimum [Member]
Commitments And Contingencies [Line Items]
Operating lease agreements range	7.00%
Operating lease expiration term	4 years
Operating lease expiration dates	2,016
Maximum [Member]
Commitments And Contingencies [Line Items]
Operating lease agreements range	20.00%
Operating lease expiration term	8 years
Operating lease expiration dates	2,023
Wilder, et al. v. Roma Food Enterprises, Inc., et al.
Commitments And Contingencies [Line Items]
Accrued litigation settlement Cost	$ 2,300,000
Trade Payables Guarantee [Member]
Commitments And Contingencies [Line Items]
Undiscounted maximum amount for guarantees	$ 15,600,000
Guarantees expiration dates	2,016
Subsequent Event [Member] | Wilder, et al. v. Roma Food Enterprises, Inc., et al.
Commitments And Contingencies [Line Items]
Accrued litigation settlement Cost		$ 2,300,000
Multiemployer Pension Plans [Member]
Commitments And Contingencies [Line Items]
Voluntary withdrawal payment on liability or obligation	$ 1,200,000
Estimated withdrawal liability	6,900,000
Multiemployer Pension Plans [Member] | Current Period Estimates [Member]
Commitments And Contingencies [Line Items]
Multiemployer plans, withdrawal obligation	$ 5,700,000

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Detail) - USD ($)	3 Months Ended
	Oct. 01, 2016	Sep. 26, 2015
Blackstone Group and Affiliates of Wellspring Capital Management [Member]
Related Party Transaction [Line Items]
Description of related party transaction advisory fee payable	The annual advisory fee is the greater of $2.5 million or 1.5% of the Company's consolidated EBITDA (as defined in the advisory fee agreement) for the immediately preceding fiscal year.
Minimum EBITDA amount required for payment	$ 2,500,000
Percentage of EBITDA amount required for payment of annual advisory fee	1.50%
Annual payment and reimbursements to affiliates	$ 5,500,000	$ 5,000,000
Blackstone Group [Member]
Related Party Transaction [Line Items]
Sales to related parties	9,400,000	6,700,000
Purchases from related party	$ 2,600,000	$ 0

Earning Per Share - Additional

Earning Per Share - Additional Information (Detail)	3 Months Ended
	Oct. 01, 2016shares
Earnings Per Share [Abstract]
Potential common shares not included in computing diluted earnings per share due to antidilutive effect	563,076

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Reconciliation of Numerators and Denominators for Basic and Diluted Earnings Per Share Computations (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Oct. 01, 2016	Sep. 26, 2015
Numerator:
Net income	$ 12.2	$ 12.2
Denominator:
Weighted-average common shares outstanding	99,950,484	86,885,548
Dilutive effect of share-based awards	2,891,328	767,612
Weighted-average dilutive shares outstanding	102,841,812	87,653,160
Basic earnings per share	$ 0.12	$ 0.14
Diluted earnings per share	$ 0.12	$ 0.14

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended
	Oct. 01, 2016Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segment Information - Schedule

Segment Information - Schedule of Segment Reporting Information, by Segment (Detail) - USD ($) $ in Millions	3 Months Ended
	Oct. 01, 2016	Sep. 26, 2015
Segment Reporting Information [Line Items]
Net sales	$ 4,046.1	$ 3,928.9
EBITDA	61.9	70
Depreciation and amortization	29.5	28.2
Capital expenditures	34.8	17.7
Performance Foodservice [Member]
Segment Reporting Information [Line Items]
Net sales	2,434.7	2,366.7
EBITDA	73.8	70.5
Depreciation and amortization	13.1	15.2
Capital expenditures	19.7	8.5
PFG Customized [Member]
Segment Reporting Information [Line Items]
Net sales	866.7	927
EBITDA	3.9	7.3
Depreciation and amortization	5.2	3.8
Capital expenditures	2.2	1.2
Vistar [Member]
Segment Reporting Information [Line Items]
Net sales	740.8	631.5
EBITDA	22.6	22.4
Depreciation and amortization	5.2	4.2
Capital expenditures	1.4	0.4
Corporate & All Other [Member]
Segment Reporting Information [Line Items]
Net sales	3.9	3.7
EBITDA	(38.4)	(30.2)
Depreciation and amortization	6	5
Capital expenditures	11.5	7.6
Eliminations [Member]
Segment Reporting Information [Line Items]
Net sales	(58)	(52.1)
Eliminations [Member] | Performance Foodservice [Member]
Segment Reporting Information [Line Items]
Net sales	1.7	1.7
Eliminations [Member] | PFG Customized [Member]
Segment Reporting Information [Line Items]
Net sales	0.6	0.1
Eliminations [Member] | Vistar [Member]
Segment Reporting Information [Line Items]
Net sales	0.7	0.7
Eliminations [Member] | Corporate & All Other [Member]
Segment Reporting Information [Line Items]
Net sales	55	49.6
Operating Segments [Member] | Performance Foodservice [Member]
Segment Reporting Information [Line Items]
Net sales	2,436.4	2,368.4
Operating Segments [Member] | PFG Customized [Member]
Segment Reporting Information [Line Items]
Net sales	867.3	927.1
Operating Segments [Member] | Vistar [Member]
Segment Reporting Information [Line Items]
Net sales	741.5	632.2
Operating Segments [Member] | Corporate & All Other [Member]
Segment Reporting Information [Line Items]
Net sales	$ 58.9	$ 53.3

Segment Information - Summary A

Segment Information - Summary Assets by Reportable Segment, Excluding Intercompany Receivables (Detail) - USD ($) $ in Millions	Oct. 01, 2016	Jul. 02, 2016
Segment Reporting Information [Line Items]
Total assets	$ 3,528.1	$ 3,455.4
Performance Foodservice [Member]
Segment Reporting Information [Line Items]
Total assets	2,028.1	1,965.1
PFG Customized [Member]
Segment Reporting Information [Line Items]
Total assets	627.9	626.2
Vistar [Member]
Segment Reporting Information [Line Items]
Total assets	646.5	636.2
Corporate & All Other [Member]
Segment Reporting Information [Line Items]
Total assets	$ 225.6	$ 227.9