Performance Food (PFGC) 10-Q 5 Feb 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Dec. 28, 2019	Jan. 29, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 28, 2019
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Registrant Name	Performance Food Group Company
Entity Central Index Key	0001618673
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--06-27
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		117,181,486
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	Dec. 28, 2019	Jun. 29, 2019
Current assets:
Cash	$ 12.7	$ 14.7
Accounts receivable, less allowances of $29.7 and $22.0	1,230.1	1,227.3
Inventories, net	1,349.4	1,356.9
Restricted cash	1,078.2
Prepaid expenses and other current assets	62.2	71.7
Total current assets	3,732.6	2,670.6
Goodwill	765.8	765.8
Other intangible assets, net	170.3	194.3
Property, plant and equipment, net	983.5	950.5
Operating lease right-of-use assets	391.3
Restricted cash	11	10.7
Other assets	56.6	61.6
Total assets	6,111.1	4,653.5
Current liabilities:
Outstanding checks in excess of deposits	265.2	206.9
Trade accounts payable	1,041.5	1,130.8
Accrued expenses and other current liabilities	413.4	343.3
Finance lease obligations—current installments	24.6	18.3
Operating lease obligations—current installments	78.4
Total current liabilities	1,823.1	1,699.3
Long-term debt	2,188.4	1,202.9
Deferred income tax liability, net	102	108
Finance lease obligations, excluding current installments	164.5	128.9
Operating lease obligations, excluding current installments	314.6
Other long-term liabilities	140	216.2
Total liabilities	4,732.6	3,355.3
Commitments and contingencies (Note 10)
Shareholders’ equity:
Common Stock: $0.01 par value per share, 1.0 billion shares authorized, 104.4 million shares issued and outstanding as of December 28, 2019; 1.0 billion shares authorized, 103.8 million shares issued and outstanding as of June 29, 2019	1	1
Additional paid-in capital	870.5	866.7
Accumulated other comprehensive loss, net of tax benefit of $0.4 and $0.1	(1)	(0.2)
Retained earnings	508	430.7
Total shareholders’ equity	1,378.5	1,298.2
Total liabilities and shareholders’ equity	$ 6,111.1	$ 4,653.5

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 28, 2019	Jun. 29, 2019
Statement Of Financial Position [Abstract]
Accounts receivable, allowances	$ 29.7	$ 22
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	104,400,000	103,800,000
Common stock, shares outstanding	104,400,000	103,800,000
Accumulated other comprehensive loss, tax benefit	$ 0.4	$ 0.1

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018
Income Statement [Abstract]
Net sales	$ 6,068.6	$ 4,615.7	$ 12,311.6	$ 9,155.4
Cost of goods sold	5,357.4	4,001.1	10,889	7,947.2
Gross profit	711.2	614.6	1,422.6	1,208.2
Operating expenses	630.7	541.6	1,278.6	1,084.6
Operating profit	80.5	73	144	123.6
Other expense, net:
Interest expense	26.4	16	43.7	31.6
Other, net	(0.2)	0.7	(0.2)	0.5
Other expense, net	26.2	16.7	43.5	32.1
Income before taxes	54.3	56.3	100.5	91.5
Income tax expense	13.1	13.2	23.2	20.2
Net income	$ 41.2	$ 43.1	$ 77.3	$ 71.3
Weighted-average common shares outstanding:
Basic	104.3	103.9	104.2	103.7
Diluted	106.4	104.9	106.2	105
Earnings per common share:
Basic	$ 0.39	$ 0.41	$ 0.74	$ 0.69
Diluted	$ 0.39	$ 0.41	$ 0.73	$ 0.68

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 41.2	$ 43.1	$ 77.3	$ 71.3
Interest rate swaps:
Change in fair value, net of tax	0.5	(3)		(2.2)
Reclassification adjustment, net of tax	(0.2)	(0.8)	(0.8)	(1.3)
Other comprehensive income (loss)	0.3	(3.8)	(0.8)	(3.5)
Total comprehensive income	$ 41.5	$ 39.3	$ 76.5	$ 67.8

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions		Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]
Balance Beginning at Jun. 30, 2018		$ 1,135.3	$ 1	$ 861.2	$ 8.3	$ 264.8
Balance Beginning, shares at Jun. 30, 2018			103,200,000
Issuance of common stock under stock-based compensation plans		(0.8)		(0.8)
Issuance of common stock under stock-based compensation plans, shares			800,000
Net income		71.3				71.3
Interest rate swaps		(3.5)			(3.5)
Stock-based compensation expense		8		8
Common stock repurchased		(5.2)		(5.2)
Common stock repurchased, shares			(200,000)
Change in accounting principle	[1]				0.9	(0.9)
Balance Ending at Dec. 29, 2018		1,205.1	$ 1	863.2	5.7	335.2
Balance Ending, shares at Dec. 29, 2018			103,800,000
Balance Beginning at Sep. 29, 2018		1,165.3	$ 1	862.7	9.5	292.1
Balance Beginning, shares at Sep. 29, 2018			103,600,000
Issuance of common stock under stock-based compensation plans		1.5		1.5
Issuance of common stock under stock-based compensation plans, shares			400,000
Net income		43.1				43.1
Interest rate swaps		(3.8)			(3.8)
Stock-based compensation expense		4.2		4.2
Common stock repurchased		(5.2)		(5.2)
Common stock repurchased, shares			(200,000)
Balance Ending at Dec. 29, 2018		1,205.1	$ 1	863.2	5.7	335.2
Balance Ending, shares at Dec. 29, 2018			103,800,000
Balance Beginning at Jun. 29, 2019		$ 1,298.2	$ 1	866.7	(0.2)	430.7
Balance Beginning, shares at Jun. 29, 2019		103,800,000	103,800,000
Issuance of common stock under stock-based compensation plans		$ (5)		(5)
Issuance of common stock under stock-based compensation plans, shares			600,000
Net income		77.3				77.3
Interest rate swaps		(0.8)			(0.8)
Stock-based compensation expense		8.8		8.8
Balance Ending at Dec. 28, 2019		$ 1,378.5	$ 1	870.5	(1)	508
Balance Ending, shares at Dec. 28, 2019		104,400,000	104,400,000
Balance Beginning at Sep. 28, 2019		$ 1,333.1	$ 1	866.6	(1.3)	466.8
Balance Beginning, shares at Sep. 28, 2019			104,200,000
Issuance of common stock under stock-based compensation plans		(0.5)		(0.5)
Issuance of common stock under stock-based compensation plans, shares			200,000
Net income		41.2				41.2
Interest rate swaps		0.3			0.3
Stock-based compensation expense		4.4		4.4
Balance Ending at Dec. 28, 2019		$ 1,378.5	$ 1	$ 870.5	$ (1)	$ 508
Balance Ending, shares at Dec. 28, 2019		104,400,000	104,400,000
[1]	As of the beginning of fiscal 2019, the Company elected to early adopt the provisions of ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities .

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Dec. 28, 2019	Dec. 29, 2018
Cash flows from operating activities:
Net income	$ 77.3	$ 71.3
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	69	54.4
Amortization of intangible assets	17.5	18.2
Amortization of deferred financing costs	1.6	1.7
Provision for losses on accounts receivables	8.9	8.3
Stock compensation expense	8.8	8
Deferred income tax benefit	(5.6)	(4.7)
Other non-cash activities	9.3	0.6
Changes in operating assets and liabilities, net
Accounts receivable	(11.7)	(24.3)
Inventories	7.5	(73.8)
Prepaid expenses and other assets	9.6	32.2
Trade accounts payable	(89.2)	(37.4)
Outstanding checks in excess of deposits	58.3	20.7
Accrued expenses and other liabilities	(3.5)	(5.2)
Net cash provided by operating activities	157.8	70
Cash flows from investing activities:
Purchases of property, plant and equipment	(49)	(60.1)
Net cash paid for acquisitions		(57)
Proceeds from sale of property, plant and equipment	0.5	0.7
Net cash used in investing activities	(48.5)	(116.4)
Cash flows from financing activities:
Net (payments) borrowings under ABL Facility	(72.6)	65.4
Payments on financed property, plant and equipment	(1.4)	(4.6)
Borrowing on Notes due 2027	1,060
Cash paid for acquisitions	(1)	(3.1)
Payments under finance lease obligations	(10.6)	(5.6)
Proceeds from exercise of stock options	2.6	5.3
Cash paid for shares withheld to cover taxes	(7.6)	(6.1)
Repurchases of common stock		(4.6)
Cash paid for debt issuance, extinguishment and modifications	(2.2)
Net cash provided by financing activities	967.2	46.7
Net increase in cash and restricted cash	1,076.5	0.3
Cash and restricted cash, beginning of period	25.4	17.8
Cash and restricted cash, end of period	1,101.9	18.1
Debt assumed through finance lease obligations	52.5	54.1
Purchases of property, plant and equipment, financed	1.3	2.6
Share repurchase payable		0.6
Interest	33.4	32
Income taxes paid (refunds), net	$ 27.8	$ (0.1)

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Reconciliation) - USD ($) $ in Millions		Dec. 28, 2019	Jun. 29, 2019
Supplemental Cash Flow Elements [Abstract]
Cash		$ 12.7	$ 14.7
Restricted cash	[1]	1,089.2	10.7
Total cash and restricted cash		$ 1,101.9	$ 25.4
[1]	Restricted cash is included in current restricted cash and long-term restricted cash on the consolidated balance sheet. The current restricted cash includes the proceeds from the issuance of senior notes that are held in escrow as of December 28, 2019 and were used to fund the acquisition of Reinhart Foodservice, L.L.C (“Reinhart”) that closed on December 30, 2019, as well as funds that will be used for the interest payments on those senior notes. The long-term restricted cash represents the amounts required by insurers to collateralize a part of the deductibles for the Company’s workers’ compensation and liability claims.

Summary of Business Activities

Summary of Business Activities	6 Months Ended
	Dec. 28, 2019
Accounting Policies [Abstract]
Summary of Business Activities	1. Summary of Business Activities Business Overview Performance Food Group Company, through its subsidiaries, markets and distributes primarily national and company-branded food and food-related products to customer locations across the United States. 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 business and industry locations. The Company also specializes in distributing candy, snacks, beverages, cigarettes, other tobacco products and other items nationally to vending distributors, big box retailers, theaters, convenience stores, and hospitality providers. Share Repurchase Program On November 13, 2018, the Board of Directors of the Company (the “Board of Directors”) authorized a share repurchase program for up to $250 million of the Company’s outstanding common stock. The share repurchase program does not have an expiration date and may be amended, suspended, or discontinued at any time. The share repurchase program remains subject to the discretion of the Board of Directors. No shares have been repurchased during fiscal year 2020. During the three months ended December 29, 2018, the Company repurchased and subsequently retired 0.2 million shares of common stock for a total of $5.2 million. As of December 28, 2019, approximately $240.7 million remained available for additional share repurchases. Equity Forward On November 20, 2019, Performance Food Group Company entered into an underwriting agreement related to the issuance and sale of an aggregate of 10,120,000 shares of its common stock, and up to 1,518,000 additional shares at the underwriters’ option, in each case on a forward sale basis. On November 22, 2019, the full option to purchase the 1,518,000 shares of additional common stock shares on a forward basis was exercised by the underwriters, and, on November 25, 2019, the Company closed the offering. The forward sale transaction is classified as an equity transaction, because it is indexed to the Company’s common stock and physical settlement is within the Company’s control. As of December 28, 2019, no amounts have been recorded in the consolidated financial statements with respect to the equity offering. On December 30, 2019, the Company physically settled the forward sale agreement at the forward sale price of $42.70 per share, net of the underwriting discount. The aggregate offering price of the amount of newly issued common stock was $514.9 million. In connection with the offering, the Company paid the underwriters a discount of $1.55 per share, for a total underwriting discount of $18.0 million. In addition, the Company incurred direct offering expenses of $5.9 million. The Company used the $491.0 million net proceeds that it received from the common stock offering to finance the cash consideration payable in connection with the Reinhart acquisition.

Basis of Presentation

Basis of Presentation	6 Months Ended
	Dec. 28, 2019
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 June 29, 2019 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. In the opinion of management, all adjustments, which consist of normal recurring adjustments, except as otherwise disclosed, necessary to present fairly the financial position, results of operations, comprehensive income, shareholders’ equity, and cash flows for all periods presented have been made. The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. The most significant estimates used by management are related to the accounting for the allowance for doubtful accounts, reserve for inventories, impairment testing of goodwill and other intangible assets, acquisition accounting, reserves for claims and recoveries under insurance programs, vendor rebates and other promotional incentives, bonus accruals, depreciation, amortization, determination of useful lives of tangible and intangible assets, leases, and income taxes. Actual results could differ from these estimates. The results of operations are not necessarily indicative of the results to be expected for the full fiscal year. Therefore, these financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form 10-K. Certain footnote disclosures included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to applicable rules and regulations for interim financial statements.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	6 Months Ended
	Dec. 28, 2019
Accounting Changes And Error Corrections [Abstract]
Recently Issued Accounting Pronouncements	3. Recently Issued Accounting Pronouncements Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) The Company’s June 30, 2019 adoption of the new standard resulted in the recognition of operating lease liabilities totaling $423.8 million, based upon the present value of the remaining minimum rental payments using discount rates as of the adoption date, with $82.1 million within Operating lease liabilities - current and $341.7 million within Operating lease liabilities, excluding current installments. In addition, we recorded corresponding Operating lease right-of-use assets totaling $423.0 million based upon the operating lease liabilities adjusted for deferred rent of $11.0 million, favorable lease intangible assets of $5.3 million and prepaid rent and other adjustments of $4.9 million. The new standard did not have a material impact on the consolidated statements of operations and the consolidated statement of cash flows. See Note 7. Leases for further discussion of the Company’s leasing arrangements and required ASC 842 disclosures. Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

Revenue Recognition

Revenue Recognition	6 Months Ended
	Dec. 28, 2019
Revenue From Contract With Customer [Abstract]
Revenue Recognition	4. Revenue Recognition The Company markets and distributes primarily national and company-branded food and food-related products to customer locations across the United States. The Foodservice segment 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 distributes candy, snacks , beverages , cigarettes, other tobacco products and other products to various customer channels. The Company disaggregates revenue by 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 1 3 . 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 to net sales 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 $12.3 million and $10.6 million as of December 28, 2019 and June 29, 2019, respectively.

Business Combinations

Business Combinations	6 Months Ended
	Dec. 28, 2019
Business Combinations [Abstract]
Business Combinations	5 . Business Combinations During the first six months of fiscal 2019, the Company paid cash of $57.0 million for three acquisitions. These acquisitions did not materially affect the Company’s results of operations. The acquisition of Eby-Brown Company LLC (“Eby-Brown”) in the fourth quarter of fiscal 2019 included contingent consideration, including earnout payments in the event certain operating results are achieved during a defined post-closing period. Total contingent consideration outstanding was $88.9 million as of December 28, 2019 and $82.6 million as of June 29, 2019. Earnout liabilities are measured using unobservable inputs that are considered a Level 3 measurement Subsequent to December 28, 2019, the Company acquired Reinhart from Reyes Holdings, L.LC. in a transaction valued at $2.0 billion, or approximately $1.7 billion net of an estimated tax benefit to PFG of approximately $265 million. The $2.0 billion purchase price was financed with $466.5 million of borrowings under the Amended Credit Agreement (as defined below), net proceeds of $1,033.7 million from new senior unsecured Notes due 2027 (as defined below), and net proceeds of $491.0 million from an offering of shares of the Company’s common stock. The Reinhart acquisition expands the Company’s broadline presence by enhancing its distribution footprint in key geographies, and the Company believes it will help achieve its long-term growth goals. The Reinhart acquisition 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 December 30, 2019 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	6 Months Ended
	Dec. 28, 2019
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 December 28, 2019 As of June 29, 2019 ABL Facility $ 786.4 $ 859.0 5.500% Notes due 2024 350.0 350.0 5.500% Notes due 2027 1,060.0 - Less: Original issue discount and deferred financing costs (8.0 ) (6.1 ) Long-term debt 2,188.4 1,202.9 Less: current installments - - Total debt, excluding current installments $ 2,188.4 $ 1,202.9 Credit Agreement As of December 28, 2019, PFGC, Inc. (“PFGC”), a wholly-owned subsidiary of the Company, is a party to the Third Amended and Restated Credit Agreement dated May 17, 2019 (the “ABL Facility”). The ABL Facility has an aggregate principal amount of $2.4 billion and matures on May 17, 2024. Performance Food Group, Inc., a wholly-owned subsidiary of PFGC, is the lead borrower under the ABL Facility, which is jointly and severally guaranteed by, and secured by the majority of the assets of, PFGC and all material domestic direct and indirect wholly-owned subsidiaries of PFGC (other than captive insurance subsidiaries and other excluded subsidiaries). 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 of 0.25% The following table summarizes outstanding borrowings, availability, and the average interest rate under the ABL Facility: (Dollars in millions) As of December 28, 2019 As of June 29, 2019 Aggregate borrowings $ 786.4 $ 859.0 Letters of credit under credit agreements 95.0 89.9 Excess availability, net of lenders’ reserves of $40.3 and $38.6 1,295.2 1,182.7 Average interest rate 3.22 % 4.01 % On December 30, 2019, PFGC and Performance Food Group, Inc. entered into the Fourth Amended and Restated Credit Agreement (the “Amended Credit Agreement”) with Wells Fargo Bank, National Association, as Administrative Agent and Collateral Agent, and the other lenders party thereto, which amends and restates the ABL Facility. The Amended Credit Agreement, among other things, (i) increases the aggregate principal amount available to $3.0 billion and (ii) extends the stated maturity date to December 30, 2024. Like the ABL Facility, the Amended Credit Agreement provides for up to $800 million of uncommitted incremental facilities. Additionally, certain covenants were amended to require the maintenance of a minimum consolidated fixed charge coverage ratio if excess availability falls below the greater of (i) $200.0 million and (ii) 10% of the lesser of the borrowing base and the revolving credit facility amount for five consecutive business days. Senior Notes due 2027 On September 27, 2019, PFG Escrow Corporation (the “Escrow Issuer”), a wholly-owned subsidiary of PFGC, issued and sold $1,060.0 million aggregate principal amount of its 5.500% Senior Notes due 2027 (the “Notes due 2027”). Upon issuance of the Notes due 2027, the gross proceeds of the offering, along with certain additional funds were deposited into a segregated escrow account. Following the completion of the Reinhart acquisition on December 30, 2019 the funds were released from escrow and were used, together with the net proceeds from an offering of shares of the Company’s common stock and borrowings under the Amended Credit Agreement, to fund the cash consideration for the transaction and to pay related fees and expenses. The Escrow Issuer merged with and into Performance Food Group, Inc., with Performance Food Group, Inc. as the surviving entity, and by entry into a supplemental indenture along with PFGC, Performance Food Group, Inc. assumed all of the Escrow Issuer’s obligations as the issuer under the indenture for the Notes due 2027. Additionally, PFGC and each of the subsidiaries of PFGC identified as a guaranteeing subsidiary became a guarantor of the Notes due 2027. The Notes due 2027 were issued at 100.0% of their par value. The Notes due 2027 mature on October 15, 2027 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 due 2027 will have the right to require Performance Food Group, Inc. to repurchase each holder’s Notes due 2027 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 2027 at any time prior to October 15, 2022 at a redemption price equal to 100% of the principal amount of the Notes due 2027 being redeemed plus a make-whole premium and accrued and unpaid interest, if any, to, but not including, the redemption date. In addition, at any time prior to October 15, 2022, Performance Food Group, Inc. may redeem up to 40% of the Notes due 2027 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 due 2027 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 due 2027 also contain customary events of default, the occurrence of which could result in the principal of and accrued interest on the Notes due 2027 to become or be declared due and payable. Senior Notes due 2024 On May 17, 2016, Performance Food Group, Inc. issued and sold $350.0 million aggregate principal amount of its 5.500% Senior Notes due 2024 (the “Notes due 2024”). The Notes due 2024 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 2024 are not guaranteed by Performance Food Group Company. Letters of Credit Facility On August 9, 2018, Performance Food Group, Inc. and PFGC entered into a Continuing Agreement for Letters of Credit (the “Letters of Credit Facility”). The Letters of Credit Facility is an uncommitted facility that provides for the issuance of letters of credit in an aggregate amount not to exceed $40.0 million. Each letter of credit shall have a term not to exceed one year; however, a letter of credit may renew automatically in accordance with its terms. A fee equal to 2.5% per annum on the average daily amount available to be drawn on each day under each outstanding letter of credit is payable quarterly. As of December 28, 2019, the Company has $28.3 million letters of credit outstanding under the Letters of Credit Facility.

Leases

Leases	6 Months Ended
	Dec. 28, 2019
Leases [Abstract]
Leases	7. Leases The Company determines if an arrangement is a lease at inception and recognizes a financing or operating lease liability and right-of-use asset in the Company’s consolidated balance sheet. Right-of-use assets and lease liabilities for both operating and finance leases are recognized based on present value of lease payments over the lease term at commencement date. Since the Company’s leases do not provide an implicit rate, the Company uses the incremental borrowing rate based on the information available at commencement date to determine the present value of lease payments. This rate was determined by using the yield curve based on the Company’s credit rating adjusted for the Company’s specific debt profile and secured debt risk. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The lease expenses for these short-term leases are recognized on a straight-line basis over the lease term. The Company has several lease agreements that contain lease and non-lease components, such as maintenance, taxes, and insurance, which are accounted for separately. The difference between the operating lease right-of-use assets and operating lease liabilities primarily relates to adjustments for deferred rent, favorable leases, and prepaid rent. Subsidiaries of the Company have entered into numerous operating and finance leases for various warehouses, office facilities, equipment, tractors, and trailers. 1 year 20 years 10 years 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 11% of the value of the leased assets at inception of the lease. These leases have original terms ranging from 5 to 8 years and expiration dates ranging from 2020 to 2025. As of December 28, 2019, the undiscounted maximum amount of potential future payments for lease residual value guarantees totaled approximately $23.2 million, which would be mitigated by the fair value of the leased assets at lease expiration. The following table presents the location of the right-of-use assets and lease liabilities in the Company’s consolidated balance sheet as of December 28, 2019 (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 December 28, 2019 Assets: Operating Operating lease right-of-use assets $ 391.3 Finance Property, plant and equipment, net 179.3 Total lease assets $ 570.6 Liabilities: Current Operating Operating lease obligations—current installments $ 78.4 Finance Finance lease obligations—current installments 24.6 Non-current Operating Operating lease obligations, excluding current installments 314.6 Finance Finance lease obligations, excluding current installments 164.5 Total lease liabilities $ 582.1 Weighted average remaining lease term Operating leases 7.6 years Finance leases 7.1 years Weighted average discount rate Operating leases 5.4 % Finance leases 5.6 % The following table presents the location of lease costs in the Company consolidated statement of operations for the three and six months ended December 28, 2019 (in millions): Lease Cost Statement of Operations Location Three months ended December 28, 2019 Six months ended December 28, 2019 Finance lease cost: Amortization of finance lease assets Operating expenses $ 5.8 $ 10.5 Interest on lease liabilities Interest expense 2.7 4.9 Total finance lease cost $ 8.5 $ 15.4 Operating lease cost Operating expenses 26.7 54.8 Short-term lease cost Operating expenses 5.6 11.5 Total lease cost $ 40.8 $ 81.7 Supplemental cash flow information related to leases for the period reported is as follows (in millions): (In millions) Six months ended December 28, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 53.3 Operating cash flows from finance leases 4.9 Financing cash flows from finance leases 10.6 Right-of-use assets obtained in exchange for lease obligations: Operating leases 11.1 Finance leases 52.5 Future minimum lease payments under non-cancelable leases as of December 28, 2019 are as follows (in millions): Fiscal Year Operating Leases Finance Leases Remaining 2020 $ 50.2 $ 17.4 2021 90.6 34.5 2022 74.6 34.0 2023 59.5 32.9 2024 42.4 32.0 Thereafter 176.0 84.0 Total future minimum lease payments $ 493.3 $ 234.8 Less: Interest 100.3 45.7 Present value of future minimum lease payments $ 393.0 $ 189.1 Future minimum lease payments in effect as of June 29, 2019 under non-cancelable leases, as determined prior to the adoption of ASC 842, were as follows (in millions): Fiscal Year Operating Leases Finance Leases 2020 $ 104.7 $ 26.7 2021 89.6 26.3 2022 73.8 25.8 2023 58.2 24.7 2024 40.8 23.9 Thereafter 163.8 58.4 Total future minimum lease payments $ 530.9 $ 185.8 Less: Interest 38.6 Present value of future minimum lease payments $ 147.2 As of December 28, 2019, the Company has additional operating and finance leases that have not yet commenced which total $46.9 million in future minimum lease payments and $1.2 million of residual value guarantees. These leases primarily relate to warehouse leases and will commence in fiscal 2020 with lease terms of 3 to 15 years.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Dec. 28, 2019
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 $2,188.4 million and $1,202.9 million, is $2,280.0 million and $1,216.3 million at December 28, 2019 and June 29, 2019, respectively, and is determined by reviewing current market pricing related to comparable debt issued at the time of the balance sheet date, and is considered a Level 2 measurement.

Income Taxes

Income Taxes	6 Months Ended
	Dec. 28, 2019
Income Tax Disclosure [Abstract]
Income Taxes	9 . Income Taxes The determination of the Company’s overall effective tax rate requires significant judgment, the use of estimates, and the interpretation and application of complex tax laws. The effective tax rate reflects the income earned and taxed in various United States federal 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 24.2% for the three months ended December 28, 2019 and 23.4% for the three months ended December 29, 2018. The Company’s effective tax rate was 23.1% for the six months ended December 28, 2019 and 22.1% for the six months ended December 29, 2018. The effective tax rate varied from the 21% statutory rate primarily due to state taxes, federal credits and other permanent items. The excess tax benefit of exercised and vested stock awards is treated as a discrete item. As of December 28, 2019 and June 29, 2019, the Company had net deferred tax assets of $29.1 million and $29.1 million, respectively, and deferred tax liabilities of $131.1 million and $137.1 million, respectively. As of June 29, 2019, the Company had established a valuation allowance of $0.5 million, net of federal benefit, against deferred tax assets related to certain net operating losses which are not likely to be realized due to limitations on utilization. There was no change in the valuation allowance as of December 28, 2019. 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	6 Months Ended
	Dec. 28, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	10 . Commitments and Contingencies Purchase Obligations The Company had outstanding contracts and purchase orders for capital projects and services totaling $37.4 million at December 28, 2019. Amounts due under these contracts were not included on the Company’s consolidated balance sheet as of December 28, 2019. 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 Reinhart Transaction Commitments As of December 28, 2019, the Company had several outstanding commitments due upon the closing of the acquisition of Reinhart. These commitments, totaling $63.8 million, included $26.0 million of fees related to the Notes due 2027, $4.9 million of fees related to expected additional borrowings under the Amended Credit Agreement, $23.9 million of underwriting and issuance costs for the offering of shares of the Company’s stock, and $9.0 million related to advisory fees for the acquisition. Upon the closing of the Reinhart acquisition on December 30, 2019, these commitments were paid. 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. U.S. Equal Employment Opportunity Commission Lawsuit . In March 2009, the Baltimore Equal Employment Opportunity Commission (“EEOC”) Field Office served the Company with company-wide (excluding, however, our Vistar and Roma Foodservice operations) subpoenas relating to alleged violations of the Equal Pay Act and Title VII of the Civil Rights Act (“Title VII”), seeking certain information from January 1, 2004 to a specified date in the first fiscal quarter of 2009. In August 2009, the EEOC moved to enforce the subpoenas in federal court in Maryland, and the Company opposed the motion. In February 2010, the court ruled that the subpoena related to the Equal Pay Act investigation was enforceable company-wide but on a narrower scope of data than the original subpoena sought (the court ruled that the subpoena was applicable to the transportation, logistics, and warehouse functions of the Company’s broadline distribution centers only and not to the Company’s PFG Customized distribution centers). The Company cooperated with the EEOC on the production of information. In September 2011, the EEOC notified the Company that the EEOC was terminating the investigation into alleged violations of the Equal Pay Act. In determinations issued in September 2012 by the EEOC with respect to the charges on which the EEOC had based its company-wide investigation, the EEOC concluded that the Company engaged in a pattern of denying hiring and promotion to a class of female applicants and employees into certain positions within the transportation, logistics, and warehouse functions within the Company’s broadline division in violation of Title VII. In June 2013, the EEOC filed suit in federal court in Baltimore against the Company. The litigation concerns two issues: (1) whether the Company unlawfully engaged in an ongoing pattern and practice of failing to hire female applicants into operations positions; and (2) whether the Company unlawfully failed to promote one of the three individuals who filed charges with the EEOC because of her gender. The EEOC seeks the following relief in the lawsuit: (1) to permanently enjoin the Company from denying employment to female applicants because of their sex and denying promotions to female employees because of their sex; (2) a court order mandating that the Company institute and carry out policies, procedures, practices and programs which provide equal employment opportunities for females; (3) back pay with prejudgment interest and compensatory damages for a former female employee and an alleged class of aggrieved female applicants; (4) punitive damages; and (5) costs. The court bifurcated the litigation into two phases. In the first phase, the jury will decide whether the Company engaged in a gender-based pattern and practice of discrimination and the individual claims of one former employee. If the EEOC prevails on all counts in the first phase, no monetary relief would be awarded, except possibly for the single individual’s claims, which would be immaterial. The remaining individual claims would then be tried in the second phase. At this stage in the proceedings, the Company cannot estimate either the number of individual trials that could occur in the second phase of the litigation or the value of those claims. For these reasons, the Company is unable to estimate any potential loss or range of loss in the event of an adverse finding in the first and second phases of the litigation. In May 2018, the EEOC filed motions for sanctions against the Company alleging that we failed to preserve certain paper employment applications and e-mails during 2004 – 2009. In the sanctions motions, the EEOC sought a range of remedies, including but not limited to, a default judgment against the Company, or alternatively, an order barring the Company from filing for summary judgment on the EEOC’s pattern and practice claims. The court denied the EEOC’s motions in June 2019, but reserved ruling on whether the unavailability of certain documents will prejudice the EEOC’s ability to present expert testimony at the trial. The parties have filed cross motions for summary judgment, the briefing period has concluded, and the motions are now before the court. There is no specific deadline for the court to issue its ruling on the motions. The Company will continue to vigorously defend itself. Tax Liabilities The Company is subject to customary audits by authorities in the jurisdictions where it conducts business in the United States, which may result in assessments of additional taxes.

Related-Party Transactions

Related-Party Transactions	6 Months Ended
	Dec. 28, 2019
Related Party Transactions [Abstract]
Related-Party Transactions	1 1 . 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 $5.1 million as of December 28, 2019 and $4.6 million as of June 29, 2019. For the three-month periods ended December 28, 2019 and December 29, 2018, the Company recorded purchases of $244.2 million and $206.2 million, respectively, through the purchasing alliance. During the six-month periods ended December 28, 2019 and December 29, 2018, the Company recorded purchases of $498.4 million and $433.1 million, respectively, through the purchasing alliance.

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Dec. 28, 2019
Earnings Per Share [Abstract]
Earnings Per Common Share	1 2 . 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. 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. The dilutive effect of potential common shares includes the impact of the equity forward the Company entered into in the second quarter of fiscal 2020 since the average closing price of the Company’s common stock for the period was higher than the applicable forward sale price. Potential common shares of 0.1 million and 0.1 million for the three and six months ended December 28, 2019, respectively, and 0.5 million and 0.6 million for the three and six months ended December 29, 2018, 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 December 28, 2019 Three months ended December 29, 2018 Six months ended December 28, 2019 Six months ended December 29, 2018 Numerator: Net Income $ 41.2 $ 43.1 $ 77.3 $ 71.3 Denominator: Weighted-average common shares outstanding 104.3 103.9 104.2 103.7 Dilutive effect of potential common shares 2.1 1.0 2.0 1.3 Weighted-average dilutive shares outstanding 106.4 104.9 106.2 105.0 Basic earnings per common share $ 0.39 $ 0.41 $ 0.74 $ 0.69 Diluted earnings per common share $ 0.39 $ 0.41 $ 0.73 $ 0.68

Segment Information

Segment Information	6 Months Ended
	Dec. 28, 2019
Segment Reporting [Abstract]
Segment Information	13. Segment Information The Company has two reportable segments: Foodservice and Vistar. The Foodservice segment markets and distributes food and food-related products to independent restaurants, chain restaurants, and other institutional “food-away-from-home” locations. Foodservice offers a “broad line” of products, including custom-cut meat and seafood, as well as products that are specific to our customer’s menu requirements. The Vistar segment distributes candy, snacks, beverages, cigarettes, other tobacco products, and other products to customers in the vending, office coffee services, theater, retail, convenience store and other channels. Intersegment sales represent sales between the segments, which are eliminated in consolidation. Management evaluates the performance of each operating segment based on various operating and financial metrics, including total sales and EBITDA. Corporate & All Other is comprised of corporate overhead and certain operations that are not considered separate reportable segments based on their size. This includes the operations of the Company’s internal logistics unit responsible for managing and allocating inbound logistics revenue and expense. (In millions) Foodservice Vistar Corporate & All Other Eliminations Consolidated For the three months ended December 28, 2019 Net external sales $ 3,843.9 $ 2,218.6 $ 6.1 $ — $ 6,068.6 Inter-segment sales 3.5 0.6 72.5 (76.6 ) — Total sales 3,847.4 2,219.2 78.6 (76.6 ) 6,068.6 Depreciation and amortization 25.8 11.5 6.5 — 43.8 Capital expenditures 8.1 12.8 5.3 — 26.2 For the three months ended December 29, 2018 Net external sales $ 3,669.3 $ 941.3 $ 5.1 $ — $ 4,615.7 Inter-segment sales 2.6 0.6 64.2 (67.4 ) — Total sales 3,671.9 941.9 69.3 (67.4 ) 4,615.7 Depreciation and amortization 21.7 9.3 6.1 — 37.1 Capital expenditures 25.9 4.0 5.2 — 35.1 (In millions) Foodservice Vistar Corporate & All Other Eliminations Consolidated For the six months ended December 28, 2019 Net external sales $ 7,770.9 $ 4,529.1 $ 11.6 $ — $ 12,311.6 Inter-segment sales 7.4 1.2 147.0 (155.6 ) — Total sales 7,778.3 4,530.3 158.6 (155.6 ) 12,311.6 Depreciation and amortization 50.4 23.1 13.0 — 86.5 Capital expenditures 16.3 21.5 11.2 — 49.0 For the six months ended December 29, 2018 Net external sales $ 7,312.6 $ 1,833.1 $ 9.7 $ — $ 9,155.4 Inter-segment sales 5.3 1.4 129.4 (136.1 ) — Total sales 7,317.9 1,834.5 139.1 (136.1 ) 9,155.4 Depreciation and amortization 42.6 18.2 11.8 — 72.6 Capital expenditures 42.7 6.7 10.7 — 60.1 EBITDA for each reportable segment and Corporate & All Other is presented below along with a reconciliation to consolidated income before taxes. Three Months Ended Six Months Ended December 28, 2019 December 29, 2018 December 28, 2019 December 29, 2018 Foodservice EBITDA $ 113.6 $ 104.3 $ 217.6 $ 196.3 Vistar EBITDA 56.6 45.4 108.1 77.0 Corporate & All Other EBITDA (45.7 ) (40.3 ) (95.0 ) (77.6 ) Depreciation and amortization (43.8 ) (37.1 ) (86.5 ) (72.6 ) Interest expense (26.4 ) (16.0 ) (43.7 ) (31.6 ) Income before taxes $ 54.3 $ 56.3 $ 100.5 $ 91.5 Total assets by reportable segment, excluding intercompany receivables between segments, are as follows: (In millions) As of December 28, 2019 As of June 29, 2019 Foodservice $ 3,299.1 $ 3,152.3 Vistar 1,502.0 1,271.0 Corporate & All Other 1,310.0 230.2 Total assets $ 6,111.1 $ 4,653.5

Summary of Significant Accounti

Summary of Significant Accounting Policies and Estimates (Policies)	6 Months Ended
	Dec. 28, 2019
Accounting Policies [Abstract]
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) The Company’s June 30, 2019 adoption of the new standard resulted in the recognition of operating lease liabilities totaling $423.8 million, based upon the present value of the remaining minimum rental payments using discount rates as of the adoption date, with $82.1 million within Operating lease liabilities - current and $341.7 million within Operating lease liabilities, excluding current installments. In addition, we recorded corresponding Operating lease right-of-use assets totaling $423.0 million based upon the operating lease liabilities adjusted for deferred rent of $11.0 million, favorable lease intangible assets of $5.3 million and prepaid rent and other adjustments of $4.9 million. The new standard did not have a material impact on the consolidated statements of operations and the consolidated statement of cash flows. See Note 7. Leases for further discussion of the Company’s leasing arrangements and required ASC 842 disclosures. Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes
Revenue Recognition	4. Revenue Recognition The Company markets and distributes primarily national and company-branded food and food-related products to customer locations across the United States. The Foodservice segment 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 distributes candy, snacks , beverages , cigarettes, other tobacco products and other products to various customer channels. The Company disaggregates revenue by 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 1 3 . 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 to net sales 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 $12.3 million and $10.6 million as of December 28, 2019 and June 29, 2019, respectively.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Dec. 28, 2019
Schedule of Debt	Debt consisted of the following: (In millions) As of December 28, 2019 As of June 29, 2019 ABL Facility $ 786.4 $ 859.0 5.500% Notes due 2024 350.0 350.0 5.500% Notes due 2027 1,060.0 - Less: Original issue discount and deferred financing costs (8.0 ) (6.1 ) Long-term debt 2,188.4 1,202.9 Less: current installments - - Total debt, excluding current installments $ 2,188.4 $ 1,202.9
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 ABL Facility: (Dollars in millions) As of December 28, 2019 As of June 29, 2019 Aggregate borrowings $ 786.4 $ 859.0 Letters of credit under credit agreements 95.0 89.9 Excess availability, net of lenders’ reserves of $40.3 and $38.6 1,295.2 1,182.7 Average interest rate 3.22 % 4.01 %

Leases (Tables)

Leases (Tables)	6 Months Ended
	Dec. 28, 2019
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 December 28, 2019 (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 December 28, 2019 Assets: Operating Operating lease right-of-use assets $ 391.3 Finance Property, plant and equipment, net 179.3 Total lease assets $ 570.6 Liabilities: Current Operating Operating lease obligations—current installments $ 78.4 Finance Finance lease obligations—current installments 24.6 Non-current Operating Operating lease obligations, excluding current installments 314.6 Finance Finance lease obligations, excluding current installments 164.5 Total lease liabilities $ 582.1 Weighted average remaining lease term Operating leases 7.6 years Finance leases 7.1 years Weighted average discount rate Operating leases 5.4 % Finance leases 5.6 %
Summary of Location of Lease Costs in Consolidated Statement of Operations	The following table presents the location of lease costs in the Company consolidated statement of operations for the three and six months ended December 28, 2019 (in millions): Lease Cost Statement of Operations Location Three months ended December 28, 2019 Six months ended December 28, 2019 Finance lease cost: Amortization of finance lease assets Operating expenses $ 5.8 $ 10.5 Interest on lease liabilities Interest expense 2.7 4.9 Total finance lease cost $ 8.5 $ 15.4 Operating lease cost Operating expenses 26.7 54.8 Short-term lease cost Operating expenses 5.6 11.5 Total lease cost $ 40.8 $ 81.7
Summary of Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases for the period reported is as follows (in millions): (In millions) Six months ended December 28, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 53.3 Operating cash flows from finance leases 4.9 Financing cash flows from finance leases 10.6 Right-of-use assets obtained in exchange for lease obligations: Operating leases 11.1 Finance leases 52.5
Summary of Future Minimum Lease Payments Under Non-Cancelable Leases	Future minimum lease payments under non-cancelable leases as of December 28, 2019 are as follows (in millions): Fiscal Year Operating Leases Finance Leases Remaining 2020 $ 50.2 $ 17.4 2021 90.6 34.5 2022 74.6 34.0 2023 59.5 32.9 2024 42.4 32.0 Thereafter 176.0 84.0 Total future minimum lease payments $ 493.3 $ 234.8 Less: Interest 100.3 45.7 Present value of future minimum lease payments $ 393.0 $ 189.1
Schedule of Future Minimum Lease Payments Under Non-Cancelable Leases Prior to Adoption of ASC 842	Future minimum lease payments in effect as of June 29, 2019 under non-cancelable leases, as determined prior to the adoption of ASC 842, were as follows (in millions): Fiscal Year Operating Leases Finance Leases 2020 $ 104.7 $ 26.7 2021 89.6 26.3 2022 73.8 25.8 2023 58.2 24.7 2024 40.8 23.9 Thereafter 163.8 58.4 Total future minimum lease payments $ 530.9 $ 185.8 Less: Interest 38.6 Present value of future minimum lease payments $ 147.2

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Dec. 28, 2019
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 December 28, 2019 Three months ended December 29, 2018 Six months ended December 28, 2019 Six months ended December 29, 2018 Numerator: Net Income $ 41.2 $ 43.1 $ 77.3 $ 71.3 Denominator: Weighted-average common shares outstanding 104.3 103.9 104.2 103.7 Dilutive effect of potential common shares 2.1 1.0 2.0 1.3 Weighted-average dilutive shares outstanding 106.4 104.9 106.2 105.0 Basic earnings per common share $ 0.39 $ 0.41 $ 0.74 $ 0.69 Diluted earnings per common share $ 0.39 $ 0.41 $ 0.73 $ 0.68

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Dec. 28, 2019
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) Foodservice Vistar Corporate & All Other Eliminations Consolidated For the three months ended December 28, 2019 Net external sales $ 3,843.9 $ 2,218.6 $ 6.1 $ — $ 6,068.6 Inter-segment sales 3.5 0.6 72.5 (76.6 ) — Total sales 3,847.4 2,219.2 78.6 (76.6 ) 6,068.6 Depreciation and amortization 25.8 11.5 6.5 — 43.8 Capital expenditures 8.1 12.8 5.3 — 26.2 For the three months ended December 29, 2018 Net external sales $ 3,669.3 $ 941.3 $ 5.1 $ — $ 4,615.7 Inter-segment sales 2.6 0.6 64.2 (67.4 ) — Total sales 3,671.9 941.9 69.3 (67.4 ) 4,615.7 Depreciation and amortization 21.7 9.3 6.1 — 37.1 Capital expenditures 25.9 4.0 5.2 — 35.1 (In millions) Foodservice Vistar Corporate & All Other Eliminations Consolidated For the six months ended December 28, 2019 Net external sales $ 7,770.9 $ 4,529.1 $ 11.6 $ — $ 12,311.6 Inter-segment sales 7.4 1.2 147.0 (155.6 ) — Total sales 7,778.3 4,530.3 158.6 (155.6 ) 12,311.6 Depreciation and amortization 50.4 23.1 13.0 — 86.5 Capital expenditures 16.3 21.5 11.2 — 49.0 For the six months ended December 29, 2018 Net external sales $ 7,312.6 $ 1,833.1 $ 9.7 $ — $ 9,155.4 Inter-segment sales 5.3 1.4 129.4 (136.1 ) — Total sales 7,317.9 1,834.5 139.1 (136.1 ) 9,155.4 Depreciation and amortization 42.6 18.2 11.8 — 72.6 Capital expenditures 42.7 6.7 10.7 — 60.1
Schedule of EBDITA and Reconciliation to Consolidated Income Before Taxes	EBITDA for each reportable segment and Corporate & All Other is presented below along with a reconciliation to consolidated income before taxes. Three Months Ended Six Months Ended December 28, 2019 December 29, 2018 December 28, 2019 December 29, 2018 Foodservice EBITDA $ 113.6 $ 104.3 $ 217.6 $ 196.3 Vistar EBITDA 56.6 45.4 108.1 77.0 Corporate & All Other EBITDA (45.7 ) (40.3 ) (95.0 ) (77.6 ) Depreciation and amortization (43.8 ) (37.1 ) (86.5 ) (72.6 ) Interest expense (26.4 ) (16.0 ) (43.7 ) (31.6 ) Income before taxes $ 54.3 $ 56.3 $ 100.5 $ 91.5
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 December 28, 2019 As of June 29, 2019 Foodservice $ 3,299.1 $ 3,152.3 Vistar 1,502.0 1,271.0 Corporate & All Other 1,310.0 230.2 Total assets $ 6,111.1 $ 4,653.5

Summary of Business Activities

Summary of Business Activities - Additional Information (Detail) - USD ($)	Dec. 30, 2019	Nov. 22, 2019	Nov. 20, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018	Nov. 13, 2018
Business Description [Line Items]
Repurchased and retired shares, value				$ 5,200,000		$ 5,200,000
Underwriter's Option [Member]
Business Description [Line Items]
Stock issued			10,120,000
Shares issued, aggregate offering price	$ 514,900,000
Underwriting discount per share	$ 1.55
Discounts on underwriting	$ 18,000,000
Direct offering expenses	5,900,000
Net proceeds received from common stock offering	$ 491,000,000
Underwriter's Option [Member] | Forward Sale [Member]
Business Description [Line Items]
Stock issued		1,518,000
Stock issued, price per share	$ 42.70
Maximum [Member] | Underwriter's Option [Member] | Forward Sale [Member]
Business Description [Line Items]
Option to purchase common stock			1,518,000
Common Stock [Member]
Business Description [Line Items]
Number of shares repurchased and retired				200,000		200,000
Share repurchase plan, remaining available amount					$ 240,700,000
Number of shares repurchased					0
Common Stock [Member] | Maximum [Member]
Business Description [Line Items]
Share repurchase program, authorized amount							$ 250,000,000

Recently Issued Accounting Pr_2

Recently Issued Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Millions	Dec. 28, 2019	Jun. 30, 2019
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Operating lease liabilities	$ 393
Operating lease obligations—current installments	78.4
Operating lease liability, noncurrent	314.6
Operating lease, right-of-use asset	$ 391.3
Accounting Standards Update 2016-02 [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Operating lease liabilities		$ 423.8
Operating lease obligations—current installments		82.1
Operating lease liability, noncurrent		341.7
Operating lease, right-of-use asset		423
Operating lease liability, deferred rent		11
Operating lease, intangible assets		5.3
Operating lease, prepaid rent and other adjustments		$ 4.9

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions	Dec. 28, 2019	Jun. 29, 2019
Revenue From Contract With Customer [Abstract]
Contract assets	$ 12.3	$ 10.6

Business Combinations - Additio

Business Combinations - Additional Information (Detail) $ in Millions	1 Months Ended	6 Months Ended
	Feb. 05, 2020USD ($)	Dec. 28, 2019USD ($)Acquisition	Dec. 29, 2018USD ($)	Jun. 29, 2019USD ($)
Business Acquisition [Line Items]
Cash payment for acquisition			$ 57
Number of acquisitions | Acquisition		3
Borrowings		$ 2,188.4		$ 1,202.9
5.500% Senior Notes due 2027 [Member]
Business Acquisition [Line Items]
Long-term debt, net		1,060
Eby-Brown [Member]
Business Acquisition [Line Items]
Total contingent consideration, outstanding		88.9		$ 82.6
Reinhart [Member] | Subsequent Event [Member]
Business Acquisition [Line Items]
Business combination, purchase price	$ 2,000
Business combination, purchase price net of tax benefit	1,700
Business combination, estimated tax benefit	265
Net proceeds from offering common stock	491
Reinhart [Member] | Amended Credit Agreement [Member] | Subsequent Event [Member]
Business Acquisition [Line Items]
Borrowings	466.5
Reinhart [Member] | 5.500% Senior Notes due 2027 [Member] | Subsequent Event [Member]
Business Acquisition [Line Items]
Long-term debt, net	$ 1,033.7
Business Acquisition Cost [Member]
Business Acquisition [Line Items]
Cash payment for acquisition		$ 57

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Detail) - USD ($) $ in Millions	Dec. 28, 2019	Jun. 29, 2019
Debt Instrument [Line Items]
Less: Original issue discount and deferred financing costs	$ (8)	$ (6.1)
Long-term debt	2,188.4	1,202.9
Total debt, excluding current installments	2,188.4	1,202.9
ABL Facility [Member]
Debt Instrument [Line Items]
Long-term debt, gross	786.4	859
5.500% Senior Notes due 2024 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	350	$ 350
5.500% Senior Notes due 2027 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,060

Debt - Schedule of Debt (Parent

Debt - Schedule of Debt (Parenthetical) (Detail)	May 17, 2016	Dec. 28, 2019	Sep. 27, 2019
5.500% Senior Notes due 2024 [Member]
Debt Instrument [Line Items]
Debt instruments amount, interest rate	5.50%	5.50%
Debt instruments maturity year	2024	2024
5.500% Senior Notes due 2027 [Member]
Debt Instrument [Line Items]
Debt instruments amount, interest rate		5.50%	5.50%
Debt instruments maturity year		2027

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	Dec. 30, 2019	Sep. 27, 2019	Aug. 09, 2018	May 17, 2016	Dec. 28, 2019	Jun. 29, 2019
Letters of Credit Facility [Member]
Debt Instrument [Line Items]
Letters of credit, maximum borrowing capacity			$ 40,000,000
Percentage fee on average daily amount available to be drawn on each day under each outstanding letter of credit			2.50%
Letter of credits, outstanding amount					$ 28,300,000
Maximum [Member] | Letters of Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument, term			1 year
ABL Facility [Member]
Debt Instrument [Line Items]
Debt instruments face amount					$ 2,400,000,000
Credit facility, maturity date					May 17, 2024
Debt instrument description of variable rate					(a) the Base Rate (defined as the greater of (i) the Federal Funds Rate in effect on such date plus 0.5%, (ii) the Prime Rate on such day, or (iii) one month LIBOR plus 1.0%) plus a spread or (b) LIBOR plus a spread.
Letter of credits, outstanding amount					$ 95,000,000	$ 89,900,000
ABL Facility [Member] | Federal Funds Effective Swap Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate					0.50%
ABL Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread on variable rate					1.00%
ABL Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Credit facility, commitment fee percentage					0.25%
Amended Credit Agreement [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Debt instruments face amount	$ 3,000,000,000
Credit facility, maturity date	Dec. 30, 2024
Committed amount to be maintained under the covenant	$ 200,000,000
Covenant borrowing base, percentage	10.00%
Credit facility, covenant term	the greater of (i) $200.0 million and (ii) 10% of the lesser of the borrowing base and the revolving credit facility amount for five consecutive business days.
Amended Credit Agreement [Member] | Maximum [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Credit facility, uncommitted incremental facilities	$ 800,000,000
5.500% Senior Notes due 2027 [Member]
Debt Instrument [Line Items]
Debt instruments face amount		$ 1,060,000,000
Debt instruments amount, interest rate		5.50%			5.50%
Issue price of notes as a percentage of par value		100.00%
Debt Instrument maturity date		Oct. 15, 2027
Debt instruments frequency of payments					semi-annually
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 2027 will have the right to require Performance Food Group, Inc. to repurchase each holder’s Notes due 2027 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.
Percentage price of principal amount at which debt can be redeemed		100.00%
Debt instruments maturity year					2027
5.500% Senior Notes due 2027 [Member] | Change of Control Triggering Event [Member]
Debt Instrument [Line Items]
Percentage price of principal amount at which debt can be redeemed		101.00%
5.500% Senior Notes due 2027 [Member] | Case of Asset Sale [Member]
Debt Instrument [Line Items]
Percentage price of principal amount at which debt can be redeemed		100.00%
5.500% Senior Notes due 2027 [Member] | Beginning on October 15, 2022 [Member]
Debt Instrument [Line Items]
Percentage price of principal amount at which debt can be redeemed		102.75%
5.500% Senior Notes due 2027 [Member] | On October 15, 2023 [Member]
Debt Instrument [Line Items]
Percentage price of principal amount at which debt can be redeemed		101.375%
5.500% Senior Notes due 2027 [Member] | On October 15, 2024 [Member]
Debt Instrument [Line Items]
Percentage price of principal amount at which debt can be redeemed		100.00%
5.500% Senior Notes due 2027 [Member] | Prior to October 15, 2022 [Member]
Debt Instrument [Line Items]
Percentage price of principal amount at which debt can be redeemed		105.50%
5.500% Senior Notes due 2027 [Member] | Maximum [Member]
Debt Instrument [Line Items]
Early debt redemption percentage		40.00%
5.500% Senior Notes due 2024 [Member]
Debt Instrument [Line Items]
Debt instruments face amount				$ 350,000,000
Debt instruments amount, interest rate				5.50%	5.50%
Debt instruments maturity year				2024	2024

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	Dec. 28, 2019	Jun. 29, 2019
Debt Instrument [Line Items]
Aggregate borrowings	$ 786.4	$ 859
Letters of credit under credit agreements	95	89.9
Excess availability, net of lenders’ reserves of $40.3 and $38.6	$ 1,295.2	$ 1,182.7
Average interest rate	3.22%	4.01%

Debt - Summary of Outstanding_2

Debt - Summary of Outstanding Borrowings, Availability, and Average Interest Rate under ABL Facility (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 28, 2019	Jun. 29, 2019
ABL Facility [Member]
Debt Instrument [Line Items]
Debt amount reserve by lender	$ 40.3	$ 38.6

Leases - Additional Information

Leases - Additional Information (Detail) $ in Millions	6 Months Ended
	Dec. 28, 2019USD ($)
Lessee Lease Description [Line Items]
Operating lease renewal term	10 years
Operating lease, Option to extend	true
Operating lease, Option to extend description	options to extend the leases for up to 10 years
Operating lease, Option to terminate description	options to terminate the leases within 1 year
Operating lease, Option to terminate	true
Finance lease renewal term	10 years
Finance lease, Option to extend	true
Finance lease, Option to extend description	options to extend the leases for up to 10 years
Finance lease, Option to terminate description	options to terminate the leases within 1 year
Finance lease, Option to terminate	true
Undiscounted maximum amount for guarantees	$ 23.2
Future minimum operating lease and finance lease payments, not yet commenced	$ 46.9
Operating leases commencement year	2020
Residual value guarantee	$ 1.2
Minimum [Member]
Lessee Lease Description [Line Items]
Operating lease remaining term	1 year
Finance lease remaining term	1 year
Percentage of residual value guarantee under operating lease	7.00%
Operating lease expiration term	5 years
Operating lease expiration year	2020
Operating leases, not yet commenced, lease term	3 years
Maximum [Member]
Lessee Lease Description [Line Items]
Operating lease remaining term	20 years
Finance lease remaining term	20 years
Percentage of residual value guarantee under operating lease	11.00%
Operating lease expiration term	8 years
Operating lease expiration year	2025
Operating leases, not yet commenced, lease term	15 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	Dec. 28, 2019	Jun. 29, 2019
ASSETS
Operating	$ 391.3
Finance	$ 179.3
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:PropertyPlantAndEquipmentNet
Total lease assets	$ 570.6
Current liabilities:
Operating	78.4
Finance	24.6	$ 18.3
Non-current Liabilities:
Operating	314.6
Finance	164.5	$ 128.9
Total lease liabilities	$ 582.1
Weighted average remaining lease term
Operating leases	7 years 7 months 6 days
Finance leases	7 years 1 month 6 days
Weighted average discount rate
Operating leases	5.40%
Finance leases	5.60%

Leases - Summary of Location of

Leases - Summary of Location of Lease Costs in Consolidated Statement of Operations (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Dec. 28, 2019	Dec. 28, 2019
Finance lease cost:
Amortization of finance lease assets	$ 5.8	$ 10.5
Interest on lease liabilities	2.7	4.9
Total finance lease cost	8.5	15.4
Operating lease cost	26.7	54.8
Short-term lease cost	5.6	11.5
Total lease cost	$ 40.8	$ 81.7

Leases - Summary of Supplementa

Leases - Summary of Supplemental Cash Flow Information related to Leases (Detail) - USD ($) $ in Millions	6 Months Ended
	Dec. 28, 2019	Dec. 29, 2018
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 53.3
Operating cash flows from finance leases	4.9
Financing cash flows from finance leases	10.6	$ 5.6
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	11.1
Finance leases	$ 52.5

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Lease Payments Under Non-Cancelable Leases (Detail) $ in Millions	Dec. 28, 2019USD ($)
Operating Leases
Remaining 2020	$ 50.2
2021	90.6
2022	74.6
2023	59.5
2024	42.4
Thereafter	176
Total future minimum lease payments	493.3
Less: Interest	100.3
Present value of future minimum lease payments	393
Finance Leases
Remaining 2020	17.4
2021	34.5
2022	34
2023	32.9
2024	32
Thereafter	84
Total future minimum lease payments	234.8
Less: Interest	45.7
Present value of future minimum lease payments	$ 189.1

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments Under Non-Cancelable Leases Prior to Adoption of ASC 842 (Detail) $ in Millions	Dec. 28, 2019USD ($)
Operating Leases
2020	$ 104.7
2021	89.6
2022	73.8
2023	58.2
2024	40.8
Thereafter	163.8
Total future minimum lease payments	530.9
Finance Leases
2020	26.7
2021	26.3
2022	25.8
2023	24.7
2024	23.9
Thereafter	58.4
Total future minimum lease payments	185.8
Less: Interest	38.6
Present value of future minimum lease payments	$ 147.2

Fair Value of Financial Instr_2

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	Dec. 28, 2019	Jun. 29, 2019
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Long-term debt	$ 2,188.4	$ 1,202.9
Reported Value Measurement [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Long-term debt	2,188.4	1,202.9
Fair Value Inputs Level 2 [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Fair value of long term debt	$ 2,280	$ 1,216.3

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018	Jun. 29, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate	24.20%	23.40%	23.10%	22.10%
U.S. federal corporate income tax rate	21.00%
Net deferred tax assets	$ 29,100,000		$ 29,100,000		$ 29,100,000
Net deferred tax liabilities	131,100,000		131,100,000		137,100,000
Valuation allowance	0		0		500,000
Unrecognized tax benefits	$ 1,800,000		1,800,000		$ 1,900,000
Decrease in unrecognized tax benefits			$ 600,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	6 Months Ended
	Dec. 28, 2019USD ($)
Commitments And Contingencies [Line Items]
Outstanding contracts and purchase orders for capital projects and services	$ 37.4
Reinhart [Member]
Commitments And Contingencies [Line Items]
Commitments, total	63.8
Reinhart [Member] | Advisory Fees [Member]
Commitments And Contingencies [Line Items]
Short term commitments, total	9
Reinhart [Member] | Common Stock [Member]
Commitments And Contingencies [Line Items]
Short term commitments, total	23.9
Notes due 2027 [Member] | Reinhart [Member]
Commitments And Contingencies [Line Items]
Commitments, total	26
Amended Credit Agreement [Member] | Reinhart [Member]
Commitments And Contingencies [Line Items]
Commitments, total	$ 4.9

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Detail) - Purchasing Alliance [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018	Jun. 29, 2019
Related Party Transaction [Line Items]
Equity method investments	$ 5.1		$ 5.1		$ 4.6
Purchases from related party	$ 244.2	$ 206.2	$ 498.4	$ 433.1

Earnings Per Common Share - Add

Earnings Per Common Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended		6 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018
Earnings Per Share [Abstract]
Potential common shares not included in computing diluted earnings per common share due to antidilutive effect	0.1	0.5	0.1	0.6

Earnings Per Common Share - Sch

Earnings Per Common Share - Schedule of Reconciliation of Numerators and Denominators for Basic and Diluted Earnings Per Common Share Computations (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018
Numerator:
Net income	$ 41.2	$ 43.1	$ 77.3	$ 71.3
Denominator:
Weighted-average common shares outstanding	104.3	103.9	104.2	103.7
Dilutive effect of potential common shares	2.1	1	2	1.3
Weighted-average dilutive shares outstanding	106.4	104.9	106.2	105
Basic earnings per common share	$ 0.39	$ 0.41	$ 0.74	$ 0.69
Diluted earnings per common share	$ 0.39	$ 0.41	$ 0.73	$ 0.68

Segment Information - Additiona

Segment Information - Additional Information (Detail)	6 Months Ended
	Dec. 28, 2019Segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information - Schedule

Segment Information - Schedule of Segment Reporting Information, by Segment (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018
Segment Reporting Information [Line Items]
Net sales	$ 6,068.6	$ 4,615.7	$ 12,311.6	$ 9,155.4
Depreciation and amortization	43.8	37.1	86.5	72.6
Capital expenditures	26.2	35.1	49	60.1
Foodservice [Member]
Segment Reporting Information [Line Items]
Net sales	3,843.9	3,669.3	7,770.9	7,312.6
Depreciation and amortization	25.8	21.7	50.4	42.6
Capital expenditures	8.1	25.9	16.3	42.7
Vistar [Member]
Segment Reporting Information [Line Items]
Net sales	2,218.6	941.3	4,529.1	1,833.1
Depreciation and amortization	11.5	9.3	23.1	18.2
Capital expenditures	12.8	4	21.5	6.7
Corporate & All Other [Member]
Segment Reporting Information [Line Items]
Net sales	6.1	5.1	11.6	9.7
Depreciation and amortization	6.5	6.1	13	11.8
Capital expenditures	5.3	5.2	11.2	10.7
Eliminations [Member]
Segment Reporting Information [Line Items]
Net sales	(76.6)	(67.4)	(155.6)	(136.1)
Eliminations [Member] | Foodservice [Member]
Segment Reporting Information [Line Items]
Net sales	3.5	2.6	7.4	5.3
Eliminations [Member] | Vistar [Member]
Segment Reporting Information [Line Items]
Net sales	0.6	0.6	1.2	1.4
Eliminations [Member] | Corporate & All Other [Member]
Segment Reporting Information [Line Items]
Net sales	72.5	64.2	147	129.4
Operating Segments [Member] | Foodservice [Member]
Segment Reporting Information [Line Items]
Net sales	3,847.4	3,671.9	7,778.3	7,317.9
Operating Segments [Member] | Vistar [Member]
Segment Reporting Information [Line Items]
Net sales	2,219.2	941.9	4,530.3	1,834.5
Operating Segments [Member] | Corporate & All Other [Member]
Segment Reporting Information [Line Items]
Net sales	$ 78.6	$ 69.3	$ 158.6	$ 139.1

Segment Information - Schedul_2

Segment Information - Schedule of EBDITA and Reconciliation to Consolidated Income Before Taxes (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 28, 2019	Dec. 29, 2018	Dec. 28, 2019	Dec. 29, 2018
Segment Reporting Information [Line Items]
Depreciation and amortization	$ (43.8)	$ (37.1)	$ (86.5)	$ (72.6)
Interest expense	(26.4)	(16)	(43.7)	(31.6)
Income before taxes	54.3	56.3	100.5	91.5
Foodservice [Member]
Segment Reporting Information [Line Items]
EBITDA	113.6	104.3	217.6	196.3
Depreciation and amortization	(25.8)	(21.7)	(50.4)	(42.6)
Vistar [Member]
Segment Reporting Information [Line Items]
EBITDA	56.6	45.4	108.1	77
Depreciation and amortization	(11.5)	(9.3)	(23.1)	(18.2)
Corporate & All Other [Member]
Segment Reporting Information [Line Items]
EBITDA	(45.7)	(40.3)	(95)	(77.6)
Depreciation and amortization	$ (6.5)	$ (6.1)	$ (13)	$ (11.8)

Segment Information - Summary A

Segment Information - Summary Assets by Reportable Segment, Excluding Intercompany Receivables (Detail) - USD ($) $ in Millions	Dec. 28, 2019	Jun. 29, 2019
Segment Reporting Information [Line Items]
Total assets	$ 6,111.1	$ 4,653.5
Foodservice [Member]
Segment Reporting Information [Line Items]
Total assets	3,299.1	3,152.3
Vistar [Member]
Segment Reporting Information [Line Items]
Total assets	1,502	1,271
Corporate & All Other [Member]
Segment Reporting Information [Line Items]
Total assets	$ 1,310	$ 230.2