US Foods Holding (USFD) 10-Q 9 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 30, 2024	May 03, 2024
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 30, 2024
Document Transition Report	false
Entity File Number	001-37786
Entity Registrant Name	US FOODS HOLDING CORP.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-0347906
Entity Address, Address Line One	9399 W. Higgins Road
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Rosemont
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60018
City Area Code	847
Local Phone Number	720-8000
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	USFD
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Outstanding (in shares)		245,866,992
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001665918
Current Fiscal Year End Date	--12-28

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023
Current assets:
Cash and cash equivalents	$ 267	$ 269
Accounts receivable, less allowances of $20 and $18	1,966	1,854
Vendor receivables, less allowances of $6 and $5	210	156
Inventories—net	1,620	1,600
Prepaid expenses	152	138
Other current assets	19	14
Total current assets	4,234	4,031
Property and equipment—net	2,303	2,280
Goodwill	5,697	5,697
Other intangibles—net	796	803
Other assets	360	376
Total assets	13,390	13,187
Current liabilities:
Cash overdraft liability	198	220
Accounts payable	2,273	2,051
Accrued expenses and other current liabilities	651	731
Current portion of long-term debt	116	110
Total current liabilities	3,238	3,112
Long-term debt	4,585	4,564
Deferred tax liabilities	300	293
Other long-term liabilities	442	469
Total liabilities	8,565	8,438
Commitments and contingencies (Note 16)
Shareholders’ equity:
Common stock, $0.01 par value—600 shares authorized; 253.9 issued and 245.8 outstanding as of March 30, 2024, and 252.9 issued and 245.1 outstanding as of December 30, 2023	3	3
Additional paid-in capital	3,668	3,663
Retained earnings	1,591	1,509
Accumulated other comprehensive loss	(113)	(115)
Treasury Stock, 8.1 and 7.8 shares, respectively	(324)	(311)
Total shareholders’ equity	4,825	4,749
Total liabilities and shareholders’ equity	$ 13,390	$ 13,187

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023
Statement of Financial Position [Abstract]
Allowances for accounts receivable	$ 20	$ 18
Allowances for vendor receivables	$ 6	$ 5
Common stock, par value (dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	600,000,000	600,000,000
Common stock, issued (in shares)	253,900,000	252,900,000
Common stock, outstanding (in shares)	245,800,000	245,100,000
Treasury Stock, Common, Shares	8,100,000	7,800,000

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Statement of Comprehensive Income [Abstract]
Net sales	$ 8,949	$ 8,542
Cost of goods sold	7,454	7,117
Gross profit	1,495	1,425
Operating expenses:
Distribution, selling and administrative costs	1,317	1,238
Restructuring costs and asset impairment charges	13	0
Total operating expenses	1,330	1,238
Operating income	165	187
Other income—net	(1)	(1)
Interest expense—net	79	81
Income before income taxes	87	107
Income tax provision	5	25
Net income	82	82
Other comprehensive income —net of tax:
Changes in retirement benefit obligations	2	1
Comprehensive income	84	83
Net income	82	82
Series A convertible preferred stock dividends	0	(7)
Net income available to common shareholders	$ 82	$ 75
Net income per share
EPS basic (in dollars per share)	$ 0.33	$ 0.33
EPS diluted (in dollars per share)	$ 0.33	$ 0.32
Weighted-average common shares outstanding
Basic weighted average shares outstanding (in shares)	245	226
Diluted weighted average shares outstanding (in shares)	248	252

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Loss
Common stock outstanding, beginning balance (in shares) at Dec. 31, 2022		225,200,000
Balance at beginning of period at Dec. 31, 2022	$ 3,961	$ 2	$ 3,036	$ 1,010	$ (14)	$ (73)
Treasury stock, common, beginning balance (in shares) at Dec. 31, 2022					400,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	14		14
Proceeds from employee stock purchase plan (in shares)		200,000
Proceeds from employee stock purchase plan	5		5
Vested restricted stock units, net (in shares)		600,000
Exercise of stock options (in shares)		300,000
Exercise of stock options	7		7
Tax withholding payments for net share-settled equity awards	(11)		(11)
Series A convertible preferred stock conversion to common stock (in shares)		7,600,000
Series A convertible preferred stock conversion to common stock	161		161
Series A convertible preferred stock dividends	(7)			(7)
Changes in retirement benefit obligations, net of income tax	1					1
Common stock repurchased (in shares)					900,000
Common stock repurchased	(34)				$ (34)
Net income	82			82
Common stock outstanding, ending balance (in shares) at Apr. 01, 2023		233,900,000
Balance at end of period at Apr. 01, 2023	$ 4,179	$ 2	3,212	1,085	$ (48)	(72)
Treasury stock, common, ending balance (in shares) at Apr. 01, 2023					1,300,000
Common stock outstanding, beginning balance (in shares) at Dec. 30, 2023	245,100,000	252,900,000
Balance at beginning of period at Dec. 30, 2023	$ 4,749	$ 3	3,663	1,509	$ (311)	(115)
Treasury stock, common, beginning balance (in shares) at Dec. 30, 2023	7,800,000				7,800,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	$ 15		15
Proceeds from employee stock purchase plan (in shares)		100,000
Proceeds from employee stock purchase plan	5		5
Vested restricted stock units, net (in shares)		700,000
Exercise of stock options (in shares)		200,000
Exercise of stock options	5		5
Tax withholding payments for net share-settled equity awards	(20)		(20)
Changes in retirement benefit obligations, net of income tax	2					2
Common stock repurchased (in shares)					300,000
Common stock repurchased	(13)				$ (13)
Net income	$ 82			82
Common stock outstanding, ending balance (in shares) at Mar. 30, 2024	245,800,000	253,900,000
Balance at end of period at Mar. 30, 2024	$ 4,825	$ 3	$ 3,668	$ 1,591	$ (324)	$ (113)
Treasury stock, common, ending balance (in shares) at Mar. 30, 2024	8,100,000				8,100,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Cash flows from operating activities:
Net income	$ 82	$ 82
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	105	98
Gain on disposal of property and equipment—net	0	(1)
Amortization of deferred financing costs	3	7
Deferred tax provision	5	5
Share-based compensation expense	15	14
Provision for doubtful accounts	7	10
Changes in operating assets and liabilities:
Increase in receivables	(173)	(197)
Increase in inventories—net	(20)	(9)
(Increase) decrease in prepaid expenses and other assets	(1)	2
Increase in accounts payable and cash overdraft liability	221	321
Decrease in accrued expenses and other liabilities	(105)	(53)
Net cash provided by operating activities	139	279
Cash flows from investing activities:
Proceeds from sales of property and equipment	1	1
Purchases of property and equipment	(87)	(61)
Net cash used in investing activities	(86)	(60)
Cash flows from financing activities:
Principal payments on debt and financing leases	(457)	(111)
Principal payments on debt repricing	(14)	0
Proceeds from debt repricing	14	0
Proceeds from debt borrowings	426	13
Dividends paid on Series A convertible preferred stock	0	(7)
Repurchase of common stock	(13)	(34)
Debt financing costs and fees	(1)	0
Proceeds from employee stock purchase plan	5	5
Proceeds from exercise of stock options	5	7
Tax withholding payments for net share-settled equity awards	(20)	(11)
Net cash used in financing activities	(55)	(138)
Net (decrease) increase in cash, and cash equivalents and restricted cash	(2)	81
Cash, cash equivalents and restricted cash—beginning of period	269	211
Cash, cash equivalents and restricted cash—end of period	267	292
Supplemental disclosures of cash flow information:
Conversion of Series A Convertible Preferred Stock	0	162
Interest paid—net of amounts capitalized	93	61
Income taxes paid—net	5	3
Property and equipment purchases included in accounts payable	20	17
Leased assets obtained in exchange for financing lease liabilities	56	47
Leased assets obtained in exchange for operating lease liabilities	7	9
Cashless exercise of stock options	$ 4	$ 1

Overview and Basis of Presentat

Overview and Basis of Presentation	3 Months Ended
	Mar. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Overview and Basis of Presentation	OVERVIEW AND BASIS OF PRESENTATION US Foods Holding Corp., a Delaware corporation, and its consolidated subsidiaries are referred to in these consolidated financial statements and notes as “we,” “our,” “us,” the “Company,” or “US Foods.” US Foods Holding Corp. conducts all of its operations through its wholly owned subsidiary US Foods, Inc. (“USF”) and its subsidiaries. All of the Company’s indebtedness, as further described in Note 9, Debt, is a direct obligation of USF and its subsidiaries. Business Description —The Company, through USF, operates in one business segment in which it markets, sells and distributes fresh, frozen and dry food and non-food products to foodservice customers throughout the United States (“U.S.”). These customers include independently owned single and multi-unit restaurants, regional concepts, national restaurant chains, hospitals, nursing homes, hotels and motels, country clubs, government and military organizations, colleges and universities and retail locations. Basis of Presentation —The Company operates on a 52- or 53-week fiscal year, with all periods ending on a Saturday. When a 53-week fiscal year occurs, the Company reports the additional week in the fiscal fourth quarter. Fiscal years 2024 and 2023 are both 52-week fiscal years. The consolidated financial statements included in this Quarterly Report have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and disclosures normally included in financial statements and notes prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The Company believes that the disclosures included in this Quarterly Report are adequate to make the information presented not misleading. These interim consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes included in the Annual Report on Form 10-K for the fiscal year ended December 30, 2023 (the “2023 Annual Report”). The consolidated interim financial statements reflect all adjustments (consisting of normal recurring items) necessary for the fair presentation of the financial position, results of operations and cash flows for the interim periods presented. The results of operations for interim periods are not necessarily indicative of the results that might be achieved for any other interim period or the full fiscal year.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	RECENT ACCOUNTING PRONOUNCEMENTS Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07 Segment Reporting (“Topic 280”) “Improvements to Reportable Segment Disclosures Topic 280,” which enhances the transparency of segment disclosures primarily related to conclusions on consolidated net income as a measure of segment profit or loss that is most consistent with U.S. GAAP. This guidance also applies to single reportable segment entities. This guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. This guidance is effective on a retrospective basis unless it is impracticable to do so and early adoption is permitted. The Company plans to adopt the provisions of ASU No. 2023-07 at the beginning of the fourth quarter of fiscal year 2024 and does not expect the provisions of the new standard to materially affect our financial position, results of operation or cash flows. In December 2023, the FASB issued ASU No 2023-09 Income Taxes (“Topic 740”) “Improvements to Income Tax Disclosures Topic 740”, which enhances the transparency of income tax disclosures primarily related to rate reconciliation and income taxes paid information. This guidance is effective for fiscal years beginning after December 15, 2024. This guidance is effective on a prospective basis, though retrospective application is permitted. The Company plans to adopt the provisions of ASU No. 2023-09 at the beginning of the first quarter of fiscal year 2025 and does not expect the provisions of the new standard to materially affect our financial position, results of operation or cash flows. In March 2024, the SEC adopted amendments to its rules under the Securities Act and Exchanges Act The Enhancement and Standardization of Climate-Related Disclosures for Investors (“SEC Climate Rule”), which enhances the transparency of climate-related disclosures primarily related to climate-related risks that have materially impacted, or are reasonably likely to have a material impact on, business strategy, results of operations, or financial condition. The SEC has been the subject of various lawsuits since adopting these amendments, and has voluntarily stayed these standards pending further developments on the legal front. Under the currently issued SEC Climate Rule, these amendments would be effective for large accelerated filers for fiscal year 2025. The Company is continuing to monitor developments associated with these standards and has begun to assess the impacts they may have on the Company’s financial position, results of operation and cash flows.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	REVENUE RECOGNITION The Company recognizes revenue when the performance obligation is satisfied, which occurs when a customer obtains control of the promised goods or services. The amount of revenue recognized reflects the consideration which the Company expects to be entitled to receive in exchange for these goods or services. The Company generates substantially all of its revenue from the distribution and sale of food and food-related products and recognizes revenue when title and risk of loss passes to the customer and the customer accepts the goods, which occurs at delivery. Customer sales incentives, such as volume-based rebates or discounts, are treated as a reduction of revenue at the time the revenue is recognized. Sales taxes invoiced to customers and remitted to governmental authorities are excluded from net sales. Shipping and handling costs are treated as fulfillment costs and included in distribution, selling and administrative costs. The Company did not have any material outstanding performance obligations, contract liabilities or capitalized contract acquisition costs as of March 30, 2024 or December 30, 2023. Customer receivables, which are included in accounts receivable, less allowances in the Company’s Consolidated Balance Sheets, were $2.0 billion and $1.9 billion as of March 30, 2024 and December 30, 2023, respectively. The Company has certain customer contracts under which incentives are paid upfront to its customers. These payments have become industry practice and are not related to financing any customer’s business, nor are these payments associated with any distinct good or service to be received from any customer. These incentive payments are capitalized in prepaid expenses and other assets and amortized as a reduction of revenue over the life of the contract or as goods or services are transferred to the customer. The Company’s contract assets for these upfront payments were $40 million and $35 million included in prepaid expenses in the Company’s Consolidated Balance Sheets as of March 30, 2024 and December 30, 2023, respectively, and $43 million and $39 million included in other assets in the Company’s Consolidated Balance Sheets as of March 30, 2024 and December 30, 2023, respectively. The following table presents the disaggregation of revenue for each of the Company’s principal product categories: 13 Weeks Ended March 30, 2024 April 1, 2023 Meats and seafood $ 2,976 $ 2,826 Dry grocery products 1,614 1,551 Refrigerated and frozen grocery products 1,551 1,445 Dairy 927 935 Equipment, disposables and supplies 864 880 Beverage products 509 461 Produce 508 444 Total net sales $ 8,949 $ 8,542

Inventories

Inventories	3 Months Ended
	Mar. 30, 2024
Inventory Disclosure [Abstract]
Inventories	INVENTORIES The Company’s inventories, consisting mainly of food and other food-related products, are primarily considered finished goods. Inventory costs include the purchase price of the product, freight costs to deliver it to the Company’s distribution and retail facilities, and depreciation and labor related to processing facilities and equipment and are net of certain cash or non-cash consideration received from vendors. The Company assesses the need for valuation allowances for slow-moving, excess and obsolete inventories by estimating the net recoverable value of such goods based upon inventory category, inventory age, specifically identified items, and overall economic conditions. The Company records inventories at the lower of cost or market primarily using the last-in, first-out (“LIFO”) method. For our LIFO based inventories, the base year values of beginning and ending inventories are determined using the inventory price index computation method. This “links” current costs to original costs in the base year when the Company adopted LIFO. LIFO reserves in the Company’s Consolidated Balance Sheets were $533 million and $488 million as of March 30, 2024 and December 30, 2023, respectively. As a result of changes in LIFO reserves, cost of goods sold increased $45 million and $20 million for the 13 weeks ended March 30, 2024 and April 1, 2023, respectively.

Allowance For Doubtful Accounts

Allowance For Doubtful Accounts	3 Months Ended
	Mar. 30, 2024
Receivables [Abstract]
Allowance For Doubtful Accounts	ALLOWANCE FOR DOUBTFUL ACCOUNTS The Company performs on-going credit evaluations of its customers and adjusts credit limits based upon payment history and the customer’s current credit worthiness, as determined by the review of their current credit information. Collections and payments from customers are continuously monitored. The Company evaluates the collectability of its accounts receivable and determines the appropriate allowance for doubtful accounts based on a combination of factors. The Company maintains an allowance for doubtful accounts, which is based upon historical experience, future expected losses, as well as specific customer collection issues that have been identified. The Company uses specific criteria to determine uncollectible receivables to be written off, including bankruptcy, accounts referred to outside parties for collection, and accounts past due over specified periods. A summary of the activity in the allowance for doubtful accounts for the 13 weeks ended March 30, 2024 and April 1, 2023 was as follows: March 30, 2024 April 1, 2023 Balance as of beginning of year $ 18 $ 30 Charged to costs and expenses, net 7 10 Customer accounts written off—net of recoveries (5) (8) Balance as of end of period $ 20 $ 32 This table excludes the vendor receivable related allowance for doubtful accounts of $6 million as of March 30, 2024, $5 million as of December 30, 2023, $8 million as of April 1, 2023 and $8 million as of December 31, 2022, respectively.

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	PROPERTY AND EQUIPMENT Property and equipment are stated at cost. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the assets, which range from 3 to 40 years. Property and equipment under financing leases and leasehold improvements are amortized on a straight-line basis over the shorter of the remaining terms of the related leases or the estimated useful lives of the assets, if reasonably assured the Company will purchase the assets at the end of the lease terms. As of March 30, 2024 and December 30, 2023, property and equipment-net included accumulated depreciation of $3,224 million and $3,219 million, respectively. Depreciation expense was $93 million and $87 million for the 13 weeks ended March 30, 2024 and April 1, 2023, respectively.

Goodwill and Other Intangibles

Goodwill and Other Intangibles	3 Months Ended
	Mar. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangibles	GOODWILL AND OTHER INTANGIBLES Goodwill includes the cost of acquired businesses in excess of the fair value of the tangible and other intangible net assets acquired. Other intangible assets include customer relationships, noncompete agreements, amortizable trade names, the brand names comprising the Company’s portfolio of exclusive brands, and trademarks. Brand names and trademarks are indefinite-lived intangible assets and, accordingly, are not subject to amortization, but are subject to impairment assessments as described below. Customer relationships, noncompete agreements and amortizable trade names are intangible assets with definite lives, and are carried at the acquired fair value less accumulated amortization. Customer relationships, noncompete agreements and amortizable trade names are amortized over their estimated useful lives (which range from approximately 3 to 15 years). Amortization expense was $12 million and $11 million for the 13 weeks ended March 30, 2024 and April 1, 2023, respectively. Goodwill and other intangibles—net consisted of the following: March 30, 2024 December 30, 2023 Goodwill $ 5,697 $ 5,697 Other intangibles—net Customer relationships—amortizable: Gross carrying amount $ 720 $ 715 Accumulated amortization (201) (189) Net carrying value 519 526 Trade names—amortizable: Gross carrying amount 4 4 Accumulated amortization (2) (2) Net carrying value 2 2 Noncompete agreements—amortizable: Gross carrying amount 4 4 Accumulated amortization — — Net carrying value 4 4 Brand names and trademarks—not amortizing 271 271 Total other intangibles—net $ 796 $ 803 The increase in the gross carrying amount of customer relationships is attributable to acquisition purchase price adjustments.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS Certain assets and liabilities are carried at fair value under GAAP, under which fair value is a market-based measurement, not an entity-specific measurement. The Company’s fair value measurements are based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, fair value accounting standards establish a fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: • Level 1—observable inputs, such as quoted prices in active markets • Level 2—observable inputs other than those included in Level 1, such as quoted prices for similar assets and liabilities in active or inactive markets that are observable either directly or indirectly, or other inputs that are observable or can be corroborated by observable market data • Level 3—unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions Any transfers of assets or liabilities between Level 1, Level 2, and Level 3 of the fair value hierarchy will be recognized as of the end of the reporting period in which the transfer occurs. There were no transfers between fair value levels in any of the periods presented below. The Company’s assets and liabilities measured at fair value on a recurring basis as of March 30, 2024 and December 30, 2023, aggregated by the level in the fair value hierarchy within which those measurements fall, were as follows: March 30, 2024 Level 1 Level 2 Level 3 Total Assets Money market funds $ 109 $ — $ — $ 109 Interest rate caps — 1 — 1 December 30, 2023 Level 1 Level 2 Level 3 Total Assets Money market funds $ 208 $ — $ — $ 208 Interest rate caps — 1 — 1 There were no significant assets or liabilities on the Company’s Consolidated Balance Sheets measured at fair value on a nonrecurring basis for the periods presented above, except as further disclosed in Note 7, Goodwill and Other Intangibles. Recurring Fair Value Measurements Money Market Funds Money market funds include highly liquid investments with an original maturity of three or fewer months. These funds are valued using quoted market prices in active markets and are classified under Level 1 within the fair value hierarchy. Derivative Financial Instruments The Company has in the past, and may in the future, use interest rate hedges, designated as cash flow hedges, to manage its exposure to interest rate movements in connection with its variable-rate de bt. In April 2023, the Company entered into two, two-year rate cap agreements, which will mature on April 30, 2025, with a total notional amount of $450 million, which effectively cap the interest rate on approximately 24% of the current principal amount of the Term Loan Facilities. The Company’s maximum exposure to the variable component of the interest rate on the Term Loan Facilities will be 5% on the notional amount covered by the interest rate cap. The Company records its interest rate caps in the Consolidated Balance Sheet at fair value, based on projections of cash flows and future interest rates. The determination of fair value includes the consideration of any credit valuation adjustments necessary, giving consideration to the creditworthiness of the respective counterparties or the Company, as appropriate. The following table presents the balance sheet location and fair value of the interest rate caps at March 30, 2024: Balance at March 30, 2024 Balance Sheet Location Fair Value Derivatives designed as hedging instruments Interest rate caps Other current assets $ 1 Interest rate caps Other noncurrent assets $ — The effective portion of gains and losses on the interest rate caps are initially recorded in other comprehensive loss and reclassified to interest expense during the period in which the hedged transaction affects income. There was no ineffectiveness attributable to the Company’s interest rate caps during the 13 weeks ended March 30, 2024. The following table presents the effect of the Company’s interest rate caps in the Consolidated Statement of Comprehensive Income for the 13 weeks ended March 30, 2024: Derivatives in Cash Flow Hedging Relationships Amount of Gain Recognized in Other Comprehensive Loss, net of tax Location of Amounts Reclassified from Accumulated Other Comprehensive Loss Amount of Gain Reclassified from Accumulated Other Comprehensive Loss to Income, net of tax For the 13 weeks ended March 30, 2024 Interest Rate Caps $ — Interest expense ─ net $ — During the next twelve months, the Company estimates $1 million will be reclassified from accumulated other comprehensive loss to income. Other Fair Value Measurements The carrying value of cash, accounts receivable, vendor receivables, cash overdraft liability and accounts payable approximate their fair values due to their short-term maturities. The fair value of the Company’s total debt approximated $4.7 billion and $4.7 billion as of March 30, 2024 and December 30, 2023, respectively, as compared to its carrying value of $4.8 billion and $4.6 billion as of March 30, 2024 and December 30, 2023 respectively. The fair value of the Company’s 6.88% senior unsecured notes due September 15, 2028 (the “Unsecured Senior Notes due 2028”) was $0.5 billion as of both March 30, 2024 and December 30, 2023. The fair value of the Company’s 4.75% unsecured senior notes due February 15, 2029 (the “Unsecured Senior Notes due 2029”) was $0.8 billion and $0.9 billion as of March 30, 2024 and December 30, 2023. The fair value of the Company’s 4.63% unsecured senior notes due June 1, 2030 (the “Unsecured Senior Notes due 2030”) was $0.5 billion as of both March 30, 2024 and December 30, 2023. The fair value of the Company’s 7.25% senior unsecured notes due January 15, 2032 (the “Unsecured Senior Notes due 2032”) was $0.5 billion as of both March 30, 2024 and December 30, 2023. Fair value of the Unsecured Senior Notes due 2028, the Unsecured Senior Notes due 2029, the Unsecured Senior Notes due 2030 and the Unsecured Senior Notes due 2032 is based upon their quoted market prices on the respective dates. The fair value of the Unsecured Senior Notes due 2028, the Unsecured Senior Notes due 2029, the Unsecured Senior Notes due 2030 and the Unsecured Senior Notes due 2032 is classified under Level 2 of the fair value hierarchy. The fair value of the balance of the Company’s debt is primarily classified under Level 3 of the fair value hierarchy, with fair value estimated based upon a combination of the cash outflows expected under these debt facilities, interest rates that are currently available to the Company for debt with similar terms, and estimates of the Company’s overall credit risk.

Debt

Debt	3 Months Ended
	Mar. 30, 2024
Debt Disclosure [Abstract]
Debt	DEBT Total debt consisted of the following: Debt Description Maturity Interest Rate as of March 30, 2024 Carrying Value as of March 30, 2024 Carrying Value as of December 30, 2023 ABL Facility December 7, 2027 8.50% $ — $ — 2019 Incremental Term Loan Facility (net of $10 and $11 of unamortized deferred financing costs, respectively) September 13, 2026 7.44% 1,102 1,105 2021 Incremental Term Loan Facility (net of $3 and $3 of unamortized deferred financing costs, respectively) November 22, 2028 7.33% 719 718 Unsecured Senior Notes due 2028 (net of $4 and $5 of unamortized deferred financing costs, respectively) September 15, 2028 6.88% 496 495 Unsecured Senior Notes due 2029 (net of $6 and $6 of unamortized deferred financing costs, respectively) February 15, 2029 4.75% 894 894 Unsecured Senior Notes due 2030 (net of $4 and $4 of unamortized deferred financing costs, respectively) June 1, 2030 4.63% 496 496 Unsecured Senior Notes due 2032 (net of $5 and $5 of unamortized deferred financing costs, respectively) January 15, 2032 7.25% 495 495 Obligations under financing leases 2024–2037 1.26%-8.31% 491 463 Other debt January 1, 2031 5.75% 8 8 Total debt 4,701 4,674 Current portion of long-term debt (116) (110) Long-term debt $ 4,585 $ 4,564 As of March 30, 2024, after considering interest rate caps that fixed the variable component of the interest rate on a total notional amount of $450 million of the current principal amount of the Term Loan Facilities described below, approximately 30% of the Company’s total debt bore interest at a floating rate. ABL Facility The Company’s asset based senior secured revolving credit facility (the “ABL Facility”) provides the Company with loan commitments having a maximum aggregate principal amount of $2,300 million. The ABL Facility is scheduled to mature on December 7, 2027. Borrowings under the ABL Facility bear interest, at the Company’s periodic election, at a rate equal to the sum of an alternative base rate (“ABR”), as described in the ABL Facility, plus a margin ranging from 0.00% to 0.50% based on USF’s excess availability under the ABL Facility, or the sum of the Term Secured Overnight Financing Rate (“Term SOFR”) plus a margin ranging from 1.00% to 1.50%, based on USF’s excess availability under the ABL Facility, and a credit spread adjustment of 0.10%. The margin under the ABL Facility as of March 30, 2024 was 0.00% for ABR loans and 1.00% for Term SOFR loans. The Company had no outstanding borrowings, and had outstanding letters of credit totaling $542 million, under the ABL Facility as of March 30, 2024. The outstanding letters of credit primarily relate to securing USF’s obligations with respect to its insurance program and certain real estate leases. There was available capacity of $1,758 million under the ABL Facility as of March 30, 2024. Term Loan Facilities Under its term loan credit agreement, the Company has entered into an incremental senior secured term loan facility borrowed in September 2019 (the “2019 Incremental Term Loan Facility”) and an incremental senior secured term loan facility borrowed in November 2021 (the “2021 Incremental Term Loan Facility”). On June 1, 2023, the Company entered into an amendment to its term loan credit agreement to replace the LIBOR-based interest rate option included in the term loan credit agreement with an interest rate option based upon Term SOFR. USF’s maximum exposure to the variable component of the interest rate on the Term Loan Facilities will be 5% on the notional amount covered by the interest rate caps described above. 2019 Incremental Term Loan Facility The 2019 Incremental Term Loan Facility had an outstanding balance of $1,102 million, net of $10 million of unamortized deferred financing costs as of March 30, 2024. Borrowings under the 2019 Incremental Term Loan Facility bear interest at a rate per annum equal to, at USF’s option, either the sum of (i) Term SOFR plus (ii) a credit spread adjustment of (a) 0.11448% for a one-month term, (b) 0.26161% for a three-month term, or (c) 0.42826% for a six month term, (with the sum of Term SOFR and the foregoing credit spread adjustment subject to a Term SOFR “floor” of 0.00%) plus (iii) a margin of 2.00%, or the sum of (i) an ABR, as described in the 2019 Incremental Term Loan Facility plus a margin of 1.00%. The 2019 Incremental Term Loan Facility will mature on September 13, 2026. 2021 Incremental Term Loan Facility The 2021 Incremental Term Loan Facility had an outstanding balance of $719 million, net of $3 million of unamortized deferred financing costs as of March 30, 2024. Borrowings under the 2021 Incremental Term Loan Facility bear interest at a rate per annum equal to, at USF’s option, either the sum of (i) Term SOFR (with the Term SOFR subject to a “floor” of 0.00%) plus (ii) a margin of 2.00% or the sum of (i) an ABR, as described in the 2021 Incremental Term Loan Facility, plus a margin of 1.00%. The 2021 Incremental Term Loan Facility will mature on November 22, 2028. On August 22, 2023, the 2021 Incremental Term Loan Facility was amended to reduce the interest rate margins under the term loan facility to 2.50% for Term SOFR borrowings and 1.50% for ABR borrowings. The Company applied modification accounting to the majority of the continuing lenders as the terms were not substantially different from the terms that applied to those lenders prior to the amendment. For the remaining lenders, the Company applied debt extinguishment accounting. The Company recorded $1 million of third-party costs and a write-off of $1 million of unamortized deferred financing costs, related to the August 22, 2023 amendment in interest expense. Unamortized deferred financing costs of $3 million at December 30, 2023 were carried forward and will be amortized through November 22, 2028, the maturity date of the term loan facility. On February 27, 2024, the 2021 Incremental Term Loan Facility was further amended to reduce the interest rate margins under the term loan facility to 2.00% for Term SOFR borrowings and 1.00% for ABR borrowings and eliminate the credit spread adjustment. The Company applied modification accounting to the majority of the continuing lenders as the terms were not substantially different from the terms that applied to those lenders prior to the amendment. For the remaining lenders, the Company applied debt extinguishment accounting. The Company recorded $1 million of third-party costs related to the February 27, 2024 amendment in interest expense. Unamortized deferred financing costs of $3 million at March 30, 2024 were carried forward and will be amortized through November 22, 2028, the maturity date of the term loan facility. Unsecured Senior Notes due 2028 The Unsecured Senior Notes due 2028 had an outstanding balance of $496 million, net of the $4 million of unamortized deferred financing costs, as of March 30, 2024. The Unsecured Senior Notes due 2028 bear interest at a rate of 6.88% per annum and will mature on September 15, 2028. Unsecured Senior Notes due 2029 The Unsecured Senior Notes due 2029 had an outstanding balance of $894 million, net of $6 million of unamortized deferred financing costs, as of March 30, 2024. The Unsecured Senior Notes due 2029 bear interest at a rate of 4.75% per annum and will mature on February 15, 2029. Unsecured Senior Notes due 2030 The Unsecured Senior Notes due 2030 had an outstanding balance of $496 million, net of $4 million of unamortized deferred financing costs, as of March 30, 2024. The Unsecured Senior Notes due 2030 bear interest at a rate of 4.63% per annum and will mature on June 1, 2030. Unsecured Senior Notes due 2032 The Unsecured Senior Notes due 2032 had an outstanding balance of $495 million, net of the $5 million of unamortized deferred financing costs, as of March 30, 2024. The Unsecured Senior Notes due 2032 bear interest at a rate of 7.25% per annum and will mature on January 15, 2032. Debt Covenants The agreements governing our indebtedness contain customary covenants. These include, among other things, covenants that restrict our ability to incur certain additional indebtedness, create or permit liens on assets, pay dividends, or engage in mergers or consolidations. The Company had approximately $2.0 billion of restricted payment capacity under these covenants, and approximately $2.8 billion of its net assets were restricted after taking into consideration the net deferred tax assets and intercompany balances that eliminate in consolidation as of March 30, 2024.

Restructuring Liabilities

Restructuring Liabilities	3 Months Ended
	Mar. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring Liabilities	RESTRUCTURING LIABILITIES From time to time, the Company may implement initiatives, close or consolidate facilities in an effort to reduce costs and improve operating effectiveness. In connection with these activities, the Company may incur various costs including severance and other employee-related separation costs. During the 13 weeks ended March 30, 2024, the Company incurred net restructuring costs of $13 million primarily related to initiatives to improve operational effectiveness and workforce reductions. During the 13 weeks ended April 1, 2023, the net restructuring costs were de minimis. Net restructuring liabilities were $15 million and $7 million as of March 30, 2024 and December 30, 2023, respectively. The following table summarizes the changes in the restructuring liabilities for the 13 weeks ended March 30, 2024: Severance and Related Costs Facility Closing Costs Total Balance as of December 30, 2023 $ 7 $ — $ 7 Current period costs 13 — 13 Payments, net (5) — (5) Balance at March 30, 2024 $ 15 $ — $ 15

Retirement Plans

Retirement Plans	3 Months Ended
	Mar. 30, 2024
Retirement Benefits [Abstract]
Retirement Plans	RETIREMENT PLANS The Company sponsors a defined benefit pension plan (the “Retirement Plan”) and a 401(k) savings plan for eligible employees, and provides certain postretirement health and welfare benefits to eligible retirees and their dependents. In the quarter ending July 1, 2023, the Company issued a notice of intent to terminate the majority of the Retirement Plan. This was previously approved by the Company’s Board of Directors. Effective December 30, 2023, the Retirement Plan was split into the Retirement Plan that is continuing, the “Ongoing Plan”, and the portion of the Retirement Plan that is terminating, the “Terminating Plan.” The Company has commenced the plan termination process for the Terminating Plan and expects all benefits to be settled during 2024, either through a lump-sum payment to participants or the purchase of an annuity offering on behalf of the participants. As the amount of the settlement depends on a number of factors determined as of the Terminating Plan liquidation date, including the annuity pricing, interest rate environment and asset experience, we are currently unable to determine the ultimate cost of the settlement of the Terminating Plan at this time. The Company does not expect to make significant contributions to the Retirement Plan in fiscal year 2024 for the cost of settlement of the Terminating Plan. The components of net periodic pension benefit credits for Company sponsored defined benefit plans were as follows: 13 Weeks Ended March 30, 2024 April 1, 2023 Components of net periodic pension benefit credits Service cost $ — $ — Interest cost 5 10 Expected return on plan assets (5) (12) Amortization of net loss 2 1 Net periodic pension benefit credits $ 2 $ (1) Other postretirement benefit costs were de minimis for both the 13 weeks ended March 30, 2024 and April 1, 2023. The service cost component of net periodic benefit credits is included in distribution, selling and administrative costs, while the other components of net periodic benefit credits are included in other income—net in the Company’s Consolidated Statements of Comprehensive Income. The Company does not expect to make significant contributions to its defined benefit pension plan in fiscal year 2024. Certain employees are eligible to participate in the Company’s 401(k) plan. The Company made employer matching contributions to the 401(k) plan of $21 million and $17 million for the 13 weeks ended March 30, 2024 and April 1, 2023, respectively. The Company is also required to contribute to various multiemployer pension plans under the terms of collective bargaining agreements that cover certain of its union-represented employees. The Company’s contributions to these plans were $15 million and $13 million for the 13 weeks ended March 30, 2024 and April 1, 2023, respectively.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 30, 2024
Earnings Per Share [Abstract]
Stockholders' Equity	STOCKHOLDERS’ EQUITY Earnings Per Share The Company computes EPS in accordance with Accounting Standards Codification (“ASC”) 260, Earnings per Share . Basic EPS is computed by dividing net income available to common shareholders by the weighted-average number of shares of common stock outstanding. Diluted EPS is computed using the weighted average number of shares of common stock, plus the effect of potentially dilutive securities. The Company applied the treasury method to calculate the dilution impact of share-based awards—stock options, non-vested restricted shares with forfeitable dividend rights, restricted stock units, and employee stock purchase plan deferrals. The Company applies the if-converted method to calculate the dilution impact of the Series A convertible preferred stock (the “Series A Preferred Stock”), if dilutive in the period. For both, the 13 weeks ended March 30, 2024 and April 1, 2023, share-based awards representing 1 million underlying common shares, were not included in the computation because the effect would have been anti-dilutive. The Series A Preferred Stock shares were dilutive for the 13 weeks ended April 1, 2023. For the 13 weeks ended March 30, 2024, there are no Series A Preferred Stock outstanding. The following table sets forth the computation of basic and diluted EPS: 13 Weeks Ended March 30, 2024 April 1, 2023 Numerator: Net income $ 82 $ 82 Less: Series A Preferred Stock Dividends — (7) Net income available to common shareholders $ 82 $ 75 Denominator: Weighted-average common shares outstanding—basic 245 226 Effect of dilutive share-based awards 3 3 Effect of dilutive underlying shares of the Series A Preferred Stock (1) — 23 Weighted-average common shares outstanding—diluted 248 252 Net income per share Basic $ 0.33 $ 0.33 Diluted $ 0.33 $ 0.32 (1) Under the if-converted method, outstanding shares of the Series A Preferred Stock were treated as if converted to common shares for inclusion in the calculation of the weighted-average common shares outstanding—diluted. Under this approach, if converted, there would be no preferred stock outstanding and therefore no Series A Preferred Stock dividend. As of March 30, 2024, there are no Series A Preferred Stock outstanding. Share Repurchase Program On November 2, 2022, our Board of Directors approved a share repurchase program under which the Company is authorized to repurchase up to $500 million of its outstanding common stock. During the 13 weeks ended March 30, 2024, the Company repurchased 283,988 shares at an aggregate purchase price of approximately $13 million under the program. At March 30, 2024, there was approximately $179 million in remaining funds authorized under this program. Additionally, during the 13 weeks ended March 30, 2024, the Company recorded de minimis excise tax associated with common stock repurchases. The size and timing of any repurchases will depend on a number of factors, including share price, general business and market conditions and other factors. Under the share repurchase program, repurchases can be made from time to time using a variety of methods, including open market purchases, privately negotiated transactions, accelerated share repurchases and Rule 10b5-1 trading plans. The share repurchase program does not obligate the Company to acquire any particular amount of shares, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion. The repurchase authorization does not have an expiration date.

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 30, 2024
Equity [Abstract]
Changes in Accumulated Other Comprehensive Loss	CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS The following table presents changes in accumulated other comprehensive loss by component for the periods presented: 13 Weeks Ended March 30, 2024 April 1, 2023 Accumulated other comprehensive loss components Retirement benefit obligations: Balance as of beginning of period (1) $ (116) $ (73) Reclassification adjustments: Amortization of net loss (2) (3) 2 1 Current period comprehensive income, net of tax 2 1 Balance as of end of period (1) $ (114) $ (72) Interest rate Caps: Balance at beginning of period (1) $ 1 $ — Change in fair value of interest rate caps — — Balance at end of period (1) $ 1 $ — Accumulated other comprehensive loss at end of period (1) $ (113) $ (72) (1) Amounts are presented net of tax. (2) Included in the computation of net periodic benefit costs. See Note 11, Retirement Plans, for additional information. (3) Included in other income—net in the Company’s Consolidated Statements of Comprehensive Income.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS As of both March 30, 2024 and December 30, 2023, as reported by the administrative agent of the 2019 and 2021 Incremental Term Loan Facilities, investment funds managed by an affiliate of FMR LLC held approximately $2 million in aggregate principal amount of the 2021 Incremental Term Loan Facility. Certain FMR LLC affiliates also provide administrative and trustee services for the Company’s 401(k) Plan and provide administrative services for other Company sponsored employee benefit plans. Fees earned by FMR LLC affiliates are not material to the Company’s consolidated financial statements.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 30, 2024
Income Tax Disclosure [Abstract]
Income taxes	INCOME TAXES The determination of the Company’s overall effective income tax rate requires the use of estimates. The effective income tax rate reflects the income earned and taxed in U.S. federal and various state jurisdictions based on enacted tax law, permanent differences between book and tax items, tax credits and the Company’s change in relative income in each jurisdiction. The Company estimated its annual effective income tax rate for the full fiscal year and applied the annual effective income tax rate to the results of the 13 weeks ended March 30, 2024 and April 1, 2023, and then recognized the impact of discrete tax items for purposes of determining its year-to-date tax provision. For the 13 weeks ended March 30, 2024, the Company’s effective income tax rate of 6% differed from the 21% federal corporate income tax rate primarily as a result of state income taxes and the recognition of various discrete tax items. These discrete tax items included a tax benefit of $15 million related to a decrease in an unrecognized tax benefit as a result of the expiration of the statute of limitations in several jurisdictions, a tax benefit of $6 million, primarily related to excess tax benefits associated with share-based compensation and a tax expense of $3 million, primarily related to adjustments to prior year provision estimates. For the 13 weeks ended April 1, 2023, the Company’s effective income tax rate of 23% differed from the 21% federal corporate income tax rate primarily as a result of state income taxes and the recognition of various discrete tax items. These discrete tax items included a tax benefit of $4 million, primarily related to excess tax benefits associated with share-based compensation.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Purchase Commitments—The Company enters into purchase orders with vendors and other parties in the ordinary course of business and has a limited number of purchase contracts with certain vendors that require it to buy a predetermined volume of products. The Company had $1,285 million of purchase orders and purchase contract commitments as of March 30, 2024 to be purchased in the remainder of fiscal year 2024 and continuing through fiscal year 2028 and $134 million of information technology commitments through 2027 that are not recorded in the Company’s Consolidated Balance Sheets. The Company has entered into various minimum volume purchase agreements at various pricing terms. Minimum amounts committed to as of March 30, 2024 totaled approximately $1.80 billion. Minimum amounts committed to by year are as follows: Amount (In millions) 2024 $ 693 2025 946 2026 158 2027 — 2028 — To minimize fuel price risk, the Company enters into forward purchase commitments for a portion of its projected diesel fuel requirements. The Company had diesel fuel forward purchase commitments totaling $24 million through December 2024 as of March 30, 2024. Additionally, the Company had electricity forward purchase commitments totaling $5 million through July 2025, as of March 30, 2024. The Company does not measure its forward purchase commitments for fuel and electricity at fair value, as the amounts under contract meet the physical delivery criteria in the normal purchase exception. Legal Proceedings —The Company is subject to a number of legal proceedings arising in the normal course of business. These legal proceedings, whether pending, threatened or unasserted, if decided adversely to or settled by the Company, may result in liabilities material to its financial position, results of operations, or cash flows. The Company has recognized provisions with respect to the proceedings, where appropriate, in its Consolidated Balance Sheets. It is possible that the Company could settle one or more of these proceedings or could be required to make expenditures, in excess of the established provisions, in amounts that cannot be reasonably estimated. However, the Company, at present, believes that the ultimate outcome of these proceedings will not have a material adverse effect on its consolidated financial position, results of operations or cash flows.

Business Information

Business Information	3 Months Ended
	Mar. 30, 2024
Segment Reporting [Abstract]
Business information	BUSINESS INFORMATION The Company’s consolidated results represent the results of its one business segment based on how the Company’s chief operating decision maker, our Chief Executive Officer, views the business for purposes of evaluating performance and making operating decisions. The Company markets, sells and distributes fresh, frozen and dry food and non-food products to foodservice customers throughout the U.S. The Company uses a centralized management structure, and its strategies and initiatives are implemented and executed consistently across the organization to maximize value to the organization as a whole. The Company uses shared resources for sales, procurement, and general and administrative activities across each of its distribution facilities and operations. The Company’s distribution facilities form a single network to reach its customers; it is common for a single customer to make purchases from several different distribution facilities. Capital projects, whether for cost savings or generating incremental revenue, are evaluated based on estimated economic returns to the organization as a whole.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS IWC Food Service Acquisition - On April 5, 2024, the Company completed the acquisition of IWC Food Service for approximately $220 million. The acquisition will allow US Foods to further expand its reach into Tennessee and distribution channels to the southeast United States. The acquisition was a stock acquisition funded with cash on hand. The Company is in the process of measuring the acquired assets and assumed liabilities as of the acquisition date.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Pay vs Performance Disclosure
Net income	$ 82	$ 82

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization, Consolidation and

Organization, Consolidation and Presentation of Financial Statements (Policies)	3 Months Ended
	Mar. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Description	Business Description —The Company, through USF, operates in one business segment in which it markets, sells and distributes fresh, frozen and dry food and non-food products to foodservice customers throughout the United States (“U.S.”). These customers include independently owned single and multi-unit restaurants, regional concepts, national restaurant chains, hospitals, nursing homes, hotels and motels, country clubs, government and military organizations, colleges and universities and retail locations.
Basis of Presentation	The consolidated financial statements included in this Quarterly Report have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and disclosures normally included in financial statements and notes prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The Company believes that the disclosures included in this Quarterly Report are adequate to make the information presented not misleading. These interim consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes included in the Annual Report on Form 10-K for the fiscal year ended December 30, 2023 (the “2023 Annual Report”).
Consolidation	The consolidated interim financial statements reflect all adjustments (consisting of normal recurring items) necessary for the fair presentation of the financial position, results of operations and cash flows for the interim periods presented. The results of operations for interim periods are not necessarily indicative of the results that might be achieved for any other interim period or the full fiscal year
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07 Segment Reporting (“Topic 280”) “Improvements to Reportable Segment Disclosures Topic 280,” which enhances the transparency of segment disclosures primarily related to conclusions on consolidated net income as a measure of segment profit or loss that is most consistent with U.S. GAAP. This guidance also applies to single reportable segment entities. This guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. This guidance is effective on a retrospective basis unless it is impracticable to do so and early adoption is permitted. The Company plans to adopt the provisions of ASU No. 2023-07 at the beginning of the fourth quarter of fiscal year 2024 and does not expect the provisions of the new standard to materially affect our financial position, results of operation or cash flows. In December 2023, the FASB issued ASU No 2023-09 Income Taxes (“Topic 740”) “Improvements to Income Tax Disclosures Topic 740”, which enhances the transparency of income tax disclosures primarily related to rate reconciliation and income taxes paid information. This guidance is effective for fiscal years beginning after December 15, 2024. This guidance is effective on a prospective basis, though retrospective application is permitted. The Company plans to adopt the provisions of ASU No. 2023-09 at the beginning of the first quarter of fiscal year 2025 and does not expect the provisions of the new standard to materially affect our financial position, results of operation or cash flows. In March 2024, the SEC adopted amendments to its rules under the Securities Act and Exchanges Act The Enhancement and Standardization of Climate-Related Disclosures for Investors (“SEC Climate Rule”), which enhances the transparency of climate-related disclosures primarily related to climate-related risks that have materially impacted, or are reasonably likely to have a material impact on, business strategy, results of operations, or financial condition. The SEC has been the subject of various lawsuits since adopting these amendments, and has voluntarily stayed these standards pending further developments on the legal front. Under the currently issued SEC Climate Rule, these amendments would be effective for large accelerated filers for fiscal year 2025. The Company is continuing to monitor developments associated with these standards and has begun to assess the impacts they may have on the Company’s financial position, results of operation and cash flows.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 30, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of revenue by principal product categories	The following table presents the disaggregation of revenue for each of the Company’s principal product categories: 13 Weeks Ended March 30, 2024 April 1, 2023 Meats and seafood $ 2,976 $ 2,826 Dry grocery products 1,614 1,551 Refrigerated and frozen grocery products 1,551 1,445 Dairy 927 935 Equipment, disposables and supplies 864 880 Beverage products 509 461 Produce 508 444 Total net sales $ 8,949 $ 8,542

Allowance for Doubtful Accoun_2

Allowance for Doubtful Accounts (Tables)	3 Months Ended
	Mar. 30, 2024
Receivables [Abstract]
Allowance for doubtful accounts	A summary of the activity in the allowance for doubtful accounts for the 13 weeks ended March 30, 2024 and April 1, 2023 was as follows: March 30, 2024 April 1, 2023 Balance as of beginning of year $ 18 $ 30 Charged to costs and expenses, net 7 10 Customer accounts written off—net of recoveries (5) (8) Balance as of end of period $ 20 $ 32

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	3 Months Ended
	Mar. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill and Other Intangibles, Net	Goodwill and other intangibles—net consisted of the following: March 30, 2024 December 30, 2023 Goodwill $ 5,697 $ 5,697 Other intangibles—net Customer relationships—amortizable: Gross carrying amount $ 720 $ 715 Accumulated amortization (201) (189) Net carrying value 519 526 Trade names—amortizable: Gross carrying amount 4 4 Accumulated amortization (2) (2) Net carrying value 2 2 Noncompete agreements—amortizable: Gross carrying amount 4 4 Accumulated amortization — — Net carrying value 4 4 Brand names and trademarks—not amortizing 271 271 Total other intangibles—net $ 796 $ 803

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets and Liabilities	The Company’s assets and liabilities measured at fair value on a recurring basis as of March 30, 2024 and December 30, 2023, aggregated by the level in the fair value hierarchy within which those measurements fall, were as follows: March 30, 2024 Level 1 Level 2 Level 3 Total Assets Money market funds $ 109 $ — $ — $ 109 Interest rate caps — 1 — 1 December 30, 2023 Level 1 Level 2 Level 3 Total Assets Money market funds $ 208 $ — $ — $ 208 Interest rate caps — 1 — 1
Schedule of Effect of Company Interest Rate Caps on the Balance Sheet	The following table presents the balance sheet location and fair value of the interest rate caps at March 30, 2024: Balance at March 30, 2024 Balance Sheet Location Fair Value Derivatives designed as hedging instruments Interest rate caps Other current assets $ 1 Interest rate caps Other noncurrent assets $ —
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)	The following table presents the effect of the Company’s interest rate caps in the Consolidated Statement of Comprehensive Income for the 13 weeks ended March 30, 2024: Derivatives in Cash Flow Hedging Relationships Amount of Gain Recognized in Other Comprehensive Loss, net of tax Location of Amounts Reclassified from Accumulated Other Comprehensive Loss Amount of Gain Reclassified from Accumulated Other Comprehensive Loss to Income, net of tax For the 13 weeks ended March 30, 2024 Interest Rate Caps $ — Interest expense ─ net $ —

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 30, 2024
Debt Disclosure [Abstract]
Components of total debt	Total debt consisted of the following: Debt Description Maturity Interest Rate as of March 30, 2024 Carrying Value as of March 30, 2024 Carrying Value as of December 30, 2023 ABL Facility December 7, 2027 8.50% $ — $ — 2019 Incremental Term Loan Facility (net of $10 and $11 of unamortized deferred financing costs, respectively) September 13, 2026 7.44% 1,102 1,105 2021 Incremental Term Loan Facility (net of $3 and $3 of unamortized deferred financing costs, respectively) November 22, 2028 7.33% 719 718 Unsecured Senior Notes due 2028 (net of $4 and $5 of unamortized deferred financing costs, respectively) September 15, 2028 6.88% 496 495 Unsecured Senior Notes due 2029 (net of $6 and $6 of unamortized deferred financing costs, respectively) February 15, 2029 4.75% 894 894 Unsecured Senior Notes due 2030 (net of $4 and $4 of unamortized deferred financing costs, respectively) June 1, 2030 4.63% 496 496 Unsecured Senior Notes due 2032 (net of $5 and $5 of unamortized deferred financing costs, respectively) January 15, 2032 7.25% 495 495 Obligations under financing leases 2024–2037 1.26%-8.31% 491 463 Other debt January 1, 2031 5.75% 8 8 Total debt 4,701 4,674 Current portion of long-term debt (116) (110) Long-term debt $ 4,585 $ 4,564

Restructuring Liabilities (Tabl

Restructuring Liabilities (Tables)	3 Months Ended
	Mar. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring Liabilities	The following table summarizes the changes in the restructuring liabilities for the 13 weeks ended March 30, 2024: Severance and Related Costs Facility Closing Costs Total Balance as of December 30, 2023 $ 7 $ — $ 7 Current period costs 13 — 13 Payments, net (5) — (5) Balance at March 30, 2024 $ 15 $ — $ 15

Retirement Plans (Tables)

Retirement Plans (Tables)	3 Months Ended
	Mar. 30, 2024
Retirement Benefits [Abstract]
Schedule of Components of Net Periodic Benefit (Credit) Costs	The components of net periodic pension benefit credits for Company sponsored defined benefit plans were as follows: 13 Weeks Ended March 30, 2024 April 1, 2023 Components of net periodic pension benefit credits Service cost $ — $ — Interest cost 5 10 Expected return on plan assets (5) (12) Amortization of net loss 2 1 Net periodic pension benefit credits $ 2 $ (1)

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 30, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted EPS	The following table sets forth the computation of basic and diluted EPS: 13 Weeks Ended March 30, 2024 April 1, 2023 Numerator: Net income $ 82 $ 82 Less: Series A Preferred Stock Dividends — (7) Net income available to common shareholders $ 82 $ 75 Denominator: Weighted-average common shares outstanding—basic 245 226 Effect of dilutive share-based awards 3 3 Effect of dilutive underlying shares of the Series A Preferred Stock (1) — 23 Weighted-average common shares outstanding—diluted 248 252 Net income per share Basic $ 0.33 $ 0.33 Diluted $ 0.33 $ 0.32

Changes in Accumulated Other _2

Changes in Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 30, 2024
Equity [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Loss	The following table presents changes in accumulated other comprehensive loss by component for the periods presented: 13 Weeks Ended March 30, 2024 April 1, 2023 Accumulated other comprehensive loss components Retirement benefit obligations: Balance as of beginning of period (1) $ (116) $ (73) Reclassification adjustments: Amortization of net loss (2) (3) 2 1 Current period comprehensive income, net of tax 2 1 Balance as of end of period (1) $ (114) $ (72) Interest rate Caps: Balance at beginning of period (1) $ 1 $ — Change in fair value of interest rate caps — — Balance at end of period (1) $ 1 $ — Accumulated other comprehensive loss at end of period (1) $ (113) $ (72) (1) Amounts are presented net of tax. (2) Included in the computation of net periodic benefit costs. See Note 11, Retirement Plans, for additional information. (3) Included in other income—net in the Company’s Consolidated Statements of Comprehensive Income.

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	3 Months Ended
	Mar. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Long-Term Purchase Commitment	Minimum amounts committed to by year are as follows: Amount (In millions) 2024 $ 693 2025 946 2026 158 2027 — 2028 —

Overview and Basis of Present_2

Overview and Basis of Presentation (Detail)	3 Months Ended
	Mar. 30, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of business segments	1
Number of Operating Segments	1

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail - Level 4) - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023
Disaggregation of Revenue [Line Items]
Accounts receivable, less allowances	$ 1,966	$ 1,854
Prepaid expenses
Disaggregation of Revenue [Line Items]
Contract assets	40	35
Other noncurrent assets
Disaggregation of Revenue [Line Items]
Contract assets	$ 43	$ 39

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Disaggregation of Revenue (Detail - Level 4) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Disaggregation of Revenue [Line Items]
Total net sales	$ 8,949	$ 8,542
Meats and seafood
Disaggregation of Revenue [Line Items]
Total net sales	2,976	2,826
Dry grocery products
Disaggregation of Revenue [Line Items]
Total net sales	1,614	1,551
Refrigerated and frozen grocery products
Disaggregation of Revenue [Line Items]
Total net sales	1,551	1,445
Dairy
Disaggregation of Revenue [Line Items]
Total net sales	927	935
Equipment, disposables and supplies
Disaggregation of Revenue [Line Items]
Total net sales	864	880
Beverage products
Disaggregation of Revenue [Line Items]
Total net sales	509	461
Produce
Disaggregation of Revenue [Line Items]
Total net sales	$ 508	$ 444

Inventories (Detail)

Inventories (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023	Dec. 30, 2023
Inventory Disclosure [Abstract]
LIFO balance sheet reserves	$ 533		$ 488
Increase (decrease) of cost of goods sold from changes in LIFO reserves	$ 45	$ 20

Allowance for Doubtful Accoun_3

Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023	Dec. 30, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Provision for doubtful accounts	$ 7	$ 10
Allowances for vendor receivables	6	8	$ 5	$ 8
SEC Schedule, 12-09, Allowance, Credit Loss
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts	18	30
Provision for doubtful accounts	7	10
Customer accounts written off—net of recoveries	(5)	(8)
Allowance for doubtful accounts	$ 20	$ 32

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023	Dec. 30, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, accumulated depreciation	$ 3,224		$ 3,219
Depreciation expense	$ 93	$ 87
Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (years)	3 years
Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (years)	40 years

Goodwill and Other Intangible_2

Goodwill and Other Intangibles - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Other Intangible Assets [Line Items]
Amortization expense	$ 12,000,000	$ 11,000,000
Indefinite-lived intangible assets, impairment	$ 0	$ 0
Minimum
Other Intangible Assets [Line Items]
Estimated useful lives of intangible assets (in years)	3 years
Maximum
Other Intangible Assets [Line Items]
Estimated useful lives of intangible assets (in years)	15 years

Goodwill and Other Intangible_3

Goodwill and Other Intangibles - Schedule of Goodwill and Other Intangibles, Net (Detail) - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023
Other intangibles—net
Goodwill	$ 5,697	$ 5,697
Total other intangibles—net	796	803
Brand Names and Trademarks
Other intangibles—net
Brand names and trademarks—not amortizing	271	271
Customer Relationships
Other intangibles—net
Gross carrying amount	720	715
Accumulated amortization	(201)	(189)
Net carrying value	519	526
Trade Names
Other intangibles—net
Gross carrying amount	4	4
Accumulated amortization	(2)	(2)
Net carrying value	2	2
Noncompete Agreements
Other intangibles—net
Gross carrying amount	4	4
Accumulated amortization	0	0
Net carrying value	$ 4	$ 4

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value Assets and Liabilities on Recurring Basis (Details) - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023
Assets
Money market funds	$ 109	$ 208
Interest rate caps	1	1
Level 1
Assets
Money market funds	109	208
Interest rate caps	0	0
Level 2
Assets
Money market funds	0	0
Interest rate caps	1	1
Level 3
Assets
Money market funds	0	0
Interest rate caps	$ 0	$ 0

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Derivative Instruments in Statement of Financial Position (Details) - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate caps	$ 1	$ 1
Other current assets | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate caps	1
Other noncurrent assets | Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate caps	$ 0

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Derivative Instruments in Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Interest Rate Cap | Cash Flow Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest expense—net
Amount of Gain Reclassified from Accumulated Other Comprehensive Loss to Income, net of tax	$ 0
Interest rate swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in fair value of interest rate caps	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail)	3 Months Ended
	Mar. 30, 2024 USD ($) derivative	Dec. 30, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of instruments | derivative	2
Contract term	2 years
Derivative, notional amount	$ 450,000,000
Percentage bearing variable interest, percentage rate	24%
Cap interest rate	5%
Cash flow hedge gain (loss) to be reclassified within twelve months	$ 1,000,000
Senior secured term loan facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, fixed interest, current principal amount	$ 450,000,000
Senior notes | Unsecured Senior Notes due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	6.88%
Senior notes | Unsecured Senior Notes due 2029
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	4.75%
Senior notes | Unsecured Senior Notes due 2030
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	4.63%
Senior notes | Unsecured Senior Notes due 2032
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	7.25%
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Approximated fair value of debt	$ 4,700,000,000	$ 4,700,000,000
Fair Value | Senior notes | Unsecured Senior Notes due 2028 | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Approximated fair value of debt	500,000,000
Fair Value | Senior notes | Unsecured Senior Notes due 2029 | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Approximated fair value of debt	800,000,000	900,000,000
Fair Value | Senior notes | Unsecured Senior Notes due 2030 | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Approximated fair value of debt	500,000,000	500,000,000
Fair Value | Senior notes | Unsecured Senior Notes due 2032 | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Approximated fair value of debt	500,000,000	500,000,000
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Approximated fair value of debt	$ 4,800,000,000	$ 4,600,000,000

Debt - Schedule of Components o

Debt - Schedule of Components of Total Debt (Detail) - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023
Debt Instrument [Line Items]
Total debt	$ 4,701	$ 4,674
Current portion of long-term debt	(116)	(110)
Long-term debt	$ 4,585	4,564
ABL Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate	8.50%
Total debt	$ 0	0
2019 Term Loan Facility | Senior secured term loan facility
Debt Instrument [Line Items]
Unamortized deferred financing costs	$ 10	11
Interest rate	7.44%
Total debt	$ 1,102	1,105
2021 Term Loan Facility | Senior secured term loan facility
Debt Instrument [Line Items]
Unamortized deferred financing costs	$ 3	3
Interest rate	7.33%
Total debt	$ 719	718
Unsecured Senior Notes due 2028 | Senior notes
Debt Instrument [Line Items]
Unamortized deferred financing costs		5
Interest rate	6.88%
Total debt	$ 496	495
Unsecured Senior Notes due 2029 | Senior notes
Debt Instrument [Line Items]
Unamortized deferred financing costs	$ 6	6
Interest rate	4.75%
Total debt	$ 894	894
Unsecured Senior Notes due 2030 | Senior notes
Debt Instrument [Line Items]
Unamortized deferred financing costs	$ 4	4
Interest rate	4.63%
Total debt	$ 496	496
Unsecured Senior Notes due 2032 | Senior notes
Debt Instrument [Line Items]
Unamortized deferred financing costs	$ 5	5
Interest rate	7.25%
Total debt	$ 495	495
Finance Lease Obligations | Lease agreements
Debt Instrument [Line Items]
Total debt	$ 491	$ 463
Finance Lease Obligations | Lease agreements | Minimum
Debt Instrument [Line Items]
Interest rate	1.26%
Finance Lease Obligations | Lease agreements | Maximum
Debt Instrument [Line Items]
Interest rate	8.31%
Other debt | Other Debt Obligations
Debt Instrument [Line Items]
Interest rate	5.75%	5.75%
Total debt	$ 8	$ 8

Debt - Additional Information (

Debt - Additional Information (Detail)	Mar. 30, 2024 USD ($)
Debt Instrument [Line Items]
Percentage of principal amount of total debt borrowed at floating rate (percent)	30%
Senior secured term loan facility
Debt Instrument [Line Items]
Debt instrument, fixed interest, current principal amount	$ 450,000,000

Debt - ABL Facility (Detail)

Debt - ABL Facility (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Dec. 30, 2023
Debt Instrument [Line Items]
Borrowings under facility	$ 4,701	$ 4,674
ABL Facility | SOFR
Debt Instrument [Line Items]
Basis spread on variable interest rate	0.10%
ABL Facility | SOFR | Minimum
Debt Instrument [Line Items]
Basis spread on variable interest rate	1%
ABL Facility | SOFR | Maximum
Debt Instrument [Line Items]
Basis spread on variable interest rate	1.50%
Revolving Credit Facility | ABL Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 2,300
Borrowings under facility	0	$ 0
Letters of credit, outstanding amount	542
Available capacity in credit facility	$ 1,758
Revolving Credit Facility | ABL Facility | ABR
Debt Instrument [Line Items]
Basis spread on variable interest rate	0%
Revolving Credit Facility | ABL Facility | ABR | Minimum
Debt Instrument [Line Items]
Basis spread on variable interest rate	0%
Revolving Credit Facility | ABL Facility | ABR | Maximum
Debt Instrument [Line Items]
Basis spread on variable interest rate	0.50%
Revolving Credit Facility | ABL Facility | SOFR
Debt Instrument [Line Items]
Basis spread on variable interest rate	1%

Debt - Term Loan Agreement (Det

Debt - Term Loan Agreement (Detail) - USD ($) $ in Millions		3 Months Ended
	Aug. 22, 2023	Mar. 30, 2024	Dec. 30, 2023
Debt Instrument [Line Items]
Cap interest rate		5%
Borrowings under facility		$ 4,701	$ 4,674
2019 Term Loan Facility | Senior secured term loan facility
Debt Instrument [Line Items]
Borrowings under facility		1,102	1,105
Unamortized deferred financing costs		$ 10	11
2019 Term Loan Facility | One-month SOFR | Senior secured term loan facility
Debt Instrument [Line Items]
Basis spread on variable interest rate		0.11448%
2019 Term Loan Facility | Three-month SOFR | Senior secured term loan facility
Debt Instrument [Line Items]
Basis spread on variable interest rate		0.26161%
2019 Term Loan Facility | Six-month SOFR | Senior secured term loan facility
Debt Instrument [Line Items]
Basis spread on variable interest rate		0.42826%
2019 Term Loan Facility | Interest Rate Floor | Senior secured term loan facility
Debt Instrument [Line Items]
Basis spread on variable interest rate		0%
2019 Term Loan Facility | SOFR | Senior secured term loan facility
Debt Instrument [Line Items]
Basis spread on variable interest rate		2%
2019 Term Loan Facility | ABR | Senior secured term loan facility
Debt Instrument [Line Items]
Basis spread on variable interest rate		1%
2021 Term Loan Facility | Senior secured term loan facility
Debt Instrument [Line Items]
Borrowings under facility		$ 719	718
Unamortized deferred financing costs		$ 3	$ 3
Third-party costs	$ 1
Write off unamortized deferred financing costs	$ 1
2021 Term Loan Facility | One-month SOFR | Senior secured term loan facility
Debt Instrument [Line Items]
Basis spread on variable interest rate	2.50%
2021 Term Loan Facility | SOFR | Senior secured term loan facility
Debt Instrument [Line Items]
Basis spread on variable interest rate		2%
2021 Term Loan Facility | ABR | Senior secured term loan facility
Debt Instrument [Line Items]
Basis spread on variable interest rate	1.50%	1%

Debt - Senior Secured Notes due

Debt - Senior Secured Notes due 2028 (Detail) - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023
Debt Instrument [Line Items]
Borrowings under facility	$ 4,701	$ 4,674
Unsecured Senior Notes due 2028 | Senior notes
Debt Instrument [Line Items]
Borrowings under facility	496	$ 495
Deferred financing costs	$ 4
Interest rate	6.88%

Debt - Unsecured Senior Notes d

Debt - Unsecured Senior Notes due 2029 (Detail) - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023
Debt Instrument [Line Items]
Borrowings under facility	$ 4,701	$ 4,674
Unsecured Senior Notes due 2029 | Senior notes
Debt Instrument [Line Items]
Borrowings under facility	894	894
Unamortized deferred financing costs	$ 6	$ 6
Interest rate	4.75%

Debt - Unsecured Senior Notes_2

Debt - Unsecured Senior Notes due 2030 (Detail) - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023
Debt Instrument [Line Items]
Borrowings under facility	$ 4,701	$ 4,674
Unsecured Senior Notes due 2030 | Senior notes
Debt Instrument [Line Items]
Borrowings under facility	496	496
Unamortized deferred financing costs	$ 4	$ 4
Interest rate	4.63%

Debt - Senior Secured Notes d_2

Debt - Senior Secured Notes due 2032 (Detail) - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023
Debt Instrument [Line Items]
Borrowings under facility	$ 4,701	$ 4,674
Unsecured Senior Notes due 2032 | Senior notes
Debt Instrument [Line Items]
Borrowings under facility	495	$ 495
Deferred financing costs	$ 5
Interest rate	7.25%

Debt - Restrictive Covenants (D

Debt - Restrictive Covenants (Detail) $ in Billions	Mar. 30, 2024 USD ($)
Debt Disclosure [Abstract]
Restricted payment capacity	$ 2
Restricted assets	$ 2.8

Restructuring Liabilities - Add

Restructuring Liabilities - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Dec. 30, 2023
Restructuring and Related Activities [Abstract]
Current period costs	$ 13
Restructuring Reserve	$ 15	$ 7

Restructuring Liabilities - Sum

Restructuring Liabilities - Summary of Changes in Restructuring Liabilities (Details) $ in Millions	3 Months Ended
	Mar. 30, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 7
Current period costs	13
Payments, net	(5)
Ending balance	15
Severance and Related Costs
Restructuring Reserve [Roll Forward]
Beginning balance	7
Current period costs	13
Payments, net	(5)
Ending balance	15
Facility Closing Costs
Restructuring Reserve [Roll Forward]
Beginning balance	0
Current period costs	0
Payments, net	0
Ending balance	$ 0

Retirement Plans - Components o

Retirement Plans - Components of Net Periodic Benefit Costs (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Retirement Benefits [Abstract]
Service cost	$ 0	$ 0
Interest cost	5	10
Expected return on plan assets	(5)	(12)
Amortization of net loss	2	1
Net periodic pension benefit credits	$ 2	$ (1)

Retirement Plans - Additional I

Retirement Plans - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Retirement Benefits [Abstract]
Employer matching contribution	$ 21	$ 17
Multiemployer plan contributions	$ 15	$ 13

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023	Nov. 22, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock Repurchase Program, Authorized Amount			$ 500
Stock Repurchased During Period, Shares	283,988
Common stock repurchased	$ 13	$ 34
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 179
Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,000,000	1,000,000

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Numerator:
Net income	$ 82	$ 82
Series A convertible preferred stock dividends	0	(7)
Net income available to common shareholders	$ 82	$ 75
Denominator:
Weighted-average common shares outstanding—basic	245	226
Effect of dilutive share-based awards	3	3
Effect of dilutive underlying shares of the Series A Preferred Stock (1)	0	23
Weighted-average common shares outstanding—diluted	248	252
EPS basic (in dollars per share)	$ 0.33	$ 0.33
EPS diluted (in dollars per share)	$ 0.33	$ 0.32

Changes in Accumulated Other _3

Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 4,749	$ 3,961
Balance at end of period	4,825	4,179
Retirement benefit obligations
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(116)	(73)
Current period comprehensive income, net of tax	2	1
Balance at end of period	(114)	(72)
Amortization of net loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Amortization of net loss	2	1
Interest rate swap
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	1	0
Change in fair value of interest rate caps	0	0
Balance at end of period	1	0
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(115)	(73)
Balance at end of period	$ (113)	$ (72)

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023
FMR LLC | Long-term Debt | 2021 Term Loan Facility
Related Party Transaction [Line Items]
Debt, principal amount	$ 2	$ 2

Income Taxes (Detail)

Income Taxes (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Income Tax Disclosure [Abstract]
Effective tax rate (percent)	6%	23%
Federal corporate income tax rate (percent)	21%	21%
Tax provision adjustment	$ 15
Tax benefit related to excess tax benefits associated with share-based compensation	6	$ 4
Prior year income tax adjustment	$ 3

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Mar. 30, 2024 USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]
Purchase commitments	$ 1,800
Purchase orders and contract commitments
Unrecorded Unconditional Purchase Obligation [Line Items]
Purchase commitments	1,285
Information technology commitments
Unrecorded Unconditional Purchase Obligation [Line Items]
Purchase commitments	134
Diesel fuel
Unrecorded Unconditional Purchase Obligation [Line Items]
Purchase commitments	24
Electricity
Unrecorded Unconditional Purchase Obligation [Line Items]
Purchase commitments	$ 5

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Future Minimum Purchase Agreement Payments (Detail) $ in Millions	Mar. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024	$ 693
2025	946
2026	158
2027	0
2028	$ 0

Business Information (Detail)

Business Information (Detail)	3 Months Ended
	Mar. 30, 2024 segment
Segment Reporting [Abstract]
Number of business segments	1

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	Apr. 05, 2024 USD ($)
Subsequent Event | IWC Food Service
Subsequent Event [Line Items]
Consideration transferred	$ 220