Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Jun. 28, 2014 | Aug. 13, 2014 | Dec. 28, 2013 | |
Document Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'SYSCO CORP | ' | ' |
Entity Central Index Key | '0000096021 | ' | ' |
Current Fiscal Year End Date | '--06-28 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $20,952,930,000 |
Entity Common Stock, Shares Outstanding | ' | 586,765,938 | ' |
Document Type | '10-K | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 28-Jun-14 | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 28, 2014 | Jun. 29, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $413,046 | $412,285 |
Accounts and notes receivable, less allowances of $49,902 and $47,345 | 3,398,713 | 3,183,114 |
Inventories | 2,602,018 | 2,396,188 |
Deferred income taxes | 141,225 | 150,472 |
Prepaid expenses and other current assets | 83,745 | 61,925 |
Prepaid income taxes | 43,225 | 17,704 |
Total current assets | 6,681,972 | 6,221,688 |
Plant and equipment at cost, less depreciation | 3,985,618 | 3,978,071 |
Other assets | ' | ' |
Goodwill | 1,950,672 | 1,884,235 |
Intangibles, less amortization | 177,227 | 205,719 |
Restricted cash | 145,412 | 145,328 |
Other assets | 227,049 | 243,167 |
Total other assets | 2,500,360 | 2,478,449 |
Total assets | 13,167,950 | 12,678,208 |
Current liabilities | ' | ' |
Notes payable | 70,975 | 41,632 |
Accounts payable | 2,831,028 | 2,428,215 |
Accrued expenses | 1,160,850 | 985,476 |
Current maturities of long-term debt | 304,777 | 207,301 |
Total current liabilities | 4,367,630 | 3,662,624 |
Other liabilities | ' | ' |
Long-term debt | 2,384,167 | 2,639,986 |
Deferred income taxes | 121,580 | 280,483 |
Other long-term liabilities | 1,027,878 | 903,305 |
Total other liabilities | 3,533,625 | 3,823,774 |
Commitments and contingencies | ' | ' |
Shareholders' equity | ' | ' |
Preferred stock, par value $1 per share Authorized 1,500,000 shares, issued none | 0 | 0 |
Common stock, par value $1 per share Authorized 2,000,000,000 shares, issued 765,174,900 shares | 765,175 | 765,175 |
Paid-in capital | 1,139,218 | 1,059,624 |
Retained earnings | 8,770,751 | 8,512,786 |
Accumulated other comprehensive loss | -642,663 | -446,937 |
Treasury stock, 179,050,186 and 179,068,430 shares, at cost | -4,765,786 | -4,698,838 |
Total shareholders' equity | 5,266,695 | 5,191,810 |
Total liabilities and shareholders' equity | $13,167,950 | $12,678,208 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 28, 2014 | Jun. 29, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ' | ' |
Allowance for doubtful accounts (in USD) | $49,902 | $47,345 |
Preferred stock, par value (in USD Per Share) | $1 | $1 |
Preferred stock, authorized (in shares) | 1,500,000 | 1,500,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, par value (in USD Per Share) | $1 | $1 |
Common stock, authorized (in shares) | 2,000,000,000 | 2,000,000,000 |
Common stock, issued (in shares) | 765,174,900 | 765,174,900 |
Treasury stock (in shares) | 179,050,186 | 179,068,430 |
Consolidated_Results_of_Operat
Consolidated Results of Operations (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 |
Consolidated Results of Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | $12,286,992 | $11,277,484 | $11,237,969 | $11,714,267 | $11,601,056 | $10,926,371 | $10,796,890 | $11,086,916 | $46,516,712 | $44,411,233 | $42,380,939 |
Cost of sales | 10,131,136 | 9,282,743 | 9,273,018 | 9,648,780 | 9,528,836 | 8,983,889 | 8,844,780 | 9,057,121 | 38,335,677 | 36,414,626 | 34,601,665 |
Gross profit | 2,155,856 | 1,994,741 | 1,964,951 | 2,065,487 | 2,072,220 | 1,942,482 | 1,952,110 | 2,029,795 | 8,181,035 | 7,996,607 | 7,779,274 |
Operating expenses | 1,731,334 | 1,662,116 | 1,613,174 | 1,587,289 | 1,612,377 | 1,605,280 | 1,569,459 | 1,551,013 | 6,593,913 | 6,338,129 | 5,888,642 |
Operating income | 424,522 | 332,625 | 351,777 | 478,198 | 459,843 | 337,202 | 382,651 | 478,782 | 1,587,122 | 1,658,478 | 1,890,632 |
Interest expense | 31,205 | 32,224 | 29,784 | 30,528 | 31,170 | 34,215 | 32,242 | 30,868 | 123,741 | 128,495 | 113,396 |
Other expense (income), net | -7,216 | 3,718 | -4,211 | -4,534 | -9,832 | -3,410 | -1,753 | -2,477 | -12,243 | -17,472 | -6,766 |
Earnings before income taxes | 400,533 | 296,683 | 326,204 | 452,204 | 438,505 | 306,397 | 352,162 | 450,391 | 1,475,624 | 1,547,455 | 1,784,002 |
Income taxes | 146,362 | 115,746 | 115,369 | 166,614 | 155,462 | 104,980 | 130,793 | 163,793 | 544,091 | 555,028 | 662,417 |
Net earnings | $254,171 | $180,937 | $210,835 | $285,590 | $283,043 | $201,417 | $221,369 | $286,598 | $931,533 | $992,427 | $1,121,585 |
Net earnings: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic earnings per share (in USD per share) | $0.43 | $0.31 | $0.36 | $0.49 | $0.48 | $0.34 | $0.38 | $0.49 | $1.59 | $1.68 | $1.91 |
Diluted earnings per share (in USD per share) | $0.43 | $0.31 | $0.36 | $0.48 | $0.47 | $0.34 | $0.38 | $0.49 | $1.58 | $1.67 | $1.90 |
Average shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 585,988,084 | 589,397,807 | 587,726,343 |
Diluted shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 590,216,220 | 592,675,110 | 588,991,441 |
Dividends declared per common share (in USD per share) | $0.29 | $0.29 | $0.29 | $0.28 | $0.28 | $0.28 | $0.28 | $0.27 | $1.15 | $1.11 | $1.07 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 |
Consolidated Statements of Comprehensive Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings | $254,171 | $180,937 | $210,835 | $285,590 | $283,043 | $201,417 | $221,369 | $286,598 | $931,533 | $992,427 | $1,121,585 |
Other comprehensive (loss) income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -3,106 | -33,191 | -81,003 |
Items presented net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of cash flow hedges | ' | ' | ' | ' | ' | ' | ' | ' | 385 | 386 | 426 |
Change in fair value of cash flow hedges | ' | ' | ' | ' | ' | ' | ' | ' | -82,215 | 0 | 445 |
Amortization of prior service cost | ' | ' | ' | ' | ' | ' | ' | ' | 6,970 | 11,310 | 3,093 |
Amortization of actuarial loss (gain), net | ' | ' | ' | ' | ' | ' | ' | ' | 9,968 | 44,610 | 36,860 |
Amortization of transition obligation | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 88 | 93 |
Prior service cost arising in current year | ' | ' | ' | ' | ' | ' | ' | ' | 214 | -33,203 | -5,363 |
Actuarial (loss) gain, net arising in current year | ' | ' | ' | ' | ' | ' | ' | ' | -127,942 | 225,929 | -357,459 |
Total other comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -195,726 | 215,929 | -402,908 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | $735,807 | $1,208,356 | $718,677 |
Changes_in_Consolidated_Shareh
Changes in Consolidated Shareholders' Equity (USD $) | Common Stock [Member] | Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] | Total |
In Thousands, except Share data | ||||||
Beginning balance, shareholders' equity at Jul. 02, 2011 | $765,175 | $887,754 | $7,681,669 | ($259,958) | ($4,369,398) | $4,705,242 |
Beginning balance, shares at Jul. 02, 2011 | ' | ' | ' | ' | 173,597,346 | ' |
Beginning balance, shares at Jul. 02, 2011 | 765,174,900 | ' | ' | ' | ' | ' |
Net earnings | ' | ' | 1,121,585 | ' | ' | 1,121,585 |
Foreign currency translation adjustment | ' | ' | ' | -81,003 | ' | -81,003 |
Amortization of cash flow hedges, net of tax | ' | ' | ' | 426 | ' | 426 |
Change in fair value of cash flow hedges, net of tax | ' | ' | ' | 445 | ' | 445 |
Reclassification of pension and other postretirement benefit plans amounts to net earnings, net of tax | ' | ' | ' | 40,046 | ' | 40,046 |
Pension funded status adjustment, net of tax | ' | ' | ' | -362,822 | ' | -362,822 |
Dividends declared | ' | ' | -628,024 | ' | ' | -628,024 |
Treasury stock purchases | ' | ' | ' | ' | -272,299 | -272,299 |
Treasury stock purchases, shares | ' | ' | ' | ' | 10,000,000 | ' |
Share-based compensation awards | ' | 51,425 | ' | ' | 110,019 | 161,444 |
Share-based compensation awards, shares | ' | ' | ' | ' | -4,368,963 | ' |
Ending balance, shareholders' equity at Jun. 30, 2012 | 765,175 | 939,179 | 8,175,230 | -662,866 | -4,531,678 | 4,685,040 |
Ending balance, shares at Jun. 30, 2012 | ' | ' | ' | ' | 179,228,383 | ' |
Ending balance, shares at Jun. 30, 2012 | 765,174,900 | ' | ' | ' | ' | ' |
Net earnings | ' | ' | 992,427 | ' | ' | 992,427 |
Foreign currency translation adjustment | ' | ' | ' | -33,191 | ' | -33,191 |
Amortization of cash flow hedges, net of tax | ' | ' | ' | 386 | ' | 386 |
Change in fair value of cash flow hedges, net of tax | ' | ' | ' | ' | ' | 0 |
Reclassification of pension and other postretirement benefit plans amounts to net earnings, net of tax | ' | ' | ' | 56,008 | ' | 56,008 |
Pension funded status adjustment, net of tax | ' | ' | ' | 192,726 | ' | 192,726 |
Dividends declared | ' | ' | -654,871 | ' | ' | -654,871 |
Treasury stock purchases | ' | ' | ' | ' | -729,333 | -729,333 |
Treasury stock purchases, shares | ' | ' | ' | ' | 21,897,403 | ' |
Share-based compensation awards | ' | 120,445 | ' | ' | 562,173 | 682,618 |
Share-based compensation awards, shares | ' | ' | ' | ' | -22,057,356 | ' |
Ending balance, shareholders' equity at Jun. 29, 2013 | 765,175 | 1,059,624 | 8,512,786 | -446,937 | -4,698,838 | 5,191,810 |
Ending balance, shares at Jun. 29, 2013 | ' | ' | ' | ' | 179,068,430 | ' |
Ending balance, shares at Jun. 29, 2013 | 765,174,900 | ' | ' | ' | ' | ' |
Net earnings | ' | ' | 931,533 | ' | ' | 931,533 |
Foreign currency translation adjustment | ' | ' | ' | -3,106 | ' | -3,106 |
Amortization of cash flow hedges, net of tax | ' | ' | ' | 385 | ' | 385 |
Change in fair value of cash flow hedges, net of tax | ' | ' | ' | -82,215 | ' | -82,215 |
Reclassification of pension and other postretirement benefit plans amounts to net earnings, net of tax | ' | ' | ' | 16,938 | ' | 16,938 |
Pension funded status adjustment, net of tax | ' | ' | ' | -127,728 | ' | -127,728 |
Dividends declared | ' | ' | -673,568 | ' | ' | -673,568 |
Treasury stock purchases | ' | ' | ' | ' | -324,665 | -324,665 |
Treasury stock purchases, shares | ' | ' | ' | ' | 9,834,000 | ' |
Share-based compensation awards | ' | 79,594 | ' | ' | 257,717 | 337,311 |
Share-based compensation awards, shares | ' | ' | ' | ' | -9,852,244 | ' |
Ending balance, shareholders' equity at Jun. 28, 2014 | $765,175 | $1,139,218 | $8,770,751 | ($642,663) | ($4,765,786) | $5,266,695 |
Ending balance, shares at Jun. 28, 2014 | ' | ' | ' | ' | 179,050,186 | ' |
Ending balance, shares at Jun. 28, 2014 | 765,174,900 | ' | ' | ' | ' | ' |
Consolidated_Cash_Flows
Consolidated Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 |
Cash flows from operating activities: | ' | ' | ' |
Net earnings | $931,533 | $992,427 | $1,121,585 |
Adjustments to reconcile net earnings to cash provided by operating activities: | ' | ' | ' |
Share-based compensation expense | 74,328 | 70,147 | 70,319 |
Depreciation and amortization | 556,062 | 512,548 | 416,943 |
Deferred income taxes | -30,665 | -28,129 | -177,906 |
Provision for losses on receivables | 34,429 | 35,243 | 33,359 |
Other non-cash items | 2,875 | 2,485 | -958 |
Additional investment in certain assets and liabilities, net of effect of businesses acquired: | ' | ' | ' |
(Increase) in receivables | -236,320 | -193,755 | -106,834 |
(Increase) in inventories | -195,845 | -180,277 | -99,218 |
(Increase) decrease in prepaid expenses and other current assets | -24,787 | 21,704 | -6,478 |
Increase in accounts payable | 392,720 | 204,861 | 32,893 |
Increase in accrued expenses | 55,838 | 67,015 | 37,821 |
(Decrease) increase in accrued income taxes | -18,672 | -38,017 | 71,251 |
Decrease in other assets | 23,552 | 182 | 56,538 |
(Decrease) increase in other long-term liabilities | -63,753 | 49,716 | -45,120 |
Excess tax benefits from share-based compensation arrangements | -8,480 | -4,556 | -15 |
Net cash provided by operating activities | 1,492,815 | 1,511,594 | 1,404,180 |
Cash flows from investing activities: | ' | ' | ' |
Additions to plant and equipment | -523,206 | -511,862 | -784,501 |
Proceeds from sales of plant and equipment | 25,790 | 15,527 | 8,185 |
Acquisition of businesses, net of cash acquired | -79,338 | -397,447 | -110,601 |
(Increase) in restricted cash | -84 | -18,100 | -16,712 |
Net cash used for investing activities | -576,838 | -911,882 | -903,629 |
Cash flows from financing activities: | ' | ' | ' |
Bank and commercial paper borrowings (repayments), net | 34,499 | 95,500 | -181,975 |
Other debt borrowings | 36,830 | 61,467 | 744,597 |
Other debt repayments | -229,507 | -294,514 | -205,638 |
Debt issuance costs | -22,175 | 0 | -4,641 |
Cash received from settlement of cash flow hedge | 0 | 0 | 722 |
Proceeds from common stock reissued from treasury for share-based compensation awards | 255,613 | 628,652 | 99,439 |
Treasury stock purchases | -332,381 | -721,616 | -272,299 |
Dividends paid | -667,217 | -648,253 | -622,869 |
Excess tax benefits from share-based compensation arrangements | 8,480 | 4,556 | 15 |
Net cash used for financing activities | -915,858 | -874,208 | -442,649 |
Effect of exchange rates on cash | 642 | -2,086 | -8,800 |
Net increase (decrease) in cash and cash equivalents | 761 | -276,582 | 49,102 |
Cash and cash equivalents at beginning of period | 412,285 | 688,867 | 639,765 |
Cash and cash equivalents at end of period | 413,046 | 412,285 | 688,867 |
Supplemental disclosures of cash flow information: | ' | ' | ' |
Interest | 128,861 | 131,665 | 114,067 |
Income taxes | $591,334 | $620,132 | $772,493 |
Summary_of_Accounting_Policies
Summary of Accounting Policies | 12 Months Ended |
Jun. 28, 2014 | |
Summary of Accounting Policies [Abstract] | ' |
Summary of Accounting Policies | ' |
1. SUMMARY OF ACCOUNTING POLICIES | |
Business and Consolidation | |
Sysco Corporation, acting through its subsidiaries and divisions, (Sysco or the company), is engaged in the marketing and distribution of a wide range of food and related products primarily to the foodservice or food-away-from-home industry. These services are performed for approximately 425,000 customers from 194 distribution facilities located throughout the United States (U.S.), Bahamas, Canada, Ireland and Northern Ireland. | |
Sysco’s fiscal year ends on the Saturday nearest to June 30th. This resulted in a 52-week year ending June 28, 2014 for fiscal 2014, June 30, 2013 for fiscal 2013 and June 30, 2012 for fiscal 2012. | |
The accompanying financial statements include the accounts of Sysco and its consolidated subsidiaries. All significant intercompany transactions and account balances have been eliminated. | |
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates that affect the reported amounts of assets, liabilities, sales and expenses. Actual results could differ from the estimates used. | |
Cash and Cash Equivalents | |
Cash includes cash equivalents such as time deposits, certificates of deposit, short-term investments and all highly liquid instruments with original maturities of three months or less, which are recorded at fair value. | |
Accounts Receivable | |
Accounts receivable consist primarily of trade receivables from customers and receivables from suppliers for marketing or incentive programs. Sysco determines the past due status of trade receivables based on contractual terms with each customer. Sysco evaluates the collectability of accounts receivable and determines the appropriate reserve for doubtful accounts based on a combination of factors. The company utilizes specific criteria to determine uncollectible receivables to be written off including whether a customer has filed for or been placed in bankruptcy, has had accounts referred to outside parties for collection or has had accounts past due over specified periods. Allowances are recorded for all other receivables based on an analysis of historical trends of write-offs and recoveries. In addition, in circumstances where the company is aware of a specific customer’s inability to meet its financial obligation to Sysco, a specific allowance for doubtful accounts is recorded to reduce the receivable to the net amount reasonably expected to be collected. | |
Inventories | |
Inventories consisting primarily of finished goods include food and related products and lodging products held for resale and are valued at the lower of cost (first-in, first-out method) or market. Elements of costs include the purchase price of the product and freight charges to deliver the product to the company’s warehouses and are net of certain cash or non-cash consideration received from vendors (see “Vendor Consideration”). | |
Plant and Equipment | |
Capital additions, improvements and major replacements are classified as plant and equipment and are carried at cost. Depreciation is recorded using the straight-line method, which reduces the book value of each asset in equal amounts over its estimated useful life, and is included within operating expenses in the consolidated results of operations. Maintenance, repairs and minor replacements are charged to earnings when they are incurred. Upon the disposition of an asset, its accumulated depreciation is deducted from the original cost, and any gain or loss is reflected in current earnings. | |
Certain internal and external costs related to the acquisition and development of internal use software being built within our Business Transformation Project are capitalized within plant and equipment during the application development stages of the project. Amortization commenced in August 2012 on the majority of the software in the project when it entered the deployment stage. Costs continue to be capitalized for added software that is in the application development stage of the project. | |
Applicable interest charges incurred during the construction of new facilities and development of software for internal use are capitalized as one of the elements of cost and are amortized over the assets’ estimated useful lives. Interest capitalized for the past three fiscal years was $1.1 million in fiscal 2014, $4.2 million in fiscal 2013 and $20.8 million in fiscal 2012. | |
Long-Lived Assets | |
Management reviews long-lived assets for indicators of impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Cash flows expected to be generated by the related assets are estimated over the asset’s useful life based on updated projections on an undiscounted basis. If the evaluation indicates that the carrying value of the asset may not be recoverable, the potential impairment is measured using fair value. | |
Goodwill and Intangibles | |
Goodwill and intangibles represent the excess of cost over the fair value of tangible net assets acquired. Goodwill and intangibles with indefinite lives are not amortized. Goodwill is assigned to the reporting units that are expected to benefit from the synergies of a business combination. The recoverability of goodwill and indefinite-lived intangibles is assessed annually, or more frequently as needed when events or changes have occurred that would suggest an impairment of carrying value, by determining whether the fair values of the applicable reporting units exceed their carrying values. The reporting units used to assess goodwill impairment are the company’s 12 operating segments as described in Note 21, “Business Segment Information.” The components within each of the 12 operating segments have similar economic characteristics and therefore are aggregated into 12 reporting units. The evaluation of fair value requires the use of projections, estimates and assumptions as to the future performance of the operations in performing a discounted cash flow analysis, as well as assumptions regarding sales and earnings multiples that would be applied in comparable acquisitions. | |
Intangibles with definite lives are amortized over their useful lives in a manner consistent with underlying cash flow, which generally ranges from two to ten years. Management reviews finite-lived intangibles for indicators of impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Cash flows expected to be generated by the finite-lived intangibles are estimated over the intangible asset’s useful life based on updated projections on an undiscounted basis. If the evaluation indicates that the carrying value of the finite-lived intangible asset may not be recoverable, the potential impairment is measured at fair value. | |
Restricted Cash | |
Sysco is required by its insurers to collateralize a part of the self-insured portion of its workers’ compensation and liability claims. Sysco has chosen to satisfy these collateral requirements by depositing funds in insurance trusts or by issuing letters of credit. All amounts in restricted cash at June 28, 2014 and June 29, 2013 represented funds deposited in insurance trusts. | |
Derivative Financial Instruments | |
All derivatives are recognized as assets or liabilities within the consolidated balance sheets at fair value at their gross values. Gains or losses on derivative financial instruments designated as fair value hedges are recognized immediately in the consolidated results of operations, along with the offsetting gain or loss related to the underlying hedged item. | |
Gains or losses on derivative financial instruments designated as cash flow hedges are recorded as a separate component of shareholders’ equity from inception of the hedges to their settlement, at which time gains or losses are reclassified to the Consolidated Results of Operations in conjunction with the recognition of the underlying hedged item. | |
In the normal course of business, Sysco enters into forward purchase agreements for the procurement of fuel and electricity. Certain of these agreements meet the definition of a derivative. However, the company elected to use the normal purchase and sale exemption available under derivatives accounting literature; therefore, these agreements are not recorded at fair value. | |
Investments in Corporate-Owned Life Insurance | |
Investments in corporate-owned life insurance (COLI) policies are recorded at their cash surrender values as of each balance sheet date. Changes in the cash surrender value during the period are recorded as a gain or loss within operating expenses. The company does not record deferred tax balances related to cash surrender value gains or losses for the policies that Sysco has the intent to hold these policies to maturity. Deferred tax balances are recorded for those policies that Sysco intends to redeem prior to maturity. The total amounts related to the company’s investments in COLI policies included in other assets in the consolidated balance sheets were $161.9 million and $159.3 million at June 28, 2014 and June 29, 2013, respectively. | |
Treasury Stock | |
The company records treasury stock purchases at cost. Shares removed from treasury are valued at cost using the average cost method. | |
Foreign Currency Translation | |
The assets and liabilities of all foreign subsidiaries are translated at current exchange rates. Related translation adjustments are recorded as a component of accumulated other comprehensive income (loss). | |
Revenue Recognition | |
The company recognizes revenue from the sale of a product when it is considered to be realized or realizable and earned. The company determines these requirements to be met at the point at which the product is delivered to the customer. The company grants certain customers sales incentives such as rebates or discounts and treats these as a reduction of sales at the time the sale is recognized. Sales tax collected from customers is not included in revenue but rather recorded as a liability due to the respective taxing authorities. Purchases and sales of inventory with the same counterparty that are entered into in contemplation of one another are considered to be a single nonmonetary transaction. As such, the company records the net effect of such transactions in the consolidated results of operations within sales. | |
Vendor Consideration | |
Sysco recognizes consideration received from vendors when the services performed in connection with the monies received are completed and when the related product has been sold by Sysco as a reduction to cost of sales. There are several types of cash consideration received from vendors. In many instances, the vendor consideration is in the form of a specified amount per case or per pound. In these instances, Sysco will recognize the vendor consideration as a reduction of cost of sales when the product is sold. In the situations in which the vendor consideration is not related directly to specific product purchases, Sysco will recognize these as a reduction of cost of sales when the earnings process is complete, the related service is performed and the amounts are realized. | |
Shipping and Handling Costs | |
Shipping and handling costs include costs associated with the selection of products and delivery to customers. Included in operating expenses are shipping and handling costs of approximately $2,612.4 million in fiscal 2014, $2,539.6 million in fiscal 2013 and $2,396.2 million in fiscal 2012. | |
Insurance Program | |
Sysco maintains a self-insurance program covering portions of workers’ compensation, general and vehicle liability and property insurance costs. The amounts in excess of the self-insured levels are fully insured by third party insurers. The company also maintains a fully self-insured group medical program. Liabilities associated with these risks are estimated in part by considering historical claims experience, medical cost trends, demographic factors, severity factors and other actuarial assumptions. | |
Share-Based Compensation | |
Sysco recognizes expense for its share-based compensation based on the fair value of the awards that are granted. The fair value of stock options is estimated at the date of grant using the Black-Scholes option pricing model. Option pricing methods require the input of highly subjective assumptions, including the expected stock price volatility. The fair value of restricted stock and restricted stock unit awards are based on the company’s stock price on the date of grant. Measured compensation cost is recognized ratably over the vesting period of the related share-based compensation award. Cash flows resulting from tax deductions in excess of the compensation cost recognized for those options (excess tax benefits) are classified as financing cash flows on the consolidated cash flows statements. | |
Income Taxes | |
Sysco recognizes deferred tax assets and liabilities based on the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured pursuant to tax laws using rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The impact on deferred tax assets and liabilities of a change in tax rate is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amount more likely than not to be realized. | |
Sysco recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits of the position. The amount recognized is measured as the largest amount of tax benefit that has greater than a 50% likelihood of being realized upon settlement. To the extent interest and penalties may be assessed by taxing authorities on any underpayment of income tax, estimated amounts required by the accounting guidance related to uncertain tax positions have been accrued and are classified as a component of income taxes in the consolidated results of operations. | |
The determination of the company’s provision for income taxes requires significant judgment, the use of estimates and the interpretation and application of complex tax laws. The company’s provision for income taxes primarily reflects a combination of income earned and taxed in the various U.S. federal and state, as well as various foreign jurisdictions. Jurisdictional tax law changes, increases or decreases in permanent differences between book and tax items, accruals or adjustments of accruals for tax contingencies or valuation allowances, and the company’s change in the mix of earnings from these taxing jurisdictions all affect the overall effective tax rate. | |
Acquisitions | |
Acquisitions of businesses are accounted for using the purchase method of accounting, and the financial statements include the results of the acquired operations from the respective dates of acquisition. | |
The purchase price of the acquired entities is allocated to the net assets acquired and liabilities assumed based on the estimated fair value at the dates of acquisition, with any excess of cost over the fair value of net assets acquired, including intangibles, recognized as goodwill. The balances included in the consolidated balance sheets related to recent acquisitions are based upon preliminary information and are subject to change when final asset and liability valuations are obtained. Subsequent changes to the preliminary balances are reflected retrospectively, if material. Material changes to the preliminary allocations are not anticipated by management. | |
Reclassifications | |
Prior year amounts within the consolidated balance sheets and consolidated cash flows have been reclassified to conform to the current year presentation as it relates to the presentation of certain accounts payable, accrued expenses, deferred taxes and other long-term liabilities balances within these statements. Prior year amounts within the consolidated results of operations have been reclassified to conform to the current year presentation as it relates to the classification of certain amounts within cost of sales and operating expenses within this statement. The impact of these reclassifications was immaterial to all periods presented. | |
Changes_in_Accounting
Changes in Accounting | 12 Months Ended |
Jun. 28, 2014 | |
Changes in Accounting [Abstract] | ' |
Changes in Accounting | ' |
2. CHANGES IN ACCOUNTING | |
Testing Indefinite-Lived Intangible Assets for Impairment | |
In July 2012, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2012-02, “Testing Indefinite-Lived Intangible Assets for Impairment.” This update amends Accounting Standards Codification (ASC) 350, “Intangibles—Goodwill and Other” to allow entities an option to first assess qualitative factors to determine whether it is necessary to perform the quantitative impairment test. Under that option, an entity no longer would be required to calculate the fair value of the intangible asset unless the entity determines, based on that qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. The amendments in this update were effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, which was fiscal 2014 for Sysco. The adoption of this update in the first quarter of fiscal 2014 did not result in a change to the company’s interim consideration of impairment of indefinite-lived intangible assets. This update did not have an impact on the company’s annual testing for impairment of indefinite-lived intangibles in the fourth quarter of fiscal 2014. | |
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income | |
In February 2013, the FASB issued ASU 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” This update amends ASC 220, “Comprehensive Income” to require an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net earnings if the amount is being reclassified in its entirety to net earnings. For other amounts that are not being reclassified in their entirety to net earnings, an entity is required to cross-reference other disclosures that provide additional detail about those amounts. The amendments in this update were effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2012. The additional disclosures required by this update are included in Note 17, “Comprehensive Income.” | |
New_Accounting_Standards
New Accounting Standards | 12 Months Ended |
Jun. 28, 2014 | |
New Accounting Standards [Abstract] | ' |
New Accounting Standards | ' |
3. NEW ACCOUNTING STANDARDS | |
Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists | |
In July 2013, the FASB issued ASU 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” This update amends ASC 740, “Income Taxes,” to require that in certain cases, an unrecognized tax benefit, or portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward when such items exist in the same taxing jurisdiction. The amendments in this update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, which is fiscal 2015 for Sysco. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date, and retrospective application is permitted. Sysco is currently evaluating the impact this update will have on its financial statements. | |
Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity | |
In April 2014, the FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” This update amends ASC 205, “Presentation of Financial Statements,” and ASC 360, “Property, Plant, and Equipment,” primarily to change the criteria for when a disposal is required to be reported as a discontinued operation. A disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has or will have a major effect on the entity’s operations or financial results. The amendments in this update specify presentation and disclosure requirements for discontinued operations as well as disclosure requirements for other disposals that do not qualify as discontinued operations. The amendments in this update are effective for all disposals or classifications as held for sale, including upon acquisition, of a component of an entity that occur within annual periods beginning on or after December 15, 2014 and interim periods within those years, which is fiscal 2016 for Sysco. Early adoption is permitted. Sysco is currently evaluating the impact this update will have on its financial statements. | |
Revenue from Contracts with Customers | |
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers.” This update creates ASC 606, “Revenue from Contracts with Customers,” and supercedes the revenue recognition requirements in ASC 605, “Revenue Recognition.” Additionally, other sections of the ASC were amended to be consistent with the guidance in this update. The core principle of ASC 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. A five-step revenue recognition model is to be applied to achieve this core principle. ASC 606 also specifies comprehensive disclosures to help users of financial statements understand the nature, amount, timing and uncertainty of revenue that is recognized. The amendments in this update are effective for annual periods beginning after December 15, 2016, including interim periods within that reporting period, which is fiscal 2018 for Sysco. Early adoption is not permitted. Sysco is currently evaluating the impact this update will have on its financial statements. | |
Acquisitions
Acquisitions | 12 Months Ended |
Jun. 28, 2014 | |
Acquisitions [Abstract] | ' |
Acquisitions | ' |
4. ACQUISITIONS | |
During fiscal 2014, in the aggregate, the company paid cash of $79.3 million, net of cash acquired, for operations acquired during fiscal 2014 and for contingent consideration related to operations acquired in previous fiscal years. During fiscal 2014, Sysco acquired for cash operations in Meridian, Idaho; Landover, Maryland; St. Louis, Missouri; Cleveland, Ohio and Philadelphia, Pennsylvania. The fiscal 2014 acquisitions were immaterial, individually and in the aggregate, to the consolidated financial statements. | |
Certain acquisitions involve contingent consideration typically payable over periods up to three years only in the event that certain outstanding contingencies are resolved. As of June 28, 2014, aggregate contingent consideration amounts outstanding relating to acquisitions was $70.6 million, of which $55.2 million was recorded as earnout liabilities as of June 28, 2014. | |
In the second quarter of fiscal 2014, the company announced an agreement to merge with US Foods, Inc. (US Foods). US Foods is a leading foodservice distributor in the U.S. that markets and distributes fresh, frozen and dry food and non-food products to more than 200,000 foodservice customers including independently owned single location restaurants, regional and national chain restaurants, healthcare and educational institutions, hotels and motels, government and military organizations and retail locations. Following completion of the proposed merger, the combined company will continue to be named Sysco and headquartered in Houston, Texas. | |
As of the time the merger agreement was announced in December 2013, Sysco agreed to pay approximately $3.5 billion for the equity of US Foods, comprised of $3 billion of Sysco common stock and $500 million of cash. As part of the transaction, Sysco will also assume or refinance US Foods’ net debt, which was approximately $4.7 billion as of September 28, 2013, bringing the total enterprise value to $8.2 billion at the time of the merger announcement. As of August 13, 2014, the merger consideration is estimated as follows: approximately $3.7 billion for the equity of US Foods, comprised of $3.2 billion of Sysco common stock valued using the seven day average through August 13, 2014, and $500 million of cash. US Foods' net debt to be assumed or refinanced was approximately $4.8 billion as of June 28, 2014, bringing the total enterprise value to $8.5 billion as of August 13, 2014. The value of Sysco’s common stock and the amount of US Foods’ net debt will fluctuate. As such, the components of the transaction and total enterprise value noted above will not be finalized until the merger is consummated. | |
Sysco has secured a fully committed bridge financing that could be used for funding a portion of the purchase price. After completion of the transaction, the equity holders of US Foods will own approximately 87 million shares, or roughly 13% of Sysco. A representative from each of US Foods’ two majority shareholders will join Sysco’s Board of Directors upon closing. This merger is currently pending a regulatory review process by the Federal Trade Commission. The company estimates the merger will close by the end of the third quarter or in the fourth quarter of calendar 2014. Under certain conditions, including lack of regulatory approval, Sysco would be obligated to pay $300 million to the owners of US Foods if the merger were cancelled. | |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||
Jun. 28, 2014 | ||||||||||||
Fair Value Measurements [Abstract] | ' | |||||||||||
Fair Value Measurements | ' | |||||||||||
5. FAIR VALUE MEASUREMENTS | ||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). The accounting guidance includes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The three levels of the fair value hierarchy are as follows: | ||||||||||||
· | Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets; | |||||||||||
· | Level 2 – Inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability; and | |||||||||||
· | Level 3 – Unobservable inputs for the asset or liability, which include management’s own assumption about the assumptions market participants would use in pricing the asset or liability, including assumptions about risk. | |||||||||||
Sysco’s policy is to invest in only high-quality investments. Cash equivalents primarily include time deposits, certificates of deposit, commercial paper, high-quality money market funds and all highly liquid instruments with original maturities of three months or less. Restricted cash consists of investments in high-quality money market funds. | ||||||||||||
The following is a description of the valuation methodologies used for assets measured at fair value. | ||||||||||||
· | Time deposits and commercial paper included in cash equivalents are valued at amortized cost, which approximates fair value. These are included within cash equivalents as a Level 2 measurement in the tables below. | |||||||||||
· | Money market funds are valued at the closing price reported by the fund sponsor from an actively traded exchange. These are included within cash equivalents and restricted cash as Level 1 measurements in the tables below. | |||||||||||
· | The interest rate swap agreements, discussed further in Note 9, “Derivative Financial Instruments,” are valued using a swap valuation model that utilizes an income approach using observable market inputs including interest rates, LIBOR swap rates and credit default swap rates. These are included within prepaid expenses and other current assets, other assets and accrued expenses as Level 2 measurements in the tables below. | |||||||||||
The following tables present the company’s assets measured at fair value on a recurring basis as of June 28, 2014 and June 29, 2013: | ||||||||||||
Assets and Liabilities Measured at Fair Value as of June 28, 2014 | ||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
(In thousands) | ||||||||||||
Assets: | ||||||||||||
Cash and cash equivalents | ||||||||||||
Cash equivalents | $ | 2,770 | $ | 131,966 | $ | - | $ | 134,736 | ||||
Restricted cash | 145,412 | - | - | 145,412 | ||||||||
Other assets | ||||||||||||
Interest rate swap agreement | - | 4,828 | - | 4,828 | ||||||||
Total assets at fair value | $ | 148,182 | $ | 136,794 | $ | - | $ | 284,976 | ||||
Liabilities: | ||||||||||||
Accrued expenses | ||||||||||||
Interest rate swap agreement | $ | - | $ | 133,466 | $ | - | $ | 133,466 | ||||
Total liabilities at fair value | $ | - | $ | 133,466 | $ | - | $ | 133,466 | ||||
Assets Measured at Fair Value as of June 29, 2013 | ||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
(In thousands) | ||||||||||||
Assets: | ||||||||||||
Cash and cash equivalents | ||||||||||||
Cash equivalents | $ | 1,160 | $ | 132,731 | $ | - | $ | 133,891 | ||||
Prepaid expenses and other current assets | ||||||||||||
Interest rate swap agreement | - | 2,988 | - | 2,988 | ||||||||
Restricted cash | 145,328 | - | - | 145,328 | ||||||||
Total assets at fair value | $ | 146,488 | $ | 135,719 | $ | - | $ | 282,207 | ||||
The carrying values of accounts receivable and accounts payable approximated their respective fair values due to the short-term maturities of these instruments. The fair value of Sysco’s total debt is estimated based on the quoted market prices for the same or similar issue or on the current rates offered to the company for debt of the same remaining maturities and is considered a Level 2 measurement. The fair value of total debt approximated $3,023.1 million and $3,207.6 million as of June 28, 2014 and June 29, 2013, respectively. The carrying value of total debt was $2,759.9 million and $2,888.9 million as of June 28, 2014 and June 29, 2013, respectively. | ||||||||||||
Allowance_for_Doubtful_Account
Allowance for Doubtful Accounts | 12 Months Ended | |||||||||
Jun. 28, 2014 | ||||||||||
Allowance for Doubtful Accounts [Abstract] | ' | |||||||||
Allowance for Doubtful Accounts | ' | |||||||||
6. ALLOWANCE FOR DOUBTFUL ACCOUNTS | ||||||||||
A summary of the activity in the allowance for doubtful accounts appears below: | ||||||||||
2014 | 2013 | 2012 | ||||||||
(In thousands) | ||||||||||
Balance at beginning of period | $ | 47,345 | $ | 42,919 | $ | 42,436 | ||||
Charged to costs and expenses | 34,429 | 35,243 | 33,359 | |||||||
Customer accounts written off, net of recoveries | -31,721 | -30,824 | -32,318 | |||||||
Other adjustments | -151 | 7 | -558 | |||||||
Balance at end of period | $ | 49,902 | $ | 47,345 | $ | 42,919 | ||||
Plant_and_Equipment
Plant and Equipment | 12 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Plant and Equipment [Abstract] | ' | ||||||||
Plant and Equipment | ' | ||||||||
7. PLANT AND EQUIPMENT | |||||||||
A summary of plant and equipment, including the related accumulated depreciation, appears below: | |||||||||
28-Jun-14 | 29-Jun-13 | Estimated Useful Lives | |||||||
(In thousands) | |||||||||
Plant and equipment, at cost: | |||||||||
Land | $ | 431,694 | $ | 411,853 | |||||
Buildings and improvements | 3,816,387 | 3,656,846 | 10-30 years | ||||||
Fleet and equipment | 2,726,415 | 2,633,497 | 3-10 years | ||||||
Computer hardware and software | 1,109,379 | 1,054,260 | 3-7 years | ||||||
8,083,875 | 7,756,456 | ||||||||
Accumulated depreciation | -4,098,257 | -3,778,385 | |||||||
Net plant and equipment | $ | 3,985,618 | $ | 3,978,071 | |||||
The capitalized direct costs for the internal use software portion of the company’s Business Transformation Project are included within “computer hardware and software” in the table above in the amount of $355.2 million and $417.7 million, net of accumulated amortization, as of June 28, 2014 and June 29, 2013, respectively. The majority of this internal use software related to the Business Transformation Project was placed into service and began amortization in August of fiscal 2013. | |||||||||
Depreciation expense, including capital leases, for the past three years was $493.8 million in 2014, $473.5 million in 2013 and $384.9 million in 2012. | |||||||||
Goodwill_and_Other_Intangibles
Goodwill and Other Intangibles | 12 Months Ended | |||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||
Goodwill and Other Intangibles [Abstract] | ' | |||||||||||||||||
Goodwill and Other Intangibles | ' | |||||||||||||||||
8. GOODWILL AND OTHER INTANGIBLES | ||||||||||||||||||
The changes in the carrying amount of goodwill and the amount allocated by reportable segment for the years presented are as follows: | ||||||||||||||||||
Broadline | SYGMA | Other | Total | |||||||||||||||
(In thousands) | ||||||||||||||||||
Carrying amount as of June 30, 2012 | $ | 1,220,112 | $ | 32,609 | $ | 412,890 | $ | 1,665,611 | ||||||||||
Goodwill acquired during year | 203,393 | - | 24,005 | 227,398 | ||||||||||||||
Currency translation/other | -8,663 | - | -111 | -8,774 | ||||||||||||||
Carrying amount as of June 29, 2013 | 1,414,842 | 32,609 | 436,784 | 1,884,235 | ||||||||||||||
Goodwill acquired during year | 49,608 | - | 13,225 | 62,833 | ||||||||||||||
Currency translation/other | 3,649 | - | -45 | 3,604 | ||||||||||||||
Carrying amount as of June 28, 2014 | $ | 1,468,099 | $ | 32,609 | $ | 449,964 | $ | 1,950,672 | ||||||||||
Amortizable intangible assets acquired during fiscal 2014 were $12.7 million with a weighted-average amortization period of six years. By intangible asset category, the amortizable intangible assets acquired during fiscal 2014 were customer relationships of $5.3 million with a weighted-average amortization period of seven years, non-compete agreements of $3.5 million with a weighted-average amortization period of five years and other intangibles of $3.9 million with a weighted-average amortization period of five years. | ||||||||||||||||||
The following table presents details of the company’s amortizable intangible assets: | ||||||||||||||||||
28-Jun-14 | 29-Jun-13 | |||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | |||||||||||||
(In thousands) | ||||||||||||||||||
Customer relationships | $ | 246,019 | $ | -124,223 | $ | 121,796 | $ | 274,410 | $ | -125,250 | $ | 149,160 | ||||||
Non-compete agreements | 33,164 | -10,629 | 22,535 | 29,460 | -4,655 | 24,805 | ||||||||||||
Trademarks | 12,063 | -3,200 | 8,863 | 11,618 | -1,580 | 10,038 | ||||||||||||
Other | 13,498 | -2,070 | 11,428 | 9,556 | -159 | 9,397 | ||||||||||||
Total amortizable intangible | $ | 304,744 | $ | -140,122 | $ | 164,622 | $ | 325,044 | $ | -131,644 | $ | 193,400 | ||||||
assets | ||||||||||||||||||
Intangible assets that have been fully amortized have been removed in the schedule above in the period full amortization is reached. | ||||||||||||||||||
The following table presents details of the company’s indefinite-lived intangible assets: | ||||||||||||||||||
28-Jun-14 | 29-Jun-13 | |||||||||||||||||
(In thousands) | ||||||||||||||||||
Trademarks | $ | 11,639 | $ | 11,353 | ||||||||||||||
Licenses | 966 | 966 | ||||||||||||||||
Total indefinite-lived intangible assets | $ | 12,605 | $ | 12,319 | ||||||||||||||
Amortization expense for the past three years was $42.2 million in 2014, $32.1 million in 2013 and $24.9 million in 2012. The estimated future amortization expense for the next five fiscal years on intangible assets outstanding as of June 28, 2014 is shown below: | ||||||||||||||||||
Amount | ||||||||||||||||||
(In thousands) | ||||||||||||||||||
2015 | $ | 39,724 | ||||||||||||||||
2016 | 31,729 | |||||||||||||||||
2017 | 27,105 | |||||||||||||||||
2018 | 23,914 | |||||||||||||||||
2019 | 14,114 | |||||||||||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||
Jun. 28, 2014 | |||||||||||
Derivative Financial Instruments [Abstract] | ' | ||||||||||
Derivative Financial Instruments | ' | ||||||||||
9. DERIVATIVE FINANCIAL INSTRUMENTS | |||||||||||
Sysco manages its debt portfolio to achieve an overall desired position of fixed and floating rates and may employ interest rate swaps from time to time to achieve this position. The company does not use derivative financial instruments for trading or speculative purposes. | |||||||||||
In fiscal 2010, the company entered into an interest rate swap agreement that effectively converted $200.0 million of fixed rate debt maturing in fiscal 2014 to floating rate debt; this swap was settled upon maturity of the senior notes in March 2014. In addition, in August 2013, the company entered into an interest rate swap agreement that effectively converted $500.0 million of fixed rate debt maturing in fiscal 2018 to floating rate debt. These transactions were entered into with the goal of reducing overall borrowing cost and increasing floating interest rate exposure. These transactions were designated as fair value hedges against the changes in fair value of fixed rate debt resulting from changes in interest rates. | |||||||||||
In May 2012, the company entered into a treasury lock agreement with a notional amount of $200.0 million. The company designated this derivative as a cash flow hedge of the variability in the cash outflows of interest payments on a portion of the then forecasted June 2012 debt issuance due to changes in the benchmark interest rate. In June 2012, in conjunction with the issuance of the $450.0 million senior notes maturing in fiscal 2022, the company settled the treasury lock, locking in the effective yields on the related debt. Upon settlement, the company received cash of $0.7 million, which represented the fair value of the swap agreement at the time of settlement. This amount is being amortized as an offset to interest expense over the 10-year term of the debt, and the unamortized balance is reflected as a gain, net of tax, in accumulated other comprehensive loss. | |||||||||||
In January 2014, the company entered into two forward starting swap agreements with notional amounts totaling $2.0 billion. The company designated these derivatives as cash flow hedges of the variability in the expected cash outflows of interest payments on 10-year and 30-year debt due to changes in the benchmark interest rates for debt the company expects to issue in fiscal 2015. Prior to issuance of the debt, the effective portion of gains and losses on these cash flow hedges is recorded to Other comprehensive income (loss). Once the interest rate swap agreements are settled upon issuance of the debt, the cumulative gain or loss recorded in Accumulated other comprehensive (loss) income will be amortized through interest expense over the term of the issued debt. | |||||||||||
The location and the fair value of derivative instruments in the consolidated balance sheet as of each fiscal year-end are as follows: | |||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||
(In thousands) | |||||||||||
Interest rate swap agreements: | |||||||||||
28-Jun-14 | Other assets | $ | 4,828 | Accrued expenses | $ | 133,466 | |||||
29-Jun-13 | Prepaid expenses and other current assets | 2,988 | N/A | N/A | |||||||
The location and effect of derivative instruments and related hedged items on consolidated comprehensive income for each fiscal year presented on a pre-tax basis are as follows: | |||||||||||
Amount of (Gain) or Loss | |||||||||||
Recognized in Comprehensive Income | |||||||||||
Location of (Gain) or Loss Recognized in Comprehensive Income | 2014 | 2013 | 2012 | ||||||||
(In thousands) | |||||||||||
Fair Value Hedge Relationships: | |||||||||||
Interest rate swap agreements | Interest expense | $ | -10,879 | $ | -4,492 | $ | -7,900 | ||||
Cash Flow Hedge Relationships: | |||||||||||
Interest rate swap agreements | Other comprehensive income | 133,466 | N/A | N/A | |||||||
Treasury lock agreement | Other comprehensive income | N/A | N/A | -722 | |||||||
Interest rate contracts | Interest expense | 625 | 626 | 692 | |||||||
Hedge ineffectiveness represents the difference between the changes in the fair value of the derivative instruments and the changes in fair value of the fixed rate debt attributable to changes in the benchmark interest rate. Hedge ineffectiveness is recorded directly in earnings within interest expense and was immaterial for fiscal 2014, fiscal 2013 and fiscal 2012. The interest rate swaps do not contain credit-risk-related contingent features. | |||||||||||
SelfInsured_Liabilities
Self-Insured Liabilities | 12 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Self-Insured Liabilities [Abstract] | ' | ||||||||
Self-Insured Liabilities | ' | ||||||||
10. SELF-INSURED LIABILITIES | |||||||||
Sysco maintains a self-insurance program covering portions of workers’ compensation, general and vehicle liability and property insurance costs. The amounts in excess of the self-insured levels are fully insured by third party insurers. The company also maintains a fully self-insured group medical program. A summary of the activity in self-insured liabilities appears below: | |||||||||
2014 | 2013 | 2012 | |||||||
(In thousands) | |||||||||
Balance at beginning of period | $ | 147,598 | $ | 129,749 | $ | 129,671 | |||
Charged to costs and expenses | 375,267 | 352,374 | 318,828 | ||||||
Payments | -328,389 | -334,525 | -318,750 | ||||||
Balance at end of period | $ | 194,476 | $ | 147,598 | $ | 129,749 | |||
Debt_and_Other_Financing_Arran
Debt and Other Financing Arrangements | 12 Months Ended | ||||||
Jun. 28, 2014 | |||||||
Debt and Other Financing Arrangements [Abstract] | ' | ||||||
Debt and Other Financing Arrangements | ' | ||||||
11. DEBT AND OTHER FINANCING ARRANGEMENTS | |||||||
Sysco’s debt consists of the following: | |||||||
28-Jun-14 | 29-Jun-13 | ||||||
(In thousands) | |||||||
Multicurrency revolving credit facility borrowings, interest averaging 1.0% as of | $ | 70,975 | $ | 41,632 | |||
June 28, 2014 and 1.0% as of June 29, 2013 | |||||||
Commercial paper, interest averaging 0.2% as of June 28, 2014 and 0.1% as of June 29, 2013 | 129,999 | 95,500 | |||||
Senior notes, interest at 4.6%, maturing in fiscal 2014 | - | 202,190 | |||||
Senior notes, interest at 0.55%, maturing in fiscal 2015 | 299,354 | 298,669 | |||||
Senior notes, interest at 5.25%, maturing in fiscal 2018 | 503,587 | 498,414 | |||||
Senior notes, interest at 5.375%, maturing in fiscal 2019 | 249,200 | 249,031 | |||||
Senior notes, interest at 2.6%, maturing in fiscal 2022 | 445,417 | 444,844 | |||||
Debentures, interest at 7.16%, maturing in fiscal 2027 | 50,000 | 50,000 | |||||
Debentures, interest at 6.5%, maturing in fiscal 2029 | 224,665 | 224,641 | |||||
Senior notes, interest at 5.375%, maturing in fiscal 2036 | 499,684 | 499,669 | |||||
Senior notes, interest at 6.625%, maturing in fiscal 2039 | 246,006 | 245,845 | |||||
Capital leases and other debt, interest averaging 7.5% and maturing at various dates to fiscal 2029 as of June 28, 2014 and 7.4% and maturing at various dates to fiscal 2029 as of June 29, 2013 | 41,032 | 38,484 | |||||
Total debt | 2,759,919 | 2,888,919 | |||||
Less current maturities of long-term debt | -304,777 | -207,301 | |||||
Less notes payable | -70,975 | -41,632 | |||||
Net long-term debt | $ | 2,384,167 | $ | 2,639,986 | |||
As of June 28, 2014, the principal payments required to be made during the next five fiscal years on long-term debt, excluding notes payable and commercial paper, are shown below: | |||||||
Amount | |||||||
(In thousands) | |||||||
2015 | $ | 304,777 | |||||
2016 | 4,669 | ||||||
2017 | 3,444 | ||||||
2018 | 506,478 | ||||||
2019 | 252,486 | ||||||
Short-term Borrowings | |||||||
As of June 28, 2014, Sysco had uncommitted bank lines of credit, which provided for unsecured borrowings for working capital of up to $95.0 million. There were no borrowings outstanding under these lines of credit as of June 28, 2014 or June 29, 2013, respectively. | |||||||
The company’s Irish subsidiary, Pallas Foods, has a multicurrency revolving credit facility, which provides for capital needs for the company’s European subsidiaries. In September 2013, this facility was extended and increased to €100.0 million (Euro). This facility provides for unsecured borrowings and expires September 24, 2014, but is subject to extension. Outstanding borrowings under this facility were €52.0 million (Euro) and €32.0 million (Euro) as of June 28, 2014 and June 29, 2013, respectively, located within Notes payable on the consolidated balance sheet. | |||||||
On June 30, 2011, a Canadian subsidiary of Sysco entered into a short-term demand loan facility for the purpose of facilitating a distribution from the Canadian subsidiary to Sysco, and Sysco concurrently entered into an agreement with the bank to guarantee the loan. As of July 2, 2011, the amount outstanding under the facility was $182.0 million. The interest rate under the facility was 2.0% and payable on the due date. The loan was repaid in full on July 4, 2011. | |||||||
Commercial Paper and Revolving Credit Facility | |||||||
Sysco has a Board-approved commercial paper program allowing the company to issue short-term unsecured notes in an aggregate amount not to exceed $1,300.0 million. | |||||||
Sysco and one of its subsidiaries, Sysco International, ULC, have a revolving credit facility supporting the company’s U.S. and Canadian commercial paper programs. The facility provides for borrowings in both U.S. and Canadian dollars. Borrowings by Sysco International, ULC under the agreement are guaranteed by Sysco, and borrowings by Sysco and Sysco International, ULC under the credit agreement are guaranteed by the wholly-owned subsidiaries of Sysco that are guarantors of the company’s senior notes and debentures. In January 2014, Sysco and Sysco International, ULC, extended and increased the size of the revolving credit facility described above that supports the company’s U.S. and Canadian commercial paper programs. The facility was increased to $1.5 billion with an expiration date of December 29, 2018, but is subject to further extension. The other terms and conditions of the extended facility are substantially the same. Commercial paper issuances outstanding were $130.0 million and $95.5 million as of June 28, 2014 and June 29, 2013, respectively, and were classified as long-term debt, as the company’s commercial paper programs are supported by the long-term revolving credit facility described above. | |||||||
During fiscal 2014, 2013, and 2012, aggregate outstanding commercial paper issuances and short-term bank borrowings ranged from approximately zero to $770.5 million, zero to $330.0 million, and zero to $563.1 million, respectively. | |||||||
Bridge Facility | |||||||
In December 2013, Sysco secured a commitment for an unsecured bridge facility in the amount of $3.3865 billion in connection with its proposed merger with US Foods (discussed further in Note 4, Acquisitions). In January 2014, this bridge facility commitment was replaced with a $3.3865 billion bridge term loan agreement with multiple lenders. Sysco may borrow up to $3.3865 billion in term loans on the closing date of the US Foods acquisition to fund the acquisition, refinance certain indebtedness of US Foods and pay related fees and expenses. The facility expires on March 8, 2015, but is subject to extension if regulatory approvals have not yet been obtained. Borrowings under the bridge term loan agreement are guaranteed by the same subsidiaries of Sysco that guarantee the company’s revolving credit facility, and in certain circumstances, may also be guaranteed by US Foods after closing of the merger. | |||||||
Fixed Rate Debt | |||||||
In February 2012, Sysco filed with the Securities and Exchange Commission (SEC) an automatically effective well-known seasoned issuer shelf registration statement for the issuance of an indeterminate amount of common stock, preferred stock, debt securities and guarantees of debt securities that may be issued from time to time. | |||||||
In June 2012, Sysco repaid the 6.1% senior notes totaling $200.0 million at maturity utilizing a combination of cash flow from operations and commercial paper issuances. | |||||||
In June 2012, Sysco issued 0.55% senior notes totaling $300.0 million due June 12, 2015 (the 2015 notes) and 2.6% senior notes totaling $450.0 million due June 12, 2022 (the 2022 notes) under its February 2012 shelf registration. The 2015 and 2022 notes, which were priced at 99.319% and 98.722% of par, respectively, are unsecured, are not subject to any sinking fund requirement and include a redemption provision which allows Sysco to retire the notes at any time prior to maturity at the greater of par plus accrued interest or an amount designed to ensure that the note holders are not penalized by early redemption. Proceeds from the notes will be utilized over a period of time for general corporate purposes, which may include acquisitions, refinancing of debt, working capital, share repurchases and capital expenditures. | |||||||
In February 2013, Sysco repaid the 4.2% senior notes totaling $250.0 million at maturity utilizing a combination of cash flow from operations and cash on hand. | |||||||
In March 2014, Sysco repaid the 4.6% senior notes totaling $200.0 million at maturity utilizing a combination of cash flow from operations and commercial paper issuances. | |||||||
The 5.25% senior notes due February 12, 2018, the 5.375% senior notes due March 17, 2019, the 6.5% debentures due August 1, 2028, the 5.375% senior notes due September 21, 2035 and the 6.625% senior notes due March 17, 2039 are unsecured, are not subject to any sinking fund requirement and include a redemption provision that allows Sysco to retire the debentures and notes at any time prior to maturity at the greater of par plus accrued interest or an amount designed to ensure that the debenture and note holders are not penalized by the early redemption. | |||||||
The 7.16% debentures due April 15, 2027 are unsecured, are not subject to any sinking fund requirement and are no longer redeemable prior to maturity. | |||||||
Total Debt | |||||||
Total debt as of June 28, 2014 was $2,759.9 million, of which approximately 74% was at fixed rates with a weighted average of 4.6% and an average life of 13 years, and the remainder was at floating rates with a weighted average of 2.7% and an average life of three years. Certain loan agreements contain typical debt covenants to protect note holders, including provisions to maintain the company’s long-term debt to total capital ratio below a specified level. Sysco is currently in compliance with all debt covenants. | |||||||
Other | |||||||
As of June 28, 2014 and June 29, 2013, letters of credit outstanding were $45.7 million and $42.2 million, respectively. | |||||||
Leases
Leases | 12 Months Ended | |||
Jun. 28, 2014 | ||||
Leases [Abstract] | ' | |||
Leases | ' | |||
12. LEASES | ||||
Sysco has obligations under capital and operating leases for certain distribution facilities, vehicles and computers. Total rental expense under operating leases was $92.3 million, $84.4 million, and $83.0 million in fiscal 2014, 2013 and 2012, respectively. Contingent rentals, subleases and assets and obligations under capital leases are not significant. | ||||
Aggregate minimum lease payments by fiscal year under existing long-term operating leases are as follows: | ||||
Amount | ||||
(In thousands) | ||||
2015 | $ | 43,065 | ||
2016 | 32,890 | |||
2017 | 24,070 | |||
2018 | 15,055 | |||
2019 | 10,674 | |||
Thereafter | 36,084 | |||
Other_LongTerm_Liabilities
Other Long-Term Liabilities | 12 Months Ended | ||||||
Jun. 28, 2014 | |||||||
Other Long-Term Liabilities [Abstract] | ' | ||||||
Other Long-Term Liabilities | ' | ||||||
13. OTHER LONG-TERM LIABILITIES | |||||||
The following table presents details of the company’s other long-term liabilities: | |||||||
28-Jun-14 | 29-Jun-13 | ||||||
(In thousands) | |||||||
Qualified pension plan | $ | 270,189 | $ | 136,808 | |||
Supplemental executive retirement plan | 438,288 | 409,024 | |||||
Other | 319,401 | 357,473 | |||||
Total | $ | 1,027,878 | $ | 903,305 | |||
CompanySponsored_Employee_Bene
Company-Sponsored Employee Benefit Plans (Company-Sponsored Employee Benefit Plans [Member]) | 12 Months Ended | ||||||||||||
Jun. 28, 2014 | |||||||||||||
Company-Sponsored Employee Benefit Plans [Member] | ' | ||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ||||||||||||
Employee Benefit Plans | ' | ||||||||||||
14. COMPANY-SPONSORED EMPLOYEE BENEFIT PLANS | |||||||||||||
Sysco has company-sponsored defined benefit and defined contribution retirement plans for its employees. Also, the company provides certain health care benefits to eligible retirees and their dependents. | |||||||||||||
Defined Contribution Plans | |||||||||||||
In December 2012, the company amended its defined contribution 401(k) Plan to be a Safe Harbor plan, a plan that treats all employees’ benefits equally within the plan, under Sections 401(k) and 401(m) of the Internal Revenue Code with respect to non-union employees and those union employees whose unions adopted the Safe Harbor Plan provisions. Effective January 1, 2013, the new Safe Harbor Plan provides that the company will make a non-elective contribution each pay period equal to 3% of a participant’s compensation. Additionally, the company will make matching contributions of 50% of a participant’s pre-tax contribution on the first 5% of the participant’s compensation contributed by the participant. Certain employees are also eligible for a transition contribution, and the company may also make discretionary contributions. For union employees who are members of unions that did not adopt the Safe Harbor Plan provisions, the plan provides that under certain circumstances the company may make matching contributions of up to 50% of the first 6% of a participant’s compensation. | |||||||||||||
Prior to the adoption of the Safe Harbor Plan in January 2013, the company’s defined contribution 401(k) plan provided that, under certain circumstances, the company may make matching contributions of up to 50% of the first 6% of a participant’s compensation. | |||||||||||||
The company also has a nonqualified, unfunded Management Savings Plan (MSP) available to key management personnel who are participants in the Management Incentive Plan. Participants may defer up to 50% of their annual salary and up to 100% of their annual bonus. The company will make a non-elective contribution each pay period equal to 3% of a participant’s compensation. Additionally, the company will make matching contributions of 50% of a participant’s pre-tax contribution on the first 5% of the participant’s eligible compensation that is deferred. Certain employees are also eligible for a transition contribution, and the company may also make discretionary contributions. All company contributions to the MSP are limited by the amounts contributed by the company to the participant’s 401(k) account. | |||||||||||||
Sysco’s expense related to its defined contribution plans was $118.6 million in fiscal 2014, $65.3 million in fiscal 2013, and $17.2 million in fiscal 2012. | |||||||||||||
Defined Benefit Plans | |||||||||||||
Sysco maintains a qualified pension plan (Retirement Plan) that pays benefits to employees at retirement, using formulas based on a participant’s years of service and compensation. At the end of fiscal 2012, Sysco approved a plan to freeze future benefit accruals under the Retirement Plan as of December 31, 2012 for all U.S.-based salaried and non-union hourly employees. Effective January 1, 2013, these employees were eligible for additional contributions under the company’s defined contribution 401(k) plan. | |||||||||||||
In addition to receiving benefits upon retirement under the company’s Retirement Plan, key management personnel who are participants in the Management Incentive Plan will receive benefits under a Supplemental Executive Retirement Plan (SERP). This plan is a nonqualified, unfunded supplementary retirement plan. In November 2012, Sysco approved a plan to restructure its executive nonqualified retirement program including the SERP. Future benefit accruals have been frozen under this plan as of June 29, 2013, for all participants. | |||||||||||||
Also, the company provides certain health care benefits to eligible retirees and their dependents. | |||||||||||||
Funded Status | |||||||||||||
Accumulated pension assets measured against the obligation for pension benefits represents the funded status of a given plan. The funded status of Sysco’s company-sponsored defined benefit plans is presented in the table below. The caption “Pension Benefits” in the tables below includes both the Retirement Plan and the SERP. | |||||||||||||
Pension Benefits | Other Postretirement Plans | ||||||||||||
28-Jun-14 | 29-Jun-13 | 28-Jun-14 | 29-Jun-13 | ||||||||||
(In thousands) | |||||||||||||
Change in benefit obligation: | |||||||||||||
Benefit obligation at beginning of year | $ | 3,089,022 | $ | 3,164,974 | $ | 14,248 | $ | 12,954 | |||||
Service cost | 9,657 | 70,166 | 546 | 541 | |||||||||
Interest cost | 160,436 | 148,561 | 748 | 614 | |||||||||
Amendments | -347 | 53,902 | - | - | |||||||||
Curtailments | - | -72,967 | - | - | |||||||||
Actuarial (gain) loss, net | 492,720 | -201,517 | -3,280 | 188 | |||||||||
Total disbursements | -79,780 | -74,097 | 349 | -49 | |||||||||
Benefit obligation at end of year | 3,671,708 | 3,089,022 | 12,611 | 14,248 | |||||||||
Change in plan assets: | |||||||||||||
Fair value of plan assets at beginning of year | 2,518,009 | 2,234,869 | - | - | |||||||||
Actual return on plan assets | 474,538 | 263,675 | - | - | |||||||||
Employer contribution | 24,752 | 93,562 | -349 | 49 | |||||||||
Total disbursements | -79,780 | -74,097 | 349 | -49 | |||||||||
Fair value of plan assets at end of year | 2,937,519 | 2,518,009 | - | - | |||||||||
Funded status at end of year | $ | -734,189 | $ | -571,013 | $ | -12,611 | $ | -14,248 | |||||
As a result of the SERP freeze discussed above in November 2012, the liabilities of this plan were remeasured using a discount rate of 3.96%. A curtailment gain of $73.0 million was recognized as a component of actuarial losses (net of tax) within other comprehensive income with an offsetting reduction to benefits obligations to accumulated benefits. Further, an $8.3 million loss was recognized in the income statement arising from the write-off of prior service costs. In addition to the plan freeze, participants will be fully vested in their frozen benefits on their date of freeze. This resulted in an increase in the benefit obligation of $48.6 million which was reflected as unrecognized prior service cost in other comprehensive income. This amount will amortize into pension expense over the next seven years. The SERP benefit obligation resulting after these changes on the date of the approved plan was $486.6 million. | |||||||||||||
In order to meet a portion of its obligations under the SERP, Sysco has contributed to a rabbi trust COLI policies on the lives of participants and corporate-owned real estate assets. These assets are not included as plan assets or in the funded status amounts in the tables above and below. As they are held in a rabbi trust, these assets are available to satisfy the claims of the company’s creditors in the event of bankruptcy or insolvency of the company. The life insurance policies on the lives of the participants had carrying values of $96.5 million as of June 28, 2014 and $95.0 million as of June 29, 2013. Sysco is the sole owner and beneficiary of such policies. | |||||||||||||
The amounts recognized on Sysco’s consolidated balance sheets related to its company-sponsored defined benefit plans are as follows: | |||||||||||||
Pension Benefits | Other Postretirement Plans | ||||||||||||
28-Jun-14 | 29-Jun-13 | 28-Jun-14 | 29-Jun-13 | ||||||||||
(In thousands) | |||||||||||||
Current accrued benefit liability (Accrued expenses) | $ | -25,712 | $ | -25,181 | $ | -313 | $ | -380 | |||||
Non-current accrued benefit liability (Other long-term liabilities) | -708,477 | -545,832 | -12,298 | -13,868 | |||||||||
Net amount recognized | $ | -734,189 | $ | -571,013 | $ | -12,611 | $ | -14,248 | |||||
Accumulated other comprehensive loss (income) as of June 28, 2014 consists of the following amounts that had not, as of that date, been recognized in net benefit cost: | |||||||||||||
Pension Benefits | Other | Total | |||||||||||
Postretirement Plans | |||||||||||||
(In thousands) | |||||||||||||
Prior service cost | $ | 60,306 | $ | 898 | $ | 61,204 | |||||||
Actuarial losses (gains) | 1,058,651 | -6,287 | 1,052,364 | ||||||||||
Total | $ | 1,118,957 | $ | -5,389 | $ | 1,113,568 | |||||||
Accumulated other comprehensive loss (income) as of June 29, 2013 consists of the following amounts that had not, as of that date, been recognized in net benefit cost: | |||||||||||||
Pension Benefits | Other | Total | |||||||||||
Postretirement Plans | |||||||||||||
(In thousands) | |||||||||||||
Prior service cost | $ | 71,798 | $ | 1,067 | $ | 72,865 | |||||||
Actuarial losses (gains) | 864,000 | -3,151 | 860,849 | ||||||||||
Total | $ | 935,798 | $ | -2,084 | $ | 933,714 | |||||||
The accumulated benefit obligation, which does not consider any salary increases for the remaining active union employees in the Retirement Plan, for the company-sponsored defined benefit pension plans was $3,660.2 million and $3,079.1 million as of June 28, 2014 and June 29, 2013, respectively. | |||||||||||||
Information for plans with accumulated benefit obligation/aggregate benefit obligation in excess of fair value of plan assets is as follows: | |||||||||||||
Pension Benefits | Other Postretirement Plans | ||||||||||||
June 28, 2014 (1) | June 29, 2013 (1) | 28-Jun-14 | 29-Jun-13 | ||||||||||
(In thousands) | |||||||||||||
Accumulated benefit obligation/aggregate benefit obligation | $ | 3,660,227 | $ | 3,079,068 | $ | 12,611 | $ | 14,248 | |||||
Fair value of plan assets at end of year | 2,937,519 | 2,518,009 | - | - | |||||||||
(1) Information under Pension Benefits as of June 28, 2014 and June 29, 2013 includes both the Retirement Plan and the SERP. | |||||||||||||
Components of Net Benefit Costs and Other Comprehensive Income | |||||||||||||
The components of net company-sponsored pension costs for each fiscal year are as follows: | |||||||||||||
Pension Benefits | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Service cost | $ | 9,657 | $ | 70,166 | $ | 108,223 | |||||||
Interest cost | 160,436 | 148,561 | 147,512 | ||||||||||
Expected return on plan assets | -192,795 | -171,201 | -161,605 | ||||||||||
Amortization of prior service cost | 11,145 | 9,899 | 4,806 | ||||||||||
Amortization of actuarial loss | 16,327 | 72,624 | 60,166 | ||||||||||
Curtailment loss | - | 8,293 | - | ||||||||||
Net pension costs | $ | 4,770 | $ | 138,342 | $ | 159,102 | |||||||
The components of other postretirement benefit costs for each fiscal year are as follows: | |||||||||||||
Other Postretirement Plans | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Service cost | $ | 546 | $ | 541 | $ | 457 | |||||||
Interest cost | 748 | 614 | 632 | ||||||||||
Amortization of prior service cost | 168 | 168 | 215 | ||||||||||
Amortization of actuarial gain | -143 | -203 | -331 | ||||||||||
Amortization of transition obligation | - | 141 | 153 | ||||||||||
Net other postretirement benefit costs | $ | 1,319 | $ | 1,261 | $ | 1,126 | |||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) related to company-sponsored pension plans for each fiscal year are as follows: | |||||||||||||
Pension Benefits | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Amortization of prior service cost | $ | 11,145 | $ | 18,192 | $ | 4,806 | |||||||
Amortization of actuarial loss | 16,327 | 72,624 | 60,166 | ||||||||||
Prior service cost arising in current year | 347 | -53,902 | -8,706 | ||||||||||
Actuarial (loss) gain arising in current year | -210,978 | 366,957 | -579,366 | ||||||||||
Net pension costs | $ | -183,159 | $ | 403,871 | $ | -523,100 | |||||||
Other changes in benefit obligations recognized in other comprehensive (loss) income related to other postretirement plans for each fiscal year are as follows: | |||||||||||||
Other Postretirement Plans | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Amortization of prior service cost | $ | 168 | $ | 168 | $ | 215 | |||||||
Amortization of actuarial gain | -143 | -203 | -331 | ||||||||||
Amortization of transition obligation | - | 141 | 153 | ||||||||||
Actuarial (loss) gain arising in current year | 3,280 | -188 | -925 | ||||||||||
Net pension costs | $ | 3,305 | $ | -82 | $ | -888 | |||||||
Amounts included in accumulated other comprehensive loss (income) as of June 28, 2014 that are expected to be recognized as components of net company-sponsored benefit cost during fiscal 2015 are: | |||||||||||||
Pension Benefits | Other | Total | |||||||||||
Postretirement Plans | |||||||||||||
(In thousands) | |||||||||||||
Amortization of prior service cost | $ | 11,111 | $ | 169 | $ | 11,280 | |||||||
Amortization of actuarial losses (gains) | 19,871 | -435 | 19,436 | ||||||||||
Total | $ | 30,982 | $ | -266 | $ | 30,716 | |||||||
Employer Contributions | |||||||||||||
The company made cash contributions to its company-sponsored pension plans of $24.8 million and $93.6 million in fiscal years 2014 and 2013, respectively. There were no required contributions to the Retirement Plan to meet ERISA minimum funding requirements in fiscal 2014. The $70.0 million contribution to the Retirement Plan in fiscal 2013 was voluntary, as there were no required contributions to meet ERISA minimum funding requirements in fiscal 2013. There are no required contributions to the Retirement Plan to meet ERISA minimum funding requirements in fiscal 2015. The company’s contributions to the SERP and other post-retirement plans are made in the amounts needed to fund current year benefit payments. The estimated fiscal 2015 contributions to fund benefit payments for the SERP and other postretirement plans are $26.3 million and $0.3 million, respectively. | |||||||||||||
Estimated Future Benefit Payments | |||||||||||||
Estimated future benefit payments for vested participants, based on actuarial assumptions, are as follows: | |||||||||||||
Pension Benefits | Other | ||||||||||||
Postretirement Plans | |||||||||||||
(In thousands) | |||||||||||||
2015 | $ | 94,616 | $ | 313 | |||||||||
2016 | 104,096 | 516 | |||||||||||
2017 | 114,891 | 780 | |||||||||||
2018 | 125,671 | 984 | |||||||||||
2019 | 136,345 | 1,151 | |||||||||||
Subsequent five years | 844,181 | 6,377 | |||||||||||
Assumptions | |||||||||||||
Weighted-average assumptions used to determine benefit obligations as of year-end were: | |||||||||||||
28-Jun-14 | 29-Jun-13 | ||||||||||||
Discount rate — Retirement Plan | 4.74 | % | 5.32 | % | |||||||||
Discount rate — SERP | 4.59 | 4.94 | |||||||||||
Discount rate — Other Postretirement Plans | 4.74 | 5.32 | |||||||||||
Rate of compensation increase — Retirement Plan | 3.89 | 3.89 | |||||||||||
As benefit accruals under the SERP were frozen as of June 29, 2013, due to the plan freeze discussed above, future pay is not projected in the determination of the benefit obligation as of June 28, 2014 or June 29, 2013. | |||||||||||||
Weighted-average assumptions used to determine net company-sponsored pension costs and other postretirement benefit costs for each fiscal year were: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Discount rate — Retirement Plan | 5.32 | % | 4.81 | % | 5.94 | % | |||||||
Discount rate — SERP | 4.94 | 3.96 | -1 | 5.93 | |||||||||
Discount rate — Other Postretirement Plans | 5.32 | 4.81 | 5.94 | ||||||||||
Expected rate of return — Retirement Plan | 7.75 | 7.75 | 7.75 | ||||||||||
Rate of compensation increase — Retirement Plan | 3.89 | 5.30 | 5.30 | ||||||||||
(1) The SERP was remeasured in November 2012 as a result of the plan freeze discussed above. The rate in the table above reflects the discount rate as of this remeasurement. | |||||||||||||
As benefit accruals under the SERP were frozen as of June 29, 2013, due to the plan freeze discussed above, future pay is not projected in the determination of net pension costs related to the SERP for fiscal 2014. For determining the net pension costs related to the SERP for fiscal 2013 and 2012, the SERP calculations utilized an age-graded salary growth assumption. | |||||||||||||
A healthcare cost trend rate is not used in the calculations of postretirement benefit obligations because Sysco subsidizes the cost of postretirement medical coverage by a fixed dollar amount, with the retiree responsible for the cost of coverage in excess of the subsidy, including all future cost increases. | |||||||||||||
For guidance in determining the discount rate, Sysco calculates the implied rate of return on a hypothetical portfolio of high-quality fixed-income investments for which the timing and amount of cash outflows approximates the estimated payouts of the company-sponsored pension plans. The discount rate assumption is reviewed annually and revised as deemed appropriate. The discount rate to be used for the calculation of fiscal 2015 net company-sponsored benefit costs for the Retirement Plan is 4.74%. The discount rate to be used for the calculation of fiscal 2015 net company-sponsored benefit costs for the SERP is 4.59%. The discount rate to be used for the calculation of fiscal 2015 net company-sponsored benefit costs for the Other Postretirement Plans is 4.74%. | |||||||||||||
The expected long-term rate of return on plan assets assumption is net return on assets assumption, representing gross return on assets less plan expenses. The expected return is derived from a mathematical asset model that incorporates assumptions as to the various asset class returns, reflecting a combination of rigorous historical performance analysis and the forward-looking views of the financial markets regarding the yield on bonds, the historical returns of the major stock markets and returns on alternative investments. The rate of return assumption is reviewed annually and revised as deemed appropriate. The expected long-term rate of return to be used in the calculation of fiscal 2015 net company-sponsored benefit costs for the Retirement Plan is 7.75%. | |||||||||||||
Plan Assets | |||||||||||||
Investment Strategy | |||||||||||||
The company’s overall strategic investment objectives for the Retirement Plan are to preserve capital for future benefit payments and to balance risk and return commensurate with ongoing changes in the valuation of plan liabilities. Over time, the company intends to decrease the risk of the Retirement Plan’s investments in order to preserve the Retirement Plan’s funded status. In order to accomplish these objectives, the company oversees the Retirement Plan’s investment objectives and policy design, decides proper plan asset class strategies and structures, monitors the performance of plan investment managers and investment funds and determines the proper investment allocation of pension plan contributions and withdrawals. The company has created an investment structure for the Retirement Plan that takes into account the nature of the Retirement Plan’s liabilities. This structure ensures the Retirement Plan’s investments are diversified within each asset class, in addition to being diversified across asset classes with the intent to build asset class portfolios that are structured without strategic bias for or against any subcategories within each asset class. The company has also created a set of investment guidelines for the Retirement Plan’s investment managers to specify prohibited transactions, including borrowing of money except for real estate, private equity or hedge fund portfolios where leverage is a key component of the investment strategy and permitted in the investments’ governing documents, the purchase of securities on margin unless fully collateralized by cash or cash equivalents or short sales, pledging, mortgaging or hypothecating of any securities, except for loans of securities that are fully collateralized, market timing transactions and the direct purchase of the securities of Sysco or the investment manager. The purchase or sale of derivatives for speculation or leverage is also prohibited; however, investment managers are allowed to use derivative securities so long as they do not increase the risk profile or leverage of the manager’s portfolio. | |||||||||||||
The company’s target and actual investment allocation as of June 28, 2014 is as follows: | |||||||||||||
Target Asset Allocation | Actual Asset Allocation | ||||||||||||
U.S. equity | 29 | % | 39 | % | |||||||||
International equity | 29 | 25 | |||||||||||
Long duration fixed income | 27 | 26 | |||||||||||
High yield fixed income | 5 | 4 | |||||||||||
Alternative investments | 10 | 6 | |||||||||||
100 | % | ||||||||||||
Sysco’s investment strategy is implemented through a combination of balanced and specialist investment managers, passive investment funds and actively-managed investment funds. U.S. equity consists of both large-cap and small-to-mid-cap securities. Long duration fixed income investments include U.S. government and agency securities, corporate bonds from diversified industries, asset-backed securities, mortgage-backed securities, other debt securities and derivative securities. High yield fixed income consists of below investment grade corporate debt securities and may include derivative securities. Alternative investments may include private equity, private real estate, hedge funds, timberland, and commodities investments. Investment funds are selected based on each fund’s stated investment strategy to align with Sysco’s overall target mix of investments. Actual asset allocation is regularly reviewed and periodically rebalanced to the target allocation when considered appropriate. As of June 28, 2014, actual asset allocation varied from the stated target in certain categories, as the company had not yet completed rebalancing of the portfolio to the current target asset allocation, particularly in the alternative investments category. Until the rebalancing is complete, the company has chosen to invest these amounts in U.S. and international equities. | |||||||||||||
As discussed above, the Retirement Plan’s investments in equity, fixed income and alternative investments provide a range of returns and also expose the plan to investment risk. However, the investment policies put in place by the company require diversification of plan assets across issuers, industries and countries. As such, the Retirement Plan does not have significant concentrations of risk in plan assets. | |||||||||||||
Fair Value of Plan Assets | |||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. an exit price). See Note 5, “Fair Value Measurements,” for a description of the fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The following is a description of the valuation methodologies used for assets and liabilities measured at fair value. | |||||||||||||
Cash and cash equivalents: Valued at amortized cost, which approximates fair value. Cash and cash equivalents is included as a Level 2 measurement in the table below. | |||||||||||||
Equity securities: Valued at the closing price reported on the exchange market. If a stock is not listed on a public exchange, such as an American Depository Receipt or some preferred stocks, the stock is valued using an evaluated bid price based on a compilation of observable market information. Inputs used include yields, the underlying security “best price”, adjustments for corporate actions and exchange prices of underlying and common stock of the same issuer. Equity securities valued at the closing price reported on the exchange market are classified as a Level 1 measurement in the table below; all other equity securities are included as a Level 2 measurement. | |||||||||||||
Fixed income securities: Valued using evaluated bid prices based on a compilation of observable market information or a broker quote in a non-active market. Inputs used vary by type of security, but include spreads, yields, rate benchmarks, rate of prepayment, cash flows, rating changes and collateral performance and type. All fixed income securities are included as a Level 2 measurement in the table below. | |||||||||||||
Investment funds: Funds holding debt, equity and exchange-traded real estate securities are valued at the net asset value (NAV) provided by the manager of each fund. The NAV is calculated as the underlying net assets owned by the fund, divided by the number of shares outstanding. The NAV is based on the fair value of the underlying securities within the fund. Non-exchange traded real estate funds are valued based on the proportionate interest held by the Retirement Plan, which is based on the valuations of the underlying real estate investments held by each fund. Each real estate investment is valued on the basis of a discounted cash flow approach. Inputs used include future rental receipts, expenses and residual values from a market participant view of the highest and best use of the real estate as rental property. The private equity funds are valued based on the proportionate interest held by the Retirement Plan, which is based on the valuations of the underlying private equity investments held by each fund. Indirectly-held investments are valued utilizing the latest financial reports supplied by the fund’s portfolio investments. Directly-held investments are valued initially based on transaction price and are adjusted utilizing available market data and investment-specific factors, such as estimates of liquidation value, prices of recent transactions in the same or similar issuer, current operating performance and future expectations of the particular investment, changes in market outlook and the financing environment. Investment funds holding debt, equity and exchange traded real-estate securities are included as a Level 2 measurement in the table below. The non-exchange traded real estate funds and private equity funds are included as Level 3 measurements. | |||||||||||||
Derivatives: Valuation method varies by type of derivative security. | |||||||||||||
· | Credit default and interest rate swaps: Valued using evaluated bid prices based on a compilation of observable market information. Inputs used for credit default swaps include spread curves and trade data about the credit quality of the counterparty. Inputs used for interest rate swaps include benchmark yields, swap curves, cash flow analysis, and interdealer broker rates. Credit default and interest rate swaps are included as a Level 2 measurement in the table below. | ||||||||||||
· | Foreign currency contracts: Valued using a standardized interpolation model that utilizes the quoted prices for standard-length forward foreign currency contracts and adjusts to the remaining term outstanding on the contract being valued. Foreign currency contracts are included as a Level 2 measurement in the table below. | ||||||||||||
· | Futures and option contracts: Valued at the closing price reported on the exchange market for exchange-traded futures and options. Over-the-counter options are valued using pricing models that are based on observable market information. Exchange-traded futures and options are included as a Level 1 measurement in the table below; over-the-counter options are included as a Level 2 measurement. | ||||||||||||
The following table presents the fair value of the Retirement Plan’s assets by major asset category as of June 28, 2014: | |||||||||||||
Assets Measured at Fair Value as of June 28, 2014 | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
(In thousands) | |||||||||||||
Cash and cash equivalents | $ | - | $ | 51,066 | $ | - | $ | 51,066 | |||||
U.S. equity: | |||||||||||||
U.S. large-cap 1 | 218,165 | 777,627 | - | 995,792 | |||||||||
U.S. small-cap | 135,781 | - | - | 135,781 | |||||||||
International equity 2 | - | 717,022 | - | 717,022 | |||||||||
Long duration fixed income: | |||||||||||||
Corporate bonds | - | 568,419 | - | 568,419 | |||||||||
U.S. government and agency securities | - | 171,617 | - | 171,617 | |||||||||
Other | - | 4,907 | - | 4,907 | |||||||||
Derivatives, net 3 | -127 | 352 | - | 225 | |||||||||
High yield fixed income 2 | - | 102,041 | - | 102,041 | |||||||||
Alternative investments: | |||||||||||||
Real estate 2 | - | 114,250 | 35,403 | 149,653 | |||||||||
Private equity 2 | - | - | 31,204 | 31,204 | |||||||||
Total investments at fair value | $ | 353,819 | $ | 2,507,301 | $ | 66,607 | $ | 2,927,727 | |||||
Other 4 | 9,792 | ||||||||||||
Fair value of plan assets at end of year | $ | 2,937,519 | |||||||||||
1 Include direct investments and investment funds. | |||||||||||||
2 Include investments in investment funds only. | |||||||||||||
3 Include credit default swaps, interest rate swaps and futures. The fair value of asset positions totaled $0.8 million; the fair value of liability positions totaled $0.6 million. | |||||||||||||
4 Include primarily plan receivables and payables, net. | |||||||||||||
The following table presents the fair value of the Retirement Plan’s assets by major asset category as of June 29, 2013: | |||||||||||||
Assets Measured at Fair Value as of June 29, 2013 | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
(In thousands) | |||||||||||||
Cash and cash equivalents 1 | $ | - | $ | 88,812 | $ | - | $ | 88,812 | |||||
U.S. equity: | |||||||||||||
U.S. large-cap 1 | 189,548 | 531,667 | - | 721,215 | |||||||||
U.S. small-to-mid-cap 1 | 99,518 | - | - | 99,518 | |||||||||
International equity 2 | - | 745,262 | - | 745,262 | |||||||||
Long duration fixed income: | |||||||||||||
Diversified fixed income 2 | - | 264,139 | - | 264,139 | |||||||||
U.S. government and agency securities | - | 123,253 | - | 123,253 | |||||||||
Corporate bonds | - | 117,565 | - | 117,565 | |||||||||
Mortgage-backed securities | - | 8,316 | - | 8,316 | |||||||||
Municipal bonds | - | 23,840 | - | 23,840 | |||||||||
Sovereign debt | - | 16,744 | - | 16,744 | |||||||||
Other 1 | - | 13,277 | - | 13,277 | |||||||||
Derivatives, net 3 | -249 | -687 | - | -936 | |||||||||
High yield fixed income 2 | - | 226,955 | - | 226,955 | |||||||||
Alternative investments: | |||||||||||||
Real estate 2 | - | - | 64,845 | 64,845 | |||||||||
Private equity 2 | - | - | 14,375 | 14,375 | |||||||||
Total investments at fair value | $ | 288,817 | $ | 2,159,143 | $ | 79,220 | $ | 2,527,180 | |||||
Other 4 | -9,171 | ||||||||||||
Fair value of plan assets at end of year | $ | 2,518,009 | |||||||||||
1 Include direct investments and investment funds. | |||||||||||||
2 Include investments in investment funds only. | |||||||||||||
3 Include credit default swaps, interest rate swaps, foreign currency contracts, futures and options. The fair value of asset positions totaled $0.4 million; the fair value of liability positions totaled $1.3 million. | |||||||||||||
4 Include primarily plan receivables and payables, net. | |||||||||||||
The following table sets forth a summary of changes in the fair value of the Retirement Plan’s Level 3 assets for each fiscal year: | |||||||||||||
Real Estate | Private Equity Funds | Total Level 3 Measurements | |||||||||||
Funds | |||||||||||||
(In thousands) | |||||||||||||
Balance, June 30, 2012 | $ | 51,097 | $ | 5,295 | $ | 56,392 | |||||||
Actual return on plan assets: | |||||||||||||
Relating to assets still held at the reporting date | 6,696 | 1,327 | 8,023 | ||||||||||
Relating to assets sold during the period | - | - | - | ||||||||||
Purchases and sales, net | 7,052 | 7,753 | 14,805 | ||||||||||
Transfers in and/or out of Level 3 | - | - | - | ||||||||||
Balance, June 29, 2013 | $ | 64,845 | $ | 14,375 | $ | 79,220 | |||||||
Actual return on plan assets: | |||||||||||||
Relating to assets still held at the reporting date | 3,044 | 1,931 | 4,975 | ||||||||||
Relating to assets sold during the period | 3,307 | 1,767 | 5,074 | ||||||||||
Purchases and sales, net | -35,793 | 13,131 | -22,662 | ||||||||||
Transfers in and/or out of Level 3 | - | - | - | ||||||||||
Balance, June 28, 2014 | $ | 35,403 | $ | 31,204 | $ | 66,607 | |||||||
Multiemployer_Employee_Benefit
Multiemployer Employee Benefit Plans (Multiemployer Employee Benefit Plans [Member]) | 12 Months Ended | |||||||||||||
Jun. 28, 2014 | ||||||||||||||
Multiemployer Employee Benefit Plans [Member] | ' | |||||||||||||
Multiemployer Plans [Line Items] | ' | |||||||||||||
Employee Benefit Plans | ' | |||||||||||||
15. MULTIEMPLOYER EMPLOYEE BENEFIT PLANS | ||||||||||||||
Defined Benefit Pension Plans | ||||||||||||||
Sysco contributes to several multiemployer defined benefit pension plans in the U.S. and Canada based on obligations arising under collective bargaining agreements covering union-represented employees. Sysco does not directly manage these multiemployer plans, which are generally managed by boards of trustees, half of whom are appointed by the unions and the other half by other employers contributing to the plan. Approximately 10% of Sysco’s current employees are participants in such multiemployer plans as of June 28, 2014. | ||||||||||||||
The risks of participating in these multiemployer plans are different from single-employer plans in the following aspects: | ||||||||||||||
· | Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. | |||||||||||||
· | If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. | |||||||||||||
· | If Sysco chooses to stop participating in some of its multiemployer plans, Sysco may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability. | |||||||||||||
Based upon the information available from plan administrators, management believes that several of these multiemployer plans are underfunded. In addition, pension-related legislation in the U.S. requires underfunded pension plans to improve their funding ratios within prescribed intervals based on the level of their underfunding. As a result, Sysco expects its contributions to these plans to increase in the future. In addition, if a U.S. multiemployer defined benefit plan fails to satisfy certain minimum funding requirements, the Internal Revenue Service (IRS) may impose a nondeductible excise tax of 5% on the amount of the accumulated funding deficiency for those employers contributing to the fund. | ||||||||||||||
Withdrawal Activity | ||||||||||||||
Sysco has voluntarily withdrawn from various multiemployer pension plans. Total withdrawal liability provisions recorded were $1.5 million in fiscal 2014, $41.9 million in fiscal 2013 and $21.9 million in fiscal 2012. As of June 28, 2014 and June 29, 2013, Sysco had approximately $1.4 million and $40.7 million, respectively, in liabilities recorded related to certain multiemployer defined benefit plans for which Sysco’s voluntary withdrawal had already occurred. Recorded withdrawal liabilities are estimated at the time of withdrawal based on the most recently available valuation and participant data for the respective plans; amounts are subsequently adjusted to the period of payment to reflect any changes to these estimates. If any of these plans were to undergo a mass withdrawal, as defined by the Pension Benefit Guaranty Corporation, within the two plan years following the plan year in which we completely withdraw from that plan, Sysco could have additional liability. The company does not currently believe any mass withdrawals are probable to occur in the applicable two-plan year time frame relating to the plans from which Sysco has voluntarily withdrawn. | ||||||||||||||
Potential Withdrawal Liability | ||||||||||||||
Under current law regarding multiemployer defined benefit plans, a plan’s termination, Sysco’s voluntary withdrawal, or the mass withdrawal of all contributing employers from any underfunded multiemployer defined benefit plan would require Sysco to make payments to the plan for Sysco’s proportionate share of the multiemployer plan’s unfunded vested liabilities. Generally, Sysco does not have the greatest share of liability among the participants in any of the plans in which it participates. Sysco believes that one of the above-mentioned events is reasonably possible for certain plans in which it participates and estimates its share of withdrawal liability for these plans could have been as much as $90.0 million as of June 28, 2014. This estimate excludes plans for which Sysco has recorded withdrawal liabilities or where the likelihood of the above-mentioned events is deemed remote. This estimate is based on the information available from plan administrators, which had a valuation date of December 31, 2012. As the valuation date for all of these plans was December 31, 2012, the company’s estimate reflects the condition of the financial markets as of that date. Due to the lack of current information, management believes Sysco’s current share of the withdrawal liability could materially differ from this estimate. | ||||||||||||||
Plan Contributions | ||||||||||||||
Sysco’s contributions to multiemployer defined benefit pension plans were as follows for each fiscal year: | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
(In thousands) | ||||||||||||||
Individually significant plans | $ | 30,402 | $ | 28,816 | $ | 29,497 | ||||||||
All other plans | 45,627 | 36,923 | 38,611 | |||||||||||
Total contributions | $ | 76,029 | $ | 65,739 | $ | 68,108 | ||||||||
Payments for voluntary withdrawals included in contributions were $40.8 million, $31.8 million and $33.6 million in fiscal 2014, 2013 and 2012, respectively. | ||||||||||||||
Individually Significant Plans | ||||||||||||||
The information in the following tables relates to multiemployer defined benefit pension plans which Sysco has determined to be individually significant to the company. To determine individually significant plans, the company evaluated several factors, including Sysco’s significance to the plan in terms of employees and contributions, the funded status of the plan and the size of company’s potential withdrawal liability if it were to voluntarily withdraw from the plan. | ||||||||||||||
The following table provides information about the funded status of individually significant plans: | ||||||||||||||
· | The “EIN-PN” column provides the Employer Identification Number (EIN) and the three-digit plan number (PN). | |||||||||||||
· | The “Pension Protection Act Zone Status” columns provide the two most recent Pension Protection Act zone statuses available from each plan. The zone status is based on information that the company received from the plan’s administrators and is certified by each plan’s actuary. Among other factors, plans in the red zone are generally less than 65% funded, plans in the orange zone are both less than 80% funded and have an accumulated funding deficiency or are expected to have a deficiency in any of the next six plan years, plans in the yellow zone are less than 80% funded and plans in the green zone are at least 80% funded. | |||||||||||||
· | The “FIP/RP Status” column indicates whether a financial improvement plan (FIP) for yellow/orange zone plans or a rehabilitation plan (RP) for red zone plans is pending or implemented in the current year or was put in place in a prior year. A status of “Pending” indicates a FIP/RP has been approved but actual period covered by the FIP/RP has not begun. A status of “Implemented” means the period covered by the FIP/RP began in the current year or is ongoing. | |||||||||||||
· | The “Surcharge Imposed” column indicates whether a surcharge was paid during the most recent annual period presented for the company’s contributions to each plan in the red zone. If the company’s current collective bargaining agreement (CBA) with a plan satisfies the requirements of a pending but not yet implemented RP, then the payment of surcharges is not required and “No” will be reflected in this column. If the company’s current collective bargaining agreement (CBA) with a plan does not yet satisfy the requirements of a pending but not yet implemented RP, then the payment of surcharges is required and “Yes” will be reflected in this column. | |||||||||||||
Pension Protection Act | ||||||||||||||
Zone Status | ||||||||||||||
Pension Fund | EIN-PN | As of | As of | FIP/RP | Surcharge | Expiration | ||||||||
12/31/14 | 12/31/13 | Status | Imposed | Date(s) | ||||||||||
of CBA(s) | ||||||||||||||
Western Conference of Teamsters Pension Plan | 91-6145047-001 | Green | Green | N/A | N/A | 4/26/14 to 11/7/20 (1) | ||||||||
Teamsters Pension Trust Fund of | 23-1511735-001 | Yellow | Yellow | Implemented | N/A | 7/31/16 to 7/20/20 (2) | ||||||||
Philadelphia and Vicinity | ||||||||||||||
New York State Teamsters | 16-6063585-074 | Red | Red | Implemented | No | 4/30/17 | ||||||||
Conference Pension and | ||||||||||||||
Retirement Fund | ||||||||||||||
Truck Drivers and Helpers Local | 52-6043608-001 | Yellow | Yellow | Implemented | N/A | 3/1/15 | ||||||||
Union No. 355 Retirement Pension | ||||||||||||||
Fund | ||||||||||||||
Minneapolis Food Distributing | 41-6047047-001 | Green | Green | Implemented | N/A | 8/8/15 | ||||||||
Industry Pension Plan | ||||||||||||||
-1 | Sysco is party to 23 CBAs that require contributions to the Western Conference of Teamsters Pension Trust. Each agreement covers anywhere from less than 1% to 10% of the total contributions Sysco is required to pay the fund. | |||||||||||||
-2 | Sysco is party to three CBAs that require contributions to the Teamsters Pension Trust Fund of Philadelphia and Vicinity. One agreement expires July 31, 2016 and covers approximately 5% of the total Contribution Sysco is required to pay the fund. The remaining two agreements expire July 20, 2020 and cover the remaining 95% of the total contributions Sysco is required to pay the fund. | |||||||||||||
The following table provides information about the company’s contributions to individually significant plans: | ||||||||||||||
· | The “Sysco Contributions” columns provide contribution amounts based on Sysco’s fiscal years, which may not coincide with the plans’ fiscal years. | |||||||||||||
· | The “Sysco 5% of Total Plan Contributions” columns indicate whether Sysco was listed in the plan’s most recently filed Form 5500s as providing more than five percent of the total contributions to the plan, and the plan year-end is noted. As of August 13, 2014, Form 5500s were not available for plan years ending December 31, 2013. | |||||||||||||
Sysco Contributions | Sysco 5% of | |||||||||||||
Total Plan Contributions | ||||||||||||||
Pension Fund | 2014 | 2013 | 2012 | Year Ending 12/31/12 | Year Ending 12/31/11 | |||||||||
(In thousands) | ||||||||||||||
Western Conference of Teamsters Pension Plan | $ | 21,893 | $ | 20,561 | $ | 19,829 | No | No | ||||||
Teamsters Pension Trust Fund of | 1,977 | 2,256 | 2,227 | No | No | |||||||||
Philadelphia and Vicinity | ||||||||||||||
New York State Teamsters | 1,444 | 1,399 | 1,395 | No | No | |||||||||
Conference Pension and | ||||||||||||||
Retirement Fund | ||||||||||||||
Truck Drivers and Helpers Local | 1,874 | 1,624 | 1,490 | Yes | Yes | |||||||||
Union No. 355 Retirement Pension | ||||||||||||||
Fund | ||||||||||||||
Minneapolis Food Distributing | 3,214 | 2,976 | 4,556 | Yes | Yes | |||||||||
Industry Pension Plan | ||||||||||||||
For all of the plans noted in the table above, minimum contributions outside of the agreed upon contractual rate are not required. | ||||||||||||||
Other Postretirement Benefit Plans | ||||||||||||||
In addition to the contributions to the defined benefit pension plans described above, Sysco also contributes to several multiemployer plans that provide other postretirement benefits based on obligations arising under collective bargaining agreements covering union-represented employees. These plans may provide medical, pharmacy, dental, vision, mental health and other benefits to active employees and retirees as determined by the trustees of each plan. Sysco contributed to these plans $29.7 million in fiscal 2014, $30.6 million in fiscal 2013 and $25.5 million in fiscal 2012. There have been no significant changes that affect the comparability of fiscal 2014, fiscal 2013 and fiscal 2012 contributions. | ||||||||||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||
Jun. 28, 2014 | ||||||||||
Earnings Per Share [Abstract] | ' | |||||||||
Earnings Per Share | ' | |||||||||
16. EARNINGS PER SHARE | ||||||||||
Basic earnings per share has been computed by dividing net earnings by the weighted average number of shares of common stock outstanding for each respective year. Diluted earnings per share has been computed by dividing net earnings by the weighted average number of shares of common stock outstanding during those respective years adjusted for the dilutive effect of share-based awards outstanding using the treasury stock method. | ||||||||||
A reconciliation of the numerators and the denominators of the basic and diluted earnings per share computations for the periods presented follows: | ||||||||||
2014 | 2013 | 2012 | ||||||||
(In thousands, except for share and per share data) | ||||||||||
Numerator: | ||||||||||
Net earnings | $ | 931,533 | $ | 992,427 | $ | 1,121,585 | ||||
Denominator: | ||||||||||
Weighted-average basic shares outstanding | 585,988,084 | 589,397,807 | 587,726,343 | |||||||
Dilutive effect of share-based awards | 4,228,136 | 3,277,303 | 1,265,098 | |||||||
Weighted-average diluted shares outstanding | 590,216,220 | 592,675,110 | 588,991,441 | |||||||
Basic earnings per share: | $ | 1.59 | $ | 1.68 | $ | 1.91 | ||||
Diluted earnings per share: | $ | 1.58 | $ | 1.67 | $ | 1.90 | ||||
The number of options that were not included in the diluted earnings per share calculation because the effect would have been anti-dilutive was approximately 2,100,000, 18,200,000 and 49,100,000 for fiscal 2014, 2013 and 2012, respectively. | ||||||||||
Dividends declared were $673.6 million, $654.9 million and $628.0 million in fiscal 2014, 2013 and 2012, respectively. Included in dividends declared for each year were dividends declared but not yet paid at year-end of approximately $171.6 million, $165.8 million and $159.4 million in fiscal 2014, 2013 and 2012, respectively. | ||||||||||
Comprehensive_Income
Comprehensive Income | 12 Months Ended | ||||||||||||
Jun. 28, 2014 | |||||||||||||
Comprehensive Income [Abstract] | ' | ||||||||||||
Comprehensive Income | ' | ||||||||||||
17. COMPREHENSIVE INCOME | |||||||||||||
Comprehensive income is net earnings plus certain other items that are recorded directly to shareholders’ equity, such as foreign currency translation adjustments, amounts related to cash flow hedging arrangements and certain amounts related to pension and other postretirement plans. Comprehensive income was $735.8 million, $1,208.4 million and $718.7 million in fiscal 2014, 2013 and 2012, respectively. | |||||||||||||
A summary of the components of other comprehensive income (loss) and the related tax effects for each of the years presented is as follows: | |||||||||||||
2014 | |||||||||||||
Location of Expense | Before Tax Amount | Tax | Net of Tax Amount | ||||||||||
(Income) Recognized | |||||||||||||
in Net Earnings | |||||||||||||
(In thousands) | |||||||||||||
Pension and other postretirement benefit | |||||||||||||
plans: | |||||||||||||
Reclassification adjustments: | |||||||||||||
Amortization of prior service cost | Operating expenses | $ | 11,313 | $ | 4,343 | $ | 6,970 | ||||||
Amortization of actuarial loss (gain), net | Operating expenses | 16,184 | 6,216 | 9,968 | |||||||||
Total reclassification adjustments | 27,497 | 10,559 | 16,938 | ||||||||||
Other comprehensive income before | |||||||||||||
reclassification adjustments: | |||||||||||||
Prior service cost arising in current year | N/A | 347 | 133 | 214 | |||||||||
Net actuarial gain arising in current year | N/A | -207,698 | -79,756 | -127,942 | |||||||||
Total other comprehensive income before | -207,351 | -79,623 | -127,728 | ||||||||||
reclassification adjustments | |||||||||||||
Foreign currency translation: | |||||||||||||
Other comprehensive income before | |||||||||||||
reclassification adjustments: | |||||||||||||
Foreign currency translation adjustment | N/A | -3,106 | - | -3,106 | |||||||||
Interest rate swaps: | |||||||||||||
Reclassification adjustments: | |||||||||||||
Amortization of cash flow hedges | Interest expense | 625 | 240 | 385 | |||||||||
Other comprehensive income before | |||||||||||||
reclassification adjustments: | |||||||||||||
Change in fair value of cash flow hedges | N/A | -133,466 | -51,251 | -82,215 | |||||||||
Total other comprehensive income (loss) | $ | -315,801 | $ | -120,075 | $ | -195,726 | |||||||
2013 | |||||||||||||
Location of Expense | Before Tax Amount | Tax | Net of Tax Amount | ||||||||||
(Income) Recognized | |||||||||||||
in Net Earnings | |||||||||||||
(In thousands) | |||||||||||||
Pension and other postretirement benefit | |||||||||||||
plans: | |||||||||||||
Reclassification adjustments: | |||||||||||||
Amortization of prior service cost | Operating expenses | $ | 18,360 | $ | 7,050 | $ | 11,310 | ||||||
Amortization of actuarial loss (gain), net | Operating expenses | 72,421 | 27,811 | 44,610 | |||||||||
Amortization of transition obligation | Operating expenses | 141 | 53 | 88 | |||||||||
Total reclassification adjustments | 90,922 | 34,914 | 56,008 | ||||||||||
Other comprehensive income before | |||||||||||||
reclassification adjustments: | |||||||||||||
Prior service cost arising in current year | N/A | -53,902 | -20,699 | -33,203 | |||||||||
Net actuarial gain arising in current year | N/A | 366,769 | 140,840 | 225,929 | |||||||||
Total other comprehensive income before | 312,867 | 120,141 | 192,726 | ||||||||||
reclassification adjustments | |||||||||||||
Foreign currency translation: | |||||||||||||
Other comprehensive income before | |||||||||||||
reclassification adjustments: | |||||||||||||
Foreign currency translation adjustment | N/A | -33,191 | - | -33,191 | |||||||||
Interest rate swaps: | |||||||||||||
Reclassification adjustments: | |||||||||||||
Amortization of cash flow hedges | Interest expense | 626 | 240 | 386 | |||||||||
Total other comprehensive income (loss) | $ | 371,224 | $ | 155,295 | $ | 215,929 | |||||||
2012 | |||||||||||||
Location of Expense | Before Tax Amount | Tax | Net of Tax Amount | ||||||||||
(Income) Recognized | |||||||||||||
in Net Earnings | |||||||||||||
(In thousands) | |||||||||||||
Pension and other postretirement benefit plans: | |||||||||||||
Reclassification adjustments: | |||||||||||||
Amortization of prior service cost | Operating expenses | $ | 5,021 | $ | 1,928 | $ | 3,093 | ||||||
Amortization of actuarial loss (gain), net | Operating expenses | 59,835 | 22,975 | 36,860 | |||||||||
Amortization of transition obligation | Operating expenses | 153 | 60 | 93 | |||||||||
Total reclassification adjustments | 65,009 | 24,963 | 40,046 | ||||||||||
Other comprehensive income before | |||||||||||||
reclassification adjustments: | |||||||||||||
Prior service cost arising in current year | N/A | -8,706 | -3,343 | -5,363 | |||||||||
Net actuarial gain arising in current year | N/A | -580,291 | -222,832 | -357,459 | |||||||||
Total other comprehensive income before | -588,997 | -226,175 | -362,822 | ||||||||||
reclassification adjustments | |||||||||||||
Foreign currency translation: | |||||||||||||
Other comprehensive income before | |||||||||||||
reclassification adjustments: | |||||||||||||
Foreign currency translation adjustment | N/A | -81,003 | - | -81,003 | |||||||||
Interest rate swaps: | |||||||||||||
Reclassification adjustments: | |||||||||||||
Amortization of cash flow hedges | Interest expense | 692 | 266 | 426 | |||||||||
Other comprehensive income before | |||||||||||||
reclassification adjustments: | |||||||||||||
Settlement of cash flow hedge | N/A | 722 | 277 | 445 | |||||||||
Total other comprehensive income (loss) | $ | -603,577 | $ | -200,669 | $ | -402,908 | |||||||
The following table provides a summary of the changes in accumulated other comprehensive (loss) income for the years presented: | |||||||||||||
Pension and Other Postretirement Benefit Plans, | Foreign Currency Translation | Interest Rate Swap, | Total | ||||||||||
net of tax | net of tax | ||||||||||||
(In thousands) | |||||||||||||
Balance as of July 2, 2011 | $ | -501,125 | $ | 251,752 | $ | -10,585 | $ | -259,958 | |||||
Other comprehensive income before | -362,822 | -81,003 | 445 | -443,380 | |||||||||
reclassification adjustments | |||||||||||||
Amounts reclassified from accumulated | 40,046 | - | 426 | 40,472 | |||||||||
other comprehensive loss | |||||||||||||
Balance as of June 30, 2012 | -823,901 | 170,749 | -9,714 | -662,866 | |||||||||
Other comprehensive income before | 192,726 | -33,191 | - | 159,535 | |||||||||
reclassification adjustments | |||||||||||||
Amounts reclassified from accumulated | 56,008 | - | 386 | 56,394 | |||||||||
other comprehensive loss | |||||||||||||
Balance as of June 29, 2013 | -575,167 | 137,558 | -9,328 | -446,937 | |||||||||
Other comprehensive income before | -127,728 | -3,106 | -82,215 | -213,049 | |||||||||
reclassification adjustments | |||||||||||||
Amounts reclassified from accumulated | 16,938 | - | 385 | 17,323 | |||||||||
other comprehensive loss | |||||||||||||
Balance as of June 28, 2014 | $ | -685,957 | $ | 134,452 | $ | -91,158 | $ | -642,663 | |||||
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | |||||||||||
Jun. 28, 2014 | ||||||||||||
Share-Based Compensation [Abstract] | ' | |||||||||||
Share-Based Compensation | ' | |||||||||||
18. SHARE-BASED COMPENSATION | ||||||||||||
Sysco provides compensation benefits to employees and non-employee directors under several share-based payment arrangements including various employee stock option plans, a non-employee director plan and the Employees’ Stock Purchase Plan. | ||||||||||||
Stock Incentive Plans | ||||||||||||
In November 2013, Sysco’s Long-term Incentive Plan (2013 Plan) was adopted and reserved up to 55,600,000 shares of Sysco common stock for share-based awards to employees, non-employee directors and key advisors. Of the 55,600,000 authorized shares, 45,000,000 were new shares approved with the 2013 Plan and 10,600,000 were from remaining shares authorized and available for grant under the amended 2007 Stock Incentive Plan as of the date of the approval of the 2013 Plan. No further grants will be made from the 2007 Plan. Of the 55,600,000 authorized shares, the full 55,600,000 shares may be issued as options or stock appreciation rights and up to 17,500,000 shares may be issued as restricted stock, restricted stock units or other types of stock-based awards. To date, Sysco has issued options and restricted stock units under this plan. Vesting requirements for awards under this plan will vary by individual grant and may include either time-based vesting or time-based vesting subject to acceleration based on performance criteria for fiscal periods of at least one year. The contractual life of all options granted under this plan will be no greater than ten years. As of June 28, 2014, there were 49,207,002 remaining shares authorized and available for grant in total under the 2013 Plan, of which the full 49,207,002 shares may be issued as options or stock appreciation rights, or as a combination of up to 16,272,900 shares that may be issued as restricted stock, restricted stock units or other types of stock-based awards, with the remainder available for issuance as options or stock appreciation rights. | ||||||||||||
Sysco has also granted employee options under several previous employee stock option plans for which previously granted options remain outstanding as of June 28, 2014. No new options will be issued under any of the prior plans, as future grants to employees will be made through the 2013 Plan or subsequently adopted plans. Awards under these plans are subject to time-based vesting with vesting periods that vary by individual grant. The contractual life of all options granted under these plans is seven years. | ||||||||||||
In November 2009, Sysco’s 2009 Non-Employee Directors Stock Plan was adopted and provides for the issuance of up to 750,000 shares of Sysco common stock for share-based awards to non-employee directors. The authorized shares may be granted as restricted stock, restricted stock units, elected shares or additional shares. Vesting requirements for awards under these plans vary by individual grant and include either time-based vesting or vesting based on performance criteria. As of June 28, 2014, there were a total of 415,412 remaining shares authorized and available for grant under the 2009 Non-Employee Directors Stock Plan. | ||||||||||||
Stock Options | ||||||||||||
Sysco’s option awards are subject to graded vesting over a service period. Sysco recognizes compensation cost on a straight-line basis over the requisite service period for the entire award. | ||||||||||||
In addition, certain of Sysco’s options provide that the options continue to vest as if the optionee continued to be an employee or director if the optionee meets certain age and years of service thresholds upon retirement. In these cases, Sysco will recognize compensation cost for such awards over the period from the grant date to the date the employee or director first becomes eligible to retire with the options continuing to vest after retirement. | ||||||||||||
The fair value of each option award is estimated as of the date of grant using a Black-Scholes option pricing model. The weighted average assumptions for the periods indicated are noted in the following table. Expected volatility is based on historical volatility of Sysco’s stock, implied volatilities from traded options on Sysco’s stock and other factors. Sysco utilizes historical data to estimate option exercise and employee termination behavior within the valuation model; separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes. Expected dividend yield is estimated based on the historical pattern of dividends and the average stock price for the year preceding the option grant. The risk-free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. | ||||||||||||
The following weighted-average assumptions were used for each fiscal year presented: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Dividend yield | 3.5 | % | 3.7 | % | 3.7 | % | ||||||
Expected volatility | 20.4 | 20.7 | 23.4 | |||||||||
Risk-free interest rate | 2.1 | 0.7 | 1.0 | |||||||||
Expected life | 7.2 years | 5.4 years | 5.4 years | |||||||||
The following summary presents information regarding outstanding options as of June 28, 2014 and changes during the fiscal year then ended with regard to options under all stock incentive plans: | ||||||||||||
Shares Under Option | Weighted Average Exercise Price Per Share | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | |||||||||
(in thousands) | ||||||||||||
Outstanding as of June 29, 2013 | 31,556,789 | $ | 29.07 | |||||||||
Granted | 5,575,645 | 33.31 | ||||||||||
Exercised | -7,754,053 | 29.99 | ||||||||||
Forfeited | -1,096,146 | 28.86 | ||||||||||
Expired | -812,324 | 31.86 | ||||||||||
Outstanding as of June 28, 2014 | 27,469,911 | $ | 29.59 | 4.74 | $ | 226,830 | ||||||
Vested or expected to vest as of | 27,250,629 | $ | 29.58 | 4.72 | $ | 225,328 | ||||||
28-Jun-14 | ||||||||||||
Exercisable as of June 28, 2014 | 9,604,094 | $ | 28.51 | 2.72 | $ | 89,660 | ||||||
The total number of employee options granted was 5,575,645, 6,212,716 and 7,015,952 in fiscal years 2014, 2013 and 2012, respectively. During fiscal 2014, 2,159,698 options were granted to 11 executive officers and 3,415,947 options were granted to approximately 167 other key employees. During fiscal 2013, 2,351,720 options were granted to 11 executive officers and 3,860,996 options were granted to approximately 152 other key employees. During fiscal 2012, 2,898,854 options were granted to 11 executive officers and 4,117,098 options were granted to approximately 180 other key employees. | ||||||||||||
The weighted average grant-date fair value of options granted in fiscal 2014, 2013 and 2012 was $4.64, $3.20 and $3.69, respectively. The total intrinsic value of options exercised during fiscal 2014, 2013 and 2012 was $19.1 million, $24.1 million and $8.3 million, respectively. | ||||||||||||
Restricted Stock Units | ||||||||||||
During fiscal 2014, 2013 and 2012, 1,322,709, 1,722,835 and 1,528,734 restricted stock units, respectively, were granted to employees, the majority of which will vest ratably over a three-year period. Some of these restricted stock units were granted with dividend equivalents. The fair value of each restricted stock unit award granted with a dividend equivalent is based on the company’s stock price as of the date of grant. For restricted stock unit awards granted without dividend equivalents, the fair value was reduced by the present value of expected dividends during the vesting period. The weighted average grant-date fair value per share of restricted stock units granted during fiscal 2014, 2013 and 2012 was $33.39, $29.75 and $27.35, respectively. The total fair value of restricted stock units vested during fiscal 2014, 2013 and 2012 was $39.4 million, $27.6 million and $11.8 million, respectively. | ||||||||||||
Non-Employee Director Awards | ||||||||||||
During fiscal 2014, 2013 and 2012, 43,119, 48,069 and 63,657 shares, respectively, of restricted awards were granted to non-employee directors that will vest over a one-year period. Non-employee directors may elect to receive these awards in restricted stock shares that will vest at the end of the award’s stated vesting period or as deferred units which convert into shares of Sysco common stock upon a date selected by the non-employee director that is subsequent to the award’s stated vesting date. The fair value of the restricted awards is based on the company’s stock price as of the date of grant. The weighted average grant-date fair value of the shares granted during fiscal 2014, 2013 and 2012 was $33.40, $29.96 and $27.65, respectively. The total fair value of restricted stock shares vested and deferred units distributed during fiscal 2014, 2013 and 2012 was $1.4 million, $1.9 million and $2.2 million, respectively. Restricted stock shares are valued on their vesting date. Vested deferred units are valued on their subsequent conversion and distribution date. | ||||||||||||
Non-employee directors may elect to receive up to 100% of their annual directors’ fees in Sysco common stock on either an annual or deferred basis. Sysco provides a matching grant of 50% of the number of shares received for the stock election subject to certain limitations. As a result of such elections, a total of 24,565, 26,702 and 31,397 shares with a weighted-average grant date fair value of $34.59, $30.38 and $28.46 per share were issued in fiscal 2014, 2013 and 2012, respectively, in the form of fully vested common stock or deferred units. The total fair value of common stock issued as a result of election shares and deferred units distributed during fiscal 2014, 2013 and 2012 was $0.8 million, $0.5 million and $0.5 million, respectively. Common stock shares are valued on their vesting date. Vested deferred units are valued on their subsequent conversion and distribution date. | ||||||||||||
As of June 28, 2014, there were 84,869 fully vested deferred units outstanding that will convert into shares of Sysco common stock upon dates selected by the respective non-employee directors. | ||||||||||||
Summary of Nonvested Awards | ||||||||||||
The following summary presents information regarding outstanding nonvested awards as of June 28, 2014 and changes during the fiscal year then ended with regard to these awards under all stock incentive plans. Award types represented include: restricted stock units granted to employees and restricted awards granted to non-employee directors. | ||||||||||||
Shares | Weighted Average Grant Date Fair Value Per Share | |||||||||||
Nonvested as of June 29, 2013 | 2,933,807 | $ | 28.90 | |||||||||
Granted | 1,365,986 | 33.39 | ||||||||||
Vested | -1,202,913 | 28.67 | ||||||||||
Forfeited | -178,475 | 29.50 | ||||||||||
Nonvested as of June 29, 2013 | 2,918,405 | $ | 31.06 | |||||||||
Employees’ Stock Purchase Plan | ||||||||||||
Sysco has an Employees’ Stock Purchase Plan that permits employees to invest in Sysco common stock by means of periodic payroll deductions at a discount of 15% from the closing price on the last business day of each calendar quarter. The total number of shares which may be sold pursuant to the plan may not exceed 79,000,000 shares, of which 2,454,932 remained available as of June 28, 2014. | ||||||||||||
During fiscal 2014, 1,315,535 shares of Sysco common stock were purchased by the participants, as compared to 1,470,271 shares purchased in fiscal 2013 and 1,661,758 shares purchased in fiscal 2012. The weighted average fair value of employee stock purchase rights issued pursuant to the Employees’ Stock Purchase Plan was $5.17, $4.78 and $4.33 per share during fiscal 2014, 2013 and 2012, respectively. The fair value of the stock purchase rights was calculated as the difference between the stock price at date of issuance and the employee purchase price. | ||||||||||||
All Share-Based Payment Arrangements | ||||||||||||
The total share-based compensation cost that has been recognized in results of operations was $74.3 million, $70.1 million and $70.3 million for fiscal 2014, 2013 and 2012, respectively, and is included within operating expenses in the consolidated results of operations. The total income tax benefit recognized in results of operations for share-based compensation arrangements was $28.1 million, $29.9 million and $21.7 million for fiscal 2014, 2013 and 2012, respectively. | ||||||||||||
As of June 28, 2014, there was $64.9 million of total unrecognized compensation cost related to share-based compensation arrangements. That cost is expected to be recognized over a weighted-average period of 2.39 years. | ||||||||||||
Cash received from option exercises and purchases of shares under the Employees’ Stock Purchase Plan was $255.6 million, $628.7 million and $99.4 million during fiscal 2014, 2013 and 2012, respectively. The actual tax benefit realized for the tax deductions from option exercises totaled $16.6 million, $24.0 million and $3.0 million during fiscal 2014, 2013 and 2012, respectively. | ||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||
Jun. 28, 2014 | |||||||||||
Income Taxes [Abstract] | ' | ||||||||||
Income Taxes | ' | ||||||||||
19. INCOME TAXES | |||||||||||
Income Tax Provisions | |||||||||||
For financial reporting purposes, earnings before income taxes consists of the following: | |||||||||||
2014 | 2013 | 2012 | |||||||||
(In thousands) | |||||||||||
U.S. | $ | 1,287,371 | $ | 1,351,947 | $ | 1,606,928 | |||||
Foreign | 188,253 | 195,508 | 177,074 | ||||||||
Total | $ | 1,475,624 | $ | 1,547,455 | $ | 1,784,002 | |||||
The income tax provision for each fiscal year consists of the following: | |||||||||||
2014 | 2013 | 2012 | |||||||||
(In thousands) | |||||||||||
U.S. federal income taxes | $ | 433,795 | $ | 439,667 | $ | 540,861 | |||||
State and local income taxes | 55,736 | 69,759 | 77,064 | ||||||||
Foreign income taxes | 54,560 | 45,602 | 44,492 | ||||||||
Total | $ | 544,091 | $ | 555,028 | $ | 662,417 | |||||
The current and deferred components of the income tax provisions for each fiscal year are as follows: | |||||||||||
2014 | 2013 | 2012 | |||||||||
(In thousands) | |||||||||||
Current | $ | 574,760 | $ | 582,889 | $ | 840,745 | |||||
Deferred | -30,669 | -27,861 | -178,328 | ||||||||
Total | $ | 544,091 | $ | 555,028 | $ | 662,417 | |||||
The deferred tax provisions result from the effects of net changes during the year in deferred tax assets and liabilities arising from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. | |||||||||||
Deferred Tax Assets and Liabilities | |||||||||||
Significant components of Sysco’s deferred tax assets and liabilities are as follows: | |||||||||||
28-Jun-14 | 29-Jun-13 | ||||||||||
(In thousands) | |||||||||||
Deferred tax liabilities: | |||||||||||
Excess tax depreciation and basis differences of assets | $ | 416,417 | $ | 455,752 | |||||||
Goodwill and intangible assets | 211,434 | 208,229 | |||||||||
Other | 15,171 | 18,127 | |||||||||
Total deferred tax liabilities | 643,022 | 682,108 | |||||||||
Deferred tax assets: | |||||||||||
Net operating tax loss carryforwards | 20,123 | 19,149 | |||||||||
Benefit on unrecognized tax benefits | 22,170 | 23,833 | |||||||||
Pension | 287,046 | 224,990 | |||||||||
Share-based compensation | 41,262 | 39,316 | |||||||||
Deferred compensation | 33,280 | 34,951 | |||||||||
Self-insured liabilities | 65,002 | 47,538 | |||||||||
Receivables | 47,688 | 48,236 | |||||||||
Inventory | 62,799 | 63,509 | |||||||||
Cash flow hedge | 56,826 | 5,815 | |||||||||
Other | 26,471 | 44,760 | |||||||||
Total deferred tax assets | 662,667 | 552,097 | |||||||||
Total net deferred tax (assets) liabilities | $ | -19,645 | $ | 130,011 | |||||||
The company’s net operating tax loss carryforwards as of June 28, 2014 and June 29, 2013 consisted primarily of state net operating tax loss carryforwards. The state net operating tax loss carryforwards outstanding as of June 28, 2014 expire in fiscal years 2017 through 2033. There were no valuation allowances recorded for the state tax loss carryforwards as of June 28, 2014 and June 29, 2013 because management believes it is more likely than not that these benefits will be realized based on utilization forecasts. | |||||||||||
Effective Tax Rates | |||||||||||
Reconciliations of the statutory federal income tax rate to the effective income tax rates for each fiscal year are as follows: | |||||||||||
2014 | 2013 | 2012 | |||||||||
U.S. statutory federal income tax rate | 35.00 | % | 35.00 | % | 35.00 | % | |||||
State and local income taxes, net of any | 2.82 | 2.59 | 2.65 | ||||||||
applicable federal income tax benefit | |||||||||||
Foreign income taxes | -1.66 | -1.22 | -1.07 | ||||||||
Other | 0.71 | -0.5 | 0.55 | ||||||||
36.87 | % | 35.87 | % | 37.13 | % | ||||||
The effective tax rate of 36.87% for fiscal 2014 was negatively impacted primarily by two items. First, the company recorded tax expense of $6.2 million related to a non-deductible penalty that the company incurred. Second, the company recorded net tax expense of $5.2 million for tax and interest related to various federal, foreign and state uncertain tax positions. This negative impact was partially offset by the recording of $5.7 million of tax benefit related to disqualifying dispositions of Sysco stock pursuant to share-based compensation arrangements. Indefinitely reinvested earnings taxed at foreign statutory rates less than our domestic tax rate also had the impact of reducing the effective tax rate. | |||||||||||
The effective tax rate of 35.87% for fiscal 2013 was favorably impacted primarily by two items. First, the company recorded a tax benefit of $14.0 million related to changes in estimates for the prior year domestic tax provision. Second, the company recorded a tax benefit of $8.8 million related to disqualifying dispositions of Sysco stock pursuant to share-based compensation arrangements. The effective tax rate was negatively impacted by the recording of $5.7 million in tax and interest related to various federal, foreign and state uncertain tax positions. Indefinitely reinvested earnings taxed at foreign statutory rates less than our domestic tax rate also had the impact of reducing the effective tax rate. | |||||||||||
The effective tax rate for fiscal 2012 was 37.13%. Indefinitely reinvested earnings taxed at foreign statutory rates less than our domestic tax rate had the impact of reducing the effective tax rate. | |||||||||||
Uncertain Tax Positions | |||||||||||
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, excluding interest and penalties, is as follows: | |||||||||||
2014 | 2013 | ||||||||||
(In thousands) | |||||||||||
Unrecognized tax benefits at beginning of year | $ | 108,337 | $ | 103,988 | |||||||
Additions for tax positions related to prior years | 2,128 | 15,431 | |||||||||
Reductions for tax positions related to prior years | -41,802 | -2,030 | |||||||||
Additions for tax positions related to the current year | - | - | |||||||||
Reductions for tax positions related to the current year | - | - | |||||||||
Reductions due to settlements with taxing authorities | -19,483 | -9,052 | |||||||||
Reductions due to lapse of applicable statute of limitations | - | - | |||||||||
Unrecognized tax benefits at end of year | $ | 49,180 | $ | 108,337 | |||||||
As of June 28, 2014, the gross amount of liability for accrued interest and penalties related to unrecognized tax benefits was $36.7 million. The expense recorded for interest and penalties related to unrecognized tax benefits in fiscal 2014 was $14.8 million. In the fourth quarter of fiscal 2014, we reclassified a receivable that would arise upon the resolution of an unrecognized tax benefit from a gross position in other assets to a net position in other long-term liabilities on our consolidated balance sheet due to a change in circumstances related to transfer pricing positions. | |||||||||||
As of June 29, 2013, $11.6 million of the gross liability for unrecognized tax benefits was netted within prepaid income taxes due to expected payment in fiscal 2014. As of June 29, 2013, the gross amount of liability for accrued interest and penalties related to unrecognized tax benefits was $36.8 million, of which $5.8 million was netted within prepaid income taxes due to expected payment in fiscal 2014. The expense recorded for interest and penalties related to unrecognized tax benefits in fiscal 2013 was $5.0 million. | |||||||||||
If Sysco were to recognize all unrecognized tax benefits recorded as of June 28, 2014, approximately $35.1 million of the $49.2 million reserve would reduce the effective tax rate. If Sysco were to recognize all unrecognized tax benefits recorded as of June 29, 2013, approximately $42.0 million of the $108.3 million reserve would reduce the effective tax rate. It is reasonably possible that the amount of the unrecognized tax benefits with respect to certain of the company’s unrecognized tax positions will increase or decrease in the next twelve months either because Sysco’s positions are sustained on audit or because the company agrees to their disallowance. Items that may cause changes to unrecognized tax benefits primarily include the consideration of various filing requirements in various states and the allocation of income and expense between tax jurisdictions. In addition, the amount of unrecognized tax benefits recognized within the next twelve months may decrease due to the expiration of the statute of limitations for certain years in various jurisdictions; however, it is possible that a jurisdiction may open an audit on one of these years prior to the statute of limitations expiring. At this time, an estimate of the range of the reasonably possible change cannot be made. | |||||||||||
The IRS has open audits for Sysco’s 2006, 2007, 2008 and 2009 federal income tax returns. As of June 28, 2014, Sysco’s tax returns in the majority of the state and local jurisdictions and Canada are no longer subject to audit for the years before 2008. However, in Canada, the company remains open to transfer pricing adjustments back to 2003 for some entities. Certain tax jurisdictions require partial to full payment on audit assessments or the posting of letters of credit in order to proceed to the appeals process. Although the outcome of tax audits is generally uncertain, the company believes that adequate amounts of tax, including interest and penalties, have been accrued for any adjustments that may result from those open years. | |||||||||||
Other | |||||||||||
Undistributed income of certain consolidated foreign subsidiaries at June 28, 2014 amounted to $1,104.1 million for which no deferred U.S. income tax provision has been recorded because Sysco intends to permanently reinvest such income in those foreign operations. An estimate of any U.S. income or foreign withholding taxes that may be applicable upon actual or deemed repatriation is not practical due to the complexities associated with the hypothetical calculation. | |||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Jun. 28, 2014 | ||||
Commitments and Contingencies [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
20. COMMITMENTS AND CONTINGENCIES | ||||
Legal Proceedings | ||||
Sysco is engaged in various legal proceedings which have arisen but have not been fully adjudicated. The likelihood of loss for these legal proceedings, based on definitions within contingency accounting literature, ranges from remote to reasonably possible to probable. When probable and reasonably estimable, the losses have been accrued. Based on estimates of the range of potential losses associated with these matters, management does not believe 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. | ||||
During the first quarter of fiscal 2014, Sysco was made aware of certain alleged violations of California law relating to its use of remote storage units in the delivery of products. These are commonly referred to as drop sites. As of June 28, 2014, Sysco has recorded a liability for a settlement of $20 million. In July 2014, Sysco agreed to a $19.4 million settlement, which includes a payment of $15.0 million in penalties, $3.3 million to fund four California Department of Public Health investigator positions for five years, a $1.0 million donation to food banks across California, and $0.1 million in legal fees. The cash portion of the settlement was paid in August 2014 and the donations to the food banks will occur in fiscal 2015. | ||||
Fuel Commitments | ||||
Sysco routinely enters into forward purchase commitments for a portion of its projected diesel fuel requirements. As of June 28, 2014, we had forward diesel fuel commitments totaling approximately $187.2 million through June 2015. | ||||
Other Commitments | ||||
Sysco has committed to aggregate product purchases for resale in order to benefit from a centralized approach to purchasing. A majority of these agreements expire within one year; however, certain agreements have terms through fiscal 2018. These agreements commit the company to a minimum volume at various pricing terms, including fixed pricing, variable pricing or a combination thereof. Minimum amounts committed to as of June 28, 2014 totaled approximately $2,830.0 million. Minimum amounts committed to by year are as follows: | ||||
Amount | ||||
(In thousands) | ||||
2015 | $ | 2,101,096 | ||
2016 | 634,985 | |||
2017 | 93,283 | |||
2018 | 667 | |||
Sysco has contracts with various third party service providers to receive information technology services. The services have been committed for periods up to fiscal 2019 and may be extended. As of June 28, 2014, the total remaining cost of the services over that period is expected to be approximately $624.7 million. A portion of this committed amount may be reduced by Sysco utilizing less than estimated resources and can be increased by Sysco utilizing more than estimated resources. Certain agreements allow adjustments for inflation. Sysco may also cancel a portion or all of the services provided subject to termination fees that decrease over time. If Sysco were to terminate all of the services in fiscal 2015, the estimated termination fees incurred in fiscal 2015 would be approximately $22.5 million. | ||||
Business_Segment_Information
Business Segment Information | 12 Months Ended | |||||||||
Jun. 28, 2014 | ||||||||||
Business Segment Information [Abstract] | ' | |||||||||
Business Segment Information | ' | |||||||||
21. BUSINESS SEGMENT INFORMATION | ||||||||||
The company has aggregated its operating companies into a number of segments, of which only Broadline and SYGMA are reportable segments as defined in the accounting literature related to disclosures about segments of an enterprise. The Broadline reportable segment is an aggregation of the company’s U.S., Canadian, Caribbean and European Broadline segments. Broadline operating companies distribute a full line of food products and a wide variety of non-food products to both traditional and chain restaurant customers, hospitals, schools, hotels, industrial caterers and other venues where foodservice products are served. These companies also provide custom-cut meat operations. SYGMA operating companies distribute a full line of food products and a wide variety of non-food products to certain chain restaurant customer locations. "Other" financial information is attributable to the company's other operating segments, including the company's specialty produce and lodging industry segments, a company that distributes specialty imported products and a company that distributes to international customers and the company’s Sysco Ventures platform, a suite of technology solutions that help support the business needs of Sysco’s customers. | ||||||||||
The accounting policies for the segments are the same as those disclosed by Sysco for its consolidated financial statements. Intersegment sales represent specialty produce and imported specialty products distributed by the Broadline and SYGMA operating companies. Management evaluates the performance of each of our operating segments based on its respective operating income results. Corporate expenses generally include all expenses of the corporate office and Sysco’s shared service center. These also include all share-based compensation costs and expenses related to the company’s Business Transformation Project. | ||||||||||
The following table sets forth the financial information for Sysco’s business segments: | ||||||||||
Fiscal Year | ||||||||||
2014 | 2013 | 2012 | ||||||||
(In thousands) | ||||||||||
Sales: | ||||||||||
Broadline | $ | 37,709,391 | $ | 36,129,463 | $ | 34,420,851 | ||||
SYGMA | 6,177,804 | 5,780,103 | 5,735,673 | |||||||
Other | 2,925,789 | 2,741,537 | 2,396,113 | |||||||
Intersegment sales | -296,272 | -239,870 | -171,698 | |||||||
Total | $ | 46,516,712 | $ | 44,411,233 | $ | 42,380,939 | ||||
Operating income: | ||||||||||
Broadline | $ | 2,475,659 | $ | 2,402,215 | $ | 2,416,225 | ||||
SYGMA | 38,048 | 52,016 | 60,967 | |||||||
Other | 93,668 | 98,564 | 91,048 | |||||||
Total segments | 2,607,375 | 2,552,795 | 2,568,240 | |||||||
Corporate expenses and adjustments | -1,020,253 | -894,317 | -677,608 | |||||||
Total operating income | 1,587,122 | 1,658,478 | 1,890,632 | |||||||
Interest expense | 123,741 | 128,495 | 113,396 | |||||||
Other expense (income), net | -12,243 | -17,472 | -6,766 | |||||||
Earnings before income taxes | $ | 1,475,624 | $ | 1,547,455 | $ | 1,784,002 | ||||
Depreciation and amortization: | ||||||||||
Broadline | $ | 307,500 | $ | 313,611 | $ | 298,852 | ||||
SYGMA | 28,164 | 28,059 | 27,706 | |||||||
Other | 30,471 | 28,194 | 24,745 | |||||||
Total segments | 366,135 | 369,864 | 351,303 | |||||||
Corporate | 189,927 | 142,684 | 65,640 | |||||||
Total | $ | 556,062 | $ | 512,548 | $ | 416,943 | ||||
Capital expenditures: | ||||||||||
Broadline | $ | 299,207 | $ | 284,016 | $ | 525,368 | ||||
SYGMA | 34,671 | 18,078 | 30,961 | |||||||
Other | 78,235 | 47,744 | 41,669 | |||||||
Total segments | 412,113 | 349,838 | 597,998 | |||||||
Corporate | 111,093 | 162,024 | 186,503 | |||||||
Total | $ | 523,206 | $ | 511,862 | $ | 784,501 | ||||
Assets: | ||||||||||
Broadline | $ | 8,956,911 | $ | 10,228,722 | $ | 8,067,912 | ||||
SYGMA | 513,587 | 485,520 | 475,877 | |||||||
Other | 1,034,775 | 944,140 | 877,207 | |||||||
Total segments | 10,505,273 | 11,658,382 | 9,420,996 | |||||||
Corporate | 2,662,677 | 1,019,826 | 2,716,211 | |||||||
Total | $ | 13,167,950 | $ | 12,678,208 | $ | 12,137,207 | ||||
The sales mix for the principal product categories for each fiscal year is as follows: | ||||||||||
Fiscal Year | ||||||||||
2014 | 2013 | 2012 | ||||||||
(In thousands) | ||||||||||
Fresh and frozen meats | $ | 8,809,148 | $ | 8,242,423 | $ | 7,929,235 | ||||
Canned and dry products | 8,383,007 | 8,310,634 | 7,948,187 | |||||||
Frozen fruits, vegetables, bakery and other | 6,196,362 | 6,023,990 | 5,757,871 | |||||||
Dairy products | 4,956,895 | 4,669,986 | 4,456,634 | |||||||
Poultry | 4,814,949 | 4,580,445 | 4,188,787 | |||||||
Fresh produce | 3,725,108 | 3,540,027 | 3,332,504 | |||||||
Paper and disposables | 3,438,074 | 3,364,965 | 3,295,483 | |||||||
Seafood | 2,401,021 | 2,167,588 | 2,076,848 | |||||||
Beverage products | 1,671,000 | 1,643,034 | 1,591,540 | |||||||
Janitorial products | 1,050,187 | 1,013,488 | 952,569 | |||||||
Equipment and smallwares | 678,454 | 637,680 | 613,590 | |||||||
Medical supplies | 392,507 | 216,973 | 237,691 | |||||||
Total | $ | 46,516,712 | $ | 44,411,233 | $ | 42,380,939 | ||||
Information concerning geographic areas is as follows: | ||||||||||
Fiscal Year | ||||||||||
2014 | 2013 | 2012 | ||||||||
(In thousands) | ||||||||||
Sales: (1) | ||||||||||
U.S. | $ | 40,612,963 | $ | 38,985,715 | $ | 37,596,862 | ||||
Canada | 4,923,672 | 4,698,814 | 4,246,611 | |||||||
Other | 980,077 | 726,704 | 537,466 | |||||||
Total | $ | 46,516,712 | $ | 44,411,233 | $ | 42,380,939 | ||||
Long-lived assets:(2) | ||||||||||
U.S. | $ | 3,520,449 | $ | 3,593,346 | $ | 3,564,854 | ||||
Canada | 347,440 | 307,605 | 291,304 | |||||||
Other | 117,729 | 77,120 | 27,592 | |||||||
Total | $ | 3,985,618 | $ | 3,978,071 | $ | 3,883,750 | ||||
(1) Represents sales to external customers from businesses operating in these countries. | ||||||||||
(2) Long-lived assets represents net property, plant and equipment reported in the country in which they are held. | ||||||||||
Supplemental_Guarantor_Informa
Supplemental Guarantor Information - Subsidiary Guarantees (Subsidiary Guarantee [Member]) | 12 Months Ended | ||||||||||||||
Jun. 28, 2014 | |||||||||||||||
Subsidiary Guarantee [Member] | ' | ||||||||||||||
Guarantor Obligations [Line Items] | ' | ||||||||||||||
Supplemental Guarantor Information - Subsidiary Guarantees | ' | ||||||||||||||
22. SUPPLEMENTAL GUARANTOR INFORMATION – SUBSIDIARY GUARANTEES | |||||||||||||||
On January 19, 2011, the wholly-owned U.S. Broadline subsidiaries of Sysco Corporation entered into full and unconditional guarantees of all outstanding senior notes and debentures of Sysco Corporation. Borrowings under the company’s revolving credit facility supporting the company’s U.S. and Canadian commercial paper programs and the company’s US Foods acquisition bridge facility are also covered under these guarantees. As of June 28, 2014, Sysco had a total of approximately $2,655.0 million in senior notes, debentures and commercial paper outstanding that was covered by these guarantees. All subsidiary guarantors are 100%-owned by the parent company, all guarantees are full and unconditional and all guarantees are joint and several, except that the guarantee of any subsidiary guarantor with respect to a series of senior notes or debentures may be released under certain customary circumstances. If we exercise our defeasance option with respect to the senior notes or debentures of any series, then any subsidiary guarantor effectively will be released with respect to that series. Further, each subsidiary guarantee will remain in full force and effect until the earliest to occur of the date, if any, on which (1) the applicable subsidiary guarantor shall consolidate with or merge into Sysco Corporation or any successor of Sysco Corporation and (2) Sysco Corporation or any successor of Sysco Corporation consolidates with or merges into the applicable subsidiary guarantor. | |||||||||||||||
The following condensed consolidating financial statements present separately the financial position, comprehensive income and cash flows of the parent issuer (Sysco Corporation), the guarantors (the majority of Sysco’s U.S. Broadline subsidiaries) and all other non-guarantor subsidiaries of Sysco (Other Non-Guarantor Subsidiaries) on a combined basis with eliminating entries. | |||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||
28-Jun-14 | |||||||||||||||
Sysco | Certain U.S. | Other | Eliminations | Consolidated Totals | |||||||||||
Broadline | Non-Guarantor | ||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||
(In thousands) | |||||||||||||||
Current assets | $ | 254,766 | $ | 3,928,660 | $ | 2,498,546 | $ | - | $ | 6,681,972 | |||||
Investment in subsidiaries | 8,013,214 | - | - | -8,013,214 | - | ||||||||||
Plant and equipment, net | 496,953 | 1,783,262 | 1,705,403 | - | 3,985,618 | ||||||||||
Other assets | 344,045 | 524,468 | 1,631,847 | - | 2,500,360 | ||||||||||
Total assets | $ | 9,108,978 | $ | 6,236,390 | $ | 5,835,796 | $ | -8,013,214 | $ | 13,167,950 | |||||
Current liabilities | $ | 793,240 | $ | 1,008,366 | $ | 2,566,024 | $ | - | $ | 4,367,630 | |||||
Intercompany payables (receivables) | 20,107 | -239,539 | 219,432 | - | - | ||||||||||
Long-term debt | 2,348,558 | 14,094 | 21,515 | - | 2,384,167 | ||||||||||
Other liabilities | 680,378 | 328,185 | 140,895 | - | 1,149,458 | ||||||||||
Shareholders’ equity | 5,266,695 | 5,125,284 | 2,887,930 | -8,013,214 | 5,266,695 | ||||||||||
Total liabilities and shareholders’ equity | $ | 9,108,978 | $ | 6,236,390 | $ | 5,835,796 | $ | -8,013,214 | $ | 13,167,950 | |||||
Condensed Consolidating Balance Sheet | |||||||||||||||
29-Jun-13 | |||||||||||||||
Sysco | Certain U.S. | Other | Eliminations | Consolidated Totals | |||||||||||
Broadline | Non-Guarantor | ||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||
(In thousands) | |||||||||||||||
Current assets | $ | 276,856 | $ | 3,757,486 | $ | 2,187,346 | $ | - | $ | 6,221,688 | |||||
Investment in subsidiaries | 8,429,887 | - | - | -8,429,887 | - | ||||||||||
Plant and equipment, net | 540,860 | 1,885,908 | 1,551,303 | - | 3,978,071 | ||||||||||
Other assets | 325,045 | 534,713 | 1,618,691 | - | 2,478,449 | ||||||||||
Total assets | $ | 9,572,648 | $ | 6,178,107 | $ | 5,357,340 | $ | -8,429,887 | $ | 12,678,208 | |||||
Current liabilities | $ | 637,070 | $ | 887,271 | $ | 2,138,283 | $ | - | $ | 3,662,624 | |||||
Intercompany payables (receivables) | 594,928 | -1,003,219 | 408,291 | - | - | ||||||||||
Long-term debt | 2,606,612 | 10,422 | 22,952 | - | 2,639,986 | ||||||||||
Other liabilities | 542,228 | 467,470 | 174,090 | - | 1,183,788 | ||||||||||
Shareholders’ equity | 5,191,810 | 5,816,163 | 2,613,724 | -8,429,887 | 5,191,810 | ||||||||||
Total liabilities and shareholders’ equity | $ | 9,572,648 | $ | 6,178,107 | $ | 5,357,340 | $ | -8,429,887 | $ | 12,678,208 | |||||
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||
Year Ended June 28, 2014 | |||||||||||||||
Sysco | Certain U.S. | Other | Eliminations | Consolidated Totals | |||||||||||
Broadline | Non-Guarantor | ||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||
(In thousands) | |||||||||||||||
Sales | $ | - | $ | 30,741,979 | $ | 16,979,494 | $ | -1,204,761 | $ | 46,516,712 | |||||
Cost of sales | - | 24,990,377 | 14,550,061 | -1,204,761 | 38,335,677 | ||||||||||
Gross profit | - | 5,751,602 | 2,429,433 | - | 8,181,035 | ||||||||||
Operating expenses | 804,177 | 3,520,577 | 2,269,159 | - | 6,593,913 | ||||||||||
Operating income (loss) | -804,177 | 2,231,025 | 160,274 | - | 1,587,122 | ||||||||||
Interest expense (income) | 232,140 | -102,086 | -6,313 | - | 123,741 | ||||||||||
Other expense (income), net | -7,434 | 217 | -5,026 | - | -12,243 | ||||||||||
Earnings (losses) before income taxes | -1,028,883 | 2,332,894 | 171,613 | - | 1,475,624 | ||||||||||
Income tax (benefit) provision | -379,369 | 860,184 | 63,276 | - | 544,091 | ||||||||||
Equity in earnings of subsidiaries | 1,581,047 | - | - | -1,581,047 | - | ||||||||||
Net earnings | 931,533 | 1,472,710 | 108,337 | -1,581,047 | 931,533 | ||||||||||
Other comprehensive income (loss) | -195,726 | - | -3,106 | 3,106 | -195,726 | ||||||||||
Comprehensive income | $ | 735,807 | $ | 1,472,710 | $ | 105,231 | $ | -1,577,941 | $ | 735,807 | |||||
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||
Year Ended June 29, 2013 | |||||||||||||||
Sysco | Certain U.S. | Other | Eliminations | Consolidated Totals | |||||||||||
Broadline | Non-Guarantor | ||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||
(In thousands) | |||||||||||||||
Sales | $ | - | $ | 30,162,329 | $ | 15,335,180 | $ | -1,086,276 | $ | 44,411,233 | |||||
Cost of sales | - | 24,385,677 | 13,115,225 | -1,086,276 | 36,414,626 | ||||||||||
Gross profit | - | 5,776,652 | 2,219,955 | - | 7,996,607 | ||||||||||
Operating expenses | 694,323 | 3,610,907 | 2,032,899 | - | 6,338,129 | ||||||||||
Operating income (loss) | -694,323 | 2,165,745 | 187,056 | - | 1,658,478 | ||||||||||
Interest expense (income) | 298,474 | -177,421 | 7,442 | - | 128,495 | ||||||||||
Other expense (income), net | -12,864 | -4,554 | -54 | - | -17,472 | ||||||||||
Earnings (losses) before income taxes | -979,933 | 2,347,720 | 179,668 | - | 1,547,455 | ||||||||||
Income tax (benefit) provision | -351,474 | 842,062 | 64,440 | - | 555,028 | ||||||||||
Equity in earnings of subsidiaries | 1,620,886 | - | - | -1,620,886 | - | ||||||||||
Net earnings | 992,427 | 1,505,658 | 115,228 | -1,620,886 | 992,427 | ||||||||||
Other comprehensive income (loss) | 215,929 | - | -33,191 | 33,191 | 215,929 | ||||||||||
Comprehensive income | $ | 1,208,356 | $ | 1,505,658 | $ | 82,037 | $ | -1,587,695 | $ | 1,208,356 | |||||
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||
Year Ended June 30, 2012 | |||||||||||||||
Sysco | Certain U.S. | Other | Eliminations | Consolidated Totals | |||||||||||
Broadline | Non-Guarantor | ||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||
(In thousands) | |||||||||||||||
Sales | $ | - | $ | 29,100,106 | $ | 14,131,162 | $ | -850,329 | $ | 42,380,939 | |||||
Cost of sales | - | 23,374,199 | 12,077,795 | -850,329 | 34,601,665 | ||||||||||
Gross profit | - | 5,725,907 | 2,053,367 | - | 7,779,274 | ||||||||||
Operating expenses | 527,888 | 3,534,382 | 1,826,372 | - | 5,888,642 | ||||||||||
Operating income (loss) | -527,888 | 2,191,525 | 226,995 | - | 1,890,632 | ||||||||||
Interest expense (income) | 396,374 | -281,193 | -1,785 | - | 113,396 | ||||||||||
Other expense (income), net | -6,993 | -1,244 | 1,471 | - | -6,766 | ||||||||||
Earnings (losses) before income taxes | -917,269 | 2,473,962 | 227,309 | - | 1,784,002 | ||||||||||
Income tax (benefit) provision | -340,592 | 918,607 | 84,402 | - | 662,417 | ||||||||||
Equity in earnings of subsidiaries | 1,698,262 | - | - | -1,698,262 | - | ||||||||||
Net earnings | 1,121,585 | 1,555,355 | 142,907 | -1,698,262 | 1,121,585 | ||||||||||
Other comprehensive income (loss) | -402,908 | - | -81,003 | 81,003 | -402,908 | ||||||||||
Comprehensive income | $ | 718,677 | $ | 1,555,355 | $ | 61,904 | $ | -1,617,259 | $ | 718,677 | |||||
Condensed Consolidating Cash Flows | |||||||||||||||
Year Ended June 28, 2014 | |||||||||||||||
Sysco | Certain U.S. | Other | Consolidated Totals | ||||||||||||
Broadline | Non-Guarantor | ||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||
(In thousands) | |||||||||||||||
Net cash provided by (used for): | |||||||||||||||
Operating activities | $ | -504,119 | $ | 1,541,062 | $ | 455,872 | $ | 1,492,815 | |||||||
Investing activities | -51,290 | -171,979 | -353,569 | -576,838 | |||||||||||
Financing activities | -919,627 | 3,872 | -103 | -915,858 | |||||||||||
Effect of exchange rate on cash | - | - | 642 | 642 | |||||||||||
Intercompany activity | 1,426,402 | -1,369,478 | -56,924 | - | |||||||||||
Net increase (decrease) in cash and cash equivalents | -48,634 | 3,477 | 45,918 | 761 | |||||||||||
Cash and cash equivalents at beginning of the period | 207,591 | 24,295 | 180,399 | 412,285 | |||||||||||
Cash and cash equivalents at end of the period | $ | 158,957 | $ | 27,772 | $ | 226,317 | $ | 413,046 | |||||||
Condensed Consolidating Cash Flows | |||||||||||||||
Year Ended June 29, 2013 | |||||||||||||||
Sysco | Certain U.S. | Other | Consolidated Totals | ||||||||||||
Broadline | Non-Guarantor | ||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||
(In thousands) | |||||||||||||||
Net cash provided by (used for): | |||||||||||||||
Operating activities | $ | -449,417 | $ | 1,705,950 | $ | 255,061 | $ | 1,511,594 | |||||||
Investing activities | -105,314 | -140,217 | -666,351 | -911,882 | |||||||||||
Financing activities | -887,707 | -15,666 | 29,165 | -874,208 | |||||||||||
Effect of exchange rate on cash | - | - | -2,086 | -2,086 | |||||||||||
Intercompany activity | 1,178,922 | -1,560,250 | 381,328 | - | |||||||||||
Net increase (decrease) in cash and cash equivalents | -263,516 | -10,183 | -2,883 | -276,582 | |||||||||||
Cash and cash equivalents at beginning of the period | 471,107 | 34,478 | 183,282 | 688,867 | |||||||||||
Cash and cash equivalents at end of the period | $ | 207,591 | $ | 24,295 | $ | 180,399 | $ | 412,285 | |||||||
Condensed Consolidating Cash Flows | |||||||||||||||
Year Ended June 30, 2012 | |||||||||||||||
Sysco | Certain U.S. | Other | Consolidated Totals | ||||||||||||
Broadline | Non-Guarantor | ||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||
(In thousands) | |||||||||||||||
Net cash provided by (used for): | |||||||||||||||
Operating activities | $ | -413,535 | $ | 1,674,817 | $ | 142,898 | $ | 1,404,180 | |||||||
Investing activities | -222,483 | -367,909 | -313,237 | -903,629 | |||||||||||
Financing activities | -58,168 | -2,038 | -382,443 | -442,649 | |||||||||||
Effect of exchange rate on cash | - | - | -8,800 | -8,800 | |||||||||||
Intercompany activity | 859,780 | -1,302,546 | 442,766 | - | |||||||||||
Net increase (decrease) in cash and cash equivalents | 165,594 | 2,324 | -118,816 | 49,102 | |||||||||||
Cash and cash equivalents at beginning of the period | 305,513 | 32,154 | 302,098 | 639,765 | |||||||||||
Cash and cash equivalents at end of the period | $ | 471,107 | $ | 34,478 | $ | 183,282 | $ | 688,867 | |||||||
Quarterly_Results_Unaudited
Quarterly Results (Unaudited) | 12 Months Ended | |||||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||||
Quarterly Results (Unaudited) [Abstract] | ' | |||||||||||||||||||
Quarterly Results (Unaudited) | ' | |||||||||||||||||||
23. QUARTERLY RESULTS (UNAUDITED) | ||||||||||||||||||||
Financial information for each quarter in the years ended June 28, 2014 and June 29, 2013 is set forth below: | ||||||||||||||||||||
Fiscal 2014 Quarter Ended | ||||||||||||||||||||
28-Sep | 28-Dec | 29-Mar | 28-Jun | Fiscal Year | ||||||||||||||||
(In thousands except for per share data) | ||||||||||||||||||||
Sales | $ | 11,714,267 | $ | 11,237,969 | $ | 11,277,484 | $ | 12,286,992 | $ | 46,516,712 | ||||||||||
Cost of sales | 9,648,780 | 9,273,018 | 9,282,743 | 10,131,136 | 38,335,677 | |||||||||||||||
Gross profit | 2,065,487 | 1,964,951 | 1,994,741 | 2,155,856 | 8,181,035 | |||||||||||||||
Operating expenses | 1,587,289 | 1,613,174 | 1,662,116 | 1,731,334 | 6,593,913 | |||||||||||||||
Operating income | 478,198 | 351,777 | 332,625 | 424,522 | 1,587,122 | |||||||||||||||
Interest expense | 30,528 | 29,784 | 32,224 | 31,205 | 123,741 | |||||||||||||||
Other expense (income), net | -4,534 | -4,211 | 3,718 | -7,216 | -12,243 | |||||||||||||||
Earnings before income taxes | 452,204 | 326,204 | 296,683 | 400,533 | 1,475,624 | |||||||||||||||
Income taxes | 166,614 | 115,369 | 115,746 | 146,362 | 544,091 | |||||||||||||||
Net earnings | $ | 285,590 | $ | 210,835 | $ | 180,937 | $ | 254,171 | $ | 931,533 | ||||||||||
Per share: | ||||||||||||||||||||
Basic net earnings | $ | 0.49 | $ | 0.36 | $ | 0.31 | $ | 0.43 | $ | 1.59 | ||||||||||
Diluted net earnings | 0.48 | 0.36 | 0.31 | 0.43 | 1.58 | |||||||||||||||
Dividends declared | 0.28 | 0.29 | 0.29 | 0.29 | 1.15 | |||||||||||||||
Market price — high/low | 36-31 | 43-31 | 37-34 | 38-35 | 43-31 | |||||||||||||||
Fiscal 2013 Quarter Ended | ||||||||||||||||||||
29-Sep | 29-Dec | 30-Mar | 29-Jun | Fiscal Year | ||||||||||||||||
(In thousands except for per share data) | ||||||||||||||||||||
Sales | $ | 11,086,916 | $ | 10,796,890 | $ | 10,926,371 | $ | 11,601,056 | $ | 44,411,233 | ||||||||||
Cost of sales | 9,057,121 | 8,844,780 | 8,983,889 | 9,528,836 | 36,414,626 | |||||||||||||||
Gross profit | 2,029,795 | 1,952,110 | 1,942,482 | 2,072,220 | 7,996,607 | |||||||||||||||
Operating expenses | 1,551,013 | 1,569,459 | 1,605,280 | 1,612,377 | 6,338,129 | |||||||||||||||
Operating income | 478,782 | 382,651 | 337,202 | 459,843 | 1,658,478 | |||||||||||||||
Interest expense | 30,868 | 32,242 | 34,215 | 31,170 | 128,495 | |||||||||||||||
Other (income), net | -2,477 | -1,753 | -3,410 | -9,832 | -17,472 | |||||||||||||||
Earnings before income taxes | 450,391 | 352,162 | 306,397 | 438,505 | 1,547,455 | |||||||||||||||
Income taxes | 163,793 | 130,793 | 104,980 | 155,462 | 555,028 | |||||||||||||||
Net earnings | $ | 286,598 | $ | 221,369 | $ | 201,417 | $ | 283,043 | $ | 992,427 | ||||||||||
Per share: | ||||||||||||||||||||
Basic net earnings | $ | 0.49 | $ | 0.38 | $ | 0.34 | $ | 0.48 | $ | 1.68 | ||||||||||
Diluted net earnings | 0.49 | 0.38 | 0.34 | 0.47 | 1.67 | |||||||||||||||
Dividends declared | 0.27 | 0.28 | 0.28 | 0.28 | 1.11 | |||||||||||||||
Market price — high/low | 31-28 | 32-30 | 36-31 | 35-33 | 36-28 | |||||||||||||||
Percentage change — 2014 vs. 2013: | ||||||||||||||||||||
Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | Fiscal Year | ||||||||||||||||
Sales | 6 | % | 4 | % | 3 | % | 6 | % | 5 | % | ||||||||||
Operating income | - | -8 | -1 | -8 | -4 | |||||||||||||||
Net earnings | - | -5 | -10 | -10 | -6 | |||||||||||||||
Basic net earnings per share | - | -5 | -9 | -10 | -5 | |||||||||||||||
Diluted net earnings per share | -2 | -5 | -9 | -9 | -5 | |||||||||||||||
Financial results are impacted by accounting changes and the adoption of various accounting standards. See Note 2, “Changes in Accounting.” | ||||||||||||||||||||
Summary_of_Accounting_Policies1
Summary of Accounting Policies (Policy) | 12 Months Ended |
Jun. 28, 2014 | |
Summary of Accounting Policies [Abstract] | ' |
Business and Consolidation | ' |
Business and Consolidation | |
Sysco Corporation, acting through its subsidiaries and divisions, (Sysco or the company), is engaged in the marketing and distribution of a wide range of food and related products primarily to the foodservice or food-away-from-home industry. These services are performed for approximately 425,000 customers from 194 distribution facilities located throughout the United States (U.S.), Bahamas, Canada, Ireland and Northern Ireland. | |
Sysco’s fiscal year ends on the Saturday nearest to June 30th. This resulted in a 52-week year ending June 28, 2014 for fiscal 2014, June 30, 2013 for fiscal 2013 and June 30, 2012 for fiscal 2012. | |
The accompanying financial statements include the accounts of Sysco and its consolidated subsidiaries. All significant intercompany transactions and account balances have been eliminated. | |
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates that affect the reported amounts of assets, liabilities, sales and expenses. Actual results could differ from the estimates used. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
Cash includes cash equivalents such as time deposits, certificates of deposit, short-term investments and all highly liquid instruments with original maturities of three months or less, which are recorded at fair value. | |
Accounts Receivable | ' |
Accounts Receivable | |
Accounts receivable consist primarily of trade receivables from customers and receivables from suppliers for marketing or incentive programs. Sysco determines the past due status of trade receivables based on contractual terms with each customer. Sysco evaluates the collectability of accounts receivable and determines the appropriate reserve for doubtful accounts based on a combination of factors. The company utilizes specific criteria to determine uncollectible receivables to be written off including whether a customer has filed for or been placed in bankruptcy, has had accounts referred to outside parties for collection or has had accounts past due over specified periods. Allowances are recorded for all other receivables based on an analysis of historical trends of write-offs and recoveries. In addition, in circumstances where the company is aware of a specific customer’s inability to meet its financial obligation to Sysco, a specific allowance for doubtful accounts is recorded to reduce the receivable to the net amount reasonably expected to be collected. | |
Inventories | ' |
Inventories | |
Inventories consisting primarily of finished goods include food and related products and lodging products held for resale and are valued at the lower of cost (first-in, first-out method) or market. Elements of costs include the purchase price of the product and freight charges to deliver the product to the company’s warehouses and are net of certain cash or non-cash consideration received from vendors (see “Vendor Consideration”). | |
Plant and Equipment | ' |
Plant and Equipment | |
Capital additions, improvements and major replacements are classified as plant and equipment and are carried at cost. Depreciation is recorded using the straight-line method, which reduces the book value of each asset in equal amounts over its estimated useful life, and is included within operating expenses in the consolidated results of operations. Maintenance, repairs and minor replacements are charged to earnings when they are incurred. Upon the disposition of an asset, its accumulated depreciation is deducted from the original cost, and any gain or loss is reflected in current earnings. | |
Certain internal and external costs related to the acquisition and development of internal use software being built within our Business Transformation Project are capitalized within plant and equipment during the application development stages of the project. Amortization commenced in August 2012 on the majority of the software in the project when it entered the deployment stage. Costs continue to be capitalized for added software that is in the application development stage of the project. | |
Applicable interest charges incurred during the construction of new facilities and development of software for internal use are capitalized as one of the elements of cost and are amortized over the assets’ estimated useful lives. Interest capitalized for the past three fiscal years was $1.1 million in fiscal 2014, $4.2 million in fiscal 2013 and $20.8 million in fiscal 2012. | |
Long-Lived Assets | ' |
Long-Lived Assets | |
Management reviews long-lived assets for indicators of impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Cash flows expected to be generated by the related assets are estimated over the asset’s useful life based on updated projections on an undiscounted basis. If the evaluation indicates that the carrying value of the asset may not be recoverable, the potential impairment is measured using fair value. | |
Goodwill and Intangibles | ' |
Goodwill and Intangibles | |
Goodwill and intangibles represent the excess of cost over the fair value of tangible net assets acquired. Goodwill and intangibles with indefinite lives are not amortized. Goodwill is assigned to the reporting units that are expected to benefit from the synergies of a business combination. The recoverability of goodwill and indefinite-lived intangibles is assessed annually, or more frequently as needed when events or changes have occurred that would suggest an impairment of carrying value, by determining whether the fair values of the applicable reporting units exceed their carrying values. The reporting units used to assess goodwill impairment are the company’s 12 operating segments as described in Note 21, “Business Segment Information.” The components within each of the 12 operating segments have similar economic characteristics and therefore are aggregated into 12 reporting units. The evaluation of fair value requires the use of projections, estimates and assumptions as to the future performance of the operations in performing a discounted cash flow analysis, as well as assumptions regarding sales and earnings multiples that would be applied in comparable acquisitions. | |
Intangibles with definite lives are amortized over their useful lives in a manner consistent with underlying cash flow, which generally ranges from two to ten years. Management reviews finite-lived intangibles for indicators of impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Cash flows expected to be generated by the finite-lived intangibles are estimated over the intangible asset’s useful life based on updated projections on an undiscounted basis. If the evaluation indicates that the carrying value of the finite-lived intangible asset may not be recoverable, the potential impairment is measured at fair value. | |
Restricted Cash | ' |
Restricted Cash | |
Sysco is required by its insurers to collateralize a part of the self-insured portion of its workers’ compensation and liability claims. Sysco has chosen to satisfy these collateral requirements by depositing funds in insurance trusts or by issuing letters of credit. All amounts in restricted cash at June 28, 2014 and June 29, 2013 represented funds deposited in insurance trusts. | |
Derivative Financial Instruments | ' |
Derivative Financial Instruments | |
All derivatives are recognized as assets or liabilities within the consolidated balance sheets at fair value at their gross values. Gains or losses on derivative financial instruments designated as fair value hedges are recognized immediately in the consolidated results of operations, along with the offsetting gain or loss related to the underlying hedged item. | |
Gains or losses on derivative financial instruments designated as cash flow hedges are recorded as a separate component of shareholders’ equity from inception of the hedges to their settlement, at which time gains or losses are reclassified to the Consolidated Results of Operations in conjunction with the recognition of the underlying hedged item. | |
In the normal course of business, Sysco enters into forward purchase agreements for the procurement of fuel and electricity. Certain of these agreements meet the definition of a derivative. However, the company elected to use the normal purchase and sale exemption available under derivatives accounting literature; therefore, these agreements are not recorded at fair value. | |
Investments in Corporate-Owned Life Insurance | ' |
Investments in Corporate-Owned Life Insurance | |
Investments in corporate-owned life insurance (COLI) policies are recorded at their cash surrender values as of each balance sheet date. Changes in the cash surrender value during the period are recorded as a gain or loss within operating expenses. The company does not record deferred tax balances related to cash surrender value gains or losses for the policies that Sysco has the intent to hold these policies to maturity. Deferred tax balances are recorded for those policies that Sysco intends to redeem prior to maturity. The total amounts related to the company’s investments in COLI policies included in other assets in the consolidated balance sheets were $161.9 million and $159.3 million at June 28, 2014 and June 29, 2013, respectively. | |
Treasury Stock | ' |
Treasury Stock | |
The company records treasury stock purchases at cost. Shares removed from treasury are valued at cost using the average cost method. | |
Foreign Currency Translation | ' |
Foreign Currency Translation | |
The assets and liabilities of all foreign subsidiaries are translated at current exchange rates. Related translation adjustments are recorded as a component of accumulated other comprehensive income (loss). | |
Revenue Recognition | ' |
Revenue Recognition | |
The company recognizes revenue from the sale of a product when it is considered to be realized or realizable and earned. The company determines these requirements to be met at the point at which the product is delivered to the customer. The company grants certain customers sales incentives such as rebates or discounts and treats these as a reduction of sales at the time the sale is recognized. Sales tax collected from customers is not included in revenue but rather recorded as a liability due to the respective taxing authorities. Purchases and sales of inventory with the same counterparty that are entered into in contemplation of one another are considered to be a single nonmonetary transaction. As such, the company records the net effect of such transactions in the consolidated results of operations within sales. | |
Vendor Consideration | ' |
Vendor Consideration | |
Sysco recognizes consideration received from vendors when the services performed in connection with the monies received are completed and when the related product has been sold by Sysco as a reduction to cost of sales. There are several types of cash consideration received from vendors. In many instances, the vendor consideration is in the form of a specified amount per case or per pound. In these instances, Sysco will recognize the vendor consideration as a reduction of cost of sales when the product is sold. In the situations in which the vendor consideration is not related directly to specific product purchases, Sysco will recognize these as a reduction of cost of sales when the earnings process is complete, the related service is performed and the amounts are realized. | |
Shipping and Handling Costs | ' |
Shipping and Handling Costs | |
Shipping and handling costs include costs associated with the selection of products and delivery to customers. Included in operating expenses are shipping and handling costs of approximately $2,612.4 million in fiscal 2014, $2,539.6 million in fiscal 2013 and $2,396.2 million in fiscal 2012. | |
Insurance Program | ' |
Insurance Program | |
Sysco maintains a self-insurance program covering portions of workers’ compensation, general and vehicle liability and property insurance costs. The amounts in excess of the self-insured levels are fully insured by third party insurers. The company also maintains a fully self-insured group medical program. Liabilities associated with these risks are estimated in part by considering historical claims experience, medical cost trends, demographic factors, severity factors and other actuarial assumptions | |
Share-Based Compensation | ' |
Share-Based Compensation | |
Sysco recognizes expense for its share-based compensation based on the fair value of the awards that are granted. The fair value of stock options is estimated at the date of grant using the Black-Scholes option pricing model. Option pricing methods require the input of highly subjective assumptions, including the expected stock price volatility. The fair value of restricted stock and restricted stock unit awards are based on the company’s stock price on the date of grant. Measured compensation cost is recognized ratably over the vesting period of the related share-based compensation award. Cash flows resulting from tax deductions in excess of the compensation cost recognized for those options (excess tax benefits) are classified as financing cash flows on the consolidated cash flows statements. | |
Income Taxes | ' |
Income Taxes | |
Sysco recognizes deferred tax assets and liabilities based on the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured pursuant to tax laws using rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The impact on deferred tax assets and liabilities of a change in tax rate is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amount more likely than not to be realized. | |
Sysco recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits of the position. The amount recognized is measured as the largest amount of tax benefit that has greater than a 50% likelihood of being realized upon settlement. To the extent interest and penalties may be assessed by taxing authorities on any underpayment of income tax, estimated amounts required by the accounting guidance related to uncertain tax positions have been accrued and are classified as a component of income taxes in the consolidated results of operations. | |
The determination of the company’s provision for income taxes requires significant judgment, the use of estimates and the interpretation and application of complex tax laws. The company’s provision for income taxes primarily reflects a combination of income earned and taxed in the various U.S. federal and state, as well as various foreign jurisdictions. Jurisdictional tax law changes, increases or decreases in permanent differences between book and tax items, accruals or adjustments of accruals for tax contingencies or valuation allowances, and the company’s change in the mix of earnings from these taxing jurisdictions all affect the overall effective tax rate. | |
Acqusitions | ' |
Acquisitions | |
Acquisitions of businesses are accounted for using the purchase method of accounting, and the financial statements include the results of the acquired operations from the respective dates of acquisition. | |
The purchase price of the acquired entities is allocated to the net assets acquired and liabilities assumed based on the estimated fair value at the dates of acquisition, with any excess of cost over the fair value of net assets acquired, including intangibles, recognized as goodwill. The balances included in the consolidated balance sheets related to recent acquisitions are based upon preliminary information and are subject to change when final asset and liability valuations are obtained. Subsequent changes to the preliminary balances are reflected retrospectively, if material. Material changes to the preliminary allocations are not anticipated by management. | |
Reclassifications | ' |
Reclassifications | |
Prior year amounts within the consolidated balance sheets and consolidated cash flows have been reclassified to conform to the current year presentation as it relates to the presentation of certain accounts payable, accrued expenses, deferred taxes and other long-term liabilities balances within these statements. Prior year amounts within the consolidated results of operations have been reclassified to conform to the current year presentation as it relates to the classification of certain amounts within cost of sales and operating expenses within this statement. The impact of these reclassifications was immaterial to all periods presented. | |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||
Jun. 28, 2014 | ||||||||||||
Fair Value Measurements [Abstract] | ' | |||||||||||
Assets and liabilities measured at fair value table | ' | |||||||||||
Assets and Liabilities Measured at Fair Value as of June 28, 2014 | ||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
(In thousands) | ||||||||||||
Assets: | ||||||||||||
Cash and cash equivalents | ||||||||||||
Cash equivalents | $ | 2,770 | $ | 131,966 | $ | - | $ | 134,736 | ||||
Restricted cash | 145,412 | - | - | 145,412 | ||||||||
Other assets | ||||||||||||
Interest rate swap agreement | - | 4,828 | - | 4,828 | ||||||||
Total assets at fair value | $ | 148,182 | $ | 136,794 | $ | - | $ | 284,976 | ||||
Liabilities: | ||||||||||||
Accrued expenses | ||||||||||||
Interest rate swap agreement | $ | - | $ | 133,466 | $ | - | $ | 133,466 | ||||
Total liabilities at fair value | $ | - | $ | 133,466 | $ | - | $ | 133,466 | ||||
Assets Measured at Fair Value as of June 29, 2013 | ||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
(In thousands) | ||||||||||||
Assets: | ||||||||||||
Cash and cash equivalents | ||||||||||||
Cash equivalents | $ | 1,160 | $ | 132,731 | $ | - | $ | 133,891 | ||||
Prepaid expenses and other current assets | ||||||||||||
Interest rate swap agreement | - | 2,988 | - | 2,988 | ||||||||
Restricted cash | 145,328 | - | - | 145,328 | ||||||||
Total assets at fair value | $ | 146,488 | $ | 135,719 | $ | - | $ | 282,207 | ||||
Allowance_for_Doubtful_Account1
Allowance for Doubtful Accounts (Tables) (Allowance for Doubtful Accounts [Member]) | 12 Months Ended | |||||||||
Jun. 28, 2014 | ||||||||||
Allowance for Doubtful Accounts [Member] | ' | |||||||||
Allowance for Doubtful Accounts [Line Items] | ' | |||||||||
Schedule of valuation and qualifying accounts disclosure table | ' | |||||||||
2014 | 2013 | 2012 | ||||||||
(In thousands) | ||||||||||
Balance at beginning of period | $ | 47,345 | $ | 42,919 | $ | 42,436 | ||||
Charged to costs and expenses | 34,429 | 35,243 | 33,359 | |||||||
Customer accounts written off, net of recoveries | -31,721 | -30,824 | -32,318 | |||||||
Other adjustments | -151 | 7 | -558 | |||||||
Balance at end of period | $ | 49,902 | $ | 47,345 | $ | 42,919 | ||||
Plant_and_Equipment_Tables
Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Plant and Equipment [Abstract] | ' | ||||||||
Summary of plant and equipment, including the related accumulated depreciation table | ' | ||||||||
28-Jun-14 | 29-Jun-13 | Estimated Useful Lives | |||||||
(In thousands) | |||||||||
Plant and equipment, at cost: | |||||||||
Land | $ | 431,694 | $ | 411,853 | |||||
Buildings and improvements | 3,816,387 | 3,656,846 | 10-30 years | ||||||
Fleet and equipment | 2,726,415 | 2,633,497 | 3-10 years | ||||||
Computer hardware and software | 1,109,379 | 1,054,260 | 3-7 years | ||||||
8,083,875 | 7,756,456 | ||||||||
Accumulated depreciation | -4,098,257 | -3,778,385 | |||||||
Net plant and equipment | $ | 3,985,618 | $ | 3,978,071 | |||||
Goodwill_and_Other_Intangibles1
Goodwill and Other Intangibles (Tables) | 12 Months Ended | |||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||
Goodwill and Other Intangibles [Abstract] | ' | |||||||||||||||||
Goodwill rollfoward table by reporting segments | ' | |||||||||||||||||
Broadline | SYGMA | Other | Total | |||||||||||||||
(In thousands) | ||||||||||||||||||
Carrying amount as of June 30, 2012 | $ | 1,220,112 | $ | 32,609 | $ | 412,890 | $ | 1,665,611 | ||||||||||
Goodwill acquired during year | 203,393 | - | 24,005 | 227,398 | ||||||||||||||
Currency translation/other | -8,663 | - | -111 | -8,774 | ||||||||||||||
Carrying amount as of June 29, 2013 | 1,414,842 | 32,609 | 436,784 | 1,884,235 | ||||||||||||||
Goodwill acquired during year | 49,608 | - | 13,225 | 62,833 | ||||||||||||||
Currency translation/other | 3,649 | - | -45 | 3,604 | ||||||||||||||
Carrying amount as of June 28, 2014 | $ | 1,468,099 | $ | 32,609 | $ | 449,964 | $ | 1,950,672 | ||||||||||
Amortized intangible assets table | ' | |||||||||||||||||
28-Jun-14 | 29-Jun-13 | |||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | |||||||||||||
(In thousands) | ||||||||||||||||||
Customer relationships | $ | 246,019 | $ | -124,223 | $ | 121,796 | $ | 274,410 | $ | -125,250 | $ | 149,160 | ||||||
Non-compete agreements | 33,164 | -10,629 | 22,535 | 29,460 | -4,655 | 24,805 | ||||||||||||
Trademarks | 12,063 | -3,200 | 8,863 | 11,618 | -1,580 | 10,038 | ||||||||||||
Other | 13,498 | -2,070 | 11,428 | 9,556 | -159 | 9,397 | ||||||||||||
Total amortizable intangible | $ | 304,744 | $ | -140,122 | $ | 164,622 | $ | 325,044 | $ | -131,644 | $ | 193,400 | ||||||
assets | ||||||||||||||||||
Indefinite-lived intangible assets table | ' | |||||||||||||||||
28-Jun-14 | 29-Jun-13 | |||||||||||||||||
(In thousands) | ||||||||||||||||||
Trademarks | $ | 11,639 | $ | 11,353 | ||||||||||||||
Licenses | 966 | 966 | ||||||||||||||||
Total indefinite-lived intangible assets | $ | 12,605 | $ | 12,319 | ||||||||||||||
Intangibles estimated amortization expense for the next five years table | ' | |||||||||||||||||
Amount | ||||||||||||||||||
(In thousands) | ||||||||||||||||||
2015 | $ | 39,724 | ||||||||||||||||
2016 | 31,729 | |||||||||||||||||
2017 | 27,105 | |||||||||||||||||
2018 | 23,914 | |||||||||||||||||
2019 | 14,114 | |||||||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||
Jun. 28, 2014 | |||||||||||
Derivative Financial Instruments [Abstract] | ' | ||||||||||
Derivatives balance sheet location table | ' | ||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||
(In thousands) | |||||||||||
Interest rate swap agreements: | |||||||||||
28-Jun-14 | Other assets | $ | 4,828 | Accrued expenses | $ | 133,466 | |||||
29-Jun-13 | Prepaid expenses and other current assets | 2,988 | N/A | N/A | |||||||
Derivatives financial statement performance table | ' | ||||||||||
Amount of (Gain) or Loss | |||||||||||
Recognized in Comprehensive Income | |||||||||||
Location of (Gain) or Loss Recognized in Comprehensive Income | 2014 | 2013 | 2012 | ||||||||
(In thousands) | |||||||||||
Fair Value Hedge Relationships: | |||||||||||
Interest rate swap agreements | Interest expense | $ | -10,879 | $ | -4,492 | $ | -7,900 | ||||
Cash Flow Hedge Relationships: | |||||||||||
Interest rate swap agreements | Other comprehensive income | 133,466 | N/A | N/A | |||||||
Treasury lock agreement | Other comprehensive income | N/A | N/A | -722 | |||||||
Interest rate contracts | Interest expense | 625 | 626 | 692 | |||||||
SelfInsured_Liabilities_Tables
Self-Insured Liabilities (Tables) (Self Insured Liabilities [Member]) | 12 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Self Insured Liabilities [Member] | ' | ||||||||
Self-Insured Liabilities [Line Items] | ' | ||||||||
Schedule of valuation and qualifying accounts disclosure table | ' | ||||||||
2014 | 2013 | 2012 | |||||||
(In thousands) | |||||||||
Balance at beginning of period | $ | 147,598 | $ | 129,749 | $ | 129,671 | |||
Charged to costs and expenses | 375,267 | 352,374 | 318,828 | ||||||
Payments | -328,389 | -334,525 | -318,750 | ||||||
Balance at end of period | $ | 194,476 | $ | 147,598 | $ | 129,749 | |||
Debt_and_Other_Financing_Arran1
Debt and Other Financing Arrangements (Tables) | 12 Months Ended | ||||||
Jun. 28, 2014 | |||||||
Debt and Other Financing Arrangements [Abstract] | ' | ||||||
Components of long-term debt table | ' | ||||||
28-Jun-14 | 29-Jun-13 | ||||||
(In thousands) | |||||||
Multicurrency revolving credit facility borrowings, interest averaging 1.0% as of | $ | 70,975 | $ | 41,632 | |||
June 28, 2014 and 1.0% as of June 29, 2013 | |||||||
Commercial paper, interest averaging 0.2% as of June 28, 2014 and 0.1% as of June 29, 2013 | 129,999 | 95,500 | |||||
Senior notes, interest at 4.6%, maturing in fiscal 2014 | - | 202,190 | |||||
Senior notes, interest at 0.55%, maturing in fiscal 2015 | 299,354 | 298,669 | |||||
Senior notes, interest at 5.25%, maturing in fiscal 2018 | 503,587 | 498,414 | |||||
Senior notes, interest at 5.375%, maturing in fiscal 2019 | 249,200 | 249,031 | |||||
Senior notes, interest at 2.6%, maturing in fiscal 2022 | 445,417 | 444,844 | |||||
Debentures, interest at 7.16%, maturing in fiscal 2027 | 50,000 | 50,000 | |||||
Debentures, interest at 6.5%, maturing in fiscal 2029 | 224,665 | 224,641 | |||||
Senior notes, interest at 5.375%, maturing in fiscal 2036 | 499,684 | 499,669 | |||||
Senior notes, interest at 6.625%, maturing in fiscal 2039 | 246,006 | 245,845 | |||||
Capital leases and other debt, interest averaging 7.5% and maturing at various dates to fiscal 2029 as of June 28, 2014 and 7.4% and maturing at various dates to fiscal 2029 as of June 29, 2013 | 41,032 | 38,484 | |||||
Total debt | 2,759,919 | 2,888,919 | |||||
Less current maturities of long-term debt | -304,777 | -207,301 | |||||
Less notes payable | -70,975 | -41,632 | |||||
Net long-term debt | $ | 2,384,167 | $ | 2,639,986 | |||
Long-term debt principal payments for the next five years table | ' | ||||||
Amount | |||||||
(In thousands) | |||||||
2015 | $ | 304,777 | |||||
2016 | 4,669 | ||||||
2017 | 3,444 | ||||||
2018 | 506,478 | ||||||
2019 | 252,486 | ||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | |||
Jun. 28, 2014 | ||||
Leases [Abstract] | ' | |||
Aggregate minimum lease payments for non-capitalized long-term leases for the next five years and thereafter table | ' | |||
Amount | ||||
(In thousands) | ||||
2015 | $ | 43,065 | ||
2016 | 32,890 | |||
2017 | 24,070 | |||
2018 | 15,055 | |||
2019 | 10,674 | |||
Thereafter | 36,084 | |||
Other_LongTerm_Liabilities_Tab
Other Long-Term Liabilities (Tables) | 12 Months Ended | ||||||
Jun. 28, 2014 | |||||||
Other Long-Term Liabilities [Abstract] | ' | ||||||
Summary of other long-term liabilities | ' | ||||||
28-Jun-14 | 29-Jun-13 | ||||||
(In thousands) | |||||||
Qualified pension plan | $ | 270,189 | $ | 136,808 | |||
Supplemental executive retirement plan | 438,288 | 409,024 | |||||
Other | 319,401 | 357,473 | |||||
Total | $ | 1,027,878 | $ | 903,305 | |||
CompanySponsored_Employee_Bene1
Company-Sponsored Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||
Jun. 28, 2014 | |||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||
Defined benefit plans funded status table | ' | ||||||||||||
Pension Benefits | Other Postretirement Plans | ||||||||||||
28-Jun-14 | 29-Jun-13 | 28-Jun-14 | 29-Jun-13 | ||||||||||
(In thousands) | |||||||||||||
Change in benefit obligation: | |||||||||||||
Benefit obligation at beginning of year | $ | 3,089,022 | $ | 3,164,974 | $ | 14,248 | $ | 12,954 | |||||
Service cost | 9,657 | 70,166 | 546 | 541 | |||||||||
Interest cost | 160,436 | 148,561 | 748 | 614 | |||||||||
Amendments | -347 | 53,902 | - | - | |||||||||
Curtailments | - | -72,967 | - | - | |||||||||
Actuarial (gain) loss, net | 492,720 | -201,517 | -3,280 | 188 | |||||||||
Total disbursements | -79,780 | -74,097 | 349 | -49 | |||||||||
Benefit obligation at end of year | 3,671,708 | 3,089,022 | 12,611 | 14,248 | |||||||||
Change in plan assets: | |||||||||||||
Fair value of plan assets at beginning of year | 2,518,009 | 2,234,869 | - | - | |||||||||
Actual return on plan assets | 474,538 | 263,675 | - | - | |||||||||
Employer contribution | 24,752 | 93,562 | -349 | 49 | |||||||||
Total disbursements | -79,780 | -74,097 | 349 | -49 | |||||||||
Fair value of plan assets at end of year | 2,937,519 | 2,518,009 | - | - | |||||||||
Funded status at end of year | $ | -734,189 | $ | -571,013 | $ | -12,611 | $ | -14,248 | |||||
Defined benefit plans amounts recognized in balance sheet table | ' | ||||||||||||
Pension Benefits | Other Postretirement Plans | ||||||||||||
28-Jun-14 | 29-Jun-13 | 28-Jun-14 | 29-Jun-13 | ||||||||||
(In thousands) | |||||||||||||
Current accrued benefit liability (Accrued expenses) | $ | -25,712 | $ | -25,181 | $ | -313 | $ | -380 | |||||
Non-current accrued benefit liability (Other long-term liabilities) | -708,477 | -545,832 | -12,298 | -13,868 | |||||||||
Net amount recognized | $ | -734,189 | $ | -571,013 | $ | -12,611 | $ | -14,248 | |||||
Defined benefit plans amounts recognized in accumulated other comprehensive loss (income) table | ' | ||||||||||||
Accumulated other comprehensive loss (income) as of June 28, 2014 consists of the following amounts that had not, as of that date, been recognized in net benefit cost: | |||||||||||||
Pension Benefits | Other | Total | |||||||||||
Postretirement Plans | |||||||||||||
(In thousands) | |||||||||||||
Prior service cost | $ | 60,306 | $ | 898 | $ | 61,204 | |||||||
Actuarial losses (gains) | 1,058,651 | -6,287 | 1,052,364 | ||||||||||
Total | $ | 1,118,957 | $ | -5,389 | $ | 1,113,568 | |||||||
Accumulated other comprehensive loss (income) as of June 29, 2013 consists of the following amounts that had not, as of that date, been recognized in net benefit cost: | |||||||||||||
Pension Benefits | Other | Total | |||||||||||
Postretirement Plans | |||||||||||||
(In thousands) | |||||||||||||
Prior service cost | $ | 71,798 | $ | 1,067 | $ | 72,865 | |||||||
Actuarial losses (gains) | 864,000 | -3,151 | 860,849 | ||||||||||
Total | $ | 935,798 | $ | -2,084 | $ | 933,714 | |||||||
Defined benefit plans with accumulated/aggregate benefit obligation in excess of fair value of plan assets table | ' | ||||||||||||
Pension Benefits | Other Postretirement Plans | ||||||||||||
June 28, 2014 (1) | June 29, 2013 (1) | 28-Jun-14 | 29-Jun-13 | ||||||||||
(In thousands) | |||||||||||||
Accumulated benefit obligation/aggregate benefit obligation | $ | 3,660,227 | $ | 3,079,068 | $ | 12,611 | $ | 14,248 | |||||
Fair value of plan assets at end of year | 2,937,519 | 2,518,009 | - | - | |||||||||
(1) Information under Pension Benefits as of June 28, 2014 and June 29, 2013 includes both the Retirement Plan and the SERP. | |||||||||||||
Defined benefit plans amounts included accumulated other comprehensive loss (income) that are expected to be recognized in net company-sponsored benefit cost in next fiscal year table | ' | ||||||||||||
Pension Benefits | Other | Total | |||||||||||
Postretirement Plans | |||||||||||||
(In thousands) | |||||||||||||
Amortization of prior service cost | $ | 11,111 | $ | 169 | $ | 11,280 | |||||||
Amortization of actuarial losses (gains) | 19,871 | -435 | 19,436 | ||||||||||
Total | $ | 30,982 | $ | -266 | $ | 30,716 | |||||||
Defined benefit plans estimated future benefit payments table | ' | ||||||||||||
Pension Benefits | Other | ||||||||||||
Postretirement Plans | |||||||||||||
(In thousands) | |||||||||||||
2015 | $ | 94,616 | $ | 313 | |||||||||
2016 | 104,096 | 516 | |||||||||||
2017 | 114,891 | 780 | |||||||||||
2018 | 125,671 | 984 | |||||||||||
2019 | 136,345 | 1,151 | |||||||||||
Subsequent five years | 844,181 | 6,377 | |||||||||||
Defined benefit plans weighted average assumptions used in calculating benefit obligations table | ' | ||||||||||||
28-Jun-14 | 29-Jun-13 | ||||||||||||
Discount rate — Retirement Plan | 4.74 | % | 5.32 | % | |||||||||
Discount rate — SERP | 4.59 | 4.94 | |||||||||||
Discount rate — Other Postretirement Plans | 4.74 | 5.32 | |||||||||||
Rate of compensation increase — Retirement Plan | 3.89 | 3.89 | |||||||||||
Defined benefit plans weighted average assumptions used in calculating net periodic benefit costs table | ' | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Discount rate — Retirement Plan | 5.32 | % | 4.81 | % | 5.94 | % | |||||||
Discount rate — SERP | 4.94 | 3.96 | -1 | 5.93 | |||||||||
Discount rate — Other Postretirement Plans | 5.32 | 4.81 | 5.94 | ||||||||||
Expected rate of return — Retirement Plan | 7.75 | 7.75 | 7.75 | ||||||||||
Rate of compensation increase — Retirement Plan | 3.89 | 5.30 | 5.30 | ||||||||||
(1) The SERP was remeasured in November 2012 as a result of the plan freeze discussed above. The rate in the table above reflects the discount rate as of this remeasurement. | |||||||||||||
Pension Benefits [Member] | ' | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||
Defined benefit plans components of net benefit cost table | ' | ||||||||||||
Pension Benefits | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Service cost | $ | 9,657 | $ | 70,166 | $ | 108,223 | |||||||
Interest cost | 160,436 | 148,561 | 147,512 | ||||||||||
Expected return on plan assets | -192,795 | -171,201 | -161,605 | ||||||||||
Amortization of prior service cost | 11,145 | 9,899 | 4,806 | ||||||||||
Amortization of actuarial loss | 16,327 | 72,624 | 60,166 | ||||||||||
Curtailment loss | - | 8,293 | - | ||||||||||
Net pension costs | $ | 4,770 | $ | 138,342 | $ | 159,102 | |||||||
Defined benefit plans other changes in plan assets and benefit obligations recognized in other comprehensive (loss) income table | ' | ||||||||||||
Pension Benefits | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Amortization of prior service cost | $ | 11,145 | $ | 18,192 | $ | 4,806 | |||||||
Amortization of actuarial loss | 16,327 | 72,624 | 60,166 | ||||||||||
Prior service cost arising in current year | 347 | -53,902 | -8,706 | ||||||||||
Actuarial (loss) gain arising in current year | -210,978 | 366,957 | -579,366 | ||||||||||
Net pension costs | $ | -183,159 | $ | 403,871 | $ | -523,100 | |||||||
Other Postretirement Plans [Member] | ' | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||
Defined benefit plans components of net benefit cost table | ' | ||||||||||||
Other Postretirement Plans | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Service cost | $ | 546 | $ | 541 | $ | 457 | |||||||
Interest cost | 748 | 614 | 632 | ||||||||||
Amortization of prior service cost | 168 | 168 | 215 | ||||||||||
Amortization of actuarial gain | -143 | -203 | -331 | ||||||||||
Amortization of transition obligation | - | 141 | 153 | ||||||||||
Net other postretirement benefit costs | $ | 1,319 | $ | 1,261 | $ | 1,126 | |||||||
Defined benefit plans other changes in plan assets and benefit obligations recognized in other comprehensive (loss) income table | ' | ||||||||||||
Other Postretirement Plans | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Amortization of prior service cost | $ | 168 | $ | 168 | $ | 215 | |||||||
Amortization of actuarial gain | -143 | -203 | -331 | ||||||||||
Amortization of transition obligation | - | 141 | 153 | ||||||||||
Actuarial (loss) gain arising in current year | 3,280 | -188 | -925 | ||||||||||
Net pension costs | $ | 3,305 | $ | -82 | $ | -888 | |||||||
Qualified Pension Plan [Member] | ' | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||
Defined benefit plans target and actual asset allocation table | ' | ||||||||||||
Target Asset Allocation | Actual Asset Allocation | ||||||||||||
U.S. equity | 29 | % | 39 | % | |||||||||
International equity | 29 | 25 | |||||||||||
Long duration fixed income | 27 | 26 | |||||||||||
High yield fixed income | 5 | 4 | |||||||||||
Alternative investments | 10 | 6 | |||||||||||
100 | % | ||||||||||||
Defined benefit plans fair value of plans assets by major category table | ' | ||||||||||||
The following table presents the fair value of the Retirement Plan’s assets by major asset category as of June 28, 2014: | |||||||||||||
Assets Measured at Fair Value as of June 28, 2014 | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
(In thousands) | |||||||||||||
Cash and cash equivalents | $ | - | $ | 51,066 | $ | - | $ | 51,066 | |||||
U.S. equity: | |||||||||||||
U.S. large-cap 1 | 218,165 | 777,627 | - | 995,792 | |||||||||
U.S. small-cap | 135,781 | - | - | 135,781 | |||||||||
International equity 2 | - | 717,022 | - | 717,022 | |||||||||
Long duration fixed income: | |||||||||||||
Corporate bonds | - | 568,419 | - | 568,419 | |||||||||
U.S. government and agency securities | - | 171,617 | - | 171,617 | |||||||||
Other | - | 4,907 | - | 4,907 | |||||||||
Derivatives, net 3 | -127 | 352 | - | 225 | |||||||||
High yield fixed income 2 | - | 102,041 | - | 102,041 | |||||||||
Alternative investments: | |||||||||||||
Real estate 2 | - | 114,250 | 35,403 | 149,653 | |||||||||
Private equity 2 | - | - | 31,204 | 31,204 | |||||||||
Total investments at fair value | $ | 353,819 | $ | 2,507,301 | $ | 66,607 | $ | 2,927,727 | |||||
Other 4 | 9,792 | ||||||||||||
Fair value of plan assets at end of year | $ | 2,937,519 | |||||||||||
1 Include direct investments and investment funds. | |||||||||||||
2 Include investments in investment funds only. | |||||||||||||
3 Include credit default swaps, interest rate swaps and futures. The fair value of asset positions totaled $0.8 million; the fair value of liability positions totaled $0.6 million. | |||||||||||||
4 Include primarily plan receivables and payables, net. | |||||||||||||
The following table presents the fair value of the Retirement Plan’s assets by major asset category as of June 29, 2013: | |||||||||||||
Assets Measured at Fair Value as of June 29, 2013 | |||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||
(In thousands) | |||||||||||||
Cash and cash equivalents 1 | $ | - | $ | 88,812 | $ | - | $ | 88,812 | |||||
U.S. equity: | |||||||||||||
U.S. large-cap 1 | 189,548 | 531,667 | - | 721,215 | |||||||||
U.S. small-to-mid-cap 1 | 99,518 | - | - | 99,518 | |||||||||
International equity 2 | - | 745,262 | - | 745,262 | |||||||||
Long duration fixed income: | |||||||||||||
Diversified fixed income 2 | - | 264,139 | - | 264,139 | |||||||||
U.S. government and agency securities | - | 123,253 | - | 123,253 | |||||||||
Corporate bonds | - | 117,565 | - | 117,565 | |||||||||
Mortgage-backed securities | - | 8,316 | - | 8,316 | |||||||||
Municipal bonds | - | 23,840 | - | 23,840 | |||||||||
Sovereign debt | - | 16,744 | - | 16,744 | |||||||||
Other 1 | - | 13,277 | - | 13,277 | |||||||||
Derivatives, net 3 | -249 | -687 | - | -936 | |||||||||
High yield fixed income 2 | - | 226,955 | - | 226,955 | |||||||||
Alternative investments: | |||||||||||||
Real estate 2 | - | - | 64,845 | 64,845 | |||||||||
Private equity 2 | - | - | 14,375 | 14,375 | |||||||||
Total investments at fair value | $ | 288,817 | $ | 2,159,143 | $ | 79,220 | $ | 2,527,180 | |||||
Other 4 | -9,171 | ||||||||||||
Fair value of plan assets at end of year | $ | 2,518,009 | |||||||||||
1 Include direct investments and investment funds. | |||||||||||||
2 Include investments in investment funds only. | |||||||||||||
3 Include credit default swaps, interest rate swaps, foreign currency contracts, futures and options. The fair value of asset positions totaled $0.4 million; the fair value of liability positions totaled $1.3 million. | |||||||||||||
4 Include primarily plan receivables and payables, net. | |||||||||||||
Defined benefit plans rollforward of Level 3 plan assets table | ' | ||||||||||||
Real Estate | Private Equity Funds | Total Level 3 Measurements | |||||||||||
Funds | |||||||||||||
(In thousands) | |||||||||||||
Balance, June 30, 2012 | $ | 51,097 | $ | 5,295 | $ | 56,392 | |||||||
Actual return on plan assets: | |||||||||||||
Relating to assets still held at the reporting date | 6,696 | 1,327 | 8,023 | ||||||||||
Relating to assets sold during the period | - | - | - | ||||||||||
Purchases and sales, net | 7,052 | 7,753 | 14,805 | ||||||||||
Transfers in and/or out of Level 3 | - | - | - | ||||||||||
Balance, June 29, 2013 | $ | 64,845 | $ | 14,375 | $ | 79,220 | |||||||
Actual return on plan assets: | |||||||||||||
Relating to assets still held at the reporting date | 3,044 | 1,931 | 4,975 | ||||||||||
Relating to assets sold during the period | 3,307 | 1,767 | 5,074 | ||||||||||
Purchases and sales, net | -35,793 | 13,131 | -22,662 | ||||||||||
Transfers in and/or out of Level 3 | - | - | - | ||||||||||
Balance, June 28, 2014 | $ | 35,403 | $ | 31,204 | $ | 66,607 | |||||||
Multiemployer_Employee_Benefit1
Multiemployer Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||
Jun. 28, 2014 | ||||||||||||||
Multiemployer Employee Benefit Plans [Abstract] | ' | |||||||||||||
Multiemployer defined benefit pension plan contributions table | ' | |||||||||||||
2014 | 2013 | 2012 | ||||||||||||
(In thousands) | ||||||||||||||
Individually significant plans | $ | 30,402 | $ | 28,816 | $ | 29,497 | ||||||||
All other plans | 45,627 | 36,923 | 38,611 | |||||||||||
Total contributions | $ | 76,029 | $ | 65,739 | $ | 68,108 | ||||||||
Multiemployer individually significant plans statistics table | ' | |||||||||||||
Pension Protection Act | ||||||||||||||
Zone Status | ||||||||||||||
Pension Fund | EIN-PN | As of | As of | FIP/RP | Surcharge | Expiration | ||||||||
12/31/14 | 12/31/13 | Status | Imposed | Date(s) | ||||||||||
of CBA(s) | ||||||||||||||
Western Conference of Teamsters Pension Plan | 91-6145047-001 | Green | Green | N/A | N/A | 4/26/14 to 11/7/20 (1) | ||||||||
Teamsters Pension Trust Fund of | 23-1511735-001 | Yellow | Yellow | Implemented | N/A | 7/31/16 to 7/20/20 (2) | ||||||||
Philadelphia and Vicinity | ||||||||||||||
New York State Teamsters | 16-6063585-074 | Red | Red | Implemented | No | 4/30/17 | ||||||||
Conference Pension and | ||||||||||||||
Retirement Fund | ||||||||||||||
Truck Drivers and Helpers Local | 52-6043608-001 | Yellow | Yellow | Implemented | N/A | 3/1/15 | ||||||||
Union No. 355 Retirement Pension | ||||||||||||||
Fund | ||||||||||||||
Minneapolis Food Distributing | 41-6047047-001 | Green | Green | Implemented | N/A | 8/8/15 | ||||||||
Industry Pension Plan | ||||||||||||||
-1 | Sysco is party to 23 CBAs that require contributions to the Western Conference of Teamsters Pension Trust. Each agreement covers anywhere from less than 1% to 10% of the total contributions Sysco is required to pay the fund. | |||||||||||||
-2 | Sysco is party to three CBAs that require contributions to the Teamsters Pension Trust Fund of Philadelphia and Vicinity. One agreement expires July 31, 2016 and covers approximately 5% of the total Contribution Sysco is required to pay the fund. The remaining two agreements expire July 20, 2020 and cover the remaining 95% of the total contributions Sysco is required to pay the fund. | |||||||||||||
Multiemployer individually significant plans contributions table | ' | |||||||||||||
Sysco Contributions | Sysco 5% of | |||||||||||||
Total Plan Contributions | ||||||||||||||
Pension Fund | 2014 | 2013 | 2012 | Year Ending 12/31/12 | Year Ending 12/31/11 | |||||||||
(In thousands) | ||||||||||||||
Western Conference of Teamsters Pension Plan | $ | 21,893 | $ | 20,561 | $ | 19,829 | No | No | ||||||
Teamsters Pension Trust Fund of | 1,977 | 2,256 | 2,227 | No | No | |||||||||
Philadelphia and Vicinity | ||||||||||||||
New York State Teamsters | 1,444 | 1,399 | 1,395 | No | No | |||||||||
Conference Pension and | ||||||||||||||
Retirement Fund | ||||||||||||||
Truck Drivers and Helpers Local | 1,874 | 1,624 | 1,490 | Yes | Yes | |||||||||
Union No. 355 Retirement Pension | ||||||||||||||
Fund | ||||||||||||||
Minneapolis Food Distributing | 3,214 | 2,976 | 4,556 | Yes | Yes | |||||||||
Industry Pension Plan | ||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||
Jun. 28, 2014 | ||||||||||
Earnings Per Share [Abstract] | ' | |||||||||
Computation of basic and diluted earnings per share table | ' | |||||||||
2014 | 2013 | 2012 | ||||||||
(In thousands, except for share and per share data) | ||||||||||
Numerator: | ||||||||||
Net earnings | $ | 931,533 | $ | 992,427 | $ | 1,121,585 | ||||
Denominator: | ||||||||||
Weighted-average basic shares outstanding | 585,988,084 | 589,397,807 | 587,726,343 | |||||||
Dilutive effect of share-based awards | 4,228,136 | 3,277,303 | 1,265,098 | |||||||
Weighted-average diluted shares outstanding | 590,216,220 | 592,675,110 | 588,991,441 | |||||||
Basic earnings per share: | $ | 1.59 | $ | 1.68 | $ | 1.91 | ||||
Diluted earnings per share: | $ | 1.58 | $ | 1.67 | $ | 1.90 | ||||
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||
Jun. 28, 2014 | |||||||||||||
Comprehensive Income [Abstract] | ' | ||||||||||||
Summary of components of other comprehensive (loss) income and related tax effects | ' | ||||||||||||
2014 | |||||||||||||
Location of Expense | Before Tax Amount | Tax | Net of Tax Amount | ||||||||||
(Income) Recognized | |||||||||||||
in Net Earnings | |||||||||||||
(In thousands) | |||||||||||||
Pension and other postretirement benefit | |||||||||||||
plans: | |||||||||||||
Reclassification adjustments: | |||||||||||||
Amortization of prior service cost | Operating expenses | $ | 11,313 | $ | 4,343 | $ | 6,970 | ||||||
Amortization of actuarial loss (gain), net | Operating expenses | 16,184 | 6,216 | 9,968 | |||||||||
Total reclassification adjustments | 27,497 | 10,559 | 16,938 | ||||||||||
Other comprehensive income before | |||||||||||||
reclassification adjustments: | |||||||||||||
Prior service cost arising in current year | N/A | 347 | 133 | 214 | |||||||||
Net actuarial gain arising in current year | N/A | -207,698 | -79,756 | -127,942 | |||||||||
Total other comprehensive income before | -207,351 | -79,623 | -127,728 | ||||||||||
reclassification adjustments | |||||||||||||
Foreign currency translation: | |||||||||||||
Other comprehensive income before | |||||||||||||
reclassification adjustments: | |||||||||||||
Foreign currency translation adjustment | N/A | -3,106 | - | -3,106 | |||||||||
Interest rate swaps: | |||||||||||||
Reclassification adjustments: | |||||||||||||
Amortization of cash flow hedges | Interest expense | 625 | 240 | 385 | |||||||||
Other comprehensive income before | |||||||||||||
reclassification adjustments: | |||||||||||||
Change in fair value of cash flow hedges | N/A | -133,466 | -51,251 | -82,215 | |||||||||
Total other comprehensive income (loss) | $ | -315,801 | $ | -120,075 | $ | -195,726 | |||||||
2013 | |||||||||||||
Location of Expense | Before Tax Amount | Tax | Net of Tax Amount | ||||||||||
(Income) Recognized | |||||||||||||
in Net Earnings | |||||||||||||
(In thousands) | |||||||||||||
Pension and other postretirement benefit | |||||||||||||
plans: | |||||||||||||
Reclassification adjustments: | |||||||||||||
Amortization of prior service cost | Operating expenses | $ | 18,360 | $ | 7,050 | $ | 11,310 | ||||||
Amortization of actuarial loss (gain), net | Operating expenses | 72,421 | 27,811 | 44,610 | |||||||||
Amortization of transition obligation | Operating expenses | 141 | 53 | 88 | |||||||||
Total reclassification adjustments | 90,922 | 34,914 | 56,008 | ||||||||||
Other comprehensive income before | |||||||||||||
reclassification adjustments: | |||||||||||||
Prior service cost arising in current year | N/A | -53,902 | -20,699 | -33,203 | |||||||||
Net actuarial gain arising in current year | N/A | 366,769 | 140,840 | 225,929 | |||||||||
Total other comprehensive income before | 312,867 | 120,141 | 192,726 | ||||||||||
reclassification adjustments | |||||||||||||
Foreign currency translation: | |||||||||||||
Other comprehensive income before | |||||||||||||
reclassification adjustments: | |||||||||||||
Foreign currency translation adjustment | N/A | -33,191 | - | -33,191 | |||||||||
Interest rate swaps: | |||||||||||||
Reclassification adjustments: | |||||||||||||
Amortization of cash flow hedges | Interest expense | 626 | 240 | 386 | |||||||||
Total other comprehensive income (loss) | $ | 371,224 | $ | 155,295 | $ | 215,929 | |||||||
2012 | |||||||||||||
Location of Expense | Before Tax Amount | Tax | Net of Tax Amount | ||||||||||
(Income) Recognized | |||||||||||||
in Net Earnings | |||||||||||||
(In thousands) | |||||||||||||
Pension and other postretirement benefit plans: | |||||||||||||
Reclassification adjustments: | |||||||||||||
Amortization of prior service cost | Operating expenses | $ | 5,021 | $ | 1,928 | $ | 3,093 | ||||||
Amortization of actuarial loss (gain), net | Operating expenses | 59,835 | 22,975 | 36,860 | |||||||||
Amortization of transition obligation | Operating expenses | 153 | 60 | 93 | |||||||||
Total reclassification adjustments | 65,009 | 24,963 | 40,046 | ||||||||||
Other comprehensive income before | |||||||||||||
reclassification adjustments: | |||||||||||||
Prior service cost arising in current year | N/A | -8,706 | -3,343 | -5,363 | |||||||||
Net actuarial gain arising in current year | N/A | -580,291 | -222,832 | -357,459 | |||||||||
Total other comprehensive income before | -588,997 | -226,175 | -362,822 | ||||||||||
reclassification adjustments | |||||||||||||
Foreign currency translation: | |||||||||||||
Other comprehensive income before | |||||||||||||
reclassification adjustments: | |||||||||||||
Foreign currency translation adjustment | N/A | -81,003 | - | -81,003 | |||||||||
Interest rate swaps: | |||||||||||||
Reclassification adjustments: | |||||||||||||
Amortization of cash flow hedges | Interest expense | 692 | 266 | 426 | |||||||||
Other comprehensive income before | |||||||||||||
reclassification adjustments: | |||||||||||||
Settlement of cash flow hedge | N/A | 722 | 277 | 445 | |||||||||
Total other comprehensive income (loss) | $ | -603,577 | $ | -200,669 | $ | -402,908 | |||||||
Rollforward of accumulated other comprehensive (loss) income | ' | ||||||||||||
Pension and Other Postretirement Benefit Plans, | Foreign Currency Translation | Interest Rate Swap, | Total | ||||||||||
net of tax | net of tax | ||||||||||||
(In thousands) | |||||||||||||
Balance as of July 2, 2011 | $ | -501,125 | $ | 251,752 | $ | -10,585 | $ | -259,958 | |||||
Other comprehensive income before | -362,822 | -81,003 | 445 | -443,380 | |||||||||
reclassification adjustments | |||||||||||||
Amounts reclassified from accumulated | 40,046 | - | 426 | 40,472 | |||||||||
other comprehensive loss | |||||||||||||
Balance as of June 30, 2012 | -823,901 | 170,749 | -9,714 | -662,866 | |||||||||
Other comprehensive income before | 192,726 | -33,191 | - | 159,535 | |||||||||
reclassification adjustments | |||||||||||||
Amounts reclassified from accumulated | 56,008 | - | 386 | 56,394 | |||||||||
other comprehensive loss | |||||||||||||
Balance as of June 29, 2013 | -575,167 | 137,558 | -9,328 | -446,937 | |||||||||
Other comprehensive income before | -127,728 | -3,106 | -82,215 | -213,049 | |||||||||
reclassification adjustments | |||||||||||||
Amounts reclassified from accumulated | 16,938 | - | 385 | 17,323 | |||||||||
other comprehensive loss | |||||||||||||
Balance as of June 28, 2014 | $ | -685,957 | $ | 134,452 | $ | -91,158 | $ | -642,663 | |||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | |||||||||||
Jun. 28, 2014 | ||||||||||||
Share-Based Compensation [Abstract] | ' | |||||||||||
Black-Scholes option model assumption table | ' | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Dividend yield | 3.5 | % | 3.7 | % | 3.7 | % | ||||||
Expected volatility | 20.4 | 20.7 | 23.4 | |||||||||
Risk-free interest rate | 2.1 | 0.7 | 1.0 | |||||||||
Expected life | 7.2 years | 5.4 years | 5.4 years | |||||||||
Option rollforward and other disclosures table | ' | |||||||||||
Shares Under Option | Weighted Average Exercise Price Per Share | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | |||||||||
(in thousands) | ||||||||||||
Outstanding as of June 29, 2013 | 31,556,789 | $ | 29.07 | |||||||||
Granted | 5,575,645 | 33.31 | ||||||||||
Exercised | -7,754,053 | 29.99 | ||||||||||
Forfeited | -1,096,146 | 28.86 | ||||||||||
Expired | -812,324 | 31.86 | ||||||||||
Outstanding as of June 28, 2014 | 27,469,911 | $ | 29.59 | 4.74 | $ | 226,830 | ||||||
Vested or expected to vest as of | 27,250,629 | $ | 29.58 | 4.72 | $ | 225,328 | ||||||
28-Jun-14 | ||||||||||||
Exercisable as of June 28, 2014 | 9,604,094 | $ | 28.51 | 2.72 | $ | 89,660 | ||||||
Non-vested awards rollforward table | ' | |||||||||||
Shares | Weighted Average Grant Date Fair Value Per Share | |||||||||||
Nonvested as of June 29, 2013 | 2,933,807 | $ | 28.90 | |||||||||
Granted | 1,365,986 | 33.39 | ||||||||||
Vested | -1,202,913 | 28.67 | ||||||||||
Forfeited | -178,475 | 29.50 | ||||||||||
Nonvested as of June 29, 2013 | 2,918,405 | $ | 31.06 | |||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||
Jun. 28, 2014 | |||||||||||
Income Taxes [Abstract] | ' | ||||||||||
Earnings before income taxes by jurisdiction table | ' | ||||||||||
2014 | 2013 | 2012 | |||||||||
(In thousands) | |||||||||||
U.S. | $ | 1,287,371 | $ | 1,351,947 | $ | 1,606,928 | |||||
Foreign | 188,253 | 195,508 | 177,074 | ||||||||
Total | $ | 1,475,624 | $ | 1,547,455 | $ | 1,784,002 | |||||
Income tax provision by jurisdiction table | ' | ||||||||||
2014 | 2013 | 2012 | |||||||||
(In thousands) | |||||||||||
U.S. federal income taxes | $ | 433,795 | $ | 439,667 | $ | 540,861 | |||||
State and local income taxes | 55,736 | 69,759 | 77,064 | ||||||||
Foreign income taxes | 54,560 | 45,602 | 44,492 | ||||||||
Total | $ | 544,091 | $ | 555,028 | $ | 662,417 | |||||
Income tax provision by component table | ' | ||||||||||
2014 | 2013 | 2012 | |||||||||
(In thousands) | |||||||||||
Current | $ | 574,760 | $ | 582,889 | $ | 840,745 | |||||
Deferred | -30,669 | -27,861 | -178,328 | ||||||||
Total | $ | 544,091 | $ | 555,028 | $ | 662,417 | |||||
Components of deferred tax assets and liabilities table | ' | ||||||||||
28-Jun-14 | 29-Jun-13 | ||||||||||
(In thousands) | |||||||||||
Deferred tax liabilities: | |||||||||||
Excess tax depreciation and basis differences of assets | $ | 416,417 | $ | 455,752 | |||||||
Goodwill and intangible assets | 211,434 | 208,229 | |||||||||
Other | 15,171 | 18,127 | |||||||||
Total deferred tax liabilities | 643,022 | 682,108 | |||||||||
Deferred tax assets: | |||||||||||
Net operating tax loss carryforwards | 20,123 | 19,149 | |||||||||
Benefit on unrecognized tax benefits | 22,170 | 23,833 | |||||||||
Pension | 287,046 | 224,990 | |||||||||
Share-based compensation | 41,262 | 39,316 | |||||||||
Deferred compensation | 33,280 | 34,951 | |||||||||
Self-insured liabilities | 65,002 | 47,538 | |||||||||
Receivables | 47,688 | 48,236 | |||||||||
Inventory | 62,799 | 63,509 | |||||||||
Cash flow hedge | 56,826 | 5,815 | |||||||||
Other | 26,471 | 44,760 | |||||||||
Total deferred tax assets | 662,667 | 552,097 | |||||||||
Total net deferred tax (assets) liabilities | $ | -19,645 | $ | 130,011 | |||||||
Tax rate reconciliation table | ' | ||||||||||
2014 | 2013 | 2012 | |||||||||
U.S. statutory federal income tax rate | 35.00 | % | 35.00 | % | 35.00 | % | |||||
State and local income taxes, net of any | 2.82 | 2.59 | 2.65 | ||||||||
applicable federal income tax benefit | |||||||||||
Foreign income taxes | -1.66 | -1.22 | -1.07 | ||||||||
Other | 0.71 | -0.5 | 0.55 | ||||||||
36.87 | % | 35.87 | % | 37.13 | % | ||||||
Reconciliation of unrecognized tax benefits table | ' | ||||||||||
2014 | 2013 | ||||||||||
(In thousands) | |||||||||||
Unrecognized tax benefits at beginning of year | $ | 108,337 | $ | 103,988 | |||||||
Additions for tax positions related to prior years | 2,128 | 15,431 | |||||||||
Reductions for tax positions related to prior years | -41,802 | -2,030 | |||||||||
Additions for tax positions related to the current year | - | - | |||||||||
Reductions for tax positions related to the current year | - | - | |||||||||
Reductions due to settlements with taxing authorities | -19,483 | -9,052 | |||||||||
Reductions due to lapse of applicable statute of limitations | - | - | |||||||||
Unrecognized tax benefits at end of year | $ | 49,180 | $ | 108,337 | |||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) (Product Purchases for Resale Commitments [Member]) | 12 Months Ended | |||
Jun. 28, 2014 | ||||
Product Purchases for Resale Commitments [Member] | ' | |||
Other Commitments [Line Items] | ' | |||
Unrecorded unconditional purchase obligations table | ' | |||
Amount | ||||
(In thousands) | ||||
2015 | $ | 2,101,096 | ||
2016 | 634,985 | |||
2017 | 93,283 | |||
2018 | 667 | |||
Business_Segment_Information_T
Business Segment Information (Tables) | 12 Months Ended | |||||||||
Jun. 28, 2014 | ||||||||||
Business Segment Information [Abstract] | ' | |||||||||
Business segment table | ' | |||||||||
Fiscal Year | ||||||||||
2014 | 2013 | 2012 | ||||||||
(In thousands) | ||||||||||
Sales: | ||||||||||
Broadline | $ | 37,709,391 | $ | 36,129,463 | $ | 34,420,851 | ||||
SYGMA | 6,177,804 | 5,780,103 | 5,735,673 | |||||||
Other | 2,925,789 | 2,741,537 | 2,396,113 | |||||||
Intersegment sales | -296,272 | -239,870 | -171,698 | |||||||
Total | $ | 46,516,712 | $ | 44,411,233 | $ | 42,380,939 | ||||
Operating income: | ||||||||||
Broadline | $ | 2,475,659 | $ | 2,402,215 | $ | 2,416,225 | ||||
SYGMA | 38,048 | 52,016 | 60,967 | |||||||
Other | 93,668 | 98,564 | 91,048 | |||||||
Total segments | 2,607,375 | 2,552,795 | 2,568,240 | |||||||
Corporate expenses and adjustments | -1,020,253 | -894,317 | -677,608 | |||||||
Total operating income | 1,587,122 | 1,658,478 | 1,890,632 | |||||||
Interest expense | 123,741 | 128,495 | 113,396 | |||||||
Other expense (income), net | -12,243 | -17,472 | -6,766 | |||||||
Earnings before income taxes | $ | 1,475,624 | $ | 1,547,455 | $ | 1,784,002 | ||||
Depreciation and amortization: | ||||||||||
Broadline | $ | 307,500 | $ | 313,611 | $ | 298,852 | ||||
SYGMA | 28,164 | 28,059 | 27,706 | |||||||
Other | 30,471 | 28,194 | 24,745 | |||||||
Total segments | 366,135 | 369,864 | 351,303 | |||||||
Corporate | 189,927 | 142,684 | 65,640 | |||||||
Total | $ | 556,062 | $ | 512,548 | $ | 416,943 | ||||
Capital expenditures: | ||||||||||
Broadline | $ | 299,207 | $ | 284,016 | $ | 525,368 | ||||
SYGMA | 34,671 | 18,078 | 30,961 | |||||||
Other | 78,235 | 47,744 | 41,669 | |||||||
Total segments | 412,113 | 349,838 | 597,998 | |||||||
Corporate | 111,093 | 162,024 | 186,503 | |||||||
Total | $ | 523,206 | $ | 511,862 | $ | 784,501 | ||||
Assets: | ||||||||||
Broadline | $ | 8,956,911 | $ | 10,228,722 | $ | 8,067,912 | ||||
SYGMA | 513,587 | 485,520 | 475,877 | |||||||
Other | 1,034,775 | 944,140 | 877,207 | |||||||
Total segments | 10,505,273 | 11,658,382 | 9,420,996 | |||||||
Corporate | 2,662,677 | 1,019,826 | 2,716,211 | |||||||
Total | $ | 13,167,950 | $ | 12,678,208 | $ | 12,137,207 | ||||
Product sales mix table | ' | |||||||||
Fiscal Year | ||||||||||
2014 | 2013 | 2012 | ||||||||
(In thousands) | ||||||||||
Fresh and frozen meats | $ | 8,809,148 | $ | 8,242,423 | $ | 7,929,235 | ||||
Canned and dry products | 8,383,007 | 8,310,634 | 7,948,187 | |||||||
Frozen fruits, vegetables, bakery and other | 6,196,362 | 6,023,990 | 5,757,871 | |||||||
Dairy products | 4,956,895 | 4,669,986 | 4,456,634 | |||||||
Poultry | 4,814,949 | 4,580,445 | 4,188,787 | |||||||
Fresh produce | 3,725,108 | 3,540,027 | 3,332,504 | |||||||
Paper and disposables | 3,438,074 | 3,364,965 | 3,295,483 | |||||||
Seafood | 2,401,021 | 2,167,588 | 2,076,848 | |||||||
Beverage products | 1,671,000 | 1,643,034 | 1,591,540 | |||||||
Janitorial products | 1,050,187 | 1,013,488 | 952,569 | |||||||
Equipment and smallwares | 678,454 | 637,680 | 613,590 | |||||||
Medical supplies | 392,507 | 216,973 | 237,691 | |||||||
Total | $ | 46,516,712 | $ | 44,411,233 | $ | 42,380,939 | ||||
Geographic area revenue and long-lived assets table | ' | |||||||||
Fiscal Year | ||||||||||
2014 | 2013 | 2012 | ||||||||
(In thousands) | ||||||||||
Sales: (1) | ||||||||||
U.S. | $ | 40,612,963 | $ | 38,985,715 | $ | 37,596,862 | ||||
Canada | 4,923,672 | 4,698,814 | 4,246,611 | |||||||
Other | 980,077 | 726,704 | 537,466 | |||||||
Total | $ | 46,516,712 | $ | 44,411,233 | $ | 42,380,939 | ||||
Long-lived assets:(2) | ||||||||||
U.S. | $ | 3,520,449 | $ | 3,593,346 | $ | 3,564,854 | ||||
Canada | 347,440 | 307,605 | 291,304 | |||||||
Other | 117,729 | 77,120 | 27,592 | |||||||
Total | $ | 3,985,618 | $ | 3,978,071 | $ | 3,883,750 | ||||
(1) Represents sales to external customers from businesses operating in these countries. | ||||||||||
(2) Long-lived assets represents net property, plant and equipment reported in the country in which they are held. | ||||||||||
Supplemental_Guarantor_Informa1
Supplemental Guarantor Information - Subsidiary Guarantees (Tables) (Subsidiary Guarantee [Member]) | 12 Months Ended | ||||||||||||||
Jun. 28, 2014 | |||||||||||||||
Subsidiary Guarantee [Member] | ' | ||||||||||||||
Guarantor Obligations [Line Items] | ' | ||||||||||||||
Condensed consolidating balance sheet table | ' | ||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||
28-Jun-14 | |||||||||||||||
Sysco | Certain U.S. | Other | Eliminations | Consolidated Totals | |||||||||||
Broadline | Non-Guarantor | ||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||
(In thousands) | |||||||||||||||
Current assets | $ | 254,766 | $ | 3,928,660 | $ | 2,498,546 | $ | - | $ | 6,681,972 | |||||
Investment in subsidiaries | 8,013,214 | - | - | -8,013,214 | - | ||||||||||
Plant and equipment, net | 496,953 | 1,783,262 | 1,705,403 | - | 3,985,618 | ||||||||||
Other assets | 344,045 | 524,468 | 1,631,847 | - | 2,500,360 | ||||||||||
Total assets | $ | 9,108,978 | $ | 6,236,390 | $ | 5,835,796 | $ | -8,013,214 | $ | 13,167,950 | |||||
Current liabilities | $ | 793,240 | $ | 1,008,366 | $ | 2,566,024 | $ | - | $ | 4,367,630 | |||||
Intercompany payables (receivables) | 20,107 | -239,539 | 219,432 | - | - | ||||||||||
Long-term debt | 2,348,558 | 14,094 | 21,515 | - | 2,384,167 | ||||||||||
Other liabilities | 680,378 | 328,185 | 140,895 | - | 1,149,458 | ||||||||||
Shareholders’ equity | 5,266,695 | 5,125,284 | 2,887,930 | -8,013,214 | 5,266,695 | ||||||||||
Total liabilities and shareholders’ equity | $ | 9,108,978 | $ | 6,236,390 | $ | 5,835,796 | $ | -8,013,214 | $ | 13,167,950 | |||||
Condensed Consolidating Balance Sheet | |||||||||||||||
29-Jun-13 | |||||||||||||||
Sysco | Certain U.S. | Other | Eliminations | Consolidated Totals | |||||||||||
Broadline | Non-Guarantor | ||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||
(In thousands) | |||||||||||||||
Current assets | $ | 276,856 | $ | 3,757,486 | $ | 2,187,346 | $ | - | $ | 6,221,688 | |||||
Investment in subsidiaries | 8,429,887 | - | - | -8,429,887 | - | ||||||||||
Plant and equipment, net | 540,860 | 1,885,908 | 1,551,303 | - | 3,978,071 | ||||||||||
Other assets | 325,045 | 534,713 | 1,618,691 | - | 2,478,449 | ||||||||||
Total assets | $ | 9,572,648 | $ | 6,178,107 | $ | 5,357,340 | $ | -8,429,887 | $ | 12,678,208 | |||||
Current liabilities | $ | 637,070 | $ | 887,271 | $ | 2,138,283 | $ | - | $ | 3,662,624 | |||||
Intercompany payables (receivables) | 594,928 | -1,003,219 | 408,291 | - | - | ||||||||||
Long-term debt | 2,606,612 | 10,422 | 22,952 | - | 2,639,986 | ||||||||||
Other liabilities | 542,228 | 467,470 | 174,090 | - | 1,183,788 | ||||||||||
Shareholders’ equity | 5,191,810 | 5,816,163 | 2,613,724 | -8,429,887 | 5,191,810 | ||||||||||
Total liabilities and shareholders’ equity | $ | 9,572,648 | $ | 6,178,107 | $ | 5,357,340 | $ | -8,429,887 | $ | 12,678,208 | |||||
Condensed consolidating statement of comprehensive income table | ' | ||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||
Year Ended June 28, 2014 | |||||||||||||||
Sysco | Certain U.S. | Other | Eliminations | Consolidated Totals | |||||||||||
Broadline | Non-Guarantor | ||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||
(In thousands) | |||||||||||||||
Sales | $ | - | $ | 30,741,979 | $ | 16,979,494 | $ | -1,204,761 | $ | 46,516,712 | |||||
Cost of sales | - | 24,990,377 | 14,550,061 | -1,204,761 | 38,335,677 | ||||||||||
Gross profit | - | 5,751,602 | 2,429,433 | - | 8,181,035 | ||||||||||
Operating expenses | 804,177 | 3,520,577 | 2,269,159 | - | 6,593,913 | ||||||||||
Operating income (loss) | -804,177 | 2,231,025 | 160,274 | - | 1,587,122 | ||||||||||
Interest expense (income) | 232,140 | -102,086 | -6,313 | - | 123,741 | ||||||||||
Other expense (income), net | -7,434 | 217 | -5,026 | - | -12,243 | ||||||||||
Earnings (losses) before income taxes | -1,028,883 | 2,332,894 | 171,613 | - | 1,475,624 | ||||||||||
Income tax (benefit) provision | -379,369 | 860,184 | 63,276 | - | 544,091 | ||||||||||
Equity in earnings of subsidiaries | 1,581,047 | - | - | -1,581,047 | - | ||||||||||
Net earnings | 931,533 | 1,472,710 | 108,337 | -1,581,047 | 931,533 | ||||||||||
Other comprehensive income (loss) | -195,726 | - | -3,106 | 3,106 | -195,726 | ||||||||||
Comprehensive income | $ | 735,807 | $ | 1,472,710 | $ | 105,231 | $ | -1,577,941 | $ | 735,807 | |||||
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||
Year Ended June 29, 2013 | |||||||||||||||
Sysco | Certain U.S. | Other | Eliminations | Consolidated Totals | |||||||||||
Broadline | Non-Guarantor | ||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||
(In thousands) | |||||||||||||||
Sales | $ | - | $ | 30,162,329 | $ | 15,335,180 | $ | -1,086,276 | $ | 44,411,233 | |||||
Cost of sales | - | 24,385,677 | 13,115,225 | -1,086,276 | 36,414,626 | ||||||||||
Gross profit | - | 5,776,652 | 2,219,955 | - | 7,996,607 | ||||||||||
Operating expenses | 694,323 | 3,610,907 | 2,032,899 | - | 6,338,129 | ||||||||||
Operating income (loss) | -694,323 | 2,165,745 | 187,056 | - | 1,658,478 | ||||||||||
Interest expense (income) | 298,474 | -177,421 | 7,442 | - | 128,495 | ||||||||||
Other expense (income), net | -12,864 | -4,554 | -54 | - | -17,472 | ||||||||||
Earnings (losses) before income taxes | -979,933 | 2,347,720 | 179,668 | - | 1,547,455 | ||||||||||
Income tax (benefit) provision | -351,474 | 842,062 | 64,440 | - | 555,028 | ||||||||||
Equity in earnings of subsidiaries | 1,620,886 | - | - | -1,620,886 | - | ||||||||||
Net earnings | 992,427 | 1,505,658 | 115,228 | -1,620,886 | 992,427 | ||||||||||
Other comprehensive income (loss) | 215,929 | - | -33,191 | 33,191 | 215,929 | ||||||||||
Comprehensive income | $ | 1,208,356 | $ | 1,505,658 | $ | 82,037 | $ | -1,587,695 | $ | 1,208,356 | |||||
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||
Year Ended June 30, 2012 | |||||||||||||||
Sysco | Certain U.S. | Other | Eliminations | Consolidated Totals | |||||||||||
Broadline | Non-Guarantor | ||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||
(In thousands) | |||||||||||||||
Sales | $ | - | $ | 29,100,106 | $ | 14,131,162 | $ | -850,329 | $ | 42,380,939 | |||||
Cost of sales | - | 23,374,199 | 12,077,795 | -850,329 | 34,601,665 | ||||||||||
Gross profit | - | 5,725,907 | 2,053,367 | - | 7,779,274 | ||||||||||
Operating expenses | 527,888 | 3,534,382 | 1,826,372 | - | 5,888,642 | ||||||||||
Operating income (loss) | -527,888 | 2,191,525 | 226,995 | - | 1,890,632 | ||||||||||
Interest expense (income) | 396,374 | -281,193 | -1,785 | - | 113,396 | ||||||||||
Other expense (income), net | -6,993 | -1,244 | 1,471 | - | -6,766 | ||||||||||
Earnings (losses) before income taxes | -917,269 | 2,473,962 | 227,309 | - | 1,784,002 | ||||||||||
Income tax (benefit) provision | -340,592 | 918,607 | 84,402 | - | 662,417 | ||||||||||
Equity in earnings of subsidiaries | 1,698,262 | - | - | -1,698,262 | - | ||||||||||
Net earnings | 1,121,585 | 1,555,355 | 142,907 | -1,698,262 | 1,121,585 | ||||||||||
Other comprehensive income (loss) | -402,908 | - | -81,003 | 81,003 | -402,908 | ||||||||||
Comprehensive income | $ | 718,677 | $ | 1,555,355 | $ | 61,904 | $ | -1,617,259 | $ | 718,677 | |||||
Condensed consolidating cash flows table | ' | ||||||||||||||
Condensed Consolidating Cash Flows | |||||||||||||||
Year Ended June 28, 2014 | |||||||||||||||
Sysco | Certain U.S. | Other | Consolidated Totals | ||||||||||||
Broadline | Non-Guarantor | ||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||
(In thousands) | |||||||||||||||
Net cash provided by (used for): | |||||||||||||||
Operating activities | $ | -504,119 | $ | 1,541,062 | $ | 455,872 | $ | 1,492,815 | |||||||
Investing activities | -51,290 | -171,979 | -353,569 | -576,838 | |||||||||||
Financing activities | -919,627 | 3,872 | -103 | -915,858 | |||||||||||
Effect of exchange rate on cash | - | - | 642 | 642 | |||||||||||
Intercompany activity | 1,426,402 | -1,369,478 | -56,924 | - | |||||||||||
Net increase (decrease) in cash and cash equivalents | -48,634 | 3,477 | 45,918 | 761 | |||||||||||
Cash and cash equivalents at beginning of the period | 207,591 | 24,295 | 180,399 | 412,285 | |||||||||||
Cash and cash equivalents at end of the period | $ | 158,957 | $ | 27,772 | $ | 226,317 | $ | 413,046 | |||||||
Condensed Consolidating Cash Flows | |||||||||||||||
Year Ended June 29, 2013 | |||||||||||||||
Sysco | Certain U.S. | Other | Consolidated Totals | ||||||||||||
Broadline | Non-Guarantor | ||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||
(In thousands) | |||||||||||||||
Net cash provided by (used for): | |||||||||||||||
Operating activities | $ | -449,417 | $ | 1,705,950 | $ | 255,061 | $ | 1,511,594 | |||||||
Investing activities | -105,314 | -140,217 | -666,351 | -911,882 | |||||||||||
Financing activities | -887,707 | -15,666 | 29,165 | -874,208 | |||||||||||
Effect of exchange rate on cash | - | - | -2,086 | -2,086 | |||||||||||
Intercompany activity | 1,178,922 | -1,560,250 | 381,328 | - | |||||||||||
Net increase (decrease) in cash and cash equivalents | -263,516 | -10,183 | -2,883 | -276,582 | |||||||||||
Cash and cash equivalents at beginning of the period | 471,107 | 34,478 | 183,282 | 688,867 | |||||||||||
Cash and cash equivalents at end of the period | $ | 207,591 | $ | 24,295 | $ | 180,399 | $ | 412,285 | |||||||
Condensed Consolidating Cash Flows | |||||||||||||||
Year Ended June 30, 2012 | |||||||||||||||
Sysco | Certain U.S. | Other | Consolidated Totals | ||||||||||||
Broadline | Non-Guarantor | ||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||
(In thousands) | |||||||||||||||
Net cash provided by (used for): | |||||||||||||||
Operating activities | $ | -413,535 | $ | 1,674,817 | $ | 142,898 | $ | 1,404,180 | |||||||
Investing activities | -222,483 | -367,909 | -313,237 | -903,629 | |||||||||||
Financing activities | -58,168 | -2,038 | -382,443 | -442,649 | |||||||||||
Effect of exchange rate on cash | - | - | -8,800 | -8,800 | |||||||||||
Intercompany activity | 859,780 | -1,302,546 | 442,766 | - | |||||||||||
Net increase (decrease) in cash and cash equivalents | 165,594 | 2,324 | -118,816 | 49,102 | |||||||||||
Cash and cash equivalents at beginning of the period | 305,513 | 32,154 | 302,098 | 639,765 | |||||||||||
Cash and cash equivalents at end of the period | $ | 471,107 | $ | 34,478 | $ | 183,282 | $ | 688,867 | |||||||
Quarterly_Results_Unaudited_Ta
Quarterly Results (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||
Jun. 28, 2014 | ||||||||||||||||||||
Quarterly Results (Unaudited) [Abstract] | ' | |||||||||||||||||||
Quarterly results (unaudited) table | ' | |||||||||||||||||||
Fiscal 2014 Quarter Ended | ||||||||||||||||||||
28-Sep | 28-Dec | 29-Mar | 28-Jun | Fiscal Year | ||||||||||||||||
(In thousands except for per share data) | ||||||||||||||||||||
Sales | $ | 11,714,267 | $ | 11,237,969 | $ | 11,277,484 | $ | 12,286,992 | $ | 46,516,712 | ||||||||||
Cost of sales | 9,648,780 | 9,273,018 | 9,282,743 | 10,131,136 | 38,335,677 | |||||||||||||||
Gross profit | 2,065,487 | 1,964,951 | 1,994,741 | 2,155,856 | 8,181,035 | |||||||||||||||
Operating expenses | 1,587,289 | 1,613,174 | 1,662,116 | 1,731,334 | 6,593,913 | |||||||||||||||
Operating income | 478,198 | 351,777 | 332,625 | 424,522 | 1,587,122 | |||||||||||||||
Interest expense | 30,528 | 29,784 | 32,224 | 31,205 | 123,741 | |||||||||||||||
Other expense (income), net | -4,534 | -4,211 | 3,718 | -7,216 | -12,243 | |||||||||||||||
Earnings before income taxes | 452,204 | 326,204 | 296,683 | 400,533 | 1,475,624 | |||||||||||||||
Income taxes | 166,614 | 115,369 | 115,746 | 146,362 | 544,091 | |||||||||||||||
Net earnings | $ | 285,590 | $ | 210,835 | $ | 180,937 | $ | 254,171 | $ | 931,533 | ||||||||||
Per share: | ||||||||||||||||||||
Basic net earnings | $ | 0.49 | $ | 0.36 | $ | 0.31 | $ | 0.43 | $ | 1.59 | ||||||||||
Diluted net earnings | 0.48 | 0.36 | 0.31 | 0.43 | 1.58 | |||||||||||||||
Dividends declared | 0.28 | 0.29 | 0.29 | 0.29 | 1.15 | |||||||||||||||
Market price — high/low | 36-31 | 43-31 | 37-34 | 38-35 | 43-31 | |||||||||||||||
Fiscal 2013 Quarter Ended | ||||||||||||||||||||
29-Sep | 29-Dec | 30-Mar | 29-Jun | Fiscal Year | ||||||||||||||||
(In thousands except for per share data) | ||||||||||||||||||||
Sales | $ | 11,086,916 | $ | 10,796,890 | $ | 10,926,371 | $ | 11,601,056 | $ | 44,411,233 | ||||||||||
Cost of sales | 9,057,121 | 8,844,780 | 8,983,889 | 9,528,836 | 36,414,626 | |||||||||||||||
Gross profit | 2,029,795 | 1,952,110 | 1,942,482 | 2,072,220 | 7,996,607 | |||||||||||||||
Operating expenses | 1,551,013 | 1,569,459 | 1,605,280 | 1,612,377 | 6,338,129 | |||||||||||||||
Operating income | 478,782 | 382,651 | 337,202 | 459,843 | 1,658,478 | |||||||||||||||
Interest expense | 30,868 | 32,242 | 34,215 | 31,170 | 128,495 | |||||||||||||||
Other (income), net | -2,477 | -1,753 | -3,410 | -9,832 | -17,472 | |||||||||||||||
Earnings before income taxes | 450,391 | 352,162 | 306,397 | 438,505 | 1,547,455 | |||||||||||||||
Income taxes | 163,793 | 130,793 | 104,980 | 155,462 | 555,028 | |||||||||||||||
Net earnings | $ | 286,598 | $ | 221,369 | $ | 201,417 | $ | 283,043 | $ | 992,427 | ||||||||||
Per share: | ||||||||||||||||||||
Basic net earnings | $ | 0.49 | $ | 0.38 | $ | 0.34 | $ | 0.48 | $ | 1.68 | ||||||||||
Diluted net earnings | 0.49 | 0.38 | 0.34 | 0.47 | 1.67 | |||||||||||||||
Dividends declared | 0.27 | 0.28 | 0.28 | 0.28 | 1.11 | |||||||||||||||
Market price — high/low | 31-28 | 32-30 | 36-31 | 35-33 | 36-28 | |||||||||||||||
Quarterly results (unaudited) percentage change table | ' | |||||||||||||||||||
Percentage change — 2014 vs. 2013: | ||||||||||||||||||||
Quarter 1 | Quarter 2 | Quarter 3 | Quarter 4 | Fiscal Year | ||||||||||||||||
Sales | 6 | % | 4 | % | 3 | % | 6 | % | 5 | % | ||||||||||
Operating income | - | -8 | -1 | -8 | -4 | |||||||||||||||
Net earnings | - | -5 | -10 | -10 | -6 | |||||||||||||||
Basic net earnings per share | - | -5 | -9 | -10 | -5 | |||||||||||||||
Diluted net earnings per share | -2 | -5 | -9 | -9 | -5 | |||||||||||||||
Summary_of_Accounting_Policies2
Summary of Accounting Policies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 |
segment | |||
property | |||
customer | |||
Summary of Accounting Policies [Line Items] | ' | ' | ' |
Number of customers | 425,000 | ' | ' |
Number of distribution facilities | 194 | ' | ' |
Captialized interest | $1.10 | $4.20 | $20.80 |
Number of operating segments | 12 | ' | ' |
Cash surrender value of corporate-owned life insurance | 161.9 | 159.3 | ' |
Shipping and handling costs | $2,612.40 | $2,539.60 | $2,396.20 |
Minimum [Member] | ' | ' | ' |
Summary of Accounting Policies [Line Items] | ' | ' | ' |
Intangible assets useful life (in years) | '2 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Summary of Accounting Policies [Line Items] | ' | ' | ' |
Intangible assets useful life (in years) | '10 years | ' | ' |
Acquisitions_Details
Acquisitions (Details) (USD $) | 12 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Share data in Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | Dec. 28, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
customer | US Foods Proposed Merger [Member] | Forecast [Member] | Forecast [Member] | December 2013 Estimate [Member] | December 2013 Estimate [Member] | August 2014 Estimate [Member] | August 2014 Estimate [Member] | |||
customer | US Foods Proposed Merger [Member] | US Foods Proposed Merger [Member] | Forecast [Member] | Forecast [Member] | Forecast [Member] | Forecast [Member] | ||||
Common Stock [Member] | US Foods Proposed Merger [Member] | US Foods Proposed Merger [Member] | US Foods Proposed Merger [Member] | US Foods Proposed Merger [Member] | ||||||
Common Stock [Member] | Common Stock [Member] | |||||||||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of businesses, net of cash acquired | $79,338,000 | $397,447,000 | $110,601,000 | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration maximum number of years | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Potential cash payout for contingent consideration arrangements | 70,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of recorded earnout liabilities | 55,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of customers | 425,000 | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' |
Net equity acquired | ' | ' | ' | ' | ' | ' | 3,500,000,000 | ' | 3,700,000,000 | ' |
Consideration transferred, value of common stock issued | ' | ' | ' | ' | ' | ' | ' | 3,000,000,000 | ' | 3,200,000,000 |
Consideration transferred, cash payment | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | 500,000,000 | ' |
Consideration transferred, assumed or refinanced debt | ' | ' | ' | ' | ' | ' | 4,700,000,000 | ' | 4,800,000,000 | ' |
Consideration transferred, total enterprise value | ' | ' | ' | ' | ' | ' | 8,200,000,000 | ' | 8,500,000,000 | ' |
Consideration transferred, number of shares issued | ' | ' | ' | ' | ' | 87 | ' | ' | ' | ' |
Consideration transferred, percentage ownership represented by number of shares issued | ' | ' | ' | ' | ' | 13.00% | ' | ' | ' | ' |
Payment required if merger were cancelled | ' | ' | ' | ' | $300,000,000 | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Jun. 28, 2014 | Jun. 29, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of total debt | $3,023,100,000 | $3,207,600,000 |
Carrying value of total debt | 2,759,919,000 | 2,888,919,000 |
Recurring Fair Value Measurements [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of cash equivalents | 134,736,000 | 133,891,000 |
Fair value of restricted cash | 145,412,000 | 145,328,000 |
Total assets at fair value | 284,976,000 | 282,207,000 |
Total liabilities at fair value | 133,466,000 | ' |
Recurring Fair Value Measurements [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of cash equivalents | 2,770,000 | 1,160,000 |
Fair value of restricted cash | 145,412,000 | 145,328,000 |
Total assets at fair value | 148,182,000 | 146,488,000 |
Total liabilities at fair value | 0 | ' |
Recurring Fair Value Measurements [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of cash equivalents | 131,966,000 | 132,731,000 |
Fair value of restricted cash | 0 | 0 |
Total assets at fair value | 136,794,000 | 135,719,000 |
Total liabilities at fair value | 133,466,000 | ' |
Recurring Fair Value Measurements [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of cash equivalents | 0 | 0 |
Fair value of restricted cash | 0 | 0 |
Total assets at fair value | 0 | 0 |
Total liabilities at fair value | 0 | ' |
Prepaid Expenses and Other Current Assets [Member] | Interest Rate Swap Agreements [Member] | Recurring Fair Value Measurements [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of interest rate swap agreement | ' | 2,988,000 |
Prepaid Expenses and Other Current Assets [Member] | Interest Rate Swap Agreements [Member] | Recurring Fair Value Measurements [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of interest rate swap agreement | ' | 0 |
Prepaid Expenses and Other Current Assets [Member] | Interest Rate Swap Agreements [Member] | Recurring Fair Value Measurements [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of interest rate swap agreement | ' | 2,988,000 |
Prepaid Expenses and Other Current Assets [Member] | Interest Rate Swap Agreements [Member] | Recurring Fair Value Measurements [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of interest rate swap agreement | ' | 0 |
Other Assets [Member] | Interest Rate Swap Agreements [Member] | Recurring Fair Value Measurements [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of interest rate swap agreement | 4,828,000 | ' |
Other Assets [Member] | Interest Rate Swap Agreements [Member] | Recurring Fair Value Measurements [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of interest rate swap agreement | 0 | ' |
Other Assets [Member] | Interest Rate Swap Agreements [Member] | Recurring Fair Value Measurements [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of interest rate swap agreement | 4,828,000 | ' |
Other Assets [Member] | Interest Rate Swap Agreements [Member] | Recurring Fair Value Measurements [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of interest rate swap agreement | 0 | ' |
Accrued Expenses [Member] | Interest Rate Swap Agreements [Member] | Recurring Fair Value Measurements [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of interest rate swap agreements | 133,466,000 | ' |
Accrued Expenses [Member] | Interest Rate Swap Agreements [Member] | Recurring Fair Value Measurements [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of interest rate swap agreements | 0 | ' |
Accrued Expenses [Member] | Interest Rate Swap Agreements [Member] | Recurring Fair Value Measurements [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of interest rate swap agreements | 133,466,000 | ' |
Accrued Expenses [Member] | Interest Rate Swap Agreements [Member] | Recurring Fair Value Measurements [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of interest rate swap agreements | $0 | ' |
Allowance_for_Doubtful_Account2
Allowance for Doubtful Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 |
Allowance for Doubtful Accounts [Abstract] | ' | ' | ' |
Allowance for doubtful accounts, beginning balance | $47,345 | $42,919 | $42,436 |
Allowance for doubtful accounts, charged to costs and expenses in period | 34,429 | 35,243 | 33,359 |
Allowance for doubtful accounts, customer accounts written off during period, net of recoveries | -31,721 | -30,824 | -32,318 |
Allowance for doubtful accounts, other adjustments | -151 | 7 | -558 |
Allowance for doubtful accounts, ending balance | $49,902 | $47,345 | $42,919 |
Plant_and_Equipment_Details
Plant and Equipment (Details) (USD $) | 12 Months Ended | ||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Plant and equipment, at cost | $8,083,875,000 | $7,756,456,000 | ' |
Accumulated depreciation | -4,098,257,000 | -3,778,385,000 | ' |
Plant and equipment at cost, less depreciation | 3,985,618,000 | 3,978,071,000 | 3,883,750,000 |
Depreciation expense | 493,800,000 | 473,500,000 | 384,900,000 |
Land [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Plant and equipment, at cost | 431,694,000 | 411,853,000 | ' |
Building and Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Plant and equipment, at cost | 3,816,387,000 | 3,656,846,000 | ' |
Fleet and Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Plant and equipment, at cost | 2,726,415,000 | 2,633,497,000 | ' |
Computer Hardware and Software [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Plant and equipment, at cost | 1,109,379,000 | 1,054,260,000 | ' |
Business Transformation Project [Member] | Computer Hardware and Software [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Plant and equipment at cost, less depreciation | $355,200,000 | $417,700,000 | ' |
Minimum [Member] | Building and Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful lives (in years) | '10 years | ' | ' |
Minimum [Member] | Fleet and Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful lives (in years) | '3 years | ' | ' |
Minimum [Member] | Computer Hardware and Software [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful lives (in years) | '3 years | ' | ' |
Maximum [Member] | Building and Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful lives (in years) | '30 years | ' | ' |
Maximum [Member] | Fleet and Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful lives (in years) | '10 years | ' | ' |
Maximum [Member] | Computer Hardware and Software [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Estimated useful lives (in years) | '7 years | ' | ' |
Goodwill_and_Other_Intangibles2
Goodwill and Other Intangibles (Details) (USD $) | 12 Months Ended | ||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | |
Goodwill and Other Intangibles [Line Items] | ' | ' | ' |
Goodwill carrying amount, beginning balance | $1,884,235,000 | $1,665,611,000 | ' |
Goodwill acquired during year | 62,833,000 | 227,398,000 | ' |
Goodwill currency translation/other | 3,604,000 | -8,774,000 | ' |
Goodwill carrying amount, ending balance | 1,950,672,000 | 1,884,235,000 | 1,665,611,000 |
Amortized intangibles acquired during year | 12,700,000 | ' | ' |
Weighted-average amortization period of amortized intangibles acquired during year (in years) | '6 years | ' | ' |
Intangibles gross carrying amount | 304,744,000 | 325,044,000 | ' |
Intangibles accumulated amortization | -140,122,000 | -131,644,000 | ' |
Intangibles net amount | 164,622,000 | 193,400,000 | ' |
Indefinite-lived intangible assets balance | 12,605,000 | 12,319,000 | ' |
Intangibles amortization expense | 42,200,000 | 32,100,000 | 24,900,000 |
Intangibles amortization expense in one year | 39,724,000 | ' | ' |
Intangibles amortization expense in two years | 31,729,000 | ' | ' |
Intangibles amortization expense in three years | 27,105,000 | ' | ' |
Intangibles amortization expense in four years | 23,914,000 | ' | ' |
Intangibles amortization expense in five years | 14,114,000 | ' | ' |
Customer Lists [Member] | ' | ' | ' |
Goodwill and Other Intangibles [Line Items] | ' | ' | ' |
Amortized intangibles acquired during year | 5,300,000 | ' | ' |
Weighted-average amortization period of amortized intangibles acquired during year (in years) | '7 years | ' | ' |
Intangibles gross carrying amount | 246,019,000 | 274,410,000 | ' |
Intangibles accumulated amortization | -124,223,000 | -125,250,000 | ' |
Intangibles net amount | 121,796,000 | 149,160,000 | ' |
Non-compete Agreements [Member] | ' | ' | ' |
Goodwill and Other Intangibles [Line Items] | ' | ' | ' |
Amortized intangibles acquired during year | 3,500,000 | ' | ' |
Weighted-average amortization period of amortized intangibles acquired during year (in years) | '5 years | ' | ' |
Intangibles gross carrying amount | 33,164,000 | 29,460,000 | ' |
Intangibles accumulated amortization | -10,629,000 | -4,655,000 | ' |
Intangibles net amount | 22,535,000 | 24,805,000 | ' |
Trademarks [Member] | ' | ' | ' |
Goodwill and Other Intangibles [Line Items] | ' | ' | ' |
Intangibles gross carrying amount | 12,063,000 | 11,618,000 | ' |
Intangibles accumulated amortization | -3,200,000 | -1,580,000 | ' |
Intangibles net amount | 8,863,000 | 10,038,000 | ' |
Other Intangibles [Member] | ' | ' | ' |
Goodwill and Other Intangibles [Line Items] | ' | ' | ' |
Amortized intangibles acquired during year | 3,900,000 | ' | ' |
Weighted-average amortization period of amortized intangibles acquired during year (in years) | '5 years | ' | ' |
Intangibles gross carrying amount | 13,498,000 | 9,556,000 | ' |
Intangibles accumulated amortization | -2,070,000 | -159,000 | ' |
Intangibles net amount | 11,428,000 | 9,397,000 | ' |
Broadline [Member] | ' | ' | ' |
Goodwill and Other Intangibles [Line Items] | ' | ' | ' |
Goodwill carrying amount, beginning balance | 1,414,842,000 | 1,220,112,000 | ' |
Goodwill acquired during year | 49,608,000 | 203,393,000 | ' |
Goodwill currency translation/other | 3,649,000 | -8,663,000 | ' |
Goodwill carrying amount, ending balance | 1,468,099,000 | 1,414,842,000 | ' |
SYGMA [Member] | ' | ' | ' |
Goodwill and Other Intangibles [Line Items] | ' | ' | ' |
Goodwill carrying amount, beginning balance | 32,609,000 | 32,609,000 | ' |
Goodwill acquired during year | 0 | 0 | ' |
Goodwill currency translation/other | 0 | 0 | ' |
Goodwill carrying amount, ending balance | 32,609,000 | 32,609,000 | ' |
Other [Member] | ' | ' | ' |
Goodwill and Other Intangibles [Line Items] | ' | ' | ' |
Goodwill carrying amount, beginning balance | 436,784,000 | 412,890,000 | ' |
Goodwill acquired during year | 13,225,000 | 24,005,000 | ' |
Goodwill currency translation/other | -45,000 | -111,000 | ' |
Goodwill carrying amount, ending balance | 449,964,000 | 436,784,000 | ' |
Trademarks [Member] | ' | ' | ' |
Goodwill and Other Intangibles [Line Items] | ' | ' | ' |
Indefinite-lived intangible assets balance | 11,639,000 | 11,353,000 | ' |
Licenses [Member] | ' | ' | ' |
Goodwill and Other Intangibles [Line Items] | ' | ' | ' |
Indefinite-lived intangible assets balance | $966,000 | $966,000 | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | Aug. 31, 2013 | Jul. 03, 2010 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2014 | Jun. 30, 2012 | 31-May-12 | Jun. 30, 2012 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | Jun. 28, 2014 | Jun. 30, 2012 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 28, 2014 | |
2018 Swap [Member] | 2014 Swap [Member] | January 2014 Forward Starting Swaps [Member] | January 2014 Forward Starting Swaps [Member] | January 2014 Forward Starting Swaps [Member] | January 2014 Forward Starting Swaps [Member] | 2022 Treasury Lock [Member] | 2022 Treasury Lock [Member] | Senior Notes, Maturing in Fiscal 2022 [Member] | Hedging Instrument [Member] | Hedging Instrument [Member] | Hedging Instrument [Member] | Hedging Instrument [Member] | Hedging Instrument [Member] | Hedging Instrument [Member] | Hedging Instrument [Member] | Hedging Instrument [Member] | Hedging Instrument [Member] | Hedging Instrument [Member] | Hedging Instrument [Member] | ||||
Interest Rate Swap Agreements [Member] | Interest Rate Swap Agreements [Member] | agreement | Debt Tranche 1 [Member] | Debt Tranche 2 [Member] | Interest Rate Swap Agreements [Member] | Treasury Lock [Member] | Treasury Lock [Member] | Interest Rate Swap Agreements [Member] | Interest Rate Swap Agreements [Member] | Interest Rate Swap Agreements [Member] | Interest Rate Swap Agreements [Member] | Treasury Lock [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Prepaid Expenses and Other Current Assets [Member] | Other Assets [Member] | Accrued Expenses [Member] | |||||
Fair Value Hedging [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Interest Rate Swap Agreements [Member] | Interest Rate Swap Agreements [Member] | Interest Rate Swap Agreements [Member] | |||||||||||||
Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Other Comprehensive (Income) Loss [Member] | Other Comprehensive (Income) Loss [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | ||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount of derivative | ' | ' | ' | $500,000,000 | $200,000,000 | ' | ' | ' | $2,000,000,000 | ' | $200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of interest rate derivatives held | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of forecasted debt issuance | ' | ' | ' | ' | ' | ' | '10 years | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face value of debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received from settlement of cash flow hedge | 0 | 0 | 722,000 | ' | ' | ' | ' | ' | ' | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of interest rate swap agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,988,000 | 4,828,000 | ' |
Fair value of interest rate swap agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 133,466,000 |
(Gain) loss on interest rate swap agreements recorded to interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10,879,000 | -4,492,000 | -7,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
(Gain) loss on interest rate contracts recorded to other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 133,466,000 | -722,000 | ' | ' | ' | ' | ' | ' |
(Gain) loss on interest rate contracts reclassified from accumulated other comprehensive income to interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $625,000 | $626,000 | $692,000 | ' | ' | ' |
SelfInsured_Liabilities_Detail
Self-Insured Liabilities (Details) (Self Insured Liabilities [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 |
Self Insured Liabilities [Member] | ' | ' | ' |
Self-Insured Liabilities [Line Items] | ' | ' | ' |
Balance of reserve at beginning of period | $147,598 | $129,749 | $129,671 |
Reserve charged to costs and expenses during period | 375,267 | 352,374 | 318,828 |
Payments from reserve during period | -328,389 | -334,525 | -318,750 |
Balance of reserve at end of period | $194,476 | $147,598 | $129,749 |
Debt_and_Other_Financing_Arran2
Debt and Other Financing Arrangements (Details) | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Mar. 31, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
USD ($) | USD ($) | European Subsidiary Multi-Currency Revolver [Member] | European Subsidiary Multi-Currency Revolver [Member] | Senior Notes, Maturing in Fiscal 2014 [Member] | Senior Notes, Maturing in Fiscal 2014 [Member] | Senior Notes, Maturing in Fiscal 2014 [Member] | Senior Notes, Maturing in fiscal 2015 [Member] | Senior Notes, Maturing in fiscal 2015 [Member] | Senior Notes, Maturing in fiscal 2015 [Member] | Senior Notes, Maturing in Fiscal 2018 [Member] | Senior Notes, Maturing in Fiscal 2018 [Member] | Senior Notes, Maturing in Fiscal 2019 [Member] | Senior Notes, Maturing in Fiscal 2019 [Member] | Senior Notes, Maturing in Fiscal 2022 [Member] | Senior Notes, Maturing in Fiscal 2022 [Member] | Senior Notes, Maturing in Fiscal 2022 [Member] | Debentures, Maturing in Fiscal 2027 [Member] | Debentures, Maturing in Fiscal 2027 [Member] | Debentures, Maturing in Fiscal 2029 [Member] | Debentures, Maturing in Fiscal 2029 [Member] | Senior Notes, Maturing in Fiscal 2036 [Member] | Senior Notes, Maturing in Fiscal 2036 [Member] | Senior Notes, Maturing in Fiscal 2039 [Member] | Senior Notes, Maturing in Fiscal 2039 [Member] | Capital Leases and Other Debt [Member] | Capital Leases and Other Debt [Member] | Commercial Paper [Member] | Commercial Paper [Member] | US Uncommitted Lines of Credit [Member] | US Uncommitted Lines of Credit [Member] | European Subsidiary Multi-Currency Revolver [Member] | European Subsidiary Multi-Currency Revolver [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | EUR (€) | ||||||
Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, outstanding borrowings | ' | ' | $70,975,000 | $41,632,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | € 52,000,000 | € 32,000,000 |
Weighted average interest rate on short-term borrowings | ' | ' | 1.00% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding commercial paper borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 129,999,000 | 95,500,000 | ' | ' | ' | ' |
Average interest rate on debt instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.50% | 7.40% | 0.20% | 0.10% | ' | ' | ' | ' |
Carrying amount of long term debt | ' | ' | ' | ' | 0 | ' | 202,190,000 | 299,354,000 | 298,669,000 | ' | 503,587,000 | 498,414,000 | 249,200,000 | 249,031,000 | 445,417,000 | 444,844,000 | ' | 50,000,000 | 50,000,000 | 224,665,000 | 224,641,000 | 499,684,000 | 499,669,000 | 246,006,000 | 245,845,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying amount of capital leases and other debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,032,000 | 38,484,000 | ' | ' | ' | ' | ' | ' |
Maturity date on long-term debt stated in fiscal year | ' | ' | ' | ' | '2014 | ' | ' | '2015 | ' | ' | '2018 | ' | '2019 | ' | '2022 | ' | ' | '2027 | ' | '2029 | ' | '2036 | ' | '2039 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date range end for capital leases and other debt, stated in fiscal year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2029 | ' | ' | ' | ' | ' | ' | ' |
Total debt | 2,759,919,000 | 2,888,919,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less current maturities of long-term debt | -304,777,000 | -207,301,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less notes payable | -70,975,000 | -41,632,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net long-term debt | 2,384,167,000 | 2,639,986,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal payments in year 1 | 304,777,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal payments in year 2 | 4,669,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal payments in year 3 | 3,444,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal payments in year 4 | 506,478,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal payments in year 5 | $252,486,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on debt instrument | ' | ' | ' | ' | 4.60% | 4.60% | 4.60% | 0.55% | 0.55% | 0.55% | 5.25% | 5.25% | 5.38% | 5.38% | 2.60% | 2.60% | 2.60% | 7.16% | 7.16% | 6.50% | 6.50% | 5.38% | 5.38% | 6.63% | 6.63% | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_and_Other_Financing_Arran3
Debt and Other Financing Arrangements (Short-term Borrowings) (Details) | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 30, 2012 |
USD ($) | USD ($) | US Uncommitted Lines of Credit [Member] | US Uncommitted Lines of Credit [Member] | European Subsidiary Multi-Currency Revolver [Member] | European Subsidiary Multi-Currency Revolver [Member] | Short-Term Demand Loan Facility [Member] | Short-Term Demand Loan Facility [Member] | |
USD ($) | USD ($) | EUR (€) | EUR (€) | USD ($) | ||||
Short-term Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | ' | $95,000,000 | ' | € 100,000,000 | ' | ' | ' |
Committed facility for unsecured borrowings, expiration date | ' | ' | ' | ' | 24-Sep-14 | ' | ' | ' |
Line of credit facility, outstanding borrowings | ' | ' | 0 | 0 | 52,000,000 | 32,000,000 | ' | ' |
Short-term bank borrowings | $70,975,000 | $41,632,000 | ' | ' | ' | ' | ' | $182,000,000 |
Weighted average interest rate on short-term borrowings | ' | ' | ' | ' | ' | ' | ' | 2.00% |
Maturity date of short-term bank borrowings | ' | ' | ' | ' | ' | ' | 4-Jul-11 | ' |
Debt_and_Other_Financing_Arran4
Debt and Other Financing Arrangements (Commercial Paper and Revolving Credit Facility) (Details) (USD $) | 12 Months Ended | ||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | |
Debt [Line Items] | ' | ' | ' |
Maximum board-authorized aggregate commercial paper limit | $1,300,000,000 | ' | ' |
Short term bank borrowings and commercial paper borrowings, minimum amount during period | 0 | 0 | 0 |
Short term bank borrowings and commercial paper borrowings, maximum amount during period | 770,500,000 | 330,000,000 | 563,100,000 |
Commercial Paper [Member] | ' | ' | ' |
Debt [Line Items] | ' | ' | ' |
Outstanding commercial paper borrowings | 129,999,000 | 95,500,000 | ' |
Commercial Paper Revolver 2018 Extension [Member] | ' | ' | ' |
Debt [Line Items] | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | $1,500,000,000 | ' | ' |
Committed facility for unsecured borrowings, expiration date | 29-Dec-18 | ' | ' |
Debt_and_Other_Financing_Arran5
Debt and Other Financing Arrangements (Bridge Facility) (Details) (USD $) | Dec. 31, 2013 | Jun. 28, 2014 |
US Foods Bridge Facility Commitment [Member] | US Foods Bridge Facility [Member] | |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit facility, maximum borrowing capacity | $3,386,500,000 | $3,386,500,000 |
Committed facility for unsecured borrowings, expiration date | ' | 8-Mar-15 |
Debt_and_Other_Financing_Arran6
Debt and Other Financing Arrangements (Fixed Rate Debt) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||
Jun. 30, 2012 | Feb. 28, 2013 | Mar. 31, 2014 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | |
Senior Notes, Maturing in Fiscal 2012 [Member] | Senior Notes, Maturing in Fiscal 2013 [Member] | Senior Notes, Maturing in Fiscal 2014 [Member] | Senior Notes, Maturing in Fiscal 2014 [Member] | Senior Notes, Maturing in Fiscal 2014 [Member] | Senior Notes, Maturing in fiscal 2015 [Member] | Senior Notes, Maturing in fiscal 2015 [Member] | Senior Notes, Maturing in fiscal 2015 [Member] | Senior Notes, Maturing in Fiscal 2018 [Member] | Senior Notes, Maturing in Fiscal 2018 [Member] | Senior Notes, Maturing in Fiscal 2019 [Member] | Senior Notes, Maturing in Fiscal 2019 [Member] | Senior Notes, Maturing in Fiscal 2022 [Member] | Senior Notes, Maturing in Fiscal 2022 [Member] | Senior Notes, Maturing in Fiscal 2022 [Member] | Debentures, Maturing in Fiscal 2027 [Member] | Debentures, Maturing in Fiscal 2027 [Member] | Debentures, Maturing in Fiscal 2029 [Member] | Debentures, Maturing in Fiscal 2029 [Member] | Senior Notes, Maturing in Fiscal 2036 [Member] | Senior Notes, Maturing in Fiscal 2036 [Member] | Senior Notes, Maturing in Fiscal 2039 [Member] | Senior Notes, Maturing in Fiscal 2039 [Member] | |
Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on debt instrument | 6.10% | 4.20% | 4.60% | 4.60% | 4.60% | 0.55% | 0.55% | 0.55% | 5.25% | 5.25% | 5.38% | 5.38% | 2.60% | 2.60% | 2.60% | 7.16% | 7.16% | 6.50% | 6.50% | 5.38% | 5.38% | 6.63% | 6.63% |
Repayment of senior notes at maturity | $200,000,000 | $250,000,000 | $200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face value of debt instrument | ' | ' | ' | ' | ' | ' | ' | $300,000,000 | ' | ' | ' | ' | ' | ' | $450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date on long-term debt | ' | ' | ' | ' | ' | 12-Jun-15 | ' | ' | 12-Feb-18 | ' | 17-Mar-19 | ' | 12-Jun-22 | ' | ' | 15-Apr-27 | ' | 1-Aug-28 | ' | 21-Sep-35 | ' | 17-Mar-39 | ' |
Pricing of senior notes, percentage of par | ' | ' | ' | ' | ' | ' | ' | 99.32% | ' | ' | ' | ' | ' | ' | 98.72% | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_and_Other_Financing_Arran7
Debt and Other Financing Arrangements (Total Debt) (Details) (USD $) | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 28, 2014 |
In Thousands, unless otherwise specified | Debt Bearing Fixed Interest Rate [Member] | Debt Bearing Floating Interest Rate [Member] | ||
Debt [Line Items] | ' | ' | ' | ' |
Carrying value of total debt | $2,759,919 | $2,888,919 | ' | ' |
Percentage of fixed rate debt | 74.00% | ' | ' | ' |
Weighted average interest rate | ' | ' | 4.60% | 2.70% |
Average life of debt (in years) | ' | ' | '13 years | '3 years |
Debt_and_Other_Financing_Arran8
Debt and Other Financing Arrangements (Other) (Details) (USD $) | Jun. 28, 2014 | Jun. 29, 2013 |
In Millions, unless otherwise specified | ||
Debt and Other Financing Arrangements [Abstract] | ' | ' |
Letters of credit oustanding | $45.70 | $42.20 |
Leases_Details
Leases (Details) (USD $) | 12 Months Ended | ||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | |
Leases [Abstract] | ' | ' | ' |
Operating leases, rent expense | $92,300,000 | $84,400,000 | $83,000,000 |
Aggregate minimum lease payments, due in 1 year | 43,065,000 | ' | ' |
Aggregate minimum lease payments, due in 2 years | 32,890,000 | ' | ' |
Aggregate minimum lease payments, due in 3 years | 24,070,000 | ' | ' |
Aggregate minimum lease payments, due in 4 years | 15,055,000 | ' | ' |
Aggregate minimum lease payments, due in 5 years | 10,674,000 | ' | ' |
Aggregate minimum lease payments, due after 5 years | $36,084,000 | ' | ' |
Other_LongTerm_Liabilities_Det
Other Long-Term Liabilities (Details) (USD $) | Jun. 28, 2014 | Jun. 29, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Other long-term liabilities, other | $319,401 | $357,473 |
Other long-term liabilities | 1,027,878 | 903,305 |
Qualified Pension Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Long-term defined benefit pension liabilities | 270,189 | 136,808 |
Supplemental Executive Retirement Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Long-term defined benefit pension liabilities | $438,288 | $409,024 |
CompanySponsored_Employee_Bene2
Company-Sponsored Employee Benefit Plans (Defined Contribution Plan) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Defined contribution plans expense | $118.60 | $65.30 | $17.20 |
Safe Harbor 401(k) Plan [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Non-elective employer contribution, Percent of Employees' Gross Pay | 3.00% | ' | ' |
Employer Matching Contribution, Percent of Match | 50.00% | ' | ' |
Employer Matching Contribution, Percent of Employees' Gross Pay | 5.00% | ' | ' |
Safe Harbor 401(k) Plan Non Adopting Unions [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Employer Matching Contribution, Percent of Match | 50.00% | ' | ' |
Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | ' | ' |
Prior 401(k) Plan [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Employer Matching Contribution, Percent of Match | 50.00% | ' | ' |
Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | ' | ' |
Management Savings Plan [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Non-elective employer contribution, Percent of Employees' Gross Pay | 3.00% | ' | ' |
Employer Matching Contribution, Percent of Match | 50.00% | ' | ' |
Employer Matching Contribution, Percent of Employees' Gross Pay | 5.00% | ' | ' |
Salary [Member] | Management Savings Plan [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Allowable Deferral Amount, Percent of Employees' Gross Pay | 50.00% | ' | ' |
Bonus [Member] | Management Savings Plan [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Allowable Deferral Amount, Percent of Employees' Gross Pay | 100.00% | ' | ' |
CompanySponsored_Employee_Bene3
Company-Sponsored Employee Benefit Plans (Funded Status) (Details) (USD $) | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | Jun. 28, 2014 | Jun. 29, 2013 | Nov. 24, 2012 | ||
Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Other Postretirement Plans [Member] | Other Postretirement Plans [Member] | Other Postretirement Plans [Member] | Supplemental Executive Retirement Plan [Member] | Supplemental Executive Retirement Plan [Member] | Supplemental Executive Retirement Plan Freeze Event [Member] | |||||
Supplemental Executive Retirement Plan [Member] | |||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Benefit obligation at beginning of year | ' | ' | $3,089,022,000 | $3,164,974,000 | ' | $14,248,000 | $12,954,000 | ' | ' | ' | ' | ||
Service cost | ' | ' | 9,657,000 | 70,166,000 | 108,223,000 | 546,000 | 541,000 | 457,000 | ' | ' | ' | ||
Interest cost | ' | ' | 160,436,000 | 148,561,000 | 147,512,000 | 748,000 | 614,000 | 632,000 | ' | ' | ' | ||
Amendments | ' | ' | -347,000 | 53,902,000 | ' | 0 | 0 | ' | ' | ' | ' | ||
Curtailments | ' | ' | 0 | -72,967,000 | ' | 0 | 0 | ' | ' | ' | ' | ||
Actuarial (gain) loss, net | ' | ' | 492,720,000 | -201,517,000 | ' | -3,280,000 | 188,000 | ' | ' | ' | ' | ||
Total disbursements | ' | ' | -79,780,000 | -74,097,000 | ' | 349,000 | -49,000 | ' | ' | ' | ' | ||
Benefit obligation at end of year | ' | ' | 3,671,708,000 | 3,089,022,000 | 3,164,974,000 | 12,611,000 | 14,248,000 | 12,954,000 | ' | ' | 486,600,000 | ||
Fair value of plan assets at beginning of year | ' | ' | 2,518,009,000 | 2,234,869,000 | ' | 0 | 0 | ' | ' | ' | ' | ||
Actual return on plan assets | ' | ' | 474,538,000 | 263,675,000 | ' | 0 | 0 | ' | ' | ' | ' | ||
Employer contributions | ' | ' | 24,752,000 | 93,562,000 | ' | -349,000 | 49,000 | ' | ' | ' | ' | ||
Total disbursements | ' | ' | -79,780,000 | -74,097,000 | ' | 349,000 | -49,000 | ' | ' | ' | ' | ||
Fair value of plan assets at end of year | ' | ' | 2,937,519,000 | 2,518,009,000 | 2,234,869,000 | 0 | 0 | 0 | ' | ' | ' | ||
Funded status at end of year | ' | ' | -734,189,000 | -571,013,000 | ' | -12,611,000 | -14,248,000 | ' | ' | ' | ' | ||
Discount rate used in calculating benefit obligation | ' | ' | ' | ' | ' | 4.74% | 5.32% | ' | 4.59% | 4.94% | 3.96% | ||
Actuarial (loss) gain, net, arising in current year, before tax | ' | ' | -210,978,000 | 366,957,000 | -579,366,000 | 3,280,000 | -188,000 | -925,000 | ' | ' | 73,000,000 | ||
Curtailment loss | ' | ' | 0 | 8,293,000 | 0 | ' | ' | ' | ' | ' | 8,300,000 | ||
Prior service cost arising in current year, before tax | ' | ' | -347,000 | 53,902,000 | 8,706,000 | ' | ' | ' | ' | ' | 48,600,000 | ||
Period for prior service cost amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ||
Benefit obligation after plan freeze | ' | ' | 3,671,708,000 | 3,089,022,000 | 3,164,974,000 | 12,611,000 | 14,248,000 | 12,954,000 | ' | ' | 486,600,000 | ||
Cash surrender value of corporate-owned life insurance | 161,900,000 | 159,300,000 | ' | ' | ' | ' | ' | ' | 96,500,000 | 95,000,000 | ' | ||
Current accrued benefit liability (Accrued expenses) | ' | ' | -25,712,000 | -25,181,000 | ' | -313,000 | -380,000 | ' | ' | ' | ' | ||
Non-current accrued benefit liability (Other long-term liabilities) | ' | ' | -708,477,000 | -545,832,000 | ' | -12,298,000 | -13,868,000 | ' | ' | ' | ' | ||
Defined benefit plans net amount recognized in balance sheet | ' | ' | -734,189,000 | -571,013,000 | ' | -12,611,000 | -14,248,000 | ' | ' | ' | ' | ||
Accumulated other comprehensive loss (income) - Prior service cost | 61,204,000 | 72,865,000 | 60,306,000 | 71,798,000 | ' | 898,000 | 1,067,000 | ' | ' | ' | ' | ||
Accumulated other comprehensive loss (income) - Net actuarial losses (gains) | 1,052,364,000 | 860,849,000 | 1,058,651,000 | 864,000,000 | ' | -6,287,000 | -3,151,000 | ' | ' | ' | ' | ||
Accumulated other comprehensive loss (income) - Total amount recognized | 1,113,568,000 | 933,714,000 | 1,118,957,000 | 935,798,000 | ' | -5,389,000 | -2,084,000 | ' | ' | ' | ' | ||
Accumulated benefit obligation for all pension benefit plans | ' | ' | 3,660,200,000 | 3,079,100,000 | ' | ' | ' | ' | ' | ' | ' | ||
Accumulated benefit obligation for pension plans with accumulated benefit obligation in excess of fair value of plan assets | ' | ' | 3,660,227,000 | [1] | 3,079,068,000 | [1] | ' | ' | ' | ' | ' | ' | ' |
Aggregate benefit obligation for postretirment plans with aggregate benefit obligation in excess of fair value of plan assets | ' | ' | ' | ' | ' | 12,611,000 | 14,248,000 | ' | ' | ' | ' | ||
Fair value of plan assets at end of year for pension plans with accumulated benefit obligation in excess of fair value on plan assets | ' | ' | 2,937,519,000 | [1] | 2,518,009,000 | [1] | ' | ' | ' | ' | ' | ' | ' |
Fair value of plan assets at end of year for postretirement plans with aggregate benefit obligation in excess of fair value of plan assets | ' | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | ||
[1] | Information under Pension Benefits as of June 28, 2014 and June 29, 2013 includes both the Retirement Plan and the SERP. |
CompanySponsored_Employee_Bene4
Company-Sponsored Employee Benefit Plans (Components of Net Benefit Costs and Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Amortization of prior service cost in next fiscal year | $11,280 | ' | ' |
Amortization of actuarial losses (gains) in next fiscal year | 19,436 | ' | ' |
Total amounts that will be amortized from accumulated other comprehensive loss (income) in next fiscal year | 30,716 | ' | ' |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Service cost | 9,657 | 70,166 | 108,223 |
Interest cost | 160,436 | 148,561 | 147,512 |
Expected return on plan assets | -192,795 | -171,201 | -161,605 |
Amortization of prior service cost | 11,145 | 9,899 | 4,806 |
Amortization of actuarial loss (gain) | 16,327 | 72,624 | 60,166 |
Curtailment loss | 0 | 8,293 | 0 |
Net pension costs/ Net other postretirement benefit costs | 4,770 | 138,342 | 159,102 |
Amortization of prior service cost | 11,145 | 18,192 | 4,806 |
Amortization of actuarial loss (gain) | 16,327 | 72,624 | 60,166 |
Prior service cost arising in current year, before tax | 347 | -53,902 | -8,706 |
Actuarial (loss) gain, net, arising in current year, before tax | -210,978 | 366,957 | -579,366 |
Total changes recognized in other comprehensive (loss) income | -183,159 | 403,871 | -523,100 |
Amortization of prior service cost in next fiscal year | 11,111 | ' | ' |
Amortization of actuarial losses (gains) in next fiscal year | 19,871 | ' | ' |
Total amounts that will be amortized from accumulated other comprehensive loss (income) in next fiscal year | 30,982 | ' | ' |
Other Postretirement Plans [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' |
Service cost | 546 | 541 | 457 |
Interest cost | 748 | 614 | 632 |
Amortization of prior service cost | 168 | 168 | 215 |
Amortization of actuarial loss (gain) | -143 | -203 | -331 |
Amortization of transition obligation | 0 | 141 | 153 |
Net pension costs/ Net other postretirement benefit costs | 1,319 | 1,261 | 1,126 |
Amortization of prior service cost | 168 | 168 | 215 |
Amortization of actuarial loss (gain) | -143 | -203 | -331 |
Amortization of transition obligation | 0 | 141 | 153 |
Actuarial (loss) gain, net, arising in current year, before tax | 3,280 | -188 | -925 |
Total changes recognized in other comprehensive (loss) income | 3,305 | -82 | -888 |
Amortization of prior service cost in next fiscal year | 169 | ' | ' |
Amortization of actuarial losses (gains) in next fiscal year | -435 | ' | ' |
Total amounts that will be amortized from accumulated other comprehensive loss (income) in next fiscal year | ($266) | ' | ' |
CompanySponsored_Employee_Bene5
Company-Sponsored Employee Benefit Plans (Employer Contributions) (Details) (USD $) | 12 Months Ended | |
Jun. 28, 2014 | Jun. 29, 2013 | |
Pension Benefits [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Employer contributions | $24,752,000 | $93,562,000 |
Qualified Pension Plan [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Employer contributions | ' | 70,000,000 |
Supplemental Executive Retirement Plan [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Estimated contributions to defined benefit plans in next fiscal year | 26,300,000 | ' |
Other Postretirement Plans [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Employer contributions | -349,000 | 49,000 |
Estimated contributions to defined benefit plans in next fiscal year | $300,000 | ' |
CompanySponsored_Employee_Bene6
Company-Sponsored Employee Benefit Plans (Estimated Future Benefit Payments) (Details) (USD $) | Jun. 28, 2014 |
In Thousands, unless otherwise specified | |
Pension Benefits [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' |
Estimated future benefit payment in year one | $94,616 |
Estimated future benefit payment in year two | 104,096 |
Estimated future benefit payment in year three | 114,891 |
Estimated future benefit payment in year four | 125,671 |
Estimated future benefit payment in year five | 136,345 |
Estimated future benefit payment after year five | 844,181 |
Other Postretirement Plans [Member] | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' |
Estimated future benefit payment in year one | 313 |
Estimated future benefit payment in year two | 516 |
Estimated future benefit payment in year three | 780 |
Estimated future benefit payment in year four | 984 |
Estimated future benefit payment in year five | 1,151 |
Estimated future benefit payment after year five | $6,377 |
CompanySponsored_Employee_Bene7
Company-Sponsored Employee Benefit Plans (Assumptions) (Details) | 12 Months Ended | |||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | ||
Qualified Pension Plan [Member] | ' | ' | ' | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' | |
Discount rate used in calculating benefit obligation | 4.74% | 5.32% | ' | |
Rate of compensation increase used in calculating benefit obligation | 3.89% | 3.89% | ' | |
Discount rate used in calculating net periodic benefit cost | 5.32% | 4.81% | 5.94% | |
Expected rate of return on plan assets used in calculating net periodic benefit cost | 7.75% | 7.75% | 7.75% | |
Rate of compensation increase used in calculating net periodic benefit cost | 3.89% | 5.30% | 5.30% | |
Discount rate used in calculating net periodic benefit cost for next fiscal year | 4.74% | ' | ' | |
Expected rate of return on plan assets used in calculating net periodic benefit cost for next fiscal year | 7.75% | ' | ' | |
Supplemental Executive Retirement Plan [Member] | ' | ' | ' | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' | |
Discount rate used in calculating benefit obligation | 4.59% | 4.94% | ' | |
Discount rate used in calculating net periodic benefit cost | 4.94% | 3.96% | [1] | 5.93% |
Description of annual salary growth assumption used in calculating benefit obligation | 'As benefit accruals under the SERP were frozen as of June 29, 2013, due to the plan freeze discussed above, future pay is not projected in the determination of the benefit obligation as of June 28, 2014 or June 29, 2013. | ' | ' | |
Description of annual salary growth assumption used in calculating net periodic benefit cost | 'As benefit accruals under the SERP were frozen as of June 29, 2013, due to the plan freeze discussed above, future pay is not projected in the determination of net pension costs related to the SERP for fiscal 2014. For determining the net pension costs related to the SERP for fiscal 2013 and 2012, the SERP calculations utilized an age-graded salary growth assumption. | ' | ' | |
Discount rate used in calculating net periodic benefit cost for next fiscal year | 4.59% | ' | ' | |
Other Postretirement Plans [Member] | ' | ' | ' | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' | ' | |
Discount rate used in calculating benefit obligation | 4.74% | 5.32% | ' | |
Discount rate used in calculating net periodic benefit cost | 5.32% | 4.81% | 5.94% | |
Discount rate used in calculating net periodic benefit cost for next fiscal year | 4.74% | ' | ' | |
[1] | The SERP was remeasured in November 2012 as a result of the plan freeze discussed above. The rate in the table above reflects the discount rate as of this remeasurement. |
CompanySponsored_Employee_Bene8
Company-Sponsored Employee Benefit Plans (Investment Strategy) (Details) (Qualified Pension Plan [Member]) | 12 Months Ended |
Jun. 28, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ' |
Actual investment allocation | 100.00% |
U.S. Equity [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Target investment allocation | 29.00% |
Actual investment allocation | 39.00% |
International Equity [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Target investment allocation | 29.00% |
Actual investment allocation | 25.00% |
Long Duration Fixed Income [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Target investment allocation | 27.00% |
Actual investment allocation | 26.00% |
High Yield Fixed Income [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Target investment allocation | 5.00% |
Actual investment allocation | 4.00% |
Alternative Investments [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Target investment allocation | 10.00% |
Actual investment allocation | 6.00% |
CompanySponsored_Employee_Bene9
Company-Sponsored Employee Benefit Plans (Fair Value Measurements) (Details) (Qualified Pension Plan [Member], USD $) | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | ||
In Thousands, unless otherwise specified | |||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | $2,937,519 | $2,518,009 | ' | ||
U.S. Large Cap Equity [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 995,792 | [1] | 721,215 | [1] | ' |
U.S. Small to Mid Cap Equity [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 99,518 | [1] | ' | |
U.S. Small Cap Equity [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 135,781 | ' | ' | ||
International Equity [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 717,022 | [2] | 745,262 | [2] | ' |
High Yield Fixed Income [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 102,041 | [2] | 226,955 | [2] | ' |
Real Estate [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 149,653 | [2] | 64,845 | [2] | ' |
Private Equity [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 31,204 | [2] | 14,375 | [2] | ' |
Total Invested Plan Assets [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 2,927,727 | 2,527,180 | ' | ||
Level 1 [Member] | U.S. Large Cap Equity [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 218,165 | [1] | 189,548 | [1] | ' |
Level 1 [Member] | U.S. Small to Mid Cap Equity [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 99,518 | [1] | ' | |
Level 1 [Member] | U.S. Small Cap Equity [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 135,781 | ' | ' | ||
Level 1 [Member] | International Equity [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [2] | 0 | [2] | ' |
Level 1 [Member] | High Yield Fixed Income [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [2] | 0 | [2] | ' |
Level 1 [Member] | Real Estate [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [2] | 0 | [2] | ' |
Level 1 [Member] | Private Equity [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [2] | 0 | [2] | ' |
Level 1 [Member] | Total Invested Plan Assets [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 353,819 | 288,817 | ' | ||
Level 2 [Member] | U.S. Large Cap Equity [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 777,627 | [1] | 531,667 | [1] | ' |
Level 2 [Member] | U.S. Small to Mid Cap Equity [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 0 | [1] | ' | |
Level 2 [Member] | U.S. Small Cap Equity [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | ' | ' | ||
Level 2 [Member] | International Equity [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 717,022 | [2] | 745,262 | [2] | ' |
Level 2 [Member] | High Yield Fixed Income [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 102,041 | [2] | 226,955 | [2] | ' |
Level 2 [Member] | Real Estate [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 114,250 | [2] | 0 | [2] | ' |
Level 2 [Member] | Private Equity [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [2] | 0 | [2] | ' |
Level 2 [Member] | Total Invested Plan Assets [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 2,507,301 | 2,159,143 | ' | ||
Level 3 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 66,607 | 79,220 | 56,392 | ||
Level 3 [Member] | U.S. Large Cap Equity [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [1] | 0 | [1] | ' |
Level 3 [Member] | U.S. Small to Mid Cap Equity [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 0 | [1] | ' | |
Level 3 [Member] | U.S. Small Cap Equity [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | ' | ' | ||
Level 3 [Member] | International Equity [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [2] | 0 | [2] | ' |
Level 3 [Member] | High Yield Fixed Income [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [2] | 0 | [2] | ' |
Level 3 [Member] | Real Estate [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 35,403 | [2] | 64,845 | [2] | 51,097 |
Level 3 [Member] | Private Equity [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 31,204 | [2] | 14,375 | [2] | 5,295 |
Level 3 [Member] | Total Invested Plan Assets [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 66,607 | 79,220 | ' | ||
Cash and Cash Equivalents [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 51,066 | 88,812 | [1] | ' | |
Cash and Cash Equivalents [Member] | Level 1 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | [1] | ' | |
Cash and Cash Equivalents [Member] | Level 2 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 51,066 | 88,812 | [1] | ' | |
Cash and Cash Equivalents [Member] | Level 3 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | [1] | ' | |
Long Duration Fixed Income [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of derivative assets | 800 | 400 | ' | ||
Fair value of derivative liabilities | 600 | 1,300 | ' | ||
Long Duration Fixed Income [Member] | Diversified Fixed Income [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 264,139 | [2] | ' | |
Long Duration Fixed Income [Member] | U.S. Government and Agency Securities [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 171,617 | 123,253 | ' | ||
Long Duration Fixed Income [Member] | Corporate Bonds [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 568,419 | 117,565 | ' | ||
Long Duration Fixed Income [Member] | Mortgage-Backed Securities, Net [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 8,316 | ' | ||
Long Duration Fixed Income [Member] | Other Debt [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 4,907 | 13,277 | [1] | ' | |
Long Duration Fixed Income [Member] | Derivatives, Net [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 225 | [3] | -936 | [4] | ' |
Long Duration Fixed Income [Member] | Level 1 [Member] | Diversified Fixed Income [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 0 | [2] | ' | |
Long Duration Fixed Income [Member] | Level 1 [Member] | U.S. Government and Agency Securities [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
Long Duration Fixed Income [Member] | Level 1 [Member] | Corporate Bonds [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
Long Duration Fixed Income [Member] | Level 1 [Member] | Mortgage-Backed Securities, Net [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 0 | ' | ||
Long Duration Fixed Income [Member] | Level 1 [Member] | Other Debt [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | [1] | ' | |
Long Duration Fixed Income [Member] | Level 1 [Member] | Derivatives, Net [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | -127 | [3] | -249 | [4] | ' |
Long Duration Fixed Income [Member] | Level 2 [Member] | Diversified Fixed Income [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 264,139 | [2] | ' | |
Long Duration Fixed Income [Member] | Level 2 [Member] | U.S. Government and Agency Securities [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 171,617 | 123,253 | ' | ||
Long Duration Fixed Income [Member] | Level 2 [Member] | Corporate Bonds [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 568,419 | 117,565 | ' | ||
Long Duration Fixed Income [Member] | Level 2 [Member] | Mortgage-Backed Securities, Net [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 8,316 | ' | ||
Long Duration Fixed Income [Member] | Level 2 [Member] | Other Debt [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 4,907 | 13,277 | [1] | ' | |
Long Duration Fixed Income [Member] | Level 2 [Member] | Derivatives, Net [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 352 | [3] | -687 | [4] | ' |
Long Duration Fixed Income [Member] | Level 3 [Member] | Diversified Fixed Income [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 0 | [2] | ' | |
Long Duration Fixed Income [Member] | Level 3 [Member] | U.S. Government and Agency Securities [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
Long Duration Fixed Income [Member] | Level 3 [Member] | Corporate Bonds [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | ' | ||
Long Duration Fixed Income [Member] | Level 3 [Member] | Mortgage-Backed Securities, Net [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 0 | ' | ||
Long Duration Fixed Income [Member] | Level 3 [Member] | Other Debt [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | 0 | [1] | ' | |
Long Duration Fixed Income [Member] | Level 3 [Member] | Derivatives, Net [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 0 | [3] | 0 | [4] | ' |
Reconciling Item Pension Assets [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 9,792 | [5] | -9,171 | [5] | ' |
Municipal Bonds [Member] | Long Duration Fixed Income [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 23,840 | ' | ||
Municipal Bonds [Member] | Long Duration Fixed Income [Member] | Level 1 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 0 | ' | ||
Municipal Bonds [Member] | Long Duration Fixed Income [Member] | Level 2 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 23,840 | ' | ||
Municipal Bonds [Member] | Long Duration Fixed Income [Member] | Level 3 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 0 | ' | ||
Sovereign Debt [Member] | Long Duration Fixed Income [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 16,744 | ' | ||
Sovereign Debt [Member] | Long Duration Fixed Income [Member] | Level 1 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 0 | ' | ||
Sovereign Debt [Member] | Long Duration Fixed Income [Member] | Level 2 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | 16,744 | ' | ||
Sovereign Debt [Member] | Long Duration Fixed Income [Member] | Level 3 [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | ' | $0 | ' | ||
[1] | Include direct investments and investment funds. | ||||
[2] | Include investments in investment funds only. | ||||
[3] | Include credit default swaps, interest rate swaps and futures. The fair value of asset positions totaled $0.8 million; the fair value of liability positions totaled $0.6 million. | ||||
[4] | Include credit default swaps, interest rate swaps, foreign currency contracts, futures and options. The fair value of asset positions totaled $0.4 million; the fair value of liability positions totaled $1.3 million. | ||||
[5] | Include primarily plan receivables and payables, net. |
Recovered_Sheet1
Company-Sponsored Employee Benefit Plans (Level 3 Rollforward) (Details) (Qualified Pension Plan [Member], USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | $2,937,519 | $2,518,009 | ||
Real Estate [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | 149,653 | [1] | 64,845 | [1] |
Private Equity [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at end of year | 31,204 | [1] | 14,375 | [1] |
Level 3 [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at beginning of year | 79,220 | 56,392 | ||
Actual return on plan assets still held at the reporting date | 4,975 | 8,023 | ||
Actual return on plan assets sold during the period | 5,074 | 0 | ||
Purchase and sales during the year | -22,662 | 14,805 | ||
Transfers in and/or out of Level 3 during the year | 0 | 0 | ||
Fair value of plan assets at end of year | 66,607 | 79,220 | ||
Level 3 [Member] | Real Estate [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at beginning of year | 64,845 | [1] | 51,097 | |
Actual return on plan assets still held at the reporting date | 3,044 | 6,696 | ||
Actual return on plan assets sold during the period | 3,307 | 0 | ||
Purchase and sales during the year | -35,793 | 7,052 | ||
Transfers in and/or out of Level 3 during the year | 0 | 0 | ||
Fair value of plan assets at end of year | 35,403 | [1] | 64,845 | [1] |
Level 3 [Member] | Private Equity [Member] | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets at beginning of year | 14,375 | [1] | 5,295 | |
Actual return on plan assets still held at the reporting date | 1,931 | 1,327 | ||
Actual return on plan assets sold during the period | 1,767 | 0 | ||
Purchase and sales during the year | 13,131 | 7,753 | ||
Transfers in and/or out of Level 3 during the year | 0 | 0 | ||
Fair value of plan assets at end of year | $31,204 | [1] | $14,375 | [1] |
[1] | Include investments in investment funds only. |
Multiemployer_Employee_Benefit2
Multiemployer Employee Benefit Plans (Details) (Multiemployer Defined Benefit Pension Plans [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 |
Multiemployer Plans [Line Items] | ' | ' | ' |
Multiemployer plans general descriptiion | 'Sysco contributes to several multiemployer defined benefit pension plans in the U.S. and Canada based on obligations arising under collective bargaining agreements covering union-represented employees. Sysco does not directly manage these multiemployer plans, which are generally managed by boards of trustees, half of whom are appointed by the unions and the other half by other employers contributing to the plan. Approximately 10% of Sysco's current employees are participants in such multiemployer plans as of June 28, 2014. The risks of participating in these multiemployer plans are different from single-employer plans in the following aspects:Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers.If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers.If Sysco chooses to stop participating in some of its multiemployer plans, Sysco may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability.Based upon the information available from plan administrators, management believes that several of these multiemployer plans are underfunded. In addition, pension-related legislation in the U.S. requires underfunded pension plans to improve their funding ratios within prescribed intervals based on the level of their underfunding. As a result, Sysco expects its contributions to these plans to increase in the future. In addition, if a U.S. multiemployer defined benefit plan fails to satisfy certain minimum funding requirements, the Internal Revenue Service (IRS) may impose a nondeductible excise tax of 5% on the amount of the accumulated funding deficiency for those employers contributing to the fund. | ' | ' |
Approximate percentage of union representatives on the boards of multiemployer plans | 50.00% | ' | ' |
Approximate percentage of contributing employer representatives on the boards of multiemployer plans | 50.00% | ' | ' |
Percentage of employees participating in multi-employer plans | 10.00% | ' | ' |
Provisions recorded for multiemployer pension withdrawal liabilities | $1.50 | $41.90 | $21.90 |
Recorded multiemployer pension withdrawal liability | 1.4 | 40.7 | ' |
Aggregate Multiemployer Plan Withdrawal Liability [Member] | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
Tax rate for potential IRS non-deductible excise tax | 5.00% | ' | ' |
Statutory period for company exposure to additional liability after voluntary withdrawal from a multiemployer plan | '2 years | ' | ' |
Loss contingency, estimate of possible loss | $90 | ' | ' |
Multiemployer_Employee_Benefit3
Multiemployer Employee Benefit Plans (Plan Contributions) (Details) (Multiemployer Defined Benefit Pension Plans [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 |
Multiemployer Plans [Line Items] | ' | ' | ' |
Multiemployer plan contributions | $76,029 | $65,739 | $68,108 |
Individually Significant Plans Aggregate [Member] | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
Multiemployer plan contributions | 30,402 | 28,816 | 29,497 |
All Other Plans [Member] | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
Multiemployer plan contributions | 45,627 | 36,923 | 38,611 |
Aggregate Multiemployer Plan Withdrawal Liability [Member] | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
Multiemployer plan contributions | $40,800 | $31,800 | $33,600 |
Multiemployer_Employee_Benefit4
Multiemployer Employee Benefit Plans (Individually Significant Plans) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | |
agreement | ||||
Western Conference of Teamsters Pension Plan [Member] | ' | ' | ' | |
Multiemployer Plans [Line Items] | ' | ' | ' | |
Employer Identification Number (EIN) | '916145047 | ' | ' | |
Plan Number (PN) | '001 | ' | ' | |
Multiemployer plan certified zone status | 'Green | 'Green | ' | |
Multiemployer plan certified zone status as of date | 31-Dec-14 | 31-Dec-13 | ' | |
Multiemployer plan funding improvement plan/rehabilitation plan status | 'NA | ' | ' | |
Multiemployer plan surcharge imposed | 'NA | ' | ' | |
Multiemployer plan collective bargaining agreement earliest expiration date | 26-Apr-14 | [1] | ' | ' |
Multiemployer plan collective bargaining agreement latest expiration date | 7-Nov-20 | [1] | ' | ' |
Multiemployer plan contributions | $21,893 | $20,561 | $19,829 | |
Multiemployer plan contributions 5% of total plan contributions | ' | 'false | 'false | |
Multiemployer most recent annual report date available | ' | 31-Dec-12 | 31-Dec-11 | |
Multiemployer plan number of collective bargaining agreements | 23 | ' | ' | |
Teamsters Pension Trust Fund of Philadelphia and Vicinity [Member] | ' | ' | ' | |
Multiemployer Plans [Line Items] | ' | ' | ' | |
Employer Identification Number (EIN) | '231511735 | ' | ' | |
Plan Number (PN) | '001 | ' | ' | |
Multiemployer plan certified zone status | 'Yellow | 'Yellow | ' | |
Multiemployer plan certified zone status as of date | 31-Dec-14 | 31-Dec-13 | ' | |
Multiemployer plan funding improvement plan/rehabilitation plan status | 'Implemented | ' | ' | |
Multiemployer plan surcharge imposed | 'NA | ' | ' | |
Multiemployer plan collective bargaining agreement earliest expiration date | 31-Jul-16 | [2] | ' | ' |
Multiemployer plan collective bargaining agreement latest expiration date | 20-Jul-20 | [2] | ' | ' |
Multiemployer plan contributions | 1,977 | 2,256 | 2,227 | |
Multiemployer plan contributions 5% of total plan contributions | ' | 'false | 'false | |
Multiemployer most recent annual report date available | ' | 31-Dec-12 | 31-Dec-11 | |
Multiemployer plan number of collective bargaining agreements | 3 | ' | ' | |
New York State Teamsters Conference Pension and Retirement Fund [Member] | ' | ' | ' | |
Multiemployer Plans [Line Items] | ' | ' | ' | |
Employer Identification Number (EIN) | '166063585 | ' | ' | |
Plan Number (PN) | '074 | ' | ' | |
Multiemployer plan certified zone status | 'Red | 'Red | ' | |
Multiemployer plan certified zone status as of date | 31-Dec-14 | 31-Dec-13 | ' | |
Multiemployer plan funding improvement plan/rehabilitation plan status | 'Implemented | ' | ' | |
Multiemployer plan surcharge imposed | 'No | ' | ' | |
Multiemployer plan collective bargaining agreement expiration date | 30-Apr-17 | ' | ' | |
Multiemployer plan contributions | 1,444 | 1,399 | 1,395 | |
Multiemployer plan contributions 5% of total plan contributions | ' | 'false | 'false | |
Multiemployer most recent annual report date available | ' | 31-Dec-12 | 31-Dec-11 | |
Truck Drivers and Helpers Local Union No. 355 Retirement Pension Fund [Member] | ' | ' | ' | |
Multiemployer Plans [Line Items] | ' | ' | ' | |
Employer Identification Number (EIN) | '526043608 | ' | ' | |
Plan Number (PN) | '001 | ' | ' | |
Multiemployer plan certified zone status | 'Yellow | 'Yellow | ' | |
Multiemployer plan certified zone status as of date | 31-Dec-14 | 31-Dec-13 | ' | |
Multiemployer plan funding improvement plan/rehabilitation plan status | 'Implemented | ' | ' | |
Multiemployer plan surcharge imposed | 'NA | ' | ' | |
Multiemployer plan collective bargaining agreement expiration date | 1-Mar-15 | ' | ' | |
Multiemployer plan contributions | 1,874 | 1,624 | 1,490 | |
Multiemployer plan contributions 5% of total plan contributions | ' | 'true | 'true | |
Multiemployer most recent annual report date available | ' | 31-Dec-12 | 31-Dec-11 | |
Minneapolis Food Distributing Industry Pension Plan [Member] | ' | ' | ' | |
Multiemployer Plans [Line Items] | ' | ' | ' | |
Employer Identification Number (EIN) | '416047047 | ' | ' | |
Plan Number (PN) | '001 | ' | ' | |
Multiemployer plan certified zone status | 'Green | 'Green | ' | |
Multiemployer plan certified zone status as of date | 31-Dec-14 | 31-Dec-13 | ' | |
Multiemployer plan funding improvement plan/rehabilitation plan status | 'Implemented | ' | ' | |
Multiemployer plan surcharge imposed | 'NA | ' | ' | |
Multiemployer plan collective bargaining agreement expiration date | 8-Aug-15 | ' | ' | |
Multiemployer plan contributions | $3,214 | $2,976 | $4,556 | |
Multiemployer plan contributions 5% of total plan contributions | ' | 'true | 'true | |
Multiemployer most recent annual report date available | ' | 31-Dec-12 | 31-Dec-11 | |
Individually Significant Plans Aggregate [Member] | ' | ' | ' | |
Multiemployer Plans [Line Items] | ' | ' | ' | |
Multiemployer plans description of minimum contribution | 'For all of the plans noted in the table above, minimum contributions outside of the agreed upon contractual rate are not required. | ' | ' | |
Minimum [Member] | Western Conference of Teamsters Pension Plan [Member] | ' | ' | ' | |
Multiemployer Plans [Line Items] | ' | ' | ' | |
Multiemployer plan collective bargaining agreement average percentage of employer's contributions | 1.00% | ' | ' | |
Maximum [Member] | Western Conference of Teamsters Pension Plan [Member] | ' | ' | ' | |
Multiemployer Plans [Line Items] | ' | ' | ' | |
Multiemployer plan collective bargaining agreement average percentage of employer's contributions | 10.00% | ' | ' | |
CBA expiring July 31, 2016 [Member] | Teamsters Pension Trust Fund of Philadelphia and Vicinity [Member] | ' | ' | ' | |
Multiemployer Plans [Line Items] | ' | ' | ' | |
Multiemployer plan number of collective bargaining agreements | 1 | ' | ' | |
Multiemployer plan collective bargaining agreement average percentage of employer's contributions | 5.00% | ' | ' | |
CBAs expiring July 20, 2020 [Member] | Teamsters Pension Trust Fund of Philadelphia and Vicinity [Member] | ' | ' | ' | |
Multiemployer Plans [Line Items] | ' | ' | ' | |
Multiemployer plan number of collective bargaining agreements | 2 | ' | ' | |
Multiemployer plan collective bargaining agreement average percentage of employer's contributions | 95.00% | ' | ' | |
[1] | Sysco is party to 23 CBAs that require contributions to the Western Conference of Teamsters Pension Trust. Each agreement covers anywhere from less than 1% to 10% of the total contributions Sysco is required to pay the fund. | |||
[2] | Sysco is party to three CBAs that require contributions to the Teamsters Pension Trust Fund of Philadelphia and Vicinity. One agreement expires July 31, 2016 and covers approximately 5% of the total Contribution Sysco is required to pay the fund. The remaining two agreements expire July 20, 2020 and cover the remaining 95% of the total contributions Sysco is required to pay the fund. |
Multiemployer_Employee_Benefit5
Multiemployer Employee Benefit Plans (Other Postretirement Benefit Plans) (Details) (Multiemployer Other Postretirement Benefit Plans [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 |
Multiemployer Other Postretirement Benefit Plans [Member] | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
Multiemployer plans benefits description | 'These plans may provide medical, pharmacy, dental, vision, mental health and other benefits to active employees and retirees as determined by the trustees of each plan. | ' | ' |
Multiemployer plan contributions | $29,700 | $30,600 | $25,500 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | |
Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings | $254,171,000 | $180,937,000 | $210,835,000 | $285,590,000 | $283,043,000 | $201,417,000 | $221,369,000 | $286,598,000 | $931,533,000 | $992,427,000 | $1,121,585,000 |
Weighted-average basic shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 585,988,084 | 589,397,807 | 587,726,343 |
Dilutive effect of share-based awards | ' | ' | ' | ' | ' | ' | ' | ' | 4,228,136 | 3,277,303 | 1,265,098 |
Weighted-average diluted shares outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 590,216,220 | 592,675,110 | 588,991,441 |
Basic earnings per share (in USD per share) | $0.43 | $0.31 | $0.36 | $0.49 | $0.48 | $0.34 | $0.38 | $0.49 | $1.59 | $1.68 | $1.91 |
Diluted earnings per share (in USD per share) | $0.43 | $0.31 | $0.36 | $0.48 | $0.47 | $0.34 | $0.38 | $0.49 | $1.58 | $1.67 | $1.90 |
Dividends declared | ' | ' | ' | ' | ' | ' | ' | ' | 673,568,000 | 654,871,000 | 628,024,000 |
Dividends declared but not paid | $171,600,000 | ' | ' | ' | $165,800,000 | ' | ' | ' | $171,600,000 | $165,800,000 | $159,400,000 |
Stock Options [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of anti-dilutive options | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | 18,200,000 | 49,100,000 |
Comprehensive_Income_Component
Comprehensive Income (Components of Other Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Foreign currency translation adjustment, before tax | ($3,106) | ($33,191) | ($81,003) |
Other comprehensive income (loss), before tax | -315,801 | 371,224 | -603,577 |
Other comprehensive income (loss), tax | -120,075 | 155,295 | -200,669 |
Amortization of prior service cost, net of tax | 6,970 | 11,310 | 3,093 |
Amortization of actuarial loss (gain), net, net of tax | 9,968 | 44,610 | 36,860 |
Amortization of transition obligation, net of tax | 0 | 88 | 93 |
Total reclassification adjustments, net of tax | 16,938 | 56,008 | 40,046 |
Prior service cost arising in current year, net of tax | 214 | -33,203 | -5,363 |
Actuarial (loss) gain, net, arising in current year, net of tax | -127,942 | 225,929 | -357,459 |
Total other comprehensive income before reclassification adjustments, net of tax | -127,728 | 192,726 | -362,822 |
Amortization of cash flow hedges, net of tax | 385 | 386 | 426 |
Change in fair value of cash flow hedges, net of tax | -82,215 | 0 | 445 |
Total other comprehensive (loss) income | -195,726 | 215,929 | -402,908 |
Comprehensive income | 735,807 | 1,208,356 | 718,677 |
Pension and Other Postretirement Plans [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Prior service cost arising in current year, before tax | 347 | -53,902 | -8,706 |
Actuarial (loss) gain, net, arising in current year, before tax | -207,698 | 366,769 | -580,291 |
Total other comprehensive income before reclassification adjustments, before tax | -207,351 | 312,867 | -588,997 |
Prior service cost arising in current year, tax | 133 | -20,699 | -3,343 |
Actuarial (loss) gain, net, arising in current year, tax | -79,756 | 140,840 | -222,832 |
Total other comprehensive income before reclassification adjustments, tax | -79,623 | 120,141 | -226,175 |
Prior service cost arising in current year, net of tax | 214 | -33,203 | -5,363 |
Actuarial (loss) gain, net, arising in current year, net of tax | -127,942 | 225,929 | -357,459 |
Total other comprehensive income before reclassification adjustments, net of tax | -127,728 | 192,726 | -362,822 |
Pension and Other Postretirement Plans [Member] | Reclassification out of AOCI [Member] | Operating Expenses [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Amortization of prior service cost, before tax | 11,313 | 18,360 | 5,021 |
Amortization of actuarial loss (gain), net, before tax | 16,184 | 72,421 | 59,835 |
Amortization of transition obligation, before tax | ' | 141 | 153 |
Total reclassification adjustments, before tax | 27,497 | 90,922 | 65,009 |
Amortization of prior service cost, tax | 4,343 | 7,050 | 1,928 |
Amortization of actuarial loss (gain), net, tax | 6,216 | 27,811 | 22,975 |
Amortization of transition obligation, tax | ' | 53 | 60 |
Total reclassification adjustments, tax | 10,559 | 34,914 | 24,963 |
Amortization of prior service cost, net of tax | 6,970 | 11,310 | 3,093 |
Amortization of actuarial loss (gain), net, net of tax | 9,968 | 44,610 | 36,860 |
Amortization of transition obligation, net of tax | ' | 88 | 93 |
Total reclassification adjustments, net of tax | 16,938 | 56,008 | 40,046 |
Foreign Currency Translation [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Foreign currency translation adjustment, before tax | -3,106 | -33,191 | -81,003 |
Foreign currency translation adjustment, tax | 0 | 0 | 0 |
Foreign currency translation adjustment, net of tax | -3,106 | -33,191 | -81,003 |
Interest Rate Swap [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Change in fair value of cash flow hedges, before tax | -133,466 | ' | 722 |
Change in fair value of cash flow hedges, tax | -51,251 | ' | 277 |
Change in fair value of cash flow hedges, net of tax | -82,215 | ' | 445 |
Interest Rate Swap [Member] | Reclassification out of AOCI [Member] | Interest Expense [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Amortization of cash flow hedges, before tax | 625 | 626 | 692 |
Amortization of cash flow hedges, tax | 240 | 240 | 266 |
Amortization of cash flow hedges, net of tax | $385 | $386 | $426 |
Comprehensive_Income_Summary_o
Comprehensive Income (Summary of Changes in Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | Jul. 02, 2011 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 |
In Thousands, unless otherwise specified | Pension and Other Postretirement Plans [Member] | Pension and Other Postretirement Plans [Member] | Pension and Other Postretirement Plans [Member] | Foreign Currency Translation [Member] | Foreign Currency Translation [Member] | Foreign Currency Translation [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Other Comprehensive Loss [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance, shareholders' equity | $5,266,695 | $5,191,810 | $4,685,040 | $4,705,242 | ($575,167) | ($823,901) | ($501,125) | $137,558 | $170,749 | $251,752 | ($9,328) | ($9,714) | ($10,585) | ($446,937) | ($662,866) | ($259,958) |
Other comprehensive income before reclassification adjustments | ' | ' | ' | ' | -127,728 | 192,726 | -362,822 | -3,106 | -33,191 | -81,003 | -82,215 | 0 | 445 | -213,049 | 159,535 | -443,380 |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | ' | ' | 16,938 | 56,008 | 40,046 | 0 | 0 | 0 | 385 | 386 | 426 | 17,323 | 56,394 | 40,472 |
Ending balance, shareholders' equity | $5,266,695 | $5,191,810 | $4,685,040 | $4,705,242 | ($685,957) | ($575,167) | ($823,901) | $134,452 | $137,558 | $170,749 | ($91,158) | ($9,328) | ($9,714) | ($642,663) | ($446,937) | ($662,866) |
ShareBased_Compensation_Stock_
Share-Based Compensation (Stock Incentive Plans) (Details) | 12 Months Ended |
Jun. 28, 2014 | |
2013 Long-term Incentive Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Total number of shares authorized | 55,600,000 |
Description of vesting requirements for awards issued and contractual life for options granted | 'Vesting requirements for awards under this plan will vary by individual grant and may include either time-based vesting or time-based vesting subject to acceleration based on performance criteria for fiscal periods of at least one year. The contractual life of all options granted under this plan will be no greater than ten years. |
Total number of shares available for grant | 49,207,002 |
Previous Employee Stock Plans [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Contractual life for awards granted (in years) | '7 years |
2009 Non-Employee Directors Stock Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Total number of shares authorized | 750,000 |
Total number of shares available for grant | 415,412 |
New Shares [Member] | 2013 Long-term Incentive Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Total number of shares authorized | 45,000,000 |
Carryover Shares [Member] | New Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Total number of shares authorized | 10,600,000 |
Options Or Stock Apppreciation Rights [Member] | 2013 Long-term Incentive Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Total number of shares authorized | 55,600,000 |
Total number of shares available for grant | 49,207,002 |
Restricted Stock, Restricted Stock Units Or Other Types Of Stock-Based Awards [Member] | 2013 Long-term Incentive Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Total number of shares authorized | 17,500,000 |
Total number of shares available for grant | 16,272,900 |
Minimum [Member] | 2013 Long-term Incentive Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Minimum vesting period for awards granted (in years) | '1 year |
Maximum [Member] | 2013 Long-term Incentive Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Contractual life for awards granted (in years) | '10 years |
ShareBased_Compensation_Stock_1
Share-Based Compensation (Stock Options) (Details) (USD $) | 12 Months Ended | ||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Dividend yield | 3.50% | 3.70% | 3.70% |
Expected volatility | 20.40% | 20.70% | 23.40% |
Risk-free interest rate | 2.10% | 0.70% | 1.00% |
Expected life (years) | '7 years 2 months 12 days | '5 years 4 months 24 days | '5 years 4 months 24 days |
Options outstanding, beginning balance, shares | 31,556,789 | ' | ' |
Options granted, shares | 5,575,645 | 6,212,716 | 7,015,952 |
Options exercised, shares | -7,754,053 | ' | ' |
Options forfeited, shares | -1,096,146 | ' | ' |
Options expired, shares | -812,324 | ' | ' |
Options outstanding, ending balance, shares | 27,469,911 | 31,556,789 | ' |
Options vested or expected to vest, shares | 27,250,629 | ' | ' |
Options exercisable, shares | 9,604,094 | ' | ' |
Options outstanding, beginning balance, weighted average exercise price (in USD per share) | $29.07 | ' | ' |
Options granted, weighted average exercise price (in USD per share) | $33.31 | ' | ' |
Options exercised, weighted average exercise price (in USD per share) | $29.99 | ' | ' |
Options forfeited, weighted average exercise price (in USD per share) | $28.86 | ' | ' |
Options expired, weighted average exercise price (in USD per share) | $31.86 | ' | ' |
Options outstanding, ending balance, weighted average exercise price (in USD per share) | $29.59 | $29.07 | ' |
Options vested or expected to vest, weighted average exercise price (in USD per share) | $29.58 | ' | ' |
Options exercisable, weighted average exercise price (in USD per share) | $28.51 | ' | ' |
Options outstanding, ending balance, weighted average remaining contractual term (in years) | '4 years 8 months 27 days | ' | ' |
Options vested or expected to vest, weighted average remaining contractual term (in years) | '4 years 8 months 19 days | ' | ' |
Options exercisable, weighted average remaining contractual term (in years) | '2 years 8 months 19 days | ' | ' |
Options outstanding, ending balance, aggregate intrinsic value (in USD) | $226,830,000 | ' | ' |
Options vested or expected to vest, aggregate intrinsic value (in USD) | 225,328,000 | ' | ' |
Options exercisable, aggregate intrinsic value (in USD) | 89,660,000 | ' | ' |
Weighted average fair value of options granted in period (in USD per share) | $4.64 | $3.20 | $3.69 |
Total intrinsic value of options exercised in period (in USD) | $19,100,000 | $24,100,000 | $8,300,000 |
Key Employees [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Options granted, shares | 3,415,947 | 3,860,996 | 4,117,098 |
Number of employees receiving options in period | 167 | 152 | 180 |
Executive Officer [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Options granted, shares | 2,159,698 | 2,351,720 | 2,898,854 |
Number of employees receiving options in period | 11 | 11 | 11 |
ShareBased_Compensation_Restri
Share-Based Compensation (Restricted Stock Units) (Details) (Restricted Stock Units [Member], USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 |
Restricted Stock Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Equity instruments other than options granted, shares | 1,322,709 | 1,722,835 | 1,528,734 |
Equity instruments other than options granted, award vesting period (in years) | '3 years | '3 years | '3 years |
Equity instruments other than options granted, weighted average grant date fair value per share (in USD per share) | $33.39 | $29.75 | $27.35 |
Equity instruments other than options vested, total fair value (in USD) | $39.40 | $27.60 | $11.80 |
ShareBased_Compensation_NonEmp
Share-Based Compensation (Non-Employee Director Awards) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 |
Director Restricted Award [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Equity instruments other than options granted, shares | 43,119 | 48,069 | 63,657 |
Equity instruments other than options granted, award vesting period (in years) | '1 year | '1 year | '1 year |
Equity instruments other than options granted, weighted average grant date fair value per share (in USD per share) | $33.40 | $29.96 | $27.65 |
Equity instruments other than options distributed, total fair value (in USD) | $1.40 | $1.90 | $2.20 |
Elected Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Equity instruments other than options vested, shares | 24,565 | 26,702 | 31,397 |
Equity instruments other than options distributed, total fair value (in USD) | $0.80 | $0.50 | $0.50 |
Equity instruments other than options vested, weighted average grant date fair value per share (in USD per share) | $34.59 | $30.38 | $28.46 |
Elected Shares [Member] | 2009 Non-Employee Directors Stock Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Maximum percentage of annual director fees that can be received in common stock | 100.00% | ' | ' |
Matching percentage of shares received in the stock election | 50.00% | ' | ' |
Director Restricted Award And Elected Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Equity instruments other than options vested but not distributed ending balance, shares | 84,869 | ' | ' |
ShareBased_Compensation_Summar
Share-Based Compensation (Summary of Nonvested Awards) (Details) (Nonvested Awards [Member], USD $) | 12 Months Ended |
Jun. 28, 2014 | |
Nonvested Awards [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Nonvested equity instruments other than options beginning balance, shares | 2,933,807 |
Equity instruments other than options granted, shares | 1,365,986 |
Equity instruments other than options vested, shares | -1,202,913 |
Equity instruments other than options forfeited, shares | -178,475 |
Nonvested equity instruments other than options ending balance, shares | 2,918,405 |
Nonvested equity instruments other than options beginning balance, weighted average grant date fair value per share (in USD per share) | $28.90 |
Equity instruments other than options granted, weighted average grant date fair value per share (in USD per share) | $33.39 |
Equity instruments other than options vested, weighted average grant date fair value per share (in USD per share) | $28.67 |
Equity instruments other than options forfeited, weighted average grant date fair value per share (in USD per share) | $29.50 |
Nonvested equity instruments other than options ending balance, weighted average grant date fair value per share (in USD per share) | $31.06 |
ShareBased_Compensation_Employ
Share-Based Compensation (Employees' Stock Purchase Plan) (Details) (Employees' Stock Purchase Plan [Member], USD $) | 12 Months Ended | ||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | |
Employees' Stock Purchase Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based payment award, discount from market price | 15.00% | ' | ' |
Total number of shares authorized | 79,000,000 | ' | ' |
Total number of shares available for grant | 2,454,932 | ' | ' |
Equity instruments other than options vested, shares | 1,315,535 | 1,470,271 | 1,661,758 |
Equity instruments other than options vested, weighted average grant date fair value per share (in USD per share) | $5.17 | $4.78 | $4.33 |
ShareBased_Compensation_All_Sh
Share-Based Compensation (All Share-Based Payment Arrangements) (Details) (USD $) | 12 Months Ended | ||
Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | |
Share-Based Compensation [Abstract] | ' | ' | ' |
Share-based compensation expense | $74,328,000 | $70,147,000 | $70,319,000 |
Total income tax benefit recognized on share-based compensation expense | 28,100,000 | 29,900,000 | 21,700,000 |
Total unrecognized compensation cost related to share-based compensation arrangements | 64,900,000 | ' | ' |
Weighted average period of time for unrecognized compensation cost to be recognized (in years) | '2 years 4 months 21 days | ' | ' |
Cash received from options exercises and purchase of shares under the employees' stock purchase plan | 255,600,000 | 628,700,000 | 99,400,000 |
Actual tax benefit realized for tax deductions from option exercises | $16,600,000 | $24,000,000 | $3,000,000 |
Income_Taxes_Income_Tax_Provis
Income Taxes (Income Tax Provisions) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 |
Income Taxes [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
United States pretax income | ' | ' | ' | ' | ' | ' | ' | ' | $1,287,371 | $1,351,947 | $1,606,928 |
Foreign pretax income | ' | ' | ' | ' | ' | ' | ' | ' | 188,253 | 195,508 | 177,074 |
Earnings before income taxes | 400,533 | 296,683 | 326,204 | 452,204 | 438,505 | 306,397 | 352,162 | 450,391 | 1,475,624 | 1,547,455 | 1,784,002 |
United States federal income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 433,795 | 439,667 | 540,861 |
State and local income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 55,736 | 69,759 | 77,064 |
Foreign income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 54,560 | 45,602 | 44,492 |
Current income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 574,760 | 582,889 | 840,745 |
Deferred income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -30,669 | -27,861 | -178,328 |
Total income tax expense | $146,362 | $115,746 | $115,369 | $166,614 | $155,462 | $104,980 | $130,793 | $163,793 | $544,091 | $555,028 | $662,417 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) (USD $) | Jun. 28, 2014 | Jun. 29, 2013 |
Income Taxes [Line Items] | ' | ' |
Deferred tax liabilities, excess tax depreciation and basis differences of assets | $416,417,000 | $455,752,000 |
Deferred tax liabilities, goodwill and intangible assets | 211,434,000 | 208,229,000 |
Deferred tax liabilities, other | 15,171,000 | 18,127,000 |
Total deferred tax liabilities | 643,022,000 | 682,108,000 |
Deferred tax assets, net operating tax loss carryforwards | 20,123,000 | 19,149,000 |
Deferred tax assets, benefit on unrecognized tax benefits | 22,170,000 | 23,833,000 |
Deferred tax assets, pension | 287,046,000 | 224,990,000 |
Deferred tax assets, share-based compensation | 41,262,000 | 39,316,000 |
Deferred tax assets, deferred compensation | 33,280,000 | 34,951,000 |
Deferred tax assets, self-insured liabilities | 65,002,000 | 47,538,000 |
Deferred tax assets, receivables | 47,688,000 | 48,236,000 |
Deferred tax assets, inventory | 62,799,000 | 63,509,000 |
Deferred tax assets, cash flow hedge | 56,826,000 | 5,815,000 |
Deferred tax assets, other | 26,471,000 | 44,760,000 |
Total deferred tax assets | 662,667,000 | 552,097,000 |
Total net deferred tax (assets) | -19,645,000 | ' |
Total net deferred tax liabilities | ' | 130,011,000 |
State Jurisdiction [Member] | ' | ' |
Income Taxes [Line Items] | ' | ' |
State jurisdiction operating loss carryforward valuation allowance | $0 | $0 |
Income_Taxes_Effective_Tax_Rat
Income Taxes (Effective Tax Rates) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 |
Income Taxes [Abstract] | ' | ' | ' |
Effective income tax rate reconciliation, United States statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
Effective income tax rate reconciliation, state and local income taxes, net of any applicable federal income tax benefit | 2.82% | 2.59% | 2.65% |
Effective income tax rate reconciliation,foreign income taxes | -1.66% | -1.22% | -1.07% |
Effective income tax rate reconciliation, other | 0.71% | -0.50% | 0.55% |
Effective income tax rate | 36.87% | 35.87% | 37.13% |
Net increase (reduction) in income tax expense related to disqualifying dispositions | ($5.70) | ($8.80) | ' |
Net increase (reduction) in income tax expense related to nondeductible penalty | 6.2 | ' | ' |
Net increase (reduction) in income tax expense related to changes in estimates for the prior year domestic tax provision | ' | -14 | ' |
Income tax expense for tax adjustments related to federal, state and foreign uncertain tax positions | $5.20 | $5.70 | ' |
Income_Taxes_Uncertain_Tax_Pos
Income Taxes (Uncertain Tax Positions) (Details) (USD $) | 12 Months Ended | |
Jun. 28, 2014 | Jun. 29, 2013 | |
Income Taxes [Line Items] | ' | ' |
Unrecognized tax benefits at beginning of year | $108,337,000 | $103,988,000 |
Unrecognized tax benefits, additions for tax positions related to prior years | 2,128,000 | 15,431,000 |
Unrecognized tax benefits, reductions for tax positions related to prior years | -41,802,000 | -2,030,000 |
Unrecognized tax benefits, additions for tax positions related to current year | 0 | 0 |
Unrecognized tax benefits, reductions for tax positions related to current year | 0 | 0 |
Unrecognized tax benefits, reductions due to settlements with taxing authorities | -19,483,000 | -9,052,000 |
Unrecognized tax benefits, reductions due to lapse of applicable statute of limitations | 0 | 0 |
Unrecognized tax benefits at end of year | 49,180,000 | 108,337,000 |
Liability recorded for interest and penalities related to unrecognized tax benefits | 36,700,000 | 36,800,000 |
Expense recorded for interest and penalties related to unrecognized tax benefits | 14,800,000 | 5,000,000 |
Amount of unrecognized tax benefits at balance sheet date that, if recognized, would impact effective tax rate | 35,100,000 | 42,000,000 |
Current Taxes [Member] | ' | ' |
Income Taxes [Line Items] | ' | ' |
Unrecognized tax benefits at end of year | ' | 11,600,000 |
Liability recorded for interest and penalities related to unrecognized tax benefits | ' | $5,800,000 |
Income_Taxes_Other_Details
Income Taxes (Other) (Details) (USD $) | Jun. 28, 2014 |
In Millions, unless otherwise specified | |
Income Taxes [Abstract] | ' |
Undistributed income of foreign subsidiaries | $1,104.10 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Legal Proceedings) (Details) (California Litigation Settlement [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 28, 2014 |
Loss Contingencies [Line Items] | ' |
Litigation settlement reserve | $20 |
Litigation settlement amount | 19.4 |
Settlement Component, Penalties [Member] | ' |
Loss Contingencies [Line Items] | ' |
Litigation settlement amount | 15 |
Settlement Component, Funding Investigator Positions [Member] | ' |
Loss Contingencies [Line Items] | ' |
Litigation settlement amount | 3.3 |
Settlement Component, Food Bank Donation [Member] | ' |
Loss Contingencies [Line Items] | ' |
Litigation settlement amount | 1 |
Settlement Component, Legal Fees [Member] | ' |
Loss Contingencies [Line Items] | ' |
Litigation settlement amount | $0.10 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Fuel Commitments) (Details) (Fuel Commitments [Member], USD $) | Jun. 28, 2014 |
In Millions, unless otherwise specified | |
Fuel Commitments [Member] | ' |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ' |
Unrecorded unconditional purchase obligation as of balance sheet date | $187.20 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Other Commitments) (Details) (USD $) | 12 Months Ended |
Jun. 28, 2014 | |
Product Purchases for Resale Commitments [Member] | ' |
Other Commitments [Line Items] | ' |
Product purchases for resale term for majority of agreements | 'one year |
Unrecorded unconditional purchase obligation as of balance sheet date | $2,830,000,000 |
Product purchases for resale commitment in one year | 2,101,096,000 |
Product purchases for resale commitment in two years | 634,985,000 |
Product purchases for resale commitment in three years | 93,283,000 |
Product purchases for resale commitment in four years | 667,000 |
Information Technology Services Commitments [Member] | ' |
Other Commitments [Line Items] | ' |
Time period of long-term purchase commitment | 'periods up to fiscal 2019 |
Remaining amount of long-term purchase commitment | 624,700,000 |
Termination fee associated with long-term purchase commitment if terminated in next fiscal year | $22,500,000 |
Business_Segment_Information_D
Business Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | $12,286,992 | $11,277,484 | $11,237,969 | $11,714,267 | $11,601,056 | $10,926,371 | $10,796,890 | $11,086,916 | $46,516,712 | $44,411,233 | $42,380,939 |
Operating income | 424,522 | 332,625 | 351,777 | 478,198 | 459,843 | 337,202 | 382,651 | 478,782 | 1,587,122 | 1,658,478 | 1,890,632 |
Interest expense | 31,205 | 32,224 | 29,784 | 30,528 | 31,170 | 34,215 | 32,242 | 30,868 | 123,741 | 128,495 | 113,396 |
Other expense (income), net | -7,216 | 3,718 | -4,211 | -4,534 | -9,832 | -3,410 | -1,753 | -2,477 | -12,243 | -17,472 | -6,766 |
Earnings before income taxes | 400,533 | 296,683 | 326,204 | 452,204 | 438,505 | 306,397 | 352,162 | 450,391 | 1,475,624 | 1,547,455 | 1,784,002 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 556,062 | 512,548 | 416,943 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 523,206 | 511,862 | 784,501 |
Assets | 13,167,950 | ' | ' | ' | 12,678,208 | ' | ' | ' | 13,167,950 | 12,678,208 | 12,137,207 |
Broadline [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 37,709,391 | 36,129,463 | 34,420,851 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 2,475,659 | 2,402,215 | 2,416,225 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 307,500 | 313,611 | 298,852 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 299,207 | 284,016 | 525,368 |
Assets | 8,956,911 | ' | ' | ' | 10,228,722 | ' | ' | ' | 8,956,911 | 10,228,722 | 8,067,912 |
SYGMA [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 6,177,804 | 5,780,103 | 5,735,673 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 38,048 | 52,016 | 60,967 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 28,164 | 28,059 | 27,706 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 34,671 | 18,078 | 30,961 |
Assets | 513,587 | ' | ' | ' | 485,520 | ' | ' | ' | 513,587 | 485,520 | 475,877 |
Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,925,789 | 2,741,537 | 2,396,113 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 93,668 | 98,564 | 91,048 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 30,471 | 28,194 | 24,745 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 78,235 | 47,744 | 41,669 |
Assets | 1,034,775 | ' | ' | ' | 944,140 | ' | ' | ' | 1,034,775 | 944,140 | 877,207 |
Intersegment Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | -296,272 | -239,870 | -171,698 |
Total Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 2,607,375 | 2,552,795 | 2,568,240 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 366,135 | 369,864 | 351,303 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 412,113 | 349,838 | 597,998 |
Assets | 10,505,273 | ' | ' | ' | 11,658,382 | ' | ' | ' | 10,505,273 | 11,658,382 | 9,420,996 |
Corporate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -1,020,253 | -894,317 | -677,608 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 189,927 | 142,684 | 65,640 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 111,093 | 162,024 | 186,503 |
Assets | $2,662,677 | ' | ' | ' | $1,019,826 | ' | ' | ' | $2,662,677 | $1,019,826 | $2,716,211 |
Business_Segment_Information_P
Business Segment Information (Product Mix) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | $12,286,992 | $11,277,484 | $11,237,969 | $11,714,267 | $11,601,056 | $10,926,371 | $10,796,890 | $11,086,916 | $46,516,712 | $44,411,233 | $42,380,939 |
Fresh and Frozen Meats [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 8,809,148 | 8,242,423 | 7,929,235 |
Canned and Dry Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 8,383,007 | 8,310,634 | 7,948,187 |
Frozen Fruits, Vegetables, Bakery, and Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 6,196,362 | 6,023,990 | 5,757,871 |
Dairy Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 4,956,895 | 4,669,986 | 4,456,634 |
Poultry [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 4,814,949 | 4,580,445 | 4,188,787 |
Fresh Produce [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 3,725,108 | 3,540,027 | 3,332,504 |
Paper and Disposables [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 3,438,074 | 3,364,965 | 3,295,483 |
Seafood [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,401,021 | 2,167,588 | 2,076,848 |
Beverage Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,671,000 | 1,643,034 | 1,591,540 |
Janitorial Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,050,187 | 1,013,488 | 952,569 |
Equipment and Smallwares [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 678,454 | 637,680 | 613,590 |
Medical Supplies [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | $392,507 | $216,973 | $237,691 |
Business_Segment_Information_G
Business Segment Information (Geographic Area) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Sales | $12,286,992 | $11,277,484 | $11,237,969 | $11,714,267 | $11,601,056 | $10,926,371 | $10,796,890 | $11,086,916 | $46,516,712 | $44,411,233 | $42,380,939 | |||||
Plant and equipment at cost, less depreciation | 3,985,618 | ' | ' | ' | 3,978,071 | ' | ' | ' | 3,985,618 | 3,978,071 | 3,883,750 | |||||
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 40,612,963 | [1] | 38,985,715 | [1] | 37,596,862 | [1] | ||
Plant and equipment at cost, less depreciation | 3,520,449 | [2] | ' | ' | ' | 3,593,346 | [2] | ' | ' | ' | 3,520,449 | [2] | 3,593,346 | [2] | 3,564,854 | [2] |
Canada [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 4,923,672 | [1] | 4,698,814 | [1] | 4,246,611 | [1] | ||
Plant and equipment at cost, less depreciation | 347,440 | [2] | ' | ' | ' | 307,605 | [2] | ' | ' | ' | 347,440 | [2] | 307,605 | [2] | 291,304 | [2] |
Other Geographic Areas [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 980,077 | [1] | 726,704 | [1] | 537,466 | [1] | ||
Plant and equipment at cost, less depreciation | $117,729 | [2] | ' | ' | ' | $77,120 | [2] | ' | ' | ' | $117,729 | [2] | $77,120 | [2] | $27,592 | [2] |
[1] | Represents sales to external customers from businesses operating in these countries. | |||||||||||||||
[2] | Long-lived assets represents net property, plant and equipment reported in the country in which they are held. |
Supplemental_Guarantor_Informa2
Supplemental Guarantor Information - Subsidiary Guarantees (Narrative) (Details) (Subsidiary Guarantee [Member], USD $) | 12 Months Ended |
Jun. 28, 2014 | |
Subsidiary Guarantee [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Face value of outstanding senior notes and debentures guaranteed by wholly-owned subsidiaries | $2,655,000,000 |
Percentage ownership of subsidiary guarantors by parent | 100.00% |
Supplemental_Guarantor_Informa3
Supplemental Guarantor Information - Subsidiary Guarantees (Balance Sheet) (Details) (USD $) | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 | Jul. 02, 2011 |
In Thousands, unless otherwise specified | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Current assets | $6,681,972 | $6,221,688 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Plant and equipment, net | 3,985,618 | 3,978,071 | 3,883,750 | ' |
Other assets | 2,500,360 | 2,478,449 | ' | ' |
Total assets | 13,167,950 | 12,678,208 | 12,137,207 | ' |
Current liabilities | 4,367,630 | 3,662,624 | ' | ' |
Intercompany payables (receivables) | 0 | 0 | ' | ' |
Long-term debt | 2,384,167 | 2,639,986 | ' | ' |
Other liabilities | 1,149,458 | 1,183,788 | ' | ' |
Shareholders' equity | 5,266,695 | 5,191,810 | 4,685,040 | 4,705,242 |
Total liabilities and shareholders' equity | 13,167,950 | 12,678,208 | ' | ' |
Subsidiary Guarantee [Member] | U.S. Broadline Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Current assets | 3,928,660 | 3,757,486 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Plant and equipment, net | 1,783,262 | 1,885,908 | ' | ' |
Other assets | 524,468 | 534,713 | ' | ' |
Total assets | 6,236,390 | 6,178,107 | ' | ' |
Current liabilities | 1,008,366 | 887,271 | ' | ' |
Intercompany payables (receivables) | -239,539 | -1,003,219 | ' | ' |
Long-term debt | 14,094 | 10,422 | ' | ' |
Other liabilities | 328,185 | 467,470 | ' | ' |
Shareholders' equity | 5,125,284 | 5,816,163 | ' | ' |
Total liabilities and shareholders' equity | 6,236,390 | 6,178,107 | ' | ' |
Subsidiary Guarantee [Member] | Other Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Current assets | 2,498,546 | 2,187,346 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Plant and equipment, net | 1,705,403 | 1,551,303 | ' | ' |
Other assets | 1,631,847 | 1,618,691 | ' | ' |
Total assets | 5,835,796 | 5,357,340 | ' | ' |
Current liabilities | 2,566,024 | 2,138,283 | ' | ' |
Intercompany payables (receivables) | 219,432 | 408,291 | ' | ' |
Long-term debt | 21,515 | 22,952 | ' | ' |
Other liabilities | 140,895 | 174,090 | ' | ' |
Shareholders' equity | 2,887,930 | 2,613,724 | ' | ' |
Total liabilities and shareholders' equity | 5,835,796 | 5,357,340 | ' | ' |
Sysco-Debt Issuing Parent [Member] | Subsidiary Guarantee [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Current assets | 254,766 | 276,856 | ' | ' |
Investment in subsidiaries | 8,013,214 | 8,429,887 | ' | ' |
Plant and equipment, net | 496,953 | 540,860 | ' | ' |
Other assets | 344,045 | 325,045 | ' | ' |
Total assets | 9,108,978 | 9,572,648 | ' | ' |
Current liabilities | 793,240 | 637,070 | ' | ' |
Intercompany payables (receivables) | 20,107 | 594,928 | ' | ' |
Long-term debt | 2,348,558 | 2,606,612 | ' | ' |
Other liabilities | 680,378 | 542,228 | ' | ' |
Shareholders' equity | 5,266,695 | 5,191,810 | ' | ' |
Total liabilities and shareholders' equity | 9,108,978 | 9,572,648 | ' | ' |
Eliminations [Member] | Subsidiary Guarantee [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Current assets | 0 | 0 | ' | ' |
Investment in subsidiaries | -8,013,214 | -8,429,887 | ' | ' |
Plant and equipment, net | 0 | 0 | ' | ' |
Other assets | 0 | 0 | ' | ' |
Total assets | -8,013,214 | -8,429,887 | ' | ' |
Current liabilities | 0 | 0 | ' | ' |
Intercompany payables (receivables) | 0 | 0 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Other liabilities | 0 | 0 | ' | ' |
Shareholders' equity | -8,013,214 | -8,429,887 | ' | ' |
Total liabilities and shareholders' equity | ($8,013,214) | ($8,429,887) | ' | ' |
Supplemental_Guarantor_Informa4
Supplemental Guarantor Information - Subsidiary Guarantees (Comprehensive Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | $12,286,992 | $11,277,484 | $11,237,969 | $11,714,267 | $11,601,056 | $10,926,371 | $10,796,890 | $11,086,916 | $46,516,712 | $44,411,233 | $42,380,939 |
Cost of sales | 10,131,136 | 9,282,743 | 9,273,018 | 9,648,780 | 9,528,836 | 8,983,889 | 8,844,780 | 9,057,121 | 38,335,677 | 36,414,626 | 34,601,665 |
Gross profit | 2,155,856 | 1,994,741 | 1,964,951 | 2,065,487 | 2,072,220 | 1,942,482 | 1,952,110 | 2,029,795 | 8,181,035 | 7,996,607 | 7,779,274 |
Operating expenses | 1,731,334 | 1,662,116 | 1,613,174 | 1,587,289 | 1,612,377 | 1,605,280 | 1,569,459 | 1,551,013 | 6,593,913 | 6,338,129 | 5,888,642 |
Operating income (loss) | 424,522 | 332,625 | 351,777 | 478,198 | 459,843 | 337,202 | 382,651 | 478,782 | 1,587,122 | 1,658,478 | 1,890,632 |
Interest expense (income) | 31,205 | 32,224 | 29,784 | 30,528 | 31,170 | 34,215 | 32,242 | 30,868 | 123,741 | 128,495 | 113,396 |
Other expense (income), net | -7,216 | 3,718 | -4,211 | -4,534 | -9,832 | -3,410 | -1,753 | -2,477 | -12,243 | -17,472 | -6,766 |
Earnings (losses) before income taxes | 400,533 | 296,683 | 326,204 | 452,204 | 438,505 | 306,397 | 352,162 | 450,391 | 1,475,624 | 1,547,455 | 1,784,002 |
Income tax (benefit) provision | 146,362 | 115,746 | 115,369 | 166,614 | 155,462 | 104,980 | 130,793 | 163,793 | 544,091 | 555,028 | 662,417 |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net earnings | 254,171 | 180,937 | 210,835 | 285,590 | 283,043 | 201,417 | 221,369 | 286,598 | 931,533 | 992,427 | 1,121,585 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -195,726 | 215,929 | -402,908 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 735,807 | 1,208,356 | 718,677 |
Subsidiary Guarantee [Member] | U.S. Broadline Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 30,741,979 | 30,162,329 | 29,100,106 |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 24,990,377 | 24,385,677 | 23,374,199 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 5,751,602 | 5,776,652 | 5,725,907 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 3,520,577 | 3,610,907 | 3,534,382 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 2,231,025 | 2,165,745 | 2,191,525 |
Interest expense (income) | ' | ' | ' | ' | ' | ' | ' | ' | -102,086 | -177,421 | -281,193 |
Other expense (income), net | ' | ' | ' | ' | ' | ' | ' | ' | 217 | -4,554 | -1,244 |
Earnings (losses) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 2,332,894 | 2,347,720 | 2,473,962 |
Income tax (benefit) provision | ' | ' | ' | ' | ' | ' | ' | ' | 860,184 | 842,062 | 918,607 |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net earnings | ' | ' | ' | ' | ' | ' | ' | ' | 1,472,710 | 1,505,658 | 1,555,355 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 1,472,710 | 1,505,658 | 1,555,355 |
Subsidiary Guarantee [Member] | Other Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 16,979,494 | 15,335,180 | 14,131,162 |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 14,550,061 | 13,115,225 | 12,077,795 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 2,429,433 | 2,219,955 | 2,053,367 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 2,269,159 | 2,032,899 | 1,826,372 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 160,274 | 187,056 | 226,995 |
Interest expense (income) | ' | ' | ' | ' | ' | ' | ' | ' | -6,313 | 7,442 | -1,785 |
Other expense (income), net | ' | ' | ' | ' | ' | ' | ' | ' | -5,026 | -54 | 1,471 |
Earnings (losses) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 171,613 | 179,668 | 227,309 |
Income tax (benefit) provision | ' | ' | ' | ' | ' | ' | ' | ' | 63,276 | 64,440 | 84,402 |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net earnings | ' | ' | ' | ' | ' | ' | ' | ' | 108,337 | 115,228 | 142,907 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -3,106 | -33,191 | -81,003 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 105,231 | 82,037 | 61,904 |
Sysco-Debt Issuing Parent [Member] | Subsidiary Guarantee [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 804,177 | 694,323 | 527,888 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -804,177 | -694,323 | -527,888 |
Interest expense (income) | ' | ' | ' | ' | ' | ' | ' | ' | 232,140 | 298,474 | 396,374 |
Other expense (income), net | ' | ' | ' | ' | ' | ' | ' | ' | -7,434 | -12,864 | -6,993 |
Earnings (losses) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -1,028,883 | -979,933 | -917,269 |
Income tax (benefit) provision | ' | ' | ' | ' | ' | ' | ' | ' | -379,369 | -351,474 | -340,592 |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 1,581,047 | 1,620,886 | 1,698,262 |
Net earnings | ' | ' | ' | ' | ' | ' | ' | ' | 931,533 | 992,427 | 1,121,585 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -195,726 | 215,929 | -402,908 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 735,807 | 1,208,356 | 718,677 |
Eliminations [Member] | Subsidiary Guarantee [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | -1,204,761 | -1,086,276 | -850,329 |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | -1,204,761 | -1,086,276 | -850,329 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Interest expense (income) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other expense (income), net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Earnings (losses) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income tax (benefit) provision | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -1,581,047 | -1,620,886 | -1,698,262 |
Net earnings | ' | ' | ' | ' | ' | ' | ' | ' | -1,581,047 | -1,620,886 | -1,698,262 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 3,106 | 33,191 | 81,003 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ($1,577,941) | ($1,587,695) | ($1,617,259) |
Supplemental_Guarantor_Informa5
Supplemental Guarantor Information - Subsidiary Guarantees (Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by (used for) operating activities | $1,492,815 | $1,511,594 | $1,404,180 |
Net cash provided by (used for) investing activities | -576,838 | -911,882 | -903,629 |
Net cash provided by (used for) financing activities | -915,858 | -874,208 | -442,649 |
Effect of exchange rates on cash | 642 | -2,086 | -8,800 |
Intercompany activity | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 761 | -276,582 | 49,102 |
Cash and cash equivalents at beginning of period | 412,285 | 688,867 | 639,765 |
Cash and cash equivalents at end of period | 413,046 | 412,285 | 688,867 |
Subsidiary Guarantee [Member] | U.S. Broadline Subsidiaries [Member] | ' | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by (used for) operating activities | 1,541,062 | 1,705,950 | 1,674,817 |
Net cash provided by (used for) investing activities | -171,979 | -140,217 | -367,909 |
Net cash provided by (used for) financing activities | 3,872 | -15,666 | -2,038 |
Effect of exchange rates on cash | 0 | 0 | 0 |
Intercompany activity | -1,369,478 | -1,560,250 | -1,302,546 |
Net increase (decrease) in cash and cash equivalents | 3,477 | -10,183 | 2,324 |
Cash and cash equivalents at beginning of period | 24,295 | 34,478 | 32,154 |
Cash and cash equivalents at end of period | 27,772 | 24,295 | 34,478 |
Subsidiary Guarantee [Member] | Other Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by (used for) operating activities | 455,872 | 255,061 | 142,898 |
Net cash provided by (used for) investing activities | -353,569 | -666,351 | -313,237 |
Net cash provided by (used for) financing activities | -103 | 29,165 | -382,443 |
Effect of exchange rates on cash | 642 | -2,086 | -8,800 |
Intercompany activity | -56,924 | 381,328 | 442,766 |
Net increase (decrease) in cash and cash equivalents | 45,918 | -2,883 | -118,816 |
Cash and cash equivalents at beginning of period | 180,399 | 183,282 | 302,098 |
Cash and cash equivalents at end of period | 226,317 | 180,399 | 183,282 |
Sysco-Debt Issuing Parent [Member] | Subsidiary Guarantee [Member] | ' | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
Net cash provided by (used for) operating activities | -504,119 | -449,417 | -413,535 |
Net cash provided by (used for) investing activities | -51,290 | -105,314 | -222,483 |
Net cash provided by (used for) financing activities | -919,627 | -887,707 | -58,168 |
Effect of exchange rates on cash | 0 | 0 | 0 |
Intercompany activity | 1,426,402 | 1,178,922 | 859,780 |
Net increase (decrease) in cash and cash equivalents | -48,634 | -263,516 | 165,594 |
Cash and cash equivalents at beginning of period | 207,591 | 471,107 | 305,513 |
Cash and cash equivalents at end of period | $158,957 | $207,591 | $471,107 |
Quarterly_Results_Unaudited_De
Quarterly Results (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 30, 2012 |
Quarterly Results [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | $12,286,992 | $11,277,484 | $11,237,969 | $11,714,267 | $11,601,056 | $10,926,371 | $10,796,890 | $11,086,916 | $46,516,712 | $44,411,233 | $42,380,939 |
Cost of sales | 10,131,136 | 9,282,743 | 9,273,018 | 9,648,780 | 9,528,836 | 8,983,889 | 8,844,780 | 9,057,121 | 38,335,677 | 36,414,626 | 34,601,665 |
Gross profit | 2,155,856 | 1,994,741 | 1,964,951 | 2,065,487 | 2,072,220 | 1,942,482 | 1,952,110 | 2,029,795 | 8,181,035 | 7,996,607 | 7,779,274 |
Operating expenses | 1,731,334 | 1,662,116 | 1,613,174 | 1,587,289 | 1,612,377 | 1,605,280 | 1,569,459 | 1,551,013 | 6,593,913 | 6,338,129 | 5,888,642 |
Operating income | 424,522 | 332,625 | 351,777 | 478,198 | 459,843 | 337,202 | 382,651 | 478,782 | 1,587,122 | 1,658,478 | 1,890,632 |
Interest expense | 31,205 | 32,224 | 29,784 | 30,528 | 31,170 | 34,215 | 32,242 | 30,868 | 123,741 | 128,495 | 113,396 |
Other expense (income), net | -7,216 | 3,718 | -4,211 | -4,534 | -9,832 | -3,410 | -1,753 | -2,477 | -12,243 | -17,472 | -6,766 |
Earnings before income taxes | 400,533 | 296,683 | 326,204 | 452,204 | 438,505 | 306,397 | 352,162 | 450,391 | 1,475,624 | 1,547,455 | 1,784,002 |
Income taxes | 146,362 | 115,746 | 115,369 | 166,614 | 155,462 | 104,980 | 130,793 | 163,793 | 544,091 | 555,028 | 662,417 |
Net earnings | $254,171 | $180,937 | $210,835 | $285,590 | $283,043 | $201,417 | $221,369 | $286,598 | $931,533 | $992,427 | $1,121,585 |
Basic net earnings (in USD per share) | $0.43 | $0.31 | $0.36 | $0.49 | $0.48 | $0.34 | $0.38 | $0.49 | $1.59 | $1.68 | $1.91 |
Diluted net earnings (in USD per share) | $0.43 | $0.31 | $0.36 | $0.48 | $0.47 | $0.34 | $0.38 | $0.49 | $1.58 | $1.67 | $1.90 |
Dividends declared per common share (in USD per share) | $0.29 | $0.29 | $0.29 | $0.28 | $0.28 | $0.28 | $0.28 | $0.27 | $1.15 | $1.11 | $1.07 |
Percentage change in sales | 6.00% | 3.00% | 4.00% | 6.00% | ' | ' | ' | ' | 5.00% | ' | ' |
Percentage change in operating income | -8.00% | -1.00% | -8.00% | 0.00% | ' | ' | ' | ' | -4.00% | ' | ' |
Percentage change in net earnings | -10.00% | -10.00% | -5.00% | 0.00% | ' | ' | ' | ' | -6.00% | ' | ' |
Percentage change in basic net earnings per share | -10.00% | -9.00% | -5.00% | 0.00% | ' | ' | ' | ' | -5.00% | ' | ' |
Percentage change in diluted net earnings per share | -9.00% | -9.00% | -5.00% | -2.00% | ' | ' | ' | ' | -5.00% | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly Results [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market price (in USD per share) | $38 | $37 | $43 | $36 | $35 | $36 | $32 | $31 | $43 | $36 | ' |
Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly Results [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market price (in USD per share) | $35 | $34 | $31 | $31 | $33 | $31 | $30 | $28 | $31 | $28 | ' |