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Supplemental Guarantor Information - Subsidiary Guarantees (Subsidiary Guarantee [Member]) | 9 Months Ended
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Mar. 28, 2015
Subsidiary Guarantee [Member] |
Supplemental Guarantor Information - Subsidiary Guarantees | 1 6. 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 are also covered under these guarantees. As of March 28, 2015, Sysco had a total o f $7.5 billion in senior notes, debentures and commercial paper outstanding that was covered by these guarantees, including the $5 billion of senior notes issued i n October 2014. See Note 7, “Debt,” for further discussion of the October 2014 senior notes issuance. 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 the company’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
| Mar. 28, 2015
| Sysco |  | Certain U.S. Broadline Subsidiaries |  | Other Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated Totals
| (In thousands)
Current assets | $ | 4,853,790 |  | $ | 4,139,132 |  | $ | 2,528,385 |  | $ | - |  | $ | 11,521,307
Investment in subsidiaries |  | 8,412,290 |  |  | - |  |  | - |  |  | (8,412,290) |  |  | -
Plant and equipment, net |  | 499,446 |  |  | 1,712,902 |  |  | 1,757,913 |  |  | - |  |  | 3,970,261
Other assets |  | 393,316 |  |  | 520,816 |  |  | 1,577,891 |  |  | - |  |  | 2,492,023
Total assets | $ | 14,158,842 |  | $ | 6,372,850 |  | $ | 5,864,189 |  | $ | (8,412,290) |  | $ | 17,983,591
Current liabilities | $ | 866,308 |  | $ | 946,754 |  | $ | 2,526,986 |  | $ | - |  | $ | 4,340,048
Intercompany payables (receivables) |  | 193,947 |  |  | (566,285) |  |  | 372,338 |  |  | - |  |  | -
Long-term debt |  | 7,175,019 |  |  | 16,630 |  |  | 83,546 |  |  | - |  |  | 7,275,195
Other liabilities |  | 610,682 |  |  | 303,901 |  |  | 101,153 |  |  | - |  |  | 1,015,736
Noncontrolling interest |  | - |  |  | - |  |  | 39,729 |  |  | - |  |  | 39,729
Shareholders’ equity |  | 5,312,886 |  |  | 5,671,850 |  |  | 2,740,437 |  |  | (8,412,290) |  |  | 5,312,883
Total liabilities and shareholders’ equity | $ | 14,158,842 |  | $ | 6,372,850 |  | $ | 5,864,189 |  | $ | (8,412,290) |  | $ | 17,983,591
| Condensed Consolidating Balance Sheet
| Jun. 28, 2014
| Sysco |  | Certain U.S. Broadline Subsidiaries |  | Other Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated Totals
| (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
| Mar. 29, 2014
| Sysco |  | Certain U.S. Broadline Subsidiaries |  | Other Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated Totals
| (In thousands)
Current assets | $ | 219,427 |  | $ | 4,108,428 |  | $ | 2,330,007 |  | $ | - |  | $ | 6,657,862
Investment in subsidiaries |  | 9,129,013 |  |  | - |  |  | - |  |  | (9,129,013) |  |  | -
Plant and equipment, net |  | 509,604 |  |  | 1,774,594 |  |  | 1,672,011 |  |  | - |  |  | 3,956,209
Other assets |  | 355,197 |  |  | 548,376 |  |  | 1,639,007 |  |  | - |  |  | 2,542,580
Total assets | $ | 10,213,241 |  | $ | 6,431,398 |  | $ | 5,641,025 |  | $ | (9,129,013) |  | $ | 13,156,651
Current liabilities | $ | 359,879 |  | $ | 993,365 |  | $ | 2,475,778 |  | $ | - |  | $ | 3,829,022
Intercompany payables (receivables) |  | 1,064,729 |  |  | (1,256,887) |  |  | 192,158 |  |  | - |  |  | -
Long-term debt |  | 2,955,362 |  |  | 9,533 |  |  | 21,268 |  |  | - |  |  | 2,986,163
Other liabilities |  | 601,896 |  |  | 350,193 |  |  | 158,002 |  |  | - |  |  | 1,110,091
Shareholders’ equity |  | 5,231,375 |  |  | 6,335,194 |  |  | 2,793,819 |  |  | (9,129,013) |  |  | 5,231,375
Total liabilities and shareholders’ equity | $ | 10,213,241 |  | $ | 6,431,398 |  | $ | 5,641,025 |  | $ | (9,129,013) |  | $ | 13,156,651
| Condensed Consolidating Statement of Comprehensive Income
| For the 13-Week Period Ended Mar. 28, 2015
| Sysco |  | Certain U.S. Broadline Subsidiaries |  | Other Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated Totals
| (In thousands)
Sales | $ | - |  | $ | 7,887,203 |  | $ | 4,199,743 |  | $ | (340,287) |  | $ | 11,746,659
Cost of sales |  | - |  |  | 6,431,528 |  |  | 3,597,920 |  |  | (340,287) |  |  | 9,689,161
Gross profit |  | - |  |  | 1,455,675 |  |  | 601,823 |  |  | - |  |  | 2,057,498
Operating expenses |  | 226,901 |  |  | 919,183 |  |  | 584,106 |  |  | - |  |  | 1,730,190
Operating income (loss) |  | (226,901) |  |  | 536,492 |  |  | 17,717 |  |  | - |  |  | 327,308
Interest expense (income) |  | 84,578 |  |  | (28,121) |  |  | 13,093 |  |  | - |  |  | 69,550
Other expense (income), net |  | 1,583 |  |  | (1,997) |  |  | (8,163) |  |  | - |  |  | (8,577)
Earnings (losses) before income taxes |  | (313,062) |  |  | 566,610 |  |  | 12,787 |  |  | - |  |  | 266,335
Income tax (benefit) provision |  | (105,941) |  |  | 191,160 |  |  | 4,161 |  |  | - |  |  | 89,380
Equity in earnings of subsidiaries |  | 384,076 |  |  | - |  |  | - |  |  | (384,076) |  |  | -
Net earnings |  | 176,955 |  |  | 375,450 |  |  | 8,626 |  |  | (384,076) |  |  | 176,955
Other comprehensive income (loss) |  | (91,484) |  |  | - |  |  | (97,890) |  |  | 97,890 |  |  | (91,484)
Comprehensive income | $ | 85,471 |  | $ | 375,450 |  | $ | (89,264) |  | $ | (286,186) |  | $ | 85,471
| Condensed Consolidating Statement of Comprehensive Income
| For the 13-Week Period Ended Mar. 29, 2014
| Sysco |  | Certain U.S. Broadline Subsidiaries |  | Other Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated Totals
| (In thousands)
Sales | $ | - |  | $ | 7,468,264 |  | $ | 4,106,415 |  | $ | (297,195) |  | $ | 11,277,484
Cost of sales |  | - |  |  | 6,066,934 |  |  | 3,513,004 |  |  | (297,195) |  |  | 9,282,743
Gross profit |  | - |  |  | 1,401,330 |  |  | 593,411 |  |  | - |  |  | 1,994,741
Operating expenses |  | 233,495 |  |  | 867,488 |  |  | 561,133 |  |  | - |  |  | 1,662,116
Operating income (loss) |  | (233,495) |  |  | 533,842 |  |  | 32,278 |  |  | - |  |  | 332,625
Interest expense (income) |  | 60,312 |  |  | (28,495) |  |  | 407 |  |  | - |  |  | 32,224
Other expense (income), net |  | (761) |  |  | 2,626 |  |  | 1,853 |  |  | - |  |  | 3,718
Earnings (losses) before income taxes |  | (293,046) |  |  | 559,711 |  |  | 30,018 |  |  | - |  |  | 296,683
Income tax (benefit) provision |  | (111,880) |  |  | 215,944 |  |  | 11,682 |  |  | - |  |  | 115,746
Equity in earnings of subsidiaries |  | 362,103 |  |  | - |  |  | - |  |  | (362,103) |  |  | -
Net earnings |  | 180,937 |  |  | 343,767 |  |  | 18,336 |  |  | (362,103) |  |  | 180,937
Other comprehensive income (loss) |  | (70,505) |  |  | - |  |  | (35,397) |  |  | 35,397 |  |  | (70,505)
Comprehensive income | $ | 110,432 |  | $ | 343,767 |  | $ | (17,061) |  | $ | (326,706) |  | $ | 110,432
| Condensed Consolidating Statement of Comprehensive Income
| For the 39-Week Period Ended Mar. 28, 2015
| Sysco |  | Certain U.S. Broadline Subsidiaries |  | Other Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated Totals
| (In thousands)
Sales | $ | - |  | $ | 24,237,503 |  | $ | 13,071,370 |  | $ | (1,030,059) |  | $ | 36,278,814
Cost of sales |  | - |  |  | 19,780,796 |  |  | 11,196,725 |  |  | (1,030,059) |  |  | 29,947,462
Gross profit |  | - |  |  | 4,456,707 |  |  | 1,874,645 |  |  | - |  |  | 6,331,352
Operating expenses |  | 674,410 |  |  | 2,764,515 |  |  | 1,784,060 |  |  | - |  |  | 5,222,985
Operating income (loss) |  | (674,410) |  |  | 1,692,192 |  |  | 90,585 |  |  | - |  |  | 1,108,367
Interest expense (income) |  | 228,973 |  |  | (74,096) |  |  | 22,649 |  |  | - |  |  | 177,526
Other expense (income), net |  | 1,103 |  |  | (2,761) |  |  | (6,900) |  |  | - |  |  | (8,558)
Earnings (losses) before income taxes |  | (904,486) |  |  | 1,769,049 |  |  | 74,836 |  |  | - |  |  | 939,399
Income tax (benefit) provision |  | (313,552) |  |  | 613,261 |  |  | 25,943 |  |  | - |  |  | 325,652
Equity in earnings of subsidiaries |  | 1,204,681 |  |  | - |  |  | - |  |  | (1,204,681) |  |  | -
Net earnings |  | 613,747 |  |  | 1,155,788 |  |  | 48,893 |  |  | (1,204,681) |  |  | 613,747
Other comprehensive income (loss) |  | (277,477) |  |  | - |  |  | (260,997) |  |  | 260,997 |  |  | (277,477)
Comprehensive income | $ | 336,270 |  | $ | 1,155,788 |  | $ | (212,104) |  | $ | (943,684) |  | $ | 336,270
| Condensed Consolidating Statement of Comprehensive Income
| For the 39-Week Period Ended Mar. 29, 2014
| Sysco |  | Certain U.S. Broadline Subsidiaries |  | Other Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated Totals
| (In thousands)
Sales | $ | - |  | $ | 22,578,687 |  | $ | 12,525,535 |  | $ | (874,502) |  | $ | 34,229,720
Cost of sales |  | - |  |  | 18,337,015 |  |  | 10,742,028 |  |  | (874,502) |  |  | 28,204,541
Gross profit |  | - |  |  | 4,241,672 |  |  | 1,783,507 |  |  | - |  |  | 6,025,179
Operating expenses |  | 572,901 |  |  | 2,609,570 |  |  | 1,680,108 |  |  | - |  |  | 4,862,579
Operating income (loss) |  | (572,901) |  |  | 1,632,102 |  |  | 103,399 |  |  | - |  |  | 1,162,600
Interest expense (income) |  | 175,255 |  |  | (77,913) |  |  | (4,806) |  |  | - |  |  | 92,536
Other expense (income), net |  | (4,383) |  |  | 1,170 |  |  | (1,814) |  |  | - |  |  | (5,027)
Earnings (losses) before income taxes |  | (743,773) |  |  | 1,708,845 |  |  | 110,019 |  |  | - |  |  | 1,075,091
Income tax (benefit) provision |  | (275,159) |  |  | 632,226 |  |  | 40,662 |  |  | - |  |  | 397,729
Equity in earnings of subsidiaries |  | 1,145,976 |  |  | - |  |  | - |  |  | (1,145,976) |  |  | -
Net earnings |  | 677,362 |  |  | 1,076,619 |  |  | 69,357 |  |  | (1,145,976) |  |  | 677,362
Other comprehensive income (loss) |  | (69,985) |  |  | - |  |  | (43,537) |  |  | 43,537 |  |  | (69,985)
Comprehensive income | $ | 607,377 |  | $ | 1,076,619 |  | $ | 25,820 |  | $ | (1,102,439) |  | $ | 607,377
| Condensed Consolidating Cash Flows
| For the 39-Week Period Ended Mar. 28, 2015
| Sysco |  | Certain U.S. Broadline Subsidiaries |  | Other Non-Guarantor Subsidiaries |  | Consolidated Totals
|  | (In thousands)
Cash flows provided by (used for): |  |  |  |  |  |  |  |  |  |  |
Operating activities | $ | (293,008) |  | $ | 975,552 |  | $ | 177,955 |  | $ | 860,499
Investing activities |  | (93,183) |  |  | (84,810) |  |  | (293,862) |  |  | (471,855)
Financing activities |  | 4,314,029 |  |  | 795 |  |  | 45,639 |  |  | 4,360,463
Effect of exchange rates on cash |  | - |  |  | - |  |  | (77,449) |  |  | (77,449)
Intercompany activity |  | 699,467 |  |  | (893,979) |  |  | 194,512 |  |  | -
Net increase (decrease) in cash and cash equivalents |  | 4,627,305 |  |  | (2,442) |  |  | 46,795 |  |  | 4,671,658
Cash and cash equivalents at the beginning of period |  | 158,953 |  |  | 27,772 |  |  | 226,321 |  |  | 413,046
Cash and cash equivalents at the end of period | $ | 4,786,258 |  | $ | 25,330 |  | $ | 273,116 |  | $ | 5,084,704
| Condensed Consolidating Cash Flows
| For the 39-Week Period Ended Mar. 29, 2014
| Sysco |  | Certain U.S. Broadline Subsidiaries |  | Other Non-Guarantor Subsidiaries |  | Consolidated Totals
| (In thousands)
Cash flows provided by (used for): |  |  |  |  |  |  |  |  |  |  |
Operating activities | $ | (395,328) |  | $ | 884,001 |  | $ | 359,391 |  | $ | 848,064
Investing activities |  | (51,260) |  |  | (95,586) |  |  | (269,914) |  |  | (416,760)
Financing activities |  | (503,105) |  |  | (1,933) |  |  | 2,908 |  |  | (502,130)
Effect of exchange rates on cash |  | - |  |  | - |  |  | (369) |  |  | (369)
Intercompany activity |  | 877,869 |  |  | (781,629) |  |  | (96,240) |  |  | -
Net increase (decrease) in cash and cash equivalents |  | (71,824) |  |  | 4,853 |  |  | (4,224) |  |  | (71,195)
Cash and cash equivalents at the beginning of period |  | 207,591 |  |  | 24,295 |  |  | 180,399 |  |  | 412,285
Cash and cash equivalents at the end of period | $ | 135,767 |  | $ | 29,148 |  | $ | 176,175 |  | $ | 341,090

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- Definition The entire disclosure for condensed financial statements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=18733093&loc=d3e5614-111684 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 10 -Paragraph f -Article 3 + Details
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