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DEBT AND OTHER FINANCING ARRANGEMENTS (Tables) | 12 Months Ended
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Jul. 01, 2017
Debt Disclosure [Abstract] |
Schedule of debt | Sysco’s debt consists of the following:
| Jul. 1, 2017 |  | Jul. 2, 2016
| (In thousands)
Commercial paper, interest at 1.42% as of July 1, 2017 | $ | 119,691 |  |  | $ | — |
Senior notes, interest at 5.25%, maturing in fiscal 2018 (1) | 500,311 |  |  | 506,456 |
Senior notes, interest at 1.90%, maturing in fiscal 2019 (1) | 491,260 |  |  | 502,151 |
Senior notes, interest at 5.375%, maturing in fiscal 2019 (1) | 249,456 |  |  | 249,141 |
Senior notes, interest at 2.60%, maturing in fiscal 2021 (1) | 739,239 |  |  | 762,227 |
Senior notes, interest at 2.50%, maturing in fiscal 2022 (1) | 488,554 |  |  | 506,484 |
Senior notes, interest at 2.60%, maturing in fiscal 2022 (1) | 445,853 |  |  | 445,026 |
Senior notes, interest at 1.25%, maturing in fiscal 2023 (1) | 566,767 |  |  | 552,391 |
Senior notes, interest at 3.75%, maturing in fiscal 2026 (1) | 746,288 |  |  | 746,023 |
Senior notes, interest at 3.30%, maturing in fiscal 2027 (1) | 991,370 |  |  | 990,603 |
Debentures, interest at 7.16%, maturing in fiscal 2027 (2) | 50,000 |  |  | 50,000 |
Senior notes, interest at 3.25%, maturing in fiscal 2028 (1) | 742,526 |  |  | — |
Debentures, interest at 6.50%, maturing in fiscal 2029 (1) | 223,822 |  |  | 223,716 |
Senior notes, interest at 5.375%, maturing in fiscal 2036 (1) | 497,089 |  |  | 496,932 |
Senior notes, interest at 6.625%, maturing in fiscal 2039 (1) | 248,396 |  |  | 244,655 |
Senior notes, interest at 4.85%, maturing in fiscal 2046 (1) | 495,552 |  |  | 495,395 |
Senior notes, interest at 4.50%, maturing in fiscal 2046 (1) | 493,981 |  |  | 493,897 |
Notes payable, capital leases, and other debt, interest averaging 6.14% and maturing at various dates to fiscal 2026 as of July 1, 2017 and 3.12% and maturing at various dates to fiscal 2025 as of July 2, 2016 | 104,735 |  |  | 170,305 |
Total debt | 8,194,890 |  |  | 7,435,402 |
Less current maturities of long-term debt | (530,075 | ) |  | (8,909 | )
Less notes payable | (3,938 | ) |  | (89,563 | )
Net long-term debt | $ | 7,660,877 |  |  | $ | 7,336,930 |
(1) | Represents senior notes that 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.
(2) | This debenture is not subject to any sinking fund requirement and is no longer redeemable prior to maturity.
Long-term debt principal payments for the next five years table | As of July 1, 2017, 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)
2018 | $ | 529,579 |
2019 | 774,138 |
2020 | 23,862 |
2021 | 762,906 |
2022 | 956,420 |
Interest expense for fiscal 2016 | Interest expense for fiscal 2016 includes the following amounts from these transactions:
| 53-Week Period Ended Jul. 2, 2016
| (In thousands)
Redemption premium payment | $ | 50,000 |
Debt issuance cost write-off | 28,642 |
Bond discount write-off | 17,869 |
Gain on swap termination | (10,051 | )
Loss on extinguishment of debt | 86,460 |
Interest expense on senior notes | 8,375 |
Total | $ | 94,835 |

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- Definition Tabular disclosure of debt instruments or arrangements with redemption features. Includes, but is not limited to, description of debt redemption features, percentage price at which debt can be redeemed by the issuer, and period start and end for debt maturity or redemption. + References No definition available. + Details
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