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INCOME TAXES (Tables) | 12 Months Ended
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Jul. 01, 2017
Income Tax Disclosure [Abstract] |
Earnings before income taxes by jurisdiction table | For financial reporting purposes, earnings before income taxes consists of the following:
| 2017 |  | 2016 |  | 2015
| (In thousands)
U.S. | $ | 1,569,073 |  |  | $ | 1,225,142 |  |  | $ | 818,244 |
Foreign | 197,157 |  |  | 207,865 |  |  | 189,903 |
Total | $ | 1,766,230 |  |  | $ | 1,433,007 |  |  | $ | 1,008,147 |
Income tax provision by jurisdiction table | The income tax provision / (benefit) for each fiscal year consists of the following:
| 2017 |  | 2016 |  | 2015
| (In thousands)
U.S. federal income taxes | $ | 534,266 |  |  | $ | 429,658 |  |  | $ | 285,807 |
State and local income taxes | 69,913 |  |  | 34,032 |  |  | (2,737 | )
Foreign income taxes | 19,548 |  |  | 19,695 |  |  | 38,304 |
Total | $ | 623,727 |  |  | $ | 483,385 |  |  | $ | 321,374 |
Income tax provision by component table | The current and deferred components of the income tax provisions for each fiscal year are as follows:
| 2017 |  | 2016 |  | 2015
| (In thousands)
Current | $ | 675,573 |  |  | $ | 389,514 |  |  | $ | 326,079 |
Deferred | (51,846 | ) |  | 93,871 |  |  | (4,705 | )
Total | $ | 623,727 |  |  | $ | 483,385 |  |  | $ | 321,374 |
Components of deferred tax assets and liabilities table | Significant components of Sysco’s deferred tax assets and liabilities are as follows:
| Jul. 1, 2017 |  | Jul. 2, 2016
| (In thousands)
Deferred tax assets: |  |  |  |
Net operating loss carryforwards | $ | 194,287 |  |  | $ | 66,471 |
Benefit on unrecognized tax benefits | 9,218 |  |  | 12,842 |
Pension | 360,864 |  |  | 453,394 |
Share-based compensation | 48,077 |  |  | 43,698 |
Deferred compensation | 39,830 |  |  | 38,840 |
Self-insured liabilities | 84,401 |  |  | 67,050 |
Receivables | 30,842 |  |  | 41,574 |
Inventory | 21,332 |  |  | 24,138 |
Cash flow hedge | 8,748 |  |  | 7,421 |
Foreign currency remeasurement losses and currency hedge | 13,221 |  |  | 47,632 |
Other | 36,653 |  |  | 29,550 |
Deferred tax assets before valuation allowances | 847,473 |  |  | 832,610 |
Valuation allowances | (114,151 | ) |  | — |
Total deferred tax assets | 733,322 |  |  | 832,610 |
Deferred tax liabilities: |  |  |
Excess tax depreciation and basis differences of assets | 247,510 |  |  | 346,900 |
Goodwill and intangible assets | 455,340 |  |  | 254,202 |
Other | 49,654 |  |  | 51,130 |
Total deferred tax liabilities | 752,504 |  |  | 652,232 |
Total net deferred tax assets / (liabilities) | $ | (19,182 | ) |  | $ | 180,378 |
Tax rate reconciliation table | Reconciliations of the statutory federal income tax rate to the effective income tax rates for each fiscal year are as follows:
| 2017 |  | 2016 |  | 2015
U.S. statutory federal income tax rate | 35.00 | % |  | 35.00 | % |  | 35.00 | %
State and local income taxes, net of any applicable federal income tax benefit | 2.61 |  |  | 1.79 |  |  | 0.91 |
Foreign tax rate differential | (2.81 | ) |  | (2.40 | ) |  | (2.84 | )
Uncertain tax position (1) | 0.01 |  |  | (1.96 | ) |  | — |
Other | 0.50 |  |  | 1.30 |  |  | (1.19 | )
Effective income tax rate | 35.31 | % |  | 33.73 | % |  | 31.88 | %
(1) | Uncertain tax positions are included within “Other” for fiscal 2015
Reconciliation of unrecognized tax benefits table | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, excluding interest and penalties, is as follows:
| 2017 |  | 2016
| (In thousands)
Unrecognized tax benefits at beginning of year | $ | 24,614 |  |  | $ | 37,546 |
Additions for tax positions related to prior years | 648 |  |  | 142 |
Reductions for tax positions related to prior years | (2,147 | ) |  | (12,932 | )
Reductions due to settlements with taxing authorities | (6,837 | ) |  | (142 | )
Unrecognized tax benefits at end of year | $ | 16,278 |  |  | $ | 24,614 |

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