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DEBT AND OTHER FINANCING ARRANGEMENTS (Tables) | 12 Months Ended
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Jun. 30, 2018
Debt Disclosure [Abstract] |
Schedule of debt | Sysco’s debt consists of the following:
| Jun. 30, 2018 |  | Jul. 1, 2017
| (In thousands)
Commercial paper, interest at 1.42% as of July 1, 2017 | $ | — |  |  | $ | 119,691 |
Senior notes, interest at 5.25%, matured in fiscal 2018 (1) | — |  |  | 500,311 |
Senior notes, interest at 1.90%, maturing in fiscal 2019 (1) | 491,700 |  |  | 491,260 |
Senior notes, interest at 5.375%, maturing in fiscal 2019 (1) | 249,701 |  |  | 249,456 |
Senior notes, interest at 2.60%, maturing in fiscal 2021 (1) | 724,047 |  |  | 739,239 |
Senior notes, interest at 2.50%, maturing in fiscal 2022 (1) | 477,411 |  |  | 488,554 |
Senior notes, interest at 2.60%, maturing in fiscal 2022 (1) | 446,681 |  |  | 445,853 |
Senior notes, interest at 1.25%, maturing in fiscal 2023 (1) | 580,196 |  |  | 566,767 |
Senior notes, interest at 3.55%, maturing in fiscal 2025 (1) | 492,606 |  |  | — |
Senior notes, interest at 3.75%, maturing in fiscal 2026 (1) | 746,879 |  |  | 746,288 |
Senior notes, interest at 3.30%, maturing in fiscal 2027 (1) | 992,176 |  |  | 991,370 |
Debentures, interest at 7.16%, maturing in fiscal 2027 (2) | 44,276 |  |  | 50,000 |
Senior notes, interest at 3.25%, maturing in fiscal 2028 (1) | 742,555 |  |  | 742,526 |
Debentures, interest at 6.50%, maturing in fiscal 2029 (1) | 162,276 |  |  | 223,822 |
Senior notes, interest at 5.375%, maturing in fiscal 2036 (1) | 382,010 |  |  | 497,089 |
Senior notes, interest at 6.625%, maturing in fiscal 2039 (1) | 201,766 |  |  | 248,396 |
Senior notes, interest at 4.85%, maturing in fiscal 2046 (1) | 495,709 |  |  | 495,552 |
Senior notes, interest at 4.50%, maturing in fiscal 2046 (1) | 494,090 |  |  | 493,981 |
Senior notes, interest at 4.45%, maturing in fiscal 2048 (1) | 493,165 |  |  | — |
Notes payable, capital leases, and other debt, interest averaging 6.33% and maturing at various dates to fiscal 2026 as of June 30, 2018 and 6.14% and maturing at various dates to fiscal 2026 as of July 1, 2017 | 110,026 |  |  | 104,735 |
Total debt | 8,327,270 |  |  | 8,194,890 |
Less current maturities of long-term debt | (782,329 | ) |  | (530,075 | )
Less notes payable | (4,176 | ) |  | (3,938 | )
Net long-term debt | $ | 7,540,765 |  |  | $ | 7,660,877 |
(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 June 30, 2018, 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)
2019 | $ | 788,309 |
2020 | 23,764 |
2021 | 768,076 |
2022 | 962,884 |
2023 | 590,112 |
Schedule of senior notes | On March 19, 2018, Sysco issued senior notes (the Notes) totaling $1.0 billion. Details of the Notes are as follows:
Maturity Date |  | Par Value (in millions) |  | Coupon Rate |  | Pricing (percentage of par)
March 15, 2025 (the 2025 Notes) |  | $ | 500 |  |  | 3.55 | % |  | 99.480 | %
March 15, 2048 (the 2048 Notes) |  | 500 |  |  | 4.45 |  |  | 99.378 |
Debentures and senior notes purchased | Details of the debentures and senior notes purchased are as follows:
Maturity Date |  | Par Value |  | Coupon Rate |  | Principal amount tendered |  | Remaining Par Value after tender offer |  | Cash amount paid (including interest)
|  | (Dollars in millions)
April 15, 2027 |  | $ | 50 |  |  | 7.160 | % |  | $ | 5.7 |  |  | $ | 44.3 |  |  | $ | 7.4 |
August 1, 2028 |  | 225 |  |  | 6.500 |  |  | 61.9 |  |  | 163.1 |  |  | 77.3 |
September 21, 2035 |  | 500 |  |  | 5.375 |  |  | 115.9 |  |  | 384.1 |  |  | 134.3 |
March 17, 2039 |  | 250 |  |  | 6.625 |  |  | 47.0 |  |  | 203.0 |  |  | 63.7 |

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