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DEBT AND OTHER FINANCING ARRANGEMENTS (Tables) | 12 Months Ended
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Jul. 02, 2022
Debt Disclosure [Abstract] |
Schedule of debt | Sysco’s debt consists of the following:
| Jul. 2, 2022 |  | Jul. 3, 2021
| (In thousands)
Senior notes, interest at 2.60%, maturing in fiscal 2022 (1)(2) | $ | — |  |  | $ | 449,180 |
Senior notes, interest at 1.25%, maturing in fiscal 2023 (1)(2) | 517,790 |  |  | 598,253 |
Senior notes, interest at 3.55%, maturing in fiscal 2025 (1)(2) | — |  |  | 533,681 |
Senior notes, interest at 3.65%, maturing in fiscal 2025 (1) | 385,768 |  |  | 402,589 |
Senior notes, interest at 5.65%, maturing in fiscal 2025 (1)(2) | — |  |  | 746,186 |
Senior notes, interest at 3.75%, maturing in fiscal 2026 (1)(2) | 748,595 |  |  | 748,165 |
Senior notes, interest at 3.30%, maturing in fiscal 2027 (1)(2) | 995,864 |  |  | 994,916 |
Debentures, interest at 7.16%, maturing in fiscal 2027 (2)(3) | 43,174 |  |  | 43,173 |
Senior notes, interest at 3.25%, maturing in fiscal 2028 (1)(2) | 745,617 |  |  | 744,827 |
Debentures, interest at 6.50%, maturing in fiscal 2029 (2) | 154,957 |  |  | 154,882 |
Senior notes, interest at 2.40%, maturing in fiscal 2030 (1)(2) | 496,184 |  |  | 495,728 |
Senior notes, interest at 5.95%, maturing in fiscal 2030 (1)(2) | 992,617 |  |  | 991,833 |
Senior notes, interest at 2.45%, maturing in fiscal 2032 (1)(2) | 445,316 |  |  | — |
Senior notes, interest at 5.375%, maturing in fiscal 2036 (1)(2) | 382,446 |  |  | 382,319 |
Senior notes, interest at 6.625%, maturing in fiscal 2039 (1)(2) | 199,280 |  |  | 199,088 |
Senior notes, interest at 6.60%, maturing in fiscal 2040 (1)(2) | 349,757 |  |  | 349,564 |
Senior notes, interest at 4.85%, maturing in fiscal 2046 (1)(2) | 496,334 |  |  | 496,177 |
Senior notes, interest at 4.50%, maturing in fiscal 2046 (1)(2) | 494,602 |  |  | 494,469 |
Senior notes, interest at 4.45%, maturing in fiscal 2048 (1)(2) | 492,966 |  |  | 492,813 |
Senior notes, interest at 3.30%, maturing in fiscal 2050 (1)(2) | 494,681 |  |  | 494,554 |
Senior notes, interest at 6.60%, maturing in fiscal 2050 (1)(2) | 1,176,653 |  |  | 1,176,415 |
Senior notes, interest at 3.15%, maturing in fiscal 2052 (1)(2) | 787,081 |  |  | — |
Notes payable, capital leases, and other debt, interest averaging 3.52% and maturing at various dates to fiscal 2051 as of July 2, 2022, and 4.40% and maturing at various dates to fiscal 2050 as of July 3, 2021 | 247,860 |  |  | 94,295 |
Total debt | 10,647,542 |  |  | 11,083,107 |
Less current maturities of long-term debt | (580,611) |  |  | (494,923) |
Net long-term debt | $ | 10,066,931 |  |  | $ | 10,588,184 |
(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) | Represents senior notes, debentures and borrowings under the company’s long-term revolving credit facility that are guaranteed by certain wholly owned U.S. Broadline subsidiaries of Sysco Corporation as discussed in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources.”
(3) | This debenture is not subject to any sinking fund requirement and is no longer redeemable prior to maturity.
Schedule of long-term debt principal payments for the next five years | As of July 2, 2022, the principal and interest payments required to be made during the next five fiscal years on Sysco’s senior notes and debentures are shown below:
| Principal |  | Interest (1)
| (In thousands)
2023 | $ | 521,398 |  |  | $ | 450,364 |
2024 | — |  |  | 441,714 |
2025 | 386,877 |  |  | 441,683 |
2026 | 750,000 |  |  | 414,011 |
2027 | 1,043,176 |  |  | 383,449 |
(1) | Includes payments on floating rate debt based on rates as of July 2, 2022, assuming amount remains unchanged until maturity, and payments on fixed rate debt based on maturity dates. The impact of our outstanding fixed-to-floating interest rate swap on the fixed rate debt interest payments is included as well based on the floating rates in effect as of July 2, 2022.
Schedule of long-term debt instruments | As part of the refinancing, on December 14, 2021, Sysco issued senior notes (the “Notes”) totaling $1.25 billion. Details of the Notes are as follows:
Maturity Date | Par Value (in millions) |  | Coupon Rate |  | Pricing (percentage of par)
December 14, 2031 (the 2031 Notes) | $ | 450 |  |  | 2.45 | % |  | 99.578 | %
December 14, 2051 (the 2051 Notes) | 800 |  |  | 3.15 |  |  | 99.308 |

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