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INCOME TAXES (Tables) | 12 Months Ended
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Jul. 02, 2022
Income Tax Disclosure [Abstract] |
Schedule of earnings before income taxes by jurisdiction | For financial reporting purposes, earnings (loss) before income taxes consists of the following:
| 2022 |  | 2021 |  | 2020
| (In thousands)
U.S. | $ | 1,642,376 |  |  | $ | 858,179 |  |  | $ | 742,332 |
Foreign | 104,397 |  |  | (273,451) |  |  | (448,948) |
Total | $ | 1,746,773 |  |  | $ | 584,728 |  |  | $ | 293,384 |
Schedule of income tax provision by jurisdiction | The income tax provision for each fiscal year consists of the following:
| 2022 |  | 2021 |  | 2020
| (In thousands)
U.S. federal income taxes | $ | 353,825 |  |  | $ | 158,762 |  |  | $ | 128,576 |
State and local income taxes | 45,502 |  |  | 17,808 |  |  | 8,529 |
Foreign income taxes | (11,322) |  |  | (116,051) |  |  | (59,196) |
Total | $ | 388,005 |  |  | $ | 60,519 |  |  | $ | 77,909 |
Schedule of income tax provision by component | The current and deferred components of the income tax provisions for each fiscal year are as follows:
| 2022 |  | 2021 |  | 2020
| (In thousands)
Current | $ | 452,459 |  |  | $ | 218,383 |  |  | $ | 269,226 |
Deferred | (64,454) |  |  | (157,864) |  |  | (191,317) |
Total | $ | 388,005 |  |  | $ | 60,519 |  |  | $ | 77,909 |
Schedule of tax rate reconciliation | Reconciliations of the statutory federal income tax rate to the effective income tax rates for each fiscal year are as follows:
| 2022 |  | 2021 |  | 2020
U.S. statutory federal income tax rate | 21.00 | % |  | 21.00 | % |  | 21.00 | %
State and local income taxes, net of any applicable federal income tax benefit | 2.41 |  |  | 2.67 |  |  | 5.69 |
Foreign income taxes | (1.88) |  |  | (9.99) |  |  | (2.46) |
Uncertain tax positions | 0.83 |  |  | (0.38) |  |  | (1.44) |
Tax benefit of equity-based compensation | (0.16) |  |  | (1.07) |  |  | (9.77) |
Nondeductible impairment charges | — |  |  | — |  |  | 17.65 |
Other | 0.01 |  |  | (1.88) |  |  | (4.12) |
Effective income tax rate | 22.21 | % |  | 10.35 | % |  | 26.55 | %
Schedule of components of deferred tax assets and liabilities | Significant components of Sysco’s deferred tax assets and liabilities are as follows:
| Jul. 2, 2022 |  | Jul. 3, 2021
| (In thousands)
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 652,807 |  |  | $ | 613,325 |
Pension | 71,722 |  |  | 111,084 |
Receivables | 43,108 |  |  | 53,688 |
Deferred compensation | 27,984 |  |  | 28,978 |
Share-based compensation | 30,395 |  |  | 26,498 |
Inventory | 24,394 |  |  | 17,983 |
Operating lease liabilities | 161,684 |  |  | 181,425 |
Other | 89,143 |  |  | 115,428 |
Deferred tax assets before valuation allowances | 1,101,237 |  |  | 1,148,409 |
Valuation allowances | (232,485) |  |  | (226,626) |
Total deferred tax assets | 868,752 |  |  | 921,783 |
Deferred tax liabilities: |  |  |
Goodwill and intangible assets | 379,018 |  |  | 351,758 |
Excess tax depreciation and basis differences of assets | 150,578 |  |  | 148,418 |
Operating lease assets | 161,163 |  |  | 181,425 |
Other | 50,560 |  |  | 34,725 |
Total deferred tax liabilities | 741,319 |  |  | 716,326 |
Total net deferred tax assets | $ | 127,433 |  |  | $ | 205,457 |
Schedule of reconciliation of unrecognized tax benefits | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, excluding interest and penalties, is as follows:
| 2022 |  | 2021
| (In thousands)
Unrecognized tax benefits at beginning of year | $ | 20,400 |  |  | $ | 23,135 |
Additions (reductions) for tax positions related to prior years | 12,000 |  |  | (2,735) |
Unrecognized tax benefits at end of year | $ | 32,400 |  |  | $ | 20,400 |

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