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DEBT AND OTHER FINANCING ARRANGEMENTS | 12 Months Ended
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Jul. 01, 2023
Debt Disclosure [Abstract] |
DEBT AND OTHER FINANCING ARRANGEMENTS | DEBT AND OTHER FINANCING ARRANGEMENTS
| Jul. 1, 2023 |  | Jul. 2, 2022
| (In thousands)
Senior notes, interest at 1.25%, maturing in fiscal 2023 (1)(2) | $ | — |  |  | $ | 517,790 |
Senior notes, interest at 3.65%, maturing in fiscal 2025 (1) | 377,107 |  |  | 385,768 |
Senior notes, interest at 3.75%, maturing in fiscal 2026 (1)(2) | 749,025 |  |  | 748,595 |
Senior notes, interest at 3.30%, maturing in fiscal 2027 (1)(2) | 996,840 |  |  | 995,864 |
Debentures, interest at 7.16%, maturing in fiscal 2027 (2)(3) | 43,174 |  |  | 43,174 |
Senior notes, interest at 3.25%, maturing in fiscal 2028 (1)(2) | 746,431 |  |  | 745,617 |
Debentures, interest at 6.50%, maturing in fiscal 2029 (2) | 155,032 |  |  | 154,957 |
Senior notes, interest at 2.40%, maturing in fiscal 2030 (1)(2) | 496,650 |  |  | 496,184 |
Senior notes, interest at 5.95%, maturing in fiscal 2030 (1)(2) | 993,434 |  |  | 992,617 |
Senior notes, interest at 2.45%, maturing in fiscal 2032 (1)(2) | 445,769 |  |  | 445,316 |
Senior notes, interest at 5.375%, maturing in fiscal 2036 (1)(2) | 382,572 |  |  | 382,446 |
Senior notes, interest at 6.625%, maturing in fiscal 2039 (1)(2) | 199,472 |  |  | 199,280 |
Senior notes, interest at 6.60%, maturing in fiscal 2040 (1)(2) | 349,957 |  |  | 349,757 |
Senior notes, interest at 4.85%, maturing in fiscal 2046 (1)(2) | 496,491 |  |  | 496,334 |
Senior notes, interest at 4.50%, maturing in fiscal 2046 (1)(2) | 494,740 |  |  | 494,602 |
Senior notes, interest at 4.45%, maturing in fiscal 2048 (1)(2) | 493,126 |  |  | 492,966 |
Senior notes, interest at 3.30%, maturing in fiscal 2050 (1)(2) | 494,811 |  |  | 494,681 |
Senior notes, interest at 6.60%, maturing in fiscal 2050 (1)(2) | 1,176,902 |  |  | 1,176,653 |
Senior notes, interest at 3.15%, maturing in fiscal 2052 (1)(2) | 787,367 |  |  | 787,081 |
Plant and equipment financing programs, finance leases, notes payable, and other debt, interest averaging 4.49% and maturing at various dates to fiscal 2052 as of July 1, 2023, and 3.52% and maturing at various dates to fiscal 2052 as of July 2, 2022 | 531,647 |  |  | 247,860 |
Total debt | 10,410,547 |  |  | 10,647,542 |
Less current maturities of long-term debt | (62,550) |  |  | (580,611) |
Net long-term debt | $ | 10,347,997 |  |  | $ | 10,066,931 |
(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.
As of July 1, 2023, 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)
2024 | $ | — |  |  | $ | 441,841 |
2025 | 377,815 |  |  | 441,841 |
2026 | 750,000 |  |  | 414,011 |
2027 | 1,043,176 |  |  | 383,449 |
2028 | 750,000 |  |  | 351,670 |
(1) | Includes payments on floating rate debt based on rates as of July 1, 2023, assuming amount remains unchanged until maturity, and payments on fixed rate debt based on maturity dates.
Sysco has a long-term revolving credit facility that includes aggregate commitments of the lenders thereunder of $3.0 billion, with an option to increase such commitments to $4.0 billion. The facility includes a covenant requiring Sysco to maintain a ratio of consolidated EBITDA to consolidated interest expense of 3.0 to 1.0 over four consecutive fiscal quarters. The facility expires on April 29, 2027. As of July 1, 2023, there were no borrowings outstanding under this facility. Sysco has a U.S commercial paper program allowing the company to issue short-term unsecured notes in an aggregate amount not to exceed $3.0 billion. Any outstanding amounts are classified within long-term debt, as the program is supported by the long-term revolving credit facility. As of July 1, 2023, there were no commercial paper issuances outstanding under this program. In June 2023, Sysco repaid 1.25% senior notes totaling $549.3 million at maturity using cash flow from operations. As of July 1, 2023 and July 2, 2022, letters of credit outsta nding were $268.4 million and $202.9 million, res pectively.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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