Company Quick10K Filing
Sysco
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 523 $36,799
10-Q 2019-11-05 Quarter: 2019-09-28
10-K 2019-08-26 Annual: 2019-06-29
10-Q 2019-05-07 Quarter: 2019-03-30
10-Q 2019-02-05 Quarter: 2018-12-29
10-Q 2018-11-06 Quarter: 2018-09-29
10-K 2018-08-27 Annual: 2018-06-30
10-Q 2018-05-08 Quarter: 2018-03-31
10-Q 2018-02-06 Quarter: 2017-12-30
10-Q 2017-11-09 Quarter: 2017-09-30
10-K 2017-08-30 Annual: 2017-07-01
10-Q 2017-05-09 Quarter: 2017-04-01
10-Q 2017-02-07 Quarter: 2016-12-31
10-Q 2016-11-08 Quarter: 2016-10-01
10-K 2016-08-30 Annual: 2016-07-02
10-Q 2016-05-03 Quarter: 2016-03-26
10-Q 2016-02-02 Quarter: 2015-12-26
10-Q 2015-11-03 Quarter: 2015-09-26
10-K 2015-08-25 Annual: 2015-06-27
10-Q 2015-05-05 Quarter: 2015-03-28
10-Q 2015-02-03 Quarter: 2014-12-27
10-Q 2014-11-04 Quarter: 2014-09-27
10-K 2014-08-26 Annual: 2014-06-28
10-Q 2014-05-06 Quarter: 2014-03-29
10-Q 2014-02-04 Quarter: 2013-12-28
10-Q 2013-11-05 Quarter: 2013-09-28
10-K 2013-08-27 Annual: 2013-06-29
10-Q 2013-05-07 Quarter: 2013-03-30
10-Q 2013-02-05 Quarter: 2012-12-29
10-Q 2012-11-06 Quarter: 2012-09-29
10-K 2012-08-28 Annual: 2012-06-30
10-Q 2012-05-08 Quarter: 2012-03-31
10-Q 2012-02-07 Quarter: 2011-12-31
10-Q 2011-11-08 Quarter: 2011-10-01
10-K 2011-08-30 Annual: 2011-07-02
10-Q 2011-05-10 Quarter: 2011-04-02
10-Q 2011-02-08 Quarter: 2011-01-01
10-Q 2010-11-09 Quarter: 2010-10-02
10-K 2010-08-31 Annual: 2010-07-03
10-Q 2010-05-04 Quarter: 2010-03-27
10-Q 2010-02-02 Quarter: 2009-12-26
8-K 2020-01-10 Officers, Exhibits
8-K 2019-12-31 Officers
8-K 2019-11-15 Shareholder Vote
8-K 2019-11-04 Earnings, Exhibits
8-K 2019-08-12 Earnings, Exhibits
8-K 2019-06-28 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-05-06 Earnings, Exhibits
8-K 2019-02-04 Earnings, Exhibits
8-K 2019-01-29 Officers
8-K 2018-11-16 Officers, Shareholder Vote, Other Events, Exhibits
8-K 2018-11-05 Earnings, Exhibits
8-K 2018-09-17 Other Events, Exhibits
8-K 2018-08-13 Earnings, Exhibits
8-K 2018-05-07 Earnings, Exhibits
8-K 2018-04-12 Officers, Exhibits
8-K 2018-03-19 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-03-08 Enter Agreement, Exhibits
8-K 2018-02-05 Earnings, Exhibits
SYY 2019-09-28
Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.1 exhibit101mipprogram-q.htm
EX-31.1 exhibit311ceocertsec30.htm
EX-31.2 exhibit312cfocertsec30.htm
EX-32.1 exhibit321ceocertsec90.htm
EX-32.2 exhibit322cfocertsec90.htm

Sysco Earnings 2019-09-28

SYY 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
SYY 36,799 17,967 15,428 60,114 11,409 0 563 44,389 19% 78.9 0%
DPZ 11,840 1,177 4,081 3,516 1,348 381 656 14,933 38% 22.8 32%
USFD 7,637 9,339 5,904 24,668 4,394 401 1,027 10,745 18% 10.5 4%
PFGC 4,183 4,654 3,355 13,844 2,513 167 426 5,489 18% 12.9 4%
CORE 1,757 1,938 1,357 16,456 898 55 163 2,070 5% 12.7 3%
CHEF 1,030 878 560 1,524 391 22 67 1,288 26% 19.2 2%
HFFG 751 93 56 294 51 9 13 760 17% 56.8 10%
UNFI 665 7,327 5,797 17,572 2,339 -271 136 3,675 13% 27.0 -4%
PRMW 502 334 241 302 83 -57 -23 697 27% -30.6 -17%
SPTN 396 2,292 1,604 8,977 1,168 4 130 1,084 13% 8.3 0%

Document
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________
Form 10-Q
(Mark One)
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 28, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 1-6544
________________
syylogoa02.jpg
Sysco Corporation
(Exact name of registrant as specified in its charter)
Delaware
74-1648137
(State or other jurisdiction of incorporation or organization)
(IRS employer identification number)

1390 Enclave Parkway, Houston, Texas 77077-2099
(Address of principal executive offices and zip code)

Registrant’s Telephone Number, Including Area Code:
(281) 584-1390

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol
 
Name of each exchange on which registered
Common stock, $1.00 Par Value
 
SYY
 
New York Stock Exchange
1.25% Notes due June 2023
 
SYY 23
 
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ    No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ    No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
Accelerated Filer
Non-accelerated Filer
Smaller Reporting Company
(Do not check if a smaller reporting company)
 
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes    No þ

510,226,830 shares of common stock were outstanding as of October 18, 2019.





TABLE OF CONTENTS

 
 
 
 
PART I – FINANCIAL INFORMATION
Page No.
 
PART II – OTHER INFORMATION
 
 
 
 
 




PART I – FINANCIAL INFORMATION
Item 1. Financial Statements

Sysco Corporation and its Consolidated Subsidiaries
CONSOLIDATED BALANCE SHEETS
(In thousands, except for share data)
 
Sep. 28, 2019
 
Jun. 29, 2019
 
(unaudited)
 
 
ASSETS
Current assets
 
 
 
Cash and cash equivalents
$
455,482

 
$
513,460

Accounts and notes receivable, less allowances of $49,443 and $28,176
4,397,005

 
4,181,696

Inventories
3,386,808

 
3,216,034

Prepaid expenses and other current assets
235,014

 
210,582

Income tax receivable
9,855

 
19,733

Total current assets
8,484,164

 
8,141,505

Plant and equipment at cost, less accumulated depreciation
4,493,016

 
4,501,705

Other long-term assets
 
 
 
Goodwill
3,871,722

 
3,896,226

Intangibles, less amortization
825,287

 
857,301

Deferred income taxes
98,118

 
80,760

Operating lease right-of-use assets, net
626,580

 

Other assets
557,688

 
489,025

Total other long-term assets
5,979,395

 
5,323,312

Total assets
$
18,956,575

 
$
17,966,522

 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
 
 
 
Notes payable
$
3,433

 
$
3,957

Accounts payable
4,247,276

 
4,314,620

Accrued expenses
1,596,925

 
1,729,941

Accrued income taxes
96,932

 
17,343

Current operating lease liabilities
102,544

 

Current maturities of long-term debt
54,361

 
37,322

Total current liabilities
6,101,471

 
6,103,183

Long-term liabilities
 
 
 
Long-term debt
8,637,706

 
8,122,058

Deferred income taxes
178,719

 
172,232

Long-term operating lease liabilities
545,566

 

Other long-term liabilities
1,005,337

 
1,031,020

Total long-term liabilities
10,367,328

 
9,325,310

Noncontrolling interest
33,028

 
35,426

Shareholders’ equity
 
 
 
Preferred stock, par value $1 per share
Authorized 1,500,000 shares, issued none

 

Common stock, par value $1 per share
Authorized 2,000,000,000 shares, issued 765,174,900 shares
765,175

 
765,175

Paid-in capital
1,490,661

 
1,457,419

Retained earnings
11,486,833

 
11,229,679

Accumulated other comprehensive loss
(1,675,430
)
 
(1,599,729
)
Treasury stock at cost, 254,310,626 and 252,297,926 shares
(9,612,491
)
 
(9,349,941
)
Total shareholders’ equity
2,454,748

 
2,502,603

Total liabilities and shareholders’ equity
$
18,956,575

 
$
17,966,522


Note: The June 29, 2019 balance sheet has been derived from the audited financial statements at that date.
See Notes to Consolidated Financial Statements

1



Sysco Corporation and its Consolidated Subsidiaries
CONSOLIDATED RESULTS OF OPERATIONS (Unaudited)
(In thousands, except for share and per share data)
 
13-Week Period Ended
 
Sep. 28, 2019
 
Sep. 29, 2018
Sales
$
15,303,005

 
$
15,215,279

Cost of sales
12,359,635

 
12,311,494

Gross profit
2,943,370

 
2,903,785

Operating expenses
2,275,052

 
2,275,645

Operating income
668,318

 
628,140

Interest expense
83,335

 
89,016

Other (income) expense, net
3,112

 
1,132

Earnings before income taxes
581,871

 
537,992

Income taxes
128,090

 
106,950

Net earnings
$
453,781

 
$
431,042

  
 
 
 
Net earnings:
 

 
 

Basic earnings per share
$
0.88

 
$
0.83

Diluted earnings per share
0.87

 
0.81

 
 
 
 
Average shares outstanding
513,496,296

 
520,856,599

Diluted shares outstanding
518,761,456

 
529,034,470


See Notes to Consolidated Financial Statements

2



Sysco Corporation and its Consolidated Subsidiaries
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(In thousands)
 
13-Week Period Ended
 
Sep. 28, 2019
 
Sep. 29, 2018
Net earnings
$
453,781

 
$
431,042

Other comprehensive (loss) income:
 
 
 
Foreign currency translation adjustment
(126,159
)
 
(24,927
)
Items presented net of tax:
 
 
 
Amortization of cash flow hedges
2,155

 
2,155

Change in net investment hedges
30,000

 
8,588

Change in cash flow hedges
9,259

 
(3,008
)
Amortization of prior service cost
1,428

 
1,600

Amortization of actuarial loss
6,683

 
6,529

Actuarial (loss) gain

 
(32,511
)
Change in marketable securities
933

 

Total other comprehensive (loss) income
(75,701
)
 
(41,574
)
Comprehensive income
$
378,080

 
$
389,468


See Notes to Consolidated Financial Statements

3



Sysco Corporation and its Consolidated Subsidiaries
CHANGES IN CONSOLIDATED SHAREHOLDERS’ EQUITY
(In thousands, except for share data)

 
 
 
 
 
 
 
 
 
Accumulated
Other Comprehensive
Loss
 
 
 
 
 
 
 
Common Stock
 
Paid-in
Capital
 
Retained
Earnings
 
 
Treasury Stock
 
 

 
Shares
 
Amount
 
 
 
 
Shares
 
Amounts
 
Totals
Balance as of June 29, 2019
765,174,900

 
$
765,175

 
$
1,457,419

 
$
11,229,679

 
$
(1,599,729
)
 
252,297,926

 
$
(9,349,941
)
 
$
2,502,603

Net earnings
 
 
 
 
 
 
453,781

 
 
 
 
 
 
 
453,781

Foreign currency translation adjustment
 
 
 
 
 
 
 
 
(126,159
)
 
 
 
 
 
(126,159
)
Amortization of cash flow hedges, net of tax
 
 
 
 
 
 
 
 
2,155

 
 
 
 
 
2,155

Change in cash flow hedges, net of tax
 
 
 
 
 
 
 
 
9,259

 
 
 
 
 
9,259

Change in net investment hedges, net of tax
 
 
 
 
 
 
 
 
30,000

 
 
 
 
 
30,000

Reclassification of pension and other postretirement benefit plans amounts to net earnings, net of tax
 
 
 
 
 
 
 
 
8,111

 
 
 
 
 
8,111

Change in marketable securities, net of tax
 
 
 
 
 
 
 
 
933

 
 
 
 
 
933

Adoption of ASU 2016-02, Leases (Topic 842), net of tax
 
 
 
 
 
 
1,978

 
 
 
 
 
 
 
1,978

Dividends declared ($0.39 per common share)
 
 
 
 
 
 
(198,605
)
 
 
 
 
 
 
 
(198,605
)
Treasury stock purchases
 
 
 
 
 
 
 
 
 
 
4,587,397

 
(347,867
)
 
(347,867
)
Share-based compensation awards
 
 
 
 
33,242

 
 
 
 
 
(2,574,697
)
 
85,317

 
118,559

Balance as of September 28, 2019
765,174,900

 
$
765,175

 
$
1,490,661

 
$
11,486,833

 
$
(1,675,430
)
 
254,310,626

 
$
(9,612,491
)
 
$
2,454,748

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated
Other Comprehensive
Loss
 
 
 
 
 
 
 
Common Stock
 
Paid-in
Capital
 
Retained
Earnings
 
 
Treasury Stock
 
 

 
Shares
 
Amount
 
 
 
 
Shares
 
Amounts
 
Totals
Balance as of June 30, 2018
765,174,900

 
$
765,175

 
$
1,383,619

 
$
10,348,628

 
$
(1,409,269
)
 
244,533,248

 
$
(8,581,196
)
 
$
2,506,957

Net earnings
 
 
 
 
 
 
431,042

 
 
 
 
 
 
 
431,042

Foreign currency translation adjustment
 
 
 
 
 
 
 
 
(24,927
)
 
 
 
 
 
(24,927
)
Amortization of cash flow hedges, net of tax
 
 
 
 
 
 
 
 
2,155

 
 
 
 
 
2,155

Change in cash flow hedges, net of tax
 
 
 
 
 
 
 
 
(3,008
)
 
 
 
 
 
(3,008
)
Change in net investment hedges, net of tax
 
 
 
 
 
 
 
 
8,588

 
 
 
 
 
8,588

Reclassification of pension and other postretirement benefit plans amounts to net earnings, net of tax
 
 
 
 
 
 
 
 
8,129

 
 
 
 
 
8,129

Pension funded status adjustment, net of tax
 
 
 
 
 
 
 
 
(32,511
)
 
 
 
 
 
(32,511
)
Dividends declared ($0.36 per common share)
 
 
 
 
 
 
(187,180
)
 
 
 
 
 
 
 
(187,180
)
Treasury stock purchases
 
 
 
 
 
 
 
 
 
 
2,911,677

 
(209,541
)
 
(209,541
)
Share-based compensation awards
 
 
 
 
54,478

 
 
 
 
 
(2,419,654
)
 
84,392

 
138,870

Balance as of September 29, 2018
765,174,900

 
$
765,175

 
$
1,438,097

 
$
10,592,490

 
$
(1,450,843
)
 
245,025,271

 
$
(8,706,345
)
 
$
2,638,574


See Notes to Consolidated Financial Statements


4



Sysco Corporation and its Consolidated Subsidiaries
CONSOLIDATED CASH FLOWS (Unaudited)
(In thousands)
 
13-Week Period Ended
 
Sep. 28, 2019
 
Sep. 29, 2018
Cash flows from operating activities:
 
 
 
Net earnings
$
453,781

 
$
431,042

Adjustments to reconcile net earnings to cash provided by operating activities:
 
 
 
Share-based compensation expense
21,386

 
29,193

Depreciation and amortization
187,405

 
187,627

Operating lease asset amortization
26,925

 

Amortization of debt issuance and other debt-related costs
4,920

 
6,170

Deferred income taxes
(25,494
)
 
(20,249
)
Provision for losses on receivables
18,712

 
10,464

Other non-cash items
2,295

 
(3,695
)
Additional changes in certain assets and liabilities, net of effect of businesses acquired:
 
 
 
(Increase) in receivables
(236,136
)
 
(182,233
)
(Increase) in inventories
(186,331
)
 
(229,100
)
(Increase) in prepaid expenses and other current assets
(30,133
)
 
(23,540
)
(Decrease) increase in accounts payable
(38,894
)
 
78,112

(Decrease) in accrued expenses
(92,661
)
 
(111,309
)
(Decrease) in operating lease liabilities
(30,597
)
 

Increase in accrued income taxes
89,467

 
100,868

Decrease (increase) in other assets
3,141

 
(4,261
)
Increase in other long-term liabilities
3,793

 
2,056

Net cash provided by operating activities
171,579

 
271,145

Cash flows from investing activities:
 
 
 
Additions to plant and equipment
(175,728
)
 
(104,322
)
Proceeds from sales of plant and equipment
4,902

 
3,839

Acquisition of businesses, net of cash acquired
(74,814
)
 

Purchase of marketable securities
(4,002
)
 

Proceeds from sales of marketable securities
3,018

 

Other investing activities

 
912

Net cash used for investing activities
(246,624
)
 
(99,571
)
Cash flows from financing activities:
 
 
 
Bank and commercial paper borrowings (repayments), net
533,400

 

Other debt borrowings
31,789

 
386,142

Other debt repayments
(16,139
)
 
(8,078
)
Proceeds from stock option exercises
85,317

 
84,393

Treasury stock purchases
(349,314
)
 
(204,640
)
Dividends paid
(200,037
)
 
(187,229
)
Other financing activities
(22,311
)
 
(2,200
)
Net cash provided by financing activities
62,705

 
68,388

Effect of exchange rates on cash, cash equivalents and restricted cash
(5,485
)
 
(2,435
)
Net (decrease) increase in cash, cash equivalents and restricted cash
(17,825
)
 
237,527

Cash, cash equivalents and restricted cash at beginning of period
532,245

 
715,844

Cash, cash equivalents and restricted cash at end of period
$
514,420

 
$
953,371

Supplemental disclosures of cash flow information:
 
 
 
Cash paid during the period for:
 
 
 
Interest
$
84,407

 
$
81,392

Income taxes
70,013

 
70,675

 
See Notes to Consolidated Financial Statements

5



Sysco Corporation and its Consolidated Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Unless this Form 10-Q indicates otherwise or the context otherwise requires, the terms “we,” “our,” “us,” “Sysco,” or “the company” as used in this Form 10-Q refer to Sysco Corporation together with its consolidated subsidiaries and divisions.

1.  BASIS OF PRESENTATION

The consolidated financial statements have been prepared by the company, without audit. The financial statements include consolidated balance sheets, consolidated results of operations, consolidated statements of comprehensive income, changes in consolidated shareholders’ equity and consolidated cash flows. In the opinion of management, all adjustments, which consist of normal recurring adjustments, except as otherwise disclosed, necessary to present fairly the financial position, results of operations, comprehensive income, cash flows and changes in shareholders’ equity for all periods presented have been made.

These financial statements should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended June 29, 2019. Certain footnote disclosures included in annual financial statements prepared in accordance with generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to applicable rules and regulations for interim financial statements.

Supplemental Cash Flow Information

The following table sets forth the company’s reconciliation of cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statement of Cash Flows:
 
Sep. 28, 2019
 
Sep. 29, 2018
 
(In thousands)
Cash and cash equivalents
$
455,482

 
$
790,304

Restricted cash (1)
58,938

 
163,067

Total cash, cash equivalents and restricted cash shown in the Consolidated Statement of Cash Flows
$
514,420

 
$
953,371



(1) 
Restricted cash primarily represents cash and cash equivalents of Sysco’s wholly owned captive insurance subsidiary, restricted for use to secure the insurer’s obligations for workers’ compensation, general liability and auto liability programs. Restricted cash is located within Other assets in each consolidated balance sheet.

2. CHANGES IN ACCOUNTING

Leases

In February 2016, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), specifying the accounting for leases, which supersedes the leases requirements in Topic 840, Leases. The objective of Topic 842 is to establish the principles that lessees and lessors shall apply to report useful information to users of financial statements about the amount and timing of cash flows arising from a lease. The amended guidance requires the recognition of lease assets and lease liabilities on the balance sheet for those leases currently classified as operating leases. In addition, Topic 842 expands the disclosure requirements of lease arrangements. Sysco adopted this ASU and related amendments as of June 30, 2019, the first day of fiscal 2020, under the modified retrospective approach and elected certain practical expedients permitted under the transition guidance, including to retain the historical lease classification, as well as relief from separating and allocating consideration across all categories of leases to lease and non-lease components of an agreement. For leases subject to index or rate adjustments, the most current index or rate adjustments were included in the measurement of operating lease obligations at adoption.

The adoption of this ASU and related amendments resulted in Sysco recognizing $647.2 million and $657.9 million of operating lease right-of-use (ROU) assets and operating lease liabilities, respectively, as of June 30, 2019. There were no other significant impacts to the company’s consolidated financial statements. Updated accounting policies and additional lease disclosures as a result of the adoption of this ASU are described in Note 9, “Leases.”


6



3. REVENUE

The company recognizes revenues when its performance obligations are satisfied in an amount that reflects the consideration Sysco expects to be entitled to receive in exchange for those goods and services. After completion of Sysco’s performance obligations, the company has an unconditional right to consideration as outlined in its contracts with customers. Sysco’s customer receivables will generally be collected in less than 30 days in accordance with the underlying payment terms. Customer receivables, which are included in Accounts and notes receivable, less allowances in the consolidated balance sheet, were $4.1 billion and $3.9 billion as of September 28, 2019 and June 29, 2019, respectively.

Sysco has certain customer contracts in which upfront monies are paid to its customers. These payments have become industry practice and are not related to financing of the customer’s business. They are not associated with any distinct good or service to be received from the customer and, therefore, are treated as a reduction of transaction prices. All upfront payments are capitalized in Other Assets and amortized over the life of the contract or the expected life of the relationship with the customer on a straight-line basis. As of September 28, 2019, Sysco’s contract assets were not significant. Sysco has no significant commissions paid that are directly attributable to obtaining a particular contract.

The following tables present our sales disaggregated by reportable segment and sales mix for the company’s principal product categories for the periods presented:

 
 
13-Week Period Ended Sep. 28, 2019
 
 
US Foodservice Operations
 
International Foodservice Operations
 
SYGMA
 
Other
 
Total
 
 
(In thousands)
Principal Product Categories
 
 
 
 
 
 
 
 
 
 
Fresh and frozen meats
 
$
2,075,300

 
$
412,155

 
$
381,377

 
$

 
$
2,868,832

Canned and dry products
 
1,898,889

 
586,625

 
37,190

 

 
2,522,704

Frozen fruits, vegetables, bakery and other
 
1,449,218

 
552,014

 
254,455

 

 
2,255,687

Dairy products
 
1,148,381

 
312,178

 
145,921

 

 
1,606,480

Poultry
 
1,090,106

 
218,600

 
204,269

 

 
1,512,975

Fresh produce
 
998,164

 
257,758

 
60,933

 

 
1,316,855

Paper and disposables
 
719,540

 
98,342

 
168,436

 
17,373

 
1,003,691

Seafood
 
685,410

 
149,590

 
24,855

 

 
859,855

Beverage products
 
290,785

 
132,852

 
143,679

 
24,329

 
591,645

Other (1)
 
302,840

 
192,274

 
25,879

 
243,288

 
764,281

Total Sales
 
$
10,658,633

 
$
2,912,388

 
$
1,446,994

 
$
284,990

 
$
15,303,005


(1) 
Other sales relate to non-food products, including textiles and amenities for our hotel supply business, equipment and subscription sales for our Sysco Labs business, and other janitorial products, medical supplies and smallwares.


7



 
 
13-Week Period Ended Sep. 29, 2018
 
 
US Foodservice Operations
 
International Foodservice Operations
 
SYGMA
 
Other
 
Total
 
 
(In thousands)
Principal Product Categories
 
 
 
 
 
 
 
 
 
 
Fresh and frozen meats
 
$
2,121,517

 
$
420,456

 
$
372,334

 
$

 
$
2,914,307

Canned and dry products
 
1,852,168

 
611,470

 
77,621

 

 
2,541,259

Frozen fruits, vegetables, bakery and other
 
1,423,386

 
628,559

 
291,864

 

 
2,343,809

Dairy products
 
1,086,404

 
318,347

 
154,806

 

 
1,559,557

Poultry
 
1,026,936

 
215,582

 
272,061

 

 
1,514,579

Fresh produce
 
937,580

 
257,544

 
64,849

 

 
1,259,973

Paper and disposables
 
710,759

 
104,539

 
188,616

 
16,409

 
1,020,323

Seafood
 
661,687

 
188,436

 
25,385

 

 
875,508

Beverage products
 
290,571

 
52,069

 
147,294

 
23,180

 
513,114

Other (1)
 
288,403

 
123,948

 
26,627

 
233,872

 
672,850

Total Sales
 
$
10,399,411

 
$
2,920,950

 
$
1,621,457

 
$
273,461

 
$
15,215,279


(1) 
Other sales relate to non-food products, including textiles and amenities for our hotel supply business, equipment and subscription sales for our Sysco Labs business, and other janitorial products, medical supplies and smallwares.

4.  ACQUISITIONS

During the first 13 weeks of fiscal 2020, the company paid cash of $74.8 million for acquisitions. These acquisitions did not have a material effect on the company’s operating results, cash flows or financial position. Certain acquisitions involve contingent consideration that may include earnout agreements that are typically payable over periods of up to three years in the event that certain operating results are achieved. As of September 28, 2019, aggregate contingent consideration outstanding was $28.3 million, of which $21.5 million was recorded as earnout liabilities. Earnout liabilities are all measured using unobservable inputs that are considered a Level 3 measurement.

5.  FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). The accounting guidance includes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The three levels of the fair value hierarchy are as follows:

Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets;
Level 2 – Inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability; and
Level 3 – Unobservable inputs for the asset or liability, which include management’s own assumption about the assumptions market participants would use in pricing the asset or liability, including assumptions about risk.

Sysco’s policy is to invest in only high-quality investments. Cash equivalents primarily include cash deposits, time deposits, certificates of deposit, commercial paper, high-quality money market funds and all highly liquid instruments with original maturities of three months or less.

The following is a description of the valuation methodologies used for assets and liabilities measured at fair value:

Cash deposits included in cash equivalents are valued at amortized cost, which approximates fair value. These are included within cash equivalents as a Level 1 measurement in the tables below.
Time deposits and commercial paper included in cash equivalents are valued at amortized cost, which approximates fair value. These are included within cash equivalents as a Level 2 measurement in the tables below.

8



Money market funds are valued at the closing price reported by the fund sponsor from an actively traded exchange. These are included within cash equivalents as Level 1 measurements in the tables below.
Fixed income securities are valued using evaluated bid prices based on a compilation of observable market information or a broker quote in a non-active market. Inputs used vary by type of security, but include spreads, yields, rate benchmarks, rate of prepayment, cash flows, rating changes and collateral performance and type.
The interest rate swap agreements are valued using a swap valuation model that utilizes an income approach using observable market inputs including interest rates, LIBOR swap rates and credit default swap rates.
The foreign currency swap agreements, including cross-currency swaps, are valued using a swap valuation model that utilizes an income approach applying observable market inputs including interest rates, LIBOR swap rates for U.S. dollars, Canadian dollars, pound sterling and euro currencies, and credit default swap rates.
Foreign currency forwards are valued based on exchange rates quoted by domestic and foreign banks for similar instruments.
Fuel swap contracts are valued based on observable market transactions of forward commodity prices.

The fair value of the company’s marketable securities are all measured using inputs that are considered a Level 2 measurement, as they are actively traded and are valued using quoted market prices in active markets. The location and the fair value of the company’s marketable securities in the consolidated balance sheet are disclosed in Note 6, “Marketable Securities.” The fair value of the company’s derivative instruments are all measured using inputs that are considered a Level 2 measurement, as they are not actively traded and are valued using pricing models that use observable market quotations. The location and the fair value of derivative assets and liabilities designated as hedges in the consolidated balance sheet are disclosed in Note 7, “Derivative Financial Instruments.”

The following tables present the company’s assets measured at fair value on a recurring basis as of September 28, 2019 and June 29, 2019:
 
Assets Measured at Fair Value as of Sep. 28, 2019
 
Level 1
 
Level 2
 
Level 3
 
Total
 
(In thousands)
Assets:
 
 
 
 
 
 
 
Cash equivalents
 
 
 
 
 
 
 
Cash and cash equivalents
$
108,962

 
$
1,400

 
$

 
$
110,362

Other assets (1)
58,938

 

 

 
58,938

Total assets at fair value
$
167,900

 
$
1,400

 
$

 
$
169,300


(1) 
Represents restricted cash balance recorded within other assets in the consolidated balance sheet.
 
Assets Measured at Fair Value as of Jun. 29, 2019
 
Level 1
 
Level 2
 
Level 3
 
Total
 
(In thousands)
Assets:
 
 
 
 
 
 
 
Cash equivalents
 
 
 
 
 
 
 
Cash and cash equivalents
$
72,824

 
$
200

 
$

 
$
73,024

Other assets (1)
18,785

 

 

 
18,785

Total assets at fair value
$
91,609

 
$
200

 
$

 
$
91,809


(1) 
Represents restricted cash balance recorded within other assets in the consolidated balance sheet.

The carrying values of accounts receivable and accounts payable approximated their respective fair values due to their short-term maturities. The fair value of Sysco’s total debt is estimated based on the quoted market prices for the same or similar issues or on the current rates offered to the company for new debt with the same maturities as existing debt, and is considered a Level 2 measurement. The fair value of total debt was approximately $9.5 billion and $8.6 billion as of September 28, 2019 and June 29, 2019, respectively. The carrying value of total debt was $8.7 billion and $8.2 billion as of September 28, 2019 and June 29, 2019, respectively.

9




6. MARKETABLE SECURITIES

Sysco invests a portion of the assets held by its wholly owned captive insurance subsidiary in a restricted investment portfolio of marketable fixed income securities, which have been classified and accounted for as available-for-sale. The company includes fixed income securities maturing in less than twelve months within Prepaid expenses and other current assets and includes fixed income securities maturing in more than twelve months within Other assets in the accompanying Consolidated Balance Sheets. The company records the amounts at fair market value, which is determined using quoted market prices at the end of the reporting period. Unrealized gains and losses on marketable securities are recorded in Accumulated other comprehensive loss. The following table presents the company’s available-for-sale marketable securities as of September 28, 2019 and June 29, 2019:

 
September 28, 2019
 
Amortized Cost Basis
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
 
Short-Term Marketable Securities
 
Long-Term Marketable Securities
 
(In thousands)
Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
Corporate bonds
$
88,505

 
$
2,067

 
$
(2
)
 
$
90,570

 
$
12,017

 
$
78,553

Government bonds
28,834

 
2,695

 

 
31,529

 

 
31,529

Total marketable securities
$
117,339

 
$
4,762

 
$
(2
)
 
$
122,099

 
$
12,017

 
$
110,082

 
 
 
 
 
 
 
 
 
 
 
 
 
June 29, 2019
 
Amortized Cost Basis
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
 
Short-Term Marketable Securities
 
Long-Term Marketable Securities
 
(In thousands)
Corporate bonds
$
87,540

 
$
1,734

 
$

 
$
89,274

 
$
12,006

 
$
77,268

Government bonds
28,900

 
1,845

 

 
30,745

 

 
30,745

Total marketable securities
$
116,440

 
$
3,579

 
$

 
$
120,019