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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 December 30, 2023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 1-6544
________________
syylogoa03.jpg
Sysco Corporation
(Exact name of registrant as specified in its charter)
Delaware74-1648137
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)

1390 Enclave Parkway, Houston, Texas                       77077-2099
(Address of principal executive offices)                     (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 classTrading SymbolName of each exchange on which registered
Common stock, $1.00 Par ValueSYYNew 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 FilerAccelerated Filer
Non-accelerated FilerSmaller 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

497,829,748 shares of common stock were outstanding as of January 12, 2024.

1


TABLE OF CONTENTS







PART I – FINANCIAL INFORMATION
Item 1. Financial Statements

Sysco Corporation and its Consolidated Subsidiaries
CONSOLIDATED BALANCE SHEETS
(In thousands, except for share data)
 Dec. 30, 2023Jul. 1, 2023
 (unaudited)
ASSETS
Current assets
Cash and cash equivalents$962,165 $745,201 
Accounts receivable, less allowances of $79,179 and $45,599
5,291,552 5,091,970 
Inventories4,722,499 4,480,812 
Prepaid expenses and other current assets327,569 284,566 
Income tax receivable5,815 5,815 
Total current assets11,309,600 10,608,364 
Plant and equipment at cost, less accumulated depreciation5,157,150 4,915,049 
Other long-term assets
Goodwill5,255,010 4,645,754 
Intangibles, less amortization1,174,151 859,530 
Deferred income taxes444,180 420,450 
Operating lease right-of-use assets, net824,390 731,766 
Other assets576,120 640,232 
Total other long-term assets8,273,851 7,297,732 
Total assets$24,740,601 $22,821,145 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable$5,737,726 $6,025,757 
Accrued expenses2,266,062 2,251,181 
Accrued income taxes46,772 101,894 
Current operating lease liabilities119,397 99,051 
Current maturities of long-term debt84,513 62,550 
Total current liabilities8,254,470 8,540,433 
Long-term liabilities
Long-term debt12,028,122 10,347,997 
Deferred income taxes303,878 302,904 
Long-term operating lease liabilities737,354 656,269 
Other long-term liabilities979,376 931,708 
Total long-term liabilities14,048,730 12,238,878 
Noncontrolling interest33,367 33,212 
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 capital1,877,201 1,814,681 
Retained earnings11,724,251 11,310,664 
Accumulated other comprehensive loss(1,189,753)(1,252,590)
Treasury stock at cost, 261,472,819 and 260,062,834 shares
(10,772,840)(10,629,308)
Total shareholders’ equity2,404,034 2,008,622 
Total liabilities and shareholders’ equity$24,740,601 $22,821,145 
Note: The July 1, 2023 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 Ended26-Week Period Ended
 Dec. 30, 2023Dec. 31, 2022Dec. 30, 2023Dec. 31, 2022
Sales$19,287,942 $18,593,953 $38,908,396 $37,720,783 
Cost of sales15,774,309 15,244,337 31,746,991 30,882,312 
Gross profit3,513,633 3,349,616 7,161,405 6,838,471 
Operating expenses2,813,590 2,708,793 5,657,780 5,460,847 
Operating income700,043 640,823 1,503,625 1,377,624 
Interest expense149,680 132,042 284,014 256,192 
Other expense (income), net (1) (2)
5,245 330,305 11,885 348,054 
Earnings before income taxes545,118 178,476 1,207,726 773,378 
Income taxes129,876 37,260 289,092 166,594 
Net earnings$415,242 $141,216 $918,634 $606,784 
  
Net earnings:  
Basic earnings per share$0.82 $0.28 $1.82 $1.20 
Diluted earnings per share0.82 0.28 1.81 1.19 
Average shares outstanding504,312,633 507,609,696 504,719,562 507,594,137 
Diluted shares outstanding505,929,342 510,145,794 506,499,390 510,264,473 
(1)
Gains and losses related to the disposition of fixed assets have been recognized within operating expenses. Prior year amounts have been reclassified to conform to this presentation.
(2)
Sysco’s second quarter of fiscal 2023 included a charge of $315.4 million in other expense related to pension settlement charges. See Note 9, “Company-Sponsored Employee Benefit Plans.”

See Notes to Consolidated Financial Statements
2


Sysco Corporation and its Consolidated Subsidiaries
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(In thousands)
 13-Week Period Ended26-Week Period Ended
 Dec. 30, 2023Dec. 31, 2022Dec. 30, 2023Dec. 31, 2022
Net earnings$415,242 $141,216 $918,634 $606,784 
Other comprehensive income (loss):
Foreign currency translation adjustment163,084 241,814 54,890 9,632 
Items presented net of tax:
Amortization of cash flow hedges2,170 2,170 4,340 4,325 
Change in net investment hedges(16,741)(33,749)(16,741)(10,240)
Change in cash flow hedges(20,225)203 6,923 (26,187)
Changes in excluded components of fair value hedge158  138  
Amortization of prior service cost146 74 292 148 
Amortization of actuarial loss5,011 5,628 9,993 12,519 
Pension settlement charge 236,591  236,591 
Net actuarial (loss) gain arising in current year (67,388)503 (67,388)
Change in marketable securities3,444 1,194 2,499 (2,134)
Total other comprehensive income137,047 386,537 62,837 157,266 
Comprehensive income$552,289 $527,753 $981,471 $764,050 

See Notes to Consolidated Financial Statements
3


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

Quarter to Date

Accumulated
Other Comprehensive
Loss
 Common StockPaid-in
Capital
Retained
Earnings
Treasury Stock 
 SharesAmountSharesAmountsTotals
Balance as of September 30, 2023765,174,900 $765,175 $1,838,986 $11,560,924 $(1,326,800)260,971,761 $(10,712,486)$2,125,799 
Net earnings415,242 415,242 
Foreign currency translation adjustment163,084 163,084 
Amortization of cash flow hedges, net of tax2,170 2,170 
Change in cash flow hedges, net of tax(20,225)(20,225)
Changes in excluded components of fair value hedge, net of tax158 158 
Change in net investment hedges, net of tax(16,741)(16,741)
Reclassification of pension and other postretirement benefit plans amounts to net earnings, net of tax5,157 5,157 
Change in marketable securities, net of tax3,444 3,444 
Dividends declared ($0.50 per common share)
(251,915)(251,915)
Treasury stock purchases1,479,720 (99,973)(99,973)
Share-based compensation awards38,215 (978,662)39,619 77,834 
Balance as of December 30, 2023765,174,900 $765,175 $1,877,201 $11,724,251 $(1,189,753)261,472,819 $(10,772,840)$2,404,034 
Accumulated
Other Comprehensive
Loss
 Common StockPaid-in
Capital
Retained
Earnings
Treasury Stock 
 SharesAmountSharesAmountsTotals
Balance as of October 1, 2022765,174,900 $765,175 $1,754,409 $10,757,136 $(1,711,325)258,414,989 $(10,450,054)$1,115,341 
Net earnings141,216 141,216 
Foreign currency translation adjustment241,814 241,814 
Amortization of cash flow hedges, net of tax2,170 2,170 
Change in cash flow hedges, net of tax203 203 
Change in net investment hedges, net of tax(33,749)(33,749)
Reclassification of pension and other postretirement benefit plans amounts to net earnings, net of tax5,702 5,702 
Pension settlement charge, net of tax236,591 236,591 
Net actuarial loss arising in current year, net of tax(67,388)(67,388)
Change in marketable securities, net of tax1,194 1,194 
Dividends declared ($0.49 per common share)(249,014)(249,014)
Increase in ownership interest in subsidiaries(2,077)(2,077)
Share-based compensation awards21,809 (568,017)22,777 44,586 
Balance as of December 31, 2022765,174,900 $765,175 $1,774,141 $10,649,338 $(1,324,788)257,846,972 $(10,427,277)$1,436,589 

See Notes to Consolidated Financial Statements
4


Year to Date
Accumulated
Other Comprehensive
Loss
 Common StockPaid-in
Capital
Retained
Earnings
Treasury Stock 
 SharesAmountSharesAmountsTotals
Balance as of July 1, 2023765,174,900 $765,175 $1,814,681 $11,310,664 $(1,252,590)260,062,834 $(10,629,308)$2,008,622 
Net earnings   918,634    918,634 
Foreign currency translation adjustment    54,890   54,890 
Amortization of cash flow hedges, net of tax    4,340   4,340 
Change in cash flow hedges, net of tax6,923 6,923 
Change in net investment hedges, net of tax(16,741)(16,741)
Reclassification of pension and other postretirement benefit plans amounts to net earnings, net of tax    10,285   10,285 
Net actuarial gain arising in current year, net of tax503 503 
Change in marketable securities, net of tax2,499 2,499 
Changes in excluded components of fair value hedge, net of tax138 138 
Dividends declared ($1.00 per common share)
   (505,047)   (505,047)
Treasury stock purchases2,862,667 (199,947)(199,947)
Share-based compensation awards  62,520   (1,452,682)56,415 118,935 
Balance as of December 30, 2023765,174,900 $765,175 $1,877,201 $11,724,251 $(1,189,753)261,472,819 $(10,772,840)$2,404,034 
Accumulated
Other Comprehensive
Loss
 Common StockPaid-in
Capital
Retained
Earnings
Treasury Stock 
 SharesAmountSharesAmountsTotals
Balance as of July 2, 2022765,174,900 $765,175 $1,766,305 $10,539,722 $(1,482,054)256,531,543 $(10,206,888)$1,382,260 
Net earnings   606,784    606,784 
Foreign currency translation adjustment    9,632   9,632 
Amortization of cash flow hedges, net of tax    4,325   4,325 
Change in cash flow hedges, net of tax    (26,187)  (26,187)
Change in net investment hedges, net of tax(10,240)(10,240)
Reclassification of pension and other postretirement benefit plans amounts to net earnings, net of tax    12,667   12,667 
Pension settlement charge, net of tax236,591 236,591 
Net actuarial loss arising in current year, net of tax(67,388)(67,388)
Change in marketable securities, net of tax(2,134)(2,134)
Dividends declared ($0.98 per common share)
   (497,168)   (497,168)
Treasury stock purchases3,099,268 (267,727)(267,727)
Increase in ownership interest in subsidiaries(2,077)(2,077)
Share-based compensation awards  9,913   (1,783,839)47,338 57,251 
Balance as of December 31, 2022765,174,900 $765,175 $1,774,141 $10,649,338 $(1,324,788)257,846,972 $(10,427,277)$1,436,589 

See Notes to Consolidated Financial Statements
5


Sysco Corporation and its Consolidated Subsidiaries
CONSOLIDATED CASH FLOWS (Unaudited)
(In thousands)
 26-Week Period Ended
 Dec. 30, 2023Dec. 31, 2022
Cash flows from operating activities:
Net earnings$918,634 $606,784 
Adjustments to reconcile net earnings to cash provided by operating activities:
Pension settlement charge 315,354 
Share-based compensation expense52,821 52,679 
Depreciation and amortization425,465 378,949 
Operating lease asset amortization59,127 55,884 
Amortization of debt issuance and other debt-related costs9,117 10,315 
Deferred income taxes(28,689)(123,187)
Provision for losses on receivables29,784 9,732 
Other non-cash items(3,782)11,525 
Additional changes in certain assets and liabilities, net of effect of businesses acquired:
Increase in receivables(25,431)(87,190)
Increase in inventories(98,047)(222,650)
Decrease (increase) in prepaid expenses and other current assets3,362 (8,915)
Decrease in accounts payable(404,411)(390,124)
Increase (decrease) in accrued expenses17,033 (62,779)
Decrease in operating lease liabilities(64,112)(57,234)
(Decrease) increase in accrued income taxes(55,123)3,108 
Decrease in other assets21,942 22,156 
Decrease in other long-term liabilities(1,793)(10,941)
Net cash provided by operating activities855,897 503,466 
Cash flows from investing activities:
Additions to plant and equipment(346,797)(309,664)
Proceeds from sales of plant and equipment18,347 25,493 
Acquisition of businesses, net of cash acquired(1,174,608)(37,699)
Purchase of marketable securities(1,878)(14,019)
Proceeds from sales of marketable securities 11,641 
Other investing activities 4,840 
Net cash used for investing activities(1,504,936)(319,408)
Cash flows from financing activities:
Bank and commercial paper borrowings, net500,000 155,000 
Other debt borrowings including senior notes1,132,475 140,024 
Other debt repayments including senior notes(187,720)(57,270)
Debt issuance costs(13,035) 
Proceeds from stock option exercises57,347 47,339 
Stock repurchases(199,947)(267,727)
Dividends paid(505,588)(498,323)
Other financing activities(5,775)(46,517)
Net cash provided by (used for) financing activities777,757 (527,474)
Effect of exchange rates on cash, cash equivalents and restricted cash905 (2,314)
Net increase (decrease) in cash, cash equivalents and restricted cash129,623 (345,730)
Cash, cash equivalents and restricted cash at beginning of period966,033 931,376 
Cash, cash equivalents and restricted cash at end of period$1,095,656 $585,646 
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest$266,002 $244,530 
Income taxes, net of refunds371,855 289,413 

See Notes to Consolidated Financial Statements
6


Sysco Corporation and its Consolidated Subsidiaries
NOTES TO CONDENSED 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 an 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 July 1, 2023. 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 our reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the amounts shown in the consolidated statement of cash flows:
Dec. 30, 2023Dec. 31, 2022
(In thousands)
Cash and cash equivalents$962,165 $500,340 
Restricted cash (1)
133,491 85,306 
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows$1,095,656 $585,646 
(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.

The following table sets forth our non-cash investing and financing activities:
Dec. 30, 2023Dec. 31, 2022
(In thousands)
Non-cash investing and financing activities:
Plant and equipment acquired through financing programs$158,454 $52,360 
Assets obtained in exchange for finance lease obligations52,367 81,799 

7


2. NEW ACCOUNTING STANDARDS

Recently Adopted Accounting Guidance

Liabilities – Supplier Financing Programs

In September 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2022-04, Liabilities—Supplier Finance Programs, Subtopic 405-50, that requires entities to disclose in the annual financial statements the key terms of the supplier finance program they use in connection with the purchase of goods and services, along with information about their obligations under such programs, including a roll forward of those obligations. Additionally, the guidance requires disclosure of the outstanding amount of the obligations as of the end of each interim period. The guidance does not affect the recognition, measurement, or financial statement presentation of supplier finance program obligations.

The guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2022, which is the first quarter of fiscal 2024 for Sysco, except for the roll forward requirement, which is effective annually for fiscal years beginning after December 15, 2023, which is fiscal year 2025 for Sysco. Early adoption is permitted. The guidance requires retrospective application to all periods in which a balance sheet is presented, except for the roll forward requirement, which will be applied prospectively.

Sysco completed its assessment of the disclosures required under ASU 2022-04 and adopted the standard, with the exception of the roll forward requirement, in the first quarter of fiscal 2024 on a retrospective basis. The company has agreements with third parties to provide supplier finance programs which facilitate participating suppliers’ ability to finance payment obligations from the company with designated third-party financial institutions. Participating suppliers may, at their sole discretion, make offers to finance one or more payment obligations of the company prior to their scheduled due dates at a discounted price to participating financial institutions. Obligations of the company that have been confirmed as valid require payment by Sysco upon the due date of the obligation.

The company’s outstanding payment obligations that suppliers financed to participating financial institutions, which are included in accounts payable on the consolidated balance sheets, are as follows:
Dec. 30, 2023Jul. 1, 2023Dec. 31, 2022Jul. 2, 2022
(In thousands)
Financed payment obligations$83,528 $99,606 $81,018 $90,267 


Recent Accounting Guidance Not Yet Adopted

Segment Reporting

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosures of a reportable segment’s profit or loss and assets. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, which is fiscal 2025 for Sysco, and interim periods for our fiscal years beginning after December 15, 2024, which is the first quarter of fiscal 2026 for Sysco, and should be applied on a retrospective basis to all periods presented. Early adoption is permitted. We are currently evaluating the effect of adopting ASU 2023-07 on our disclosures.

Income Taxes

In December 2023, the FASB issued 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures to enhance income tax information primarily through changes in the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, which is fiscal 2026 for Sysco, on a prospective basis. Early adoption is permitted. We are currently evaluating the effect of adopting ASU 2023-09 on our disclosures.

8


3. REVENUE

We recognize revenues when our 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. Customer receivables, which are included in accounts receivable, less allowances in the consolidated balance sheet, were $5.0 billion and $4.7 billion as of December 30, 2023 and July 1, 2023, 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 December 30, 2023, our contract assets were not significant. We have 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 Dec. 30, 2023
US Foodservice OperationsInternational Foodservice OperationsSYGMAOtherTotal
(In thousands)
Principal Product Categories
Canned and dry products$2,601,298 $801,170 $228,632 $ $3,631,100 
Fresh and frozen meats2,574,453 503,387 504,102  3,581,942 
Frozen fruits, vegetables, bakery and other1,996,667 682,027 315,778  2,994,472 
Dairy products1,448,604 388,401 141,137  1,978,142 
Poultry1,340,095 285,312 261,300  1,886,707 
Fresh produce1,308,581 265,417 65,891  1,639,889 
Paper and disposables971,489 129,881 188,075 14,099 1,303,544 
Seafood507,958 110,121 44,056  662,135 
Beverage products335,748 164,368 139,137 21,330 660,583 
Other (1)
409,550 266,374 25,607 247,897 949,428 
Total Sales$13,494,443 $3,596,458 $1,913,715 $283,326 $19,287,942 
(1)
Other sales relate to non-food products, including textiles and amenities for our hotel supply business, equipment, and other janitorial products, medical supplies and smallwares.

9


13-Week Period Ended Dec. 31, 2022
US Foodservice OperationsInternational Foodservice OperationsSYGMAOtherTotal
(In thousands)
Principal Product Categories
Canned and dry products$2,502,665 $700,622 $236,726 $ $3,440,013 
Fresh and frozen meats2,390,929 445,018 452,370  3,288,317 
Frozen fruits, vegetables, bakery and other1,851,344 596,100 338,379  2,785,823 
Dairy products1,498,039 358,639 160,753  2,017,431 
Poultry1,329,071 285,343 265,269  1,879,683 
Fresh produce1,385,083 257,641 66,099  1,708,823 
Paper and disposables976,231 134,507 210,691 13,484 1,334,913 
Seafood547,760 109,290 37,810  694,860 
Beverage products303,789 133,515 136,668 21,318 595,290 
Other (1)
292,143 261,736 28,771 266,150 848,800 
Total Sales$13,077,054 $3,282,411 $1,933,536 $300,952 $18,593,953 
(1)
Other sales relate to non-food products, including textiles and amenities for our hotel supply business, equipment, and other janitorial products, medical supplies and smallwares.


26-Week Period Ended Dec. 30, 2023
US Foodservice OperationsInternational Foodservice OperationsSYGMAOtherTotal
(In thousands)
Principal Product Categories
Canned and dry products$5,285,985 $1,632,713 $461,617 $ $7,380,315 
Fresh and frozen meats5,143,634 1,023,128 984,691  7,151,453 
Frozen fruits, vegetables, bakery and other4,024,601 1,355,575 621,077  6,001,253 
Dairy products2,902,553 802,572 282,568  3,987,693 
Poultry2,701,790 576,635 535,008  3,813,433 
Fresh produce2,669,938 540,135 136,209  3,346,282 
Paper and disposables1,965,326 304,206 374,618 30,380 2,674,530 
Seafood1,085,593 235,145 87,572  1,408,310 
Beverage products698,413 334,921 285,359 45,196 1,363,889 
Other (1)
740,409 474,638 51,010 515,181 1,781,238 
Total Sales$27,218,242 $7,279,668 $3,819,729 $590,757 $38,908,396 
(1)
Other sales relate to non-food products, including textiles and amenities for our hotel supply business, equipment, and other janitorial products, medical supplies and smallwares.

10


26-Week Period Ended Dec. 31, 2022
US Foodservice OperationsInternational Foodservice OperationsSYGMAOtherTotal
(In thousands)
Principal Product Categories
Canned and dry products$5,079,917 $1,391,996 $472,894 $1,931 $6,946,738 
Fresh and frozen meats4,856,379 898,382 915,810  6,670,571 
Frozen fruits, vegetables, bakery and other3,694,811 1,176,132 647,576 149 5,518,668 
Dairy products3,023,521 725,486 325,401  4,074,408 
Poultry2,903,321 578,193 542,733  4,024,247 
Fresh produce2,723,003 512,378 131,343  3,366,724 
Paper and disposables1,999,135 278,574 420,049 28,541 2,726,299 
Seafood1,186,165 230,491 77,934  1,494,590 
Beverage products619,407 269,991 274,835 45,974 1,210,207 
Other (1)
593,877 504,523 58,418 531,513 1,688,331 
Total Sales$26,679,536 $6,566,146 $3,866,993 $608,108 $37,720,783 
(1)
Other sales relate to non-food products, including textiles and amenities for our hotel supply business, equipment, and other janitorial products, medical supplies and smallwares.

11


4.  ACQUISITIONS

During the first 26 weeks of fiscal 2024, we paid cash of $1.2 billion for several acquisitions.

Edward Don & Company

On November 27, 2023, Sysco consummated its acquisition of Edward Don & Company (Edward Don or the acquiree) through a merger between Edward Don and a wholly owned subsidiary of Sysco Corporation, in which Sysco acquired 100% of the members’ equity of the acquiree for cash consideration of $969.4 million. Edward Don is a leading distributor of foodservice equipment, supplies and disposables and has a robust supply chain that is expected to enable cost effective distribution of restaurant equipment and supplies across the Sysco network. The acquisition allows Sysco to add strategic capabilities and diversified offerings to complement its existing business and create a specialty equipment and supplies platform that will provide better selection and service to customers.

The assets, liabilities and operating results of Edward Don are reflected in our consolidated financial statements in accordance with ASC Topic No. 805, Business Combinations, commencing from the acquisition date. The purchase price was allocated based on the company’s preliminary estimated fair value of the assets acquired and liabilities assumed, and the excess was assigned to goodwill and intangibles. Goodwill of $447.6 million is assigned to the U.S. Foodservice Operations reportable segment and represents synergies and disposable, supply and foodservice equipment capabilities and offerings expected to benefit Sysco’s existing business.

In certain circumstances, purchase price allocations may be based upon preliminary estimates and assumptions. Accordingly, allocations are subject to revision until Sysco receives final information and completes its analysis during the measurement period. This includes finalizing the valuation of acquired tangible and intangible assets and related tax attributes.

5.  FAIR VALUE MEASUREMENTS

Sysco’s policy is to invest in only high-quality investments. The fair values of our cash deposits and money market funds included in cash equivalents are valued using inputs that are considered a Level 1 measurement. Other cash equivalents, such as time deposits and highly liquid instruments with original maturities of three months or less, are valued using inputs that are considered a Level 2 measurement. The fair value of our marketable securities is measured using inputs that are considered a Level 2 measurement, as they rely on quoted prices in markets that are not actively traded or observable inputs over the full term of the asset. 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 our derivative instruments is 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 values of derivative assets and liabilities designated as hedges in the consolidated balance sheet are disclosed in Note 7, “Derivative Financial Instruments.”

12


The following tables present the company’s assets measured at fair value on a recurring basis as of December 30, 2023 and July 1, 2023:
 Assets Measured at Fair Value as of Dec. 30, 2023
 Level 1Level 2Level 3Total
 (In thousands)
Assets:
Cash equivalents
Cash and cash equivalents$573,597 $3 $ $573,600 
Other assets (1)
133,491   133,491 
Total assets at fair value$707,088 $3 $ $707,091 
(1)
Represents restricted cash balance recorded within other assets in the consolidated balance sheet.

 Assets Measured at Fair Value as of Jul. 1, 2023
 Level 1Level 2Level 3Total
 (In thousands)
Assets:
Cash equivalents
Cash and cash equivalents$308,952 $10,021 $ $318,973 
Other assets (1)
220,831   220,831 
Total assets at fair value$529,783 $10,021 $ $539,804 
(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 our 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 $11.9 billion as of December 30, 2023 and $9.8 billion as of July 1, 2023, while the carrying value was $12.1 billion as of December 30, 2023 and $10.4 billion as of July 1, 2023.

13


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. We include fixed income securities maturing in less than 12 months within prepaid expenses and other current assets. Fixed income securities maturing in more than 12 months are included within other assets in the accompanying consolidated balance sheets. We record the amounts at fair market value, which is determined using quoted market prices at the end of the reporting period.

Unrealized gains and any portion of a security’s unrealized loss attributable to non-credit losses are recorded in accumulated other comprehensive loss. There were no significant credit losses recognized in the first 26 weeks of fiscal 2024.

The following table presents our available-for-sale marketable securities as of December 30, 2023 and July 1, 2023:
Dec. 30, 2023
Amortized Cost BasisGross Unrealized GainsGross Unrealized LossesFair ValueShort-Term Marketable SecuritiesLong-Term Marketable Securities
(In thousands)
Fixed income securities:
Corporate bonds$100,865 $523 $(4,585)$96,803 $23,032 $73,771 
Government bonds29,628  (