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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 April 2, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 1-6544
________________
syy-20220402_g1.jpg
Sysco Corporation
(Exact name of registrant as specified in its charter)
Delaware74-1648137
(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 classTrading SymbolName of each exchange on which registered
Common stock, $1.00 Par ValueSYYNew York Stock Exchange
1.25% Notes due June 2023SYY 23New 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
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509,475,816 shares of common stock were outstanding as of April 22, 2022.

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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)
 Apr. 2, 2022Jul. 3, 2021
 (unaudited)
ASSETS
Current assets
Cash and cash equivalents$876,139 $3,007,123 
Accounts receivable, less allowances of $126,580 and $117,6954,777,660 3,781,510 
Inventories4,409,094 3,695,219 
Prepaid expenses and other current assets303,212 240,956 
Income tax receivable47,173 8,759 
Total current assets10,413,278 10,733,567 
Plant and equipment at cost, less accumulated depreciation4,345,098 4,326,063 
Other long-term assets
Goodwill4,703,777 3,944,139 
Intangibles, less amortization1,042,878 746,073 
Deferred income taxes393,302 352,523 
Operating lease right-of-use assets, net787,347 709,163 
Other assets637,995 602,011 
Total other long-term assets7,565,299 6,353,909 
Total assets$22,323,675 $21,413,539 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Notes payable$8,655 $8,782 
Accounts payable5,721,705 4,884,781 
Accrued expenses2,011,597 1,814,837 
Accrued income taxes19,045 22,644 
Current operating lease liabilities113,157 102,659 
Current maturities of long-term debt498,028 486,141 
Total current liabilities8,372,187 7,319,844 
Long-term liabilities
Long-term debt10,608,840 10,588,184 
Deferred income taxes195,910 147,066 
Long-term operating lease liabilities701,929 634,481 
Other long-term liabilities1,090,386 1,136,480 
Total long-term liabilities12,597,065 12,506,211 
Noncontrolling interest33,014 34,588 
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 shares765,175 765,175 
Paid-in capital1,737,301 1,619,995 
Retained earnings10,279,792 10,151,706 
Accumulated other comprehensive loss(1,299,004)(1,148,764)
Treasury stock at cost, 256,507,982 and 253,342,595 shares(10,161,855)(9,835,216)
Total shareholders’ equity1,321,409 1,552,896 
Total liabilities and shareholders’ equity$22,323,675 $21,413,539 
Note: The July 3, 2021 balance sheet has been derived from the audited financial statements at that date.

See Notes to Consolidated Financial Statements
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Sysco Corporation and its Consolidated Subsidiaries
CONSOLIDATED RESULTS OF OPERATIONS (Unaudited)
(In thousands, except for share and per share data)
 13-Week Period Ended39-Week Period Ended
 Apr. 2, 2022Mar. 27, 2021Apr. 2, 2022Mar. 27, 2021
Sales$16,902,139 $11,824,589 $49,678,888 $35,160,950 
Cost of sales13,888,745 9,701,921 40,802,636 28,719,979 
Gross profit3,013,394 2,122,668 8,876,252 6,440,971 
Operating expenses2,517,665 1,886,751 7,303,932 5,573,413 
Operating income495,729 235,917 1,572,320 867,558 
Interest expense124,018 145,773 495,131 438,988 
Other income, net(13,777)(12,708)(27,705)(14,140)
Earnings before income taxes385,488 102,852 1,104,894 442,710 
Income taxes82,163 13,925 256,115 69,594 
Net earnings$303,325 $88,927 $848,779 $373,116 
  
Net earnings:  
Basic earnings per share$0.60 $0.17 $1.66 $0.73 
Diluted earnings per share0.59 0.17 1.65 0.73 
Average shares outstanding508,368,159 511,110,670 510,642,876 510,081,610 
Diluted shares outstanding512,238,523 514,585,129 514,198,780 512,688,895 

See Notes to Consolidated Financial Statements
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Sysco Corporation and its Consolidated Subsidiaries
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(In thousands)
 13-Week Period Ended39-Week Period Ended
 Apr. 2, 2022Mar. 27, 2021Apr. 2, 2022Mar. 27, 2021
Net earnings$303,325 $88,927 $848,779 $373,116 
Other comprehensive (loss) income:
Foreign currency translation adjustment(96,582)9,805 (210,646)345,452 
Items presented net of tax:
Amortization of cash flow hedges2,155 2,191 6,465 6,501 
Change in net investment hedges12,041 9,388 30,568 (22,539)
Change in cash flow hedges18,375 9,135 11,845 8,503 
Amortization of prior service cost74 137 222 411 
Amortization of actuarial gain6,514 7,820 18,369 23,378 
Change in marketable securities(5,323)(2,753)(7,063)(3,271)
Total other comprehensive (loss) income(62,746)35,723 (150,240)358,435 
Comprehensive income$240,579 $124,650 $698,539 $731,551 

See Notes to Consolidated Financial Statements
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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 January 1, 2022765,174,900 $765,175 $1,690,487 $10,216,625 $(1,236,258)258,033,856 $(10,214,957)$1,221,072 
Net earnings303,325 303,325 
Foreign currency translation adjustment(96,582)(96,582)
Amortization of cash flow hedges, net of tax2,155 2,155 
Change in cash flow hedges, net of tax18,375 18,375 
Change in net investment hedges, net of tax12,041 12,041 
Reclassification of pension and other postretirement benefit plans amounts to net earnings, net of tax6,588 6,588 
Change in marketable securities, net of tax(5,323)(5,323)
Dividends declared ($0.47 per common share)(240,158)(240,158)
Share-based compensation awards46,814 (1,525,874)53,102 99,916 
Balance as of April 2, 2022765,174,900 $765,175 $1,737,301 $10,279,792 $(1,299,004)256,507,982 $(10,161,855)$1,321,409 
Accumulated
Other Comprehensive
Loss
 Common StockPaid-in
Capital
Retained
Earnings
Treasury Stock 
 SharesAmountSharesAmountsTotals
Balance as of December 26, 2020765,174,900 $765,175 $1,565,255 $10,383,493 $(1,388,169)255,176,469 $(9,898,955)$1,426,799 
Net earnings88,927 88,927 
Foreign currency translation adjustment9,805 9,805 
Amortization of cash flow hedges, net of tax2,191 2,191 
Change in cash flow hedges, net of tax9,135 9,135 
Change in net investment hedges, net of tax9,388 9,388 
Reclassification of pension and other postretirement benefit plans amounts to net earnings, net of tax7,957 7,957 
Change in marketable securities, net of tax(2,753)(2,753)
Dividends declared ($0.45 per common share)(230,754)(230,754)
Share-based compensation awards29,306 (1,359,456)45,596 74,902 
Balance as of March 27, 2021765,174,900 $765,175 $1,594,561 $10,241,666 $(1,352,446)253,817,013 $(9,853,359)$1,395,597 

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Year to Date
Accumulated
Other Comprehensive
Loss
 Common StockPaid-in
Capital
Retained
Earnings
Treasury Stock 
 SharesAmountSharesAmountsTotals
Balance as of July 3, 2021765,174,900 $765,175 $1,619,995 $10,151,706 $(1,148,764)253,342,595 $(9,835,216)$1,552,896 
Net earnings   848,779    848,779 
Foreign currency translation adjustment    (210,646)  (210,646)
Amortization of cash flow hedges, net of tax    6,465   6,465 
Change in cash flow hedges, net of tax11,845 11,845 
Change in net investment hedges, net of tax30,568 30,568 
Reclassification of pension and other postretirement benefit plans amounts to net earnings, net of tax    18,591   18,591 
Change in marketable securities, net of tax(7,063)(7,063)
Dividends declared ($1.41 per common share)   (720,693)   (720,693)
Treasury stock purchases5,679,298 (415,824)(415,824)
Increase in ownership interest in subsidiaries(304)(304)
Share-based compensation awards  117,610   (2,513,911)89,185 206,795 
Balance as of April 2, 2022765,174,900 $765,175 $1,737,301 $10,279,792 $(1,299,004)256,507,982 $(10,161,855)$1,321,409 
Accumulated
Other Comprehensive
Loss
 Common StockPaid-in
Capital
Retained
Earnings
Treasury Stock 
 SharesAmountSharesAmountsTotals
Balance as of June 27, 2020765,174,900 $765,175 $1,506,901 $10,563,008 $(1,710,881)256,915,825 $(9,965,590)$1,158,613 
Net earnings   373,116    373,116 
Foreign currency translation adjustment    345,452   345,452 
Amortization of cash flow hedges, net of tax    6,501   6,501 
Change in cash flow hedges, net of tax    8,503   8,503 
Change in net investment hedges, net of tax(22,539)(22,539)
Reclassification of pension and other postretirement benefit plans amounts to net earnings, net of tax    23,789   23,789 
Change in marketable securities, net of tax(3,271)(3,271)
Adoption of ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), net of tax(2,068)(2,068)
Dividends declared ($1.35 per common share)   (692,390)   (692,390)
Share-based compensation awards  87,660   (3,098,812)112,231 199,891 
Balance as of March 27, 2021765,174,900 $765,175 $1,594,561 $10,241,666 $(1,352,446)253,817,013 $(9,853,359)$1,395,597 

See Notes to Consolidated Financial Statements

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Sysco Corporation and its Consolidated Subsidiaries
CONSOLIDATED CASH FLOWS (Unaudited)
(In thousands)
 39-Week Period Ended
 Apr. 2, 2022Mar. 27, 2021
Cash flows from operating activities:
Net earnings$848,779 $373,116 
Adjustments to reconcile net earnings to cash provided by operating activities:
Share-based compensation expense90,667 65,655 
Depreciation and amortization571,607 542,471 
Operating lease asset amortization82,415 81,414 
Amortization of debt issuance and other debt-related costs16,160 19,485 
Deferred income taxes(110,058)(161,824)
Provision for losses on receivables572 (137,670)
Loss on extinguishment of debt115,603  
Loss on sale of business 22,834 
Other non-cash items(8,945)(7,507)
Additional changes in certain assets and liabilities, net of effect of businesses acquired:
Increase in receivables(908,127)(130,403)
Increase in inventories(644,799)(82,525)
Increase in prepaid expenses and other current assets(25,391)(50,833)
Increase in accounts payable764,263 800,248 
Increase in accrued expenses131,376 9,065 
Decrease in operating lease liabilities(99,343)(94,228)
(Decrease) increase in accrued income taxes(42,013)167,693 
(Increase) decrease in other assets(6,595)23,345 
(Decrease) increase in other long-term liabilities(30,300)39,448 
Net cash provided by operating activities745,871 1,479,784 
Cash flows from investing activities:
Additions to plant and equipment(327,535)(251,167)
Proceeds from sales of plant and equipment15,946 19,308 
Acquisition of businesses, net of cash acquired(1,281,835) 
Purchase of marketable securities(19,318)(44,687)
Proceeds from sales of marketable securities16,648 30,773 
Other investing activities12,773  
Net cash used for investing activities(1,583,321)(245,773)
Cash flows from financing activities:
Bank and commercial paper borrowings, net (411,200)
Other debt borrowings including senior notes1,251,484 2,943 
Other debt repayments(38,370)(1,489,431)
Redemption premiums and repayments of senior notes(1,395,668) 
Debt issuance costs(15,547) 
Cash received from termination of interest rate swap agreements23,127  
Proceeds from stock option exercises89,185 112,231 
Stock repurchases(415,824) 
Dividends paid(719,865)(689,251)
Other financing activities(19,456)(15,024)
Net cash used for financing activities(1,240,934)(2,489,732)
Effect of exchange rates on cash, cash equivalents and restricted cash(13,623)85,183 
Net decrease in cash, cash equivalents and restricted cash(2,092,007)(1,170,538)
Cash, cash equivalents and restricted cash at beginning of period3,037,100 6,095,570 
Cash, cash equivalents and restricted cash at end of period$945,093 $4,925,032 
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest$456,996 $386,753 
Income taxes, net of refunds395,065 71,435 
See Notes to Consolidated Financial Statements
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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 audit. The financial statements include consolidated balance sheets, consolidated results of operations, consolidated statements of comprehensive income (loss), 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 (loss), 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 3, 2021. 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 amounts shown in the consolidated statement of cash flows:
Apr. 2, 2022Mar. 27, 2021
(In thousands)
Cash and cash equivalents$876,139 $4,895,723 
Restricted cash (1)
68,954 29,309 
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows$945,093 $4,925,032 
(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. NEW ACCOUNTING STANDARDS

Government Assistance

In November 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2021-10, “Government Assistance (Topic 832),” which requires business entities to make annual disclosures about transactions with a government that are accounted for by analogizing to a grant or contribution accounting model. For transactions in the scope of the new standard, business entities will need to provide information about the nature of the transaction, including significant terms and conditions, as well as the amounts and specific financial statement line items affected by the transaction. The new guidance is effective for all entities for annual reporting periods beginning after December 15, 2021; however, early adoption is permitted. The guidance may be applied either prospectively to all in-scope transactions that are reflected in the financial statements at the date of initial application and to new transactions that are entered into after the date of initial application, or retrospectively. The company is currently reviewing the provisions of the new standard.

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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. Customer receivables, which are included in accounts receivable, less allowances in the consolidated balance sheet, were $4.5 billion and $3.5 billion as of April 2, 2022 and July 3, 2021, respectively, with the increase reflective of the ongoing industry recovery and increasing customer sales following the COVID-19 pandemic.

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. As of April 2, 2022, 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 Apr. 2, 2022
US Foodservice OperationsInternational Foodservice OperationsSYGMAOtherTotal
(In thousands)
Principal Product Categories
Fresh and frozen meats$2,295,514 $398,378 $484,082 $9 $3,177,983 
Canned and dry products2,194,073 593,156 203,184 77 2,990,490 
Frozen fruits, vegetables, bakery and other1,597,129 514,418 282,246  2,393,793 
Poultry1,425,320 232,456 243,927  1,901,703 
Dairy products1,230,092 308,260 138,414  1,676,766 
Fresh produce1,162,694 222,765 60,738  1,446,197 
Paper and disposables930,526 121,184 186,801 13,034 1,251,545 
Seafood630,833 100,312 42,667  773,812 
Beverage products264,087 116,590 124,058 19,218 523,953 
Other (1)
275,895 226,570 28,720 234,712 765,897 
Total Sales$12,006,163 $2,834,089 $1,794,837 $267,050 $16,902,139 
(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.

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13-Week Period Ended Mar. 27, 2021
US Foodservice OperationsInternational Foodservice OperationsSYGMAOtherTotal
(In thousands)
Principal Product Categories
Fresh and frozen meats$1,585,533 $227,350 $425,156 $ $2,238,039 
Canned and dry products1,513,681 338,853 46,583  1,899,117 
Frozen fruits, vegetables, bakery and other1,141,919 337,477 277,766  1,757,162 
Poultry920,979 159,589 228,504  1,309,072 
Dairy products812,887 188,212 143,028  1,144,127 
Paper and disposables752,996 93,205 189,337