Company Quick10K Filing
Sysco
10-Q 2020-03-28 Filed 2020-05-06
10-Q 2019-12-28 Filed 2020-02-05
10-Q 2019-09-28 Filed 2019-11-05
10-K 2019-06-29 Filed 2019-08-26
10-Q 2019-03-30 Filed 2019-05-07
10-Q 2018-12-29 Filed 2019-02-05
10-Q 2018-09-29 Filed 2018-11-06
10-K 2018-06-30 Filed 2018-08-27
10-Q 2018-03-31 Filed 2018-05-08
10-Q 2017-12-30 Filed 2018-02-06
10-Q 2017-09-30 Filed 2017-11-09
10-K 2017-07-01 Filed 2017-08-30
10-Q 2017-04-01 Filed 2017-05-09
10-Q 2016-12-31 Filed 2017-02-07
10-Q 2016-10-01 Filed 2016-11-08
10-K 2016-07-02 Filed 2016-08-30
10-Q 2016-03-26 Filed 2016-05-03
10-Q 2015-12-26 Filed 2016-02-02
10-Q 2015-09-26 Filed 2015-11-03
10-K 2015-06-27 Filed 2015-08-25
10-Q 2015-03-28 Filed 2015-05-05
10-Q 2014-12-27 Filed 2015-02-03
10-Q 2014-09-27 Filed 2014-11-04
10-K 2014-06-28 Filed 2014-08-26
10-Q 2014-03-29 Filed 2014-05-06
10-Q 2013-12-28 Filed 2014-02-04
10-Q 2013-09-28 Filed 2013-11-05
10-K 2013-06-29 Filed 2013-08-27
10-Q 2013-03-30 Filed 2013-05-07
10-Q 2012-12-29 Filed 2013-02-05
10-Q 2012-09-29 Filed 2012-11-06
10-K 2012-06-30 Filed 2012-08-28
10-Q 2012-03-31 Filed 2012-05-08
10-Q 2011-12-31 Filed 2012-02-07
10-Q 2011-10-01 Filed 2011-11-08
10-K 2011-07-02 Filed 2011-08-30
10-Q 2011-04-02 Filed 2011-05-10
10-Q 2011-01-01 Filed 2011-02-08
10-Q 2010-10-02 Filed 2010-11-09
10-K 2010-07-03 Filed 2010-08-31
10-Q 2010-03-27 Filed 2010-05-04
10-Q 2009-12-26 Filed 2010-02-02
8-K 2020-07-15 Officers, Exhibits
8-K 2020-05-20
8-K 2020-05-05
8-K 2020-03-30
8-K 2020-03-30
8-K 2020-03-18
8-K 2020-02-11
8-K 2020-02-03
8-K 2020-01-10
8-K 2019-12-31
8-K 2019-11-15
8-K 2019-11-04
8-K 2019-08-12
8-K 2019-06-28
8-K 2019-05-06
8-K 2019-02-04
8-K 2019-01-29
8-K 2018-11-16
8-K 2018-11-05
8-K 2018-09-17
8-K 2018-08-13
8-K 2018-05-07
8-K 2018-04-12
8-K 2018-03-19
8-K 2018-03-08
8-K 2018-02-05

SYY 10Q Quarterly Report

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 exhibit101q320.htm
EX-10.2 exhibit102q320.htm
EX-31.1 exhibit311ceocertsec30.htm
EX-31.2 exhibit312cfocertsec30.htm
EX-32.1 exhibit321ceocertsec90.htm
EX-32.2 exhibit322cfocertsec90.htm

Sysco Earnings 2020-03-28

Balance SheetIncome StatementCash Flow
2016128402012201420172020
Assets, Equity
2016128402012201420172020
Rev, G Profit, Net Income
4.42.60.8-0.9-2.7-4.52012201420172020
Ops, Inv, Fin

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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 March 28, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 1-6544
________________
syy-20200328_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
(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

507,617,963 shares of common stock were outstanding as of April 17, 2020.




TABLE OF CONTENTS

  
 PART I – FINANCIAL INFORMATIONPage 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)
 Mar. 28, 2020Jun. 29, 2019
 (unaudited)
ASSETS
Current assets
Cash and cash equivalents$2,240,807  $513,460  
Accounts and notes receivable, less allowances of $246,076 and $28,1763,656,219  4,181,696  
Inventories3,697,515  3,216,034  
Prepaid expenses and other current assets234,857  210,582  
Income tax receivable28,377  19,733  
Total current assets9,857,775  8,141,505  
Plant and equipment at cost, less accumulated depreciation4,604,618  4,501,705  
Other long-term assets
Goodwill3,862,725  3,896,226  
Intangibles, less amortization802,593  857,301  
Deferred income taxes168,496  80,760  
Operating lease right-of-use assets, net620,556  —  
Other assets515,569  489,025  
Total other long-term assets5,969,939  5,323,312  
Total assets$20,432,332  $17,966,522  
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Notes payable$4,314  $3,957  
Accounts payable3,969,004  4,314,620  
Accrued expenses1,721,100  1,729,941  
Accrued income taxes  17,343  
Current operating lease liabilities102,994  —  
Current maturities of long-term debt827,597  37,322  
Total current liabilities6,625,009  6,103,183  
Long-term liabilities
Long-term debt10,023,250  8,122,058  
Deferred income taxes128,848  172,232  
Long-term operating lease liabilities543,127  —  
Other long-term liabilities1,051,655  1,031,020  
Total long-term liabilities11,746,880  9,325,310  
Noncontrolling interest31,553  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 shares765,175  765,175  
Paid-in capital1,528,893  1,457,419  
Retained earnings11,407,033  11,229,679  
Accumulated other comprehensive loss(1,665,522) (1,599,729) 
Treasury stock at cost, 257,976,491 and 252,297,926 shares(10,006,689) (9,349,941) 
Total shareholders’ equity2,028,890  2,502,603  
Total liabilities and shareholders’ equity$20,432,332  $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



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
 Mar. 28, 2020Mar. 30, 2019Mar. 28, 2020Mar. 30, 2019
Sales$13,698,699  $14,658,074  $44,026,746  $44,639,060  
Cost of sales11,134,459  11,903,776  35,690,737  36,209,265  
Gross profit2,564,240  2,754,298  8,336,009  8,429,795  
Operating expenses2,503,966  2,224,713  7,054,924  6,820,175  
Operating income60,274  529,585  1,281,085  1,609,620  
Interest expense83,854  94,514  243,951  270,643  
Other expense (income), net5,200  4,120  7,505  15,449  
Earnings (loss) before income taxes(28,780) 430,951  1,029,629  1,323,528  
Income taxes(25,483) (9,132) 195,735  185,023  
Net earnings (loss)$(3,297) $440,083  $833,894  $1,138,505  
  
Net earnings (loss):  
Basic earnings (loss) per share$(0.01) $0.86  $1.63  $2.20  
Diluted earnings (loss) per share(0.01) 0.85  1.62  2.17  
Average shares outstanding508,745,253  514,185,453  510,729,277  517,637,952  
Diluted shares outstanding512,657,657  519,821,311  515,632,815  524,487,510  

See Notes to Consolidated Financial Statements
1


Sysco Corporation and its Consolidated Subsidiaries
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
(In thousands)
 13-Week Period Ended39-Week Period Ended
 Mar. 28, 2020Mar. 30, 2019Mar. 28, 2020Mar. 30, 2019
Net earnings (loss)$(3,297) $440,083  $833,894  $1,138,505  
Other comprehensive (loss) income:
Foreign currency translation adjustment(151,143) 37,471  (122,347) (88,989) 
Items presented net of tax:
Amortization of cash flow hedges2,155  2,155  6,465  6,465  
Change in net investment hedges57,069  (9,466) 45,590  25,591  
Change in cash flow hedges(16,751) 1,546  (22,289) (10,246) 
Amortization of prior service cost1,428  1,600  4,284  4,800  
Amortization of actuarial loss8,029  6,529  21,937  19,587  
Actuarial loss      (32,511) 
Change in marketable securities20  1,103  567  1,103  
Total other comprehensive (loss) income (99,193) 40,938  (65,793) (74,200) 
Comprehensive (loss) income$(102,490) $481,021  $768,101  $1,064,305  

See Notes to Consolidated Financial Statements
2



Sysco Corporation and its Consolidated Subsidiaries
CHANGES IN CONSOLIDATED SHAREHOLDERS’ EQUITY
(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 December 28, 2019765,174,900  $765,175  $1,526,132  $11,639,727  $(1,566,329) 256,332,388  $(9,837,179) $2,527,526  
Net earnings(3,297) (3,297) 
Foreign currency translation adjustment(151,143) (151,143) 
Amortization of cash flow hedges, net of tax2,155  2,155  
Change in cash flow hedges, net of tax(16,751) (16,751) 
Change in net investment hedges, net of tax57,069  57,069  
Reclassification of pension and other postretirement benefit plans amounts to net earnings, net of tax9,457  9,457  
Change in marketable securities, net of tax20  20  
Dividends declared ($0.45 per common share)(229,397) (229,397) 
Treasury stock purchases2,940,960  (214,304) (214,304) 
Share-based compensation awards2,761  (1,296,857) 44,794  47,555  
Balance as of March 28, 2020765,174,900  $765,175  $1,528,893  $11,407,033  $(1,665,522) 257,976,491  $(10,006,689) $2,028,890  
Accumulated
Other Comprehensive
Loss
 Common StockPaid-in
Capital
Retained
Earnings
Treasury Stock 
 SharesAmountSharesAmountsTotals
Balance as of December 29, 2018765,174,900  $765,175  $1,465,461  $10,654,711  $(1,524,407) 251,658,719  $(9,193,304) $2,167,636  
Net earnings440,083  440,083  
Foreign currency translation adjustment37,471  37,471  
Amortization of cash flow hedges, net of tax2,155  2,155  
Change in cash flow hedges, net of tax1,546  1,546  
Change in net investment hedges, net of tax(9,466) (9,466) 
Reclassification of pension and other postretirement benefit plans amounts to net earnings, net of tax8,129  8,129  
Change in marketable securities, net of tax1,103  1,103  
Dividends declared ($0.39 per common share)(201,146) (201,146) 
Treasury stock purchases1,835,170  (118,524) (118,524) 
Increase in ownership interest in subsidiaries(54,877) (54,877) 
Share-based compensation awards14,495  (2,164,427) 73,292  87,787  
Balance as of March 30, 2019765,174,900  $765,175  $1,425,079  $10,893,648  $(1,483,469) 251,329,462  $(9,238,536) $2,361,897  

3


Year to Date
Accumulated
Other Comprehensive
Loss
 Common StockPaid-in
Capital
Retained
Earnings
Treasury Stock 
 SharesAmountSharesAmountsTotals
Balance as of June 29, 2019765,174,900  $765,175