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SYSCO
CONSOLIDATED CASH FLOWS
June 28, 2008 June 30, 2007 July 1, 2006
Year Ended
(In thousands)
Cash flows from operating activities:
Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,106,151 $1,001,076 $ 855,325
Adjustments to reconcile net earnings to cash provided by operating activities:
Cumulative effect of accounting change, net of tax . . . . . . . . . . . . . . . . . . . . . — — (9,285)
Share-based compensation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,650 97,985 126,837
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 372,529 362,559 345,062
Deferred tax provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 643,480 545,971 482,111
Provision for losses on receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,184 28,156 19,841
(Gain) loss on sale of assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,747) (6,279) 847
Additional investment in certain assets and liabilities, net of effect of businesses
acquired:
(Increase) in receivables. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (128,017) (134,153) (162,586)
(Increase) in inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (110,925) (95,932) (119,392)
Decrease (increase) in prepaid expenses and other current assets . . . . . . . . . . 59,896 (62,773) 1,741
Increase in accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,451 85,422 49,775
(Decrease) increase in accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . (22,721) 132,936 29,161
(Decrease) in accrued income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (509,783) (491,993) (545,634)
Decrease (increase) in other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,926 (36,426) (17,937)
Increase (decrease) in other long-term liabilities and prepaid pension cost, net . . 13,459 (14,817) 75,382
Excess tax benefits from share-based compensation arrangements . . . . . . . . . (4,404) (8,810) (6,569)
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,596,129 1,402,922 1,124,679
Cash flows from investing activities:
Additions to plant and equipment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (515,963) (603,242) (513,934)
Proceeds from sales of plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,320 16,008 21,037
Acquisition of businesses, net of cash acquired . . . . . . . . . . . . . . . . . . . . . . . . . (55,259) (59,322) (114,378)
Decrease (increase) in restricted cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,342 (2,155) (2,243)
Net cash used for investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (555,560) (648,711) (609,518)
Cash flows from financing activities:
Bank and commercial paper borrowings (repayments), net. . . . . . . . . . . . . . . . . . (550,726) 121,858 240,017
Other debt borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 757,972 5,290 500,987
Other debt repayments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,628) (109,656) (413,383)
Debt issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,192) (7) (3,998)
Cash (paid for) received from termination of interest rate swap . . . . . . . . . . . . . . — — (21,196)
Common stock reissued from treasury. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128,238 221,736 128,055
Treasury stock purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (529,179) (550,865) (544,131)
Dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (497,467) (445,416) (397,537)
Excess tax benefits from share-based compensation arrangements . . . . . . . . . . . 4,404 8,810 6,569
Net cash used for financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (698,578) (748,250) (504,617)
Effect of exchange rates on cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,689 14 (325)
Net increase in cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 343,680 5,975 10,219
Cash at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207,872 201,897 191,678
Cash at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 551,552 $ 207,872 $ 201,897
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 98,330 $ 107,109 $ 107,242
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 530,169 563,968 619,442
See Notes to Consolidated Financial Statements
38