Sysco 2011 Annual Report Download - page 98

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Sysco
U.S.
Broadline
Subsidiaries
Other
Non-Guarantor
Subsidiaries Eliminations
Consolidated
Totals
Condensed Consolidating Balance Sheet
July 3, 2010
(In thousands)
Current assets .......................... $ 417,336 $ 3,165,121 $ 1,493,801 $ — $ 5,076,258
Investment in subsidiaries.................. 14,979,871 — — (14,979,871) —
Plant and equipment, net .................. 425,279 1,762,580 1,015,964 — 3,203,823
Other assets ........................... 362,658 484,887 1,186,075 — 2,033,620
Total assets ............................ $ 16,185,144 $ 5,412,588 $ 3,695,840 $ (14,979,871) $ 10,313,701
Current liabilities ........................ $ 444,274 $ 918,449 $ 1,646,475 $ — $ 3,009,198
Intercompany payables (receivables) . . ........ 9,405,317 (9,408,645) 3,328 — —
Long-term debt ......................... 2,225,781 18,860 228,021 — 2,472,662
Other liabilities ......................... 411,781 491,528 101,006 — 1,004,315
Shareholders’ equity. . .................... 3,697,991 13,392,396 1,717,010 (14,979,871) 3,827,526
Total liabilities and shareholders’ equity. ........ $ 16,185,144 $ 5,412,588 $ 3,695,840 $ (14,979,871) $ 10,313,701
Sysco
U.S.
Broadline
Subsidiaries
Other
Non-Guarantor
Subsidiaries Eliminations
Consolidated
Totals
Condensed Consolidating Results of Operations
Year Ended July 2, 2011
(In thousands)
Sales . .................................. $ — $27,138,172 $12,861,426 $ (676,109) $ 39,323,489
Cost of sales ............................. — 21,659,964 10,928,875 (586,498) 32,002,341
Gross profit .............................. — 5,478,208 1,932,551 (89,611) 7,321,148
Operating expenses . ....................... 313,550 3,595,339 1,570,368 (89,611) 5,389,646
Operating income (loss) ...................... (313,550) 1,882,869 362,183 — 1,931,502
Interest expense (income) .................... 453,593 (332,561) (2,765) — 118,267
Other expense (income), net .................. (5,581) (4,636) (4,002) — (14,219)
Earnings (losses) before income taxes ............ (761,562) 2,220,066 368,950 — 1,827,454
Income tax (benefit) provision .................. (281,472) 820,532 136,364 — 675,424
Equity in earnings of subsidiaries . . . ............ 1,632,120 — — (1,632,120) —
Net earnings.............................. $ 1,152,030 $ 1,399,534 $ 232,586 $ (1,632,120) $ 1,152,030
Sysco
U.S.
Broadline
Subsidiaries
Other
Non-Guarantor
Subsidiaries Eliminations
Consolidated
Totals
Condensed Consolidating Results of Operations
Year Ended July 3, 2010
(53 Weeks)
(In thousands)
Sales . .................................. $ — $25,966,566 $11,821,286 $ (544,357) $ 37,243,495
Cost of sales ............................. — 20,574,156 10,021,481 (459,628) 30,136,009
Gross profit .............................. — 5,392,410 1,799,805 (84,729) 7,107,486
Operating expenses . ....................... 272,047 3,480,862 1,463,438 (84,729) 5,131,618
Operating income (loss) ...................... (272,047) 1,911,548 336,367 — 1,975,868
Interest expense (income) .................... 496,410 (374,203) 3,270 — 125,477
Other expense (income), net .................. 5,546 (3,201) (1,543) — 802
Earnings (losses) before income taxes ............ (774,003) 2,288,952 334,640 — 1,849,589
Income tax (benefit) provision .................. (280,212) 828,668 121,150 — 669,606
Equity in earnings of subsidiaries . . . ............ 1,673,774 — — (1,673,774) —
Net earnings.............................. $ 1,179,983 $ 1,460,284 $ 213,490 $ (1,673,774) $ 1,179,983
Sysco
U.S.
Broadline
Subsidiaries
Other
Non-Guarantor
Subsidiaries Eliminations
Consolidated
Totals
Condensed Consolidating Results of Operations
Year Ended June 27, 2009
(In thousands)
Sales . .................................. $ — $26,013,529 $11,301,822 $ (462,021) $ 36,853,330
Cost of sales ............................. — 20,587,161 9,617,061 (387,223) 29,816,999
Gross profit .............................. — 5,426,368 1,684,761 (74,798) 7,036,331
Operating expenses . ....................... 218,241 3,598,527 1,422,150 (74,798) 5,164,120
Operating income (loss) ...................... (218,241) 1,827,841 262,611 — 1,872,211
Interest expense (income) .................... 476,238 (365,999) 6,083 — 116,322
Other expense (income), net .................. (3,273) (5,563) (6,109) — (14,945)
Earnings (losses) before income taxes ............ (691,206) 2,199,403 262,637 — 1,770,834
Income tax (benefit) provision .................. (279,041) 887,900 106,027 — 714,886
Equity in earnings of subsidiaries . . . ............ 1,468,113 — — (1,468,113) —
Net earnings.............................. $ 1,055,948 $ 1,311,503 $ 156,610 $ (1,468,113) $ 1,055,948
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