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SYSCO CORPORATION-Form10-K 79
PARTII
ITEM8Financial Statements and Supplementary Data
NOTE22 Supplemental Guarantor Information– Subsidiary Guarantees
On January19,2011, the wholly-owned U.S. Broadline subsidiaries of Sysco Corporation entered into full and unconditional guarantees of all outstanding
senior notes and debentures of Sysco Corporation. As of June30,2012, Sysco had a total of approximately $2,975.0million in senior notes and debentures
outstanding that are covered by this guarantee.
The following condensed consolidating fi nancial statements present separately the fi nancial position, comprehensive income and cash fl ows of the parent
issuer (Sysco Corporation), the guarantors (the majority of the Sysco’s U.S. Broadline subsidiaries) and all other non-guarantor subsidiaries of Sysco (Other
Non-Guarantor Subsidiaries) on a combined basis with eliminating entries.
(In thousands)
Condensed Consolidating Balance Sheet
June30,2012
Sysco
U.S. Broadline
Subsidiaries
Other Non-
Guarantor
Subsidiaries Eliminations
Consolidated
Totals
Current assets $ 538,451 $ 3,675,676 $ 1,870,681 $ - $ 6,084,808
Investment in subsidiaries 10,163,398 - - (10,163,398) -
Plant and equipment, net 703,658 1,923,925 1,256,167 - 3,883,750
Other assets 324,839 503,357 1,298,218 - 2,126,414
TOTAL ASSETS $ 11,730,346 $ 6,102,958 $ 4,425,066 $ (10,163,398) $ 12,094,972
Current liabilities $ 678,527 $ 900,416 $ 1,844,636 $ - $ 3,423,579
Intercompany payables (receivables) 3,068,001 (3,334,860) 266,859 - -
Long-term debt 2,714,415 25,459 23,814 - 2,763,688
Other liabilities 755,112 367,094 100,459 - 1,222,665
Shareholders’ equity 4,514,291 8,144,849 2,189,298 (10,163,398) 4,685,040
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 11,730,346 $ 6,102,958 $ 4,425,066 $ (10,163,398) $ 12,094,972
(In thousands)
Condensed Consolidating Balance Sheet
July2,2011
Sysco
U.S. Broadline
Subsidiaries
Other Non-
Guarantor
Subsidiaries Eliminations
Consolidated
Totals
Current assets $ 354,450 $ 3,476,921 $ 1,901,511 $ - $ 5,732,882
Investment in subsidiaries 14,014,569 - - (14,014,569) -
Plant and equipment, net 569,567 1,794,473 1,148,349 - 3,512,389
Other assets 378,317 519,664 1,242,303 - 2,140,284
TOTAL ASSETS $ 15,316,903 $ 5,791,058 $ 4,292,163 $ (14,014,569) $ 11,385,555
Current liabilities $ 430,300 $ 840,586 $ 2,304,189 $ - $ 3,575,075
Intercompany payables (receivables) 7,800,254 (7,701,021) (99,233) - -
Long-term debt 2,227,483 26,542 25,492 - 2,279,517
Other liabilities 405,376 343,427 76,918 - 825,721
Shareholders’ equity 4,453,490 12,281,524 1,984,797 (14,014,569) 4,705,242
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 15,316,903 $ 5,791,058 $ 4,292,163 $ (14,014,569) $ 11,385,555