Sysco 2014 Annual Report Download - page 65

Download and view the complete annual report

Please find page 65 of the 2014 Sysco annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 108

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108

SYSCO CORPORATION-Form10-K 53
PARTII
ITEM8Financial Statements and Supplementary Data
Consolidated Results Of Operations
(In thousands except for share and per share data)
Year Ended
June 28, 2014 June 29, 2013 June 30, 2012
Sales $ 46,516,712 $ 44,411,233 $ 42,380,939
Cost of sales 38,335,677 36,414,626 34,601,665
Gross pro t 8,181,035 7,996,607 7,779,274
Operating expenses 6,593,913 6,338,129 5,888,642
Operating income 1,587,122 1,658,478 1,890,632
Interest expense 123,741 128,495 113,396
Other expense (income), net (12,243) (17,472) (6,766)
Earnings before income taxes 1,475,624 1,547,455 1,784,002
Income taxes 544,091 555,028 662,417
NET EARNINGS $ 931,533 $ 992,427 $ 1,121,585
Net earnings:
BASIC EARNINGS PER SHARE $ 1.59 $ 1.68 $ 1.91
DILUTED EARNINGS PER SHARE 1.58 1.67 1.90
Average shares outstanding 585,988,084 589,397,807 587,726,343
Diluted shares outstanding 590,216,220 592,675,110 588,991,441
Dividends declared per common share $ 1.15 $ 1.11 $ 1.07
See Notes to Consolidated Financial Statements
Consolidated Statements of Comprehensive Income
(In thousands)
Year Ended
June 28, 2014 June 29, 2013 June 30, 2012
Net earnings $ 931,533 $ 992,427 $ 1,121,585
Other comprehensive (loss) income:
Foreign currency translation adjustment (3,106) (33,191) (81,003)
Items presented net of tax:
Amortization of cash  ow hedges 385 386 426
Change in fair value of cash  ow hedges (82,215) - 445
Amortization of prior service cost 6,970 11,310 3,093
Amortization of actuarial loss (gain), net 9,968 44,610 36,860
Amortization of transition obligation - 88 93
Prior service cost arising in current year 214 (33,203) (5,363)
Actuarial (loss) gain, net arising in current year (127,942) 225,929 (357,459)
Total other comprehensive (loss) income (195,726) 215,929 (402,908)
COMPREHENSIVE INCOME $ 735,807 $ 1,208,356 $ 718,677
See Notes to Consolidated Financial Statements