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SYSCO CORPORATION-Form10-K 87
PARTII
ITEM8Financial Statements and Supplementary Data
The following condensed consolidating  nancial statements present separately the  nancial position, comprehensive income and cash  ows of the parent
issuer (Sysco Corporation), the guarantors (the majority of 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 28, 2014
Sysco
Certain U.S.
Broadline
Subsidiaries
Other Non-
Guarantor
Subsidiaries Eliminations
Consolidated
Totals
Current assets $ 254,766 $ 3,928,660 $ 2,498,546 $ - $ 6,681,972
Investment in subsidiaries 8,013,214 - - (8,013,214) -
Plant and equipment, net 496,953 1,783,262 1,705,403 - 3,985,618
Other assets 344,045 524,468 1,631,847 - 2,500,360
TOTAL ASSETS $ 9,108,978 $ 6,236,390 $ 5,835,796 $ (8,013,214) $ 13,167,950
Current liabilities $ 793,240 $ 1,008,366 $ 2,566,024 $ - $ 4,367,630
Intercompany payables (receivables) 20,107 (239,539) 219,432 - -
Long-term debt 2,348,558 14,094 21,515 - 2,384,167
Other liabilities 680,378 328,185 140,895 - 1,149,458
Shareholders’ equity 5,266,695 5,125,284 2,887,930 (8,013,214) 5,266,695
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 9,108,978 $ 6,236,390 $ 5,835,796 $ (8,013,214) $ 13,167,950
(Inthousands)
Condensed Consolidating Balance Sheet
June 29, 2013
Sysco
Certain U.S.
Broadline
Subsidiaries
Other Non-
Guarantor
Subsidiaries Eliminations
Consolidated
Totals
Current assets $ 276,856 $ 3,757,486 $ 2,187,346 $ - $ 6,221,688
Investment in subsidiaries 8,429,887 - - (8,429,887) -
Plant and equipment, net 540,860 1,885,908 1,551,303 - 3,978,071
Other assets 325,045 534,713 1,618,691 - 2,478,449
TOTAL ASSETS $ 9,572,648 $ 6,178,107 $ 5,357,340 $ (8,429,887) $ 12,678,208
Current liabilities $ 637,070 $ 887,271 $ 2,138,283 $ - $ 3,662,624
Intercompany payables (receivables) 594,928 (1,003,219) 408,291 - -
Long-term debt 2,606,612 10,422 22,952 - 2,639,986
Other liabilities 542,228 467,470 174,090 - 1,183,788
Shareholders’ equity 5,191,810 5,816,163 2,613,724 (8,429,887) 5,191,810
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 9,572,648 $ 6,178,107 $ 5,357,340 $ (8,429,887) $ 12,678,208
(Inthousands)
Condensed Consolidating Statement of Comprehensive Income
Year Ended June 28, 2014
Sysco
Certain U.S.
Broadline
Subsidiaries
Other Non-
Guarantor
Subsidiaries Eliminations
Consolidated
Totals
Sales $ - $ 30,741,979 $ 16,979,494 $ (1,204,761) $ 46,516,712
Cost of sales - 24,990,377 14,550,061 (1,204,761) 38,335,677
Gross pro t - 5,751,602 2,429,433 - 8,181,035
Operating expenses 804,177 3,520,577 2,269,159 - 6,593,913
Operating income (loss) (804,177) 2,231,025 160,274 - 1,587,122
Interest expense (income) 232,140 (102,086) (6,313) - 123,741
Other expense (income), net (7,434) 217 (5,026) - (12,243)
Earnings (losses) before income taxes (1,028,883) 2,332,894 171,613 - 1,475,624
Income tax (bene t) provision (379,369) 860,184 63,276 - 544,091
Equity in earnings of subsidiaries 1,581,047 - - (1,581,047) -
Net earnings 931,533 1,472,710 108,337 (1,581,047) 931,533
Other comprehensive income (loss) (195,726) - (3,106) 3,106 (195,726)
COMPREHENSIVE INCOME $ 735,807 $ 1,472,710 $ 105,231 $ (1,577,941) $ 735,807