Sysco 2015 Annual Report Download

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A Fresh
Perspective
2015 Annual Report

Table of contents

  • Page 1
    A Fresh Perspective 2015 Annual Report

  • Page 2
    ... benefit our customers. At an iconic, busy restaurant like Lowell's in Seattle's Pike Place Market, which procures almost all of its products through our Sysco Market online ordering system, the ability to track the location of deliveries via our My Sysco Truck program is crucial. Sales associates...

  • Page 3
    ... to excel in their jobs and take on new challenges. A human resources model was recently launched across our U.S. broadline companies that provides enhanced tools for managing and tracking the near-term, mid-term and long-term professional development of our people. Expansion We speak the language...

  • Page 4
    ... customer-centric innovation program, • People - Implementing a company-wide talent management process, and • Expansion - Exploring, assessing and pursuing new businesses and markets. With that strategy as our guide, we have begun to realize the benefits of several years of transformative change...

  • Page 5
    ... of the Board Bill DeLaney President and Chief Executive Officer We believe we can build on our recent success in stabilizing gross margins through enhanced product innovation, growing our Sysco-brand sales and improving our pricing analytics and support. In addition, we see significant potential...

  • Page 6
    ... Executive Vice President Russell T. Libby Executive Vice President, Administration and Corporate Secretary Paul T. Moskowitz Executive Vice President, Human Resources Wayne R. Shurts Executive Vice President and Chief Technology Officer Adam S. Skorecki Senior Vice President, General Counsel...

  • Page 7
    ...(IRS employer identification No.) 1390 Enclave Parkway Houston, Texas 77077-2099 (Address of principal executive offices) (Zip Code) (281) 584-1390 Registrant's Telephone Number, Including Area Code: SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT: Title of Each Class Common Stock, $1.00...

  • Page 8
    ... II ITEM 5 ITEM 6 ITEM 7 ITEM 7A ITEM 8 ITEM 9 ITEM 9A ITEM 9B 13 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Repurchases of Equity Securities ...13 Selected Financial Data ...15 Management's Discussion and Analysis of Financial Condition and Results of Operations...

  • Page 9
    ... help support the business needs of Sysco's customers. Specialty produce companies distribute fresh produce and, on a limited basis, other foodservice products. Our specialty meat companies distribute custom-cut fresh steaks, other meat, seafood and poultry. Our lodging industry products companies...

  • Page 10
    ... with product usage reports and other data, menu-planning advice, food safety training and assistance in inventory control, as well as access to various third party services designed to add value to our customers' businesses. No single customer accounted for 10% or more of Sysco's total sales for...

  • Page 11
    ..., information technology, employee benefits, engineering, real estate and construction, risk management and insurance, sales and marketing, payroll, human resources, training and development, strategy, and tax compliance services, including sales and use tax administration. The corporate office also...

  • Page 12
    ... of food and related non-food products to foodservice customers in their respective trading areas. We believe our competitive advantages include our more than 7,300 marketing associates, our diversified product base, which includes a differentiated group of high quality Sysco brand products, the...

  • Page 13
    ... development activities relating to the development of new products or the improvement of existing products. Our sales do not generally fluctuate significantly on a seasonal basis; therefore, the business of the company is not deemed to be seasonal. As of June 27, 2015, we operated 197 distribution...

  • Page 14
    ... as well as unfavorable conditions in particular local markets, may adversely affect our results of operations and financial condition The foodservice distribution industry, which is characterized by relatively low profit margins with limited demand growth expected in the near-term, is especially...

  • Page 15
    ... results of operations and financial condition Gross margin from our corporate-managed customers is generally lower than that of our locally-managed customers because we typically sell higher volumes of products to these customers and provide a relatively lower level of value-added services than we...

  • Page 16
    ...our future costs or on future sales and cash flows from our international operations. Another element of our strategy includes the possibility of expansion into businesses that are closely related or complementary to, but not currently part of, our core foodservice distribution business. Our ability...

  • Page 17
    ... with our information technology systems or the technology systems of third parties on which we rely, could result in business disruption, negative publicity, brand damage, violation of privacy laws, loss of customers, potential liability and competitive disadvantage. SYSCO CORPORATION - Form 10...

  • Page 18
    ... Employee Benefit Plans" to the Consolidated Financial Statements in Item 8 for a discussion of the funded status of the Retirement Plan. The amount of our annual contribution to the Retirement Plan is dependent upon, among other things, the returns on the Retirement Plan's assets and discount rates...

  • Page 19
    ... in thousands) The table below shows the number of distribution facilities occupied by Sysco in each state, province or country and the aggregate square footage devoted to cold and dry storage as of June 27, 2015. Location Alabama Alaska Arizona Arkansas California Colorado Connecticut District...

  • Page 20
    ... lease the remainder. ITEM 3 Legal Proceedings In the second quarter of fiscal 2014, the company announced an agreement to merge with US Foods, Inc. (US Foods). In February 2015, following completion of its regulatory review of the proposed merger, the US Federal Trade Commission filed a motion...

  • Page 21
    ... two year period ending July 1, 2017, including $1.5 billion through a planned accelerated share repurchase in fiscal 2016, in addition to amounts normally repurchased to offset benefit plan and stock option dilution. In addition to this share repurchase program approved in June, in August 2015, our...

  • Page 22
    PART II ITEM 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Repurchases of Equity Securities Stock Performance Graph The following performance graph and related information shall not be deemed "soliciting material" or to be "filed" with the Securities and Exchange ...

  • Page 23
    ..., Canada, Costa Rica, Ireland and Mexico and include broadline companies, SYGMA (our chain restaurant distribution subsidiary), specialty produce companies, custom-cut meat companies, hotel supply operations, a company that distributes specialty imported products, a company that distributes to...

  • Page 24
    ... In fiscal 2015, we completed the three-year financial objectives of our Business Transformation. These financial objectives were largely designed to lower our product cost and lower our operating cost structure. We implemented a category management program to leverage our scale and develop deeper...

  • Page 25
    ... hotels throughout Mexico. Tannis Foodservice In the fourth quarter of fiscal 2015, we acquired Tannis Trading, Inc., a broadline foodservice distributor in Ottawa, Ontario. Tannis has a 75-year history of providing quality service to customers in Ottawa, Canada's fourth-largest metropolitan market...

  • Page 26
    ...our sales force of over 7,300 marketing associates; our diversified product base, which includes quality-assured Sysco brand products; the suite of services we provide to our customers such as business reviews and menu analysis; and our multi-regional presence in the U.S. and Canada. In addition, we...

  • Page 27
    ...fiscal 2013. Sales for fiscal 2014 increased as a result of product cost inflation and the resulting increase in selling prices, sales from acquisitions that occurred within the last 12 months and case volume growth. Our sales growth in fiscal 2014 was greater with our corporate-managed customers as...

  • Page 28
    .... In addition, we have increased our marketing associate headcount in certain markets in order to invest in future sales growth. Our expense related to management incentive accruals will vary based on how the company's performance compares to incentive targets. Our fiscal 2015 financial performance...

  • Page 29
    ... II ITEM 7 Management's Discussion and Analysis of Financial Condition and Results of Operations Cost per case is an important metric management uses to measure our expense performance. This metric is calculated by dividing the total operating expense of our North American Broadline companies by...

  • Page 30
    ...II ITEM 7 Management's Discussion and Analysis of Financial Condition and Results of Operations rate of 3.4% in the second half of fiscal 2014 as compared to the same time period in fiscal 2013 as result of these factors and in part from our Business Transformation Project initiatives. Gross margin...

  • Page 31
    PART II ITEM 7 Management's Discussion and Analysis of Financial Condition and Results of Operations Certain Items Within Operating Expenses Our significant Certain Items applicable for fiscal 2014 included costs in connection with the then proposed merger with US Foods, a change in the estimate of...

  • Page 32
    ... and Analysis of Financial Condition and Results of Operations presented as a Certain Item in the comparison of adjusted results for fiscal 2014 to fiscal 2013. Management believes that adjusting its operating expenses, operating income, interest expense, net earnings and diluted earnings per share...

  • Page 33
    ...and fiscal 2013: (In thousands, except for share and per share data) Operating expenses (GAAP) Impact of restructuring executive retirement plans Impact of MEPP charges Impact of severance charges Impact of US Foods merger costs Impact of FY13 acquisition-related charge Impact of change in estimate...

  • Page 34
    ...Financial Statements and Supplementary Data within Part II Item 8 of this Form 10-K. Intersegment sales represent specialty produce and imported specialty products distributed by the Broadline and SYGMA operating companies. Management evaluates the performance of each of our operating segments based...

  • Page 35
    ... and International Broadline segments located in Bahamas, Canada, Costa Rica and Ireland. Broadline operating companies distribute a full line of food products and a wide variety of non-food products to both traditional and chain restaurant customers, hospitals, schools, hotels, industrial caterers...

  • Page 36
    ... technology areas, partially offset by increased costs from delivery and warehouse payrelated expenses, increased retirement-related expenses and fuel increases. SYGMA Segment SYGMA operating companies distribute a full line of food products, a wide variety of non-food products and customer...

  • Page 37
    ..., fleet, other equipment and technology; • return of capital to shareholders, including cash dividends and share repurchases; • acquisitions compatible with our overall growth strategy; • contributions to our various retirement plans; and • debt repayments. SYSCO CORPORATION - Form 10-K 29

  • Page 38
    ... both periods as a result of increases in sales. The year-over-year impact of the change in accounts payable is unfavorable to cash flow from operations due to working capital improvements that were at a greater magnitude in fiscal 2014 as compared to fiscal 2015. 30 SYSCO CORPORATION - Form 10-K

  • Page 39
    ...in sales. The year-over-year impact of the change in accounts payable is favorable to cash flow from operations due to working capital improvements in accounts payable as well as an increase in fiscal 2014 in accounts payable related to inventory in transit. Investing Activities Fiscal 2015 capital...

  • Page 40
    ...previous fiscal years. During fiscal 2015, we acquired for cash a broadline company in Ontario, Canada; a joint venture interest in a foodservice distribution company in Mexico; a joint venture interest in a foodservice distribution company in Costa Rica and a specialty seafood company in New Jersey...

  • Page 41
    ... II ITEM 7 Management's Discussion and Analysis of Financial Condition and Results of Operations We traditionally have engaged in Board-approved share repurchase programs. No shares were acquired in fiscal 2015 due to the proposed US Foods merger. The number of shares acquired and their cost during...

  • Page 42
    ... related disclosure. Our most critical accounting policies and estimates pertain to the allowance for doubtful accounts receivable, self-insurance programs, company-sponsored pension plans, income taxes, vendor consideration, goodwill and intangible assets and share-based compensation. Allowance...

  • Page 43
    ...the assumed rate of return for fiscal 2015 would decrease (increase) Sysco's net company-sponsored pension costs for fiscal 2015 by approximately $30 million. Pension accounting standards require the recognition of the funded status of our defined benefit plans in the statement of financial position...

  • Page 44
    ... used in our discounted cash flow model based on historical performance and changing business conditions for each of our reporting units. Our estimates of fair value contain uncertainties requiring management to make assumptions and to apply judgment to estimate industry economic factors and...

  • Page 45
    ... produce, custom-cut meat, lodging industry products, imported specialty products, international distribution operations and our Sysco Ventures platform) have a greater proportion of goodwill recorded to estimated fair value as compared to the U.S. Broadline, Canada Broadline or SYGMA reporting...

  • Page 46
    ... benefits, the assumption for the rate of increase in future compensation levels and the expected rate of return on plan assets. The amount of shares repurchased in a given period is subject to a number of factors, including available cash and our general working capital needs at the time. Meeting...

  • Page 47
    ...us to changes in market interest rates reflected in the fair value of the debt and to the risk that we may need to refinance maturing debt with new debt at higher rates. We manage our debt portfolio to achieve an overall desired position of fixed and floating rates and may employ interest rate swaps...

  • Page 48
    ... fuel costs impact the costs we incur to deliver product to our customers. During fiscal 2015 fuel costs related to outbound deliveries represented approximately 0.6% of sales. For fiscal 2014 and fiscal 2013, these costs represented approximately 0.7% of sales. 40 SYSCO CORPORATION - Form 10...

  • Page 49
    ... pension plan (Retirement Plan) holds investments in public and private equity, fixed income securities and real estate funds. The amount of our annual contribution to the plan is dependent upon, among other things, the return on the plan's assets and discount rates used to calculate the plan...

  • Page 50
    ... the company. Sysco's internal control system is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation and fair presentation of published financial statements. All internal control systems, no matter how well designed, have inherent limitations...

  • Page 51
    ... income, changes in shareholders' equity, and cash flow for each of the three years in the period ended June 27, 2015 of Sysco Corporation and subsidiaries and our report dated August 24, 2015 expressed an unqualified opinion thereon. Houston, Texas August 24, 2015 SYSCO CORPORATION - Form 10...

  • Page 52
    ... financial statements referred to above present fairly, in all material respects, the consolidated financial position of the Company as of June 27, 2015 and June 28, 2014, and the consolidated results of its operations and its cash flows for each of the three years in the period ended June 27, 2015...

  • Page 53
    PART II ITEM 8 Financial Statements and Supplementary Data Consolidated Balance Sheets (In thousands except for share data) June 27, 2015 June 28, 2014 ASSETS Current assets Cash and cash equivalents Accounts and notes receivable, less allowances of $41,720 and $49,902 Inventories Deferred ...

  • Page 54
    PART II ITEM 8 Financial Statements and Supplementary Data Consolidated Results of Operations (In thousands except for share and per share data) Sales Cost of sales Gross profit Operating expenses Operating income Interest expense Other expense (income), net Earnings before income taxes Income ...

  • Page 55
    ... of tax Change in fair value of cash flow hedges, net of tax Reclassification of pension and other postretirement benefit plans amounts to net earnings, net of tax Pension funded status adjustment, net of tax Dividends declared Treasury stock purchases Share-based compensation awards BALANCE AS OF...

  • Page 56
    ... in other long-term liabilities Excess tax benefits from share-based compensation arrangements Net cash provided by operating activities Cash flows from investing activities: Additions to plant and equipment Proceeds from sales of plant and equipment Acquisition of businesses, net of cash acquired...

  • Page 57
    ... (Sysco or the company), is engaged in the marketing and distribution of a wide range of food and related products primarily to the foodservice or food-away-from-home industry. These services are performed for approximately 425,000 customers from 197 distribution facilities located throughout...

  • Page 58
    ... in Corporate-Owned Life Insurance Investments in corporate-owned life insurance (COLI) policies are recorded at their cash surrender values as of each balance sheet date. Changes in the cash surrender value during the period are recorded as a gain or loss within operating expenses. The company does...

  • Page 59
    ... the company's stock price on the date of grant. Measured compensation cost is recognized ratably over the vesting period of the related share-based compensation award. Cash flows resulting from tax deductions in excess of the compensation cost recognized for those options (excess tax benefits) are...

  • Page 60
    ... interest rate. The update requires retrospective application and represents a change in accounting principle. We adopted this standard for the fiscal year ended June 27, 2015. Although the new guidance had no impact on the company's results of operations, the debt issuance costs presented as...

  • Page 61
    ... related to acquisitions made in previous fiscal years. During fiscal 2015, Sysco acquired for cash a broadline company in Ontario, Canada; a joint venture interest in a foodservice distribution company in Mexico; a joint venture interest in a foodservice distribution company in Costa Rica...

  • Page 62
    ... II ITEM 8 Financial Statements and Supplementary Data At the time of the merger announcement, Sysco secured a fully committed bridge financing that could be used for funding a portion of the purchase price. In contemplation of issuing long-term financing for this proposed merger, in January 2014...

  • Page 63
    PART II ITEM 8 Financial Statements and Supplementary Data (In thousands) Assets and Liabilities Measured at Fair Value as of June 28, 2014 Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents Cash equivalents Restricted cash Other assets Interest rate swap agreement TOTAL ASSETS AT ...

  • Page 64
    ... 2018 to floating rate debt. In October 2014, Sysco obtained long-term financing for the proposed US Foods merger by completing a six-part senior notes offering totaling $5 billion. At the same time of these note issuances, the company entered into interest rate swap agreements that effectively...

  • Page 65
    PART II ITEM 8 Financial Statements and Supplementary Data In January 2014, the company entered into two forward starting swap agreements with notional amounts totaling $2.0 billion in contemplation of securing long-term financing for the proposed US Foods merger or for other long-term financing ...

  • Page 66
    ... 27, 2015, there were no commercial paper issuances outstanding. In periods where Sysco has commercial paper borrowings, the amounts are classified within long-term debt, as the program is supported by long-term revolving credit facility described above. During fiscal 2015, 2014, and 2013, aggregate...

  • Page 67
    ... following table presents details of the company's other long-term liabilities: (In thousands) Retirement Plan Supplemental executive retirement plan Other TOTAL June 27, 2015 June 28, 2014 $ 227,352 $ 270,189 420,704 438,288 286,666 319,401 $ 934,722 $ 1,027,878 SYSCO CORPORATION - Form 10-K 59

  • Page 68
    ...(k) account. Sysco's expense related to its defined contribution plans was $125.4 million in fiscal 2015, $118.6 million in fiscal 2014, and $65.3 million in fiscal 2013. Defined Benefit Plans Sysco maintains a qualified pension plan (Retirement Plan) that pays benefits to participating employees...

  • Page 69
    PART II ITEM 8 Financial Statements and Supplementary Data Funded Status Accumulated pension assets measured against the obligation for pension benefits represents the funded status of a given plan. The funded status of Sysco's company-sponsored defined benefit plans is presented in the table below...

  • Page 70
    ... for the remaining active union employees in the Retirement Plan, for the company-sponsored defined benefit pension plans was $3.7 billion and $3.7 billion as of June 27, 2015 and June 28, 2014, respectively. Information for plans with accumulated benefit obligation/aggregate benefit obligation in...

  • Page 71
    ... Rate of compensation increase - Retirement Plan As benefit accruals under the SERP were frozen as of June 29, 2013, due to the plan freeze discussed above, future pay is not projected in the determination of the benefit obligation as of June 27, 2015 or June 28, 2014. SYSCO CORPORATION - Form...

  • Page 72
    ... is reviewed annually and revised as deemed appropriate. The expected long-term rate of return to be used in the calculation of fiscal 2016 net company-sponsored benefit costs for the Retirement Plan is 7.25%. Plan Assets Investment Strategy The company's overall strategic investment objectives for...

  • Page 73
    ...exchange traded real estate funds, hedge funds and private equity funds are included as Level 3 measurements. Derivatives: Valuation method varies by type of derivative security. • Credit default and interest rate swaps: Valued using evaluated bid prices based on a compilation of observable market...

  • Page 74
    PART II ITEM 8 Financial Statements and Supplementary Data The following table presents the fair value of the Retirement Plan's assets by major asset category as of June 27, 2015: Assets Measured at Fair Value as of June 27, 2015 (In thousands) Level 1 $ 233,525 154,598 388,123 $ Cash and cash ...

  • Page 75
    ... return on plan assets: Relating to assets still held at the reporting date Relating to assets sold during the period Purchases and sales, net Transfers in and/or out of Level 3 BALANCE, JUNE 27, 2015 $ $ $ $ $ $ NOTE 15 Multiemployer Employee Benefit Plans Defined Benefit Pension Plans...

  • Page 76
    ...,739 Payments for voluntary withdrawals included in contributions were $1.4 million, $40.8 million and $31.8 million in fiscal 2015, 2014 and 2013, respectively. Individually Significant Plans The information in the following tables relate to multiemployer defined benefit pension plans which Sysco...

  • Page 77
    ...and Vicinity N.Y. State Teamsters Conference Pension and Retirement Fund Truck Drivers and Helpers Local Union No. 355 Retirement Pension Fund Minneapolis Food Distributing Industry Pension Plan $ 2015 23,268 $ 2,233 1,455 2,068 3,073 2014 21,893 $ 1,977 1,444 1,874 3,214 2013 20,561 2,256 1,399...

  • Page 78
    ... related tax effects for each of the years presented is as follows: Location of Expense (Income) Recognized in Net Earnings 2015 Before Tax Amount Tax Net of Tax Amount (In thousands) Pension and other postretirement benefit plans: Reclassification adjustments: Amortization of prior service cost...

  • Page 79
    ... II ITEM 8 Financial Statements and Supplementary Data (In thousands) Location of Expense (Income) Recognized in Net Earnings 2013 Before Tax Amount Tax Net of Tax Amount Pension and other postretirement benefit plans: Reclassification adjustments: Amortization of prior service cost Amortization...

  • Page 80
    ... benefits to employees and non-employee directors under several share-based payment arrangements including various employee stock option plans, a non-employee director plan and the Employees' Stock Purchase Plan. Stock Incentive Plans In November 2013, Sysco's Long-term Incentive Plan (2013 Plan...

  • Page 81
    PART II ITEM 8 Financial Statements and Supplementary Data The following summary presents information regarding outstanding options as of June 27, 2015 and changes during the fiscal year then ended with regard to options under all stock incentive plans: Weighted Average Weighted Remaining Average ...

  • Page 82
    ...between the stock price at date of issuance and the employee purchase price. All Share-Based Payment Arrangements The total share-based compensation cost that has been recognized in results of operations was $73.8 million, $74.3 million and $70.1 million for fiscal 2015, 2014 and 2013, respectively...

  • Page 83
    ...tax benefits Pension Share-based compensation Deferred compensation Self-insured liabilities Receivables Inventory Cash flow hedge Other Total deferred tax assets TOTAL NET DEFERRED TAX (ASSETS) $ $ The company's net operating tax loss carryforwards as of June 27, 2015 and June 28, 2014 consisted...

  • Page 84
    ...of an unrecognized tax benefit from a gross position in other assets to a net position in other long-term liabilities on our consolidated balance sheet due to a change in circumstances related to transfer pricing positions. If Sysco were to recognize all unrecognized tax benefits recorded as of June...

  • Page 85
    ... customers, hospitals, schools, hotels, industrial caterers and other venues where foodservice products are served. SYGMA operating companies distribute a full line of food products and a wide variety of non-food products to certain chain restaurant customer locations. "Other" financial information...

  • Page 86
    ... consolidated financial statements. Intersegment sales primarily represent products the Broadline and SYGMA operating companies procured from the specialty produce, custom-cut meat operations, imported specialty products and a company that distributes to international customers. Management evaluates...

  • Page 87
    ...frozen meats Canned and dry products Frozen fruits, vegetables, bakery and other Dairy products Poultry Fresh produce Paper and disposables Seafood Beverage products Janitorial products Equipment and smallwares Medical supplies TOTAL Information concerning geographic areas is as follows: $ $ 2015...

  • Page 88
    PART II ITEM 8 Financial Statements and Supplementary Data The following condensed consolidating financial statements present separately the financial position, comprehensive income and cash flows of the parent issuer (Sysco Corporation), the guarantors (the majority of the company's U.S. Broadline...

  • Page 89
    PART II ITEM 8 Financial Statements and Supplementary Data (In thousands) Sales Cost of sales Gross profit Operating expenses Operating income (loss) Interest expense (income) Other expense (income), net Earnings (losses) before income taxes Income tax (benefit) provision Equity in earnings of ...

  • Page 90
    PART II ITEM 8 Financial Statements and Supplementary Data (In thousands) Sysco $ (359,239) (160,234) 3,832,479 1,379,112 4,692,118 158,957 4,851,075 Condensed Consolidating Cash Flows Year Ended June 27, 2015 Other NonCertain U.S. Guarantor Broadline Subsidiaries Subsidiaries $ 2,363,836 (108,...

  • Page 91
    ... per share data) Sales Cost of sales Gross profit Operating expenses Operating income Interest expense Other (income), net Earnings before income taxes Income taxes NET EARNINGS Per share: BASIC NET EARNINGS DILUTED NET EARNINGS Dividends declared Market price - high/low PERCENTAGE CHANGE - 2015 VS...

  • Page 92
    ..., 2015, our chief executive officer and chief financial officer concluded that, as of such date, Sysco's disclosure controls and procedures were effective at the reasonable assurance level. Management's report on internal control over financial reporting is included in the financial statement pages...

  • Page 93
    ... Analysis," "Report of the Compensation Committee," "Director Compensation" and "Executive Compensation. ITEM 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters The information required by this item will be included in our proxy statement for the 2015...

  • Page 94
    ... 41 of this Form 10-K. All financial statement schedules are omitted because they are not applicable or the information is set forth in the consolidated financial statements or notes thereto within Item 8. Financial Statements and Supplementary Data. Exhibits. 3. The exhibits listed on the Exhibit...

  • Page 95
    ... requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of Sysco Corporation in the capacities indicated and on the date indicated above. Principal Executive, Financial & Accounting Officers: /s/ WILLIAM J. DELANEY William J. DeLaney...

  • Page 96
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  • Page 99
    ... may change based on management's subjective evaluation. Expectations regarding tax rates are subject to various factors beyond management's control. For a discussion of additional factors impacting Sysco's business, see the Company's Annual Report on Form 10-K for the year ended June 27, 2015, as...

  • Page 100
    1390 Enclave Parkway Houston, TX 77077-2099 281.584.1390 www.sysco.com View this online annual report at: www.sysco.com/OnlineAnnual2015