Sysco 2015 Annual Report Download - page 46
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Please find page 46 of the 2015 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.SYSCO CORPORATION-Form10-K38
PARTII
ITEM7Management’s Discussion and Analysis ofFinancial Condition and Results of Operations
Forward-Looking Statements
Certain statements made herein that look forward in time or express management’s expectations or beliefs with respect to the occurrence of future events are
forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations
and estimates. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement
that does not directly relate to any historical or current fact. Forward-looking statements can also be identi ed by words such as “future,” “anticipates,”
“believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “will,” “would,” “could,” “can,” “may,” and similar terms. Forward-looking statements are
not guarantees of future performance and our actual results may differ signi cantly from the results discussed in the forward-looking statements. Factors
that might cause such differences include, but are not limited to, those discussed in Part I, Item 1A of this Form 10-K under the heading “Risk Factors,”
which are incorporated herein by reference.
In addition to the Risk Factors discussed in Part I, Item 1A of this Form 10-K, the success of Sysco’s strategic initiatives could be affected by conditions in
the economy and the industry and internal factors, such as the ability to control expenses, including fuel costs. Our expectations regarding cost per case
may be impacted by factors beyond our control, including actions by our competitors and/or customers. Company-sponsored pension plan liabilities are
impacted by a number of factors including the discount rate for determining the current value of plan bene ts, 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 our dividend target objectives depends on our level of
earnings, available cash and the success of our various strategic initiatives. Our expectations regarding earnings per share and various items impacting
earnings is subject to a number of factors, including our ability to manage operating expenses and the impact of Certain Items. Our plans with respect
to growth in international markets and adjacent areas that complement our core business are subject to our other strategic initiatives, the allocation of
resources, and plans and economic conditions generally. Legal proceedings and the adequacy of insurance are impacted by events, circumstances and
individuals beyond the control of Sysco. The need for additional borrowing or other capital is impacted by various factors, including capital expenditures or
acquisitions in excess of those currently anticipated, levels of stock repurchases, or other unexpected cash requirements. Plans regarding the repayment
of debt are subject to change at any time based on management’s assessment of the overall needs of the company. Capital expenditures may vary from
those projected based on changes in business plans and other factors, including risks related to the timing and successful completions of acquisitions,
construction schedules and the possibility that other cash requirements could result in delays or cancellations of capital spending. Our ability to nance
capital expenditures as anticipated may be in uenced by our results of operations, our borrowing capacity, share repurchases, dividend levels and other
factors. Expectations regarding tax rates and the transfer of cash held in foreign jurisdictions are subject to various factors beyond our control and decisions
of management throughout the scal year that are subject to change based on Sysco’s business needs. The anticipated impact of compliance with laws
and regulations also involves the risk that estimates may turn out to be materially incorrect, and laws and regulations, as well as methods of enforcement,
are subject to change.