v3.23.2
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Jul. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes in Carrying Amount of Goodwill The following table presents the changes in the carrying amount of goodwill:

(In millions)

 

Foodservice

 

 

Vistar

 

 

Convenience

 

 

Other

 

 

Total

 

Balance as of July 3, 2021

 

$

1,199.4

 

 

$

93.9

 

 

$

20.9

 

 

$

40.5

 

 

$

1,354.7

 

Acquisitions

 

 

61.3

 

 

 

—

 

 

 

863.2

 

 

 

—

 

 

 

924.5

 

Balance as of July 2, 2022

 

 

1,260.7

 

 

 

93.9

 

 

 

884.1

 

 

 

40.5

 

 

 

2,279.2

 

Acquisitions—current year

 

 

—

 

 

 

—

 

 

 

—

 

 

 

22.1

 

 

 

22.1

 

Impairments—current year

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1.3

)

 

 

(1.3

)

Adjustments related to prior year acquisition (1)

 

 

1.0

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1.0

 

Balance as of July 1, 2023

 

$

1,261.7

 

 

$

93.9

 

 

$

884.1

 

 

$

61.3

 

 

$

2,301.0

 

 

(1)
The fiscal 2023 adjustment related to prior year acquisition is the result of net working capital adjustments.
Schedule of Intangible Assets by Major Category

The following table presents the Company’s intangible assets by major category as of July 1, 2023 and July 2, 2022:

 

 

 

As of July 1, 2023

 

 

As of July 2, 2022

 

 

 

(In millions)

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net

 

 

Range of
Lives

Intangible assets with definite lives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

1,568.2

 

 

$

(777.2

)

 

$

791.0

 

 

$

1,562.1

 

 

$

(659.8

)

 

$

902.3

 

 

4 – 12 years

Trade names and trademarks

 

 

466.3

 

 

 

(279.7

)

 

 

186.6

 

 

 

458.2

 

 

 

(220.4

)

 

 

237.8

 

 

4 – 9 years

Deferred financing costs

 

 

73.3

 

 

 

(58.1

)

 

 

15.2

 

 

 

73.2

 

 

 

(53.3

)

 

 

19.9

 

 

Debt term

Non-compete

 

 

42.3

 

 

 

(38.4

)

 

 

3.9

 

 

 

38.1

 

 

 

(36.0

)

 

 

2.1

 

 

2 – 5 years

Technology

 

 

36.2

 

 

 

(30.1

)

 

 

6.1

 

 

 

36.2

 

 

 

(28.3

)

 

 

7.9

 

 

5 – 8 years

Total intangible assets with definite lives

 

$

2,186.3

 

 

$

(1,183.5

)

 

$

1,002.8

 

 

$

2,167.8

 

 

$

(997.8

)

 

$

1,170.0

 

 

 

Intangible assets with indefinite lives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

$

2,301.0

 

 

$

—

 

 

$

2,301.0

 

 

$

2,279.2

 

 

$

—

 

 

$

2,279.2

 

 

Indefinite

Trade names

 

 

25.6

 

 

 

—

 

 

 

25.6

 

 

 

25.6

 

 

 

—

 

 

 

25.6

 

 

Indefinite

Total intangible assets with indefinite lives

 

$

2,326.6

 

 

$

—

 

 

$

2,326.6

 

 

$

2,304.8

 

 

$

—

 

 

$

2,304.8

 

 

 
Estimated Future Amortization Expense on Intangible Assets For the next five fiscal periods and thereafter, the estimated future amortization expense on intangible assets with definite lives are as follows:

 

(In millions)

 

 

 

2024

 

 

170.9

 

2025

 

 

164.4

 

2026

 

 

159.3

 

2027

 

 

102.4

 

2028

 

 

91.8

 

Thereafter

 

 

314.0

 

Total amortization expense

 

$

1,002.8