Segment Information (Tables)
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12 Months Ended |
Jul. 01, 2023 |
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| Segment Reporting [Abstract] |
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| Schedule of Segment Reporting Information, by Segment |
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(In millions) |
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Foodservice |
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Vistar |
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Convenience |
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Corporate
& All Other |
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Eliminations |
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Consolidated |
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For the fiscal year ended July 1, 2023 |
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Net external sales |
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$ |
28,467.5 |
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$ |
4,546.3 |
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$ |
24,119.5 |
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$ |
121.4 |
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$ |
— |
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$ |
57,254.7 |
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Inter-segment sales |
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23.1 |
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3.0 |
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0.1 |
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579.0 |
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(605.2 |
) |
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— |
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Total sales |
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28,490.6 |
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4,549.3 |
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24,119.6 |
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700.4 |
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(605.2 |
) |
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57,254.7 |
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Depreciation and amortization |
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279.8 |
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42.1 |
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148.0 |
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26.8 |
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— |
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496.7 |
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Capital expenditures |
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191.4 |
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18.0 |
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46.3 |
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14.0 |
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— |
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269.7 |
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For the fiscal year ended July 2, 2022 |
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Net external sales |
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$ |
26,561.1 |
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$ |
3,679.4 |
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$ |
20,603.3 |
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$ |
50.3 |
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$ |
— |
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$ |
50,894.1 |
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Inter-segment sales |
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18.1 |
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2.4 |
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— |
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476.2 |
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(496.7 |
) |
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— |
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Total sales |
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26,579.2 |
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3,681.8 |
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20,603.3 |
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526.5 |
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(496.7 |
) |
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50,894.1 |
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Depreciation and amortization |
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260.0 |
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52.6 |
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125.7 |
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24.5 |
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— |
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462.8 |
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Capital expenditures |
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148.2 |
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19.1 |
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31.9 |
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16.3 |
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— |
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215.5 |
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For the fiscal year ended July 3, 2021 |
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Net external sales |
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$ |
21,880.0 |
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$ |
2,537.4 |
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$ |
5,946.8 |
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$ |
34.7 |
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$ |
— |
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$ |
30,398.9 |
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Inter-segment sales |
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10.0 |
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2.2 |
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— |
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393.9 |
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(406.1 |
) |
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— |
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Total sales |
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21,890.0 |
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2,539.6 |
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5,946.8 |
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428.6 |
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(406.1 |
) |
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30,398.9 |
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Depreciation and amortization |
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248.3 |
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47.9 |
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12.6 |
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30.1 |
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— |
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338.9 |
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Capital expenditures |
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99.9 |
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48.0 |
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26.5 |
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14.4 |
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— |
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188.8 |
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| Schedule of Adjusted EBDITA and Reconciliation to Consolidated Income Before Taxes |
Adjusted EBITDA for each reportable segment and Corporate & All Other is presented below along with a reconciliation to consolidated income before taxes.
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Fiscal year ended |
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July 1, 2023 |
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July 2, 2022 |
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July 3, 2021 |
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Foodservice Adjusted EBITDA |
$ |
943.6 |
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$ |
786.5 |
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$ |
677.5 |
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Vistar Adjusted EBITDA |
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325.3 |
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193.0 |
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84.8 |
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Convenience Adjusted EBITDA |
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328.8 |
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257.1 |
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36.4 |
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Corporate & All Other Adjusted EBITDA |
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(234.3 |
) |
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(216.8 |
) |
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(173.4 |
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Depreciation and amortization |
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(496.7 |
) |
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(462.8 |
) |
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(338.9 |
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Interest expense |
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(218.0 |
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(182.9 |
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(152.4 |
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Change in LIFO reserve |
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(39.2 |
) |
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(122.9 |
) |
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(36.4 |
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Stock-based compensation expense |
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(43.3 |
) |
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(44.0 |
) |
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(25.4 |
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(Loss) gain on fuel derivatives |
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(5.7 |
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20.7 |
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6.4 |
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Acquisition, integration & reorganization expenses |
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(10.6 |
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(49.9 |
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(16.2 |
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Other adjustments (1) |
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(5.9 |
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(10.9 |
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(7.7 |
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Income before taxes |
$ |
544.0 |
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$ |
167.1 |
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$ |
54.7 |
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(1) Other adjustments include asset impairments, gains and losses on disposal of fixed assets, amounts related to favorable and unfavorable leases, foreign currency transaction gains and losses, and franchise tax expense. Total assets by reportable segment and Corporate & All Other, excluding intercompany receivables between segments, are as follows:
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(In millions) |
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As of
July 1, 2023 |
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As of
July 2, 2022 |
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Foodservice |
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$ |
6,511.6 |
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$ |
6,455.3 |
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Vistar |
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1,292.7 |
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1,133.7 |
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Convenience |
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4,226.2 |
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4,411.6 |
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Corporate & All Other |
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468.5 |
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377.4 |
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Total assets |
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$ |
12,499.0 |
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$ |
12,378.0 |
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| Summary Sales Mix for Principal Product and Service Categories |
The sales mix for the Company’s principal product and service categories is as follows:
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(In millions) |
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For the fiscal
year ended
July 1, 2023 |
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For the fiscal
year ended
July 2, 2022 |
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For the fiscal
year ended
July 3, 2021 |
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Cigarettes |
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$ |
14,902.7 |
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$ |
13,197.4 |
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$ |
4,231.4 |
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Center of the plate |
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11,285.7 |
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11,332.2 |
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8,931.1 |
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Canned and dry groceries |
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5,537.4 |
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4,602.5 |
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3,290.0 |
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Frozen Foods |
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4,989.2 |
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4,086.8 |
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3,484.4 |
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Candy/snack/theater and concession |
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4,986.9 |
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3,826.7 |
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1,725.0 |
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Refrigerated and dairy products |
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4,557.4 |
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4,230.2 |
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2,951.0 |
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Paper products and cleaning supplies |
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3,189.3 |
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2,695.5 |
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2,312.1 |
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Other tobacco products |
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2,978.8 |
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2,511.1 |
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704.0 |
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Beverage |
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2,823.3 |
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2,511.6 |
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1,534.9 |
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Produce |
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1,336.8 |
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1,049.2 |
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|
876.6 |
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Other miscellaneous goods and services |
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667.2 |
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850.9 |
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358.4 |
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Total |
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$ |
57,254.7 |
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$ |
50,894.1 |
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$ |
30,398.9 |
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