Analysis of Debt
Total Debt (Carrying Amount)
Sysco Corp., balance sheet: debt
US$ in millions
Based on: 10-K (reporting date: 2024-06-29), 10-K (reporting date: 2023-07-01), 10-K (reporting date: 2022-07-02), 10-K (reporting date: 2021-07-03), 10-K (reporting date: 2020-06-27), 10-K (reporting date: 2019-06-29).
The total debt carrying amount exhibited significant volatility between June 2019 and June 2024, characterized by a substantial peak in 2020 followed by a period of deleveraging and a subsequent increase in the final reporting period.
- Total Debt Trajectory
- A sharp increase in total debt is observed between June 29, 2019, and June 27, 2020, where the balance rose from 8,163 million USD to 14,447 million USD. This peak was followed by a three-year downward trend, with the carrying amount declining steadily to 10,411 million USD by July 1, 2023. However, this trend reversed in the most recent period, as total debt climbed to 11,982 million USD by June 29, 2024.
- Long-Term Debt Composition
- Long-term debt, excluding current maturities, represents the primary component of the company's debt structure. Following the spike to 12,902 million USD in 2020, this figure contracted to approximately 10,067 million USD by July 2, 2022, before stabilizing and eventually increasing to 11,513 million USD in June 2024.
- Current Maturity Fluctuations
- Current maturities of long-term debt demonstrated high volatility. A notable surge occurred in June 2020, reaching 1,544 million USD, which significantly contributed to the overall debt peak. This figure subsequently decreased and fluctuated, reaching a period low of 63 million USD in July 2023, before rising again to 469 million USD in June 2024.
Overall, the financial data indicates a pattern of aggressive borrowing or debt restructuring in 2020, a disciplined reduction of liabilities through 2023, and a renewed increase in total leverage entering 2024.
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Total Debt (Fair Value)
| Jun 29, 2024 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Total debt (fair value) | 11,400) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 0.95 |
Based on: 10-K (reporting date: 2024-06-29).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on debt: 4.62%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 5.45% | 200) | 11) | |
| 3.65% | 365) | 13) | |
| 3.75% | 749) | 28) | |
| 3.30% | 998) | 33) | |
| 7.16% | 43) | 3) | |
| 3.25% | 747) | 24) | |
| 6.50% | 155) | 10) | |
| 5.75% | 496) | 29) | |
| 2.40% | 497) | 12) | |
| 5.95% | 994) | 59) | |
| 2.45% | 446) | 11) | |
| 6.00% | 498) | 30) | |
| 5.38% | 383) | 21) | |
| 6.63% | 200) | 13) | |
| 6.60% | 350) | 23) | |
| 4.85% | 497) | 24) | |
| 4.50% | 495) | 22) | |
| 4.45% | 493) | 22) | |
| 3.30% | 495) | 16) | |
| 6.60% | 1,177) | 78) | |
| 3.15% | 788) | 25) | |
| 5.13% | 916) | 47) | |
| Total | 11,982) | 554) | |
| 4.62% | |||
Based on: 10-K (reporting date: 2024-06-29).
1 US$ in millions
2 Weighted-average interest rate = 100 × 554 ÷ 11,982 = 4.62%