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).
- Current Maturities of Long-Term Debt
- The current maturities of long-term debt exhibited significant fluctuations over the reported periods. Beginning at $41 million in mid-2019, there was a sharp increase to $1,544 million by mid-2020. This value declined substantially to $495 million in 2021 and remained relatively stable at $581 million in 2022. There was a notable drop to $63 million in 2023, followed by a rise to $469 million by mid-2024. Overall, the current maturities show volatility with a peak in 2020 and a general decrease afterward, though 2024 indicates a partial rebound.
- Long-Term Debt, Excluding Current Maturities
- The long-term debt excluding current maturities displays a rising trend from 2019 to 2020, increasing from $8,122 million to $12,902 million. Subsequently, there was a decline to $10,588 million in 2021, followed by further decreases to $10,067 million in 2022. The debt level experienced a modest increase to $10,348 million in 2023 and continued rising to $11,513 million in 2024. The pattern suggests an initial growth phase, a correction period, and a recent moderate recovery in long-term borrowings.
- Total Debt (Carrying Amount)
- Total debt closely mirrors the trends observed in its components. Starting at $8,163 million in 2019, total debt surged to its highest point of approximately $14,447 million in 2020. This was followed by a decrease to $11,083 million in 2021 and a continued reduction to $10,648 million in 2022. A slight decline to $10,411 million occurred in 2023, after which total debt increased again to $11,982 million by mid-2024. The overall trajectory indicates increased leverage in 2020, subsequent deleveraging over the next two years, and a partial rebound of debt levels more recently.
Total Debt (Fair Value)
| Jun 29, 2024 | |
|---|---|
| Selected Financial Data (US$ 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%