Sysco Corp. (NYSE:SYY)

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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).

Sysco Corp., adjusted total assets

US$ in millions

	Jun 29, 2024	Jul 1, 2023	Jul 2, 2022	Jul 3, 2021	Jun 27, 2020	Jun 29, 2019
As Reported
Total assets	24,917)	22,821)	22,086)	21,414)	22,628)	17,967)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)	541)
Add: Allowance for credit losses	54)	46)	71)	118)	335)	28)
Less: Deferred tax assets²	445)	420)	378)	353)	194)	81)
After Adjustment
Adjusted total assets	24,526)	22,446)	21,779)	21,179)	22,769)	18,455)

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² Deferred tax assets. See details »

Total assets and adjusted total assets exhibited a general upward trajectory between June 2019 and June 2024, despite a period of volatility between 2020 and 2021. Total assets grew from US$ 17,967 million to US$ 24,917 million, representing a substantial expansion of the balance sheet over the six-year period.

Asset Growth Trends: A significant increase in total assets occurred between 2019 and 2020, rising from US$ 17,967 million to US$ 22,628 million. Following a moderate contraction in 2021 to US$ 21,414 million, a consistent upward trend resumed, culminating in a peak of US$ 24,917 million by June 2024.
Adjustment Dynamics: The relationship between total assets and adjusted total assets shifted over the observed period. In 2019 and 2020, adjusted total assets exceeded reported total assets, with the largest positive variance occurring in 2019 at US$ 488 million. However, beginning in 2021, a reversal occurred where adjusted assets were consistently lower than total assets, with the negative variance widening from US$ 235 million in 2021 to US$ 391 million in 2024.
Comparative Analysis: Both total and adjusted assets followed nearly identical directional movements across the timeline. The correlation between the two metrics suggests that while the nature of the adjustments shifted from additive to subtractive after 2020, the underlying growth drivers remained consistent across both reported and adjusted figures.

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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).

Sysco Corp., adjusted total liabilities

US$ in millions

	Jun 29, 2024	Jul 1, 2023	Jul 2, 2022	Jul 3, 2021	Jun 27, 2020	Jun 29, 2019
As Reported
Total liabilities	23,026)	20,779)	20,671)	19,826)	21,435)	15,428)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)	541)
Less: Deferred tax liabilities²	345)	303)	250)	147)	87)	172)
After Adjustment
Adjusted total liabilities	22,681)	20,476)	20,421)	19,679)	21,349)	15,797)

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Deferred tax liabilities. See details »

An analysis of total liabilities and their adjusted counterparts reveals a general upward trajectory over the observed six-year period, characterized by a significant increase in 2020 and a subsequent peak in 2024.

Total Liabilities Trend: Total liabilities experienced a sharp increase from US$ 15,428 million in 2019 to US$ 21,435 million in 2020. After a slight contraction to US$ 19,826 million in 2021, the figures transitioned into a period of steady growth, reaching US$ 23,026 million by June 29, 2024.
Adjusted Total Liabilities Trend: Adjusted total liabilities followed a similar directional pattern, rising from US$ 15,797 million in 2019 to a high of US$ 22,681 million in 2024. The trend mirrors the reported liabilities, indicating that the adjustments do not fundamentally change the overall liability growth profile.
Evaluation of Adjustments: The relationship between total and adjusted liabilities shifted after 2019. In 2019, the adjusted figure was higher than the reported total. However, from 2020 through 2024, adjusted total liabilities were consistently lower than reported total liabilities. This downward adjustment gap has widened progressively, growing from US$ 86 million in 2020 to US$ 345 million in 2024, suggesting a growing variance between reported and adjusted obligation metrics.

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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).

Sysco Corp., adjusted shareholders’ equity

US$ in millions

	Jun 29, 2024	Jul 1, 2023	Jul 2, 2022	Jul 3, 2021	Jun 27, 2020	Jun 29, 2019
As Reported
Shareholders’ equity	1,860)	2,009)	1,382)	1,553)	1,159)	2,503)
Adjustments
Less: Net deferred tax assets (liabilities)¹	100)	118)	127)	205)	108)	(91)
Add: Allowance for credit losses	54)	46)	71)	118)	335)	28)
Add: Noncontrolling interest	31)	33)	32)	35)	34)	35)
After Adjustment
Adjusted shareholders’ equity	1,845)	1,970)	1,358)	1,500)	1,420)	2,658)

¹ Net deferred tax assets (liabilities). See details »

The equity position exhibits significant volatility between June 2019 and June 2024, characterized by a sharp contraction followed by a phased recovery. Shareholders' equity experienced a substantial decline of approximately 53.7% between 2019 and 2020, reaching a period low of US$ 1,159 million before initiating a general upward trajectory that peaked in July 2023.

Equity Value Trends: Reported shareholders' equity fluctuated from US$ 2,503 million in 2019 to a low of US$ 1,159 million in 2020, recovering to US$ 1,553 million in 2021. After a slight contraction to US$ 1,382 million in 2022, the value rose sharply to US$ 2,009 million in 2023, before settling at US$ 1,860 million in June 2024.
Adjusted Equity Relationship: Adjusted shareholders' equity followed a similar directional pattern but demonstrated a shift in its relationship to reported equity. In 2019 and 2020, adjusted equity was higher than reported equity, with the largest positive variance occurring in 2020 at US$ 261 million. Starting in 2021, this relationship inverted; reported shareholders' equity consistently exceeded adjusted shareholders' equity for the remainder of the period.
Convergence and Variance Analysis: The gap between reported and adjusted equity narrowed significantly toward the end of the analyzed period. While a negative variance of US$ 39 million existed in 2023, by June 2024, the difference reduced to US$ 15 million, indicating a convergence between the reported and adjusted equity figures.

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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).

Sysco Corp., adjusted capitalization table

US$ in millions

	Jun 29, 2024	Jul 1, 2023	Jul 2, 2022	Jul 3, 2021	Jun 27, 2020	Jun 29, 2019
As Reported
Current maturities of long-term debt	469)	63)	581)	495)	1,544)	41)
Long-term debt, excluding current maturities	11,513)	10,348)	10,067)	10,588)	12,902)	8,122)
Total reported debt	11,982)	10,411)	10,648)	11,083)	14,447)	8,163)
Shareholders’ equity	1,860)	2,009)	1,382)	1,553)	1,159)	2,503)
Total reported capital	13,842)	12,419)	12,030)	12,636)	15,605)	10,666)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)	541)
Add: Current operating lease liabilities²	125)	99)	106)	103)	107)	—)
Add: Long-term operating lease liabilities³	838)	656)	636)	634)	523)	—)
Adjusted total debt	12,945)	11,166)	11,390)	11,820)	15,078)	8,704)
Adjustments to Equity
Less: Net deferred tax assets (liabilities)⁴	100)	118)	127)	205)	108)	(91)
Add: Allowance for credit losses	54)	46)	71)	118)	335)	28)
Add: Noncontrolling interest	31)	33)	32)	35)	34)	35)
Adjusted shareholders’ equity	1,845)	1,970)	1,358)	1,500)	1,420)	2,658)
After Adjustment
Adjusted total capital	14,790)	13,136)	12,747)	13,320)	16,498)	11,362)

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Current operating lease liabilities. See details »

³ Long-term operating lease liabilities. See details »

⁴ Net deferred tax assets (liabilities). See details »

The capitalization structure exhibits significant volatility between 2019 and 2024, characterized by a substantial increase in leverage and a corresponding contraction in equity during the 2020 fiscal period. Following this peak, a period of gradual deleveraging occurred, though the most recent reporting period indicates a renewed upward trend in total debt levels.

Debt Dynamics: Adjusted total debt experienced a sharp increase from 8,704 million US$ in 2019 to a peak of 15,078 million US$ in 2020. A subsequent deleveraging trend was observed over the following three years, with adjusted debt declining to 11,166 million US$ by 2023. However, this trend reversed in 2024, with adjusted total debt rising to 12,945 million US$.
Equity Fluctuations: Adjusted shareholders' equity showed a marked decrease in 2020, falling to 1,420 million US$ from a 2019 level of 2,658 million US$. Equity levels remained relatively unstable between 2021 and 2022 before recovering to 1,970 million US$ in 2023. A slight contraction occurred in 2024, with equity settling at 1,845 million US$.
Adjusted Total Capital Analysis: Adjusted total capital closely mirrors the volatility of the debt components, peaking at 16,498 million US$ in 2020. A systematic variance is observed between reported and adjusted figures; adjusted total capital is consistently higher than reported total capital across all six years. This gap is most pronounced in 2020 and remains significant in 2024, where adjusted total capital stands at 14,790 million US$ compared to the reported 13,842 million US$.

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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).

Sysco Corp., adjusted net earnings

US$ in millions

12 months ended:	Jun 29, 2024	Jul 1, 2023	Jul 2, 2022	Jul 3, 2021	Jun 27, 2020	Jun 29, 2019
As Reported
Net earnings	1,955)	1,770)	1,359)	524)	215)	1,674)
Adjustments
Add: Deferred income tax expense (benefit)¹	26)	(16)	(64)	(158)	(191)	(127)
Add: Increase (decrease) in allowance for credit losses	8)	(25)	(47)	(217)	307)	2)
Add: Other comprehensive income (loss)	(86)	229)	(333)	562)	(111)	(190)
After Adjustment
Adjusted net earnings	1,903)	1,958)	914)	711)	220)	1,359)

¹ Deferred income tax expense (benefit). See details »

Reported net earnings exhibited significant volatility between 2019 and 2024. A substantial decrease was observed from 2019 to 2020, followed by a recovery in subsequent years. Adjusted net earnings demonstrate a similar pattern, though the magnitude of fluctuation differs. The most recent year, 2024, shows a slight decrease in adjusted net earnings compared to 2023, while reported net earnings increased.

Net Earnings Trend: Net earnings began at US$1,674 million in 2019, experienced a dramatic decline to US$215 million in 2020, and then increased to US$524 million in 2021. Further growth was seen in 2022, reaching US$1,359 million, followed by US$1,770 million in 2023. The latest reporting period, 2024, shows net earnings at US$1,955 million, representing continued growth.
Adjusted Net Earnings Trend: Adjusted net earnings started at US$1,359 million in 2019, decreased to US$220 million in 2020, and then rose to US$711 million in 2021. Growth continued to US$914 million in 2022, with a significant increase to US$1,958 million in 2023. In 2024, adjusted net earnings decreased slightly to US$1,903 million.
Relationship Between Reported and Adjusted Net Earnings: The difference between reported and adjusted net earnings varied across the observed period. In 2019, the difference was US$315 million. This difference widened considerably in 2020 to US$5 million. The gap narrowed in 2021 to US$187 million, and continued to narrow in 2022 to US$445 million. In 2023, the difference was US$88 million, and in 2024, it was US$52 million. This suggests that the magnitude of adjustments to net earnings has generally decreased in recent years.

The fluctuations in both reported and adjusted net earnings suggest sensitivity to external factors or specific accounting adjustments. The relatively stable difference between the two measures in the most recent periods indicates a more consistent application of adjustments.

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