Performance Food Group Co
For the period ended Jun 29, 2024. Filed Aug 14, 2024.
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FY2024 · Filed Aug 14, 2024
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Schedule 1—Registrant’s Condensed Financial Statements
CONDENSED BALANCE SHEETS
| (In millions, except per share data) | As of June 29, 2024 | As of July 1, 2023 |
|---|---|---|
| ASSETS | ||
| Investment in wholly owned subsidiary | $4,227.9 | $3,826.3 |
| Total assets | $4,227.9 | $3,826.3 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accrued expenses and other current liabilities | - | 0.4 |
| Total current liabilities | - | 0.4 |
| Intercompany payable | 101.0 | 80.4 |
| Total liabilities | 101.0 | 80.8 |
| Commitments and contingencies | ||
| Shareholders’ equity: | ||
| Common Stock | ||
| Common Stock: $0.01 par value per share, 1.0 billion shares authorized, 154.2 million shares issued and outstanding as of June 29, 2024;154.5 million shares issued and outstanding as of July 1, 2023 | 1.5 | 1.5 |
| Additional paid-in capital | 2,818.5 | 2,863.0 |
| Retained earnings | 1,306.9 | 881.0 |
| Total shareholders’ equity | 4,126.9 | 3,745.5 |
| Total liabilities and shareholders’ equity | $4,227.9 | $3,826.3 |
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
| ($ in millions) | Fiscal year ended June 29, 2024 | Fiscal year ended July 1, 2023 | Fiscal year ended July 2, 2022 |
|---|---|---|---|
| Operating expenses | $0.9 | $0.8 | $0.7 |
| Operating loss | (0.9) | (0.8) | (0.7) |
| Loss before equity in net income of subsidiary | (0.9) | (0.8) | (0.7) |
| Equity in net income of subsidiary, net of tax | 436.8 | 398.0 | 113.2 |
| Net income | 435.9 | 397.2 | 112.5 |
| Other comprehensive (loss) income | (10.0) | 2.6 | 16.7 |
| Total comprehensive income | $425.9 | $399.8 | $129.2 |
CONDENSED STATEMENTS OF CASH FLOWS
| ($ in millions) | Fiscal yearendedJune 29, 2024 | Fiscal yearendedJuly 1, 2023 | Fiscal yearendedJuly 2, 2022 |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net income | $435.9 | $397.2 | $112.5 |
| Adjustments to reconcile net income to net cash provided by operating activities | |||
| Equity in net income of subsidiary | (436.8) | (398.0) | (113.2) |
| Changes in operating assets and liabilities, net | |||
| Accrued expenses and other current liabilities | — | 0.4 | — |
| Intercompany payables | 20.2 | 9.9 | 9.4 |
| Net cash provided by operating activities | 19.3 | 9.5 | 8.7 |
| Cash flows from investing activities: | |||
| Net cash paid for acquisitions | — | — | (1,386.1) |
| Capital contribution to subsidiary | (15.5) | (27.7) | (83.1) |
| Distribution from subsidiary | 78.1 | 11.2 | 1,444.6 |
| Net cash provided by (used in) investing activities | 62.6 | (16.5) | (24.6) |
| Cash flows from financing activities: | |||
| Proceeds from exercise of stock options | 2.2 | 3.1 | 2.7 |
| Proceeds from employee stock purchase plan | 15.5 | 27.7 | 24.6 |
| Cash paid for shares withheld to cover taxes | (21.5) | (12.6) | (11.4) |
| Repurchase of common stock | (78.1) | (11.2) | — |
| Net cash (used in) provided by financing activities | (81.9) | 7.0 | 15.9 |
| Net (decrease) increase in cash and restricted cash | — | — | — |
| Cash and restricted cash, beginning of period | — | — | — |
| Cash and restricted cash, end of period | $— | $— | $— |
Notes to Condensed Parent Company Only Financial Statements
- Description of Performance Food Group Company
Performance Food Group Company (the “Parent”) was incorporated in Delaware on July 23, 2002, to effect the purchase of all the outstanding equity interests of PFGC, Inc. (“PFGC”). The Parent has no significant operations or significant assets or liabilities other than its investment in PFGC. Accordingly, the Parent is dependent upon distributions from PFGC to fund its obligations. However, under the terms of PFGC’s various debt agreements, PFGC’s ability to pay dividends or lend to the Parent is restricted, except that PFGC may pay specified amounts to the Parent to fund the payment of the Parent’s franchise and excise taxes and other fees, taxes, and expenses required to maintain its corporate existence.
- Basis of Presentation
The accompanying condensed financial statements (parent company only) include the accounts of the Parent and its investment in PFGC, Inc. accounted for in accordance with the equity method, and do not present the financial statements of the Parent and its subsidiary on a consolidated basis. These parent company only financial statements should be read in conjunction with the Performance Food Group Company consolidated financial statements. The Parent is included in the consolidated federal and certain unitary, consolidated and combined state income tax returns with its subsidiaries. The Parent’s tax balances reflect its share of such filings.
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