Performance Food Group Co
For the period ended Jun 28, 2025. Filed Aug 13, 2025.
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FY2025 · Filed Aug 13, 2025
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| (In millions) | Fiscal Year EndedJune 28, 2025 | Fiscal Year EndedJune 29, 2024 | Fiscal Year EndedJuly 1, 2023 |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net income | $340.2 | $435.9 | $397.2 |
| Adjustments to reconcile net income to net cash provided by operating activities | |||
| Depreciation | 455.3 | 355.2 | 315.7 |
| Amortization of intangible assets | 262.6 | 201.5 | 181.0 |
| Amortization of deferred financing costs | 12.6 | 10.5 | 10.3 |
| Provision for losses on accounts receivables | 22.7 | 19.8 | 6.0 |
| Change in LIFO reserve | 88.1 | 62.3 | 39.2 |
| Stock compensation expense | 47.8 | 41.9 | 43.4 |
| Deferred income tax (expense) benefit | (0.2) | 10.7 | 20.0 |
| Loss on extinguishment of debt | — | 0.9 | — |
| Change in fair value of derivative assets and liabilities | (0.8) | (4.1) | 19.0 |
| Other non-cash activities | 2.5 | (2.4) | 9.0 |
| Changes in operating assets and liabilities, net | |||
| Accounts receivable | (151.9) | (81.1) | (95.6) |
| Inventories | (337.9) | 37.7 | 56.9 |
| Income taxes receivable | (17.5) | (29.9) | (11.0) |
| Prepaid expenses and other assets | 56.6 | (95.8) | (3.2) |
| Trade accounts payable and outstanding checks in excess of deposits | 372.7 | 124.0 | (164.6) |
| Accrued expenses and other liabilities | 57.3 | 75.9 | 8.8 |
| Net cash provided by operating activities | 1,210.1 | 1,163.0 | 832.1 |
| Cash flows from investing activities: | |||
| Purchases of property, plant and equipment | (506.0) | (395.6) | (269.7) |
| Net cash paid for acquisitions | (2,596.4) | (307.7) | (63.8) |
| Proceeds from sale of property, plant and equipment and other | 13.4 | 20.6 | 38.9 |
| Net cash used in investing activities | (3,089.0) | (682.7) | (294.6) |
| Cash flows from financing activities: | |||
| Net borrowings (payments) under ABL Facility | 1,194.2 | 6.8 | (454.4) |
| Repayment of Notes due 2025 | — | (275.0) | — |
| Borrowing of Notes due 2032 | 1,000.0 | — | — |
| Cash paid for debt issuance, extinguishment and modifications | (34.2) | — | — |
| Payments under finance lease obligations | (188.0) | (122.2) | (88.5) |
| Net cash paid for acquisitions | (1.5) | — | — |
| Proceeds from employee stock purchase plan | 32.7 | 15.5 | 27.7 |
| Proceeds from exercise of stock options | 11.1 | 2.2 | 3.1 |
| Cash paid for shares withheld to cover taxes | (18.8) | (21.5) | (12.6) |
| Repurchases of common stock | (57.6) | (78.1) | (11.2) |
| Other financing activities | — | (0.3) | (0.3) |
| Net cash provided by (used in) financing activities | 1,937.9 | (472.6) | (536.2) |
| Net increase in cash and restricted cash | 59.0 | 7.7 | 1.3 |
| Cash and restricted cash, beginning of period | 27.7 | 20.0 | 18.7 |
| Cash and restricted cash, end of period | $86.7 | $27.7 | $20.0 |
The following table provides a reconciliation of cash and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows:
| (In millions) | As of June 28, 2025 | As of June 29, 2024 |
|---|---|---|
| Cash | $78.5 | $20.0 |
| Restricted cash(1) | 8.2 | 7.7 |
| Total cash and restricted cash | $86.7 | $27.7 |
(1)
Restricted cash is reported within other assets and represents the amounts required by insurers to collateralize a part of the deductibles for the Company’s workers’ compensation and liability claims.
Supplemental disclosures of cash flow information are as follows:
| (In millions) | Fiscal Year EndedJune 28, 2025 | Fiscal Year EndedJune 29, 2024 | Fiscal Year EndedJuly 1, 2023 |
|---|---|---|---|
| Cash paid during the year for: | |||
| Interest net of amounts capitalized | $344.4 | $242.1 | $218.5 |
| Income tax payments net of refunds | 129.7 | 177.1 | 134.1 |
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