$PFGC
Performance Food Group Co

2017 Form 10-K Financial Statement

#000119312517267515 Filed on August 25, 2017

View on sec.gov

Income Statement

Concept 2017 2016 Q3 2016
Revenue $16.76B $4.373B $16.10B
YoY Change 4.08% 11.3% 5.47%
Cost Of Revenue $14.64B $3.812B $14.09B
YoY Change 3.85% 10.55% 5.02%
Gross Profit $2.125B $561.3M $2.010B
YoY Change 5.71% 16.67% 8.75%
Gross Profit Margin 12.68% 12.84% 12.48%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $91.50M $32.40M $80.50M
YoY Change 13.66% 71.43% 5.5%
% of Gross Profit 4.31% 5.77% 4.0%
Operating Expenses $1.914B $494.5M $1.808B
YoY Change 5.86% 13.13% 7.08%
Operating Profit $211.0M $66.80M $202.2M
YoY Change 4.35% 51.82% 26.3%
Interest Expense $54.90M -$18.00M $83.90M
YoY Change -34.56% -185.71% -2.1%
% of Operating Profit 26.02% -26.95% 41.49%
Other Income/Expense, Net -$53.30M -$100.0K -$87.70M
YoY Change -39.22% -99.57% 38.11%
Pretax Income $157.7M $48.70M $114.5M
YoY Change 37.73% 134.13% 18.53%
Income Tax $61.40M $19.50M $46.20M
% Of Pretax Income 38.93% 40.04% 40.35%
Net Earnings $96.30M $29.20M $68.30M
YoY Change 41.0% 139.34% 20.88%
Net Earnings / Revenue 0.57% 0.67% 0.42%
Basic Earnings Per Share $0.96 $0.71
Diluted Earnings Per Share $0.93 $285.4K $0.70
COMMON SHARES
Basic Shares Outstanding 100.2M 103.3M shares 96.40M
Diluted Shares Outstanding 103.0M 98.10M

Balance Sheet

Concept 2017 2016 Q3 2016
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.100M $10.90M $10.90M
YoY Change -25.69% -5.22% 18.48%
Cash & Equivalents $23.80M
Short-Term Investments
Other Short-Term Assets $35.00M $40.10M $40.10M
YoY Change -12.72% -16.46% -8.66%
Inventory $1.013B $919.7M $919.7M
Prepaid Expenses
Receivables $1.029B $968.2M $968.2M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.085B $1.939B $1.939B
YoY Change 7.53% 1.07% 2.03%
LONG-TERM ASSETS
Property, Plant & Equipment $740.7M $637.0M $637.0M
YoY Change 16.28% 7.37% 7.11%
Goodwill $674.0M
YoY Change 0.85%
Intangibles $149.3M
YoY Change -16.96%
Long-Term Investments
YoY Change
Other Assets $58.80M $43.30M $56.20M
YoY Change 4.63% 75.3% 24.89%
Total Long-Term Assets $1.719B $1.517B $1.517B
YoY Change 13.37% 2.03% 1.74%
TOTAL ASSETS
Total Short-Term Assets $2.085B $1.939B $1.939B
Total Long-Term Assets $1.719B $1.517B $1.517B
Total Assets $3.804B $3.455B $3.455B
YoY Change 10.09% 1.49% 1.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $907.1M $918.0M $918.0M
YoY Change -1.19% 7.26% 2.47%
Accrued Expenses $246.0M $231.4M $231.4M
YoY Change 6.31% 11.84% -1.15%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $11.70M $2.400M $2.400M
YoY Change 387.5% -74.47% -81.4%
Total Short-Term Liabilities $1.383B $1.317B $1.317B
YoY Change 5.06% 7.66% 3.11%
LONG-TERM LIABILITIES
Long-Term Debt $1.286B $1.112B $1.143B
YoY Change 12.49% -23.42% -20.04%
Other Long-Term Liabilities $106.4M $111.7M $111.7M
YoY Change -4.74% 23.15% 22.75%
Total Long-Term Liabilities $1.392B $1.223B $1.255B
YoY Change 10.96% -20.68% -17.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.383B $1.317B $1.317B
Total Long-Term Liabilities $1.392B $1.223B $1.255B
Total Liabilities $2.879B $2.653B $2.653B
YoY Change 8.52% -8.51% -8.46%
SHAREHOLDERS EQUITY
Retained Earnings -$29.20M
YoY Change -65.77%
Common Stock $837.8M
YoY Change 40.52%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $925.5M $802.8M $802.8M
YoY Change
Total Liabilities & Shareholders Equity $3.804B $3.455B $3.455B
YoY Change 10.09% 1.49% 1.9%

Cashflow Statement

Concept 2017 2016 Q3 2016
OPERATING ACTIVITIES
Net Income $96.30M $29.20M $68.30M
YoY Change 41.0% 139.34% 20.88%
Depreciation, Depletion And Amortization $91.50M $32.40M $80.50M
YoY Change 13.66% 71.43% 5.5%
Cash From Operating Activities $201.7M $116.5M $228.5M
YoY Change -11.73% -314.55% 79.36%
INVESTING ACTIVITIES
Capital Expenditures $140.2M -$51.70M $119.7M
YoY Change 17.13% -392.09% 21.4%
Acquisitions $192.9M $39.00M
YoY Change 394.62% 9650.0%
Other Investing Activities -$191.8M $1.600M -$37.90M
YoY Change 406.07% -126.23% 1704.76%
Cash From Investing Activities -$332.0M -$50.10M -$157.6M
YoY Change 110.66% -225.56% 56.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 127.5M -66.20M -76.50M
YoY Change -266.67% -535.53% 235.53%
NET CHANGE
Cash From Operating Activities 201.7M 116.5M 228.5M
Cash From Investing Activities -332.0M -50.10M -157.6M
Cash From Financing Activities 127.5M -66.20M -76.50M
Net Change In Cash -2.800M 200.0K -5.600M
YoY Change -50.0% -75.0% -243.59%
FREE CASH FLOW
Cash From Operating Activities $201.7M $116.5M $228.5M
Capital Expenditures $140.2M -$51.70M $119.7M
Free Cash Flow $61.50M $168.2M $108.8M
YoY Change -43.47% -333.61% 277.78%

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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td valign="top" width="4%" align="left"><b>1.</b></td> <td valign="top" align="left"><b>Summary of Business Activities</b></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> <b>Business Overview</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> Performance Food Group Company, through its subsidiaries, markets and distributes national and company-branded food and food-related products to customer locations across the United States. The Company serves both of the major customer types in the restaurant industry: (i)&#xA0;independent, or &#x201C;Street&#x201D; customers, and (ii)&#xA0;multi-unit, or &#x201C;Chain&#x201D; customers, which include regional and national family and casual dining restaurant chains, fast casual chains, and quick-service restaurants. The Company also serves schools, healthcare facilities, business and industry locations, and other institutional customers.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> <b>Fiscal Years</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> The Company&#x2019;s fiscal year ends on the Saturday nearest to June 30<sup style="FONT-SIZE: 11px; VERTICAL-ALIGN: top">th</sup>.<sup style="FONT-SIZE: 11px; VERTICAL-ALIGN: top">&#xA0;</sup>This resulted in a&#xA0;<font style="WHITE-SPACE: nowrap">52-week</font>&#xA0;year for fiscal 2017, a&#xA0;<font style="WHITE-SPACE: nowrap">53-week</font>&#xA0;year for fiscal 2016 and a&#xA0;<font style="WHITE-SPACE: nowrap">52-week</font>&#xA0;year for fiscal 2015. References to &#x201C;fiscal 2017&#x201D; are to the&#xA0;<font style="WHITE-SPACE: nowrap">52-week</font>&#xA0;period ended July&#xA0;1, 2017, references to &#x201C;fiscal 2016&#x201D; are to the&#xA0;<font style="WHITE-SPACE: nowrap">53-week</font>&#xA0;period ended July&#xA0;2, 2016, and references to &#x201C;fiscal 2015&#x201D; are to the&#xA0;<font style="WHITE-SPACE: nowrap">52-week</font>&#xA0;period ended June&#xA0;27, 2015.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> <b>Initial Public Offering</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> On October&#xA0;6, 2015, the Company completed a registered initial public offering (&#x201C;IPO&#x201D;) of 16,675,000 shares of common stock for a cash offering price of $19.00 per share ($17.955 per share net of underwriting discounts), including the exercise in full by underwriters of their option to purchase additional shares. The Company sold an aggregate of 12,777,325 shares of such common stock and certain selling stockholders sold 3,897,675 shares (including the shares sold pursuant to the underwriters&#x2019; option to purchase additional shares). The Company&#x2019;s common stock is listed on the New York Stock Exchange under the ticker symbol &#x201C;PFGC.&#x201D;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> The aggregate offering price of the amount of newly issued common stock sold was $242.8&#xA0;million. In connection with the offering, the Company paid the underwriters a discount of $1.045 per share, for a total underwriting discount of $13.4&#xA0;million. In addition, the Company incurred direct offering expenses consisting of legal, accounting, and printing costs of $5.8&#xA0;million in connection with the IPO, of which $3.0&#xA0;million was paid during fiscal 2016.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> The Company used the net offering proceeds to us, after deducting the underwriting discount and our direct offering expenses, to repay $223.0&#xA0;million aggregate principal amount of indebtedness under a Credit Agreement providing for a term loan facility (the &#x201C;Term Facility&#x201D;). The Company used the remainder of the net proceeds for general corporate purposes.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> <b>Secondary Offerings</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> On May&#xA0;24, 2016, certain selling stockholders of the Company sold 12,000,000 shares of the Company&#x2019;s common stock at a public offering price of $24.25 per share in a secondary public offering (the &#x201C;Offering&#x201D;). The selling stockholders granted the underwriters of the Offering an option to purchase an additional 1,800,000 shares at a price of $23.3406 per share. The underwriters exercised their option in full and, on May&#xA0;27, 2016, purchased an additional 1,800,000 shares from the selling stockholders. The selling stockholders received all of the net proceeds from the Offering and the sale of the additional 1,800,000 shares. No shares were sold by the Company.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> In November 2016, January 2017, February 2017, and May 2017 certain selling stockholders sold an aggregate of 47,592,206 shares of the Company&#x2019;s common stock in transactions registered under the Securities Act. The Company did not receive any proceeds from these sales. As a result of these sales, Blackstone no longer beneficially owns any shares of the Company&#x2019;s common stock.</p> </div>
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7
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TradingSymbol
PFGC
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CY2017 us-gaap Debt Instrument Redemption Description
DebtInstrumentRedemptionDescription
Upon the occurrence of a change of control triggering event or upon the sale of certain assets in which Performance Food Group Inc. does not apply the proceeds as required, the holders of the Notes will have the right to require Performance Food Group Inc. to make an offer to repurchase each holder’s Notes at a price equal to 101% (in the case of a change of control triggering event) or 100% (in the case of an asset sale) of their principal amount, plus accrued and unpaid interest. Performance Food Group Inc. may redeem all or a part of the Notes at any time prior to June 1, 2019 at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus a make-whole premium and accrued and unpaid interest, if any, to, but not including, the redemption date. In addition, beginning on June 1, 2019, Performance Food Group Inc. may redeem all or a part of the Notes at a redemption price equal to 102.750% of the principal amount redeemed. The redemption price decreases to 101.325% and 100.000% of the principal amount redeemed on June 1, 2020 and June 1, 2021, respectively. In addition, at any time prior to June 1, 2019, Performance Food Group Inc. may redeem up to 40% of the Notes from the proceeds of certain equity offerings at a redemption price equal to 105.500% of the principal amount thereof, plus accrued and unpaid interest.
CY2017 us-gaap Property Plant And Equipment Estimated Useful Lives
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Depreciation of property, plant and equipment, including capital lease assets, is calculated primarily using the straight-line method over the estimated useful lives of the assets, which range from two to 39 years
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CY2017 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>Use of Estimates</b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. The most significant estimates used by management are related to the accounting for the allowance for doubtful accounts, reserve for inventories, impairment testing of goodwill and other intangible assets, acquisition accounting, reserves for claims and recoveries under insurance programs, vendor rebates and other promotional incentives, bonus accruals, depreciation, amortization, determination of useful lives of tangible and intangible assets, and income taxes. Actual results could differ from these estimates.</p> </div>
CY2017 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.390 pure
CY2017 dei Entity Registrant Name
EntityRegistrantName
Performance Food Group Company
CY2017 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2017 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 Segment
CY2017 us-gaap Derivative Instruments Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net
DerivativeInstrumentsGainLossRecognizedInIncomeIneffectivePortionAndAmountExcludedFromEffectivenessTestingNet
1500000
CY2017 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
23400000
CY2017 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1100000
CY2017 us-gaap Sales Revenue Net
SalesRevenueNet
16761800000
CY2017 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
5400000
CY2017 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
140200000
CY2017 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
192900000
CY2017 us-gaap Derivative Net Hedge Ineffectiveness Gain Loss
DerivativeNetHedgeIneffectivenessGainLoss
1500000
CY2017 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-332000000
CY2017 us-gaap Cost Of Goods Sold
CostOfGoodsSold
14637000000
CY2017 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
9300000
CY2017 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
500000
CY2017 us-gaap Payments Of Merger Related Costs Financing Activities
PaymentsOfMergerRelatedCostsFinancingActivities
1300000
CY2017 us-gaap Operating Income Loss
OperatingIncomeLoss
211000000
CY2017 us-gaap Net Income Loss
NetIncomeLoss
96300000
CY2017 us-gaap Loans Assumed1
LoansAssumed1
500000
CY2017 us-gaap Interest Paid
InterestPaid
51100000
CY2017 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
63800000
CY2017 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
35700000
CY2017 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
104500000
CY2017 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
17300000
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
500000
CY2017 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
3500000
CY2017 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
45700000
CY2017 us-gaap Gross Profit
GrossProfit
2124800000
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
600000
CY2017 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
1800000
CY2017 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
1100000
CY2017 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1600000
CY2017 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
5700000
CY2017 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
8200000
CY2017 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-53300000
CY2017 us-gaap New Accounting Pronouncement Or Change In Accounting Principle Effect Of Adoption Quantification
NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfAdoptionQuantification
400000
CY2017 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-10300000
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
157700000
CY2017 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
3600000
CY2017 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
6300000
CY2017 us-gaap Depreciation
Depreciation
91500000
CY2017 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2017 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
61400000
CY2017 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
2600000
CY2017 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-23200000
CY2017 us-gaap Interest Expense
InterestExpense
54900000
CY2017 us-gaap Share Based Compensation
ShareBasedCompensation
17300000
CY2017 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
200000
CY2017 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
37700000
CY2017 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
45800000
CY2017 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
55100000
CY2017 us-gaap Depreciation And Amortization
DepreciationAndAmortization
126100000
CY2017 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
45000000
CY2017 us-gaap Derivative Loss On Derivative
DerivativeLossOnDerivative
200000
CY2017 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
55200000
CY2017 us-gaap Income Tax Reconciliation Nondeductible Expense Other
IncomeTaxReconciliationNondeductibleExpenseOther
3400000
CY2017 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
-4700000
CY2017 us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
2700000
CY2017 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0
CY2017 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
-400000
CY2017 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
127500000
CY2017 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
115700000
CY2017 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
7500000
CY2017 us-gaap Increase Decrease In Outstanding Checks Operating Activities
IncreaseDecreaseInOutstandingChecksOperatingActivities
57800000
CY2017 us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
807700000
CY2017 us-gaap Operating Expenses
OperatingExpenses
1913800000
CY2017 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
134900000
CY2017 pfgc Debt Modification And Extinguishment Expenses
DebtModificationAndExtinguishmentExpenses
100000
CY2017 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
6000000
CY2017 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
4000000
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
98128626 shares
CY2017 pfgc Insurance Program Liabilities Charged To Costs And Expenses
InsuranceProgramLiabilitiesChargedToCostsAndExpenses
165200000
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
96451931 shares
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2016 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.71
CY2017 pfgc Amortization Of Financing Costs And Other
AmortizationOfFinancingCostsAndOther
4500000
CY2017 pfgc Earnings Before Interest Income Taxes Depreciation And Amortization
EarningsBeforeInterestIncomeTaxesDepreciationAndAmortization
338700000
CY2017 pfgc Inventory Vendor Consideration
InventoryVendorConsideration
22900000
CY2017 pfgc Payment Of Insurance Premium
PaymentOfInsurancePremium
154700000
CY2017 pfgc Property Plant And Equipment Disposals Under Saleleaseback Transaction
PropertyPlantAndEquipmentDisposalsUnderSaleleasebackTransaction
3200000
CY2017 pfgc Payments To Finance Property Plant And Equipment
PaymentsToFinancePropertyPlantAndEquipment
1000000
CY2017 pfgc Payments Of Debt Issuance Modifications And Extinguishment Costs
PaymentsOfDebtIssuanceModificationsAndExtinguishmentCosts
200000
CY2016 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.70
CY2016 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1676695 shares
CY2016 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.403 pure
CY2016 us-gaap Sales Revenue Net
SalesRevenueNet
16104800000
CY2016 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
3400000
CY2016 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
235800000
CY2016 us-gaap Number Of Businesses Acquired
NumberOfBusinessesAcquired
2
CY2016 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
119700000
CY2016 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
39000000
CY2016 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
40200000
CY2016 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
46600000
CY2016 us-gaap Depreciation And Amortization
DepreciationAndAmortization
118600000
CY2016 us-gaap Derivative Loss On Derivative
DerivativeLossOnDerivative
4900000
CY2016 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
900000
CY2016 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
200000
CY2016 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
1600000
CY2016 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
56800000
CY2016 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
40000000
CY2016 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
105700000
CY2016 us-gaap Gross Profit
GrossProfit
2010000000
CY2016 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
800000
CY2016 us-gaap Income Tax Reconciliation Nondeductible Expense Other
IncomeTaxReconciliationNondeductibleExpenseOther
2700000
CY2016 us-gaap Operating Income Loss
OperatingIncomeLoss
202200000
CY2016 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
-1300000
CY2016 us-gaap Net Income Loss
NetIncomeLoss
68300000
CY2016 us-gaap Loans Assumed1
LoansAssumed1
1000000
CY2016 us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
700000
CY2016 us-gaap Interest Paid
InterestPaid
69400000
CY2016 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
29600000
CY2016 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1200000
CY2016 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0
CY2016 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-76500000
CY2016 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
67000000
CY2016 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
17200000
CY2016 us-gaap Derivative Net Hedge Ineffectiveness Gain Loss
DerivativeNetHedgeIneffectivenessGainLoss
-500000
CY2016 us-gaap Derivative Instruments Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net
DerivativeInstrumentsGainLossRecognizedInIncomeIneffectivePortionAndAmountExcludedFromEffectivenessTestingNet
-500000
CY2016 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
100000
CY2016 us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet
1600000
CY2016 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
400000
CY2016 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
223600000
CY2016 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
736900000
CY2016 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-1500000
CY2016 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-3800000
CY2016 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-5700000
CY2016 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-1300000
CY2016 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-87700000
CY2016 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
34900000
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
114500000
CY2016 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
3800000
CY2016 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-1100000
CY2016 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-400000
CY2016 us-gaap Depreciation
Depreciation
80500000
CY2016 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2016 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
46200000
CY2016 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
14900000
CY2016 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
17800000
CY2016 us-gaap Interest Expense
InterestExpense
83900000
CY2016 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-157600000
CY2016 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1100000
CY2016 us-gaap Share Based Compensation
ShareBasedCompensation
17200000
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
100000
CY2016 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
400000
CY2016 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
42300000
CY2016 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-4400000
CY2016 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
350000000
CY2016 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
99300000
CY2016 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
7500000
CY2016 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
38100000
CY2016 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
1700000
CY2016 us-gaap Cost Of Goods Sold
CostOfGoodsSold
14094800000
CY2016 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
6400000
CY2016 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
10000000
CY2016 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
4800000
CY2016 us-gaap Increase Decrease In Outstanding Checks Operating Activities
IncreaseDecreaseInOutstandingChecksOperatingActivities
31700000
CY2016 us-gaap Operating Expenses
OperatingExpenses
1807800000
CY2016 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
226400000
CY2016 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1300000
CY2016 us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
752000000
CY2016 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
0
CY2016 pfgc Debt Modification And Extinguishment Expenses
DebtModificationAndExtinguishmentExpenses
4600000
CY2016 pfgc Insurance Claim From Restricted Cash
InsuranceClaimFromRestrictedCash
7300000
CY2016 pfgc Insurance Program Liabilities Charged To Costs And Expenses
InsuranceProgramLiabilitiesChargedToCostsAndExpenses
146700000
CY2016 pfgc Payment Of Insurance Premium
PaymentOfInsurancePremium
143400000
CY2016 pfgc Payments Of Debt Issuance Modifications And Extinguishment Costs
PaymentsOfDebtIssuanceModificationsAndExtinguishmentCosts
13900000
CY2016 pfgc Amortization Of Financing Costs And Other
AmortizationOfFinancingCostsAndOther
20600000
CY2016 pfgc Earnings Before Interest Income Taxes Depreciation And Amortization
EarningsBeforeInterestIncomeTaxesDepreciationAndAmortization
317000000
CY2016 pfgc Inventory Vendor Consideration
InventoryVendorConsideration
20700000

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