$PFGC
Performance Food Group Co

2018 Q4 Form 10-Q Financial Statement

#000156459019002142 Filed on February 06, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2017 Q4 2017 Q3
Revenue $4.616B $4.311B $4.365B
YoY Change 7.07% 6.4% -0.18%
Cost Of Revenue $4.001B $3.744B $3.810B
YoY Change 6.88% 5.91% -0.04%
Gross Profit $614.6M $567.6M $554.7M
YoY Change 8.28% 9.74% -1.18%
Gross Profit Margin 13.32% 13.17% 12.71%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $37.10M $32.30M $24.80M
YoY Change 14.86% 55.29% -23.46%
% of Gross Profit 6.04% 5.69% 4.47%
Operating Expenses $541.6M $518.5M $504.2M
YoY Change 4.46% 11.29% 1.96%
Operating Profit $73.00M $49.10M $50.50M
YoY Change 48.68% -4.29% -24.4%
Interest Expense $16.00M $15.10M $14.60M
YoY Change 5.96% 11.03% -181.11%
% of Operating Profit 21.92% 30.75% 28.91%
Other Income/Expense, Net -$16.70M -$15.00M -$14.30M
YoY Change 11.33% 14.5% 14200.0%
Pretax Income $56.30M $34.10M $36.20M
YoY Change 65.1% -10.73% -25.67%
Income Tax $13.20M -$43.90M $13.60M
% Of Pretax Income 23.45% -128.74% 37.57%
Net Earnings $43.10M $78.00M $22.60M
YoY Change -44.74% 240.61% -22.6%
Net Earnings / Revenue 0.93% 1.81% 0.52%
Basic Earnings Per Share $0.41 $0.77 $0.22
Diluted Earnings Per Share $0.41 $0.75 $0.22
COMMON SHARES
Basic Shares Outstanding 103.9M 101.4M 100.9M
Diluted Shares Outstanding 104.9M 104.5M 103.9M

Balance Sheet

Concept 2018 Q4 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.500M $10.10M $8.100M
YoY Change -25.74% 13.48% -25.69%
Cash & Equivalents $18.10M $23.00M $21.00M
Short-Term Investments
Other Short-Term Assets $51.90M $51.60M $35.00M
YoY Change 0.58% 49.13% -12.72%
Inventory $1.141B $1.043B $1.013B
Prepaid Expenses
Receivables $1.093B $1.035B $1.029B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.294B $2.140B $2.085B
YoY Change 7.17% 5.96% 7.53%
LONG-TERM ASSETS
Property, Plant & Equipment $855.6M $734.9M $740.7M
YoY Change 16.42% 5.02% 16.28%
Goodwill $740.1M $718.6M
YoY Change 7.65% 6.62%
Intangibles $206.8M $201.1M
YoY Change 22.88% 34.7%
Long-Term Investments
YoY Change
Other Assets $59.00M $47.90M $45.90M
YoY Change 23.17% 7.16% 6.0%
Total Long-Term Assets $1.873B $1.743B $1.719B
YoY Change 7.48% 8.02% 13.37%
TOTAL ASSETS
Total Short-Term Assets $2.294B $2.140B $2.085B
Total Long-Term Assets $1.873B $1.743B $1.719B
Total Assets $4.167B $3.883B $3.804B
YoY Change 7.31% 6.87% 10.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $940.6M $886.9M $907.1M
YoY Change 6.05% -3.9% -1.19%
Accrued Expenses $222.6M $204.8M $246.0M
YoY Change 8.69% 3.64% 6.31%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $13.50M $7.000M $5.800M
YoY Change 92.86% 25.0% 141.67%
Total Short-Term Liabilities $1.458B $1.280B $1.383B
YoY Change 13.91% 2.35% 5.06%
LONG-TERM LIABILITIES
Long-Term Debt $1.285B $1.359B $1.242B
YoY Change -5.45% 4.57% 11.72%
Other Long-Term Liabilities $117.9M $114.9M $106.4M
YoY Change 2.61% 8.91% -4.74%
Total Long-Term Liabilities $1.403B $1.474B $1.348B
YoY Change -4.82% 4.9% 10.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.458B $1.280B $1.383B
Total Long-Term Liabilities $1.403B $1.474B $1.348B
Total Liabilities $2.961B $2.867B $2.879B
YoY Change 3.29% 3.16% 8.52%
SHAREHOLDERS EQUITY
Retained Earnings $167.2M $66.60M
YoY Change 2996.3% -328.08%
Common Stock $843.9M $856.5M
YoY Change -0.31% 2.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.205B $1.016B $925.5M
YoY Change
Total Liabilities & Shareholders Equity $4.167B $3.883B $3.804B
YoY Change 7.31% 6.87% 10.09%

Cashflow Statement

Concept 2018 Q4 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income $43.10M $78.00M $22.60M
YoY Change -44.74% 240.61% -22.6%
Depreciation, Depletion And Amortization $37.10M $32.30M $24.80M
YoY Change 14.86% 55.29% -23.46%
Cash From Operating Activities $37.70M $16.60M $16.00M
YoY Change 127.11% -122.07% -86.27%
INVESTING ACTIVITIES
Capital Expenditures $35.10M $22.00M $16.50M
YoY Change 59.55% -51.22% -131.91%
Acquisitions $63.20M
YoY Change
Other Investing Activities -$25.00M $200.0K -$47.60M
YoY Change -12600.0% -101.36% -3075.0%
Cash From Investing Activities -$60.10M -$21.80M -$79.60M
YoY Change 175.69% -55.96% 58.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 21.40M 8.400M 62.40M
YoY Change 154.76% -93.15% -194.26%
NET CHANGE
Cash From Operating Activities 37.70M 16.60M 16.00M
Cash From Investing Activities -60.10M -21.80M -79.60M
Cash From Financing Activities 21.40M 8.400M 62.40M
Net Change In Cash -1.000M 3.200M -1.200M
YoY Change -131.25% -260.0% -700.0%
FREE CASH FLOW
Cash From Operating Activities $37.70M $16.60M $16.00M
Capital Expenditures $35.10M $22.00M $16.50M
Free Cash Flow $2.600M -$5.400M -$500.0K
YoY Change -148.15% -95.51% -100.3%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8676000000
CY2018Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
73000000
CY2017Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
49100000
us-gaap Operating Income Loss
OperatingIncomeLoss
123600000
us-gaap Operating Income Loss
OperatingIncomeLoss
99600000
CY2018Q4 us-gaap Interest Expense
InterestExpense
16000000
CY2018Q4 us-gaap Assets Current
AssetsCurrent
2293500000
CY2018Q2 us-gaap Assets Current
AssetsCurrent
2203500000
CY2017Q4 us-gaap Interest Expense
InterestExpense
15100000
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-200000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
102600000
CY2017Q4 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-25000000
CY2017Q4 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
11100000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
101200000
CY2018Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
103900000
CY2017Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
101400000
us-gaap Net Income Loss
NetIncomeLoss
71300000
CY2018Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.41
CY2017Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
104500000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
105000000
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
5200000
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
925500000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
8000000
CY2017Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-43900000
CY2018Q4 us-gaap Net Income Loss
NetIncomeLoss
43100000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
70300000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
20200000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
2000000
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
949400000
CY2018Q4 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
800000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
104500000
CY2017Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.77
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.69
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
103700000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-2200000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
7553700000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
9155400000
CY2017Q4 us-gaap Operating Expenses
OperatingExpenses
518500000
CY2018Q4 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
4001100000
us-gaap Operating Expenses
OperatingExpenses
1022700000
CY2017Q4 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
1800000
CY2017Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.75
CY2017Q4 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
3743500000
CY2018Q4 us-gaap Gross Profit
GrossProfit
614600000
us-gaap Gross Profit
GrossProfit
1208200000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
7947200000
CY2018Q4 us-gaap Operating Expenses
OperatingExpenses
541600000
us-gaap Operating Expenses
OperatingExpenses
1084600000
CY2017Q4 us-gaap Gross Profit
GrossProfit
567600000
us-gaap Interest Expense
InterestExpense
31600000
us-gaap Interest Expense
InterestExpense
29700000
CY2018Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-700000
CY2017Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
100000
CY2017Q4 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
2000000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
400000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
24300000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1200000
CY2018Q4 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-3800000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
73800000
us-gaap Gross Profit
GrossProfit
1122300000
CY2017Q4 us-gaap Depreciation And Amortization
DepreciationAndAmortization
32300000
CY2017Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
22000000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
72600000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-500000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
400000
CY2018Q4 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-16700000
CY2017Q4 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-15000000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-32100000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-29300000
CY2018Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
56300000
CY2017Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
34100000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
91500000
CY2018Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
13200000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-30300000
CY2017Q4 us-gaap Net Income Loss
NetIncomeLoss
78000000
us-gaap Net Income Loss
NetIncomeLoss
100600000
CY2018Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
104900000
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.99
CY2018Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.41
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.68
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.96
CY2018Q4 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-3000000
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
1800000
CY2017Q4 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-200000
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
1300000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-3500000
CY2018Q4 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
39300000
CY2017Q4 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
80000000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
67800000
us-gaap Depreciation
Depreciation
54400000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
18200000
pfgc Amortization Of Financing Costs And Other
AmortizationOfFinancingCostsAndOther
1700000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
8300000
us-gaap Share Based Compensation
ShareBasedCompensation
8000000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-4700000
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-1000000
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.28
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
15000000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
3200000
us-gaap Payments Of Merger Related Costs Financing Activities
PaymentsOfMergerRelatedCostsFinancingActivities
7400000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
5600000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
700000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
5300000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
6100000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-37400000
us-gaap Payments Of Merger Related Costs Financing Activities
PaymentsOfMergerRelatedCostsFinancingActivities
3100000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-5200000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
70000000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
60100000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
57000000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
700000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-116400000
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
65400000
pfgc Payments To Finance Property Plant And Equipment
PaymentsToFinancePropertyPlantAndEquipment
4600000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
46700000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
300000
CY2018Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
17800000
CY2017Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
21000000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
18100000
us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
54100000
us-gaap Loans Assumed1
LoansAssumed1
2600000
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
1165300000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
1015500000
CY2018Q4 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
1500000
CY2018Q4 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
4200000
CY2018Q4 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
5200000
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-27100000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
14500000
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-800000
us-gaap Depreciation
Depreciation
49100000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
14600000
pfgc Amortization Of Financing Costs And Other
AmortizationOfFinancingCostsAndOther
2400000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
7500000
us-gaap Share Based Compensation
ShareBasedCompensation
14500000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-37800000
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
200000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-7300000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
14300000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-32200000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-29400000
us-gaap Increase Decrease In Outstanding Checks Operating Activities
IncreaseDecreaseInOutstandingChecksOperatingActivities
20700000
us-gaap Increase Decrease In Outstanding Checks Operating Activities
IncreaseDecreaseInOutstandingChecksOperatingActivities
-36800000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-28700000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
32600000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
38500000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
63200000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
300000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-101400000
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
116400000
us-gaap Repayments Of Medium Term Notes
RepaymentsOfMediumTermNotes
6000000
pfgc Payments To Finance Property Plant And Equipment
PaymentsToFinancePropertyPlantAndEquipment
600000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
27800000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
4600000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-1300000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
70800000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
2000000
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
23000000
CY2018Q4 us-gaap Restricted Cash
RestrictedCash
10600000
CY2018Q2 us-gaap Restricted Cash
RestrictedCash
10300000
us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
7700000
us-gaap Loans Assumed1
LoansAssumed1
3200000
pfgc Share Repurchase Payable
ShareRepurchasePayable
600000
us-gaap Interest Paid
InterestPaid
32000000
us-gaap Interest Paid
InterestPaid
28100000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-100000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
25100000
CY2018Q2 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
1175800000
us-gaap Number Of Businesses Acquired
NumberOfBusinessesAcquired
3
CY2018Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
7100000
CY2018Q2 us-gaap Long Term Debt
LongTermDebt
1123000000
CY2018Q2 us-gaap Capital Lease Obligations
CapitalLeaseObligations
61200000
CY2018Q2 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
1184200000
CY2018Q2 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
8400000
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.221
CY2017Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-1.283
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.431
CY2017Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.28
CY2017Q4 pfgc Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost Performance Vesting
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCostPerformanceVesting
15400000
CY2018Q4 pfgc Income Tax Expense
IncomeTaxExpense
13200000
CY2017Q4 pfgc Income Tax Expense
IncomeTaxExpense
11400000
CY2017Q4 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
1.096
CY2018Q4 pfgc Income Tax Expense Rate Recorded
IncomeTaxExpenseRateRecorded
0.234
us-gaap Nature Of Operations
NatureOfOperations
<div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1.</font></p></td> <td valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Summary of Business Activities</p></td></tr></table></div> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Business Overview</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: 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)&#160;independent customers, and (ii)&#160;multi-unit, or &#8220;Chain&#8221; 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;margin-top:6pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Share Repurchase Program</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On November 13, 2018, the Board of Directors of the Company (the &#8220;Board of Directors&#8221;) authorized a share repurchase program for up to $250 million of the Company&#8217;s outstanding common stock. The repurchases are executed in accordance with applicable securities laws and may be made at management&#8217;s discretion from time to time in the open market, through privately negotiated transactions or otherwise, including pursuant to Rule 10b5-1 trading plans. The share repurchase program does not have an expiration date and may be amended, suspended, or discontinued at any time. Repurchases under this program depend upon market place conditions and other factors, including compliance with the covenants under the ABL Facility and the indenture governing the Notes.&nbsp;&nbsp;The share repurchase program remains subject to the discretion of the Board of Directors. During the three months ended December 29, 2018, the Company repurchased and subsequently retired 0.2 million shares of common stock for a total of $5.2 million. As of December 29, 2018, approximately $244.8 million remained available for additional share repurchases. </p>
us-gaap Basis Of Accounting
BasisOfAccounting
<div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2.</font></p></td> <td valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Basis of Presentation</p></td></tr></table></div> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The consolidated financial statements have been prepared by the Company, without audit, with the exception of the June 30, 2018 consolidated balance sheet, which was derived from the audited consolidated financial statements included in the Form 10-K.&#160;The financial statements include consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive income, consolidated statements of shareholders&#8217; equity, and consolidated statements of cash flows.&#160;In the opinion of management, all adjustments, which consist of normal recurring adjustments, except as otherwise disclosed, necessary to present fairly the financial position, results of operations, comprehensive income, shareholders&#8217; equity, and cash flows for all periods presented have been made.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) 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> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The results of operations are not necessarily indicative of the results to be expected for the full fiscal year. Therefore, these financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form 10-K.&#160;Certain footnote disclosures included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to applicable rules and regulations for interim financial statements.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:9pt;">&nbsp;</p>
CY2018Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
8200000
CY2018Q2 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
6900000
us-gaap Number Of Businesses Acquired
NumberOfBusinessesAcquired
1
CY2018Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
6600000
CY2018Q4 us-gaap Long Term Debt
LongTermDebt
1188400000
CY2018Q4 us-gaap Capital Lease Obligations
CapitalLeaseObligations
109700000
CY2018Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
1298100000
CY2018Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
13500000
CY2018Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
1284600000
CY2018Q4 pfgc Derivative Number Of Arrangement
DerivativeNumberOfArrangement
4
us-gaap Derivative Nonmonetary Notional Amount Volume
DerivativeNonmonetaryNotionalAmountVolume
6000000
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2018Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.234
CY2018Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2017Q4 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
37400000
CY2017Q4 pfgc Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Act Of2017 Amount Of Other Impact Of Tax Law Change
EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017AmountOfOtherImpactOfTaxLawChange
2500000
CY2017Q4 pfgc Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Act Of2017 Percent Of Other Impact Of Tax Law Change
EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017PercentOfOtherImpactOfTaxLawChange
0.074
CY2017Q4 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.452
CY2017Q4 pfgc Income Tax Expense Rate Recorded
IncomeTaxExpenseRateRecorded
0.339
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
37400000
pfgc Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost Performance Vesting
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCostPerformanceVesting
15400000
pfgc Income Tax Expense
IncomeTaxExpense
20200000
pfgc Income Tax Expense
IncomeTaxExpense
22500000
us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.533
us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.219
pfgc Income Tax Expense Rate Recorded
IncomeTaxExpenseRateRecorded
0.221
pfgc Income Tax Expense Rate Recorded
IncomeTaxExpenseRateRecorded
0.321
CY2018Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
29200000
CY2018Q2 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
29200000
CY2018Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
129900000
CY2018Q2 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
135500000
CY2018Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
400000
CY2018Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
400000
CY2018Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
1200000
CY2018Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
1200000
us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
100000
CY2018Q4 pfgc Outstanding Purchase Contract Obligations Amount
OutstandingPurchaseContractObligationsAmount
31800000
CY2018Q4 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
25500000
CY2018Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
500000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
600000
CY2017Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
700000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
700000
CY2018Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1000000
CY2017Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3100000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1300000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3300000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2018Q4 us-gaap Depreciation And Amortization
DepreciationAndAmortization
37100000
CY2018Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
35100000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
63700000

Files In Submission

Name View Source Status
0001564590-19-002142-index-headers.html Edgar Link pending
0001564590-19-002142-index.html Edgar Link pending
0001564590-19-002142.txt Edgar Link pending
0001564590-19-002142-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
pfgc-10q_20181229.htm Edgar Link pending
pfgc-20181229.xml Edgar Link completed
pfgc-20181229.xsd Edgar Link pending
pfgc-20181229_cal.xml Edgar Link unprocessable
pfgc-20181229_def.xml Edgar Link unprocessable
pfgc-20181229_lab.xml Edgar Link unprocessable
pfgc-20181229_pre.xml Edgar Link unprocessable
pfgc-ex311_7.htm Edgar Link pending
pfgc-ex312_6.htm Edgar Link pending
pfgc-ex321_9.htm Edgar Link pending
pfgc-ex322_8.htm Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R35.htm Edgar Link pending
R36.htm Edgar Link pending
R37.htm Edgar Link pending
R38.htm Edgar Link pending
R39.htm Edgar Link pending
R4.htm Edgar Link pending
R40.htm Edgar Link pending
R41.htm Edgar Link pending
R42.htm Edgar Link pending
R43.htm Edgar Link pending
R44.htm Edgar Link pending
R45.htm Edgar Link pending
R46.htm Edgar Link pending
R47.htm Edgar Link pending
R48.htm Edgar Link pending
R49.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending