Name: Sysco Corp. (NYSE:SYY) | Liabilities and Stockholders’ Equity
Creator: Stock Analysis on Net

Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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Sysco Corp., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Jun 29, 2024	Jul 1, 2023	Jul 2, 2022	Jul 3, 2021	Jun 27, 2020	Jun 29, 2019
Accounts payable	6,290)	6,026)	5,753)	4,885)	3,447)	4,315)
Accrued expenses	2,226)	2,251)	2,271)	1,815)	1,616)	1,730)
Accrued income taxes	131)	102)	40)	23)	3)	17)
Current operating lease liabilities	125)	99)	106)	103)	107)	—)
Current maturities of long-term debt	469)	63)	581)	495)	1,544)	41)
Current liabilities	9,241)	8,540)	8,750)	7,320)	6,718)	6,103)
Long-term debt, excluding current maturities	11,513)	10,348)	10,067)	10,588)	12,902)	8,122)
Deferred income taxes	345)	303)	250)	147)	87)	172)
Long-term operating lease liabilities	838)	656)	636)	634)	523)	—)
Other long-term liabilities	1,089)	932)	968)	1,136)	1,205)	1,031)
Long-term liabilities	13,785)	12,239)	11,921)	12,506)	14,718)	9,325)
Total liabilities	23,026)	20,779)	20,671)	19,826)	21,435)	15,428)
Noncontrolling interest	31)	33)	32)	35)	34)	35)
Preferred stock, par value $1 per share, issued none	—)	—)	—)	—)	—)	—)
Common stock, par value $1 per share	765)	765)	765)	765)	765)	765)
Paid-in capital	1,908)	1,815)	1,766)	1,620)	1,507)	1,457)
Retained earnings	12,260)	11,311)	10,540)	10,152)	10,563)	11,230)
Accumulated other comprehensive loss	(1,339)	(1,253)	(1,482)	(1,149)	(1,711)	(1,600)
Treasury stock at cost	(11,734)	(10,629)	(10,207)	(9,835)	(9,966)	(9,350)
Shareholders’ equity	1,860)	2,009)	1,382)	1,553)	1,159)	2,503)
Total liabilities and shareholders’ equity	24,917)	22,821)	22,086)	21,414)	22,628)	17,967)

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).

The balance sheet exhibits a significant expansion in total liabilities and a corresponding increase in the total capital structure from 2019 to 2024. Total liabilities grew from 15,428 million USD to 23,026 million USD, representing a substantial increase in the company's obligations over the six-year period.

Current Liabilities and Operational Obligations: A consistent upward trend is observed in current liabilities, which rose from 6,103 million USD in 2019 to 9,241 million USD in 2024. This growth is primarily driven by accounts payable, which increased from 4,315 million USD to 6,290 million USD. Accrued expenses remained relatively stable after a peak in 2022, while accrued income taxes showed a sharp increase starting in 2023, reaching 131 million USD by 2024.
Long-Term Debt and Financing Patterns: Long-term debt experienced a significant spike in 2020, rising to 12,902 million USD from 8,122 million USD in 2019. Following this peak, the debt levels fluctuated, decreasing to 10,067 million USD by 2022 before trending upward again to 11,513 million USD by 2024. The volatility in current maturities of long-term debt, particularly the peak of 1,544 million USD in 2020, suggests strategic shifts in debt refinancing and maturity profiles.
Shareholders' Equity and Capital Returns: Shareholders' equity has remained volatile and relatively low compared to total liabilities. While retained earnings showed a recovery trend—climbing from a low of 10,152 million USD in 2021 to 12,260 million USD in 2024—the overall equity position was suppressed by an aggressive treasury stock program. Treasury stock at cost increased from -9,350 million USD in 2019 to -11,734 million USD in 2024, indicating sustained capital returns to shareholders through share repurchases.
Solvency and Equity Composition: The relationship between liabilities and equity indicates a high leverage profile. Total liabilities and shareholders' equity expanded from 17,967 million USD to 24,917 million USD. The accumulation of other comprehensive losses, which fluctuated between -1,149 million USD and -1,711 million USD, further impacted the net equity position throughout the analyzed period.

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