Company: SYY
Filing Date: 2025-08-22
Form Type: 10-K
Source: 0000096021-25-000099
Chunk: 43

Company: SYSCO CORP
Filing Date: 2025-08-22
Form: 10-K
Item: Item 8
Chunk 43
---
 below includes both the U.S. Retirement Plan and the SERP. As Sysco’s fiscal 2025 year end is June 28, 2025, the company utilized a practical expedient permitting us to measure our defined benefit plan assets and obligations as of the month end closest to the fiscal year end and has used June 30, 2024 as the measurement date of the plan assets and obligations disclosed herein. U.S. Pension Benefits (1)International Pension Benefits Jun. 28, 2025Jun. 29, 2024Jun. 28, 2025Jun. 29, 2024 (In millions)Change in benefit obligation:  Benefit obligation at beginning of year$2,897 $2,979 $295 $286 Service cost7 8 2 2 Interest cost166 164 15 14 Amendments2 — — — Curtailments— — (1)(1)Actuarial loss (gain), net35 (135)(16)8 Benefit payments(128)(119)(15)(13)Settlements— — — (1)Foreign currency exchange impact— — 26 — Benefit obligation at end of year2,979 2,897 306 295 Change in plan assets: Fair value of plan assets at beginning of year2,502 2,641 158 185 Actual return on plan assets122 (65)26 (35)Employer contribution38 13 22 22 Benefit payments(128)(87)(15)(13)Settlements— — — (1)Foreign currency exchange impact— — 17 — Fair value of plan assets at end of year2,534 2,502 208 158 Funded status at end of year$(445)$(395)$(98)$(137)(1)The U.S. Retirement Plan had an underfunded status of $112 million and $55 million as of June 28, 2025 and June 29, 2024, respectively.As of June 28, 2025 and June 29, 2024, the SERP had benefit obligations of $333 million and $340 million, respectively. In order to meet a portion of its obligations under the SERP, Sysco has a rabbi trust that invests in Corporate-Owned