Company: SYY
Filing Date: 2025-08-22
Form Type: 10-K
Source: 0000096021-25-000099
Chunk: 67

Company: SYSCO CORP
Filing Date: 2025-08-22
Form: 10-K
Item: Item 8
Chunk 67
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 State and local income taxes104 125 79 Foreign income taxes51 38 48 Total$587 $610 $515 The current and deferred components of the income tax provisions for each fiscal year are as follows: 202520242023 (In millions)Current$602 $584 $531 Deferred(15)26 (16)Total$587 $610 $515 The deferred tax provisions result from the effects of net changes during the year in deferred tax assets and liabilities arising from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.Effective Tax Rates

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Reconciliations of the statutory federal income tax rate to the effective income tax rates for each fiscal year are as follows: 202520242023U.S. statutory federal income tax rate21.0 %21.0 %21.0 %State and local income taxes, net of any applicable federal income tax benefit3.4 3.9 2.6 Foreign income taxes(1.1)(1.0)(1.1)Uncertain tax positions0.6 0.1 0.1 Tax benefit of equity-based compensation0.2 0.1 (0.1)Other0.2 (0.3)0.1 Effective income tax rate24.3 %23.8 %22.6 %The effective tax rate of 24.3% for fiscal 2025 was impacted by (1) state income tax expense of $82 million and (2) the mix of earnings from our foreign operations which are taxed at rates different than our domestic tax rate, as well as credits, local permanent differences and other minimum taxes, which resulted in a net increase in the effective tax rate. The effective tax rate of 23.8% for fiscal 2024 was impacted by (1) state income tax expense of $99 million and (2) the mix of earnings from our foreign operations which are taxed at rates different than our domestic tax rate, as well as credits, local permanent differences and other minimum taxes, which resulted in a net increase in the effective tax rate.Deferred Tax Assets and LiabilitiesSignificant components of Sysco’s deferred tax assets and liabilities are as follows: Jun. 28, 2025Jun. 29, 2024 (In millions)Deferred tax assets: Net operating tax loss carry