Property, plant, and equipment as of June 28, 2025 and June 29, 2024 consisted of the following:

(In millions)

 

As of
June 28, 2025

 

 

As of
June 29, 2024

 

 

Range of Lives

 

Buildings and building improvements

 

$

2,124.8

 

 

$

1,101.3

 

 

10 – 39 years

 

Land

 

 

185.3

 

 

 

105.2

 

 

 

 

Transportation equipment

 

 

2,063.0

 

 

 

1,440.2

 

 

2 – 19 years

 

Warehouse and plant equipment

 

 

930.8

 

 

 

785.9

 

 

3 – 20 years

 

Office equipment, furniture, and fixtures

 

 

516.5

 

 

 

442.5

 

 

2 – 10 years

 

Leasehold improvements

 

 

463.8

 

 

 

362.0

 

 

Lease term(1)

 

Construction-in-process

 

 

271.1

 

 

 

299.5

 

 

 

 

 

 

 

6,555.3

 

 

 

4,536.6

 

 

 

 

Less: accumulated depreciation and amortization

 

 

(2,096.6

)

 

 

(1,748.1

)

 

 

 

Property, plant and equipment, net

 

$

4,458.7

 

 

$

2,788.5

 

 

 

 

(1)
Leasehold improvements are depreciated over the shorter of the useful life of the asset or the lease term.
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Historical Timeline

Fiscal YearFiled
2025Aug 13, 2025Showing above
2018Aug 16, 2018

About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.