Us Foods Credit Agreement

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Us Foods Credit Agreement

The distribution of food services is very competitive. One of our competitors has more financial and other resources than ours. In addition, there are a large number of local and regional distributors. These companies often exclude themselves with other small distributors by purchasing cooperatives and marketing groups. The aim is to improve their geographical reach, private label offerings, overall purchasing capacity, cost-effectiveness and the ability to meet customer distribution requirements. These suppliers also rely on local presence as a source of competitive advantages and may have lower costs and other competitive advantages due to their geographic proximity. In addition, neighbouring competitors, such as cash and carry companies, wholesale businesses, clubs and grocery stores, continue to serve the commercial food market. We are also seeing competition from online wholesalers of direct food products, such as Amazon.com. As a general rule, we do not have exclusive service agreements with our customers, and they may switch to other providers that offer lower prices, differentiated products or superior customer service. The cost of switching suppliers is very low, as are barriers to entry into the U.S. food distribution industry. We believe that most purchasing decisions in the U.S.

foodservice distribution sector are based on the quality and price of the product, as well as on a distributor`s ability to complete and accurately fill orders and deliver delivers in a timely manner. For fiscal 2014 and 2013, we recorded income tax reserves of $36 million and $30 million, respectively. The effective tax rate of 97% for fiscal 2014 was primarily affected by a $55 million increase in the valuation allowance and deferred tax liabilities related to indeterminate intangible assets, as well as an $8 million increase in income tax deferred tax assets. The effective tax rate of 109% for fiscal 2013 was primarily affected by a $32 million increase in the valuation allowance and deferred tax liabilities related to indeterminate intangible assets and a $5 million decrease in tax-deferred assets on offset stock premiums. Die Differenz zwischen der Erhahung des Bewertungsfreibetrags um 55 Mio. USD and deferred tax liabilities related to indeterminate intangible assets in fiscal 2014, compared to an increase of $32 million for fiscal 2013, were mainly the result of an additional deduction related to the increase in deferred tax duties on additional income tax credits in fiscal 2014, less the valuation reduction for the decrease in deferred tax assets on share premiums , which were offset in fiscal 2013. , and a tax benefit that is recorded in fiscal 2013 as part of the continuing transaction, taking into account prior annual earnings from the other total result for fiscal 2013. See Note 19, Income Taxes, in our consolidated financial statements, to find an adequacy of our effective tax rates with the legal rate. The table below shows the names, ages and positions of USF executives and board members of USF and US Foods, our parent company. Investment funds linked or managed by sponsors currently hold approximately 98.5% of the outstanding shares of US Foods.

These funds are parties to an equity creditor agreement under which each fund has agreed to vote for the other funds appointed to the board of directors of US Foods. This means that sponsors control us Foods and indirectly control our board of directors through their control over the board of US Foods and thus control our management and policies.

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