Sysco (SYY) reaches agreement with IRS

Sysco Corporation (NYSE: SYY) announced that it has agreed with the Internal Revenue Service to a payment schedule related to a disputed tax deferral for its Baugh Supply Chain Cooperative. Sysco agrees to three year payment schedule related to deferred tax liability. Sysco has sufficient liquidity to pay tax and interest on agreed schedule. Agreement will result in a modest increase in first quarter fiscal 2010 earnings.