Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 28, 2018 | Oct. 26, 2018 | Mar. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Sep. 28, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Aramark | ||
Entity Central Index Key | 1,584,509 | ||
Entity Filer Category | Large Accelerated Filer | ||
Current Fiscal Year End Date | --09-28 | ||
Entity Common Stock, Shares Outstanding | 246,731,970 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 9,603 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 28, 2018 | Sep. 29, 2017 |
Current Assets: | ||
Cash and cash equivalents | $ 215,025 | $ 238,797 |
Receivables (less allowances: 2018 - $52,682; 2017 - $53,416) | 1,790,433 | 1,615,993 |
Inventories | 724,802 | 610,732 |
Prepayments and other current assets | 171,165 | 187,617 |
Total current assets | 2,901,425 | 2,653,139 |
Property and Equipment, at cost: | ||
Land, buildings and improvements | 901,874 | 673,616 |
Service equipment and fixtures | 2,296,331 | 2,003,177 |
Property and Equipment, gross | 3,198,205 | 2,676,793 |
Less - Accumulated depreciation | (1,820,111) | (1,634,762) |
Property and Equipment, net | 1,378,094 | 1,042,031 |
Goodwill | 5,610,568 | 4,715,511 |
Other Intangible Assets | 2,136,844 | 1,120,824 |
Other Assets | 1,693,171 | 1,474,724 |
Assets | 13,720,102 | 11,006,229 |
Current Liabilities: | ||
Current maturities of long-term borrowings | 30,907 | 78,157 |
Accounts payable | 1,018,920 | 955,925 |
Accrued payroll and related expenses | 422,299 | 487,573 |
Accrued expenses and other current liabilities | 1,018,033 | 846,440 |
Total current liabilities | 2,490,159 | 2,368,095 |
Long-Term Borrowings | 7,213,077 | 5,190,331 |
Deferred Income Taxes and Other Noncurrent Liabilities | 977,215 | 978,944 |
Redeemable Noncontrolling Interest | 10,093 | 9,798 |
Stockholders' Equity: | ||
Common stock, par value $.01 (authorized: 600,000,000 shares; issued: 2018—279,314,297 shares and 2017—277,111,042; and outstanding: 2018—246,744,438 shares and 2017—245,593,961 shares) | 2,793 | 2,771 |
Capital surplus | 3,132,421 | 3,014,546 |
Retained earnings | 710,519 | 247,050 |
Accumulated other comprehensive loss | (91,223) | (123,760) |
Treasury stock (shares held in treasury: 2018—32,569,859 shares and 2017—31,517,081 shares) | (724,952) | (681,546) |
Total stockholders' equity | 3,029,558 | 2,459,061 |
Liabilities and Stockholders’ Equity | $ 13,720,102 | $ 11,006,229 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 28, 2018 | Sep. 29, 2017 |
Statement of Financial Position [Abstract] | ||
Allowance for Doubtful Accounts | $ 52,682 | $ 53,416 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, shares issued (in shares) | 279,314,297 | 277,111,042 |
Common stock, shares outstanding (in shares) | 246,744,438 | 245,593,961 |
Treasury Stock, Shares (in shares) | 32,569,859 | 31,517,081 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 29, 2017 | Sep. 29, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 30, 2016 | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Income Statement [Abstract] | |||||||||||
Sales | $ 3,913,598 | $ 3,971,606 | $ 3,939,311 | $ 3,965,118 | $ 3,654,124 | $ 3,593,277 | $ 3,621,628 | $ 3,735,383 | $ 15,789,633 | $ 14,604,412 | $ 14,415,829 |
Costs and Expenses: | |||||||||||
Cost of services provided | 13,990,185 | 12,988,973 | 12,890,408 | ||||||||
Depreciation and amortization | 596,182 | 508,212 | 495,765 | ||||||||
Selling and general corporate expenses | 377,129 | 299,170 | 283,342 | ||||||||
Cost of Revenue | 3,383,810 | 3,524,804 | 3,561,509 | 3,520,064 | 3,231,082 | 3,232,366 | 3,226,196 | 3,299,329 | 14,963,496 | 13,796,355 | 13,669,515 |
Operating income | 826,137 | 808,057 | 746,314 | ||||||||
Interest and Other Financing Costs, net | 354,261 | 287,415 | 315,383 | ||||||||
Income Before Income Taxes | 471,876 | 520,642 | 430,931 | ||||||||
(Benefit) Provision for Income Taxes | (96,564) | 146,455 | 142,699 | ||||||||
Net income | 568,440 | 374,187 | 288,232 | ||||||||
Less: Net income attributable to noncontrolling interest | 555 | 264 | 426 | ||||||||
Net income attributable to Aramark stockholders | $ 175,455 | $ 72,577 | $ 27,569 | $ 292,284 | $ 113,138 | $ 65,295 | $ 70,151 | $ 125,339 | $ 567,885 | $ 373,923 | $ 287,806 |
Earnings per share attributable to Aramark stockholders: | |||||||||||
Basic (in dollars per share) | $ 2.31 | $ 1.53 | $ 1.19 | ||||||||
Diluted (in dollars per share) | $ 2.24 | $ 1.49 | $ 1.16 | ||||||||
Weighted Average Shares Outstanding: | |||||||||||
Basic (in shares) | 245,771 | 244,453 | 242,286 | ||||||||
Diluted (in shares) | 253,352 | 251,557 | 248,763 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 568,440 | $ 374,187 | $ 288,232 |
Other comprehensive income (loss), net of tax: | |||
Pension plan adjustments | 20,647 | 19,992 | (24,670) |
Foreign currency translation adjustments | (31,253) | 5,903 | 3,080 |
Cash flow hedges: | |||
Unrealized gains (losses) arising during the period | 39,311 | 19,449 | (8,426) |
Reclassification adjustments | 3,675 | 10,130 | 21,184 |
Share of equity investee's comprehensive income (loss) | 157 | 1,549 | (5,383) |
Other comprehensive income (loss), net of tax | 32,537 | 57,023 | (14,215) |
Comprehensive income | 600,977 | 431,210 | 274,017 |
Less: Net income attributable to noncontrolling interest | 555 | 264 | 426 |
Comprehensive income attributable to Aramark stockholders | $ 600,422 | $ 430,946 | $ 273,591 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | |||
Net income | $ 568,440 | $ 374,187 | $ 288,232 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 596,182 | 508,212 | 495,765 |
Deferred income taxes | (104,289) | (37,856) | 52,416 |
Share-based compensation expense | 88,276 | 65,155 | 56,942 |
Changes in operating assets and liabilities: | |||
Accounts Receivable | (45,891) | (111,423) | (32,859) |
Inventories | (40,187) | (21,147) | (9,625) |
Prepayments and Other Current Assets | 42,450 | 95,536 | (64,663) |
Accounts Payable | 26,658 | 93,965 | 4,486 |
Accrued Expenses | (111,386) | 26,804 | 67,600 |
Changes in other noncurrent liabilities | 1,576 | 31,959 | (33,711) |
Changes in other assets | (2,225) | (9,342) | (10,189) |
Other operating activities | 27,747 | 37,337 | 52,920 |
Net cash provided by operating activities | 1,047,351 | 1,053,387 | 867,314 |
Cash flows from investing activities: | |||
Purchases of property and equipment, client contract investments and other | (628,604) | (552,729) | (512,532) |
Disposals of property and equipment | 10,491 | 18,906 | 26,824 |
Acquisition of certain businesses, net of cash acquired | |||
Working capital other than cash acquired | 37,985 | 8,114 | 10,226 |
Property and equipment | (283,447) | (2,273) | (32,989) |
Additions to goodwill, other intangible assets and other assets, net | (1,994,822) | (147,963) | (176,614) |
Other investing activities | (6,879) | (2,539) | 5,340 |
Net cash used in investing activities | (2,865,276) | (678,484) | (679,745) |
Cash flows from financing activities: | |||
Proceeds from long-term borrowings | 3,177,313 | 3,851,417 | 1,399,988 |
Payments of long-term borrowings | (973,689) | (3,911,992) | (1,363,534) |
Net change in funding under the Receivables Facility | (254,200) | (13,800) | (82,000) |
Payments of dividends | (103,115) | (100,813) | (92,074) |
Proceeds from issuance of common stock | 21,507 | 28,779 | 35,705 |
Repurchase of common stock | (24,410) | (100,000) | (749) |
Other financing activities | (49,253) | (42,277) | (54,741) |
Net cash used in financing activities | 1,794,153 | (288,686) | (157,405) |
Increase (decrease) in cash and cash equivalents | (23,772) | 86,217 | 30,164 |
Cash and cash equivalents, beginning of period | 238,797 | 152,580 | 122,416 |
Cash and cash equivalents, end of period | $ 215,025 | $ 238,797 | $ 152,580 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Total Stockholders' Equity | Common Stock | Capital Surplus | Retained Earnings / (Accumulated Deficit) | Accumulated Other Comprehensive Loss | Treasury Stock |
Balance Beginning at Oct. 02, 2015 | $ 1,883,359 | $ 2,666 | $ 2,784,730 | $ (228,641) | $ (166,568) | $ (508,828) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income attributable to Aramark stockholders | 287,806 | 287,806 | |||||
Other comprehensive income (loss) | $ (14,215) | (14,215) | (14,215) | ||||
Capital contributions from issuance of common stock | 48,156 | 60 | 48,096 | ||||
Share-based compensation expense | 56,942 | 56,942 | |||||
Tax benefits related to stock incentive plans | 31,957 | 31,957 | |||||
Repurchases of Common Stock | (40,056) | (40,056) | |||||
Payments of dividends | (92,943) | (92,943) | |||||
Balance Ending at Sep. 30, 2016 | 2,161,006 | 2,726 | 2,921,725 | (33,778) | (180,783) | (548,884) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Adoption of new accounting standard | 1,129 | (8,013) | 9,142 | ||||
Net income attributable to Aramark stockholders | 373,923 | 373,923 | |||||
Other comprehensive income (loss) | 57,023 | 57,023 | 57,023 | ||||
Capital contributions from issuance of common stock | 35,724 | 45 | 35,679 | ||||
Share-based compensation expense | 65,155 | 65,155 | |||||
Repurchases of Common Stock | (132,662) | (132,662) | |||||
Payments of dividends | (102,237) | (102,237) | |||||
Balance Ending at Sep. 29, 2017 | 2,459,061 | 2,459,061 | 2,771 | 3,014,546 | 247,050 | (123,760) | (681,546) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income attributable to Aramark stockholders | 567,885 | 567,885 | |||||
Other comprehensive income (loss) | 32,537 | 32,537 | 32,537 | ||||
Capital contributions from issuance of common stock | 29,621 | 22 | 29,599 | ||||
Share-based compensation expense | 88,276 | 88,276 | |||||
Repurchases of Common Stock | (43,406) | (43,406) | |||||
Payments of dividends | (104,416) | (104,416) | |||||
Balance Ending at Sep. 28, 2018 | $ 3,029,558 | $ 3,029,558 | $ 2,793 | $ 3,132,421 | $ 710,519 | $ (91,223) | $ (724,952) |
Nature of Business, Basis of Pr
Nature of Business, Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 28, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business, Basis of Presentation and Summary of Significant Accounting Policies | NATURE OF BUSINESS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Aramark (the "Company") is a leading global provider of food, facilities and uniform services to education, healthcare, business & industry, and sports, leisure & corrections clients. The Company's core market is the United States, which is supplemented by an additional 18 -country footprint. The Company operates its business in three reportable segments that share many of the same operating characteristics: • Food and Support Services United States ("FSS United States") - Food, refreshment, specialized dietary and support services, including facility maintenance and housekeeping, provided to business, educational and healthcare institutions and in sports, leisure and other facilities. See Note 14 for further discussion over the FSS United States reporting segment reclassification and name change. • Food and Support Services International ("FSS International") - Food, refreshment, specialized dietary and support services, including facility maintenance and housekeeping, provided to business, educational and healthcare institutions and in sports, leisure and other facilities. • Uniform and Career Apparel ("Uniform") - Provides a full service employee uniform solution, including design, sourcing and manufacturing, delivery, cleaning and maintenance on a contract basis. Directly markets personalized uniforms and accessories, provides managed restroom services and rents uniforms, work clothing, outerwear, particulate-free garments and non-garment items and related services, including mats, shop towels and first aid supplies, to clients in a wide range of industries in the United States, Puerto Rico, Canada and through a joint venture in Japan, including the manufacturing, transportation, construction, restaurants and hotels, healthcare and pharmaceutical industries. The consolidated financial statements include the accounts of the Company and all of its subsidiaries in which a controlling financial interest is maintained in accordance with generally accepted accounting principles in the United States ("U.S. GAAP"). All significant intercompany transactions and accounts have been eliminated. Fiscal Year The Company's fiscal year is the fifty-two or fifty-three week period which ends on the Friday nearest September 30th. The fiscal years ended September 28, 2018 , September 29, 2017 , September 30, 2016 were each fifty-two week periods. New Accounting Standards Updates Adopted Standards In August 2018, the Financial Accounting Standards Board ("FASB") issued an accounting standards update ("ASU") to change the accounting for costs incurred to implement cloud computing arrangements to be consistent with the internal-use software guidance. The guidance is effective for the Company in the first quarter of fiscal 2020 and early adoption is permitted. The Company early adopted the guidance in the fourth quarter of fiscal 2018, using the prospective method, which did not have a material impact on the consolidated financial statements. In August 2017, the FASB issued an ASU to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements and simplify the application of hedge accounting. The guidance is effective for the Company in the first quarter of fiscal 2020 and early adoption is permitted. The Company early adopted the guidance in the third quarter of fiscal 2018, using the modified retrospective method as if the Company had adopted the standard as of the beginning of fiscal 2018. The guidance did not have a material impact on the consolidated financial statements. In May 2017, the FASB issued an ASU to clarify when to account for a change to the terms or conditions of a share-based payment award as a modification. The guidance is effective for the Company in the first quarter of fiscal 2019 and early adoption is permitted. The Company early adopted the guidance in the first quarter of fiscal 2018, which did not have an impact on the consolidated financial statements. In January 2017, the FASB issued an ASU to simplify the subsequent measurement of goodwill as part of the impairment test. The guidance is effective for the Company in the first quarter of fiscal 2021 and early adoption is permitted. The Company early adopted the guidance in the first quarter of fiscal 2018, which did not have an impact on the consolidated financial statements. In October 2016, the FASB issued an ASU to require entities to recognize the income tax consequences of certain intercompany assets transfers at the transaction date. The guidance is effective for the Company in the first quarter of fiscal 2019 and early adoption is permitted. The Company early adopted the guidance in the fourth quarter of fiscal 2018, which did not have a material impact on the consolidated financial statements. In August 2016, the FASB issued an ASU to address the classification of certain cash receipts and cash payments in the Statement of Cash Flows. The guidance is effective for the Company in the first quarter of fiscal 2019 and early adoption is permitted. The Company early adopted the guidance in the first quarter of fiscal 2018, which did not have an impact on the consolidated financial statements. In July 2015, the FASB issued an ASU which changes the measurement principle for inventory from the lower of cost or market to the lower of cost and net realizable value. The guidance is effective for the Company in the first quarter of fiscal 2018 and early adoption was permitted. The Company adopted the guidance in the first quarter of fiscal 2018, which did not have an impact on the consolidated financial statements. Standards Not Yet Adopted (from most to least recent date of issuance) In August 2018, the FASB issued an ASU which adds, modifies and removes several disclosure requirements related to defined benefit pension plans. The guidance is effective for the Company in the first quarter of fiscal 2022 and early adoption is permitted. The Company is currently evaluating the impact of the pronouncement. In August 2018, the FASB issued an ASU which adds, modifies and removes several disclosure requirements related to fair value measurements. The guidance is effective for the Company in the first quarter of fiscal 2021 and early adoption is permitted. The Company is currently evaluating the impact of the pronouncement. In July 2018, the FASB issued two ASUs regarding the lease recognition standard. The guidance provides clarification on issues identified regarding the adoption of the standard, provides an additional transition method to adopt the standard and provides an additional practical expedient to lessors. The guidance is effective for the Company in the first quarter of fiscal 2020 and early adoption is permitted. The Company is currently evaluating the impact of the pronouncement. In July 2018, the FASB issued an ASU which clarifies, corrects errors in or makes minor improvements to the Codification. The guidance is effective for the Company either upon issuance or in the first quarter of fiscal 2020, depending on the amendment. There was no impact on the consolidated financial statements related to the amendments that were effective upon issuance of the guidance and the Company is currently evaluating the impact of the remaining amendments of the pronouncement. In February 2018, the FASB issued an ASU which provides clarification regarding guidance related to the financial instrument standard. The guidance is effective for the Company in the first quarter of fiscal 2019 and early adoption is permitted. The Company will adopt this standard in conjunction with the financial instrument standard, as described below. In February 2018, the FASB issued an ASU which allows for the reclassification of stranded tax effects resulting from the Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings. The guidance is effective for the Company in the first quarter of fiscal 2020 and early adoption is permitted. The Company is currently evaluating the impact of the pronouncement. In September 2017, the FASB issued an ASU to provide additional implementation guidance with respect to the revenue recognition standard (see below) and the leases recognition standard. The guidance is effective for the Company in the first quarter of fiscal 2019 with respect to the revenue recognition standard and in the first quarter of fiscal 2020 with respect to the lease recognition standard. Early adoption is permitted. The Company will adopt this standard in conjunction with the revenue recognition standard and the lease recognition standard, both as described below. In May 2017, the FASB issued an ASU to clarify the determination of the customer of the operation services in a service concession arrangement. The guidance is effective for the Company in the first quarter of fiscal 2019 and early adoption is permitted. The Company will adopt this standard in conjunction with the revenue recognition standard, as described below. In March 2017, the FASB issued an ASU to improve the presentation of net periodic pension cost and net periodic postretirement benefit cost. The guidance is effective for the Company in the first quarter of fiscal 2019 and early adoption is permitted. The Company expects adoption of this standard to result in no impact to net income. However, certain balances will be reclassified from Cost of Services Provided to Interest and Other Financing Costs, net on the Consolidated Statements of Income. In February 2017, the FASB issued an ASU to clarify the accounting guidance for partial sales of nonfinancial assets. The guidance is effective for the Company in the first quarter of fiscal 2019 and early adoption is permitted. The Company does not expect adoption to impact the consolidated financial statements. In January 2017, the FASB issued an ASU to clarify the definition of a business. The guidance is effective for the Company in the first quarter of fiscal 2019 and early adoption is permitted. The Company does not expect adoption to have a material impact on the consolidated financial statements. In June 2016, the FASB issued an ASU to require entities to account for expected credit losses on financial instruments including trade receivables. The guidance is effective for the Company in the first quarter of fiscal 2021 and early adoption is permitted. The Company is currently evaluating the impact of the pronouncement. In February 2016, the FASB issued an ASU requiring lessees to recognize most leases on their balance sheets as lease liabilities with corresponding right-of-use assets and to disclose key information about lease arrangements. The guidance is effective for the Company in the first quarter of fiscal 2020 and early adoption is permitted. The Company continues to review its lease arrangements in order to determine the impact the adoption of this ASU will have on its consolidated financial statements and related disclosures. Based on the assessment to date, the Company expects adoption of this standard to result in a material increase in lease-related assets and liabilities in its Consolidated Balance Sheets, but does not expect it to have a significant impact in its Consolidated Statements of Income or Cash Flows. In January 2016, the FASB issued an ASU to address certain aspects of recognition, measurement, presentation and disclosure of financial instruments. Under this guidance, equity investments, other than those accounted for under the equity method of accounting or those that result in consolidation of the investee, are to be measured at fair value with the changes in fair value recognized in net income. The guidance is effective for the Company in the first quarter of fiscal 2019 and will be adopted using a modified retrospective approach, with a cumulative transition adjustment recorded to retained earnings. The Company has a cost method investment that it is studying to determine if a write up to fair value is warranted. In May 2014, the FASB issued an ASU on revenue from contracts with customers which supersedes most current revenue recognition guidance. The standard outlines a single comprehensive model which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. Additionally, the standard requires disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The guidance is effective for the Company beginning in the first quarter of fiscal 2019 and the Company plans to adopt the ASU then. In connection with the new revenue recognition guidance, the Company has completed its comprehensive contract review project, including contracts relating to its recent acquisitions, and an evaluation of the standard's impact on the timing and presentation of various financial aspects of its contractual arrangements. While the Company expects that the standard will not have a material impact on the timing of revenue recognition or net income, it will have an impact on the financial statement line item classification of certain items. Upon adoption of the new standard, the following changes are expected to occur: • certain fees, estimated to be approximately $375.0 million annually, in the Uniform segment, currently recognized as a reduction to “Cost of services provided,” will be recognized in “Sales;” • costs to obtain contracts related to employee commissions, currently expensed to “Cost of service provided” at contract inception, will be capitalized in “Other Assets” and expensed on a straight-line basis to “Cost of services provided” over the expected customer relationship period; and • client contract investments, currently capitalized within “Other Assets” and amortized to “Depreciation and amortization” will continue to be expensed over the contract life as either a leasehold improvement in “Property and equipment, net” (approximately $760.0 million as of September 28, 2018) or as an “Other Asset” (approximately $265.0 million as of September 28, 2018) and primarily classified in “Depreciation and amortization” or "Cost of services provided." The Company identified and is implementing appropriate changes to business processes, controls and systems to support recognition and disclosure under the new standard. The Company will adopt the standard using the modified retrospective transition method, resulting in the recognition of an estimated cumulative transition adjustment, net of tax, between $75.0 million and $100.0 million to retained earnings effective as of September 29, 2018. The adjustment to retained earnings will reflect the unwinding of previously recognized costs to obtain contracts, along with the associated deferred tax impact from the unwinding of these costs. Revenue Recognition The Company recognizes sales when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the fee is fixed and determinable and collectability is reasonably assured. In each of the Company's operating segments, sales are recognized in the period in which services are provided pursuant to the terms of the Company's contractual relationships with its clients. The Company generally records sales on food and support services contracts (both profit and loss contracts and client interest contracts) on a gross basis as the Company is the primary obligor and service provider. Certain profit and loss contracts include payments to the client, typically calculated as a fixed or variable percentage of various categories of sales and income. In some cases these contracts require minimum guaranteed payments, typically contingent on certain future events. These expenses are currently recorded in “Cost of services provided.” Sales from client interest contracts are generally comprised of amounts billed to clients for food, labor and other costs that the Company incurs, controls and pays for. Sales from these contracts also include any associated management fees, client subsidies or incentive fees based upon the Company's performance under the contract. Sales from direct marketing activities are recognized upon shipment. All sales related taxes are presented on a net basis. Advanced payments received from clients are reflected as deferred income within “Accrued expenses and other current liabilities.” Deferred income is recognized in “Sales” over the period of expected benefit, as the related services are provided. The timing of revenue recognition may differ from the timing of invoicing to customers. The Company records an accounts receivable balance when revenue is recognized prior to or at the time of invoicing the customer. A majority of the Company’s receivables balances are based on contracts with customers. The Company estimates and reserves for its bad debt exposure based on its experience with past due accounts and collectibility, the aging of accounts receivable and its analysis of customer data. Bad debt expense is classified within “Cost of services provided.” Vendor Consideration Consideration received from vendors includes rebates, allowances and volume discounts and are accounted for as an adjustment to the cost of the vendors' products or services and are reported as a reduction of "Cost of services provided," "Inventory," or "Property and equipment, net." Income from rebates, allowances and volume discounts is recognized based on actual purchases in the fiscal period relative to total actual purchases to be made for the contractual rebate period agreed to with the vendor. Rebates, allowances and volume discounts related to “Inventory” held at the balance sheet date are deducted from the carrying value of these inventories. Rebates, allowances and volume discounts related to "Property and equipment, net" are deducted from the costs capitalized. Upon adoption of the new revenue recognition standard, there will be no significant changes to the accounting for vendor consideration. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of sales and expenses during the reporting period. Actual results could materially differ from those estimates. Comprehensive Income Comprehensive income includes all changes to stockholders' equity during a period, except those resulting from investments by and distributions to stockholders. Components of comprehensive income include net income (loss), changes in foreign currency translation adjustments (net of tax), pension plan adjustments (net of tax), changes in the fair value of cash flow hedges (net of tax) and changes to the share of any equity investees' comprehensive income (net of tax). The summary of the components of comprehensive income is as follows (in thousands): Fiscal Year Ended September 28, 2018 September 29, 2017 September 30, 2016 Pre-Tax Amount Tax Effect After-Tax Amount Pre-Tax Amount Tax Effect After-Tax Amount Pre-Tax Amount Tax Effect After-Tax Amount Net income $ 568,440 $ 374,187 $ 288,232 Pension plan adjustments 29,650 (9,003 ) 20,647 22,548 (2,556 ) 19,992 (37,957 ) 13,287 (24,670 ) Foreign currency translation adjustments (31,003 ) (250 ) (31,253 ) 5,903 — 5,903 18,547 (15,467 ) 3,080 Cash flow hedges: Unrealized gains (losses) arising during the period 55,445 (16,134 ) 39,311 31,884 (12,435 ) 19,449 (23,437 ) 15,011 (8,426 ) Reclassification adjustments 5,185 (1,510 ) 3,675 16,606 (6,476 ) 10,130 34,861 (13,677 ) 21,184 Share of equity investee's comprehensive income (loss) 157 — 157 2,383 (834 ) 1,549 (8,282 ) 2,899 (5,383 ) Other comprehensive income (loss) 59,434 (26,897 ) 32,537 79,324 (22,301 ) 57,023 (16,268 ) 2,053 (14,215 ) Comprehensive income 600,977 431,210 274,017 Less: Net income attributable to noncontrolling interest 555 264 426 Comprehensive income attributable to Aramark stockholders $ 600,422 $ 430,946 $ 273,591 Accumulated other comprehensive loss consists of the following (in thousands): September 28, 2018 September 29, 2017 Pension plan adjustments $ (24,628 ) $ (45,275 ) Foreign currency translation adjustments (93,811 ) (62,558 ) Cash flow hedges 36,192 (6,794 ) Share of equity investee's accumulated other comprehensive loss (8,976 ) (9,133 ) $ (91,223 ) $ (123,760 ) Currency Translation Gains and losses resulting from the translation of financial statements of non-U.S. subsidiaries are reflected as a component of accumulated other comprehensive income (loss) in stockholders' equity. During the fourth quarter of fiscal 2018, Argentina was determined to be a highly inflationary economy. As a result, the Company remeasured the financial statements of Argentina's operations in accordance with the accounting guidance for highly inflationary economies. The impact of the remeasurement was a foreign currency transaction loss of approximately $3.8 million during fiscal 2018 to the consolidated financial statements. Transaction gains and losses exclusive of Argentina's operations are included in the Company's operating results for fiscal 2018 , fiscal 2017 and fiscal 2016 were not material. Current Assets The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Inventories are valued at the lower of cost (principally the first-in, first-out method) or market. Personalized work apparel, linens and other rental items in service are recorded at cost and are amortized over their estimated useful lives, which primarily range from one to four years. The amortization rates used are based on the Company's specific experience. The components of inventories are as follows: September 28, 2018 September 29, 2017 Food 31.6 % 36.9 % Career apparel and linens (1) 65.7 % 60.5 % Parts, supplies and novelties 2.7 % 2.6 % 100.0 % 100.0 % (1) Increase during fiscal 2018 due to the acquisition of AmeriPride. See Note 2. Property and Equipment Property and equipment are stated at cost and are depreciated over their estimated useful lives on a straight-line basis. Gains and losses on dispositions are included in operating results. Maintenance and repairs are charged to current operations, and replacements and significant improvements that extend the useful life of the asset are capitalized. The estimated useful lives for the major categories of property and equipment are 10 to 40 years for buildings and improvements and 3 to 10 years for service equipment and fixtures. Depreciation expense during fiscal 2018 , fiscal 2017 and fiscal 2016 was $270.0 million , $237.9 million , and $234.8 million , respectively. The increase from fiscal 2017 to fiscal 2018 is primarily driven by the acquisition of AmeriPride (see Note 2). During fiscal 2017, the Company received proceeds of approximately $30.1 million related to the sale of a building within the FSS International segment. Subsequently, the Company entered into a capital lease for the building. The proceeds are included in "Other financing activities" in the Consolidated Statements of Cash Flows. The impact on the Consolidated Statements of Income was not material. During fiscal 2016, the Company received proceeds of approximately $9.5 million related to the sale of a building within the FSS United States segment, resulting in a loss of approximately $5.1 million , which is included in "Cost of services provided" in the Consolidated Statement of Income. Also during fiscal 2016, the Company recorded an impairment charge of approximately $6.0 million , which is included in "Cost of services provided" in the Consolidated Statements of Income, to write off certain idle service equipment in the Uniform segment. Other Assets The following table presents details of "Other Assets" as presented in the Consolidated Balance Sheets (in thousands): September 28, 2018 September 29, 2017 Client contract investments (1) $ 1,034,476 $ 981,300 Miscellaneous investments (2) 239,547 247,601 Long-term receivables 90,068 72,406 Computer software costs, net (3) 152,188 111,005 Interest rate swap agreements 54,708 — Other (4) 122,184 62,412 $ 1,693,171 $ 1,474,724 (1) Client contract investments generally represent a cash payment provided by the Company to help finance improvement or renovation at the facility from which the Company operates. These amounts are amortized over the contract period. If a contract is terminated prior to its maturity date, the Company is reimbursed for the unamortized client contract investment amount. Amortization expense was $183.6 million, $159.6 million and $142.5 million during fiscal 2018, fiscal 2017 and fiscal 2016, respectively. (2) Miscellaneous investments represent investments in 50% or less owned entities, including the Company's 50% ownership in AIM Services Co., Ltd., a Japanese food and support services company (approximately $155.1 million and $173.8 million at September 28, 2018 and September 29, 2017, respectively). (3) Computer software costs represent capitalized costs incurred to purchase or develop software for internal use, and are amortized over the estimated useful life of the software, generally a period of three to ten years. (4) Other consists of noncurrent deferred tax assets, pension assets and deferred financing costs on certain revolving credit facilities. Other Accrued Expenses and Liabilities The following table presents details of "Accrued expenses and other current liabilities" in the Consolidated Balance Sheets (in thousands): September 28, 2018 September 29, 2017 Deferred income $ 299,089 $ 294,781 Accrued client expenses 98,282 84,138 Accrued taxes 96,855 75,156 Accrued insurance and interest 164,890 87,143 Other 358,917 305,222 $ 1,018,033 $ 846,440 Deferred Income Taxes and Other Noncurrent Liabilities The following table presents details of "Deferred Income Taxes and Other Noncurrent Liabilities" as presented in the Consolidated Balance Sheets (in thousands): September 28, 2018 September 29, 2017 Deferred income tax payable $ 503,429 $ 570,893 Deferred compensation 226,558 229,663 Pension-related liabilities 28,478 14,164 Interest rate swap agreements — 9,313 Other noncurrent liabilities 218,750 154,911 $ 977,215 $ 978,944 Share-Based Compensation The Company recognizes compensation cost related to share-based payment transactions in the consolidated financial statements. The cost is measured at the grant date, based on the estimated fair value of the award, and is recognized as an expense over the employee's requisite service period (generally the vesting period of the equity award). See Note 10 for additional information on share-based compensation. Supplemental Cash Flow Information Fiscal Year Ended (dollars in millions) September 28, 2018 September 29, 2017 September 30, 2016 Interest paid $ 307.1 $ 201.7 $ 275.4 Income taxes (refunded) paid (1) (1.1 ) 126.3 55.6 (1) During fiscal 2018, the Company was in a net refund position, primarily due to the impact of the Tax Cuts and Jobs Act (see Note 8). Significant noncash activities follow: • During fiscal 2018 , fiscal 2017 and fiscal 2016 , the Company executed capital lease transactions. The present value of the future rental obligations was approximately $34.0 million , $55.4 million and $36.4 million for the respective periods, which is included in property and equipment and long-term borrowings. • During fiscal 2018 , fiscal 2017 and fiscal 2016 , cashless settlements of the exercise price and related employee minimum tax withholding liabilities of share-based payment awards were approximately $19.0 million , $32.7 million and $40.1 million , respectively. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 12 Months Ended |
Sep. 28, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS AND DIVESTITURES: AmeriPride Services, Inc. ("AmeriPride") Acquisition On January 19, 2018, the Company completed the acquisition of AmeriPride, a uniform and linen rental and supply company in the U.S. and Canada, pursuant to the Agreement and Plan of Merger ("AmeriPride Merger Agreement") dated as of October 13, 2017, by and among the Company, AmeriPride, Timberwolf Acquisition Corporation, and Bruce M. Steiner, in his capacity as Stockholder Representative. Upon completion of the acquisition, AmeriPride became a wholly owned subsidiary of the Company and its results will be included in the Company's Uniform segment. The total consideration paid for AmeriPride was $995.4 million , partially offset by $84.9 million of cash acquired. In order to finance the AmeriPride acquisition, the Company entered into a long-term financing agreement (see Note 5). During the fiscal year ended September 28, 2018 , the Company incurred acquisition-related costs of $12.7 million , included in "Selling and general corporate expenses," and $5.2 million of commitment fees, included in "Interest and Other Financing Costs, net" in the Company’s Consolidated Statements of Income. Consideration The Company has accounted for the AmeriPride acquisition as a business combination under the acquisition method of accounting. The Company has preliminarily allocated the purchase price for the transaction based upon the estimated fair value of net assets acquired and liabilities assumed at the date of acquisition. Accordingly, the preliminary purchase price allocation is subject to change. The Company expects to finalize the allocation of the purchase price upon finalization of the valuation of certain taxes. Any adjustments to the preliminary fair values will be made as soon as practicable but no later than one year from the acquisition date. These adjustments may have a material impact on the Company's results of operations and financial position. For tax purposes, this acquisition is a taxable transaction. Recognition and Measurement of Assets Acquired and Liabilities Assumed at Fair Value The following tables summarize the preliminary fair values of the tangible and identifiable intangible assets acquired and liabilities assumed at the acquisition date (in thousands): Current assets $ 237,807 Noncurrent assets 959,347 Total assets $ 1,197,154 Current liabilities $ 136,751 Noncurrent liabilities 64,974 Total liabilities $ 201,725 Intangible Assets The following table identifies the Company’s preliminary allocations of purchase price to the intangible assets acquired by category: Estimated Fair Weighted- Customer relationship assets $ 297.0 15 Trade names 24.0 3 to indefinite Total intangible assets $ 321.0 The estimated fair value of the customer relationship assets was determined using the “multi-period excess earnings method” which considers the present value of net cash flows expected to be generated by the customer relationships, excluding any cash flows related to contributory assets. The fair value of the two trade names acquired were determined using the “relief-from-royalty method” which considers the discounted estimated royalty payments that are expected to be avoided as a result of the trademarks being owned. Goodwill The Company recorded approximately $364.6 million of goodwill in connection with its preliminary purchase price allocation relating to the AmeriPride acquisition, all of which was recognized in the Uniform reporting segment. Factors that contributed to the Company’s preliminary recognition of goodwill include the Company’s intent to expand and complement its existing uniform business and to enhance its customer service experience, in addition to the anticipated synergies the Company expects to generate from the acquisition. Goodwill related to the AmeriPride acquisition may be revised upon final determination of the purchase price allocation. Avendra, LLC ("Avendra") Acquisition On December 11, 2017, the Company completed the acquisition of Avendra, a hospitality procurement services provider in North America, which included the merger of Capital Merger Sub, LLC, a wholly owned subsidiary of the Company, with Avendra, pursuant to the Agreement and Plan of Merger ("Avendra Merger Agreement") dated as of October 13, 2017, by and among Aramark Services, Inc. (“ASI”), a wholly owned subsidiary of the Company, Avendra, Capital Merger Sub, LLC, and Marriott International, Inc., in its capacity as Holder Representative. Avendra continued as the surviving entity of the merger and is a wholly owned subsidiary of the Company whose financial results are included within the FSS United States reporting segment from December 11, 2017. The total consideration paid for Avendra was $1,386.4 million , partially offset by $87.3 million of cash and restricted investments acquired. In order to finance the Avendra acquisition, the Company entered into a long-term financing agreement (see Note 5). During the fiscal year ended September 28, 2018 , the Company incurred acquisition-related costs of $11.5 million , included in "Selling and general corporate expenses," and $6.7 million of commitment fees, included in "Interest and Other Financing Costs, net" in the Company’s Consolidated Statements of Income. Consideration The Company has accounted for the Avendra acquisition as a business combination under the acquisition method of accounting. The Company has finalized its allocation of the purchase price for the transaction based upon the fair value of net assets acquired and liabilities assumed at the date of acquisition. For tax purposes, this acquisition is a taxable transaction. Recognition and Measurement of Assets Acquired and Liabilities Assumed at Fair Value The following tables summarize the fair values of the tangible and identifiable intangible assets acquired and liabilities assumed at the acquisition date (in thousands): Current assets $ 157,614 Noncurrent assets 1,345,532 Total assets $ 1,503,146 Current liabilities $ 111,087 Noncurrent liabilities 5,681 Total liabilities $ 116,768 Intangible Assets The following table identifies the Company’s allocations of purchase price to the intangible assets acquired by category: Estimated Fair Weighted- Customer relationship assets $ 567.0 15 Trade name 222.0 indefinite Total intangible assets $ 789.0 The fair value of the customer relationship assets was determined using the “multi-period excess earnings method” which considers the present value of net cash flows expected to be generated by the customer relationships, excluding any cash flows related to contributory assets. The fair value of the trade name was determined using the “relief-from-royalty method” which considers the discounted estimated royalty payments that are expected to be avoided as a result of the trademarks being owned. Goodwill The Company recorded approximately $530.5 million of goodwill in connection with its purchase price allocation relating to the Avendra acquisition, all of which was recognized in the FSS United States reporting segment. Factors that contributed to the Company’s recognition of goodwill include the Company’s intent to expand its buying scale through Avendra’s procurement capabilities and to expand its customer base outside of its traditional industries, in addition to the anticipated synergies the Company expects to generate from the acquisition. Combined Sales and Earnings for AmeriPride and Avendr a Included in the Company’s Consolidated Statements of Income for the fiscal year ended September 28, 2018 were combined sales from AmeriPride and Avendra of approximately $522.2 million related to these entities. Combined net income for the results of AmeriPride and Avendra was approximately $8 million for the fiscal year ended September 28, 2018 , which excludes the impact of the increased interest expense incurred from the financing of the acquisitions and acquisition related costs included in the Corporate segment. Unaudited Pro Forma Results of Operations for AmeriPride and Avendra The following table reflects the unaudited pro forma combined results of operations for the fiscal years ended September 28, 2018 and September 29, 2017 for the Company, assuming the closing of both acquisitions occurred on October 1, 2016: Fiscal Year Ended Unaudited (in thousands) September 28, 2018 September 29, 2017 Total sales $ 16,014,463 $ 15,378,832 Net income 624,334 328,932 The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the actual results of operations had the closing of the acquisitions taken place on October 1, 2016. Furthermore, the pro forma results do not purport to project the future results of operations of the Company. The unaudited pro forma information primarily reflects the following adjustments: • adjustments to amortization expense related to identifiable intangible assets acquired; • adjustments to depreciation expense related to the fair value of property and equipment acquired; • adjustments to interest expense to reflect the long-term financing agreements used to finance the acquisitions (see Note 5); and • adjustments for the tax effect of the aforementioned adjustments. Other Acquisitions During fiscal 2018 , the Company paid net cash consideration of approximately $30.6 million for various acquisitions, excluding the purchases of AmeriPride and Avendra. During fiscal 2017 , the Company paid cash consideration of approximately $142.1 million for various acquisitions. The sales, net income, assets and liabilities of the acquisitions did not have a material impact on the Company's consolidated financial statements. During the fourth quarter of fiscal 2016, the Company acquired the assets of HPSI, a group purchasing organization, in its FSS United States segment for cash consideration of $140.0 million . During the second quarter of fiscal 2016, the Company completed the purchase of Avoca Handweavers Limited ("Avoca"), an Irish retail and cafe business, for cash consideration of approximately $65.8 million (approximately $59.2 million , net of cash acquired). The sales, net income, assets and liabilities of HPSI and Avoca did not have a material impact on the Company's consolidated financial statements. Divestiture During the fourth quarter of fiscal 2018, the Company announced that it signed an agreement to sell its Healthcare Technologies ("HCT") business for $300.0 million . The sale closed during the first quarter of fiscal 2019. The Company intends to use a majority of the proceeds to repay debt. The Company also plans to repurchase $50 million of its common stock. |
Severance and Asset Write-downs
Severance and Asset Write-downs | 12 Months Ended |
Sep. 28, 2018 | |
Restructuring and Related Activities [Abstract] | |
Severance and Asset Write-downs | SEVERANCE AND ASSET WRITE-DOWNS: During fiscal 2018 , the Company commenced a new phase of strategic reinvestment and reorganization actions to streamline and improve efficiencies and effectiveness of its selling, general and administrative functions, which resulted in a net severance charge of approximately $36.6 million during fiscal 2018 . During fiscal 2017 , the Company updated its previously initiated actions on streamlining and improving the efficiencies and effectiveness of its selling, general and administrative functions. The Company recorded net severance charges of approximately $18.4 million during fiscal 2017 . During fiscal 2016 , the Company continued to refine its focus on streamlining and improving the efficiency and effectiveness of its selling, general and administrative functions. As a result, the Company recorded net severance charges of approximately $24.9 million during fiscal 2016 . The following table summarizes the unpaid obligations for severance and related costs as of September 28, 2018 , which are included in "Accrued payroll and related expenses" in the Consolidated Balance Sheets. These unpaid obligations are expected to be paid through fiscal 2019 . (in millions) September 29, 2017 Net Charges Payments and Other September 28, 2018 Severance and Related Costs Accrual $ 17.8 36.6 (37.8 ) $ 16.6 |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 12 Months Ended |
Sep. 28, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS: Goodwill represents the excess of the fair value of consideration paid for an acquired entity over the fair value of assets acquired and liabilities assumed in a business combination. Goodwill is not amortized and is subject to an impairment test that the Company conducts annually or more frequently if a change in circumstances or the occurrence of events indicates that potential impairment exists, using discounted cash flows. The Company performs its assessment of goodwill at the reporting unit level. Within the FSS International segment, each country or region is evaluated separately since such operating units are relatively autonomous and separate goodwill balances have been recorded for each entity. The Company completed its annual goodwill impairment test for fiscal 2018 , which determined goodwill was not impaired. The Company performs its annual impairment test as of the end of the fiscal month of August. Changes in total goodwill during fiscal 2018 is as follows (in thousands): Segment September 29, 2017 Acquisitions Translation and Other September 28, 2018 FSS United States $ 3,493,756 $ 534,698 $ — $ 4,028,454 FSS International 637,816 2,656 (14,093 ) 626,379 Uniform 583,939 372,204 (408 ) 955,735 $ 4,715,511 $ 909,558 $ (14,501 ) $ 5,610,568 During the first quarter of fiscal 2018 , $173.3 million of goodwill related to certain Canadian businesses was reclassified out of the FSS United States segment and into the FSS International segment (see Note 14), which is reflected in the opening balance as of September 29, 2017 . Goodwill related to the AmeriPride acquisition made during fiscal 2018 may be revised upon final determination of the purchase price allocation (see Note 2). Other intangible assets consist of (in thousands): September 28, 2018 September 29, 2017 Gross Accumulated Net Gross Accumulated Net Customer relationship assets $ 2,244,215 $ (1,156,811 ) $ 1,087,404 $ 1,376,812 $ (1,063,350 ) $ 313,462 Trade names 1,050,825 (1,385 ) 1,049,440 807,362 — 807,362 $ 3,295,040 $ (1,158,196 ) $ 2,136,844 $ 2,184,174 $ (1,063,350 ) $ 1,120,824 During fiscal 2018 , the Company acquired customer relationship assets and trade names with values of approximately $887.5 million and $246.0 million , respectively. During fiscal 2017 , the Company acquired customer relationship assets and trade names with values of approximately $67.0 million and $22.9 million , respectively. Customer relationship assets are being amortized principally on a straight-line basis over the expected period of benefit, 5 to 24 years, with a weighted average life of approximately 15 years. The Aramark, Avendra and a majority of the other trade names are indefinite lived intangible assets and are not amortizable but are evaluated for impairment at least annually. The Company completed its annual trade name impairment test for fiscal 2018 , which did not result in an impairment charge. Other intangible asset values related to the AmeriPride acquisition made during fiscal 2018 may be revised upon final determination of the purchase price allocation (see Note 2). Amortization of other intangible assets for fiscal 2018 , fiscal 2017 and fiscal 2016 was approximately $112.1 million , $87.9 million and $98.5 million , respectively. Based on the recorded balances at September 28, 2018 , total estimated amortization of all acquisition-related intangible assets for fiscal years 2019 through 2023 follows (in thousands): 2019 $ 113,202 2020 112,560 2021 104,750 2022 84,019 2023 75,996 |
Borrowings
Borrowings | 12 Months Ended |
Sep. 28, 2018 | |
Debt Disclosure [Abstract] | |
Borrowings | BORROWINGS: Long-term borrowings, net, are summarized in the following table (in thousands): September 28, 2018 September 29, 2017 Senior secured revolving credit facility, due March 2022 $ 77,000 $ — Senior secured term loan facility, due March 2022 399,568 1,125,858 Senior secured term loan facility, due February 2023 139,106 — Senior secured term loan facility, due March 2024 1,325,923 1,403,429 Senior secured term loan facility, due March 2025 1,656,919 — 5.125% senior notes, due January 2024 902,908 903,654 5.000% senior notes, due April 2025 590,884 589,733 3.125% senior notes, due April 2025 (1) 373,240 379,429 4.750% senior notes, due June 2026 494,082 493,464 5.000% senior notes, due February 2028 1,136,472 — Receivables Facility, due May 2021 — 254,200 Capital leases 143,388 114,400 Other 4,494 4,321 7,243,984 5,268,488 Less—current portion (30,907 ) (78,157 ) $ 7,213,077 $ 5,190,331 (1) This is a Euro denominated borrowing. See the disclosure below in the Senior Notes section for further information. As of September 28, 2018 , there was approximately $913.8 million of outstanding foreign currency borrowings. Senior Secured Credit Agreement ASI and certain of its subsidiaries entered into a credit agreement on March 28, 2017 (as supplemented or otherwise modified from time to time, the "Credit Agreement"), which replaced the existing Amended and Restated Credit Agreement, originally dated January 26, 2007, and last amended on March 28, 2014 (the "Previous Credit Agreement"). The Credit Agreement includes senior secured term loan facilities consisting of the following as of September 28, 2018 : • A U.S. dollar denominated term loan to Aramark Services, Inc. ("ASI") in the amount of $1,325.9 million , due 2024, ("U.S. Term Loan B due 2024") and $1,656.9 million , due 2025 ("U.S. Term Loan B due 2025"); • A yen denominated term loan to ASI in the amount of ¥10,777.8 million (approximately $94.8 million ), due 2022 (the "Yen Term Loan due 2022"); • A Canadian dollar denominated term loan to Aramark Canada Ltd. in the amount of CAD 200.0 million (approximately $154.9 million ), due 2022, (the "Canadian Term Loan due 2022") and CAD 179.6 million (approximately $139.1 million ), due 2023 (the "Canadian Term Loan A-1 due 2023"); and • A euro denominated term loan to Aramark Investments Limited, a U.K. borrower, in an amount of €129.1 million (approximately $149.8 million ), due 2022 (the "Euro Term Loan due 2022"). The Credit Agreement also includes a revolving credit facility available for loans in U.S. dollars, Canadian dollars, euros and pounds sterling to ASI and certain foreign borrowers with aggregate commitments under the Credit Agreement of $1.0 billion . The revolving credit facility has a final maturity date of March 28, 2022. As of September 28, 2018 , there was approximately $902.8 million available for borrowing under the revolving credit facility. The Company's revolving credit facility includes a $250.0 million sublimit for letters of credit. The revolving credit facility may be drawn by ASI as well as by certain foreign subsidiaries of ASI. Each foreign borrower is subject to a sublimit of $150.0 million with respect to borrowings under the revolving credit facility. In addition to paying interest on outstanding principal under the senior secured credit facilities, the Company is required to pay a commitment fee to the lenders under the revolving credit facility in respect of the unutilized commitments thereunder. The commitment fee rate ranges from 0.25% to 0.40% per annum. The actual spreads within all ranges referred to above are based on a Consolidated Leverage Ratio, as defined in the Credit Agreement. The primary borrower under the senior secured credit facilities is ASI. In addition, certain subsidiaries of ASI are borrowers of the term loan facilities and/or the revolving credit facility. The Company is not a guarantor under the senior secured credit facilities and is not subject to the covenants or obligations under the Credit Agreement. Term Loans U.S. Term Loan B due 2024 and Yen Term Loan due 2022 On May 24, 2018, ASI entered into Amendment No. 5 ("Amendment No. 5") to the Credit Agreement. Amendment No. 5 changed the applicable interest rate on the outstanding borrowings related to the U.S. Term Loan B due 2024. As a result of the amendment, the applicable margin on the U.S. Term Loan due 2024 was changed from 2.00% for borrowings based on the LIBOR rate to 1.75% and from 1.00% for borrowings based on the base rate to 0.75% . There were no other material changes to the terms of the U.S. Term Loan B due 2024. On May 11, 2018, ASI entered into Amendment No. 4 ("Amendment No. 4") to the Credit Agreement. Amendment No. 4 changed the applicable interest rate on the outstanding borrowings related to the Yen Term Loan due 2022. As a result of the amendment, the applicable margin on the Yen Term Loan due 2022 was changed from 1.75% to 1.50% . All other terms related to the Yen Term Loan due 2022 remained unchanged. U.S. Term Loan B due 2025 On December 11, 2017, ASI entered into Incremental Amendment No. 2 (“Incremental Amendment No. 2”) to the Credit Agreement. Incremental Amendment No. 2 provided for an incremental senior secured credit facility under the Credit Agreement, the U.S. Term Loan B due 2025, comprised of a U.S. dollar denominated term loan made to ASI in an amount equal to $1,785.0 million , due on March 11, 2025 . On June 12, 2018, the Company entered into Amendment No. 6 ("Amendment No. 6") to the Credit Agreement, which changed the applicable interest rate on the outstanding U.S. Term Loan B due 2025 borrowings. There were no other material changes to the terms of the U.S. Term Loan B due 2025 as a result of Amendment No. 6. The U.S. Term Loan B due 2025 bears interest at a rate equal to, at the Company’s option, either (a) a LIBOR rate determined by reference to the costs of funds for deposits in U.S. dollars for the interest period relevant to such borrowing adjusted for certain additional costs or (b) a base rate determined by reference to the highest of (1) the prime rate of the administrative agent, (2) the federal funds rate plus 0.50% and (3) the LIBOR rate plus 1.00% plus an applicable margin set initially at 2.00% for borrowings based on the LIBOR rate and 1.00% for borrowings based on the base rate, in each case, subject to a reduction of 0.25% upon compliance by the Company with a consolidated leverage ratio of 3.00 to 1.00. As a result of Amendment No. 6, the applicable margin was changed from 2.00% for borrowings based on the eurocurrency (LIBOR) rate to 1.75% , subject to a LIBOR floor of 0.00% , and from 1.00% for borrowings based on the base rate to 0.75% , subject to a minimum base rate of 0.00% . The net proceeds from the U.S. Term Loan B due 2025 were used to finance the Avendra acquisition and, together with approximately $200.0 million of proceeds from a borrowing made under the Credit Agreement’s revolving credit facility, to repay the $633.8 million of principal outstanding on the U.S. Term Loan A due 2022 under the Credit Agreement, along with accrued interest and certain fees and related expenses. The Company recorded $5.7 million of charges to "Interest and Other Financing Costs, net" in the Consolidated Statements of Income for fiscal 2018 for the write-off of debt issuance costs. The Company capitalized third-party costs of approximately $8.9 million directly attributable to the U.S. Term Loan B due 2025, which are included in "Long-Term Borrowings" in the Consolidated Balance Sheets as of September 28, 2018 . The Company is required to make quarterly principal repayments on the U.S. Term Loan B due 2025 in quarterly amounts of 1.00% per annum of the funded total principal amount and is subject to substantially similar terms relating to guarantees, collateral, mandatory prepayments and covenants that are applicable to the Company’s existing U.S. Term Loan B due 2024 outstanding under the Credit Agreement. Canadian Term Loan A-1 due 2023 On February 28, 2018, ASI entered into Incremental Amendment No. 3 (“Incremental Amendment No. 3”) to the Credit Agreement. Incremental Amendment No. 3 provided for an incremental, senior secured credit facility under the Credit Agreement, the Canadian Term Loan A-1 due 2023, comprised of a Canadian dollar denominated term loan made to Aramark Canada Limited ("ACL"), a company organized under the laws of Canada and an indirect subsidiary of ASI in an amount equal to CAD 200 million (approximately $139.1 million net as of September 28, 2018 ) due on February 28, 2023. The net proceeds from the Canadian Term Loan A-1 due 2023 were used to pay down certain borrowings on the revolving credit facility and to pay fees and expenses related to the consummation of Incremental Amendment No. 3. The Canadian Term Loan A-1 due 2023 bears interest at a rate equal to, at the Company’s option, either (a) a Bank Act of Canada rate determined by reference to offered rates for bankers' acceptances, increased by 0.10% depending on the lender party or (b) a base rate or Canadian base rate determined by reference to the higher of (1) the prime rate of the administrative agent and (2) the Bank Act of Canada rate plus 1.00% plus an applicable margin set initially at 1.75% for borrowings based on the Bank Act of Canada rate and 0.75% for borrowings based on the Canadian base rate, in each case, subject to a reduction of 0.125% per each decline of 0.50 to 1.00 in the Company's consolidated leverage ratio from 4.75 to 1.00. Accordingly, the applicable margin spread for the Canadian Term Loan A-1 due 2023 is 1.25% to 1.75% (as of September 28, 2018 - 1.625% ) with respect to Bank Act of Canada borrowings, subject to a floor of 0.00% , and 0.25% to 0.75% (as of September 28, 2018 - 0.625% ) with respect to Canadian base rate borrowings, subject to a floor of 0.00% . The Canadian Term Loan A-1 due 2023 requires the payment of installments in quarterly principal amounts of CAD 2.5 million from March 31, 2018 through December 31, 2019, CAD 3.75 million from March 31, 2020 through December 31, 2020, CAD 5.0 million from March 31, 2021 through December 31, 2021, CAD 7.5 million from March 31, 2022 through December 31, 2022, and CAD 115.0 million at maturity. The Canadian Term Loan A-1 due 2023 is subject to substantially similar terms currently relating to guarantees, collateral, mandatory prepayments and covenants that are applicable to the Company’s existing term loans outstanding under the Credit Agreement. Canadian Term Loan due 2022 and Euro Term Loan due 2022 The applicable margin spread for the Canadian Term Loan due 2022 and the senior secured revolving credit facility is 1.50% to 2.25% with respect to eurocurrency (LIBOR) borrowings, bankers’ acceptance ("BA") rate borrowings and letters of credit fees and 0.50% to 1.25% with respect to U.S. and Canadian base rate borrowings. The applicable margin for the Euro Term Loan due 2022 is 1.50% . Incremental Facilities The Credit Agreement provides that the Company has the right at any time to request one or more incremental term loan facilities or increases under existing term loan facilities and/or additional revolving credit facilities or increases under the existing revolving credit facility in an amount up to $1,400.0 million of incremental commitments in the aggregate plus an unlimited amount so long as the pro forma Consolidated Secured Debt to Covenant Adjusted EBITDA ratio (each as calculated in accordance with the Credit Agreement (the "Consolidated Secured Debt Ratio")) would not exceed 3.00 to 1.00 , plus any amount of loans and commitments optionally prepaid and terminated under the senior secured credit facilities. The lenders under these facilities are not under any obligation to provide any such incremental facilities or commitments, and any such addition of or increase in facilities or commitments will be subject to customary conditions precedent. Prepayments and Amortization The Credit Agreement requires us to prepay outstanding term loans, subject to certain exceptions, with: • 50% of ASI's annual excess cash flow (as defined in the Credit Agreement) with stepdowns to 25% and 0% upon ASI's reaching certain Consolidated Secured Debt Ratio thresholds; provided, further, that such prepayment shall only be required to the extent excess cash flow for the applicable year exceeds $10.0 million ; • 100% of the net cash proceeds of all nonordinary course asset sales or other dispositions of property subject to certain exceptions and customary reinvestment rights; provided, further, that such prepayment shall only be required to the extent net cash proceeds exceeds $100.0 million ; and • 100% of the net cash proceeds of any incurrence of debt, but excluding proceeds from certain debt permitted under the Credit Agreement. The foregoing mandatory prepayments will be applied to the term loan facilities on a pro rata basis and will reduce the obligations to make scheduled amortization payments on a dollar for dollar basis as directed by the Company. The Company may voluntarily repay outstanding loans under the Credit Agreement any time without premium or penalty, other than (i) customary "breakage" costs with respect to LIBOR loans and (ii) with respect to any voluntary prepayments of the U.S. Term Loan B due 2024 in connection with any repricing transaction (as defined in the Credit Agreement) effected prior to September 28, 2017, a 1% prepayment premium. Prepaid term loans may not be reborrowed. The Company made optional prepayments of approximately $260.4 million , $330.6 million and $160.0 million of outstanding U.S. dollar term loans, during fiscal 2018, fiscal 2017 and fiscal 2016, respectively. If a change of control as defined in the Credit Agreement occurs, this will cause an event of default under the Credit Agreement. Upon an event of default, the new senior secured credit facilities may be accelerated, in which case the Company would be required to repay all outstanding loans plus accrued and unpaid interest and all other amounts outstanding under the new senior secured credit facilities under the Credit Agreement. The Company is required to make quarterly principal repayments on the U.S. Term Loan B due 2024 and the Yen Term Loan due 2022 in quarterly amounts of 1.00% per annum of their funded total principal amount. The Company is required to make quarterly principal repayments on the Canadian Term Loan due 2022 in quarterly amounts of 4.4% , 5.0% , 7.5% , 10.1% and 15.1% per annum of their funded total principal amount after the anniversary of the first, second, third, fourth and fifth years under the Credit Agreement. The Company is required to make quarterly principal repayments on the Euro Term Loan due 2022 in quarterly amounts of 5.0% , 6.3% , 8.8% , 12.5% and 15.0% per annum of their funded total principal amount after the anniversary of the first, second, third, fourth and fifth years under the Credit Agreement. Guarantees All obligations under the Credit Agreement are unconditionally guaranteed by Aramark Intermediate HoldCo Corporation and, subject to certain exceptions, substantially all of ASI's existing and future wholly-owned domestic subsidiaries excluding certain immaterial subsidiaries, receivables facility subsidiaries, certain other customarily excluded subsidiaries and certain subsidiaries designated under the Credit Agreement as "unrestricted subsidiaries", referred to, collectively, as the U.S. Guarantors. All obligations under the Credit Agreement, and the guarantees of those obligations, are secured by (i) a pledge of 100% of the capital stock of ASI, (ii) pledges of 100% of the capital stock (or 65% of voting stock and 100% of non-voting stock, in the case of the stock of foreign subsidiaries) held by ASI, Aramark Intermediate HoldCo Corporation or any of the U.S. Guarantors and (iii) a security interest in, and mortgages on, substantially all tangible assets of Aramark Intermediate HoldCo Corporation, ASI or any of the U.S. Guarantors. Certain Covenants The Credit Agreement contains certain covenants that, among other things, restrict, subject to certain exceptions, ASI's ability and the ability of its restricted subsidiaries to: incur additional indebtedness; issue preferred stock or provide guarantees; create liens on assets; engage in mergers or consolidations; sell assets; pay dividends, make distributions or repurchase its capital stock; make investments, loans or advances; repay or repurchase any subordinated debt, except as scheduled or at maturity; create restrictions on the payment of dividends or other transfers to ASI from its restricted subsidiaries; make certain acquisitions; engage in certain transactions with affiliates; amend material agreements governing ASI's subordinated debt; and fundamentally change ASI's business. In addition, the Credit Agreement requires ASI to comply with a maximum Consolidated Secured Debt Ratio maintenance covenant. The Credit Agreement also contains certain customary affirmative covenants, such as financial and other reporting, and certain events of default. At September 28, 2018 , ASI was in compliance with all of these covenants. The Credit Agreement requires ASI to maintain a maximum Consolidated Secured Debt Ratio, defined as consolidated total indebtedness secured by a lien to Covenant Adjusted EBITDA, of 5.125 x. Consolidated total indebtedness secured by a lien is defined in the Credit Agreement as total indebtedness consisting of debt for borrowed money, capital leases, debt in respect of sale-leaseback transactions, disqualified and preferred stock and advances under the Receivables Facility secured by a lien reduced by the amount of cash and cash equivalents on the consolidated balance sheet that is free and clear of any lien. Non-compliance with the maximum Consolidated Secured Debt Ratio could result in the requirement to immediately repay all amounts outstanding under the Credit Agreement, which, if ASI's lenders under the Credit Agreement (other than the lenders in respect of ASI’s U.S. Term Loan B due 2024 which lenders shall not benefit from the maximum Consolidated Secured Debt Ratio) failed to waive any such default, would also constitute a default under the indentures governing the senior notes. The actual ratio at September 28, 2018 was 2.05 x. The Credit Agreement establishes an incurrence-based minimum Interest Coverage Ratio, defined as Covenant Adjusted EBITDA to consolidated interest expense, as a condition for ASI and its restricted subsidiaries to incur additional indebtedness and to make certain restricted payments. The minimum Interest Coverage Ratio is 2.00 x for the term of the Credit Agreement. If ASI does not maintain this minimum Interest Coverage Ratio calculated on a pro forma basis for any such additional indebtedness or restricted payments, it could be prohibited from being able to incur additional indebtedness, other than the additional funding provided for under the Credit Agreement and pursuant to specified exceptions, and make certain restricted payments, other than pursuant to certain exceptions. The actual ratio was 4.80 x for the fiscal year ended September 28, 2018 . A failure to pay any obligations under the Credit Agreement as they become due or any event causing amounts to become due prior to their stated maturity could result in a cross-default and potential acceleration of the Company’s other outstanding debt obligations, including the senior notes. Senior Notes 5.000% Senior Notes due 2028 On January 18, 2018, ASI issued $1,150.0 million aggregate principal amount of 5.000% Senior Notes due February 1, 2028 (the "2028 Notes"). The net proceeds from the 2028 Notes were used to finance the AmeriPride acquisition, to pay down certain borrowings under the revolving credit facility and to pay fees related to the transaction. During the second quarter of fiscal 2018 , the Company capitalized third-party costs of approximately $14.2 million directly attributable to the 2028 Notes, which are included in "Long-Term Borrowings" in the Consolidated Balance Sheets. The 2028 Notes were issued pursuant to an indenture, dated as of January 18, 2018 (the "2028 Notes Indenture"), entered into by and among ASI, the Company and certain other Aramark entities, as guarantors, and the U.S. Bank National Association, as trustee. The 2028 Notes were issued at par. The 2028 Notes are senior unsecured obligations of ASI. The 2028 Notes rank equal in right of payment to all of the Issuer's existing and future senior indebtedness and will rank senior in right of payment to the Issuer's future subordinated indebtedness. The 2028 Notes are guaranteed on a senior, unsecured basis by the Company and substantially all of the domestic subsidiaries of ASI. The guarantees of the 2028 Notes rank equal in right of payment to all of the senior obligations of such guarantor. The 2028 Notes are effectively subordinated to all of ASI's existing and future secured indebtedness, to the extent of the value of the assets securing that indebtedness, and structurally subordinated to all of the liabilities of any of ASI's subsidiaries that do not guarantee the 2028 Notes. Interest on the 2028 Notes is payable on February 1 and August 1 of each year, commencing on August 1, 2018. At any time prior to February 1, 2023, ASI has the option to redeem all or a part of the 2028 Notes at a purchase price equal to 100% of the principal amount of such 2028 Notes plus an applicable premium and accrued and unpaid interest, if any, to but not including the date of redemption. Prior to February 1, 2021, ASI has the option to redeem up to 40% of the aggregate principal amount of all 2028 Notes at a purchase price equal to 105% of the principal amount of such 2028 Notes plus accrued and unpaid interest, if any, to but not including the date of redemption, with the net cash proceeds of one or more equity offerings, provided that at least 50% of the sum of the aggregate principal amount of the 2028 Notes originally issued remain outstanding immediately after the purchase. The 2028 Notes Indenture contains covenants limiting ASI's ability and the ability of its restricted subsidiaries to: incur additional indebtedness or issue certain preferred shares; pay dividends and make certain distributions, investments and other restricted payments; create certain liens; sell assets; enter into transactions with affiliates; limit the ability of restricted subsidiaries to make payments to ASI; enter into sale and leaseback transactions; merge, consolidate, sell or otherwise dispose of all or substantially all of ASI's and its restricted subsidiaries assets; and designate ASI's subsidiaries as unrestricted subsidiaries. The 2028 Notes Indenture also provides for events of default which, if any of them occurs, would permit or require the principal of and accrued interest on the applicable series of 2028 Notes to become or to be declared due and payable. Further, a failure to pay any obligations under the 2028 Notes Indenture as they become due or any event causing amounts to become due prior to their stated maturity could result in a cross-default and potential acceleration of the Company’s other outstanding debt obligations. 5.000% Senior Notes due 2025 and 3.125% Senior Notes due 2025 On March 22, 2017, ASI issued $600.0 million of 5.000% Senior Notes due April 1, 2025 (the " 5.000% 2025 Notes"). The 5.000% 2025 Notes were issued pursuant to an indenture (the " 5.000% 2025 Notes Indenture"), entered into by and among ASI, the Company and certain other Aramark entities, as guarantors, and The Bank of New York Mellon, as trustee. The 5.000% 2025 Notes were issued at par. On March 27, 2017, Aramark International Finance S.à r.l. ("AIFS"), an indirect wholly owned subsidiary of the Company, issued €325.0 million of 3.125% Senior Notes due April 1, 2025 (the " 3.125% 2025 Notes" and, together with the 5.000% 2025 Notes, the "2025 Notes"). The 3.125% 2025 Notes were issued pursuant to an indenture (the " 3.125% 2025 Notes Indenture"), entered into by and among AIFS, the Company and certain other Aramark entities, as guarantors, The Bank of New York Mellon, as trustee and registrar, and The Bank of New York Mellon, London Branch, as paying agent and transfer agent. The 3.125% 2025 Notes were issued at par. The 2025 Notes are senior unsecured obligations of the respective Issuers. Each series of the 2025 Notes ranks equal in right of payment to all of the respective Issuer's existing and future senior indebtedness, including the senior secured credit facilities under the Credit Agreement, and, in the case of the 5.000% 2025 Notes with respect to ASI, ASI's 5.125% Senior Notes due 2024 (the "2024 Notes") and 4.750% Senior Notes due 2026 (the "2026 Notes") and will rank senior in right of payment to the respective Issuer's future subordinated indebtedness. The 2025 Notes are guaranteed on a senior, unsecured basis by the Company and substantially all of the domestic subsidiaries of ASI and the 3.125% 2025 Notes are guaranteed on a senior, unsecured basis by ASI. The guarantees of the 2025 Notes rank equal in right of payment to all of the senior obligations of such guarantor, including guarantees of the senior secured credit facilities, the 2024 Notes, the 2026 Notes and the 2028 Notes, as applicable, and in the case of the 3.125% 2025 Notes with respect to ASI, ASI’s obligations under the senior secured credit facilities, the 2024 Notes, the 2026 Notes, the 5.000% 2025 Notes and the 2028 Notes. Each series of the 2025 Notes and the related guarantees thereof are effectively subordinated to all of the respective Issuers' existing and future secured indebtedness, including obligations and/or guarantees of the senior secured credit facilities under the Credit Agreement, to the extent of the value of the assets securing that indebtedness, and structurally subordinated to all of the liabilities of any of ASI's subsidiaries that do not guarantee the 2025 Notes. Interest on the 2025 Notes is payable on April 1 and October 1 of each year, commencing on October 1, 2017. In the event of certain types of changes of control, the holders of the 2025 Notes may require the applicable Issuer to purchase for cash all or a portion of their 2025 Notes at a purchase price equal to 101% of the principal amount of such 2025 Notes, plus accrued and unpaid interest, if any, to, but not including, the purchase date. Beginning April 1, 2020, ASI has the option to redeem all or a portion of the 5.000% 2025 Notes at any time at the redemption prices set forth in the 5.000% 2025 Notes Indenture, plus accrued and unpaid interest. Beginning April 1, 2020, AIFS has the option to redeem all or a portion of the 3.125% 2025 Notes at any time at the redemption prices set forth in the 3.125% 2025 Notes Indenture, plus accrued and unpaid interest. The 5.000% 2025 Notes Indenture and the 3.125% 2025 Notes Indenture contain covenants limiting ASI's ability and the ability of its restricted subsidiaries to: incur additional indebtedness or issue certain preferred shares; pay dividends and make certain distributions, investments and other restricted payments; create certain liens; sell assets; enter into transactions with affiliates; limit the ability of restricted subsidiaries to make payments to ASI; enter into sale and leaseback transactions; merge, consolidate, sell or otherwise dispose of all or substantially all of ASI's and its restricted subsidiaries assets; and designate ASI's subsidiaries as unrestricted subsidiaries. The 5.000% 2025 Notes Indenture and the 3.125% 2025 Notes Indenture also provide for events of default which, if any of them occurs, would permit or require the principal of and accrued interest on the applicable series of 2025 Notes to become or to be declared due and payable. Further, a failure to pay any obligations under the 5.000% 2025 Notes Indenture or the 3.125% 2025 Notes Indenture as they become due or any event causing amounts to become due prior to their stated maturity could result in a cross-default and potential acceleration of the Company’s other outstanding debt obligations, including the other senior notes and obligations under the Credit Agreement. 5.125% Senior Notes due 2024 and 4.75% Senior Notes due 2026 On December 17, 2015, ASI issued $400 million of 5.125% Senior Notes due January 15, 2024 (the "Original 2024 Notes"), pursuant to an indenture, dated as of December 17, 2015 (the "2024 Base Indenture"), entered into by ASI, the Company and certain other Aramark entities, as guarantors of the Original 2024 Notes, and The Bank of New York Mellon, as trustee. The Original 2024 Notes were issued at par and the net proceeds were used for general corporate purposes and to reduce the outstanding balance under the Company's revolving credit facility. The Company paid approximately $6.0 million in financing fees related to the offering of the Original 2024 Notes. On May 31, 2016, ASI issued $1,000 million aggregate principal amount of senior unsecured notes, consisting of $500 million of additional 5.125% Senior Notes due January 15, 2024 (the "New 2024 Notes") and $500 million of 4.75% Senior Notes due June 1, 2026 (the "2026 Notes"). The New 2024 Notes constitute a further issuance of the Original 2024 Notes (together with the New 2024 Notes, the "2024 Notes"). The New 2024 Notes were issued pursuant to the Base Indenture, as supplemented by the supplemental indenture, dated as of May 31, 2016 (the "2024 Supplemental Indenture" and together with the 2024 Base Indenture, the "2024 Notes Indenture"), entered into by ASI, the Company and certain other Aramark entities, as guarantors of the New 2024 Notes, and The Bank of New York Mellon, as trustee. The 2026 Notes were issued pursuant to the indenture, dated as of May 31, 2016 (the "2026 Notes Indenture"), entered into by ASI, the Company and certain other Aramark entities, as guarantors of the 2026 Notes and The Bank of New York Mellon, as trustee. The New 2024 Notes were issued at a premium of $18.8 million , which created an effective yield of 4.6% . The premium was recorded to "Long-Term Borrowings" in the Consolidated Balance Sheets and is amortized to "Interest and Other Financing Costs, net" in the Consolidated Statements of Income until maturity in 2024. The 2024 Notes and 2026 Notes are senior unsecured obligations of ASI. The 2024 Notes and 2026 Notes rank equal in right of payment to all of the ASI's existing and future senior debt and senior in the right of payment to the ASI's future debt and other obligations that are expressly subordinated in right of payment to the 2024 Notes and 2026 Notes. The 2024 Notes and 2026 Notes are guaranteed on a senior, unsecured basis by the Company and substantially all of the domestic subsidiaries of ASI. The 2024 Notes and 2026 Notes and the guarantees thereof are effectively subordinated to all existing and future secured debt of ASI and the guarantors, to the extent of the value of the assets securing such debt, and structurally subordinated to all of the liabilities of any of ASI's subsidiaries that do not guarantee the 2024 Notes and 2026 Notes. Interest on the 2024 Notes is payable on January 15 and July 15 of each year. Interest on the 2026 Notes is payable on June 1 and December 1 of each year. In the event of certain types of changes of control, the holders of the 2024 Notes or 2026 Notes may require ASI to purchase for cash all or a portion of their 2024 Notes or 2026 Notes, as applicable, at a purchase price equal to 101% of the principal amount of such notes, plus accrued and unpaid interest, if any, but not including, the purchase date. Beginning January 15, 2019, ASI has the option to redeem all or a portion of the 2024 Notes at any time at the redemption prices set forth in the 2024 Notes Indenture, plus accrued and unpaid interest. Beginning June 1, 2021, ASI has the option to redeem all or a portion of the 2026 Notes at any time at the redemption prices set forth in the 2026 Notes Indenture, plus accrued and unpaid interest. The 2024 Notes Indenture and 2026 Notes Indenture contain covenants limiting the ASI's ability and the ability of its restricted subsidiaries to: incur additional indebtedness or issue certain preferred shares; pay dividends and make certain distributions, investments and other restricted payments; create certain liens; sell assets; enter into transactions with affiliates; limit the ability of restricted subsidiaries to make payments to ASI; enter into sale and leaseback transactions; merge, consolidate, sell or otherwise dispos |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Sep. 28, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | DERIVATIVE INSTRUMENTS: The Company enters into contractual derivative arrangements to manage changes in market conditions related to interest on debt obligations, foreign currency exposures and exposure to fluctuating gasoline and diesel fuel prices. Derivative instruments utilized during the period include interest rate swap agreements, foreign currency forward exchange contracts and gasoline and diesel fuel agreements. All derivative instruments are recognized as either assets or liabilities on the balance sheet at fair value at the end of each quarter. The counterparties to the Company's contractual derivative agreements are all major international financial institutions. The Company is exposed to credit loss in the event of nonperformance by these counterparties. The Company continually monitors its positions and the credit ratings of its counterparties, and does not anticipate nonperformance by the counterparties. For designated hedging relationships, the Company formally documents the hedging relationship and its risk management objective and strategy for undertaking the hedge, the hedging instrument, the hedged item, the nature of the risk being hedged and how the hedging instrument's effectiveness in offsetting the hedged risk will be assessed prospectively and retrospectively. The Company also formally assesses, both at the hedge's inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting cash flows of hedged items. Cash Flow Hedges The Company has approximately $2.6 billion notional amount of outstanding interest rate swap agreements as of September 28, 2018 , which fixes the rate on a like amount of variable rate borrowings through the first quarter of fiscal 2023. During fiscal 2018 , the Company entered into approximately $1.6 billion notional amount of interest rate swap agreements to hedge the cash flow risk of variability in interest payments on variable rate borrowings. In addition, interest rate swaps with notional amounts of $600.0 million matured during fiscal 2018 . As a result of the Credit Agreement entered into in fiscal 2017 , the Company de-designated the previous interest rate swap agreements as the terms of the interest rate swaps did not match the terms of the new term loans. Prior to the Credit Agreement, these agreements met the required criteria to be designated as cash flow hedging instruments. The Company then amended the interest rate swap agreements to match the terms of the new term loans under the Credit Agreement to meet the criteria to be designated as cash flow hedging instruments. As a result of the de-designation, the Company recorded charges to "Interest and Other Financing Costs, net" in the Consolidated Statements of Income during fiscal 2017 of approximately $2.9 million for the changes in market value of the interest rate swaps. Changes in the fair value of a derivative that is designated as and meets all the required criteria for a cash flow hedge are recorded in accumulated other comprehensive income (loss) and reclassified into earnings as the underlying hedged item affects earnings. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. As of September 28, 2018 and September 29, 2017 , approximately $36.2 million and ($6.8) million of unrealized net of tax gains (losses) related to the interest rate swaps were included in "Accumulated other comprehensive loss," respectively. During fiscal 2016 , the Company repaid a U.S. dollar denominated term loan of a Canadian subsidiary in the amount of $74.1 million . As a result of this repayment, the Company terminated its $74.1 million of outstanding amortizing cross currency swap agreements, which resulted in a pre-tax charge of approximately $1.1 million recorded to "Interest and Other Financing Costs, net" in the Consolidated Statements of Income during fiscal 2016 . The termination of these agreements resulted in the Company receiving $5.7 million of proceeds during fiscal 2016 . The following table summarizes the effect of our derivatives designated as cash flow hedging instruments on Other comprehensive income (loss) (in thousands): Fiscal Year Ended September 28, 2018 September 29, 2017 September 30, 2016 Interest rate swap agreements $ 55,445 $ 31,884 $ (21,321 ) Cross currency swap agreements — — (2,116 ) $ 55,445 $ 31,884 $ (23,437 ) Derivatives not Designated in Hedging Relationships The Company entered into a series of pay fixed/receive floating gasoline and diesel fuel agreements based on the Department of Energy weekly retail on-highway index in order to limit its exposure to price fluctuations for gasoline and diesel fuel. As of September 28, 2018 , the Company has contracts for approximately 15.4 million gallons outstanding through fiscal 2019 . The Company does not record its gasoline and diesel fuel agreements as hedges for accounting purposes. The impact on earnings related to the change in fair value of these unsettled contracts was not material in both fiscal 2018 and 2017 and was a gain of approximately $8.1 million for fiscal 2016 . The change in fair value for unsettled contracts is included in "Selling and general corporate expenses" in the Consolidated Statements of Income. When the contracts settle, the gain or loss is recorded to "Costs of services provided" in the Consolidated Statements of Income. As of September 28, 2018 , the Company had foreign currency forward exchange contracts outstanding with notional amounts of €59.0 million , £4.5 million and CAD 20.0 million to mitigate the risk of changes in foreign currency exchange rates on short-term intercompany loans to certain international subsidiaries. Gains and losses on these foreign currency exchange contracts are recognized in income as the contracts were not designated as hedging instruments, substantially offsetting currency transaction gains and losses on the short-term intercompany loans. The following table summarizes the location and fair value, using Level 2 inputs (see Note 15 for a description of the fair value levels), of the Company's derivatives designated and not designated as hedging instruments in the Consolidated Balance Sheets (in thousands): Balance Sheet Location September 28, 2018 September 29, 2017 ASSETS Designated as hedging instruments: Interest rate swap agreements Prepayments and other current assets $ 1,459 $ — Interest rate swap agreements Noncurrent Assets 54,708 — Not designated as hedging instruments: Foreign currency forward exchange contracts Prepayments and other current assets $ 209 $ 80 Gasoline and diesel fuel agreements Prepayments and other current assets 3,623 3,626 $ 59,999 $ 3,706 LIABILITIES Designated as hedging instruments: Interest rate swap agreements Accrued expenses and other current liabilities $ — $ 1,196 Interest rate swap agreements Other Noncurrent Liabilities — 9,313 $ — $ 10,509 The following table summarizes the location of (gain) loss reclassified from "Accumulated other comprehensive loss" into earnings for derivatives designated as hedging instruments and the location of (gain) loss for our derivatives not designated as hedging instruments in the Consolidated Statements of Income (in thousands): Fiscal Year Ended Income Statement Location September 28, 2018 September 29, 2017 September 30, 2016 Designated as hedging instruments: Interest rate swap agreements Interest Expense $ 5,185 $ 16,606 $ 32,800 Cross currency swap agreements Interest Expense — — 2,061 $ 5,185 $ 16,606 $ 34,861 Not designated as hedging instruments: Gasoline and diesel fuel agreements Costs of services provided / Selling and general corporate expenses $ (7,360 ) $ (1,277 ) $ (685 ) Foreign currency forward exchange contracts Interest Expense (67 ) (886 ) (8,847 ) $ (7,427 ) $ (2,163 ) $ (9,532 ) $ (2,242 ) $ 14,443 $ 25,329 The Company has an outstanding Japanese yen denominated term loan in the amount of ¥ 10,777.8 million . The term loan was designated as a hedge of the Company's net Japanese currency exposure represented by the equity investment in our Japanese affiliate, AIM Services Co., Ltd. Additionally, the Company has a Euro denominated term loan in the amount of € 129.1 million . The term loan was designated as a hedge of the Company's net Euro currency exposure represented by certain holdings in our European affiliates. At September 28, 2018 , the net of tax gain expected to be reclassified from "Accumulated other comprehensive loss" into earnings over the next twelve months based on current market rates is approximately $8.3 million . |
Employee Pension and Profit Sha
Employee Pension and Profit Sharing Plans | 12 Months Ended |
Sep. 28, 2018 | |
Retirement Benefits [Abstract] | |
Employee Pension and Profit Sharing Plans | EMPLOYEE PENSION AND PROFIT SHARING PLANS: In the United States, the Company maintains qualified contributory and non-contributory defined contribution retirement plans for eligible employees, with Company contributions to the plans based on earnings performance or salary level. The Company also has a non-qualified retirement savings plan for certain employees. The total expense of the above plans for fiscal 2018 , fiscal 2017 and fiscal 2016 was $22.5 million , $27.5 million and $32.4 million , respectively. The Company also maintains similar contributory and non-contributory defined contribution retirement plans at several of its international operations, primarily in Canada and the United Kingdom. The total expense of these international plans for fiscal 2018 , fiscal 2017 and fiscal 2016 was $8.6 million , $6.9 million and $9.4 million , respectively. The following table sets forth the components of net periodic pension cost for the Company's single-employer defined benefit pension plans for fiscal 2018 , fiscal 2017 and fiscal 2016 (in thousands): Fiscal Year Ended September 28, 2018 September 29, 2017 September 30, 2016 Service cost $ 7,121 $ 8,834 $ 7,850 Interest cost 10,579 8,398 11,041 Expected return on plan assets (22,864 ) (18,350 ) (17,679 ) Settlements and curtailments 3,312 — 159 Amortization of prior service cost 116 122 107 Recognized net loss 1,646 3,400 1,504 Net periodic pension cost (income) $ (90 ) $ 2,404 $ 2,982 The following table sets forth changes in the projected benefit obligation and the fair value of plan assets for these plans (in thousands): Change in benefit obligation: September 28, 2018 September 29, 2017 Benefit obligation, beginning $ 333,672 $ 339,313 Impact of AmeriPride acquisition 79,605 — Foreign currency translation (11,312 ) 13,883 Service cost 7,121 8,834 Interest cost 10,579 8,398 Employee contributions 2,571 2,261 Actuarial loss (gain) (10,869 ) (24,923 ) Benefits paid (16,862 ) (14,316 ) Settlements and curtailments (1) (22,662 ) 222 Change in control payment (5,417 ) — Benefit obligation, ending $ 366,426 $ 333,672 Change in plan assets: Fair value of plan assets, beginning $ 341,538 $ 319,985 Impact of AmeriPride acquisition 73,273 — Foreign currency translation (12,359 ) 14,564 Employer contributions 13,988 4,285 Employee contributions 2,571 2,261 Actual return on plan assets 23,971 14,759 Benefits paid (16,862 ) (14,316 ) Settlements (1) (10,877 ) — Change in control payment (5,417 ) — Fair value of plan assets, end 409,826 341,538 Funded Status at end of year $ 43,400 $ 7,866 (1) Fiscal 2018 includes the impact of the Canadian pension plan freeze and the UK pension plan settlement resulting from the transfer of members out of the plan. Amounts recognized in the Consolidated Balance Sheets consist of the following (in thousands): September 28, 2018 September 29, 2017 Noncurrent benefit asset (included in Other Assets) $ 59,481 $ 23,056 Noncurrent benefit liability (included in Other Noncurrent Liabilities) (16,081 ) (15,190 ) Net actuarial loss (included in Accumulated other comprehensive loss before taxes) 48,067 77,717 The following weighted average assumptions were used to determine pension expense of the respective fiscal years: September 28, 2018 September 29, 2017 Discount rate 3.2 % 2.8 % Rate of compensation increase 2.0 % 2.4 % Long-term rate of return on assets 5.8 % 6.1 % The following weighted average assumptions were used to determine the funded status of the respective fiscal years: September 28, 2018 September 29, 2017 Discount rate 3.3 % 2.9 % Rate of compensation increase 2.1 % 2.4 % Assumptions, including discount rate, expected return on assets, compensation increases and health care trends, are adjusted annually, as necessary, based on prevailing market conditions and actual experience. The Company elected to use a spot-rate approach for the discount rate used in the calculation of pension interest and service cost for fiscal 2017 and beyond. The spot-rate approach applies separate discount rates for each projected benefit payment in the calculation. Historically, the Company used a weighted-average approach to determine the appropriate discount rate. The impact of the change is not material to the consolidated financial statements. The accumulated benefit obligation as of September 28, 2018 was $364.0 million . During fiscal 2018 , settlement gains and actuarial losses of approximately $3.9 million and $22.2 million , respectively, were recognized in other comprehensive income (before taxes) and $1.6 million of amortization of actuarial losses was recognized as net periodic pension cost during such period. The estimated portion of net actuarial loss included in accumulated other comprehensive income (loss) as of September 28, 2018 expected to be recognized in net periodic pension cost during fiscal 2019 is approximately $1.5 million (before taxes). The accumulated benefit obligation as of September 29, 2017 was $316.0 million . During fiscal 2017 , actuarial losses of approximately $24.8 million were recognized in other comprehensive loss (before taxes) and $3.6 million of amortization of actuarial losses was recognized as net periodic pension cost during such period. The following table sets forth information for the Company's single-employer pension plans with an accumulated benefit obligation in excess of plan assets as of September 28, 2018 and September 29, 2017 (in thousands): September 28, 2018 September 29, 2017 Projected benefit obligation $ 16,081 $ 141,401 Accumulated benefit obligation 15,935 140,547 Fair value of plan assets (1) — 126,210 (1) The change in the fair value of the plan assets relates to certain plans being in a funded status position. Assets of the plans are invested with the goal of principal preservation and enhancement over the long-term. The primary goal is total return, consistent with prudent investment management. The Company's investment policies also require an appropriate level of diversification across the asset categories. The current overall capital structure and targeted ranges for asset classes are 50 - 70 % invested in equity securities, 20 - 50 % invested in debt securities and 0 - 10% in real estate investments and cash and cash equivalents. Performance of the plans is monitored on a regular basis and adjustments of the asset allocations are made when deemed necessary. The weighted-average long-term rate of return on assets has been determined based on an estimated weighted-average of long-term returns of major asset classes, taking into account historical performance of plan assets, the current interest rate environment, plan demographics, acceptable risk levels and the estimated value of active asset management. The fair value of plan assets for the Company's defined benefit pension plans as of September 28, 2018 and September 29, 2017 is as follows (see Note 16 for a description of the fair value levels) (in thousands): September 28, 2018 Quoted prices in active markets Level 1 Significant other observable inputs Level 2 Significant unobservable inputs Level 3 Cash and cash equivalents and other $ 20,568 $ 20,568 $ — $ — Equity securities: Investment trusts 11,689 11,689 — — Investment funds: Equity funds 220,853 — 220,853 — Fixed income funds 146,271 — 146,271 — Real estate 10,445 — — 10,445 Total $ 409,826 $ 32,257 $ 367,124 $ 10,445 September 29, 2017 Quoted prices in active markets Level 1 Significant other observable inputs Level 2 Significant unobservable inputs Level 3 Cash and cash equivalents and other $ 741 $ 741 $ — $ — Investment funds: Equity funds 202,253 — 202,253 — Fixed income funds 128,155 — 128,155 — Real estate 10,389 — — 10,389 Total $ 341,538 $ 741 $ 330,408 $ 10,389 The fair value of the investment funds is based on the value of the underlying assets, as reported to the Plan by the trustees. They are comprised of a portfolio of underlying securities that can be valued based on trading information on active markets. Fair value is calculated by applying the Plan's percentage ownership in the fund to the total market value of the account's underlying securities, and is therefore categorized as Level 2 as the Plan does not directly own shares in these underlying investments. Investments in equity securities include publicly-traded domestic companies (approximately 34% ) and international companies (approximately 66% ) that are diversified across industry, country and stock market capitalization. Investments in fixed income securities consist of international corporate bonds and government securities. Substantially all of the real estate investments are in international markets. Cash and cash equivalents include direct cash holdings, which are valued based on cost, and short-term deposits and investments in money market funds for which fair value measurements are all based on quoted prices for similar assets or liabilities in markets that are active. During fiscal 2018, the Company amended certain Canadian pension plans to freeze benefit accruals. The plan will be closed to new participants and current participants will no longer earn additional benefits. It is the Company's policy to fund at least the minimum required contributions as outlined in the required statutory actuarial valuation for each plan. The following table sets forth the benefits expected to be paid in the next five fiscal years and in aggregate for the five fiscal years thereafter by the Company's defined benefit pension plans (in thousands): Fiscal 2019 $ 15,433 Fiscal 2020 15,497 Fiscal 2021 16,086 Fiscal 2022 16,469 Fiscal 2023 16,867 Fiscal 2024 – 2028 89,884 The estimated benefit payments above are based on assumptions about future events. Actual benefit payments may vary significantly from these estimates. The expected contributions to be paid to the Company's defined benefit pension plans during fiscal 2019 are approximately $3.7 million . Multiemployer Defined Benefit Pension Plans The Company contributes to a number of multiemployer defined benefit pension plans under the terms of collective-bargaining agreements ("CBA") that cover its union-represented employees. The risks of participating in these multiemployer plans are different from single-employer plans in the following respects: a. Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. b. If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. c. If the Company chooses to stop participating in some of its multiemployer plans, the Company may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability. The Company's participation in these plans for fiscal 2018 is outlined in the table below. The "EIN/Pension Plan Number" column provides the Employee Identification Number (EIN) and the three-digit plan number, if applicable. Unless otherwise noted, the most recent Pension Protection Act (PPA) zone status available in 2018 and 2017 is for the plans' two most recent fiscal year-ends. The zone status is based on information that the Company received from the plan and is certified by the plan's actuary. Among other factors, plans in the critical and declining zone are generally less than 65% funded and projected to become insolvent in the next 15 or 20 years depending on the ratio of active to inactive participants, plans in the critical zone are generally less than 65% funded, plans in the endangered zone are less than 80% funded, and plans in the green zone are at least 80% funded. The "FIP/RP Status Pending/Implemented" column indicates plans for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented. The last column lists the expiration date(s) of the CBA(s) to which the plans are subject. There have been no significant changes that affect the comparability of fiscal 2018 , fiscal 2017 and fiscal 2016 contributions. Pension Fund EIN/Pension Plan Number Pension Protection Act Zone Status FIP/RP Status Pending/ Implemented Contributions by the Company (in thousands) Range of Expiration Dates of CBAs 2018 2017 2018 2017 2016 Surcharge Imposed National Retirement Fund 13-6130178/ 001 Critical Critical Implemented $ 4,147 $ 7,541 $ 6,675 No 5/4/2018 - 9/30/2021 UNITE HERE Retirement Fund (1) 82-0994119/ 001 Critical N/A Implemented 3,686 N/A N/A No 8/31/2015 - 8/13/2021 Local 1102 Retirement Trust (2) 13-1847329/ 001 Endangered Critical Implemented 1,206 397 339 No 6/30/2019 - 10/31/2020 Central States SE and SW Areas Pension Plan 36-6044243/ 001 Critical and Declining Critical and Declining Implemented 4,128 3,836 3,723 No 1/31/2007 - 1/31/2023 Pension Plan for Hospital & Health Care Employees Philadelphia & Vicinity 23-2627428/ 001 Critical Critical Implemented 319 336 216 No 1/31/2023 Local 731 Private Scavengers and Garage Attendants Pension Trust Fund (3) 36-6513567/ 001 Green Green N/A 907 898 813 No 4/26/2019 SEIU National Industry Pension Fund (4) 52-6148540/ 001 Critical Critical Implemented 501 429 404 No 4/14/2019 - 12/31/2019 Local 171 Pension Plan (5) 37-6155648/ 001 Critical and Declining Critical and Declining Implemented 37 82 83 No N/A Other funds 17,692 15,170 14,415 Total contributions $ 32,623 $ 28,689 $ 26,668 (1) Effective January 1, 2018, the UNITE HERE portion of the National Retirement Fund was spun off into the newly formed UNITE HERE Retirement Fund. (2) Over 90% of the Company's participants in this fund are covered by a single CBA that expires on 6/30/2019. (3) Effective October 1, 2017, the Local 731 Textile Maintenance and Laundry Craft Pension Plan merged into the Local 731 Private Scavengers and Garage Attendants Pension Trust Fund. (4) Over 75% of the Company's participants in this fund are covered by a single CBA that expires on 12/31/2019. (5) During fiscal 2018, the Company negotiated with a union to discontinue its participation in the fund. The Company provided more than 5 percent of the total contributions for the following plans and plan years: Pension Contributions to the plan exceeded more than 5% of total contributions (as of the plan's year-end) Local 1102 Retirement Trust 12/31/2017 and 12/31/2016 At the date the Company's financial statements were issued, Forms 5500 were not available for the plan years ending in 2018 . |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 28, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES: The Company accounts for income taxes using the asset and liability method. Under this method, the provision for income taxes represents income taxes payable or refundable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases in assets and liabilities and are adjusted for changes in tax rates and enacted tax legislation. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. The components of income before income taxes by source of income are as follows (in thousands): Fiscal Year Ended September 28, 2018 September 29, 2017 September 30, 2016 United States $ 326,277 $ 362,783 $ 284,216 Non-U.S. 145,599 157,859 146,715 $ 471,876 $ 520,642 $ 430,931 The (benefit) provision for income taxes consists of (in thousands): Fiscal Year Ended September 28, 2018 September 29, 2017 September 30, 2016 Current: Federal $ (48,249 ) $ 111,175 $ 39,510 State and local 11,356 15,455 15,750 Non-U.S. 44,618 57,681 35,023 7,725 184,311 90,283 Deferred: Federal (113,475 ) (21,956 ) 47,323 State and local 7,408 3,165 (740 ) Non-U.S. 1,778 (19,065 ) 5,833 (104,289 ) (37,856 ) 52,416 $ (96,564 ) $ 146,455 $ 142,699 Current taxes receivable of $7.5 million and $9.6 million at September 28, 2018 and September 29, 2017 , respectively, are included in "Prepayments and other current assets" in the Consolidated Balance Sheets. Current income taxes payable of $47.9 million and $30.7 million at September 28, 2018 and September 29, 2017 , respectively, are included in "Accrued expenses and other current liabilities" in the Consolidated Balance Sheets. The provision for income taxes varies from the amount determined by applying the United States Federal statutory rate to pretax income as a result of the following (all percentages are as a percentage of income before income taxes): Fiscal Year Ended September 28, 2018 September 29, 2017 September 30, 2016 United States statutory income tax rate 24.5 % 35.0 % 35.0 % Increase (decrease) in taxes, resulting from: State income taxes, net of Federal tax benefit 3.2 2.3 2.3 Foreign taxes 3.3 (4.3 ) (1.4 ) Permanent book/tax differences (1.2 ) (3.8 ) 0.3 Uncertain tax positions (0.3 ) 1.4 0.1 U.S. Tax Reform - Remeasurement of deferred taxes (49.3 ) — — U.S. Tax Reform - Foreign tax credit valuation allowance 2.8 — — Tax credits & other (3.5 ) (2.5 ) (3.2 ) Effective income tax rate (20.5 )% 28.1 % 33.1 % The effective tax rate is based on expected income, statutory tax rates and tax planning opportunities available to the Company in the various jurisdictions in which it operates. Judgment is required in determining the effective tax rate and in evaluating the tax return positions. Reserves are established when positions are "more likely than not" to be challenged and not sustained. Reserves are adjusted at each financial statement date to reflect the impact of audit settlements, expiration of statutes of limitation, developments in tax law and ongoing discussions with tax authorities. Accrued interest and penalties associated with uncertain tax positions are recognized as part of the income tax provision. As of September 28, 2018 , certain subsidiaries have recorded deferred tax assets of $26.3 million associated with accumulated federal, state and foreign net operating loss carryforwards. The Company believes it is more likely than not that the benefit from certain state and foreign net operating loss ("NOL") carryforwards will not be realized. As a result, the Company has recorded a valuation allowance of approximately $14.6 million on the deferred tax asset related to these state and foreign NOL carryforwards. The impact of the change in valuation allowances for state and foreign NOLs is presented in the State income taxes, net of Federal tax benefit and Foreign taxes lines, respectively, of the effective income tax rate reconciliation. As of September 28, 2018 , the Company has approximately $32.3 million of foreign tax credit ("FTC") carryforwards, which expire in 2027 , and approximately $1.3 million of interest restriction carryforwards. The Company believes it is more likely than not that the full benefit of these FTC carryforwards and interest restriction carryforwards will not be realized. As a result, the Company has recorded valuation allowances of approximately $13.1 million and approximately $1.3 million on the deferred tax assets related to these FTC carryforwards and interest restriction carryforwards, respectively. The change in the valuation allowance for the FTC carryforwards is the result of the “Tax Cuts and Jobs Act” discussed below. As of September 28, 2018 and September 29, 2017 , the components of deferred taxes are as follows (in thousands): September 28, 2018 September 29, 2017 Deferred tax liabilities: Property and equipment $ 126,345 $ 92,268 Investments 12,213 20,317 Other intangible assets, including goodwill 474,263 629,153 Inventory 63,835 97,622 Derivatives 21,599 — Other 17,450 25,992 Gross deferred tax liability 715,705 865,352 Deferred tax assets: Insurance 40,240 33,811 Employee compensation and benefits 136,603 209,951 Accruals and allowances 19,338 31,026 Net operating loss/credit carryforwards and other 60,576 48,793 Gross deferred tax asset, before valuation allowances 256,757 323,581 Valuation allowances (29,023 ) (11,513 ) Net deferred tax liability $ 487,971 $ 553,284 Rollfoward of the valuation allowance is as follows: September 28, 2018 September 29, 2017 Balance, beginning of year $ (11,513 ) $ (7,352 ) Additions (1) (21,101 ) (4,161 ) Subtractions (2) 3,591 — Balance, end of year $ (29,023 ) $ (11,513 ) (1) Mainly driven by the Tax Cuts and Jobs Act impacting the ability to utilize FTC carryforwards going forward, as well as the inability to use foreign NOL carryforwards. (2) Planning resulted in taxable income in separate Company states that had historical losses. Deferred tax liabilities of approximately $503.4 million and $570.9 million as of September 28, 2018 and September 29, 2017 , respectively, are included in "Deferred Income Taxes and Other Noncurrent Liabilities" in the Consolidated Balance Sheets. Deferred tax assets of approximately $15.5 million and $17.6 million as of September 28, 2018 and September 29, 2017 , respectively, are included in "Other Assets" in the Consolidated Balance Sheets. The Company has approximately $29.1 million of total gross unrecognized tax benefits as of September 28, 2018 , all of which, if recognized, would impact the effective tax rate. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits follows (in thousands): September 28, 2018 September 29, 2017 Balance, beginning of year $ 30,812 $ 22,752 Additions based on tax positions taken in the current year 709 9,323 Additions for tax positions taken in prior years 1,505 4,028 Reductions for remeasurements, settlements and payments (2,368 ) (3,972 ) Reductions due to statute expiration (1,569 ) (1,319 ) Balance, end of year $ 29,089 $ 30,812 The Company has approximately $4.9 million and $5.0 million accrued for interest and penalties as of September 28, 2018 and September 29, 2017 , respectively, and recorded an immaterial amount and approximately ($1.0) million in interest and penalties during fiscal 2018 and fiscal 2017 , respectively. Interest and penalties related to unrecognized tax benefits are recorded in "(Benefit) Provision for income taxes" in the Consolidated Statements of Income. Unrecognized tax benefits are not expected to significantly change within the next 12 months. Generally, a number of years may elapse before a tax reporting year is audited and finally resolved. With few exceptions, the Company is no longer subject to U.S. federal, state or local examinations by tax authorities before 2014. While it is often difficult to predict the final outcome or the timing of or resolution of a particular tax matter, the Company does not anticipate any adjustments resulting from U.S. federal, state or foreign tax audits that would result in a material change to the financial condition or results of operations. Adequate amounts are established for any adjustments that may result from examinations for tax years after 2014. However, an unfavorable settlement of a particular issue would require use of the Company's cash. On December 22, 2017, “H.R.1,” commonly referred to as the “Tax Cuts and Jobs Act” (the “Tax Legislation”) was signed into U.S. law. The Tax Legislation, which was effective on January 1, 2018, significantly revises the U.S. tax code by, among other things, lowering the corporate income tax rate from 35.0% to 21.0% and implementing new international tax provisions that includes a one-time transition tax on deemed repatriated earnings of foreign subsidiaries. Though certain key aspects of the new law are effective January 1, 2018 and have an immediate accounting impact, other significant provisions are not effective or may not result in accounting implications for the Company until after the fiscal year ended September 28, 2018. The legislation requires the Company to use a blended rate for its fiscal 2018 tax year by applying a prorated percentage of days before and after the January 1, 2018 effective date. As a result, the Company's 2018 annual statutory rate has been reduced to 24.5% . During fiscal 2018, the Company made reasonable estimates related to certain impacts of the Tax Legislation and, in accordance with the Securities and Exchange Commission (“SEC”) Staff Accountant Bulletin No. 118, Income Tax Accounting Implications of the Tax Cut and Jobs Act (“SAB 118”), recorded a provisional estimate during the measurement period, when it does not have the necessary information available, prepared, or analyzed in reasonable detail to complete its accounting for the change in tax law. As a result of the enactment of the Tax Legislation, the Company was required to recognize the effect of the corporate income tax rate change on its deferred tax assets and liabilities in fiscal 2018, the period in which the legislation was enacted. The Company recorded a tax benefit from the corporate income tax rate change and certain other adjustments, which resulted in a noncash benefit to the (benefit) provision for income taxes of approximately $237.8 million , which was recorded to the Consolidated Statements of Income for the fiscal year ended September 28, 2018. A corresponding reduction to the Company's deferred income tax liability was also recorded to the Consolidated Balance Sheets during the fiscal year ended September 28, 2018. The Tax Legislation also requires the Company to calculate a one-time transition tax on unremitted earnings of certain non-U.S. subsidiaries. Based on a provisional estimate, the Company believes there is no transition tax due, net of foreign tax credits. As a result of the Tax Legislation, the Company re-assessed the ability to recover its $27.2 million of FTC carryforwards. Based on currently available information, the Company believes it will not generate sufficient foreign source income in the carryforward period to utilize a portion of these credits. As a result, the Company recorded a valuation allowance of $13.1 million against its foreign tax credit carryforward during the fiscal year ending September 28, 2018 as a provisional estimate. The Tax Legislation contains additional international provisions which may impact the Company prospectively, including the tax on “Global Intangible Low-Taxed Income” (“GILTI”). The Company is currently unable to provide a reasonable provisional estimate as to whether additional deferred tax assets and liabilities should be recognized for basis differences expected to reverse as GILTI in future years, pending clarification of interpretive issues and the availability of the necessary information to develop a reasonable estimate. Accordingly, the Company has yet to determine whether GILTI tax should be recorded as a period expense or measured as a deferred tax asset or liability. As the result of the new rules, which include a shift from a worldwide system of taxation to a participation exemption system, the Company generally will not incur additional U.S. tax liability on the distribution of unremitted foreign earnings. However, other items continue to trigger additional tax expense for which no deferred tax liability has been recorded, including Section 986(c) currency gain/loss, foreign withholding taxes and state taxes. As a result, the Company has performed a preliminary assessment of its indefinite reinvestment position, pending further analysis and expected guidance around newly enacted legislation of U.S. taxation of foreign multinational companies, including the transition tax, GILTI and the potential tax liabilities attributable to repatriation under the Tax Legislation. Accordingly, the provisional estimate of undistributed earnings of certain foreign subsidiaries for which no deferred tax liability was recorded amounted to approximately $86.3 million as of September 28, 2018. The provisional estimate of foreign withholding tax cost associated with remitting these earnings is approximately $5.1 million . Such amount has not been accrued by the Company as it believes those foreign earnings are permanently reinvested. The provisional amounts are based on information available at this time and subject to change due to several factors, including but not limited to, management’s further assessment of the Tax Legislation and related regulatory guidance and guidance that may be issued and actions the Company may take as a result of the Tax Legislation. The Tax Legislation also contains limitations on the deductibility of interest expense and certain executive compensation that are not expected to impact the Company until fiscal years ending after September 28, 2018. The Company continues to evaluate their impact on the financial statements. The Company will finalize the accounting for tax effects of the enactment of the Tax Legislation during the measurement period, will reflect adjustments to the provisional amounts recorded and will record additional tax effects in the periods such adjustments are identified. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Sep. 28, 2018 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | STOCKHOLDERS' EQUITY: During fiscal 2017, the Board of Directors authorized a new share repurchase program providing for purchases of up to $250.0 million of Aramark common stock through February 1, 2019. During the first quarter of fiscal 2018 , the Company completed a repurchase of approximately 0.6 million shares of its common stock for $24.4 million . During the second quarter of fiscal 2017 , the Company completed a repurchase of approximately 2.8 million shares of its common stock for $100.0 million . The following table presents the Company's dividend payments to its stockholders (in millions): September 28, 2018 September 29, 2017 September 30, 2016 Dividend payments $ 103.1 $ 100.8 $ 92.1 On November 7, 2018 , a $0.11 dividend per share of common stock was declared, payable on December 6, 2018 , to shareholders of record on the close of business on November 26, 2018 . |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Sep. 28, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | SHARE-BASED COMPENSATION: On November 12, 2013, the Board of Directors (the "Board") approved, and the stockholders of Aramark adopted by written consent, the Aramark 2013 Stock Incentive Plan (the "Old 2013 Stock Plan"), which became effective on December 1, 2013 and the amended and restated Old 2013 Stock Plan was approved by the Board on November 9, 2016 and approved by the stockholders of Aramark on February 1, 2017 (as amended, the "2013 Stock Plan"). The 2013 Stock Plan provides that the total number of shares of common stock that may be issued under the 2013 Stock Plan is 25,500,000 . The following table summarizes the share-based compensation expense and related information for Time-Based Options ("TBOs"), Performance-Based Options ("PBOs"), Time-Based Restricted Stock Units ("RSUs"), Performance Stock Units and Performance Restricted Stock ("PSUs"), and Deferred Stock and Other Units classified as "Selling and general corporate expenses" in the Consolidated Statements of Income (in millions). Fiscal Year Ended September 28, 2018 September 29, 2017 September 30, 2016 TBOs $ 18.5 $ 20.4 $ 18.8 RSUs 24.1 20.8 21.4 PSUs (1) 43.7 21.6 13.9 Deferred Stock and Other Units 2.0 2.4 2.8 $ 88.3 $ 65.2 $ 56.9 Taxes related to share-based compensation $ 24.1 $ 24.2 $ 22.3 Cash Received from Option Exercises 21.5 28.8 35.7 Tax Benefit on Share Deliveries (2) 7.4 23.3 32.0 (1) During the third quarter of fiscal 2018, the Company increased the expected adjusted earnings per share target attainment percentage for both the fiscal 2016 and fiscal 2017 PSU grants, resulting in additional share-based compensation expense. The target for the 2016 PSU grants was achieved as of the end of fiscal 2018. (2) The tax benefit on option exercises and restricted stock unit deliveries is included in "Accrued Expenses" in the Consolidated Statements of Cash Flows. No compensation expense was capitalized. Prior to the fourth quarter of fiscal 2018 , the Company has applied a forfeiture assumption of 8.7% per annum in the calculation of such expenses. This rate was reduced to approximately 6.4% per annum in the fourth quarter of fiscal 2018 based on actual forfeiture activity. The below table summarizes the unrecognized compensation expense as of September 28, 2018 related to nonvested awards and the weighted-average period they are expected to be recognized: Unrecognized Compensation Expense (in millions) Weighted-Average Period (Years) TBOs $ 22.6 2.14 RSUs 56.6 2.47 PSUs 24.1 1.49 Total $ 103.3 Stock Options Time-Based Options TBOs vest solely based upon continued employment over a four year time period. All TBOs remain exercisable for ten years from the date of grant. The fair value of the TBOs granted was estimated using the Black-Scholes option pricing model. The expected volatility is based on a blended average of the historical volatility of the Company's and competitors' stocks over the expected term of the stock options. The expected life represents the period of time that options granted are expected to be outstanding and is calculated using the simplified method as permitted under Securities and Exchange Commission ("SEC") rules and regulations due to the method providing a reasonable estimate in comparison to actual experience. The simplified method uses the midpoint between an option's vesting date and contractual term. The risk-free rate is based on the United States Treasury security with terms equal to the expected life of the option as of the grant date. Compensation expense for TBOs is recognized on a straight-line basis over the vesting period during which employees perform related services. The table below presents the weighted average assumptions and related valuations for TBOs. Fiscal Year Ended September 28, 2018 September 29, 2017 September 30, 2016 Expected volatility 20% 25% 30% Expected dividend yield 1.03% - 1.11% 1.11% - 1.21% 1.15% - 1.25% Expected life (in years) 6.25 6.25 6.25 Risk-free interest rate 2.25% - 2.94% 2.14% - 2.20% 1.50% - 2.04% Weighted-average grant-date fair value $8.75 $8.47 $9.21 A summary of TBO activity is presented below: Options Shares Weighted- Aggregate Intrinsic Value ($000s) Weighted-Average Remaining Term (Years) Outstanding at September 29, 2017 13,074 $ 24.39 Granted 1,914 $ 40.67 Exercised (1,111 ) $ 21.00 Forfeited and expired (575 ) $ 34.37 Outstanding at September 28, 2018 13,302 $ 26.60 $ 218,450 6.2 Exercisable at September 28, 2018 8,469 $ 21.36 $ 183,456 5.0 Expected to vest at September 28, 2018 4,498 $ 35.64 $ 33,177 8.1 Fiscal Year Ended September 28, 2018 September 29, 2017 September 30, 2016 Total intrinsic value exercised (in millions) $ 16.6 $ 32.2 $ 49.9 Total fair value that vested (in millions) 17.3 17.7 17.5 Performance-Based Options The Company no longer grants PBOs under the 2013 Stock Plan. All PBOs remain exercisable for ten years from the date of grant. A summary of PBO activity is presented below: Options Shares Weighted- Aggregate Intrinsic Value ($000s) Weighted-Average Remaining Term (Years) Outstanding at September 29, 2017 2,182 $ 12.28 Granted — $ — Exercised (302 ) $ 11.21 Forfeited and expired (5 ) $ 10.90 Outstanding at September 28, 2018 1,875 $ 12.46 $ 57,317 3.0 Exercisable at September 28, 2018 1,875 $ 12.46 $ 57,317 3.0 The total intrinsic value of PBOs exercised during fiscal 2018 , fiscal 2017 and fiscal 2016 was $7.4 million , $26.6 million and $39.2 million , respectively. Time-Based Restricted Stock Units The RSU agreement provides for grants of RSUs, 25% of which will vest and be settled in shares on each of the first four anniversaries of the date of grant, subject to the participant's continued employment with the Company through each such anniversary. The grant-date fair value of RSUs is based on the fair value of the Company's common stock. Participants holding RSUs will receive the benefit of any dividends paid on shares in the form of additional RSUs. The unvested units are subject to forfeiture if employment is terminated other than due to death, disability or retirement, and the units are nontransferable while subject to forfeiture. Restricted Stock Units Units Weighted Average Grant Date Fair Value Outstanding at September 29, 2017 1,935 $ 31.44 Granted 1,369 $ 40.34 Vested (586) $ 31.73 Forfeited (310) $ 37.01 Outstanding at September 28, 2018 2,408 $ 36.66 Performance Stock Units Under the 2013 Stock Plan, the Company is authorized to grant PSUs to its employees. A participant is eligible to become vested in a number of PSUs equal to a percentage, higher or lower, of the target number of PSUs granted based on the level of the Company's achievement of the performance condition. During fiscal 2016, the Company granted PSUs with cliff vesting subject to the achievement of adjusted earnings per share in the third fiscal year of grant and the participant's continued employment with the Company, which vested at the end of fiscal 2018. During fiscal 2017, the Company granted PSUs subject to the level of achievement of adjusted earnings per share for the cumulative three year performance period and the participant's continued employment with the Company. During fiscal 2018, the Company granted PSUs subject to the level of achievement of adjusted earnings per share and return on invested capital for the cumulative three year performance period and the participant's continued employment with the Company. The grant-date fair value of the PSUs is based on the fair value of the Company's common stock. Performance Stock Units Units Weighted Average Grant Date Fair Value Outstanding at September 29, 2017 1,270 $ 31.82 Granted 736 $ 38.95 Vested (211) $ 28.79 Forfeited (181) $ 35.40 Outstanding at September 28, 2018 1,614 $ 34.99 Deferred Stock Units Deferred Stock Units are issued only to non-employee members of the Board of Directors of the Company and represent the right to receive shares of the Company's common stock in the future. Each deferred stock unit will be converted to one share of the Company's common stock on the first day of the seventh month after which such director ceases to serve as a member of the Board of Directors. The grant-date fair value of deferred stock units is based on the fair value of the Company's common stock. The deferred stock units vest on the day prior to the next annual meeting of stockholders (which is generally one year after grant). The Company granted 49,193 deferred stock units during fiscal 2018 . In addition, directors may elect to defer their cash retainer into Deferred Stock Units which are fully vested upon issuance. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Sep. 28, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE: Basic earnings per share is computed using the weighted average number of common shares outstanding during the periods presented. Diluted earnings per share is computed using the weighted average number of common shares outstanding adjusted to include the potentially dilutive effect of stock awards. The following table sets forth the computation of basic and diluted earnings per share attributable to the Company's stockholders (in thousands, except per share data): Fiscal Year Ended September 28, 2018 September 29, 2017 September 30, 2016 Earnings: Net income attributable to Aramark stockholders $ 567,885 $ 373,923 $ 287,806 Shares: Basic weighted-average shares outstanding 245,771 244,453 242,286 Effect of dilutive securities 7,581 7,104 6,477 Diluted weighted-average shares outstanding 253,352 251,557 248,763 Basic Earnings Per Share: Net income attributable to Aramark stockholders $ 2.31 $ 1.53 $ 1.19 Diluted Earnings Per Share: Net income attributable to Aramark stockholders $ 2.24 $ 1.49 $ 1.16 Share-based awards to purchase 1.6 million , 3.9 million and 2.1 million shares were outstanding at September 28, 2018 , September 29, 2017 and September 30, 2016 , respectively, but were not included in the computation of diluted earnings per common share, as their effect would have been antidilutive. In addition, PSUs related to 1.2 million shares, 1.2 million shares and 0.6 million shares were outstanding at September 28, 2018 , September 29, 2017 and September 30, 2016 , respectively, but were not included in the computation of diluted earnings per common share, as the performance targets were not yet met. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Sep. 28, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES: The Company has capital and other purchase commitments of approximately $675.4 million at September 28, 2018 , primarily in connection with commitments for capital projects and client contract investments to help finance improvements or renovations at the facilities in which the Company operates. At September 28, 2018 , the Company also has letters of credit outstanding in the amount of $60.2 million . Certain of the Company's lease arrangements, primarily vehicle leases, with terms of one to eight years, contain provisions related to residual value guarantees. The maximum potential liability to the Company under such arrangements was approximately $84.3 million at September 28, 2018 if the terminal fair value of vehicles coming off lease was zero . Consistent with past experience, management does not expect any significant payments will be required pursuant to these arrangements. No amounts have been accrued for guarantee arrangements at September 28, 2018 . Rental expense for all operating leases was $187.5 million , $170.0 million and $180.7 million for fiscal 2018 , fiscal 2017 and fiscal 2016 , respectively. Following is a schedule of the future minimum rental and similar commitments under all noncancelable operating leases and certain residual value guarantees as of September 28, 2018 (in thousands): 2019 $ 213,439 2020 109,152 2021 81,105 2022 72,020 2023 64,352 2024-Thereafter 358,302 Total minimum rental obligations $ 898,370 From time to time, the Company and its subsidiaries are a party to various legal actions, proceedings and investigations involving claims incidental to the conduct of their business, including actions by clients, consumers, employees, government entities and third parties, including under federal, state, international, national, provincial and local employment laws, wage and hour laws, discrimination laws, immigration laws, human health and safety laws, import and export controls and customs laws, environmental laws, false claims or whistleblower statutes, minority, women and disadvantaged business enterprise statutes, tax codes, antitrust and competition laws, consumer protection statutes, procurement regulations, intellectual property laws, food safety and sanitation laws, cost and accounting principles, the Foreign Corrupt Practices Act, the U.K. Bribery Act, other anti-corruption laws, lobbying laws, motor carrier safety laws, data privacy and security laws and alcohol licensing and service laws, or alleging negligence and/or breaches of contractual and other obligations. Based on information currently available, advice of counsel, available insurance coverage, established reserves and other resources, the Company does not believe that any such actions are likely to be, individually or in the aggregate, material to its business, financial condition, results of operations or cash flows. However, in the event of unexpected further developments, it is possible that the ultimate resolution of these matters, or other similar matters, if unfavorable, may be materially adverse to the Company's business, financial condition, results of operations or cash flows. |
Business Segments
Business Segments | 12 Months Ended |
Sep. 28, 2018 | |
Segment Reporting [Abstract] | |
Business Segments | BUSINESS SEGMENTS: Prior to fiscal 2018, the Company reported its operating results in three reportable segments: FSS North America, FSS International and Uniform. Beginning in fiscal 2018, the segment reporting structure was modified to align more closely with the Company’s management and internal reporting structure, which was changed on September 30, 2017. Specifically, a majority of the Canadian operations, previously in the FSS North America segment, were combined with the FSS International reportable segment. The FSS North America reportable segment was then renamed the FSS United States reportable segment. All prior period segment information has been restated to reflect the new reportable segment structure. Management believes this new presentation enhances the utility of the segment information, as it reflects the Company’s current management structure and operating organization. The financial statement effect of this segment realignment was not material. Corporate includes general expenses and assets not specifically allocated to an individual segment and share-based compensation expense (see Note 10). In the Company's food and support services segments, approximately 77% of the global sales is related to food services and 23% is related to facilities services. Financial information by segment follows (in millions): Sales Fiscal Year Ended September 28, 2018 September 29, 2017 September 30, 2016 FSS United States $ 10,137.8 $ 9,748.0 $ 9,582.6 FSS International 3,655.8 3,291.7 3,269.5 Uniform 1,996.0 1,564.7 1,563.7 $ 15,789.6 $ 14,604.4 $ 14,415.8 Operating Income Fiscal Year Ended September 28, 2018 September 29, 2017 September 30, 2016 FSS United States $ 680.5 $ 596.8 $ 490.2 FSS International 150.9 162.1 185.3 Uniform 182.6 182.3 195.3 1,014.0 941.2 870.8 Corporate (187.9 ) (133.1 ) (124.5 ) Operating Income 826.1 808.1 746.3 Interest and Other Financing Costs, net (354.3 ) (287.4 ) (315.4 ) Income Before Income Taxes $ 471.8 $ 520.7 $ 430.9 Depreciation and Amortization Fiscal Year Ended September 28, 2018 September 29, 2017 September 30, 2016 FSS United States $ 405.0 $ 372.7 $ 363.6 FSS International 64.8 55.3 55.9 Uniform 123.4 77.2 73.9 Corporate 3.0 3.0 2.4 $ 596.2 $ 508.2 $ 495.8 Capital Expenditures and Client Contract Investments and Other* Fiscal Year Ended September 28, 2018 September 29, 2017 September 30, 2016 FSS United States $ 494.3 $ 420.4 $ 371.7 FSS International 84.1 66.1 99.8 Uniform 332.5 67.5 70.7 Corporate 1.2 1.0 3.3 $ 912.1 $ 555.0 $ 545.5 * Includes amounts acquired in business combinations Identifiable Assets September 28, 2018 September 29, 2017 FSS United States $ 8,482.8 $ 6,962.3 FSS International 2,072.0 2,013.6 Uniform 2,991.7 1,828.7 Corporate 173.6 201.6 $ 13,720.1 $ 11,006.2 The following geographic data include sales generated by subsidiaries within that geographic area and net property & equipment based on physical location (in millions): Sales Fiscal Year Ended September 28, 2018 September 29, 2017 September 30, 2016 United States $ 11,795.6 $ 11,098.0 $ 11,011.5 Foreign 3,994.0 3,506.4 3,404.3 $ 15,789.6 $ 14,604.4 $ 14,415.8 Property and Equipment, net September 28, 2018 September 29, 2017 United States $ 1,065.9 $ 838.2 Foreign 312.2 203.8 $ 1,378.1 $ 1,042.0 |
Fair Value of Financial Assets
Fair Value of Financial Assets and Financial Liabilities | 12 Months Ended |
Sep. 28, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Financial Liabilities | FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES: Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities recorded at fair value are classified based upon the level of judgment associated with the inputs used to measure their fair value. The hierarchical levels related to the subjectivity of the valuation inputs are defined as follows: • Level 1—inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets • Level 2—inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument • Level 3—inputs to the valuation methodology are unobservable and significant to the fair value measurement Recurring Fair Value Measurements The Company's financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable, borrowings and derivatives. Management believes that the carrying value of cash and cash equivalents, accounts receivable and accounts payable are representative of their respective fair values. In conjunction with the fair value measurement of the derivative instruments, the Company made an accounting policy election to measure the credit risk of its derivative instruments that are subject to master netting agreements on a net basis by counterparty portfolio, the gross values would not be materially different. The fair value of the Company's debt at September 28, 2018 and September 29, 2017 was $7,303.1 million and $5,450.1 million , respectively. The carrying value of the Company's debt at September 28, 2018 and September 29, 2017 was $7,244.0 million and $5,268.5 million , respectively. The fair values were computed using market quotes, if available, or based on discounted cash flows using market interest rates as of the end of the respective periods. The inputs utilized in estimating the fair value of the Company's debt has been classified as level 2 in the fair value hierarchy levels. |
Condensed Consolidating Financi
Condensed Consolidating Financial Statements of Aramark and Subsidiaries | 12 Months Ended |
Sep. 28, 2018 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Financial Statements of Aramark and Subsidiaries | CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF ARAMARK AND SUBSIDIARIES: The following condensed consolidating financial statements of the Company have been prepared pursuant to Rule 3-10 of Regulation S-X. The condensed consolidating financial statements are presented for: (i) Aramark (the "Parent"); (ii) Aramark Services, Inc. and Aramark International Finance S.à.r.l. (the "Issuers"); (iii) the guarantors; (iv) the non guarantors; (v) elimination entries necessary to consolidate the Parent with the Issuers, the guarantors and non guarantors; and (vi) the Company on a consolidated basis. Each of the guarantors is wholly-owned, directly or indirectly, by the Company. The 5.125% Senior Notes due 2024 (the "2024 Notes"), 5.000% Senior Notes due April 1, 2025 (the "5.000% 2025 Notes"), 3.125% Senior Notes due April 1, 2025 (the "3.125% 2025 Notes" and, together with the 5.000% 2025 Notes, the "2025 Notes"), 4.75% Senior Notes due June 1, 2026 ("2026 Notes") and 5.000% Senior Notes due February 1, 2028 (the "2028 Notes") are obligations of the Company's wholly-owned subsidiary, Aramark Services, Inc., (other than the 3.125% 2025 Notes, which are obligations of the Company's wholly owned subsidiary, Aramark International Finance S.a.r.l) and are each jointly and severally guaranteed on a senior unsecured basis by the Company and substantially all of the Company's existing and future domestic subsidiaries (excluding the Receivables Facility subsidiary) ("Guarantors"). All other subsidiaries of the Company, either direct or indirect, are non guarantors and do not guarantee the 2024 Notes, 2025 Notes, 2026 Notes or 2028 Notes ("Non-Guarantors"). The Guarantors also guarantee certain other debt. These condensed consolidating financial statements have been prepared from the Company's financial information on the same basis of accounting as the consolidated financial statements. Interest expense and certain other costs are partially allocated to all of the subsidiaries of the Company. Other intangible assets have been allocated to the subsidiaries based on management's estimates. CONDENSED CONSOLIDATING BALANCE SHEETS September 28, 2018 (in thousands) Aramark (Parent) Issuers Guarantors Non Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ 5 $ 50,716 $ 29,844 $ 134,460 $ — $ 215,025 Receivables — 1,038 443,599 1,345,796 — 1,790,433 Inventories — 15,857 592,259 116,686 — 724,802 Prepayments and other current assets — 21,411 86,100 63,654 — 171,165 Total current assets 5 89,022 1,151,802 1,660,596 — 2,901,425 Property and Equipment, net — 28,341 1,013,523 336,230 — 1,378,094 Goodwill — 173,104 4,783,547 653,917 — 5,610,568 Investment in and Advances to Subsidiaries 3,029,553 7,441,605 90,049 844,245 (11,405,452 ) — Other Intangible Assets — 29,684 1,919,795 187,365 — 2,136,844 Other Assets — 100,754 1,264,976 329,443 (2,002 ) 1,693,171 $ 3,029,558 $ 7,862,510 $ 10,223,692 $ 4,011,796 $ (11,407,454 ) $ 13,720,102 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Current maturities of long-term borrowings $ — $ — $ 26,564 $ 4,343 $ — $ 30,907 Accounts payable — 128,460 483,606 406,854 — 1,018,920 Accrued expenses and other current liabilities — 205,807 926,794 307,643 88 1,440,332 Total current liabilities — 334,267 1,436,964 718,840 88 2,490,159 Long-term Borrowings — 6,651,110 82,097 479,870 — 7,213,077 Deferred Income Taxes and Other Noncurrent Liabilities — 432,583 466,331 78,301 — 977,215 Intercompany Payable — — 4,827,084 955,407 (5,782,491 ) — Redeemable Noncontrolling Interest — — 10,093 — — 10,093 Total Stockholders' Equity 3,029,558 444,550 3,401,123 1,779,378 (5,625,051 ) 3,029,558 $ 3,029,558 $ 7,862,510 $ 10,223,692 $ 4,011,796 $ (11,407,454 ) $ 13,720,102 CONDENSED CONSOLIDATING BALANCE SHEETS September 29, 2017 (in thousands) Aramark (Parent) Aramark Services, Inc. Guarantors Non Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ 5 $ 111,512 $ 37,513 $ 89,767 $ — $ 238,797 Receivables — 3,721 303,664 1,308,608 — 1,615,993 Inventories — 15,737 514,267 80,728 — 610,732 Prepayments and other current assets — 14,123 83,404 90,090 — 187,617 Total current assets 5 145,093 938,848 1,569,193 — 2,653,139 Property and Equipment, net — 29,869 775,362 236,800 — 1,042,031 Goodwill — 173,104 3,874,647 667,760 — 4,715,511 Investment in and Advances to Subsidiaries 2,459,056 5,248,858 90,049 567,277 (8,365,240 ) — Other Intangible Assets — 29,683 914,000 177,141 — 1,120,824 Other Assets — 53,538 1,112,076 311,112 (2,002 ) 1,474,724 $ 2,459,061 $ 5,680,145 $ 7,704,982 $ 3,529,283 $ (8,367,242 ) $ 11,006,229 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Current maturities of long-term borrowings $ — $ 33,487 $ 20,330 $ 24,340 $ — $ 78,157 Accounts payable — 167,926 461,192 326,807 — 955,925 Accrued expenses and other current liabilities — 200,130 814,542 319,253 88 1,334,013 Total current liabilities — 401,543 1,296,064 670,400 88 2,368,095 Long-term Borrowings — 4,460,730 63,604 665,997 — 5,190,331 Deferred Income Taxes and Other Noncurrent Liabilities — 425,297 513,797 39,850 — 978,944 Intercompany Payable — — 5,224,196 747,347 (5,971,543 ) — Redeemable Noncontrolling Interest — — 9,798 — — 9,798 Total Stockholders' Equity 2,459,061 392,575 597,523 1,405,689 (2,395,787 ) 2,459,061 $ 2,459,061 $ 5,680,145 $ 7,704,982 $ 3,529,283 $ (8,367,242 ) $ 11,006,229 CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the year ended September 28, 2018 (in thousands) Aramark (Parent) Issuers Guarantors Non Eliminations Consolidated Sales $ — $ 1,027,573 $ 10,432,088 $ 4,329,972 $ — $ 15,789,633 Costs and Expenses: Cost of services provided — 848,739 9,135,305 4,006,141 — 13,990,185 Depreciation and amortization — 19,466 483,106 93,610 — 596,182 Selling and general corporate expenses — 195,093 158,064 23,972 — 377,129 Interest and other financing costs, net — 329,027 (2,048 ) 27,282 — 354,261 Expense allocations — (374,970 ) 353,628 21,342 — — — 1,017,355 10,128,055 4,172,347 — 15,317,757 Income before Income Taxes — 10,218 304,033 157,625 — 471,876 Provision (Benefit) for Income Taxes — (3,521 ) (143,452 ) 50,409 — (96,564 ) Equity in Net Income of Subsidiaries 567,885 — — — (567,885 ) — Net income 567,885 13,739 447,485 107,216 (567,885 ) 568,440 Less: Net income attributable to noncontrolling interest — — 555 — — 555 Net income attributable to Aramark stockholders 567,885 13,739 446,930 107,216 (567,885 ) 567,885 Other comprehensive income (loss), net of tax 32,537 43,686 3,178 (36,776 ) (10,088 ) 32,537 Comprehensive income attributable to Aramark stockholders $ 600,422 $ 57,425 $ 450,108 $ 70,440 $ (577,973 ) $ 600,422 CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the year ended September 29, 2017 (in thousands) Aramark (Parent) Aramark Services, Inc. Guarantors Non Eliminations Consolidated Sales $ — $ 1,041,490 $ 9,708,157 $ 3,854,765 $ — $ 14,604,412 Costs and Expenses: Cost of services provided — 941,031 8,507,680 3,540,262 — 12,988,973 Depreciation and amortization — 17,502 416,979 73,731 — 508,212 Selling and general corporate expenses — 140,305 138,304 20,561 — 299,170 Interest and other financing costs, net — 273,405 (3,171 ) 17,181 — 287,415 Expense allocations — (348,042 ) 318,199 29,843 — — — 1,024,201 9,377,991 3,681,578 — 14,083,770 Income before Income Taxes — 17,289 330,166 173,187 — 520,642 Provision for Income Taxes — 5,139 98,144 43,172 — 146,455 Equity in Net Income of Subsidiaries 373,923 — — — (373,923 ) — Net income 373,923 12,150 232,022 130,015 (373,923 ) 374,187 Less: Net income attributable to noncontrolling interest — — 264 — — 264 Net income attributable to Aramark stockholders 373,923 12,150 231,758 130,015 (373,923 ) 373,923 Other comprehensive income, net of tax 57,023 35,667 431 80,204 (116,302 ) 57,023 Comprehensive income attributable to Aramark stockholders $ 430,946 $ 47,817 $ 232,189 $ 210,219 $ (490,225 ) $ 430,946 CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the year ended September 30, 2016 (in thousands) Aramark (Parent) Aramark Services, Inc. Guarantors Non Eliminations Consolidated Sales $ — $ 1,025,664 $ 9,670,207 $ 3,719,958 $ — $ 14,415,829 Costs and Expenses: Cost of services provided — 939,925 8,536,196 3,414,287 — 12,890,408 Depreciation and amortization — 15,670 406,154 73,941 — 495,765 Selling and general corporate expenses — 134,705 130,153 18,484 — 283,342 Interest and other financing costs, net — 293,072 (2,513 ) 24,824 — 315,383 Expense allocations — (358,897 ) 308,928 49,969 — — — 1,024,475 9,378,918 3,581,505 — 13,984,898 Income Before Income Taxes — 1,189 291,289 138,453 — 430,931 Provision for Income Taxes — 427 104,377 37,895 — 142,699 Equity in Net Income of Subsidiaries 287,806 — — — (287,806 ) — Net income 287,806 762 186,912 100,558 (287,806 ) 288,232 Less: Net income attributable to noncontrolling interest — — 426 — — 426 Net income attributable to Aramark stockholders 287,806 762 186,486 100,558 (287,806 ) 287,806 Other comprehensive income (loss), net of tax (14,215 ) (16,093 ) (7,284 ) 1,176 22,201 (14,215 ) Comprehensive income (loss) attributable to Aramark stockholders $ 273,591 $ (15,331 ) $ 179,202 $ 101,734 $ (265,605 ) $ 273,591 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the year ended September 28, 2018 (in thousands) Aramark (Parent) Issuers Guarantors Non Eliminations Consolidated Net cash provided by operating activities $ — $ 111,541 $ 690,218 $ 311,179 $ (65,587 ) $ 1,047,351 Cash flows from investing activities: Purchases of property and equipment, client contract investments and other — (13,133 ) (532,923 ) (82,548 ) — (628,604 ) Disposals of property and equipment — 2,252 4,301 3,938 — 10,491 Acquisitions of businesses, net of cash acquired — (2,381,800 ) 244,581 (103,065 ) — (2,240,284 ) Other investing activities — (3,095 ) 328 (4,112 ) — (6,879 ) Net cash used in investing activities — (2,395,776 ) (283,713 ) (185,787 ) — (2,865,276 ) Cash flows from financing activities: Proceeds from long-term borrowings — 3,012,072 — 165,241 — 3,177,313 Payments of long-term borrowings — (833,854 ) (28,142 ) (111,693 ) — (973,689 ) Net change in funding under the Receivables Facility — — — (254,200 ) — (254,200 ) Payments of dividends — (103,115 ) — — — (103,115 ) Proceeds from issuance of common stock — 21,507 — — — 21,507 Repurchase of common stock — (24,410 ) — — — (24,410 ) Other financing activities — (45,905 ) (2,958 ) (390 ) — (49,253 ) Change in intercompany, net — 197,144 (383,074 ) 120,343 65,587 — Net cash provided by (used in) financing activities — 2,223,439 (414,174 ) (80,699 ) 65,587 1,794,153 (Decrease) increase in cash and cash equivalents — (60,796 ) (7,669 ) 44,693 — (23,772 ) Cash and cash equivalents, beginning of period 5 111,512 37,513 89,767 — 238,797 Cash and cash equivalents, end of period $ 5 $ 50,716 $ 29,844 $ 134,460 $ — $ 215,025 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the year ended September 29, 2017 (in thousands) Aramark (Parent) Aramark Services, Inc. Guarantors Non Eliminations Consolidated Net cash provided by operating activities $ — $ 261,282 $ 779,801 $ 200,579 $ (188,275 ) $ 1,053,387 Cash flows from investing activities: Purchases of property and equipment, client contract investments and other — (20,939 ) (443,262 ) (88,528 ) — (552,729 ) Disposals of property and equipment — 494 14,780 3,632 — 18,906 Acquisitions of businesses, net of cash acquired — — (37,130 ) (104,992 ) — (142,122 ) Other investing activities — (69,401 ) 36,946 29,916 — (2,539 ) Net cash used in investing activities — (89,846 ) (428,666 ) (159,972 ) — (678,484 ) Cash flows from financing activities: Proceeds from long-term borrowings — 3,451,164 — 400,253 — 3,851,417 Payments of long-term borrowings — (3,572,268 ) (19,851 ) (319,873 ) — (3,911,992 ) Net change in funding under the Receivables Facility — — — (13,800 ) — (13,800 ) Payments of dividends — (100,813 ) — — — (100,813 ) Proceeds from issuance of common stock — 28,779 — — — 28,779 Repurchase of common stock — (100,000 ) — — — (100,000 ) Other financing activities — (69,172 ) (2,973 ) 29,868 — (42,277 ) Change in intercompany, net — 254,536 (322,142 ) (120,669 ) 188,275 — Net cash used in financing activities — (107,774 ) (344,966 ) (24,221 ) 188,275 (288,686 ) Increase in cash and cash equivalents — 63,662 6,169 16,386 — 86,217 Cash and cash equivalents, beginning of period 5 47,850 31,344 73,381 — 152,580 Cash and cash equivalents, end of period $ 5 $ 111,512 $ 37,513 $ 89,767 $ — $ 238,797 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the year ended September 30, 2016 (in thousands) Aramark (Parent) Aramark Services, Inc. Guarantors Non Eliminations Consolidated Net cash provided by operating activities $ — $ 160,790 $ 587,572 $ 124,191 $ (5,239 ) $ 867,314 Cash flows from investing activities: Purchases of property and equipment, client contract investments and other — (22,326 ) (419,009 ) (71,197 ) — (512,532 ) Disposals of property and equipment — 1,832 20,353 4,639 — 26,824 Acquisitions of businesses, net of cash acquired — — (231 ) (199,146 ) — (199,377 ) Other investing activities — 1,576 5,202 (1,438 ) — 5,340 Net cash used in investing activities — (18,918 ) (393,685 ) (267,142 ) — (679,745 ) Cash flows from financing activities: Proceeds from long-term borrowings — 1,397,714 — 2,274 — 1,399,988 Payments of long-term borrowings — (1,217,292 ) (15,418 ) (130,824 ) — (1,363,534 ) Net change in funding under the Receivables Facility — — — (82,000 ) — (82,000 ) Payments of dividends — (92,074 ) — — — (92,074 ) Proceeds from issuance of common stock — 35,705 — — — 35,705 Repurchase of common stock — (749 ) — — — (749 ) Other financing activities — (51,495 ) (2,513 ) (733 ) — (54,741 ) Change in intercompany, net — (197,623 ) (187,423 ) 379,807 5,239 — Net cash provided by (used in) financing activities — (125,814 ) (205,354 ) 168,524 5,239 (157,405 ) Increase (decrease) in cash and cash equivalents — 16,058 (11,467 ) 25,573 — 30,164 Cash and cash equivalents, beginning of period 5 31,792 42,811 47,808 — 122,416 Cash and cash equivalents, end of period $ 5 $ 47,850 $ 31,344 $ 73,381 $ — $ 152,580 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Sep. 28, 2018 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure | of the valuation allowance is as follows: September 28, 2018 September 29, 2017 Balance, beginning of year $ (11,513 ) $ (7,352 ) Additions (1) (21,101 ) (4,161 ) Subtractions (2) 3,591 — Balance, end of year $ (29,023 ) $ (11,513 ) (1) Mainly driven by the Tax Cuts and Jobs Act impacting the ability to utilize FTC carryforwards going forward, as well as the inability to use foreign NOL carryforwards. (2) Planning resulted in taxable income in separate Company states that had historical losses. ARAMARK AND SUBSIDIARIES SCHEDULE II -- VALUATION AND QUALIFYING ACCOUNTS AND RESERVES FOR THE FISCAL YEARS ENDED SEPTEMBER 28, 2018 , SEPTEMBER 29, 2017 AND SEPTEMBER 30, 2016 Additions Reductions Balance, Beginning of Period Charged to Income Deductions from Reserves (1) Balance, End of Period Description Fiscal Year 2018 Reserve for doubtful accounts, advances & current notes receivable $ 53,416 $ 22,009 $ 22,743 $ 52,682 Fiscal Year 2017 Reserve for doubtful accounts, advances & current notes receivable $ 48,058 $ 18,141 $ 12,783 $ 53,416 Fiscal Year 2016 Reserve for doubtful accounts, advances & current notes receivable $ 39,023 $ 21,913 $ 12,878 $ 48,058 (1) Amounts determined not to be collectible and charged against the reserve and translation. |
Nature of Business, Basis of _2
Nature of Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 28, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Aramark (the "Company") is a leading global provider of food, facilities and uniform services to education, healthcare, business & industry, and sports, leisure & corrections clients. The Company's core market is the United States, which is supplemented by an additional 18 -country footprint. The Company operates its business in three reportable segments that share many of the same operating characteristics: |
Fiscal Year | Fiscal Year The Company's fiscal year is the fifty-two or fifty-three week period which ends on the Friday nearest September 30th. The fiscal years ended September 28, 2018 , September 29, 2017 , September 30, 2016 were each fifty-two week periods. |
New Accounting Standard Updates | New Accounting Standards Updates Adopted Standards In August 2018, the Financial Accounting Standards Board ("FASB") issued an accounting standards update ("ASU") to change the accounting for costs incurred to implement cloud computing arrangements to be consistent with the internal-use software guidance. The guidance is effective for the Company in the first quarter of fiscal 2020 and early adoption is permitted. The Company early adopted the guidance in the fourth quarter of fiscal 2018, using the prospective method, which did not have a material impact on the consolidated financial statements. In August 2017, the FASB issued an ASU to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements and simplify the application of hedge accounting. The guidance is effective for the Company in the first quarter of fiscal 2020 and early adoption is permitted. The Company early adopted the guidance in the third quarter of fiscal 2018, using the modified retrospective method as if the Company had adopted the standard as of the beginning of fiscal 2018. The guidance did not have a material impact on the consolidated financial statements. In May 2017, the FASB issued an ASU to clarify when to account for a change to the terms or conditions of a share-based payment award as a modification. The guidance is effective for the Company in the first quarter of fiscal 2019 and early adoption is permitted. The Company early adopted the guidance in the first quarter of fiscal 2018, which did not have an impact on the consolidated financial statements. In January 2017, the FASB issued an ASU to simplify the subsequent measurement of goodwill as part of the impairment test. The guidance is effective for the Company in the first quarter of fiscal 2021 and early adoption is permitted. The Company early adopted the guidance in the first quarter of fiscal 2018, which did not have an impact on the consolidated financial statements. In October 2016, the FASB issued an ASU to require entities to recognize the income tax consequences of certain intercompany assets transfers at the transaction date. The guidance is effective for the Company in the first quarter of fiscal 2019 and early adoption is permitted. The Company early adopted the guidance in the fourth quarter of fiscal 2018, which did not have a material impact on the consolidated financial statements. In August 2016, the FASB issued an ASU to address the classification of certain cash receipts and cash payments in the Statement of Cash Flows. The guidance is effective for the Company in the first quarter of fiscal 2019 and early adoption is permitted. The Company early adopted the guidance in the first quarter of fiscal 2018, which did not have an impact on the consolidated financial statements. In July 2015, the FASB issued an ASU which changes the measurement principle for inventory from the lower of cost or market to the lower of cost and net realizable value. The guidance is effective for the Company in the first quarter of fiscal 2018 and early adoption was permitted. The Company adopted the guidance in the first quarter of fiscal 2018, which did not have an impact on the consolidated financial statements. Standards Not Yet Adopted (from most to least recent date of issuance) In August 2018, the FASB issued an ASU which adds, modifies and removes several disclosure requirements related to defined benefit pension plans. The guidance is effective for the Company in the first quarter of fiscal 2022 and early adoption is permitted. The Company is currently evaluating the impact of the pronouncement. In August 2018, the FASB issued an ASU which adds, modifies and removes several disclosure requirements related to fair value measurements. The guidance is effective for the Company in the first quarter of fiscal 2021 and early adoption is permitted. The Company is currently evaluating the impact of the pronouncement. In July 2018, the FASB issued two ASUs regarding the lease recognition standard. The guidance provides clarification on issues identified regarding the adoption of the standard, provides an additional transition method to adopt the standard and provides an additional practical expedient to lessors. The guidance is effective for the Company in the first quarter of fiscal 2020 and early adoption is permitted. The Company is currently evaluating the impact of the pronouncement. In July 2018, the FASB issued an ASU which clarifies, corrects errors in or makes minor improvements to the Codification. The guidance is effective for the Company either upon issuance or in the first quarter of fiscal 2020, depending on the amendment. There was no impact on the consolidated financial statements related to the amendments that were effective upon issuance of the guidance and the Company is currently evaluating the impact of the remaining amendments of the pronouncement. In February 2018, the FASB issued an ASU which provides clarification regarding guidance related to the financial instrument standard. The guidance is effective for the Company in the first quarter of fiscal 2019 and early adoption is permitted. The Company will adopt this standard in conjunction with the financial instrument standard, as described below. In February 2018, the FASB issued an ASU which allows for the reclassification of stranded tax effects resulting from the Tax Cuts and Jobs Act from accumulated other comprehensive income to retained earnings. The guidance is effective for the Company in the first quarter of fiscal 2020 and early adoption is permitted. The Company is currently evaluating the impact of the pronouncement. In September 2017, the FASB issued an ASU to provide additional implementation guidance with respect to the revenue recognition standard (see below) and the leases recognition standard. The guidance is effective for the Company in the first quarter of fiscal 2019 with respect to the revenue recognition standard and in the first quarter of fiscal 2020 with respect to the lease recognition standard. Early adoption is permitted. The Company will adopt this standard in conjunction with the revenue recognition standard and the lease recognition standard, both as described below. In May 2017, the FASB issued an ASU to clarify the determination of the customer of the operation services in a service concession arrangement. The guidance is effective for the Company in the first quarter of fiscal 2019 and early adoption is permitted. The Company will adopt this standard in conjunction with the revenue recognition standard, as described below. In March 2017, the FASB issued an ASU to improve the presentation of net periodic pension cost and net periodic postretirement benefit cost. The guidance is effective for the Company in the first quarter of fiscal 2019 and early adoption is permitted. The Company expects adoption of this standard to result in no impact to net income. However, certain balances will be reclassified from Cost of Services Provided to Interest and Other Financing Costs, net on the Consolidated Statements of Income. In February 2017, the FASB issued an ASU to clarify the accounting guidance for partial sales of nonfinancial assets. The guidance is effective for the Company in the first quarter of fiscal 2019 and early adoption is permitted. The Company does not expect adoption to impact the consolidated financial statements. In January 2017, the FASB issued an ASU to clarify the definition of a business. The guidance is effective for the Company in the first quarter of fiscal 2019 and early adoption is permitted. The Company does not expect adoption to have a material impact on the consolidated financial statements. In June 2016, the FASB issued an ASU to require entities to account for expected credit losses on financial instruments including trade receivables. The guidance is effective for the Company in the first quarter of fiscal 2021 and early adoption is permitted. The Company is currently evaluating the impact of the pronouncement. In February 2016, the FASB issued an ASU requiring lessees to recognize most leases on their balance sheets as lease liabilities with corresponding right-of-use assets and to disclose key information about lease arrangements. The guidance is effective for the Company in the first quarter of fiscal 2020 and early adoption is permitted. The Company continues to review its lease arrangements in order to determine the impact the adoption of this ASU will have on its consolidated financial statements and related disclosures. Based on the assessment to date, the Company expects adoption of this standard to result in a material increase in lease-related assets and liabilities in its Consolidated Balance Sheets, but does not expect it to have a significant impact in its Consolidated Statements of Income or Cash Flows. In January 2016, the FASB issued an ASU to address certain aspects of recognition, measurement, presentation and disclosure of financial instruments. Under this guidance, equity investments, other than those accounted for under the equity method of accounting or those that result in consolidation of the investee, are to be measured at fair value with the changes in fair value recognized in net income. The guidance is effective for the Company in the first quarter of fiscal 2019 and will be adopted using a modified retrospective approach, with a cumulative transition adjustment recorded to retained earnings. The Company has a cost method investment that it is studying to determine if a write up to fair value is warranted. In May 2014, the FASB issued an ASU on revenue from contracts with customers which supersedes most current revenue recognition guidance. The standard outlines a single comprehensive model which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. Additionally, the standard requires disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The guidance is effective for the Company beginning in the first quarter of fiscal 2019 and the Company plans to adopt the ASU then. In connection with the new revenue recognition guidance, the Company has completed its comprehensive contract review project, including contracts relating to its recent acquisitions, and an evaluation of the standard's impact on the timing and presentation of various financial aspects of its contractual arrangements. While the Company expects that the standard will not have a material impact on the timing of revenue recognition or net income, it will have an impact on the financial statement line item classification of certain items. Upon adoption of the new standard, the following changes are expected to occur: • certain fees, estimated to be approximately $375.0 million annually, in the Uniform segment, currently recognized as a reduction to “Cost of services provided,” will be recognized in “Sales;” • costs to obtain contracts related to employee commissions, currently expensed to “Cost of service provided” at contract inception, will be capitalized in “Other Assets” and expensed on a straight-line basis to “Cost of services provided” over the expected customer relationship period; and • client contract investments, currently capitalized within “Other Assets” and amortized to “Depreciation and amortization” will continue to be expensed over the contract life as either a leasehold improvement in “Property and equipment, net” (approximately $760.0 million as of September 28, 2018) or as an “Other Asset” (approximately $265.0 million as of September 28, 2018) and primarily classified in “Depreciation and amortization” or "Cost of services provided." The Company identified and is implementing appropriate changes to business processes, controls and systems to support recognition and disclosure under the new standard. The Company will adopt the standard using the modified retrospective transition method, resulting in the recognition of an estimated cumulative transition adjustment, net of tax, between $75.0 million and $100.0 million to retained earnings effective as of September 29, 2018. The adjustment to retained earnings will reflect the unwinding of previously recognized costs to obtain contracts, along with the associated deferred tax impact from the unwinding of these costs. |
Revenue Recognition | Revenue Recognition The Company recognizes sales when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the fee is fixed and determinable and collectability is reasonably assured. In each of the Company's operating segments, sales are recognized in the period in which services are provided pursuant to the terms of the Company's contractual relationships with its clients. The Company generally records sales on food and support services contracts (both profit and loss contracts and client interest contracts) on a gross basis as the Company is the primary obligor and service provider. Certain profit and loss contracts include payments to the client, typically calculated as a fixed or variable percentage of various categories of sales and income. In some cases these contracts require minimum guaranteed payments, typically contingent on certain future events. These expenses are currently recorded in “Cost of services provided.” Sales from client interest contracts are generally comprised of amounts billed to clients for food, labor and other costs that the Company incurs, controls and pays for. Sales from these contracts also include any associated management fees, client subsidies or incentive fees based upon the Company's performance under the contract. Sales from direct marketing activities are recognized upon shipment. All sales related taxes are presented on a net basis. Advanced payments received from clients are reflected as deferred income within “Accrued expenses and other current liabilities.” Deferred income is recognized in “Sales” over the period of expected benefit, as the related services are provided. The timing of revenue recognition may differ from the timing of invoicing to customers. The Company records an accounts receivable balance when revenue is recognized prior to or at the time of invoicing the customer. A majority of the Company’s receivables balances are based on contracts with customers. The Company estimates and reserves for its bad debt exposure based on its experience with past due accounts and collectibility, the aging of accounts receivable and its analysis of customer data. Bad debt expense is classified within “Cost of services provided.” Vendor Consideration Consideration received from vendors includes rebates, allowances and volume discounts and are accounted for as an adjustment to the cost of the vendors' products or services and are reported as a reduction of "Cost of services provided," "Inventory," or "Property and equipment, net." Income from rebates, allowances and volume discounts is recognized based on actual purchases in the fiscal period relative to total actual purchases to be made for the contractual rebate period agreed to with the vendor. Rebates, allowances and volume discounts related to “Inventory” held at the balance sheet date are deducted from the carrying value of these inventories. Rebates, allowances and volume discounts related to "Property and equipment, net" are deducted from the costs capitalized. Upon adoption of the new revenue recognition standard, there will be no significant changes to the accounting for vendor consideration. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of sales and expenses during the reporting period. Actual results could materially differ from those estimates. |
Comprehensive Income | Comprehensive Income Comprehensive income includes all changes to stockholders' equity during a period, except those resulting from investments by and distributions to stockholders. Components of comprehensive income include net income (loss), changes in foreign currency translation adjustments (net of tax), pension plan adjustments (net of tax), changes in the fair value of cash flow hedges (net of tax) and changes to the share of any equity investees' comprehensive income (net of tax). |
Currency Translation | Currency Translation Gains and losses resulting from the translation of financial statements of non-U.S. subsidiaries are reflected as a component of accumulated other comprehensive income (loss) in stockholders' equity. During the fourth quarter of fiscal 2018, Argentina was determined to be a highly inflationary economy. As a result, the Company remeasured the financial statements of Argentina's operations in accordance with the accounting guidance for highly inflationary economies. The impact of the remeasurement was a foreign currency transaction loss of approximately $3.8 million during fiscal 2018 to the consolidated financial statements. Transaction gains and losses exclusive of Argentina's operations are included in the Company's operating results for fiscal 2018 , fiscal 2017 and fiscal 2016 were not material. |
Current Assets | Current Assets The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Inventories are valued at the lower of cost (principally the first-in, first-out method) or market. Personalized work apparel, linens and other rental items in service are recorded at cost and are amortized over their estimated useful lives, which primarily range from one to four years. The amortization rates used are based on the Company's specific experience. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost and are depreciated over their estimated useful lives on a straight-line basis. Gains and losses on dispositions are included in operating results. Maintenance and repairs are charged to current operations, and replacements and significant improvements that extend the useful life of the asset are capitalized. The estimated useful lives for the major categories of property and equipment are 10 to 40 years for buildings and improvements and 3 to 10 years for service equipment and fixtures. |
Share-based Compensation | Share-Based Compensation The Company recognizes compensation cost related to share-based payment transactions in the consolidated financial statements. The cost is measured at the grant date, based on the estimated fair value of the award, and is recognized as an expense over the employee's requisite service period (generally the vesting period of the equity award). See Note 10 for additional information on share-based compensation. |
Fair Value of Financial Instruments | Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities recorded at fair value are classified based upon the level of judgment associated with the inputs used to measure their fair value. The hierarchical levels related to the subjectivity of the valuation inputs are defined as follows: • Level 1—inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets • Level 2—inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument • Level 3—inputs to the valuation methodology are unobservable and significant to the fair value measurement Recurring Fair Value Measurements The Company's financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable, borrowings and derivatives. Management believes that the carrying value of cash and cash equivalents, accounts receivable and accounts payable are representative of their respective fair values. In conjunction with the fair value measurement of the derivative instruments, the Company made an accounting policy election to measure the credit risk of its derivative instruments that are subject to master netting agreements on a net basis by counterparty portfolio, the gross values would not be materially different. |
Nature of Business, Basis of _3
Nature of Business, Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Components of Comprehensive Income (Loss) | The summary of the components of comprehensive income is as follows (in thousands): Fiscal Year Ended September 28, 2018 September 29, 2017 September 30, 2016 Pre-Tax Amount Tax Effect After-Tax Amount Pre-Tax Amount Tax Effect After-Tax Amount Pre-Tax Amount Tax Effect After-Tax Amount Net income $ 568,440 $ 374,187 $ 288,232 Pension plan adjustments 29,650 (9,003 ) 20,647 22,548 (2,556 ) 19,992 (37,957 ) 13,287 (24,670 ) Foreign currency translation adjustments (31,003 ) (250 ) (31,253 ) 5,903 — 5,903 18,547 (15,467 ) 3,080 Cash flow hedges: Unrealized gains (losses) arising during the period 55,445 (16,134 ) 39,311 31,884 (12,435 ) 19,449 (23,437 ) 15,011 (8,426 ) Reclassification adjustments 5,185 (1,510 ) 3,675 16,606 (6,476 ) 10,130 34,861 (13,677 ) 21,184 Share of equity investee's comprehensive income (loss) 157 — 157 2,383 (834 ) 1,549 (8,282 ) 2,899 (5,383 ) Other comprehensive income (loss) 59,434 (26,897 ) 32,537 79,324 (22,301 ) 57,023 (16,268 ) 2,053 (14,215 ) Comprehensive income 600,977 431,210 274,017 Less: Net income attributable to noncontrolling interest 555 264 426 Comprehensive income attributable to Aramark stockholders $ 600,422 $ 430,946 $ 273,591 |
Schedule of Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss consists of the following (in thousands): September 28, 2018 September 29, 2017 Pension plan adjustments $ (24,628 ) $ (45,275 ) Foreign currency translation adjustments (93,811 ) (62,558 ) Cash flow hedges 36,192 (6,794 ) Share of equity investee's accumulated other comprehensive loss (8,976 ) (9,133 ) $ (91,223 ) $ (123,760 ) |
Schedule of Components of Inventories | The components of inventories are as follows: September 28, 2018 September 29, 2017 Food 31.6 % 36.9 % Career apparel and linens (1) 65.7 % 60.5 % Parts, supplies and novelties 2.7 % 2.6 % 100.0 % 100.0 % (1) Increase during fiscal 2018 due to the acquisition of AmeriPride. See Note 2. |
Schedule of Other Assets | The following table presents details of "Other Assets" as presented in the Consolidated Balance Sheets (in thousands): September 28, 2018 September 29, 2017 Client contract investments (1) $ 1,034,476 $ 981,300 Miscellaneous investments (2) 239,547 247,601 Long-term receivables 90,068 72,406 Computer software costs, net (3) 152,188 111,005 Interest rate swap agreements 54,708 — Other (4) 122,184 62,412 $ 1,693,171 $ 1,474,724 (1) Client contract investments generally represent a cash payment provided by the Company to help finance improvement or renovation at the facility from which the Company operates. These amounts are amortized over the contract period. If a contract is terminated prior to its maturity date, the Company is reimbursed for the unamortized client contract investment amount. Amortization expense was $183.6 million, $159.6 million and $142.5 million during fiscal 2018, fiscal 2017 and fiscal 2016, respectively. (2) Miscellaneous investments represent investments in 50% or less owned entities, including the Company's 50% ownership in AIM Services Co., Ltd., a Japanese food and support services company (approximately $155.1 million and $173.8 million at September 28, 2018 and September 29, 2017, respectively). (3) Computer software costs represent capitalized costs incurred to purchase or develop software for internal use, and are amortized over the estimated useful life of the software, generally a period of three to ten years. (4) Other consists of noncurrent deferred tax assets, pension assets and deferred financing costs on certain revolving credit facilities. |
Schedule of Accrued Liabilities | The following table presents details of "Accrued expenses and other current liabilities" in the Consolidated Balance Sheets (in thousands): September 28, 2018 September 29, 2017 Deferred income $ 299,089 $ 294,781 Accrued client expenses 98,282 84,138 Accrued taxes 96,855 75,156 Accrued insurance and interest 164,890 87,143 Other 358,917 305,222 $ 1,018,033 $ 846,440 |
Schedule of Deferred Income Taxes and Other Noncurrent Liabilities | The following table presents details of "Deferred Income Taxes and Other Noncurrent Liabilities" as presented in the Consolidated Balance Sheets (in thousands): September 28, 2018 September 29, 2017 Deferred income tax payable $ 503,429 $ 570,893 Deferred compensation 226,558 229,663 Pension-related liabilities 28,478 14,164 Interest rate swap agreements — 9,313 Other noncurrent liabilities 218,750 154,911 $ 977,215 $ 978,944 |
Schedule of Cash Flow, Supplemental Disclosures | Supplemental Cash Flow Information Fiscal Year Ended (dollars in millions) September 28, 2018 September 29, 2017 September 30, 2016 Interest paid $ 307.1 $ 201.7 $ 275.4 Income taxes (refunded) paid (1) (1.1 ) 126.3 55.6 |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following tables summarize the preliminary fair values of the tangible and identifiable intangible assets acquired and liabilities assumed at the acquisition date (in thousands): Current assets $ 237,807 Noncurrent assets 959,347 Total assets $ 1,197,154 Current liabilities $ 136,751 Noncurrent liabilities 64,974 Total liabilities $ 201,725 The following tables summarize the fair values of the tangible and identifiable intangible assets acquired and liabilities assumed at the acquisition date (in thousands): Current assets $ 157,614 Noncurrent assets 1,345,532 Total assets $ 1,503,146 Current liabilities $ 111,087 Noncurrent liabilities 5,681 Total liabilities $ 116,768 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The following table identifies the Company’s preliminary allocations of purchase price to the intangible assets acquired by category: Estimated Fair Weighted- Customer relationship assets $ 297.0 15 Trade names 24.0 3 to indefinite Total intangible assets $ 321.0 The following table identifies the Company’s allocations of purchase price to the intangible assets acquired by category: Estimated Fair Weighted- Customer relationship assets $ 567.0 15 Trade name 222.0 indefinite Total intangible assets $ 789.0 |
Business Acquisition, Pro Forma Information | The following table reflects the unaudited pro forma combined results of operations for the fiscal years ended September 28, 2018 and September 29, 2017 for the Company, assuming the closing of both acquisitions occurred on October 1, 2016: Fiscal Year Ended Unaudited (in thousands) September 28, 2018 September 29, 2017 Total sales $ 16,014,463 $ 15,378,832 Net income 624,334 328,932 |
Severance and Asset Write-dow_2
Severance and Asset Write-downs (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Restructuring and Related Activities [Abstract] | |
Schedule of the Accrual Related to the Unpaid Obligations for Severance and Related Costs | The following table summarizes the unpaid obligations for severance and related costs as of September 28, 2018 , which are included in "Accrued payroll and related expenses" in the Consolidated Balance Sheets. These unpaid obligations are expected to be paid through fiscal 2019 . (in millions) September 29, 2017 Net Charges Payments and Other September 28, 2018 Severance and Related Costs Accrual $ 17.8 36.6 (37.8 ) $ 16.6 |
Goodwill And Other Intangible_2
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill Assets by Segment | Changes in total goodwill during fiscal 2018 is as follows (in thousands): Segment September 29, 2017 Acquisitions Translation and Other September 28, 2018 FSS United States $ 3,493,756 $ 534,698 $ — $ 4,028,454 FSS International 637,816 2,656 (14,093 ) 626,379 Uniform 583,939 372,204 (408 ) 955,735 $ 4,715,511 $ 909,558 $ (14,501 ) $ 5,610,568 |
Schedule of other intangible assets | Other intangible assets consist of (in thousands): September 28, 2018 September 29, 2017 Gross Accumulated Net Gross Accumulated Net Customer relationship assets $ 2,244,215 $ (1,156,811 ) $ 1,087,404 $ 1,376,812 $ (1,063,350 ) $ 313,462 Trade names 1,050,825 (1,385 ) 1,049,440 807,362 — 807,362 $ 3,295,040 $ (1,158,196 ) $ 2,136,844 $ 2,184,174 $ (1,063,350 ) $ 1,120,824 |
Schedule of expected amortization expense | Based on the recorded balances at September 28, 2018 , total estimated amortization of all acquisition-related intangible assets for fiscal years 2019 through 2023 follows (in thousands): 2019 $ 113,202 2020 112,560 2021 104,750 2022 84,019 2023 75,996 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Borrowings | Long-term borrowings, net, are summarized in the following table (in thousands): September 28, 2018 September 29, 2017 Senior secured revolving credit facility, due March 2022 $ 77,000 $ — Senior secured term loan facility, due March 2022 399,568 1,125,858 Senior secured term loan facility, due February 2023 139,106 — Senior secured term loan facility, due March 2024 1,325,923 1,403,429 Senior secured term loan facility, due March 2025 1,656,919 — 5.125% senior notes, due January 2024 902,908 903,654 5.000% senior notes, due April 2025 590,884 589,733 3.125% senior notes, due April 2025 (1) 373,240 379,429 4.750% senior notes, due June 2026 494,082 493,464 5.000% senior notes, due February 2028 1,136,472 — Receivables Facility, due May 2021 — 254,200 Capital leases 143,388 114,400 Other 4,494 4,321 7,243,984 5,268,488 Less—current portion (30,907 ) (78,157 ) $ 7,213,077 $ 5,190,331 |
Schedule of Maturities of Long-term Debt | At September 28, 2018 , annual maturities on long-term borrowings maturing in the next five fiscal years and thereafter (excluding the $58.5 million reduction to long-term borrowings from debt issuance costs and the increase of $12.4 million from the premium on the 2024 Notes) are as follows (in thousands): 2019 $ 30,907 2020 42,799 2021 78,892 2022 467,390 2023 107,978 Thereafter 6,562,177 |
Interest and Other Financing Costs Net | The components of interest and other financing costs, net, are summarized as follows (in thousands): Fiscal Year Ended September 28, 2018 September 29, 2017 September 30, 2016 Interest expense $ 353,048 $ 285,995 $ 315,166 Interest income (9,238 ) (5,942 ) (5,288 ) Other financing costs 10,451 7,362 5,505 Total $ 354,261 $ 287,415 $ 315,383 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The following table summarizes the effect of our derivatives designated as cash flow hedging instruments on Other comprehensive income (loss) (in thousands): Fiscal Year Ended September 28, 2018 September 29, 2017 September 30, 2016 Interest rate swap agreements $ 55,445 $ 31,884 $ (21,321 ) Cross currency swap agreements — — (2,116 ) $ 55,445 $ 31,884 $ (23,437 ) |
Schedule of Derivative Instruments, Balance Sheet Presentation | The following table summarizes the location and fair value, using Level 2 inputs (see Note 15 for a description of the fair value levels), of the Company's derivatives designated and not designated as hedging instruments in the Consolidated Balance Sheets (in thousands): Balance Sheet Location September 28, 2018 September 29, 2017 ASSETS Designated as hedging instruments: Interest rate swap agreements Prepayments and other current assets $ 1,459 $ — Interest rate swap agreements Noncurrent Assets 54,708 — Not designated as hedging instruments: Foreign currency forward exchange contracts Prepayments and other current assets $ 209 $ 80 Gasoline and diesel fuel agreements Prepayments and other current assets 3,623 3,626 $ 59,999 $ 3,706 LIABILITIES Designated as hedging instruments: Interest rate swap agreements Accrued expenses and other current liabilities $ — $ 1,196 Interest rate swap agreements Other Noncurrent Liabilities — 9,313 $ — $ 10,509 |
Schedule Summarizes the Location of (Gain) Loss Reclassified from AOCI Into Earnings for Derivatives Designated as Hedging Instruments and the Location of (Gain) Loss | The following table summarizes the location of (gain) loss reclassified from "Accumulated other comprehensive loss" into earnings for derivatives designated as hedging instruments and the location of (gain) loss for our derivatives not designated as hedging instruments in the Consolidated Statements of Income (in thousands): Fiscal Year Ended Income Statement Location September 28, 2018 September 29, 2017 September 30, 2016 Designated as hedging instruments: Interest rate swap agreements Interest Expense $ 5,185 $ 16,606 $ 32,800 Cross currency swap agreements Interest Expense — — 2,061 $ 5,185 $ 16,606 $ 34,861 Not designated as hedging instruments: Gasoline and diesel fuel agreements Costs of services provided / Selling and general corporate expenses $ (7,360 ) $ (1,277 ) $ (685 ) Foreign currency forward exchange contracts Interest Expense (67 ) (886 ) (8,847 ) $ (7,427 ) $ (2,163 ) $ (9,532 ) $ (2,242 ) $ 14,443 $ 25,329 |
Employee Pension and Profit S_2
Employee Pension and Profit Sharing Plans - (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | The following table sets forth the components of net periodic pension cost for the Company's single-employer defined benefit pension plans for fiscal 2018 , fiscal 2017 and fiscal 2016 (in thousands): Fiscal Year Ended September 28, 2018 September 29, 2017 September 30, 2016 Service cost $ 7,121 $ 8,834 $ 7,850 Interest cost 10,579 8,398 11,041 Expected return on plan assets (22,864 ) (18,350 ) (17,679 ) Settlements and curtailments 3,312 — 159 Amortization of prior service cost 116 122 107 Recognized net loss 1,646 3,400 1,504 Net periodic pension cost (income) $ (90 ) $ 2,404 $ 2,982 |
Schedule of Defined Benefit Plans Disclosures | The following table sets forth changes in the projected benefit obligation and the fair value of plan assets for these plans (in thousands): Change in benefit obligation: September 28, 2018 September 29, 2017 Benefit obligation, beginning $ 333,672 $ 339,313 Impact of AmeriPride acquisition 79,605 — Foreign currency translation (11,312 ) 13,883 Service cost 7,121 8,834 Interest cost 10,579 8,398 Employee contributions 2,571 2,261 Actuarial loss (gain) (10,869 ) (24,923 ) Benefits paid (16,862 ) (14,316 ) Settlements and curtailments (1) (22,662 ) 222 Change in control payment (5,417 ) — Benefit obligation, ending $ 366,426 $ 333,672 Change in plan assets: Fair value of plan assets, beginning $ 341,538 $ 319,985 Impact of AmeriPride acquisition 73,273 — Foreign currency translation (12,359 ) 14,564 Employer contributions 13,988 4,285 Employee contributions 2,571 2,261 Actual return on plan assets 23,971 14,759 Benefits paid (16,862 ) (14,316 ) Settlements (1) (10,877 ) — Change in control payment (5,417 ) — Fair value of plan assets, end 409,826 341,538 Funded Status at end of year $ 43,400 $ 7,866 (1) Fiscal 2018 includes the impact of the Canadian pension plan freeze and the UK pension plan settlement resulting from the transfer of members out of the plan. |
Schedule of Amounts Recognized in Balance Sheet Including Accumulated Other Comprehensive Income | Amounts recognized in the Consolidated Balance Sheets consist of the following (in thousands): September 28, 2018 September 29, 2017 Noncurrent benefit asset (included in Other Assets) $ 59,481 $ 23,056 Noncurrent benefit liability (included in Other Noncurrent Liabilities) (16,081 ) (15,190 ) Net actuarial loss (included in Accumulated other comprehensive loss before taxes) 48,067 77,717 |
Schedule of Assumptions Used | The following weighted average assumptions were used to determine pension expense of the respective fiscal years: September 28, 2018 September 29, 2017 Discount rate 3.2 % 2.8 % Rate of compensation increase 2.0 % 2.4 % Long-term rate of return on assets 5.8 % 6.1 % The following weighted average assumptions were used to determine the funded status of the respective fiscal years: September 28, 2018 September 29, 2017 Discount rate 3.3 % 2.9 % Rate of compensation increase 2.1 % 2.4 % |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | The following table sets forth information for the Company's single-employer pension plans with an accumulated benefit obligation in excess of plan assets as of September 28, 2018 and September 29, 2017 (in thousands): September 28, 2018 September 29, 2017 Projected benefit obligation $ 16,081 $ 141,401 Accumulated benefit obligation 15,935 140,547 Fair value of plan assets (1) — 126,210 |
Schedule of Allocation of Plan Assets | The fair value of plan assets for the Company's defined benefit pension plans as of September 28, 2018 and September 29, 2017 is as follows (see Note 16 for a description of the fair value levels) (in thousands): September 28, 2018 Quoted prices in active markets Level 1 Significant other observable inputs Level 2 Significant unobservable inputs Level 3 Cash and cash equivalents and other $ 20,568 $ 20,568 $ — $ — Equity securities: Investment trusts 11,689 11,689 — — Investment funds: Equity funds 220,853 — 220,853 — Fixed income funds 146,271 — 146,271 — Real estate 10,445 — — 10,445 Total $ 409,826 $ 32,257 $ 367,124 $ 10,445 September 29, 2017 Quoted prices in active markets Level 1 Significant other observable inputs Level 2 Significant unobservable inputs Level 3 Cash and cash equivalents and other $ 741 $ 741 $ — $ — Investment funds: Equity funds 202,253 — 202,253 — Fixed income funds 128,155 — 128,155 — Real estate 10,389 — — 10,389 Total $ 341,538 $ 741 $ 330,408 $ 10,389 |
Schedule of Expected Benefit Payments | The following table sets forth the benefits expected to be paid in the next five fiscal years and in aggregate for the five fiscal years thereafter by the Company's defined benefit pension plans (in thousands): Fiscal 2019 $ 15,433 Fiscal 2020 15,497 Fiscal 2021 16,086 Fiscal 2022 16,469 Fiscal 2023 16,867 Fiscal 2024 – 2028 89,884 |
Schedule of Multiemployer Plans | There have been no significant changes that affect the comparability of fiscal 2018 , fiscal 2017 and fiscal 2016 contributions. Pension Fund EIN/Pension Plan Number Pension Protection Act Zone Status FIP/RP Status Pending/ Implemented Contributions by the Company (in thousands) Range of Expiration Dates of CBAs 2018 2017 2018 2017 2016 Surcharge Imposed National Retirement Fund 13-6130178/ 001 Critical Critical Implemented $ 4,147 $ 7,541 $ 6,675 No 5/4/2018 - 9/30/2021 UNITE HERE Retirement Fund (1) 82-0994119/ 001 Critical N/A Implemented 3,686 N/A N/A No 8/31/2015 - 8/13/2021 Local 1102 Retirement Trust (2) 13-1847329/ 001 Endangered Critical Implemented 1,206 397 339 No 6/30/2019 - 10/31/2020 Central States SE and SW Areas Pension Plan 36-6044243/ 001 Critical and Declining Critical and Declining Implemented 4,128 3,836 3,723 No 1/31/2007 - 1/31/2023 Pension Plan for Hospital & Health Care Employees Philadelphia & Vicinity 23-2627428/ 001 Critical Critical Implemented 319 336 216 No 1/31/2023 Local 731 Private Scavengers and Garage Attendants Pension Trust Fund (3) 36-6513567/ 001 Green Green N/A 907 898 813 No 4/26/2019 SEIU National Industry Pension Fund (4) 52-6148540/ 001 Critical Critical Implemented 501 429 404 No 4/14/2019 - 12/31/2019 Local 171 Pension Plan (5) 37-6155648/ 001 Critical and Declining Critical and Declining Implemented 37 82 83 No N/A Other funds 17,692 15,170 14,415 Total contributions $ 32,623 $ 28,689 $ 26,668 (1) Effective January 1, 2018, the UNITE HERE portion of the National Retirement Fund was spun off into the newly formed UNITE HERE Retirement Fund. (2) Over 90% of the Company's participants in this fund are covered by a single CBA that expires on 6/30/2019. (3) Effective October 1, 2017, the Local 731 Textile Maintenance and Laundry Craft Pension Plan merged into the Local 731 Private Scavengers and Garage Attendants Pension Trust Fund. (4) Over 75% of the Company's participants in this fund are covered by a single CBA that expires on 12/31/2019. (5) During fiscal 2018, the Company negotiated with a union to discontinue its participation in the fund. The Company provided more than 5 percent of the total contributions for the following plans and plan years: Pension Contributions to the plan exceeded more than 5% of total contributions (as of the plan's year-end) Local 1102 Retirement Trust 12/31/2017 and 12/31/2016 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Income Tax Disclosure [Abstract] | |
Income (loss) from continuing operations before income taxes by source of income | The components of income before income taxes by source of income are as follows (in thousands): Fiscal Year Ended September 28, 2018 September 29, 2017 September 30, 2016 United States $ 326,277 $ 362,783 $ 284,216 Non-U.S. 145,599 157,859 146,715 $ 471,876 $ 520,642 $ 430,931 |
Provision (benefit) for income taxes | The (benefit) provision for income taxes consists of (in thousands): Fiscal Year Ended September 28, 2018 September 29, 2017 September 30, 2016 Current: Federal $ (48,249 ) $ 111,175 $ 39,510 State and local 11,356 15,455 15,750 Non-U.S. 44,618 57,681 35,023 7,725 184,311 90,283 Deferred: Federal (113,475 ) (21,956 ) 47,323 State and local 7,408 3,165 (740 ) Non-U.S. 1,778 (19,065 ) 5,833 (104,289 ) (37,856 ) 52,416 $ (96,564 ) $ 146,455 $ 142,699 |
Effective Income Tax Rate Reconciliation | The provision for income taxes varies from the amount determined by applying the United States Federal statutory rate to pretax income as a result of the following (all percentages are as a percentage of income before income taxes): Fiscal Year Ended September 28, 2018 September 29, 2017 September 30, 2016 United States statutory income tax rate 24.5 % 35.0 % 35.0 % Increase (decrease) in taxes, resulting from: State income taxes, net of Federal tax benefit 3.2 2.3 2.3 Foreign taxes 3.3 (4.3 ) (1.4 ) Permanent book/tax differences (1.2 ) (3.8 ) 0.3 Uncertain tax positions (0.3 ) 1.4 0.1 U.S. Tax Reform - Remeasurement of deferred taxes (49.3 ) — — U.S. Tax Reform - Foreign tax credit valuation allowance 2.8 — — Tax credits & other (3.5 ) (2.5 ) (3.2 ) Effective income tax rate (20.5 )% 28.1 % 33.1 % |
Components of deferred taxes | As of September 28, 2018 and September 29, 2017 , the components of deferred taxes are as follows (in thousands): September 28, 2018 September 29, 2017 Deferred tax liabilities: Property and equipment $ 126,345 $ 92,268 Investments 12,213 20,317 Other intangible assets, including goodwill 474,263 629,153 Inventory 63,835 97,622 Derivatives 21,599 — Other 17,450 25,992 Gross deferred tax liability 715,705 865,352 Deferred tax assets: Insurance 40,240 33,811 Employee compensation and benefits 136,603 209,951 Accruals and allowances 19,338 31,026 Net operating loss/credit carryforwards and other 60,576 48,793 Gross deferred tax asset, before valuation allowances 256,757 323,581 Valuation allowances (29,023 ) (11,513 ) Net deferred tax liability $ 487,971 $ 553,284 |
Schedule of Valuation and Qualifying Accounts Disclosure | of the valuation allowance is as follows: September 28, 2018 September 29, 2017 Balance, beginning of year $ (11,513 ) $ (7,352 ) Additions (1) (21,101 ) (4,161 ) Subtractions (2) 3,591 — Balance, end of year $ (29,023 ) $ (11,513 ) (1) Mainly driven by the Tax Cuts and Jobs Act impacting the ability to utilize FTC carryforwards going forward, as well as the inability to use foreign NOL carryforwards. (2) Planning resulted in taxable income in separate Company states that had historical losses. ARAMARK AND SUBSIDIARIES SCHEDULE II -- VALUATION AND QUALIFYING ACCOUNTS AND RESERVES FOR THE FISCAL YEARS ENDED SEPTEMBER 28, 2018 , SEPTEMBER 29, 2017 AND SEPTEMBER 30, 2016 Additions Reductions Balance, Beginning of Period Charged to Income Deductions from Reserves (1) Balance, End of Period Description Fiscal Year 2018 Reserve for doubtful accounts, advances & current notes receivable $ 53,416 $ 22,009 $ 22,743 $ 52,682 Fiscal Year 2017 Reserve for doubtful accounts, advances & current notes receivable $ 48,058 $ 18,141 $ 12,783 $ 53,416 Fiscal Year 2016 Reserve for doubtful accounts, advances & current notes receivable $ 39,023 $ 21,913 $ 12,878 $ 48,058 (1) Amounts determined not to be collectible and charged against the reserve and translation. |
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits follows (in thousands): September 28, 2018 September 29, 2017 Balance, beginning of year $ 30,812 $ 22,752 Additions based on tax positions taken in the current year 709 9,323 Additions for tax positions taken in prior years 1,505 4,028 Reductions for remeasurements, settlements and payments (2,368 ) (3,972 ) Reductions due to statute expiration (1,569 ) (1,319 ) Balance, end of year $ 29,089 $ 30,812 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Stockholders' Equity Note [Abstract] | |
Dividends Paid | The following table presents the Company's dividend payments to its stockholders (in millions): September 28, 2018 September 29, 2017 September 30, 2016 Dividend payments $ 103.1 $ 100.8 $ 92.1 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | The following table summarizes the share-based compensation expense and related information for Time-Based Options ("TBOs"), Performance-Based Options ("PBOs"), Time-Based Restricted Stock Units ("RSUs"), Performance Stock Units and Performance Restricted Stock ("PSUs"), and Deferred Stock and Other Units classified as "Selling and general corporate expenses" in the Consolidated Statements of Income (in millions). Fiscal Year Ended September 28, 2018 September 29, 2017 September 30, 2016 TBOs $ 18.5 $ 20.4 $ 18.8 RSUs 24.1 20.8 21.4 PSUs (1) 43.7 21.6 13.9 Deferred Stock and Other Units 2.0 2.4 2.8 $ 88.3 $ 65.2 $ 56.9 Taxes related to share-based compensation $ 24.1 $ 24.2 $ 22.3 Cash Received from Option Exercises 21.5 28.8 35.7 Tax Benefit on Share Deliveries (2) 7.4 23.3 32.0 (1) During the third quarter of fiscal 2018, the Company increased the expected adjusted earnings per share target attainment percentage for both the fiscal 2016 and fiscal 2017 PSU grants, resulting in additional share-based compensation expense. The target for the 2016 PSU grants was achieved as of the end of fiscal 2018. (2) The tax benefit on option exercises and restricted stock unit deliveries is included in "Accrued Expenses" in the Consolidated Statements of Cash Flows. |
Schedule of Unrecognized Compensation Cost, Nonvested Awards | The below table summarizes the unrecognized compensation expense as of September 28, 2018 related to nonvested awards and the weighted-average period they are expected to be recognized: Unrecognized Compensation Expense (in millions) Weighted-Average Period (Years) TBOs $ 22.6 2.14 RSUs 56.6 2.47 PSUs 24.1 1.49 Total $ 103.3 |
Schedule of Stock Option Valuation Assumptions | Fiscal Year Ended September 28, 2018 September 29, 2017 September 30, 2016 Total intrinsic value exercised (in millions) $ 16.6 $ 32.2 $ 49.9 Total fair value that vested (in millions) 17.3 17.7 17.5 The risk-free rate is based on the United States Treasury security with terms equal to the expected life of the option as of the grant date. Compensation expense for TBOs is recognized on a straight-line basis over the vesting period during which employees perform related services. The table below presents the weighted average assumptions and related valuations for TBOs. Fiscal Year Ended September 28, 2018 September 29, 2017 September 30, 2016 Expected volatility 20% 25% 30% Expected dividend yield 1.03% - 1.11% 1.11% - 1.21% 1.15% - 1.25% Expected life (in years) 6.25 6.25 6.25 Risk-free interest rate 2.25% - 2.94% 2.14% - 2.20% 1.50% - 2.04% Weighted-average grant-date fair value $8.75 $8.47 $9.21 |
Schedule of Options Activity | A summary of PBO activity is presented below: Options Shares Weighted- Aggregate Intrinsic Value ($000s) Weighted-Average Remaining Term (Years) Outstanding at September 29, 2017 2,182 $ 12.28 Granted — $ — Exercised (302 ) $ 11.21 Forfeited and expired (5 ) $ 10.90 Outstanding at September 28, 2018 1,875 $ 12.46 $ 57,317 3.0 Exercisable at September 28, 2018 1,875 $ 12.46 $ 57,317 3.0 A summary of TBO activity is presented below: Options Shares Weighted- Aggregate Intrinsic Value ($000s) Weighted-Average Remaining Term (Years) Outstanding at September 29, 2017 13,074 $ 24.39 Granted 1,914 $ 40.67 Exercised (1,111 ) $ 21.00 Forfeited and expired (575 ) $ 34.37 Outstanding at September 28, 2018 13,302 $ 26.60 $ 218,450 6.2 Exercisable at September 28, 2018 8,469 $ 21.36 $ 183,456 5.0 Expected to vest at September 28, 2018 4,498 $ 35.64 $ 33,177 8.1 |
Schedule of Restricted Stock Units Activity | Restricted Stock Units Units Weighted Average Grant Date Fair Value Outstanding at September 29, 2017 1,935 $ 31.44 Granted 1,369 $ 40.34 Vested (586) $ 31.73 Forfeited (310) $ 37.01 Outstanding at September 28, 2018 2,408 $ 36.66 During fiscal 2017, the Company granted PSUs subject to the level of achievement of adjusted earnings per share for the cumulative three year performance period and the participant's continued employment with the Company. During fiscal 2018, the Company granted PSUs subject to the level of achievement of adjusted earnings per share and return on invested capital for the cumulative three year performance period and the participant's continued employment with the Company. The grant-date fair value of the PSUs is based on the fair value of the Company's common stock. Performance Stock Units Units Weighted Average Grant Date Fair Value Outstanding at September 29, 2017 1,270 $ 31.82 Granted 736 $ 38.95 Vested (211) $ 28.79 Forfeited (181) $ 35.40 Outstanding at September 28, 2018 1,614 $ 34.99 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share attributable to the Company's stockholders (in thousands, except per share data): Fiscal Year Ended September 28, 2018 September 29, 2017 September 30, 2016 Earnings: Net income attributable to Aramark stockholders $ 567,885 $ 373,923 $ 287,806 Shares: Basic weighted-average shares outstanding 245,771 244,453 242,286 Effect of dilutive securities 7,581 7,104 6,477 Diluted weighted-average shares outstanding 253,352 251,557 248,763 Basic Earnings Per Share: Net income attributable to Aramark stockholders $ 2.31 $ 1.53 $ 1.19 Diluted Earnings Per Share: Net income attributable to Aramark stockholders $ 2.24 $ 1.49 $ 1.16 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Commitments Under All Noncancelable Operating Leases | Following is a schedule of the future minimum rental and similar commitments under all noncancelable operating leases and certain residual value guarantees as of September 28, 2018 (in thousands): 2019 $ 213,439 2020 109,152 2021 81,105 2022 72,020 2023 64,352 2024-Thereafter 358,302 Total minimum rental obligations $ 898,370 |
Quarterly Results (Unaudited) (
Quarterly Results (Unaudited) (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial data | The following tables summarize the Company's unaudited quarterly results for fiscal 2018 and fiscal 2017 (in thousands, except per share amounts): Quarter Ended December 29, 2017 March 30, 2018 June 29, 2018 September 28, 2018 Sales $ 3,965,118 $ 3,939,311 $ 3,971,606 $ 3,913,598 Cost of services provided 3,520,064 3,561,509 3,524,804 3,383,810 Net income 292,440 27,716 72,716 175,568 Net income attributable to Aramark stockholders 292,284 27,569 72,577 175,455 Earnings per share: Basic $ 1.19 $ 0.11 $ 0.29 $ 0.71 Diluted 1.16 0.11 0.29 0.69 Dividends declared per common share 0.105 0.105 0.105 0.105 Quarter Ended December 30, 2016 March 31, 2017 June 30, 2017 September 29, 2017 Sales $ 3,735,383 $ 3,621,628 $ 3,593,277 $ 3,654,124 Cost of services provided 3,299,329 3,226,196 3,232,366 3,231,082 Net income 125,435 70,231 65,364 113,157 Net income attributable to Aramark stockholders 125,339 70,151 65,295 113,138 Earnings per share: Basic $ 0.51 $ 0.29 $ 0.27 $ 0.46 Diluted 0.50 0.28 0.26 0.45 Dividends declared per common share 0.103 0.103 0.103 0.103 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Sales by Segment | Financial information by segment follows (in millions): Sales Fiscal Year Ended September 28, 2018 September 29, 2017 September 30, 2016 FSS United States $ 10,137.8 $ 9,748.0 $ 9,582.6 FSS International 3,655.8 3,291.7 3,269.5 Uniform 1,996.0 1,564.7 1,563.7 $ 15,789.6 $ 14,604.4 $ 14,415.8 |
Schedule of Operating Income by Segment | Operating Income Fiscal Year Ended September 28, 2018 September 29, 2017 September 30, 2016 FSS United States $ 680.5 $ 596.8 $ 490.2 FSS International 150.9 162.1 185.3 Uniform 182.6 182.3 195.3 1,014.0 941.2 870.8 Corporate (187.9 ) (133.1 ) (124.5 ) Operating Income 826.1 808.1 746.3 Interest and Other Financing Costs, net (354.3 ) (287.4 ) (315.4 ) Income Before Income Taxes $ 471.8 $ 520.7 $ 430.9 |
Schedule of Depreciation and Amortization by Segment | Depreciation and Amortization Fiscal Year Ended September 28, 2018 September 29, 2017 September 30, 2016 FSS United States $ 405.0 $ 372.7 $ 363.6 FSS International 64.8 55.3 55.9 Uniform 123.4 77.2 73.9 Corporate 3.0 3.0 2.4 $ 596.2 $ 508.2 $ 495.8 |
Schedule of Capital Expenditures and Client Contract Investments and Other by Segment | Capital Expenditures and Client Contract Investments and Other* Fiscal Year Ended September 28, 2018 September 29, 2017 September 30, 2016 FSS United States $ 494.3 $ 420.4 $ 371.7 FSS International 84.1 66.1 99.8 Uniform 332.5 67.5 70.7 Corporate 1.2 1.0 3.3 $ 912.1 $ 555.0 $ 545.5 * Includes amounts acquired in business combinations |
Schedule of Assets by Segment | Identifiable Assets September 28, 2018 September 29, 2017 FSS United States $ 8,482.8 $ 6,962.3 FSS International 2,072.0 2,013.6 Uniform 2,991.7 1,828.7 Corporate 173.6 201.6 $ 13,720.1 $ 11,006.2 |
Schedule of Revenue by Geographic Areas | The following geographic data include sales generated by subsidiaries within that geographic area and net property & equipment based on physical location (in millions): Sales Fiscal Year Ended September 28, 2018 September 29, 2017 September 30, 2016 United States $ 11,795.6 $ 11,098.0 $ 11,011.5 Foreign 3,994.0 3,506.4 3,404.3 $ 15,789.6 $ 14,604.4 $ 14,415.8 |
Schedule of Net Property and Equipment by Geographic Areas | Property and Equipment, net September 28, 2018 September 29, 2017 United States $ 1,065.9 $ 838.2 Foreign 312.2 203.8 $ 1,378.1 $ 1,042.0 |
Condensed Consolidating Finan_2
Condensed Consolidating Financial Statements of Aramark and Subsidiaries (Tables) | 12 Months Ended |
Sep. 28, 2018 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Condensed Consolidated Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEETS September 28, 2018 (in thousands) Aramark (Parent) Issuers Guarantors Non Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ 5 $ 50,716 $ 29,844 $ 134,460 $ — $ 215,025 Receivables — 1,038 443,599 1,345,796 — 1,790,433 Inventories — 15,857 592,259 116,686 — 724,802 Prepayments and other current assets — 21,411 86,100 63,654 — 171,165 Total current assets 5 89,022 1,151,802 1,660,596 — 2,901,425 Property and Equipment, net — 28,341 1,013,523 336,230 — 1,378,094 Goodwill — 173,104 4,783,547 653,917 — 5,610,568 Investment in and Advances to Subsidiaries 3,029,553 7,441,605 90,049 844,245 (11,405,452 ) — Other Intangible Assets — 29,684 1,919,795 187,365 — 2,136,844 Other Assets — 100,754 1,264,976 329,443 (2,002 ) 1,693,171 $ 3,029,558 $ 7,862,510 $ 10,223,692 $ 4,011,796 $ (11,407,454 ) $ 13,720,102 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Current maturities of long-term borrowings $ — $ — $ 26,564 $ 4,343 $ — $ 30,907 Accounts payable — 128,460 483,606 406,854 — 1,018,920 Accrued expenses and other current liabilities — 205,807 926,794 307,643 88 1,440,332 Total current liabilities — 334,267 1,436,964 718,840 88 2,490,159 Long-term Borrowings — 6,651,110 82,097 479,870 — 7,213,077 Deferred Income Taxes and Other Noncurrent Liabilities — 432,583 466,331 78,301 — 977,215 Intercompany Payable — — 4,827,084 955,407 (5,782,491 ) — Redeemable Noncontrolling Interest — — 10,093 — — 10,093 Total Stockholders' Equity 3,029,558 444,550 3,401,123 1,779,378 (5,625,051 ) 3,029,558 $ 3,029,558 $ 7,862,510 $ 10,223,692 $ 4,011,796 $ (11,407,454 ) $ 13,720,102 CONDENSED CONSOLIDATING BALANCE SHEETS September 29, 2017 (in thousands) Aramark (Parent) Aramark Services, Inc. Guarantors Non Eliminations Consolidated ASSETS Current Assets: Cash and cash equivalents $ 5 $ 111,512 $ 37,513 $ 89,767 $ — $ 238,797 Receivables — 3,721 303,664 1,308,608 — 1,615,993 Inventories — 15,737 514,267 80,728 — 610,732 Prepayments and other current assets — 14,123 83,404 90,090 — 187,617 Total current assets 5 145,093 938,848 1,569,193 — 2,653,139 Property and Equipment, net — 29,869 775,362 236,800 — 1,042,031 Goodwill — 173,104 3,874,647 667,760 — 4,715,511 Investment in and Advances to Subsidiaries 2,459,056 5,248,858 90,049 567,277 (8,365,240 ) — Other Intangible Assets — 29,683 914,000 177,141 — 1,120,824 Other Assets — 53,538 1,112,076 311,112 (2,002 ) 1,474,724 $ 2,459,061 $ 5,680,145 $ 7,704,982 $ 3,529,283 $ (8,367,242 ) $ 11,006,229 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Current maturities of long-term borrowings $ — $ 33,487 $ 20,330 $ 24,340 $ — $ 78,157 Accounts payable — 167,926 461,192 326,807 — 955,925 Accrued expenses and other current liabilities — 200,130 814,542 319,253 88 1,334,013 Total current liabilities — 401,543 1,296,064 670,400 88 2,368,095 Long-term Borrowings — 4,460,730 63,604 665,997 — 5,190,331 Deferred Income Taxes and Other Noncurrent Liabilities — 425,297 513,797 39,850 — 978,944 Intercompany Payable — — 5,224,196 747,347 (5,971,543 ) — Redeemable Noncontrolling Interest — — 9,798 — — 9,798 Total Stockholders' Equity 2,459,061 392,575 597,523 1,405,689 (2,395,787 ) 2,459,061 $ 2,459,061 $ 5,680,145 $ 7,704,982 $ 3,529,283 $ (8,367,242 ) $ 11,006,229 |
Schedule of Condensed Consolidated Statement of Income | CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the year ended September 28, 2018 (in thousands) Aramark (Parent) Issuers Guarantors Non Eliminations Consolidated Sales $ — $ 1,027,573 $ 10,432,088 $ 4,329,972 $ — $ 15,789,633 Costs and Expenses: Cost of services provided — 848,739 9,135,305 4,006,141 — 13,990,185 Depreciation and amortization — 19,466 483,106 93,610 — 596,182 Selling and general corporate expenses — 195,093 158,064 23,972 — 377,129 Interest and other financing costs, net — 329,027 (2,048 ) 27,282 — 354,261 Expense allocations — (374,970 ) 353,628 21,342 — — — 1,017,355 10,128,055 4,172,347 — 15,317,757 Income before Income Taxes — 10,218 304,033 157,625 — 471,876 Provision (Benefit) for Income Taxes — (3,521 ) (143,452 ) 50,409 — (96,564 ) Equity in Net Income of Subsidiaries 567,885 — — — (567,885 ) — Net income 567,885 13,739 447,485 107,216 (567,885 ) 568,440 Less: Net income attributable to noncontrolling interest — — 555 — — 555 Net income attributable to Aramark stockholders 567,885 13,739 446,930 107,216 (567,885 ) 567,885 Other comprehensive income (loss), net of tax 32,537 43,686 3,178 (36,776 ) (10,088 ) 32,537 Comprehensive income attributable to Aramark stockholders $ 600,422 $ 57,425 $ 450,108 $ 70,440 $ (577,973 ) $ 600,422 CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the year ended September 29, 2017 (in thousands) Aramark (Parent) Aramark Services, Inc. Guarantors Non Eliminations Consolidated Sales $ — $ 1,041,490 $ 9,708,157 $ 3,854,765 $ — $ 14,604,412 Costs and Expenses: Cost of services provided — 941,031 8,507,680 3,540,262 — 12,988,973 Depreciation and amortization — 17,502 416,979 73,731 — 508,212 Selling and general corporate expenses — 140,305 138,304 20,561 — 299,170 Interest and other financing costs, net — 273,405 (3,171 ) 17,181 — 287,415 Expense allocations — (348,042 ) 318,199 29,843 — — — 1,024,201 9,377,991 3,681,578 — 14,083,770 Income before Income Taxes — 17,289 330,166 173,187 — 520,642 Provision for Income Taxes — 5,139 98,144 43,172 — 146,455 Equity in Net Income of Subsidiaries 373,923 — — — (373,923 ) — Net income 373,923 12,150 232,022 130,015 (373,923 ) 374,187 Less: Net income attributable to noncontrolling interest — — 264 — — 264 Net income attributable to Aramark stockholders 373,923 12,150 231,758 130,015 (373,923 ) 373,923 Other comprehensive income, net of tax 57,023 35,667 431 80,204 (116,302 ) 57,023 Comprehensive income attributable to Aramark stockholders $ 430,946 $ 47,817 $ 232,189 $ 210,219 $ (490,225 ) $ 430,946 CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the year ended September 30, 2016 (in thousands) Aramark (Parent) Aramark Services, Inc. Guarantors Non Eliminations Consolidated Sales $ — $ 1,025,664 $ 9,670,207 $ 3,719,958 $ — $ 14,415,829 Costs and Expenses: Cost of services provided — 939,925 8,536,196 3,414,287 — 12,890,408 Depreciation and amortization — 15,670 406,154 73,941 — 495,765 Selling and general corporate expenses — 134,705 130,153 18,484 — 283,342 Interest and other financing costs, net — 293,072 (2,513 ) 24,824 — 315,383 Expense allocations — (358,897 ) 308,928 49,969 — — — 1,024,475 9,378,918 3,581,505 — 13,984,898 Income Before Income Taxes — 1,189 291,289 138,453 — 430,931 Provision for Income Taxes — 427 104,377 37,895 — 142,699 Equity in Net Income of Subsidiaries 287,806 — — — (287,806 ) — Net income 287,806 762 186,912 100,558 (287,806 ) 288,232 Less: Net income attributable to noncontrolling interest — — 426 — — 426 Net income attributable to Aramark stockholders 287,806 762 186,486 100,558 (287,806 ) 287,806 Other comprehensive income (loss), net of tax (14,215 ) (16,093 ) (7,284 ) 1,176 22,201 (14,215 ) Comprehensive income (loss) attributable to Aramark stockholders $ 273,591 $ (15,331 ) $ 179,202 $ 101,734 $ (265,605 ) $ 273,591 |
Schedule of Condensed Consolidated Cash Flow Statement | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the year ended September 28, 2018 (in thousands) Aramark (Parent) Issuers Guarantors Non Eliminations Consolidated Net cash provided by operating activities $ — $ 111,541 $ 690,218 $ 311,179 $ (65,587 ) $ 1,047,351 Cash flows from investing activities: Purchases of property and equipment, client contract investments and other — (13,133 ) (532,923 ) (82,548 ) — (628,604 ) Disposals of property and equipment — 2,252 4,301 3,938 — 10,491 Acquisitions of businesses, net of cash acquired — (2,381,800 ) 244,581 (103,065 ) — (2,240,284 ) Other investing activities — (3,095 ) 328 (4,112 ) — (6,879 ) Net cash used in investing activities — (2,395,776 ) (283,713 ) (185,787 ) — (2,865,276 ) Cash flows from financing activities: Proceeds from long-term borrowings — 3,012,072 — 165,241 — 3,177,313 Payments of long-term borrowings — (833,854 ) (28,142 ) (111,693 ) — (973,689 ) Net change in funding under the Receivables Facility — — — (254,200 ) — (254,200 ) Payments of dividends — (103,115 ) — — — (103,115 ) Proceeds from issuance of common stock — 21,507 — — — 21,507 Repurchase of common stock — (24,410 ) — — — (24,410 ) Other financing activities — (45,905 ) (2,958 ) (390 ) — (49,253 ) Change in intercompany, net — 197,144 (383,074 ) 120,343 65,587 — Net cash provided by (used in) financing activities — 2,223,439 (414,174 ) (80,699 ) 65,587 1,794,153 (Decrease) increase in cash and cash equivalents — (60,796 ) (7,669 ) 44,693 — (23,772 ) Cash and cash equivalents, beginning of period 5 111,512 37,513 89,767 — 238,797 Cash and cash equivalents, end of period $ 5 $ 50,716 $ 29,844 $ 134,460 $ — $ 215,025 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the year ended September 29, 2017 (in thousands) Aramark (Parent) Aramark Services, Inc. Guarantors Non Eliminations Consolidated Net cash provided by operating activities $ — $ 261,282 $ 779,801 $ 200,579 $ (188,275 ) $ 1,053,387 Cash flows from investing activities: Purchases of property and equipment, client contract investments and other — (20,939 ) (443,262 ) (88,528 ) — (552,729 ) Disposals of property and equipment — 494 14,780 3,632 — 18,906 Acquisitions of businesses, net of cash acquired — — (37,130 ) (104,992 ) — (142,122 ) Other investing activities — (69,401 ) 36,946 29,916 — (2,539 ) Net cash used in investing activities — (89,846 ) (428,666 ) (159,972 ) — (678,484 ) Cash flows from financing activities: Proceeds from long-term borrowings — 3,451,164 — 400,253 — 3,851,417 Payments of long-term borrowings — (3,572,268 ) (19,851 ) (319,873 ) — (3,911,992 ) Net change in funding under the Receivables Facility — — — (13,800 ) — (13,800 ) Payments of dividends — (100,813 ) — — — (100,813 ) Proceeds from issuance of common stock — 28,779 — — — 28,779 Repurchase of common stock — (100,000 ) — — — (100,000 ) Other financing activities — (69,172 ) (2,973 ) 29,868 — (42,277 ) Change in intercompany, net — 254,536 (322,142 ) (120,669 ) 188,275 — Net cash used in financing activities — (107,774 ) (344,966 ) (24,221 ) 188,275 (288,686 ) Increase in cash and cash equivalents — 63,662 6,169 16,386 — 86,217 Cash and cash equivalents, beginning of period 5 47,850 31,344 73,381 — 152,580 Cash and cash equivalents, end of period $ 5 $ 111,512 $ 37,513 $ 89,767 $ — $ 238,797 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS For the year ended September 30, 2016 (in thousands) Aramark (Parent) Aramark Services, Inc. Guarantors Non Eliminations Consolidated Net cash provided by operating activities $ — $ 160,790 $ 587,572 $ 124,191 $ (5,239 ) $ 867,314 Cash flows from investing activities: Purchases of property and equipment, client contract investments and other — (22,326 ) (419,009 ) (71,197 ) — (512,532 ) Disposals of property and equipment — 1,832 20,353 4,639 — 26,824 Acquisitions of businesses, net of cash acquired — — (231 ) (199,146 ) — (199,377 ) Other investing activities — 1,576 5,202 (1,438 ) — 5,340 Net cash used in investing activities — (18,918 ) (393,685 ) (267,142 ) — (679,745 ) Cash flows from financing activities: Proceeds from long-term borrowings — 1,397,714 — 2,274 — 1,399,988 Payments of long-term borrowings — (1,217,292 ) (15,418 ) (130,824 ) — (1,363,534 ) Net change in funding under the Receivables Facility — — — (82,000 ) — (82,000 ) Payments of dividends — (92,074 ) — — — (92,074 ) Proceeds from issuance of common stock — 35,705 — — — 35,705 Repurchase of common stock — (749 ) — — — (749 ) Other financing activities — (51,495 ) (2,513 ) (733 ) — (54,741 ) Change in intercompany, net — (197,623 ) (187,423 ) 379,807 5,239 — Net cash provided by (used in) financing activities — (125,814 ) (205,354 ) 168,524 5,239 (157,405 ) Increase (decrease) in cash and cash equivalents — 16,058 (11,467 ) 25,573 — 30,164 Cash and cash equivalents, beginning of period 5 31,792 42,811 47,808 — 122,416 Cash and cash equivalents, end of period $ 5 $ 47,850 $ 31,344 $ 73,381 $ — $ 152,580 |
Nature of Business, Basis of _4
Nature of Business, Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018USD ($)segment | Sep. 29, 2017USD ($) | Sep. 30, 2016USD ($) | |
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | |||
Number of reportable segments | segment | 3 | ||
Foreign currency transaction loss | $ 3,800 | ||
Depreciation | 270,000 | $ 237,900 | $ 234,800 |
Disposals of property and equipment | 10,491 | 18,906 | 26,824 |
Capital lease transactions | 34,000 | 55,400 | 36,400 |
Payments related to tax withholding for share-based compensation | $ 19,000 | 32,700 | 40,100 |
Minimum | Building and Building Improvements | |||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life | 10 years | ||
Minimum | Service Equipment and Fixtures | |||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life | 3 years | ||
Maximum | Building and Building Improvements | |||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life | 40 years | ||
Maximum | Service Equipment and Fixtures | |||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life | 10 years | ||
Personalized Work Apparel, Linens, and Rental Items | Minimum | |||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 1 year | ||
Personalized Work Apparel, Linens, and Rental Items | Maximum | |||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | |||
Estimated useful lives | 4 years | ||
Building | Food and Support Services - United States | |||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | |||
Disposals of property and equipment | 9,500 | ||
Gain (loss) on disposition of assets | (5,100) | ||
Building | Uniform segment | Cost of services provided | |||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | |||
Asset impairment charges | 6,000 | ||
Building | Food and Support Services - International | |||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | |||
Disposals of property and equipment | $ 30,100 | ||
Accounting Standards Update 2014-09 | Property, Plant and Equipment [Member] | |||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | |||
Cumulative effect of new accounting principle in period of adoption | $ 760,000 | ||
Accounting Standards Update 2014-09 | Other assets | |||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | |||
Cumulative effect of new accounting principle in period of adoption | 265,000 | ||
Accounting Standards Update 2014-09 | Uniform segment | Cost of services provided | |||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | |||
Cumulative effect of new accounting principle in period of adoption | 375,000 | ||
Retained Earnings | |||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | |||
Cumulative effect of new accounting principle in period of adoption | $ 9,142 | ||
Retained Earnings | Accounting Standards Update 2014-09 | Minimum | |||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | |||
Cumulative effect of new accounting principle in period of adoption | 75,000 | ||
Retained Earnings | Accounting Standards Update 2014-09 | Maximum | |||
Basis of Presentation and Summary of Significant Accounting Policies [Line Items] | |||
Cumulative effect of new accounting principle in period of adoption | $ 100,000 |
Nature of Business, Basis of _5
Nature of Business, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Components of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net income, After-Tax Amount | $ 568,440 | $ 374,187 | $ 288,232 |
Pension plan adjustments, Pre-Tax Amount | 29,650 | 22,548 | (37,957) |
Pension plan adjustments, tax expense (benefit) | (9,003) | (2,556) | 13,287 |
Pension plan adjustments, After-Tax Amount | 20,647 | 19,992 | (24,670) |
Foreign currency translation adjustments, Pre-Tax Amount | (31,003) | 5,903 | 18,547 |
Foreign currency translation adjustments, tax benefit | (250) | 0 | (15,467) |
Foreign currency translation adjustments, After-Tax Amount | (31,253) | 5,903 | 3,080 |
Gain (Loss) recognized in other comprehensive income | 55,445 | 31,884 | (23,437) |
Unrealized losses arising during the period, Tax Effect | (16,134) | (12,435) | 15,011 |
Unrealized losses arising during the period, After-Tax Amount | 39,311 | 19,449 | (8,426) |
Reclassification adjustments, Pre-Tax Amount | 5,185 | 16,606 | 34,861 |
Reclassification adjustments, Tax Effect | (1,510) | (6,476) | (13,677) |
Reclassification adjustments, After-Tax Amount | 3,675 | 10,130 | 21,184 |
Share of equity investee's comprehensive loss, Pre-Tax Amount | 157 | 2,383 | (8,282) |
Share of equity investee's comprehensive loss, tax (expense) benefit | 0 | (834) | 2,899 |
Share of equity investee's comprehensive loss, After-Tax Amount | 157 | 1,549 | (5,383) |
Other comprehensive income (loss), Pre-Tax Amount | 59,434 | 79,324 | (16,268) |
Other comprehensive income (loss), tax (expense) benefit | (26,897) | (22,301) | 2,053 |
Other comprehensive income (loss), net of tax | 32,537 | 57,023 | (14,215) |
Comprehensive income | 600,977 | 431,210 | 274,017 |
Less: Net income attributable to noncontrolling interest | 555 | 264 | 426 |
Comprehensive income attributable to Aramark stockholders | $ 600,422 | $ 430,946 | $ 273,591 |
Nature of Business, Basis of _6
Nature of Business, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Sep. 29, 2017 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Pension plan adjustments | $ (24,628) | $ (45,275) |
Foreign currency translation adjustments | (93,811) | (62,558) |
Cash flow hedges | 36,192 | (6,794) |
Share of equity investee's accumulated other comprehensive loss | (8,976) | (9,133) |
Accumulated other comprehensive income (loss), net of tax | $ (91,223) | $ (123,760) |
Nature of Business, Basis of _7
Nature of Business, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Components of Inventories (Details) | Sep. 28, 2018 | Sep. 29, 2017 |
Components of Inventories [Line Items] | ||
Percentage of inventory | 100.00% | 100.00% |
Food | ||
Components of Inventories [Line Items] | ||
Percentage of inventory | 31.60% | 36.90% |
Uniform | ||
Components of Inventories [Line Items] | ||
Percentage of inventory | 65.70% | 60.50% |
Parts, supplies and novelties | ||
Components of Inventories [Line Items] | ||
Percentage of inventory | 2.70% | 2.60% |
Nature of Business, Basis of _8
Nature of Business, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Other Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 28, 2018 | Sep. 29, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Client contract investments | $ 1,034,476 | $ 981,300 |
Miscellaneous investments | 239,547 | 247,601 |
Long-term receivables | 90,068 | 72,406 |
Computer software costs, net | 152,188 | 111,005 |
Interest rate swap agreements | 54,708 | 0 |
Other | 122,184 | 62,412 |
Other Assets | $ 1,693,171 | $ 1,474,724 |
Minimum | Computer Software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, useful life | 3 years | |
Maximum | Computer Software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, useful life | 10 years |
Nature of Business, Basis of _9
Nature of Business, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Other Assets - Footnotes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Schedule of Investments [Line Items] | |||
Amortization of capital investments related to client contracts | $ 183,600 | $ 159,600 | $ 142,500 |
Miscellaneous investments | 239,547 | 247,601 | |
AIM Services Co., Ltd | |||
Schedule of Investments [Line Items] | |||
Miscellaneous investments | $ 155,100 | $ 173,800 |
Nature of Business, Basis of_10
Nature of Business, Basis of Presentation and Summary of Significant Accounting Policies - Other Accrued Expenses and Liabilities (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Sep. 29, 2017 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Deferred income | $ 299,089 | $ 294,781 |
Accrued client expenses | 98,282 | 84,138 |
Accrued taxes | 96,855 | 75,156 |
Accrued insurance and interest | 164,890 | 87,143 |
Other | 358,917 | 305,222 |
Accrued expenses and other current liabilities | $ 1,018,033 | $ 846,440 |
Nature of Business, Basis of_11
Nature of Business, Basis of Presentation and Summary of Significant Accounting Policies - Deferred Income Taxes and Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Sep. 29, 2017 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Deferred income tax payable | $ 503,429 | $ 570,893 |
Deferred compensation | 226,558 | 229,663 |
Pension-related liabilities | 28,478 | 14,164 |
Interest rate swap agreements | 0 | 9,313 |
Other noncurrent liabilities | 218,750 | 154,911 |
Deferred Income Taxes and Other Noncurrent Liabilities | $ 977,215 | $ 978,944 |
Nature of Business, Basis of_12
Nature of Business, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Cash Flow, Supplemental Disclosures (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Interest paid | $ 307.1 | $ 201.7 | $ 275.4 |
Income taxes (refunded) paid | $ (1.1) | $ 126.3 | $ 55.6 |
Acquisitions and Divestitures_2
Acquisitions and Divestitures (Narrative) (Details) - USD ($) $ in Thousands | Jan. 19, 2018 | Dec. 11, 2017 | Sep. 28, 2018 | Sep. 30, 2016 | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 5,610,568 | $ 5,610,568 | $ 4,715,511 | ||||
Payments to acquire business | 2,240,284 | 142,122 | $ 199,377 | ||||
Healthcare Technologies | |||||||
Business Acquisition [Line Items] | |||||||
Proceeds from divestiture | 300,000 | ||||||
AmeriPride | |||||||
Business Acquisition [Line Items] | |||||||
Payments to acquire businesses, gross | $ 995,400 | ||||||
Escrow payment for potential final adjustments | 84,900 | ||||||
Goodwill | $ 364,600 | ||||||
Avendra | |||||||
Business Acquisition [Line Items] | |||||||
Payments to acquire businesses, gross | $ 1,386,400 | ||||||
Escrow payment for potential final adjustments | 87,300 | ||||||
Goodwill | $ 530,500 | ||||||
AmeriPride and Avendra | |||||||
Business Acquisition [Line Items] | |||||||
Revenue of acquiree since acquisition date, actual | 522,200 | ||||||
Combined net income of acquiree since acquisition date | 8,000 | ||||||
Other Acquisitions | |||||||
Business Acquisition [Line Items] | |||||||
Payments to acquire businesses, gross | 30,600 | 142,100 | |||||
Avoca Handweavers Limited | |||||||
Business Acquisition [Line Items] | |||||||
Payments to acquire businesses, gross | 65,800 | ||||||
Payments to acquire business | $ 59,200 | ||||||
Selling, General Expenses | AmeriPride | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition related costs | 12,700 | ||||||
Selling, General Expenses | Avendra | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition related costs | 11,500 | ||||||
Interest and Other Financing Costs, Net | AmeriPride | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition related costs | 5,200 | ||||||
Interest and Other Financing Costs, Net | Avendra | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition related costs | 6,700 | ||||||
Food and Support Services - United States | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | $ 4,028,454 | $ 4,028,454 | $ 3,493,756 | ||||
Food and Support Services - United States | HPSI | |||||||
Business Acquisition [Line Items] | |||||||
Payments to acquire businesses, gross | $ 140,000 |
Acquisitions and Divestitures_3
Acquisitions and Divestitures (Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands | Jan. 19, 2018 | Dec. 11, 2017 |
AmeriPride | ||
Business Acquisition [Line Items] | ||
Current assets | $ 237,807 | |
Noncurrent assets | 959,347 | |
Total assets | 1,197,154 | |
Current liabilities | 136,751 | |
Noncurrent liabilities | 64,974 | |
Total liabilities | $ 201,725 | |
Avendra | ||
Business Acquisition [Line Items] | ||
Current assets | $ 157,614 | |
Noncurrent assets | 1,345,532 | |
Total assets | 1,503,146 | |
Current liabilities | 111,087 | |
Noncurrent liabilities | 5,681 | |
Total liabilities | $ 116,768 |
Acquisitions and Divestitures_4
Acquisitions and Divestitures (Intangible Assets Acquired) (Details) - USD ($) $ in Millions | Jan. 19, 2018 | Dec. 11, 2017 | Sep. 28, 2018 |
Customer relationship assets | |||
Business Acquisition [Line Items] | |||
Weighted- Average Estimated Useful Life (in years) | 15 years | ||
AmeriPride | |||
Business Acquisition [Line Items] | |||
Total intangible assets | $ 321 | ||
AmeriPride | Customer relationship assets | |||
Business Acquisition [Line Items] | |||
Weighted- Average Estimated Useful Life (in years) | 15 years | ||
Total intangible assets | $ 297 | ||
AmeriPride | Trade names | |||
Business Acquisition [Line Items] | |||
Weighted- Average Estimated Useful Life (in years) | 3 years | ||
AmeriPride | Trade names | Trade names | |||
Business Acquisition [Line Items] | |||
Total intangible assets | $ 24 | ||
Avendra | |||
Business Acquisition [Line Items] | |||
Total intangible assets | $ 789 | ||
Avendra | Trade names | |||
Business Acquisition [Line Items] | |||
Trade name | 222 | ||
Avendra | Customer relationship assets | |||
Business Acquisition [Line Items] | |||
Customer relationship assets | $ 567 | ||
Weighted- Average Estimated Useful Life (in years) | 15 years |
Acquisitions and Divestitures_5
Acquisitions and Divestitures (Pro Forma Information) (Details) - AmeriPride and Avendra - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 28, 2018 | Sep. 29, 2017 | |
Business Acquisition [Line Items] | ||
Total sales | $ 16,014,463 | $ 15,378,832 |
Net income | $ 624,334 | $ 328,932 |
Severance and Asset Write-dow_3
Severance and Asset Write-downs (Details) - Employee Severance and Other Costs - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Restructuring Reserve [Roll Forward] | |||
Severance and Related Costs Accrual Beginning Balance | $ 17.8 | ||
Net Charges | 36.6 | $ 18.4 | $ 24.9 |
Payments and Other | (37.8) | ||
Severance and Related Costs Accrual Ending Balance | $ 16.6 | $ 17.8 |
Goodwill And Other Intangible_3
Goodwill And Other Intangible Assets - Schedule of Goodwill Assets by Segment (Details) $ in Thousands | 12 Months Ended |
Sep. 28, 2018USD ($) | |
Goodwill [Roll Forward] | |
September 29, 2017 | $ 4,715,511 |
Acquisitions | 909,558 |
Translation and Other | (14,501) |
September 28, 2018 | 5,610,568 |
FSS United States | |
Goodwill [Roll Forward] | |
September 29, 2017 | 3,493,756 |
Acquisitions | 534,698 |
Translation and Other | 0 |
September 28, 2018 | 4,028,454 |
FSS International | |
Goodwill [Roll Forward] | |
September 29, 2017 | 637,816 |
Acquisitions | 2,656 |
Translation and Other | (14,093) |
September 28, 2018 | 626,379 |
Uniform | |
Goodwill [Roll Forward] | |
September 29, 2017 | 583,939 |
Acquisitions | 372,204 |
Translation and Other | (408) |
September 28, 2018 | $ 955,735 |
Goodwill And Other Intangible_4
Goodwill And Other Intangible Assets - Schedule of other intangible assets (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Sep. 29, 2017 |
Other Intangible Assets | ||
Gross Amount | $ 3,295,040 | $ 2,184,174 |
Accumulated Amortization | (1,158,196) | (1,063,350) |
Net Amount | 2,136,844 | 1,120,824 |
Customer relationship assets | ||
Other Intangible Assets | ||
Gross Amount | 2,244,215 | 1,376,812 |
Accumulated Amortization | (1,156,811) | (1,063,350) |
Net Amount | 1,087,404 | 313,462 |
Trade names | ||
Other Intangible Assets | ||
Gross Amount | 1,050,825 | 807,362 |
Accumulated Amortization | (1,385) | 0 |
Net Amount | $ 1,049,440 | $ 807,362 |
Goodwill And Other Intangible_5
Goodwill And Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 29, 2017 | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 112.1 | $ 87.9 | $ 98.5 | |
Food and Support Services - International | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill transfers | $ 173.3 | |||
Customer relationship assets | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets acquired | $ 887.5 | 67 | ||
Weighted- Average Estimated Useful Life (in years) | 15 years | |||
Customer relationship assets | Minimum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible asset, useful life | 5 years | |||
Customer relationship assets | Maximum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible asset, useful life | 24 years | |||
Trade names | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Assets Acquired | $ 246 | $ 22.9 |
Goodwill And Other Intangible_6
Goodwill And Other Intangible Assets - Schedule of expected amortization expense (Details) $ in Thousands | Sep. 28, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,019 | $ 113,202 |
2,020 | 112,560 |
2,021 | 104,750 |
2,022 | 84,019 |
2,023 | $ 75,996 |
Borrowings - Schedule of Long-t
Borrowings - Schedule of Long-term Borrowings (Details) | Sep. 28, 2018USD ($) | Jan. 18, 2018 | Sep. 29, 2017USD ($) | Mar. 27, 2017EUR (€) | Mar. 22, 2017USD ($) | May 31, 2016USD ($) | Dec. 17, 2015USD ($) |
Debt Instrument [Line Items] | |||||||
Capital Lease Obligations | $ 143,388,000 | $ 114,400,000 | |||||
Other Long-term Debt | 4,494,000 | 4,321,000 | |||||
Debt and Capital Lease Obligations | 7,243,984,000 | 5,268,488,000 | |||||
Less—current portion | (30,907,000) | (78,157,000) | |||||
Long-Term Borrowings | 7,213,077,000 | 5,190,331,000 | |||||
Foreign | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | 913,800,000 | ||||||
Receivables Facility, due May 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | 0 | 254,200,000 | |||||
Secured Debt | Senior secured revolving credit facility, due March 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | 77,000,000 | 0 | |||||
Secured Debt | Term Loan Facility Due March 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | 399,568,000 | 1,125,858,000 | |||||
Secured Debt | Term Loan Facility Due February 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | 139,106,000 | 0 | |||||
Secured Debt | Term Loan Facility Due March 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | 1,325,923,000 | 1,403,429,000 | |||||
Secured Debt | Term Loan Facility Due March 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | 1,656,919,000 | 0 | |||||
Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 1,000,000,000 | ||||||
Senior Notes | 5.125% Senior Notes, Due January 15, 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 902,908,000 | 903,654,000 | $ 500,000,000 | $ 400,000,000 | |||
Stated interest rate | 5.125% | 5.125% | 5.125% | 5.125% | |||
Senior Notes | 5.000% Senior Notes, Due April 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 590,884,000 | 589,733,000 | $ 600,000,000 | ||||
Stated interest rate | 5.00% | 5.00% | |||||
Senior Notes | 3.125% Senior Notes, Due April 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 373,240,000 | 379,429,000 | € 325,000,000 | ||||
Stated interest rate | 3.125% | 3.125% | |||||
Senior Notes | 4.75% Senior Notes, Due June 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 494,082,000 | 493,464,000 | $ 500,000,000 | ||||
Stated interest rate | 4.75% | 4.75% | 4.75% | ||||
Senior Notes | 5.000% Senior Notes, Due February 2028 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 1,136,472,000 | $ 0 | |||||
Stated interest rate | 5.00% |
Borrowings - Fiscal 2018 Refina
Borrowings - Fiscal 2018 Refinancing Transactions Narrative (Details) ¥ in Millions | May 24, 2018 | Dec. 11, 2017USD ($) | Sep. 28, 2018USD ($) | Sep. 29, 2017USD ($) | Sep. 28, 2018JPY (¥) | Jun. 29, 2018USD ($) | Feb. 28, 2018CAD ($) | Jan. 18, 2018USD ($) | May 31, 2016USD ($) |
Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Consolidated secured debt ratio | 5.125 | 5.125 | |||||||
Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Effective rate | 4.60% | ||||||||
Long-term debt | $ 1,000,000,000 | ||||||||
Senior Notes | 5.000% Senior Notes, Due February 2028 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 1,150,000,000 | ||||||||
Stated interest rate | 5.00% | ||||||||
Redemption price, percentage | 105.00% | ||||||||
Long-term debt | $ 1,136,472,000 | $ 0 | |||||||
Senior Notes | 5.000% Senior Notes, Due February 2028 | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Percentage of principal amount redeemed | 40.00% | ||||||||
Senior Notes | 5.000% Senior Notes, Due February 2028 | Period One | |||||||||
Debt Instrument [Line Items] | |||||||||
Redemption price, percentage | 100.00% | ||||||||
Secured Debt | Term Loan Facility, US Term Loan B, Due 2025 | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Consolidated secured debt ratio | 3 | 3 | |||||||
Receivables Facility, due May 2019 | Line of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 350,000,000 | ||||||||
LIne of Credit Facility, Additional Seasonal Borrowing Capacity | 50,000,000 | ||||||||
Receivables Facility, due May 2021 | Line of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | 400,000,000 | ||||||||
LIne of Credit Facility, Additional Seasonal Borrowing Capacity | $ 100,000,000 | ||||||||
Senior secured revolving credit facility, due March 2022 | Line of Credit | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from Lines of Credit | $ 200,000,000 | ||||||||
Senior secured revolving credit facility, due March 2022 | Line of Credit | Senior Secured Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 250,000,000 | ||||||||
Remaining borrowing capacity | 902,800,000 | ||||||||
Senior secured revolving credit facility, due March 2022 | Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | 77,000,000 | $ 0 | |||||||
Term Loan Facility, US Term Loan A, Due 2022 | Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of debt | 633,800,000 | ||||||||
Term Loan Facility, US Term Loan B, Due 2024 | Secured Debt | London Interbank Offered Rate (LIBOR) | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 1.75% | 2.00% | |||||||
Term Loan Facility, US Term Loan B, Due 2024 | Secured Debt | Base-rate borrowings | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 1.00% | ||||||||
Term Loan Facility, US Term Loan B, Due 2024 | Secured Debt | Base Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 0.75% | ||||||||
Term Loan Facility Due 2022 | Secured Debt | Yen denominated term loans | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | ¥ | ¥ 10,777.8 | ||||||||
Term Loan Facility Due 2022 | Secured Debt | Yen denominated term loans | Base-rate borrowings | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 1.50% | 1.75% | |||||||
Term Loan Facility Due February 2023 | Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | 139,100,000 | $ 200,000,000 | |||||||
Long-term debt | $ 139,106,000 | $ 0 | |||||||
Term Loan Facility, Canadian Dollar Denominated, Due February 2023 | Bank Act of Canada and Bankers' Acceptances | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 0.10% | ||||||||
Term Loan Facility, Canadian Dollar Denominated, Due February 2023 | Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Consolidated secured debt ratio | 0.5 | 0.5 | |||||||
Term Loan Facility, Canadian Dollar Denominated, Due February 2023 | Secured Debt | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Consolidated secured debt ratio | 4.75 | 4.75 | |||||||
Term Loan Facility, Canadian Dollar Denominated, Due February 2023 | Secured Debt | Bank Act of Canada and Bankers' Acceptances | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 1.00% | ||||||||
Effective rate | 1.625% | 1.625% | |||||||
Debt instrument, minimum interest rate | 0.00% | 0.00% | |||||||
Term Loan Facility, Canadian Dollar Denominated, Due February 2023 | Secured Debt | Bank Act of Canada and Bankers' Acceptances | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 1.75% | ||||||||
Term Loan Facility, Canadian Dollar Denominated, Due February 2023 | Secured Debt | Bank Act of Canada and Bankers' Acceptances | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 1.25% | ||||||||
Term Loan Facility, Canadian Dollar Denominated, Due February 2023 | Secured Debt | Base Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 0.75% | ||||||||
Effective rate | 0.625% | 0.625% | |||||||
Debt instrument, minimum interest rate | 0.00% | 0.00% | |||||||
Term Loan Facility, Canadian Dollar Denominated, Due February 2023 | Secured Debt | Base Rate | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 0.75% | ||||||||
Term Loan Facility, Canadian Dollar Denominated, Due February 2023 | Secured Debt | Base Rate | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 0.25% | ||||||||
Debt Instrument, Covenant Compliance, Consolidated Leverage Ratio Compliance, Interest Rate Reduction | 0.125% | ||||||||
Term Loan Facility, US Term Loan B, Due 2025 | Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | 1,785,000,000 | ||||||||
Payments of financing costs | $ 8,900,000 | ||||||||
Term Loan Facility, US Term Loan B, Due 2025 | Secured Debt | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Annual Principal Payment, Percent of Funded Total Principal | 1.00% | ||||||||
Term Loan Facility, US Term Loan B, Due 2025 | Secured Debt | London Interbank Offered Rate (LIBOR) | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 1.00% | ||||||||
Debt instrument, minimum interest rate | 0.00% | 0.00% | |||||||
Term Loan Facility, US Term Loan B, Due 2025 | Secured Debt | London Interbank Offered Rate (LIBOR) | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 2.00% | ||||||||
Term Loan Facility, US Term Loan B, Due 2025 | Secured Debt | London Interbank Offered Rate (LIBOR) | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 1.75% | ||||||||
Term Loan Facility, US Term Loan B, Due 2025 | Secured Debt | Base Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 1.00% | ||||||||
Debt instrument, minimum interest rate | 0.00% | 0.00% | |||||||
Debt Instrument, Covenant Compliance, Consolidated Leverage Ratio Compliance, Interest Rate Reduction | 0.25% | ||||||||
Term Loan Facility, US Term Loan B, Due 2025 | Secured Debt | Base Rate | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 0.75% | ||||||||
Term Loan Facility, US Term Loan B, Due 2025 | Secured Debt | Federal Funds Effective Swap Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 0.50% | ||||||||
March 31, 2018 Through December 31, 2019 | Term Loan Facility, Canadian Dollar Denominated, Due February 2023 | Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Periodic Payment, Principal | $ 2,500,000 | ||||||||
March 31, 2020 Through December 31, 2020 | Term Loan Facility, Canadian Dollar Denominated, Due February 2023 | Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Periodic Payment, Principal | 3,750,000 | ||||||||
March 31, 2021 Through December 31, 2021 | Term Loan Facility, Canadian Dollar Denominated, Due February 2023 | Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Periodic Payment, Principal | 5,000,000 | ||||||||
March 31, 2022 Through December 31, 2022 | Term Loan Facility, Canadian Dollar Denominated, Due February 2023 | Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Periodic Payment, Principal | 7,500,000 | ||||||||
Maturity | Term Loan Facility, Canadian Dollar Denominated, Due February 2023 | Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Periodic Payment, Principal | 115,000,000 | ||||||||
Long-term borrowings | Senior Notes | 5.000% Senior Notes, Due February 2028 | |||||||||
Debt Instrument [Line Items] | |||||||||
Amortization of Debt Issuance Costs | 14,200,000 | ||||||||
Interest and Other Financing Costs, Net | Term Loan Facility, US Term Loan A, Due 2022 | Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Write off of deferred debt issuance cost | $ 5,700,000 |
Borrowings - Fiscal 2017 Refina
Borrowings - Fiscal 2017 Refinancing Transactions Narrative (Details) ¥ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Jun. 30, 2017USD ($) | Sep. 28, 2018USD ($) | Sep. 28, 2018EUR (€) | Sep. 28, 2018JPY (¥) | Sep. 29, 2017USD ($) | Mar. 27, 2017EUR (€) | Mar. 22, 2017USD ($) | May 31, 2016USD ($) | |
Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 1,000,000,000 | |||||||||
Senior Notes | 5.000% Senior Notes, Due April 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 590,884,000 | $ 589,733,000 | $ 600,000,000 | |||||||
Stated interest rate | 5.00% | 5.00% | 5.00% | 5.00% | ||||||
Senior Notes | 3.125% Senior Notes, Due April 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 373,240,000 | 379,429,000 | € 325,000,000 | |||||||
Stated interest rate | 3.125% | 3.125% | 3.125% | 3.125% | ||||||
Senior Notes | 5.75% Senior Notes, Due 2020 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | |||||
Senior Notes | 5.000% Senior Notes, Due April 2025 And 3 Point 125 Percent Senior Notes Due April 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Payments of financing costs | $ 15,100,000 | |||||||||
Senior Notes | Term Loan Facility, Due 2019 and Term Loan Facility, Due 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Write off of deferred debt issuance cost | 25,200,000 | |||||||||
Secured Debt | 5.000% Senior Notes, Due April 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Payments of financing costs | $ 17,800,000 | |||||||||
Term Loan Facility Due 2022 | Secured Debt | Yen denominated term loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | ¥ | ¥ 10,777.8 | |||||||||
Term Loan Facility Due 2022 | Secured Debt | Euro Denominated Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | € | € 129,100,000 | |||||||||
Revolving Credit Facility | Secured Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 77,000,000 | $ 0 | ||||||||
Revolving Credit Facility | Secured Debt | Senior Secured Revolving Credit Facility, Amounts Due March 28, 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity | 1,000,000,000 | |||||||||
Interest and Other Financing Costs, Net | Senior Notes | 5.75% Senior Notes, Due 2020 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Payments of financing costs | $ 3,300,000 | |||||||||
Interest and Other Financing Costs, Net | Senior Notes | Term Loan Facility, Due 2019 and Term Loan Facility, Due 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Expense, Debt | $ 28,500,000 | |||||||||
Interest and Other Financing Costs, Net | Term Loan Facility, US Term Loan A, Due 2022 | Secured Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Write off of deferred debt issuance cost | $ 5,700,000 | |||||||||
Other assets | Secured Debt | Senior Secured Revolving Credit Facility, Amounts Due March 28, 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Payments of financing costs | $ 8,200,000 |
Borrowings - Senior Secured Cre
Borrowings - Senior Secured Credit Agreement Narrative (Details) € in Millions, ¥ in Millions, $ in Millions | May 24, 2018 | Sep. 28, 2018USD ($) | Sep. 29, 2017USD ($) | Sep. 28, 2018EUR (€) | Sep. 28, 2018CAD ($) | Sep. 28, 2018JPY (¥) |
Secured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Consolidated secured debt ratio | 5.125 | 5.125 | 5.125 | 5.125 | ||
Term Loan Facility Due March 2024 | Secured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 1,325,923,000 | $ 1,403,429,000 | ||||
Term Loan Facility Due March 2024 | Secured Debt | US Denominated Term Loan, Aramark Services, Inc. Due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 1,325,900,000 | |||||
Revolving Credit Facility | Secured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 77,000,000 | 0 | ||||
Revolving Credit Facility | Secured Debt | Senior Secured Revolving Credit Facility, Amounts Due March 28, 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | 1,000,000,000 | |||||
Revolving Credit Facility | Line of Credit | Senior Secured Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Remaining borrowing capacity | 902,800,000 | |||||
Maximum borrowing capacity | 250,000,000 | |||||
Secured Debt | 2017 Amendment Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | 1,400,000,000 | |||||
Secured Debt | Foreign Line of Credit [Member] | 2017 Amendment Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | 150,000,000 | |||||
Term Loan Facility Due 2022 | Secured Debt | Canadian Denominated Term Loan, Aramark Canada Ltd. Due 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 154,900,000 | $ 200 | ||||
Term Loan Facility Due 2022 | Secured Debt | Euro Denominated Term Loan, Aramark Investments Liminted, Due 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 149,800,000 | € 129.1 | ||||
Term Loan Facility Due 2022 | Secured Debt | Yen denominated term loans | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | ¥ | ¥ 10,777.8 | |||||
Term Loan Facility Due 2022 | Secured Debt | Euro Denominated Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | € | € 129.1 | |||||
Term Loan Facility Due February 2023 | Secured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 139,106,000 | 0 | ||||
Term Loan Facility Due February 2023 | Secured Debt | Canadian Denominated Term Loan, Aramark Canada Ltd. Due 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 139,100,000 | $ 179.6 | ||||
Term Loan Facility Due March 2025 | Secured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 1,656,919,000 | 0 | ||||
Term Loan Facility Due March 2025 | Secured Debt | US Denominated Term Loan, Aramark Services, Inc. Due 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 1,656,900,000 | |||||
Term Loan Facility Due March 2022 | Secured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 399,568,000 | $ 1,125,858,000 | ||||
Term Loan Facility Due March 2022 | Secured Debt | YEN Denominated Term Loan, Aramark Services, Inc. Due 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 94,800,000 | ¥ 10,777.8 | ||||
Base-rate borrowings | Term Loan Facility Due 2022 | Secured Debt | Yen denominated term loans | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.50% | 1.75% | ||||
Base Rate | Term Loan Facility, US Term Loan B, Due 2024 | Secured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 0.75% | |||||
Minimum | Secured Debt | Senior Secured Revolving Credit Facility, Amounts Due March 28, 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument fee, effective rate | 0.25% | 0.25% | 0.25% | 0.25% | ||
Minimum | Eurocurrency And Bankers' Acceptance Borrowings, And Letters of Credit Fees | Secured Debt | Euro Denominated Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.50% | |||||
Minimum | Eurocurrency And Bankers' Acceptance Borrowings, And Letters of Credit Fees | Secured Debt | Canadian Term Loan And Senior Secured Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.50% | |||||
Minimum | Base Rate | Secured Debt | Canadian Term Loan And Senior Secured Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 0.50% | |||||
Maximum | Secured Debt | Senior Secured Revolving Credit Facility, Amounts Due March 28, 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument fee, effective rate | 0.40% | 0.40% | 0.40% | 0.40% | ||
Maximum | Secured Debt | 2017 Amendment Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Consolidated secured debt ratio | 3 | 3 | 3 | 3 | ||
Maximum | Base-rate borrowings | Term Loan Facility, US Term Loan B, Due 2024 | Secured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.00% | |||||
Maximum | Eurocurrency And Bankers' Acceptance Borrowings, And Letters of Credit Fees | Secured Debt | Canadian Term Loan And Senior Secured Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 2.25% | |||||
Maximum | Base Rate | Secured Debt | Canadian Term Loan And Senior Secured Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.25% |
Borrowings - Prepayments and Am
Borrowings - Prepayments and Amortization Narrative (Details) - USD ($) | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
U.S. dollar denominated term loans, Canadian subsidiary | |||
Debt Instrument [Line Items] | |||
Repayments of debt | $ 260,400,000 | $ 330,600,000 | $ 160,000,000 |
Term Loan Facility, US Term Loan B, Due 2024 | Secured Debt | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Prepayment Premium, Percent | 1.00% | ||
Secured Debt | 2017 Amendment Agreement | |||
Debt Instrument [Line Items] | |||
Senior secured credit agreement requires prepayment of outstanding loans with all net cash proceeds of all nonordinary course asset sales | 100.00% | ||
Senior secured credit agreement requires prepayment with all net cash proceeds of any incurrence of debt | 100.00% | ||
Term Loan Facility, US Term Loan B, Due 2024 And Yen Denominated Term Loan | Secured Debt | |||
Debt Instrument [Line Items] | |||
Percentage of term loan principal repaid quarterly | 1.00% | ||
Aramark Services, Inc. | Secured Debt | 2017 Amendment Agreement | |||
Debt Instrument [Line Items] | |||
Senior secured credit agreement requires prepayment of outstanding loans with percent of annual excess cash flow, initial rate | 50.00% | ||
Senior secured credit agreement requires prepayment of outstanding loans with percent of annual excess cash flow, stepdown rate | 25.00% | ||
Senior secured credit agreement requires prepayment of outstanding loans with percent of annual excess cash flow, final stepdown rate | 0.00% | ||
Minimum | Secured Debt | 2017 Amendment Agreement | |||
Debt Instrument [Line Items] | |||
Line Of Credit Facility, Agreement Terms, Prepayment Of Outstanding Term Loans, Annual Cash Flow Threshold | $ 100,000,000 | ||
Minimum | Aramark Services, Inc. | Secured Debt | 2017 Amendment Agreement | |||
Debt Instrument [Line Items] | |||
Line Of Credit Facility, Agreement Terms, Prepayment Of Outstanding Term Loans, Annual Cash Flow Threshold | $ 10,000,000 | ||
Period One | Secured Debt | Canadian denominated term loan | |||
Debt Instrument [Line Items] | |||
Percentage of term loan principal repaid quarterly | 4.40% | ||
Period One | Secured Debt | Euro Denominated Term Loan | |||
Debt Instrument [Line Items] | |||
Percentage of term loan principal repaid quarterly | 5.00% | ||
Period Two | Secured Debt | Canadian denominated term loan | |||
Debt Instrument [Line Items] | |||
Percentage of term loan principal repaid quarterly | 5.00% | ||
Period Two | Secured Debt | Euro Denominated Term Loan | |||
Debt Instrument [Line Items] | |||
Percentage of term loan principal repaid quarterly | 6.30% | ||
Period Three | Secured Debt | Canadian denominated term loan | |||
Debt Instrument [Line Items] | |||
Percentage of term loan principal repaid quarterly | 7.50% | ||
Period Three | Secured Debt | Euro Denominated Term Loan | |||
Debt Instrument [Line Items] | |||
Percentage of term loan principal repaid quarterly | 8.80% | ||
Period Four | Secured Debt | Canadian denominated term loan | |||
Debt Instrument [Line Items] | |||
Percentage of term loan principal repaid quarterly | 10.10% | ||
Period Four | Secured Debt | Euro Denominated Term Loan | |||
Debt Instrument [Line Items] | |||
Percentage of term loan principal repaid quarterly | 12.50% | ||
Period Five | Secured Debt | Canadian denominated term loan | |||
Debt Instrument [Line Items] | |||
Percentage of term loan principal repaid quarterly | 15.10% | ||
Period Five | Secured Debt | Euro Denominated Term Loan | |||
Debt Instrument [Line Items] | |||
Percentage of term loan principal repaid quarterly | 15.00% |
Borrowings - Guarantees and Cer
Borrowings - Guarantees and Certain Covenants (Details) | 12 Months Ended |
Sep. 28, 2018 | |
Secured Debt | |
Debt Instrument [Line Items] | |
Consolidated secured debt ratio | 5.125 |
Consolidated secured debt ratio actual | 2.05 |
Debt instrument, covenant, interest coverage ratio | 2 |
Debt instrument, covenant, interest coverage ratio, actual | 4.80 |
Aramark Services, Inc. (Issuer) | |
Debt Instrument [Line Items] | |
Line of credit facility, collateral, capital stock | 100.00% |
Foreign Subsidiaries | |
Debt Instrument [Line Items] | |
Line of credit facility, collateral, capital stock | 100.00% |
Common Stock | Foreign Subsidiaries | |
Debt Instrument [Line Items] | |
Line of credit facility, collateral, capital stock | 65.00% |
Nonvoting Common Stock | Foreign Subsidiaries | |
Debt Instrument [Line Items] | |
Line of credit facility, collateral, capital stock | 100.00% |
5.000% Senior Notes, Due February 2028 | Senior Notes | |
Debt Instrument [Line Items] | |
Redemption price, percentage | 105.00% |
5.000% Senior Notes, Due February 2028 | Maximum | Senior Notes | |
Debt Instrument [Line Items] | |
Percentage of principal amount redeemed | 40.00% |
Period One | 5.000% Senior Notes, Due February 2028 | Senior Notes | |
Debt Instrument [Line Items] | |
Redemption price, percentage | 100.00% |
Borrowings - Senior Notes Narra
Borrowings - Senior Notes Narrative (Details) | Dec. 17, 2015USD ($) | Jun. 30, 2017USD ($) | Sep. 28, 2018USD ($) | Jan. 18, 2018USD ($) | Sep. 29, 2017USD ($) | Mar. 27, 2017EUR (€) | Mar. 22, 2017USD ($) | May 31, 2016USD ($) |
Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 1,000,000,000 | |||||||
Debt premium | $ 18,800,000 | |||||||
Effective rate | 4.60% | |||||||
5.000% Senior Notes, Due February 2028 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 1,150,000,000 | |||||||
Long-term debt | $ 1,136,472,000 | $ 0 | ||||||
Stated interest rate | 5.00% | |||||||
Redemption price, percentage | 105.00% | |||||||
5.000% Senior Notes, Due April 2025 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 590,884,000 | 589,733,000 | $ 600,000,000 | |||||
Stated interest rate | 5.00% | 5.00% | ||||||
3.125% Senior Notes, Due April 2025 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 373,240,000 | 379,429,000 | € 325,000,000 | |||||
Stated interest rate | 3.125% | 3.125% | ||||||
5.000% Senior Notes, Due April 2025 And 3 Point 125 Percent Senior Notes Due April 2025 | ||||||||
Debt Instrument [Line Items] | ||||||||
Optional redemption price, percentage | 101.00% | |||||||
5.000% Senior Notes, Due April 2025 And 3 Point 125 Percent Senior Notes Due April 2025 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Payments of financing costs | $ 15,100,000 | |||||||
5.75% Senior Notes, Due 2020 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 5.75% | 5.75% | ||||||
5.125% Senior Notes, Due January 15, 2024 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 400,000,000 | $ 902,908,000 | 903,654,000 | $ 500,000,000 | ||||
Stated interest rate | 5.125% | 5.125% | 5.125% | 5.125% | ||||
Payments of financing costs | $ 6,000,000 | |||||||
Debt premium | $ 12,400,000 | |||||||
4.75% Senior Notes, Due June 2026 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 494,082,000 | $ 493,464,000 | $ 500,000,000 | |||||
Stated interest rate | 4.75% | 4.75% | 4.75% | |||||
5.125% Senior Notes, Due 2024 and 4.75% Senior Notes, Due 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Optional redemption price, percentage | 101.00% | |||||||
Long-term borrowings | 5.000% Senior Notes, Due February 2028 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Amortization of Debt Issuance Costs | $ 14,200,000 | |||||||
Period One | 5.000% Senior Notes, Due February 2028 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption price, percentage | 100.00% | |||||||
Maximum | 5.000% Senior Notes, Due February 2028 | Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Percentage of principal amount redeemed | 40.00% |
Borrowings - Fiscal 2016 Refina
Borrowings - Fiscal 2016 Refinancing Transactions Narrative (Details) - USD ($) $ in Thousands | Dec. 17, 2015 | Jun. 30, 2017 | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | Mar. 22, 2017 | May 31, 2016 |
Debt Instrument [Line Items] | |||||||
Interest paid | $ 307,100 | $ 201,700 | $ 275,400 | ||||
Interest and Other Financing Costs, net | 354,261 | 287,415 | $ 315,383 | ||||
Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 1,000,000 | ||||||
Debt premium | $ 18,800 | ||||||
Effective rate | 4.60% | ||||||
Senior Notes | 5.000% Senior Notes, Due April 2025 And 3 Point 125 Percent Senior Notes Due April 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Payments of financing costs | $ 15,100 | ||||||
Senior Notes | 5.125% Senior Notes, Due January 15, 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 400,000 | $ 902,908 | 903,654 | $ 500,000 | |||
Stated interest rate | 5.125% | 5.125% | 5.125% | 5.125% | |||
Payments of financing costs | $ 6,000 | ||||||
Debt premium | $ 12,400 | ||||||
Senior Notes | 4.75% Senior Notes, Due June 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 494,082 | $ 493,464 | $ 500,000 | ||||
Stated interest rate | 4.75% | 4.75% | 4.75% | ||||
Senior Notes | 5.75% Senior Notes, Due 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 5.75% | 5.75% |
Borrowings - Schedule of Future
Borrowings - Schedule of Future Maturities (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | May 31, 2016 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,019 | $ 30,907 | |
2,020 | 42,799 | |
2,021 | 78,892 | |
2,022 | 467,390 | |
2,023 | 107,978 | |
Thereafter | 6,562,177 | |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt premium | $ 18,800 | |
Senior Notes | 5.125% Senior Notes, Due January 15, 2024 | ||
Debt Instrument [Line Items] | ||
Debt premium | 12,400 | |
Term Loan Facilities | Secured Debt | ||
Debt Instrument [Line Items] | ||
Debt discount | $ 58,500 |
Borrowings - Schedule of Intere
Borrowings - Schedule of Interest and Other Financing Costs Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |||
Interest expense | $ 353,048 | $ 285,995 | $ 315,166 |
Interest income | (9,238) | (5,942) | (5,288) |
Other financing costs | 10,451 | 7,362 | 5,505 |
Total | $ 354,261 | $ 287,415 | $ 315,383 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) $ in Thousands, € in Millions, ¥ in Millions, £ in Millions, gal in Millions, $ in Millions | 12 Months Ended | ||||||
Sep. 28, 2018USD ($)gal | Sep. 29, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 28, 2018EUR (€)gal | Sep. 28, 2018CAD ($)gal | Sep. 28, 2018JPY (¥)gal | Sep. 28, 2018GBP (£)gal | |
Derivative [Line Items] | |||||||
Cash flow hedge gains (losses) | $ 36,192 | $ (6,794) | |||||
Pretax gain recorded | 2,242 | (14,443) | $ (25,329) | ||||
Not Designated as Hedging Instrument | |||||||
Derivative [Line Items] | |||||||
Pretax gain recorded | 7,427 | 2,163 | 9,532 | ||||
Cash Flow Hedging | Designated as Hedging Instrument | |||||||
Derivative [Line Items] | |||||||
Gain on cash flow hedge to be reclassified within twelve months | 8,300 | ||||||
Interest rate swap agreements | Designated as Hedging Instrument | |||||||
Derivative [Line Items] | |||||||
Notional amount of derivative | 2,600,000 | ||||||
Interest rate swap agreements | Cash Flow Hedging | Designated as Hedging Instrument | |||||||
Derivative [Line Items] | |||||||
Notional amount of derivative | 1,600,000 | ||||||
Notional amount of matured hedges | 600,000 | ||||||
Cash flow hedge gains (losses) | $ 36,200 | (6,800) | |||||
Cross currency swap agreements | Cash Flow Hedging | Designated as Hedging Instrument | |||||||
Derivative [Line Items] | |||||||
Notional amount of derivative | 74,100 | ||||||
Repayments of debt | 74,100 | ||||||
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | 1,100 | ||||||
Proceeds from hedge termination | 5,700 | ||||||
Gasoline and diesel fuel agreements | Not Designated as Hedging Instrument | |||||||
Derivative [Line Items] | |||||||
Nonmonetary notional amount of derivative (in gallons) | gal | 15.4 | 15.4 | 15.4 | 15.4 | 15.4 | ||
Pretax gain recorded | $ 8,100 | ||||||
Foreign exchange forward | Not Designated as Hedging Instrument | |||||||
Derivative [Line Items] | |||||||
Notional amount of derivative | € 59 | $ 20 | £ 4.5 | ||||
Interest and Other Financing Costs, Net | Interest rate swap agreements | Cash Flow Hedging | Designated as Hedging Instrument | |||||||
Derivative [Line Items] | |||||||
Gain (loss) on discontinuation of cash flow Hedge due to forecasted transaction probable of not occurring, net | $ 2,900 | ||||||
Yen denominated term loans | Term Loan Facility Due 2022 | Secured Debt | |||||||
Derivative [Line Items] | |||||||
Long-term debt | ¥ | ¥ 10,777.8 | ||||||
Euro Denominated Term Loan | Term Loan Facility Due 2022 | Secured Debt | |||||||
Derivative [Line Items] | |||||||
Long-term debt | € | € 129.1 |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Derivative [Line Items] | |||
Gain (Loss) recognized in other comprehensive income | $ 55,445 | $ 31,884 | $ (23,437) |
Cash Flow Hedging | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Gain (Loss) recognized in other comprehensive income | 55,445 | 31,884 | (23,437) |
Cash Flow Hedging | Interest rate swap agreements | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Gain (Loss) recognized in other comprehensive income | 55,445 | 31,884 | (21,321) |
Cash Flow Hedging | Cross currency swap agreements | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Gain (Loss) recognized in other comprehensive income | $ 0 | $ 0 | $ (2,116) |
Derivative Instruments - Sche_2
Derivative Instruments - Schedule of Derivative Instruments, Balance Sheet Presentation (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Sep. 29, 2017 |
Derivative instruments | ||
Fair value of derivative assets | $ 59,999 | $ 3,706 |
Fair value of derivative liabilities | 0 | 9,313 |
Designated as Hedging Instrument | ||
Derivative instruments | ||
Fair value of derivative liabilities | 0 | 10,509 |
Designated as Hedging Instrument | Interest rate swap agreements | Prepayments and other current assets | ||
Derivative instruments | ||
Fair value of derivative assets | 1,459 | 0 |
Designated as Hedging Instrument | Interest rate swap agreements | Other Noncurrent Assets | ||
Derivative instruments | ||
Fair value of derivative assets | 54,708 | 0 |
Designated as Hedging Instrument | Interest rate swap agreements | Accrued expenses and other current liabilities | ||
Derivative instruments | ||
Fair value of derivative liabilities | 0 | 1,196 |
Designated as Hedging Instrument | Interest rate swap agreements | Other noncurrent liabilities | ||
Derivative instruments | ||
Fair value of derivative liabilities | 0 | 9,313 |
Not Designated as Hedging Instrument | Foreign currency forward exchange contracts | Prepayments and other current assets | ||
Derivative instruments | ||
Fair value of derivative assets | 209 | 80 |
Not Designated as Hedging Instrument | Gasoline and diesel fuel agreements | Prepayments and other current assets | ||
Derivative instruments | ||
Fair value of derivative assets | $ 3,623 | $ 3,626 |
Derivative Instruments - Sche_3
Derivative Instruments - Schedule Summarizes the Location of (Gain) Loss Reclassified from AOCI Into Earnings for Derivatives Designated as Hedging Instruments and the Location of (Gain) Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Derivative instruments | |||
(Gain) loss reclassified recognized in income | $ (2,242) | $ 14,443 | $ 25,329 |
Designated as Hedging Instrument | Cash Flow Hedging | |||
Derivative instruments | |||
(Gain) loss reclassified from AOCI | 5,185 | 16,606 | 34,861 |
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swap agreements | Interest expense | |||
Derivative instruments | |||
(Gain) loss reclassified from AOCI | 5,185 | 16,606 | 32,800 |
Designated as Hedging Instrument | Cash Flow Hedging | Cross currency swap agreements | Interest expense | |||
Derivative instruments | |||
(Gain) loss reclassified from AOCI | 0 | 0 | 2,061 |
Not Designated as Hedging Instrument | |||
Derivative instruments | |||
(Gain) loss reclassified recognized in income | (7,427) | (2,163) | (9,532) |
Not Designated as Hedging Instrument | Gasoline and diesel fuel agreements | |||
Derivative instruments | |||
(Gain) loss reclassified recognized in income | (8,100) | ||
Not Designated as Hedging Instrument | Gasoline and diesel fuel agreements | Cost of services provided | |||
Derivative instruments | |||
(Gain) loss reclassified recognized in income | (7,360) | (1,277) | (685) |
Not Designated as Hedging Instrument | Foreign exchange forward | Interest expense | |||
Derivative instruments | |||
(Gain) loss reclassified recognized in income | $ (67) | $ (886) | $ (8,847) |
Employee Pension and Profit S_3
Employee Pension and Profit Sharing Plans - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | $ 364 | $ 316 | |
Settlement gains recognized in other comprehensive loss, before tax | 3.9 | ||
Actuarial losses recognized in other comprehensive loss, before tax | 22.2 | 24.8 | |
Amortization of actuarial gains (losses) recognized as net periodic pension cost | 1.6 | 3.6 | |
Net actuarial gain (loss) included in accumulated other comprehensive income (loss) to be recognized in next fiscal year | 1.5 | ||
Expected future employer contributions during fiscal year 2017 | $ 3.7 | ||
Equity Funds, Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual plan asset allocations | 34.00% | ||
Equity Funds, International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual plan asset allocations | 66.00% | ||
Domestic Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution cost recognized | $ 22.5 | 27.5 | $ 32.4 |
Foreign Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution cost recognized | $ 8.6 | $ 6.9 | $ 9.4 |
Minimum | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum target plan asset allocations | 50.00% | ||
Minimum | Debt Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum target plan asset allocations | 20.00% | ||
Minimum | Real Estate and Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum target plan asset allocations | 0.00% | ||
Maximum | Equity Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum target plan asset allocations | 70.00% | ||
Maximum | Debt Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum target plan asset allocations | 50.00% | ||
Maximum | Real Estate and Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Minimum target plan asset allocations | 10.00% |
Employee Pension and Profit S_4
Employee Pension and Profit Sharing Plans - Schedule of Net Benefit Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Retirement Benefits [Abstract] | |||
Service cost | $ 7,121 | $ 8,834 | $ 7,850 |
Interest cost | 10,579 | 8,398 | 11,041 |
Expected return on plan assets | (22,864) | (18,350) | (17,679) |
Settlements and curtailments | 3,312 | 0 | 159 |
Amortization of prior service cost | 116 | 122 | 107 |
Recognized net loss | 1,646 | 3,400 | 1,504 |
Net periodic pension cost (income) | $ (90) | $ 2,404 | $ 2,982 |
Employee Pension and Profit S_5
Employee Pension and Profit Sharing Plans - Schedule of Defined Benefit Plans Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Change in benefit obligation [Roll Forward]: | |||
Benefit obligation, beginning | $ 333,672 | $ 339,313 | |
Impact of AmeriPride acquisition | 79,605 | 0 | |
Foreign currency translation | (11,312) | 13,883 | |
Service cost | 7,121 | 8,834 | $ 7,850 |
Interest cost | 10,579 | 8,398 | 11,041 |
Employee contributions | 2,571 | 2,261 | |
Actuarial loss (gain) | (10,869) | (24,923) | |
Benefits paid | (16,862) | (14,316) | |
Settlements and curtailments(1) | (22,662) | 222 | |
Change in control payment | (5,417) | 0 | |
Benefit obligation, ending | 366,426 | 333,672 | 339,313 |
Change in plan assets [Roll Forward]: | |||
Fair value of plan assets, beginning | 341,538 | 319,985 | |
Impact of AmeriPride acquisition | 73,273 | 0 | |
Foreign currency translation | (12,359) | 14,564 | |
Employer contributions | 13,988 | 4,285 | |
Employee contributions | 2,571 | 2,261 | |
Actual return on plan assets | 23,971 | 14,759 | |
Benefits paid | (16,862) | (14,316) | |
Settlements1 | (10,877) | 0 | |
Change in control payment | (5,417) | 0 | |
Fair value of plan assets, end | 409,826 | 341,538 | $ 319,985 |
Funded Status at end of year | $ 43,400 | $ 7,866 |
Employee Pension and Profit S_6
Employee Pension and Profit Sharing Plans - Schedule of Amounts Recognized in Balance Sheet Including Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Sep. 29, 2017 |
Retirement Benefits [Abstract] | ||
Noncurrent benefit asset (included in Other Assets) | $ 59,481 | $ 23,056 |
Noncurrent benefit liability (included in Other Noncurrent Liabilities) | (16,081) | (15,190) |
Net actuarial loss (included in Accumulated other comprehensive loss before taxes) | $ 48,067 | $ 77,717 |
Employee Pension and Profit S_7
Employee Pension and Profit Sharing Plans - Schedule of Assumptions Used (Details) | 12 Months Ended | |
Sep. 28, 2018 | Sep. 29, 2017 | |
Assumptions Used to Calculate Pension Expense [Abstract] | ||
Discount rate | 3.20% | 2.80% |
Rate of compensation increase | 2.00% | 2.40% |
Long-term rate of return on assets | 5.80% | 6.10% |
Assumptions Used to Calculate Funded Status [Abstract] | ||
Discount rate | 3.30% | 2.90% |
Rate of compensation increase | 2.10% | 2.40% |
Employee Pension and Profit S_8
Employee Pension and Profit Sharing Plans - Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Sep. 29, 2017 |
Retirement Benefits [Abstract] | ||
Projected benefit obligation | $ 16,081 | $ 141,401 |
Accumulated benefit obligation | 15,935 | 140,547 |
Fair value of plan assets | $ 0 | $ 126,210 |
Employee Pension and Profit S_9
Employee Pension and Profit Sharing Plans - Schedule of Allocation of Plan Assets (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 409,826 | $ 341,538 | $ 319,985 |
Quoted Prices in Active Markets Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 32,257 | 741 | |
Significant Other Observable Inputs Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 367,124 | 330,408 | |
Significant Unobservable Inputs Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10,445 | 10,389 | |
Cash and Cash Equivalents and Other | Quoted Prices in Active Markets Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 20,568 | 741 | |
Investment Trusts | Quoted Prices in Active Markets Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 11,689 | ||
Pooled Funds - Equity | Significant Other Observable Inputs Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 220,853 | 202,253 | |
Pooled Funds - Fixed Income | Significant Other Observable Inputs Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 146,271 | 128,155 | |
Real Estate | Quoted Prices in Active Markets Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Real Estate | Significant Other Observable Inputs Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Real Estate | Significant Unobservable Inputs Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10,445 | 10,389 | |
Fair Value Disclosure | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 409,826 | 341,538 | |
Fair Value Disclosure | Cash and Cash Equivalents and Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 20,568 | 741 | |
Fair Value Disclosure | Investment Trusts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 11,689 | ||
Fair Value Disclosure | Pooled Funds - Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 220,853 | 202,253 | |
Fair Value Disclosure | Pooled Funds - Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 146,271 | 128,155 | |
Fair Value Disclosure | Real Estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 10,445 | $ 10,389 |
Employee Pension and Profit _10
Employee Pension and Profit Sharing Plans - Schedule of Expected Benefit Payments (Details) $ in Thousands | Sep. 28, 2018USD ($) |
Retirement Benefits [Abstract] | |
Fiscal 2,019 | $ 15,433 |
Fiscal 2,020 | 15,497 |
Fiscal 2,021 | 16,086 |
Fiscal 2,022 | 16,469 |
Fiscal 2,023 | 16,867 |
Fiscal 2024 – 2028 | $ 89,884 |
Employee Pension and Profit _11
Employee Pension and Profit Sharing Plans - Multiemployer (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Service Employees Pension Fund of Upstate New York | |||
Multiepmloyer Plans [Line Items] | |||
Percentage of Participants Covered by CBA | 60.00% | ||
Local 1102 Retirement Trust | |||
Multiepmloyer Plans [Line Items] | |||
Percentage of Participants Covered by CBA | 90.00% | ||
SEIU National Industry Pension Fund | |||
Multiepmloyer Plans [Line Items] | |||
Percentage of Participants Covered by CBA | 75.00% | ||
Multiemployer Pension Plans | |||
Multiepmloyer Plans [Line Items] | |||
Multiemployer Plan, Contributions by Employer | $ 32,623 | $ 28,689 | $ 26,668 |
Multiemployer Pension Plans | National Retirement Fund | |||
Multiepmloyer Plans [Line Items] | |||
Multiemployer Plan, Contributions by Employer | 4,147 | 7,541 | 6,675 |
Multiemployer Pension Plans | UNITE HERE Retirement Fund | |||
Multiepmloyer Plans [Line Items] | |||
Multiemployer Plan, Contributions by Employer | 3,686 | ||
Multiemployer Pension Plans | Local 1102 Retirement Trust | |||
Multiepmloyer Plans [Line Items] | |||
Multiemployer Plan, Contributions by Employer | 1,206 | 397 | 339 |
Multiemployer Pension Plans | Central States SE and SW Areas Pension Plan | |||
Multiepmloyer Plans [Line Items] | |||
Multiemployer Plan, Contributions by Employer | 4,128 | 3,836 | 3,723 |
Multiemployer Pension Plans | Pension Plan for Hospital & Health Care Employees Philadelphia & Vicinity | |||
Multiepmloyer Plans [Line Items] | |||
Multiemployer Plan, Contributions by Employer | 319 | 336 | 216 |
Multiemployer Pension Plans | Local 731 Private Scavengers and Garage Attendants Pension Trust Fund | |||
Multiepmloyer Plans [Line Items] | |||
Multiemployer Plan, Contributions by Employer | 907 | 898 | 813 |
Multiemployer Pension Plans | SEIU National Industry Pension Fund | |||
Multiepmloyer Plans [Line Items] | |||
Multiemployer Plan, Contributions by Employer | 501 | 429 | 404 |
Multiemployer Pension Plans | Local 171 Pension Plan | |||
Multiepmloyer Plans [Line Items] | |||
Multiemployer Plan, Contributions by Employer | 37 | 82 | 83 |
Multiemployer Pension Plans | Other funds | |||
Multiepmloyer Plans [Line Items] | |||
Multiemployer Plan, Contributions by Employer | $ 17,692 | $ 15,170 | $ 14,415 |
Income Taxes - Income (loss) fr
Income Taxes - Income (loss) from continuing operations before income taxes by source of income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 326,277 | $ 362,783 | $ 284,216 |
Non-U.S. | 145,599 | 157,859 | 146,715 |
Income Before Income Taxes | $ 471,876 | $ 520,642 | $ 430,931 |
Income Taxes - Provision (benef
Income Taxes - Provision (benefit) for income taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Current: | |||
Federal | $ (48,249) | $ 111,175 | $ 39,510 |
State and local | 11,356 | 15,455 | 15,750 |
Non-U.S. | 44,618 | 57,681 | 35,023 |
Current | 7,725 | 184,311 | 90,283 |
Deferred: | |||
Federal | (113,475) | (21,956) | 47,323 |
State and local | 7,408 | 3,165 | (740) |
Non-U.S. | 1,778 | (19,065) | 5,833 |
Deferred Income Tax Expense (Benefit) | (104,289) | (37,856) | 52,416 |
Income tax provision (benefit) | $ (96,564) | $ 146,455 | $ 142,699 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||
United States statutory income tax rate | 24.50% | 35.00% | 35.00% |
Increase (decrease) in taxes, resulting from: | |||
State income taxes, net of Federal tax benefit | 3.20% | 2.30% | 2.30% |
Foreign taxes | 3.30% | (4.30%) | (1.40%) |
Permanent book/tax differences | (1.20%) | (3.80%) | 0.30% |
Uncertain tax positions | (0.30%) | 1.40% | 0.10% |
Effective Income Tax Rate Reconciliation, Effect of Tax Cuts and Jobs Act of 2017, Percent | (49.30%) | 0.00% | 0.00% |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 2.80% | 0.00% | 0.00% |
Tax credits & other | (3.50%) | (2.50%) | (3.20%) |
Effective income tax rate | (20.50%) | 28.10% | 33.10% |
Share-based compensation cost, percent | 4.00% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Taxes (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 |
Deferred tax liabilities: | |||
Property and equipment | $ 126,345 | $ 92,268 | |
Investments | 12,213 | 20,317 | |
Other intangible assets, including goodwill | 474,263 | 629,153 | |
Inventory | 63,835 | 97,622 | |
Derivatives | 21,599 | 0 | |
Other | 17,450 | 25,992 | |
Gross deferred tax liability | 715,705 | 865,352 | |
Deferred tax assets: | |||
Insurance | 40,240 | 33,811 | |
Employee compensation and benefits | 136,603 | 209,951 | |
Accruals and allowances | 19,338 | 31,026 | |
Net operating loss/credit carryforwards and other | 60,576 | 48,793 | |
Gross deferred tax asset, before valuation allowances | 256,757 | 323,581 | |
Valuation allowances | (29,023) | (11,513) | $ (7,352) |
Net deferred tax liability | $ 487,971 | $ 553,284 |
Income Taxes - Schedule of Valu
Income Taxes - Schedule of Valuation Allowance Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 28, 2018 | Sep. 29, 2017 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | ||
Valuation allowances | $ (11,513) | $ (7,352) |
Additions, Charged to Income | (21,101) | (4,161) |
Reductions, Deductions from Reserves | 3,591 | 0 |
Valuation allowances | $ (29,023) | $ (11,513) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the beginning and ending amount of gross unrecognized tax benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 28, 2018 | Sep. 29, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance, beginning of year | $ 30,812 | $ 22,752 |
Additions based on tax positions taken in the current year | 709 | 9,323 |
Additions for tax positions taken in prior years | 1,505 | 4,028 |
Reductions for remeasurements, settlements and payments | (2,368) | (3,972) |
Reductions due to statute expiration | (1,569) | (1,319) |
Balance, end of year | $ 29,089 | $ 30,812 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Income Tax [Line Items] | |||
Current taxes receivable | $ 7,500 | $ 9,600 | |
Accrued taxes | 47,900 | 30,700 | |
Operating loss carryforwards | 26,300 | ||
Valuation allowances | (29,023) | (11,513) | $ (7,352) |
Foreign tax credit carryforwards | 32,300 | ||
Tax credit carryforward, Interest | 1,300 | ||
Deferred income tax payable | 503,429 | 570,893 | |
Gross unrecognized tax benefits | 29,089 | 30,812 | $ 22,752 |
Accrued for interest and penalties | $ 4,900 | 5,000 | |
Interest and penalties | $ (1,000) | ||
United States statutory income tax rate | 24.50% | 35.00% | 35.00% |
Deferred income tax liability, provision income tax expense (benefit) | $ 237,800 | ||
Tax Cuts and Jobs Act, Incomplete Accounting, Transition Tax for Accumulated Foreign Earnings, Provisional Income Tax Expense | 27,200 | ||
Tax Cuts and Jobs Act, Incomplete Accounting, Foreign Tax Credit Carryforward, Valuation Allowance | 13,100 | ||
Undistributed foreign earnings | 86,300 | ||
Tax liability on undistributed foreign earnings | 5,100 | ||
Deferred Income Taxes and Other Noncurrent Liabilities | |||
Income Tax [Line Items] | |||
Deferred income tax payable | 503,400 | $ 570,900 | |
Other assets | |||
Income Tax [Line Items] | |||
Valuation allowances | (13,100) | ||
Deferred tax assets, net | 15,500 | $ 17,600 | |
Valuation Allowance, Operating Loss Carryforwards | |||
Income Tax [Line Items] | |||
Valuation allowances | (14,600) | ||
Valuation Allowance, Tax Credit Carryforward | Other assets | |||
Income Tax [Line Items] | |||
Valuation allowances | $ (1,300) |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 29, 2017 | Mar. 31, 2017 | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | Nov. 07, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Jun. 30, 2017 | Dec. 30, 2016 | |
Class of Stock [Line Items] | ||||||||||
Dividends paid | $ 103,115 | $ 100,813 | $ 92,074 | |||||||
Dividends declared (in dollars per share) | $ 0.105 | $ 0.103 | $ 0.105 | $ 0.103 | $ 0.105 | $ 0.105 | $ 0.103 | $ 0.103 | ||
Common Stock | ||||||||||
Class of Stock [Line Items] | ||||||||||
Number of shares authorized to be repurchased | 250,000,000 | |||||||||
Repurchase of common stock (shares) | 600,000 | 2,800,000 | ||||||||
Repurchase of common stock, value | $ 24,400 | $ 100,000 | ||||||||
Forecast | Subsequent Event | ||||||||||
Class of Stock [Line Items] | ||||||||||
Dividends declared (in dollars per share) | $ 0.110 |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Details) - shares | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 28, 2018 | Jun. 29, 2018 | Sep. 30, 2016 | Dec. 01, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Forfeiture rate | 6.40% | 8.70% | 8.70% | |
2013 Stock Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | 25,500,000 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Share-based Compensation by Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share-based compensation expense | $ 88,300 | $ 65,200 | $ 56,900 |
Taxes related to share-based compensation | 24,100 | 24,200 | 22,300 |
Proceeds from issuance of common stock | 21,507 | 28,779 | 35,705 |
Tax Benefit on Option Exercises | 7,400 | 23,300 | 32,000 |
Time-Based Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share-based compensation expense | 18,500 | 20,400 | 18,800 |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share-based compensation expense | 24,100 | 20,800 | 21,400 |
Performance Stock Units (PSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share-based compensation expense | 43,700 | 21,600 | 13,900 |
Deferred Stock and Other Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share-based compensation expense | $ 2,000 | $ 2,400 | $ 2,800 |
Share-Based Compensation - Sc_2
Share-Based Compensation - Schedule of Unrecognized Compensation Cost (Details) $ in Millions | 12 Months Ended |
Sep. 28, 2018USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Compensation cost not yet recognized | $ 103.3 |
Time-Based Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Compensation cost not yet recognized | $ 22.6 |
Compensation cost not yet recognized, period for recognition | 2 years 1 month 21 days |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Compensation cost not yet recognized | $ 56.6 |
Compensation cost not yet recognized, period for recognition | 2 years 5 months 19 days |
Performance Stock Units (PSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Compensation cost not yet recognized | $ 24.1 |
Compensation cost not yet recognized, period for recognition | 1 year 5 months 27 days |
Share-Based Compensation - Time
Share-Based Compensation - Time-Based Options (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated share-based compensation expense | $ 88.3 | $ 65.2 | $ 56.9 |
Time-Based Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 4 years | ||
Award expiration period | 10 years | ||
Expected volatility | 20.00% | 25.00% | 30.00% |
Expected life (in years) | 6 years 3 months | 6 years 3 months | 6 years 3 months |
Risk-free interest rate, minimum | 2.25% | 2.14% | 1.50% |
Risk-free interest rate, maximum | 2.94% | 2.20% | 2.04% |
Time-based options, Weighted-average grant-date fair value (in dollars per share) | $ 8.75 | $ 8.47 | $ 9.21 |
Total intrinsic value exercised (in millions) | $ 16.6 | $ 32.2 | $ 49.9 |
Total fair value that vested (in millions) | $ 17.3 | 17.7 | 17.5 |
Performance-Based Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award expiration period | 10 years | ||
Total intrinsic value exercised (in millions) | $ 7.4 | $ 26.6 | $ 39.2 |
Minimum | Time-Based Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yield | 1.03% | 1.11% | 1.15% |
Maximum | Time-Based Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected dividend yield | 1.11% | 1.21% | 1.25% |
Share-Based Compensation - Sc_3
Share-Based Compensation - Schedule of Options Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Sep. 28, 2018USD ($)$ / sharesshares | |
Time-Based Options | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Beginning Shares Outstanding (in shares) | shares | 13,074 |
Granted (in shares) | shares | 1,914 |
Exercised (in shares) | shares | (1,111) |
Forfeited and expired (in shares) | shares | (575) |
Ending Shares Outstanding (in shares) | shares | 13,302 |
Exercisable Shares (in shares) | shares | 8,469 |
Shares Expected to Vest (in shares) | shares | 4,498 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Beginning Weighted-Average Exercise Price (in dollars per share) | $ / shares | $ 24.39 |
Granted Weighted-Average Exercise Price (in dollars per share) | $ / shares | 40.67 |
Exercised Weighted-Average Exercise Price (in dollars per share) | $ / shares | 21 |
Forfeited and expired Weighted-Average Exercise Price (in dollars per share) | $ / shares | 34.37 |
Ending Weighted-Average Exercise Price (in dollars per share) | $ / shares | 26.60 |
Exercisable Weighted-Average Exercise Price (in dollars per share) | $ / shares | 21.36 |
Expected to vest Weighted-Average Exercise Price (in dollars per share) | $ / shares | $ 35.64 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Aggregated Intrinsic Value of Shares Outstanding | $ | $ 218,450 |
Aggregate Intrinsic Value of Shares Exercisable | $ | 183,456 |
Aggregate Intrinsic Value of Shares Expected to Vest | $ | $ 33,177 |
Weighted-Average Remaining Term of Shares Outstanding | 6 years 2 months 12 days |
Weighted-Average Remaining Term of Shares Exercisable | 5 years |
Weighted-Average Remaining Term of Shares Expected to Vest | 8 years 1 month 6 days |
Performance-Based Options | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Beginning Shares Outstanding (in shares) | shares | 2,182 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | (302) |
Forfeited and expired (in shares) | shares | (5) |
Ending Shares Outstanding (in shares) | shares | 1,875 |
Exercisable Shares (in shares) | shares | 1,875 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Beginning Weighted-Average Exercise Price (in dollars per share) | $ / shares | $ 12.28 |
Granted Weighted-Average Exercise Price (in dollars per share) | $ / shares | 0 |
Exercised Weighted-Average Exercise Price (in dollars per share) | $ / shares | 11.21 |
Forfeited and expired Weighted-Average Exercise Price (in dollars per share) | $ / shares | 10.90 |
Ending Weighted-Average Exercise Price (in dollars per share) | $ / shares | 12.46 |
Exercisable Weighted-Average Exercise Price (in dollars per share) | $ / shares | $ 12.46 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Aggregated Intrinsic Value of Shares Outstanding | $ | $ 57,317 |
Aggregate Intrinsic Value of Shares Exercisable | $ | $ 57,317 |
Weighted-Average Remaining Term of Shares Outstanding | 3 years |
Weighted-Average Remaining Term of Shares Exercisable | 3 years |
Share-Based Compensation - Perf
Share-Based Compensation - Performance-Based Options Narrative (Details) - Performance-Based Options - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance-based options, grants in period, weighted average grant date fair value (in dollars per share) | 0 | ||
Total intrinsic value of performance-based options exercised | $ 7.4 | $ 26.6 | $ 39.2 |
Award expiration period | 10 years |
Share-Based Compensation - Defe
Share-Based Compensation - Deferred Stock and Time-Based Units Narrative (Details) | 12 Months Ended |
Sep. 28, 2018shares | |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted (in shares) | 1,369,000 |
Restricted Stock Units (RSUs) | Share-based Compensation Award, Tranche One | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting rights, percentage | 25.00% |
Deferred Stock and Other Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted (in shares) | 49,193 |
Share-Based Compensation - Sc_4
Share-Based Compensation - Schedule of Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) shares in Thousands | 12 Months Ended |
Sep. 28, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning balance (in shares) | shares | 1,935 |
Granted (in shares) | shares | 1,369 |
Vested (in shares) | shares | (586) |
Forfeited (in shares) | shares | (310) |
Ending balance (in shares) | shares | 2,408 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Beginning (in dollars per shares) | $ / shares | $ 31.44 |
Weighted Average Grant Date Fair Value, Granted (in dollars per shares) | $ / shares | 40.34 |
Weighted Average Grant Date Fair Value, Vested (in dollars per shares) | $ / shares | 31.73 |
Weighted Average Grant Date Fair Value, Forfeited (in dollars per shares) | $ / shares | 37.01 |
Weighted Average Grant Date Fair Value, Ending (in dollars per shares) | $ / shares | $ 36.66 |
Share-Based Compensation - Pe_2
Share-Based Compensation - Performance Stock Units Activity (Details) - Performance Stock Units (PSUs) shares in Thousands | 12 Months Ended |
Sep. 28, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning balance (in shares) | shares | 1,270 |
Granted (in shares) | shares | 736 |
Vested (in shares) | shares | (211) |
Forfeited (in shares) | shares | (181) |
Ending balance (in shares) | shares | 1,614 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Beginning (in dollars per shares) | $ / shares | $ 31.82 |
Weighted Average Grant Date Fair Value, Granted (in dollars per shares) | $ / shares | 38.95 |
Weighted Average Grant Date Fair Value, Vested (in dollars per shares) | $ / shares | 28.79 |
Weighted Average Grant Date Fair Value, Forfeited (in dollars per shares) | $ / shares | 35.40 |
Weighted Average Grant Date Fair Value, Ending (in dollars per shares) | $ / shares | $ 34.99 |
Earnings Per Share - (Details)
Earnings Per Share - (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 29, 2017 | Sep. 29, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 30, 2016 | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Earnings: | |||||||||||
Net income attributable to Aramark stockholders | $ 175,455 | $ 72,577 | $ 27,569 | $ 292,284 | $ 113,138 | $ 65,295 | $ 70,151 | $ 125,339 | $ 567,885 | $ 373,923 | $ 287,806 |
Shares: | |||||||||||
Basic weighted-average shares outstanding | 245,771 | 244,453 | 242,286 | ||||||||
Effect of dilutive securities (in shares) | 7,581 | 7,104 | 6,477 | ||||||||
Diluted weighted-average shares outstanding | 253,352 | 251,557 | 248,763 | ||||||||
Basic Earnings Per Share: | |||||||||||
Net income attributable to Aramark stockholders (in dollars per share) | $ 2.31 | $ 1.53 | $ 1.19 | ||||||||
Diluted Earnings Per Share: | |||||||||||
Net income attributable to Aramark stockholders (in dollars per share) | $ 2.24 | $ 1.49 | $ 1.16 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares shares in Millions | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Share-based Compensation Award | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of EPS (in shares) | 1.6 | 3.9 | 2.1 |
Performance-Based Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of EPS (in shares) | 1.2 | 1.2 | 0.6 |
Accounts Receivable Securitizat
Accounts Receivable Securitization (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Sep. 29, 2017 |
Receivables Facility, due May 2021 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Long-term debt | $ 0 | $ 254,200 |
Commitments And Contingencies -
Commitments And Contingencies - Narrative (Details) - USD ($) | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Loss Contingencies [Line Items] | |||
Capital and other purchase commitments | $ 675,400,000 | ||
Letters of credit outstanding | 60,200,000 | ||
Maximum potential liability from vehicle leases | 84,300,000 | ||
Residual value guarantee, value assumptions, terminal fair value of vehicles coming off lease | 0 | ||
Amounts accrued for guarantee arrangements | 0 | ||
Rental expense for all operating leases | $ 187,500,000 | $ 170,000,000 | $ 180,700,000 |
Minimum | |||
Loss Contingencies [Line Items] | |||
Operating lease terms | 1 year | ||
Maximum | |||
Loss Contingencies [Line Items] | |||
Operating lease terms | 8 years |
Commitments And Contingencies_2
Commitments And Contingencies - Schedule of Future Minimum Rental Commitments (Details) $ in Thousands | Sep. 28, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,019 | $ 213,439 |
2,020 | 109,152 |
2,021 | 81,105 |
2,022 | 72,020 |
2,023 | 64,352 |
2024-Thereafter | 358,302 |
Total minimum rental obligations | $ 898,370 |
Quarterly Results (Unaudited)_2
Quarterly Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 29, 2017 | Sep. 29, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 30, 2016 | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Sales | $ 3,913,598 | $ 3,971,606 | $ 3,939,311 | $ 3,965,118 | $ 3,654,124 | $ 3,593,277 | $ 3,621,628 | $ 3,735,383 | $ 15,789,633 | $ 14,604,412 | $ 14,415,829 |
Cost of services provided | 3,383,810 | 3,524,804 | 3,561,509 | 3,520,064 | 3,231,082 | 3,232,366 | 3,226,196 | 3,299,329 | 14,963,496 | 13,796,355 | 13,669,515 |
Net income | 175,568 | 72,716 | 27,716 | 292,440 | 113,157 | 65,364 | 70,231 | 125,435 | |||
Net income attributable to Aramark stockholders | $ 175,455 | $ 72,577 | $ 27,569 | $ 292,284 | $ 113,138 | $ 65,295 | $ 70,151 | $ 125,339 | $ 567,885 | $ 373,923 | $ 287,806 |
Earnings per share: | |||||||||||
Basic (in dollars per share) | $ 0.71 | $ 0.29 | $ 0.11 | $ 1.19 | $ 0.46 | $ 0.27 | $ 0.29 | $ 0.51 | |||
Diluted (in dollars per share) | 0.69 | 0.29 | 0.11 | 1.16 | 0.45 | 0.26 | 0.28 | 0.50 | |||
Dividends paid per common share (in dollars per share) | $ 0.105 | $ 0.105 | $ 0.105 | $ 0.105 | $ 0.103 | $ 0.103 | $ 0.103 | $ 0.103 | $ 0.105 | $ 0.103 |
Business Segments (Details)
Business Segments (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 28, 2018USD ($) | Jun. 29, 2018USD ($) | Mar. 30, 2018USD ($) | Dec. 29, 2017USD ($) | Sep. 29, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 30, 2016USD ($) | Sep. 28, 2018USD ($)segment | Sep. 29, 2017USD ($) | Sep. 30, 2016USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of reportable segments | segment | 3 | ||||||||||
Sales | $ 3,913,598 | $ 3,971,606 | $ 3,939,311 | $ 3,965,118 | $ 3,654,124 | $ 3,593,277 | $ 3,621,628 | $ 3,735,383 | $ 15,789,633 | $ 14,604,412 | $ 14,415,829 |
Operating Income | 826,137 | 808,057 | 746,314 | ||||||||
Interest and Other Financing Costs, net | (354,261) | (287,415) | (315,383) | ||||||||
Income Before Income Taxes | 471,876 | 520,642 | 430,931 | ||||||||
Depreciation and amortization | 596,182 | 508,212 | 495,765 | ||||||||
Capital Expenditures and Client Contract Investments and Other | 912,100 | 555,000 | 545,500 | ||||||||
Assets | 13,720,102 | 11,006,229 | 13,720,102 | 11,006,229 | |||||||
Property and Equipment, net | 1,378,094 | 1,042,031 | 1,378,094 | 1,042,031 | |||||||
United States | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 11,795,600 | 11,098,000 | 11,011,500 | ||||||||
Property and Equipment, net | 1,065,900 | 838,200 | 1,065,900 | 838,200 | |||||||
Foreign | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 3,994,000 | 3,506,400 | 3,404,300 | ||||||||
Property and Equipment, net | 312,200 | 203,800 | 312,200 | 203,800 | |||||||
FSS United States | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 10,137,800 | 9,748,000 | 9,582,600 | ||||||||
FSS International | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 3,655,800 | 3,291,700 | 3,269,500 | ||||||||
Uniform | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 1,996,000 | 1,564,700 | 1,563,700 | ||||||||
Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income | 1,014,000 | 941,200 | 870,800 | ||||||||
Operating Segments | FSS United States | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income | 680,500 | 596,800 | 490,200 | ||||||||
Depreciation and amortization | 405,000 | 372,700 | 363,600 | ||||||||
Capital Expenditures and Client Contract Investments and Other | 494,300 | 420,400 | 371,700 | ||||||||
Assets | 8,482,800 | 6,962,300 | 8,482,800 | 6,962,300 | |||||||
Operating Segments | FSS International | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income | 150,900 | 162,100 | 185,300 | ||||||||
Depreciation and amortization | 64,800 | 55,300 | 55,900 | ||||||||
Capital Expenditures and Client Contract Investments and Other | 84,100 | 66,100 | 99,800 | ||||||||
Assets | 2,072,000 | 2,013,600 | 2,072,000 | 2,013,600 | |||||||
Operating Segments | Uniform | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income | 182,600 | 182,300 | 195,300 | ||||||||
Depreciation and amortization | 123,400 | 77,200 | 73,900 | ||||||||
Capital Expenditures and Client Contract Investments and Other | 332,500 | 67,500 | 70,700 | ||||||||
Assets | 2,991,700 | 1,828,700 | 2,991,700 | 1,828,700 | |||||||
Corporate, Non-Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income | (187,900) | (133,100) | (124,500) | ||||||||
Depreciation and amortization | 3,000 | 3,000 | 2,400 | ||||||||
Capital Expenditures and Client Contract Investments and Other | 1,200 | 1,000 | $ 3,300 | ||||||||
Assets | $ 173,600 | $ 201,600 | $ 173,600 | $ 201,600 | |||||||
Product Concentration Risk | Food Services | Sales Revenue, Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk, percentage | 77.00% | ||||||||||
Product Concentration Risk | Facility Services | Sales Revenue, Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk, percentage | 23.00% |
Fair Value of Financial Asset_2
Fair Value of Financial Assets and Financial Liabilities (Details) - USD ($) $ in Millions | Sep. 28, 2018 | Sep. 29, 2017 |
Fair Value Disclosure | Financial assets and liabilities measured on a recurring basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value of debt | $ 7,303.1 | $ 5,450.1 |
Carrying (Reported) Amount, Fair Value Disclosure | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value of debt | $ 7,244 | $ 5,268.5 |
Condensed Consolidating Finan_3
Condensed Consolidating Financial Statements of Aramark and Subsidiaries - Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Thousands | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | Oct. 02, 2015 |
Current Assets: | ||||
Cash and cash equivalents | $ 215,025 | $ 238,797 | $ 152,580 | $ 122,416 |
Receivables | 1,790,433 | 1,615,993 | ||
Inventories | 724,802 | 610,732 | ||
Prepayments and other current assets | 171,165 | 187,617 | ||
Total current assets | 2,901,425 | 2,653,139 | ||
Property and Equipment, net | 1,378,094 | 1,042,031 | ||
Goodwill | 5,610,568 | 4,715,511 | ||
Investment in and Advances to Subsidiaries | 0 | 0 | ||
Other Intangible Assets | 2,136,844 | 1,120,824 | ||
Other Assets | 1,693,171 | 1,474,724 | ||
Assets | 13,720,102 | 11,006,229 | ||
Current Liabilities: | ||||
Current maturities of long-term borrowings | 30,907 | 78,157 | ||
Accounts payable | 1,018,920 | 955,925 | ||
Accrued expenses and other current liabilities | 1,440,332 | 1,334,013 | ||
Total current liabilities | 2,490,159 | 2,368,095 | ||
Long-Term Borrowings | 7,213,077 | 5,190,331 | ||
Deferred Income Taxes and Other Noncurrent Liabilities | 977,215 | 978,944 | ||
Intercompany Payable | 0 | 0 | ||
Redeemable Noncontrolling Interest | 10,093 | 9,798 | ||
Total stockholders' equity | 3,029,558 | 2,459,061 | ||
Liabilities and Stockholders’ Equity | 13,720,102 | 11,006,229 | ||
Eliminations | ||||
Current Assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables | 0 | 0 | ||
Inventories | 0 | 0 | ||
Prepayments and other current assets | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Property and Equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Investment in and Advances to Subsidiaries | (11,405,452) | (8,365,240) | ||
Other Intangible Assets | 0 | 0 | ||
Other Assets | (2,002) | (2,002) | ||
Assets | (11,407,454) | (8,367,242) | ||
Current Liabilities: | ||||
Current maturities of long-term borrowings | 0 | 0 | ||
Accounts payable | 0 | 0 | ||
Accrued expenses and other current liabilities | 88 | 88 | ||
Total current liabilities | 88 | 88 | ||
Long-Term Borrowings | 0 | 0 | ||
Deferred Income Taxes and Other Noncurrent Liabilities | 0 | 0 | ||
Intercompany Payable | (5,782,491) | (5,971,543) | ||
Redeemable Noncontrolling Interest | 0 | 0 | ||
Total stockholders' equity | (5,625,051) | (2,395,787) | ||
Liabilities and Stockholders’ Equity | (11,407,454) | (8,367,242) | ||
Aramark | Reportable Legal Entities | ||||
Current Assets: | ||||
Cash and cash equivalents | 5 | 5 | 5 | 5 |
Receivables | 0 | 0 | ||
Inventories | 0 | 0 | ||
Prepayments and other current assets | 0 | 0 | ||
Total current assets | 5 | 5 | ||
Property and Equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Investment in and Advances to Subsidiaries | 3,029,553 | 2,459,056 | ||
Other Intangible Assets | 0 | 0 | ||
Other Assets | 0 | 0 | ||
Assets | 3,029,558 | 2,459,061 | ||
Current Liabilities: | ||||
Current maturities of long-term borrowings | 0 | 0 | ||
Accounts payable | 0 | 0 | ||
Accrued expenses and other current liabilities | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Long-Term Borrowings | 0 | 0 | ||
Deferred Income Taxes and Other Noncurrent Liabilities | 0 | 0 | ||
Intercompany Payable | 0 | 0 | ||
Redeemable Noncontrolling Interest | 0 | 0 | ||
Total stockholders' equity | 3,029,558 | 2,459,061 | ||
Liabilities and Stockholders’ Equity | 3,029,558 | 2,459,061 | ||
Aramark Services, Inc. (Issuer) | Reportable Legal Entities | ||||
Current Assets: | ||||
Cash and cash equivalents | 50,716 | 111,512 | 47,850 | 31,792 |
Receivables | 1,038 | 3,721 | ||
Inventories | 15,857 | 15,737 | ||
Prepayments and other current assets | 21,411 | 14,123 | ||
Total current assets | 89,022 | 145,093 | ||
Property and Equipment, net | 28,341 | 29,869 | ||
Goodwill | 173,104 | 173,104 | ||
Investment in and Advances to Subsidiaries | 7,441,605 | 5,248,858 | ||
Other Intangible Assets | 29,684 | 29,683 | ||
Other Assets | 100,754 | 53,538 | ||
Assets | 7,862,510 | 5,680,145 | ||
Current Liabilities: | ||||
Current maturities of long-term borrowings | 0 | 33,487 | ||
Accounts payable | 128,460 | 167,926 | ||
Accrued expenses and other current liabilities | 205,807 | 200,130 | ||
Total current liabilities | 334,267 | 401,543 | ||
Long-Term Borrowings | 6,651,110 | 4,460,730 | ||
Deferred Income Taxes and Other Noncurrent Liabilities | 432,583 | 425,297 | ||
Intercompany Payable | 0 | 0 | ||
Redeemable Noncontrolling Interest | 0 | 0 | ||
Total stockholders' equity | 444,550 | 392,575 | ||
Liabilities and Stockholders’ Equity | 7,862,510 | 5,680,145 | ||
Guarantors | Reportable Legal Entities | ||||
Current Assets: | ||||
Cash and cash equivalents | 29,844 | 37,513 | 31,344 | 42,811 |
Receivables | 443,599 | 303,664 | ||
Inventories | 592,259 | 514,267 | ||
Prepayments and other current assets | 86,100 | 83,404 | ||
Total current assets | 1,151,802 | 938,848 | ||
Property and Equipment, net | 1,013,523 | 775,362 | ||
Goodwill | 4,783,547 | 3,874,647 | ||
Investment in and Advances to Subsidiaries | 90,049 | 90,049 | ||
Other Intangible Assets | 1,919,795 | 914,000 | ||
Other Assets | 1,264,976 | 1,112,076 | ||
Assets | 10,223,692 | 7,704,982 | ||
Current Liabilities: | ||||
Current maturities of long-term borrowings | 26,564 | 20,330 | ||
Accounts payable | 483,606 | 461,192 | ||
Accrued expenses and other current liabilities | 926,794 | 814,542 | ||
Total current liabilities | 1,436,964 | 1,296,064 | ||
Long-Term Borrowings | 82,097 | 63,604 | ||
Deferred Income Taxes and Other Noncurrent Liabilities | 466,331 | 513,797 | ||
Intercompany Payable | 4,827,084 | 5,224,196 | ||
Redeemable Noncontrolling Interest | 10,093 | 9,798 | ||
Total stockholders' equity | 3,401,123 | 597,523 | ||
Liabilities and Stockholders’ Equity | 10,223,692 | 7,704,982 | ||
Non Guarantors | Reportable Legal Entities | ||||
Current Assets: | ||||
Cash and cash equivalents | 134,460 | 89,767 | $ 73,381 | $ 47,808 |
Receivables | 1,345,796 | 1,308,608 | ||
Inventories | 116,686 | 80,728 | ||
Prepayments and other current assets | 63,654 | 90,090 | ||
Total current assets | 1,660,596 | 1,569,193 | ||
Property and Equipment, net | 336,230 | 236,800 | ||
Goodwill | 653,917 | 667,760 | ||
Investment in and Advances to Subsidiaries | 844,245 | 567,277 | ||
Other Intangible Assets | 187,365 | 177,141 | ||
Other Assets | 329,443 | 311,112 | ||
Assets | 4,011,796 | 3,529,283 | ||
Current Liabilities: | ||||
Current maturities of long-term borrowings | 4,343 | 24,340 | ||
Accounts payable | 406,854 | 326,807 | ||
Accrued expenses and other current liabilities | 307,643 | 319,253 | ||
Total current liabilities | 718,840 | 670,400 | ||
Long-Term Borrowings | 479,870 | 665,997 | ||
Deferred Income Taxes and Other Noncurrent Liabilities | 78,301 | 39,850 | ||
Intercompany Payable | 955,407 | 747,347 | ||
Redeemable Noncontrolling Interest | 0 | 0 | ||
Total stockholders' equity | 1,779,378 | 1,405,689 | ||
Liabilities and Stockholders’ Equity | $ 4,011,796 | $ 3,529,283 |
Condensed Consolidating Finan_4
Condensed Consolidating Financial Statements of Aramark and Subsidiaries - Condensed Consolidating Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 28, 2018 | Jun. 29, 2018 | Mar. 30, 2018 | Dec. 29, 2017 | Sep. 29, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 30, 2016 | Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Sales | $ 3,913,598 | $ 3,971,606 | $ 3,939,311 | $ 3,965,118 | $ 3,654,124 | $ 3,593,277 | $ 3,621,628 | $ 3,735,383 | $ 15,789,633 | $ 14,604,412 | $ 14,415,829 |
Costs and Expenses: | |||||||||||
Cost of services provided | 13,990,185 | 12,988,973 | 12,890,408 | ||||||||
Depreciation and amortization | 596,182 | 508,212 | 495,765 | ||||||||
Selling and general corporate expenses | 377,129 | 299,170 | 283,342 | ||||||||
Interest and other financing costs, net | 354,261 | 287,415 | 315,383 | ||||||||
Expense allocations | 0 | 0 | 0 | ||||||||
Costs and Expenses | 15,317,757 | 14,083,770 | 13,984,898 | ||||||||
Income Before Income Taxes | 471,876 | 520,642 | 430,931 | ||||||||
Provision for Income Taxes | (96,564) | 146,455 | 142,699 | ||||||||
Equity in Net Income of Subsidiaries | 0 | 0 | 0 | ||||||||
Net income | 568,440 | 374,187 | 288,232 | ||||||||
Less: Net income attributable to noncontrolling interest | 555 | 264 | 426 | ||||||||
Net income attributable to Aramark stockholders | $ 175,455 | $ 72,577 | $ 27,569 | $ 292,284 | $ 113,138 | $ 65,295 | $ 70,151 | $ 125,339 | 567,885 | 373,923 | 287,806 |
Other comprehensive income (loss), net of tax | 32,537 | 57,023 | (14,215) | ||||||||
Comprehensive income attributable to Aramark stockholders | 600,422 | 430,946 | 273,591 | ||||||||
Eliminations | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Sales | 0 | 0 | 0 | ||||||||
Costs and Expenses: | |||||||||||
Cost of services provided | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Selling and general corporate expenses | 0 | 0 | 0 | ||||||||
Interest and other financing costs, net | 0 | 0 | 0 | ||||||||
Expense allocations | 0 | 0 | 0 | ||||||||
Costs and Expenses | 0 | 0 | 0 | ||||||||
Income Before Income Taxes | 0 | 0 | 0 | ||||||||
Provision for Income Taxes | 0 | 0 | 0 | ||||||||
Equity in Net Income of Subsidiaries | (567,885) | (373,923) | (287,806) | ||||||||
Net income | (567,885) | (373,923) | (287,806) | ||||||||
Less: Net income attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Net income attributable to Aramark stockholders | (567,885) | (373,923) | (287,806) | ||||||||
Other comprehensive income (loss), net of tax | (10,088) | (116,302) | 22,201 | ||||||||
Comprehensive income attributable to Aramark stockholders | (577,973) | (490,225) | (265,605) | ||||||||
Aramark | Reportable Legal Entities | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Sales | 0 | 0 | 0 | ||||||||
Costs and Expenses: | |||||||||||
Cost of services provided | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Selling and general corporate expenses | 0 | 0 | 0 | ||||||||
Interest and other financing costs, net | 0 | 0 | 0 | ||||||||
Expense allocations | 0 | 0 | 0 | ||||||||
Costs and Expenses | 0 | 0 | 0 | ||||||||
Income Before Income Taxes | 0 | 0 | 0 | ||||||||
Provision for Income Taxes | 0 | 0 | 0 | ||||||||
Equity in Net Income of Subsidiaries | 567,885 | 373,923 | 287,806 | ||||||||
Net income | 567,885 | 373,923 | 287,806 | ||||||||
Less: Net income attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Net income attributable to Aramark stockholders | 567,885 | 373,923 | 287,806 | ||||||||
Other comprehensive income (loss), net of tax | 32,537 | 57,023 | (14,215) | ||||||||
Comprehensive income attributable to Aramark stockholders | 600,422 | 430,946 | 273,591 | ||||||||
Aramark Services, Inc. (Issuer) | Reportable Legal Entities | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Sales | 1,027,573 | 1,041,490 | 1,025,664 | ||||||||
Costs and Expenses: | |||||||||||
Cost of services provided | 848,739 | 941,031 | 939,925 | ||||||||
Depreciation and amortization | 19,466 | 17,502 | 15,670 | ||||||||
Selling and general corporate expenses | 195,093 | 140,305 | 134,705 | ||||||||
Interest and other financing costs, net | 329,027 | 273,405 | 293,072 | ||||||||
Expense allocations | (374,970) | (348,042) | (358,897) | ||||||||
Costs and Expenses | 1,017,355 | 1,024,201 | 1,024,475 | ||||||||
Income Before Income Taxes | 10,218 | 17,289 | 1,189 | ||||||||
Provision for Income Taxes | (3,521) | 5,139 | 427 | ||||||||
Equity in Net Income of Subsidiaries | 0 | 0 | 0 | ||||||||
Net income | 13,739 | 12,150 | 762 | ||||||||
Less: Net income attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Net income attributable to Aramark stockholders | 13,739 | 12,150 | 762 | ||||||||
Other comprehensive income (loss), net of tax | 43,686 | 35,667 | (16,093) | ||||||||
Comprehensive income attributable to Aramark stockholders | 57,425 | 47,817 | (15,331) | ||||||||
Guarantors | Reportable Legal Entities | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Sales | 10,432,088 | 9,708,157 | 9,670,207 | ||||||||
Costs and Expenses: | |||||||||||
Cost of services provided | 9,135,305 | 8,507,680 | 8,536,196 | ||||||||
Depreciation and amortization | 483,106 | 416,979 | 406,154 | ||||||||
Selling and general corporate expenses | 158,064 | 138,304 | 130,153 | ||||||||
Interest and other financing costs, net | (2,048) | (3,171) | (2,513) | ||||||||
Expense allocations | 353,628 | 318,199 | 308,928 | ||||||||
Costs and Expenses | 10,128,055 | 9,377,991 | 9,378,918 | ||||||||
Income Before Income Taxes | 304,033 | 330,166 | 291,289 | ||||||||
Provision for Income Taxes | (143,452) | 98,144 | 104,377 | ||||||||
Equity in Net Income of Subsidiaries | 0 | 0 | 0 | ||||||||
Net income | 447,485 | 232,022 | 186,912 | ||||||||
Less: Net income attributable to noncontrolling interest | 555 | 264 | 426 | ||||||||
Net income attributable to Aramark stockholders | 446,930 | 231,758 | 186,486 | ||||||||
Other comprehensive income (loss), net of tax | 3,178 | 431 | (7,284) | ||||||||
Comprehensive income attributable to Aramark stockholders | 450,108 | 232,189 | 179,202 | ||||||||
Non Guarantors | Reportable Legal Entities | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Sales | 4,329,972 | 3,854,765 | 3,719,958 | ||||||||
Costs and Expenses: | |||||||||||
Cost of services provided | 4,006,141 | 3,540,262 | 3,414,287 | ||||||||
Depreciation and amortization | 93,610 | 73,731 | 73,941 | ||||||||
Selling and general corporate expenses | 23,972 | 20,561 | 18,484 | ||||||||
Interest and other financing costs, net | 27,282 | 17,181 | 24,824 | ||||||||
Expense allocations | 21,342 | 29,843 | 49,969 | ||||||||
Costs and Expenses | 4,172,347 | 3,681,578 | 3,581,505 | ||||||||
Income Before Income Taxes | 157,625 | 173,187 | 138,453 | ||||||||
Provision for Income Taxes | 50,409 | 43,172 | 37,895 | ||||||||
Equity in Net Income of Subsidiaries | 0 | 0 | 0 | ||||||||
Net income | 107,216 | 130,015 | 100,558 | ||||||||
Less: Net income attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Net income attributable to Aramark stockholders | 107,216 | 130,015 | 100,558 | ||||||||
Other comprehensive income (loss), net of tax | (36,776) | 80,204 | 1,176 | ||||||||
Comprehensive income attributable to Aramark stockholders | $ 70,440 | $ 210,219 | $ 101,734 |
Condensed Consolidating Finan_5
Condensed Consolidating Financial Statements of Aramark and Subsidiaries - Condensed Consolidating Statements of Cash Flow (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | $ 1,047,351 | $ 1,053,387 | $ 867,314 |
Cash flows from investing activities: | |||
Purchases of property and equipment, client contract investments and other | (628,604) | (552,729) | (512,532) |
Disposals of property and equipment | 10,491 | 18,906 | 26,824 |
Acquisitions of businesses, net of cash acquired | (2,240,284) | (142,122) | (199,377) |
Other investing activities | (6,879) | (2,539) | 5,340 |
Net cash used in investing activities | (2,865,276) | (678,484) | (679,745) |
Cash flows from financing activities: | |||
Proceeds from long-term borrowings | 3,177,313 | 3,851,417 | 1,399,988 |
Payments of long-term borrowings | (973,689) | (3,911,992) | (1,363,534) |
Net change in funding under the Receivables Facility | (254,200) | (13,800) | (82,000) |
Payments of dividends | (103,115) | (100,813) | (92,074) |
Proceeds from issuance of common stock | 21,507 | 28,779 | 35,705 |
Repurchase of common stock | (24,410) | (100,000) | (749) |
Other financing activities | (49,253) | (42,277) | (54,741) |
Change in intercompany, net | 0 | 0 | 0 |
Net cash used in financing activities | 1,794,153 | (288,686) | (157,405) |
Increase (decrease) in cash and cash equivalents | (23,772) | 86,217 | 30,164 |
Cash and cash equivalents, beginning of period | 238,797 | 152,580 | 122,416 |
Cash and cash equivalents, end of period | 215,025 | 238,797 | 152,580 |
Eliminations | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | (65,587) | (188,275) | (5,239) |
Cash flows from investing activities: | |||
Purchases of property and equipment, client contract investments and other | 0 | 0 | 0 |
Disposals of property and equipment | 0 | 0 | 0 |
Acquisitions of businesses, net of cash acquired | 0 | 0 | 0 |
Other investing activities | 0 | 0 | 0 |
Net cash used in investing activities | 0 | 0 | 0 |
Cash flows from financing activities: | |||
Proceeds from long-term borrowings | 0 | 0 | 0 |
Payments of long-term borrowings | 0 | 0 | 0 |
Net change in funding under the Receivables Facility | 0 | 0 | 0 |
Payments of dividends | 0 | 0 | 0 |
Proceeds from issuance of common stock | 0 | 0 | 0 |
Repurchase of common stock | 0 | 0 | 0 |
Other financing activities | 0 | 0 | 0 |
Change in intercompany, net | 65,587 | 188,275 | 5,239 |
Net cash used in financing activities | 65,587 | 188,275 | 5,239 |
Increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 | 0 |
Aramark | Reportable Legal Entities | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 0 | 0 | 0 |
Cash flows from investing activities: | |||
Purchases of property and equipment, client contract investments and other | 0 | 0 | 0 |
Disposals of property and equipment | 0 | 0 | 0 |
Acquisitions of businesses, net of cash acquired | 0 | 0 | 0 |
Other investing activities | 0 | 0 | 0 |
Net cash used in investing activities | 0 | 0 | 0 |
Cash flows from financing activities: | |||
Proceeds from long-term borrowings | 0 | 0 | 0 |
Payments of long-term borrowings | 0 | 0 | 0 |
Net change in funding under the Receivables Facility | 0 | 0 | 0 |
Payments of dividends | 0 | 0 | 0 |
Proceeds from issuance of common stock | 0 | 0 | 0 |
Repurchase of common stock | 0 | 0 | 0 |
Other financing activities | 0 | 0 | 0 |
Change in intercompany, net | 0 | 0 | 0 |
Net cash used in financing activities | 0 | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents, beginning of period | 5 | 5 | 5 |
Cash and cash equivalents, end of period | 5 | 5 | 5 |
Aramark Services, Inc. (Issuer) | Reportable Legal Entities | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 111,541 | 261,282 | 160,790 |
Cash flows from investing activities: | |||
Purchases of property and equipment, client contract investments and other | (13,133) | (20,939) | (22,326) |
Disposals of property and equipment | 2,252 | 494 | 1,832 |
Acquisitions of businesses, net of cash acquired | (2,381,800) | 0 | 0 |
Other investing activities | (3,095) | (69,401) | 1,576 |
Net cash used in investing activities | (2,395,776) | (89,846) | (18,918) |
Cash flows from financing activities: | |||
Proceeds from long-term borrowings | 3,012,072 | 3,451,164 | 1,397,714 |
Payments of long-term borrowings | (833,854) | (3,572,268) | (1,217,292) |
Net change in funding under the Receivables Facility | 0 | 0 | 0 |
Payments of dividends | (103,115) | (100,813) | (92,074) |
Proceeds from issuance of common stock | 21,507 | 28,779 | 35,705 |
Repurchase of common stock | (24,410) | (100,000) | (749) |
Other financing activities | (45,905) | (69,172) | (51,495) |
Change in intercompany, net | 197,144 | 254,536 | (197,623) |
Net cash used in financing activities | 2,223,439 | (107,774) | (125,814) |
Increase (decrease) in cash and cash equivalents | (60,796) | 63,662 | 16,058 |
Cash and cash equivalents, beginning of period | 111,512 | 47,850 | 31,792 |
Cash and cash equivalents, end of period | 50,716 | 111,512 | 47,850 |
Guarantors | Reportable Legal Entities | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 690,218 | 779,801 | 587,572 |
Cash flows from investing activities: | |||
Purchases of property and equipment, client contract investments and other | (532,923) | (443,262) | (419,009) |
Disposals of property and equipment | 4,301 | 14,780 | 20,353 |
Acquisitions of businesses, net of cash acquired | 244,581 | (37,130) | (231) |
Other investing activities | 328 | 36,946 | 5,202 |
Net cash used in investing activities | (283,713) | (428,666) | (393,685) |
Cash flows from financing activities: | |||
Proceeds from long-term borrowings | 0 | 0 | 0 |
Payments of long-term borrowings | (28,142) | (19,851) | (15,418) |
Net change in funding under the Receivables Facility | 0 | 0 | 0 |
Payments of dividends | 0 | 0 | 0 |
Proceeds from issuance of common stock | 0 | 0 | 0 |
Repurchase of common stock | 0 | 0 | 0 |
Other financing activities | (2,958) | (2,973) | (2,513) |
Change in intercompany, net | (383,074) | (322,142) | (187,423) |
Net cash used in financing activities | (414,174) | (344,966) | (205,354) |
Increase (decrease) in cash and cash equivalents | (7,669) | 6,169 | (11,467) |
Cash and cash equivalents, beginning of period | 37,513 | 31,344 | 42,811 |
Cash and cash equivalents, end of period | 29,844 | 37,513 | 31,344 |
Non Guarantors | Reportable Legal Entities | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 311,179 | 200,579 | 124,191 |
Cash flows from investing activities: | |||
Purchases of property and equipment, client contract investments and other | (82,548) | (88,528) | (71,197) |
Disposals of property and equipment | 3,938 | 3,632 | 4,639 |
Acquisitions of businesses, net of cash acquired | (103,065) | (104,992) | (199,146) |
Other investing activities | (4,112) | 29,916 | (1,438) |
Net cash used in investing activities | (185,787) | (159,972) | (267,142) |
Cash flows from financing activities: | |||
Proceeds from long-term borrowings | 165,241 | 400,253 | 2,274 |
Payments of long-term borrowings | (111,693) | (319,873) | (130,824) |
Net change in funding under the Receivables Facility | (254,200) | (13,800) | (82,000) |
Payments of dividends | 0 | 0 | 0 |
Proceeds from issuance of common stock | 0 | 0 | 0 |
Repurchase of common stock | 0 | 0 | 0 |
Other financing activities | (390) | 29,868 | (733) |
Change in intercompany, net | 120,343 | (120,669) | 379,807 |
Net cash used in financing activities | (80,699) | (24,221) | 168,524 |
Increase (decrease) in cash and cash equivalents | 44,693 | 16,386 | 25,573 |
Cash and cash equivalents, beginning of period | 89,767 | 73,381 | 47,808 |
Cash and cash equivalents, end of period | $ 134,460 | $ 89,767 | $ 73,381 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 28, 2018 | Sep. 29, 2017 | Sep. 30, 2016 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Additions, Charged to Income | $ 21,101 | $ 4,161 | |
Reductions, Deductions from Reserves | 3,591 | 0 | |
Reserve for Doubtful Accounts, Advances and Current Notes Receivable | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance, Beginning of Period | 53,416 | 48,058 | $ 39,023 |
Additions, Charged to Income | 22,009 | 18,141 | 21,913 |
Reductions, Deductions from Reserves | 22,743 | 12,783 | 12,878 |
Balance, End of Period | $ 52,682 | $ 53,416 | $ 48,058 |