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Condensed Consolidating Financial Statements Of ARAMARK Corporation And Subsidiaries
12 Months Ended
Sep. 28, 2012
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Consolidating Financial Statements Of ARAMARK Corporation And Subsidiaries
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF ARAMARK CORPORATION AND SUBSIDIARIES:
The following condensed consolidating financial statements of ARAMARK Corporation and subsidiaries have been prepared pursuant to Rule 3-10 of Regulation S-X.
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 administrative costs are partially allocated to all of the subsidiaries of the Company. Goodwill and other intangible assets have been allocated to all of the subsidiaries of the Company based on management’s estimates. On January 26, 2007, in connection with the Transaction, the Company issued fixed rate notes and floating rate notes as described in Note 5. These notes are jointly and severally guaranteed on a senior unsecured basis by substantially all of the Company’s existing and future domestic subsidiaries (excluding the receivables facility subsidiary) (“Guarantors”). Each of the Guarantors is wholly-owned, directly or indirectly, by the Company. All other subsidiaries of the Company, either direct or indirect, do not guarantee these notes (“Non-Guarantors”). The Guarantors also guarantee certain other unregistered debt.
During the third quarter of fiscal 2011, Seamless was removed as a guarantor of the fixed rate notes and floating rate notes due to the terms of the sale agreement (see Note 17).

CONDENSED CONSOLIDATING BALANCE SHEETS
September 28, 2012
(in millions)
 
 
ARAMARK
Corporation
 
 
Guarantors 
 
Non
Guarantors
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
27.4

 
$
41.6

 
$
67.7

 
$

 
$
136.7

Receivables
2.7

 
221.3

 
1,092.0

 

 
1,316.0

Inventories, at lower of cost or market
15.9

 
405.6

 
86.9

 

 
508.4

Prepayments and other current assets
5.2

 
122.5

 
72.4

 

 
200.1

Total current assets
51.2

 
791.0

 
1,319.0

 

 
2,161.2

 
 
 
 
 
 
 
 
 
 
Property and Equipment, net
33.8

 
764.1

 
202.7

 

 
1,000.6

Goodwill
173.1

 
3,765.4

 
791.0

 

 
4,729.5

Investment in and Advances to Subsidiaries
6,578.2

 
389.9

 
139.2

 
(7,107.3
)
 

Other Intangible Assets
42.0

 
1,300.0

 
253.1

 

 
1,595.1

Other Assets
64.2

 
602.7

 
325.0

 
(2.0
)
 
989.9

 
$
6,942.5

 
$
7,613.1

 
$
3,030.0

 
$
(7,109.3
)
 
$
10,476.3

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
 
 
 
 
Current maturities of long-term borrowings
$
0.7

 
$
11.3

 
$
25.5

 
$

 
$
37.5

Accounts payable
148.6

 
376.0

 
348.7

 

 
873.3

Accrued expenses and other liabilities
146.1

 
788.8

 
296.7

 
0.1

 
1,231.7

Total current liabilities
295.4

 
1,176.1

 
670.9

 
0.1

 
2,142.5

Long-term Borrowings
4,586.0

 
38.3

 
751.5

 

 
5,375.8

Deferred Income Taxes and Other Noncurrent Liabilities
355.0

 
644.2

 
218.9

 

 
1,218.1

Intercompany Payable

 
5,301.8

 
1,072.4

 
(6,374.2
)
 

Common Stock Subject to Repurchase
167.5

 

 

 

 
167.5

Total Equity
1,538.6

 
452.7

 
316.3

 
(735.2
)
 
1,572.4

 
$
6,942.5

 
$
7,613.1

 
$
3,030.0

 
$
(7,109.3
)
 
$
10,476.3




CONDENSED CONSOLIDATING BALANCE SHEETS
September 30, 2011
(in millions)
 
 
ARAMARK
Corporation
 
 
Guarantors 
 
Non
Guarantors
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
137.4

 
$
32.2

 
$
43.7

 
$

 
$
213.3

Receivables
3.1

 
241.9

 
1,007.3

 

 
1,252.3

Inventories, at lower of cost or market
16.1

 
356.6

 
78.1

 

 
450.8

Prepayments and other current assets
31.9

 
121.3

 
61.2

 

 
214.4

Total current assets
188.5

 
752.0

 
1,190.3

 

 
2,130.8

 
 
 
 
 
 
 
 
 
 
Property and Equipment, net
38.3

 
751.6

 
214.8

 

 
1,004.7

Goodwill
173.1

 
3,766.1

 
701.4

 

 
4,640.6

Investment in and Advances to Subsidiaries
6,609.0

 
250.7

 
180.9

 
(7,040.6
)
 

Other Intangible Assets
51.4

 
1,442.7

 
254.3

 

 
1,748.4

Other Assets
75.5

 
554.5

 
357.0

 
(2.0
)
 
985.0

 
$
7,135.8

 
$
7,517.6

 
$
2,898.7

 
$
(7,042.6
)
 
$
10,509.5

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
 
 
 
 
Current maturities of long-term borrowings
$
0.7

 
$
10.0

 
$
38.3

 
$

 
$
49.0

Accounts payable
132.9

 
335.1

 
307.4

 

 
775.4

Accrued expenses and other liabilities
218.2

 
770.0

 
238.3

 
0.1

 
1,226.6

Total current liabilities
351.8

 
1,115.1

 
584.0

 
0.1

 
2,051.0

Long-term Borrowings
4,833.7

 
34.7

 
720.2

 

 
5,588.6

Deferred Income Taxes and Other Noncurrent Liabilities
347.0

 
695.7

 
192.1

 

 
1,234.8

Intercompany Payable

 
5,352.7

 
1,158.7

 
(6,511.4
)
 

Common Stock Subject to Repurchase
158.1

 

 

 

 
158.1

Total Equity
1,445.2

 
319.4

 
243.7

 
(531.3
)
 
1,477.0

 
$
7,135.8

 
$
7,517.6

 
$
2,898.7

 
$
(7,042.6
)
 
$
10,509.5


 
 

CONDENSED CONSOLIDATING STATEMENTS OF INCOME
For the year ended September 28, 2012
(in millions)
 
 
ARAMARK
Corporation
 
 
Guarantors 
 
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
1,025.2

 
$
8,207.1

 
$
4,273.1

 
$

 
$
13,505.4

Costs and Expenses:
 
 
 
 
 
 
 
 
 
Cost of services provided
962.0

 
7,288.0

 
3,941.4

 

 
12,191.4

Depreciation and amortization
19.2

 
380.8

 
129.2

 

 
529.2

Selling and general corporate expenses
58.5

 
120.3

 
23.8

 

 
202.6

Interest and other financing costs
364.0

 
(0.5
)
 
38.3

 

 
401.8

Expense allocations
(353.1
)
 
299.2

 
53.9

 

 

 
1,050.6

 
8,087.8

 
4,186.6

 

 
13,325.0

Income (Loss) from Continuing Operations before Income Taxes
(25.4
)
 
119.3

 
86.5

 

 
180.4

Provision (Benefit) for Income Taxes
(9.2
)
 
34.7

 
13.4

 

 
38.9

Equity in Net Income of Subsidiaries
158.0

 

 

 
(158.0
)
 

Income from Continuing Operations
141.8

 
84.6

 
73.1

 
(158.0
)
 
141.5

Income from Discontinued Operations, net of tax

 
0.3

 

 

 
0.3

Net income
141.8

 
84.9

 
73.1

 
(158.0
)
 
141.8

Less: Net income attributable to noncontrolling interest

 

 
3.6

 

 
3.6

Net income attributable to ARAMARK shareholder
$
141.8

 
$
84.9

 
$
69.5

 
$
(158.0
)
 
$
138.2

 
 


 

 
 

CONDENSED CONSOLIDATING STATEMENTS OF INCOME
For the year ended September 30, 2011
(in millions)
 
 
ARAMARK
Corporation
 
 
Guarantors 
 
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
1,012.7

 
$
8,059.7

 
$
4,010.0

 
$

 
$
13,082.4

Costs and Expenses:
 
 
 
 
 
 
 
 
 
Cost of services provided
948.2

 
7,169.9

 
3,718.8

 

 
11,836.9

Depreciation and amortization
20.0

 
379.5

 
111.0

 

 
510.5

Selling and general corporate expenses
56.9

 
107.1

 
22.9

 

 
186.9

Interest and other financing costs
410.3

 

 
15.9

 

 
426.2

Expense allocations
(377.7
)
 
339.1

 
38.6

 

 

 
1,057.7

 
7,995.6

 
3,907.2

 

 
12,960.5

Income (Loss) from Continuing Operations before Income Taxes
(45.0
)
 
64.1

 
102.8

 

 
121.9

Provision (Benefit) for Income Taxes
(35.6
)
 
25.4

 
19.2

 

 
9.0

Equity in Net Income of Subsidiaries
110.6

 

 

 
(110.6
)
 

Income from Continuing Operations
101.2

 
38.7

 
83.6

 
(110.6
)
 
112.9

Loss from Discontinued Operations, net of tax

 
(11.7
)
 

 

 
(11.7
)
Net income
101.2

 
27.0

 
83.6

 
(110.6
)
 
101.2

Less: Net income attributable to noncontrolling interest

 

 
1.1

 

 
1.1

Net income attributable to ARAMARK shareholder
$
101.2

 
$
27.0

 
$
82.5

 
$
(110.6
)
 
$
100.1


 
 
 
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
For the year ended October 1, 2010
(in millions)
 
 
ARAMARK
Corporation
 
 
Guarantors 
 
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
999.8

 
$
7,863.3

 
$
3,556.0

 
$

 
$
12,419.1

Costs and Expenses:
 
 
 
 
 
 
 
 
 
Cost of services provided
949.0

 
7,016.4

 
3,281.7

 

 
11,247.1

Depreciation and amortization
20.3

 
381.4

 
101.1

 

 
502.8

Selling and general corporate expenses
62.0

 
104.4

 
25.2

 

 
191.6

Interest and other financing costs
414.5

 
1.4

 
28.7

 

 
444.6

Expense allocations
(390.1
)
 
358.4

 
31.7

 

 

 
1,055.7

 
7,862.0

 
3,468.4

 

 
12,386.1

Income (Loss) from Continuing Operations before Income Taxes
(55.9
)
 
1.3

 
87.6

 

 
33.0

Provision (benefit) for Income Taxes
(20.4
)
 
2.0

 
19.1

 

 
0.7

Equity in Net Income of Subsidiaries
66.2

 

 

 
(66.2
)
 

Income (loss) from Continuing Operations
30.7

 
(0.7
)
 
68.5

 
(66.2
)
 
32.3

Loss from Discontinued Operations, net of tax

 
(1.6
)
 

 

 
(1.6
)
Net income (loss)
$
30.7

 
$
(2.3
)
 
$
68.5

 
$
(66.2
)
 
$
30.7



 
 

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
For the year ended September 28, 2012
(in millions)
 
 
ARAMARK
Corporation
 
 
Guarantors 
 
Non
Guarantors
 
Eliminations
 
Consolidated
Net cash provided by operating activities
$
92.4

 
$
503.6

 
$
207.6

 
$
(58.1
)
 
$
745.5

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property and equipment and client contract investments and other
(11.7
)
 
(255.8
)
 
(87.0
)
 

 
(354.5
)
Disposals of property and equipment
0.7

 
5.0

 
6.0

 

 
11.7

Proceeds from divestiture

 
2.3

 
4.2

 

 
6.5

Acquisitions of businesses, net of cash acquired

 
(140.0
)
 
(11.8
)
 

 
(151.8
)
Other investing activities
1.3

 
3.0

 
2.3

 

 
6.6

Net cash used in investing activities
(9.7
)
 
(385.5
)
 
(86.3
)
 

 
(481.5
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from long-term borrowings

 
(0.3
)
 
3.7

 

 
3.4

Payments of long-term borrowings
(250.7
)
 
(11.9
)
 
(26.4
)
 

 
(289.0
)
Net change in funding under the Receivables Facility

 

 
37.9

 

 
37.9

Dividends/advances paid to Parent Company
(53.7
)
 

 

 

 
(53.7
)
Proceeds from issuance of Parent Company common stock
11.3

 

 

 

 
11.3

Repurchase of Parent Company common stock
(37.7
)
 

 

 

 
(37.7
)
Other financing activities
(6.2
)
 
(3.9
)
 
(2.7
)
 

 
(12.8
)
Change in intercompany, net
144.3

 
(92.6
)
 
(109.8
)
 
58.1

 

Net cash (used in) provided by financing activities
(192.7
)
 
(108.7
)
 
(97.3
)
 
58.1

 
(340.6
)
Increase (decrease) in cash and cash equivalents
(110.0
)
 
9.4

 
24.0

 

 
(76.6
)
Cash and cash equivalents, beginning of period
137.4

 
32.2

 
43.7

 

 
213.3

Cash and cash equivalents, end of period
$
27.4

 
$
41.6

 
$
67.7

 
$

 
$
136.7


 
 

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
For the year ended September 30, 2011
(in millions)
 
 
ARAMARK
Corporation
 
 
Guarantors 
 
Non
Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
38.2

 
$
486.6

 
$
(146.4
)
 
$
(73.7
)
 
$
304.7

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property and equipment and client contract investments and other
(9.6
)
 
(205.7
)
 
(78.5
)
 

 
(293.8
)
Disposals of property and equipment
1.0

 
10.0

 
10.5

 

 
21.5

Proceeds from divestitures

 
71.5

 
11.6

 

 
83.1

Acquisitions of businesses, net of cash acquired

 
(157.0
)
 

 

 
(157.0
)
Other investing activities
0.7

 
(14.3
)
 
(3.4
)
 

 
(17.0
)
Net cash used in investing activities
(7.9
)
 
(295.5
)
 
(59.8
)
 

 
(363.2
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from long-term borrowings

 
0.2

 
22.0

 

 
22.2

Payments of long-term borrowings
(5.7
)
 
(13.2
)
 
(12.3
)
 

 
(31.2
)
Net change in funding under the Receivables Facility

 

 
225.9

 

 
225.9

Dividends paid to Parent Company
(132.9
)
 

 

 

 
(132.9
)
Net proceeds from sale of subsidiary shares to noncontrolling interest
48.4

 

 

 

 
48.4

Proceeds from issuance of Parent Company common stock
4.6

 

 

 

 
4.6

Repurchase of Parent Company common stock
(16.1
)
 

 

 

 
(16.1
)
Other financing activities
(6.6
)
 
(3.1
)
 
(0.3
)
 

 
(10.0
)
Change in intercompany, net
136.0

 
(175.8
)
 
(33.9
)
 
73.7

 

Net cash provided by (used in) financing activities
27.7

 
(191.9
)
 
201.4

 
73.7

 
110.9

Increase (decrease) in cash and cash equivalents
58.0

 
(0.8
)
 
(4.8
)
 

 
52.4

Cash and cash equivalents, beginning of period
79.4

 
33.0

 
48.5

 

 
160.9

Cash and cash equivalents, end of period
$
137.4

 
$
32.2

 
$
43.7

 
$

 
$
213.3



CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
For the year ended October 1, 2010
(in millions)
 
 
ARAMARK
Corporation
 
 
Guarantors 
 
Non
Guarantors
 
Eliminations
 
Consolidated
Net cash provided by operating activities
$
133.6

 
$
406.5

 
$
182.8

 
$
(88.9
)
 
$
634.0

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property and equipment and client contract investments and other
(13.7
)
 
(215.1
)
 
(61.2
)
 

 
(290.0
)
Disposals of property and equipment
1.8

 
17.3

 
6.8

 

 
25.9

Acquisitions of businesses, net of cash acquired

 
(8.2
)
 
(77.5
)
 

 
(85.7
)
Other investing activities
(1.0
)
 
3.1

 
(5.8
)
 

 
(3.7
)
Net cash used in investing activities
(12.9
)
 
(202.9
)
 
(137.7
)
 

 
(353.5
)
Cash flows from financing activities:
 
 
 
 
 
 

 
 
Proceeds from long-term borrowings

 

 
11.5

 

 
11.5

Payments of long-term borrowings
(309.4
)
 
(15.2
)
 
(10.2
)
 

 
(334.8
)
Proceeds from issuance of Parent Company common stock
3.3

 

 

 

 
3.3

Repurchase of Parent Company common stock
(10.8
)
 

 

 

 
(10.8
)
Other financing activities
(10.6
)
 
(2.8
)
 

 

 
(13.4
)
Change in intercompany, net
129.4

 
(179.2
)
 
(39.1
)
 
88.9

 

Net cash used in financing activities
(198.1
)
 
(197.2
)
 
(37.8
)
 
88.9

 
(344.2
)
Increase (decrease) in cash and cash equivalents
(77.4
)
 
6.4

 
7.3

 

 
(63.7
)
Cash and cash equivalents, beginning of period
156.8

 
26.6

 
41.2

 

 
224.6

Cash and cash equivalents, end of period
79.4

 
33.0

 
48.5

 

 
160.9

Less: Cash and cash equivalents included in assets held for sale

 
0.7

 

 

 
0.7

Cash and cash equivalents, end of period
$
79.4

 
$
32.3

 
$
48.5

 
$

 
$
160.2