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Condensed Consolidating Financial Statements Of ARAMARK Corporation And Subsidiaries
6 Months Ended
Mar. 29, 2013
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 condensed 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. The Senior 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 the Senior Notes (“Non-Guarantors”). The Guarantors also guarantee certain other debt.

 ARAMARK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS
March 29, 2013
(in millions)
 
 
ARAMARK
Corporation
 
 
Guarantors 
 
Non
Guarantors
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
25.1

 
$
39.1

 
$
55.5

 
$

 
$
119.7

Receivables
0.6

 
234.4

 
1,115.2

 

 
1,350.2

Inventories, at lower of cost or market
15.9

 
416.5

 
88.8

 

 
521.2

Prepayments and other current assets
42.1

 
122.8

 
75.0

 

 
239.9

Total current assets
83.7

 
812.8

 
1,334.5

 

 
2,231.0

 
 
 
 
 
 
 
 
 
 
Property and Equipment, net
31.6

 
721.0

 
204.8

 

 
957.4

Goodwill
173.1

 
3,765.1

 
662.6

 

 
4,600.8

Investment in and Advances to Subsidiaries
6,707.9

 
406.2

 
133.2

 
(7,247.3
)
 

Other Intangible Assets
37.3

 
1,241.3

 
220.5

 

 
1,499.1

Other Assets
67.1

 
617.7

 
271.7

 
(2.0
)
 
954.5

 
$
7,100.7

 
$
7,564.1

 
$
2,827.3

 
$
(7,249.3
)
 
$
10,242.8

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
 
 
 
 
Current maturities of long-term borrowings
$
0.5

 
$
11.3

 
$
39.3

 
$

 
$
51.1

Accounts payable
157.2

 
337.6

 
257.0

 

 
751.8

Accrued expenses and other liabilities
159.7

 
691.5

 
324.2

 
0.1

 
1,175.5

Total current liabilities
317.4

 
1,040.4

 
620.5

 
0.1

 
1,978.4

Long-term Borrowings
5,487.4

 
39.1

 
646.8

 

 
6,173.3

Deferred Income Taxes and Other Noncurrent Liabilities
335.5

 
619.6

 
165.2

 

 
1,120.3

Intercompany Payable

 
5,366.0

 
1,238.6

 
(6,604.6
)
 

Common Stock Subject to Repurchase and Other
150.6

 

 
10.4

 

 
161.0

Total Equity
809.8

 
499.0

 
145.8

 
(644.8
)
 
809.8

 
$
7,100.7

 
$
7,564.1

 
$
2,827.3

 
$
(7,249.3
)
 
$
10,242.8



ARAMARK CORPORATION AND SUBSIDIARIES
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

 
119.7

 
72.4

 

 
197.3

Total current assets
51.2

 
788.2

 
1,319.0

 

 
2,158.4

 
 
 
 
 
 
 
 
 
 
Property and Equipment, net
33.8

 
766.9

 
202.7

 

 
1,003.4

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

 
208.5

 

 
1,207.7

Intercompany Payable

 
5,301.8

 
1,072.4

 
(6,374.2
)
 

Common Stock Subject to Repurchase and Other
167.5

 

 
10.4

 

 
177.9

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



 
 
ARAMARK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
For the three months ended March 29, 2013
(in millions)
 
 
ARAMARK
Corporation
 
 
Guarantors 
 
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
250.8

 
$
2,078.5

 
$
1,074.5

 
$

 
$
3,403.8

Costs and Expenses:
 
 
 
 
 
 
 
 
 
Cost of services provided
255.0

 
1,850.9

 
1,026.3

 

 
3,132.2

Depreciation and amortization
4.9

 
98.8

 
31.6

 

 
135.3

Selling and general corporate expenses
21.4

 
30.3

 
4.7

 

 
56.4

Interest and other financing costs
103.3

 
(0.6
)
 
7.3

 

 
110.0

Expense allocations
(121.8
)
 
115.0

 
6.8

 

 

 
262.8

 
2,094.4

 
1,076.7

 

 
3,433.9

Loss before Income Taxes
(12.0
)
 
(15.9
)
 
(2.2
)
 

 
(30.1
)
Provision (Benefit) for Income Taxes
(7.5
)
 
(7.5
)
 
1.8

 

 
(13.2
)
Equity in Net Loss of Subsidiaries
(12.4
)
 

 

 
12.4

 

Net loss
(16.9
)
 
(8.4
)
 
(4.0
)
 
12.4

 
(16.9
)
Less: Net income attributable to noncontrolling interest

 

 
0.2

 

 
0.2

Net loss attributable to ARAMARK shareholder
(16.9
)
 
(8.4
)
 
(4.2
)
 
12.4

 
(17.1
)
Other comprehensive income (loss), net of tax
11.0

 
(3.0
)
 
(38.0
)
 
9.3

 
(20.7
)
Comprehensive loss attributable to ARAMARK shareholder
$
(5.9
)
 
$
(11.4
)
 
$
(42.2
)
 
$
21.7

 
$
(37.8
)
 
 
ARAMARK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
For the six months ended March 29, 2013
(in millions)
 
ARAMARK
Corporation
 
 
Guarantors 
 
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
507.9

 
$
4,248.3

 
$
2,183.4

 
$

 
$
6,939.6

Costs and Expenses:
 
 
 
 
 
 
 
 
 
Cost of services provided
494.3

 
3,758.2

 
2,051.2

 

 
6,303.7

Depreciation and amortization
9.8

 
195.8

 
63.1

 

 
268.7

Selling and general corporate expenses
39.5

 
61.7

 
9.7

 

 
110.9

Interest and other financing costs
191.0

 
(0.6
)
 
19.0

 

 
209.4

Expense allocations
(207.9
)
 
196.6

 
11.3

 

 

 
526.7

 
4,211.7

 
2,154.3

 

 
6,892.7

Income (Loss) from Continuing Operations before Income Taxes
(18.8
)
 
36.6

 
29.1

 

 
46.9

Provision (Benefit) for Income Taxes
(11.6
)
 
10.2

 
12.6

 

 
11.2

Equity in Net Income of Subsidiaries
42.9

 

 

 
(42.9
)
 

Net income
35.7

 
26.4

 
16.5

 
(42.9
)
 
35.7

Less: Net income attributable to noncontrolling interest

 

 
0.6

 

 
0.6

Net income attributable to ARAMARK shareholder
35.7

 
26.4

 
15.9

 
(42.9
)
 
35.1

Other comprehensive income (loss), net of tax
24.6

 
(3.0
)
 
(44.2
)
 
6.5

 
(16.1
)
Comprehensive income (loss) attributable to ARAMARK shareholder
$
60.3

 
$
23.4

 
$
(28.3
)
 
$
(36.4
)
 
$
19.0


 

 
 
ARAMARK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
For the three months ended March 30, 2012
(in millions)
 
 
ARAMARK
Corporation
 
 
Guarantors 
 
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
253.6

 
$
2,013.2

 
$
1,078.8

 
$

 
$
3,345.6

Costs and Expenses:
 
 
 
 
 
 
 
 
 
Cost of services provided
236.6

 
1,803.4

 
988.7

 

 
3,028.7

Depreciation and amortization
4.7

 
94.9

 
32.1

 

 
131.7

Selling and general corporate expenses
14.9

 
30.1

 
6.5

 

 
51.5

Interest and other financing costs
108.2

 
(0.2
)
 
10.5

 

 
118.5

Expense allocations
(102.4
)
 
96.5

 
5.9

 

 

 
262.0

 
2,024.7

 
1,043.7

 

 
3,330.4

Income (loss) from Continuing Operations before Income Taxes
(8.4
)
 
(11.5
)
 
35.1

 

 
15.2

Provision (benefit) for Income Taxes
(2.5
)
 
(7.9
)
 
14.6

 

 
4.2

Equity in Net Income of Subsidiaries
16.9

 

 

 
(16.9
)
 

Net income
11.0

 
(3.6
)
 
20.5

 
(16.9
)
 
11.0

Less: Net income attributable to noncontrolling interest

 

 
1.1

 

 
1.1

Net income (loss) attributable to ARAMARK shareholder
11.0

 
(3.6
)
 
19.4

 
(16.9
)
 
9.9

Other comprehensive income (loss), net of tax
22.9

 
1.4

 
4.2

 
(9.1
)
 
19.4

Comprehensive income (loss) attributable to ARAMARK shareholder
$
33.9

 
$
(2.2
)
 
$
23.6

 
$
(26.0
)
 
$
29.3


 
 
ARAMARK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
For the six months ended March 30, 2012
(in millions)
 
 
ARAMARK
Corporation
 
 
Guarantors 
 
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
510.3

 
$
4,093.0

 
$
2,164.9

 
$

 
$
6,768.2

Costs and Expenses:
 
 
 
 
 
 
 
 
 
Cost of services provided
480.7

 
3,634.3

 
1,989.4

 

 
6,104.4

Depreciation and amortization
9.6

 
189.2

 
64.8

 

 
263.6

Selling and general corporate expenses
28.9

 
57.8

 
12.9

 

 
99.6

Interest and other financing costs
208.3

 
(0.2
)
 
19.2

 

 
227.3

Expense allocations
(198.1
)
 
186.3

 
11.8

 

 

 
529.4

 
4,067.4

 
2,098.1

 

 
6,694.9

Income (loss) from Continuing Operations before Income Taxes
(19.1
)
 
25.6

 
66.8

 

 
73.3

Provision (Benefit) for Income Taxes
(6.0
)
 
8.1

 
21.1

 

 
23.2

Equity in Net Income of Subsidiaries
63.5

 

 

 
(63.5
)
 

Income from Continuing Operations
50.4

 
17.5

 
45.7

 
(63.5
)
 
50.1

Income from Discontinued Operations, net of tax

 
0.3

 

 

 
0.3

Net income
50.4

 
17.8

 
45.7

 
(63.5
)
 
50.4

Less: Net income attributable to noncontrolling interest

 

 
1.8

 

 
1.8

Net income attributable to ARAMARK shareholder
50.4

 
17.8

 
43.9

 
(63.5
)
 
48.6

Other comprehensive income (loss), net of tax
40.2

 
1.4

 
(4.6
)
 
(7.2
)
 
29.8

Comprehensive income attributable to ARAMARK shareholder
$
90.6

 
$
19.2

 
$
39.3

 
$
(70.7
)
 
$
78.4



 
 
ARAMARK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
For the six months ended March 29, 2013
(in millions)
 
 
ARAMARK
Corporation
 
 
Guarantors 
 
Non
Guarantors
 
Eliminations
 
Consolidated
Net cash provided by operating activities
$
42.7

 
$
26.9

 
$
35.1

 
$
(5.2
)
 
$
99.5

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property and equipment and client contract investments and other
(5.2
)
 
(129.6
)
 
(32.4
)
 

 
(167.2
)
Disposals of property and equipment

 
2.4

 
4.1

 

 
6.5

Proceeds from divestiture

 
0.9

 

 

 
0.9

Acquisitions of businesses, net of cash acquired

 
(14.1
)
 
(8.4
)
 

 
(22.5
)
Other investing activities
3.1

 
25.5

 
(5.6
)
 

 
23.0

Net cash used in investing activities
(2.1
)
 
(114.9
)
 
(42.3
)
 

 
(159.3
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from long-term borrowings
3,168.3

 

 
62.4

 

 
3,230.7

Payments of long-term borrowings
(2,255.9
)
 
(6.3
)
 
(181.4
)
 

 
(2,443.6
)
Net change in funding under the Receivables Facility

 

 
36.2

 

 
36.2

Dividends/Advances paid to Parent Company
(657.8
)
 

 

 

 
(657.8
)
Proceeds from issuance of Parent Company common stock
4.4

 

 

 

 
4.4

Repurchase of Parent Company common stock
(33.2
)
 

 

 

 
(33.2
)
Distribution in connection with spin-off of Seamless Holdings
(47.4
)
 

 

 

 
(47.4
)
Other financing activities
(44.9
)
 
(1.2
)
 
(0.4
)
 

 
(46.5
)
Change in intercompany, net
(176.4
)
 
93.0

 
78.2

 
5.2

 

Net cash provided by (used in) financing activities
(42.9
)
 
85.5

 
(5.0
)
 
5.2

 
42.8

Decrease in cash and cash equivalents
(2.3
)
 
(2.5
)
 
(12.2
)
 

 
(17.0
)
Cash and cash equivalents, beginning of period
27.4

 
41.6

 
67.7

 

 
136.7

Cash and cash equivalents, end of period
$
25.1

 
$
39.1

 
$
55.5

 
$

 
$
119.7


 
 
ARAMARK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
For the six months ended March 30, 2012
(in millions)
 
 
ARAMARK
Corporation
 
 
Guarantors 
 
Non
Guarantors
 
Eliminations
 
Consolidated
Net cash provided by operating activities
$
7.1

 
$
16.4

 
$
36.7

 
$
(2.9
)
 
$
57.3

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property and equipment and client contract investments and other
(5.7
)
 
(97.0
)
 
(47.1
)
 

 
(149.8
)
Disposals of property and equipment
0.9

 
1.8

 
1.9

 

 
4.6

Proceeds from divestitures

 
0.3

 
4.2

 

 
4.5

Acquisitions of businesses, net of cash acquired

 
(138.6
)
 
(11.8
)
 

 
(150.4
)
Other investing activities
0.4

 
(0.5
)
 
0.7

 

 
0.6

Net cash used in investing activities
(4.4
)
 
(234.0
)
 
(52.1
)
 

 
(290.5
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from long-term borrowings
117.0

 
(0.3
)
 
70.6

 

 
187.3

Payments of long-term borrowings
(0.3
)
 
(5.9
)
 
(11.6
)
 

 
(17.8
)
Net change in funding under the Receivables Facility

 

 
(2.0
)
 

 
(2.0
)
Advance to Parent Company
(27.7
)
 

 

 

 
(27.7
)
Proceeds from issuance of Parent Company common stock
5.2

 

 

 

 
5.2

Repurchase of Parent Company common stock
(12.5
)
 

 

 

 
(12.5
)
Other financing activities
(8.5
)
 
(2.7
)
 
(0.5
)
 

 
(11.7
)
Change in intercompany, net
(190.8
)
 
233.0

 
(45.1
)
 
2.9

 

Net cash provided by (used in) financing activities
(117.6
)
 
224.1

 
11.4

 
2.9

 
120.8

Increase (decrease) in cash and cash equivalents
(114.9
)
 
6.5

 
(4.0
)
 

 
(112.4
)
Cash and cash equivalents, beginning of period
137.4

 
32.2

 
43.7

 

 
213.3

Cash and cash equivalents, end of period
$
22.5

 
$
38.7

 
$
39.7

 
$

 
$
100.9