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Condensed Consolidating Financial Statements Of ARAMARK Corporation And Subsidiaries
6 Months Ended
Mar. 30, 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 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. On January 26, 2007, in connection with the Transaction, the Company issued 8.50% senior notes due 2015 and senior floating rate notes due 2015. 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 unregistered debt.
 
 
ARAMARK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS
March 30, 2012
(in millions)
 
 
ARAMARK
Corporation
 
 
Guarantors 
 
Non
Guarantors
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
22.5

 
$
38.7

 
$
39.7

 
$

 
$
100.9

Receivables
2.8

 
271.7

 
1,077.3

 

 
1,351.8

Inventories, at lower of cost or market
15.9

 
388.3

 
83.1

 

 
487.3

Prepayments and other current assets
5.2

 
121.6

 
88.8

 

 
215.6

Assets held for sale

 
2.8

 

 

 
2.8

Total current assets
46.4

 
823.1

 
1,288.9

 

 
2,158.4

 
 
 
 
 
 
 
 
 
 
Property and Equipment, net
37.1

 
763.2

 
227.6

 

 
1,027.9

Goodwill
173.0

 
3,766.3

 
772.9

 

 
4,712.2

Investment in and Advances to Subsidiaries
6,857.7

 
460.6

 
189.7

 
(7,508.0
)
 

Other Intangible Assets
46.7

 
1,371.1

 
286.4

 

 
1,704.2

Other Assets
69.3

 
558.6

 
343.7

 
(2.0
)
 
969.6

 
$
7,230.2

 
$
7,742.9

 
$
3,109.2

 
$
(7,510.0
)
 
$
10,572.3

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

 
$
11.4

 
$
47.0

 
$

 
$
59.1

Accounts payable
138.9

 
306.2

 
311.0

 

 
756.1

Accrued expenses and other liabilities
139.8

 
676.3

 
250.9

 
0.1

 
1,067.1

Total current liabilities
279.4

 
993.9

 
608.9

 
0.1

 
1,882.3

Long-term Borrowings
4,948.5

 
33.9

 
775.2

 

 
5,757.6

Deferred Income Taxes and Other Noncurrent Liabilities
333.8

 
678.6

 
218.5

 

 
1,230.9

Intercompany Payable

 
5,628.0

 
1,080.2

 
(6,708.2
)
 

Common Stock Subject to Repurchase
169.3

 

 

 

 
169.3

Total Equity
1,499.2

 
408.5

 
426.4

 
(801.9
)
 
1,532.2

 
$
7,230.2

 
$
7,742.9

 
$
3,109.2

 
$
(7,510.0
)
 
$
10,572.3



ARAMARK CORPORATION AND SUBSIDIARIES
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

 
118.5

 
61.2

 

 
211.6

Assets held for sale

 
2.8

 

 

 
2.8

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


 
 
ARAMARK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
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
)
 

Income (loss) from Continuing Operations
11.0

 
(3.6
)
 
20.5

 
(16.9
)
 
11.0

Income from Discontinued Operations, net of tax

 

 

 

 

Net income (loss)
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

 
 
ARAMARK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
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


 

 
 
ARAMARK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
For the three months ended April 1, 2011
(in millions)
 
 
ARAMARK
Corporation
 
 
Guarantors 
 
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
246.3

 
$
1,971.3

 
$
1,002.7

 
$

 
$
3,220.3

Costs and Expenses:
 
 
 
 
 
 
 
 
 
Cost of services provided
234.2

 
1,763.4

 
927.5

 

 
2,925.1

Depreciation and amortization
5.0

 
95.8

 
26.5

 

 
127.3

Selling and general corporate expenses
12.3

 
27.3

 
6.0

 

 
45.6

Interest and other financing costs
100.2

 

 
(7.4
)
 

 
92.8

Expense allocations
(98.8
)
 
92.3

 
6.5

 

 

 
252.9

 
1,978.8

 
959.1

 

 
3,190.8

Income (loss) from Continuing Operations before Income Taxes
(6.6
)
 
(7.5
)
 
43.6

 

 
29.5

Provision (benefit) for Income Taxes
(2.0
)
 
(4.7
)
 
16.2

 

 
9.5

Equity in Net Income of Subsidiaries
25.0

 

 

 
(25.0
)
 

Income (loss) from Continuing Operations
20.4

 
(2.8
)
 
27.4

 
(25.0
)
 
20.0

Income from Discontinued Operations, net of tax

 
0.4

 

 

 
0.4

Net income (loss)
$
20.4

 
$
(2.4
)
 
$
27.4

 
$
(25.0
)
 
$
20.4


 
 
ARAMARK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
For the six months ended April 1, 2011
(in millions)
 
 
ARAMARK
Corporation
 
 
Guarantors 
 
Non
Guarantors
 
Eliminations
 
Consolidated
Sales
$
501.2

 
$
4,031.5

 
$
1,972.1

 
$

 
$
6,504.8

Costs and Expenses:
 
 
 
 
 
 
 
 
 
Cost of services provided
466.6

 
3,577.3

 
1,830.5

 

 
5,874.4

Depreciation and amortization
10.1

 
191.6

 
52.1

 

 
253.8

Selling and general corporate expenses
25.7

 
53.3

 
11.5

 

 
90.5

Interest and other financing costs
201.7

 
0.2

 

 

 
201.9

Expense allocations
(199.2
)
 
188.3

 
10.9

 

 

 
504.9

 
4,010.7

 
1,905.0

 

 
6,420.6

Income (loss) from Continuing Operations before Income Taxes
(3.7
)
 
20.8

 
67.1

 

 
84.2

Provision (benefit) for Income Taxes
(1.1
)
 
5.4

 
21.4

 

 
25.7

Equity in Net Income of Subsidiaries
61.4

 

 

 
(61.4
)
 

Income from Continuing Operations
58.8

 
15.4

 
45.7

 
(61.4
)
 
58.5

Income from Discontinued Operations, net of tax

 
0.3

 

 

 
0.3

Net income
$
58.8

 
$
15.7

 
$
45.7

 
$
(61.4
)
 
$
58.8


 
 
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 divestiture

 
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


 
 
ARAMARK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
For the six months ended April 1, 2011
(in millions)
 
 
ARAMARK
Corporation
 
 
Guarantors 
 
Non
Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
27.0

 
$
69.8

 
$
(200.4
)
 
$
(21.9
)
 
$
(125.5
)
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property and equipment and client contract investments and other
(5.0
)
 
(95.0
)
 
(29.3
)
 

 
(129.3
)
Disposals of property and equipment
0.3

 
5.2

 
3.5

 

 
9.0

Proceeds from divestitures

 

 
10.0

 

 
10.0

Acquisitions of businesses, net of cash acquired

 
(155.5
)
 

 

 
(155.5
)
Other investing activities
0.9

 
11.0

 
(5.4
)
 

 
6.5

Net cash used in investing activities
(3.8
)
 
(234.3
)
 
(21.2
)
 

 
(259.3
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from long-term borrowings
73.8

 

 
21.4

 

 
95.2

Payments of long-term borrowings
(5.4
)
 
(6.8
)
 
(6.2
)
 

 
(18.4
)
Net change in funding under the Receivables Facility

 

 
245.7

 

 
245.7

Proceeds from issuance of Parent Company common stock
2.3

 

 

 

 
2.3

Repurchase of Parent Company common stock
(9.4
)
 

 

 

 
(9.4
)
Other financing activities
0.1

 
(2.4
)
 

 

 
(2.3
)
Change in intercompany, net
(151.3
)
 
167.7

 
(38.3
)
 
21.9

 

Net cash provided by (used in) financing activities
(89.9
)
 
158.5

 
222.6

 
21.9

 
313.1

Increase (decrease) in cash and cash equivalents
(66.7
)
 
(6.0
)
 
1.0

 

 
(71.7
)
Cash and cash equivalents, beginning of period
79.4

 
33.0

 
48.5

 

 
160.9

Cash and cash equivalents, end of period
12.7

 
27.0

 
49.5

 

 
89.2

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

 
0.4

 

 

 
0.4

Cash and cash equivalents, end of period
$
12.7

 
$
26.6

 
$
49.5

 
$

 
$
88.8