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v3.19.1

Revenue Recognition (Tables) | 6 Months Ended
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Mar. 29, 2019
Revenue from Contract with Customer [Abstract] |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following table compares the reported Condensed Consolidated Statements of Income for the three and six month period ended March 29, 2019, to the balances had the previous revenue accounting guidance remained in effect (in thousands):
|  | Three Months Ended March 29, 2019
|  | As Reported |  | Adoption adjustments of ASC 606 |  | Balances without adoption of ASC 606
Revenue |  | $ | 3,999,987 |  |  | $ | (91,583 | ) |  | $ | 3,908,404 |
Costs and Expenses: |  |  |  |  |  |
Cost of services provided |  | 3,639,959 |  |  | (94,490 | ) |  | 3,545,469 |
Depreciation and amortization |  | 147,908 |  |  | 4,893 |  |  | 152,801 |
Selling and general corporate expenses |  | 88,285 |  |  | — |  |  | 88,285 |
Gain on sale of Healthcare Technologies |  | 1,000 |  |  | — |  |  | 1,000 |
|  | 3,877,152 |  |  | (89,597 | ) |  | 3,787,555 |
Operating income |  | 122,835 |  |  | (1,986 | ) |  | 120,849 |
Interest and Other Financing Costs, net |  | 84,178 |  |  | — |  |  | 84,178 |
Income Before Income Taxes |  | 38,657 |  |  | (1,986 | ) |  | 36,671 |
Provision for Income Taxes |  | 9,347 |  |  | (514 | ) |  | 8,833 |
Net income |  | 29,310 |  |  | (1,472 | ) |  | 27,838 |
Less: Net income (loss) attributable to noncontrolling interest |  | (43 | ) |  | — |  |  | (43 | )
Net income attributable to Aramark stockholders |  | $ | 29,353 |  |  | $ | (1,472 | ) |  | $ | 27,881 |
|  | Six Months Ended March 29, 2019
|  | As Reported |  | Adoption adjustments of ASC 606 |  | Balances without adoption of ASC 606
Revenue |  | $ | 8,265,336 |  |  | $ | (180,090 | ) |  | $ | 8,085,246 |
Costs and Expenses: |  |  |  |  |  |
Cost of services provided |  | 7,434,404 |  |  | (183,197 | ) |  | 7,251,207 |
Depreciation and amortization |  | 298,629 |  |  | 7,899 |  |  | 306,528 |
Selling and general corporate expenses |  | 192,415 |  |  | — |  |  | 192,415 |
Gain on sale of Healthcare Technologies |  | (156,309 | ) |  | — |  |  | (156,309 | )
|  | 7,769,139 |  |  | (175,298 | ) |  | 7,593,841 |
Operating income |  | 496,197 |  |  | (4,792 | ) |  | 491,405 |
Interest and Other Financing Costs, net |  | 167,155 |  |  | — |  |  | 167,155 |
Income Before Income Taxes |  | 329,042 |  |  | (4,792 | ) |  | 324,250 |
Provision for Income Taxes |  | 49,054 |  |  | (1,241 | ) |  | 47,813 |
Net income |  | 279,988 |  |  | (3,551 | ) |  | 276,437 |
Less: Net income (loss) attributable to noncontrolling interest |  | (49 | ) |  | — |  |  | (49 | )
Net income attributable to Aramark stockholders |  | $ | 280,037 |  |  | $ | (3,551 | ) |  | $ | 276,486 |
The following table compares the reported Condensed Consolidated Balance Sheet as of March 29, 2019, to the balances had the previous revenue accounting guidance remained in effect (in thousands):
|  | March 29, 2019
|  | As Reported |  | Adoption adjustments of ASC 606 |  | Balances without adoption of ASC 606
ASSETS |  |  |  |  |  |
Current Assets: |  |  |  |  |  |
Cash and cash equivalents |  | $ | 195,387 |  |  | $ | — |  |  | $ | 195,387 |
Receivables, net |  | 1,878,151 |  |  | — |  |  | 1,878,151 |
Inventories |  | 400,269 |  |  | 344,953 |  |  | 745,222 |
Prepayments and other current assets |  | 156,796 |  |  | — |  |  | 156,796 |
Total current assets |  | 2,630,603 |  |  | 344,953 |  |  | 2,975,556 |
Property and Equipment, net |  | 2,142,944 |  |  | (795,096 | ) |  | 1,347,848 |
Goodwill |  | 5,522,552 |  |  | — |  |  | 5,522,552 |
Other Intangible Assets |  | 2,087,641 |  |  | — |  |  | 2,087,641 |
Other Assets |  | 1,327,074 |  |  | 339,781 |  |  | 1,666,855 |
|  | $ | 13,710,814 |  |  | $ | (110,362 | ) |  | $ | 13,600,452 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |
Current maturities of long-term borrowings |  | $ | 56,339 |  |  | $ | — |  |  | $ | 56,339 |
Accounts payable |  | 911,785 |  |  | — |  |  | 911,785 |
Accrued expenses and other current liabilities |  | 1,342,981 |  |  | (23,526 | ) |  | 1,319,455 |
Total current liabilities |  | 2,311,105 |  |  | (23,526 | ) |  | 2,287,579 |
Long-Term Borrowings |  | 7,134,286 |  |  | — |  |  | 7,134,286 |
Deferred Income Taxes and Other Noncurrent Liabilities |  | 1,021,749 |  |  | (23,544 | ) |  | 998,205 |
Redeemable Noncontrolling Interest |  | 9,994 |  |  | — |  |  | 9,994 |
Stockholders' Equity: |  |  |  |  |  |
Common stock |  | 2,812 |  |  | — |  |  | 2,812 |
Capital surplus |  | 3,180,943 |  |  | — |  |  | 3,180,943 |
Retained earnings |  | 992,736 |  |  | (63,292 | ) |  | 929,444 |
Accumulated other comprehensive loss |  | (141,651 | ) |  | — |  |  | (141,651 | )
Treasury stock |  | (801,160 | ) |  | — |  |  | (801,160 | )
Total stockholders' equity |  | 3,233,680 |  |  | (63,292 | ) |  | 3,170,388 |
|  | $ | 13,710,814 |  |  | $ | (110,362 | ) |  | $ | 13,600,452 |
Disaggregation of Revenue | The following table presents revenue disaggregated by revenue source (in millions):
|  | Three Months Ended |  | Six Months Ended
|  | March 29, 2019 |  | March 29, 2019
FSS United States: |  |  |  |
Business & Industry |  | $ | 394.8 |  |  | $ | 794.7 |
Education |  | 901.6 |  |  | 1,917.9 |
Healthcare |  | 221.4 |  |  | 484.7 |
Sports, Leisure & Corrections |  | 504.7 |  |  | 1,099.0 |
Facilities & Other |  | 394.5 |  |  | 781.0 |
Total FSS United States |  | $ | 2,417.0 |  |  | $ | 5,077.3 |
FSS International: |  |  |  |
Europe |  | 512.0 |  |  | 1,032.2 |
Rest of World |  | 430.0 |  |  | 863.0 |
Total FSS International |  | $ | 942.0 |  |  | $ | 1,895.2 |
Uniform |  | $ | 641.0 |  |  | $ | 1,292.8 |
Total Revenue |  | $ | 4,000.0 |  |  | $ | 8,265.3 |
Contract with Customer, Asset and Liability | Below is a summary of the changes (in millions):
|  | Balance, September 28, 2018 |  | Add: Net increase in current period deferred income |  | Less: Recognition of deferred income |  | Balance, March 29, 2019
Deferred income |  | $ | 281.5 |  |  | 628.5 |  |  | (676.4 | ) |  | $ | 233.6 |

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