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Severance

12 Months Ended

Oct. 02, 2020

Restructuring and Related Activities [Abstract]

Severance

SEVERANCE:

Beginning in the third quarter of fiscal 2020, the Company made changes to its organization as a result of COVID-19 to align its cost base to better support its clients' needs as the Company navigates the current environment and focuses on its long-term strategy. These actions included headcount reductions, which resulted in severance charges of approximately $145.8 million during the fiscal year ended October 2, 2020, which are recorded in both “Cost of services provided” and “Selling and general corporate expenses” on the Consolidated Statements of (Loss) Income. The majority of these charges are expected to be paid out within the next year.

The following table summarizes the severance charges by segment recognized in the Consolidated Statements of (Loss) Income for the fiscal year ended October 2, 2020 (in millions):

FSS United States			$	51.8
FSS International			87.3
Uniform			4.9
Corporate			1.8
			$	145.8

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 net severance charges of approximately $18.7 million and $36.6 million during fiscal 2019 and fiscal 2018, respectively. The Company completed this cost savings phase as of September 27, 2019. The remaining unpaid obligations are expected to be paid through early fiscal 2021.

The following table summarizes the unpaid obligations for severance and related costs as of October 2, 2020, which are included in "Accrued payroll and related expenses" on the Consolidated Balance Sheets.

(in millions)			September 27, 2019						Charges						Payments and Other						October 2, 2020
Fiscal 2018 Reorganization			$	11.9					$	—					$	(9.4)					$	2.5
Fiscal 2020 Reorganization			—						145.8						(27.3)						118.5
Total Reorganization			$	11.9					$	145.8					$	(36.7)					$	121.0

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- References

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- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

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