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Business Segments

9 Months Ended

Jun. 26, 2020

Segment Reporting [Abstract]

Business Segments

BUSINESS SEGMENTS:

The Company reported its operating results in three reportable segments: FSS United States, FSS International and Uniform. Corporate includes general expenses not specifically allocated to an individual segment and share-based compensation expense (see Note 11). In the Company's food and support services segments, approximately 78% of the global revenue is related to food services and 22% is related to facilities services. During the third quarter of fiscal 2020, each reportable segment recorded severance charges adding up to approximately $124.9 million (see Note 3). During the nine months ended June 26, 2020 and June 28, 2019, the Company received proceeds of approximately $15.3 million and $16.2 million, respectively, relating to the recovery of the Company's investment (possessory interest) at one of the National Park Service sites within the FSS United States segment. The Company recorded a gain related to the recovery of its investment, which is included in "Cost of services provided" in the Condensed Consolidated Statements of (Loss) Income. Revenue and operating income during both the three and nine month periods of fiscal 2020 were negatively impacted by COVID-19. During the second quarter of fiscal 2020, the Company recognized an impairment charge related to one reporting unit in its FSS International segment (see Note 4). Financial information by segment follows (in millions):

			Revenue
			Three Months Ended
			June 26, 2020						June 28, 2019
FSS United States			$	1,067.6					$	2,413.5
FSS International			517.1						949.9
Uniform			567.5						647.4
			$	2,152.2					$	4,010.8

			Operating (Loss) Income
			Three Months Ended
			June 26, 2020						June 28, 2019
FSS United States			$	(193.8)					$	127.8
FSS International			(138.3)						40.2
Uniform			21.9						53.6
			(310.2)						221.6
Corporate			(17.4)						(32.8)
Operating (Loss) Income			(327.6)						188.8
Interest and Other Financing Costs, net			94.2						82.2
(Loss) Income Before Income Taxes			$	(421.8)					$	106.6

			Revenue
			Nine Months Ended
			June 26, 2020						June 28, 2019
FSS United States			$	5,937.7					$	7,490.8
FSS International			2,316.8						2,845.1
Uniform			1,882.9						1,940.2
			$	10,137.4					$	12,276.1

			Operating (Loss) Income
			Nine Months Ended
			June 26, 2020						June 28, 2019
FSS United States			$	57.9					$	560.4
FSS International			(285.8)						93.5
Uniform			122.0						144.5
			(105.9)						798.4
Corporate			(65.1)						(113.4)
Operating (Loss) Income			(171.0)						685.0
Interest and Other Financing Costs, net			273.6						249.4
(Loss) Income Before Income Taxes			$	(444.6)					$	435.6

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

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