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Nature of Business, Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended
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Sep. 29, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Nature of Business, Basis of Presentation and Summary of Significant Accounting Policies | NATURE OF BUSINESS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Aramark (the "Company") is a leading global provider of food and facilities services to education, healthcare, business & industry, and sports, leisure & corrections clients. The Company's core market is the United States, which is supplemented by an additional 14-country footprint. The Company also provides services on a more limited basis in several additional countries and in offshore locations. The Company operated its business in three reportable segments that share many of the same operating characteristics: •Food and Support Services United States ("FSS United States") - Food, refreshment, specialized dietary and support services, including facility maintenance and housekeeping, provided to business, educational and healthcare institutions and in sports, leisure and other facilities. •Food and Support Services International ("FSS International") - Food, refreshment, specialized dietary and support services, including facility maintenance and housekeeping, provided to business, educational and healthcare institutions and in sports, leisure and other facilities. •Uniform and Career Apparel ("Uniform") - Provided a full-service employee uniform solution, resulting in a contracted and recurring revenue model. The customer base was serviced by a leading geographic footprint in the United States and Canada with programs focused on uniforms, floor mats, towels, linens, restroom supplies, first-aid supplies, safety products and other workplace supplies. Customers operated in the United States and Canada in a wide range of industries, including manufacturing, hospitality, retail, food processing, pharmaceuticals, healthcare and automotive. The consolidated financial statements include the accounts of the Company and all of its subsidiaries in which a controlling financial interest is maintained in accordance with generally accepted accounting principles in the United States ("U.S. GAAP"). All significant intercompany transactions and accounts have been eliminated. Subsequent to the end of fiscal 2023, the Company completed the previously announced separation of its Uniform segment into an independent publicly traded company, Vestis Corporation (“Vestis”), on September 30, 2023. The separation was structured as a tax free spin-off, which occurred by way of a pro rata distribution to Aramark stockholders. Each of the Aramark stockholders received one share of Vestis common stock for every two shares of Aramark common stock held of record as of the close of business on September 20, 2023. Vestis is now an independent public company under the symbol “VSTS” on the New York Stock Exchange. With the completion of the separation and distribution, the historical results of the Uniform segment will be presented as discontinued operations in the Company's consolidated financial statements beginning in the first quarter of fiscal 2024. Refer to Note 15 for Uniform reportable segment financial disclosures. During fiscal 2023 and fiscal 2022, the Company incurred charges of $51.1 million and $9.3 million, respectively, related to the Company's separation and distribution of its Uniform segment, including salaries and benefits, recruiting and relocation costs, accounting and legal related expenses, branding and other costs. Subsequent to September, 29, 2023, the Company incurred approximately $20.0 million of banker fees related to the separation and distribution of its Uniform segment. Fiscal Year The Company's fiscal year is the fifty-two or fifty-three week period which ends on the Friday nearest September 30th. The fiscal years ended September 29, 2023, September 30, 2022 and October 1, 2021 were each fifty-two week periods. New Accounting Standards Updates Adopted Standards (from most to least recent date of issuance) In December 2022, the Financial Accounting Standards Board ("FASB") issued an accounting standards update ("ASU") which defers the sunset date of Topic 848, Reference Rate Reform, to December 31, 2024 from December 31, 2022 and is effective for the Company upon issuance of the ASU. In January 2021, the FASB issued an ASU, which clarified certain optional expedients and exceptions for contract modifications and hedge accounting that may apply to derivatives that are affected by the discontinuance of the London Interbank Offer Rate ("LIBOR") and the reference rate reform standard. In March 2020, the FASB issued an ASU which provided optional expedients that may be applied to assist with the discontinuance of LIBOR. The expedients allowed companies to ease the potential accounting burden when modifying contracts and hedging relationships that use LIBOR as a reference rate, if certain criteria are met. During fiscal 2020, the Company applied the optional expedient to assert probability of forecasted hedged transactions occurring on its interest rate swap derivative contracts regardless of any expected contract modifications related to reference rate reform. During the third quarter of fiscal 2023, the Company applied the optional expedient related to assessment of effectiveness, whereas the Company elected to continue the method of assessing effectiveness as documented in the original hedge documentation and elected to apply the optional expedient so that the reference rate on the hypothetical derivative matches the reference rate on the hedging instrument. The Company may apply the optional expedients of this standard through December 31, 2024. The adoption of this guidance did not have a material impact on the consolidated financial statements. In November 2021, the FASB issued an ASU which requires an entity to provide certain annual disclosures when they have received government assistance. The guidance was effective for the Company in the first quarter of fiscal 2023. The adoption of this guidance did not have a material impact on the consolidated financial statements. Standards Not Yet Adopted (from most to least recent date of issuance) In September 2022, the FASB issued an ASU to enhance the transparency of supplier finance programs, which may be referred to as reverse factoring, payables finance or structured payables arrangements. The guidance will require that a buyer in a supplier finance program disclose the program's nature, activity and potential magnitude. The guidance is effective for the Company in the first quarter of fiscal 2024 and early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the consolidated financial statements. In October 2021, the FASB issued an ASU which required that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Accounting Standards Codification 606, Revenue from Contracts with Customers ("ASC 606") as if it had originated the contracts. The guidance is effective for the Company in the first quarter of fiscal 2024 and early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the consolidated financial statements. Other new accounting pronouncements recently issued or newly effective were not applicable to the Company, did not have a material impact on the consolidated financial statements or are not expected to have a material impact on the consolidated financial statements. Revenue Recognition The Company recognizes revenue when its performance obligation is satisfied upon the transfer of control of the promised product or service to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods and services. In each of the Company's operating segments, revenue is recognized over time in the period in which services are provided pursuant to the terms of the Company's contractual relationships with its clients. The Company generally records revenue on Food and Support Services contracts (both profit and loss contracts and client interest contracts) on a gross basis as the Company is the primary obligor and service provider. See Note 7 for additional information on revenue recognition. Certain profit and loss contracts include payments to the client, typically calculated as a fixed or variable percentage of various categories of revenue and income. In some cases these contracts require minimum guaranteed payments that are contingent on certain future events. These expenses are currently recorded in "Cost of services provided (exclusive of depreciation and amortization)." Revenue from client interest contracts is generally comprised of amounts billed to clients for food, labor and other costs that the Company incurs, controls and pays for. Revenue from these contracts also includes any associated management fees, client subsidies or incentive fees based upon the Company's performance under the contract. Revenue from direct marketing activities is recognized at a point in time upon shipment. All revenue related taxes are presented on a net basis. The timing of revenue recognition may differ from the timing of invoicing to customers. The Company records an accounts receivable balance when revenue is recognized prior to or at the time of invoicing the customer. The majority of the Company’s receivables balances are based on contracts with customers. The Company estimates and reserves for its credit loss exposure based on historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amount in estimating credit losses. Credit loss expense is classified within "Cost of services provided (exclusive of depreciation and amortization)." Vendor Consideration Consideration received from vendors includes rebates, allowances and volume discounts and are accounted for as an adjustment to the cost of the vendors' products or services and are reported as a reduction of "Cost of services provided (exclusive of depreciation and amortization)," "Inventory," or "Property and equipment, net." Income from rebates, allowances and volume discounts is recognized based on actual purchases in the fiscal period relative to total actual purchases to be made for the contractual rebate period agreed to with the vendor. Rebates, allowances and volume discounts related to “Inventory” held at the balance sheet date are deducted from the carrying value of these inventories. Rebates, allowances and volume discounts related to "Property and equipment, net" are deducted from the costs capitalized. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could materially differ from those estimates. Comprehensive Income Comprehensive income includes all changes to stockholders' equity during a period, except those resulting from investments by and distributions to stockholders. Components of comprehensive income include net income (loss), changes in foreign currency translation adjustments (net of tax), pension plan adjustments (net of tax), changes in the fair value of cash flow hedges (net of tax) and changes to the share of any equity investees' comprehensive income (net of tax). The summary of the components of comprehensive income is as follows (in thousands):
| Fiscal Year Ended
| September 29, 2023 |  | September 30, 2022 |  | October 1, 2021
| Pre-Tax Amount | Tax Effect | After-Tax Amount |  | Pre-Tax Amount | Tax Effect | After-Tax Amount |  | Pre-Tax Amount | Tax Effect | After-Tax Amount
Net income (loss) |  |  | $ | 673,530 |  |  |  |  | $ | 194,177 |  |  |  |  | $ | (92,219) |
Pension plan adjustments | (7,960) |  | 929 |  | (7,031) |  |  | 26,184 |  | (9,071) |  | 17,113 |  |  | 63,959 |  | (15,391) |  | 48,568 |
Foreign currency translation adjustments | 28,136 |  | (7,863) |  | 20,273 |  |  | (96,783) |  | 10,407 |  | (86,376) |  |  | 7,383 |  | 1,542 |  | 8,925 |
Cash flow hedges: |  |  |  |  |  |  |  |  |  |  |
Unrealized gains arising during the period | 51,541 |  | (13,401) |  | 38,140 |  |  | 193,616 |  | (50,340) |  | 143,276 |  |  | 1,228 |  | (319) |  | 909 |
Reclassification adjustments | (59,117) |  | 15,371 |  | (43,746) |  |  | 27,970 |  | (7,272) |  | 20,698 |  |  | 50,595 |  | (13,155) |  | 37,440 |
Share of equity investee's comprehensive income | 10,616 |  | (4,918) |  | 5,698 |  |  | 1,729 |  | — |  | 1,729 |  |  | 3,405 |  | — |  | 3,405 |
Other comprehensive income | 23,216 |  | (9,882) |  | 13,334 |  |  | 152,716 |  | (56,276) |  | 96,440 |  |  | 126,570 |  | (27,323) |  | 99,247 |
Comprehensive income |  |  | 686,864 |  |  |  |  | 290,617 |  |  |  |  | 7,028 |
Less: Net loss attributable to noncontrolling interests |  |  | (578) |  |  |  |  | (307) |  |  |  |  | (1,386) |
Comprehensive income attributable to Aramark stockholders |  |  | $ | 687,442 |  |  |  |  | $ | 290,924 |  |  |  |  | $ | 8,414 |
Accumulated other comprehensive loss consists of the following (in thousands):
| September 29, 2023 |  | September 30, 2022
Pension plan adjustments | $ | (14,241) |  |  | $ | (7,210) |
Foreign currency translation adjustments | (193,115) |  |  | (213,388) |
Cash flow hedges | 109,119 |  |  | 114,725 |
Share of equity investee's accumulated other comprehensive loss | — |  |  | (5,698) |
| $ | (98,237) |  |  | $ | (111,571) |
Currency Translation Gains and losses resulting from the translation of financial statements of non-United States subsidiaries are reflected as a component of accumulated other comprehensive loss in stockholders' equity. Beginning in fiscal 2018, Argentina was determined to have a highly inflationary economy. As a result, the Company remeasures the financial statements of Argentina's operations in accordance with the accounting guidance for highly inflationary economies. The impact of the remeasurements was a foreign currency transaction loss of $10.4 million, $3.5 million and $1.8 million during fiscal 2023, fiscal 2022 and fiscal 2021, respectively, to the Consolidated Statements of Income (Loss). The impact of foreign currency transaction gains and losses exclusive of Argentina's operations included in the Company's operating results for fiscal 2023, fiscal 2022 and fiscal 2021 were immaterial to the consolidated financial statements. Current Assets The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company insures portions of its risk related to general liability, automobile liability, workers’ compensation liability claims as well as certain property damage risks through a wholly owned captive insurance subsidiary (the "Captive") as part of its approach to risk finance. The Captive is subject to regulations within its domicile of Bermuda, including regulations established by the Bermuda Monetary Authority (the "BMA") relating to levels of liquidity and solvency as such concepts are defined by the BMA. The Captive was in compliance with these regulations as of September 29, 2023. These regulations may have the effect of limiting the Company's ability to access certain cash and cash equivalents held by the Captive for uses other than for the payment of its general liability, automobile liability, workers’ compensation liability, certain property damage and related Captive costs. As of September 29, 2023 and September 30, 2022, cash and cash equivalents at the Captive were $32.8 million and $23.1 million, respectively. During fiscal 2022, the Captive began investing a portion of its cash and cash equivalents in United States Treasury securities to improve returns on the Captive's assets. The amount of this investment as of September 29, 2023 and September 30, 2022 was $110.7 million and $78.2 million, respectively, and recorded in "Prepayments and other current assets" on the Consolidated Balance Sheets. Inventories are valued at the lower of cost (principally the first-in, first-out method) or net realizable value. As of September 29, 2023 and September 30, 2022, the Company's reserve for inventory was $21.0 million and $51.3 million, respectively. The decrease in the Company's reserve was primarily due to the write-off and disposal of personal protective equipment inventory. The inventory reserve is determined based on history and projected customer consumption and specific identification. During the fourth quarter of fiscal 2022, the Company decided to no longer sell personal protective equipment, which required inventory write-downs to zero net realizable value. The Company recorded $19.6 million and $25.4 million in inventory write-down charges to the Consolidated Statements of Income (Loss) during fiscal 2022 and fiscal 2021, respectively, to reflect the net realizable value of PPE inventory within the Uniform segment. The components of inventories are as follows:
|  | September 29, 2023 |  | September 30, 2022
Food |  | 66.9 | % |  | 64.0 | %
Career apparel and linens |  | 28.6 | % |  | 31.7 | %
Parts, supplies and novelties |  | 4.5 | % |  | 4.3 | %
|  | 100.0 | % |  | 100.0 | %
Prepayments and other current assets The following table presents details of "Prepayments and other current assets" as presented in the Consolidated Balance Sheets (in thousands):
|  | September 29, 2023 |  | September 30, 2022
Prepaid Insurance |  | $ | 21,573 |  |  | $ | 15,192 |
Prepaid Taxes and Licenses |  | 13,575 |  |  | 11,087 |
Current Income Tax Asset |  | 10,198 |  |  | 10,842 |
Marketable Securities(1) |  | 110,714 |  |  | 78,204 |
Other Prepaid Expenses |  | 158,703 |  |  | 146,870 |
|  | $ | 314,763 |  |  | $ | 262,195 |
(1) | Marketable securities represent held-to-maturity debt securities with original maturities greater than three months, which are maturing within one year.
Property and Equipment Property and equipment are stated at cost and are depreciated over their estimated useful lives on a straight-line basis. Gains and losses on dispositions are included in operating results. Maintenance and repairs are charged to current operations and replacements and significant improvements that extend the useful life of the asset are capitalized. The estimated useful lives for the major categories of property and equipment are generally 10 years to 40 years for buildings and improvements and three years to 20 years for service equipment and fixtures. Depreciation expense during fiscal 2023, fiscal 2022 and fiscal 2021 was $371.7 million, $367.1 million and $378.3 million, respectively. During the first half of fiscal 2023, the Company completed a strategic review of certain administrative locations, taking into account facility capacity and current utilization, among other factors. Based on this review, the Company vacated or otherwise reduced its usage at certain of these locations, resulting in an analysis of the recoverability of the assets associated with the locations. As a result, during fiscal 2023, the Company recorded an impairment charge of $26.7 million within its FSS United States and Uniform segments, which is included in "Cost of services provided (exclusive of depreciation and amortization)" on the Consolidated Statements of Income (Loss). During fiscal 2023, the non-cash impairment charges within the FSS United States segment consisted of operating lease right-of-use assets of $8.6 million and property and equipment of $10.4 million. During fiscal 2023, the non-cash impairment charges within the Uniform segment consisted of operating lease right-of-use assets of $7.1 million and other costs of $0.6 million. Other Assets The following table presents details of "Other Assets" as presented in the Consolidated Balance Sheets (in thousands):
|  | September 29, 2023 |  | September 30, 2022
Cost to fulfill - Client(1) |  | $ | 92,458 |  |  | $ | 97,830 |
Cost to fulfill - Rental merchandise in-service(2) |  | 366,677 |  |  | 359,657 |
Long-term receivables |  | 24,403 |  |  | 26,412 |
Miscellaneous investments(3) |  | 184,955 |  |  | 405,463 |
Computer software costs, net(4) |  | 202,665 |  |  | 199,521 |
Interest rate swap agreements(5) |  | 147,458 |  |  | 149,755 |
Employee sales commissions(6) |  | 138,400 |  |  | 131,443 |
Other(7) |  | 150,926 |  |  | 167,325 |
|  | $ | 1,307,942 |  |  | $ | 1,537,406 |
(1) | Cost to fulfill - Client represent payments made by the Company to enhance the service resources used by the Company to satisfy its performance obligation (see Note 7).
(2) | Costs to fulfill - Rental merchandise in-service represent personalized work apparel, linens and other rental items in service at customer locations (see Note 7).
(3) | Miscellaneous investments represent investments in 50% or less owned entities.
(4) | Computer software costs represent capitalized costs incurred to purchase or develop software for internal use and are amortized over the estimated useful life of the software, generally a period of three to 10 years. During fiscal 2023, the Company recorded a computer software impairment charge of $8.2 million within its FSS United States segment, which is included in "Cost of services provided (exclusive of depreciation and amortization)" on the Consolidated Statements of Income (Loss).
(5) | Interest rate swaps represent receivable under cash flow hedging agreements based on current forward interest rates (see Note 6).
(6) | Employee sales commissions represent commission payments made to employees related to new or retained business contracts (see Note 7).
(7) | Other consists primarily of noncurrent deferred tax assets, pension assets, deferred financing costs on certain revolving credit facilities and other noncurrent assets.
For investments in 50% or less owned entities accounted for under the equity method of accounting, the carrying amount as of September 29, 2023 and September 30, 2022 was $99.3 million and $224.5 million, respectively. On April 6, 2023, the Company sold its 50% ownership interest in AIM Services Co., Ltd., a leading Japanese food services company, to Mitsui & Co., Ltd. for $535.0 million in cash in a taxable transaction resulting in a pre-tax gain on sale of this equity investment of $377.1 million ($278.7 million net of tax) during fiscal 2023. The pre-tax gain is included in "Gain on Equity Investments, net" on the Consolidated Statements of Income (Loss). For investments in 50% or less owned entities, other than those accounted for under the equity method of accounting, the Company measures these investments at cost, less any impairment and adjusted for changes in fair value resulting from observable price changes for an identical or a similar investment of the same issuer due to the lack of readily available fair values related to those investments. The carrying amount of equity investments without readily determinable fair values as of September 29, 2023 and September 30, 2022 was $85.1 million and $180.5 million, respectively. On May 16, 2023, the Company sold a portion of its equity investment ownership interest in the San Antonio Spurs NBA franchise for $98.2 million in cash in a taxable transaction resulting in a pre-tax loss on sale of this equity investment of $1.1 million ($2.2 million net of tax) during fiscal 2023. The pre-tax loss is included in "Gain on Equity Investments, net" on the Consolidated Statements of Income (Loss). On September 22, 2023, the Company sold its ownership interest in an equity investment in a foreign company for $51.9 million in cash in a taxable transaction resulting in a pre-tax gain on sale of this equity investment of $51.8 million ($51.8 million net of tax) during fiscal 2023. The pre-tax gain is included in "Gain on Equity Investments, net" on the Consolidated Statements of Income (Loss). During fiscal 2021, the Company identified an observable price change related to its equity investment without a readily determinable fair value related to the San Antonio Spurs NBA franchise and recognized a non-cash gain of $137.9 million included in "Gain on Equity Investments, net" on the Consolidated Statements of Income (Loss). Other Accrued Expenses and Liabilities The following table presents details of "Accrued expenses and other current liabilities" in the Consolidated Balance Sheets (in thousands):
|  | September 29, 2023 |  | September 30, 2022
Deferred income(1) |  | $ | 360,936 |  |  | $ | 346,954 |
Accrued client expenses |  | 212,303 |  |  | 172,894 |
Accrued taxes |  | 91,971 |  |  | 58,988 |
Accrued insurance(2) and interest |  | 194,830 |  |  | 184,676 |
Other |  | 501,826 |  |  | 408,559 |
|  | $ | 1,361,866 |  |  | $ | 1,172,071 |
(1) | Includes consideration received in advance from customers prior to the service being performed ($340.6 million and $324.5 million) or from vendors prior to the goods being consumed ($20.3 million and $22.4 million) in fiscal 2023 and fiscal 2022, respectively.
(2) | The Company is self-insured for certain obligations related to its employee health care benefit programs as well as for certain risks retained under its general liability, automobile liability, workers’ compensation liability and certain property damage programs. Reserves are estimated through actuarial methods, with the assistance of third-party actuaries using loss development assumptions based on the Company's claims history.
Deferred Income Taxes and Other Noncurrent Liabilities The following table presents details of "Deferred Income Taxes and Other Noncurrent Liabilities" as presented in the Consolidated Balance Sheets (in thousands):
|  | September 29, 2023 |  | September 30, 2022
Deferred income taxes (see Note 10) |  | $ | 610,470 |  |  | $ | 501,404 |
Deferred compensation |  | 211,892 |  |  | 211,703 |
Pension-related liabilities |  | 11,205 |  |  | 11,775 |
Insurance reserves(1) |  | 147,641 |  |  | 141,104 |
Other noncurrent liabilities(2) |  | 180,597 |  |  | 240,601 |
|  | $ | 1,161,805 |  |  | $ | 1,106,587 |
(1) | The Company is self-insured for certain obligations for certain risks retained under its general liability, automobile liability, workers’ compensation liability and certain property damage programs. Reserves are estimated through actuarial methods, with the assistance of third-party actuaries using loss development assumptions based on the Company's claims history.
(2) | Fiscal 2022 includes the contingent consideration liabilities related to the Union Supply Group, Inc. acquisition ($45.8 million) and Next Level acquisition ($48.4 million) (see Note 16).
Impact of COVID-19 COVID-19 adversely affected global economies, disrupted global supply chains and labor force participation and created significant volatility and disruption of financial markets. COVID-19 related disruptions negatively impacted the Company's financial and operating results through the first half of fiscal 2021. The Company's financial results started to improve during the second half of fiscal 2021 and continued to improve throughout fiscal 2022 as COVID-19 restrictions were lifted and operations re-opened. The Coronavirus Aid, Relief and Economic Security Act ("CARES Act") provided for deferred payment of the employer portion of social security taxes through the end of calendar 2020, with 50% of the deferred amount due December 31, 2021 and the remaining 50% due December 31, 2022. Deferred social security taxes of $64.2 million were paid in fiscal 2022 and remaining social security taxes of $64.2 million were paid in fiscal 2023. The CARES Act provided an employee retention credit, which is a refundable tax credit against certain employment taxes. During the fiscal year ended October 1, 2021, the Company recorded $15.1 million related to the employee retention credit in "Cost of services provided (exclusive of depreciation and amortization)" on the Company's Consolidated Statements of Income (Loss). As of September 29, 2023, the Company has a $20.4 million receivable balance from the United States government related to the CARES Act, which is recorded in "Receivables" on the Company's Consolidated Balance Sheet. Within the FSS International and Uniform segments, many foreign jurisdictions in which the Company operates provided companies various forms of relief from COVID-19, including labor related tax credits. These labor related tax credits generally allowed companies to receive credits if they retained employees on their payroll, rather than furloughing or terminating employees as a result of the business disruption caused by COVID-19. The Company qualified for these tax credits. The Company recorded $37.0 million and $155.3 million of labor related tax credits within "Cost of services provided (exclusive of depreciation and amortization)" on the Consolidated Statements of Income (Loss) during the fiscal years ended September 30, 2022 and October 1, 2021, respectively, of which $0.4 million and $17.9 million, respectively, were recorded in the Uniform segment with the remaining balances recorded in the FSS International segment. The Company accounted for these labor related tax credits as a reduction to the expense that they were intended to compensate in the period in which the corresponding expense was incurred and there was reasonable assurance the Company would both receive the tax credits and comply with all conditions attached to the tax credits. Supplemental Cash Flow Information
|  | Fiscal Year Ended
(in millions) |  | September 29, 2023 |  | September 30, 2022 |  | October 1, 2021
Interest paid |  | $ | 410.5 |  |  | $ | 333.3 |  |  | $ | 369.7 |
Income taxes paid (refunded) |  | 47.0 |  |  | 16.2 |  |  | (104.9) |
Significant non-cash activities are as follows: •During fiscal 2023, fiscal 2022 and fiscal 2021, the Company executed finance lease transactions. The present value of the future rental obligations was $47.5 million, $35.8 million and $36.0 million for the respective periods, which is included in "Property and Equipment, at cost" and "Long-Term Borrowings" on the Consolidated Balance Sheets. •During fiscal 2023, fiscal 2022 and fiscal 2021, cashless settlements of the exercise price and related employee minimum tax withholding liabilities of share-based payment awards were $31.3 million, $17.8 million and $24.5 million, respectively.

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- Definition The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 235 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//235/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 275 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//275/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//810/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205/tableOfContent + Details
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