0001584509-23-000044 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Dec. 30, 2022	Jan. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 30, 2022
Document Transition Report	false
Entity File Number	001-36223
Entity Registrant Name	Aramark
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-8236097
Entity Address, Address Line One	2400 Market Street
Entity Address, Postal Zip Code	19103
Entity Address, City or Town	Philadelphia,
Entity Address, State or Province	PA
City Area Code	215
Local Phone Number	238-3000
Title of 12(b) Security	Common Stock,
Trading Symbol	ARMK
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		260,512,774
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001584509
Current Fiscal Year End Date	--09-29

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Dec. 30, 2022	Sep. 30, 2022
Current Assets:
Cash and cash equivalents	$ 305,050	$ 329,452
Receivables (less allowances: $56,939 and $56,388)	2,299,810	2,147,957
Inventories	569,815	552,386
Prepayments and other current assets	260,467	262,195
Total current assets	3,435,142	3,291,990
Property and Equipment, net	2,032,035	2,032,045
Goodwill	5,554,019	5,515,124
Other Intangible Assets	2,090,250	2,113,726
Operating Lease Right-of-use Assets	612,897	592,145
Other Assets	1,566,199	1,537,406
ASSETS	15,290,542	15,082,436
Current Liabilities:
Current maturities of long-term borrowings	102,712	65,047
Current operating lease liabilities	68,550	68,858
Accounts payable	1,092,642	1,322,936
Accrued expenses and other current liabilities	1,420,314	1,829,045
Total current liabilities	2,684,218	3,285,886
Long-Term Borrowings	8,056,256	7,345,860
Noncurrent Operating Lease Liabilities	301,961	305,623
Deferred Income Taxes and Other Noncurrent Liabilities	1,096,563	1,106,587
Commitments and Contingencies (see Note 10)
Redeemable Noncontrolling Interests	8,281	8,840
Stockholders' Equity:
Common stock, par value $0.01 (authorized: 600,000,000 shares; issued: 299,586,124 shares and 297,555,924 shares; and outstanding: 260,370,546 shares and 258,728,942 shares)	2,996	2,976
Capital surplus	3,739,583	3,681,966
Retained earnings	450,249	406,784
Accumulated other comprehensive loss	(83,491)	(111,571)
Treasury stock (shares held in treasury: 39,215,578 shares and 38,826,982 shares)	(966,074)	(950,515)
Total stockholders' equity	3,143,263	3,029,640
LIABILITIES AND STOCKHOLDERS' EQUITY	$ 15,290,542	$ 15,082,436

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Dec. 30, 2022	Sep. 30, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable, current	$ 56,939	$ 56,388
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	299,586,124	297,555,924
Common stock, shares outstanding (in shares)	260,370,546	258,728,942
Treasury stock, shares held in treasury (in shares)	39,215,578	38,826,982

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 30, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenue	$ 4,600,998	$ 3,948,260
Costs and Expenses:
Cost of services provided (exclusive of depreciation and amortization)	4,162,084	3,571,045
Depreciation and amortization	136,484	135,518
Selling and general corporate expenses	102,784	101,450
Costs and Expenses	4,401,352	3,808,013
Operating income	199,646	140,247
Interest and Other Financing Costs, net	101,345	93,017
Income Before Income Taxes	98,301	47,230
Provision for Income Taxes	24,650	4,523
Net income	73,651	42,707
Less: Net (loss) income attributable to noncontrolling interests	(500)	96
Net income attributable to Aramark stockholders	$ 74,151	$ 42,611
Earnings per share attributable to Aramark stockholders:
Basic (in dollars per share)	$ 0.29	$ 0.17
Diluted (in dollars per share)	$ 0.28	$ 0.17
Weighted Average Shares Outstanding:
Basic (in shares)	259,454	256,470
Diluted (in shares)	261,414	258,045

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Dec. 30, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 73,651	$ 42,707
Other comprehensive income, net of tax
Pension plan adjustments	0	1,779
Foreign currency translation adjustments	34,837	(7,070)
Fair value of cash flow hedges	(6,165)	22,777
Share of equity investee's comprehensive income	(592)	260
Other comprehensive income, net of tax	28,080	17,746
Comprehensive income	101,731	60,453
Less: Net (loss) income attributable to noncontrolling interests	(500)	96
Comprehensive income attributable to Aramark stockholders	$ 102,231	$ 60,357

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Dec. 30, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 73,651	$ 42,707
Adjustments to reconcile net income to net cash used in operating activities
Depreciation and amortization	136,484	135,518
Asset write-downs	23,436	0
Change in amount of contingent consideration liability	(29,941)	0
Deferred income taxes	13,532	(73)
Share-based compensation expense	24,043	24,651
Changes in operating assets and liabilities:
Accounts Receivable	(115,465)	(148,437)
Inventories	(11,468)	19,597
Prepayments and Other Current Assets	8,775	(5,280)
Accounts Payable	(259,995)	(160,886)
Accrued Expenses	(440,950)	(403,474)
Payments made to clients on contracts	(33,868)	(8,353)
Other operating activities	4,561	643
Net cash used in operating activities	(607,205)	(503,387)
Cash flows from investing activities:
Purchases of property and equipment and other	(102,559)	(73,722)
Disposals of property and equipment	4,066	8,079
Acquisition of certain businesses, net of cash acquired	(3,505)	(57,028)
Acquisition of certain equity method investments	0	(64,000)
Other investing activities	17,874	9,020
Net cash used in investing activities	(84,124)	(177,651)
Cash flows from financing activities:
Proceeds from long-term borrowings	301,790	107,523
Payments of long-term borrowings	(26,304)	(19,074)
Net change in funding under the Receivables Facility	395,065	500,000
Payments of dividends	(28,566)	(28,209)
Proceeds from issuance of common stock	29,611	11,710
Other financing activities	(16,330)	(6,993)
Net cash provided by financing activities	655,266	564,957
Effect of foreign exchange rates on cash and cash equivalents	11,661	(1,043)
Decrease in cash and cash equivalents	(24,402)	(117,124)
Cash and cash equivalents, beginning of period	329,452	532,591
Cash and cash equivalents, end of period	305,050	415,467
Supplemental Cash Flow Information
Interest paid	113,500	91,700
Income taxes paid	$ 12,000	$ 12,200

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Capital Surplus	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock
Beginning Balance at Oct. 01, 2021	$ 2,722,872	$ 2,943	$ 3,533,054	$ 327,557	$ (208,011)	$ (932,671)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Aramark stockholders	42,611			42,611
Other comprehensive income	17,746				17,746
Capital contributions from issuance of common stock	14,084	10	14,074
Share-based compensation expense	24,651		24,651
Repurchases of common stock	(7,157)					(7,157)
Payments of dividends ($0.11 per share)	(30,346)			(30,346)
Ending Balance at Dec. 31, 2021	2,784,461	2,953	3,571,779	339,822	(190,265)	(939,828)
Beginning Balance at Sep. 30, 2022	3,029,640	2,976	3,681,966	406,784	(111,571)	(950,515)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to Aramark stockholders	74,151			74,151
Other comprehensive income	28,080				28,080
Capital contributions from issuance of common stock	33,594	20	33,574
Share-based compensation expense	24,043		24,043
Repurchases of common stock	(15,559)					(15,559)
Payments of dividends ($0.11 per share)	(30,686)			(30,686)
Ending Balance at Dec. 30, 2022	$ 3,143,263	$ 2,996	$ 3,739,583	$ 450,249	$ (83,491)	$ (966,074)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

Condensed Consolidated Statements of Stockholders' Equity - Parentheticals (Unaudited) - $ / shares	3 Months Ended
	Dec. 30, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared, per share (in dollars per share)	$ 0.11	$ 0.11

Basis of Presentation and Summary of Significant Accounting Policies

3 Months Ended

Dec. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

Aramark (the "Company") is a leading global provider of food, facilities and uniform 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 18-country footprint. The Company operates its business in three reportable segments that share many of the same operating characteristics: Food and Support Services United States ("FSS United States"), Food and Support Services International ("FSS International") and Uniform and Career Apparel ("Uniform").

The condensed consolidated financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") and should be read in conjunction with the audited consolidated financial statements, and the notes to those statements, included in the Company's Form 10-K filed with the SEC on November 22, 2022. The Condensed Consolidated Balance Sheet as of September 30, 2022 was derived from audited financial statements which have been prepared in accordance with generally accepted accounting principles in the United States ("U.S. GAAP"). Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. In the opinion of the Company, the statements include all adjustments, which are of a normal, recurring nature, required for a fair presentation for the periods presented. The results of operations for interim periods are not necessarily indicative of the results for a full year, due to the seasonality of some of the Company's business activities and the possibility of changes in general economic conditions.

The condensed consolidated financial statements include the accounts of the Company and all of its subsidiaries in which a controlling financial interest is maintained. All intercompany transactions and accounts have been eliminated.

Aramark's Intention to Spin-off Uniform Segment

On May 10, 2022, the Company announced its intention to spin-off its Uniform segment into an independent publicly traded company to Aramark’s stockholders. The proposed spin-off is intended to be a tax-free transaction to Aramark and its stockholders for United States federal income tax purposes. The proposed spin-off is expected to be completed in the second half of fiscal 2023, subject to certain customary conditions, including final approval of the Aramark Board of Directors, receipt of a favorable opinion and Internal Revenue Service ruling with respect to the tax-free nature of the transaction, the effectiveness of a registration statement on Form 10 to be filed with the SEC and the receipt of other regulatory approvals.

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 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 allow 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. 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 condensed 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 condensed 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 Company is currently evaluating the impact of this standard.

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 Company is currently evaluating the impact of this standard.

Other new accounting pronouncements recently issued or newly effective were not applicable to the Company, did not have a material impact on the condensed consolidated financial statements or are not expected to have a material impact on the condensed consolidated financial statements.

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, pension plan adjustments (net of tax), changes in foreign currency translation 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 (loss) income (net of tax).

The summary of the components of comprehensive income is as follows (in thousands):


	Three Months Ended
	December 30, 2022				December 31, 2021
	Pre-Tax Amount	Tax Effect	After-Tax Amount		Pre-Tax Amount	Tax Effect	After-Tax Amount
Net income			$	73,651			$	42,707
Pension plan adjustments	—	—	—		2,480	(701)	1,779
Foreign currency translation adjustments	37,069	(2,232)	34,837		(8,110)	1,040	(7,070)
Fair value of cash flow hedges	(8,331)	2,166	(6,165)		30,780	(8,003)	22,777
Share of equity investee's comprehensive (loss) income	(592)	—	(592)		260	—	260
Other comprehensive income	28,146	(66)	28,080		25,410	(7,664)	17,746
Comprehensive income			101,731				60,453
Less: Net (loss) income attributable to noncontrolling interests			(500)				96
Comprehensive income attributable to Aramark stockholders			$	102,231			$	60,357

Accumulated other comprehensive loss consists of the following (in thousands):


	December 30, 2022		September 30, 2022
Pension plan adjustments	$	(7,210)	$	(7,210)
Foreign currency translation adjustments	(178,551)		(213,388)
Cash flow hedges	108,560		114,725
Share of equity investee's accumulated other comprehensive loss	(6,290)		(5,698)
	$	(83,491)	$	(111,571)

Currency Translation

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 foreign currency transaction gains and losses during the three month periods of both fiscal 2023 and 2022 were immaterial to the condensed consolidated financial statements.

Current Assets

The Company insures portions of its risk in general liability, automobile liability, workers’ compensation liability and property liability through a wholly owned captive insurance subsidiary (the "Captive"), to enhance its risk financing strategies. 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 December 30, 2022. 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, property liability and related Captive costs. As of December 30, 2022 and September 30, 2022, cash and cash equivalents at the Captive were $34.8 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 December 30, 2022 and September 30, 2022 was $79.1

million and $78.2 million, respectively, and recorded in "Prepayments and other current assets" on the Condensed Consolidated Balance Sheets.

Property and Equipment and Operating Lease Right-of-use Assets

During December 2022, 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 of certain of these locations, resulting in an analysis of the recoverability of the assets associated with the locations. As a result, the Company recorded an impairment charge of $23.4 million within its FSS United States and Uniform segments, which is included in "Cost of services provided (exclusive of depreciation and amortization)" in the Condensed Consolidated Statements of Income for the three months ended December 30, 2022. Within the FSS United States segment, the non-cash impairment charge consisted of operating lease right-of-use assets ($7.9 million) and property and equipment ($10.4 million). Within the Uniform segment, the non-cash impairment charge consisted of operating lease right-of-use assets ($4.8 million) and other costs ($0.3 million).

Other Assets

Other assets consist primarily of costs to obtain or fulfill contracts, including employee sales commissions and rental merchandise in-service, long-term receivables, investments in 50% or less owned entities and computer software costs.

For investments in 50% or less owned entities accounted for under the equity method of accounting, the carrying amount as of December 30, 2022 and September 30, 2022 was $240.3 million and $224.5 million, respectively.

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 both December 30, 2022 and September 30, 2022 was $180.5 million.

Other Current and Noncurrent Liabilities

The Company is self-insured for obligations related to certain risks that are retained under the Company's casualty program, which includes general liability, automobile liability and workers' compensation liability, as well as for property liability and employee healthcare benefit programs. Reserves for retained costs associated with the casualty program are estimated through actuarial methods, with the assistance of third-party actuaries, using loss development assumptions based on the Company's claims history.

Impact of COVID-19

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% of the amount due December 31, 2022. Approximately $64.2 million of the deferred social security taxes were paid during both the three months ended December 30, 2022 and December 31, 2021.

Goodwill and Other Intangible Assets

3 Months Ended

Dec. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS:

Goodwill represents the excess of the fair value of consideration paid for an acquired entity over the fair value of assets acquired and liabilities assumed in a business combination. Goodwill is not amortized and is subject to an impairment test that the Company conducts annually or more frequently if a change in circumstances or the occurrence of events indicates that potential impairment exists, using discounted cash flows.

Changes in total goodwill during the three months ended December 30, 2022 are as follows (in thousands):


Segment	September 30, 2022		Acquisitions		Translation		December 30, 2022
FSS United States	$	4,150,266	$	13,583	$	26	$	4,163,875
FSS International	401,483		320		24,782		426,585
Uniforms	963,375		—		184		963,559
	$	5,515,124	$	13,903	$	24,992	$	5,554,019

Other intangible assets consist of the following (in thousands):


	December 30, 2022						September 30, 2022
	Gross Amount		Accumulated Amortization		Net Amount		Gross Amount		Accumulated Amortization		Net Amount
Customer relationship assets	$	1,474,574	$	(517,795)	$	956,779	$	1,474,588	$	(487,877)	$	986,711
Trade names	1,142,223		(8,752)		1,133,471		1,133,736		(6,721)		1,127,015
	$	2,616,797	$	(526,547)	$	2,090,250	$	2,608,324	$	(494,598)	$	2,113,726

Amortization of intangible assets for the three months ended December 30, 2022 and December 31, 2021 was approximately $28.2 million and $28.9 million, respectively.

Borrowings

3 Months Ended

Dec. 30, 2022

Debt Disclosure [Abstract]

Borrowings

BORROWINGS:

Long-term borrowings, net, are summarized in the following table (in thousands):


	December 30, 2022		September 30, 2022
Senior secured revolving credit facility, due April 2026	$	384,301	$	90,897
Senior secured term loan facility, due March 2025	1,661,926		1,661,611
Senior secured term loan facility, due April 2026	349,648		334,135
Senior secured term loan facility, due January 2027	834,869		834,619
Senior secured term loan facility, due April 2028	723,472		723,170
5.000% senior notes, due April 2025	548,316		547,981
3.125% senior notes, due April 2025(1)	346,575		317,204
6.375% senior notes, due May 2025	1,488,704		1,487,593
5.000% senior notes, due February 2028	1,141,839		1,141,491
Receivables Facility, due June 2024	500,000		104,935
Finance leases	152,017		147,373
Other	27,301		19,898
	8,158,968		7,410,907
Less—current portion	(102,712)		(65,047)
	$	8,056,256	$	7,345,860


(1)			This is a Euro denominated borrowing.

As of December 30, 2022, there were approximately $902.8 million of outstanding foreign currency borrowings.

As of December 30, 2022, the Company had approximately $791.9 million of availability under the senior secured revolving credit facility.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Derivative Instruments

3 Months Ended

Dec. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

DERIVATIVE INSTRUMENTS:

The Company enters into contractual derivative arrangements to manage changes in market conditions related to interest on debt obligations and exposure to fluctuating gasoline and diesel fuel prices. Derivative instruments utilized during the period include interest rate swap agreements and gasoline and diesel fuel agreements. All derivative instruments are recognized as either assets or liabilities on the balance sheet at fair value at the end of each quarter. The counterparties to the Company's contractual derivative agreements are all major international financial institutions. The Company is exposed to credit loss in the event of nonperformance by these counterparties. The Company continually monitors its positions and the credit ratings of its counterparties and does not anticipate nonperformance by the counterparties. For designated hedging relationships, the Company formally documents the hedging relationship and its risk management objective and strategy for undertaking the hedge, the hedging instrument, the hedged item, the nature of the risk being hedged and how the hedging instrument's effectiveness in offsetting the hedged risk will be assessed prospectively and retrospectively for designated hedges. The Company also formally assesses, both at the hedge's inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting cash flows of hedged items.

Cash Flow Hedges

The Company has approximately $2.0 billion notional amount of outstanding interest rate swap agreements as of December 30, 2022, which fix the rate on a like amount of variable rate borrowings through December of fiscal 2028. During the three months

ended December 30, 2022, $1.2 billion notional amount of previously forward starting interest rate swap agreements to hedge the cash flow risk of variability in interest payments on variable rate borrowings became effective. In addition, interest rate swaps with notional amounts of approximately $1.6 billion matured during the three months ended December 30, 2022.

Changes in the fair value of a derivative that is designated as and meets all the required criteria for a cash flow hedge are recorded in accumulated other comprehensive loss and reclassified into earnings as the underlying hedged item affects earnings. Amounts reported in accumulated other comprehensive loss related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. As of December 30, 2022 and September 30, 2022, approximately $108.6 million and $114.7 million, respectively, of unrealized net of tax gains related to the interest rate swaps were included in "Accumulated other comprehensive loss" on the Condensed Consolidated Balance Sheets.

The following table summarizes the effect of the Company's derivatives designated as cash flow hedging instruments on Other comprehensive income (in thousands):


	Three Months Ended
	December 30, 2022		December 31, 2021
Interest rate swap agreements	$	1,984	$	18,326

Derivatives not Designated in Hedging Relationships

The Company entered into a series of pay fixed/receive floating gasoline and diesel fuel agreements based on the Department of Energy weekly retail on-highway index in order to limit its exposure to price fluctuations for gasoline and diesel fuel. As of December 30, 2022, the Company has contracts for approximately 5.5 million gallons outstanding through September of fiscal 2023. The Company does not record its gasoline and diesel fuel agreements as hedges for accounting purposes. The impact on earnings related to the change in fair value of these unsettled contracts was a gain of approximately $2.0 million for the three months ended December 30, 2022. The impact on earnings related to the change in fair value of these unsettled contracts was a loss of approximately $1.6 million for the three months ended December 31, 2021. The change in fair value for unsettled contracts is included in "Selling and general corporate expenses" on the Condensed Consolidated Statements of Income. When the contracts settle, the gain or loss is recorded to "Cost of services provided (exclusive of depreciation and amortization)" on the Condensed Consolidated Statements of Income.

The following table summarizes the location and fair value, using Level 2 inputs (see Note 12 for a description of the fair value levels), of the Company's derivatives designated and not designated as hedging instruments in the Condensed Consolidated Balance Sheets (in thousands):


	Balance Sheet Location	December 30, 2022		September 30, 2022
ASSETS
Designated as hedging instruments:
Interest rate swap agreements	Prepayments and other current assets	$	—	$	5,278
Interest rate swap agreements	Other Assets	146,703		149,755
		$	146,703	$	155,033






LIABILITIES





Not designated as hedging instruments:

Gasoline and diesel fuel agreements	Accounts payable	659		2,631
		$	659	$	2,631

The following table summarizes the location of the (gain) loss reclassified from "Accumulated other comprehensive loss" into earnings for derivatives designated as hedging instruments and the location of the (gain) loss for the Company's derivatives not designated as hedging instruments in the Condensed Consolidated Statements of Income (in thousands):


		Three Months Ended
	Income Statement Location	December 30, 2022		December 31, 2021
Designated as hedging instruments:
Interest rate swap agreements	Interest and Other Financing Costs, net	$	(10,315)	$	12,454
Not designated as hedging instruments:
Gasoline and diesel fuel agreements	Cost of services provided (exclusive of depreciation and amortization) / Selling and general corporate expenses	(2,008)		35
		$	(12,323)	$	12,489

The Company has an outstanding Japanese yen denominated term loan in the amount of ¥8,510.6 million. The term loan was designated as a hedge of the Company's net Japanese currency exposure represented by the equity investment in the Company's Japanese affiliate, AIM Services Co., Ltd. Additionally, the Company has a Euro denominated term loan in the amount of €98.4 million. The term loan was designated as a hedge of the Company's net Euro currency exposure represented by certain holdings in the Company's European affiliates.

At December 30, 2022, the net of tax gain expected to be reclassified from "Accumulated other comprehensive loss" into earnings over the next twelve months based on current market rates is approximately $45.3 million.

Revenue Recognition

3 Months Ended

Dec. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue Recognition

REVENUE RECOGNITION:

The Company generates revenue through sales of food, facility and uniform services to customers based on written contracts at the locations it serves. Within the FSS United States and FSS International segments, the Company provides food and beverage services, including catering and retail services, and facilities services, including plant operations and maintenance, custodial, housekeeping, landscaping and other services. Within the Uniform segment, the Company provides a full service uniform solution, including delivery, cleaning and maintenance. In accordance with ASC 606, the Company accounts for a customer contract when both parties have approved the arrangement and are committed to perform their respective obligations, each party's rights can be identified, payment terms can be identified, the contract has commercial substance and it is probable the Company will collect substantially all of the consideration to which it is entitled. Revenue is recognized upon the transfer of control of the promised product or service to customers in an amount that reflects the consideration the Company expects to receive in exchange for those goods and services.

Performance Obligations

The Company recognizes revenue when its performance obligation is satisfied. Each contract generally has one performance obligation, which is satisfied over time. The Company primarily accounts for its performance obligations under the series guidance, using the as-invoiced practical expedient when applicable. The Company applies the right to invoice practical expedient to record revenue as the services are provided, given the nature of the services provided and the frequency of billing

under the customer contracts. Under this practical expedient, the Company recognizes revenue in an amount that corresponds directly with the value to the customer of the Company’s performance completed to date and for which the Company has the right to invoice the customer. Certain arrangements include performance obligations which include variable consideration (primarily per transaction fees). For these arrangements, the Company does not need to estimate the variable consideration for the contract and allocate to the entire performance obligation; therefore, the variable fees are recognized in the period they are earned.

Disaggregation of Revenue

The following table presents revenue disaggregated by revenue source (in millions):


	Three Months Ended
	December 30, 2022		December 31, 2021
FSS United States:
Business & Industry	$	331.5	$	230.7
Education	1,003.6		910.0
Healthcare	324.6		296.4
Sports, Leisure & Corrections	784.6		548.1
Facilities & Other	476.7		440.2
Total FSS United States	2,921.0		2,425.4

FSS International:
Europe	504.2		430.7
Rest of World	488.5		442.5
Total FSS International	992.7		873.2

Uniform	687.3		649.7

Total Revenue	$	4,601.0	$	3,948.3

Contract Balances

Deferred income is recognized in "Accrued expenses and other current liabilities" on the Condensed Consolidated Balance Sheets when the Company has received consideration, or has the right to receive consideration, in advance of the transfer of the performance obligation of the contract to the customer, primarily prepaid meal plans. The consideration received remains a liability until the goods or services have been provided to the customer. The Company classifies deferred income as current as the arrangement is short term in nature. If the Company cannot render its performance obligation according to contract terms after receiving the consideration in advance, amounts may be contractually required to be refunded to the customer.

During the three months ended December 30, 2022, deferred income increased related to customer prepayments and decreased related to income recognized during the period as a result of satisfying the performance obligation or return of funds related to non-performance. For the three months ended December 30, 2022, the Company recognized $186.4 million of revenue that was included in deferred income at the beginning of the period. Deferred income balances are summarized in the following table (in millions):


	December 30, 2022		September 30, 2022
Deferred income	$	180.3	$	324.5

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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-Paragraph 10
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+ Details

Income Taxes	3 Months Ended
Income Taxes	Dec. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES:As of each reporting date, the Company considers existing evidence, both positive and negative, that could impact the need for valuation allowances against deferred tax assets. During the three months ended December 31, 2021, the Company recorded a benefit to the "Provision for Income Taxes" to the Condensed Consolidated Statements of Income of approximately $8.5 million for the reversal of a valuation allowance at a foreign subsidiary driven by the Company's ability to utilize the deferred tax asset based on future taxable income expected due to the acquisition of a business.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Dec. 30, 2022
Equity [Abstract]
Stockholders' Equity	STOCKHOLDERS' EQUITY: The Company's Board of Directors approved an $0.11 dividend per share of common stock, payable on March 8, 2023, to stockholders of record on the close of business on February 22, 2023. The Company has 100.0 million shares of preferred stock authorized, with a par value of $0.01 per share. At December 30, 2022 and September 30, 2022, zero shares of preferred stock were issued or outstanding. On December 15, 2022, the Board of Directors approved, and the stockholders of Aramark subsequently adopted by written consent, the Aramark 2023 Stock Incentive Plan to replace the Third Amended and Restated 2013 Stock Incentive Plan. The 2023 Stock Incentive Plan provides for up to 8.5 million of new shares authorized for issuance to participants, in addition to the shares that remained available for issuance under the 2013 Incentive Plan as of December 15, 2022.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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+ Details

Share-Based Compensation

3 Months Ended

Dec. 30, 2022

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

SHARE-BASED COMPENSATION:

The following table summarizes the share-based compensation expense and related information for Time-Based Options ("TBOs"), Retention Time-Based Options ("TBO-Rs"), Time-Based Restricted Stock Units ("RSUs"), Performance Stock Units ("PSUs"), Deferred Stock Units and Employee Stock Purchase Plan ("ESPP") recorded within "Selling and general corporate expenses" on the Condensed Consolidated Statements of Income (in millions).


	Three Months Ended
	December 30, 2022		December 31, 2021
TBOs	$	3.7	$	4.4
TBO-Rs	1.9		1.3
RSUs	13.6		15.1
PSUs	2.1		1.6
Deferred Stock Units	0.3		0.5
ESPP	2.4		1.8
	$	24.0	$	24.7

Taxes related to share-based compensation	$	4.2	$	4.6
Cash Received from Option Exercises/ESPP Purchases	29.6		11.7
Tax Benefit on Share Deliveries	0.5		0.1

The below table summarizes the number of shares granted and the weighted-average grant-date fair value per unit during the three months ended December 30, 2022:


	Shares Granted (in millions)	Weighted Average Grant-Date Fair Value (dollars per share)
TBOs(1)	0.9	$	17.00
RSUs(1)	1.2	$	40.29
PSUs(1)(2)	0.4	$	48.79
	2.5


(1)			The Company's annual grants for fiscal 2023 were awarded in November 2022 and will vest based upon continued employment over four years. All TBOs remain exercisable for 10 years from the date of grant.
(2)			During the first quarter of fiscal 2023, the Company granted PSUs subject to the level of achievement of adjusted revenue growth, cumulative adjusted earnings per share, return on invested capital and relative total shareholder return for the cumulative performance period over three years and the participant's continued employment with the Company over four years. The Company is accounting for a portion of the award as a performance-based award, with the grant-date fair value based on the fair value of the Company's common stock. The Company is accounting for the remainder of the award as a market-based award valued utilizing the Monte Carlo Simulation pricing model, which calculates multiple potential outcomes for an award and establishes fair value based on the most likely outcome.

Earnings Per Share

3 Months Ended

Dec. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE:Basic earnings per share is computed using the weighted average number of common shares outstanding during the periods presented. Diluted earnings per share is computed using the weighted average number of common shares outstanding adjusted to include the potentially dilutive effect of stock awards.

The following table sets forth the computation of basic and diluted earnings per share attributable to the Company's stockholders (in thousands, except per share data):


	Three Months Ended
	December 30, 2022		December 31, 2021
Earnings:
Net income attributable to Aramark stockholders	$	74,151	$	42,611
Shares:
Basic weighted-average shares outstanding	259,454		256,470
Effect of dilutive securities	1,960		1,575
Diluted weighted-average shares outstanding	261,414		258,045

Basic Earnings Per Share:
Net income attributable to Aramark stockholders	$	0.29	$	0.17
Diluted Earnings Per Share:
Net income attributable to Aramark stockholders	$	0.28	$	0.17

Share-based awards to purchase 9.7 million and 9.5 million shares were outstanding for the three months ended December 30, 2022 and December 31, 2021, respectively, but were not included in the computation of diluted earnings per common share, as their effect would have been antidilutive. In addition, PSUs related to 0.9 million and 1.0 million shares were outstanding for the three months ended December 30, 2022 and December 31, 2021, respectively, but were not included in the computation of diluted earnings per common share, as the performance targets were not yet met.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Dec. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES: Certain of the Company's lease arrangements, primarily vehicle leases, with terms of one to 12 years, contain provisions related to residual value guarantees. The maximum potential liability to the Company under such arrangements was approximately $27.4 million at December 30, 2022 if the terminal fair value of vehicles coming off lease was zero. Consistent with past experience, management does not expect any significant payments will be required pursuant to these arrangements. No amounts have been accrued for guarantee arrangements at December 30, 2022. From time to time, the Company and its subsidiaries are a party to various legal actions, proceedings and investigations involving claims incidental to the conduct of their business, including actions by clients, consumers, employees, government entities and third parties, including under federal, state, international, national, provincial and local employment laws, wage and hour laws, discrimination laws, immigration laws, human health and safety laws, import and export controls and customs laws, environmental laws, false claims or whistleblower statutes, minority, women and disadvantaged business enterprise statutes, tax codes, antitrust and competition laws, consumer protection statutes, procurement regulations, intellectual property laws, food safety and sanitation laws, cost and accounting principles, the Foreign Corrupt Practices Act, the U.K. Bribery Act, other anti-corruption laws, lobbying laws, motor carrier safety laws, data privacy and security laws and alcohol licensing and service laws, or alleging negligence and/or breaches of contractual and other obligations. Based on information currently available, advice of counsel, available insurance coverage, established reserves and other resources, the Company does not believe that any such actions are likely to be, individually or in the aggregate, material to its business, financial condition, results of operations or cash flows. However, in the event of unexpected further developments, it is possible that the ultimate resolution of these matters, or other similar matters, if unfavorable, may be materially adverse to the Company's business, financial condition, results of operations or cash flows.

Business Segments

3 Months Ended

Dec. 30, 2022

Segment Reporting [Abstract]

Business Segments

BUSINESS SEGMENTS:The Company reports 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 8). In the Company's food and support services segments, approximately 73% of the global revenue is related to food services and 27% is related to facilities services. During the three months ended December 30, 2022 and December 31, 2021, the Company received proceeds of approximately $19.8 million and $9.0 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 (exclusive of depreciation and amortization)" on the Condensed Consolidated Statements of Income.

Financial information by segment follows (in millions):


	Three Months Ended
Revenue	December 30, 2022		December 31, 2021
FSS United States	$	2,921.0	$	2,425.4
FSS International	992.7		873.2
Uniform	687.3		649.7
	$	4,601.0	$	3,948.3


	Three Months Ended
Operating Income	December 30, 2022		December 31, 2021
FSS United States	$	163.2	$	99.0
FSS International	26.8		22.7
Uniform	46.5		58.9
Total Segment Operating Income	236.5		180.6
Corporate	(36.9)		(40.4)
Total Operating Income	$	199.6	$	140.2


	Three Months Ended
Reconciliation to Income Before Income Taxes	December 30, 2022		December 31, 2021
Total Operating Income	$	199.6	$	140.2
Interest and Other Financing Costs, net	101.3		93.0
Income Before Income Taxes	$	98.3	$	47.2

- 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://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value of Financial Assets and Financial Liabilities	3 Months Ended
	Dec. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets and Financial Liabilities	FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES: Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities recorded at fair value are classified based upon the level of judgment associated with the inputs used to measure their fair value. The hierarchical levels related to the subjectivity of the valuation inputs are defined as follows: • Level 1—inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets • Level 2—inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument • Level 3—inputs to the valuation methodology are unobservable and significant to the fair value measurement Recurring Fair Value Measurements The Company's financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable, borrowings and derivatives. Management believes that the carrying value of cash and cash equivalents, accounts receivable and accounts payable are representative of their respective fair values. In conjunction with the fair value measurement of the derivative instruments, the Company made an accounting policy election to measure the credit risk of its derivative instruments that are subject to master netting agreements on a net basis by counterparty portfolio, as the gross values would not be materially different. The fair value of the Company's debt at December 30, 2022 and September 30, 2022 was $8,054.2 million and $7,153.4 million, respectively. The carrying value of the Company's debt at December 30, 2022 and September 30, 2022 was $8,159.0 million and $7,410.9 million, respectively. The fair values were computed using market quotes, if available, or based on discounted cash flows using market interest rates as of the end of the respective periods. The inputs utilized in estimating the fair value of the Company's debt have been classified as Level 2 in the fair value hierarchy levels. As part of the Union Supply acquisition completed in fiscal 2022, the Company recorded a contingent consideration obligation based on the fair value of the expected payments. The Company performed a fair value assessment of the contingent consideration obligation based on the terms and conditions of the Union Supply purchase agreement, using internal models. The inputs utilized in estimating the fair value of the contingent consideration have been classified as Level 3 in the fair value hierarchy levels and are subject to risk and uncertainty. The calculation of fair value is dependent on several subjective factors including future earnings and profitability. If assumptions or estimates vary from what was expected, the fair value of the contingent consideration liability may materially change. The fair value of the contingent consideration liability, which was recorded as part of the acquisition, at both December 30, 2022 and September 30, 2022 was $40.2 million, respectively. As part of the Next Level acquisition completed in fiscal 2021, the Company recorded a contingent consideration obligation based on the fair value of the expected payments. The Company performed a fair value assessment of the contingent consideration obligation based on the terms and conditions of the Next Level purchase agreement, as amended, using internal models. The inputs utilized in estimating the fair value of the contingent consideration have been classified as Level 3 in the fair value hierarchy levels and are subject to risk and uncertainty. The calculation of fair value is dependent on several subjective factors including future earnings and profitability. If assumptions or estimates vary from what was expected, the fair value of the contingent consideration liability may materially change. The fair value of the contingent consideration liability at December 30, 2022 and September 30, 2022 was $18.4 million and $48.4 million, respectively. During the three months ended December 30, 2022, due to lower performance than expected from inflationary cost pressures and the reduced probability of a prospective business opportunity being awarded during the performance period, the Company adjusted the contingent consideration liability to the fair value of the future expected payment, resulting in income of $29.9 million, which is included in "Cost of services provided (exclusive of depreciation and amortization)" on the Condensed Consolidated Statements of Income.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Subsequent Events	3 Months Ended
Subsequent Events	Dec. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS: Sale of Certain Investments On February 2, 2023, the Company announced an agreement to sell its 50% equity stake in AIM Services Co., Ltd., a leading Japanese food services company, to Mitsui & Co. for $535 million. The Company will use the proceeds from the transaction toward debt repayment. The transaction is anticipated to close early in the Company's fiscal third quarter, subject to customary closing conditions and approvals.

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Dec. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The condensed consolidated financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") and should be read in conjunction with the audited consolidated financial statements, and the notes to those statements, included in the Company's Form 10-K filed with the SEC on November 22, 2022. The Condensed Consolidated Balance Sheet as of September 30, 2022 was derived from audited financial statements which have been prepared in accordance with generally accepted accounting principles in the United States ("U.S. GAAP"). Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. In the opinion of the Company, the statements include all adjustments, which are of a normal, recurring nature, required for a fair presentation for the periods presented. The results of operations for interim periods are not necessarily indicative of the results for a full year, due to the seasonality of some of the Company's business activities and the possibility of changes in general economic conditions.The condensed consolidated financial statements include the accounts of the Company and all of its subsidiaries in which a controlling financial interest is maintained. All intercompany transactions and accounts have been eliminated.
New Accounting Standard Updates	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 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 allow 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. 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 condensed 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 condensed 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 Company is currently evaluating the impact of this standard. 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 Company is currently evaluating the impact of this standard.Other new accounting pronouncements recently issued or newly effective were not applicable to the Company, did not have a material impact on the condensed consolidated financial statements or are not expected to have a material impact on the condensed consolidated financial statements.
Comprehensive Income (Loss)	Comprehensive IncomeComprehensive 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, pension plan adjustments (net of tax), changes in foreign currency translation 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 (loss) income (net of tax).
Currency Translation	Currency TranslationBeginning 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 foreign currency transaction gains and losses during the three month periods of both fiscal 2023 and 2022 were immaterial to the condensed consolidated financial statements.
Current Assets	Current AssetsThe Company insures portions of its risk in general liability, automobile liability, workers’ compensation liability and property liability through a wholly owned captive insurance subsidiary (the "Captive"), to enhance its risk financing strategies. 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 December 30, 2022. 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, property liability and related Captive costs.
Property and Equipment	Property and Equipment and Operating Lease Right-of-use Assets During December 2022, 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 of certain of these locations, resulting in an analysis of the recoverability of the assets associated with the locations. As a result, the Company recorded an impairment charge of $23.4 million within its FSS United States and Uniform segments, which is included in "Cost of services provided (exclusive of depreciation and amortization)" in the Condensed Consolidated Statements of Income for the three months ended December 30, 2022. Within the FSS United States segment, the non-cash impairment charge consisted of operating lease right-of-use assets ($7.9 million) and property and equipment ($10.4 million). Within the Uniform segment, the non-cash impairment charge consisted of operating lease right-of-use assets ($4.8 million) and other costs ($0.3 million).
Other Assets	Other Assets Other assets consist primarily of costs to obtain or fulfill contracts, including employee sales commissions and rental merchandise in-service, long-term receivables, investments in 50% or less owned entities and computer software costs. For investments in 50% or less owned entities accounted for under the equity method of accounting, the carrying amount as of December 30, 2022 and September 30, 2022 was $240.3 million and $224.5 million, respectively. 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.
Other Current and Noncurrent Liabilities	Other Current and Noncurrent Liabilities The Company is self-insured for obligations related to certain risks that are retained under the Company's casualty program, which includes general liability, automobile liability and workers' compensation liability, as well as for property liability and employee healthcare benefit programs. Reserves for retained costs associated with the casualty program are estimated through actuarial methods, with the assistance of third-party actuaries, using loss development assumptions based on the Company's claims history.
Fair Value of Financial Instruments	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities recorded at fair value are classified based upon the level of judgment associated with the inputs used to measure their fair value. The hierarchical levels related to the subjectivity of the valuation inputs are defined as follows: • Level 1—inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets • Level 2—inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument • Level 3—inputs to the valuation methodology are unobservable and significant to the fair value measurement Recurring Fair Value Measurements The Company's financial instruments consist primarily of cash and cash equivalents, accounts receivable, accounts payable, borrowings and derivatives. Management believes that the carrying value of cash and cash equivalents, accounts receivable and accounts payable are representative of their respective fair values. In conjunction with the fair value measurement of the derivative instruments, the Company made an accounting policy election to measure the credit risk of its derivative instruments that are subject to master netting agreements on a net basis by counterparty portfolio, as the gross values would not be materially different.

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Dec. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Components of Comprehensive Income (Loss)

The summary of the components of comprehensive income is as follows (in thousands):


	Three Months Ended
	December 30, 2022				December 31, 2021
	Pre-Tax Amount	Tax Effect	After-Tax Amount		Pre-Tax Amount	Tax Effect	After-Tax Amount
Net income			$	73,651			$	42,707
Pension plan adjustments	—	—	—		2,480	(701)	1,779
Foreign currency translation adjustments	37,069	(2,232)	34,837		(8,110)	1,040	(7,070)
Fair value of cash flow hedges	(8,331)	2,166	(6,165)		30,780	(8,003)	22,777
Share of equity investee's comprehensive (loss) income	(592)	—	(592)		260	—	260
Other comprehensive income	28,146	(66)	28,080		25,410	(7,664)	17,746
Comprehensive income			101,731				60,453
Less: Net (loss) income attributable to noncontrolling interests			(500)				96
Comprehensive income attributable to Aramark stockholders			$	102,231			$	60,357

Schedule of Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consists of the following (in thousands):


	December 30, 2022		September 30, 2022
Pension plan adjustments	$	(7,210)	$	(7,210)
Foreign currency translation adjustments	(178,551)		(213,388)
Cash flow hedges	108,560		114,725
Share of equity investee's accumulated other comprehensive loss	(6,290)		(5,698)
	$	(83,491)	$	(111,571)

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Dec. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill Assets by Segment

Changes in total goodwill during the three months ended December 30, 2022 are as follows (in thousands):


Segment	September 30, 2022		Acquisitions		Translation		December 30, 2022
FSS United States	$	4,150,266	$	13,583	$	26	$	4,163,875
FSS International	401,483		320		24,782		426,585
Uniforms	963,375		—		184		963,559
	$	5,515,124	$	13,903	$	24,992	$	5,554,019

Schedule of Other Intangible Assets

Other intangible assets consist of the following (in thousands):


	December 30, 2022						September 30, 2022
	Gross Amount		Accumulated Amortization		Net Amount		Gross Amount		Accumulated Amortization		Net Amount
Customer relationship assets	$	1,474,574	$	(517,795)	$	956,779	$	1,474,588	$	(487,877)	$	986,711
Trade names	1,142,223		(8,752)		1,133,471		1,133,736		(6,721)		1,127,015
	$	2,616,797	$	(526,547)	$	2,090,250	$	2,608,324	$	(494,598)	$	2,113,726

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Borrowings (Tables)

3 Months Ended

Dec. 30, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term borrowings, net, are summarized in the following table (in thousands):


	December 30, 2022		September 30, 2022
Senior secured revolving credit facility, due April 2026	$	384,301	$	90,897
Senior secured term loan facility, due March 2025	1,661,926		1,661,611
Senior secured term loan facility, due April 2026	349,648		334,135
Senior secured term loan facility, due January 2027	834,869		834,619
Senior secured term loan facility, due April 2028	723,472		723,170
5.000% senior notes, due April 2025	548,316		547,981
3.125% senior notes, due April 2025(1)	346,575		317,204
6.375% senior notes, due May 2025	1,488,704		1,487,593
5.000% senior notes, due February 2028	1,141,839		1,141,491
Receivables Facility, due June 2024	500,000		104,935
Finance leases	152,017		147,373
Other	27,301		19,898
	8,158,968		7,410,907
Less—current portion	(102,712)		(65,047)
	$	8,056,256	$	7,345,860


(1)			This is a Euro denominated borrowing.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Derivative Instruments (Tables)

3 Months Ended

Dec. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The following table summarizes the effect of the Company's derivatives designated as cash flow hedging instruments on Other comprehensive income (in thousands):


	Three Months Ended
	December 30, 2022		December 31, 2021
Interest rate swap agreements	$	1,984	$	18,326

Schedule of Derivative Instruments, Balance Sheet Presentation


	Balance Sheet Location	December 30, 2022		September 30, 2022
ASSETS
Designated as hedging instruments:
Interest rate swap agreements	Prepayments and other current assets	$	—	$	5,278
Interest rate swap agreements	Other Assets	146,703		149,755
		$	146,703	$	155,033






LIABILITIES





Not designated as hedging instruments:

Gasoline and diesel fuel agreements	Accounts payable	659		2,631
		$	659	$	2,631

Schedule Summarizes the Location of (Gain) Loss Reclassified from AOCI Into Earnings for Derivatives Designated as Hedging Instruments and the Location of (Gain) Loss


		Three Months Ended
	Income Statement Location	December 30, 2022		December 31, 2021
Designated as hedging instruments:
Interest rate swap agreements	Interest and Other Financing Costs, net	$	(10,315)	$	12,454
Not designated as hedging instruments:
Gasoline and diesel fuel agreements	Cost of services provided (exclusive of depreciation and amortization) / Selling and general corporate expenses	(2,008)		35
		$	(12,323)	$	12,489

Revenue Recognition (Tables)

3 Months Ended

Dec. 30, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents revenue disaggregated by revenue source (in millions):


	Three Months Ended
	December 30, 2022		December 31, 2021
FSS United States:
Business & Industry	$	331.5	$	230.7
Education	1,003.6		910.0
Healthcare	324.6		296.4
Sports, Leisure & Corrections	784.6		548.1
Facilities & Other	476.7		440.2
Total FSS United States	2,921.0		2,425.4

FSS International:
Europe	504.2		430.7
Rest of World	488.5		442.5
Total FSS International	992.7		873.2

Uniform	687.3		649.7

Total Revenue	$	4,601.0	$	3,948.3

Contract with Customer, Asset and Liability

Deferred income balances are summarized in the following table (in millions):


	December 30, 2022		September 30, 2022
Deferred income	$	180.3	$	324.5

Share-Based Compensation (Tables)

3 Months Ended

Dec. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan


	Three Months Ended
	December 30, 2022		December 31, 2021
TBOs	$	3.7	$	4.4
TBO-Rs	1.9		1.3
RSUs	13.6		15.1
PSUs	2.1		1.6
Deferred Stock Units	0.3		0.5
ESPP	2.4		1.8
	$	24.0	$	24.7

Taxes related to share-based compensation	$	4.2	$	4.6
Cash Received from Option Exercises/ESPP Purchases	29.6		11.7
Tax Benefit on Share Deliveries	0.5		0.1

Schedule of Unrecognized Compensation Cost, Nonvested Awards

The below table summarizes the number of shares granted and the weighted-average grant-date fair value per unit during the three months ended December 30, 2022:


	Shares Granted (in millions)	Weighted Average Grant-Date Fair Value (dollars per share)
TBOs(1)	0.9	$	17.00
RSUs(1)	1.2	$	40.29
PSUs(1)(2)	0.4	$	48.79
	2.5


(1)			The Company's annual grants for fiscal 2023 were awarded in November 2022 and will vest based upon continued employment over four years. All TBOs remain exercisable for 10 years from the date of grant.
(2)			During the first quarter of fiscal 2023, the Company granted PSUs subject to the level of achievement of adjusted revenue growth, cumulative adjusted earnings per share, return on invested capital and relative total shareholder return for the cumulative performance period over three years and the participant's continued employment with the Company over four years. The Company is accounting for a portion of the award as a performance-based award, with the grant-date fair value based on the fair value of the Company's common stock. The Company is accounting for the remainder of the award as a market-based award valued utilizing the Monte Carlo Simulation pricing model, which calculates multiple potential outcomes for an award and establishes fair value based on the most likely outcome.

Earnings Per Share (Tables)

3 Months Ended

Dec. 30, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted earnings per share attributable to the Company's stockholders (in thousands, except per share data):


	Three Months Ended
	December 30, 2022		December 31, 2021
Earnings:
Net income attributable to Aramark stockholders	$	74,151	$	42,611
Shares:
Basic weighted-average shares outstanding	259,454		256,470
Effect of dilutive securities	1,960		1,575
Diluted weighted-average shares outstanding	261,414		258,045

Basic Earnings Per Share:
Net income attributable to Aramark stockholders	$	0.29	$	0.17
Diluted Earnings Per Share:
Net income attributable to Aramark stockholders	$	0.28	$	0.17

Business Segments (Tables)

3 Months Ended

Dec. 30, 2022

Segment Reporting [Abstract]

Schedule of Sales by Segment

Financial information by segment follows (in millions):


	Three Months Ended
Revenue	December 30, 2022		December 31, 2021
FSS United States	$	2,921.0	$	2,425.4
FSS International	992.7		873.2
Uniform	687.3		649.7
	$	4,601.0	$	3,948.3

Schedule of Operating Income by Segment


	Three Months Ended
Operating Income	December 30, 2022		December 31, 2021
FSS United States	$	163.2	$	99.0
FSS International	26.8		22.7
Uniform	46.5		58.9
Total Segment Operating Income	236.5		180.6
Corporate	(36.9)		(40.4)
Total Operating Income	$	199.6	$	140.2


	Three Months Ended
Reconciliation to Income Before Income Taxes	December 30, 2022		December 31, 2021
Total Operating Income	$	199.6	$	140.2
Interest and Other Financing Costs, net	101.3		93.0
Income Before Income Taxes	$	98.3	$	47.2

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended
	Dec. 30, 2022 USD ($) country segment	Dec. 31, 2021 USD ($)	Sep. 30, 2022 USD ($)
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Number of reportable segments \| segment	3
Cash and cash equivalents	$ 305,050		$ 329,452
Impairment charges	23,436	$ 0
Equity method investment, aggregate cost	240,300		224,500
Equity securities without readily determinable fair value, amount	180,500		180,500
FSS United States \| Cost of services provided \| Right Of Use Assets
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Impairment charges	7,900
FSS United States \| Cost of services provided \| Leasehold Improvements
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Impairment charges	10,400
Uniform \| Cost of services provided \| Right Of Use Assets
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Impairment charges	4,800
Uniform \| Cost of services provided \| Other Assets
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Impairment charges	300
FSS United States and Uniform \| Cost of services provided
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Impairment charges	23,400
Deferred Income Taxes and Other Noncurrent Liabilities \| CARES Act
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Payment of deferred social security taxes	64,200	$ 64,200
Captive
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Cash and cash equivalents	34,800		23,100
Captive \| Prepaid Expenses and Other Current Assets
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Investment at cost	$ 79,100		$ 78,200
Foreign Countries Outside North America
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Number of foreign countries in which entity operates \| country	18

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Components of Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 30, 2022	Dec. 31, 2021
Pre-Tax Amount
Pension plan adjustments	$ 0	$ 2,480
Foreign currency translation adjustments	37,069	(8,110)
Fair value of cash flow hedges	(8,331)	30,780
Share of equity investee's comprehensive (loss) income	(592)	260
Other comprehensive income	28,146	25,410
Tax Effect
Pension plan adjustments	0	(701)
Foreign currency translation adjustments	(2,232)	1,040
Fair value of cash flow hedges	2,166	(8,003)
Share of equity investee's comprehensive (loss) income	0	0
Other comprehensive income	(66)	(7,664)
After-Tax Amount
Net income (loss)	73,651	42,707
Pension plan adjustments	0	1,779
Foreign currency translation adjustments	34,837	(7,070)
Fair value of cash flow hedges	(6,165)	22,777
Share of equity investee's comprehensive (loss) income	(592)	260
Other comprehensive income, net of tax	28,080	17,746
Comprehensive income (loss)	101,731	60,453
Less: Net income (loss) attributable to noncontrolling interests	(500)	96
Comprehensive income (loss) attributable to Aramark stockholders	$ 102,231	$ 60,357

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	Dec. 30, 2022	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Pension plan adjustments	$ (7,210)	$ (7,210)
Foreign currency translation adjustments	(178,551)	(213,388)
Cash flow hedges	108,560	114,725
Share of equity investee's accumulated other comprehensive loss	(6,290)	(5,698)
Total accumulated other comprehensive loss	$ (83,491)	$ (111,571)

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Goodwill and Other Intangible Assets - Schedule of Goodwill Assets by Segment (Details) $ in Thousands	3 Months Ended
	Dec. 30, 2022 USD ($)
Goodwill [Roll Forward]
Balance at beginning of the period	$ 5,515,124
Acquisitions	13,903
Translation	24,992
Balance at the end of the period	5,554,019
FSS United States
Goodwill [Roll Forward]
Balance at beginning of the period	4,150,266
Acquisitions	13,583
Translation	26
Balance at the end of the period	4,163,875
FSS International
Goodwill [Roll Forward]
Balance at beginning of the period	401,483
Acquisitions	320
Translation	24,782
Balance at the end of the period	426,585
Uniform
Goodwill [Roll Forward]
Balance at beginning of the period	963,375
Acquisitions	0
Translation	184
Balance at the end of the period	$ 963,559

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill and Other Intangible Assets - Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 30, 2022	Sep. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 2,616,797	$ 2,608,324
Accumulated Amortization	(526,547)	(494,598)
Net Amount	2,090,250	2,113,726
Customer relationship assets
Finite-Lived Intangible Assets [Line Items]
Gross Amount	1,474,574	1,474,588
Accumulated Amortization	(517,795)	(487,877)
Net Amount	956,779	986,711
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross Amount	1,142,223	1,133,736
Accumulated Amortization	(8,752)	(6,721)
Net Amount	$ 1,133,471	$ 1,127,015

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 30, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 28.2	$ 28.9

Borrowings - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 30, 2022	Sep. 30, 2022
Debt Instrument [Line Items]
Finance leases	$ 152,017	$ 147,373
Other	27,301	19,898
Debt and capital lease obligations	8,158,968	7,410,907
Less—current portion	(102,712)	(65,047)
Long-Term Borrowings	8,056,256	7,345,860
Receivables Facility, due June 2024
Debt Instrument [Line Items]
Long-term debt	500,000	104,935
Secured Debt \| Senior secured revolving credit facility, due April 2026
Debt Instrument [Line Items]
Long-term debt	384,301	90,897
Secured Debt \| Senior secured term loan facility, due March 2025
Debt Instrument [Line Items]
Long-term debt	1,661,926	1,661,611
Secured Debt \| Senior secured term loan facility, due April 2026
Debt Instrument [Line Items]
Long-term debt	349,648	334,135
Secured Debt \| Senior secured term loan facility, due January 2027
Debt Instrument [Line Items]
Long-term debt	834,869	834,619
Secured Debt \| Senior secured term loan facility, due April 2028
Debt Instrument [Line Items]
Long-term debt	$ 723,472	723,170
Senior Notes \| 5.000% senior notes, due April 2025
Debt Instrument [Line Items]
Interest rate stated percentage	5.00%
Long-term debt	$ 548,316	547,981
Senior Notes \| 3.125% senior notes, due April 2025
Debt Instrument [Line Items]
Interest rate stated percentage	3.125%
Long-term debt	$ 346,575	317,204
Senior Notes \| 6.375% senior notes, due May 2025
Debt Instrument [Line Items]
Interest rate stated percentage	6.375%
Long-term debt	$ 1,488,704	1,487,593
Senior Notes \| 5.000% senior notes, due February 2028
Debt Instrument [Line Items]
Interest rate stated percentage	5.00%
Long-term debt	$ 1,141,839	$ 1,141,491

Borrowings - Narrative (Details) - USD ($) $ in Thousands	Dec. 30, 2022	Sep. 30, 2022
Receivables Facility, due June 2024
Debt Instrument [Line Items]
Long-term debt	$ 500,000	$ 104,935
Senior secured revolving credit facility, due April 2026
Debt Instrument [Line Items]
Remaining borrowing capacity	791,900
Foreign
Debt Instrument [Line Items]
Long-term debt	$ 902,800

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Derivative Instruments - Narrative (Details) $ in Thousands, € in Millions, ¥ in Millions, gal in Millions	3 Months Ended
	Dec. 30, 2022 USD ($) gal	Dec. 31, 2021 USD ($)	Dec. 30, 2022 JPY (¥)	Dec. 30, 2022 EUR (€)	Sep. 30, 2022 USD ($)
Derivative [Line Items]
Cash flow hedges	$ 108,560				$ 114,725
Senior secured term loan facility, due April 2026 \| Secured Debt
Derivative [Line Items]
Long-term debt	349,648				334,135
Designated as Hedging Instrument \| Euro Denominated Term Loan, Aramark Investments Limited \| Senior secured term loan facility, due April 2026 \| Secured Debt
Derivative [Line Items]
Long-term debt \| €				€ 98.4
Designated as Hedging Instrument \| YEN Denominated Term Loan, Aramark Services, Inc. Due 2026 \| Senior secured term loan facility, due April 2026 \| Secured Debt
Derivative [Line Items]
Long-term debt \| ¥			¥ 8,510.6
Designated as Hedging Instrument \| Cash Flow Hedging
Derivative [Line Items]
Net tax loss expected to be reclassified from accumulated other comprehensive loss	45,300
Interest rate swap agreements \| Designated as Hedging Instrument
Derivative [Line Items]
Notional amount of derivative	2,000,000
Interest rate swap agreements \| Designated as Hedging Instrument \| Cash Flow Hedging
Derivative [Line Items]
Notional amount of derivative	1,200,000
Notional amount of matured hedges	1,600,000
Cash flow hedges	$ 108,600				$ 114,700
Gasoline and diesel fuel agreements \| Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount, volume \| gal	5.5
Gain (loss) from change in fair value of unsettled contracts	$ 2,000	$ (1,600)

Derivative Instruments - Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 30, 2022	Dec. 31, 2021
Cash Flow Hedging \| Interest rate swap agreements \| Designated as Hedging Instrument
Derivative [Line Items]
Gain (loss) on interest rate swap agreements	$ 1,984	$ 18,326

Derivative Instruments - Balance Sheet Presentation (Details) - USD ($) $ in Thousands	Dec. 30, 2022	Sep. 30, 2022
Derivative instruments
Interest rate swap agreements	$ 659	$ 2,631
Designated as Hedging Instrument
Derivative instruments
Fair value of derivative assets	146,703	155,033
Designated as Hedging Instrument \| Prepayments and other current assets \| Interest rate swap agreements
Derivative instruments
Fair value of derivative assets	0	5,278
Designated as Hedging Instrument \| Other Assets \| Interest rate swap agreements
Derivative instruments
Fair value of derivative assets	146,703	149,755
Not Designated as Hedging Instrument \| Accounts payable \| Gasoline and diesel fuel agreements
Derivative instruments
Interest rate swap agreements	$ 659	$ 2,631

Derivative Instruments - Location of (Gain) Loss Reclassified from AOCI Into Earnings (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 30, 2022	Dec. 31, 2021
Derivative instruments
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of services provided (exclusive of depreciation and amortization)	Cost of services provided (exclusive of depreciation and amortization)
Gain (loss) recognized in income	$ (12,323)	$ 12,489
Not Designated as Hedging Instrument \| Gasoline and diesel fuel agreements
Derivative instruments
Gain (loss) recognized in income	(2,008)	35
Cash Flow Hedging \| Designated as Hedging Instrument \| Interest rate swap agreements
Derivative instruments
Gain (Loss), reclassification, before tax	$ (10,315)	$ 12,454

Revenue Recognition - Performance Obligation Narrative (Details) $ in Millions	3 Months Ended
	Dec. 30, 2022 USD ($) performance_obligation
Revenue from Contract with Customer [Abstract]
Number of remaining performance obligations \| performance_obligation	1
Deferred revenue recognized \| $	$ 186.4

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 30, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 4,600,998	$ 3,948,260
FSS United States
Disaggregation of Revenue [Line Items]
Revenue	2,921,000	2,425,400
FSS United States \| Total FSS United States
Disaggregation of Revenue [Line Items]
Revenue	2,921,000	2,425,400
FSS United States \| Business & Industry \| Total FSS United States
Disaggregation of Revenue [Line Items]
Revenue	331,500	230,700
FSS United States \| Education \| Total FSS United States
Disaggregation of Revenue [Line Items]
Revenue	1,003,600	910,000
FSS United States \| Healthcare \| Total FSS United States
Disaggregation of Revenue [Line Items]
Revenue	324,600	296,400
FSS United States \| Sports, Leisure & Corrections \| Total FSS United States
Disaggregation of Revenue [Line Items]
Revenue	784,600	548,100
FSS United States \| Facilities & Other \| Total FSS United States
Disaggregation of Revenue [Line Items]
Revenue	476,700	440,200
FSS International
Disaggregation of Revenue [Line Items]
Revenue	992,700	873,200
FSS International \| Total FSS International
Disaggregation of Revenue [Line Items]
Revenue	992,700	873,200
FSS International \| Europe
Disaggregation of Revenue [Line Items]
Revenue	504,200	430,700
FSS International \| Rest of World
Disaggregation of Revenue [Line Items]
Revenue	488,500	442,500
Uniform
Disaggregation of Revenue [Line Items]
Revenue	$ 687,300	$ 649,700

Revenue Recognition - Deferred Income (Details) - USD ($) $ in Millions	Dec. 30, 2022	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Deferred income	$ 180.3	$ 324.5

Income Taxes (Details) $ in Millions	3 Months Ended
Income Taxes (Details) $ in Millions	Dec. 31, 2021 USD ($)
FSS International
Income Tax Contingency [Line Items]
Valuation allowance against DTAs	$ 8.5

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Feb. 07, 2023	Dec. 15, 2022	Sep. 30, 2022
Class of Stock [Line Items]
Payments of dividends	$ 28,566	$ 28,209
Preferred stock, shares authorized (in shares)	100,000,000				100,000,000
Preferred stock, par value (in dollars per share)	$ 0.01				$ 0.01
Preferred stock, shares issued (in shares)	0				0
Preferred stock, shares outstanding (in shares)	0				0
Common stock, shares authorized (in shares)	600,000,000				600,000,000
2023 Stock Incentive Plan
Class of Stock [Line Items]
Common stock, shares authorized (in shares)				8,500,000
Subsequent Event
Class of Stock [Line Items]
Dividends payable (in dollars per share)			$ 0.11

Share-Based Compensation - Compensation Expense and Other Options (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 30, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 24,000	$ 24,700
Taxes related to share-based compensation	4,200	4,600
Cash Received from Option Exercises/ESPP Purchases	29,611	11,710
Tax Benefit on Share Deliveries	500	100
TBOs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	3,700	4,400
TBO-Rs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	1,900	1,300
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	13,600	15,100
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	2,100	1,600
Deferred Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	300	500
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 2,400	$ 1,800

Share-Based Compensation - Schedule of Unrecognized Compensation Cost (Details) - $ / shares shares in Millions	3 Months Ended		12 Months Ended
	Dec. 30, 2022	Dec. 31, 2021	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	2.5
TBOs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	0.9
Weighted Average Grant-Date Fair Value (dollars per share)	$ 17.00
Award vesting period			4 years
Award expiration period			10 years
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	1.2
Weighted Average Grant-Date Fair Value (dollars per share)	$ 40.29
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	0.4
Weighted Average Grant-Date Fair Value (dollars per share)	$ 48.79
Award vesting period		3 years

Earnings Per Share - Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Dec. 30, 2022	Dec. 31, 2021
Earnings:
Net income attributable to Aramark stockholders	$ 74,151	$ 42,611
Shares:
Basic weighted-average shares outstanding (in shares)	259,454	256,470
Effect of dilutive securities (in shares)	1,960	1,575
Diluted weighted-average shares outstanding (in shares)	261,414	258,045
Basic Earnings Per Share:
Net Income (loss) attributable to Aramark stockholders (in dollars per share)	$ 0.29	$ 0.17
Diluted Earnings Per Share:
Net Income (loss) attributable to Aramark stockholders (in dollars per share)	$ 0.28	$ 0.17

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended
	Dec. 30, 2022	Dec. 31, 2021
Share-based Compensation Award
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS (in shares)	9.7	9.5
Performance-Based Options and Performance Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS (in shares)	0.9	1.0

Commitments and Contingencies (Details)	Dec. 30, 2022 USD ($)
Loss Contingencies [Line Items]
Residual value guarantee	$ 0
Maximum
Loss Contingencies [Line Items]
Residual value guarantee	27,400,000
Residual value of leased asset	$ 0
Vehicles \| Minimum
Loss Contingencies [Line Items]
Lease term (in years)	1 year
Vehicles \| Maximum
Loss Contingencies [Line Items]
Lease term (in years)	12 years

Business Segments - Narrative (Details) $ in Millions	3 Months Ended
Business Segments - Narrative (Details) $ in Millions	Dec. 30, 2022 USD ($) segment nationalPark	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	3
Possessory interest in National Park service sites \| nationalPark	1
Cost of services provided \| FSS United States
Segment Reporting Information [Line Items]
Proceeds from recovery of investment \| $	$ 19.8	$ 9.0
Sales \| Food Services \| Product Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage	73.00%
Sales \| Facilities & Other \| Product Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage	27.00%

Business Segments (Details) - USD ($) $ in Thousands	3 Months Ended
Business Segments (Details) - USD ($) $ in Thousands	Dec. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenue	$ 4,600,998	$ 3,948,260
Total Operating Income	199,646	140,247
Interest and Other Financing Costs, net	101,345	93,017
Income Before Income Taxes	98,301	47,230
Operating Segments
Segment Reporting Information [Line Items]
Total Operating Income	236,500	180,600
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Total Operating Income	(36,900)	(40,400)
Reconciling Items
Segment Reporting Information [Line Items]
Total Operating Income	199,600	140,200
Interest and Other Financing Costs, net	101,300	93,000
Income Before Income Taxes	98,300	47,200
FSS United States
Segment Reporting Information [Line Items]
Revenue	2,921,000	2,425,400
FSS United States \| Operating Segments
Segment Reporting Information [Line Items]
Total Operating Income	163,200	99,000
FSS International
Segment Reporting Information [Line Items]
Revenue	992,700	873,200
FSS International \| Operating Segments
Segment Reporting Information [Line Items]
Total Operating Income	26,800	22,700
Uniform
Segment Reporting Information [Line Items]
Revenue	687,300	649,700
Uniform \| Operating Segments
Segment Reporting Information [Line Items]
Total Operating Income	$ 46,500	$ 58,900

Fair Value of Financial Assets and Financial Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 30, 2022	Sep. 30, 2022
Fair Value Disclosure \| Next Level Hospitality
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in amount of contingent consideration liability	$ 29.9
Fair Value Disclosure \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt	8,054.2	$ 7,153.4
Fair Value Disclosure \| Fair Value, Measurements, Recurring \| Union Supply Group, Inc.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	40.2	40.2
Fair Value Disclosure \| Fair Value, Measurements, Recurring \| Next Level Hospitality
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	18.4	48.4
Carrying Value Disclosure
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of debt	$ 8,159.0	$ 7,410.9

Subsequent Events (Details) - Subsequent Event - AIM Services Co., Ltd - AIM Services Co., Ltd $ in Millions	Feb. 02, 2023 USD ($)
Subsequent Event [Line Items]
Equity method investment, ownership interest, percent	50.00%
Gain on sale of investment	$ 535