Consolidating Condensed Financial Information of Guarantor Subsidiaries (Tables)
|
9 Months Ended |
Jun. 24, 2017 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
|
Consolidating Condensed Statement of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
|
|
Three Months Ended June 24, 2017 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
184,719 |
|
|
$ |
29,067 |
|
|
$ |
387,333 |
|
|
$ |
(26,527 |
) |
|
$ |
574,592 |
|
Cost of goods sold and occupancy |
|
142,533 |
|
|
20,636 |
|
|
252,678 |
|
|
(24,528 |
) |
|
391,319 |
|
Gross profit |
|
42,186 |
|
|
8,431 |
|
|
134,655 |
|
|
(1,999 |
) |
|
183,273 |
|
Selling, general and administrative expenses |
|
39,234 |
|
|
5,476 |
|
|
82,629 |
|
|
(1,999 |
) |
|
125,340 |
|
Operating income |
|
2,952 |
|
|
2,955 |
|
|
52,026 |
|
|
— |
|
|
57,933 |
|
Interest expense |
|
(7,213 |
) |
|
(54 |
) |
|
(6 |
) |
|
— |
|
|
(7,273 |
) |
Interest income |
|
53 |
|
|
— |
|
|
— |
|
|
— |
|
|
53 |
|
Other income |
|
1,064 |
|
|
86 |
|
|
476 |
|
|
— |
|
|
1,626 |
|
Income (loss) before taxes and equity in earnings of affiliates |
|
(3,144 |
) |
|
2,987 |
|
|
52,496 |
|
|
— |
|
|
52,339 |
|
Income tax expense (benefit) |
|
(1,178 |
) |
|
1,096 |
|
|
19,532 |
|
|
— |
|
|
19,450 |
|
Equity in earnings of affiliates |
|
34,214 |
|
|
— |
|
|
1,302 |
|
|
(35,516 |
) |
|
— |
|
Net income including noncontrolling interest |
|
32,248 |
|
|
1,891 |
|
|
34,266 |
|
|
(35,516 |
) |
|
32,889 |
|
Net income attributable to noncontrolling interest |
|
— |
|
|
641 |
|
|
— |
|
|
— |
|
|
641 |
|
Net income attributable to Central Garden & Pet Company |
|
$ |
32,248 |
|
|
$ |
1,250 |
|
|
$ |
34,266 |
|
|
$ |
(35,516 |
) |
|
$ |
32,248 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
|
|
Three Months Ended June 25, 2016 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
162,751 |
|
|
$ |
28,052 |
|
|
$ |
350,013 |
|
|
$ |
(26,272 |
) |
|
$ |
514,544 |
|
Cost of goods sold and occupancy |
|
128,517 |
|
|
18,274 |
|
|
228,343 |
|
|
(24,335 |
) |
|
350,799 |
|
Gross profit |
|
34,234 |
|
|
9,778 |
|
|
121,670 |
|
|
(1,937 |
) |
|
163,745 |
|
Selling, general and administrative expenses |
|
36,826 |
|
|
5,380 |
|
|
75,291 |
|
|
(1,937 |
) |
|
115,560 |
|
Operating income (loss) |
|
(2,592 |
) |
|
4,398 |
|
|
46,379 |
|
|
— |
|
|
48,185 |
|
Interest expense |
|
(6,904 |
) |
|
(53 |
) |
|
(7 |
) |
|
— |
|
|
(6,964 |
) |
Interest income |
|
42 |
|
|
1 |
|
|
— |
|
|
— |
|
|
43 |
|
Other income (expense) |
|
(108 |
) |
|
(146 |
) |
|
572 |
|
|
— |
|
|
318 |
|
Income (loss) before taxes and equity in earnings of affiliates |
|
(9,562 |
) |
|
4,200 |
|
|
46,944 |
|
|
— |
|
|
41,582 |
|
Income tax expense (benefit) |
|
(3,517 |
) |
|
1,552 |
|
|
16,881 |
|
|
— |
|
|
14,916 |
|
Equity in earnings of affiliates |
|
32,075 |
|
|
— |
|
|
2,148 |
|
|
(34,223 |
) |
|
— |
|
Net income including noncontrolling interest |
|
26,030 |
|
|
2,648 |
|
|
32,211 |
|
|
(34,223 |
) |
|
26,666 |
|
Net income attributable to noncontrolling interest |
|
— |
|
|
636 |
|
|
— |
|
|
— |
|
|
636 |
|
Net income attributable to Central Garden & Pet Company |
|
$ |
26,030 |
|
|
$ |
2,012 |
|
|
$ |
32,211 |
|
|
$ |
(34,223 |
) |
|
$ |
26,030 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
|
|
|
|
Nine Months Ended June 24, 2017 |
|
|
|
|
(in thousands) |
|
|
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
531,028 |
|
|
$ |
69,183 |
|
|
$ |
1,032,444 |
|
|
$ |
(68,641 |
) |
|
$ |
1,564,014 |
|
Cost of goods sold and occupancy |
|
409,262 |
|
|
52,442 |
|
|
678,798 |
|
|
(63,968 |
) |
|
1,076,534 |
|
Gross profit |
|
121,766 |
|
|
16,741 |
|
|
353,646 |
|
|
(4,673 |
) |
|
487,480 |
|
Selling, general and administrative expenses |
|
114,546 |
|
|
14,014 |
|
|
221,862 |
|
|
(4,673 |
) |
|
345,749 |
|
Operating income |
|
7,220 |
|
|
2,727 |
|
|
131,784 |
|
|
— |
|
|
141,731 |
|
Interest expense |
|
(20,823 |
) |
|
(136 |
) |
|
(17 |
) |
|
— |
|
|
(20,976 |
) |
Interest income |
|
98 |
|
|
1 |
|
|
— |
|
|
— |
|
|
99 |
|
Other income (expense) |
|
(276 |
) |
|
(301 |
) |
|
271 |
|
|
— |
|
|
(306 |
) |
Income (loss) before taxes and equity in earnings of affiliates |
|
(13,781 |
) |
|
2,291 |
|
|
132,038 |
|
|
— |
|
|
120,548 |
|
Income tax expense (benefit) |
|
(5,088 |
) |
|
1,133 |
|
|
48,576 |
|
|
— |
|
|
44,621 |
|
Equity in earnings of affiliates |
|
83,262 |
|
|
— |
|
|
875 |
|
|
(84,137 |
) |
|
— |
|
Net income including noncontrolling interest |
|
74,569 |
|
|
1,158 |
|
|
84,337 |
|
|
(84,137 |
) |
|
75,927 |
|
Net income attributable to noncontrolling interest |
|
— |
|
|
1,358 |
|
|
— |
|
|
— |
|
|
1,358 |
|
Net income (loss) attributable to Central Garden & Pet Company |
|
$ |
74,569 |
|
|
$ |
(200 |
) |
|
$ |
84,337 |
|
|
$ |
(84,137 |
) |
|
$ |
74,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
|
|
|
|
Nine Months Ended June 25, 2016 |
|
|
|
|
(in thousands) |
|
|
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
456,568 |
|
|
$ |
73,324 |
|
|
$ |
953,925 |
|
|
$ |
(68,212 |
) |
|
$ |
1,415,605 |
|
Cost of goods sold and occupancy |
|
360,745 |
|
|
54,319 |
|
|
631,251 |
|
|
(63,580 |
) |
|
982,735 |
|
Gross profit |
|
95,823 |
|
|
19,005 |
|
|
322,674 |
|
|
(4,632 |
) |
|
432,870 |
|
Selling, general and administrative expenses |
|
102,990 |
|
|
14,283 |
|
|
203,868 |
|
|
(4,632 |
) |
|
316,509 |
|
Operating income (loss) |
|
(7,167 |
) |
|
4,722 |
|
|
118,806 |
|
|
— |
|
|
116,361 |
|
Interest expense |
|
(36,065 |
) |
|
(133 |
) |
|
(7 |
) |
|
— |
|
|
(36,205 |
) |
Interest income |
|
71 |
|
|
3 |
|
|
— |
|
|
— |
|
|
74 |
|
Other income (expense) |
|
(286 |
) |
|
(409 |
) |
|
452 |
|
|
— |
|
|
(243 |
) |
Income (loss) before taxes and equity in earnings of affiliates |
|
(43,447 |
) |
|
4,183 |
|
|
119,251 |
|
|
— |
|
|
79,987 |
|
Income tax expense (benefit) |
|
(15,437 |
) |
|
1,749 |
|
|
42,197 |
|
|
— |
|
|
28,509 |
|
Equity in earnings of affiliates |
|
78,135 |
|
|
— |
|
|
1,971 |
|
|
(80,106 |
) |
|
— |
|
Net income including noncontrolling interest |
|
50,125 |
|
|
2,434 |
|
|
79,025 |
|
|
(80,106 |
) |
|
51,478 |
|
Net income attributable to noncontrolling interest |
|
— |
|
|
1,353 |
|
|
— |
|
|
— |
|
|
1,353 |
|
Net income attributable to Central Garden & Pet Company |
|
$ |
50,125 |
|
|
$ |
1,081 |
|
|
$ |
79,025 |
|
|
$ |
(80,106 |
) |
|
$ |
50,125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidating Condensed Statements of Comprehensive Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) |
|
|
Three Months Ended June 24, 2017 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net income |
|
$ |
32,248 |
|
|
$ |
1,891 |
|
|
$ |
34,266 |
|
|
$ |
(35,516 |
) |
|
$ |
32,889 |
|
Other comprehensive income: |
|
|
|
|
|
|
|
|
|
|
Foreign currency translation |
|
172 |
|
|
116 |
|
|
19 |
|
|
(135 |
) |
|
172 |
|
Total comprehensive income |
|
32,420 |
|
|
2,007 |
|
|
34,285 |
|
|
(35,651 |
) |
|
33,061 |
|
Comprehensive income attributable to noncontrolling interests |
|
— |
|
|
641 |
|
|
— |
|
|
— |
|
|
641 |
|
Comprehensive income (loss) attributable to Central Garden & Pet Company |
|
$ |
32,420 |
|
|
$ |
1,366 |
|
|
$ |
34,285 |
|
|
$ |
(35,651 |
) |
|
$ |
32,420 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) |
|
|
Three Months Ended June 25, 2016 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net income (loss) |
|
$ |
26,030 |
|
|
$ |
2,648 |
|
|
$ |
32,211 |
|
|
$ |
(34,223 |
) |
|
$ |
26,666 |
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
Foreign currency translation |
|
(277 |
) |
|
(233 |
) |
|
25 |
|
|
208 |
|
|
(277 |
) |
Total comprehensive income |
|
25,753 |
|
|
2,415 |
|
|
32,236 |
|
|
(34,015 |
) |
|
26,389 |
|
Comprehensive loss attributable to noncontrolling interests |
|
— |
|
|
636 |
|
|
— |
|
|
— |
|
|
636 |
|
Comprehensive income (loss) attributable to Central Garden & Pet Company |
|
$ |
25,753 |
|
|
$ |
1,779 |
|
|
$ |
32,236 |
|
|
$ |
(34,015 |
) |
|
$ |
25,753 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME |
|
|
Nine Months Ended June 24, 2017 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net income (loss) |
|
$ |
74,569 |
|
|
$ |
1,158 |
|
|
$ |
84,337 |
|
|
$ |
(84,137 |
) |
|
$ |
75,927 |
|
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
Foreign currency translation |
|
(193 |
) |
|
(144 |
) |
|
(11 |
) |
|
155 |
|
|
(193 |
) |
Total comprehensive income (loss) |
|
74,376 |
|
|
1,014 |
|
|
84,326 |
|
|
(83,982 |
) |
|
75,734 |
|
Comprehensive income attributable to noncontrolling interests |
|
— |
|
|
1,358 |
|
|
— |
|
|
— |
|
|
1,358 |
|
Comprehensive income (loss) attributable to Central Garden & Pet Company |
|
$ |
74,376 |
|
|
$ |
(344 |
) |
|
$ |
84,326 |
|
|
$ |
(83,982 |
) |
|
$ |
74,376 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME |
|
|
Nine Months Ended June 25, 2016 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net income (loss) |
|
$ |
50,125 |
|
|
$ |
2,434 |
|
|
$ |
79,025 |
|
|
$ |
(80,106 |
) |
|
$ |
51,478 |
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
Foreign currency translation |
|
(969 |
) |
|
(773 |
) |
|
32 |
|
|
741 |
|
|
(969 |
) |
Total comprehensive income (loss) |
|
49,156 |
|
|
1,661 |
|
|
79,057 |
|
|
(79,365 |
) |
|
50,509 |
|
Comprehensive income attributable to noncontrolling interests |
|
— |
|
|
1,353 |
|
|
— |
|
|
— |
|
|
1,353 |
|
Comprehensive income (loss) attributable to Central Garden & Pet Company |
|
$ |
49,156 |
|
|
$ |
308 |
|
|
$ |
79,057 |
|
|
$ |
(79,365 |
) |
|
$ |
49,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidating Condensed Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED BALANCE SHEET |
|
|
June 24, 2017 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
929 |
|
|
$ |
10,118 |
|
|
$ |
3,426 |
|
|
$ |
— |
|
|
$ |
14,473 |
|
Restricted cash |
|
10,999 |
|
|
— |
|
|
— |
|
|
— |
|
|
10,999 |
|
Accounts receivable, net |
|
92,703 |
|
|
9,842 |
|
|
176,959 |
|
|
— |
|
|
279,504 |
|
Inventories |
|
127,307 |
|
|
10,567 |
|
|
245,575 |
|
|
— |
|
|
383,449 |
|
Prepaid expenses and other |
|
19,670 |
|
|
1,059 |
|
|
31,235 |
|
|
— |
|
|
51,964 |
|
Total current assets |
|
251,608 |
|
|
31,586 |
|
|
457,195 |
|
|
— |
|
|
740,389 |
|
Land, buildings, improvements and equipment, net |
|
37,823 |
|
|
4,065 |
|
|
135,896 |
|
|
— |
|
|
177,784 |
|
Goodwill |
|
15,058 |
|
|
— |
|
|
215,327 |
|
|
— |
|
|
230,385 |
|
Other long-term assets |
|
34,273 |
|
|
3,200 |
|
|
167,858 |
|
|
(2,142 |
) |
|
203,189 |
|
Intercompany receivable |
|
36,783 |
|
|
— |
|
|
601,317 |
|
|
(638,100 |
) |
|
— |
|
Investment in subsidiaries |
|
1,369,307 |
|
|
— |
|
|
— |
|
|
(1,369,307 |
) |
|
— |
|
Total |
|
$ |
1,744,852 |
|
|
$ |
38,851 |
|
|
$ |
1,577,593 |
|
|
$ |
(2,009,549 |
) |
|
$ |
1,351,747 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
34,562 |
|
|
$ |
7,832 |
|
|
$ |
64,014 |
|
|
$ |
— |
|
|
$ |
106,408 |
|
Accrued expenses |
|
57,235 |
|
|
2,632 |
|
|
52,224 |
|
|
— |
|
|
112,091 |
|
Current portion of long-term debt |
|
— |
|
|
— |
|
|
375 |
|
|
— |
|
|
375 |
|
Total current liabilities |
|
91,797 |
|
|
10,464 |
|
|
116,613 |
|
|
— |
|
|
218,874 |
|
Long-term debt |
|
434,962 |
|
|
— |
|
|
112 |
|
|
— |
|
|
435,074 |
|
Intercompany payable |
|
588,378 |
|
|
49,722 |
|
|
|
|
|
(638,100 |
) |
|
— |
|
Losses in excess of investment in subsidiaries |
|
— |
|
|
— |
|
|
19,327 |
|
|
(19,327 |
) |
|
— |
|
Other long-term obligations |
|
2,620 |
|
|
— |
|
|
68,314 |
|
|
(2,142 |
) |
|
68,792 |
|
Total Central Garden & Pet shareholders’ equity (deficit) |
|
627,095 |
|
|
(23,247 |
) |
|
1,373,227 |
|
|
(1,349,980 |
) |
|
627,095 |
|
Noncontrolling interest |
|
— |
|
|
1,912 |
|
|
— |
|
|
— |
|
|
1,912 |
|
Total equity (deficit) |
|
627,095 |
|
|
(21,335 |
) |
|
1,373,227 |
|
|
(1,349,980 |
) |
|
629,007 |
|
Total |
|
$ |
1,744,852 |
|
|
$ |
38,851 |
|
|
$ |
1,577,593 |
|
|
$ |
(2,009,549 |
) |
|
$ |
1,351,747 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED BALANCE SHEET |
|
|
June 25, 2016 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
30,477 |
|
|
$ |
8,675 |
|
|
$ |
848 |
|
|
$ |
— |
|
|
$ |
40,000 |
|
Restricted cash |
|
12,029 |
|
|
— |
|
|
— |
|
|
— |
|
|
12,029 |
|
Accounts receivable, net |
|
74,162 |
|
|
9,395 |
|
|
158,397 |
|
|
— |
|
|
241,954 |
|
Inventories |
|
105,440 |
|
|
9,037 |
|
|
247,336 |
|
|
— |
|
|
361,813 |
|
Prepaid expenses and other |
|
20,543 |
|
|
1,039 |
|
|
23,493 |
|
|
— |
|
|
45,075 |
|
Total current assets |
|
242,651 |
|
|
28,146 |
|
|
430,074 |
|
|
— |
|
|
700,871 |
|
Land, buildings, improvements and equipment, net |
|
43,475 |
|
|
3,877 |
|
|
112,078 |
|
|
— |
|
|
159,430 |
|
Goodwill |
|
18,858 |
|
|
— |
|
|
214,153 |
|
|
— |
|
|
233,011 |
|
Other long-term assets |
|
37,139 |
|
|
3,294 |
|
|
84,702 |
|
|
(1,540 |
) |
|
123,595 |
|
Intercompany receivable |
|
31,005 |
|
|
— |
|
|
478,780 |
|
|
(509,785 |
) |
|
— |
|
Investment in subsidiaries |
|
1,130,148 |
|
|
— |
|
|
— |
|
|
(1,130,148 |
) |
|
— |
|
Total |
|
$ |
1,503,276 |
|
|
$ |
35,317 |
|
|
$ |
1,319,787 |
|
|
$ |
(1,641,473 |
) |
|
$ |
1,216,907 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
26,818 |
|
|
$ |
6,210 |
|
|
$ |
63,878 |
|
|
$ |
— |
|
|
$ |
96,906 |
|
Accrued expenses |
|
48,981 |
|
|
2,290 |
|
|
51,682 |
|
|
— |
|
|
102,953 |
|
Current portion of long-term debt |
|
154 |
|
|
— |
|
|
376 |
|
|
— |
|
|
530 |
|
Total current liabilities |
|
75,953 |
|
|
8,500 |
|
|
115,936 |
|
|
— |
|
|
200,389 |
|
Long-term debt |
|
394,164 |
|
|
— |
|
|
439 |
|
|
— |
|
|
394,603 |
|
Intercompany payable |
|
468,039 |
|
|
41,746 |
|
|
— |
|
|
(509,785 |
) |
|
— |
|
Losses in excess of investment in subsidiaries |
|
— |
|
|
— |
|
|
14,780 |
|
|
(14,780 |
) |
|
— |
|
Other long-term obligations |
|
9,036 |
|
|
— |
|
|
56,479 |
|
|
(1,540 |
) |
|
63,975 |
|
Total Central Garden & Pet shareholders’ equity (deficit) |
|
556,084 |
|
|
(16,785 |
) |
|
1,132,153 |
|
|
(1,115,368 |
) |
|
556,084 |
|
Noncontrolling interest |
|
— |
|
|
1,856 |
|
|
— |
|
|
— |
|
|
1,856 |
|
Total equity (deficit) |
|
556,084 |
|
|
(14,929 |
) |
|
1,132,153 |
|
|
(1,115,368 |
) |
|
557,940 |
|
Total |
|
$ |
1,503,276 |
|
|
$ |
35,317 |
|
|
$ |
1,319,787 |
|
|
$ |
(1,641,473 |
) |
|
$ |
1,216,907 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED BALANCE SHEET |
|
|
September 24, 2016 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
82,158 |
|
|
$ |
9,695 |
|
|
$ |
1,129 |
|
|
$ |
— |
|
|
$ |
92,982 |
|
Restricted cash |
|
10,910 |
|
|
— |
|
|
— |
|
|
— |
|
|
10,910 |
|
Accounts receivable, net |
|
59,617 |
|
|
5,156 |
|
|
136,378 |
|
|
— |
|
|
201,151 |
|
Inventories |
|
113,317 |
|
|
11,752 |
|
|
236,935 |
|
|
— |
|
|
362,004 |
|
Prepaid expenses and other assets |
|
20,978 |
|
|
817 |
|
|
25,964 |
|
|
— |
|
|
47,759 |
|
Total current assets |
|
286,980 |
|
|
27,420 |
|
|
400,406 |
|
|
— |
|
|
714,806 |
|
Land, buildings, improvements and equipment, net |
|
41,083 |
|
|
3,897 |
|
|
113,244 |
|
|
— |
|
|
158,224 |
|
Goodwill |
|
15,058 |
|
|
— |
|
|
216,327 |
|
|
— |
|
|
231,385 |
|
Other long-term assets |
|
30,555 |
|
|
2,980 |
|
|
85,701 |
|
|
(11,458 |
) |
|
107,778 |
|
Intercompany receivable |
|
32,778 |
|
|
— |
|
|
567,374 |
|
|
(600,152 |
) |
|
— |
|
Investment in subsidiaries |
|
1,176,990 |
|
|
— |
|
|
— |
|
|
(1,176,990 |
) |
|
— |
|
Total |
|
$ |
1,583,444 |
|
|
$ |
34,297 |
|
|
$ |
1,383,052 |
|
|
$ |
(1,788,600 |
) |
|
$ |
1,212,193 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
34,096 |
|
|
$ |
3,953 |
|
|
$ |
64,364 |
|
|
$ |
— |
|
|
$ |
102,413 |
|
Accrued expenses and other liabilities |
|
47,862 |
|
|
1,410 |
|
|
50,071 |
|
|
— |
|
|
99,343 |
|
Current portion of long term debt |
|
88 |
|
|
— |
|
|
375 |
|
|
— |
|
|
463 |
|
Total current liabilities |
|
82,046 |
|
|
5,363 |
|
|
114,810 |
|
|
— |
|
|
202,219 |
|
Long-term debt |
|
394,364 |
|
|
— |
|
|
442 |
|
|
— |
|
|
394,806 |
|
Intercompany payable |
|
553,964 |
|
|
46,188 |
|
|
— |
|
|
(600,152 |
) |
|
— |
|
Losses in excess of investment in subsidiaries |
|
— |
|
|
— |
|
|
16,126 |
|
|
(16,126 |
) |
|
— |
|
Other long-term obligations |
|
56 |
|
|
— |
|
|
71,983 |
|
|
(11,458 |
) |
|
60,581 |
|
Total Central Garden & Pet shareholders’ equity (deficit) |
|
553,014 |
|
|
(18,827 |
) |
|
1,179,691 |
|
|
(1,160,864 |
) |
|
553,014 |
|
Noncontrolling interest |
|
— |
|
|
1,573 |
|
|
— |
|
|
— |
|
|
1,573 |
|
Total equity (deficit) |
|
553,014 |
|
|
(17,254 |
) |
|
1,179,691 |
|
|
(1,160,864 |
) |
|
554,587 |
|
Total |
|
$ |
1,583,444 |
|
|
$ |
34,297 |
|
|
$ |
1,383,052 |
|
|
$ |
(1,788,600 |
) |
|
$ |
1,212,193 |
|
|
Consolidating Condensed Statement of Cash Flows |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS |
|
|
Nine Months Ended June 24, 2017 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net cash provided (used) by operating activities |
|
$ |
(14,968 |
) |
|
$ |
2,482 |
|
|
$ |
59,210 |
|
|
$ |
(4,076 |
) |
|
$ |
42,648 |
|
Additions to property and equipment |
|
(6,811 |
) |
|
(557 |
) |
|
(29,719 |
) |
|
|
|
|
(37,087 |
) |
Payments to acquire companies, net of cash acquired |
|
(106,821 |
) |
|
— |
|
|
|
|
|
— |
|
|
(106,821 |
) |
Proceeds from sale of business, facility and other assets |
|
— |
|
|
— |
|
|
8,301 |
|
|
— |
|
|
8,301 |
|
Change in restricted cash and cash equivalents |
|
(89 |
) |
|
— |
|
|
|
|
|
— |
|
|
(89 |
) |
Investment in equity method investee |
|
(11,495 |
) |
|
— |
|
|
|
|
— |
|
|
(11,495 |
) |
Other investing activities |
|
(2,735 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,735 |
) |
Intercompany investing activities |
|
(4,005 |
) |
|
— |
|
|
(33,943 |
) |
|
37,948 |
|
|
— |
|
Net cash used by investing activities |
|
(131,956 |
) |
|
(557 |
) |
|
(55,361 |
) |
|
37,948 |
|
|
(149,926 |
) |
Repayments on revolving line of credit |
|
(416,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(416,000 |
) |
Borrowings under revolving line of credit |
|
456,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
456,000 |
|
Repayments under long-term debt |
|
(88 |
) |
|
— |
|
|
(368 |
) |
|
— |
|
|
(456 |
) |
Excess tax benefits from stock-based awards |
|
17,205 |
|
|
— |
|
|
— |
|
|
— |
|
|
17,205 |
|
Repurchase of common stock |
|
(25,654 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(25,654 |
) |
Distribution to parent |
|
|
|
|
(4,076 |
) |
|
— |
|
|
4,076 |
|
|
— |
|
Distribution to noncontrolling interest |
|
|
|
|
(1,019 |
) |
|
— |
|
|
— |
|
|
(1,019 |
) |
Payment of contingent consideration liability |
|
|
|
|
— |
|
|
(1,222 |
) |
|
— |
|
|
(1,222 |
) |
Intercompany financing activities |
|
34,414 |
|
|
3,534 |
|
|
|
|
|
(37,948 |
) |
|
— |
|
Net cash provided (used) by financing activities |
|
65,877 |
|
|
(1,561 |
) |
|
(1,590 |
) |
|
(33,872 |
) |
|
28,854 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
(182 |
) |
|
59 |
|
|
38 |
|
|
— |
|
|
(85 |
) |
Net decrease in cash and cash equivalents |
|
(81,229 |
) |
|
423 |
|
|
2,297 |
|
|
— |
|
|
(78,509 |
) |
Cash and cash equivalents at beginning of period |
|
82,158 |
|
|
9,695 |
|
|
1,129 |
|
|
— |
|
|
92,982 |
|
Cash and cash equivalents at end of period |
|
$ |
929 |
|
|
$ |
10,118 |
|
|
$ |
3,426 |
|
|
$ |
— |
|
|
$ |
14,473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS |
|
|
Nine Months Ended June 25, 2016 |
|
|
(in thousands) |
|
|
Parent |
|
Non-Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net cash used by operating activities |
|
$ |
4,127 |
|
|
$ |
6,082 |
|
|
$ |
84,258 |
|
|
$ |
(4,884 |
) |
|
$ |
89,583 |
|
Additions to property, plant and equipment |
|
(1,876 |
) |
|
(577 |
) |
|
(17,033 |
) |
|
— |
|
|
(19,486 |
) |
Payments to acquire companies, net of cash acquired |
|
(60,916 |
) |
|
— |
|
|
(7,985 |
) |
|
— |
|
|
(68,901 |
) |
Change in restricted cash and cash equivalents |
|
1,129 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,129 |
|
Proceeds from sale of plant assets |
|
|
|
|
|
3,899 |
|
|
|
|
3,899 |
|
Other investing activities |
|
(550 |
) |
|
|
|
|
|
|
|
|
|
|
(550 |
) |
Intercompany investing activities |
|
1,689 |
|
|
— |
|
|
(63,778 |
) |
|
62,089 |
|
|
— |
|
Net cash provided (used) by investing activities |
|
(60,524 |
) |
|
(577 |
) |
|
(84,897 |
) |
|
62,089 |
|
|
(83,909 |
) |
Repayments of long-term debt |
|
(400,208 |
) |
|
— |
|
|
(22 |
) |
|
— |
|
|
(400,230 |
) |
Borrowings under revolving line of credit |
|
419,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
419,000 |
|
Repayments under revolving line of credit |
|
(419,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(419,000 |
) |
Issuance of long-term debt |
|
400,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
400,000 |
|
Excess tax benefits from stock-based awards |
|
4,726 |
|
|
— |
|
|
— |
|
|
— |
|
|
4,726 |
|
Repurchase of common stock |
|
(9,429 |
) |
|
|
|
|
— |
|
|
|
|
|
(9,429 |
) |
Proceeds from issuance of common stock |
|
280 |
|
|
— |
|
|
— |
|
|
— |
|
|
280 |
|
Distribution to parent |
|
— |
|
|
(4,884 |
) |
|
— |
|
|
4,884 |
|
|
— |
|
Distribution to noncontrolling interest |
|
|
|
|
(592 |
) |
|
|
|
|
|
|
|
(592 |
) |
Payment of financing costs |
|
(7,560 |
) |
|
— |
|
|
|
|
|
|
|
|
(7,560 |
) |
Intercompany financing activities |
|
63,786 |
|
|
(1,697 |
) |
|
— |
|
|
(62,089 |
) |
|
— |
|
Net cash provided (used) by financing activities |
|
51,595 |
|
|
(7,173 |
) |
|
(22 |
) |
|
(57,205 |
) |
|
(12,805 |
) |
Effect of exchange rates on cash |
|
(1,001 |
) |
|
321 |
|
|
227 |
|
|
— |
|
|
(453 |
) |
Net increase (decrease) in cash and cash equivalents |
|
(5,803 |
) |
|
(1,347 |
) |
|
(434 |
) |
|
— |
|
|
(7,584 |
) |
Cash and cash equivalents at beginning of year |
|
36,280 |
|
|
10,022 |
|
|
1,282 |
|
|
— |
|
|
47,584 |
|
Cash and cash equivalents at end of year |
|
$ |
30,477 |
|
|
$ |
8,675 |
|
|
$ |
848 |
|
|
$ |
— |
|
|
$ |
40,000 |
|
|