Consolidating Condensed Financial Information of Guarantor Subsidiaries (Tables)
|
9 Months Ended |
Jun. 25, 2016 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
|
Consolidating Condensed Statement of Operations |
|
|
|
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|
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 |
|
Income (loss) from operations |
|
(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 |
|
|
|
|
|
|
|
|
|
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|
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|
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
|
|
|
|
Three Months Ended June 27, 2015 |
|
|
|
|
(in thousands) |
|
|
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
133,886 |
|
|
$ |
31,291 |
|
|
$ |
319,470 |
|
|
$ |
(25,201 |
) |
|
$ |
459,446 |
|
Cost of goods sold and occupancy |
|
104,121 |
|
|
22,399 |
|
|
214,110 |
|
|
(23,221 |
) |
|
317,409 |
|
Gross profit |
|
29,765 |
|
|
8,892 |
|
|
105,360 |
|
|
(1,980 |
) |
|
142,037 |
|
Selling, general and administrative expenses |
|
31,223 |
|
|
5,461 |
|
|
68,340 |
|
|
(1,980 |
) |
|
103,044 |
|
Income (loss) from operations |
|
(1,458 |
) |
|
3,431 |
|
|
37,020 |
|
|
— |
|
|
38,993 |
|
Interest expense |
|
(8,924 |
) |
|
(52 |
) |
|
(2 |
) |
|
— |
|
|
(8,978 |
) |
Interest income |
|
6 |
|
|
1 |
|
|
— |
|
|
— |
|
|
7 |
|
Other income |
|
318 |
|
|
— |
|
|
267 |
|
|
— |
|
|
585 |
|
Income (loss) before taxes and equity in earnings of affiliates |
|
(10,058 |
) |
|
3,380 |
|
|
37,285 |
|
|
— |
|
|
30,607 |
|
Income tax expense (benefit) |
|
(3,982 |
) |
|
1,265 |
|
|
14,201 |
|
|
— |
|
|
11,484 |
|
Equity in earnings of affiliates |
|
24,876 |
|
|
— |
|
|
1,780 |
|
|
(26,656 |
) |
|
— |
|
Net income including noncontrolling interest |
|
18,800 |
|
|
2,115 |
|
|
24,864 |
|
|
(26,656 |
) |
|
19,123 |
|
Net income attributable to noncontrolling interest |
|
— |
|
|
323 |
|
|
— |
|
|
— |
|
|
323 |
|
Net income attributable to Central Garden & Pet Company |
|
$ |
18,800 |
|
|
$ |
1,792 |
|
|
$ |
24,864 |
|
|
$ |
(26,656 |
) |
|
$ |
18,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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 |
|
Income (loss) from operations |
|
(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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
|
|
|
|
Nine Months Ended June 27, 2015 |
|
|
|
|
(in thousands) |
|
|
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
380,862 |
|
|
$ |
86,048 |
|
|
$ |
865,589 |
|
|
$ |
(68,131 |
) |
|
$ |
1,264,368 |
|
Cost of goods sold and occupancy |
|
296,568 |
|
|
66,522 |
|
|
584,604 |
|
|
(63,406 |
) |
|
884,288 |
|
Gross profit |
|
84,294 |
|
|
19,526 |
|
|
280,985 |
|
|
(4,725 |
) |
|
380,080 |
|
Selling, general and administrative expenses |
|
89,917 |
|
|
14,799 |
|
|
189,987 |
|
|
(4,725 |
) |
|
289,978 |
|
Income (loss) from operations |
|
(5,623 |
) |
|
4,727 |
|
|
90,998 |
|
|
— |
|
|
90,102 |
|
Interest expense |
|
(31,226 |
) |
|
(128 |
) |
|
(3 |
) |
|
— |
|
|
(31,357 |
) |
Interest income |
|
94 |
|
|
2 |
|
|
— |
|
|
— |
|
|
96 |
|
Other income (expense) |
|
(359 |
) |
|
— |
|
|
455 |
|
|
— |
|
|
96 |
|
Income (loss) before taxes and equity in earnings of affiliates |
|
(37,114 |
) |
|
4,601 |
|
|
91,450 |
|
|
— |
|
|
58,937 |
|
Income tax expense (benefit) |
|
(13,562 |
) |
|
1,773 |
|
|
33,316 |
|
|
— |
|
|
21,527 |
|
Equity in earnings of affiliates |
|
59,892 |
|
|
— |
|
|
1,989 |
|
|
(61,881 |
) |
|
— |
|
Net income including noncontrolling interest |
|
36,340 |
|
|
2,828 |
|
|
60,123 |
|
|
(61,881 |
) |
|
37,410 |
|
Net income attributable to noncontrolling interest |
|
— |
|
|
1,070 |
|
|
— |
|
|
— |
|
|
1,070 |
|
Net income attributable to Central Garden & Pet Company |
|
$ |
36,340 |
|
|
$ |
1,758 |
|
|
$ |
60,123 |
|
|
$ |
(61,881 |
) |
|
$ |
36,340 |
|
|
Consolidating Condensed Statements of Comprehensive Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME |
|
|
Three Months Ended June 25, 2016 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net income |
|
$ |
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 income attributable to noncontrolling interests |
|
— |
|
|
636 |
|
|
— |
|
|
— |
|
|
636 |
|
Comprehensive income attributable to Central Garden & Pet Company |
|
$ |
25,753 |
|
|
$ |
1,779 |
|
|
$ |
32,236 |
|
|
$ |
(34,015 |
) |
|
$ |
25,753 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME |
|
|
Three Months Ended June 27, 2015 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net income |
|
$ |
18,800 |
|
|
$ |
2,115 |
|
|
$ |
24,864 |
|
|
$ |
(26,656 |
) |
|
$ |
19,123 |
|
Other comprehensive income: |
|
|
|
|
|
|
|
|
|
|
Foreign currency translation |
|
615 |
|
|
456 |
|
|
24 |
|
|
(480 |
) |
|
615 |
|
Total comprehensive income |
|
19,415 |
|
|
2,571 |
|
|
24,888 |
|
|
(27,136 |
) |
|
19,738 |
|
Comprehensive income attributable to noncontrolling interests |
|
— |
|
|
323 |
|
|
— |
|
|
— |
|
|
323 |
|
Comprehensive income attributable to Central Garden & Pet Company |
|
$ |
19,415 |
|
|
$ |
2,248 |
|
|
$ |
24,888 |
|
|
$ |
(27,136 |
) |
|
$ |
19,415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME |
|
|
Nine Months Ended June 25, 2016 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net income |
|
$ |
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 |
|
49,156 |
|
|
1,661 |
|
|
79,057 |
|
|
(79,365 |
) |
|
50,509 |
|
Comprehensive income attributable to noncontrolling interests |
|
— |
|
|
1,353 |
|
|
— |
|
|
— |
|
|
1,353 |
|
Comprehensive income attributable to Central Garden & Pet Company |
|
$ |
49,156 |
|
|
$ |
308 |
|
|
$ |
79,057 |
|
|
$ |
(79,365 |
) |
|
$ |
49,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME |
|
|
Nine Months Ended June 27, 2015 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net income |
|
$ |
36,340 |
|
|
$ |
2,828 |
|
|
$ |
60,123 |
|
|
$ |
(61,881 |
) |
|
$ |
37,410 |
|
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
Unrealized loss on securities |
|
(10 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(10 |
) |
Reclassification of realized loss on securities included in net income |
|
20 |
|
|
— |
|
|
— |
|
|
— |
|
|
20 |
|
Foreign currency translation |
|
(563 |
) |
|
(244 |
) |
|
(244 |
) |
|
488 |
|
|
(563 |
) |
Total comprehensive income |
|
35,787 |
|
|
2,584 |
|
|
59,879 |
|
|
(61,393 |
) |
|
36,857 |
|
Comprehensive income attributable to noncontrolling interests |
|
— |
|
|
1,070 |
|
|
— |
|
|
— |
|
|
1,070 |
|
Comprehensive income attributable to Central Garden & Pet Company |
|
$ |
35,787 |
|
|
$ |
1,514 |
|
|
$ |
59,879 |
|
|
$ |
(61,393 |
) |
|
$ |
35,787 |
|
|
Consolidating Condensed Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
June 27, 2015 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
30,640 |
|
|
$ |
10,606 |
|
|
$ |
2,595 |
|
|
$ |
— |
|
|
$ |
43,841 |
|
Restricted cash |
|
12,590 |
|
|
— |
|
|
— |
|
|
— |
|
|
12,590 |
|
Short term investments |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Accounts receivable, net |
|
56,528 |
|
|
11,152 |
|
|
155,469 |
|
|
— |
|
|
223,149 |
|
Inventories |
|
86,211 |
|
|
14,409 |
|
|
239,613 |
|
|
— |
|
|
340,233 |
|
Prepaid expenses and other |
|
25,727 |
|
|
1,260 |
|
|
27,571 |
|
|
— |
|
|
54,558 |
|
Total current assets |
|
211,696 |
|
|
37,427 |
|
|
425,248 |
|
|
— |
|
|
674,371 |
|
Land, buildings, improvements and equipment, net |
|
54,176 |
|
|
3,540 |
|
|
105,253 |
|
|
— |
|
|
162,969 |
|
Goodwill |
|
— |
|
|
— |
|
|
209,089 |
|
|
— |
|
|
209,089 |
|
Other long-term assets |
|
28,255 |
|
|
3,877 |
|
|
80,193 |
|
|
(3,017 |
) |
|
109,308 |
|
Intercompany receivable |
|
36,989 |
|
|
— |
|
|
386,955 |
|
|
(423,944 |
) |
|
— |
|
Investment in subsidiaries |
|
1,042,817 |
|
|
— |
|
|
— |
|
|
(1,042,817 |
) |
|
— |
|
Total |
|
$ |
1,373,933 |
|
|
$ |
44,844 |
|
|
$ |
1,206,738 |
|
|
$ |
(1,469,778 |
) |
|
$ |
1,155,737 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
28,927 |
|
|
$ |
6,501 |
|
|
$ |
54,995 |
|
|
$ |
— |
|
|
$ |
90,423 |
|
Accrued expenses |
|
59,275 |
|
|
2,928 |
|
|
47,867 |
|
|
— |
|
|
110,070 |
|
Current portion of long-term debt |
|
260 |
|
|
— |
|
|
30 |
|
|
— |
|
|
290 |
|
Total current liabilities |
|
88,462 |
|
|
9,429 |
|
|
102,892 |
|
|
— |
|
|
200,783 |
|
Long-term debt |
|
396,322 |
|
|
— |
|
|
73 |
|
|
— |
|
|
396,395 |
|
Intercompany payable |
|
377,284 |
|
|
46,660 |
|
|
— |
|
|
(423,944 |
) |
|
— |
|
Losses in excess of investment in subsidiaries |
|
— |
|
|
— |
|
|
12,324 |
|
|
(12,324 |
) |
|
— |
|
Other long-term obligations |
|
1,573 |
|
|
— |
|
|
48,591 |
|
|
(3,017 |
) |
|
47,147 |
|
Total Central Garden & Pet shareholders’ equity (deficit) |
|
510,292 |
|
|
(12,365 |
) |
|
1,042,858 |
|
|
(1,030,493 |
) |
|
510,292 |
|
Noncontrolling interest |
|
— |
|
|
1,120 |
|
|
— |
|
|
— |
|
|
1,120 |
|
Total equity (deficit) |
|
510,292 |
|
|
(11,245 |
) |
|
1,042,858 |
|
|
(1,030,493 |
) |
|
511,412 |
|
Total |
|
$ |
1,373,933 |
|
|
$ |
44,844 |
|
|
$ |
1,206,738 |
|
|
$ |
(1,469,778 |
) |
|
$ |
1,155,737 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED BALANCE SHEET |
|
|
September 26, 2015 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
36,280 |
|
|
$ |
10,022 |
|
|
$ |
1,282 |
|
|
$ |
— |
|
|
$ |
47,584 |
|
Restricted cash |
|
13,157 |
|
|
— |
|
|
— |
|
|
— |
|
|
13,157 |
|
Accounts receivable, net |
|
46,326 |
|
|
6,775 |
|
|
154,301 |
|
|
— |
|
|
207,402 |
|
Inventories |
|
86,109 |
|
|
11,690 |
|
|
238,147 |
|
|
— |
|
|
335,946 |
|
Prepaid expenses and other assets |
|
22,926 |
|
|
848 |
|
|
25,957 |
|
|
— |
|
|
49,731 |
|
Total current assets |
|
204,798 |
|
|
29,335 |
|
|
419,687 |
|
|
— |
|
|
653,820 |
|
Land, buildings, improvements and equipment, net |
|
51,409 |
|
|
3,663 |
|
|
107,737 |
|
|
— |
|
|
162,809 |
|
Goodwill |
|
— |
|
|
— |
|
|
209,089 |
|
|
— |
|
|
209,089 |
|
Other long-term assets |
|
25,881 |
|
|
3,662 |
|
|
82,436 |
|
|
(6,100 |
) |
|
105,879 |
|
Intercompany receivable |
|
32,695 |
|
|
— |
|
|
415,001 |
|
|
(447,696 |
) |
|
— |
|
Investment in subsidiaries |
|
1,052,644 |
|
|
— |
|
|
— |
|
|
(1,052,644 |
) |
|
— |
|
Total |
|
$ |
1,367,427 |
|
|
$ |
36,660 |
|
|
$ |
1,233,950 |
|
|
$ |
(1,506,440 |
) |
|
$ |
1,131,597 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
20,506 |
|
|
$ |
2,543 |
|
|
$ |
65,840 |
|
|
$ |
— |
|
|
$ |
88,889 |
|
Accrued expenses and other liabilities |
|
38,723 |
|
|
1,789 |
|
|
47,212 |
|
|
— |
|
|
87,724 |
|
Current portion of long term debt |
|
261 |
|
|
— |
|
|
30 |
|
|
— |
|
|
291 |
|
Total current liabilities |
|
59,490 |
|
|
4,332 |
|
|
113,082 |
|
|
— |
|
|
176,904 |
|
Long-term debt |
|
396,626 |
|
|
— |
|
|
65 |
|
|
— |
|
|
396,691 |
|
Intercompany payable |
|
404,255 |
|
|
43,441 |
|
|
— |
|
|
(447,696 |
) |
|
— |
|
Losses in excess of investment in subsidiaries |
|
— |
|
|
— |
|
|
11,867 |
|
|
(11,867 |
) |
|
— |
|
Other long-term obligations |
|
1,770 |
|
|
— |
|
|
55,952 |
|
|
(6,100 |
) |
|
51,622 |
|
Total Central Garden & Pet shareholders’ equity (deficit) |
|
505,286 |
|
|
(12,207 |
) |
|
1,052,984 |
|
|
(1,040,777 |
) |
|
505,286 |
|
Noncontrolling interest |
|
— |
|
|
1,094 |
|
|
— |
|
|
— |
|
|
1,094 |
|
Total equity (deficit) |
|
505,286 |
|
|
(11,113 |
) |
|
1,052,984 |
|
|
(1,040,777 |
) |
|
506,380 |
|
Total |
|
$ |
1,367,427 |
|
|
$ |
36,660 |
|
|
$ |
1,233,950 |
|
|
$ |
(1,506,440 |
) |
|
$ |
1,131,597 |
|
|
Consolidating Condensed Statement of Cash Flows |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS |
|
|
Nine Months Ended June 25, 2016 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net cash provided 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 |
) |
Proceeds from sale of plant assets |
|
— |
|
|
— |
|
|
3,899 |
|
|
— |
|
|
3,899 |
|
Change in restricted cash and cash equivalents |
|
1,129 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,129 |
|
Other investing activities |
|
(550 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(550 |
) |
Intercompany investing activities |
|
1,689 |
|
|
— |
|
|
(63,778 |
) |
|
62,089 |
|
|
— |
|
Net cash used by investing activities |
|
(60,524 |
) |
|
(577 |
) |
|
(84,897 |
) |
|
62,089 |
|
|
(83,909 |
) |
Repayments on revolving line of credit |
|
(419,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(419,000 |
) |
Borrowings on revolving line of credit |
|
419,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
419,000 |
|
Repayments of long-term debt |
|
(400,208 |
) |
|
— |
|
|
(22 |
) |
|
— |
|
|
(400,230 |
) |
Issuance of long-term debt |
|
400,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
400,000 |
|
Excess tax benefits from stock-based awards |
|
4,726 |
|
|
— |
|
|
— |
|
|
— |
|
|
4,726 |
|
Proceeds from issuance of common stock |
|
280 |
|
|
|
|
|
|
|
|
280 |
|
Repurchase of common stock |
|
(9,429 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(9,429 |
) |
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 period |
|
36,280 |
|
|
10,022 |
|
|
1,282 |
|
|
— |
|
|
47,584 |
|
Cash and cash equivalents at end of period |
|
$ |
30,477 |
|
|
$ |
8,675 |
|
|
$ |
848 |
|
|
$ |
— |
|
|
$ |
40,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS |
|
|
Nine Months Ended June 27, 2015 |
|
|
(in thousands) |
|
|
Parent |
|
Non-Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net cash provided by operating activities |
|
$ |
6,844 |
|
|
$ |
4,862 |
|
|
$ |
51,610 |
|
|
$ |
(6,719 |
) |
|
$ |
56,597 |
|
Additions to property, plant and equipment |
|
(2,044 |
) |
|
(180 |
) |
|
(15,936 |
) |
|
— |
|
|
(18,160 |
) |
Payments to acquire companies, net of cash acquired |
|
(16,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(16,000 |
) |
Proceeds from short-term investments |
|
9,997 |
|
|
— |
|
|
— |
|
|
— |
|
|
9,997 |
|
Change in restricted cash and cash equivalents |
|
1,693 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,693 |
|
Investment in short-term investments |
|
(17 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(17 |
) |
Other investing activities |
|
(489 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(489 |
) |
Intercompany investing activities |
|
(20,083 |
) |
|
— |
|
|
(35,533 |
) |
|
55,616 |
|
|
— |
|
Net cash used by investing activities |
|
(26,943 |
) |
|
(180 |
) |
|
(51,469 |
) |
|
55,616 |
|
|
(22,976 |
) |
Repayments of long-term debt |
|
(50,196 |
) |
|
— |
|
|
(20 |
) |
|
— |
|
|
(50,216 |
) |
Borrowings under revolving line of credit |
|
312,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
312,000 |
|
Repayments on revolving line of credit |
|
(312,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(312,000 |
) |
Proceeds from issuance of common stock |
|
2,148 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,148 |
|
Excess tax benefits from stock-based awards |
|
685 |
|
|
— |
|
|
— |
|
|
— |
|
|
685 |
|
Repurchase of common stock |
|
(19,021 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(19,021 |
) |
Distribution to parent |
|
— |
|
|
(6,719 |
) |
|
— |
|
|
6,719 |
|
|
— |
|
Distribution to noncontrolling interest |
|
— |
|
|
(1,680 |
) |
|
— |
|
|
— |
|
|
(1,680 |
) |
Intercompany financing activities |
|
53,971 |
|
|
1,645 |
|
|
— |
|
|
(55,616 |
) |
|
— |
|
Net cash used by financing activities |
|
(12,413 |
) |
|
(6,754 |
) |
|
(20 |
) |
|
(48,897 |
) |
|
(68,084 |
) |
Effect of exchange rates on cash |
|
(319 |
) |
|
(128 |
) |
|
75 |
|
|
— |
|
|
(372 |
) |
Net increase decrease in cash and cash equivalents |
|
(32,831 |
) |
|
(2,200 |
) |
|
196 |
|
|
— |
|
|
(34,835 |
) |
Cash and cash equivalents at beginning of year |
|
63,471 |
|
|
12,806 |
|
|
2,399 |
|
|
— |
|
|
78,676 |
|
Cash and cash equivalents at end of year |
|
$ |
30,640 |
|
|
$ |
10,606 |
|
|
$ |
2,595 |
|
|
$ |
— |
|
|
$ |
43,841 |
|
|