Consolidating Condensed Financial Information of Guarantor Subsidiaries (Tables)
|
12 Months Ended |
Sep. 24, 2016 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
|
Consolidating Condensed Statement of Operations |
|
|
|
|
|
|
|
|
|
|
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|
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|
|
|
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|
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
|
Fiscal Year Ended September 24, 2016 |
|
(in thousands) |
|
Parent |
|
Non-Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net sales |
$ |
587,579 |
|
|
$ |
82,567 |
|
|
$ |
1,238,339 |
|
|
$ |
(79,468 |
) |
|
$ |
1,829,017 |
|
Cost of goods sold and occupancy |
466,543 |
|
|
62,727 |
|
|
820,573 |
|
|
(73,876 |
) |
|
1,275,967 |
|
Gross profit |
121,036 |
|
|
19,840 |
|
|
417,766 |
|
|
(5,592 |
) |
|
553,050 |
|
Selling, general and administrative expenses |
138,556 |
|
|
18,077 |
|
|
272,651 |
|
|
(5,592 |
) |
|
423,692 |
|
Operating income (loss) |
(17,520 |
) |
|
1,763 |
|
|
145,115 |
|
|
— |
|
|
129,358 |
|
Interest expense |
(42,700 |
) |
|
(266 |
) |
|
119 |
|
|
— |
|
|
(42,847 |
) |
Interest income |
136 |
|
|
4 |
|
|
— |
|
|
— |
|
|
140 |
|
Other income (expense) |
(16,925 |
) |
|
(113 |
) |
|
25 |
|
|
— |
|
|
(17,013 |
) |
Income (loss) before taxes and equity in earnings of affiliates |
(77,009 |
) |
|
1,388 |
|
|
145,259 |
|
|
— |
|
|
69,638 |
|
Income tax expense (benefit) |
(26,422 |
) |
|
923 |
|
|
49,552 |
|
|
— |
|
|
24,053 |
|
Equity in earnings of affiliates |
95,101 |
|
|
— |
|
|
624 |
|
|
(95,725 |
) |
|
— |
|
Net income including noncontrolling interest |
44,514 |
|
|
465 |
|
|
96,331 |
|
|
(95,725 |
) |
|
45,585 |
|
Noncontrolling interest |
— |
|
|
1,071 |
|
|
— |
|
|
— |
|
|
1,071 |
|
Net income (loss) attributable to Central Garden & Pet Company |
$ |
44,514 |
|
|
$ |
(606 |
) |
|
$ |
96,331 |
|
|
$ |
(95,725 |
) |
|
$ |
44,514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
|
Fiscal Year Ended September 26, 2015 |
|
(in thousands) |
|
Parent |
|
Non-Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net sales |
$ |
484,310 |
|
|
$ |
100,127 |
|
|
$ |
1,146,821 |
|
|
$ |
(80,521 |
) |
|
$ |
1,650,737 |
|
Cost of goods sold and occupancy |
379,235 |
|
|
76,597 |
|
|
781,797 |
|
|
(74,944 |
) |
|
1,162,685 |
|
Gross profit |
105,075 |
|
|
23,530 |
|
|
365,024 |
|
|
(5,577 |
) |
|
488,052 |
|
Selling, general and administrative expenses |
124,613 |
|
|
18,329 |
|
|
259,252 |
|
|
(5,577 |
) |
|
396,617 |
|
Operating income (loss) |
(19,538 |
) |
|
5,201 |
|
|
105,772 |
|
|
— |
|
|
91,435 |
|
Interest expense |
(39,893 |
) |
|
(268 |
) |
|
134 |
|
|
— |
|
|
(40,027 |
) |
Interest income |
126 |
|
|
3 |
|
|
— |
|
|
— |
|
|
129 |
|
Other income (expense) |
(372 |
) |
|
407 |
|
|
(22 |
) |
|
— |
|
|
13 |
|
Income (loss) before taxes and equity in earnings of affiliates |
(59,677 |
) |
|
5,343 |
|
|
105,884 |
|
|
— |
|
|
51,550 |
|
Income tax expense (benefit) |
(21,500 |
) |
|
2,089 |
|
|
37,946 |
|
|
— |
|
|
18,535 |
|
Equity in earnings of affiliates |
70,148 |
|
|
— |
|
|
2,445 |
|
|
(72,593 |
) |
|
— |
|
Net income including noncontrolling interest |
31,971 |
|
|
3,254 |
|
|
70,383 |
|
|
(72,593 |
) |
|
33,015 |
|
Noncontrolling interest |
— |
|
|
1,044 |
|
|
— |
|
|
— |
|
|
1,044 |
|
Net income attributable to Central Garden & Pet Company |
$ |
31,971 |
|
|
$ |
2,210 |
|
|
$ |
70,383 |
|
|
$ |
(72,593 |
) |
|
$ |
31,971 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
|
Fiscal Year Ended September 27, 2014 |
|
(in thousands) |
|
Parent |
|
Non-Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net sales |
$ |
460,781 |
|
|
$ |
109,453 |
|
|
$ |
1,103,926 |
|
|
$ |
(69,803 |
) |
|
$ |
1,604,357 |
|
Cost of goods sold and occupancy |
370,492 |
|
|
87,028 |
|
|
757,217 |
|
|
(64,404 |
) |
|
1,150,333 |
|
Gross profit |
90,289 |
|
|
22,425 |
|
|
346,709 |
|
|
(5,399 |
) |
|
454,024 |
|
Selling, general and administrative expenses |
117,240 |
|
|
18,230 |
|
|
267,740 |
|
|
(5,399 |
) |
|
397,811 |
|
Operating income (loss) |
(26,951 |
) |
|
4,195 |
|
|
78,969 |
|
|
— |
|
|
56,213 |
|
Interest expense |
(42,742 |
) |
|
(218 |
) |
|
116 |
|
|
— |
|
|
(42,844 |
) |
Interest income |
92 |
|
|
2 |
|
|
— |
|
|
— |
|
|
94 |
|
Other income (expense) |
186 |
|
|
583 |
|
|
(366 |
) |
|
— |
|
|
403 |
|
Income (loss) before taxes and equity in earnings of affiliates |
(69,415 |
) |
|
4,562 |
|
|
78,719 |
|
|
— |
|
|
13,866 |
|
Income tax expense (benefit) |
(26,962 |
) |
|
756 |
|
|
30,251 |
|
|
— |
|
|
4,045 |
|
Equity in earnings of affiliates |
51,257 |
|
|
— |
|
|
1,506 |
|
|
(52,763 |
) |
|
— |
|
Net income (loss) including noncontrolling interest |
8,804 |
|
|
3,806 |
|
|
49,974 |
|
|
(52,763 |
) |
|
9,821 |
|
Noncontrolling interest |
— |
|
|
1,017 |
|
|
— |
|
|
— |
|
|
1,017 |
|
Net income (loss) attributable to Central Garden & Pet Company |
$ |
8,804 |
|
|
$ |
2,789 |
|
|
$ |
49,974 |
|
|
$ |
(52,763 |
) |
|
$ |
8,804 |
|
|
Consolidating Condensed Statements of Comprehensive Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENTS OF
COMPREHENSIVE INCOME
|
|
Fiscal Year Ended September 24, 2016 |
|
(in thousands) |
|
Parent |
|
Non-Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net income |
$ |
44,514 |
|
|
$ |
465 |
|
|
$ |
96,331 |
|
|
$ |
(95,725 |
) |
|
$ |
45,585 |
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
Foreign currency translation |
(1,458 |
) |
|
(1,132 |
) |
|
8 |
|
|
1,124 |
|
|
(1,458 |
) |
Total comprehensive income (loss) |
43,056 |
|
|
(667 |
) |
|
96,339 |
|
|
(94,601 |
) |
|
44,127 |
|
Comprehensive income attributable to noncontrolling interests |
— |
|
|
1,071 |
|
|
— |
|
|
— |
|
|
1,071 |
|
Comprehensive income attributable to Central Garden & Pet Company |
$ |
43,056 |
|
|
$ |
(1,738 |
) |
|
$ |
96,339 |
|
|
$ |
(94,601 |
) |
|
$ |
43,056 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENTS OF
COMPREHENSIVE INCOME
|
|
Fiscal Year Ended September 26, 2015 |
|
(in thousands) |
|
Parent |
|
Non-Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net income |
$ |
31,971 |
|
|
$ |
3,254 |
|
|
$ |
70,383 |
|
|
$ |
(72,593 |
) |
|
$ |
33,015 |
|
Other comprehensive income: |
|
|
|
|
|
|
|
|
|
Unrealized loss on securities |
(10 |
) |
|
— |
|
|
|
|
|
|
|
|
(10 |
) |
Reclassification of realized loss on securities included in net income |
20 |
|
|
— |
|
|
— |
|
|
— |
|
|
20 |
|
Foreign currency translation |
(1,078 |
) |
|
(537 |
) |
|
(380 |
) |
|
917 |
|
|
(1,078 |
) |
Total comprehensive income |
30,903 |
|
|
2,717 |
|
|
70,003 |
|
|
(71,676 |
) |
|
31,947 |
|
Comprehensive income attributable to noncontrolling interests |
— |
|
|
1,044 |
|
|
— |
|
|
— |
|
|
1,044 |
|
Comprehensive income attributable to Central Garden & Pet Company |
$ |
30,903 |
|
|
$ |
1,673 |
|
|
$ |
70,003 |
|
|
$ |
(71,676 |
) |
|
$ |
30,903 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENTS OF
COMPREHENSIVE INCOME
|
|
Fiscal Year Ended September 27, 2014 |
|
(in thousands) |
|
Parent |
|
Non-Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net income (loss) |
$ |
8,804 |
|
|
$ |
3,806 |
|
|
$ |
49,974 |
|
|
$ |
(52,763 |
) |
|
$ |
9,821 |
|
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
Unrealized loss on securities |
(10 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(10 |
) |
Foreign currency translation |
— |
|
|
(200 |
) |
|
— |
|
|
— |
|
|
(200 |
) |
Total comprehensive income (loss) |
8,794 |
|
|
3,606 |
|
|
49,974 |
|
|
(52,763 |
) |
|
9,611 |
|
Comprehensive income attributable to noncontrolling interests |
— |
|
|
1,017 |
|
|
— |
|
|
— |
|
|
1,017 |
|
Comprehensive loss attributable to Central Garden & Pet Company |
$ |
8,794 |
|
|
$ |
2,589 |
|
|
$ |
49,974 |
|
|
$ |
(52,763 |
) |
|
$ |
8,594 |
|
|
Consolidating Condensed Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Shareholders’ equity attributable to Central Garden & Pet |
|
553,014 |
|
|
(18,827 |
) |
|
1,179,691 |
|
|
(1,160,864 |
) |
|
553,014 |
|
Noncontrolling interest |
|
— |
|
|
1,573 |
|
|
— |
|
|
— |
|
|
1,573 |
|
Total equity |
|
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 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 |
|
|
— |
|
|
437,385 |
|
|
(470,080 |
) |
|
— |
|
Investment in subsidiaries |
1,075,028 |
|
|
— |
|
|
— |
|
|
(1,075,028 |
) |
|
— |
|
Total |
$ |
1,389,811 |
|
|
$ |
36,660 |
|
|
$ |
1,256,334 |
|
|
$ |
(1,551,208 |
) |
|
$ |
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 |
426,639 |
|
|
43,441 |
|
|
— |
|
|
(470,080 |
) |
|
— |
|
Losses in excess of investment in subsidiaries |
— |
|
|
— |
|
|
11,867 |
|
|
(11,867 |
) |
|
— |
|
Other long-term obligations |
1,770 |
|
|
— |
|
|
55,952 |
|
|
(6,100 |
) |
|
51,622 |
|
Shareholders’ equity attributable to Central Garden & Pet |
505,286 |
|
|
(12,207 |
) |
|
1,075,368 |
|
|
(1,063,161 |
) |
|
505,286 |
|
Noncontrolling interest |
— |
|
|
1,094 |
|
|
— |
|
|
— |
|
|
1,094 |
|
Total equity |
505,286 |
|
|
(11,113 |
) |
|
1,075,368 |
|
|
(1,063,161 |
) |
|
506,380 |
|
Total |
$ |
1,389,811 |
|
|
$ |
36,660 |
|
|
$ |
1,256,334 |
|
|
$ |
(1,551,208 |
) |
|
$ |
1,131,597 |
|
|
Consolidating Condensed Statement of Cash Flows |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS |
|
Fiscal Year Ended September 24, 2016 |
|
(in thousands) |
|
Parent |
|
Non-Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net cash provided by operating activities |
$ |
3,514 |
|
|
$ |
2,654 |
|
|
$ |
150,141 |
|
|
$ |
(4,883 |
) |
|
$ |
151,426 |
|
Additions to property, plant and equipment |
(4,513 |
) |
|
(717 |
) |
|
(22,392 |
) |
|
— |
|
|
(27,622 |
) |
Payments to acquire companies, net of expenses |
(69,001 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(69,001 |
) |
Proceeds from disposal of land, buildings, etc. |
— |
|
|
— |
|
|
3,911 |
|
|
— |
|
|
3,911 |
|
Change in restricted cash and cash equivalents |
2,247 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,247 |
|
Maturities of short term investments |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Investment in short term investments |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Other investing activities |
(730 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(730 |
) |
Intercompany investing activities |
(83 |
) |
|
— |
|
|
(130,100 |
) |
|
130,183 |
|
|
— |
|
Net cash used by investing activities |
(72,080 |
) |
|
(717 |
) |
|
(148,581 |
) |
|
130,183 |
|
|
(91,195 |
) |
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 |
(400,286 |
) |
|
— |
|
|
(21 |
) |
|
— |
|
|
(400,307 |
) |
Issuance of long-term debt |
400,000 |
|
|
|
|
|
|
|
|
|
|
|
400,000 |
|
Proceeds from issuance of common stock |
324 |
|
|
— |
|
|
— |
|
|
— |
|
|
324 |
|
Excess tax benefits from stock-based awards |
6,869 |
|
|
— |
|
|
— |
|
|
— |
|
|
6,869 |
|
Repurchase of common stock |
(10,873 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(10,873 |
) |
Payments of contingent consideration |
|
|
|
|
|
|
(2,026 |
) |
|
|
|
|
(2,026 |
) |
Payment of deferred financing costs |
(7,560 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(7,560 |
) |
Distribution to parent |
— |
|
|
(4,883 |
) |
|
— |
|
|
4,883 |
|
|
— |
|
Distribution to noncontrolling interest |
— |
|
|
(592 |
) |
|
— |
|
|
— |
|
|
(592 |
) |
Intercompany financing activities |
127,436 |
|
|
2,747 |
|
|
— |
|
|
(130,183 |
) |
|
— |
|
Net cash provided (used) by financing activities |
115,910 |
|
|
(2,728 |
) |
|
(2,047 |
) |
|
(125,300 |
) |
|
(14,165 |
) |
Effect of exchange rates on cash |
(1,466 |
) |
|
464 |
|
|
334 |
|
|
— |
|
|
(668 |
) |
Net increase (decrease) in cash and cash equivalents |
45,878 |
|
|
(327 |
) |
|
(153 |
) |
|
— |
|
|
45,398 |
|
Cash and cash equivalents at beginning of year |
36,280 |
|
|
10,022 |
|
|
1,282 |
|
|
— |
|
|
47,584 |
|
Cash and cash equivalents at end of year |
$ |
82,158 |
|
|
$ |
9,695 |
|
|
$ |
1,129 |
|
|
$ |
— |
|
|
$ |
92,982 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS |
|
Fiscal Year Ended September 26, 2015 |
|
(in thousands) |
|
Parent |
|
Non-Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net cash (used) provided by operating activities |
$ |
(16,823 |
) |
|
$ |
7,372 |
|
|
$ |
103,619 |
|
|
$ |
(6,719 |
) |
|
$ |
87,449 |
|
Additions to property, plant and equipment |
(2,721 |
) |
|
(405 |
) |
|
(18,904 |
) |
|
— |
|
|
(22,030 |
) |
Payments to acquire companies, net of expenses |
(38,384 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(38,384 |
) |
Change in restricted cash and cash equivalents |
1,126 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,126 |
|
Maturities of short term investments |
9,997 |
|
|
— |
|
|
— |
|
|
— |
|
|
9,997 |
|
Investment in short term investments |
(17 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(17 |
) |
Other investing activities |
(546 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(546 |
) |
Intercompany investing activities |
(15,789 |
) |
|
— |
|
|
(85,963 |
) |
|
101,752 |
|
|
— |
|
Net cash (used) provided by investing activities |
(46,334 |
) |
|
(405 |
) |
|
(104,867 |
) |
|
101,752 |
|
|
(49,854 |
) |
Repayments on revolving line of credit |
(312,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(312,000 |
) |
Borrowings on revolving line of credit |
312,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
312,000 |
|
Repayments of long-term debt |
(50,262 |
) |
|
— |
|
|
(27 |
) |
|
— |
|
|
(50,289 |
) |
Proceeds from issuance of common stock |
200 |
|
|
— |
|
|
— |
|
|
— |
|
|
200 |
|
Excess tax benefits from stock-based awards |
2,154 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,154 |
|
Repurchase of common stock |
(18,497 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(18,497 |
) |
Payment of deferred financing costs |
(258 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(258 |
) |
Distribution to parent |
— |
|
|
(6,719 |
) |
|
— |
|
|
6,719 |
|
|
— |
|
Distribution to noncontrolling interest |
— |
|
|
(1,680 |
) |
|
— |
|
|
— |
|
|
(1,680 |
) |
Intercompany financing activities |
103,326 |
|
|
(1,574 |
) |
|
— |
|
|
(101,752 |
) |
|
— |
|
Net cash provided (used) by financing activities |
36,663 |
|
|
(9,973 |
) |
|
(27 |
) |
|
(95,033 |
) |
|
(68,370 |
) |
Effect of exchange rates on cash |
(697 |
) |
|
222 |
|
|
158 |
|
|
— |
|
|
(317 |
) |
Net increase (decrease) in cash and cash equivalents |
(27,191 |
) |
|
(2,784 |
) |
|
(1,117 |
) |
|
— |
|
|
(31,092 |
) |
Cash and cash equivalents at beginning of year |
63,471 |
|
|
12,806 |
|
|
2,399 |
|
|
— |
|
|
78,676 |
|
Cash and cash equivalents at end of year |
$ |
36,280 |
|
|
$ |
10,022 |
|
|
$ |
1,282 |
|
|
$ |
— |
|
|
$ |
47,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS |
|
Fiscal Year Ended September 27, 2014 |
|
(in thousands) |
|
Parent |
|
Non-Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net cash (used) provided by operating activities |
$ |
(4,139 |
) |
|
$ |
7,420 |
|
|
$ |
125,720 |
|
|
$ |
(2,534 |
) |
|
$ |
126,467 |
|
Additions to property, plant and equipment |
(6,721 |
) |
|
(1,027 |
) |
|
(9,425 |
) |
|
— |
|
|
(17,173 |
) |
Businesses acquired, net of cash acquired |
— |
|
|
— |
|
|
(20,282 |
) |
|
— |
|
|
(20,282 |
) |
Proceeds from disposal of plant and equipment |
— |
|
|
— |
|
|
8,737 |
|
|
— |
|
|
8,737 |
|
Change in restricted cash and cash equivalents |
(14,283 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(14,283 |
) |
Maturities of short term investments |
17,820 |
|
|
— |
|
|
— |
|
|
— |
|
|
17,820 |
|
Investment in short term investments |
(10,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(10,000 |
) |
Intercompany investing activities |
(6,726 |
) |
|
— |
|
|
(104,926 |
) |
|
111,652 |
|
|
— |
|
Net cash (used) provided by investing activities |
(19,910 |
) |
|
(1,027 |
) |
|
(125,896 |
) |
|
111,652 |
|
|
(35,181 |
) |
Repayments on revolving line of credit |
(301,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(301,000 |
) |
Borrowings on revolving line of credit |
278,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
278,000 |
|
Repayments of long-term debt |
(243 |
) |
|
— |
|
|
(124 |
) |
|
— |
|
|
(367 |
) |
Proceeds from issuance of common stock |
1,165 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,165 |
|
Excess tax benefits from stock-based awards |
498 |
|
|
— |
|
|
— |
|
|
— |
|
|
498 |
|
Repurchase of common stock |
(2,332 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,332 |
) |
Payment of deferred financing costs |
(3,090 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(3,090 |
) |
Distribution to parent |
— |
|
|
(2,534 |
) |
|
— |
|
|
2,534 |
|
|
— |
|
Distribution to noncontrolling interest |
— |
|
|
(633 |
) |
|
— |
|
|
— |
|
|
(633 |
) |
Intercompany financing activities |
109,057 |
|
|
2,595 |
|
|
— |
|
|
(111,652 |
) |
|
— |
|
Net cash provided (used) by financing activities |
82,055 |
|
|
(572 |
) |
|
(124 |
) |
|
(109,118 |
) |
|
(27,759 |
) |
Effect of exchange rates on cash |
27 |
|
|
(18 |
) |
|
(16 |
) |
|
— |
|
|
(7 |
) |
Net increase (decrease) in cash and cash equivalents |
58,033 |
|
|
5,803 |
|
|
(316 |
) |
|
— |
|
|
63,520 |
|
Cash and cash equivalents at beginning of year |
5,438 |
|
|
7,003 |
|
|
2,715 |
|
|
— |
|
|
15,156 |
|
Cash and cash equivalents at end of year |
$ |
63,471 |
|
|
$ |
12,806 |
|
|
$ |
2,399 |
|
|
$ |
— |
|
|
$ |
78,676 |
|
|