Consolidating Condensed Financial Information of Guarantor Subsidiaries (Tables)
|
6 Months Ended |
Mar. 31, 2018 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
|
Consolidating Condensed Statement of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
|
|
Three Months Ended March 31, 2018 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
195,464 |
|
|
$ |
32,433 |
|
|
$ |
412,348 |
|
|
$ |
(27,151 |
) |
|
$ |
613,094 |
|
Cost of goods sold and occupancy |
|
151,868 |
|
|
24,192 |
|
|
268,072 |
|
|
(25,495 |
) |
|
418,637 |
|
Gross profit |
|
43,596 |
|
|
8,241 |
|
|
144,276 |
|
|
(1,656 |
) |
|
194,457 |
|
Selling, general and administrative expenses |
|
41,677 |
|
|
6,532 |
|
|
82,118 |
|
|
(1,656 |
) |
|
128,671 |
|
Operating income (loss) |
|
1,919 |
|
|
1,709 |
|
|
62,158 |
|
|
— |
|
|
65,786 |
|
Interest expense |
|
(10,510 |
) |
|
(62 |
) |
|
(3 |
) |
|
|
|
|
(10,575 |
) |
Interest income |
|
692 |
|
|
1 |
|
|
— |
|
|
|
|
|
693 |
|
Other (expense) income |
|
1,108 |
|
|
200 |
|
|
197 |
|
|
|
|
|
1,505 |
|
Income (loss) before taxes and equity in earnings (losses) of affiliates |
|
(6,791 |
) |
|
1,848 |
|
|
62,352 |
|
|
— |
|
|
57,409 |
|
Income tax expense (benefit) |
|
(13,753 |
) |
|
(1,549 |
) |
|
26,945 |
|
|
|
|
|
11,643 |
|
Equity in earnings (losses) of affiliates |
|
38,272 |
|
|
— |
|
|
3,841 |
|
|
(42,113 |
) |
|
— |
|
Net income (loss) including noncontrolling interest |
|
45,234 |
|
|
3,397 |
|
|
39,248 |
|
|
(42,113 |
) |
|
45,766 |
|
Net income attributable to noncontrolling interest |
|
— |
|
|
532 |
|
|
— |
|
|
— |
|
|
532 |
|
Net income (loss) attributable to Central Garden & Pet Company |
|
$ |
45,234 |
|
|
$ |
2,865 |
|
|
$ |
39,248 |
|
|
$ |
(42,113 |
) |
|
$ |
45,234 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
|
|
Three Months Ended March 25, 2017 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
190,791 |
|
|
$ |
26,092 |
|
|
$ |
378,673 |
|
|
$ |
(25,632 |
) |
|
$ |
569,924 |
|
Cost of goods sold and occupancy |
|
145,593 |
|
|
20,128 |
|
|
244,680 |
|
|
(24,006 |
) |
|
386,395 |
|
Gross profit |
|
45,198 |
|
|
5,964 |
|
|
133,993 |
|
|
(1,626 |
) |
|
183,529 |
|
Selling, general and administrative expenses |
|
39,347 |
|
|
4,874 |
|
|
77,074 |
|
|
(1,626 |
) |
|
119,669 |
|
Operating income (loss) |
|
5,851 |
|
|
1,090 |
|
|
56,919 |
|
|
— |
|
|
63,860 |
|
Interest expense |
|
(6,759 |
) |
|
(65 |
) |
|
(6 |
) |
|
— |
|
|
(6,830 |
) |
Interest income |
|
7 |
|
|
1 |
|
|
— |
|
|
— |
|
|
8 |
|
Other expense |
|
(737 |
) |
|
(194 |
) |
|
(34 |
) |
|
— |
|
|
(965 |
) |
Income (loss) before taxes and equity in earnings (losses) of affiliates |
|
(1,638 |
) |
|
832 |
|
|
56,879 |
|
|
— |
|
|
56,073 |
|
Income tax expense (benefit) |
|
(718 |
) |
|
448 |
|
|
21,094 |
|
|
— |
|
|
20,824 |
|
Equity in earnings (losses) of affiliates |
|
35,604 |
|
|
— |
|
|
384 |
|
|
(35,988 |
) |
|
— |
|
Net income (loss) including noncontrolling interest |
|
34,684 |
|
|
384 |
|
|
36,169 |
|
|
(35,988 |
) |
|
35,249 |
|
Net income attributable to noncontrolling interest |
|
— |
|
|
565 |
|
|
— |
|
|
— |
|
|
565 |
|
Net income (loss) attributable to Central Garden & Pet Company |
|
$ |
34,684 |
|
|
$ |
(181 |
) |
|
$ |
36,169 |
|
|
$ |
(35,988 |
) |
|
$ |
34,684 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
|
|
Six Months Ended March 31, 2018 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
354,525 |
|
|
$ |
46,176 |
|
|
$ |
698,772 |
|
|
$ |
(44,368 |
) |
|
$ |
1,055,105 |
|
Cost of goods sold and occupancy |
|
277,347 |
|
|
36,008 |
|
|
457,123 |
|
|
(41,667 |
) |
|
728,811 |
|
Gross profit |
|
77,178 |
|
|
10,168 |
|
|
241,649 |
|
|
(2,701 |
) |
|
326,294 |
|
Selling, general and administrative expenses |
|
78,316 |
|
|
10,437 |
|
|
151,935 |
|
|
(2,701 |
) |
|
237,987 |
|
Operating income |
|
(1,138 |
) |
|
(269 |
) |
|
89,714 |
|
|
— |
|
|
88,307 |
|
Interest expense |
|
(17,895 |
) |
|
(78 |
) |
|
(7 |
) |
|
— |
|
|
(17,980 |
) |
Interest income |
|
878 |
|
|
2 |
|
|
— |
|
|
— |
|
|
880 |
|
Other income (expense) |
|
(1,810 |
) |
|
254 |
|
|
(28 |
) |
|
— |
|
|
(1,584 |
) |
Income (loss) before taxes and equity in earnings of affiliates |
|
(19,965 |
) |
|
(91 |
) |
|
89,679 |
|
|
— |
|
|
69,623 |
|
Income tax expense (benefit) |
|
672 |
|
|
(267 |
) |
|
(2,998 |
) |
|
— |
|
|
(2,593 |
) |
Equity in earnings of affiliates |
|
92,118 |
|
|
— |
|
|
941 |
|
|
(93,059 |
) |
|
— |
|
Net income including noncontrolling interest |
|
71,481 |
|
|
176 |
|
|
93,618 |
|
|
(93,059 |
) |
|
72,216 |
|
Net income attributable to noncontrolling interest |
|
— |
|
|
735 |
|
|
— |
|
|
— |
|
|
735 |
|
Net income (loss) attributable to Central Garden & Pet Company |
|
$ |
71,481 |
|
|
$ |
(559 |
) |
|
$ |
93,618 |
|
|
$ |
(93,059 |
) |
|
$ |
71,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
|
|
Six Months Ended March 25, 2017 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
346,309 |
|
|
$ |
40,116 |
|
|
$ |
645,111 |
|
|
$ |
(42,114 |
) |
|
$ |
989,422 |
|
Cost of goods sold and occupancy |
|
266,729 |
|
|
31,806 |
|
|
426,120 |
|
|
(39,440 |
) |
|
685,215 |
|
Gross profit |
|
79,580 |
|
|
8,310 |
|
|
218,991 |
|
|
(2,674 |
) |
|
304,207 |
|
Selling, general and administrative expenses |
|
75,312 |
|
|
8,538 |
|
|
139,233 |
|
|
(2,674 |
) |
|
220,409 |
|
Operating income (loss) |
|
4,268 |
|
|
(228 |
) |
|
79,758 |
|
|
— |
|
|
83,798 |
|
Interest expense |
|
(13,610 |
) |
|
(82 |
) |
|
(11 |
) |
|
— |
|
|
(13,703 |
) |
Interest income |
|
45 |
|
|
1 |
|
|
— |
|
|
— |
|
|
46 |
|
Other income (expense) |
|
(1,340 |
) |
|
(387 |
) |
|
(205 |
) |
|
— |
|
|
(1,932 |
) |
Income (loss) before taxes and equity in earnings of affiliates |
|
(10,637 |
) |
|
(696 |
) |
|
79,542 |
|
|
— |
|
|
68,209 |
|
Income tax expense (benefit) |
|
(3,910 |
) |
|
37 |
|
|
29,044 |
|
|
— |
|
|
25,171 |
|
Equity in earnings of affiliates |
|
49,048 |
|
|
— |
|
|
(427 |
) |
|
(48,621 |
) |
|
— |
|
Net income including noncontrolling interest |
|
42,321 |
|
|
(733 |
) |
|
50,071 |
|
|
(48,621 |
) |
|
43,038 |
|
Net income attributable to noncontrolling interest |
|
— |
|
|
717 |
|
|
— |
|
|
— |
|
|
717 |
|
Net income attributable to Central Garden & Pet Company |
|
$ |
42,321 |
|
|
$ |
(1,450 |
) |
|
$ |
50,071 |
|
|
$ |
(48,621 |
) |
|
$ |
42,321 |
|
|
Consolidating Condensed Statements of Comprehensive Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) |
|
|
Three Months Ended March 31, 2018 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net income (loss) |
|
$ |
45,234 |
|
|
$ |
3,397 |
|
|
$ |
39,248 |
|
|
$ |
(42,113 |
) |
|
$ |
45,766 |
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
Foreign currency translation |
|
234 |
|
|
206 |
|
|
(48 |
) |
|
(158 |
) |
|
234 |
|
Total comprehensive income (loss) |
|
45,468 |
|
|
3,603 |
|
|
39,200 |
|
|
(42,271 |
) |
|
46,000 |
|
Comprehensive income attributable to noncontrolling interests |
|
— |
|
|
532 |
|
|
— |
|
|
— |
|
|
532 |
|
Comprehensive income (loss) attributable to Central Garden & Pet Company |
|
$ |
45,468 |
|
|
$ |
3,071 |
|
|
$ |
39,200 |
|
|
$ |
(42,271 |
) |
|
$ |
45,468 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) |
|
|
Three Months Ended March 25, 2017 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net income (loss) |
|
$ |
34,684 |
|
|
$ |
384 |
|
|
$ |
36,169 |
|
|
$ |
(35,988 |
) |
|
$ |
35,249 |
|
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
Foreign currency translation |
|
144 |
|
|
95 |
|
|
20 |
|
|
(115 |
) |
|
144 |
|
Total comprehensive income (loss) |
|
34,828 |
|
|
479 |
|
|
36,189 |
|
|
(36,103 |
) |
|
35,393 |
|
Comprehensive income attributable to noncontrolling interests |
|
— |
|
|
565 |
|
|
— |
|
|
— |
|
|
565 |
|
Comprehensive income (loss) attributable to Central Garden & Pet Company |
|
$ |
34,828 |
|
|
$ |
(86 |
) |
|
$ |
36,189 |
|
|
$ |
(36,103 |
) |
|
$ |
34,828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) |
|
|
Six Months Ended March 31, 2018 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net income (loss) |
|
$ |
71,481 |
|
|
$ |
176 |
|
|
$ |
93,618 |
|
|
$ |
(93,059 |
) |
|
$ |
72,216 |
|
Other comprehensive loss: |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
Foreign currency translation |
|
278 |
|
|
249 |
|
|
(64 |
) |
|
(185 |
) |
|
278 |
|
Total comprehensive income (loss) |
|
71,759 |
|
|
425 |
|
|
93,554 |
|
|
(93,244 |
) |
|
72,494 |
|
Comprehensive income attributable to noncontrolling interests |
|
— |
|
|
735 |
|
|
— |
|
|
— |
|
|
735 |
|
Comprehensive income (loss) attributable to Central Garden & Pet Company |
|
$ |
71,759 |
|
|
$ |
(310 |
) |
|
$ |
93,554 |
|
|
$ |
(93,244 |
) |
|
$ |
71,759 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) |
|
|
Six Months Ended March 25, 2017 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net income (loss) |
|
$ |
42,321 |
|
|
$ |
(733 |
) |
|
$ |
50,071 |
|
|
$ |
(48,621 |
) |
|
$ |
43,038 |
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
Foreign currency translation |
|
(364 |
) |
|
(260 |
) |
|
(30 |
) |
|
290 |
|
|
(364 |
) |
Total comprehensive income (loss) |
|
41,957 |
|
|
(993 |
) |
|
50,041 |
|
|
(48,331 |
) |
|
42,674 |
|
Comprehensive income attributable to noncontrolling interests |
|
— |
|
|
717 |
|
|
— |
|
|
— |
|
|
717 |
|
Comprehensive income (loss) attributable to Central Garden & Pet Company |
|
$ |
41,957 |
|
|
$ |
(1,710 |
) |
|
$ |
50,041 |
|
|
$ |
(48,331 |
) |
|
$ |
41,957 |
|
|
Consolidating Condensed Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED BALANCE SHEET |
|
|
March 31, 2018 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
123,840 |
|
|
$ |
7,170 |
|
|
$ |
1,255 |
|
|
$ |
— |
|
|
$ |
132,265 |
|
Restricted cash |
|
13,948 |
|
|
— |
|
|
— |
|
|
— |
|
|
13,948 |
|
Accounts receivable, net |
|
132,218 |
|
|
19,938 |
|
|
242,995 |
|
|
— |
|
|
395,151 |
|
Inventories |
|
137,108 |
|
|
43,438 |
|
|
284,976 |
|
|
— |
|
|
465,522 |
|
Prepaid expenses and other |
|
6,157 |
|
|
2,086 |
|
|
18,434 |
|
|
— |
|
|
26,677 |
|
Total current assets |
|
413,271 |
|
|
72,632 |
|
|
547,660 |
|
|
— |
|
|
1,033,563 |
|
Land, buildings, improvements and equipment, net |
|
35,314 |
|
|
34,632 |
|
|
140,617 |
|
|
|
|
|
210,563 |
|
Goodwill |
|
15,058 |
|
|
— |
|
|
253,185 |
|
|
|
|
|
268,243 |
|
Other long-term assets |
|
56,612 |
|
|
14,642 |
|
|
132,916 |
|
|
(12,576 |
) |
|
191,594 |
|
Intercompany receivable |
|
54,117 |
|
|
— |
|
|
610,760 |
|
|
(664,877 |
) |
|
— |
|
Investment in subsidiaries |
|
1,539,309 |
|
|
— |
|
|
— |
|
|
(1,539,309 |
) |
|
— |
|
Total |
|
$ |
2,113,681 |
|
|
$ |
121,906 |
|
|
$ |
1,685,138 |
|
|
$ |
(2,216,762 |
) |
|
$ |
1,703,963 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
48,659 |
|
|
$ |
19,752 |
|
|
$ |
82,564 |
|
|
$ |
— |
|
|
$ |
150,975 |
|
Accrued expenses |
|
63,951 |
|
|
5,303 |
|
|
47,160 |
|
|
— |
|
|
116,414 |
|
Current portion of long-term debt |
|
— |
|
|
— |
|
|
20 |
|
|
— |
|
|
20 |
|
Total current liabilities |
|
112,610 |
|
|
25,055 |
|
|
129,744 |
|
|
— |
|
|
267,409 |
|
Long-term debt |
|
690,947 |
|
|
— |
|
|
137 |
|
|
|
|
|
691,084 |
|
Intercompany payable |
|
597,619 |
|
|
67,258 |
|
|
— |
|
|
(664,877 |
) |
|
— |
|
Losses in excess of investment in subsidiaries |
|
— |
|
|
— |
|
|
25,228 |
|
|
(25,228 |
) |
|
— |
|
Other long-term obligations |
|
7,997 |
|
|
— |
|
|
44,947 |
|
|
(12,576 |
) |
|
40,368 |
|
Total Central Garden & Pet shareholders’ equity (deficit) |
|
704,508 |
|
|
28,999 |
|
|
1,485,082 |
|
|
(1,514,081 |
) |
|
704,508 |
|
Noncontrolling interest |
|
— |
|
|
594 |
|
|
— |
|
|
— |
|
|
594 |
|
Total equity (deficit) |
|
704,508 |
|
|
29,593 |
|
|
1,485,082 |
|
|
(1,514,081 |
) |
|
705,102 |
|
Total |
|
$ |
2,113,681 |
|
|
$ |
121,906 |
|
|
$ |
1,685,138 |
|
|
$ |
(2,216,762 |
) |
|
$ |
1,703,963 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED BALANCE SHEET |
|
|
March 25, 2017 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
492 |
|
|
$ |
4,764 |
|
|
$ |
913 |
|
|
$ |
— |
|
|
$ |
6,169 |
|
Restricted cash |
|
10,988 |
|
|
— |
|
|
— |
|
|
— |
|
|
10,988 |
|
Accounts receivable, net |
|
113,600 |
|
|
14,366 |
|
|
215,236 |
|
|
— |
|
|
343,202 |
|
Inventories |
|
138,493 |
|
|
16,901 |
|
|
270,991 |
|
|
— |
|
|
426,385 |
|
Prepaid expenses and other |
|
7,701 |
|
|
813 |
|
|
15,096 |
|
|
— |
|
|
23,610 |
|
Total current assets |
|
271,274 |
|
|
36,844 |
|
|
502,236 |
|
|
— |
|
|
810,354 |
|
Land, buildings, improvements and equipment, net |
|
38,932 |
|
|
4,045 |
|
|
132,963 |
|
|
— |
|
|
175,940 |
|
Goodwill |
|
15,058 |
|
|
— |
|
|
215,327 |
|
|
— |
|
|
230,385 |
|
Other long-term assets |
|
40,704 |
|
|
3,381 |
|
|
127,924 |
|
|
(20,224 |
) |
|
151,785 |
|
Intercompany receivable |
|
44,957 |
|
|
— |
|
|
511,319 |
|
|
(556,276 |
) |
|
— |
|
Investment in subsidiaries |
|
1,287,126 |
|
|
— |
|
|
— |
|
|
(1,287,126 |
) |
|
— |
|
Total |
|
$ |
1,698,051 |
|
|
$ |
44,270 |
|
|
$ |
1,489,769 |
|
|
$ |
(1,863,626 |
) |
|
$ |
1,368,464 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
51,357 |
|
|
$ |
11,199 |
|
|
$ |
79,235 |
|
|
$ |
— |
|
|
$ |
141,791 |
|
Accrued expenses |
|
53,301 |
|
|
2,131 |
|
|
45,989 |
|
|
— |
|
|
101,421 |
|
Current portion of long-term debt |
|
— |
|
|
— |
|
|
374 |
|
|
— |
|
|
374 |
|
Total current liabilities |
|
104,658 |
|
|
13,330 |
|
|
125,598 |
|
|
— |
|
|
243,586 |
|
Long-term debt |
|
495,762 |
|
|
— |
|
|
108 |
|
|
— |
|
|
495,870 |
|
Intercompany payable |
|
501,993 |
|
|
54,283 |
|
|
— |
|
|
(556,276 |
) |
|
— |
|
Losses in excess of investment in subsidiaries |
|
— |
|
|
— |
|
|
20,629 |
|
|
(20,629 |
) |
|
— |
|
Other long-term obligations |
|
2,418 |
|
|
— |
|
|
52,323 |
|
|
(20,224 |
) |
|
34,517 |
|
Total Central Garden & Pet shareholders’ equity (deficit) |
|
593,220 |
|
|
(24,614 |
) |
|
1,291,111 |
|
|
(1,266,497 |
) |
|
593,220 |
|
Noncontrolling interest |
|
— |
|
|
1,271 |
|
|
— |
|
|
— |
|
|
1,271 |
|
Total equity (deficit) |
|
593,220 |
|
|
(23,343 |
) |
|
1,291,111 |
|
|
(1,266,497 |
) |
|
594,491 |
|
Total |
|
$ |
1,698,051 |
|
|
$ |
44,270 |
|
|
$ |
1,489,769 |
|
|
$ |
(1,863,626 |
) |
|
$ |
1,368,464 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED BALANCE SHEET |
|
|
September 30, 2017 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
19,238 |
|
|
$ |
11,693 |
|
|
$ |
1,466 |
|
|
$ |
— |
|
|
$ |
32,397 |
|
Restricted cash |
|
12,645 |
|
|
— |
|
|
— |
|
|
— |
|
|
12,645 |
|
Accounts receivable, net |
|
78,692 |
|
|
5,586 |
|
|
153,590 |
|
|
— |
|
|
237,868 |
|
Inventories |
|
125,797 |
|
|
9,493 |
|
|
246,811 |
|
|
— |
|
|
382,101 |
|
Prepaid expenses and other assets |
|
6,059 |
|
|
811 |
|
|
11,175 |
|
|
— |
|
|
18,045 |
|
Total current assets |
|
242,431 |
|
|
27,583 |
|
|
413,042 |
|
|
— |
|
|
683,056 |
|
Land, buildings, improvements and equipment, net |
|
38,170 |
|
|
4,225 |
|
|
138,518 |
|
|
— |
|
|
180,913 |
|
Goodwill |
|
15,058 |
|
|
— |
|
|
241,217 |
|
|
— |
|
|
256,275 |
|
Other long-term assets |
|
61,715 |
|
|
2,376 |
|
|
146,372 |
|
|
(23,801 |
) |
|
186,662 |
|
Intercompany receivable |
|
36,606 |
|
|
— |
|
|
662,137 |
|
|
(698,743 |
) |
|
— |
|
Investment in subsidiaries |
|
1,383,633 |
|
|
— |
|
|
— |
|
|
(1,383,633 |
) |
|
— |
|
Total |
|
$ |
1,777,613 |
|
|
$ |
34,184 |
|
|
$ |
1,601,286 |
|
|
$ |
(2,106,177 |
) |
|
$ |
1,306,906 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
36,760 |
|
|
$ |
3,076 |
|
|
$ |
63,447 |
|
|
$ |
— |
|
|
$ |
103,283 |
|
Accrued expenses and other liabilities |
|
54,909 |
|
|
2,391 |
|
|
59,249 |
|
|
— |
|
|
116,549 |
|
Current portion of long term debt |
|
— |
|
|
— |
|
|
375 |
|
|
— |
|
|
375 |
|
Total current liabilities |
|
91,669 |
|
|
5,467 |
|
|
123,071 |
|
|
— |
|
|
220,207 |
|
Long-term debt |
|
395,160 |
|
|
— |
|
|
118 |
|
|
— |
|
|
395,278 |
|
Intercompany payable |
|
647,409 |
|
|
51,334 |
|
|
— |
|
|
(698,743 |
) |
|
— |
|
Losses in excess of investment in subsidiaries |
|
— |
|
|
— |
|
|
19,782 |
|
|
(19,782 |
) |
|
— |
|
Other long-term obligations |
|
7,689 |
|
|
— |
|
|
70,391 |
|
|
(23,801 |
) |
|
54,279 |
|
Total Central Garden & Pet shareholders’ equity (deficit) |
|
635,686 |
|
|
(24,073 |
) |
|
1,387,924 |
|
|
(1,363,851 |
) |
|
635,686 |
|
Noncontrolling interest |
|
— |
|
|
1,456 |
|
|
— |
|
|
— |
|
|
1,456 |
|
Total equity (deficit) |
|
635,686 |
|
|
(22,617 |
) |
|
1,387,924 |
|
|
(1,363,851 |
) |
|
637,142 |
|
Total |
|
$ |
1,777,613 |
|
|
$ |
34,184 |
|
|
$ |
1,601,286 |
|
|
$ |
(2,106,177 |
) |
|
$ |
1,306,906 |
|
|
Consolidating Condensed Statement of Cash Flows |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS |
|
|
Six Months Ended March 31, 2018 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net cash provided (used) by operating activities |
|
$ |
(36,868 |
) |
|
$ |
(11,840 |
) |
|
$ |
(38,863 |
) |
|
$ |
(6,387 |
) |
|
$ |
(93,958 |
) |
Additions to property and equipment |
|
(4,923 |
) |
|
(494 |
) |
|
(12,149 |
) |
|
|
|
|
(17,566 |
) |
Payments to acquire companies, net of cash acquired |
|
(63,372 |
) |
|
|
|
|
|
|
|
|
|
|
(63,372 |
) |
Change in restricted cash and cash equivalents |
|
(1,303 |
) |
|
|
|
|
|
|
|
|
|
|
(1,303 |
) |
Investments |
|
(6,555 |
) |
|
|
|
|
|
|
|
(6,555 |
) |
Other investing activities |
|
(2,180 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,180 |
) |
Intercompany investing activities |
|
(17,512 |
) |
|
|
|
|
51,377 |
|
|
(33,865 |
) |
|
— |
|
Net cash used by investing activities |
|
(95,845 |
) |
|
(494 |
) |
|
39,228 |
|
|
(33,865 |
) |
|
(90,976 |
) |
Repayments on revolving line of credit |
|
(23,000 |
) |
|
|
|
|
|
|
|
|
|
|
(23,000 |
) |
Borrowings under revolving line of credit |
|
23,000 |
|
|
|
|
|
|
|
|
|
|
|
23,000 |
|
Issuance of long-term debt |
|
300,000 |
|
|
|
|
|
|
|
|
|
|
|
300,000 |
|
Repayments under long-term debt |
|
|
|
|
|
|
|
(360 |
) |
|
|
|
|
(360 |
) |
Payment of financing costs |
|
(4,765 |
) |
|
|
|
|
|
|
|
|
|
|
(4,765 |
) |
Repurchase of common stock |
|
(8,473 |
) |
|
|
|
|
|
|
|
|
|
|
(8,473 |
) |
Distribution to parent |
|
|
|
|
(6,387 |
) |
|
|
|
|
6,387 |
|
|
— |
|
Distribution to noncontrolling interest |
|
|
|
|
(1,597 |
) |
|
|
|
|
|
|
|
(1,597 |
) |
Payment of contingent consideration liability |
|
|
|
|
— |
|
|
(123 |
) |
|
— |
|
|
(123 |
) |
Intercompany financing activities |
|
(49,789 |
) |
|
15,924 |
|
|
|
|
|
33,865 |
|
|
— |
|
Net cash provided (used) by financing activities |
|
236,973 |
|
|
7,940 |
|
|
(483 |
) |
|
40,252 |
|
|
284,682 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
342 |
|
|
(129 |
) |
|
(93 |
) |
|
|
|
|
120 |
|
Net increase (decrease) in cash and cash equivalents |
|
104,602 |
|
|
(4,523 |
) |
|
(211 |
) |
|
— |
|
|
99,868 |
|
Cash and cash equivalents at beginning of period |
|
19,238 |
|
|
11,693 |
|
|
1,466 |
|
|
— |
|
|
32,397 |
|
Cash and cash equivalents at end of period |
|
$ |
123,840 |
|
|
$ |
7,170 |
|
|
$ |
1,255 |
|
|
$ |
— |
|
|
$ |
132,265 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS |
|
|
Six Months Ended March 25, 2017 |
|
|
(in thousands) |
|
|
Parent |
|
Non-Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net cash (used) provided by operating activities |
|
$ |
(43,383 |
) |
|
$ |
(7,352 |
) |
|
$ |
(41,431 |
) |
|
$ |
(4,076 |
) |
|
$ |
(96,242 |
) |
Additions to property, plant and equipment |
|
(4,357 |
) |
|
(413 |
) |
|
(22,024 |
) |
|
— |
|
|
(26,794 |
) |
Payments to acquire companies, net of cash acquired |
|
(60,042 |
) |
|
— |
|
|
|
|
|
— |
|
|
(60,042 |
) |
Change in restricted cash and cash equivalents |
|
(78 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(78 |
) |
Proceeds from sale of plant assets |
|
2 |
|
|
|
|
8,266 |
|
|
|
|
8,268 |
|
Investments |
|
(2,000 |
) |
|
|
|
|
|
|
|
|
|
|
(2,000 |
) |
Other investing activities |
|
(1,395 |
) |
|
|
|
|
|
|
|
|
|
|
(1,395 |
) |
Intercompany investing activities |
|
(14,089 |
) |
|
— |
|
|
50,108 |
|
|
(36,019 |
) |
|
— |
|
Net cash used by investing activities |
|
(81,959 |
) |
|
(413 |
) |
|
36,350 |
|
|
(36,019 |
) |
|
(82,041 |
) |
Repayments under revolving line of credit |
|
(115,000 |
) |
|
— |
|
|
|
|
|
— |
|
|
(115,000 |
) |
Borrowings under revolving line of credit |
|
216,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
216,000 |
|
Repayments under long-term debt |
|
(88 |
) |
|
— |
|
|
(361 |
) |
|
— |
|
|
(449 |
) |
Issuance of long-term debt |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Excess tax benefits from stock-based awards |
|
13,166 |
|
|
— |
|
|
— |
|
|
— |
|
|
13,166 |
|
Repurchase of common stock |
|
(20,172 |
) |
|
|
|
|
— |
|
|
|
|
|
(20,172 |
) |
Distribution to parent |
|
— |
|
|
(4,076 |
) |
|
— |
|
|
4,076 |
|
|
— |
|
Distribution to noncontrolling interest |
|
— |
|
|
(1,019 |
) |
|
— |
|
|
— |
|
|
(1,019 |
) |
Payment of contingent consideration |
|
— |
|
|
— |
|
|
(894 |
) |
|
— |
|
|
(894 |
) |
Intercompany financing activities |
|
(49,895 |
) |
|
7,830 |
|
|
6,046 |
|
|
36,019 |
|
|
— |
|
Net cash provided (used) by financing activities |
|
44,011 |
|
|
2,735 |
|
|
4,791 |
|
|
40,095 |
|
|
91,632 |
|
Effect of exchange rates on cash |
|
(335 |
) |
|
99 |
|
|
74 |
|
|
— |
|
|
(162 |
) |
Net decrease in cash and cash equivalents |
|
(81,666 |
) |
|
(4,931 |
) |
|
(216 |
) |
|
— |
|
|
(86,813 |
) |
Cash and cash equivalents at beginning of year |
|
82,158 |
|
|
9,695 |
|
|
1,129 |
|
|
— |
|
|
92,982 |
|
Cash and cash equivalents at end of year |
|
$ |
492 |
|
|
$ |
4,764 |
|
|
$ |
913 |
|
|
$ |
— |
|
|
$ |
6,169 |
|
|