Consolidating Condensed Financial Information of Guarantor Subsidiaries (Tables)
|
6 Months Ended |
Mar. 30, 2019 |
Condensed Financial Information Disclosure [Abstract] |
|
Consolidating Condensed Statement of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
|
|
Three Months Ended March 30, 2019 |
|
|
(in thousands) |
|
|
Parent |
|
Non- Guarantor Subsidiaries |
|
Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
214,042 |
|
|
$ |
35,191 |
|
|
$ |
449,810 |
|
|
$ |
(25,342 |
) |
|
$ |
673,701 |
|
Cost of goods sold and occupancy |
|
163,133 |
|
|
30,343 |
|
|
297,864 |
|
|
(23,690 |
) |
|
467,650 |
|
Gross profit |
|
50,909 |
|
|
4,848 |
|
|
151,946 |
|
|
(1,652 |
) |
|
206,051 |
|
Selling, general and administrative expenses |
|
47,135 |
|
|
10,485 |
|
|
87,930 |
|
|
(1,652 |
) |
|
143,898 |
|
Operating income (loss) |
|
3,774 |
|
|
(5,637 |
) |
|
64,016 |
|
|
— |
|
|
62,153 |
|
Interest expense |
|
(10,482 |
) |
|
(141 |
) |
|
(17 |
) |
|
— |
|
|
(10,640 |
) |
Interest income |
|
2,250 |
|
|
5 |
|
|
— |
|
|
— |
|
|
2,255 |
|
Other (expense) income |
|
305 |
|
|
243 |
|
|
(48 |
) |
|
— |
|
|
500 |
|
Income (loss) before taxes and equity in earnings (losses) of affiliates |
|
(4,153 |
) |
|
(5,530 |
) |
|
63,951 |
|
|
— |
|
|
54,268 |
|
Income tax expense (benefit) |
|
(1,748 |
) |
|
(55 |
) |
|
13,349 |
|
|
— |
|
|
11,546 |
|
Equity in earnings (losses) of affiliates |
|
44,796 |
|
|
— |
|
|
(101 |
) |
|
(44,695 |
) |
|
— |
|
Net income (loss) including noncontrolling interest |
|
42,391 |
|
|
(5,475 |
) |
|
50,501 |
|
|
(44,695 |
) |
|
42,722 |
|
Net loss attributable to noncontrolling interest |
|
— |
|
|
331 |
|
|
— |
|
|
— |
|
|
331 |
|
Net income (loss) attributable to Central Garden & Pet Company |
|
$ |
42,391 |
|
|
$ |
(5,806 |
) |
|
$ |
50,501 |
|
|
$ |
(44,695 |
) |
|
$ |
42,391 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 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 of affiliates |
|
38,272 |
|
|
— |
|
|
3,841 |
|
|
(42,113 |
) |
|
— |
|
Net income including noncontrolling interest |
|
45,234 |
|
|
3,397 |
|
|
39,248 |
|
|
(42,113 |
) |
|
45,766 |
|
Net income attributable to noncontrolling interest |
|
— |
|
|
532 |
|
|
— |
|
|
— |
|
|
532 |
|
Net income attributable to Central Garden & Pet Company |
|
$ |
45,234 |
|
|
$ |
2,865 |
|
|
$ |
39,248 |
|
|
$ |
(42,113 |
) |
|
$ |
45,234 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
|
|
Six Months Ended March 30, 2019 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
387,448 |
|
|
$ |
58,820 |
|
|
$ |
729,644 |
|
|
$ |
(40,221 |
) |
|
$ |
1,135,691 |
|
Cost of goods sold and occupancy |
|
299,146 |
|
|
52,346 |
|
|
485,547 |
|
|
(37,581 |
) |
|
799,458 |
|
Gross profit |
|
88,302 |
|
|
6,474 |
|
|
244,097 |
|
|
(2,640 |
) |
|
336,233 |
|
Selling, general and administrative expenses |
|
90,800 |
|
|
17,836 |
|
|
157,903 |
|
|
(2,640 |
) |
|
263,899 |
|
Operating income (loss) |
|
(2,498 |
) |
|
(11,362 |
) |
|
86,194 |
|
|
— |
|
|
72,334 |
|
Interest expense |
|
(20,979 |
) |
|
(255 |
) |
|
(20 |
) |
|
— |
|
|
(21,254 |
) |
Interest income |
|
4,783 |
|
|
9 |
|
|
— |
|
|
— |
|
|
4,792 |
|
Other income (expense) |
|
342 |
|
|
27 |
|
|
(61 |
) |
|
— |
|
|
308 |
|
Income (loss) before taxes and equity in earnings of affiliates |
|
(18,352 |
) |
|
(11,581 |
) |
|
86,113 |
|
|
— |
|
|
56,180 |
|
Income tax expense (benefit) |
|
(3,836 |
) |
|
(311 |
) |
|
15,966 |
|
|
— |
|
|
11,819 |
|
Equity in earnings (losses) of affiliates |
|
58,710 |
|
|
— |
|
|
(1,213 |
) |
|
(57,497 |
) |
|
— |
|
Net income (loss) including noncontrolling interest |
|
44,194 |
|
|
(11,270 |
) |
|
68,934 |
|
|
(57,497 |
) |
|
44,361 |
|
Net income attributable to noncontrolling interest |
|
— |
|
|
167 |
|
|
— |
|
|
— |
|
|
167 |
|
Net income (loss) attributable to Central Garden & Pet Company |
|
$ |
44,194 |
|
|
$ |
(11,437 |
) |
|
$ |
68,934 |
|
|
$ |
(57,497 |
) |
|
$ |
44,194 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 (loss) |
|
(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 Statements of Comprehensive Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) |
|
|
Three Months Ended March 30, 2019 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net income (loss) |
|
$ |
42,391 |
|
|
$ |
(5,475 |
) |
|
$ |
50,501 |
|
|
$ |
(44,695 |
) |
|
$ |
42,722 |
|
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
Foreign currency translation |
|
212 |
|
|
127 |
|
|
35 |
|
|
(162 |
) |
|
212 |
|
Total comprehensive income (loss) |
|
42,603 |
|
|
(5,348 |
) |
|
50,536 |
|
|
(44,857 |
) |
|
42,934 |
|
Comprehensive loss attributable to noncontrolling interests |
|
— |
|
|
331 |
|
|
— |
|
|
— |
|
|
331 |
|
Comprehensive income (loss) attributable to Central Garden & Pet Company |
|
$ |
42,603 |
|
|
$ |
(5,679 |
) |
|
$ |
50,536 |
|
|
$ |
(44,857 |
) |
|
$ |
42,603 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
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) |
|
|
Six Months Ended March 30, 2019 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net income (loss) |
|
$ |
44,194 |
|
|
$ |
(11,270 |
) |
|
$ |
68,934 |
|
|
$ |
(57,497 |
) |
|
$ |
44,361 |
|
Other comprehensive loss: |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
Foreign currency translation |
|
(62 |
) |
|
(2 |
) |
|
(60 |
) |
|
62 |
|
|
(62 |
) |
Total comprehensive income (loss) |
|
44,132 |
|
|
(11,272 |
) |
|
68,874 |
|
|
(57,435 |
) |
|
44,299 |
|
Comprehensive income attributable to noncontrolling interests |
|
— |
|
|
167 |
|
|
— |
|
|
— |
|
|
167 |
|
Comprehensive income (loss) attributable to Central Garden & Pet Company |
|
$ |
44,132 |
|
|
$ |
(11,439 |
) |
|
$ |
68,874 |
|
|
$ |
(57,435 |
) |
|
$ |
44,132 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
71,481 |
|
|
$ |
176 |
|
|
$ |
93,618 |
|
|
$ |
(93,059 |
) |
|
$ |
72,216 |
|
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation |
|
278 |
|
|
249 |
|
|
(64 |
) |
|
(185 |
) |
|
278 |
|
Total comprehensive income |
|
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 BALANCE SHEET |
|
|
March 30, 2019 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
322,149 |
|
|
$ |
6,354 |
|
|
$ |
1,221 |
|
|
$ |
— |
|
|
$ |
329,724 |
|
Restricted cash |
|
10,888 |
|
|
— |
|
|
5,227 |
|
|
— |
|
|
16,115 |
|
Accounts receivable, net |
|
134,251 |
|
|
22,844 |
|
|
299,034 |
|
|
— |
|
|
456,129 |
|
Inventories |
|
138,778 |
|
|
46,035 |
|
|
332,345 |
|
|
— |
|
|
517,158 |
|
Prepaid expenses and other |
|
8,355 |
|
|
1,386 |
|
|
23,420 |
|
|
— |
|
|
33,161 |
|
Total current assets |
|
614,421 |
|
|
76,619 |
|
|
661,247 |
|
|
— |
|
|
1,352,287 |
|
Land, buildings, improvements and equipment, net |
|
29,701 |
|
|
36,180 |
|
|
151,657 |
|
|
— |
|
|
217,538 |
|
Goodwill |
|
20,578 |
|
|
7,414 |
|
|
253,185 |
|
|
— |
|
|
281,177 |
|
Other long-term assets |
|
47,512 |
|
|
6,273 |
|
|
147,035 |
|
|
(5,682 |
) |
|
195,138 |
|
Intercompany receivable |
|
59,152 |
|
|
— |
|
|
680,937 |
|
|
(740,089 |
) |
|
— |
|
Investment in subsidiaries |
|
1,688,163 |
|
|
— |
|
|
— |
|
|
(1,688,163 |
) |
|
— |
|
Total |
|
$ |
2,459,527 |
|
|
$ |
126,486 |
|
|
$ |
1,894,061 |
|
|
$ |
(2,433,934 |
) |
|
$ |
2,046,140 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
41,488 |
|
|
$ |
21,833 |
|
|
$ |
94,275 |
|
|
$ |
— |
|
|
$ |
157,596 |
|
Accrued expenses |
|
55,181 |
|
|
6,200 |
|
|
75,032 |
|
|
— |
|
|
136,413 |
|
Current portion of long-term debt |
|
119 |
|
|
— |
|
|
5,000 |
|
|
— |
|
|
5,119 |
|
Total current liabilities |
|
96,788 |
|
|
28,033 |
|
|
174,307 |
|
|
— |
|
|
299,128 |
|
Long-term debt |
|
692,459 |
|
|
— |
|
|
187 |
|
|
— |
|
|
692,646 |
|
Intercompany payable |
|
662,927 |
|
|
77,163 |
|
|
— |
|
|
(740,090 |
) |
|
— |
|
Losses in excess of investment in subsidiaries |
|
— |
|
|
— |
|
|
26,248 |
|
|
(26,248 |
) |
|
— |
|
Other long-term obligations |
|
8,604 |
|
|
— |
|
|
52,142 |
|
|
(5,682 |
) |
|
55,064 |
|
Total Central Garden & Pet shareholders’ equity |
|
998,749 |
|
|
20,737 |
|
|
1,641,177 |
|
|
(1,661,914 |
) |
|
998,749 |
|
Noncontrolling interest |
|
|
|
|
553 |
|
|
— |
|
|
|
|
|
553 |
|
Total equity |
|
998,749 |
|
|
21,290 |
|
|
1,641,177 |
|
|
(1,661,914 |
) |
|
999,302 |
|
Total |
|
$ |
2,459,527 |
|
|
$ |
126,486 |
|
|
$ |
1,894,061 |
|
|
$ |
(2,433,934 |
) |
|
$ |
2,046,140 |
|
|
Consolidating Condensed Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED BALANCE SHEET |
|
|
March 30, 2019 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
322,149 |
|
|
$ |
6,354 |
|
|
$ |
1,221 |
|
|
$ |
— |
|
|
$ |
329,724 |
|
Restricted cash |
|
10,888 |
|
|
— |
|
|
5,227 |
|
|
— |
|
|
16,115 |
|
Accounts receivable, net |
|
134,251 |
|
|
22,844 |
|
|
299,034 |
|
|
— |
|
|
456,129 |
|
Inventories |
|
138,778 |
|
|
46,035 |
|
|
332,345 |
|
|
— |
|
|
517,158 |
|
Prepaid expenses and other |
|
8,355 |
|
|
1,386 |
|
|
23,420 |
|
|
— |
|
|
33,161 |
|
Total current assets |
|
614,421 |
|
|
76,619 |
|
|
661,247 |
|
|
— |
|
|
1,352,287 |
|
Land, buildings, improvements and equipment, net |
|
29,701 |
|
|
36,180 |
|
|
151,657 |
|
|
— |
|
|
217,538 |
|
Goodwill |
|
20,578 |
|
|
7,414 |
|
|
253,185 |
|
|
— |
|
|
281,177 |
|
Other long-term assets |
|
47,512 |
|
|
6,273 |
|
|
147,035 |
|
|
(5,682 |
) |
|
195,138 |
|
Intercompany receivable |
|
59,152 |
|
|
— |
|
|
680,937 |
|
|
(740,089 |
) |
|
— |
|
Investment in subsidiaries |
|
1,688,163 |
|
|
— |
|
|
— |
|
|
(1,688,163 |
) |
|
— |
|
Total |
|
$ |
2,459,527 |
|
|
$ |
126,486 |
|
|
$ |
1,894,061 |
|
|
$ |
(2,433,934 |
) |
|
$ |
2,046,140 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
41,488 |
|
|
$ |
21,833 |
|
|
$ |
94,275 |
|
|
$ |
— |
|
|
$ |
157,596 |
|
Accrued expenses |
|
55,181 |
|
|
6,200 |
|
|
75,032 |
|
|
— |
|
|
136,413 |
|
Current portion of long-term debt |
|
119 |
|
|
— |
|
|
5,000 |
|
|
— |
|
|
5,119 |
|
Total current liabilities |
|
96,788 |
|
|
28,033 |
|
|
174,307 |
|
|
— |
|
|
299,128 |
|
Long-term debt |
|
692,459 |
|
|
— |
|
|
187 |
|
|
— |
|
|
692,646 |
|
Intercompany payable |
|
662,927 |
|
|
77,163 |
|
|
— |
|
|
(740,090 |
) |
|
— |
|
Losses in excess of investment in subsidiaries |
|
— |
|
|
— |
|
|
26,248 |
|
|
(26,248 |
) |
|
— |
|
Other long-term obligations |
|
8,604 |
|
|
— |
|
|
52,142 |
|
|
(5,682 |
) |
|
55,064 |
|
Total Central Garden & Pet shareholders’ equity |
|
998,749 |
|
|
20,737 |
|
|
1,641,177 |
|
|
(1,661,914 |
) |
|
998,749 |
|
Noncontrolling interest |
|
|
|
|
553 |
|
|
— |
|
|
|
|
|
553 |
|
Total equity |
|
998,749 |
|
|
21,290 |
|
|
1,641,177 |
|
|
(1,661,914 |
) |
|
999,302 |
|
Total |
|
$ |
2,459,527 |
|
|
$ |
126,486 |
|
|
$ |
1,894,061 |
|
|
$ |
(2,433,934 |
) |
|
$ |
2,046,140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
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 |
|
|
September 29, 2018 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
474,210 |
|
|
$ |
6,005 |
|
|
$ |
1,891 |
|
|
$ |
— |
|
|
$ |
482,106 |
|
Restricted cash |
|
10,899 |
|
|
— |
|
|
— |
|
|
— |
|
|
10,899 |
|
Accounts receivable, net |
|
94,657 |
|
|
9,647 |
|
|
171,604 |
|
|
— |
|
|
275,908 |
|
Inventories |
|
123,178 |
|
|
32,556 |
|
|
272,089 |
|
|
— |
|
|
427,823 |
|
Prepaid expenses and other assets |
|
6,304 |
|
|
1,455 |
|
|
12,803 |
|
|
— |
|
|
20,562 |
|
Total current assets |
|
709,248 |
|
|
49,663 |
|
|
458,387 |
|
|
— |
|
|
1,217,298 |
|
Land, buildings, improvements and equipment, net |
|
33,484 |
|
|
33,840 |
|
|
150,323 |
|
|
— |
|
|
217,647 |
|
Goodwill |
|
20,578 |
|
|
7,414 |
|
|
253,185 |
|
|
— |
|
|
281,177 |
|
Other long-term assets |
|
62,199 |
|
|
7,469 |
|
|
133,145 |
|
|
(11,726 |
) |
|
191,087 |
|
Intercompany receivable |
|
40,365 |
|
|
— |
|
|
769,886 |
|
|
(810,251 |
) |
|
— |
|
Investment in subsidiaries |
|
1,618,378 |
|
|
— |
|
|
— |
|
|
(1,618,378 |
) |
|
— |
|
Total |
|
$ |
2,484,252 |
|
|
$ |
98,386 |
|
|
$ |
1,764,926 |
|
|
$ |
(2,440,355 |
) |
|
$ |
1,907,209 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
33,122 |
|
|
$ |
4,759 |
|
|
$ |
72,378 |
|
|
$ |
— |
|
|
$ |
110,259 |
|
Accrued expenses and other liabilities |
|
44,142 |
|
|
4,746 |
|
|
53,695 |
|
|
— |
|
|
102,583 |
|
Current portion of long term debt |
|
116 |
|
|
— |
|
|
6 |
|
|
— |
|
|
122 |
|
Total current liabilities |
|
77,380 |
|
|
9,505 |
|
|
126,079 |
|
|
— |
|
|
212,964 |
|
Long-term debt |
|
691,869 |
|
|
— |
|
|
162 |
|
|
— |
|
|
692,031 |
|
Intercompany payable |
|
753,933 |
|
|
56,318 |
|
|
— |
|
|
(810,251 |
) |
|
— |
|
Losses in excess of investment in subsidiaries |
|
— |
|
|
— |
|
|
25,036 |
|
|
(25,036 |
) |
|
— |
|
Other long-term obligations |
|
8,621 |
|
|
— |
|
|
52,485 |
|
|
(11,726 |
) |
|
49,380 |
|
Total Central Garden & Pet shareholders’ equity (deficit) |
|
952,449 |
|
|
32,178 |
|
|
1,561,164 |
|
|
(1,593,342 |
) |
|
952,449 |
|
Noncontrolling interest |
|
— |
|
|
385 |
|
|
— |
|
|
— |
|
|
385 |
|
Total equity |
|
952,449 |
|
|
32,563 |
|
|
1,561,164 |
|
|
(1,593,342 |
) |
|
952,834 |
|
Total |
|
$ |
2,484,252 |
|
|
$ |
98,386 |
|
|
$ |
1,764,926 |
|
|
$ |
(2,440,355 |
) |
|
$ |
1,907,209 |
|
|
Consolidating Condensed Statement of Cash Flows |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS |
|
|
Six Months Ended March 30, 2019 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net cash used by operating activities |
|
$ |
(23,565 |
) |
|
$ |
(17,128 |
) |
|
$ |
(38,626 |
) |
|
$ |
— |
|
|
$ |
(79,319 |
) |
Additions to property and equipment |
|
(1,716 |
) |
|
(3,350 |
) |
|
(9,236 |
) |
|
— |
|
|
(14,302 |
) |
Payments to acquire companies, net of cash acquired |
|
(11,137 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(11,137 |
) |
Investments |
|
(1,749 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,749 |
) |
Other investing activities |
|
(368 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(368 |
) |
Intercompany investing activities |
|
(18,788 |
) |
|
— |
|
|
88,949 |
|
|
(70,161 |
) |
|
— |
|
Net cash (used) provided by investing activities |
|
(33,758 |
) |
|
(3,350 |
) |
|
79,713 |
|
|
(70,161 |
) |
|
(27,556 |
) |
Repayments of long-term debt |
|
(3 |
) |
|
— |
|
|
(36,463 |
) |
|
— |
|
|
(36,466 |
) |
Repurchase of common stock |
|
(3,739 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(3,739 |
) |
Payment of contingent consideration liability |
|
— |
|
|
— |
|
|
(66 |
) |
|
— |
|
|
(66 |
) |
Intercompany financing activities |
|
(91,005 |
) |
|
20,844 |
|
|
— |
|
|
70,161 |
|
|
— |
|
Net cash provided (used) by financing activities |
|
(94,747 |
) |
|
20,844 |
|
|
(36,529 |
) |
|
70,161 |
|
|
(40,271 |
) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
(2 |
) |
|
(17 |
) |
|
(1 |
) |
|
— |
|
|
(20 |
) |
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
(152,072 |
) |
|
349 |
|
|
4,557 |
|
|
— |
|
|
(147,166 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
485,109 |
|
|
6,005 |
|
|
1,891 |
|
|
— |
|
|
493,005 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
333,037 |
|
|
$ |
6,354 |
|
|
$ |
6,448 |
|
|
$ |
— |
|
|
$ |
345,839 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS |
|
|
Six Months Ended March 31, 2018 |
|
|
(in thousands) |
|
|
Parent |
|
Non-Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net cash used by operating activities |
|
$ |
(36,868 |
) |
|
$ |
(11,840 |
) |
|
$ |
(38,863 |
) |
|
$ |
(6,387 |
) |
|
$ |
(93,958 |
) |
Additions to property, plant and equipment |
|
(4,923 |
) |
|
(494 |
) |
|
(12,149 |
) |
|
— |
|
|
(17,566 |
) |
Payments to acquire companies, net of cash acquired |
|
(63,372 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(63,372 |
) |
Investments |
|
(6,555 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(6,555 |
) |
Other investing activities |
|
(2,180 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,180 |
) |
Intercompany investing activities |
|
(17,512 |
) |
|
— |
|
|
51,377 |
|
|
(33,865 |
) |
|
— |
|
Net cash (used) provided by investing activities |
|
(94,542 |
) |
|
(494 |
) |
|
39,228 |
|
|
(33,865 |
) |
|
(89,673 |
) |
Repayments under revolving line of credit |
|
(23,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(23,000 |
) |
Borrowings under revolving line of credit |
|
23,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
23,000 |
|
Repayments of long-term debt |
|
— |
|
|
— |
|
|
(360 |
) |
|
— |
|
|
(360 |
) |
Issuance of long-term debt |
|
300,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
300,000 |
|
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 |
|
— |
|
|
— |
|
|
(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 rates on cash, cash equivalents and restricted cash |
|
342 |
|
|
(129 |
) |
|
(93 |
) |
|
— |
|
|
120 |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
105,905 |
|
|
(4,523 |
) |
|
(211 |
) |
|
— |
|
|
101,171 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
31,883 |
|
|
11,693 |
|
|
1,466 |
|
|
— |
|
|
45,042 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
137,788 |
|
|
$ |
7,170 |
|
|
$ |
1,255 |
|
|
$ |
— |
|
|
$ |
146,213 |
|
|