Consolidating Condensed Financial Information of Guarantor Subsidiaries (Tables)
|
6 Months Ended |
Mar. 26, 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 |
|
|
|
|
Three Months Ended March 26, 2016 |
|
|
|
|
(in thousands) |
|
|
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
156,790 |
|
|
$ |
30,002 |
|
|
$ |
381,748 |
|
|
$ |
(27,291 |
) |
|
$ |
541,249 |
|
Cost of goods sold and occupancy |
|
121,969 |
|
|
23,099 |
|
|
252,419 |
|
|
(25,577 |
) |
|
371,910 |
|
Gross profit |
|
34,821 |
|
|
6,903 |
|
|
129,329 |
|
|
(1,714 |
) |
|
169,339 |
|
Selling, general and administrative expenses |
|
33,210 |
|
|
5,124 |
|
|
73,316 |
|
|
(1,714 |
) |
|
109,936 |
|
Income from operations |
|
1,611 |
|
|
1,779 |
|
|
56,013 |
|
|
— |
|
|
59,403 |
|
Interest expense |
|
(6,653 |
) |
|
(68 |
) |
|
(375 |
) |
|
— |
|
|
(7,096 |
) |
Interest income |
|
8 |
|
|
1 |
|
|
— |
|
|
— |
|
|
9 |
|
Other income (expense) |
|
657 |
|
|
(197 |
) |
|
(548 |
) |
|
— |
|
|
(88 |
) |
Income (loss) before taxes and equity in earnings of affiliates |
|
(4,377 |
) |
|
1,515 |
|
|
55,090 |
|
|
— |
|
|
52,228 |
|
Income tax expense (benefit) |
|
(775 |
) |
|
694 |
|
|
18,874 |
|
|
— |
|
|
18,793 |
|
Equity in earnings of affiliates |
|
36,299 |
|
|
— |
|
|
585 |
|
|
(36,884 |
) |
|
— |
|
Net income including noncontrolling interest |
|
32,697 |
|
|
821 |
|
|
36,801 |
|
|
(36,884 |
) |
|
33,435 |
|
Net income attributable to noncontrolling interest |
|
— |
|
|
738 |
|
|
— |
|
|
— |
|
|
738 |
|
Net income attributable to Central Garden & Pet Company |
|
$ |
32,697 |
|
|
$ |
83 |
|
|
$ |
36,801 |
|
|
$ |
(36,884 |
) |
|
$ |
32,697 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
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|
|
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
|
|
|
|
Three Months Ended March 28, 2015 |
|
|
|
|
(in thousands) |
|
|
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
150,014 |
|
|
$ |
37,434 |
|
|
$ |
338,994 |
|
|
$ |
(28,840 |
) |
|
$ |
497,602 |
|
Cost of goods sold and occupancy |
|
113,668 |
|
|
29,545 |
|
|
231,403 |
|
|
(27,076 |
) |
|
347,540 |
|
Gross profit |
|
36,346 |
|
|
7,889 |
|
|
107,591 |
|
|
(1,764 |
) |
|
150,062 |
|
Selling, general and administrative expenses |
|
30,843 |
|
|
5,339 |
|
|
65,673 |
|
|
(1,764 |
) |
|
100,091 |
|
Income from operations |
|
5,503 |
|
|
2,550 |
|
|
41,918 |
|
|
— |
|
|
49,971 |
|
Interest expense |
|
(11,815 |
) |
|
(61 |
) |
|
— |
|
|
— |
|
|
(11,876 |
) |
Interest income |
|
18 |
|
|
— |
|
|
— |
|
|
— |
|
|
18 |
|
Other expense |
|
(347 |
) |
|
— |
|
|
226 |
|
|
— |
|
|
(121 |
) |
Income (loss) before taxes and equity in earnings of affiliates |
|
(6,641 |
) |
|
2,489 |
|
|
42,144 |
|
|
— |
|
|
37,992 |
|
Income tax expense (benefit) |
|
(1,123 |
) |
|
952 |
|
|
14,183 |
|
|
— |
|
|
14,012 |
|
Equity in earnings of affiliates |
|
28,755 |
|
|
— |
|
|
796 |
|
|
(29,551 |
) |
|
— |
|
Net income including noncontrolling interest |
|
23,237 |
|
|
1,537 |
|
|
28,757 |
|
|
(29,551 |
) |
|
23,980 |
|
Net income attributable to noncontrolling interest |
|
— |
|
|
743 |
|
|
— |
|
|
— |
|
|
743 |
|
Net income attributable to Central Garden & Pet Company |
|
$ |
23,237 |
|
|
$ |
794 |
|
|
$ |
28,757 |
|
|
$ |
(29,551 |
) |
|
$ |
23,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
|
|
|
|
Six Months Ended March 26, 2016 |
|
|
|
|
(in thousands) |
|
|
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
293,817 |
|
|
$ |
45,272 |
|
|
$ |
603,912 |
|
|
$ |
(41,940 |
) |
|
$ |
901,061 |
|
Cost of goods sold and occupancy |
|
232,228 |
|
|
36,045 |
|
|
402,908 |
|
|
(39,245 |
) |
|
631,936 |
|
Gross profit |
|
61,589 |
|
|
9,227 |
|
|
201,004 |
|
|
(2,695 |
) |
|
269,125 |
|
Selling, general and administrative expenses |
|
66,164 |
|
|
8,903 |
|
|
128,577 |
|
|
(2,695 |
) |
|
200,949 |
|
Income (loss) from operations |
|
(4,575 |
) |
|
324 |
|
|
72,427 |
|
|
— |
|
|
68,176 |
|
Interest expense |
|
(29,161 |
) |
|
(80 |
) |
|
— |
|
|
— |
|
|
(29,241 |
) |
Interest income |
|
29 |
|
|
2 |
|
|
— |
|
|
— |
|
|
31 |
|
Other expense |
|
(178 |
) |
|
(263 |
) |
|
(120 |
) |
|
— |
|
|
(561 |
) |
Income (loss) before taxes and equity in earnings (loss) of affiliates |
|
(33,885 |
) |
|
(17 |
) |
|
72,307 |
|
|
— |
|
|
38,405 |
|
Income tax expense (benefit) |
|
(11,920 |
) |
|
197 |
|
|
25,316 |
|
|
— |
|
|
13,593 |
|
Equity in earnings (loss) of affiliates |
|
46,060 |
|
|
— |
|
|
(177 |
) |
|
(45,883 |
) |
|
— |
|
Net income (loss) including noncontrolling interest |
|
24,095 |
|
|
(214 |
) |
|
46,814 |
|
|
(45,883 |
) |
|
24,812 |
|
Net loss attributable to noncontrolling interest |
|
— |
|
|
717 |
|
|
— |
|
|
— |
|
|
717 |
|
Net income (loss) attributable to Central Garden & Pet Company |
|
$ |
24,095 |
|
|
$ |
(931 |
) |
|
$ |
46,814 |
|
|
$ |
(45,883 |
) |
|
$ |
24,095 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
|
|
|
|
Six Months Ended March 28, 2015 |
|
|
|
|
(in thousands) |
|
|
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
246,976 |
|
|
$ |
54,757 |
|
|
$ |
546,119 |
|
|
$ |
(42,930 |
) |
|
$ |
804,922 |
|
Cost of goods sold and occupancy |
|
192,447 |
|
|
44,123 |
|
|
370,494 |
|
|
(40,185 |
) |
|
566,879 |
|
Gross profit |
|
54,529 |
|
|
10,634 |
|
|
175,625 |
|
|
(2,745 |
) |
|
238,043 |
|
Selling, general and administrative expenses |
|
58,694 |
|
|
9,338 |
|
|
121,647 |
|
|
(2,745 |
) |
|
186,934 |
|
Income (loss) from operations |
|
(4,165 |
) |
|
1,296 |
|
|
53,978 |
|
|
— |
|
|
51,109 |
|
Interest expense |
|
(22,302 |
) |
|
(76 |
) |
|
(1 |
) |
|
— |
|
|
(22,379 |
) |
Interest income |
|
88 |
|
|
1 |
|
|
— |
|
|
— |
|
|
89 |
|
Other income (expense) |
|
(677 |
) |
|
— |
|
|
188 |
|
|
— |
|
|
(489 |
) |
Income (loss) before taxes and equity in earnings of affiliates |
|
(27,056 |
) |
|
1,221 |
|
|
54,165 |
|
|
— |
|
|
28,330 |
|
Income tax expense (benefit) |
|
(9,580 |
) |
|
508 |
|
|
19,115 |
|
|
— |
|
|
10,043 |
|
Equity in earnings of affiliates |
|
35,016 |
|
|
— |
|
|
209 |
|
|
(35,225 |
) |
|
— |
|
Net income including noncontrolling interest |
|
17,540 |
|
|
713 |
|
|
35,259 |
|
|
(35,225 |
) |
|
18,287 |
|
Net income attributable to noncontrolling interest |
|
— |
|
|
747 |
|
|
— |
|
|
— |
|
|
747 |
|
Net income (loss) attributable to Central Garden & Pet Company |
|
$ |
17,540 |
|
|
$ |
(34 |
) |
|
$ |
35,259 |
|
|
$ |
(35,225 |
) |
|
$ |
17,540 |
|
|
Consolidating Condensed Statements of Comprehensive Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
(LOSS)
|
|
|
Three Months Ended March 26, 2016 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net income |
|
$ |
32,697 |
|
|
$ |
821 |
|
|
$ |
36,801 |
|
|
$ |
(36,884 |
) |
|
$ |
33,435 |
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
Unrealized loss on securities |
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
Foreign currency translation |
|
(459 |
) |
|
(398 |
) |
|
57 |
|
|
341 |
|
|
(459 |
) |
Total comprehensive income |
|
32,238 |
|
|
423 |
|
|
36,858 |
|
|
(36,543 |
) |
|
32,976 |
|
Comprehensive income attributable to noncontrolling interests |
|
— |
|
|
738 |
|
|
— |
|
|
— |
|
|
738 |
|
Comprehensive income (loss) attributable to Central Garden & Pet Company |
|
$ |
32,238 |
|
|
$ |
(315 |
) |
|
$ |
36,858 |
|
|
$ |
(36,543 |
) |
|
$ |
32,238 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
(LOSS)
|
|
|
Three Months Ended March 28, 2015 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net income |
|
$ |
23,237 |
|
|
$ |
1,537 |
|
|
$ |
28,757 |
|
|
$ |
(29,551 |
) |
|
$ |
23,980 |
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
Unrealized loss on securities |
|
(20 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(20 |
) |
Reclassification of realized loss on securities included in net income |
|
20 |
|
|
— |
|
|
— |
|
|
— |
|
|
20 |
|
Foreign currency translation |
|
(626 |
) |
|
(355 |
) |
|
(164 |
) |
|
519 |
|
|
(626 |
) |
Total comprehensive income |
|
22,611 |
|
|
1,182 |
|
|
28,593 |
|
|
(29,032 |
) |
|
23,354 |
|
Comprehensive income attributable to noncontrolling interests |
|
— |
|
|
743 |
|
|
— |
|
|
— |
|
|
743 |
|
Comprehensive income attributable to Central Garden & Pet Company |
|
$ |
22,611 |
|
|
$ |
439 |
|
|
$ |
28,593 |
|
|
$ |
(29,032 |
) |
|
$ |
22,611 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
(LOSS)
|
|
|
Six Months Ended March 26, 2016 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net income (loss) |
|
$ |
24,095 |
|
|
$ |
(214 |
) |
|
$ |
46,814 |
|
|
$ |
(45,883 |
) |
|
$ |
24,812 |
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
Foreign currency translation |
|
(692 |
) |
|
(540 |
) |
|
7 |
|
|
533 |
|
|
(692 |
) |
Total comprehensive income (loss) |
|
23,403 |
|
|
(754 |
) |
|
46,821 |
|
|
(45,350 |
) |
|
24,120 |
|
Comprehensive income attributable to noncontrolling interests |
|
— |
|
|
717 |
|
|
— |
|
|
— |
|
|
717 |
|
Comprehensive income (loss) attributable to Central Garden & Pet Company |
|
$ |
23,403 |
|
|
$ |
(1,471 |
) |
|
$ |
46,821 |
|
|
$ |
(45,350 |
) |
|
$ |
23,403 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
(LOSS)
|
|
|
Six Months Ended March 28, 2015 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net income |
|
$ |
17,540 |
|
|
$ |
713 |
|
|
$ |
35,259 |
|
|
$ |
(35,225 |
) |
|
$ |
18,287 |
|
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
Unrealized loss on securities |
|
(10 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(10 |
) |
Reclassification of realized loss on securities included in net income |
|
20 |
|
|
— |
|
|
— |
|
|
— |
|
|
20 |
|
Foreign currency translation |
|
(1,178 |
) |
|
(700 |
) |
|
(268 |
) |
|
968 |
|
|
(1,178 |
) |
Total comprehensive income |
|
16,372 |
|
|
13 |
|
|
34,991 |
|
|
(34,257 |
) |
|
17,119 |
|
Comprehensive income attributable to noncontrolling interests |
|
— |
|
|
747 |
|
|
— |
|
|
— |
|
|
747 |
|
Comprehensive income (loss) attributable to Central Garden & Pet Company |
|
$ |
16,372 |
|
|
$ |
(734 |
) |
|
$ |
34,991 |
|
|
$ |
(34,257 |
) |
|
$ |
16,372 |
|
|
Consolidating Condensed Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED BALANCE SHEET |
|
|
March 26, 2016 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,820 |
|
|
$ |
5,083 |
|
|
$ |
2,923 |
|
|
$ |
— |
|
|
$ |
9,826 |
|
Restricted cash |
|
11,946 |
|
|
— |
|
|
— |
|
|
— |
|
|
11,946 |
|
Accounts receivable, net |
|
100,346 |
|
|
15,446 |
|
|
224,734 |
|
|
— |
|
|
340,526 |
|
Inventories |
|
115,644 |
|
|
17,043 |
|
|
258,067 |
|
|
— |
|
|
390,754 |
|
Prepaid expenses and other |
|
23,003 |
|
|
797 |
|
|
26,958 |
|
|
— |
|
|
50,758 |
|
Total current assets |
|
252,759 |
|
|
38,369 |
|
|
512,682 |
|
|
— |
|
|
803,810 |
|
Land, buildings, improvements and equipment, net |
|
47,310 |
|
|
3,829 |
|
|
113,655 |
|
|
— |
|
|
164,794 |
|
Goodwill |
|
— |
|
|
— |
|
|
213,753 |
|
|
— |
|
|
213,753 |
|
Other long-term assets |
|
54,088 |
|
|
3,417 |
|
|
84,777 |
|
|
(1,540 |
) |
|
140,742 |
|
Intercompany receivable |
|
41,922 |
|
|
— |
|
|
367,931 |
|
|
(409,853 |
) |
|
— |
|
Investment in subsidiaries |
|
1,098,281 |
|
|
— |
|
|
— |
|
|
(1,098,281 |
) |
|
— |
|
Total |
|
$ |
1,494,360 |
|
|
$ |
45,615 |
|
|
$ |
1,292,798 |
|
|
$ |
(1,509,674 |
) |
|
$ |
1,323,099 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
48,693 |
|
|
$ |
10,546 |
|
|
$ |
73,972 |
|
|
$ |
— |
|
|
$ |
133,211 |
|
Accrued expenses |
|
52,837 |
|
|
2,029 |
|
|
42,816 |
|
|
— |
|
|
97,682 |
|
Current portion of long-term debt |
|
219 |
|
|
— |
|
|
375 |
|
|
— |
|
|
594 |
|
Total current liabilities |
|
101,749 |
|
|
12,575 |
|
|
117,163 |
|
|
— |
|
|
231,487 |
|
Long-term debt |
|
496,001 |
|
|
— |
|
|
395 |
|
|
— |
|
|
496,396 |
|
Intercompany payable |
|
359,472 |
|
|
50,381 |
|
|
— |
|
|
(409,853 |
) |
|
— |
|
Losses in excess of investment in subsidiaries |
|
— |
|
|
— |
|
|
16,928 |
|
|
(16,928 |
) |
|
— |
|
Other long-term obligations |
|
5,416 |
|
|
— |
|
|
58,398 |
|
|
(1,540 |
) |
|
62,274 |
|
Total Central Garden & Pet shareholders’ equity (deficit) |
|
531,722 |
|
|
(18,561 |
) |
|
1,099,914 |
|
|
(1,081,353 |
) |
|
531,722 |
|
Noncontrolling interest |
|
— |
|
|
1,220 |
|
|
— |
|
|
— |
|
|
1,220 |
|
Total equity (deficit) |
|
531,722 |
|
|
(17,341 |
) |
|
1,099,914 |
|
|
(1,081,353 |
) |
|
532,942 |
|
Total |
|
$ |
1,494,360 |
|
|
$ |
45,615 |
|
|
$ |
1,292,798 |
|
|
$ |
(1,509,674 |
) |
|
$ |
1,323,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED BALANCE SHEET |
|
|
March 28, 2015 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
6,159 |
|
|
$ |
4,309 |
|
|
$ |
1,475 |
|
|
$ |
— |
|
|
$ |
11,943 |
|
Restricted cash |
|
12,583 |
|
|
— |
|
|
— |
|
|
— |
|
|
12,583 |
|
Short term investments |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Accounts receivable, net |
|
86,569 |
|
|
17,099 |
|
|
218,097 |
|
|
— |
|
|
321,765 |
|
Inventories |
|
95,564 |
|
|
19,429 |
|
|
267,335 |
|
|
— |
|
|
382,328 |
|
Prepaid expenses and other |
|
26,013 |
|
|
901 |
|
|
31,337 |
|
|
— |
|
|
58,251 |
|
Total current assets |
|
226,888 |
|
|
41,738 |
|
|
518,244 |
|
|
— |
|
|
786,870 |
|
Land, buildings, improvements and equipment, net |
|
57,093 |
|
|
3,590 |
|
|
102,524 |
|
|
— |
|
|
163,207 |
|
Goodwill |
|
— |
|
|
— |
|
|
209,089 |
|
|
— |
|
|
209,089 |
|
Other long-term assets |
|
30,376 |
|
|
3,999 |
|
|
81,263 |
|
|
(5,607 |
) |
|
110,031 |
|
Intercompany receivable |
|
44,855 |
|
|
— |
|
|
293,685 |
|
|
(338,540 |
) |
|
— |
|
Investment in subsidiaries |
|
1,017,461 |
|
|
— |
|
|
— |
|
|
(1,017,461 |
) |
|
— |
|
Total |
|
$ |
1,376,673 |
|
|
$ |
49,327 |
|
|
$ |
1,204,805 |
|
|
$ |
(1,361,608 |
) |
|
$ |
1,269,197 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
47,277 |
|
|
$ |
10,169 |
|
|
$ |
82,375 |
|
|
$ |
— |
|
|
$ |
139,821 |
|
Accrued expenses |
|
39,061 |
|
|
2,857 |
|
|
41,524 |
|
|
— |
|
|
83,442 |
|
Current portion of long-term debt |
|
259 |
|
|
— |
|
|
30 |
|
|
— |
|
|
289 |
|
Total current liabilities |
|
86,597 |
|
|
13,026 |
|
|
123,929 |
|
|
— |
|
|
223,552 |
|
Long-term debt |
|
511,030 |
|
|
— |
|
|
83 |
|
|
— |
|
|
511,113 |
|
Intercompany payable |
|
288,423 |
|
|
50,117 |
|
|
— |
|
|
(338,540 |
) |
|
— |
|
Losses in excess of investment in subsidiaries |
|
— |
|
|
— |
|
|
14,104 |
|
|
(14,104 |
) |
|
— |
|
Other long-term obligations |
|
1,437 |
|
|
— |
|
|
48,719 |
|
|
(5,607 |
) |
|
44,549 |
|
Total Central Garden & Pet shareholders’ equity (deficit) |
|
489,186 |
|
|
(14,613 |
) |
|
1,017,970 |
|
|
(1,003,357 |
) |
|
489,186 |
|
Noncontrolling interest |
|
— |
|
|
797 |
|
|
— |
|
|
— |
|
|
797 |
|
Total equity (deficit) |
|
489,186 |
|
|
(13,816 |
) |
|
1,017,970 |
|
|
(1,003,357 |
) |
|
489,983 |
|
Total |
|
$ |
1,376,673 |
|
|
$ |
49,327 |
|
|
$ |
1,204,805 |
|
|
$ |
(1,361,608 |
) |
|
$ |
1,269,197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
Six Months Ended March 26, 2016 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net cash used by operating activities |
|
$ |
(12,121 |
) |
|
$ |
(6,240 |
) |
|
$ |
(27,598 |
) |
|
$ |
(4,884 |
) |
|
$ |
(50,843 |
) |
Additions to property, plant and equipment |
|
(2,394 |
) |
|
(412 |
) |
|
(9,989 |
) |
|
— |
|
|
(12,795 |
) |
Payments to acquire companies, net of cash acquired |
|
(60,916 |
) |
|
— |
|
|
(7,985 |
) |
|
— |
|
|
(68,901 |
) |
Change in restricted cash and cash equivalents |
|
1,211 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,211 |
|
Other investing activities |
|
(500 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(500 |
) |
Intercompany investing activities |
|
(9,227 |
) |
|
— |
|
|
47,070 |
|
|
(37,843 |
) |
|
— |
|
Net cash (used) provided by investing activities |
|
(71,826 |
) |
|
(412 |
) |
|
29,096 |
|
|
(37,843 |
) |
|
(80,985 |
) |
Repayments on revolving line of credit |
|
(178,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(178,000 |
) |
Borrowings on revolving line of credit |
|
280,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
280,000 |
|
Repayments of long-term debt |
|
(400,130 |
) |
|
— |
|
|
(15 |
) |
|
— |
|
|
(400,145 |
) |
Issuance of long-term debt |
|
400,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
400,000 |
|
Excess tax benefits from stock-based awards |
|
1,181 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,181 |
|
Repurchase of common stock |
|
(1,722 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,722 |
) |
Distribution to parent |
|
— |
|
|
(4,884 |
) |
|
— |
|
|
4,884 |
|
|
— |
|
Distribution to noncontrolling interest |
|
— |
|
|
(592 |
) |
|
— |
|
|
— |
|
|
(592 |
) |
Payment of financing costs |
|
(6,362 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(6,362 |
) |
Intercompany financing activities |
|
(44,782 |
) |
|
6,939 |
|
|
— |
|
|
37,843 |
|
|
— |
|
Net cash provided (used) by financing activities |
|
50,185 |
|
|
1,463 |
|
|
(15 |
) |
|
42,727 |
|
|
94,360 |
|
Effect of exchange rates on cash |
|
(698 |
) |
|
250 |
|
|
158 |
|
|
— |
|
|
(290 |
) |
Net (decrease) increase in cash and cash equivalents |
|
(34,460 |
) |
|
(4,939 |
) |
|
1,641 |
|
|
— |
|
|
(37,758 |
) |
Cash and cash equivalents at beginning of period |
|
36,280 |
|
|
10,022 |
|
|
1,282 |
|
|
— |
|
|
47,584 |
|
Cash and cash equivalents at end of period |
|
$ |
1,820 |
|
|
$ |
5,083 |
|
|
$ |
2,923 |
|
|
$ |
— |
|
|
$ |
9,826 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS |
|
|
Six Months Ended March 28, 2015 |
|
|
(in thousands) |
|
|
Parent |
|
Non-Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net cash used by operating activities |
|
$ |
(36,828 |
) |
|
$ |
(5,623 |
) |
|
$ |
(49,351 |
) |
|
$ |
(6,719 |
) |
|
$ |
(98,521 |
) |
Additions to property, plant and equipment |
|
(1,359 |
) |
|
(154 |
) |
|
(9,512 |
) |
|
— |
|
|
(11,025 |
) |
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 |
|
1,700 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,700 |
|
Investment in short-term investments |
|
(17 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(17 |
) |
Other investing activities |
|
(331 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(331 |
) |
Intercompany investing activities |
|
(27,949 |
) |
|
— |
|
|
57,738 |
|
|
(29,789 |
) |
|
— |
|
Net cash (used) provided by investing activities |
|
(33,959 |
) |
|
(154 |
) |
|
48,226 |
|
|
(29,789 |
) |
|
(15,676 |
) |
Repayments of long-term debt |
|
(50,131 |
) |
|
— |
|
|
(10 |
) |
|
— |
|
|
(50,141 |
) |
Borrowings under revolving line of credit |
|
186,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
186,000 |
|
Repayments on revolving line of credit |
|
(71,000 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(71,000 |
) |
Proceeds from issuance of common stock |
|
1,220 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,220 |
|
Excess tax benefits from stock-based awards |
|
351 |
|
|
— |
|
|
— |
|
|
— |
|
|
351 |
|
Repurchase of common stock |
|
(17,164 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(17,164 |
) |
Distribution to parent |
|
— |
|
|
(6,719 |
) |
|
— |
|
|
6,719 |
|
|
— |
|
Distribution to noncontrolling interest |
|
— |
|
|
(1,680 |
) |
|
— |
|
|
— |
|
|
(1,680 |
) |
Intercompany financing activities |
|
(34,891 |
) |
|
5,102 |
|
|
— |
|
|
29,789 |
|
|
— |
|
Net cash provided (used) by financing activities |
|
14,385 |
|
|
(3,297 |
) |
|
(10 |
) |
|
36,508 |
|
|
47,586 |
|
Effect of exchange rates on cash |
|
(910 |
) |
|
577 |
|
|
211 |
|
|
— |
|
|
(122 |
) |
Net increase decrease in cash and cash equivalents |
|
(57,312 |
) |
|
(8,497 |
) |
|
(924 |
) |
|
— |
|
|
(66,733 |
) |
Cash and cash equivalents at beginning of year |
|
63,471 |
|
|
12,806 |
|
|
2,399 |
|
|
— |
|
|
78,676 |
|
Cash and cash equivalents at end of year |
|
$ |
6,159 |
|
|
$ |
4,309 |
|
|
$ |
1,475 |
|
|
$ |
— |
|
|
$ |
11,943 |
|
|