Consolidating Condensed Financial Information of Guarantor Subsidiaries (Tables)
|
9 Months Ended |
Jun. 30, 2018 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
|
Consolidating Condensed Statement of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
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|
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
|
|
Three Months Ended June 30, 2018 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
208,095 |
|
|
$ |
93,122 |
|
|
$ |
379,059 |
|
|
$ |
(22,333 |
) |
|
$ |
657,943 |
|
Cost of goods sold and occupancy |
|
161,192 |
|
|
67,308 |
|
|
247,559 |
|
|
(20,180 |
) |
|
455,879 |
|
Gross profit |
|
46,903 |
|
|
25,814 |
|
|
131,500 |
|
|
(2,153 |
) |
|
202,064 |
|
Selling, general and administrative expenses |
|
45,974 |
|
|
14,837 |
|
|
82,587 |
|
|
(2,153 |
) |
|
141,245 |
|
Operating income (loss) |
|
929 |
|
|
10,977 |
|
|
48,913 |
|
|
— |
|
|
60,819 |
|
Interest expense |
|
(10,470 |
) |
|
(125 |
) |
|
(2 |
) |
|
|
|
|
(10,597 |
) |
Interest income |
|
583 |
|
|
1 |
|
|
— |
|
|
|
|
|
584 |
|
Other (expense) income |
|
1,965 |
|
|
(394 |
) |
|
555 |
|
|
|
|
|
2,126 |
|
Income (loss) before taxes and equity in earnings (losses) of affiliates |
|
(6,993 |
) |
|
10,459 |
|
|
49,466 |
|
|
— |
|
|
52,932 |
|
Income tax expense (benefit) |
|
(2,633 |
) |
|
236 |
|
|
13,792 |
|
|
|
|
|
11,395 |
|
Equity in earnings (losses) of affiliates |
|
45,905 |
|
|
— |
|
|
261 |
|
|
(46,166 |
) |
|
— |
|
Net income (loss) including noncontrolling interest |
|
41,545 |
|
|
10,223 |
|
|
35,935 |
|
|
(46,166 |
) |
|
41,537 |
|
Net income attributable to noncontrolling interest |
|
— |
|
|
(8 |
) |
|
— |
|
|
— |
|
|
(8 |
) |
Net income (loss) attributable to Central Garden & Pet Company |
|
$ |
41,545 |
|
|
$ |
10,231 |
|
|
$ |
35,935 |
|
|
$ |
(46,166 |
) |
|
$ |
41,545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
|
|
Three Months Ended June 24, 2017 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
184,719 |
|
|
$ |
29,067 |
|
|
$ |
387,333 |
|
|
$ |
(26,527 |
) |
|
$ |
574,592 |
|
Cost of goods sold and occupancy |
|
142,533 |
|
|
20,636 |
|
|
252,678 |
|
|
(24,528 |
) |
|
391,319 |
|
Gross profit |
|
42,186 |
|
|
8,431 |
|
|
134,655 |
|
|
(1,999 |
) |
|
183,273 |
|
Selling, general and administrative expenses |
|
39,234 |
|
|
5,476 |
|
|
82,629 |
|
|
(1,999 |
) |
|
125,340 |
|
Operating income (loss) |
|
2,952 |
|
|
2,955 |
|
|
52,026 |
|
|
— |
|
|
57,933 |
|
Interest expense |
|
(7,213 |
) |
|
(54 |
) |
|
(6 |
) |
|
— |
|
|
(7,273 |
) |
Interest income |
|
53 |
|
|
— |
|
|
— |
|
|
— |
|
|
53 |
|
Other expense |
|
1,064 |
|
|
86 |
|
|
476 |
|
|
— |
|
|
1,626 |
|
Income (loss) before taxes and equity in earnings (losses) of affiliates |
|
(3,144 |
) |
|
2,987 |
|
|
52,496 |
|
|
— |
|
|
52,339 |
|
Income tax expense (benefit) |
|
(1,178 |
) |
|
1,096 |
|
|
19,532 |
|
|
— |
|
|
19,450 |
|
Equity in earnings (losses) of affiliates |
|
34,214 |
|
|
— |
|
|
1,302 |
|
|
(35,516 |
) |
|
— |
|
Net income (loss) including noncontrolling interest |
|
32,248 |
|
|
1,891 |
|
|
34,266 |
|
|
(35,516 |
) |
|
32,889 |
|
Net income attributable to noncontrolling interest |
|
— |
|
|
641 |
|
|
— |
|
|
— |
|
|
641 |
|
Net income (loss) attributable to Central Garden & Pet Company |
|
$ |
32,248 |
|
|
$ |
1,250 |
|
|
$ |
34,266 |
|
|
$ |
(35,516 |
) |
|
$ |
32,248 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
|
|
Nine Months Ended June 30, 2018 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
562,620 |
|
|
$ |
139,298 |
|
|
$ |
1,077,831 |
|
|
$ |
(66,701 |
) |
|
$ |
1,713,048 |
|
Cost of goods sold and occupancy |
|
438,539 |
|
|
103,316 |
|
|
704,682 |
|
|
(61,847 |
) |
|
1,184,690 |
|
Gross profit |
|
124,081 |
|
|
35,982 |
|
|
373,149 |
|
|
(4,854 |
) |
|
528,358 |
|
Selling, general and administrative expenses |
|
124,290 |
|
|
25,274 |
|
|
234,522 |
|
|
(4,854 |
) |
|
379,232 |
|
Operating income (loss) |
|
(209 |
) |
|
10,708 |
|
|
138,627 |
|
|
— |
|
|
149,126 |
|
Interest expense |
|
(28,365 |
) |
|
(203 |
) |
|
(9 |
) |
|
— |
|
|
(28,577 |
) |
Interest income |
|
1,461 |
|
|
3 |
|
|
— |
|
|
— |
|
|
1,464 |
|
Other income (expense) |
|
155 |
|
|
(140 |
) |
|
527 |
|
|
— |
|
|
542 |
|
Income (loss) before taxes and equity in earnings of affiliates |
|
(26,958 |
) |
|
10,368 |
|
|
139,145 |
|
|
— |
|
|
122,555 |
|
Income tax expense (benefit) |
|
(1,961 |
) |
|
(31 |
) |
|
10,794 |
|
|
— |
|
|
8,802 |
|
Equity in earnings of affiliates |
|
138,023 |
|
|
— |
|
|
1,202 |
|
|
(139,225 |
) |
|
— |
|
Net income including noncontrolling interest |
|
113,026 |
|
|
10,399 |
|
|
129,553 |
|
|
(139,225 |
) |
|
113,753 |
|
Net income attributable to noncontrolling interest |
|
— |
|
|
727 |
|
|
— |
|
|
— |
|
|
727 |
|
Net income attributable to Central Garden & Pet Company |
|
$ |
113,026 |
|
|
$ |
9,672 |
|
|
$ |
129,553 |
|
|
$ |
(139,225 |
) |
|
$ |
113,026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
|
|
Nine Months Ended June 24, 2017 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
531,028 |
|
|
$ |
69,183 |
|
|
$ |
1,032,444 |
|
|
$ |
(68,641 |
) |
|
$ |
1,564,014 |
|
Cost of goods sold and occupancy |
|
409,262 |
|
|
52,442 |
|
|
678,798 |
|
|
(63,968 |
) |
|
1,076,534 |
|
Gross profit |
|
121,766 |
|
|
16,741 |
|
|
353,646 |
|
|
(4,673 |
) |
|
487,480 |
|
Selling, general and administrative expenses |
|
114,546 |
|
|
14,014 |
|
|
221,862 |
|
|
(4,673 |
) |
|
345,749 |
|
Operating income |
|
7,220 |
|
|
2,727 |
|
|
131,784 |
|
|
— |
|
|
141,731 |
|
Interest expense |
|
(20,823 |
) |
|
(136 |
) |
|
(17 |
) |
|
— |
|
|
(20,976 |
) |
Interest income |
|
98 |
|
|
1 |
|
|
— |
|
|
— |
|
|
99 |
|
Other income (expense) |
|
(276 |
) |
|
(301 |
) |
|
271 |
|
|
— |
|
|
(306 |
) |
Income (loss) before taxes and equity in earnings of affiliates |
|
(13,781 |
) |
|
2,291 |
|
|
132,038 |
|
|
— |
|
|
120,548 |
|
Income tax expense (benefit) |
|
(5,088 |
) |
|
1,133 |
|
|
48,576 |
|
|
— |
|
|
44,621 |
|
Equity in earnings of affiliates |
|
83,262 |
|
|
— |
|
|
875 |
|
|
(84,137 |
) |
|
— |
|
Net income including noncontrolling interest |
|
74,569 |
|
|
1,158 |
|
|
84,337 |
|
|
(84,137 |
) |
|
75,927 |
|
Net income attributable to noncontrolling interest |
|
— |
|
|
1,358 |
|
|
— |
|
|
— |
|
|
1,358 |
|
Net income (loss) attributable to Central Garden & Pet Company |
|
$ |
74,569 |
|
|
$ |
(200 |
) |
|
$ |
84,337 |
|
|
$ |
(84,137 |
) |
|
$ |
74,569 |
|
|
Consolidating Condensed Statements of Comprehensive Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME |
|
|
Three Months Ended June 30, 2018 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net income |
|
$ |
41,545 |
|
|
$ |
10,223 |
|
|
$ |
35,935 |
|
|
$ |
(46,166 |
) |
|
$ |
41,537 |
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
Foreign currency translation |
|
(480 |
) |
|
(323 |
) |
|
(35 |
) |
|
358 |
|
|
(480 |
) |
Total comprehensive income |
|
41,065 |
|
|
9,900 |
|
|
35,900 |
|
|
(45,808 |
) |
|
41,057 |
|
Comprehensive loss attributable to noncontrolling interests |
|
— |
|
|
(8 |
) |
|
— |
|
|
— |
|
|
(8 |
) |
Comprehensive income attributable to Central Garden & Pet Company |
|
$ |
41,065 |
|
|
$ |
9,908 |
|
|
$ |
35,900 |
|
|
$ |
(45,808 |
) |
|
$ |
41,065 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME |
|
|
Three Months Ended June 24, 2017 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net income (loss) |
|
$ |
32,248 |
|
|
$ |
1,891 |
|
|
$ |
34,266 |
|
|
$ |
(35,516 |
) |
|
$ |
32,889 |
|
Other comprehensive income: |
|
|
|
|
|
|
|
|
|
|
Foreign currency translation |
|
172 |
|
|
116 |
|
|
19 |
|
|
(135 |
) |
|
172 |
|
Total comprehensive income |
|
32,420 |
|
|
2,007 |
|
|
34,285 |
|
|
(35,651 |
) |
|
33,061 |
|
Comprehensive income attributable to noncontrolling interests |
|
— |
|
|
641 |
|
|
— |
|
|
— |
|
|
641 |
|
Comprehensive income attributable to Central Garden & Pet Company |
|
$ |
32,420 |
|
|
$ |
1,366 |
|
|
$ |
34,285 |
|
|
$ |
(35,651 |
) |
|
$ |
32,420 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME |
|
|
Nine Months Ended June 30, 2018 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net income |
|
$ |
113,026 |
|
|
$ |
10,399 |
|
|
$ |
129,553 |
|
|
$ |
(139,225 |
) |
|
$ |
113,753 |
|
Other comprehensive loss: |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
Foreign currency translation |
|
(202 |
) |
|
(74 |
) |
|
(99 |
) |
|
173 |
|
|
(202 |
) |
Total comprehensive income |
|
112,824 |
|
|
10,325 |
|
|
129,454 |
|
|
(139,052 |
) |
|
113,551 |
|
Comprehensive income attributable to noncontrolling interests |
|
— |
|
|
727 |
|
|
— |
|
|
— |
|
|
727 |
|
Comprehensive income attributable to Central Garden & Pet Company |
|
$ |
112,824 |
|
|
$ |
9,598 |
|
|
$ |
129,454 |
|
|
$ |
(139,052 |
) |
|
$ |
112,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) |
|
|
Nine Months Ended June 24, 2017 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net income |
|
$ |
74,569 |
|
|
$ |
1,158 |
|
|
$ |
84,337 |
|
|
$ |
(84,137 |
) |
|
$ |
75,927 |
|
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
Foreign currency translation |
|
(193 |
) |
|
(144 |
) |
|
(11 |
) |
|
155 |
|
|
(193 |
) |
Total comprehensive income |
|
74,376 |
|
|
1,014 |
|
|
84,326 |
|
|
(83,982 |
) |
|
75,734 |
|
Comprehensive income attributable to noncontrolling interests |
|
— |
|
|
1,358 |
|
|
— |
|
|
— |
|
|
1,358 |
|
Comprehensive income (loss) attributable to Central Garden & Pet Company |
|
$ |
74,376 |
|
|
$ |
(344 |
) |
|
$ |
84,326 |
|
|
$ |
(83,982 |
) |
|
$ |
74,376 |
|
|
Consolidating Condensed Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED BALANCE SHEET |
|
|
June 30, 2018 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
196,051 |
|
|
$ |
5,060 |
|
|
$ |
3,277 |
|
|
$ |
— |
|
|
$ |
204,388 |
|
Restricted cash |
|
13,978 |
|
|
— |
|
|
— |
|
|
— |
|
|
13,978 |
|
Accounts receivable, net |
|
122,534 |
|
|
20,612 |
|
|
205,635 |
|
|
— |
|
|
348,781 |
|
Inventories |
|
124,029 |
|
|
36,841 |
|
|
267,137 |
|
|
— |
|
|
428,007 |
|
Prepaid expenses and other |
|
6,032 |
|
|
2,065 |
|
|
18,638 |
|
|
— |
|
|
26,735 |
|
Total current assets |
|
462,624 |
|
|
64,578 |
|
|
494,687 |
|
|
— |
|
|
1,021,889 |
|
Land, buildings, improvements and equipment, net |
|
35,000 |
|
|
34,024 |
|
|
142,793 |
|
|
— |
|
|
211,817 |
|
Goodwill |
|
15,058 |
|
|
— |
|
|
253,185 |
|
|
— |
|
|
268,243 |
|
Other long-term assets |
|
72,697 |
|
|
14,009 |
|
|
131,010 |
|
|
(11,260 |
) |
|
206,456 |
|
Intercompany receivable |
|
40,342 |
|
|
— |
|
|
684,808 |
|
|
(725,150 |
) |
|
— |
|
Investment in subsidiaries |
|
1,583,729 |
|
|
— |
|
|
— |
|
|
(1,583,729 |
) |
|
— |
|
Total |
|
$ |
2,209,450 |
|
|
$ |
112,611 |
|
|
$ |
1,706,483 |
|
|
$ |
(2,320,139 |
) |
|
$ |
1,708,405 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
32,330 |
|
|
$ |
13,242 |
|
|
$ |
62,557 |
|
|
$ |
— |
|
|
$ |
108,129 |
|
Accrued expenses |
|
61,367 |
|
|
7,256 |
|
|
54,274 |
|
|
— |
|
|
122,897 |
|
Current portion of long-term debt |
|
106 |
|
|
— |
|
|
13 |
|
|
— |
|
|
119 |
|
Total current liabilities |
|
93,803 |
|
|
20,498 |
|
|
116,844 |
|
|
— |
|
|
231,145 |
|
Long-term debt |
|
691,591 |
|
|
— |
|
|
150 |
|
|
— |
|
|
691,741 |
|
Intercompany payable |
|
671,405 |
|
|
53,745 |
|
|
— |
|
|
(725,150 |
) |
|
— |
|
Losses in excess of investment in subsidiaries |
|
|
|
|
— |
|
|
24,967 |
|
|
(24,967 |
) |
|
— |
|
Other long-term obligations |
|
8,516 |
|
|
— |
|
|
43,542 |
|
|
(11,260 |
) |
|
40,798 |
|
Total Central Garden & Pet shareholders’ equity |
|
744,135 |
|
|
37,782 |
|
|
1,520,980 |
|
|
(1,558,762 |
) |
|
744,135 |
|
Noncontrolling interest |
|
|
|
|
586 |
|
|
— |
|
|
|
|
|
586 |
|
Total equity |
|
744,135 |
|
|
38,368 |
|
|
1,520,980 |
|
|
(1,558,762 |
) |
|
744,721 |
|
Total |
|
$ |
2,209,450 |
|
|
$ |
112,611 |
|
|
$ |
1,706,483 |
|
|
$ |
(2,320,139 |
) |
|
$ |
1,708,405 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED BALANCE SHEET |
|
|
June 24, 2017 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
929 |
|
|
$ |
10,118 |
|
|
$ |
3,426 |
|
|
$ |
— |
|
|
$ |
14,473 |
|
Restricted cash |
|
10,999 |
|
|
— |
|
|
— |
|
|
— |
|
|
10,999 |
|
Accounts receivable, net |
|
92,703 |
|
|
9,842 |
|
|
176,959 |
|
|
— |
|
|
279,504 |
|
Inventories |
|
127,307 |
|
|
10,567 |
|
|
245,575 |
|
|
— |
|
|
383,449 |
|
Prepaid expenses and other |
|
5,497 |
|
|
1,041 |
|
|
15,020 |
|
|
— |
|
|
21,558 |
|
Total current assets |
|
237,435 |
|
|
31,568 |
|
|
440,980 |
|
|
— |
|
|
709,983 |
|
Land, buildings, improvements and equipment, net |
|
37,823 |
|
|
4,065 |
|
|
135,896 |
|
|
— |
|
|
177,784 |
|
Goodwill |
|
15,058 |
|
|
— |
|
|
215,327 |
|
|
— |
|
|
230,385 |
|
Other long-term assets |
|
48,446 |
|
|
3,218 |
|
|
167,858 |
|
|
(16,333 |
) |
|
203,189 |
|
Intercompany receivable |
|
36,783 |
|
|
— |
|
|
601,317 |
|
|
(638,100 |
) |
|
— |
|
Investment in subsidiaries |
|
1,369,307 |
|
|
— |
|
|
— |
|
|
(1,369,307 |
) |
|
— |
|
Total |
|
$ |
1,744,852 |
|
|
$ |
38,851 |
|
|
$ |
1,561,378 |
|
|
$ |
(2,023,740 |
) |
|
$ |
1,321,341 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
34,562 |
|
|
$ |
7,832 |
|
|
$ |
64,014 |
|
|
$ |
— |
|
|
$ |
106,408 |
|
Accrued expenses |
|
57,235 |
|
|
2,632 |
|
|
52,224 |
|
|
— |
|
|
112,091 |
|
Current portion of long-term debt |
|
— |
|
|
— |
|
|
375 |
|
|
— |
|
|
375 |
|
Total current liabilities |
|
91,797 |
|
|
10,464 |
|
|
116,613 |
|
|
— |
|
|
218,874 |
|
Long-term debt |
|
434,962 |
|
|
— |
|
|
112 |
|
|
— |
|
|
435,074 |
|
Intercompany payable |
|
588,378 |
|
|
49,722 |
|
|
— |
|
|
(638,100 |
) |
|
— |
|
Losses in excess of investment in subsidiaries |
|
— |
|
|
— |
|
|
19,327 |
|
|
(19,327 |
) |
|
— |
|
Other long-term obligations |
|
2,620 |
|
|
— |
|
|
52,099 |
|
|
(16,333 |
) |
|
38,386 |
|
Total Central Garden & Pet shareholders’ equity (deficit) |
|
627,095 |
|
|
(23,247 |
) |
|
1,373,227 |
|
|
(1,349,980 |
) |
|
627,095 |
|
Noncontrolling interest |
|
— |
|
|
1,912 |
|
|
— |
|
|
— |
|
|
1,912 |
|
Total equity (deficit) |
|
627,095 |
|
|
(21,335 |
) |
|
1,373,227 |
|
|
(1,349,980 |
) |
|
629,007 |
|
Total |
|
$ |
1,744,852 |
|
|
$ |
38,851 |
|
|
$ |
1,561,378 |
|
|
$ |
(2,023,740 |
) |
|
$ |
1,321,341 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
Nine Months Ended June 30, 2018 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net cash provided (used) by operating activities |
|
$ |
(20,284 |
) |
|
$ |
(101 |
) |
|
$ |
44,534 |
|
|
$ |
(6,387 |
) |
|
$ |
17,762 |
|
Additions to property and equipment |
|
(6,508 |
) |
|
(986 |
) |
|
(19,509 |
) |
|
— |
|
|
(27,003 |
) |
Payments to acquire companies, net of cash acquired |
|
(86,777 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(86,777 |
) |
Change in restricted cash and cash equivalents |
|
(1,333 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,333 |
) |
Investments |
|
(8,048 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(8,048 |
) |
Other investing activities |
|
(2,655 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(2,655 |
) |
Intercompany investing activities |
|
(3,737 |
) |
|
— |
|
|
(22,671 |
) |
|
26,408 |
|
|
— |
|
Net cash used by investing activities |
|
(109,058 |
) |
|
(986 |
) |
|
(42,180 |
) |
|
26,408 |
|
|
(125,816 |
) |
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 |
|
(27 |
) |
|
|
|
|
(368 |
) |
|
|
|
|
(395 |
) |
Payment of financing costs |
|
(4,770 |
) |
|
|
|
|
|
|
|
|
|
|
(4,770 |
) |
Repurchase of common stock |
|
(12,942 |
) |
|
|
|
|
|
|
|
|
|
|
(12,942 |
) |
Distribution to parent |
|
|
|
|
(6,387 |
) |
|
|
|
|
6,387 |
|
|
— |
|
Distribution to noncontrolling interest |
|
|
|
|
(1,597 |
) |
|
|
|
|
|
|
|
(1,597 |
) |
Payment of contingent consideration liability |
|
|
|
|
— |
|
|
(204 |
) |
|
— |
|
|
(204 |
) |
Intercompany financing activities |
|
23,997 |
|
|
2,411 |
|
|
|
|
|
(26,408 |
) |
|
— |
|
Net cash provided (used) by financing activities |
|
306,258 |
|
|
(5,573 |
) |
|
(572 |
) |
|
(20,021 |
) |
|
280,092 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
(103 |
) |
|
27 |
|
|
29 |
|
|
— |
|
|
(47 |
) |
Net increase (decrease) in cash and cash equivalents |
|
176,813 |
|
|
(6,633 |
) |
|
1,811 |
|
|
— |
|
|
171,991 |
|
Cash and cash equivalents at beginning of period |
|
19,238 |
|
|
11,693 |
|
|
1,466 |
|
|
— |
|
|
32,397 |
|
Cash and cash equivalents at end of period |
|
$ |
196,051 |
|
|
$ |
5,060 |
|
|
$ |
3,277 |
|
|
$ |
— |
|
|
$ |
204,388 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS |
|
|
Nine Months Ended June 24, 2017 |
|
|
(in thousands) |
|
|
Parent |
|
Non-Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net cash (used) provided by operating activities |
|
$ |
(14,968 |
) |
|
$ |
2,482 |
|
|
$ |
59,210 |
|
|
$ |
(4,076 |
) |
|
$ |
42,648 |
|
Additions to property, plant and equipment |
|
(6,811 |
) |
|
(557 |
) |
|
(29,719 |
) |
|
— |
|
|
(37,087 |
) |
Payments to acquire companies, net of cash acquired |
|
(106,821 |
) |
|
— |
|
|
|
|
|
— |
|
|
(106,821 |
) |
Change in restricted cash and cash equivalents |
|
(89 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(89 |
) |
Proceeds from sale of plant assets |
|
|
|
|
|
|
8,301 |
|
|
|
|
8,301 |
|
Investments |
|
(11,495 |
) |
|
|
|
|
|
|
|
|
|
|
(11,495 |
) |
Other investing activities |
|
(2,735 |
) |
|
|
|
|
|
|
|
|
|
|
(2,735 |
) |
Intercompany investing activities |
|
(4,005 |
) |
|
— |
|
|
(33,943 |
) |
|
37,948 |
|
|
— |
|
Net cash used by investing activities |
|
(131,956 |
) |
|
(557 |
) |
|
(55,361 |
) |
|
37,948 |
|
|
(149,926 |
) |
Repayments under revolving line of credit |
|
(416,000 |
) |
|
— |
|
|
|
|
|
— |
|
|
(416,000 |
) |
Borrowings under revolving line of credit |
|
456,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
456,000 |
|
Repayments under long-term debt |
|
(88 |
) |
|
— |
|
|
(368 |
) |
|
— |
|
|
(456 |
) |
Issuance of long-term debt |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Excess tax benefits from stock-based awards |
|
17,205 |
|
|
— |
|
|
— |
|
|
— |
|
|
17,205 |
|
Repurchase of common stock |
|
(25,654 |
) |
|
|
|
|
— |
|
|
|
|
|
(25,654 |
) |
Distribution to parent |
|
— |
|
|
(4,076 |
) |
|
— |
|
|
4,076 |
|
|
— |
|
Distribution to noncontrolling interest |
|
— |
|
|
(1,019 |
) |
|
— |
|
|
— |
|
|
(1,019 |
) |
Payment of contingent consideration |
|
— |
|
|
— |
|
|
(1,222 |
) |
|
— |
|
|
(1,222 |
) |
Intercompany financing activities |
|
34,414 |
|
|
3,534 |
|
|
|
|
|
(37,948 |
) |
|
— |
|
Net cash provided (used) by financing activities |
|
65,877 |
|
|
(1,561 |
) |
|
(1,590 |
) |
|
(33,872 |
) |
|
28,854 |
|
Effect of exchange rates on cash |
|
(182 |
) |
|
59 |
|
|
38 |
|
|
— |
|
|
(85 |
) |
Net decrease in cash and cash equivalents |
|
(81,229 |
) |
|
423 |
|
|
2,297 |
|
|
— |
|
|
(78,509 |
) |
Cash and cash equivalents at beginning of year |
|
82,158 |
|
|
9,695 |
|
|
1,129 |
|
|
— |
|
|
92,982 |
|
Cash and cash equivalents at end of year |
|
$ |
929 |
|
|
$ |
10,118 |
|
|
$ |
3,426 |
|
|
$ |
— |
|
|
$ |
14,473 |
|
|