Consolidating Condensed Financial Information of Guarantor Subsidiaries (Tables)
|
9 Months Ended |
Jun. 29, 2019 |
Condensed Financial Information Disclosure [Abstract] |
|
Consolidating Condensed Statement of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
|
|
Three Months Ended June 29, 2019 |
|
|
(in thousands) |
|
|
Parent |
|
Non- Guarantor Subsidiaries |
|
Guarantor Subsidiaries |
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
199,470 |
|
|
$ |
102,869 |
|
|
$ |
423,268 |
|
|
$ |
(19,032 |
) |
|
$ |
706,575 |
|
Cost of goods sold and occupancy |
|
153,637 |
|
|
69,232 |
|
|
281,734 |
|
|
(17,312 |
) |
|
487,291 |
|
Gross profit |
|
45,833 |
|
|
33,637 |
|
|
141,534 |
|
|
(1,720 |
) |
|
219,284 |
|
Selling, general and administrative expenses |
|
45,219 |
|
|
14,595 |
|
|
92,319 |
|
|
(1,720 |
) |
|
150,413 |
|
Operating income |
|
614 |
|
|
19,042 |
|
|
49,215 |
|
|
— |
|
|
68,871 |
|
Interest expense |
|
(10,500 |
) |
|
(133 |
) |
|
(43 |
) |
|
— |
|
|
(10,676 |
) |
Interest income |
|
2,173 |
|
|
5 |
|
|
— |
|
|
— |
|
|
2,178 |
|
Other (expense) income |
|
(86 |
) |
|
(273 |
) |
|
539 |
|
|
— |
|
|
180 |
|
Income (loss) before taxes and equity in earnings (losses) of affiliates |
|
(7,799 |
) |
|
18,641 |
|
|
49,711 |
|
|
— |
|
|
60,553 |
|
Income tax expense (benefit) |
|
(1,985 |
) |
|
438 |
|
|
15,759 |
|
|
— |
|
|
14,212 |
|
Equity in earnings of affiliates |
|
51,966 |
|
|
— |
|
|
1,301 |
|
|
(53,267 |
) |
|
— |
|
Net income including noncontrolling interest |
|
46,152 |
|
|
18,203 |
|
|
35,253 |
|
|
(53,267 |
) |
|
46,341 |
|
Net income attributable to noncontrolling interest |
|
— |
|
|
189 |
|
|
— |
|
|
— |
|
|
189 |
|
Net income attributable to Central Garden & Pet Company |
|
$ |
46,152 |
|
|
$ |
18,014 |
|
|
$ |
35,253 |
|
|
$ |
(53,267 |
) |
|
$ |
46,152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
929 |
|
|
10,977 |
|
|
48,913 |
|
|
— |
|
|
60,819 |
|
Interest expense |
|
(10,470 |
) |
|
(125 |
) |
|
(2 |
) |
|
— |
|
|
(10,597 |
) |
Interest income |
|
583 |
|
|
1 |
|
|
— |
|
|
— |
|
|
584 |
|
Other income (loss) |
|
1,965 |
|
|
(394 |
) |
|
555 |
|
|
— |
|
|
2,126 |
|
Income (loss) before taxes and equity in earnings of affiliates |
|
(6,993 |
) |
|
10,459 |
|
|
49,466 |
|
|
— |
|
|
52,932 |
|
Income tax expense (benefit) |
|
(2,633 |
) |
|
236 |
|
|
13,792 |
|
|
|
|
11,395 |
|
Equity in earnings of affiliates |
|
45,905 |
|
|
— |
|
|
261 |
|
|
(46,166 |
) |
|
— |
|
Net income including noncontrolling interest |
|
41,545 |
|
|
10,223 |
|
|
35,935 |
|
|
(46,166 |
) |
|
41,537 |
|
Net loss attributable to noncontrolling interest |
|
— |
|
|
(8 |
) |
|
— |
|
|
— |
|
|
(8 |
) |
Net income attributable to Central Garden & Pet Company |
|
$ |
41,545 |
|
|
$ |
10,231 |
|
|
$ |
35,935 |
|
|
$ |
(46,166 |
) |
|
$ |
41,545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS |
|
|
Nine Months Ended June 29, 2019 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net sales |
|
$ |
586,918 |
|
|
$ |
161,689 |
|
|
$ |
1,152,912 |
|
|
$ |
(59,253 |
) |
|
$ |
1,842,266 |
|
Cost of goods sold and occupancy |
|
452,783 |
|
|
121,578 |
|
|
767,281 |
|
|
(54,893 |
) |
|
1,286,749 |
|
Gross profit |
|
134,135 |
|
|
40,111 |
|
|
385,631 |
|
|
(4,360 |
) |
|
555,517 |
|
Selling, general and administrative expenses |
|
136,019 |
|
|
32,431 |
|
|
250,222 |
|
|
(4,360 |
) |
|
414,312 |
|
Operating income (loss) |
|
(1,884 |
) |
|
7,680 |
|
|
135,409 |
|
|
— |
|
|
141,205 |
|
Interest expense |
|
(31,479 |
) |
|
(388 |
) |
|
(63 |
) |
|
— |
|
|
(31,930 |
) |
Interest income |
|
6,956 |
|
|
14 |
|
|
— |
|
|
— |
|
|
6,970 |
|
Other income (expense) |
|
256 |
|
|
(246 |
) |
|
478 |
|
|
— |
|
|
488 |
|
Income (loss) before taxes and equity in earnings of affiliates |
|
(26,151 |
) |
|
7,060 |
|
|
135,824 |
|
|
— |
|
|
116,733 |
|
Income tax expense (benefit) |
|
(5,821 |
) |
|
127 |
|
|
31,725 |
|
|
— |
|
|
26,031 |
|
Equity in earnings of affiliates |
|
110,676 |
|
|
— |
|
|
88 |
|
|
(110,764 |
) |
|
— |
|
Net income including noncontrolling interest |
|
90,346 |
|
|
6,933 |
|
|
104,187 |
|
|
(110,764 |
) |
|
90,702 |
|
Net income attributable to noncontrolling interest |
|
— |
|
|
356 |
|
|
— |
|
|
— |
|
|
356 |
|
Net income attributable to Central Garden & Pet Company |
|
$ |
90,346 |
|
|
$ |
6,577 |
|
|
$ |
104,187 |
|
|
$ |
(110,764 |
) |
|
$ |
90,346 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
Consolidating Condensed Statements of Comprehensive Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) |
|
|
Three Months Ended June 29, 2019 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net income |
|
$ |
46,152 |
|
|
$ |
18,203 |
|
|
$ |
35,253 |
|
|
$ |
(53,267 |
) |
|
$ |
46,341 |
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
Foreign currency translation |
|
(146 |
) |
|
(132 |
) |
|
37 |
|
|
95 |
|
|
(146 |
) |
Total comprehensive income |
|
46,006 |
|
|
18,071 |
|
|
35,290 |
|
|
(53,172 |
) |
|
46,195 |
|
Comprehensive income attributable to noncontrolling interests |
|
— |
|
|
189 |
|
|
— |
|
|
— |
|
|
189 |
|
Comprehensive income attributable to Central Garden & Pet Company |
|
$ |
46,006 |
|
|
$ |
17,882 |
|
|
$ |
35,290 |
|
|
$ |
(53,172 |
) |
|
$ |
46,006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) |
|
|
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 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 (LOSS) |
|
|
Nine Months Ended June 29, 2019 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net income |
|
$ |
90,346 |
|
|
$ |
6,933 |
|
|
$ |
104,187 |
|
|
$ |
(110,764 |
) |
|
$ |
90,702 |
|
Other comprehensive loss: |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
Foreign currency translation |
|
(208 |
) |
|
(134 |
) |
|
(23 |
) |
|
157 |
|
|
(208 |
) |
Total comprehensive income |
|
90,138 |
|
|
6,799 |
|
|
104,164 |
|
|
(110,607 |
) |
|
90,494 |
|
Comprehensive income attributable to noncontrolling interests |
|
— |
|
|
356 |
|
|
— |
|
|
— |
|
|
356 |
|
Comprehensive income attributable to Central Garden & Pet Company |
|
$ |
90,138 |
|
|
$ |
6,443 |
|
|
$ |
104,164 |
|
|
$ |
(110,607 |
) |
|
$ |
90,138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) |
|
|
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 BALANCE SHEET |
|
|
June 29, 2019 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
421,542 |
|
|
$ |
3,761 |
|
|
$ |
20,329 |
|
|
$ |
— |
|
|
$ |
445,632 |
|
Restricted cash |
|
10,924 |
|
|
— |
|
|
— |
|
|
— |
|
|
10,924 |
|
Short term investments |
|
— |
|
|
— |
|
|
119 |
|
|
— |
|
|
119 |
|
Accounts receivable, net |
|
114,610 |
|
|
19,979 |
|
|
260,992 |
|
|
— |
|
|
395,581 |
|
Inventories |
|
124,224 |
|
|
37,705 |
|
|
302,988 |
|
|
— |
|
|
464,917 |
|
Prepaid expenses and other |
|
8,154 |
|
|
1,914 |
|
|
22,385 |
|
|
— |
|
|
32,453 |
|
Total current assets |
|
679,454 |
|
|
63,359 |
|
|
606,813 |
|
|
— |
|
|
1,349,626 |
|
Land, buildings, improvements and equipment, net |
|
28,181 |
|
|
35,674 |
|
|
175,093 |
|
|
— |
|
|
238,948 |
|
Goodwill |
|
20,578 |
|
|
7,414 |
|
|
253,185 |
|
|
— |
|
|
281,177 |
|
Other long-term assets |
|
44,637 |
|
|
6,235 |
|
|
147,937 |
|
|
(3,642 |
) |
|
195,167 |
|
Intercompany receivable |
|
32,503 |
|
|
— |
|
|
764,826 |
|
|
(797,329 |
) |
|
— |
|
Investment in subsidiaries |
|
1,770,053 |
|
|
— |
|
|
— |
|
|
(1,770,053 |
) |
|
— |
|
Total |
|
$ |
2,575,406 |
|
|
$ |
112,682 |
|
|
$ |
1,947,854 |
|
|
$ |
(2,571,024 |
) |
|
$ |
2,064,918 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
40,953 |
|
|
$ |
15,456 |
|
|
$ |
81,259 |
|
|
$ |
— |
|
|
$ |
137,668 |
|
Accrued expenses |
|
54,442 |
|
|
7,581 |
|
|
79,006 |
|
|
— |
|
|
141,029 |
|
Current portion of long-term debt |
|
116 |
|
|
— |
|
|
— |
|
|
— |
|
|
116 |
|
Total current liabilities |
|
95,511 |
|
|
23,037 |
|
|
160,265 |
|
|
— |
|
|
278,813 |
|
Long-term debt |
|
692,748 |
|
|
— |
|
|
200 |
|
|
— |
|
|
692,948 |
|
Intercompany payable |
|
746,732 |
|
|
50,597 |
|
|
— |
|
|
(797,329 |
) |
|
— |
|
Losses in excess of investment in subsidiaries |
|
— |
|
|
— |
|
|
25,199 |
|
|
(25,199 |
) |
|
— |
|
Other long-term obligations |
|
6,770 |
|
|
— |
|
|
55,706 |
|
|
(3,642 |
) |
|
58,834 |
|
Total Central Garden & Pet shareholders’ equity |
|
1,033,645 |
|
|
38,370 |
|
|
1,706,484 |
|
|
(1,744,854 |
) |
|
1,033,645 |
|
Noncontrolling interest |
|
— |
|
|
678 |
|
|
— |
|
|
|
|
|
678 |
|
Total equity |
|
1,033,645 |
|
|
39,048 |
|
|
1,706,484 |
|
|
(1,744,854 |
) |
|
1,034,323 |
|
Total |
|
$ |
2,575,406 |
|
|
$ |
112,682 |
|
|
$ |
1,947,854 |
|
|
$ |
(2,571,024 |
) |
|
$ |
2,064,918 |
|
|
Consolidating Condensed Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED BALANCE SHEET |
|
|
June 29, 2019 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
421,542 |
|
|
$ |
3,761 |
|
|
$ |
20,329 |
|
|
$ |
— |
|
|
$ |
445,632 |
|
Restricted cash |
|
10,924 |
|
|
— |
|
|
— |
|
|
— |
|
|
10,924 |
|
Short term investments |
|
— |
|
|
— |
|
|
119 |
|
|
— |
|
|
119 |
|
Accounts receivable, net |
|
114,610 |
|
|
19,979 |
|
|
260,992 |
|
|
— |
|
|
395,581 |
|
Inventories |
|
124,224 |
|
|
37,705 |
|
|
302,988 |
|
|
— |
|
|
464,917 |
|
Prepaid expenses and other |
|
8,154 |
|
|
1,914 |
|
|
22,385 |
|
|
— |
|
|
32,453 |
|
Total current assets |
|
679,454 |
|
|
63,359 |
|
|
606,813 |
|
|
— |
|
|
1,349,626 |
|
Land, buildings, improvements and equipment, net |
|
28,181 |
|
|
35,674 |
|
|
175,093 |
|
|
— |
|
|
238,948 |
|
Goodwill |
|
20,578 |
|
|
7,414 |
|
|
253,185 |
|
|
— |
|
|
281,177 |
|
Other long-term assets |
|
44,637 |
|
|
6,235 |
|
|
147,937 |
|
|
(3,642 |
) |
|
195,167 |
|
Intercompany receivable |
|
32,503 |
|
|
— |
|
|
764,826 |
|
|
(797,329 |
) |
|
— |
|
Investment in subsidiaries |
|
1,770,053 |
|
|
— |
|
|
— |
|
|
(1,770,053 |
) |
|
— |
|
Total |
|
$ |
2,575,406 |
|
|
$ |
112,682 |
|
|
$ |
1,947,854 |
|
|
$ |
(2,571,024 |
) |
|
$ |
2,064,918 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
40,953 |
|
|
$ |
15,456 |
|
|
$ |
81,259 |
|
|
$ |
— |
|
|
$ |
137,668 |
|
Accrued expenses |
|
54,442 |
|
|
7,581 |
|
|
79,006 |
|
|
— |
|
|
141,029 |
|
Current portion of long-term debt |
|
116 |
|
|
— |
|
|
— |
|
|
— |
|
|
116 |
|
Total current liabilities |
|
95,511 |
|
|
23,037 |
|
|
160,265 |
|
|
— |
|
|
278,813 |
|
Long-term debt |
|
692,748 |
|
|
— |
|
|
200 |
|
|
— |
|
|
692,948 |
|
Intercompany payable |
|
746,732 |
|
|
50,597 |
|
|
— |
|
|
(797,329 |
) |
|
— |
|
Losses in excess of investment in subsidiaries |
|
— |
|
|
— |
|
|
25,199 |
|
|
(25,199 |
) |
|
— |
|
Other long-term obligations |
|
6,770 |
|
|
— |
|
|
55,706 |
|
|
(3,642 |
) |
|
58,834 |
|
Total Central Garden & Pet shareholders’ equity |
|
1,033,645 |
|
|
38,370 |
|
|
1,706,484 |
|
|
(1,744,854 |
) |
|
1,033,645 |
|
Noncontrolling interest |
|
— |
|
|
678 |
|
|
— |
|
|
|
|
|
678 |
|
Total equity |
|
1,033,645 |
|
|
39,048 |
|
|
1,706,484 |
|
|
(1,744,854 |
) |
|
1,034,323 |
|
Total |
|
$ |
2,575,406 |
|
|
$ |
112,682 |
|
|
$ |
1,947,854 |
|
|
$ |
(2,571,024 |
) |
|
$ |
2,064,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 (deficit) |
|
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 |
|
|
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 |
|
|
Nine Months Ended June 29, 2019 |
|
|
(in thousands) |
|
|
Parent |
|
Non-
Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net cash provided by operating activities |
|
$ |
10,831 |
|
|
$ |
7,468 |
|
|
$ |
74,755 |
|
|
$ |
(250 |
) |
|
$ |
92,804 |
|
Additions to property and equipment |
|
(2,705 |
) |
|
(3,691 |
) |
|
(14,492 |
) |
|
— |
|
|
(20,888 |
) |
Payments to acquire companies, net of cash acquired |
|
(41,158 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(41,158 |
) |
Investments |
|
(1,749 |
) |
|
— |
|
|
(9 |
) |
|
— |
|
|
(1,758 |
) |
Other investing activities |
|
(453 |
) |
|
— |
|
|
(750 |
) |
|
— |
|
|
(1,203 |
) |
Intercompany investing activities |
|
7,861 |
|
|
— |
|
|
5,060 |
|
|
(12,921 |
) |
|
— |
|
Net cash used by investing activities |
|
(38,204 |
) |
|
(3,691 |
) |
|
(10,191 |
) |
|
(12,921 |
) |
|
(65,007 |
) |
Repayments of long-term debt |
|
(90 |
) |
|
— |
|
|
(46,072 |
) |
|
— |
|
|
(46,162 |
) |
Repurchase of common stock |
|
(17,796 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(17,796 |
) |
Distribution to parent |
|
— |
|
|
(250 |
) |
|
— |
|
|
250 |
|
|
— |
|
Distribution to noncontrolling interest |
|
— |
|
|
(64 |
) |
|
— |
|
|
— |
|
|
(64 |
) |
Payment of contingent consideration liability |
|
— |
|
|
— |
|
|
(104 |
) |
|
— |
|
|
(104 |
) |
Intercompany financing activities |
|
(7,199 |
) |
|
(5,722 |
) |
|
— |
|
|
12,921 |
|
|
— |
|
Net cash used by financing activities |
|
(25,085 |
) |
|
(6,036 |
) |
|
(46,176 |
) |
|
13,171 |
|
|
(64,126 |
) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
(185 |
) |
|
15 |
|
|
50 |
|
|
— |
|
|
(120 |
) |
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
(52,643 |
) |
|
(2,244 |
) |
|
18,438 |
|
|
— |
|
|
(36,449 |
) |
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 |
|
$ |
432,466 |
|
|
$ |
3,761 |
|
|
$ |
20,329 |
|
|
$ |
— |
|
|
$ |
456,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS |
|
|
Nine Months Ended June 30, 2018 |
|
|
(in thousands) |
|
|
Parent |
|
Non-Guarantor
Subsidiaries
|
|
Guarantor
Subsidiaries
|
|
Eliminations |
|
Consolidated |
Net cash (used) provided by operating activities |
|
$ |
(20,284 |
) |
|
$ |
(101 |
) |
|
$ |
44,534 |
|
|
$ |
(6,387 |
) |
|
$ |
17,762 |
|
Additions to property, plant and equipment |
|
(6,508 |
) |
|
(986 |
) |
|
(19,509 |
) |
|
— |
|
|
(27,003 |
) |
Payments to acquire companies, net of cash acquired |
|
(86,777 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(86,777 |
) |
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 |
|
(107,725 |
) |
|
(986 |
) |
|
(42,180 |
) |
|
26,408 |
|
|
(124,483 |
) |
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 |
|
(27 |
) |
|
— |
|
|
(368 |
) |
|
— |
|
|
(395 |
) |
Issuance of long-term debt |
|
300,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
300,000 |
|
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 |
|
— |
|
|
— |
|
|
(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 rates on cash, cash equivalents and restricted cash |
|
(103 |
) |
|
27 |
|
|
29 |
|
|
— |
|
|
(47 |
) |
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
178,146 |
|
|
(6,633 |
) |
|
1,811 |
|
|
— |
|
|
173,324 |
|
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 |
|
$ |
210,029 |
|
|
$ |
5,060 |
|
|
$ |
3,277 |
|
|
$ |
— |
|
|
$ |
218,366 |
|
|