|6 Months Ended|
Mar. 28, 2020
|Subsequent Events [Abstract]|
|Subsequent Events||Subsequent Events
In April 2020, the Company’s DMC business unit in its Pet Segment experienced a fire in one of its leased properties located in Athens, Texas. As a result, the Company sustained inventory and property-related losses estimated to be approximately $10 million. This event has temporarily had a limited impact on the Company’s ability to fulfill orders to certain of its customers.
Over the last few months, the Company has seen the effects a novel strain of coronavirus (“COVID-19”) is having globally on human health, the economy and society at large. The impact of COVID-19 and measures to prevent its spread are affecting the Company’s business in a number of ways. Central is considered an essential business in most jurisdictions and almost all of its employees continue to work to meet essential needs. The Company has been actively addressing the COVID-19 situation and its impact on its employees and business.
Subsequent to quarter end, the Company borrowed $200 million under its revolving credit facility to increase financial flexibility while it navigates an uncertain COVID-19 economic environment.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef